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Hans India
10-05-2025
- Politics
- Hans India
HFI chief on India-Pakistan handball clash: 'Nation comes first, but we need clear guidelines'
Following India's recent handball match against Pakistan at the Asian Beach Championships in Muscat on Friday, Anandeshwar Pandey, Executive Director of the Handball Federation of India (HFI), addressed the controversy surrounding the decision to play the fixture. The match, held as part of the league phase of an ongoing international tournament, sparked debate due to the political sensitivities involved. Pandey clarified that the tournament schedule was finalised four months in advance and that the federation had proactively sought guidance from the Indian government. 'We had written to the government, the Sports Ministry, and the Indian Olympic Association seeking clarity on whether we should play against Pakistan,' he told IANS. 'However, we received no response from any of them.' With no formal directive in place, the HFI faced pressure from the International Handball Federation (IHF), which reportedly warned of sanctions if India refused to participate. 'In the absence of clear directives, we were compelled to proceed with the match,' Pandey explained. 'The IHF even threatened us with a ban.' Pandey emphasised that the match was part of the league phase and that going forward, the federation would abide by any official stance issued by the government. 'If our Sports Ministry provides clear instructions, we will not play against Pakistan again,' he said, reaffirming the HFI's nationalistic stance. 'For us, the nation comes first. We are ready to face any consequences, including a ban, but we need proper and timely guidance from the authorities.' The statement highlights a growing concern among sports administrators about the lack of timely communication from governing bodies on sensitive geopolitical issues. As international sporting events become increasingly complex, federations like the HFI are calling for more structured policies and support from the government to navigate such challenges. India on Saturday said that Pakistan was escalating tensions along the Western border by moving troops into forward areas, suggesting an offensive intent to intensify hostilities. The Indian armed forces, while reaffirming their commitment to non-escalation, asserted that any further provocation would be met with proportionate and decisive action. At a press briefing on 'Operation Sindoor', Wing Commander Vyomika Singh, joined by Foreign Secretary Vikram Misri and Indian Army Colonel Sofiya Qureshi, said, "The Pakistan military has been observed moving its troops into forward areas, indicating an offensive intent to further escalate the situation. Indian armed forces remain in a high state of operational readiness. All hostile actions have been effectively countered and responded to appropriately." "Indian armed forces reiterate their commitment to non-escalation, provided it is reciprocated by the Pakistan military," she added.
Time of India
10-05-2025
- Sport
- Time of India
Under protest, Indian team plays Pakistan in Asian handball
Representative Image India played Pakistan in the 10th Asian Beach Handball Championships in Oman's Muscat on Friday amid a widening conflict between the two countries. The Indians wore black armbands during the league fixture, but were told by the organisers and Asian Handball Federation ( AHF ) to remove them, sources told TOI. The organisers told the Indian coaching staff that such a gesture would lead to the removal of the team from the tournament. The Indian contingent had at first considered boycotting the fixture due to fears of public backlash at home, but decided to go ahead after AHF warned it of a ban and a significant fine. Operation Sindoor India's air defence systems shoot down Pak drones in J&K, Punjab & Rajasthan India-Pakistan tensions: Delhi airport issues travel advisory Operation Sindoor: Multiple explosions heard at several Pakistan air bases 'As per the International Handball Federation's (IHF) charter, we would have to pay a fine of $10,000 if we boycotted the match. We also faced the prospect of a two-year ban from international competitions. The AHF told us categorically that if the Indian team didn't turn up for the match, it would be counted against the spirit of Olympic charter . We were left with no other option,' Anandeshwar Pandey, Executive Director of the Handball Federation of India (HFI), told TOI. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Secure Your Child's Future with Strong English Fluency Planet Spark Learn More Undo India lost the pool match 0-2 at the Sultan Qaboos Sports Complex. 'Before the start of the match, the HFI had written separate letters to the sports ministry and Indian Olympic Association (IOA), seeking their guidance whether we should play Pakistan or not. They didn't immediately respond to our mail and the match was upon us. There's no clear advisory from the govt which stops the Indian teams from playing Pakistan. Had there been one, we would have pulled the team out of the competition. 'The entries for the event were sent months in advance and the Indian men's and women's teams had landed in Muscat for the tournament on May 5. We didn't know that the situation between the two nations would turn hostile. There's a possibility that the two teams might meet each other again in the same event, at the semifinal or final stage. We are awaiting the ministry and IOA's advisory on this. If it doesn't come in the coming days, we will tell our team to forfeit the next match against Pakistan, if it happens at all,' added Pandey. The final of the tournament will be played on May 15. The competition will serve as a qualification tournament for the Beach Handball World Championship in 2026.
Business Wire
22-04-2025
- Business
- Business Wire
Trustmark Corporation Announces First Quarter 2025 Financial Results
BUSINESS WIRE)--Trustmark Corporation (NASDAQGS:TRMK) reported net income of $53.6 million in the first quarter of 2025, representing diluted earnings per share of $0.88. Trustmark's performance during the first quarter produced a return on average tangible equity of 13.13% and a return on average assets of 1.19%. The Board of Directors declared a quarterly cash dividend of $0.24 per share payable June 15, 2025, to shareholders of record on June 1, 2025. Printer friendly version of earnings release with consolidated financial statements and notes: First Quarter Highlights Loans held for investment (HFI) increased 1.2% linked-quarter and represented 87.8% of total deposits at March 31, 2025 Credit quality remained stable, ACL coverage ratios expanded, net charge-offs represented 0.04% of average loans Deposits remained stable at $15.1 billion while cost of total deposits declined 15 basis points Noninterest income increased 4.0% linked-quarter, reflecting the strength of diversified business lines Noninterest expense decreased 0.3% linked-quarter, reflecting on-going expense management priorities Duane A. Dewey, President and CEO, stated, 'We continued to build upon the strong momentum from 2024 and are pleased with our solid performance in the first quarter of 2025. Our results reflect continued loan growth, stable credit quality, and an attractive core deposit base. In addition, we experienced continued growth in noninterest income while noninterest expense decreased. These accomplishments are the results of our continued efforts to expand customer relationships and diligently manage expenses. We are particularly pleased to have received a Community Reinvestment Act (CRA) rating of Outstanding, the highest rating possible. Our associates have done a tremendous job of serving customers, building relationships, and demonstrating the value Trustmark can provide as a trusted financial partner.' 'We are operating in a dynamic and challenging economic environment that is ever-changing. With robust capital, liquidity, and profitability, Trustmark is well-positioned to help customers navigate this evolving landscape,' said Dewey. Balance Sheet Management Loans HFI increased $151.5 million, or 1.2%, during the quarter and $183.5 million, or 1.4%, year-over-year Personal and commercial deposits totaled $12.9 billion at March 31, 2025, up $7.1 million, or 0.1%, from the prior quarter and $394.4 million, or 3.2%, year-over-year Maintained strong capital position with CET1 ratio of 11.63% and total risk-based capital ratio of 14.10% Loans HFI totaled $13.2 billion at March 31, 2025, reflecting an increase of $151.5 million, or 1.2%, linked-quarter and $183.5 million, or 1.4%, year-over-year. The linked-quarter growth reflected increases in commercial real estate (CRE), other commercial loans and leases, and 1-4 family mortgage loans offset in part by a decrease in commercial and industrial loans. Trustmark's loan portfolio remains well-diversified by loan type and geography. Deposits totaled $15.1 billion at March 31, 2025, down $27.5 million, or 0.2%, from the prior quarter, driven by the decline in public deposits of $61.8 million. Year-over-year, deposits declined $257.9 million, or 1.7%, driven by targeted declines in public funds and brokered deposits of $343.2 million and $309.5 million, respectively. Trustmark continues to maintain a strong liquidity position as loans HFI represented 87.8% of total deposits at the end of the first quarter. Noninterest-bearing deposits represented 20.4% of total deposits at March 31, 2025. Interest-bearing deposit costs totaled 2.30% for the first quarter, a decrease of 21 basis points linked-quarter. The total cost of interest-bearing liabilities was 2.43% in the first quarter of 2025, a decrease of 18 basis points from the prior quarter. During the first quarter, Trustmark repurchased $15.0 million, or approximately 423 thousand of its common shares. As previously announced, 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 continue to be implemented through open market repurchases or privately negotiated transactions. At March 31, 2025, Trustmark's tangible equity to tangible assets ratio was 9.39%, while the total risk-based capital ratio was 14.10%. Tangible book value per share was $27.78 at March 31, 2025, an increase of 4.1% from the prior quarter and 26.1% from the prior year. Credit Quality Net charge-offs totaled $1.4 million, representing 0.04% of average loans in the first quarter Net provision for credit losses was $5.3 million in the first quarter Allowance for credit losses (ACL) represented 1.26% of loans HFI, up 4 basis points linked-quarter, and 296.41% of nonaccrual loans, excluding individually analyzed loans at March 31, 2025 Nonaccrual loans totaled $86.6 million at March 31, 2025, up $6.5 million from the prior quarter and a decrease of $11.7 million year-over-year. Other real estate totaled $8.3 million, reflecting increases of $2.4 million and $728 thousand from the prior quarter and prior year, respectively. Collectively, nonperforming assets totaled $95.0 million, representing 0.71% of loans HFI and held for sale (HFS) at March 31, 2025. The provision for credit losses for loans HFI was $8.1 million in the first quarter and was primarily attributable to loan growth, changes in the macroeconomic forecast, and net adjustments to the qualitative factors. The provision for credit losses for off-balance sheet credit exposures was a negative $2.8 million in the first quarter, primarily driven by a reduction in unfunded CRE commitments and changes in the macroeconomic forecast. Collectively, the provision for credit losses totaled $5.3 million in the first quarter compared to $7.5 million in the prior quarter and $7.5 million in the first quarter of 2024. Allocation of Trustmark's $167.0 million ACL on loans HFI represented 1.11% of commercial loans and 1.76% of consumer and home mortgage loans, resulting in an ACL to total loans HFI of 1.26% at March 31, 2025, up 4 basis points from the prior quarter. Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio. Revenue Generation Net interest income (FTE) totaled $154.7 million in the first quarter, down 2.3% linked-quarter Net interest margin totaled 3.75% in the first quarter, down 1 basis point from the prior quarter Noninterest income totaled $42.6 million, up 4.0% from the prior quarter, representing 21.9% of total revenue in the first quarter Revenue in the first quarter totaled $194.6 million, a decrease of 1.1% from the prior quarter and an increase of 13.0% from the same quarter in the prior year. The linked-quarter decrease primarily reflects lower net interest income offset in part by higher noninterest income while the year-over-year increase is attributed to higher net interest income and noninterest income. Net interest income (FTE) in the first quarter totaled $154.7 million, resulting in a net interest margin of 3.75%, down 1 basis point from the prior quarter. The net interest margin was relatively flat as the decrease in the cost of interest-bearing liabilities was offset by the decrease in yield for the loans HFI and held for sale portfolio. Noninterest income in the first quarter totaled $42.6 million, an increase of $1.6 million, or 4.0%, from the prior quarter and $3.2 million, or 8.2%, year-over-year. The linked-quarter increases in other income net, mortgage banking, net, and wealth management revenue were offset in part by seasonal declines in bank card and other fees and service charges on deposit accounts. The growth in noninterest income year-over-year reflects increases in other income, net, wealth management revenue, and bank card and other fees, which were offset in part by declines in service charges on deposit accounts and mortgage banking, net. Mortgage loan production in the first quarter totaled $318.8 million, down 14.4% from the prior quarter and up 16.4% year-over-year. Mortgage banking revenue totaled $8.8 million in the first quarter, an increase of $1.4 million, or 18.7%, linked-quarter and a decline of $144 thousand, or 1.6%, year-over-year. The linked-quarter increase was principally attributable to reduced servicing asset amortization and improvement in net hedge ineffectiveness. The year-over-year decrease was principally due to lower gain on sale of mortgage loans offset in part by improvement in net hedge ineffectiveness. Wealth management revenue in the first quarter totaled $9.5 million, an increase of $224 thousand, or 2.4%, from the prior quarter and $591 thousand, or 6.6%, year-over-year. The linked-quarter growth reflected higher trust management revenue while the year-over-year growth reflected increased trust management revenue and brokerage revenue. Other income, net totaled $6.0 million in the first quarter, up $1.7 million from the prior quarter and $2.9 million year-over-year. The linked-quarter increase includes a $2.4 million gain on the sale of a bank office facility. Service charges on deposit accounts totaled $10.6 million in the first quarter, reflecting a seasonal decrease of $592 thousand, or 5.3%, from the prior quarter and a decrease of $322 thousand, or 2.9%, year-over-year. Bank card and other fees totaled $7.7 million in the first quarter, down $1.1 million from the prior quarter due principally to lower customer derivative revenue and a seasonal decline in interchange income. Year-over-year, bank card and other fees increased $236 thousand. Noninterest Expense Total noninterest expense declined $419 thousand, or 0.3%, linked-quarter Salaries and employee benefits expense declined $731 thousand, or 1.1%, linked-quarter Total services and fees declined $445 thousand, or 1.7%, linked-quarter Noninterest expense in the first quarter totaled $124.0 million, a decrease of $419 thousand, or 0.3%, from the prior quarter and an increase of $4.3 million, or 3.6%, year-over-year. Salaries and employee benefits expense totaled $68.5 million in the first quarter, a decline of $731 thousand, or 1.1%, linked-quarter and an increase of $3.0 million, or 4.6%, year-over-year. The linked-quarter decline reflected reductions in incentives, commissions and employee benefits which were offset in part by a seasonal increase in payroll taxes. Services and fees in the first quarter totaled $26.2 million, a decrease of $445 thousand, or 1.7%, from the prior quarter and an increase of $1.8 million, or 7.4%, year-over-year. The linked-quarter decline is attributable principally to lower professional fees and data processing expense. Total other expense was $15.6 million, an increase of $467 thousand, or 3.1%, linked-quarter and a decrease of $572 thousand, or 3.5%, year-over-year. The linked-quarter increase is attributable to other real estate expense, a valuation adjustment on branch property held for sale, and other miscellaneous expense offset in part by a decrease in FDIC assessment expense. Additional Information As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, April 23, 2025, 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 A replay of the conference call will also be available through Wednesday, May 7, 2025, in archived format at the same web address or by calling (877)344-7529, passcode 6656565. Trustmark is a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, 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 or 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. Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, actions by the Board of Governors of the Federal Reserve System (FRB) that impact the level of market interest rates, local, state, national and international 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, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels and slowdowns in economic growth, changes in our ability to measure the fair value of assets in our portfolio, changes in the level and/or volatility of market interest rates, the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements, the demand for the products and services we offer, potential unexpected adverse outcomes in pending litigation matters, our ability to attract and retain 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, 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, 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, potential market or regulatory effects of the new presidential administration's policies 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 CORPORATION AND SUBSIDIARIES March 31, 2025 ($ in thousands) (unaudited) Linked Quarter Year over Year QUARTERLY AVERAGE BALANCES 3/31/2025 12/31/2024 3/31/2024 $ Change % Change $ Change % Change Securities AFS-taxable $ 1,726,291 $ 1,708,226 $ 1,927,619 $ 18,065 1.1 % $ (201,328 ) -10.4 % Securities AFS-nontaxable — — — — n/m — n/m Securities HTM-taxable 1,325,185 1,346,141 1,418,476 (20,956 ) -1.6 % (93,291 ) -6.6 % Securities HTM-nontaxable — — 340 — n/m (340 ) -100.0 % Total securities 3,051,476 3,054,367 3,346,435 (2,891 ) -0.1 % (294,959 ) -8.8 % Loans (includes loans held for sale) 13,320,276 13,275,762 13,169,805 44,514 0.3 % 150,471 1.1 % Other earning assets 365,505 422,083 571,329 (56,578 ) -13.4 % (205,824 ) -36.0 % Total earning assets 16,737,257 16,752,212 17,087,569 (14,955 ) -0.1 % (350,312 ) -2.1 % Allowance for credit losses (ACL), loans held for investment (LHFI) (159,893 ) (157,659 ) (138,711 ) (2,234 ) -1.4 % (21,182 ) -15.3 % Other assets 1,624,581 1,627,890 1,730,521 (3,309 ) -0.2 % (105,940 ) -6.1 % Total assets $ 18,201,945 $ 18,222,443 $ 18,679,379 $ (20,498 ) -0.1 % $ (477,434 ) -2.6 % Interest-bearing demand deposits (1) $ 7,789,239 $ 7,789,318 $ 7,932,943 $ (79 ) 0.0 % $ (143,704 ) -1.8 % Savings deposits (1) 993,232 983,292 1,044,863 9,940 1.0 % (51,631 ) -4.9 % Time deposits 3,160,134 3,265,358 3,321,601 (105,224 ) -3.2 % (161,467 ) -4.9 % Total interest-bearing deposits 11,942,605 12,037,968 12,299,407 (95,363 ) -0.8 % (356,802 ) -2.9 % Fed funds purchased and repurchases 405,189 357,798 428,127 47,391 13.2 % (22,938 ) -5.4 % Other borrowings 344,040 218,244 463,459 125,796 57.6 % (119,419 ) -25.8 % Subordinated notes 123,721 123,666 123,501 55 0.0 % 220 0.2 % Junior subordinated debt securities 61,856 61,856 61,856 — 0.0 % — 0.0 % Total interest-bearing liabilities 12,877,411 12,799,532 13,376,350 77,879 0.6 % (498,939 ) -3.7 % Noninterest-bearing deposits 3,055,333 3,192,358 3,120,566 (137,025 ) -4.3 % (65,233 ) -2.1 % Other liabilities 277,647 257,990 505,942 19,657 7.6 % (228,295 ) -45.1 % Total liabilities 16,210,391 16,249,880 17,002,858 (39,489 ) -0.2 % (792,467 ) -4.7 % Shareholders' equity 1,991,554 1,972,563 1,676,521 18,991 1.0 % 315,033 18.8 % Total liabilities and equity $ 18,201,945 $ 18,222,443 $ 18,679,379 $ (20,498 ) -0.1 % $ (477,434 ) -2.6 % (1) During the first quarter of 2025, Trustmark ceased the daily sweep between low transaction interest-bearing demand deposits to savings deposits. Prior periods have been reclassified accordingly. n/m - percentage changes greater than +/- 100% are considered not meaningful See Notes to Consolidated Financials Expand TRUSTMARK CORPORATION AND SUBSIDIARIES March 31, 2025 ($ in thousands) (unaudited) Linked Quarter Year over Year PERIOD END BALANCES 3/31/2025 12/31/2024 3/31/2024 $ Change % Change $ Change % Change Cash and due from banks $ 587,362 $ 567,251 $ 606,061 $ 20,111 3.5 % $ (18,699 ) -3.1 % Fed funds sold and reverse repurchases — — — — n/m — n/m Securities available for sale 1,737,462 1,692,534 1,702,299 44,928 2.7 % 35,163 2.1 % Securities held to maturity 1,315,053 1,335,385 1,415,025 (20,332 ) -1.5 % (99,972 ) -7.1 % Loans held for sale (LHFS) 188,689 200,307 172,937 (11,618 ) -5.8 % 15,752 9.1 % Loans held for investment (LHFI) 13,241,469 13,089,942 13,057,943 151,527 1.2 % 183,526 1.4 % ACL LHFI (167,010 ) (160,270 ) (142,998 ) (6,740 ) -4.2 % (24,012 ) -16.8 % Net LHFI 13,074,459 12,929,672 12,914,945 144,787 1.1 % 159,514 1.2 % Premises and equipment, net 231,202 235,410 232,630 (4,208 ) -1.8 % (1,428 ) -0.6 % Mortgage servicing rights 134,395 139,317 138,044 (4,922 ) -3.5 % (3,649 ) -2.6 % Goodwill 334,605 334,605 334,605 — 0.0 % — 0.0 % Identifiable intangible assets 95 126 208 (31 ) -24.6 % (113 ) -54.3 % Other real estate 8,348 5,917 7,620 2,431 41.1 % 728 9.6 % Operating lease right-of-use assets 33,861 34,668 34,324 (807 ) -2.3 % (463 ) -1.3 % Other assets 650,672 677,230 744,821 (26,558 ) -3.9 % (94,149 ) -12.6 % Assets of discontinued operations — — 73,093 — n/m (73,093 ) -100.0 % Total assets $ 18,296,203 $ 18,152,422 $ 18,376,612 $ 143,781 0.8 % $ (80,409 ) -0.4 % Deposits: Noninterest-bearing $ 3,069,929 $ 3,073,565 $ 3,039,652 $ (3,636 ) -0.1 % $ 30,277 1.0 % Interest-bearing 12,010,775 12,034,610 12,298,905 (23,835 ) -0.2 % (288,130 ) -2.3 % Total deposits 15,080,704 15,108,175 15,338,557 (27,471 ) -0.2 % (257,853 ) -1.7 % Fed funds purchased and repurchases 360,080 324,008 393,215 36,072 11.1 % (33,135 ) -8.4 % Other borrowings 404,815 301,541 482,027 103,274 34.2 % (77,212 ) -16.0 % Subordinated notes 123,757 123,702 123,537 55 0.0 % 220 0.2 % Junior subordinated debt securities 61,856 61,856 61,856 — 0.0 % — 0.0 % ACL on off-balance sheet credit exposures 26,561 29,392 33,865 (2,831 ) -9.6 % (7,304 ) -21.6 % Operating lease liabilities 37,917 38,698 37,792 (781 ) -2.0 % 125 0.3 % Other liabilities 179,286 202,723 207,583 (23,437 ) -11.6 % (28,297 ) -13.6 % Liabilities of discontinued operations — — 15,581 — n/m (15,581 ) -100.0 % Total liabilities 16,274,976 16,190,095 16,694,013 84,881 0.5 % (419,037 ) -2.5 % Common stock 12,651 12,711 12,747 (60 ) -0.5 % (96 ) -0.8 % Capital surplus 143,001 157,899 160,521 (14,898 ) -9.4 % (17,520 ) -10.9 % Retained earnings 1,914,277 1,875,376 1,736,485 38,901 2.1 % 177,792 10.2 % Accumulated other comprehensive income (loss), net of tax (48,702 ) (83,659 ) (227,154 ) 34,957 41.8 % 178,452 78.6 % Total shareholders' equity 2,021,227 1,962,327 1,682,599 58,900 3.0 % 338,628 20.1 % n/m - percentage changes greater than +/- 100% are considered not meaningful Expand TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025 ($ in thousands except per share data) (unaudited) Quarter Ended Linked Quarter Year over Year INCOME STATEMENTS 3/31/2025 12/31/2024 3/31/2024 $ Change % Change $ Change % Change Interest and fees on LHFS & LHFI-FTE $ 201,929 $ 211,019 $ 209,456 $ (9,090 ) -4.3 % $ (7,527 ) -3.6 % Interest on securities-taxable 26,056 26,196 15,634 (140 ) -0.5 % 10,422 66.7 % Interest on securities-tax exempt-FTE — — 4 — n/m (4 ) -100.0 % Other interest income 3,846 5,128 8,111 (1,282 ) -25.0 % (4,265 ) -52.6 % Total interest income-FTE 231,831 242,343 233,205 (10,512 ) -4.3 % (1,374 ) -0.6 % Interest on deposits 67,718 75,941 83,716 (8,223 ) -10.8 % (15,998 ) -19.1 % Interest on fed funds purchased and repurchases 4,298 4,036 5,591 262 6.5 % (1,293 ) -23.1 % Other interest expense 5,076 3,922 7,703 1,154 29.4 % (2,627 ) -34.1 % Total interest expense 77,092 83,899 97,010 (6,807 ) -8.1 % (19,918 ) -20.5 % Net interest income-FTE 154,739 158,444 136,195 (3,705 ) -2.3 % 18,544 13.6 % Provision for credit losses (PCL), LHFI 8,125 6,960 7,708 1,165 16.7 % 417 5.4 % PCL, off-balance sheet credit exposures (2,831 ) 502 (192 ) (3,333 ) n/m (2,639 ) n/m PCL, LHFI sale of 1-4 family mortgage loans — — — — n/m — n/m Net interest income after provision-FTE 149,445 150,982 128,679 (1,537 ) -1.0 % 20,766 16.1 % Service charges on deposit accounts 10,636 11,228 10,958 (592 ) -5.3 % (322 ) -2.9 % Bank card and other fees 7,664 8,717 7,428 (1,053 ) -12.1 % 236 3.2 % Mortgage banking, net 8,771 7,388 8,915 1,383 18.7 % (144 ) -1.6 % Wealth management 9,543 9,319 8,952 224 2.4 % 591 6.6 % Other, net 5,970 4,298 3,102 1,672 38.9 % 2,868 92.5 % Securities gains (losses), net — — — — n/m — n/m Total noninterest income (loss) 42,584 40,950 39,355 1,634 4.0 % 3,229 8.2 % Salaries and employee benefits 68,492 69,223 65,487 (731 ) -1.1 % 3,005 4.6 % Services and fees 26,247 26,692 24,431 (445 ) -1.7 % 1,816 7.4 % Net occupancy-premises 7,385 7,195 7,270 190 2.6 % 115 1.6 % Equipment expense 6,308 6,208 6,325 100 1.6 % (17 ) -0.3 % Other expense 15,579 15,112 16,151 467 3.1 % (572 ) -3.5 % Total noninterest expense 124,011 124,430 119,664 (419 ) -0.3 % 4,347 3.6 % Income (loss) from continuing operations (cont. ops) before income taxes and tax eq adj 68,018 67,502 48,370 516 0.8 % 19,648 40.6 % Tax equivalent adjustment 2,684 2,596 3,365 88 3.4 % (681 ) -20.2 % Income (loss) from cont. ops before income taxes 65,334 64,906 45,005 428 0.7 % 20,329 45.2 % Income taxes from cont. ops 11,701 8,594 6,832 3,107 36.2 % 4,869 71.3 % Income (loss) from cont. ops 53,633 56,312 38,173 (2,679 ) -4.8 % 15,460 40.5 % Income from discontinued operations (discont. ops) before income taxes — — 4,512 — n/m (4,512 ) -100.0 % Income taxes from discont. ops — — 1,150 — n/m (1,150 ) -100.0 % Income from discont. ops — — 3,362 — n/m (3,362 ) -100.0 % Net income $ 53,633 $ 56,312 $ 41,535 $ (2,679 ) -4.8 % $ 12,098 29.1 % Per share data (1) Basic earnings (loss) per share from cont. ops $ 0.88 $ 0.92 $ 0.62 $ (0.04 ) -4.3 % $ 0.26 41.9 % Basic earnings per share from discont. ops $ — $ — $ 0.05 $ — n/m $ (0.05 ) -100.0 % Basic earnings per share - total $ 0.88 $ 0.92 $ 0.68 $ (0.04 ) -4.3 % $ 0.20 29.4 % Diluted earnings (loss) per share from cont. ops $ 0.88 $ 0.92 $ 0.62 $ (0.04 ) -4.3 % $ 0.26 41.9 % Diluted earnings per share from discont. ops $ — $ — $ 0.05 $ — n/m $ (0.05 ) -100.0 % Diluted earnings per share - total $ 0.88 $ 0.92 $ 0.68 $ (0.04 ) -4.3 % $ 0.20 29.4 % Dividends per share $ 0.24 $ 0.23 $ 0.23 $ 0.01 4.3 % $ 0.01 4.3 % Weighted average shares outstanding Basic 60,799,984 61,101,954 61,128,425 (1) Due to rounding, earnings (loss) per share from continuing operations and discontinued operations may not sum to earnings per share from net income. n/m - percentage changes greater than +/- 100% are considered not meaningful See Notes to Consolidated Financials Expand TRUSTMARK CORPORATION AND SUBSIDIARIES March 31, 2025 ($ in thousands) (unaudited) Quarter Ended Linked Quarter Year over Year NONPERFORMING ASSETS 3/31/2025 12/31/2024 3/31/2024 $ Change % Change $ Change % Change Nonaccrual LHFI Alabama $ 18,633 $ 18,601 $ 23,261 $ 32 0.2 % $ (4,628 ) -19.9 % Florida 391 305 585 86 28.2 % (194 ) -33.2 % Mississippi (1) 49,107 42,203 59,059 6,904 16.4 % (9,952 ) -16.9 % Tennessee (2) 2,339 2,431 1,800 (92 ) -3.8 % 539 29.9 % Texas 16,150 16,569 13,646 (419 ) -2.5 % 2,504 18.3 % Total nonaccrual LHFI 86,620 80,109 98,351 6,511 8.1 % (11,731 ) -11.9 % Other real estate Alabama 271 170 1,050 101 59.4 % (779 ) -74.2 % Florida — — 71 — n/m (71 ) -100.0 % Mississippi (1) 4,837 2,407 2,870 2,430 n/m 1,967 68.5 % Tennessee (2) 979 1,079 86 (100 ) -9.3 % 893 n/m Texas 2,261 2,261 3,543 — 0.0 % (1,282 ) -36.2 % Total other real estate 8,348 5,917 7,620 2,431 41.1 % 728 9.6 % Total nonperforming assets $ 94,968 $ 86,026 $ 105,971 $ 8,942 10.4 % $ (11,003 ) -10.4 % LOANS PAST DUE OVER 90 DAYS LHFI $ 4,355 $ 4,092 $ 5,243 $ 263 6.4 % $ (888 ) -16.9 % LHFS-Guaranteed GNMA serviced loans (no obligation to repurchase) $ 71,720 $ 71,255 $ 56,530 $ 465 0.7 % $ 15,190 26.9 % Quarter Ended Linked Quarter Year over Year ACL LHFI 3/31/2025 12/31/2024 3/31/2024 $ Change % Change $ Change % Change Beginning Balance $ 160,270 $ 157,929 $ 139,367 $ 2,341 1.5 % $ 20,903 15.0 % PCL, LHFI 8,125 6,960 7,708 1,165 16.7 % 417 5.4 % PCL, LHFI sale of 1-4 family mortgage loans — — — — n/m — n/m Charge-offs, sale of 1-4 family mortgage loans — — — — n/m — n/m Charge-offs (3,701 ) (7,730 ) (6,324 ) 4,029 52.1 % 2,623 41.5 % Recoveries 2,316 3,111 2,247 (795 ) -25.6 % 69 3.1 % Net (charge-offs) recoveries (1,385 ) (4,619 ) (4,077 ) 3,234 70.0 % 2,692 66.0 % Ending Balance $ 167,010 $ 160,270 $ 142,998 $ 6,740 4.2 % $ 24,012 16.8 % NET (CHARGE-OFFS) RECOVERIES Alabama $ (207 ) $ (3,608 ) $ (341 ) $ 3,401 94.3 % $ 134 39.3 % Florida (17 ) 8 277 (25 ) n/m (294 ) n/m Mississippi (1) (755 ) (1,319 ) (1,489 ) 564 42.8 % 734 49.3 % Tennessee (2) (301 ) (208 ) (179 ) (93 ) -44.7 % (122 ) -68.2 % Texas (105 ) 508 (2,345 ) (613 ) n/m 2,240 95.5 % Total net (charge-offs) recoveries $ (1,385 ) $ (4,619 ) $ (4,077 ) $ 3,234 70.0 % $ 2,692 66.0 % (1) Mississippi includes Central and Southern Mississippi Regions. Expand TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025 ($ in thousands) (unaudited) Quarter Ended AVERAGE BALANCES 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Securities AFS-taxable $ 1,726,291 $ 1,708,226 $ 1,658,999 $ 1,866,227 $ 1,927,619 Securities AFS-nontaxable — — — — — Securities HTM-taxable 1,325,185 1,346,141 1,368,943 1,421,246 1,418,476 Securities HTM-nontaxable — — — 112 340 Total securities 3,051,476 3,054,367 3,027,942 3,287,585 3,346,435 Loans (includes loans held for sale) 13,320,276 13,275,762 13,379,658 13,309,127 13,169,805 Other earning assets 365,505 422,083 607,928 592,735 571,329 Total earning assets 16,737,257 16,752,212 17,015,528 17,189,447 17,087,569 ACL LHFI (159,893 ) (157,659 ) (154,476 ) (143,245 ) (138,711 ) Other assets 1,624,581 1,627,890 1,646,241 1,740,307 1,730,521 Total assets $ 18,201,945 $ 18,222,443 $ 18,507,293 $ 18,786,509 $ 18,679,379 Interest-bearing demand deposits (1) $ 7,789,239 $ 7,789,318 $ 7,787,639 $ 7,845,195 $ 7,932,943 Savings deposits (1) 993,232 983,292 1,006,668 1,031,140 1,044,863 Time deposits 3,160,134 3,265,358 3,393,216 3,346,046 3,321,601 Total interest-bearing deposits 11,942,605 12,037,968 12,187,523 12,222,381 12,299,407 Fed funds purchased and repurchases 405,189 357,798 375,559 434,760 428,127 Other borrowings 344,040 218,244 339,417 534,350 463,459 Subordinated notes 123,721 123,666 123,611 123,556 123,501 Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856 Total interest-bearing liabilities 12,877,411 12,799,532 13,087,966 13,376,903 13,376,350 Noninterest-bearing deposits 3,055,333 3,192,358 3,221,516 3,183,524 3,120,566 Other liabilities 277,647 257,990 274,563 498,593 505,942 Total liabilities 16,210,391 16,249,880 16,584,045 17,059,020 17,002,858 Shareholders' equity 1,991,554 1,972,563 1,923,248 1,727,489 1,676,521 Total liabilities and equity $ 18,201,945 $ 18,222,443 $ 18,507,293 $ 18,786,509 $ 18,679,379 (1) During the first quarter of 2025, Trustmark ceased the daily sweep between low transaction interest-bearing demand deposits to savings deposits. Prior periods have been reclassified accordingly. See Notes to Consolidated Financials Expand TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025 ($ in thousands) (unaudited) PERIOD END BALANCES 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Cash and due from banks $ 587,362 $ 567,251 $ 805,436 $ 822,141 $ 606,061 Fed funds sold and reverse repurchases — — 10,000 — — Securities available for sale 1,737,462 1,692,534 1,725,795 1,621,659 1,702,299 Securities held to maturity 1,315,053 1,335,385 1,358,358 1,380,487 1,415,025 LHFS 188,689 200,307 216,454 185,698 172,937 LHFI 13,241,469 13,089,942 13,100,111 13,155,418 13,057,943 ACL LHFI (167,010 ) (160,270 ) (157,929 ) (154,685 ) (142,998 ) Net LHFI 13,074,459 12,929,672 12,942,182 13,000,733 12,914,945 Premises and equipment, net 231,202 235,410 236,151 232,681 232,630 Mortgage servicing rights 134,395 139,317 125,853 136,658 138,044 Goodwill 334,605 334,605 334,605 334,605 334,605 Identifiable intangible assets 95 126 153 181 208 Other real estate 8,348 5,917 3,920 6,586 7,620 Operating lease right-of-use assets 33,861 34,668 36,034 36,925 34,324 Other assets 650,672 677,230 685,431 694,133 744,821 Assets of discontinued operations — — — — 73,093 Total assets $ 18,296,203 $ 18,152,422 $ 18,480,372 $ 18,452,487 $ 18,376,612 Deposits: Noninterest-bearing $ 3,069,929 $ 3,073,565 $ 3,142,792 $ 3,153,506 $ 3,039,652 Interest-bearing 12,010,775 12,034,610 12,098,143 12,309,382 12,298,905 Total deposits 15,080,704 15,108,175 15,240,935 15,462,888 15,338,557 Fed funds purchased and repurchases 360,080 324,008 365,643 314,121 393,215 Other borrowings 404,815 301,541 443,458 336,687 482,027 Subordinated notes 123,757 123,702 123,647 123,592 123,537 Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856 ACL on off-balance sheet credit exposures 26,561 29,392 28,890 30,265 33,865 Operating lease liabilities 37,917 38,698 39,689 40,517 37,792 Other liabilities 179,286 202,723 196,158 203,420 207,583 Liabilities of discontinued operations — — — — 15,581 Total liabilities 16,274,976 16,190,095 16,500,276 16,573,346 16,694,013 Common stock 12,651 12,711 12,753 12,753 12,747 Capital surplus 143,001 157,899 163,156 161,834 160,521 Retained earnings 1,914,277 1,875,376 1,833,232 1,796,111 1,736,485 Accumulated other comprehensive income (loss), net of tax (48,702 ) (83,659 ) (29,045 ) (91,557 ) (227,154 ) See Notes to Consolidated Financials Expand TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2025 ($ in thousands except per share data) (unaudited) Quarter Ended INCOME STATEMENTS 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Interest and fees on LHFS & LHFI-FTE $ 201,929 $ 211,019 $ 220,433 $ 216,399 $ 209,456 Interest on securities-taxable 26,056 26,196 26,162 17,929 15,634 Interest on securities-tax exempt-FTE — — — 1 4 Other interest income 3,846 5,128 8,302 8,126 8,111 Total interest income-FTE 231,831 242,343 254,897 242,455 233,205 Interest on deposits 67,718 75,941 86,043 83,681 83,716 Interest on fed funds purchased and repurchases 4,298 4,036 4,864 5,663 5,591 Other interest expense 5,076 3,922 5,971 8,778 7,703 Total interest expense 77,092 83,899 96,878 98,122 97,010 Net interest income-FTE 154,739 158,444 158,019 144,333 136,195 PCL, LHFI 8,125 6,960 7,923 14,696 7,708 PCL, off-balance sheet credit exposures (2,831 ) 502 (1,375 ) (3,600 ) (192 ) PCL, LHFI sale of 1-4 family mortgage loans — — — 8,633 — Net interest income after provision-FTE 149,445 150,982 151,471 124,604 128,679 Service charges on deposit accounts 10,636 11,228 11,272 10,924 10,958 Bank card and other fees 7,664 8,717 7,931 9,225 7,428 Mortgage banking, net 8,771 7,388 6,119 4,204 8,915 Wealth management 9,543 9,319 9,288 9,692 8,952 Other, net 5,970 4,298 2,952 7,461 3,102 Securities gains (losses), net — — — (182,792 ) — Total noninterest income (loss) 42,584 40,950 37,562 (141,286 ) 39,355 Salaries and employee benefits 68,492 69,223 66,691 64,838 65,487 Services and fees 26,247 26,692 25,724 24,743 24,431 Net occupancy-premises 7,385 7,195 7,398 7,265 7,270 Equipment expense 6,308 6,208 6,141 6,241 6,325 Other expense 15,579 15,112 17,316 15,239 16,151 Total noninterest expense 124,011 124,430 123,270 118,326 119,664 Income (loss) from continuing operations (cont. ops) before income taxes and tax eq adj 68,018 67,502 65,763 (135,008 ) 48,370 Tax equivalent adjustment 2,684 2,596 3,305 3,304 3,365 Income (loss) from cont. ops before income taxes 65,334 64,906 62,458 (138,312 ) 45,005 Income taxes from cont. ops 11,701 8,594 11,128 (37,707 ) 6,832 Income (loss) from cont. ops 53,633 56,312 51,330 (100,605 ) 38,173 Income from discontinued operations (discont. ops) before income taxes — — — 232,640 4,512 Income taxes from discont. ops — — — 58,203 1,150 Income from discont. ops — — — 174,437 3,362 Net income $ 53,633 $ 56,312 $ 51,330 $ 73,832 $ 41,535 Per share data (1) Basic earnings (loss) per share from cont. ops $ 0.88 $ 0.92 $ 0.84 $ (1.64 ) $ 0.62 Basic earnings per share from discont. ops $ — $ — $ — $ 2.85 $ 0.05 Basic earnings per share - total $ 0.88 $ 0.92 $ 0.84 $ 1.21 $ 0.68 Diluted earnings (loss) per share from cont. ops $ 0.88 $ 0.92 $ 0.84 $ (1.64 ) $ 0.62 Diluted earnings per share from discont. ops $ — $ — $ — $ 2.84 $ 0.05 Diluted earnings per share - total $ 0.88 $ 0.92 $ 0.84 $ 1.20 $ 0.68 Dividends per share $ 0.24 $ 0.23 $ 0.23 $ 0.23 $ 0.23 Weighted average shares outstanding Basic 60,799,984 61,101,954 61,206,599 61,196,820 61,128,425 Diluted 61,049,120 61,367,825 61,448,410 61,415,957 61,348,364 Period end shares outstanding 60,718,411 61,008,023 61,206,606 61,205,969 61,178,366 (1) Due to rounding, earnings (loss) per share from continuing operations and discontinued operations may not sum to earnings per share from net income. See Notes to Consolidated Financials Expand TRUSTMARK CORPORATION AND SUBSIDIARIES March 31, 2025 ($ in thousands) (unaudited) Quarter Ended NONPERFORMING ASSETS 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Nonaccrual LHFI Alabama $ 18,633 $ 18,601 $ 25,835 $ 26,222 $ 23,261 Florida 391 305 111 614 585 Mississippi (1) 49,107 42,203 31,536 14,773 59,059 Tennessee (2) 2,339 2,431 3,180 2,084 1,800 Texas 16,150 16,569 13,163 599 13,646 Total nonaccrual LHFI 86,620 80,109 73,825 44,292 98,351 Other real estate Alabama 271 170 170 485 1,050 Florida — — — — 71 Mississippi (1) 4,837 2,407 1,772 1,787 2,870 Tennessee (2) 979 1,079 — 86 86 Texas 2,261 2,261 1,978 4,228 3,543 Total other real estate 8,348 5,917 3,920 6,586 7,620 Total nonperforming assets $ 94,968 $ 86,026 $ 77,745 $ 50,878 $ 105,971 LOANS PAST DUE OVER 90 DAYS LHFI $ 4,355 $ 4,092 $ 5,352 $ 5,413 $ 5,243 LHFS-Guaranteed GNMA serviced loans (no obligation to repurchase) $ 71,720 $ 71,255 $ 63,703 $ 58,079 $ 56,530 Quarter Ended ACL LHFI 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Beginning Balance $ 160,270 $ 157,929 $ 154,685 $ 142,998 $ 139,367 PCL, LHFI 8,125 6,960 7,923 14,696 7,708 PCL, LHFI sale of 1-4 family mortgage loans — — — 8,633 — Charge-offs, sale of 1-4 family mortgage loans — — — (8,633 ) — Charge-offs (3,701 ) (7,730 ) (7,142 ) (5,120 ) (6,324 ) Recoveries 2,316 3,111 2,463 2,111 2,247 Net (charge-offs) recoveries (1,385 ) (4,619 ) (4,679 ) (11,642 ) (4,077 ) Ending Balance $ 167,010 $ 160,270 $ 157,929 $ 154,685 $ 142,998 NET (CHARGE-OFFS) RECOVERIES Alabama $ (207 ) $ (3,608 ) $ (3,098 ) $ 59 $ (341 ) Florida (17 ) 8 595 4 277 Mississippi (1) (755 ) (1,319 ) (1,881 ) (9,112 ) (1,489 ) Tennessee (2) (301 ) (208 ) (296 ) (122 ) (179 ) Texas (105 ) 508 1 (2,471 ) (2,345 ) Total net (charge-offs) recoveries $ (1,385 ) $ (4,619 ) $ (4,679 ) $ (11,642 ) $ (4,077 ) (1) Mississippi includes Central and Southern Mississippi Regions. Expand TRUSTMARK CORPORATION AND SUBSIDIARIES March 31, 2025 (unaudited) Quarter Ended FINANCIAL RATIOS AND OTHER DATA 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Return on average equity from continuing operations 10.92 % 11.36 % 10.62 % -23.42 % 9.16 % Return on average equity from adjusted continuing operations (1) 10.92 % 11.36 % 10.62 % 9.06 % 9.16 % Return on average equity - total 10.92 % 11.36 % 10.62 % 17.19 % 9.96 % Return on average tangible equity from continuing operations 13.13 % 13.68 % 12.86 % -29.05 % 11.45 % Return on average tangible equity from adjusted continuing operations (1) 13.13 % 13.68 % 12.86 % 11.14 % 11.45 % Return on average tangible equity - total 13.13 % 13.68 % 12.86 % 21.91 % 12.98 % Return on average assets from continuing operations 1.19 % 1.23 % 1.10 % -2.16 % 0.83 % Return on average assets from adjusted continuing operations (1) 1.19 % 1.23 % 1.10 % 0.87 % 0.83 % Return on average assets - total 1.19 % 1.23 % 1.10 % 1.58 % 0.89 % Interest margin - Yield - FTE 5.62 % 5.76 % 5.96 % 5.67 % 5.49 % Interest margin - Cost 1.87 % 1.99 % 2.27 % 2.30 % 2.28 % Net interest margin - FTE 3.75 % 3.76 % 3.69 % 3.38 % 3.21 % Efficiency ratio (2) 61.77 % 61.77 % 60.99 % 63.81 % 66.90 % Full-time equivalent employees 2,506 2,500 2,500 2,515 2,712 CREDIT QUALITY RATIOS Net (recoveries) charge-offs (excl sale of 1-4 family mortgage loans) / average loans 0.04 % 0.14 % 0.14 % 0.09 % 0.12 % PCL, LHFI (excl PCL, LHFI sale of 1-4 family mortgage loans) / average loans 0.25 % 0.21 % 0.24 % 0.44 % 0.24 % Nonaccrual LHFI / (LHFI + LHFS) 0.64 % 0.60 % 0.55 % 0.33 % 0.74 % Nonperforming assets / (LHFI + LHFS) 0.71 % 0.65 % 0.58 % 0.38 % 0.80 % Nonperforming assets / (LHFI + LHFS + other real estate) 0.71 % 0.65 % 0.58 % 0.38 % 0.80 % ACL LHFI / LHFI 1.26 % 1.22 % 1.21 % 1.18 % 1.10 % ACL LHFI-commercial / commercial LHFI 1.11 % 1.10 % 1.08 % 1.05 % 0.93 % ACL LHFI-consumer / consumer and home mortgage LHFI 1.76 % 1.62 % 1.64 % 1.59 % 1.63 % ACL LHFI / nonaccrual LHFI 192.81 % 200.06 % 213.92 % 349.24 % 145.39 % ACL LHFI / nonaccrual LHFI (excl individually analyzed loans) 296.41 % 341.20 % 497.27 % 840.20 % 235.29 % CAPITAL RATIOS Total equity / total assets 11.05 % 10.81 % 10.71 % 10.18 % 9.16 % Tangible equity / tangible assets 9.39 % 9.13 % 9.07 % 8.52 % 7.47 % Tangible equity / risk-weighted assets 11.23 % 10.86 % 10.97 % 10.18 % 8.83 % Tier 1 leverage ratio 10.11 % 9.99 % 9.65 % 9.29 % 8.76 % Common equity tier 1 capital ratio 11.63 % 11.54 % 11.30 % 10.92 % 10.12 % Tier 1 risk-based capital ratio 12.03 % 11.94 % 11.70 % 11.31 % 10.51 % Total risk-based capital ratio 14.10 % 13.97 % 13.71 % 13.29 % 12.42 % STOCK PERFORMANCE Market value-Close $ 34.49 $ 35.37 $ 31.82 $ 30.04 $ 28.11 Book value $ 33.29 $ 32.17 $ 32.35 $ 30.70 $ 27.50 Tangible book value $ 27.78 $ 26.68 $ 26.88 $ 25.23 $ 22.03 (1) Adjusted continuing operations excludes significant non-routine transactions. See Note 7 - Non-GAAP Financial Measures in the Notes to the Consolidated Financials. (2) See Note 7 – Non-GAAP Financial Measures in the Notes to Consolidated Financials for Trustmark's efficiency ratio calculation. See Notes to Consolidated Financials Expand TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS March 31, 2025 ($ in thousands) (unaudited) Note 1 - Significant Non-Routine Transactions Trustmark completed the following significant non-routine transactions during the second quarter of 2024: On May 31, 2024, Trustmark National Bank closed the sale of its wholly owned subsidiary, Fisher Brown Bottrell Insurance, Inc., (FBBI) to Marsh & McLennan Agency LLC, consistent with the terms as previously announced on April 23, 2024. Trustmark National Bank is a wholly owned subsidiary of Trustmark Corporation. Trustmark recognized a gain on the sale of $228.3 million ($171.2 million, net of taxes) in income from discontinued operations. The operations of FBBI are also included in discontinued operations for the current and prior periods. Trustmark restructured its investment securities portfolio by selling $1.561 billion of available for sale securities with an average yield of 1.36%, which generated a loss of $182.8 million ($137.1 million, net of taxes) and was recorded to noninterest income in securities gains (losses), net. Trustmark purchased $1.378 billion of available for sale securities with an average yield of 4.85%. Trustmark sold a portfolio of 1-4 family mortgage loans that were three payments delinquent and/or nonaccrual at the time of selection totaling $56.2 million, which resulted in a loss of $13.4 million ($10.1 million, net of taxes). The portion of the loss related to credit totaled $8.6 million and was recorded as adjustments to charge-offs and the provision for credit losses. The noncredit-related portion of the loss totaled $4.8 million and was recorded to noninterest income in other, net. On April 8, 2024, Visa commenced an initial exchange offer expiring on May 3, 2024, for any and all outstanding shares of Visa Class B-1 common stock (Visa B-1 shares). Holders participating in the exchange offer would receive a combination of Visa Class B-2 common stock (Visa B-2 shares) and Visa Class C common stock (Visa C shares) in exchange for Visa B-1 shares that are validly tendered and accepted for exchange by Visa. TNB tendered its 38.7 thousand Visa B-1 shares, which was accepted by Visa. In exchange for each Visa B-1 share that was validly tendered and accepted for exchange by Visa, TNB received 50.0% of a newly issued Visa B-2 share and newly issued Visa C shares equivalent in value to 50.0% of a Visa B-1 share. The Visa C shares that were received by TNB were recognized at fair value, which resulted in a gain of $8.1 million ($6.0 million, net of taxes) and recorded to noninterest income in other, net during the second quarter of 2024. During the third quarter of 2024, TNB sold all of the Visa C shares for approximately the same carrying value at June 30, 2024. The Visa B-2 shares were recorded at their nominal carrying value. Expand Note 2 - 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: 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 SECURITIES AVAILABLE FOR SALE U.S. Treasury securities $ 212,463 $ 202,669 $ 202,638 $ 172,955 $ 372,424 U.S. Government agency obligations 49,325 38,807 19,335 — 5,594 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 28,108 28,411 25,798 23,489 22,232 Issued by FNMA and FHLMC 1,090,137 1,070,538 1,105,310 1,060,869 1,129,521 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA — — — — 79,099 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA 357,429 352,109 372,714 364,346 93,429 Total securities available for sale $ 1,737,462 $ 1,692,534 $ 1,725,795 $ 1,621,659 $ 1,702,299 SECURITIES HELD TO MATURITY U.S. Treasury securities $ 30,033 $ 29,842 $ 29,648 $ 29,455 $ 29,261 Obligations of states and political subdivisions — — — — 340 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 15,726 16,218 17,773 17,998 18,387 Issued by FNMA and FHLMC 411,454 423,372 436,177 449,781 461,457 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA 116,969 123,685 131,348 138,951 146,447 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA 740,871 742,268 743,412 744,302 759,133 Total securities held to maturity $ 1,315,053 $ 1,335,385 $ 1,358,358 $ 1,380,487 $ 1,415,025 At March 31, 2025, the net unamortized, unrealized loss included in accumulated other comprehensive income (loss) in the accompanying balance sheet for securities held to maturity transferred from securities available for sale totaled $44.1 million. Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 100.0% of the portfolio in U.S. Treasury securities, GSE-backed obligations and other Aaa rated securities as determined by Moody's. None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the Federal Home Loan Bank of Dallas and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE. Expand TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS March 31, 2025 ($ in thousands) (unaudited) Note 3 – Loan Composition LHFI consisted of the following during the periods presented: LHFI BY TYPE 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Loans secured by real estate: Construction, land development and other land loans $ 1,321,631 $ 1,417,148 $ 1,588,256 $ 1,638,972 $ 1,539,461 Secured by 1-4 family residential properties 2,973,978 2,949,543 2,895,006 2,878,295 2,891,481 Secured by nonfarm, nonresidential properties 3,532,842 3,533,282 3,582,552 3,598,647 3,543,235 Other real estate secured 1,876,459 1,633,830 1,475,798 1,344,968 1,384,610 Commercial and industrial loans 1,765,893 1,840,722 1,767,079 1,880,607 1,922,711 Consumer loans 154,623 151,443 149,436 153,316 156,430 State and other political subdivision loans 974,300 969,836 996,002 1,053,015 1,052,844 Other loans and leases 641,743 594,138 645,982 607,598 567,171 LHFI 13,241,469 13,089,942 13,100,111 13,155,418 13,057,943 ACL LHFI (167,010 ) (160,270 ) (157,929 ) (154,685 ) (142,998 ) Net LHFI $ 13,074,459 $ 12,929,672 $ 12,942,182 $ 13,000,733 $ 12,914,945 Expand
Yahoo
01-03-2025
- Health
- Yahoo
Public health funding cuts in new state budget would undo some HFI gains
GOSHEN — State lawmakers are undermining efforts to improve Hoosiers' health by proposing 33 percent cuts to public funding, local health officials warn. House Bill 1001, the two-year budget bill that advanced to the Senate last week, cuts local public health spending from $150 million annually to $100 million. That would largely reverse dramatic funding increases made under the Health First Indiana initiative just two years ago. 'Speaking from the board of health and personally, that HFI funding potential decrease is just really tragic for our state,' Elkhart County Board of Health Chair Paul Shetler Fast said Thursday. The $225 million total directed toward local health departments in the last budget cycle was meant to help Indiana catch up to the rest of the nation. The boost was based on the recommendations of the Governor's Public Health Commission, though the amount was less than half of what the commission said was needed. 'We had been under-funding public health for years. That was recognized,' Shetler Fast said. 'We brought it up to kind of an average level of funding. And now it's going to drop, if this goes through, well below that again.' The commission's findings highlight the fact that Indiana is one of the unhealthiest states with nearly rock-bottom health funding. Indiana residents die two years earlier than the national average, a life expectancy that has been declining since 2010. Indiana ranks below most other states when it comes to health issues like infant mortality, obesity, smoking and mental health. The state's overall public health ranking fell from 26th to 41st within a generation. One of the commission's goals was to increase per-person public health funding to reach the national average of around $91. Indiana's average was $55 per capita, with individual counties ranging from $1.25 to $83. 'A reminder of why that was passed, is there's this huge disparity also in our state, with the rural areas, poor areas, tending to get less health services,' Shetler Fast said. 'Rural communities around the state tend to be some of the worst impacted if that gets cut.' 'We can't do it on our own' Elkhart County spent less than $20 per person before it opted in to the new funding formula, according to Elkhart County Health Officer Melanie Sizemore. HFI requires a 20 percent local match, which in the second year of the program every county committed to providing in order to receive a share of the $150 million allotted for 2025. Elkhart County received just under $2.5 million for 2024 and around $5 million for 2025. It's money that factored into the department's planning, Sizemore said Friday. 'We've always had a Plan B in the back of our mind, but thinking that we were going to get this particular set amount helped us understand how we can make Elkhart County healthier without growing our staffing and that sort of thing,' she said. 'That is a concern by county council, that we stay about the size that we are. So granting out these funds is what needs to happen in order for the work to get done.' The extra funding comes with the obligation that health departments provide pass-through grants for other local organizations that provide health services. Last year, Elkhart County directed $300,000 in one-year grants to programs that met priority needs in the county in the areas of maternal and infant health, mental health and sexually transmitted infections. This year, the department gave $1.1 million to 12 programs. Sizemore said the 33 percent cut in state funding would hurt the health department's ability to fund programs that seek to improve the health of Elkhart County residents. 'That would affect our ability to grant dollars out into the community at the level that we do,' she told the board. 'That is a deep concern because we cannot do the work alone.' She added Friday that mental health, in particular, is an area where the department relies on community partners to provide services. Grant recipients have included Clubhouse programs for adults with mental illness, a mobile integrated health team who responds to mental health crises and Oaklawn Psychiatric Center. 'A lot of that work, we can't do on our own, particularly the mental health area,' Sizemore said. 'We do not specialize in mental health, so we have to give money to help make that happen for Elkhart County. And if that money goes away, that means there are that many fewer services available if needed. It's concerning.'
