TRUSTMARK CORP
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
TRMK$44.64-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000950170-25-103063
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001193125-25-267205
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 228 previous paragraphs and 234 current paragraphs.
133 unchanged; 88 reworded; 12 added; 6 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 27 previous and 27 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Consumer spending was flat to declining, particularly with retail sales, with wages failing to keep up with rising prices for many households. Auto sales were boosted in some Districts by strong demand for electric vehicles ahead of the expiration of a federal tax credit at the end of September as well as an increase in consumer demand for parts and services to repair older vehicles. Several reports noted that lower- and middle-income households continued to seek discounts and promotions in the face of rising prices and elevated economic uncertainty.
Current report
Manufacturing activity varied by Districts, and most reports noted challenging conditions due to higher tariffs and waning overall demand. Activity in agriculture, energy and transportation was generally down. Conditions in the financial services sector and other interest rate-sensitive sectors, such as residential and commercial real estate, were mixed. Some reports noted improved business lending in recent weeks due to lower interest rates, while other reports continued to highlight muted activity.
Current report
The outlook for future economic growth varied by District and sector. Sentiment reportedly improved in a few Districts, with some contacts expecting an uptick in demand over the next six to twelve months. However, many others continued to expect elevated uncertainty to weigh down activity, with one District highlighting the downside risk to growth from a prolonged government shutdown.
Current report
Employment levels were largely stable and demand for labor was generally muted across Districts and sectors. In most Districts, more employers reported lowering head counts through layoffs and attrition, with contacts citing weaker demand, elevated economic uncertainty and, in some cases, increased investment in AI technologies. Employers that reported hiring generally noted improved labor availability, and some favored hiring temporary and part-time workers over offering full-time employment opportunities. Nevertheless, labor supply in the hospitality, agriculture, construction and manufacturing sectors was reportedly strained in several Districts due to recent changes to immigration policies. Wages grew at a modest to moderate pace and labor cost pressures intensified due to outsized increases in employer-sponsored health insurance expenses.
Current report
Prices rose further, as several District reports indicated that input costs increased at a faster pace due to higher import costs and the higher cost of services such as insurance, health care and technology solutions. Tariff-induced input cost increases were reported across many Districts, but the extent of those higher costs passing through to final prices varied. Some firms facing tariff-induced cost pressures kept their selling prices largely unchanged to preserve market share and in response to pushback from price-sensitive clients. However, there were also reports of firms in manufacturing and retail trades fully passing higher import costs along to their customers. Waning demand in some markets reportedly pushed prices down for some materials, such as steel and lumber.
Current report
For further information regarding the calculation of return on average tangible equity, which is not a measure prepared in accordance with U.S. generally accepted accounting principles (GAAP), see “Non-GAAP Financial Measures.
Current report
Total revenue, which is defined as net interest income plus noninterest income (loss), for the three months ended September 30, 2025 was $202.4 million, an increase of $10.1 million, or 5.3%, when compared to the same time period in 2024. Total revenue for the nine months ended September 30, 2025 was $595.7 million, an increase of $231.5 million, or 63.6%, when compared to the same time period in 2024. The increase in total revenue when the three months ended September 30, 2025 is compared to the same time period in 2024, was principally due to increases in net interest income, primarily due to a decrease in interest on deposits partially offset by declines in interest and fees on loans held for sale (LHFS) and LHFI and other interest income, and noninterest income, primarily due to an increase in mortgage banking, net. The increase in total revenue when the nine months ended September 30, 2025 is compared to the same time period in 2024, was principally due to an increase in noninterest income, principally due to the significant non-routine transactions that occurred during the second quarter of 2024, and an increase in net interest income, primarily due to declines in all categories of interest expense and an increase in interest on securities partially offset by declines in interest and fees on LHFS and LHFI and other interest income.
Current report
2025, primarily reflected an increase in required reserves as a result of changes in the total reserve rate, primarily related to consumer credits and commercial and industrial credits, credit migration and an increase in unfunded commitments, partially offset by reserves released associated with the resolution of the External Factor-Credit Quality Review qualitative factor. The release in PCL, off-balance sheet credit exposures for the nine months ended September 30, 2025, primarily reflected a decrease in required reserves as a result of positive credit migration, reserves released associated with the resolution of the External Factor-Credit Quality Review qualitative factor and a decrease in unfunded commitments.
Current report
n/m - percentage changes greater than +/- 100% are not considered meaningful
Current report
n/m - percentage changes greater than +/- 100% are not considered meaningful
Current report
Commercial and industrial loans increased $62.9 million, or 3.4%, during the first nine months of 2025, reflecting growth in the Georgia and Texas market regions partially offset by declines in the Alabama, Tennessee, Mississippi and Florida market regions. State and other political subdivision loans increased $58.6 million, or 6.0%, during the first nine months of 2025, reflecting growth in the Mississippi, Texas, Georgia and Tennessee market regions partially offset by declines in the Alabama and Florida market regions.
Current report
LHFI), respectively, for the same time periods in 2024. The PCL, LHFI for the three months ended September 30, 2025 primarily reflected increases in required reserves as a result of loan growth, changes in macroeconomic forecasts and updates to various reserve factors partially offset by declines in required reserves as a result of positive credit migration and reserves released associated with the resolution of the External Factor-Credit Quality Review qualitative factor. The PCL, LHFI for the nine months ended September 30, 2025 primarily reflected increases in required reserves as a result of loan growth and changes in macroeconomic forecasts partially offset by reserves released associated with the resolution of the External Factor-Credit Quality Review qualitative factor.
Removed paragraphs (6)
Previous report
Consumer spending reports were mixed, with most Districts reporting slight declines or no change; however, some Districts reported increases in spending on items expected to be affected by tariffs. Nonauto consumer spending declined in most Districts, softening slightly overall. Auto sales receded modestly on average, after consumers had rushed to buy vehicles earlier this year to avoid tariffs. Tourism activity was mixed, manufacturing activity edged lower, and nonfinancial services activity was little changed on average but varied across Districts.
Previous report
Construction activity slowed somewhat, constrained by rising costs in some Districts. Home sales were flat or little changed in most Districts, and nonresidential real estate activity was also mostly steady.
Previous report
Reports on bank loan demand and capital spending plans were mixed. Loan volume increased slightly in most Districts. Activity in the agriculture sector remained weak. Energy sector activity declined slightly, and transportation activity was mixed. The outlook was neutral to slightly pessimistic, as only two Districts expected activity to increase, and others foresaw flat or slightly weaker activity. All Districts reported elevated levels of economic and policy uncertainty, which have led to hesitancy and a cautious approach to business and household decisions.
Previous report
Employment increased very slightly overall. Hiring remained generally cautious, which many contacts attributed to ongoing economic and policy uncertainty. Labor availability improved for many employers, with further reductions in turnover rates and increased job applications. A growing number of Districts cited labor shortages in the skilled trades. Several Districts also mentioned reduced availability of foreign-born workers, attributed to changes in immigration policy. Employers in a few Districts ramped up investments in automation and AI aimed at reducing the need for additional hiring in certain segments. Wages increased modestly overall, extending recent trends, with a few Districts indicated that higher costs of living continued to put upward pressure on wages. Although reports of layoffs were limited in all industries, they were somewhat more common among manufacturers. Looking ahead, many contacts expected to postpone major hiring and layoff decisions until uncertainty diminished.
Previous report
Prices increased at a modest-to-moderate pace in most Districts, with several Districts reporting an uptick in the pace of increase relative to previous reports. Businesses across all Districts reported experiencing modest to pronounced input cost pressures related to tariffs, especially for raw materials used in manufacturing and construction. Rising insurance costs represented another widespread source of pricing pressure. Many firms passed on at least a portion of cost increases to consumers through price hikes or surcharges, although some held off raising prices because of customers’ growing price sensitivity, resulting in compressed profit margins. Contacts in a wide range of industries expected cost pressures to remain elevated in the coming months, increasing the likelihood that consumer prices will start to rise more rapidly by late summer.
Previous report
The decrease in other, net when the three months ended June 30, 2025 is compared to the same time period in 2024 was principally due to the $8.1 million fair value adjustment for the Visa C shares during the second quarter of 2024 as well as a decrease in the gain on sale of premises and equipment, partially offset by the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans during the second quarter of 2024. The decrease in other, net when the six months ended June 30, 2025 is compared to the same time period in 2024 was principally due to the $8.1 million fair value adjustment for the Visa C shares during the second quarter of 2024, partially offset by the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans during the second quarter of 2024 and an increase in gain on sale of premises and equipment primarily attributable to a $2.4 million gain on the sale of a bank property during the first quarter of 2025.
Reworded paragraphs (88)
Previous wording
Trustmark, a Mississippi business corporation incorporated in 1968, is a bank holding company headquartered in Jackson, Mississippi. As previously disclosed, on August 4, 2025, Trustmark’s principal subsidiary, Trustmark National Bank, initially chartered by the State of Mississippi in 1889, converted from a national banking association to a Mississippi-chartered banking corporation and changed its name to Trustmark Bank (TB). TB is a member bank of the Federal Reserve System and is supervised by the Federal Reserve Bank of Atlanta (FRBA) and the Mississippi Department of Banking and Consumer Finance (MDBCF). In addition, as a large provider of consumer financial services, TB remains subject to regulation, supervision, enforcement and examination by the Consumer Financial Protection Bureau (CFPB). As a Mississippi state-chartered banking corporation, TB must obtain the approval of the MDBCF prior to declaring or paying a dividend on its common stock. Dividends from TB are Trustmark’s principal source of cash. At June 30, 2025, TB had total assets of $18.613 billion, which represented approximately 99.99% of the consolidated assets of Trustmark.
Current wording
Trustmark, a Mississippi business corporation incorporated in 1968, is a bank holding company headquartered in Jackson, Mississippi. As previously disclosed, on August 4, 2025, Trustmark’s principal subsidiary, Trustmark National Bank, initially chartered by the State of Mississippi in 1889, converted from a national banking association to a Mississippi-chartered banking corporation and changed its name to Trustmark Bank (TB). TB is a member bank of the Federal Reserve System and is supervised by the Federal Reserve Bank of Atlanta (FRBA) and the Mississippi Department of Banking and Consumer Finance (MDBCF). In addition, as a large provider of consumer financial services, TB remains subject to regulation, supervision, enforcement and examination by the Consumer Financial Protection Bureau (CFPB). As a Mississippi state-chartered banking corporation, TB must obtain the approval of the MDBCF prior to declaring or paying a dividend on its common stock. Dividends from TB are Trustmark’s principal source of cash. At September 30, 2025, TB had total assets of $18.799 billion, which represented 99.99% of the consolidated assets of Trustmark.
Previous wording
Through TB and its other subsidiaries, Trustmark operates as a financial services organization providing banking and other financial solutions through offices and 2,510 full-time equivalent associates (measured at June 30, 2025) located in the states of Alabama, Florida (primarily in the northwest or “Panhandle” region of that state, which is referred to herein as Trustmark’s Florida market), Georgia (primarily in Atlanta, which is referred to herein as Trustmark's Georgia market), Mississippi, Tennessee (in the Memphis and Northern Mississippi regions, which are collectively referred to herein as Trustmark’s Tennessee market), and Texas (primarily in Houston, which is referred to herein as Trustmark’s Texas market). Trustmark’s operations are managed along two operating segments: General Banking Segment and Wealth Management Segment. For a complete overview of Trustmark’s business, see the section captioned “The Corporation” included in Part I. Item 1. – Business of Trustmark’s Annual Report on Form 10-K for its fiscal year ended December 31, 2024 (2024 Annual Report).
Current wording
Through TB and its other subsidiaries, Trustmark operates as a financial services organization providing banking and other financial solutions through offices and 2,539 full-time equivalent associates (measured at September 30, 2025) located in the states of Alabama, Florida (primarily in the northwest or “Panhandle” region of that state, which is referred to herein as Trustmark’s Florida market), Georgia (primarily in Atlanta, which is referred to herein as Trustmark's Georgia market), Mississippi, Tennessee (in the Memphis and Northern Mississippi regions, which are collectively referred to herein as Trustmark’s Tennessee market), and Texas (primarily in Houston, which is referred to herein as Trustmark’s Texas market). Trustmark’s operations are managed along two operating segments: General Banking Segment and Wealth Management Segment. For a complete overview of Trustmark’s business, see the section captioned “The Corporation” included in Part I. Item 1. – Business of Trustmark’s Annual Report on Form 10-K for its fiscal year ended December 31, 2024 (2024 Annual Report).
Previous wording
Trustmark's financial results for the first six months of 2025 reflected continued growth in loans held for investment (LHFI), stable credit quality and an attractive deposit base. Trustmark's capital position remained solid, reflecting the consistent profitability of its diversified financial services businesses. Trustmark continues efforts to expand customer relationships and diligently manage expenses. With robust capital, liquidity and profitability, Trustmark is well-positioned to compete in changing economic conditions and create long-term value for its shareholders. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.24 per share. The dividend is payable September 15, 2025, to shareholders of record on September 1, 2025. Trustmark’s payment of the dividend will be fully funded by a dividend from TB to Trustmark, which the MDBCF approved on August 4, 2025.
Current wording
Trustmark's financial results for the first nine months of 2025 reflected diversified growth in loans held for investment (LHFI), stable credit quality and cost-effective core deposit growth. Trustmark's capital position remained solid, reflecting the consistent profitability of its diversified financial services businesses. Trustmark continued to implement organic growth initiatives and make investments to capitalize on opportunities in its marketplace. With robust capital, liquidity and profitability, Trustmark is well-positioned to compete in changing economic conditions and create long-term value for its shareholders. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.24 per share. The dividend is payable December 15, 2025, to shareholders of record on December 1, 2025. Trustmark’s payment of the dividend will be fully funded by a dividend from TB to Trustmark, which the MDBCF approved on October 30, 2025.
Previous wording
Economic activity declined slightly during the second quarter of 2025. Economic concerns remain as a result of the cumulative weight of uncertainty regarding the potential economic impact of geopolitical developments, such as the conflicts in Ukraine and the Middle East, inflation, other economic and industry volatility, the current United States presidential administration's policies, higher energy prices and broader price pressures. Doubts surrounding the near-term direction of global markets and the potential impact on the United States economy are expected to persist for the near term. While Trustmark's customer base is wholly domestic, international economic conditions affect domestic economic conditions, and thus may have an impact upon Trustmark's financial condition or results of operations.
Current wording
Economic activity improved slightly during the third quarter of 2025, but was characterized by mixed signals, notably, strong equity market performance, continued consumer spending and a Federal Reserve Board (FRB) rate cut, but also a softening labor market and persistent inflationary pressures, driven partly by new tariffs. United States stocks performed strongly during the third quarter of 2025, supported by optimistic sentiment around lower interest rates, better-than-expected corporate earnings and strong performance in the technology and artificial intelligence (AI) sectors. However, economic concerns remain as a result of the cumulative weight of uncertainty regarding the potential economic impact of geopolitical developments, such as the conflicts in Ukraine and the Middle East, the current United States presidential administration's policies, the United States government shutdown, inflationary and broader pricing pressures and other economic and industry volatility. Concerns surrounding the near-term direction of global markets and the potential impact on the United States economy are expected to persist for the near term. While Trustmark's customer base is wholly domestic, international economic conditions affect domestic economic conditions, and thus may have an impact upon Trustmark's financial condition or results of operations.
Previous wording
Market interest rates remained elevated during most of 2024. In September 2024, the FRB began lowering the target federal funds rate, making multiple decreases during the fourth quarter of 2024 to a range of 4.25% to 4.50% as of December 2024, based on its confidence that inflation was moving substantially toward 2.00% and that the risks to achieving the FRB's employment and inflation goals were roughly balanced. In addition, in September 2024, the FRB made the first of multiple reductions in the rate it pays on reserves, lowering the rate to 4.40% as of December 2024. At each of the FRB's Federal Open Market Committee meetings during the first six months of 2025, the FRB determined to leave the target federal funds rate unchanged at a range of 4.25% to 4.50% and to maintain the rate it pays on reserves at 4.40%. Prior period rate increases increased the competitive pressures on the deposit cost of funds. While rate cuts potentially reduced those competitive pressures, they increased pressure on Trustmark's net interest margin, a key component to its financial results. It is not possible to predict the direction, pace or magnitude of further changes, if any, in interest rates, or the impact any such rate changes will have on Trustmark's results of operations.
Current wording
In September 2024, the FRB began lowering the target federal funds rate, making multiple decreases during the fourth quarter of 2024 to a range of 4.25% to 4.50% as of December 2024, based on its confidence that inflation was moving substantially toward 2.00% and that the risks to achieving the FRB's employment and inflation goals were roughly balanced. In addition, in September 2024, the FRB made the first of multiple reductions in the rate it pays on reserves, lowering the rate to 4.40% as of December 2024. The FRB left the target federal funds rate unchanged at a range of 4.25% to 4.50% and maintained the rate it pays on reserves at 4.40% until the September 2025 meeting of the FRB's Federal Open Market Committee, at which time the FRB lowered the target federal funds rate to a range of 4.00% to 4.25% and lowered the rate it pays on reserves to 4.15%. Prior period rate increases increased the competitive pressures on the deposit cost of funds. While rate cuts potentially reduced those competitive pressures, they increased pressure on Trustmark's net interest margin, a key component to its financial results. It is not possible to predict the direction, pace or magnitude of further changes, if any, in interest rates, or the impact any such rate changes will have on Trustmark's results of operations.
Previous wording
In the May 2025 and July 2025 “Summary of Commentary on Current Economic Conditions by Federal Reserve District,” the twelve Federal Reserve Districts’ reports suggested that during the reporting periods (covering the periods from April 15, 2025 through May 23, 2025 and May 24, 2025 through July 7, 2025) economic activity declined slightly, and uncertainty remained elevated, contributing to ongoing caution by businesses. Reports by the twelve Federal Reserve Districts (Districts) noted the following during the reporting periods:
Current wording
In the August 2025 and October 2025 “Summary of Commentary on Current Economic Conditions by Federal Reserve District,” the twelve Federal Reserve Districts’ reports suggested that during the reporting periods (covering the periods from July 8, 2025 through August 25, 2025 and August 26, 2025 through October 6, 2025) there was little to no change in the level of economic activity. Reports by the twelve Federal Reserve Districts (Districts) noted the following during the reporting periods:
Previous wording
Reports by the Federal Reserve’s Sixth District, Atlanta (which includes Trustmark’s Alabama, Florida, Georgia and Mississippi market regions), Eighth District, St. Louis (which includes Trustmark’s Tennessee market region), and Eleventh District, Dallas (which includes Trustmark’s Texas market region), noted similar findings for the reporting period as those discussed above. The Federal Reserve's Sixth District reported overall loan growth was flat as business investment stalled amid economic uncertainty and as banks tightened standards for both commercial and consumer lending. The Federal Reserve's Sixth District also reported that bankers described increased household financial stress and rising credit card usage among customers, delinquencies continued to tick up but remained at relatively low levels and slowing demand raised institutions' concerns about some businesses' cash flow expectations and their ability to service debt. The Federal Reserve’s Eighth District reported that banking activity remained unchanged, and while credit conditions remained strong, loan growth had been modest, with banks noting a decrease in loan demand. The Federal Reserve’s Eighth District noted that overall, bankers across the District reported improved earnings in the second quarter due to lower funding costs from balance sheet restructuring and some loans in their portfolio being repriced at higher rates. The Federal Reserve’s Eleventh District reported that loan volume and loan demand accelerated in June 2025, driven by commercial lending, while volumes continued to decline slightly for mortgages and consumer loans, credit tightening continued, but loan pricing declined and increases in loan nonperformance were more widespread. The Federal Reserve’s Eleventh District also noted that bankers reported rising general business activity; however, their outlooks remained mixed as expected improvements in loan demand and business activity were softened by anticipated increases in loan nonperformance.
Current wording
Reports by the Federal Reserve’s Sixth District, Atlanta (which includes Trustmark’s Alabama, Florida, Georgia and Mississippi market regions), Eighth District, St. Louis (which includes Trustmark’s Tennessee market region), and Eleventh District, Dallas (which includes Trustmark’s Texas market region), noted similar findings for the reporting period as those discussed above. The Federal Reserve's Sixth District reported overall loan growth was flat, loan demand from both corporate and consumer borrowers was muted amid persistent economic uncertainty, consumer lending contracted further, and while banks reported healthy credit quality, delinquencies ticked up. The Federal Reserve's Sixth District also reported that multiple bank mergers were announced, affecting the banking landscape across the southeast. The Federal Reserve’s Eighth District reported that banking activity remained unchanged, with moderate loan demand and overall credit conditions remaining strong. The Federal Reserve’s Eighth District also reported bankers tightening their lending standards with higher equity requirements, more scrutiny of small business loans and limited access to credit for smaller investors. The Federal Reserve’s Eleventh District reported that loan volume and loan demand increased in September 2025, credit tightening continued and loan pricing declined. The Federal Reserve’s Eleventh District also noted that overall loan performance deteriorated slightly, though performance for commercial real estate sharply improved, bankers reported stable general business activity and mixed outlooks.
Previous wording
Trustmark is intently monitoring the impact of tariffs and other administrative policies on its customer base, interest rates and credit-related issues. Although there has been no immediate impact to Trustmark’s financial condition or results of operations, economic uncertainty or disruptions in the marketplace as a result of such policies could reduce loan demand or increase loan nonperformance. It is not possible to predict the timing or magnitude of changes to policies by the current United States presidential administration, if any, or the impact any such policy changes could have on Trustmark's customer base, credit quality or results of operations.
Current wording
Trustmark is intently monitoring the impact of tariffs, the United States government shutdown and other administrative policies on its customer base, interest rates and credit-related issues. Economic uncertainty or disruptions in the marketplace as a result of such policies could reduce loan demand or increase loan nonperformance. It is not possible to predict the timing or magnitude of changes to policies by the current United States presidential administration, if any, or the impact any such policy changes could have on Trustmark's customer base, credit quality or results of operations.
Previous wording
Trustmark reported net income of $55.8 million, or basic and diluted earnings per share (EPS) of $0.92, in the second quarter of 2025, compared to $73.8 million, or basic and diluted EPS of $1.21 and $1.20, respectively, in the second quarter of 2024. Trustmark’s reported performance during the quarter ended June 30, 2025 produced a return on average tangible equity of 13.13%, a return on average assets of 1.21%, an average equity to average assets ratio of 11.07% and a dividend payout ratio of 26.09%, compared to a return on average tangible equity of 21.91%, a return on average assets of 1.58%, an average equity to average assets ratio of 9.20% and a dividend payout ratio of 19.01% during the quarter ended June 30, 2024.
Current wording
Trustmark reported net income of $56.8 million, or basic and diluted earnings per share (EPS) of $0.94, in the third quarter of 2025, compared to $51.3 million, or basic and diluted EPS of $0.84, in the third quarter of 2024. Trustmark’s reported performance during the quarter ended September 30, 2025 produced a return on average tangible equity of 12.84%, a return on average assets of 1.21%, an average equity to average assets ratio of 11.26% and a dividend payout ratio of 25.53%, compared to a return on average tangible equity of 12.86%, a return on average assets of 1.10%, an average equity to average assets ratio of 10.39% and a dividend payout ratio of 27.38% during the quarter ended September 30, 2024.
Previous wording
Trustmark reported net income of $109.5 million, or basic and diluted EPS of $1.81 and $1.80, respectively, for the six months ended June 30, 2025, compared to $115.4 million, or basic and diluted EPS of $1.89 and $1.88, respectively, for the same time period in 2024. Trustmark's reported performance during the first six months of 2025 produced a return on average tangible equity of 13.13%, a return on average assets of 1.20%, an average equity to average assets ratio of 11.00% and a dividend payout ratio of 26.52%, compared to a return on average tangible equity of 17.56%, a return on average assets of 1.24%, an average equity to average assets ratio of 9.09% and a dividend payout ratio of 24.34% for the same time period in 2024.
Current wording
Trustmark reported net income of $166.3 million, or basic and diluted EPS of $2.75 and $2.74, respectively, for the nine months ended September 30, 2025, compared to $166.7 million, or basic and diluted EPS of $2.72, for the same time period in 2024. Trustmark's reported performance during the first nine months of 2025 produced a return on average tangible equity of 13.03%, a return on average assets of 1.21%, an average equity to average assets ratio of 11.09% and a dividend payout ratio of 26.18%, compared to a return on average tangible equity of 15.79%, a return on average assets of 1.19%, an average equity to average assets ratio of 9.52% and a dividend payout ratio of 25.37% for the same time period in 2024.
Previous wording
Trustmark completed the sale of FBBI during the second quarter of 2024. As such, financial results for the three and six months ended June 30, 2024 consisted of both continuing and discontinued operations. The discontinued operations included the financial results of FBBI prior to the sale. Trustmark reported a loss from continuing operations of $100.6 million and $62.4 million for the three and six months ended June 30, 2024, respectively. Trustmark's reported performance from continuing operations for the three and six months ended June 30, 2024 produced a return on average tangible equity from continuing operations of -29.05% and -9.18%, respectively, and a return on average assets from continuing operations of -2.16% and -0.67%, respectively. The loss from continuing operations for the three and six months ended June 30, 2024 was principally due to the loss on the sale of available for sale securities during the second quarter of 2024.
Current wording
Trustmark completed the sale of FBBI during the second quarter of 2024. As such, financial results for the nine months ended September 30, 2024 consisted of both continuing and discontinued operations. The discontinued operations included the financial results of FBBI prior to the sale. Trustmark reported a net loss from continuing operations of $11.1 million for the nine months ended September 30, 2024. Trustmark's reported performance from continuing operations for the nine months ended September 30, 2024 produced a return on average tangible equity from continuing operations of -1.02% and a return on average assets from continuing operations of -0.08%. The net loss from continuing operations for the nine months ended September 30, 2024 was principally due to the $182.8 million loss on the sale of available for sale securities during the second quarter of 2024.
Previous wording
Net interest income for the three and six months ended June 30, 2025 totaled $158.8 million and $310.8 million, respectively, an increase of $17.7 million, or 12.6%, and $37.0 million, or 13.5%, respectively, when compared to the same time periods in 2024, principally attributable to an increase in interest on securities as well as a decline in interest expense on deposits, partially offset by declines in interest and fees on loans held for sale (LHFS) and LHFI and other interest income. Interest income totaled $237.4 million and $466.6 million for the three and six months ended June 30, 2025, respectively, a decrease of $1.7 million, or 0.7%, and $2.4 million, or 0.5%, respectively, when compared to the same time periods in 2024, reflecting decreases in interest and fees on LHFS and LHFI, primarily as a result of a decline in yields on the LHFS and LHFI portfolios, and other interest income, primarily due to a decline in interest earned on balances held at the FRBA, partially offset by an increase in interest on securities, primarily as a result of restructuring the available for sale securities portfolio during the second quarter of 2024. Interest expense totaled $78.7 million and $155.8 million for the three and six months ended June 30, 2025, respectively, a decrease of $19.5 million, or 19.8%, and $39.4 million, or 20.2%, respectively, when compared to the same time periods in 2024 principally due to a decline in interest expense on deposits.
Current wording
Net interest income for the three and nine months ended September 30, 2025 totaled $162.4 million and $473.3 million, respectively, an increase of $7.7 million, or 5.0%, and $44.7 million, or 10.4%, respectively, when compared to the same time periods in 2024. Interest income totaled $242.7 million for the three months ended September 30, 2025, a decrease of $8.9 million, or 3.5%, when compared to the same time period in 2024, principally due to a decrease in interest and fees on LHFS and LHFI, primarily as a result of a decline in yields on the LHFS and LHFI portfolios, and a decrease in other interest income, primarily due to a decline in interest earned on balances held at the FRBA. Interest income totaled $709.3 million for the nine months ended September 30, 2025, a decrease of $11.3 million, or 1.6%, when compared to the same time period in 2024, principally due to a decrease in interest and fees on LHFS and LHFI, primarily as a result of a decline in yields on the LHFS and LHFI portfolios, and a decrease in other interest income, primarily due to a decline in interest earned on balances held at the FRBA, partially offset by an increase in interest on securities, primarily as a result of restructuring the available for sale securities portfolio during the second quarter of 2024. Interest expense totaled $80.3 million for the three months ended September 30, 2025, a decrease of $16.6 million, or 17.1%, when compared to the same time period in 2024 principally due to a decline in interest expense on deposits. Interest expense totaled $236.0 million for the nine months ended September 30, 2025, a decrease of $56.0 million, or 19.2%, when compared to the same time period in 2024 reflecting declines in all categories of interest expense.
Previous wording
Total revenue, which is defined as net interest income plus noninterest income (loss), for the three months ended June 30, 2025 was $198.6 million, an increase of $198.9 million when compared to the same time period in 2024. Total revenue for the six months ended June 30, 2025 was $393.3 million, an increase of $221.4 million when compared to the same time period in 2024. The increase in total revenue when the three and six months ended June 30, 2025 are compared to the same time periods in 2024, were principally due to non-routine transactions that occurred during the second quarter of 2024, which included the $182.8 million loss on the sale of available for sale securities and the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans partially offset by the $8.1 million fair value adjustment for the Visa C shares, and an increase in net interest income.
Current wording
Noninterest income (loss) for the three months ended September 30, 2025 totaled $39.9 million, an increase of $2.4 million, or 6.3%, when compared to the same time period in 2024 principally due to an increase in mortgage banking, net. Noninterest income (loss) for the nine months ended September 30, 2025 totaled $122.4 million, an increase of $186.8 million when compared to the same time period in 2024 principally due to the significant non-routine transactions that occurred during the second quarter of 2024, which included the $182.8 million loss on the sale of available for sale securities included in securities gains (losses), net and the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans partially offset by the $8.1 million fair value adjustment for the Visa C shares included in other, net as well as an increase in mortgage banking, net. Mortgage banking, net totaled $8.2 million and $25.6 million for the three and nine months ended September 30, 2025, respectively, an increase of $2.1 million, or 33.7%, and $6.3 million, or 32.8%, respectively, when compared to the same time periods in 2024 principally due to improvement in the net negative hedge ineffectiveness and an increase in the gain on sales of loans.
Previous wording
Noninterest expense for the three and six months ended June 30, 2025 totaled $125.1 million and $249.1 million, respectively, an increase of $6.8 million, or 5.7%, and $11.1 million, or 4.7%, respectively, when compared to the same time periods in 2024, principally due to increases in salaries and employee benefits and services and fees. Salaries and employee benefits totaled $68.3 million and $136.8 million for the three and six months ended June 30, 2025, respectively, an increase of $3.5 million, or 5.3%, and $6.5 million, or 5.0%, respectively, when compared to the same time periods in 2024, primarily due to increases in salaries expense principally due to general merit increases, management performance incentives, medical insurance expense and commissions related to mortgage originations. Services and fees totaled $27.0 million and $53.2 million for the three and six months ended June 30, 2025, respectively, an increase of $2.3 million, or 9.1%, and $4.1 million, or 8.3%, respectively, when compared to the same time periods in 2024, principally due to increases in data processing expenses related to software, business process operations outsourcing expense, other services and fees, advertising expense and legal expense.
Current wording
Noninterest expense for the three and nine months ended September 30, 2025 totaled $130.9 million and $380.1 million, respectively, an increase of $7.7 million, or 6.2%, and $18.8 million, or 5.2%, respectively, when compared to the same time periods in 2024, principally due to increases in salaries and employee benefits and services and fees. Salaries and employee benefits totaled $71.5 million and $208.3 million for the three and nine months ended September 30, 2025, respectively, an increase of $4.8 million, or 7.2%, and $11.3 million, or 5.7%, respectively, when compared to the same time periods in 2024. The increase in salaries and employee benefits when the three months ended September 30, 2025 is compared to the same time period in 2024 was principally due to increase in salaries expense primarily due to general merit increases, management annual performance incentives and other salaries expense. The increase in salaries and employee benefits when the nine months ended September 30, 2025 is compared to the same time period in 2024 was principally due to increases in salaries expense primarily due to general merit increases, management annual performance incentives, medical insurance expense, commissions related to mortgage originations and other salaries expense. Services and fees totaled $28.8 million and $82.0 million for the three and nine months ended September 30, 2025, respectively, an increase of $3.1 million, or 11.9%, and $7.1 million, or 9.5%, respectively, when compared to the same time periods in 2024, principally due to increases in data processing expenses related to software, business process operations outsourcing expense, legal expense and advertising expense.
Previous wording
Trustmark’s total PCL on LHFI for the three and six months ended June 30, 2025 totaled $5.3 million and $13.5 million, respectively, compared to a total PCL on LHFI of $23.3 million and $31.0 million, respectively, for the same time periods in 2024. The total PCL on LHFI for the three and six months ended June 30, 2024 included a $8.6 million PCL, LHFI sale of 1-4 family mortgage loans for the credit-related portion of the loss on the sale of the 1-4 family mortgage loans during the second quarter of 2024. The PCL, LHFI, excluding the PCL, LHFI sale of 1-4 family mortgage loans, decreased $9.4 million, or 63.6%, and $8.9 million, or 39.9%, respectively, when the three and six months ended June 30, 2025 are compared to the same time periods in 2024 principally due to reserves recorded during the second quarter of 2024 related to credit migration. The PCL, LHFI for the three months ended June 30, 2025 primarily reflected increases in required reserves as a result of loan growth and changes in macroeconomic forecasts partially offset by declines in required reserves as a result of positive credit migration and updates to various qualitative reserve factors. The PCL, LHFI for the six months ended June 30, 2025 primarily reflected increases in required reserves as a result of loan growth and changes in macroeconomic forecasts partially offset by declines in required reserves as a result of updates to various qualitative reserve factors. The PCL, off-balance sheet credit exposures totaled a negative $670 thousand and a negative $3.5 million for the three and six months ended June 30, 2025, respectively, compared to a negative $3.6 million and a negative $3.8 million, respectively, for the same time periods in 2024. The release in PCL, off-balance sheet credit exposures for the three months ended June 30, 2025, primarily reflected a decrease in required reserves as a result of positive credit migration partially offset by an increase in required reserves as a result of changes in the total reserve rate primarily related to 1-4 family construction and commercial and industrial credits. The release in PCL, off-balance sheet credit exposures for the six months ended June 30, 2025, primarily reflected a decrease in required reserves as a result of positive credit migration, a decrease in the unfunded commitments and net changes in the total reserve rate. Please see the section captioned “Provision for Credit Losses” for additional information regarding the PCL on LHFI and off-balance sheet credit exposures.
Current wording
Trustmark’s total PCL on LHFI for the three and nine months ended September 30, 2025 totaled $1.4 million and $14.9 million, respectively, compared to a total PCL on LHFI of $7.9 million and $39.0 million, respectively, for the same time periods in 2024. The total PCL on LHFI for the nine months ended September 30, 2024 included a $8.6 million PCL, LHFI sale of 1-4 family mortgage loans for the credit-related portion of the loss on the sale of the 1-4 family mortgage loans during the second quarter of 2024. The PCL, LHFI, excluding the PCL, LHFI sale of 1-4 family mortgage loans, decreased $15.5 million, or 51.0%, when the nine months ended September 30, 2025 is compared to the same time period in 2024. The PCL, LHFI for the three months ended September 30, 2025 primarily reflected increases in required reserves as a result of loan growth, changes in macroeconomic forecasts and updates to various reserve factors partially offset by declines in required reserves as a result of positive credit migration and reserves released associated with the resolution of the External Factor-Credit Quality Review qualitative factor. The PCL, LHFI for the nine months ended September 30, 2025 primarily reflected increases in required reserves as a result of loan growth and changes in macroeconomic forecasts partially offset by reserves released associated with the resolution of the External Factor-Credit Quality Review qualitative factor. The PCL, off-balance sheet credit exposures totaled $295 thousand and a negative $3.2 million for the three and nine months ended September 30, 2025, respectively, compared to a negative $1.4 million and a negative $5.2 million, respectively, for the same time periods in 2024. The PCL, off-balance sheet credit exposures for the three months ended September 30, 2025, primarily reflected an increase in required reserves as a result of changes in the total reserve rate, primarily related to consumer credits and commercial and industrial credits, credit migration and an increase in unfunded commitments, partially offset by reserves released associated with the resolution of the External Factor-Credit Quality Review qualitative factor. The release in PCL, off-balance sheet credit exposures for the nine months ended September 30, 2025, primarily reflected a decrease in required reserves as a result of positive credit migration, reserves released associated with the resolution of the External Factor-Credit Quality Review qualitative factor and a decrease in unfunded commitments. Please see the section captioned “Provision for Credit Losses” for additional information regarding the PCL on LHFI and off-balance sheet credit exposures.
Previous wording
At June 30, 2025, nonperforming assets totaled $90.0 million, an increase of $3.9 million, or 4.6%, compared to December 31, 2024, reflecting increases in both nonaccrual LHFI and other real estate. Nonaccrual LHFI totaled $81.0 million at June 30, 2025, an increase of $891 thousand, or 1.1%, relative to December 31, 2024, primarily as a result of 1-4 family mortgage loans placed on nonaccrual status partially offset by nonaccrual loans foreclosed and paid off in the Mississippi market region and the resolution of one large nonaccrual commercial credit in the Alabama market region. Other real estate, net totaled $9.0 million at June 30, 2025, an increase of $3.1 million, or 51.6%, when compared to December 31, 2024, principally due to properties foreclosed partially offset by properties sold in the Mississippi and Alabama market regions.
Current wording
At September 30, 2025, nonperforming assets totaled $92.3 million, an increase of $6.3 million, or 7.3%, compared to December 31, 2024, reflecting increases in both nonaccrual LHFI and other real estate. Nonaccrual LHFI totaled $84.0 million at September 30, 2025, an increase of $3.8 million, or 4.8%, relative to December 31, 2024, primarily as a result of 1-4 family mortgage loans placed on nonaccrual status in the Mississippi market region largely offset by the resolution of nonaccrual credits in the Alabama and Mississippi market regions. Other real estate totaled $8.3 million at September 30, 2025, an increase of $2.4 million, or 40.7%, when compared to December 31, 2024, principally due to properties foreclosed in the Mississippi market region partially offset by properties sold in the Mississippi and Alabama market regions and a reserve for other real estate write-down for a property in the Texas market region recorded during the third quarter of 2025.
Previous wording
LHFI totaled $13.465 billion at June 30, 2025, an increase of $374.8 million, or 2.9%, compared to December 31, 2024. The increase in LHFI during the first six months of 2025 was primarily due to net growth in LHFI secured by real estate and other commercial loans and leases. For additional information regarding changes in LHFI and comparative balances by loan category, see the section captioned “LHFI.”
Current wording
LHFI totaled $13.548 billion at September 30, 2025, an increase of $458.2 million, or 3.5%, compared to December 31, 2024. The increase in LHFI during the first nine months of 2025 was primarily due to net growth in other commercial loans and leases, loans secured by real estate, commercial and industrial loans and state and other political subdivision loans. For additional information regarding changes in LHFI and comparative balances by loan category, see the section captioned “LHFI.”
Previous wording
Total deposits were $15.116 billion at June 30, 2025, an increase of $7.7 million, or 0.1%, compared to December 31, 2024. During the first six months of 2025, noninterest-bearing deposits increased $61.9 million, or 2.0%, principally due to growth in commercial noninterest-bearing demand deposit accounts partially offset by a decline in public noninterest-bearing demand deposit accounts. Interest-bearing deposits decreased $54.2 million, or 0.5%, during the first six months of 2025, primarily due to declines in all categories of interest checking accounts and consumer money market deposit accounts (MMDA), partially offset by growth in all categories of certificates of deposits (CDs) and commercial MMDA.
Current wording
Total deposits were $15.631 billion at September 30, 2025, an increase of $522.8 million, or 3.5%, compared to December 31, 2024. During the first nine months of 2025, noninterest-bearing deposits increased $247.6 million, or 8.1%, principally due to growth in commercial and public noninterest-bearing demand deposit accounts. Interest-bearing deposits increased $275.2 million, or 2.3%, during the first nine months of 2025, primarily due to growth in all categories of certificates of deposits (CDs) and money market deposit accounts (MMDA), partially offset by declines in all categories of interest checking accounts and savings accounts.
Previous wording
Federal funds purchased and securities sold under repurchase agreements totaled $456.3 million at June 30, 2025, an increase of $132.3 million, or 40.8%, compared to December 31, 2024, principally due to an increase in upstream federal funds purchased. Other borrowings totaled $558.7 million at June 30, 2025, an increase of $257.1 million, or 85.3%, compared to December 31, 2024, principally due to an increase in outstanding short-term FHLB advances with the FHLB of Dallas.
Current wording
Federal funds purchased and securities sold under repurchase agreements totaled $420.0 million at September 30, 2025, an increase of $96.0 million, or 29.6%, compared to December 31, 2024, principally due to an increase in upstream federal funds purchased. Other borrowings totaled $208.4 million at September 30, 2025, a decrease of $93.2 million, or 30.9%, compared to December 31, 2024, principally due to a decrease in outstanding short-term FHLB advances with the FHLB of Dallas.
Previous wording
On October 22, 2024, the CFPB released a final rule to implement Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the final rule, financial institutions are required, upon request, to make available to a consumer or third party authorized by the consumer certain information TB has concerning a consumer financial product or service covered by the rule, such as a credit card or a deposit account. Industry organizations challenged the final rule in court. On May 30, 2025, the CFPB filed a motion for summary judgment in the litigation, stating that it had concluded that the final rule exceeded the agency’s statutory authority and is arbitrary and capricious. The CFPB requested that the court vacate the final rule. On July 29, 2025, the CFPB filed a motion to stay the proceedings, announcing its plans to issue an advanced notice of proposed rulemaking that will serve as the starting point of an accelerated rulemaking process for a new final rule. The same day, the court granted the CFPB’s motion to stay and denied the CFPB’s summary judgment motion without prejudice.
Current wording
On October 22, 2024, the CFPB released a final rule to implement Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the final rule, financial institutions are required, upon request, to make available to a consumer or third party authorized by the consumer certain information TB has concerning a consumer financial product or service covered by the rule, such as a credit card or a deposit account. Industry organizations challenged the final rule in court. On July 29, 2025, the district court granted a motion by the CFPB to stay the proceedings while the CFPB conducts a rulemaking to revise the final rule substantially. On August 22, 2025, the CFPB issued an advance notice of proposed rulemaking to solicit comments and data on several issues relating to the final rule. On October 29, 2025, the district court issued a preliminary injunction preventing the CFPB from enforcing the final rule until the CFPB has completed its reconsideration of the rule.
Previous wording
Consistent with Trustmark’s audited annual financial statements, total revenue is defined as net interest income plus noninterest income (loss).
Current wording
Consistent with Trustmark’s annual financial statements, total revenue is defined as net interest income plus noninterest income (loss).
Previous wording
In addition to capital ratios defined by U.S. generally accepted accounting principles (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.
Current wording
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.
Previous wording
Net interest income-FTE for the three and six months ended June 30, 2025 increased $17.1 million, or 11.8%, and $35.6 million, or 12.7%, respectively, when compared with the same time periods in 2024 reflecting declines in all categories of interest expense as well as an increase in interest on securities, partially offset by declines in interest and fees on LHFS and LHFI-FTE and other interest income. The net interest margin-FTE for the three and six months ended June 30, 2025 increased 43 basis points and 49 basis points to 3.81% and 3.78%, respectively, when compared to the same time periods in 2024, principally due to an increase in the yield on the securities portfolio, primarily due to the restructuring of the available for sale securities portfolio during the second quarter of 2024, as well as decreases in the cost of interest-bearing liabilities.
Current wording
Net interest income-FTE for the three and nine months ended September 30, 2025 increased $7.2 million, or 4.6%, and $42.8 million, or 9.8%, respectively, when compared with the same time periods in 2024. The increase in net interest income-FTE when the three months ended September 30, 2025 is compared to the same time period in 2024 was principally due to a decline in interest on deposits partially offset by declines in interest and fees on LHFS and LHFI-FTE and other interest income. The increase in net interest income-FTE when the nine months ended September 30, 2025 is compared to the same time period in 2024 was principally due to declines in all categories of interest expense as well as an increase in interest on securities, partially offset by declines in interest and fees on LHFS and LHFI-FTE and other interest income. The net interest margin-FTE for the three and nine months ended September 30, 2025 increased 14 basis points and 37 basis points to 3.83% and 3.80%, respectively, when compared to the same time periods in 2024, principally due to an increase in the yield on the securities portfolio, primarily due to the restructuring of the available for sale securities portfolio during the second quarter of 2024, as well as decreases in the cost of interest-bearing liabilities, partially offset by declines in the yield on loan (LHFS and LHFI) and other earning assets.
Previous wording
Average interest-earning assets for the three and six months ended June 30, 2025 totaled $17.007 billion and $16.873 billion, respectively, compared to $17.189 billion and $17.139 billion, respectively, for the same time periods in 2024, a decrease of $182.1 million, or 1.1%, and $265.5 million, or 1.5%, respectively, principally due to decreases in average total securities and average other earning assets partially offset by an increase in average loans (LHFS and LHFI). Average total securities declined $238.5 million, or 7.3%, and $266.7 million, or 8.0%, respectively, when the three and six months ended June 30, 2025 are compared to the same time periods in 2024, principally due to available for sale securities sold net of available for sale securities purchased as part of the restructuring of the available for sale securities portfolio during the second quarter of 2024 as well as calls, maturities and pay-downs of the loans underlying GSE guaranteed securities net of securities purchased. Average other earning assets decreased $178.0 million, or 30.0%, and $191.8 million, or 32.9%, respectively, when the three and six months ended June 30, 2025 are compared to the same time periods in 2024, primarily due to a decrease in reserves held at the FRBA. Average loans (LHFS and LHFI) increased $234.4 million, or 1.8%, and $193.0 million, or 1.5%, respectively, when the three and six months ended June 30, 2025 are compared to the same time periods in 2024, principally due to an increase in the average balance of the LHFI portfolio of $204.7 million, or 1.6%, and $174.2 million, or 1.3%, respectively. The increase in the LHFI portfolio when the average balances at June 30, 2025 are compared to June 30, 2024 was principally due to net growth in LHFI secured by real estate and other commercial loans and leases partially offset by declines in commercial and industrial loans and state and other political subdivision loans.
Current wording
Average interest-earning assets for the three months ended September 30, 2025 totaled $17.111 billion compared to $17.016 billion for the same time period in 2024, an increase of $95.2 million, or 0.6%, reflecting an increase in average loans (LHFS and LHFI) partially offset by declines in average other earning assets and average total securities. Average interest-earning assets for the nine months ended September 30, 2025 totaled $16.953 billion compared to $17.097 billion for the same time period in 2024, a decrease of $144.1 million, or 0.8%, reflecting declines in average other earning assets and average total securities partially offset by an increase in average loans (LHFS and LHFI). Average total securities declined $8.3 million, or 0.3%, and $180.0 million, or 5.6%, respectively, when the three and nine months ended September 30, 2025 are compared to the same time periods in 2024, principally due to available for sale securities sold net of available for sale securities purchased as part of the restructuring of the available for sale securities portfolio during the second quarter of 2024 as well as calls, maturities and pay-downs of the loans underlying GSE guaranteed securities net of securities purchased. Average other earning assets decreased $218.9 million, or 36.0%, and $200.9 million, or 34.0%, respectively, when the three and nine months ended September 30, 2025 are compared to the same time periods in 2024, primarily due to a decrease in reserves held at the FRBA. Average loans (LHFS and LHFI) increased $322.4 million, or 2.4%, and $236.8 million, or 1.8%, respectively, when the three and nine months ended September 30, 2025 are compared to the same time periods in 2024, principally due to an increase in the average balance of the LHFI portfolio of $296.0 million, or 2.2%, and $215.4 million, or 1.6%, respectively. The increase in the LHFI portfolio when the average balances at September 30, 2025 are compared to September 30, 2024 was principally due to net growth in LHFI secured by real estate and other commercial loans and leases partially offset by declines in state and other political subdivision loans and commercial and industrial loans.
Previous wording
Interest income-FTE for the three and six months ended June 30, 2025 totaled $240.1 million and $471.9 million, respectively, a decrease of $2.4 million, or 1.0%, and $3.7 million, or 0.8%, respectively. The yield on total earning assets for the three months ended June 30, 2025 decreased 1 basis point to 5.66% when compared to the same time period in 2024. The yield on total earning assets for the six months ended June 30, 2025 increased 6 basis points to 5.64% when compared to the same time period in 2024. The decrease in interest income-FTE for the three and six months ended June 30, 2025 was primarily due to decreases in interest and fees on LHFS and LHFI-FTE and other interest income partially offset by an increase in interest on securities-taxable. During the three and six months ended June 30, 2025, interest and fees on LHFS and LHFI-FTE decreased $7.3 million, or 3.4%, and $14.8 million, or 3.5%, respectively, while the yield on LHFS and LHFI decreased 35 basis points to 6.19% and 30 basis points to 6.17%, respectively, when compared to the same time periods in 2024, primarily due to a decline in interest rates. During the three and six months ended June 30, 2025, other interest income declined $3.4 million, or 41.7%, and $7.7 million, or 47.2%, respectively, principally due to a decline in interest earned on reserves held at the FRBA reflecting a decline in the average balance of reserves held at the FRBA, while the yield on other earning assets decreased 93 basis points and 118 basis points to 4.58% and 4.43%, respectively, when compared to the same time periods in 2024, principally due to a decline in the rate paid by the FRB on reserve balances. Interest on securities-taxable increased $8.3 million, or 46.5%, and $18.8 million, or 55.9%, respectively, when the three and six months ended June 30, 2025 are compared to the same time periods in 2024, while the yield on securities-taxable increased to 3.46% for both the three and six months ended June 30, 2025, compared to 2.19% and 2.03%, respectively, for the same time periods in 2024, principally due to the restructuring of the available for sale securities portfolio during the second quarter of 2024.
Current wording
Interest income-FTE for the three and nine months ended September 30, 2025 totaled $245.5 million and $717.4 million, respectively, a decrease of $9.4 million, or 3.7%, and $13.2 million, or 1.8%, respectively. The yield on total earning assets for the three and nine months ended September 30, 2025 decreased 27 basis points to 5.69% and 5 basis points to 5.66%, respectively, when compared to the same time periods in 2024. The decrease in interest income-FTE for the three months ended September 30, 2025 was primarily due to decreases in interest and fees on LHFS and LHFI-FTE and other interest income. The decrease in interest income-FTE for the nine months ended September 30, 2025 was primarily due to decreases in interest and fees on LHFS and LHFI-FTE and other interest income partially offset by an increase in interest on securities-taxable. During the three and nine months ended September 30, 2025, interest and fees on LHFS and LHFI-FTE decreased $5.8 million, or 2.6%, and $20.6 million, or 3.2%, respectively, while the yield on LHFS and LHFI decreased 34 basis points to 6.21% and 31 basis points to 6.19%, respectively, when compared to the same time periods in 2024, primarily due to a decline in interest rates. During the three and nine months ended September 30, 2025, other interest income declined $4.1 million, or 49.0%, and $11.7 million, or 47.8%, respectively, principally due to a decline in interest earned on reserves held at the FRBA reflecting a decline in the average balance of reserves held at the FRBA, while the yield on other earning assets decreased 111 basis points and 116 basis points to 4.32% and 4.39%, respectively, when compared to the same time periods in 2024, principally due to a decline in the rate paid by the FRB on reserve balances. Interest on securities-taxable increased $463 thousand, or 1.8%, and $19.2 million, or 32.2%, respectively, when the three and nine months ended September 30, 2025 are compared to the same time periods in 2024, while the yield on securities-taxable increased to 3.50% and 3.47%, respectively, for the three and nine months ended September 30, 2025, compared to 3.44% and 2.48%, respectively, for the same time periods in 2024. The increase in interest on securities-taxable and the yield on securities-taxable when the nine months ended September 30, 2025 is compared to the same time period in 2024 was principally due to the restructuring of the available for sale securities portfolio during the second quarter of 2024.
Previous wording
Average interest-bearing liabilities for the three and six months ended June 30, 2025 totaled $13.019 billion and $12.949 billion, respectively, compared to $13.377 billion for the three and six months ended June 30, 2024, a decrease of $357.5 million, or 2.7%, and $427.8 million, or 3.2%, respectively, reflecting declines in all categories of average interest-bearing liabilities. Average interest-bearing deposits for the three and six months ended June 30, 2025 decreased $236.6 million, or 1.9%, and $296.6 million, or 2.4%, respectively, when compared to the same time periods in 2024, reflecting declines in all categories of average interest-bearing deposits. Average other borrowings for the three and six months ended June 30, 2025 decreased $102.3 million, or 14.2%, and $110.5 million, or 16.1%, respectively, when compared to the same time periods in 2024, principally due to the decrease in average short-term FHLB advances outstanding with the FHLB of Dallas as a result of changes in funding needs. Average federal funds purchased and securities sold under repurchase agreements for the three and six months ended June 30, 2025 decreased $18.7 million, or 4.3%, and $20.8 million, or 4.8%, respectively, when compared to the same time periods in 2024, principally due to declines in average securities sold under repurchase agreements, which represent customer sweep transactions.
Current wording
Average interest-bearing liabilities for the three months ended September 30, 2025 totaled $13.052 billion compared to $13.088 billion for the three months ended September 30, 2024, a decrease of $35.5 million, or 0.3%, reflecting declines in average other borrowings and average interest-bearing deposits partially offset by an increase in average federal funds purchased and securities sold under repurchase agreements. Average interest-bearing liabilities for the nine months ended September 30, 2025 totaled $12.984 billion compared to $13.280 billion for the nine months ended September 30, 2024, a decrease of $296.0 million, or 2.2%, principally due to declines in average interest-bearing deposits and average other borrowings. Average interest-bearing deposits for the three months ended September 30, 2025 decreased $24.2 million, or 0.2%, when compared to the same time period in 2024, reflecting declines in average interest-bearing demand deposits and average savings deposits partially offset by an increase in average time deposits. Average interest-bearing deposits for the nine months ended September 30, 2025 decreased $204.9 million, or 1.7%, when compared to the same time period in 2024, reflecting declines in all categories of average interest-bearing deposits. Average other borrowings for the three and nine months ended September 30, 2025 decreased $55.6 million, or 10.6%, and $92.2 million, or 14.6%, respectively, when compared to the same time periods in 2024, principally due to the decrease in average short-term FHLB advances outstanding with the FHLB of Dallas as a result of changes in funding needs. Average federal funds purchased and securities sold under repurchase agreements for the three and nine months ended September 30, 2025 increased $44.2 million, or 11.8%, and $1.1 million, or 0.3%, respectively, when compared to the same time periods in 2024. The increase in average federal funds purchased and securities sold under repurchase agreements when the three months ended September 30, 2025 is compared to the same time period in 2024, was principally due to an increase in average upstream federal funds purchased.
Previous wording
Interest expense for the three and six months ended June 30, 2025 totaled $78.7 million and $155.8 million, respectively, a decrease of $19.5 million, or 19.8%, and $39.4 million, or 20.2%, respectively, when compared with the same time periods in 2024, while the rate on total interest-bearing liabilities decreased 53 basis points and 50 basis points to 2.42% and 2.43%, respectively, reflecting declines in all categories of interest expense. Interest on deposits for the three and six months ended June 30, 2025 decreased $15.5 million, or 18.5%, and $31.5 million, or 18.8%, respectively, while the rate on interest-bearing deposits decreased 47 basis points and 46 basis points to 2.28% and 2.29%, respectively, when compared to the same time periods in 2024, primarily due to declines in average balances of public interest checking accounts and brokered deposits as well as a decline in rates on interest-bearing deposits. Other interest expense for the three and six months ended June 30, 2025 decreased $2.8 million, or 31.9%, and $5.4 million, or 32.9%, respectively, while the rate on other borrowings decreased 102 basis points and 95 basis points to 3.89%, respectively, when compared to the same time periods in 2024, primarily due to the decrease in average outstanding short-term FHLB advances with the FHLB of Dallas as well as a decline in the rate on short-term FHLB advances. Interest expense on federal funds purchased and securities sold under repurchase agreements for the three and six months ended June 30, 2025 decreased of $1.2 million, or 20.3%, and $2.4 million, or 21.7%, respectively, while the rate on federal funds purchased and securities sold under repurchase agreements decreased 89 basis points and 92 basis points to 4.35% and 4.33%, respectively, when compared to the same time periods in 2024, reflecting a decrease in the target rate on federal funds purchased by the FRB.
Current wording
Interest expense for the three and nine months ended September 30, 2025 totaled $80.3 million and $236.0 million, respectively, a decrease of $16.6 million, or 17.1%, and $56.0 million, or 19.2%, respectively, when compared with the same time periods in 2024, while the rate on total interest-bearing liabilities decreased 50 basis points and 51 basis points to 2.44% and 2.43%, respectively, reflecting declines in all categories of interest expense. Interest on deposits for the three and nine months ended September 30, 2025 decreased $15.0 million, or 17.4%, and $46.5 million, or 18.3%, respectively, while the rate on interest-bearing deposits decreased 49 basis points and 47 basis points to 2.32% and 2.30%, respectively, when compared to the same time periods in 2024, primarily due to declines in rates on interest-bearing deposits as well as declines in average balances of public interest checking accounts and brokered deposits. Other interest expense for the three and nine months ended September 30, 2025 decreased $1.4 million, or 23.2%, and $6.8 million, or 30.3%, respectively, while the rate on other borrowings decreased 65 basis points and 87 basis points, respectively, to 3.88% for both periods when compared to the same time periods in 2024, primarily due to the decrease in average outstanding short-term FHLB advances with the FHLB of Dallas as well as a decline in the rate on short-term FHLB advances. Interest expense on federal funds purchased and securities sold under repurchase agreements for the three and nine months ended September 30, 2025 decreased $238 thousand, or 4.9%, and $2.7 million, or 16.6%, respectively, while the rate on federal funds purchased and securities sold under repurchase agreements decreased 78 basis points and 88 basis points to 4.37% and 4.34%, respectively, when compared to the same time periods in 2024, reflecting a decrease in the target rate on federal funds purchased by the FRB.
Previous wording
The PCL, LHFI is the amount necessary to maintain the ACL for LHFI at the amount of expected credit losses inherent within the LHFI portfolio. The amount of PCL and the related ACL for LHFI are based on Trustmark’s ACL methodology. The PCL, LHFI totaled $5.3 million and $13.5 million for the three and six months ended June 30, 2025, respectively, compared to a PCL, LHFI, excluding the PCL, LHFI sale of 1-4 family mortgage loans, of $14.7 million and $22.4 million, respectively, for the same time periods in 2024. The PCL, LHFI for the three months ended June 30, 2025 primarily reflected increases in required reserves as a result of loan growth and changes in macroeconomic forecasts partially offset by declines in required reserves as a result of positive credit migration and updates to various qualitative reserve factors. The PCL, LHFI for the six months ended June 30, 2025 primarily reflected increases in required reserves as a result of loan growth and changes in macroeconomic forecasts partially offset by declines in required reserves as a result of updates to various qualitative reserve factors.
Current wording
The PCL, LHFI is the amount necessary to maintain the ACL for LHFI at the amount of expected credit losses inherent within the LHFI portfolio. The amount of PCL and the related ACL for LHFI are based on Trustmark’s ACL methodology. The PCL, LHFI totaled $1.4 million and $14.9 million for the three and nine months ended September 30, 2025, respectively, compared to a PCL, LHFI, excluding the PCL, LHFI sale of 1-4 family mortgage loans, of $7.9 million and $30.3 million, respectively, for the same time periods in 2024. The PCL, LHFI for the three months ended September 30, 2025 primarily reflected increases in required reserves as a result of loan growth, changes in macroeconomic forecasts and updates to various reserve factors, partially offset by declines in required reserves as a result of positive credit migration and reserves released associated with the resolution of the External Factor-Credit Quality Review qualitative factor. The PCL, LHFI for the nine months ended September 30, 2025 primarily reflected increases in required reserves as a result of loan growth and changes in macroeconomic forecasts partially offset by reserves released associated with the resolution of the External Factor-Credit Quality Review qualitative factor.
Previous wording
FASB ASC Topic 326 requires Trustmark to estimate expected credit losses for off-balance sheet credit exposures which are not unconditionally cancellable by Trustmark. Trustmark maintains a separate ACL for off-balance sheet credit exposures, including unfunded commitments and letters of credit. Adjustments to the ACL on off-balance sheet credit exposures are recorded to the PCL, off-balance sheet credit exposures. The PCL, off-balance sheet credit exposures totaled a negative $670 thousand and a negative $3.5 million for the three and six months ended June 30, 2025, respectively, compared to a negative $3.6 million and a negative $3.8 million, respectively, for the same time periods in 2024. The release in PCL, off-balance sheet credit exposures for the three months ended June 30, 2025, primarily reflected a decrease in required reserves as a result of positive credit migration partially offset by an increase in required reserves as a result of changes in the total reserve rate primarily related to 1-4 family construction and commercial and industrial credits. The release in PCL, off-balance sheet credit exposures for the six months ended June 30, 2025, primarily reflected a decrease in required reserves as a result of positive credit migration, a decrease in the unfunded commitments and net changes in the total reserve rate.
Current wording
FASB ASC Topic 326 requires Trustmark to estimate expected credit losses for off-balance sheet credit exposures which are not unconditionally cancellable by Trustmark. Trustmark maintains a separate ACL for off-balance sheet credit exposures, including unfunded commitments and letters of credit. Adjustments to the ACL on off-balance sheet credit exposures are recorded to the PCL, off-balance sheet credit exposures. The PCL, off-balance sheet credit exposures totaled $295 thousand and a negative $3.2 million for the three and nine months ended September 30, 2025, respectively, compared to a negative $1.4 million and a negative $5.2 million, respectively, for the same time periods in 2024. The PCL, off-balance sheet credit exposures for the three months ended September 30,
Previous wording
The increase in mortgage banking, net for the three and six months ended June 30, 2025 when compared to the same time periods in 2024 was principally due to improvement in the net negative hedge ineffectiveness. Mortgage loan production for the three and six months ended June 30, 2025 was $426.3 million and $745.1 million, respectively, an increase of $46.8 million, or 12.3%, and $91.6 million, or 14.0%, respectively, when compared to the same time periods in 2024. Loans serviced for others totaled $8.859 billion at June 30, 2025, compared with $8.628 billion at June 30, 2024, an increase of $230.9 million, or 2.7%.
Current wording
The increase in mortgage banking, net for the three and nine months ended September 30, 2025 when compared to the same time periods in 2024 was principally due to improvement in the net negative hedge ineffectiveness and an increase in the gain on sales of loans. Mortgage loan production for the three and nine months ended September 30, 2025 was $389.4 million and $1.134 billion, respectively, a decrease of $2.7 million, or 0.7%, and an increase of $88.9 million, or 8.5%, respectively, when compared to the same time periods in 2024. Loans serviced for others totaled $8.912 billion at September 30, 2025, compared with $8.691 billion at September 30, 2024, an increase of $221.1 million, or 2.5%.
Previous wording
Representing a significant component of mortgage banking income is the gain on sales of loans, net. The increase in the gain on sale of loans, net when the three months ended June 30, 2025 is compared to the same time period in 2024 was principally due to an increase in the mortgage valuation adjustment partially offset by decreases in the volume of loans sold and lower profit margins in secondary marketing activities. The decrease in the gain on sales of loans, net when the six months ended June 30, 2025 is compared to the same time period in 2024, was primarily the result of lower profit margins in secondary marketing activities and a decrease in the volume of loans sold partially offset by an increase in the mortgage valuation adjustment. Loan sales totaled $274.9 million and $530.6 million for the three and six months ended June 30, 2025, respectively, a decrease of $22.0 million, or 7.4%, and $24.4 million, or 4.4%, respectively, when compared with the same time periods in 2024.
Current wording
Representing a significant component of mortgage banking income is the gain on sales of loans, net. The increase in the gain on sale of loans, net when the three months ended September 30, 2025 is compared to the same time period in 2024 was principally due to an increase in the volume of loans sold and higher profit margins in secondary marketing activities. The increase in the gain on sales of loans, net when the nine months ended September 30, 2025 is compared to the same time period in 2024, was primarily the result of an increase in the mortgage valuation adjustment partially offset by lower profit margins in secondary marketing activities. Loan sales totaled $327.7 million and $858.3 million for the three and nine months ended September 30, 2025, respectively, an increase of $39.1 million, or 13.6%, and $14.7 million, or 1.7%, respectively, when compared with the same time periods in 2024.
Previous wording
Noninterest income (loss) for the three and six months ended June 30, 2025 totaled $39.9 million and $82.5 million, respectively, an increase of $181.2 million and $184.4 million, respectively, when compared to the same time periods in 2024 principally due to the loss on the sale of the available for sale securities during the second quarter of 2024 and an increase in mortgage banking, net, partially offset by a decrease in other, net. Mortgage banking, net totaled $8.6 million and $17.4 million for the three and six months ended June 30, 2025, respectively, an increase of $4.4 million and $4.3 million, respectively, when compared to the same time periods in 2024 principally due to improvement in the net negative hedge ineffectiveness. Other, net totaled $2.3 million and $8.3 million for the three and six months ended June 30, 2025, respectively, a decrease of $5.2 million, or 69.0%, and $2.3 million, or 21.6%, respectively, when compared to the same time periods in 2024. The decrease in other, net when the three months ended June 30, 2025 is compared to the same time period in 2024 was principally due to the $8.1 million fair value adjustment for the Visa C shares during the second quarter of 2024 as well as a decrease in the gain on sale of premises and equipment, partially offset by the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans during the second quarter of 2024. The decrease in other, net when the six months ended June 30, 2025 is compared to the same time period in 2024 was principally due to the $8.1 million fair value adjustment for the Visa C shares during the second quarter of 2024, partially offset by the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans during the second quarter of 2024 and an increase in gain on sale of premises and equipment primarily attributable to a $2.4 million gain on the sale of a bank property during the first quarter of 2025.
Current wording
The decrease in other, net when the nine months ended September 30, 2025 is compared to the same time period in 2024 was principally due to the $8.1 million fair value adjustment for the Visa C shares during the second quarter of 2024 partially offset by the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans during the second quarter of 2024.
Previous wording
The increase in salaries and employee benefits when the three and six months ended June 30, 2025 are compared to the same time periods in 2024 was primarily due to increases in salaries expense principally due to general merit increases, management performance incentives, medical insurance expense and commissions related to mortgage originations.
Current wording
The increase in salaries and employee benefits when the three months ended September 30, 2025 is compared to the same time period in 2024 was principally due to increase in salaries expense primarily due to general merit increases, management annual performance incentives and other salaries expense. The increase in salaries and employee benefits when the nine months ended September 30, 2025 is compared to the same time period in 2024 was principally due to increases in salaries expense primarily due to general merit increases, management annual performance incentives, medical insurance expense, commissions related to mortgage originations and other salaries expense.
Previous wording
The increases in services and fees when the three and six months ended June 30, 2025 are compared to the same time periods in 2024 were principally due to increases in data processing expenses related to software, business process operations outsourcing expense, other services and fees, advertising expense and legal expense.
Current wording
The increases in services and fees when the three and nine months ended September 30, 2025 are compared to the same time periods in 2024 were principally due to increases in data processing expenses related to software, business process operations outsourcing expense, legal expense and advertising expense.
Previous wording
For a description of the methodologies used to measure financial performance and financial information by reportable segment, please see Note 19 – Segment Information included in Part I. Item 1. – Financial Statements of this report. The Insurance Segment is included in discontinued operations for the six months ended June 30, 2024. For additional information about discontinued operations, please see Note 2 - Discontinued Operations included in Part I. Item 1. – Financial Statements of this report. The following discusses changes in the results of operations of each reportable segment for the six months ended June 30, 2025 and 2024.
Current wording
For a description of the methodologies used to measure financial performance and financial information by reportable segment, please see Note 19 – Segment Information included in Part I. Item 1. – Financial Statements of this report. The Insurance Segment is included in discontinued operations for the nine months ended September 30, 2024. For additional information about discontinued operations, please see Note 2 - Discontinued Operations included in Part I. Item 1. – Financial Statements of this report. The following discusses changes in the results of operations of each reportable segment for the nine months ended September 30, 2025 and 2024.
Previous wording
Net interest income for the General Banking Segment increased $36.0 million, or 13.3%, when the six months ended June 30, 2025 is compared with the same time period in 2024. The increase in net interest income was principally due to an increase in interest on securities as well as declines in all categories of interest expense, partially offset by declines in interest and fees from LHFS and LHFI and other interest income. The net PCL (LHFI and off-balance sheet credit exposures) for the General Banking Segment for the six months ended June 30, 2025 totaled $10.0 million compared to a net PCL of $27.1 million for the same time period in 2024, a decrease of $17.1 million, or 63.1%. Excluding the $8.6 million PCL, LHFI sale of 1-4 family mortgage loans recorded in the second quarter of 2024, the net PCL for the General Banking Segment decreased $8.5 million, or 45.8%, when the six months ended June 30, 2025 is compared to the same time period in 2024. For more information on these net interest income and PCL items, please see the sections captioned “Financial Highlights” and “Results of Operations.”
Current wording
Net interest income for the General Banking Segment increased $42.4 million, or 10.0%, when the nine months ended September 30, 2025 is compared with the same time period in 2024. The increase in net interest income was primarily due to declines in all categories of interest expense and an increase in interest on securities partially offset by a decline in interest and fees on LHFS and LHFI and other interest income. The net PCL (LHFI and off-balance sheet credit exposures) for the General Banking Segment for the nine months ended September 30, 2025 totaled $11.7 million compared to a net PCL of $33.6 million for the same time period in 2024, a decrease of $22.0 million, or 65.3%. Excluding the $8.6 million PCL, LHFI sale of 1-4 family mortgage loans recorded in the second quarter of 2024, the net PCL for the General Banking Segment decreased $13.3 million, or 53.3%, when the nine months ended September 30, 2025 is compared to the same time period in 2024. For more information on these net interest income and PCL items, please see the sections captioned “Financial Highlights” and “Results of Operations.”
Previous wording
Noninterest income (loss) for the General Banking Segment increased $183.9 million when the first six months of 2025 is compared to the same time period in 2024, principally due to the net loss on the sale of the available for sale securities and the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans during the second quarter of 2024, an increase in mortgage banking, net, and an increase in gain on sale of premises and equipment primarily attributable to a $2.4 million gain on the sale of a bank property during the first quarter of 2025, partially offset by the $8.1 million fair value adjustment for the Visa C shares during the second quarter of 2024. Noninterest income (loss) for the General Banking Segment includes service charges on deposit accounts; wealth management; bank card and other fees; mortgage banking, net; other, net and securities gains (losses), net. For more information on these noninterest income (loss) items, please see the analysis included in the section captioned “Noninterest Income (Loss).”
Current wording
Noninterest income (loss) for the General Banking Segment increased $185.6 million when the first nine months of 2025 is compared to the same time period in 2024, principally due to the $182.8 million loss on the sale of the available for sale securities and the $4.8 million noncredit-related loss on the sale of 1-4 family mortgage loans during the second quarter of 2024 and an increase in mortgage banking, net, partially offset by the $8.1 million fair value adjustment for the Visa C shares during the second quarter of 2024. Noninterest income (loss) for the General Banking Segment includes service charges on deposit accounts; wealth management; bank card and other fees; mortgage banking, net; other, net and securities gains (losses), net. For more information on these noninterest income (loss) items, please see the analysis included in the section captioned “Noninterest Income (Loss).”
Previous wording
Noninterest expense for the General Banking Segment increased $11.3 million, or 5.1%, when the first six months of 2025 is compared with the same time period in 2024, principally due to increases in salaries and employee benefits and services and fees. For more information on these noninterest expense items, please see the analysis included in the section captioned “Noninterest Expense.”
Current wording
Noninterest expense for the General Banking Segment increased $18.4 million, or 5.5%, when the first nine months of 2025 is compared with the same time period in 2024, principally due to increases in salaries and employee benefits and services and fees. For more information on these noninterest expense items, please see the analysis included in the section captioned “Noninterest Expense.”
Previous wording
Net income for the Wealth Management Segment for the first six months of 2025 increased $1.4 million, or 36.2%, when compared to the same time period in 2024, primarily due to increases in net interest income and noninterest income. Net interest income for the Wealth Management Segment for the six months ended June 30, 2025 increased $923 thousand, or 32.8%, when compared to the same time period in 2024, principally due to an increase in interest and fees on loans as well as a decline in interest expense on deposits generated by the Private Banking group. The net PCL for the six months ended June 30, 2025 totaled a negative $20 thousand compared to a net PCL of $165 thousand for the same period in 2024, a decrease of $185 thousand. Noninterest income for the Wealth Management Segment, which primarily includes income related to investment management, trust and brokerage services, increased $553 thousand, or 3.0%, when the first six months of 2025 is compared to the same time period in 2024, primarily due to an increase in income from trust management services partially offset by a decline in income from brokerage services. Noninterest expense for the Wealth Management Segment reflected a slight decrease of $149 thousand, or 0.9%, when the first six months of 2025 is compared to the same time period in 2024.
Current wording
Net income for the Wealth Management Segment for the first nine months of 2025 increased $2.4 million, or 41.2%, when compared to the same time period in 2024, primarily due to increases in net interest income and noninterest income. Net interest income for the Wealth Management Segment for the nine months ended September 30, 2025 increased $2.2 million, or 51.7%, when compared to the same time period in 2024, principally due to a decline in interest expense on deposits as well as an increase in interest and fees on loans generated by the Private Banking group. The net PCL for the nine months ended September 30, 2025 totaled a negative $22 thousand compared to a net PCL of $162 thousand for the same period in 2024, a decrease of $184 thousand. Noninterest income for the Wealth
Previous wording
At June 30, 2025 and 2024, Trustmark held assets under management and administration of $9.818 billion and $9.036 billion, respectively, and brokerage assets of $2.757 billion and $2.848 billion, respectively.
Current wording
At September 30, 2025 and 2024, Trustmark held assets under management and administration of $10.120 billion and $9.425 billion, respectively, and brokerage assets of $2.154 billion and $2.742 billion, respectively. The decrease in the balance of managed brokerage assets at September 30, 2025 compared to September 30, 2024 was principally due to a change in brokerage companies and assets in the process of being transitioned over.
Showing the first 40 of 88 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Management Segment, which primarily includes income related to investment management, trust and brokerage services, increased $1.1 million, or 4.0%, when the first nine months of 2025 is compared to the same time period in 2024, primarily due to an increase in income from trust management services. Noninterest expense for the Wealth Management Segment reflected a slight increase of $356 thousand, or 1.5%, when the first nine months of 2025 is compared to the same time period in 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Trustmark’s historical data to develop a PD based on the credit score ranges initially set up. Additionally, Management elected to use the same LGD value from the mortgage sale that occurred in the second quarter of 2024 along with the same weighted average life assumption utilized to determine the credit mark on this portfolio.