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Defined Benefit and Other Postretirement Benefits | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Defined Benefit and Other Postretirement Benefits | Note 14 – Defined Benefit and Other Postretirement Benefits Qualified Pension Plan Trustmark maintains a noncontributory tax-qualified defined benefit pension plan titled the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions (the Continuing Plan) to satisfy commitments made by Trustmark to associates covered through plans obtained in acquisitions. The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for the Continuing Plan for the periods presented ($ in thousands):
|  | December 31, |
|  | 2025 |  |  | 2024 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 5,531 |  |  | $ | 5,923 |
Service cost |  |  | 36 |  |  |  | 40 |
Interest cost |  |  | 275 |  |  |  | 246 |
Actuarial (gain) loss |  |  | (23 | ) |  |  | (214 | )
Benefits paid |  |  | (1,500 | ) |  |  | (464 | )
Benefit obligation, end of year |  | $ | 4,319 |  |  | $ | 5,531 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 2,685 |  |  | $ | 2,403 |
Actual return on plan assets |  |  | 161 |  |  |  | 233 |
Employer contributions |  |  | 299 |  |  |  | 513 |
Benefit payments |  |  | (1,500 | ) |  |  | (464 | )
Fair value of plan assets, end of year |  | $ | 1,645 |  |  | $ | 2,685 |
Funded status at end of year - net liability |  | $ | (2,674 | ) |  | $ | (2,846 | )
Amounts recognized in accumulated other comprehensive loss: |  |  |  |  |  |
Net (gain) loss - amount recognized |  | $ | (574 | ) |  | $ | (601 | )
Actuarial (gain) loss included in benefit obligation: |  |  |  |  |  |
Change in discount rate |  | $ | 120 |  |  | $ | (344 | )
Change in mortality table |  |  | — |  |  |  | — |
Other |  |  | (143 | ) |  |  | 130 |
Actuarial (gain) loss |  | $ | (23 | ) |  | $ | (214 | )
|  | Years Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |
Service cost |  | $ | 36 |  |  | $ | 40 |  |  | $ | 52 |
Interest cost |  |  | 275 |  |  |  | 246 |  |  |  | 292 |
Expected return on plan assets |  |  | (125 | ) |  |  | (96 | ) |  |  | (107 | )
Recognized net (gain) loss due to lump sum settlements |  |  | (79 | ) |  |  | (13 | ) |  |  | 25 |
Recognized net actuarial loss |  |  | (7 | ) |  |  | — |  |  |  | — |
Net periodic benefit cost |  | $ | 100 |  |  | $ | 177 |  |  | $ | 262 |
Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss), before taxes: |  |  |  |  |  |  |  |  |
Net loss - Total recognized in other comprehensive income (loss) |  | $ | 27 |  |  | $ | (339 | ) |  | $ | 9 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) |  | $ | 127 |  |  | $ | (162 | ) |  | $ | 271 |
Weighted-average assumptions as of end of year: |  |  |  |  |  |  |  |  |
Discount rate for benefit obligation |  |  | 4.99 | % |  |  | 5.30 | % |  |  | 4.67 | %
Discount rate for net periodic benefit cost |  |  | 5.30 | % |  |  | 4.67 | % |  |  | 4.88 | %
Expected long-term return on plan assets |  |  | 5.00 | % |  |  | 5.00 | % |  |  | 5.00 | %
Plan Assets The weighted-average asset allocations by asset category are presented below for the Continuing Plan at December 31, 2025 and 2024.
|  | December 31, |
|  | 2025 |  |  | 2024 |
Money market fund |  |  | 5.0 | % |  |  | 2.0 | %
Exchange traded funds: |  |  |  |  |  |
Equity securities |  |  | 30.0 | % |  |  | 33.0 | %
Fixed income |  |  | 55.0 | % |  |  | 59.0 | %
International |  |  | 10.0 | % |  |  | 6.0 | %
Total |  |  | 100.0 | % |  |  | 100.0 | %
The strategic objective of the investments of the assets in the Continuing Plan aims to provide both income and potential capital appreciation. The allocation is managed on a total return basis with the average participant age in mind. It is well suited for moderately conservative investors seeking an ample level of income while also participating in equity markets. This investment mix is designed to take advantage of rising stock markets while cushioning the effects of stock market downturns. The portfolio is typically balanced between equity and fixed income. The equity exposure has the potential to earn a return greater than inflation while the fixed income exposure may reduce the risk and volatility of the portfolio to which the equity mutual funds contribute. Fair Value Measurements At this time, Trustmark presents no fair values that are derived through internal modeling. Should positions requiring fair valuation arise that are not relevant to existing methodologies, Trustmark will make every reasonable effort to obtain market participant assumptions, or independent evaluation. The following tables set forth by level, within the fair value hierarchy, the Continuing Plan’s assets measured at fair value at December 31, 2025 and 2024 ($ in thousands):
|  | December 31, 2025 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Money market fund |  | $ | 75 |  |  | $ | 75 |  |  | $ | — |  |  | $ | — |
Exchange traded funds: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  | 500 |  |  |  | 500 |  |  |  | — |  |  |  | — |
Fixed income |  |  | 905 |  |  |  | 905 |  |  |  | — |  |  |  | — |
International |  |  | 165 |  |  |  | 165 |  |  |  | — |  |  |  | — |
Total assets at fair value |  | $ | 1,645 |  |  | $ | 1,645 |  |  | $ | — |  |  | $ | — |
|  | December 31, 2024 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Money market fund |  | $ | 55 |  |  | $ | 55 |  |  | $ | — |  |  | $ | — |
Exchange traded funds: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  | 874 |  |  |  | 874 |  |  |  | — |  |  |  | — |
Fixed income |  |  | 1,600 |  |  |  | 1,600 |  |  |  | — |  |  |  | — |
International |  |  | 156 |  |  |  | 156 |  |  |  | — |  |  |  | — |
Total assets at fair value |  | $ | 2,685 |  |  | $ | 2,685 |  |  | $ | — |  |  | $ | — |
There have been no changes in the methodologies used in estimating the fair value of plan assets at December 31, 2025. The money market fund approximates fair value due to its immediate maturity. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although Trustmark believes their valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Contributions The range of potential contributions to the Continuing Plan is determined annually by the Continuing Plan’s actuary in accordance with applicable IRS rules and regulations. Trustmark’s policy is to fund amounts that are sufficient to satisfy the annual minimum funding requirements and do not exceed the maximum that is deductible for federal income tax purposes. The actual amount of the contribution is determined annually based on the Continuing Plan’s funded status and return on plan assets as of the measurement date, which is December 31. For the plan year ending December 31, 2025, Trustmark’s minimum required contribution to the Continuing Plan was $98 thousand and Trustmark contributed $109 thousand. For the plan year ending December 31, 2026, Trustmark’s minimum required contribution to the Continuing Plan is expected to be $91 thousand. Management and the Board of Directors of Trustmark will monitor the Continuing Plan throughout 2026 to determine any additional funding requirements by the plan’s measurement date. Estimated Future Benefit Payments and Other Disclosures The following table presents the expected benefit payments, which reflect expected future service, for the Continuing Plan ($ in thousands):
Year |  | Amount |
2026 |  | $ | 624 |
2027 |  |  | 846 |
2028 |  |  | 513 |
2029 |  |  | 374 |
2030 |  |  | 334 |
2031 - 2035 |  |  | 1,178 |
Amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost during 2026 include a gain of $14 thousand. Supplemental Retirement Plans Trustmark maintains a nonqualified supplemental retirement plan covering key executive officers and senior officers as well as directors who have elected to defer fees. The plan provides for retirement and/or death benefits based on a participant’s covered salary or deferred fees. Although plan benefits may be paid from Trustmark’s general assets, Trustmark has purchased life insurance contracts on the participants covered under the plan, which may be used to fund future benefit payments under the plan. The annual measurement date for the plan is December 31. As a result of mergers prior to 2014, Trustmark became the administrator of nonqualified supplemental retirement plans, for which the plan benefits were frozen prior to the merger date. The following tables present information regarding the benefit obligation, plan assets, funded status, amounts recognized in accumulated other comprehensive loss, net periodic benefit cost and other statistical disclosures for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands):
|  | December 31, |
|  | 2025 |  |  | 2024 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 38,162 |  |  | $ | 41,619 |
Service cost |  |  | 15 |  |  |  | 45 |
Interest cost |  |  | 1,921 |  |  |  | 1,851 |
Actuarial (gain) loss |  |  | 845 |  |  |  | (1,009 | )
Benefits paid |  |  | (3,868 | ) |  |  | (4,344 | )
Benefit obligation, end of year |  | $ | 37,075 |  |  | $ | 38,162 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | — |  |  | $ | — |
Employer contributions |  |  | 3,868 |  |  |  | 4,344 |
Benefit payments |  |  | (3,868 | ) |  |  | (4,344 | )
Fair value of plan assets, end of year |  | $ | — |  |  | $ | — |
Funded status at end of year - net liability |  | $ | (37,075 | ) |  | $ | (38,162 | )
Amounts recognized in accumulated other comprehensive loss: |  |  |  |  |  |
Net loss |  | $ | 7,465 |  |  | $ | 6,880 |
Prior service cost |  |  | — |  |  |  | 15 |
Amounts recognized |  | $ | 7,465 |  |  | $ | 6,895 |
Actuarial (gain) loss included in benefit obligation: |  |  |  |  |  |
Change in discount rate |  | $ | 788 |  |  | $ | (1,794 | )
Change in mortality table |  |  | — |  |  |  | — |
Other |  |  | 57 |  |  |  | 785 |
Actuarial (gain) loss |  | $ | 845 |  |  | $ | (1,009 | )
|  | Years Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |
Service cost |  | $ | 15 |  |  | $ | 45 |  |  | $ | 69 |
Interest cost |  |  | 1,921 |  |  |  | 1,851 |  |  |  | 2,013 |
Amortization of prior service cost |  |  | 15 |  |  |  | 111 |  |  |  | 111 |
Recognized net actuarial loss |  |  | 261 |  |  |  | 346 |  |  |  | 284 |
Net periodic benefit cost |  | $ | 2,212 |  |  | $ | 2,353 |  |  | $ | 2,477 |
Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss), before taxes: |  |  |  |  |  |  |  |  |
Net (gain) loss |  | $ | 585 |  |  | $ | (1,355 | ) |  | $ | 479 |
Amortization of prior service cost |  |  | (15 | ) |  |  | (111 | ) |  |  | (111 | )
Total recognized in other comprehensive income (loss) |  | $ | 570 |  |  | $ | (1,466 | ) |  | $ | 368 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) |  | $ | 2,782 |  |  | $ | 887 |  |  | $ | 2,845 |
Weighted-average assumptions as of end of year: |  |  |  |  |  |  |  |  |
Discount rate for benefit obligation |  |  | 4.99 | % |  |  | 5.30 | % |  |  | 4.67 | %
Discount rate for net periodic benefit cost |  |  | 5.30 | % |  |  | 4.67 | % |  |  | 4.88 | %
Estimated Supplemental Retirement Plan Payments and Other Disclosures The following table presents the expected benefits payments for Trustmark’s supplemental retirement plans ($ in thousands):
Year |  | Amount |
2026 |  | $ | 3,856 |
2027 |  |  | 3,687 |
2028 |  |  | 3,562 |
2029 |  |  | 3,563 |
2030 |  |  | 3,465 |
2031 - 2035 |  |  | 14,656 |
Amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost during 2026 include a loss of $317 thousand. Other Benefit Plans Defined Contribution Plan Trustmark provides associates with a self-directed 401(k) retirement plan that allows associates to contribute a percentage of eligible compensation, within limits provided by the Internal Revenue Code and accompanying regulations, into the plan. Trustmark matches 100% of associate contributions to the plan based on the amount of each participant’s contributions up to a maximum of 6% of eligible compensation, subject to the IRS maximum eligible compensation. Associates are automatically enrolled in the plan at 3% of eligible compensation unless they opt out within 60 days of employment. Associates may become eligible to make elective deferral contributions the first of the month following one month of employment. Eligible associates that elect to participate vest immediately in Trustmark’s matching contributions, as this is a Safe Harbor 401(k) Plan. Trustmark’s contributions to this plan were $10.4 million in 2025, $10.7 million in 2024 and $10.8 million in 2023.

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