ADDED
As of January 30, 2026, there were issued and outstanding 58,849,788 shares of the registrant s Common Stock.
Government securities and other risks described in our filings with the Securities and Exchange Commission (SEC).
As previously disclosed, on August 4, 2025, Trustmark s principal subsidiary, Trustmark National Bank, initially chartered by the State of Mississippi in 1889, converted from a national banking association to a Mississippi-chartered banking corporation and changed its name to Trustmark Bank (TB).
TB is a member bank of the Federal Reserve System and is supervised by the Federal Reserve Bank of Atlanta (FRBA) and the Mississippi Department of Banking and Consumer Finance (MDBCF).
At December 31, 2025, TB had total assets of $18.923 billion, which represented approximately 99.99% of the consolidated assets of Trustmark.
Recent Economic and Industry Developments Economic activity improved slightly during 2025, but was characterized by mixed signals, notably, strong equity market performance, continued consumer spending and FRB rate cuts, but also a softening labor market and persistent inflationary pressures, driven partly by new tariffs.
United States stocks performed strongly during the second half of 2025, supported by optimistic sentiment around lower interest rates, better-than-expected corporate earnings and strong performance in the technology and artificial intelligence (AI) sectors.
However, economic concerns remain as a result of the cumulative weight of uncertainty regarding the potential economic impact of geopolitical developments, such as conflicts in Ukraine and the Middle East, the current United States presidential administration's policies, inflationary and broader pricing pressures and other economic and industry volatility.
For most of 2025, the FRB left the target federal funds rate unchanged at a range of 4.25% to 4.50% and maintained the rate it pays on reserves at 4.40%.
However, beginning with the September 2025 meeting of the FRB's Federal Open Market Committee, the FRB noted increases in unemployment and inflation shifting the balance of risks to achieving its goals.
REMOVED
As of January 31, 2025, there were issued and outstanding 60,765,271 shares of the registrant s Common Stock.
Trustmark s principal subsidiary is Trustmark National Bank (TNB), initially chartered by the State of Mississippi in 1889.
At December 31, 2024, TNB had total assets of $18.150 billion, which represented approximately 99.99% of the consolidated assets of Trustmark.
Recent Economic and Industry Developments Economic activity improved moderately during 2024; however, economic concerns remain as a result of the cumulative weight of uncertainty regarding the potential economic impact of geopolitical developments, such as the conflicts in Ukraine and the Middle East, inflation, other economic and industry volatility, the current United States presidential administration's policies, higher energy prices and broader price pressures.
The FRB maintained the target federal funds rate at a range of 5.25% to 5.50% from July 2023 through September 2024.
In September 2024, the FRB began lowering the target federal funds rate making multiple decreases during the fourth quarter of 2024 to a range of 4.25% to 4.50% as of December 2024, based on its confidence that inflation was moving substantially toward 2.00% and that the risks to achieving the FRB's employment and inflation goals were roughly balanced.
At the most recent meeting of the FRB's Federal Open Market Committee (in January 2025), the FRB determined to leave the target federal funds rate unchanged.
In addition, the FRB maintained the rate it paid on reserves at 5.40% from July 2023 through September 2024.
In September 2024, the FRB made the first of multiple declines in the rate it pays on reserves, lowering the rate to 4.40% as of December 2024.
While rate cuts potentially reduce those competitive pressures, they increase pressure on Trustmark's net interest margin, a key component to its financial results.