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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2025
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Note 16 – Shareholders’ Equity Regulatory Capital Trustmark and TB are subject to minimum risk-based capital and leverage capital requirements, as described in the section captioned “Capital Adequacy” included in Part I. Item 1. – Business of Trustmark’s 2024 Annual Report, which are administered by the federal bank regulatory agencies. These capital requirements, as defined by federal regulations, involve quantitative and qualitative measures of assets, liabilities and certain off-balance sheet instruments. Trustmark’s and TB’s minimum risk-based capital requirements include a capital conservation buffer of 2.50%. Accumulated other comprehensive income (loss), net of tax, is not included in computing regulatory capital. Trustmark elected the five-year phase-in transition period (through December 31, 2024) related to adopting FASB ASU 2016-13 for regulatory capital purposes. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements of Trustmark and TB and limit Trustmark’s and TB’s ability to pay dividends. As of June 30, 2025, Trustmark and TB exceeded all applicable minimum capital standards. In addition, Trustmark and TB met applicable regulatory guidelines to be considered well-capitalized at June 30, 2025. To be categorized in this manner, Trustmark and TB maintained, as applicable, minimum common equity Tier 1 risk-based capital, Tier 1 risk-based capital, total risk-based capital and Tier 1 leverage ratios as set forth in the accompanying table, and were not subject to any written agreement, order or capital directive, or prompt corrective action directive issued by their primary federal regulators to meet and maintain a specific capital level for any capital measures. There are no significant conditions or events that have occurred since June 30, 2025, which Management believes have affected Trustmark’s or TB’s present classification. The following table provides Trustmark’s and TB’s actual regulatory capital amounts and ratios under regulatory capital standards in effect at June 30, 2025 and December 31, 2024 ($ in thousands):
|  | Actual |  |  |  |  |  |  |
|  | Regulatory Capital |  |  | Minimum |  |  | To Be Well |
|  | Amount |  |  | Ratio |  |  | Requirement |  |  | Capitalized |
At June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |
Common Equity Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,779,568 |  |  |  | 11.70 | % |  |  | 7.00 | % |  | n/a |
Trustmark Bank |  |  | 1,864,379 |  |  |  | 12.26 | % |  |  | 7.00 | % |  |  | 6.50 | %
Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,839,568 |  |  |  | 12.09 | % |  |  | 8.50 | % |  | n/a |
Trustmark Bank |  |  | 1,864,379 |  |  |  | 12.26 | % |  |  | 8.50 | % |  |  | 8.00 | %
Total Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 2,153,616 |  |  |  | 14.15 | % |  |  | 10.50 | % |  | n/a |
Trustmark Bank |  |  | 2,054,586 |  |  |  | 13.51 | % |  |  | 10.50 | % |  |  | 10.00 | %
Tier 1 Leverage (to Average Assets) |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,839,568 |  |  |  | 10.15 | % |  |  | 4.00 | % |  | n/a |
Trustmark Bank |  |  | 1,864,379 |  |  |  | 10.29 | % |  |  | 4.00 | % |  |  | 5.00 | %
At December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Common Equity Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,729,672 |  |  |  | 11.54 | % |  |  | 7.00 | % |  | n/a |
Trustmark Bank |  |  | 1,828,044 |  |  |  | 12.20 | % |  |  | 7.00 | % |  |  | 6.50 | %
Tier 1 Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,789,672 |  |  |  | 11.94 | % |  |  | 8.50 | % |  | n/a |
Trustmark Bank |  |  | 1,828,044 |  |  |  | 12.20 | % |  |  | 8.50 | % |  |  | 8.00 | %
Total Capital (to Risk Weighted Assets) |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 2,094,874 |  |  |  | 13.97 | % |  |  | 10.50 | % |  | n/a |
Trustmark Bank |  |  | 2,009,544 |  |  |  | 13.41 | % |  |  | 10.50 | % |  |  | 10.00 | %
Tier 1 Leverage (to Average Assets) |  |  |  |  |  |  |  |  |  |  |  |
Trustmark Corporation |  | $ | 1,789,672 |  |  |  | 9.99 | % |  |  | 4.00 | % |  | n/a |
Trustmark Bank |  |  | 1,828,044 |  |  |  | 10.21 | % |  |  | 4.00 | % |  |  | 5.00 | %
Stock Repurchase Program On December 5, 2023, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2024, under which $50.0 million of Trustmark’s outstanding shares could be acquired through December 31, 2024. Under this authority, Trustmark repurchased 203 thousand shares of its common stock valued at $7.5 million during the twelve months ended December 31, 2024. On December 3, 2024, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2025, under which $100.0 million of Trustmark’s outstanding shares may be acquired through December 31, 2025. The repurchase program, which is subject to market conditions and management discretion, will be implemented through open market repurchases or privately negotiated transactions. Under this authority, Trustmark repurchased 764 thousand shares of its common stock valued at $26.0 million during the six months ended June 30, 2025. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) The following table presents the net change in the components of accumulated other comprehensive income (loss) and the related tax effects allocated to each component for the periods presented ($ in thousands). The amortization of prior service cost, recognized net loss due to lump sum settlements and change in net actuarial loss are included in the computation of net periodic benefit cost (see Note 11 – Defined Benefit and Other Postretirement Benefits for additional details). Reclassification adjustments related to pension and other postretirement benefit plans are included in salaries and employee benefits and other expense in the accompanying consolidated statements of income (loss). Reclassification adjustments related to the cash flow hedge derivatives are included in interest and fees on LHFS and LHFI in the accompanying consolidated statements of income (loss).
|  | Three Months Ended June 30, 2025 |  |  | Three Months Ended June 30, 2024 |
|  | Before Tax Amount |  |  | Tax (Expense) Benefit |  |  | Net of Tax Amount |  |  | Before Tax Amount |  |  | Tax (Expense) Benefit |  |  | Net of Tax Amount |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized holding gains (losses) arising during the period |  | $ | 13,992 |  |  | $ | (3,499 | ) |  | $ | 10,493 |  |  | $ | (5,761 | ) |  | $ | 1,440 |  |  | $ | (4,321 | )
Reclassification adjustment for net (gains) losses realized in net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 182,792 |  |  |  | (45,698 | ) |  |  | 137,094 |
Change in net unrealized holding loss on securities transferred to held to maturity |  |  | 3,450 |  |  |  | (863 | ) |  |  | 2,587 |  |  |  | 3,671 |  |  |  | (918 | ) |  |  | 2,753 |
Total securities available for sale and transferred securities |  |  | 17,442 |  |  |  | (4,362 | ) |  |  | 13,080 |  |  |  | 180,702 |  |  |  | (45,176 | ) |  |  | 135,526 |
Pension and other postretirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reclassification adjustments for changes realized in net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in prior service costs |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | 27 |  |  |  | (7 | ) |  |  | 20 |
Recognized net loss due to lump sum settlements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13 | ) |  |  | 3 |  |  |  | (10 | )
Change in net actuarial loss |  |  | 61 |  |  |  | (16 | ) |  |  | 45 |  |  |  | 84 |  |  |  | (20 | ) |  |  | 64 |
Total pension and other postretirement benefit plans |  |  | 64 |  |  |  | (16 | ) |  |  | 48 |  |  |  | 98 |  |  |  | (24 | ) |  |  | 74 |
Cash flow hedge derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in accumulated gain (loss) on effective cash flow hedge derivatives |  |  | 4,098 |  |  |  | (1,024 | ) |  |  | 3,074 |  |  |  | (4,873 | ) |  |  | 1,218 |  |  |  | (3,655 | )
Reclassification adjustment for (gain) loss realized in net income |  |  | 2,681 |  |  |  | (670 | ) |  |  | 2,011 |  |  |  | 4,869 |  |  |  | (1,217 | ) |  |  | 3,652 |
Total cash flow hedge derivatives |  |  | 6,779 |  |  |  | (1,694 | ) |  |  | 5,085 |  |  |  | (4 | ) |  |  | 1 |  |  |  | (3 | )
Total other comprehensive income (loss) |  | $ | 24,285 |  |  | $ | (6,072 | ) |  | $ | 18,213 |  |  | $ | 180,796 |  |  | $ | (45,199 | ) |  | $ | 135,597 |
|  | Six Months Ended June 30, 2025 |  |  | Six Months Ended June 30, 2024 |
|  | Before Tax Amount |  |  | Tax (Expense) Benefit |  |  | Net of Tax Amount |  |  | Before Tax Amount |  |  | Tax (Expense) Benefit |  |  | Net of Tax Amount |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized holding gains (losses) arising during the period |  | $ | 46,591 |  |  | $ | (11,648 | ) |  | $ | 34,943 |  |  | $ | (8,313 | ) |  | $ | 2,078 |  |  | $ | (6,235 | )
Reclassification adjustment for net (gains) losses realized in net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 182,792 |  |  |  | (45,698 | ) |  |  | 137,094 |
Change in net unrealized holding loss on securities transferred to held to maturity |  |  | 6,875 |  |  |  | (1,719 | ) |  |  | 5,156 |  |  |  | 7,332 |  |  |  | (1,833 | ) |  |  | 5,499 |
Total securities available for sale and transferred securities |  |  | 53,466 |  |  |  | (13,367 | ) |  |  | 40,099 |  |  |  | 181,811 |  |  |  | (45,453 | ) |  |  | 136,358 |
Pension and other postretirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reclassification adjustments for changes realized in net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in prior service costs |  |  | 7 |  |  |  | (1 | ) |  |  | 6 |  |  |  | 55 |  |  |  | (14 | ) |  |  | 41 |
Recognized net loss due to lump sum settlements |  |  | (50 | ) |  |  | 12 |  |  |  | (38 | ) |  |  | (13 | ) |  |  | 3 |  |  |  | (10 | )
Change in net actuarial loss |  |  | 132 |  |  |  | (33 | ) |  |  | 99 |  |  |  | 179 |  |  |  | (44 | ) |  |  | 135 |
Total pension and other postretirement benefit plans |  |  | 89 |  |  |  | (22 | ) |  |  | 67 |  |  |  | 221 |  |  |  | (55 | ) |  |  | 166 |
Cash flow hedge derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in accumulated gain (loss) on effective cash flow hedge derivatives |  |  | 11,977 |  |  |  | (2,994 | ) |  |  | 8,983 |  |  |  | (20,833 | ) |  |  | 5,208 |  |  |  | (15,625 | )
Reclassification adjustment for (gain) loss realized in net income |  |  | 5,361 |  |  |  | (1,340 | ) |  |  | 4,021 |  |  |  | 9,689 |  |  |  | (2,422 | ) |  |  | 7,267 |
Total cash flow hedge derivatives |  |  | 17,338 |  |  |  | (4,334 | ) |  |  | 13,004 |  |  |  | (11,144 | ) |  |  | 2,786 |  |  |  | (8,358 | )
Total other comprehensive income (loss) |  | $ | 70,893 |  |  | $ | (17,723 | ) |  | $ | 53,170 |  |  | $ | 170,888 |  |  | $ | (42,722 | ) |  | $ | 128,166 |
The following table presents the changes in the balances of each component of accumulated other comprehensive income (loss) for the periods presented ($ in thousands). All amounts are presented net of tax.
| Securities Available for Sale and Transferred Securities |  |  | Defined Benefit Pension Items |  |  | Cash Flow Hedge Derivatives |  |  | Total |
Balance at January 1, 2025 | $ | (66,885 | ) |  | $ | (4,721 | ) |  | $ | (12,053 | ) |  | $ | (83,659 | )
Other comprehensive income (loss) before reclassification |  | 40,099 |  |  |  | — |  |  |  | 8,983 |  |  |  | 49,082 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | — |  |  |  | 67 |  |  |  | 4,021 |  |  |  | 4,088 |
Net other comprehensive income (loss) |  | 40,099 |  |  |  | 67 |  |  |  | 13,004 |  |  |  | 53,170 |
Balance at June 30, 2025 | $ | (26,786 | ) |  | $ | (4,654 | ) |  | $ | 951 |  |  | $ | (30,489 | )
Balance at January 1, 2024 | $ | (204,670 | ) |  | $ | (6,075 | ) |  | $ | (8,978 | ) |  | $ | (219,723 | )
Other comprehensive income (loss) before reclassification |  | (736 | ) |  |  | — |  |  |  | (15,625 | ) |  |  | (16,361 | )
Amounts reclassified from accumulated other comprehensive income (loss) |  | 137,094 |  |  |  | 166 |  |  |  | 7,267 |  |  |  | 144,527 |
Net other comprehensive income (loss) |  | 136,358 |  |  |  | 166 |  |  |  | (8,358 | ) |  |  | 128,166 |
Balance at June 30, 2024 | $ | (68,312 | ) |  | $ | (5,909 | ) |  | $ | (17,336 | ) |  | $ | (91,557 | )

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