8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

January 25, 2022

Date of Report (Date of earliest event reported)

TRUSTMARK CORPORATION

(Exact name of registrant as specified in its charter)

Mississippi	000-03683	64-0471500
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

248 East Capitol Street, Jackson, Mississippi	39201
(Address of principal executive offices)	(Zip Code)
Registrant’s telephone number, including area code:	(601) 208-5111

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	TRMK	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.  Results of Operations and Financial Condition.

On January 25, 2022, Trustmark Corporation issued a press release announcing its financial results for the period ended December 31, 2021.  A copy of this press release and the accompanying financial statements and slide presentation are attached hereto as Exhibits 99.1 and 99.2 to this report and incorporated herein by reference.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description of Exhibits
99.1	Press release announcing financial results for the period ended December 31, 2021
99.2	Investor slide presentation for the period ended December 31, 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TRUSTMARK CORPORATION

BY:	/s/ Thomas C. Owens
	Thomas C. Owens
	Treasurer and Principal Financial Officer
DATE:	January 25, 2022

EX-99.1

Exhibit 99.1

News Release

Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2021 Financial Results

Solid Balance Sheet Growth, Record Results in Insurance and Wealth Management

JACKSON, Miss. – January 25, 2022 – Trustmark Corporation (NASDAQGS:TRMK) reported net income of $26.2 million in the fourth quarter of 2021, representing diluted earnings per share of $0.42.  For the full year, Trustmark’s net income totaled $147.4 million, representing diluted earnings per share of $2.34.  Trustmark’s net income in 2021 produced a return on average tangible equity of 10.81% and a return on average assets of 0.86%.  Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable March 15, 2022, to shareholders of record on March 1, 2022.

2021 Highlights

• Loans held for investment (HFI) increased $423.3 million, or 4.3%

• Nonperforming assets declined 10.1% to represent 0.64% of loans HFI and held for sale (HFS)

• Recoveries exceeded charge-offs by $3.7 million

• Total deposits increased $1.0 billion, or 7.4%

• Repurchased $61.8 million, or approximately 1.9 million shares of common stock

• Insurance and Wealth Management businesses had a record year with revenue up 7.4% and 11.3%, respectively

• Mortgage Banking revenue totaled $63.8 million with loan production exceeding $2.8 billion

• Noninterest income totaled $221.9 million and represented 34.7% of total revenue

• Completed voluntary early retirement program that reduced workforce by 3.6%

• Expanded market optimization efforts with a net reduction of 10 offices during the year

• Continued technology investments to enhance efficiency and productivity

Duane A. Dewey, President and CEO, commented, “Our banking and mortgage banking businesses performed well while our insurance and wealth management businesses achieved record results.  We experienced significant loan and deposit growth, and credit quality remained strong.  While we continue to navigate the challenging low interest rate environment, we remain committed to positioning the company for continued long-term success.  Our balance sheet is well positioned for rising interest rates. We will continue investments in technology to improve efficiency and broaden our reach through digital marketing and product delivery.  Trustmark is well-positioned to serve and expand its customer base and create long-term value for its shareholders.”

Balance Sheet Management

• Loans HFI increased $72.9 million, or 0.7%, during the quarter

• Investment securities increased $128.9 million, or 3.7%, as excess liquidity was deployed linked-quarter

• Total deposits increased $164.3 million, or 1.1%, linked-quarter

• Maintained strong capital position with CET1 ratio of 11.29% and total risk-based capital ratio of 13.55%

Loans HFI totaled $10.2 billion at December 31, 2021, reflecting an increase of $72.9 million, or 0.7%, linked-quarter and $423.3 million, or 4.3%, year-over-year.  The linked-quarter growth primarily reflects increases in commercial and industrial loans, 1-4 family mortgage loans, other loans, and loans secured by nonfarm, nonresidential properties which were offset in part by a decline in other real estate secured loans.  Trustmark’s loan portfolio remains well-diversified by loan type and geography.  

Deposits totaled $15.1 billion at December 31, 2021, up $164.3 million, or 1.1%, from the prior quarter and $1.0 billion, or 7.4%, year-over-year.  Trustmark continues to maintain a strong liquidity position as loans HFI represented 67.9% of total deposits at year end 2021.  Noninterest bearing deposits represented 31.6% of total deposits at December 31, 2021.  Interest-bearing deposit costs totaled 0.13% for the fourth quarter, a decrease of 1 basis point linked-quarter.  The total cost of interest-bearing liabilities was 0.19% for the fourth quarter of 2021, a decrease of 2 basis points from the prior quarter.

During the fourth quarter, Trustmark repurchased $27.1 million, or approximately 816 thousand of its common shares.  During the twelve months ended December 31, 2021, Trustmark repurchased $61.8 million, or approximately 1.9 million of its common shares.  As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2022, under which $100 million of Trustmark’s outstanding shares may be acquired through December 31, 2022.  The repurchase program, which is subject to market conditions and management discretion, will continue to be implemented through open market repurchases or privately negotiated transactions.  At December 31, 2021, Trustmark’s tangible equity to tangible assets ratio was 7.86%, while the total risk-based capital ratio was 13.55%.

Credit Quality

• Allowance for credit losses (ACL) represented 0.97% of loans HFI and 500.85% of nonperforming loans, excluding individually evaluated loans at year-end

• Net charge-offs totaled $101 thousand in the fourth quarter

• Loans remaining under a COVID-19 related concession represented approximately 1 basis point of loans HFI at December 31, 2021

Nonaccrual loans totaled $62.7 million at December 31, 2021, a decrease of $3.5 million from the prior quarter and $430 thousand year-over-year.  Other real estate totaled $4.6 million, reflecting a $1.7 million decrease from the prior quarter and a $7.1 million decline from the prior year.  Collectively, nonperforming assets totaled $67.3 million, reflecting a linked-quarter decrease of 7.2% and year-over-year reduction of 10.1%.

The provision for credit losses for loans HFI was a negative $4.5 million in the fourth quarter.  Negative provisioning was primarily due to improvements in credit quality and economic forecasts.  The provision for credit losses for off-balance sheet credit exposures was $2.9 million in the fourth quarter, primarily driven by increases in unfunded amounts.  Collectively, the provision for credit losses totaled a negative $1.6 million in the fourth quarter compared to a negative $3.5 million in the prior quarter and a negative $5.5 million in the fourth quarter of 2020.

Allocation of Trustmark’s $99.5 million ACL on loans HFI represented 1.00% of commercial loans and 0.87% of consumer and home mortgage loans, resulting in an ACL to total loans HFI of 0.97% at December 31, 2021.  Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio.  

Revenue Generation

• Excluding Paycheck Protection Program (PPP) interest and fees, net interest income (FTE) increased $1.2 million, or 1.2%, linked-quarter

• The net interest margin (FTE) totaled 2.53% in fourth quarter; excluding interest and fees on PPP loans and Federal Reserve Bank balance, net interest margin (FTE) was 2.82%

• Noninterest income totaled $50.8 million and represented 34.1% of total revenue in fourth quarter

Revenue in the fourth quarter totaled $149.1 million, a decrease of 2.2% from the prior quarter and 16.0% from the same quarter in the prior year.  The linked-quarter decline primarily reflects lower mortgage banking revenue while the year-over-year decline is attributed to lower net interest income and reduced mortgage banking revenue.  In 2021, revenue totaled $640.3 million, a decrease of 8.7% from the prior year.  

Net interest income (FTE) in the fourth quarter totaled $101.2 million, resulting in a net interest margin of 2.53%.  The net interest margin, excluding PPP loans and Federal Reserve Bank balance, was 2.82%, down 8 basis points from the prior quarter, significantly influenced by the growth of the investment securities portfolio.  Continued low interest rates decreased the yield on the loans held for investment and held for sale portfolio as well as the securities portfolio and were partially offset by lower costs of interest-bearing deposits.  

Noninterest income in the fourth quarter totaled $50.8 million, a decrease of $3.4 million from the prior quarter and $15.4 million from the prior year.  The linked-quarter change reflects an increase in service charges on deposit accounts which was more than offset by a decline in mortgage banking revenue, a seasonal decline in insurance revenue, and a reduction in other income.   The decrease in noninterest income year-over-year is principally due to lower mortgage banking revenue.  

Mortgage loan production in the fourth quarter totaled $590.7 million, a decline of 16.7% linked-quarter and 25.1% year-over-year.  Mortgage banking revenue totaled $11.6 million in the fourth quarter, a decrease of $2.4 million from the prior quarter and $16.5 million year-over-year.  The linked-quarter decline is attributable to reduced spreads which resulted in lower net gains on sales of mortgage loans in the secondary market offset in part by increased net hedge ineffectiveness.  In 2021, mortgage loan production totaled $2.8 billion, down 6.1% from the record level set the prior year.  Mortgage banking revenue totaled $63.8 million in 2021, compared to $125.8 million in the prior year.  

Insurance revenue in the fourth quarter totaled $11.7 million, a seasonal decline of $417 thousand from the prior quarter and an increase of $1.5 million from the prior year.  Insurance revenue in 2021 totaled $48.5 million, up $3.3 million, or 7.4%, from the prior year.  The solid performance during the year reflects an expanded producer workforce as well as the realization of operational efficiencies from investments in technology and improved processes.

Wealth management revenue totaled $8.8 million in the fourth quarter, down 3.5% from the prior quarter and up 11.7% from the prior year.  In 2021, wealth management revenue totaled $35.2 million, an increase of 11.3% from the prior year.  During 2021, Trustmark continued to enhance its competitive positioning and efficiency of its wealth management businesses as well as expand its Private Banking capabilities in key markets.

Noninterest Expense

• Adjusted noninterest expense, which excludes ORE expense, amortization of intangibles, charitable contributions resulting in state tax credits, costs associated with the voluntary early retirement program and regulatory charges increased $1.6 million, or 1.3%, from the prior quarter.  Please refer to the Consolidated Financial Information, Footnote 10 – Non-GAAP Financial Measures.  

Adjusted noninterest expense in the fourth quarter was $118.2 million, up $1.6 million, or 1.3%, from the prior quarter. Salaries and employee benefits expense in the fourth quarter totaled $68.3 million.  Excluding the $5.6 million charge associated with the voluntary early retirement program in the third quarter, salary and employee benefits expense declined $754 thousand, or 1.1%, linked-quarter.

Total services and fees increased $598 thousand during the fourth quarter due to continued investments in technology and higher professional fees. Other real estate expense, net declined $1.0 million during the fourth quarter to $336 thousand.  Other expense totaled $14.6 million in the fourth quarter.  Excluding the $5.0 million regulatory settlement charge in the prior quarter, other expense increased $1.1 million linked-quarter principally due to increased operational losses.  

During 2021, Trustmark consolidated 15 offices, expanded deployment of myTeller interactive teller machine technology, and opened five offices designed to efficiently serve and expand customer relationships.  

“Looking forward, Trustmark will continue to focus upon efficiency, growth and innovation opportunities.  We continue to pursue opportunities to redesign workflows and restructure the organization to further leverage investments in technology that will broaden our reach, enhance the customer experience, and improve efficiency.  We remain focused on providing the financial services and advice our customers have come to expect while building long-term value for our shareholders,” said Dewey.

Additional Information

As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, January 26, 2022, at 8:30 a.m. Central Time to discuss the Corporation’s financial results. Interested parties may listen to the conference call by dialing (877) 317-3051 or by clicking on the link provided under the Investor Relations section of our website at www.trustmark.com. A replay of the conference call will also be available through Wednesday, February 9, 2022, in archived format at the same web address or by calling (877) 344-7529, passcode 4362420.

Trustmark is a financial services company providing banking and financial solutions through 180 offices in Alabama, Florida, Mississippi, Tennessee and Texas.

Forward-Looking Statements

Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “seek,” “continue,” “could,” “would,” “future” or the negative of those terms or other words of similar meaning.  You should read statements that contain these words carefully because they discuss our future expectations or state other “forward-looking” information.  These forward-looking statements include, but are not limited to, statements relating to anticipated future operating and financial performance measures, including net interest margin, credit quality, business initiatives, growth opportunities and growth rates, among other things, and encompass any estimate, prediction, expectation, projection, opinion, anticipation, outlook or statement of belief included therein as well as the management assumptions underlying these forward-looking statements.  You should be aware that the occurrence of the events described under the caption “Risk Factors” in Trustmark’s filings with the Securities and Exchange Commission (SEC) could have an adverse effect on our business, results of operations and financial condition.  Should one or more of these risks materialize, or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected.  Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the novel coronavirus (COVID-19) pandemic, and also by the effectiveness of varying governmental responses in ameliorating the impact of the pandemic on our customers and the economies where they operate.

Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels and slowdowns in economic growth, our ability to manage the impact of the COVID-19 pandemic on our markets and our customers, as well as the effectiveness of actions of federal, state and local governments and agencies (including the Board of Governors of the Federal Reserve System (FRB)) to mitigate its spread and economic impact, local, state and national economic and market conditions, conditions in the housing and real estate markets in the regions in which Trustmark operates and the extent and duration of the current volatility in the credit and financial markets, levels of and volatility in crude oil prices, changes in our ability to measure the fair value of assets in our portfolio, material changes in the level and/or volatility of market interest rates, the performance and demand for the products and services we offer, including the level and timing of withdrawals from our deposit accounts, the costs and effects of litigation and of unexpected or adverse outcomes in such litigation, our ability to attract noninterest-bearing deposits and other low-cost funds, competition in loan and deposit pricing, as well as the entry of new competitors into our markets through de novo expansion and acquisitions, economic conditions, including the potential impact of issues related to the European financial system and monetary and other governmental actions designed to address credit, securities, and/or commodity markets, the enactment of legislation and changes in existing regulations or enforcement practices or the adoption of new regulations, changes in accounting standards and practices, including changes in the interpretation of existing standards, that affect our consolidated financial statements, changes in consumer spending, borrowings and savings habits, technological changes, changes in the financial performance or condition of our borrowers, changes in our ability to control expenses, greater than expected costs or difficulties related to the integration of acquisitions or new products and lines of business, cyber-attacks and other breaches which could affect our information system security, natural disasters, environmental disasters, pandemics or other health crises, acts of war or terrorism, and other risks described in our filings with the SEC.

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

Trustmark Investor Contacts:	Trustmark Media Contact:
Thomas C. Owens	Melanie A. Morgan
Treasurer and	Senior Vice President
Principal Financial Officer	601-208-2979
601-208-7853

F. Joseph Rein, Jr.

Senior Vice President

601-208-6898

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	CONSOLIDATED FINANCIAL INFORMATION
	December 31, 2021
	($ in thousands)
	(unaudited)

										Linked Quarter						Year over Year
QUARTERLY AVERAGE BALANCES	12/31/2021			9/30/2021			12/31/2020			$ Change			% Change			$ Change			% Change
Securities AFS-taxable	$	3,156,740		$	2,686,765		$	1,902,162		$	469,975			17.5	%	$	1,254,578			66.0	%
Securities AFS-nontaxable		5,143			5,159			5,206			(16	)		-0.3	%		(63	)		-1.2	%
Securities HTM-taxable		364,038			401,685			550,563			(37,647	)		-9.4	%		(186,525	)		-33.9	%
Securities HTM-nontaxable		7,618			8,641			24,752			(1,023	)		-11.8	%		(17,134	)		-69.2	%
Total securities		3,533,539			3,102,250			2,482,683			431,289			13.9	%		1,050,856			42.3	%
Paycheck protection program loans (PPP)		42,749			122,176			875,098			(79,427	)		-65.0	%		(832,349	)		-95.1	%
Loans (includes loans held for sale)		10,487,679			10,389,826			10,231,671			97,853			0.9	%		256,008			2.5	%
Fed funds sold and reverse repurchases		58			69			303			(11	)		-15.9	%		(245	)		-80.9	%
Other earning assets		1,839,498			2,038,515			860,540			(199,017	)		-9.8	%		978,958		n/m
Total earning assets		15,903,523			15,652,836			14,450,295			250,687			1.6	%		1,453,228			10.1	%
Allowance for credit losses (ACL), loans held    for investment (LHFI)		(104,148	)		(104,857	)		(124,088	)		709			0.7	%		19,940			16.1	%
Other assets		1,570,501			1,602,611			1,620,694			(32,110	)		-2.0	%		(50,193	)		-3.1	%
Total assets	$	17,369,876		$	17,150,590		$	15,946,901		$	219,286			1.3	%	$	1,422,975			8.9	%
Interest-bearing demand deposits	$	4,353,599		$	4,224,717		$	3,649,590		$	128,882			3.1	%	$	704,009			19.3	%
Savings deposits		4,585,624			4,617,683			4,350,783			(32,059	)		-0.7	%		234,841			5.4	%
Time deposits		1,220,083			1,258,829			1,436,677			(38,746	)		-3.1	%		(216,594	)		-15.1	%
Total interest-bearing deposits		10,159,306			10,101,229			9,437,050			58,077			0.6	%		722,256			7.7	%
Fed funds purchased and repurchases		201,856			147,635			170,474			54,221			36.7	%		31,382			18.4	%
Other borrowings		94,328			109,735			173,525			(15,407	)		-14.0	%		(79,197	)		-45.6	%
Subordinated notes		123,007			122,951			42,828			56			0.0	%		80,179		n/m
Junior subordinated debt securities		61,856			61,856			61,856			—			0.0	%		—			0.0	%
Total interest-bearing liabilities		10,640,353			10,543,406			9,885,733			96,947			0.9	%		754,620			7.6	%
Noninterest-bearing deposits		4,679,951			4,566,924			4,100,849			113,027			2.5	%		579,102			14.1	%
Other liabilities		291,449			257,956			235,284			33,493			13.0	%		56,165			23.9	%
Total liabilities		15,611,753			15,368,286			14,221,866			243,467			1.6	%		1,389,887			9.8	%
Shareholders' equity		1,758,123			1,782,304			1,725,035			(24,181	)		-1.4	%		33,088			1.9	%
Total liabilities and equity	$	17,369,876		$	17,150,590		$	15,946,901		$	219,286			1.3	%	$	1,422,975			8.9	%
n/m - percentage changes greater than +/- 100% are considered not meaningful

See Notes to Consolidated Financials

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	CONSOLIDATED FINANCIAL INFORMATION
	December 31, 2021
	($ in thousands)
	(unaudited)

										Linked Quarter						Year over Year
PERIOD END BALANCES	12/31/2021			9/30/2021			12/31/2020			$ Change			% Change			$ Change			% Change
Cash and due from banks	$	2,266,829		$	2,175,058		$	1,952,504		$	91,771			4.2	%	$	314,325			16.1	%
Fed funds sold and reverse repurchases		—			—			50			—		n/m				(50	)		-100.0	%
Securities available for sale		3,238,877			3,057,605			1,991,815			181,272			5.9	%		1,247,062			62.6	%
Securities held to maturity		342,537			394,905			538,072			(52,368	)		-13.3	%		(195,535	)		-36.3	%
PPP loans		33,336			46,486			610,134			(13,150	)		-28.3	%		(576,798	)		-94.5	%
Loans held for sale (LHFS)		275,706			335,339			446,951			(59,633	)		-17.8	%		(171,245	)		-38.3	%
Loans held for investment (LHFI)		10,247,829			10,174,899			9,824,524			72,930			0.7	%		423,305			4.3	%
ACL LHFI		(99,457	)		(104,073	)		(117,306	)		4,616			4.4	%		17,849			15.2	%
Net LHFI		10,148,372			10,070,826			9,707,218			77,546			0.8	%		441,154			4.5	%
Premises and equipment, net		205,644			201,937			194,278			3,707			1.8	%		11,366			5.9	%
Mortgage servicing rights		87,687			84,101			66,464			3,586			4.3	%		21,223			31.9	%
Goodwill		384,237			384,237			385,270			—			0.0	%		(1,033	)		-0.3	%
Identifiable intangible assets		5,074			5,621			7,390			(547	)		-9.7	%		(2,316	)		-31.3	%
Other real estate		4,557			6,213			11,651			(1,656	)		-26.7	%		(7,094	)		-60.9	%
Operating lease right-of-use assets		34,603			34,689			30,901			(86	)		-0.2	%		3,702			12.0	%
Other assets		568,177			567,627			609,142			550			0.1	%		(40,965	)		-6.7	%
Total assets	$	17,595,636		$	17,364,644		$	16,551,840		$	230,992			1.3	%	$	1,043,796			6.3	%
Deposits:
Noninterest-bearing	$	4,771,065		$	4,987,885		$	4,349,010		$	(216,820	)		-4.3	%	$	422,055			9.7	%
Interest-bearing		10,316,095			9,934,954			9,699,754			381,141			3.8	%		616,341			6.4	%
Total deposits		15,087,160			14,922,839			14,048,764			164,321			1.1	%		1,038,396			7.4	%
Fed funds purchased and repurchases		238,577			146,417			164,519			92,160			62.9	%		74,058			45.0	%
Other borrowings		91,025			94,889			168,252			(3,864	)		-4.1	%		(77,227	)		-45.9	%
Subordinated notes		123,042			122,987			122,921			55			0.0	%		121			0.1	%
Junior subordinated debt securities		61,856			61,856			61,856			—			0.0	%		—			0.0	%
ACL on off-balance sheet credit exposures		35,623			32,684			38,572			2,939			9.0	%		(2,949	)		-7.6	%
Operating lease liabilities		36,468			36,531			32,290			(63	)		-0.2	%		4,178			12.9	%
Other liabilities		180,574			177,494			173,549			3,080			1.7	%		7,025			4.0	%
Total liabilities		15,854,325			15,595,697			14,810,723			258,628			1.7	%		1,043,602			7.0	%
Common stock		12,845			13,014			13,215			(169	)		-1.3	%		(370	)		-2.8	%
Capital surplus		175,913			201,837			233,120			(25,924	)		-12.8	%		(57,207	)		-24.5	%
Retained earnings		1,585,113			1,573,176			1,495,833			11,937			0.8	%		89,280			6.0	%
Accumulated other comprehensive income (loss),    net of tax		(32,560	)		(19,080	)		(1,051	)		(13,480	)		-70.6	%		(31,509	)	n/m
Total shareholders' equity		1,741,311			1,768,947			1,741,117			(27,636	)		-1.6	%		194			0.0	%
Total liabilities and equity	$	17,595,636		$	17,364,644		$	16,551,840		$	230,992			1.3	%	$	1,043,796			6.3	%
n/m - percentage changes greater than +/- 100% are considered not meaningful

See Notes to Consolidated Financials

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	CONSOLIDATED FINANCIAL INFORMATION
	December 31, 2021
	($ in thousands except per share data)
	(unaudited)

	Quarter Ended									Linked Quarter						Year over Year
INCOME STATEMENTS	12/31/2021			9/30/2021			12/31/2020			$ Change			% Change			$ Change			% Change
Interest and fees on LHFS & LHFI-FTE	$	94,137		$	94,101		$	96,453		$	36			0.0	%	$	(2,316	)		-2.4	%
Interest and fees on PPP loans		397			1,533			14,870			(1,136	)		-74.1	%		(14,473	)		-97.3	%
Interest on securities-taxable		10,796			9,973			9,998			823			8.3	%		798			8.0	%
Interest on securities-tax exempt-FTE		123			132			293			(9	)		-6.8	%		(170	)		-58.0	%
Interest on fed funds sold and reverse repurchases		—			—			—			—		n/m				—		n/m
Other interest income		826			949			249			(123	)		-13.0	%		577		n/m
Total interest income-FTE		106,279			106,688			121,863			(409	)		-0.4	%		(15,584	)		-12.8	%
Interest on deposits		3,401			3,691			6,363			(290	)		-7.9	%		(2,962	)		-46.6	%
Interest on fed funds purchased and repurchases		66			51			56			15			29.4	%		10			17.9	%
Other interest expense		1,580			1,733			1,127			(153	)		-8.8	%		453			40.2	%
Total interest expense		5,047			5,475			7,546			(428	)		-7.8	%		(2,499	)		-33.1	%
Net interest income-FTE		101,232			101,213			114,317			19			0.0	%		(13,085	)		-11.4	%
Provision for credit losses, LHFI		(4,515	)		(2,492	)		(4,413	)		(2,023	)		81.2	%		(102	)		-2.3	%
Provision for credit losses, off-balance sheet credit    exposures (1)		2,939			(1,049	)		(1,087	)		3,988		n/m				4,026		n/m
Net interest income after provision-FTE		102,808			104,754			119,817			(1,946	)		-1.9	%		(17,009	)		-14.2	%
Service charges on deposit accounts		9,366			8,911			8,283			455			5.1	%		1,083			13.1	%
Bank card and other fees		8,340			8,549			9,107			(209	)		-2.4	%		(767	)		-8.4	%
Mortgage banking, net		11,609			14,004			28,155			(2,395	)		-17.1	%		(16,546	)		-58.8	%
Insurance commissions		11,716			12,133			10,196			(417	)		-3.4	%		1,520			14.9	%
Wealth management		8,757			9,071			7,838			(314	)		-3.5	%		919			11.7	%
Other, net		979			1,481			2,538			(502	)		-33.9	%		(1,559	)		-61.4	%
Total noninterest income		50,767			54,149			66,117			(3,382	)		-6.2	%		(15,350	)		-23.2	%
Salaries and employee benefits		68,258			74,623			69,660			(6,365	)		-8.5	%		(1,402	)		-2.0	%
Services and fees		22,904			22,306			22,327			598			2.7	%		577			2.6	%
Net occupancy-premises		6,816			6,854			6,616			(38	)		-0.6	%		200			3.0	%
Equipment expense		6,585			5,941			6,213			644			10.8	%		372			6.0	%
Other real estate expense, net		336			1,357			(812	)		(1,021	)		-75.2	%		1,148		n/m
Other expense		14,570			18,519			15,890			(3,949	)		-21.3	%		(1,320	)		-8.3	%
Total noninterest expense		119,469			129,600			119,894			(10,131	)		-7.8	%		(425	)		-0.4	%
Income before income taxes and tax eq adj		34,106			29,303			66,040			4,803			16.4	%		(31,934	)		-48.4	%
Tax equivalent adjustment		2,906			2,947			2,939			(41	)		-1.4	%		(33	)		-1.1	%
Income before income taxes		31,200			26,356			63,101			4,844			18.4	%		(31,901	)		-50.6	%
Income taxes		4,978			5,156			11,884			(178	)		-3.5	%		(6,906	)		-58.1	%
Net income	$	26,222		$	21,200		$	51,217		$	5,022			23.7	%	$	(24,995	)		-48.8	%
Per share data
Earnings per share - basic	$	0.42		$	0.34		$	0.81		$	0.08			23.5	%	$	(0.39	)		-48.1	%
Earnings per share - diluted	$	0.42		$	0.34		$	0.81		$	0.08			23.5	%	$	(0.39	)		-48.1	%
Dividends per share	$	0.23		$	0.23		$	0.23			—			0.0	%		—			0.0	%
Weighted average shares outstanding
Basic		62,037,884			62,521,684			63,424,219
Diluted		62,264,983			62,730,157			63,616,767
Period end shares outstanding		61,648,679			62,461,832			63,424,526
(1) During the second quarter of 2021, Trustmark reclassified its credit loss expense related to off-balance sheet credit exposures from noninterest expense to provision for credit losses, off-balance sheet credit exposures.  Prior periods have been reclassified accordingly.
n/m - percentage changes greater than +/- 100% are considered not meaningful

See Notes to Consolidated Financials

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	CONSOLIDATED FINANCIAL INFORMATION
	December 31, 2021
	($ in thousands)
	(unaudited)

	Quarter Ended									Linked Quarter						Year over Year
NONPERFORMING ASSETS (1)	12/31/2021			9/30/2021			12/31/2020			$ Change			% Change			$ Change			% Change
Nonaccrual LHFI
Alabama	$	8,182		$	9,223		$	9,221		$	(1,041	)		-11.3	%	$	(1,039	)		-11.3	%
Florida		313			381			572			(68	)		-17.8	%		(259	)		-45.3	%
Mississippi (2)		21,636			22,898			35,015			(1,262	)		-5.5	%		(13,379	)		-38.2	%
Tennessee (3)		10,501			10,356			12,572			145			1.4	%		(2,071	)		-16.5	%
Texas		22,066			23,382			5,748			(1,316	)		-5.6	%		16,318		n/m
Total nonaccrual LHFI		62,698			66,240			63,128			(3,542	)		-5.3	%		(430	)		-0.7	%
Other real estate
Alabama		—			613			3,271			(613	)		-100.0	%		(3,271	)		-100.0	%
Florida		—			—			—			—		n/m				—		n/m
Mississippi (2)		4,557			5,600			8,330			(1,043	)		-18.6	%		(3,773	)		-45.3	%
Tennessee (3)		—			—			50			—		n/m				(50	)		-100.0	%
Texas		—			—			—			—		n/m				—		n/m
Total other real estate		4,557			6,213			11,651			(1,656	)		-26.7	%		(7,094	)		-60.9	%
Total nonperforming assets	$	67,255		$	72,453		$	74,779		$	(5,198	)		-7.2	%	$	(7,524	)		-10.1	%
LOANS PAST DUE OVER 90 DAYS (1)
LHFI	$	2,114		$	625		$	1,576		$	1,489		n/m			$	538			34.1	%
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase)	$	69,894		$	75,091		$	119,409		$	(5,197	)		-6.9	%	$	(49,515	)		-41.5	%
	Quarter Ended									Linked Quarter						Year over Year
ACL LHFI(1)	12/31/2021			9/30/2021			12/31/2020			$ Change			% Change			$ Change			% Change
Beginning Balance	$	104,073		$	104,032		$	122,010		$	41			0.0	%	$	(17,937	)		-14.7	%
CECL adoption adjustments:
LHFI		—			—			—			—		n/m				—		n/m
Acquired loan transfers		—			—			—			—		n/m				—		n/m
Provision for credit losses, LHFI		(4,515	)		(2,492	)		(4,413	)		(2,023	)		-81.2	%		(102	)		-2.3	%
Charge-offs		(2,616	)		(1,586	)		(2,797	)		(1,030	)		-64.9	%		181			6.5	%
Recoveries		2,515			4,119			2,506			(1,604	)		-38.9	%		9			0.4	%
Net (charge-offs) recoveries		(101	)		2,533			(291	)		(2,634	)	n/m				190			-65.3	%
Ending Balance	$	99,457		$	104,073		$	117,306		$	(4,616	)		-4.4	%	$	(17,849	)		-15.2	%
NET (CHARGE-OFFS) RECOVERIES(1)
Alabama	$	747		$	247		$	(1,011	)	$	500		n/m			$	1,758		n/m
Florida		(32	)		356			66			(388	)	n/m				(98	)	n/m
Mississippi (2)		(683	)		1,436			332			(2,119	)	n/m				(1,015	)	n/m
Tennessee (3)		(130	)		(8	)		303			(122	)	n/m				(433	)	n/m
Texas		(3	)		502			19			(505	)	n/m				(22	)	n/m
Total net (charge-offs) recoveries	$	(101	)	$	2,533		$	(291	)	$	(2,634	)	n/m			$	190			65.3	%
(1)  Excludes PPP loans.
(2)  Mississippi includes Central and Southern Mississippi Regions.
(3)  Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.
n/m - percentage changes greater than +/- 100% are considered not meaningful

See Notes to Consolidated Financials

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	CONSOLIDATED FINANCIAL INFORMATION
	December 31, 2021
	($ in thousands)
	(unaudited)

	Quarter Ended															Year Ended
AVERAGE BALANCES	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Securities AFS-taxable	$	3,156,740		$	2,686,765		$	2,339,662		$	2,098,089		$	1,902,162		$	2,573,533		$	1,776,555
Securities AFS-nontaxable		5,143			5,159			5,174			5,190			5,206			5,166			10,737
Securities HTM-taxable		364,038			401,685			441,688			489,260			550,563			423,763			626,983
Securities HTM-nontaxable		7,618			8,641			10,958			24,070			24,752			12,765			25,366
Total securities		3,533,539			3,102,250			2,797,482			2,616,609			2,482,683			3,015,227			2,439,641
PPP loans		42,749			122,176			648,222			598,139			875,098			350,668			646,680
Loans (includes loans held for sale)		10,487,679			10,389,826			10,315,927			10,316,319			10,231,671			10,377,941			9,996,192
Fed funds sold and reverse repurchases		58			69			55			136			303			79			221
Other earning assets		1,839,498			2,038,515			1,750,385			1,667,906			860,540			1,825,134			657,096
Total earning assets		15,903,523			15,652,836			15,512,071			15,199,109			14,450,295			15,569,049			13,739,830
ACL LHFI		(104,148	)		(104,857	)		(112,346	)		(119,557	)		(124,088	)		(110,170	)		(108,567	)
Other assets		1,570,501			1,602,611			1,622,388			1,601,250			1,620,694			1,599,114			1,592,393
Total assets	$	17,369,876		$	17,150,590		$	17,022,113		$	16,680,802		$	15,946,901		$	17,057,993		$	15,223,656
Interest-bearing demand deposits	$	4,353,599		$	4,224,717		$	4,056,910		$	3,743,651		$	3,649,590		$	4,096,746		$	3,584,249
Savings deposits		4,585,624			4,617,683			4,627,180			4,659,037			4,350,783			4,622,167			4,149,860
Time deposits		1,220,083			1,258,829			1,301,896			1,371,830			1,436,677			1,287,663			1,534,673
Total interest-bearing deposits		10,159,306			10,101,229			9,985,986			9,774,518			9,437,050			10,006,576			9,268,782
Fed funds purchased and repurchases		201,856			147,635			174,620			166,909			170,474			172,782			151,805
Other borrowings		94,328			109,735			132,199			166,926			173,525			125,554			133,602
Subordinated notes		123,007			122,951			122,897			122,875			42,828			122,933			10,766
Junior subordinated debt securities		61,856			61,856			61,856			61,856			61,856			61,856			61,856
Total interest-bearing liabilities		10,640,353			10,543,406			10,477,558			10,293,084			9,885,733			10,489,701			9,626,811
Noninterest-bearing deposits		4,679,951			4,566,924			4,512,268			4,363,559			4,100,849			4,531,642			3,646,860
Other liabilities		291,449			257,956			251,582			264,808			235,284			266,499			268,398
Total liabilities		15,611,753			15,368,286			15,241,408			14,921,451			14,221,866			15,287,842			13,542,069
Shareholders' equity		1,758,123			1,782,304			1,780,705			1,759,351			1,725,035			1,770,151			1,681,587
Total liabilities and equity	$	17,369,876		$	17,150,590		$	17,022,113		$	16,680,802		$	15,946,901		$	17,057,993		$	15,223,656

See Notes to Consolidated Financials

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	CONSOLIDATED FINANCIAL INFORMATION
	December 31, 2021
	($ in thousands)
	(unaudited)

PERIOD END BALANCES	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020
Cash and due from banks	$	2,266,829		$	2,175,058		$	2,267,224		$	1,774,541		$	1,952,504
Fed funds sold and reverse repurchases		—			—			—			—			50
Securities available for sale		3,238,877			3,057,605			2,548,739			2,337,676			1,991,815
Securities held to maturity		342,537			394,905			433,012			493,738			538,072
PPP loans		33,336			46,486			166,119			679,725			610,134
LHFS		275,706			335,339			332,132			412,999			446,951
LHFI		10,247,829			10,174,899			10,152,869			9,983,704			9,824,524
ACL LHFI		(99,457	)		(104,073	)		(104,032	)		(109,191	)		(117,306	)
Net LHFI		10,148,372			10,070,826			10,048,837			9,874,513			9,707,218
Premises and equipment, net		205,644			201,937			200,970			199,098			194,278
Mortgage servicing rights		87,687			84,101			80,764			83,035			66,464
Goodwill		384,237			384,237			384,237			384,237			385,270
Identifiable intangible assets		5,074			5,621			6,170			6,724			7,390
Other real estate		4,557			6,213			9,439			10,651			11,651
Operating lease right-of-use assets		34,603			34,689			33,201			33,704			30,901
Other assets		568,177			567,627			587,288			587,672			609,142
Total assets	$	17,595,636		$	17,364,644		$	17,098,132		$	16,878,313		$	16,551,840
Deposits:
Noninterest-bearing	$	4,771,065		$	4,987,885		$	4,446,991		$	4,705,991		$	4,349,010
Interest-bearing		10,316,095			9,934,954			10,185,093			9,677,449			9,699,754
Total deposits		15,087,160			14,922,839			14,632,084			14,383,440			14,048,764
Fed funds purchased and repurchases		238,577			146,417			157,176			160,991			164,519
Other borrowings		91,025			94,889			117,223			145,994			168,252
Subordinated notes		123,042			122,987			122,932			122,877			122,921
Junior subordinated debt securities		61,856			61,856			61,856			61,856			61,856
ACL on off-balance sheet credit exposures		35,623			32,684			33,733			29,205			38,572
Operating lease liabilities		36,468			36,531			34,959			35,389			32,290
Other liabilities		180,574			177,494			158,860			178,856			173,549
Total liabilities		15,854,325			15,595,697			15,318,823			15,118,608			14,810,723
Common stock		12,845			13,014			13,079			13,209			13,215
Capital surplus		175,913			201,837			210,420			229,892			233,120
Retained earnings		1,585,113			1,573,176			1,566,451			1,533,110			1,495,833
Accumulated other comprehensive income (loss),    net of tax		(32,560	)		(19,080	)		(10,641	)		(16,506	)		(1,051	)
Total shareholders' equity		1,741,311			1,768,947			1,779,309			1,759,705			1,741,117
Total liabilities and equity	$	17,595,636		$	17,364,644		$	17,098,132		$	16,878,313		$	16,551,840

See Notes to Consolidated Financials

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	CONSOLIDATED FINANCIAL INFORMATION
	December 31, 2021
	($ in thousands except per share data)
	(unaudited)

	Quarter Ended															Year Ended
INCOME STATEMENTS	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Interest and fees on LHFS & LHFI-FTE	$	94,137		$	94,101		$	93,698		$	93,394		$	96,453		$	375,330		$	402,539
Interest and fees on PPP loans		397			1,533			25,555			9,241			14,870			36,726			26,643
Interest on securities-taxable		10,796			9,973			8,991			8,938			9,998			38,698			48,250
Interest on securities-tax exempt-FTE		123			132			149			290			293			694			1,366
Interest on fed funds sold and reverse repurchases		—			—			—			—			—			—			1
Other interest income		826			949			489			503			249			2,767			1,559
Total interest income-FTE		106,279			106,688			128,882			112,366			121,863			454,215			480,358
Interest on deposits		3,401			3,691			4,630			5,223			6,363			16,945			37,487
Interest on fed funds purchased and repurchases		66			51			59			56			56			232			755
Other interest expense		1,580			1,733			1,813			1,857			1,127			6,983			3,556
Total interest expense		5,047			5,475			6,502			7,136			7,546			24,160			41,798
Net interest income-FTE		101,232			101,213			122,380			105,230			114,317			430,055			438,560
Provision for credit losses, LHFI		(4,515	)		(2,492	)		(3,991	)		(10,501	)		(4,413	)		(21,499	)		36,113
Provision for credit losses, off-balance sheet credit    exposures (1)		2,939			(1,049	)		4,528			(9,367	)		(1,087	)		(2,949	)		8,934
Net interest income after provision-FTE		102,808			104,754			121,843			125,098			119,817			454,503			393,513
Service charges on deposit accounts		9,366			8,911			7,613			7,356			8,283			33,246			32,289
Bank card and other fees		8,340			8,549			8,301			9,472			9,107			34,662			31,022
Mortgage banking, net		11,609			14,004			17,333			20,804			28,155			63,750			125,822
Insurance commissions		11,716			12,133			12,217			12,445			10,196			48,511			45,176
Wealth management		8,757			9,071			8,946			8,416			7,838			35,190			31,625
Other, net		979			1,481			2,001			2,090			2,538			6,551			8,659
Total noninterest income		50,767			54,149			56,411			60,583			66,117			221,910			274,593
Salaries and employee benefits		68,258			74,623			70,115			71,162			69,660			284,158			272,257
Services and fees		22,904			22,306			21,769			22,484			22,327			89,463			83,816
Net occupancy-premises		6,816			6,854			6,578			6,795			6,616			27,043			26,489
Equipment expense		6,585			5,941			5,567			6,244			6,213			24,337			23,277
Other real estate expense, net		336			1,357			1,511			324			(812	)		3,528			1,956
Other expense		14,570			18,519			13,139			14,539			15,890			60,767			58,506
Total noninterest expense		119,469			129,600			118,679			121,548			119,894			489,296			466,301
Income before income taxes and tax eq adj		34,106			29,303			59,575			64,133			66,040			187,117			201,805
Tax equivalent adjustment		2,906			2,947			2,957			2,894			2,939			11,704			12,023
Income before income taxes		31,200			26,356			56,618			61,239			63,101			175,413			189,782
Income taxes		4,978			5,156			8,637			9,277			11,884			28,048			29,757
Net income	$	26,222		$	21,200		$	47,981		$	51,962		$	51,217		$	147,365		$	160,025
Per share data
Earnings per share - basic	$	0.42		$	0.34		$	0.76		$	0.82		$	0.81		$	2.35		$	2.52
Earnings per share - diluted	$	0.42		$	0.34		$	0.76		$	0.82		$	0.81		$	2.34		$	2.51
Dividends per share	$	0.23		$	0.23		$	0.23		$	0.23		$	0.23		$	0.92		$	0.92
Weighted average shares outstanding
Basic		62,037,884			62,521,684			63,214,593			63,395,911			63,424,219			62,788,055			63,504,516
Diluted		62,264,983			62,730,157			63,409,683			63,562,503			63,616,767			62,973,464			63,645,599
Period end shares outstanding		61,648,679			62,461,832			62,773,226			63,394,522			63,424,526			61,648,679			63,424,526
(1) During the second quarter of 2021, Trustmark reclassified its credit loss expense related to off-balance sheet credit exposures from noninterest expense to provision for credit losses, off-balance sheet credit exposures.  Prior periods have been reclassified accordingly.

See Notes to Consolidated Financials

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	CONSOLIDATED FINANCIAL  INFORMATION
	December 31, 2021
	($ in thousands)
	(unaudited)

	Quarter Ended
NONPERFORMING ASSETS (1)	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020
Nonaccrual LHFI
Alabama	$	8,182		$	9,223		$	8,952		$	9,161		$	9,221
Florida		313			381			467			607			572
Mississippi (2)		21,636			22,898			23,422			35,534			35,015
Tennessee (3)		10,501			10,356			10,751			12,451			12,572
Texas		22,066			23,382			7,856			5,761			5,748
Total nonaccrual LHFI		62,698			66,240			51,448			63,514			63,128
Other real estate
Alabama		—			613			2,830			3,085			3,271
Florida		—			—			—			—			—
Mississippi (2)		4,557			5,600			6,550			7,566			8,330
Tennessee (3)		—			—			59			—			50
Texas		—			—			—			—			—
Total other real estate		4,557			6,213			9,439			10,651			11,651
Total nonperforming assets	$	67,255		$	72,453		$	60,887		$	74,165		$	74,779
LOANS PAST DUE OVER 90 DAYS (1)
LHFI	$	2,114		$	625		$	423		$	2,593		$	1,576
LHFS-Guaranteed GNMA serviced loans
(no obligation to repurchase)	$	69,894		$	75,091		$	81,538		$	109,566		$	119,409
	Quarter Ended															Year Ended
ACL LHFI(1)	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Beginning Balance	$	104,073		$	104,032		$	109,191		$	117,306		$	122,010		$	117,306		$	84,277
CECL adoption adjustments:
LHFI		—			—			—			—			—			—			(3,039	)
Acquired loan transfers		—			—			—			—			—			—			1,822
Provision for credit losses, LHFI		(4,515	)		(2,492	)		(3,991	)		(10,501	)		(4,413	)		(21,499	)		36,113
Charge-offs		(2,616	)		(1,586	)		(4,828	)		(1,245	)		(2,797	)		(10,275	)		(11,475	)
Recoveries		2,515			4,119			3,660			3,631			2,506			13,925			9,608
Net (charge-offs) recoveries		(101	)		2,533			(1,168	)		2,386			(291	)		3,650			(1,867	)
Ending Balance	$	99,457		$	104,073		$	104,032		$	109,191		$	117,306		$	99,457		$	117,306
NET (CHARGE-OFFS) RECOVERIES (1)
Alabama	$	747		$	247		$	203		$	102		$	(1,011	)	$	1,299		$	(1,448	)
Florida		(32	)		356			167			30			66			521			390
Mississippi (2)		(683	)		1,436			(3,071	)		2,207			332			(111	)		814
Tennessee (3)		(130	)		(8	)		1,031			47			303			940			(1,775	)
Texas		(3	)		502			502			—			19			1,001			152
Total net (charge-offs) recoveries	$	(101	)	$	2,533		$	(1,168	)	$	2,386		$	(291	)	$	3,650		$	(1,867	)
(1)  Excludes PPP loans.
(2)  Mississippi includes Central and Southern Mississippi Regions.
(3)  Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.

See Notes to Consolidated Financials

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	CONSOLIDATED FINANCIAL  INFORMATION
	December 31, 2021
	(unaudited)

	Quarter Ended															Year Ended
FINANCIAL RATIOS AND OTHER DATA	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Return on average equity		5.92	%		4.72	%		10.81	%		11.98	%		11.81	%		8.32	%		9.52	%
Return on average tangible equity		7.72	%		6.16	%		13.96	%		15.56	%		15.47	%		10.81	%		12.58	%
Return on average assets		0.60	%		0.49	%		1.13	%		1.26	%		1.28	%		0.86	%		1.05	%
Interest margin - Yield - FTE		2.65	%		2.70	%		3.33	%		3.00	%		3.35	%		2.92	%		3.50	%
Interest margin - Cost		0.13	%		0.14	%		0.17	%		0.19	%		0.21	%		0.16	%		0.30	%
Net interest margin - FTE		2.53	%		2.57	%		3.16	%		2.81	%		3.15	%		2.76	%		3.19	%
Efficiency ratio (1)		76.52	%		74.10	%		64.31	%		71.84	%		65.59	%		71.41	%		63.35	%
Full-time equivalent employees		2,692			2,680			2,772			2,793			2,797
CREDIT QUALITY RATIOS (2)
Net (recoveries) charge-offs / average loans		0.00	%		-0.10	%		0.05	%		-0.09	%		0.01	%		-0.04	%		0.02	%
Provision for credit losses, LHFI / average loans		-0.17	%		-0.10	%		-0.16	%		-0.41	%		-0.17	%		-0.21	%		0.36	%
Nonaccrual LHFI / (LHFI + LHFS)		0.60	%		0.63	%		0.49	%		0.61	%		0.61	%
Nonperforming assets / (LHFI + LHFS)		0.64	%		0.69	%		0.58	%		0.71	%		0.73	%
Nonperforming assets / (LHFI + LHFS + other real estate)		0.64	%		0.69	%		0.58	%		0.71	%		0.73	%
ACL LHFI / LHFI		0.97	%		1.02	%		1.02	%		1.09	%		1.19	%
ACL LHFI-commercial / commercial LHFI		1.00	%		1.05	%		1.04	%		1.13	%		1.20	%
ACL LHFI-consumer / consumer and home mortgage LHFI		0.87	%		0.91	%		0.98	%		0.95	%		1.16	%
ACL LHFI / nonaccrual LHFI		158.63	%		157.11	%		202.21	%		171.92	%		185.82	%
ACL LHFI / nonaccrual LHFI (excl individually evaluated loans)		500.85	%		520.77	%		537.35	%		437.08	%		572.69	%
CAPITAL RATIOS
Total equity / total assets		9.90	%		10.19	%		10.41	%		10.43	%		10.52	%
Tangible equity / tangible assets		7.86	%		8.12	%		8.31	%		8.30	%		8.34	%
Tangible equity / risk-weighted assets		10.71	%		11.19	%		11.33	%		11.23	%		11.22	%
Tier 1 leverage ratio		8.73	%		8.92	%		9.00	%		9.11	%		9.33	%
Common equity tier 1 capital ratio		11.29	%		11.68	%		11.76	%		11.71	%		11.62	%
Tier 1 risk-based capital ratio		11.77	%		12.17	%		12.25	%		12.20	%		12.11	%
Total risk-based capital ratio		13.55	%		14.01	%		14.10	%		14.07	%		14.12	%
STOCK PERFORMANCE
Market value-Close	$	32.46		$	32.22		$	30.80		$	33.66		$	27.31
Book value	$	28.25		$	28.32		$	28.35		$	27.76		$	27.45
Tangible book value	$	21.93		$	22.08		$	22.13		$	21.59		$	21.26
(1)  See Note 10 – Non-GAAP Financial Measures in the Notes to Consolidated Financials for Trustmark’s efficiency ratio calculation.
(2)  Excludes PPP loans.

See Notes to Consolidated Financials

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	NOTES TO CONSOLIDATED FINANCIALS
	December 31, 2021
	($ in thousands)
	(unaudited)

Note 1 – Regulatory Matters

On October 22, 2021, Trustmark Corporation’s subsidiary, Trustmark National  Bank  (“TNB”), issued a press release announcing that it entered into a consent order with the Office of the Comptroller of the Currency (“OCC”) and a separate consent order jointly with the U.S. Department of Justice (“DOJ”) and the Consumer Financial Protection Bureau (“CFPB”), to resolve allegations that TNB previously violated the Fair Housing Act (the “FHA”), the Equal Credit Opportunity Act (the “ECOA”) and the Consumer Financial Protection Act within the Memphis metropolitan statistical area (the “Memphis MSA”).

Under the DOJ and CFPB’s joint consent order, TNB paid a civil money penalty totaling $5.0 million, of which $4.0 million satisfied the OCC’s civil money penalty as set forth in the OCC’s consent order; the remaining $1.0 million was paid to the CFPB.  The joint consent order also requires TNB, among other things, to implement a mutually agreed-upon Fair Lending Plan, invest $3.85 million over five years in a loan subsidy fund to increase credit opportunities to residents of majority-Black and Hispanic neighborhoods, and devote a minimum of $400 thousand over five years toward community development partnership contributions and $200 thousand per year over five years toward advertising, community outreach, and credit repair and education in TNB’s Memphis lending area (defined in the consent order as consisting of Shelby County and Fayette County in Tennessee and DeSoto County in Mississippi). TNB will also open one new mortgage loan production office to serve the credit needs of residents in a majority-Black and Hispanic neighborhood in TNB’s Memphis lending area. In addition, TNB will continue to maintain its full-time Community Lending Manager position and its full-time Community Development Manager position, which are both focused on the Memphis MSA.

The joint consent order has been approved by the United States District Court for the Western District of Tennessee.

Note 2 - Paycheck Protection Program

On June 30, 2021, Trustmark announced the sale of substantially all PPP loans originated in 2021 by its wholly owned subsidiary, TNB, to The Loan Source, Inc. (Loan Source), a firm with significant expertise in PPP loans. As a result of this transaction, Loan Source will assume responsibility for the servicing and forgiveness process for the loans it has acquired from Trustmark. This transaction will allow Trustmark to focus on more traditional lending efforts and increase its ability to provide customers with financial services in an improving economic environment.

Trustmark accelerated the recognition of unamortized PPP loan origination fees, net of cost, of approximately $18.6 million, in the second quarter of 2021 due to the sale of approximately $354.2 million in PPP loans. This revenue is substantially the same as Trustmark would expect to recognize upon the maturity or forgiveness of the PPP loans being sold in this transaction, and thus this transaction serves to accelerate revenue anticipated in future periods into the second quarter.

At December 31, 2021, Trustmark had PPP loans outstanding that totaled $33.3 million (net of $500 thousand of deferred fees and costs) under the CARES Act.  Due to the amount and nature of the PPP loans, these loans were not included in the LHFI portfolio and are presented separately in the accompanying consolidated balance sheets. The PPP loans are fully guaranteed by the Small Business Administration; therefore, no ACL was estimated for these loans.

Note 3 - Securities Available for Sale and Held to Maturity

The following table is a summary of the estimated fair value of securities available for sale and the amortized cost of securities held to maturity:

	12/31/2021		9/30/2021		6/30/2021		3/31/2021		12/31/2020
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities	$	344,640	$	278,615	$	30,025	$	—	$	—
U.S. Government agency obligations		13,727		14,979		16,023		17,349		18,041
Obligations of states and political subdivisions		5,714		5,734		5,807		5,798		5,835
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		39,573		43,860		48,445		52,406		56,862
Issued by FNMA and FHLMC		2,218,429		2,187,412		1,983,783		1,749,144		1,441,321
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		196,690		236,885		283,988		345,869		419,437
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		420,104		290,120		180,668		167,110		50,319
Total securities available for sale	$	3,238,877	$	3,057,605	$	2,548,739	$	2,337,676	$	1,991,815
SECURITIES HELD TO MATURITY
Obligations of states and political subdivisions	$	7,328	$	10,683	$	12,994	$	26,554	$	26,584
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA		5,005		5,912		6,249		7,268		7,598
Issued by FNMA and FHLMC		43,444		48,554		53,406		61,855		67,944
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		241,934		264,638		291,477		324,360		360,361
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA		44,826		65,118		68,886		73,701		75,585
Total securities held to maturity	$	342,537	$	394,905	$	433,012	$	493,738	$	538,072

At December 31, 2021, the net unamortized, unrealized loss included in accumulated other comprehensive income (loss) in the accompanying balance sheet for securities held to maturity previously transferred from securities available for sale totaled approximately $6.3 million ($4.7 million, net of tax).

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	NOTES TO CONSOLIDATED FINANCIALS
	December 31, 2021
	($ in thousands)
	(unaudited)

Note 3 - Securities Available for Sale and Held to Maturity (continued)

Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 99.7% of the portfolio in GSE-backed obligations and other Aaa rated securities as determined by Moody’s. None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the Federal Home Loan Bank of Dallas, Federal Home Loan Bank of Atlanta and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE.

Note 4 – Loan Composition

LHFI consisted of the following during the periods presented:

LHFI BY TYPE	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020
Loans secured by real estate:
Construction, land development and other land loans	$	1,308,781		$	1,286,613		$	1,360,302		$	1,342,088		$	1,309,039
Secured by 1-4 family residential properties		1,977,993			1,891,292			1,810,396			1,742,782			1,741,132
Secured by nonfarm, nonresidential properties		2,977,084			2,924,953			2,819,662			2,799,195			2,709,026
Other real estate secured		726,043			986,163			1,078,622			1,135,005			1,065,964
Commercial and industrial loans		1,414,279			1,327,211			1,326,605			1,323,277			1,309,078
Consumer loans		159,472			157,963			153,519			153,267			161,174
State and other political subdivision loans		1,146,251			1,125,186			1,136,764			1,036,694			1,000,776
Other loans		537,926			475,518			466,999			451,396			528,335
LHFI		10,247,829			10,174,899			10,152,869			9,983,704			9,824,524
ACL LHFI		(99,457	)		(104,073	)		(104,032	)		(109,191	)		(117,306	)
Net LHFI	$	10,148,372		$	10,070,826		$	10,048,837		$	9,874,513		$	9,707,218

The following table presents the LHFI composition by region at December 31, 2021 and reflects each region’s diversified mix of loans:

	December 31, 2021
LHFI - COMPOSITION BY REGION	Total		Alabama		Florida		Mississippi (Central and Southern Regions)		Tennessee (Memphis, TN and NorthernMS Regions)		Texas
Loans secured by real estate:
Construction, land development and other land loans	$	1,308,781	$	522,231	$	49,383	$	411,607	$	48,328	$	277,232
Secured by 1-4 family residential properties		1,977,993		114,068		41,473		1,738,583		67,601		16,268
Secured by nonfarm, nonresidential properties		2,977,084		890,055		252,656		1,137,039		170,318		527,016
Other real estate secured		726,043		147,430		6,765		280,122		19,887		271,839
Commercial and industrial loans		1,414,279		279,151		24,099		516,122		349,385		245,522
Consumer loans		159,472		23,850		8,176		101,701		18,129		7,616
State and other political subdivision loans		1,146,251		98,215		72,146		728,509		34,542		212,839
Other loans		537,926		76,612		11,697		355,863		43,004		50,750
Loans	$	10,247,829	$	2,151,612	$	466,395	$	5,269,546	$	751,194	$	1,609,082
CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION
Lots	$	62,841	$	25,827	$	8,399	$	17,845	$	3,210	$	7,560
Development		139,708		59,615		584		44,593		11,862		23,054
Unimproved land		101,591		26,016		12,495		31,167		10,976		20,937
1-4 family construction		292,828		140,905		20,388		78,164		21,123		32,248
Other construction		711,813		269,868		7,517		239,838		1,157		193,433
Construction, land development and other land loans	$	1,308,781	$	522,231	$	49,383	$	411,607	$	48,328	$	277,232

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	NOTES TO CONSOLIDATED FINANCIALS
	December 31, 2021
	($ in thousands)
	(unaudited)

Note 4 – Loan Composition (continued)

	December 31, 2021
	Total		Alabama		Florida		Mississippi (Central and Southern Regions)		Tennessee (Memphis, TN and NorthernMS Regions)		Texas
LOANS SECURED BY NONFARM, NONRESIDENTIAL PROPERTIES BY REGION
Non-owner occupied:
Retail	$	351,822	$	140,054	$	29,586	$	97,103	$	18,777	$	66,302
Office		208,835		68,067		22,626		66,799		12,786		38,557
Hotel/motel		348,090		176,327		78,408		46,886		32,204		14,265
Mini-storage		153,938		22,414		2,144		100,029		697		28,654
Industrial		346,096		134,279		20,581		86,613		135		104,488
Health care		63,746		32,230		1,101		27,766		364		2,285
Convenience stores		22,634		8,114		677		3,748		1,167		8,928
Nursing homes/senior living		197,677		86,868		—		84,540		6,269		20,000
Other		78,940		17,509		7,239		32,015		11,729		10,448
Total non-owner occupied loans		1,771,778		685,862		162,362		545,499		84,128		293,927
Owner-occupied:
Office		170,438		37,572		42,913		48,923		13,091		27,939
Churches		83,375		18,657		5,937		47,019		9,172		2,590
Industrial warehouses		182,126		21,647		2,678		48,118		18,562		91,121
Health care		141,427		11,854		6,809		105,842		2,276		14,646
Convenience stores		130,948		15,255		13,244		68,673		466		33,310
Retail		65,269		12,420		10,992		20,476		8,818		12,563
Restaurants		54,978		2,877		4,484		30,894		12,735		3,988
Auto dealerships		53,710		6,090		256		27,489		19,875		—
Nursing homes/senior living		197,232		71,639		—		125,593		—		—
Other		125,803		6,182		2,981		68,513		1,195		46,932
Total owner-occupied loans		1,205,306		204,193		90,294		591,540		86,190		233,089
Loans secured by nonfarm, nonresidential properties	$	2,977,084	$	890,055	$	252,656	$	1,137,039	$	170,318	$	527,016

Note 5 – Subordinated Notes

During the fourth quarter of 2020, Trustmark agreed to issue and sell $125.0 million aggregate principal amount of its 3.625% Fixed-to-Floating Rate Subordinated Notes (the Notes) due December 1, 2030. At December 31, 2021, the carrying amount of the Notes was $123.0 million. The Notes are unsecured obligations and are subordinated in right of payment to all of Trustmark’s existing and future senior indebtedness, whether secured or unsecured. The Notes are obligations of Trustmark only and are not obligations of, and are not guaranteed by, any of its subsidiaries, including TNB. From the date of issuance until November 30, 2025, the Notes bear interest at a fixed rate of 3.625% per year, payable semi-annually in arrears on June 1 and December 1 of each year. Beginning December 1, 2025, the Notes will bear interest at a floating rate per year equal to the Benchmark rate, which is the Three-Month Term Secured Overnight Financing Rate (SOFR), plus 338.7 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year. The Notes qualify as Tier 2 capital for Trustmark.  The Notes may be redeemed at Trustmark’s option under certain circumstances. Trustmark intends to use the net proceeds for general corporate purposes.

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	NOTES TO CONSOLIDATED FINANCIALS
	December 31, 2021
	($ in thousands)
	(unaudited)

Note 6 – Yields on Earning Assets and Interest-Bearing Liabilities

The following table illustrates the yields on earning assets by category as well as the rates paid on interest-bearing liabilities on a tax equivalent basis:

	Quarter Ended															Year Ended
	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Securities – taxable		1.22	%		1.28	%		1.30	%		1.40	%		1.62	%		1.29	%		2.01	%
Securities – nontaxable		3.82	%		3.79	%		3.70	%		4.02	%		3.89	%		3.87	%		3.78	%
Securities – total		1.23	%		1.29	%		1.31	%		1.43	%		1.65	%		1.31	%		2.03	%
PPP loans		3.68	%		4.98	%		15.81	%		6.27	%		6.76	%		10.47	%		4.12	%
Loans - LHFI & LHFS		3.56	%		3.59	%		3.64	%		3.67	%		3.75	%		3.62	%		4.03	%
Loans - total		3.56	%		3.61	%		4.36	%		3.81	%		3.99	%		3.84	%		4.03	%
Fed funds sold & reverse repurchases		—			—			—			—			—			—			0.45	%
Other earning assets		0.18	%		0.18	%		0.11	%		0.12	%		0.12	%		0.15	%		0.24	%
Total earning assets		2.65	%		2.70	%		3.33	%		3.00	%		3.35	%		2.92	%		3.50	%
Interest-bearing deposits		0.13	%		0.14	%		0.19	%		0.22	%		0.27	%		0.17	%		0.40	%
Fed funds purchased & repurchases		0.13	%		0.14	%		0.14	%		0.14	%		0.13	%		0.13	%		0.50	%
Other borrowings		2.25	%		2.33	%		2.29	%		2.14	%		1.61	%		2.25	%		1.72	%
Total interest-bearing liabilities		0.19	%		0.21	%		0.25	%		0.28	%		0.30	%		0.23	%		0.43	%
Net interest margin		2.53	%		2.57	%		3.16	%		2.81	%		3.15	%		2.76	%		3.19	%
Net interest margin excluding PPP loans and the FRB balance		2.82	%		2.90	%		2.94	%		2.99	%		3.09	%		2.91	%		3.29	%

Reflected in the table above are yields on earning assets and liabilities, along with the net interest margin which equals reported net interest income-FTE, annualized, as a percent of average earning assets. In addition, the table includes net interest margin excluding PPP loans and the balance held at the Federal Reserve Bank of Atlanta (FRB), which equals reported net interest income-FTE excluding interest income on PPP loans and the FRB balance, annualized, as a percent of average earning assets excluding average PPP loans and the FRB balance.

At December 31, 2021 and September 30, 2021, the average FRB balance totaled $1.787 billion and $1.996 billion, respectively, and is included in other earning assets in the accompanying average consolidated balance sheets.

The net interest margin excluding PPP loans and the FRB balance totaled 2.82% for the fourth quarter of 2021, a decrease of 8 basis points when compared to the third quarter of 2021.  Continued low interest rates decreased the yield on the loans held for investment and held for sale portfolio as well as the securities portfolio and were partially offset by lower costs of interest-bearing deposits.  

Note 7 – Mortgage Banking

Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that offsets the changes in fair value of mortgage servicing rights (MSR) attributable to interest rates.  These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting under generally accepted accounting principles (GAAP).  Changes in the fair value of these exchange-traded derivative instruments, including administrative costs, are recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of the MSR.  The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates.  Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions.  The impact of this strategy resulted in a net positive ineffectiveness of $778 thousand during the fourth quarter of 2021.  

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	NOTES TO CONSOLIDATED FINANCIALS
	December 31, 2021
	($ in thousands)
	(unaudited)

Note 7 – Mortgage Banking(continued)

The following table illustrates the components of mortgage banking revenues included in noninterest income in the accompanying income statements:

	Quarter Ended															Year Ended
	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Mortgage servicing income, net	$	6,571		$	6,406		$	6,318		$	6,181		$	6,227		$	25,476		$	23,681
Change in fair value-MSR from runoff		(4,745	)		(5,283	)		(5,029	)		(5,103	)		(5,177	)		(20,160	)		(16,588	)
Gain on sales of loans, net		9,005			12,737			14,778			19,456			28,014			55,976			110,903
Mortgage banking income before hedge ineffectiveness		10,831			13,860			16,067			20,534			29,064			61,292			117,996
Change in fair value-MSR from market changes		2,221			1,806			(4,465	)		13,696			951			13,258			(26,147	)
Change in fair value of derivatives		(1,443	)		(1,662	)		5,731			(13,426	)		(1,860	)		(10,800	)		33,973
Net positive (negative) hedge ineffectiveness		778			144			1,266			270			(909	)		2,458			7,826
Mortgage banking, net	$	11,609		$	14,004		$	17,333		$	20,804		$	28,155		$	63,750		$	125,822

Note 8 – Salaries and Employee Benefit Plans

Early Retirement Program

In June 2021, Trustmark announced a voluntary early retirement program.  In general, associates who were eligible to participate had to be at least 60 years of age with five or more years of continuous service. The cost of this program is reflected in a one-time charge of approximately $5.7 million (salaries and benefits of $5.6 million and other miscellaneous expense of $89 thousand; or $0.07 per diluted share net of tax) in Trustmark’s third quarter of 2021 earnings. The salary and employee benefits expense savings that resulted from the implementation of the early retirement program was approximately $1.3 million ($0.02 per diluted share net of tax) for 2021 and expected to be $4.3 million ($0.05 per diluted share net of tax) for the year ended 2022.

Note 9 – Other Noninterest Income and Expense

Other noninterest income consisted of the following for the periods presented:

	Quarter Ended															Year Ended
	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Partnership amortization for tax credit purposes	$	(2,455	)	$	(2,045	)	$	(1,989	)	$	(1,522	)	$	(1,877	)	$	(8,011	)	$	(5,700	)
Increase in life insurance cash surrender value		1,675			1,663			1,653			1,639			1,708			6,630			6,881
Other miscellaneous income		1,759			1,863			2,337			1,973			2,707			7,932			7,478
Total other, net	$	979		$	1,481		$	2,001		$	2,090		$	2,538		$	6,551		$	8,659

Trustmark invests in partnerships that provide income tax credits on a Federal and/or State basis (i.e., new market tax credits, low-income housing tax credits and historical tax credits). The income tax credits related to these partnerships are utilized as specifically allowed by income tax law and are recorded as a reduction in income tax expense.

Other noninterest expense consisted of the following for the periods presented:

	Quarter Ended										Year Ended
	12/31/2021		9/30/2021		6/30/2021		3/31/2021		12/31/2020		12/31/2021		12/31/2020
Loan expense	$	3,221	$	4,022	$	3,738	$	4,167	$	4,243	$	15,148	$	15,177
Amortization of intangibles		548		549		553		666		752		2,316		3,052
FDIC assessment expense		1,475		1,275		1,225		1,540		1,500		5,515		6,090
Regulatory settlement charge		—		5,000		—		—		—		5,000		—
Other miscellaneous expense		9,326		7,673		7,623		8,166		9,395		32,788		34,187
Total other expense	$	14,570	$	18,519	$	13,139	$	14,539	$	15,890	$	60,767	$	58,506

During the third quarter of 2021, other expense included a charge of $5.0 million to resolve allegations by regulatory authorities regarding fair lending matters.  See Note 1 – Regulatory Matters for further details.

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	NOTES TO CONSOLIDATED FINANCIALS
	December 31, 2021
	($ in thousands)
	(unaudited)

Note 10 – Non-GAAP Financial Measures

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

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

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	NOTES TO CONSOLIDATED FINANCIALS
	December 31, 2021
	($ in thousands except per share data)
	(unaudited)

Note 10 – Non-GAAP Financial Measures (continued)

		Quarter Ended															Year Ended
		12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity		$	1,758,123		$	1,782,304		$	1,780,705		$	1,759,351		$	1,725,035		$	1,770,151		$	1,681,587
Less:  Goodwill			(384,237	)		(384,237	)		(384,237	)		(385,155	)		(385,270	)		(384,463	)		(383,582	)
Identifiable intangible assets			(5,382	)		(5,899	)		(6,442	)		(7,118	)		(7,803	)		(6,205	)		(8,060	)
Total average tangible equity		$	1,368,504		$	1,392,168		$	1,390,026		$	1,367,078		$	1,331,962		$	1,379,483		$	1,289,945
PERIOD END BALANCES
Total shareholders' equity		$	1,741,311		$	1,768,947		$	1,779,309		$	1,759,705		$	1,741,117
Less:  Goodwill			(384,237	)		(384,237	)		(384,237	)		(384,237	)		(385,270	)
Identifiable intangible assets			(5,074	)		(5,621	)		(6,170	)		(6,724	)		(7,390	)
Total tangible equity	(a)	$	1,352,000		$	1,379,089		$	1,388,902		$	1,368,744		$	1,348,457
TANGIBLE ASSETS
Total assets		$	17,595,636		$	17,364,644		$	17,098,132		$	16,878,313		$	16,551,840
Less:  Goodwill			(384,237	)		(384,237	)		(384,237	)		(384,237	)		(385,270	)
Identifiable intangible assets			(5,074	)		(5,621	)		(6,170	)		(6,724	)		(7,390	)
Total tangible assets	(b)	$	17,206,325		$	16,974,786		$	16,707,725		$	16,487,352		$	16,159,180
Risk-weighted assets	(c)	$	12,623,630		$	12,324,254		$	12,256,492		$	12,188,988		$	12,017,378
NET INCOME ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income		$	26,222		$	21,200		$	47,981		$	51,962		$	51,217		$	147,365		$	160,025
Plus: Intangible amortization net of tax			411			412			415			500			564			1,738			2,289
Net income adjusted for intangible amortization		$	26,633		$	21,612		$	48,396		$	52,462		$	51,781		$	149,103		$	162,314
Period end common shares outstanding	(d)		61,648,679			62,461,832			62,773,226			63,394,522			63,424,526
TANGIBLE COMMON EQUITY MEASUREMENTS
Return on average tangible equity (1)			7.72	%		6.16	%		13.96	%		15.56	%		15.47	%		10.81	%		12.58	%
Tangible equity/tangible assets	(a)/(b)		7.86	%		8.12	%		8.31	%		8.30	%		8.34	%
Tangible equity/risk-weighted assets	(a)/(c)		10.71	%		11.19	%		11.33	%		11.23	%		11.22	%
Tangible book value	(a)/(d)*1,000	$	21.93		$	22.08		$	22.13		$	21.59		$	21.26
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity		$	1,741,311		$	1,768,947		$	1,779,309		$	1,759,705		$	1,741,117
CECL transition adjustment			26,000			26,419			26,671			26,829			31,199
AOCI-related adjustments			32,560			19,080			10,641			16,506			1,051
CET1 adjustments and deductions:
Goodwill net of associated deferred tax liabilities (DTLs)			(370,252	)		(370,264	)		(370,276	)		(370,288	)		(371,333	)
Other adjustments and deductions for CET1 (2)			(4,392	)		(4,817	)		(5,243	)		(5,675	)		(6,190	)
CET1 capital	(e)		1,425,227			1,439,365			1,441,102			1,427,077			1,395,844
Additional tier 1 capital instruments plus related surplus			60,000			60,000			60,000			60,000			60,000
Tier 1 capital		$	1,485,227		$	1,499,365		$	1,501,102		$	1,487,077		$	1,455,844
Common equity tier 1 capital ratio	(e)/(c)		11.29	%		11.68	%		11.76	%		11.71	%		11.62	%

(1) Calculation = ((net income adjusted for intangible amortization/number of days in period)*number of days in year)/total average tangible equity.

(2) Includes other intangible assets, net of DTLs, disallowed deferred tax assets (DTAs), threshold deductions and transition adjustments, as applicable.  

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	NOTES TO CONSOLIDATED FINANCIALS
	December 31, 2021
	($ in thousands except per share data)
	(unaudited)

Note 10 – Non-GAAP Financial Measures (continued)

Trustmark discloses certain non-GAAP financial measures because Management uses these measures for business planning purposes, including to manage Trustmark’s business against internal projected results of operations and to measure Trustmark’s performance. Trustmark views these as measures of our core operating business, which exclude the impact of the items detailed below, as these items are generally not operational in nature. These non-GAAP financial measures also provide another basis for comparing period-to-period results as presented in the accompanying selected financial data table and the audited consolidated financial statements by excluding potential differences caused by non-operational and unusual or non-recurring items. Readers are cautioned that these adjustments are not permitted under GAAP. Trustmark encourages readers to consider its consolidated financial statements and the notes related thereto in their entirety, and not to rely on any single financial measure.

The following table presents pre-provision net revenue (PPNR) during the periods presented:

			Quarter Ended											Year Ended
			12/31/2021		9/30/2021			6/30/2021		3/31/2021		12/31/2020		12/31/2021			12/31/2020
Net interest income (GAAP)			$	98,326	$	98,266		$	119,423	$	102,336	$	111,378	$	418,351		$	426,537
Noninterest income (GAAP)				50,767		54,149			56,411		60,583		66,117		221,910			274,593
Pre-provision revenue		(a)	$	149,093	$	152,415		$	175,834	$	162,919	$	177,495	$	640,261		$	701,130
Noninterest expense (GAAP)			$	119,469	$	129,600		$	118,679	$	121,548	$	119,894	$	489,296		$	466,301
Less:	Voluntary early retirement program			—		(5,700	)		—		—		—		(5,700	)		(4,375	)
	Regulatory settlement charge			—		(5,000	)		—		—		—		(5,000	)		—
Adjusted noninterest expense - PPNR (Non-GAAP)		(b)	$	119,469	$	118,900		$	118,679	$	121,548	$	119,894	$	478,596		$	461,926
PPNR (Non-GAAP)		(a)-(b)	$	29,624	$	33,515		$	57,155	$	41,371	$	57,601	$	161,665		$	239,204

The following table presents adjustments to net income and select financial ratios as reported in accordance with GAAP resulting from significant non-routine items occurring during the periods presented:

	Quarter Ended										Year Ended
	12/31/2021					12/31/2020					12/31/2021						12/31/2020
	Amount			Diluted EPS		Amount			Diluted EPS		Amount			Diluted EPS			Amount			Diluted EPS
Net income (GAAP)	$	26,222		$	0.42	$	51,217		$	0.81	$	147,365		$	2.34		$	160,025		$	2.51
Significant non-routine transactions (net of taxes):
Voluntary early retirement program		—			—		—			—		4,275			0.07			3,281			0.05
Regulatory settlement charge (not tax deductible)		—			—		—			—		5,000			0.08			—			—
Net income adjusted for significant non-routine    transactions (Non-GAAP)	$	26,222		$	0.42	$	51,217		$	0.81	$	156,640		$	2.49		$	163,306		$	2.56
	Reported (GAAP)			Adjusted               (Non-GAAP)		Reported (GAAP)			Adjusted               (Non-GAAP)		Reported (GAAP)			Adjusted               (Non-GAAP)			Reported (GAAP)			Adjusted               (Non-GAAP)
Return on average equity		5.92	%	n/a			11.81	%	n/a			8.32	%		8.83	%		9.52	%		9.69	%
Return on average tangible equity		7.72	%	n/a			15.47	%	n/a			10.81	%		11.45	%		12.58	%		12.81	%
Return on average assets		0.60	%	n/a			1.28	%	n/a			0.86	%		0.92	%		1.05	%		1.07	%
n/a - not applicable

	TRUSTMARK CORPORATION AND SUBSIDIARIES
	NOTES TO CONSOLIDATED FINANCIALS
	December 31, 2021
	($ in thousands)
	(unaudited)

Note 10 – Non-GAAP Financial Measures (continued)

The following table presents Trustmark’s calculation of its efficiency ratio for the periods presented:

			Quarter Ended															Year Ended
			12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Total noninterest expense (GAAP)			$	119,469		$	129,600		$	118,679		$	121,548		$	119,894			489,296		$	466,301
Less:	Other real estate expense, net			(336	)		(1,357	)		(1,511	)		(324	)		812			(3,528	)		(1,956	)
	Amortization of intangibles			(548	)		(549	)		(553	)		(666	)		(752	)		(2,316	)		(3,052	)
	Charitable contributions resulting in state tax credits			(391	)		(350	)		(355	)		(350	)		(375	)		(1,446	)		(1,500	)
	Voluntary early retirement program			—			(5,700	)		—			—			—			(5,700	)		(4,375	)
	Regulatory settlement charge			—			(5,000	)		—			—			—			(5,000	)		—
Adjusted noninterest expense (Non-GAAP)		(c)	$	118,194		$	116,644		$	116,260		$	120,208		$	119,579		$	471,306		$	455,418
Net interest income (GAAP)			$	98,326		$	98,266		$	119,423		$	102,336		$	111,378		$	418,351		$	426,537
Add:	Tax equivalent adjustment			2,906			2,947			2,957			2,894			2,939			11,704			12,023
Net interest income-FTE (Non-GAAP)		(a)	$	101,232		$	101,213		$	122,380		$	105,230		$	114,317		$	430,055		$	438,560
Noninterest income (GAAP)			$	50,767		$	54,149		$	56,411		$	60,583		$	66,117		$	221,910		$	274,593
Add:	Partnership amortization for tax credit purposes			2,455			2,045			1,989			1,522			1,877			8,011			5,700
Adjusted noninterest income (Non-GAAP)		(b)	$	53,222		$	56,194		$	58,400		$	62,105		$	67,994		$	229,921		$	280,293
Adjusted revenue (Non-GAAP)		(a)+(b)	$	154,454		$	157,407		$	180,780		$	167,335		$	182,311		$	659,976		$	718,853
Efficiency ratio (Non-GAAP)		(c)/((a)+(b))		76.52	%		74.10	%		64.31	%		71.84	%		65.59	%		71.41	%		63.35	%

EX-99.2

Fourth Quarter & Fiscal Year 2021 Financial Results January 25, 2022 Exhibit 99.2

Forward–Looking Statements 2 Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “seek,” “continue,” “could,” “would,” “future” or the negative of those terms or other words of similar meaning. You should read statements that contain these words carefully because they discuss our future expectations or state other “forward-looking” information. These forward-looking statements include, but are not limited to, statements relating to anticipated future operating and financial performance measures, including net interest margin, credit quality, business initiatives, growth opportunities and growth rates, among other things, and encompass any estimate, prediction, expectation, projection, opinion, anticipation, outlook or statement of belief included therein as well as the management assumptions underlying these forward-looking statements. You should be aware that the occurrence of the events described under the caption “Risk Factors” in Trustmark’s filings with the Securities and Exchange Commission (SEC) could have an adverse effect on our business, results of operations and financial condition. Should one or more of these risks materialize, or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the novel coronavirus (COVID-19) pandemic, and also by the effectiveness of varying governmental responses in ameliorating the impact of the pandemic on our customers and the economies where they operate. Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels and slowdowns in economic growth, our ability to manage the impact of the COVID-19 pandemic on our markets and our customers, as well as the effectiveness of actions of federal, state and local governments and agencies (including the Board of Governors of the Federal Reserve System (FRB)) to mitigate its spread and economic impact, local, state and national economic and market conditions, conditions in the housing and real estate markets in the regions in which Trustmark operates and the extent and duration of the current volatility in the credit and financial markets, levels of and volatility in crude oil prices, changes in our ability to measure the fair value of assets in our portfolio, material changes in the level and/or volatility of market interest rates, the performance and demand for the products and services we offer, including the level and timing of withdrawals from our deposit accounts, the costs and effects of litigation and of unexpected or adverse outcomes in such litigation, our ability to attract noninterest-bearing deposits and other low-cost funds, competition in loan and deposit pricing, as well as the entry of new competitors into our markets through de novo expansion and acquisitions, economic conditions, including the potential impact of issues related to the European financial system and monetary and other governmental actions designed to address credit, securities, and/or commodity markets, the enactment of legislation and changes in existing regulations or enforcement practices or the adoption of new regulations, changes in accounting standards and practices, including changes in the interpretation of existing standards, that affect our consolidated financial statements, changes in consumer spending, borrowings and savings habits, technological changes, changes in the financial performance or condition of our borrowers, changes in our ability to control expenses, greater than expected costs or difficulties related to the integration of acquisitions or new products and lines of business, cyber-attacks and other breaches which could affect our information system security, natural disasters, environmental disasters, pandemics or other health crises, acts of war or terrorism, and other risks described in our filings with the SEC. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Except as required by law, we undertake no obligation to update or revise any of this information, whether as the result of new information, future events or developments or otherwise.

Expense Management Financial Highlights Performance reflects continued balance sheet growth, strong credit quality and disciplined expense management Source: Company reports (1) For Non-GAAP measures, please refer to the Earnings Release dated January 25, 2022 and the Consolidated Financial Information, Note 10 – Non-GAAP Financial Measures 3 Loans Held for Investment (HFI) increased $72.9 million, or 0.7%, linked-quarter and $423.3 million, or 4.3%, year-over-year Deposits increased $164.3 million, or 1.1%, linked-quarter and $1.0 billion, or 7.4%, year-over-year Investment securities increased $128.9 million, or 3.7%, linked-quarter and $1.1 billion, or 41.6%, year-over-year Mortgage loan production totaled $590.7 million for the fourth quarter , down 16.7% linked-quarter; in 2021 mortgage loan production totaled $2.8 billion, down 6.1% year-over-year Earnings Drivers Net interest income (FTE) excluding interest and fees on PPP loans totaled $100.8 million in the fourth quarter, an increase of $1.2 million, or 1.2%, linked-quarter Noninterest income totaled $50.8 million , representing 34.1% of total revenue in the fourth quarter Insurance and Wealth Management businesses had record year with revenue up 7.4% and 11.3%, respectively Profitable Revenue Generation Adjusted noninterest expense(1) totaled $471.3 million in 2021, a 3.5 % year-over-year increase; in fourth quarter, adjusted noninterest expense totaled $118.2 million, up 1.3% linked-quarter Credit quality remained solid, nonperforming assets declined 10.1% from the prior year Recoveries exceeded charge-offs by $3.7 million in 2021 Provision for credit losses on loans HFI totaled a negative $4.5 million in fourth quarter and a negative $21.5 million in 2021 Credit Quality Maintained strong capital levels with CET1 ratio of 11.29% and total risk-based capital ratio of 13.55% Repurchased $27.1 million, or approximately 816 thousand shares of common stock in the fourth quarter; for the full year, Trustmark repurchased $61.8 million, or approximately 1.9 million shares of common stock Board of Directors declared quarterly cash dividend of $0.23 per share Capital Management

Loans Held for Investment (LHFI) Portfolio Focus on profitable, credit-disciplined loan growth continued Source: Company reports (1) Percentages may not sum to 100% due to rounding. Trustmark has no loan exposure in which the source of repayment or the underlying security of such exposure is tied to the realization of value from energy reserves Total energy-related sector exposure of $322 million with outstanding balances of $112 million – representing 1% of total LHFI – at December 31, 2021 At December 31, 2021, nonaccrual energy-related loans represented less than 1 basis point of both energy-related loans and outstanding LHFI Dollar Change: $22 $73 $159 $169 4

Real Estate Secured Loan Portfolio Detail 5 Source: Company reports (1) Multi-Family is included in Other Real Estate Secured Loans in Financials Focus on vertical construction with limited exposure to unimproved land and development Well-diversified product and geographical mix Balanced between non-owner and owner-occupied portfolios Virtually no REIT outstandings ($4.4 million)

Commercial Loan Portfolio Detail 6 Source: Company reports Portfolio includes commercial, financial intermediaries, agriculture production and non-profits Well-diversified portfolio with no single category exceeding 14% Small energy book and has never been an area of focused growth Virtually no regulatory defined higher risk commercial and industrial outstanding ($10.0 million)

COVID-19 Impacted Industries 7 At December 31, 2021

Allowance for Credit Losses Source: Company reports Does not include allowance for off balance sheet credit exposures Totals may not foot due to rounding 8 ($ in millions) Quantitative changes due to improvement of the macroeconomic forecast Qualitative changes including reduction of the impact of the COVID-19 pandemic reserve Net impact of all other changes including individually analyzed reserves, prepayment studies, loan growth, etc. ACL 09/30/21 ACL 12/30/21

Credit Risk Management Solid asset quality metrics Allowance for credit losses represented 0.97% of loans held for investment and 500.85% of nonaccrual loans, excluding individually evaluated loans Net charge-offs totaled $101 thousand in the fourth quarter; recoveries exceeded charge-offs by $3.7 million in 2021 Nonaccruals declined $3.5 million in the quarter and represented 0.60% of loans Nonperforming assets decreased $5.2 million, or 7.2%, linked-quarter and $7.5 million, or 10.1%, year-over-year to represent 0.64% of total loans and other real estate owned at December 31, 2021 Source: Company reports Note: Unless noted otherwise, credit metrics exclude PPP loans (1) Totals may not foot due to rounding (2) NPLs excludes individually evaluated loans 9

Attractive, Low-Cost Deposit Base Deposits totaled $15.1 billion at December 31, 2021, up $164.3 million, or 1.1%, linked-quarter, and up $1.0 billion, or 7.4%, year-over-year Cost of interest-bearing deposits in the fourth quarter totaled 0.13%, down 1 basis point from the prior quarter Source: Company reports (1) Numbers and/or percentages may not foot due to rounding. (2) Above does not include the daily sweep between low transaction interest checking to savings for regulatory purposes. 10 $14,668

Income Statement Highlights – Net Interest Income Net interest income (FTE) totaled $101.2 million, resulting in a net interest margin of 2.53% in the fourth quarter, down 4 basis points from the prior quarter The net interest margin, excluding PPP loans and Federal Reserve Bank balance, totaled 2.82% in the fourth quarter, an 8 basis point decrease from the prior quarter, significantly influenced by growth of the investment securities portfolio Source: Company reports (1) Totals may not foot due to rounding (2) Loan Yield includes LHFI & LHFS 11 Asset Rate/Volume Liability Rate/Volume # of Days in Quarter PPP Net Interest Margin

Earning Asset Composition & Interest Rate Sensitivity As of 12/31/21 12 Substantial NII asset sensitivity is driven by, Loan portfolio mix with 51% variable rate Securities portfolio duration of 3.9 years Cash & due balance of $2.3 billion Agency MBS is backed primarily by 15-year collateral Balance: $3.6B Yield: 1.23% Book Balance: $10.5B Yield2: 3.56% (1) Loans include LHFI & LHFS (2) Loan Yield includes LHFI & LHFS

Noninterest income totaled $50.8 million for the fourth quarter, a decrease of $3.4 million linked-quarter. For the year ended 2021, noninterest income totaled $221.9 million, a $52.7 million decrease year-over-year. The linked-quarter and year-over-year changes are principally attributable to lower mortgage banking revenue. Insurance revenue totaled $11.7 million in the fourth quarter, a slight decrease from the prior quarter. For 2021, insurance revenue totaled $48.5 million, an increase of $3.3 million, or 7.4%, from the previous year. In the fourth quarter, service charges on deposit accounts totaled $9.4 million and for the year ended 2021, totaled $33.2 million, reflecting both an increase of $455 thousand linked-quarter and $1.0 million year-over-year. Income Statement Highlights – Noninterest Income Source: Company reports (1) Totals may not foot due to rounding 13 (1)

Income Statement Highlights – Mortgage Banking Source: Company reports (1) Totals may not foot due to rounding (2) Production includes Loans Available for Sale (AFS) and Portfolio (3) Gain on Sale Margin excludes FAS 133 (Pipeline valuation adjustment) Mortgage banking revenue totaled $11.6 million in the fourth quarter and $63.8 million in 2021. Mortgage loan production in the fourth quarter totaled $590.7 million. For 2021, mortgage loan production totaled $2.8 billion, down 6.1% from the record level set in 2020. Retail production represented 79% of volume, or $468.6 million, in the fourth quarter. 14 Gain on sale margin (3) Purchase 58% 52% 71% 69% 71% Refinance 42% 48% 29% 31% 29% (1)

Adjusted Noninterest Expense (2) - totaled $118.2 million in the fourth quarter, up $1.6 million, or 1.3%, from the prior quarter. In 2021, adjusted noninterest expense totaled $471.3 million, a 3.5% increase from the prior year. Salaries and benefits totaled $68.3 million in the fourth quarter. Excluding $5.6 million in charges associated with the voluntary early retirement program in the prior quarter, salary and employee benefits expense declined $754 thousand, or 1.1%, from the third quarter Income Statement Highlights – Noninterest Expense Source: Company reports (1) Totals may not foot due to rounding (2) For Non-GAAP measures, please refer to the Earnings Release dated January 25, 2022 and the Consolidated Financial Information, Note 10 – Non-GAAP Financial Measures 15

Capital Management Solid capital position reflects consistent profitability of diversified financial services businesses Capital position remained strong with a CET1 ratio of 11.29% and a total risk-based capital ratio of 13.55% at December 31, 2021 Repurchased $27.1 million, or approximately 816 thousand shares of common stock in the fourth quarter. For the year ended 2021, Trustmark repurchased $61.8 million, or approximately 1.9 million of its common shares. As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2022, under which $100 million of Trustmark’s outstanding shares may be acquired through December 31, 2022 Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable March 15, 2022, to shareholders of record on March 1, 2022 Source: Company reports (1) Trustmark has elected the five-year phase-in transition period related to adopting the CECL methodology for its regulatory capital. 16

Outlook Commentary(1) Source: Company reports (1) See Forward Looking Statement Disclosure on page 2 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. 17

Trustmark Corporation Diversified financial services company headquartered in Jackson, MS, offering banking, wealth management, and risk management solutions in 180 locations throughout the Southeast U.S. Our vision is to be a premier financial services provider in our marketplace. Our mission is to achieve outstanding customer satisfaction by providing banking, wealth management, and risk management solutions through superior sales and service, utilizing excellent people, teamwork, and diversity, while meeting our corporate financial goals. 18 Who We Are Strategic Priorities to Enhance Shareholder Value Our Footprint

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Document and Entity Information	Jan. 25, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 25, 2022
Entity Registrant Name	TRUSTMARK CORP
Entity Central Index Key	0000036146
Entity Emerging Growth Company	false
Entity File Number	000-03683
Entity Incorporation, State or Country Code	MS
Entity Tax Identification Number	64-0471500
Entity Address, Address Line One	248 East Capitol Street
Entity Address, City or Town	Jackson
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	39201
City Area Code	601
Local Phone Number	208-5111
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common Stock, no par value
Trading Symbol	TRMK
Name of each exchange on which registered	NASDAQ