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Borrowings | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Borrowings | Note 11 - Borrowings Securities Sold Under Repurchase Agreements Trustmark utilizes securities sold under repurchase agreements as a source of borrowing in connection with overnight repurchase agreements offered to commercial deposit customers by using its unencumbered investment securities as collateral. Trustmark accounts for its securities sold under repurchase agreements as secured borrowings in accordance with FASB ASC Subtopic 860-30, “Transfers and Servicing – Secured Borrowing and Collateral.” Securities sold under repurchase agreements are stated at the amount of cash received in connection with the transaction. Trustmark monitors collateral levels on a continual basis and may be required to provide additional collateral based on the fair value of the underlying securities. Trustmark had no securities sold under repurchase agreements at December 31, 2025. Securities sold under repurchase agreements were secured by securities with a carrying amount of $40.3 million at December 31, 2024. At December 31, 2024, all repurchase agreements were short-term and consisted primarily of sweep repurchase arrangements, under which excess deposits are “swept” into overnight repurchase agreements with Trustmark. The following table presents the securities sold under repurchase agreements by collateral pledged at December 31, 2024 ($ in thousands):
|  | December 31, 2024 |
Mortgage-backed securities |  |  |
Residential mortgage pass-through securities |  |  |
Issued by FNMA and FHLMC |  | $ | 11,685 |
Other residential mortgage-backed securities |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 7,487 |
Commercial mortgage-backed securities |  |  |
Issued or guaranteed by FNMA, FHLMC or GNMA |  |  | 10,169 |
Total securities sold under repurchase agreements |  | $ | 29,341 |
Other Borrowings At December 31, 2025 and 2024, other borrowings consisted of the following ($ in thousands):
|  | December 31, |
|  | 2025 |  |  | 2024 |
FHLB advances |  | $ | 225,000 |  |  | $ | 200,000 |
Serviced GNMA loans eligible for repurchase |  |  | 136,304 |  |  |  | 97,631 |
Finance lease liabilities |  |  | 3,458 |  |  |  | 3,910 |
Total other borrowings |  | $ | 364,762 |  |  | $ | 301,541 |
FHLB Advances At December 31, 2025, Trustmark had two outstanding short-term FHLB advances totaling $225.0 million and no long-term FHLB advances with the FHLB of Dallas, compared to two outstanding short-term FHLB advances totaling $200.0 million and no long-term FHLB advances with the FHLB of Dallas at December 31, 2024. The outstanding short-term advances with the FHLB of Dallas at December 31, 2025 had fixed rates of 3.62% and 3.67% with balances of $150.0 million and $75.0 million, respectively. The outstanding short-term FHLB advances had a weighted-average remaining maturity of 2 days with a weighted-average cost of 3.64% at December 31, 2025, compared to a weighted-average remaining maturity of 8 days with a weighted-average cost of 4.60% at December 31, 2024. Trustmark incurred $9.5 million of interest expense on short-term FHLB advances in 2025, compared to $16.8 million of interest expense in 2024 and $49.9 million of interest expense in 2023. Trustmark incurred no interest expense on long-term FHLB advances in 2025, 2024 and 2023. At December 31, 2025 and 2024, Trustmark had $1.962 billion and $4.292 billion, respectively, available in additional borrowing capacity from the FHLB of Dallas. Subordinated Notes During 2020, Trustmark issued and sold $125.0 million aggregate principal amount of its 3.625% Fixed-to-Floating Rate Subordinated Notes (the 2020 Notes) due December 1, 2030. The 2020 Notes were sold at an underwriting discount of 1.2%, resulting in net proceeds to Trustmark of $123.5 million before deducting offering expenses. At December 31, 2024, the carrying amount of the 2020 Notes was $123.7 million. The 2020 Notes qualified as Tier 2 capital for Trustmark. During the fourth quarter of 2025, Trustmark issued and sold $175.0 million aggregate principal amount of its 6.00% Fixed-to-Floating Rate Subordinated Notes (the 2025 Notes) due December 1, 2035. The 2025 Notes were sold at an underwriting discount of 1.1%, resulting in net proceeds to Trustmark of $173.1 million before deducting offering expenses. Trustmark used the net proceeds from the offering, after the payment of offering expenses, to repay the $125.0 million of aggregate principal amount of the 2020 Notes plus accrued interest and for general corporate purposes. The 2025 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 2025 Notes are obligations of Trustmark only and are not obligations of, and are not guaranteed by, any of its subsidiaries, including TB. The 2025 Notes qualify as Tier 2 capital for Trustmark. The 2025 Notes may be redeemed at Trustmark’s option under certain circumstances. From and including the date of issuance to, but excluding, December 1, 2030 (unless redeemed prior to such date), the 2025 Notes bear interest at a rate of 6.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, commencing on June 1, 2026. From and including December 1, 2030 to, but excluding, the maturity date (unless redeemed prior to such date), the 2025 Notes will bear interest at a floating rate per year equal to the Three-Month Term Secured Overnight Financing Rate (SOFR), plus 260 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on March 1, 2031. At December 31, 2025, the carrying amount of the 2025 Notes was $172.0 million. Junior Subordinated Debt Securities On August 18, 2006, Trustmark completed a private placement of $60.0 million of trust preferred securities through a newly formed Delaware trust affiliate, Trustmark Preferred Capital Trust I (the Trust). The trust preferred securities mature September 30, 2036, are redeemable at Trustmark’s option and bear interest at a variable rate per annum equal to the three-month Chicago Mercantile Exchange, Inc. (CME) SOFR plus a spread adjustment of 0.26% and a margin of 1.72%. Under applicable regulatory guidelines, these trust preferred securities qualify as Tier 1 capital. The proceeds from the sale of the trust preferred securities were used by the Trust to purchase $61.9 million in aggregate principal amount of Trustmark’s junior subordinated debentures. The debentures were issued pursuant to a Junior Subordinated Indenture, dated August 18, 2006, between Trustmark, as issuer, and Wilmington Trust Company, National Association, as trustee. Like the trust preferred securities, the debentures bear interest at a variable rate per annum equal to the three-month CME SOFR plus a spread adjustment of 0.26% and a margin of 1.72% and mature on September 30, 2036. The debentures may be redeemed at Trustmark’s option at any time. The interest payments by Trustmark will be used to pay the quarterly distributions payable by the Trust to the holder of the trust preferred securities. However, so long as no event of default has occurred under the debentures, Trustmark may defer interest payments on the debentures (in which case the Trust will also defer distributions otherwise due on the trust preferred securities) for up to 20 consecutive quarters. The debentures are subordinated to the prior payment of any other indebtedness of Trustmark that, by its terms, is not similarly subordinated. The trust preferred securities are recorded as a long-term liability on Trustmark’s consolidated balance sheets; however, for regulatory purposes the trust preferred securities are treated as Tier 1 capital under the rules of the FRB, Trustmark’s primary federal regulatory agency. Trustmark also entered into a Guarantee Agreement, dated August 18, 2006, pursuant to which it has agreed to guarantee the payment by the Trust of distributions on the trust preferred securities and the payment of principal of the trust preferred securities when due, either at maturity or on redemption, but only if and to the extent that the Trust fails to pay distributions on or principal of the trust preferred securities after having received interest payments or principal payments on the junior subordinated debentures from Trustmark for the purpose of paying those distributions or the principal amount of the trust preferred securities. As defined in applicable accounting standards, the Trust, a wholly-owned subsidiary of Trustmark, is considered a variable interest entity for which Trustmark is not the primary beneficiary. Accordingly, the accounts of the Trust are not included in Trustmark’s consolidated financial statements. At both December 31, 2025 and 2024, assets for the Trust totaled $61.9 million, resulting from the investment in junior subordinated debentures issued by Trustmark. Liabilities and shareholders’ equity for the Trust also totaled $61.9 million at both December 31, 2025 and 2024, resulting from the issuance of trust preferred securities in the amount of $60.0 million as well as $1.9 million in common securities issued to Trustmark. During 2025, net income for the Trust equaled $117 thousand resulting from interest income from the junior subordinated debt securities issued by Trustmark to the Trust, compared with net income of $134 thousand during 2024 and $132 thousand during 2023. Dividends issued to Trustmark by the Trust during 2025 totaled $117 thousand, compared to $134 thousand during 2024 and $132 thousand during 2023.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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