Astera Labs (NasdaqGS:ALAB) Sees Q1 Revenue Jump To US$159M With Positive Earnings Guidance
Be aware that Astera Labs is showing 2 warning signs in our investment analysis.
NasdaqGS:ALAB Earnings Per Share Growth as at May 2025
The end of cancer? These 23 emerging AI stocks are developing tech that will allow early identification of life changing diseases like cancer and Alzheimer's.
The recent 35% rise in Astera Labs' share price reflects investor optimism following its strong Q1 2025 earnings and positive revenue outlook. The company's commitment to advancing PCIe 6 technology and AI infrastructure solutions appears to be a driving force behind this investor confidence. However, over the last year, the stock's total shareholder return was negative, showing a 6.34% decline, indicating challenges in maintaining long-term growth or market sentiment stability. When comparing its performance to the US market and semiconductor industry over the past year, Astera Labs underperformed both, with the broader US market gaining approximately 7.2% and the semiconductor industry seeing an 8.8% increase.
The recent developments may prompt a re-evaluation of revenue and earnings forecasts for the company, especially given its expansion plans in AI and CXL technology. Analysts forecast revenue growth of 44.3% annually over the next three years, with profits expected to rise; however, these projections also face uncertainties, including customer concentration risks and evolving technology standards. Despite the recent price movement, Astera Labs' current share price of US$65.65 remains 40.9% below the consensus analyst price target of US$111.16, suggesting potential room for upward movement if the company aligns with these growth expectations. Investors should compare these forecasts against their own assessments to gauge the validity of the price target.
Review our historical performance report to gain insights into Astera Labs' track record.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2025 ($ in thousands) (unaudited) Linked Quarter Year over Year QUARTERLY AVERAGE BALANCES 6/30/2025 3/31/2025 6/30/2024 $ Change % Change $ Change % Change Securities AFS-taxable $ 1,745,924 $ 1,726,291 $ 1,866,227 $ 19,633 1.1 % $ (120,303 ) -6.4 % Securities HTM-taxable 1,303,195 1,325,185 1,421,246 (21,990 ) -1.7 % (118,051 ) -8.3 % Securities HTM-nontaxable — — 112 — n/m (112 ) -100.0 % Total securities 3,049,119 3,051,476 3,287,585 (2,357 ) -0.1 % (238,466 ) -7.3 % Loans (includes loans held for sale) 13,543,505 13,320,276 13,309,127 223,229 1.7 % 234,378 1.8 % Other earning assets 414,733 365,505 592,735 49,228 13.5 % (178,002 ) -30.0 % Total earning assets 17,007,357 16,737,257 17,189,447 270,100 1.6 % (182,090 ) -1.1 % Allowance for credit losses (ACL), loans held for investment (LHFI) (166,430 ) (159,893 ) (143,245 ) (6,537 ) -4.1 % (23,185 ) -16.2 % Other assets 1,605,786 1,624,581 1,740,307 (18,795 ) -1.2 % (134,521 ) -7.7 % Total assets $ 18,446,713 $ 18,201,945 $ 18,786,509 $ 244,768 1.3 % $ (339,796 ) -1.8 % Interest-bearing demand deposits (1) $ 7,682,684 $ 7,789,239 $ 7,845,195 $ (106,555 ) -1.4 % $ (162,511 ) -2.1 % Savings deposits (1) 989,689 993,232 1,031,140 (3,543 ) -0.4 % (41,451 ) -4.0 % Time deposits 3,313,420 3,160,134 3,346,046 153,286 4.9 % (32,626 ) -1.0 % Total interest-bearing deposits 11,985,793 11,942,605 12,222,381 43,188 0.4 % (236,588 ) -1.9 % Fed funds purchased and repurchases 416,104 405,189 434,760 10,915 2.7 % (18,656 ) -4.3 % Other borrowings 431,861 344,040 534,350 87,821 25.5 % (102,489 ) -19.2 % Subordinated notes 123,779 123,721 123,556 58 0.0 % 223 0.2 % Junior subordinated debt securities 61,856 61,856 61,856 — 0.0 % — 0.0 % Total interest-bearing liabilities 13,019,393 12,877,411 13,376,903 141,982 1.1 % (357,510 ) -2.7 % Noninterest-bearing deposits 3,171,796 3,055,333 3,183,524 116,463 3.8 % (11,728 ) -0.4 % Other liabilities 214,315 277,647 498,593 (63,332 ) -22.8 % (284,278 ) -57.0 % Total liabilities 16,405,504 16,210,391 17,059,020 195,113 1.2 % (653,516 ) -3.8 % Shareholders' equity 2,041,209 1,991,554 1,727,489 49,655 2.5 % 313,720 18.2 % Total liabilities and equity $ 18,446,713 $ 18,201,945 $ 18,786,509 $ 244,768 1.3 % $ (339,796 ) -1.8 % (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 CONSOLIDATED FINANCIAL INFORMATION June 30, 2025 ($ in thousands) (unaudited) Linked Quarter Year over Year PERIOD END BALANCES 6/30/2025 3/31/2025 6/30/2024 $ Change % Change $ Change % Change Cash and due from banks $ 634,402 $ 587,362 $ 822,141 $ 47,040 8.0 % $ (187,739 ) -22.8 % Fed funds sold and reverse repurchases — — — — n/m — n/m Securities available for sale 1,782,092 1,737,462 1,621,659 44,630 2.6 % 160,433 9.9 % Securities held to maturity 1,290,572 1,315,053 1,380,487 (24,481 ) -1.9 % (89,915 ) -6.5 % Loans held for sale (LHFS) 219,649 188,689 185,698 30,960 16.4 % 33,951 18.3 % Loans held for investment (LHFI) 13,464,780 13,241,469 13,155,418 223,311 1.7 % 309,362 2.4 % ACL LHFI (168,237 ) (167,010 ) (154,685 ) (1,227 ) -0.7 % (13,552 ) -8.8 % Net LHFI 13,296,543 13,074,459 13,000,733 222,084 1.7 % 295,810 2.3 % Premises and equipment, net 228,964 231,202 232,681 (2,238 ) -1.0 % (3,717 ) -1.6 % Mortgage servicing rights 132,702 134,395 136,658 (1,693 ) -1.3 % (3,956 ) -2.9 % Goodwill 334,605 334,605 334,605 — 0.0 % — 0.0 % Other real estate 8,972 8,348 6,586 624 7.5 % 2,386 36.2 % Operating lease right-of-use assets 34,016 33,861 36,925 155 0.5 % (2,909 ) -7.9 % Other assets (1) 653,142 650,767 694,314 2,375 0.4 % (41,172 ) -5.9 % Total assets $ 18,615,659 $ 18,296,203 $ 18,452,487 $ 319,456 1.7 % $ 163,172 0.9 % Deposits: Noninterest-bearing $ 3,135,435 $ 3,069,929 $ 3,153,506 $ 65,506 2.1 % $ (18,071 ) -0.6 % Interest-bearing 11,980,426 12,010,775 12,309,382 (30,349 ) -0.3 % (328,956 ) -2.7 % Total deposits 15,115,861 15,080,704 15,462,888 35,157 0.2 % (347,027 ) -2.2 % Fed funds purchased and repurchases 456,326 360,080 314,121 96,246 26.7 % 142,205 45.3 % Other borrowings 558,654 404,815 336,687 153,839 38.0 % 221,967 65.9 % Subordinated notes 123,812 123,757 123,592 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 25,891 26,561 30,265 (670 ) -2.5 % (4,374 ) -14.5 % Operating lease liabilities 38,091 37,917 40,517 174 0.5 % (2,426 ) -6.0 % Other liabilities 164,379 179,286 203,420 (14,907 ) -8.3 % (39,041 ) -19.2 % Total liabilities 16,544,870 16,274,976 16,573,346 269,894 1.7 % (28,476 ) -0.2 % Common stock 12,585 12,651 12,753 (66 ) -0.5 % (168 ) -1.3 % Capital surplus 133,195 143,001 161,834 (9,806 ) -6.9 % (28,639 ) -17.7 % Retained earnings 1,955,498 1,914,277 1,796,111 41,221 2.2 % 159,387 8.9 % Accumulated other comprehensive income (loss), net of tax (30,489 ) (48,702 ) (91,557 ) 18,213 37.4 % 61,068 66.7 % Total shareholders' equity 2,070,789 2,021,227 1,879,141 49,562 2.5 % 191,648 10.2 % Total liabilities and equity $ 18,615,659 $ 18,296,203 $ 18,452,487 $ 319,456 1.7 % $ 163,172 0.9 % (1) Trustmark reclassified its identifiable intangible assets, net to other assets. The prior periods has been reclassified accordingly. n/m - percentage changes greater than +/- 100% are considered not meaningful See Notes to Consolidated Financials Expand TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2025 ($ in thousands except per share data) (unaudited) Quarter Ended Linked Quarter Year over Year INCOME STATEMENTS 6/30/2025 3/31/2025 6/30/2024 $ Change % Change $ Change % Change Interest and fees on LHFS & LHFI-FTE $ 209,077 $ 201,929 $ 216,399 $ 7,148 3.5 % $ (7,322 ) -3.4 % Interest on securities-taxable 26,269 26,056 17,929 213 0.8 % 8,340 46.5 % Interest on securities-tax exempt-FTE — — 1 — n/m (1 ) -100.0 % Other interest income 4,734 3,846 8,126 888 23.1 % (3,392 ) -41.7 % Total interest income-FTE 240,080 231,831 242,455 8,249 3.6 % (2,375 ) -1.0 % Interest on deposits 68,177 67,718 83,681 459 0.7 % (15,504 ) -18.5 % Interest on fed funds purchased and repurchases 4,513 4,298 5,663 215 5.0 % (1,150 ) -20.3 % Other interest expense 5,982 5,076 8,778 906 17.8 % (2,796 ) -31.9 % Total interest expense 78,672 77,092 98,122 1,580 2.0 % (19,450 ) -19.8 % Net interest income-FTE 161,408 154,739 144,333 6,669 4.3 % 17,075 11.8 % Provision for credit losses (PCL), LHFI 5,346 8,125 14,696 (2,779 ) -34.2 % (9,350 ) -63.6 % PCL, off-balance sheet credit exposures (670 ) (2,831 ) (3,600 ) 2,161 76.3 % 2,930 81.4 % PCL, LHFI sale of 1-4 family mortgage loans — — 8,633 — n/m (8,633 ) -100.0 % Net interest income after provision-FTE 156,732 149,445 124,604 7,287 4.9 % 32,128 25.8 % Service charges on deposit accounts 10,585 10,636 10,924 (51 ) -0.5 % (339 ) -3.1 % Bank card and other fees 8,754 7,664 9,225 1,090 14.2 % (471 ) -5.1 % Mortgage banking, net 8,602 8,771 4,204 (169 ) -1.9 % 4,398 n/m Wealth management 9,638 9,543 9,692 95 1.0 % (54 ) -0.6 % Other, net 2,311 5,970 7,461 (3,659 ) -61.3 % (5,150 ) -69.0 % Securities gains (losses), net — — (182,792 ) — n/m 182,792 100.0 % Total noninterest income (loss) 39,890 42,584 (141,286 ) (2,694 ) -6.3 % 181,176 n/m Salaries and employee benefits 68,298 68,492 64,838 (194 ) -0.3 % 3,460 5.3 % Services and fees 26,998 26,247 24,743 751 2.9 % 2,255 9.1 % Net occupancy-premises 7,507 7,385 7,265 122 1.7 % 242 3.3 % Equipment expense 6,206 6,308 6,241 (102 ) -1.6 % (35 ) -0.6 % Other expense 16,105 15,579 15,239 526 3.4 % 866 5.7 % Total noninterest expense 125,114 124,011 118,326 1,103 0.9 % 6,788 5.7 % Income (loss) from continuing operations (cont. ops) before income taxes and tax eq adj 71,508 68,018 (135,008 ) 3,490 5.1 % 206,516 n/m Tax equivalent adjustment 2,652 2,684 3,304 (32 ) -1.2 % (652 ) -19.7 % Income (loss) from cont. ops before income taxes 68,856 65,334 (138,312 ) 3,522 5.4 % 207,168 n/m Income taxes from cont. ops 13,015 11,701 (37,707 ) 1,314 11.2 % 50,722 n/m Income (loss) from cont. ops 55,841 53,633 (100,605 ) 2,208 4.1 % 156,446 n/m Income from discontinued operations (discont. ops) before income taxes — — 232,640 — n/m (232,640 ) -100.0 % Income taxes from discont. ops — — 58,203 — n/m (58,203 ) -100.0 % Income from discont. ops — — 174,437 — n/m (174,437 ) -100.0 % Net income $ 55,841 $ 53,633 $ 73,832 $ 2,208 4.1 % $ (17,991 ) -24.4 % Per share data (1) Basic earnings (loss) per share from cont. ops $ 0.92 $ 0.88 $ (1.64 ) $ 0.04 4.5 % $ 2.56 n/m Basic earnings per share from discont. ops $ — $ — $ 2.85 $ — n/m $ (2.85 ) -100.0 % Basic earnings per share - total $ 0.92 $ 0.88 $ 1.21 $ 0.04 4.5 % $ (0.29 ) -24.0 % Diluted earnings (loss) per share from cont. ops $ 0.92 $ 0.88 $ (1.64 ) $ 0.04 4.5 % $ 2.56 n/m Diluted earnings per share from discont. ops $ — $ — $ 2.84 $ — n/m $ (2.84 ) -100.0 % Diluted earnings per share - total $ 0.92 $ 0.88 $ 1.20 $ 0.04 4.5 % $ (0.28 ) -23.3 % Dividends per share $ 0.24 $ 0.24 $ 0.23 $ — 0.0 % $ 0.01 4.3 % Weighted average shares outstanding Basic 60,462,578 60,799,984 61,196,820 Diluted 60,693,515 61,049,120 61,415,957 Period end shares outstanding 60,401,684 60,718,411 61,205,969 (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 CONSOLIDATED FINANCIAL INFORMATION June 30, 2025 ($ in thousands) (unaudited) Quarter Ended Linked Quarter Year over Year NONPERFORMING ASSETS 6/30/2025 3/31/2025 6/30/2024 $ Change % Change $ Change % Change Nonaccrual LHFI Alabama $ 8,422 $ 18,633 $ 26,222 $ (10,211 ) -54.8 % $ (17,800 ) -67.9 % Florida 437 391 614 46 11.8 % (177 ) -28.8 % Mississippi (1) 54,015 49,107 14,773 4,908 10.0 % 39,242 n/m Tennessee (2) 2,232 2,339 2,084 (107 ) -4.6 % 148 7.1 % Texas 15,894 16,150 599 (256 ) -1.6 % 15,295 n/m Total nonaccrual LHFI 81,000 86,620 44,292 (5,620 ) -6.5 % 36,708 82.9 % Other real estate Alabama 772 271 485 501 n/m 287 59.2 % Mississippi (1) 4,860 4,837 1,787 23 0.5 % 3,073 n/m Tennessee (2) 1,079 979 86 100 10.2 % 993 n/m Texas 2,261 2,261 4,228 — 0.0 % (1,967 ) -46.5 % Total other real estate 8,972 8,348 6,586 624 7.5 % 2,386 36.2 % Total nonperforming assets $ 89,972 $ 94,968 $ 50,878 $ (4,996 ) -5.3 % $ 39,094 76.8 % LOANS PAST DUE OVER 90 DAYS LHFI $ 3,854 $ 4,355 $ 5,413 $ (501 ) -11.5 % $ (1,559 ) -28.8 % LHFS-Guaranteed GNMA serviced loans (no obligation to repurchase) $ 75,564 $ 71,720 $ 58,079 $ 3,844 5.4 % $ 17,485 30.1 % Quarter Ended Linked Quarter Year over Year ACL LHFI 6/30/2025 3/31/2025 6/30/2024 $ Change % Change $ Change % Change Beginning Balance $ 167,010 $ 160,270 $ 142,998 $ 6,740 4.2 % $ 24,012 16.8 % PCL, LHFI 5,346 8,125 14,696 (2,779 ) -34.2 % (9,350 ) -63.6 % PCL, LHFI sale of 1-4 family mortgage loans — — 8,633 — n/m (8,633 ) -100.0 % Charge-offs, sale of 1-4 family mortgage loans — — (8,633 ) — n/m 8,633 -100.0 % Charge-offs (6,380 ) (3,701 ) (5,120 ) (2,679 ) -72.4 % (1,260 ) -24.6 % Recoveries 2,261 2,316 2,111 (55 ) -2.4 % 150 7.1 % Net (charge-offs) recoveries (4,119 ) (1,385 ) (11,642 ) (2,734 ) n/m 7,523 64.6 % Ending Balance $ 168,237 $ 167,010 $ 154,685 $ 1,227 0.7 % $ 13,552 8.8 % NET (CHARGE-OFFS) RECOVERIES Alabama $ (2,331 ) $ (207 ) $ 59 $ (2,124 ) n/m $ (2,390 ) n/m Florida 151 (17 ) 4 168 n/m 147 n/m Mississippi (1) (1,647 ) (755 ) (9,112 ) (892 ) n/m 7,465 81.9 % Tennessee (2) (258 ) (301 ) (122 ) 43 14.3 % (136 ) n/m Texas (34 ) (105 ) (2,471 ) 71 67.6 % 2,437 98.6 % Total net (charge-offs) recoveries $ (4,119 ) $ (1,385 ) $ (11,642 ) $ (2,734 ) n/m $ 7,523 64.6 % (1) Mississippi includes Central and Southern Mississippi Regions. (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. n/m - percentage changes greater than +/- 100% are considered not meaningful See Notes to Consolidated Financials Expand TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2025 ($ in thousands) (unaudited) Quarter Ended Six Months Ended AVERAGE BALANCES 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Securities AFS-taxable $ 1,745,924 $ 1,726,291 $ 1,708,226 $ 1,658,999 $ 1,866,227 $ 1,736,162 $ 1,896,923 Securities HTM-taxable 1,303,195 1,325,185 1,346,141 1,368,943 1,421,246 1,314,129 1,419,861 Securities HTM-nontaxable — — — — 112 — 226 Total securities 3,049,119 3,051,476 3,054,367 3,027,942 3,287,585 3,050,291 3,317,010 Loans (includes loans held for sale) 13,543,505 13,320,276 13,275,762 13,379,658 13,309,127 13,432,507 13,239,466 Other earning assets 414,733 365,505 422,083 607,928 592,735 390,255 582,032 Total earning assets 17,007,357 16,737,257 16,752,212 17,015,528 17,189,447 16,873,053 17,138,508 ACL LHFI (166,430 ) (159,893 ) (157,659 ) (154,476 ) (143,245 ) (163,180 ) (140,978 ) Other assets 1,605,786 1,624,581 1,627,890 1,646,241 1,740,307 1,615,132 1,735,414 Total assets $ 18,446,713 $ 18,201,945 $ 18,222,443 $ 18,507,293 $ 18,786,509 $ 18,325,005 $ 18,732,944 Interest-bearing demand deposits (1) $ 7,682,684 $ 7,789,239 $ 7,789,318 $ 7,787,639 $ 7,845,195 $ 7,735,667 $ 7,889,069 Savings deposits (1) 989,689 993,232 983,292 1,006,668 1,031,140 991,451 1,038,002 Time deposits 3,313,420 3,160,134 3,265,358 3,393,216 3,346,046 3,237,200 3,333,824 Total interest-bearing deposits 11,985,793 11,942,605 12,037,968 12,187,523 12,222,381 11,964,318 12,260,895 Fed funds purchased and repurchases 416,104 405,189 357,798 375,559 434,760 410,677 431,444 Other borrowings 431,861 344,040 218,244 339,417 534,350 388,193 498,905 Subordinated notes 123,779 123,721 123,666 123,611 123,556 123,750 123,529 Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856 61,856 61,856 Total interest-bearing liabilities 13,019,393 12,877,411 12,799,532 13,087,966 13,376,903 12,948,794 13,376,629 Noninterest-bearing deposits 3,171,796 3,055,333 3,192,358 3,221,516 3,183,524 3,113,886 3,152,045 Other liabilities 214,315 277,647 257,990 274,563 498,593 245,806 502,265 Total liabilities 16,405,504 16,210,391 16,249,880 16,584,045 17,059,020 16,308,486 17,030,939 Shareholders' equity 2,041,209 1,991,554 1,972,563 1,923,248 1,727,489 2,016,519 1,702,005 Total liabilities and equity $ 18,446,713 $ 18,201,945 $ 18,222,443 $ 18,507,293 $ 18,786,509 $ 18,325,005 $ 18,732,944 (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 June 30, 2025 ($ in thousands) (unaudited) PERIOD END BALANCES 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Cash and due from banks $ 634,402 $ 587,362 $ 567,251 $ 805,436 $ 822,141 Fed funds sold and reverse repurchases — — — 10,000 — Securities available for sale 1,782,092 1,737,462 1,692,534 1,725,795 1,621,659 Securities held to maturity 1,290,572 1,315,053 1,335,385 1,358,358 1,380,487 LHFS 219,649 188,689 200,307 216,454 185,698 LHFI 13,464,780 13,241,469 13,089,942 13,100,111 13,155,418 ACL LHFI (168,237 ) (167,010 ) (160,270 ) (157,929 ) (154,685 ) Net LHFI 13,296,543 13,074,459 12,929,672 12,942,182 13,000,733 Premises and equipment, net 228,964 231,202 235,410 236,151 232,681 Mortgage servicing rights 132,702 134,395 139,317 125,853 136,658 Goodwill 334,605 334,605 334,605 334,605 334,605 Other real estate 8,972 8,348 5,917 3,920 6,586 Operating lease right-of-use assets 34,016 33,861 34,668 36,034 36,925 Other assets (1) 653,142 650,767 677,356 685,584 694,314 Total assets $ 18,615,659 $ 18,296,203 $ 18,152,422 $ 18,480,372 $ 18,452,487 Deposits: Noninterest-bearing $ 3,135,435 $ 3,069,929 $ 3,073,565 $ 3,142,792 $ 3,153,506 Interest-bearing 11,980,426 12,010,775 12,034,610 12,098,143 12,309,382 Total deposits 15,115,861 15,080,704 15,108,175 15,240,935 15,462,888 Fed funds purchased and repurchases 456,326 360,080 324,008 365,643 314,121 Other borrowings 558,654 404,815 301,541 443,458 336,687 Subordinated notes 123,812 123,757 123,702 123,647 123,592 Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856 ACL on off-balance sheet credit exposures 25,891 26,561 29,392 28,890 30,265 Operating lease liabilities 38,091 37,917 38,698 39,689 40,517 Other liabilities 164,379 179,286 202,723 196,158 203,420 Total liabilities 16,544,870 16,274,976 16,190,095 16,500,276 16,573,346 Common stock 12,585 12,651 12,711 12,753 12,753 Capital surplus 133,195 143,001 157,899 163,156 161,834 Retained earnings 1,955,498 1,914,277 1,875,376 1,833,232 1,796,111 Accumulated other comprehensive income (loss), net of tax (30,489 ) (48,702 ) (83,659 ) (29,045 ) (91,557 ) Total shareholders' equity 2,070,789 2,021,227 1,962,327 1,980,096 1,879,141 Total liabilities and equity $ 18,615,659 $ 18,296,203 $ 18,152,422 $ 18,480,372 $ 18,452,487 (1) Trustmark reclassified its identifiable intangible assets, net to other assets. The prior periods has been reclassified accordingly. See Notes to Consolidated Financials Expand TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2025 ($ in thousands except per share data) (unaudited) Quarter Ended Six Months Ended INCOME STATEMENTS 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Interest and fees on LHFS & LHFI-FTE $ 209,077 $ 201,929 $ 211,019 $ 220,433 $ 216,399 $ 411,006 $ 425,855 Interest on securities-taxable 26,269 26,056 26,196 26,162 17,929 52,325 33,563 Interest on securities-tax exempt-FTE — — — — 1 — 5 Other interest income 4,734 3,846 5,128 8,302 8,126 8,580 16,237 Total interest income-FTE 240,080 231,831 242,343 254,897 242,455 471,911 475,660 Interest on deposits 68,177 67,718 75,941 86,043 83,681 135,895 167,397 Interest on fed funds purchased and repurchases 4,513 4,298 4,036 4,864 5,663 8,811 11,254 Other interest expense 5,982 5,076 3,922 5,971 8,778 11,058 16,481 Total interest expense 78,672 77,092 83,899 96,878 98,122 155,764 195,132 Net interest income-FTE 161,408 154,739 158,444 158,019 144,333 316,147 280,528 PCL, LHFI 5,346 8,125 6,960 7,923 14,696 13,471 22,404 PCL, off-balance sheet credit exposures (670 ) (2,831 ) 502 (1,375 ) (3,600 ) (3,501 ) (3,792 ) PCL, LHFI sale of 1-4 family mortgage loans — — — — 8,633 — 8,633 Net interest income after provision-FTE 156,732 149,445 150,982 151,471 124,604 306,177 253,283 Service charges on deposit accounts 10,585 10,636 11,228 11,272 10,924 21,221 21,882 Bank card and other fees 8,754 7,664 8,717 7,931 9,225 16,418 16,653 Mortgage banking, net 8,602 8,771 7,388 6,119 4,204 17,373 13,119 Wealth management 9,638 9,543 9,319 9,288 9,692 19,181 18,644 Other, net 2,311 5,970 4,298 2,952 7,461 8,281 10,563 Securities gains (losses), net — — — — (182,792 ) — (182,792 ) Total noninterest income (loss) 39,890 42,584 40,950 37,562 (141,286 ) 82,474 (101,931 ) Salaries and employee benefits 68,298 68,492 69,223 66,691 64,838 136,790 130,325 Services and fees 26,998 26,247 26,692 25,724 24,743 53,245 49,174 Net occupancy-premises 7,507 7,385 7,195 7,398 7,265 14,892 14,535 Equipment expense 6,206 6,308 6,208 6,141 6,241 12,514 12,566 Other expense 16,105 15,579 15,112 17,316 15,239 31,684 31,390 Total noninterest expense 125,114 124,011 124,430 123,270 118,326 249,125 237,990 Income (loss) from continuing operations (cont. ops) before income taxes and tax eq adj 71,508 68,018 67,502 65,763 (135,008 ) 139,526 (86,638 ) Tax equivalent adjustment 2,652 2,684 2,596 3,305 3,304 5,336 6,669 Income (loss) from cont. ops before income taxes 68,856 65,334 64,906 62,458 (138,312 ) 134,190 (93,307 ) Income taxes from cont. ops 13,015 11,701 8,594 11,128 (37,707 ) 24,716 (30,875 ) Income (loss) from cont. ops 55,841 53,633 56,312 51,330 (100,605 ) 109,474 (62,432 ) Income from discontinued operations (discont. ops) before income taxes — — — — 232,640 — 237,152 Income taxes from discont. ops — — — — 58,203 — 59,353 Income from discont. ops — — — — 174,437 — 177,799 Net income $ 55,841 $ 53,633 $ 56,312 $ 51,330 $ 73,832 $ 109,474 $ 115,367 Per share data (1) Basic earnings (loss) per share from cont. ops $ 0.92 $ 0.88 $ 0.92 $ 0.84 $ (1.64 ) $ 1.81 $ (1.02 ) Basic earnings per share from discont. ops $ — $ — $ — $ — $ 2.85 $ — $ 2.91 Basic earnings per share - total $ 0.92 $ 0.88 $ 0.92 $ 0.84 $ 1.21 $ 1.81 $ 1.89 Diluted earnings (loss) per share from cont. ops $ 0.92 $ 0.88 $ 0.92 $ 0.84 $ (1.64 ) $ 1.80 $ (1.02 ) Diluted earnings per share from discont. ops $ — $ — $ — $ — $ 2.84 $ — $ 2.90 Diluted earnings per share - total $ 0.92 $ 0.88 $ 0.92 $ 0.84 $ 1.20 $ 1.80 $ 1.88 Dividends per share $ 0.24 $ 0.24 $ 0.23 $ 0.23 $ 0.23 $ 0.48 $ 0.46 Weighted average shares outstanding Basic 60,462,578 60,799,984 61,101,954 61,206,599 61,196,820 60,630,349 61,162,623 Diluted 60,693,515 61,049,120 61,367,825 61,448,410 61,415,957 60,862,773 61,373,850 Period end shares outstanding 60,401,684 60,718,411 61,008,023 61,206,606 61,205,969 60,401,684 61,205,969 (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 CONSOLIDATED FINANCIAL INFORMATION June 30, 2025 ($ in thousands) (unaudited) Quarter Ended NONPERFORMING ASSETS 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Nonaccrual LHFI Alabama $ 8,422 $ 18,633 $ 18,601 $ 25,835 $ 26,222 Florida 437 391 305 111 614 Mississippi (1) 54,015 49,107 42,203 31,536 14,773 Tennessee (2) 2,232 2,339 2,431 3,180 2,084 Texas 15,894 16,150 16,569 13,163 599 Total nonaccrual LHFI 81,000 86,620 80,109 73,825 44,292 Other real estate Alabama 772 271 170 170 485 Mississippi (1) 4,860 4,837 2,407 1,772 1,787 Tennessee (2) 1,079 979 1,079 — 86 Texas 2,261 2,261 2,261 1,978 4,228 Total other real estate 8,972 8,348 5,917 3,920 6,586 Total nonperforming assets $ 89,972 $ 94,968 $ 86,026 $ 77,745 $ 50,878 LOANS PAST DUE OVER 90 DAYS LHFI $ 3,854 $ 4,355 $ 4,092 $ 5,352 $ 5,413 LHFS-Guaranteed GNMA serviced loans (no obligation to repurchase) $ 75,564 $ 71,720 $ 71,255 $ 63,703 $ 58,079 Quarter Ended Six Months Ended ACL LHFI 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Beginning Balance $ 167,010 $ 160,270 $ 157,929 $ 154,685 $ 142,998 $ 160,270 $ 139,367 PCL, LHFI 5,346 8,125 6,960 7,923 14,696 13,471 22,404 PCL, LHFI sale of 1-4 family mortgage loans — — — — 8,633 — 8,633 Charge-offs, sale of 1-4 family mortgage loans — — — — (8,633 ) — (8,633 ) Charge-offs (6,380 ) (3,701 ) (7,730 ) (7,142 ) (5,120 ) (10,081 ) (11,444 ) Recoveries 2,261 2,316 3,111 2,463 2,111 4,577 4,358 Net (charge-offs) recoveries (4,119 ) (1,385 ) (4,619 ) (4,679 ) (11,642 ) (5,504 ) (15,719 ) Ending Balance $ 168,237 $ 167,010 $ 160,270 $ 157,929 $ 154,685 $ 168,237 $ 154,685 NET (CHARGE-OFFS) RECOVERIES Alabama $ (2,331 ) $ (207 ) $ (3,608 ) $ (3,098 ) $ 59 $ (2,538 ) $ (282 ) Florida 151 (17 ) 8 595 4 134 281 Mississippi (1) (1,647 ) (755 ) (1,319 ) (1,881 ) (9,112 ) (2,402 ) (10,601 ) Tennessee (2) (258 ) (301 ) (208 ) (296 ) (122 ) (559 ) (301 ) Texas (34 ) (105 ) 508 1 (2,471 ) (139 ) (4,816 ) Total net (charge-offs) recoveries $ (4,119 ) $ (1,385 ) $ (4,619 ) $ (4,679 ) $ (11,642 ) $ (5,504 ) $ (15,719 ) (1) Mississippi includes Central and Southern Mississippi Regions. (2) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. See Notes to Consolidated Financials Expand TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2025 (unaudited) Quarter Ended Six Months Ended FINANCIAL RATIOS AND OTHER DATA 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Return on average equity from continuing operations 10.97 % 10.92 % 11.36 % 10.62 % -23.42 % 10.95 % -7.38 % Return on average equity from adjusted continuing operations (1) 10.97 % 10.92 % 11.36 % 10.62 % 9.06 % 10.95 % 9.11 % Return on average equity - total 10.97 % 10.92 % 11.36 % 10.62 % 17.19 % 10.95 % 13.63 % Return on average tangible equity from continuing operations 13.13 % 13.13 % 13.68 % 12.86 % -29.05 % 13.13 % -9.18 % Return on average tangible equity from adjusted continuing operations (1) 13.13 % 13.13 % 13.68 % 12.86 % 11.14 % 13.13 % 11.29 % Return on average tangible equity - total 13.13 % 13.13 % 13.68 % 12.86 % 21.91 % 13.13 % 17.56 % Return on average assets from continuing operations 1.21 % 1.19 % 1.23 % 1.10 % -2.16 % 1.20 % -0.67 % Return on average assets from adjusted continuing operations (1) 1.21 % 1.19 % 1.23 % 1.10 % 0.87 % 1.20 % 0.85 % Return on average assets - total 1.21 % 1.19 % 1.23 % 1.10 % 1.58 % 1.20 % 1.24 % Interest margin - Yield - FTE 5.66 % 5.62 % 5.76 % 5.96 % 5.67 % 5.64 % 5.58 % Interest margin - Cost 1.86 % 1.87 % 1.99 % 2.27 % 2.30 % 1.86 % 2.29 % Net interest margin - FTE 3.81 % 3.75 % 3.76 % 3.69 % 3.38 % 3.78 % 3.29 % Efficiency ratio (2) 61.24 % 61.77 % 61.77 % 60.99 % 63.81 % 61.50 % 65.32 % Full-time equivalent employees 2,510 2,506 2,500 2,500 2,515 CREDIT QUALITY RATIOS Net (recoveries) charge-offs (excl sale of 1-4 family mortgage loans) / average loans 0.12 % 0.04 % 0.14 % 0.14 % 0.09 % 0.08 % 0.11 % PCL, LHFI (excl PCL, LHFI sale of 1-4 family mortgage loans) / average loans 0.16 % 0.25 % 0.21 % 0.24 % 0.44 % 0.20 % 0.34 % Nonaccrual LHFI / (LHFI + LHFS) 0.59 % 0.64 % 0.60 % 0.55 % 0.33 % Nonperforming assets / (LHFI + LHFS) 0.66 % 0.71 % 0.65 % 0.58 % 0.38 % Nonperforming assets / (LHFI + LHFS + other real estate) 0.66 % 0.71 % 0.65 % 0.58 % 0.38 % ACL LHFI / LHFI 1.25 % 1.26 % 1.22 % 1.21 % 1.18 % ACL LHFI-commercial / commercial LHFI 1.07 % 1.11 % 1.10 % 1.08 % 1.05 % ACL LHFI-consumer / consumer and home mortgage LHFI 1.83 % 1.76 % 1.62 % 1.64 % 1.59 % ACL LHFI / nonaccrual LHFI 207.70 % 192.81 % 200.06 % 213.92 % 349.24 % ACL LHFI / nonaccrual LHFI (excl individually analyzed loans) 272.20 % 296.41 % 341.20 % 497.27 % 840.20 % CAPITAL RATIOS Total equity / total assets 11.12 % 11.05 % 10.81 % 10.71 % 10.18 % Tangible equity / tangible assets 9.50 % 9.39 % 9.13 % 9.07 % 8.52 % Tangible equity / risk-weighted assets 11.41 % 11.23 % 10.86 % 10.97 % 10.18 % Tier 1 leverage ratio 10.15 % 10.11 % 9.99 % 9.65 % 9.29 % Common equity tier 1 capital ratio 11.70 % 11.63 % 11.54 % 11.30 % 10.92 % Tier 1 risk-based capital ratio 12.09 % 12.03 % 11.94 % 11.70 % 11.31 % Total risk-based capital ratio 14.15 % 14.10 % 13.97 % 13.71 % 13.29 % STOCK PERFORMANCE Market value-Close $ 36.46 $ 34.49 $ 35.37 $ 31.82 $ 30.04 Book value $ 34.28 $ 33.29 $ 32.17 $ 32.35 $ 30.70 Tangible book value $ 28.74 $ 27.78 $ 26.68 $ 26.88 $ 25.23 (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 June 30, 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 applicable periods presented. 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: 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 SECURITIES AVAILABLE FOR SALE U.S. Treasury securities $ 215,679 $ 212,463 $ 202,669 $ 202,638 $ 172,955 U.S. Government agency obligations 65,800 49,325 38,807 19,335 — Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 34,070 28,108 28,411 25,798 23,489 Issued by FNMA and FHLMC 1,109,203 1,090,137 1,070,538 1,105,310 1,060,869 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA 357,340 357,429 352,109 372,714 364,346 Total securities available for sale $ 1,782,092 $ 1,737,462 $ 1,692,534 $ 1,725,795 $ 1,621,659 SECURITIES HELD TO MATURITY U.S. Treasury securities $ 30,226 $ 30,033 $ 29,842 $ 29,648 $ 29,455 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 14,750 15,726 16,218 17,773 17,998 Issued by FNMA and FHLMC 398,161 411,454 423,372 436,177 449,781 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA 109,697 116,969 123,685 131,348 138,951 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA 737,738 740,871 742,268 743,412 744,302 Total securities held to maturity $ 1,290,572 $ 1,315,053 $ 1,335,385 $ 1,358,358 $ 1,380,487 At June 30, 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 $41.5 million. Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 100.0% of the portfolio in U.S. Treasury securities and GSE-backed obligations. None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the Federal Home Loan Bank of Dallas and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE. Expand TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS June 30, 2025 ($ in thousands) (unaudited) Note 3 – Loan Composition LHFI consisted of the following during the periods presented: LHFI BY TYPE 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Loans secured by real estate: Construction, land development and other land loans $ 1,355,223 $ 1,321,631 $ 1,417,148 $ 1,588,256 $ 1,638,972 Secured by 1-4 family residential properties 3,057,362 2,973,978 2,949,543 2,895,006 2,878,295 Secured by nonfarm, nonresidential properties 3,478,932 3,532,842 3,533,282 3,582,552 3,598,647 Other real estate secured 1,918,341 1,876,459 1,633,830 1,475,798 1,344,968 Commercial and industrial loans 1,832,295 1,765,893 1,840,722 1,767,079 1,880,607 Consumer loans 149,395 154,623 151,443 149,436 153,316 State and other political subdivision loans 961,251 974,300 969,836 996,002 1,053,015 Other loans and leases 711,981 641,743 594,138 645,982 607,598 LHFI 13,464,780 13,241,469 13,089,942 13,100,111 13,155,418 ACL LHFI (168,237 ) (167,010 ) (160,270 ) (157,929 ) (154,685 ) Net LHFI $ 13,296,543 $ 13,074,459 $ 12,929,672 $ 12,942,182 $ 13,000,733 Expand The following table presents the LHFI composition based upon the region where the loan was originated and reflects each region's diversified mix of loans: June 30, 2025 LHFI - COMPOSITION BY REGION Total Alabama Florida Georgia Mississippi (Central and Southern Regions) Tennessee (Memphis, TN and Northern MS Regions) Texas Loans secured by real estate: Construction, land development and other land loans $ 1,355,223 $ 459,413 $ 35,806 $ 208,288 $ 312,756 $ 45,907 $ 293,053 Secured by 1-4 family residential properties 3,057,362 159,166 62,104 — 2,705,119 89,226 41,747 Secured by nonfarm, nonresidential properties 3,478,932 958,454 179,528 88,022 1,519,616 127,731 605,581 Other real estate secured 1,918,341 923,639 1,682 79,823 516,430 935 395,832 Commercial and industrial loans 1,832,295 472,371 19,649 284,845 669,509 123,349 262,572 Consumer loans 149,395 20,191 7,411 — 90,727 14,126 16,940 State and other political subdivision loans 961,251 55,704 65,965 13,032 712,260 24,228 90,062 Other loans and leases 711,981 26,763 3,654 306,942 269,585 56,280 48,757 Loans $ 13,464,780 $ 3,075,701 $ 375,799 $ 980,952 $ 6,796,002 $ 481,782 $ 1,754,544 CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION Lots $ 59,410 $ 27,229 $ 6,919 $ — $ 15,732 $ 1,089 $ 8,441 Development 100,941 47,362 264 — 17,903 14,197 21,215 Unimproved land 98,549 18,004 8,648 — 22,689 8,457 40,751 1-4 family construction 302,013 154,676 9,631 12,335 79,438 22,016 23,917 Other construction 794,310 212,142 10,344 195,953 176,994 148 198,729 Construction, land development and other land loans $ 1,355,223 $ 459,413 $ 35,806 $ 208,288 $ 312,756 $ 45,907 $ 293,053 Expand TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS June 30, 2025 ($ in thousands) (unaudited) Note 3 – Loan Composition (continued) June 30, 2025 Total Alabama Florida Georgia Mississippi (Central and Southern Regions) Tennessee (Memphis, TN and Northern MS Regions) Texas LOANS SECURED BY NONFARM, NONRESIDENTIAL PROPERTIES BY REGION Non-owner occupied: Retail $ 274,281 $ 73,703 $ 15,224 $ — $ 98,635 $ 19,837 $ 66,882 Office 233,501 82,433 18,266 — 91,611 2,713 38,478 Hotel/motel 277,749 143,283 43,238 — 68,172 23,056 — Mini-storage 159,599 40,004 1,371 30,531 86,638 593 462 Industrial 521,155 100,337 16,256 57,491 199,356 2,483 145,232 Health care 149,551 123,342 664 — 23,158 317 2,070 Convenience stores 20,209 2,130 386 — 11,509 184 6,000 Nursing homes/senior living 351,436 110,473 — — 145,089 3,822 92,052 Other 113,964 27,944 8,413 — 61,507 7,280 8,820 Total non-owner occupied loans 2,101,445 703,649 103,818 88,022 785,675 60,285 359,996 Owner-occupied: Office 138,427 47,951 31,876 — 32,190 8,351 18,059 Churches 46,705 10,721 3,588 — 27,137 2,940 2,319 Industrial warehouses 198,471 14,427 7,936 — 51,542 12,614 111,952 Health care 119,133 11,243 7,685 — 91,726 2,155 6,324 Convenience stores 105,414 10,091 2,053 — 57,497 — 35,773 Retail 77,442 7,914 12,589 — 43,239 6,847 6,853 Restaurants 59,179 2,706 2,620 — 27,646 19,997 6,210 Auto dealerships 38,342 3,552 160 — 20,310 14,320 — Nursing homes/senior living 471,731 129,518 — — 316,320 — 25,893 Other 122,643 16,682 7,203 — 66,334 222 32,202 Total owner-occupied loans 1,377,487 254,805 75,710 — 733,941 67,446 245,585 Loans secured by nonfarm, nonresidential properties $ 3,478,932 $ 958,454 $ 179,528 $ 88,022 $ 1,519,616 $ 127,731 $ 605,581 Expand Note 4 – Yields on Earning Assets and Interest-Bearing Liabilities The following table illustrates the yields on earning assets by category as well as the rates paid on interest-bearing liabilities on a tax equivalent basis: Quarter Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Securities – taxable 3.46 % 3.46 % 3.41 % 3.44 % 2.19 % 3.46 % 2.03 % Securities – nontaxable — — — — 3.59 % — 4.45 % Securities – total 3.46 % 3.46 % 3.41 % 3.44 % 2.19 % 3.46 % 2.04 % LHFI & LHFS 6.19 % 6.15 % 6.32 % 6.55 % 6.54 % 6.17 % 6.47 % Other earning assets 4.58 % 4.27 % 4.83 % 5.43 % 5.51 % 4.43 % 5.61 % Total earning assets 5.66 % 5.62 % 5.76 % 5.96 % 5.67 % 5.64 % 5.58 % Interest-bearing deposits 2.28 % 2.30 % 2.51 % 2.81 % 2.75 % 2.29 % 2.75 % Fed funds purchased & repurchases 4.35 % 4.30 % 4.49 % 5.15 % 5.24 % 4.33 % 5.25 % Other borrowings 3.89 % 3.89 % 3.86 % 4.53 % 4.91 % 3.89 % 4.84 % Total interest-bearing liabilities 2.42 % 2.43 % 2.61 % 2.94 % 2.95 % 2.43 % 2.93 % Total Deposits 1.80 % 1.83 % 1.98 % 2.22 % 2.18 % 1.82 % 2.18 % Net interest margin 3.81 % 3.75 % 3.76 % 3.69 % 3.38 % 3.78 % 3.29 % Expand TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS June 30, 2025 ($ in thousands) (unaudited) Note 4 – Yields on Earning Assets and Interest-Bearing Liabilities (continued) Reflected in the table above are yields on earning assets and liabilities, along with the net interest margin which equals reported net interest income-FTE, annualized, as a percent of average earning assets. The net interest margin increased six basis points when compared to the first quarter of 2025, totaling 3.81% for the second quarter of 2025, primarily due to the increase in the yield for the loans held for investment and held for sale portfolio as well as the decrease in the cost of interest-bearing liabilities. Note 5 – Mortgage Banking Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that offsets the changes in fair value of mortgage servicing rights (MSR) attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting under generally accepted accounting principles (GAAP). Changes in the fair value of these exchange-traded derivative instruments, including administrative costs, are recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of the MSR. The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates. Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions. The impact of this strategy resulted in a net negative hedge ineffectiveness of $541 thousand during the second quarter of 2025. The following table illustrates the components of mortgage banking revenues included in noninterest income in the accompanying income statements: Expand Quarter Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Mortgage servicing income, net $ 7,142 $ 7,161 $ 7,161 $ 7,127 $ 6,993 $ 14,303 $ 13,927 Change in fair value-MSR from runoff (3,596 ) (2,062 ) (3,118 ) (3,154 ) (3,447 ) (5,658 ) (5,373 ) Gain on sales of loans, net 5,597 4,253 4,470 4,648 5,151 9,850 10,160 Mortgage banking income before hedge ineffectiveness 9,143 9,352 8,513 8,621 8,697 18,495 18,714 Change in fair value-MSR from market changes (1,946 ) (5,928 ) 12,710 (10,406 ) (1,626 ) (7,874 ) 3,497 Change in fair value of derivatives 1,405 5,347 (13,835 ) 7,904 (2,867 ) 6,752 (9,092 ) Net positive (negative) hedge ineffectiveness (541 ) (581 ) (1,125 ) (2,502 ) (4,493 ) (1,122 ) (5,595 ) Mortgage banking, net $ 8,602 $ 8,771 $ 7,388 $ 6,119 $ 4,204 $ 17,373 $ 13,119 Expand TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS June 30, 2025 ($ in thousands) (unaudited) Note 6 – Other Noninterest Income and Expense Other noninterest income consisted of the following for the periods presented: Quarter Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Partnership amortization for tax credit purposes $ (2,137 ) $ (2,124 ) $ (1,992 ) $ (1,977 ) $ (1,824 ) $ (4,261 ) $ (3,658 ) Increase in life insurance cash surrender value 1,911 1,867 1,891 1,883 1,860 3,778 3,704 Loss on sale of 1-4 family mortgage loans — — — — (4,798 ) — (4,798 ) Visa C shares fair value adjustment — — — — 8,056 — 8,056 Other miscellaneous income 2,537 6,227 4,399 3,046 4,167 8,764 7,259 Total other, net $ 2,311 $ 5,970 $ 4,298 $ 2,952 $ 7,461 $ 8,281 $ 10,563 Expand Trustmark invests in partnerships that provide income tax credits on a Federal and/or State basis (i.e., new market tax credits, low-income housing tax credits and historical tax credits). The income tax credits related to these partnerships are utilized as specifically allowed by income tax law and are recorded as a reduction in income tax expense. Other noninterest expense consisted of the following for the periods presented: Quarter Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Loan expense $ 3,377 $ 2,792 $ 2,921 $ 2,824 $ 2,880 $ 6,169 $ 5,835 Amortization of intangibles 32 31 27 28 27 63 55 FDIC assessment expense 4,064 4,160 4,815 5,071 4,816 8,224 9,325 Other real estate expense, net 159 452 (286 ) 2,452 327 611 998 Other miscellaneous expense 8,473 8,144 7,635 6,941 7,189 16,617 15,177 Total other expense $ 16,105 $ 15,579 $ 15,112 $ 17,316 $ 15,239 $ 31,684 $ 31,390 Expand Note 7 – Non-GAAP Financial Measures In addition to capital ratios defined by GAAP and banking regulators, Trustmark utilizes various tangible common equity measures when evaluating capital utilization and adequacy. Tangible common equity, as defined by Trustmark, represents common equity less goodwill and identifiable intangible assets. Trustmark's Common Equity Tier 1 capital includes common stock, capital surplus and retained earnings, and is reduced by goodwill and other intangible assets, net of associated net deferred tax liabilities as well as disallowed deferred tax assets and threshold deductions as applicable. Trustmark believes these measures are important because they reflect the level of capital available to withstand unexpected market conditions. Additionally, presentation of these measures allows readers to compare certain aspects of Trustmark's capitalization to other organizations. These ratios differ from capital measures defined by banking regulators principally in that the numerator excludes shareholders' equity associated with preferred securities, the nature and extent of which varies across organizations. In Management's experience, many stock analysts use tangible common equity measures in conjunction with more traditional bank capital ratios to compare capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method in accounting for mergers and acquisitions. These calculations are intended to complement the capital ratios defined by GAAP and banking regulators. Because GAAP does not include these capital ratio measures, Trustmark believes there are no comparable GAAP financial measures to these tangible common equity ratios. Despite the importance of these measures to Trustmark, there are no standardized definitions for them and, as a result, Trustmark's calculations may not be comparable with other organizations. Also, there may be limits in the usefulness of these measures to investors. As a result, Trustmark encourages readers to consider its audited consolidated financial statements and the notes related thereto in their entirety and not to rely on any single financial measure. Expand TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS June 30, 2025 ($ in thousands except per share data) (unaudited) Note 7 – Non-GAAP Financial Measures (continued) Quarter Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 TANGIBLE EQUITY AVERAGE BALANCES Total shareholders' equity $ 2,041,209 $ 1,991,554 $ 1,972,563 $ 1,923,248 $ 1,727,489 $ 2,016,519 $ 1,702,005 Less: Goodwill (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 ) Identifiable intangible assets (80 ) (113 ) (141 ) (168 ) (195 ) (97 ) (210 ) Total average tangible equity $ 1,706,524 $ 1,656,836 $ 1,637,817 $ 1,588,475 $ 1,392,689 $ 1,681,817 $ 1,367,190 PERIOD END BALANCES Total shareholders' equity $ 2,070,789 $ 2,021,227 $ 1,962,327 $ 1,980,096 $ 1,879,141 Less: Goodwill (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 ) Identifiable intangible assets (63 ) (95 ) (126 ) (153 ) (181 ) Total tangible equity (a) $ 1,736,121 $ 1,686,527 $ 1,627,596 $ 1,645,338 $ 1,544,355 TANGIBLE ASSETS Total assets $ 18,615,659 $ 18,296,203 $ 18,152,422 $ 18,480,372 $ 18,452,487 Less: Goodwill (334,605 ) (334,605 ) (334,605 ) (334,605 ) (334,605 ) Identifiable intangible assets (63 ) (95 ) (126 ) (153 ) (181 ) Total tangible assets (b) $ 18,280,991 $ 17,961,503 $ 17,817,691 $ 18,145,614 $ 18,117,701 Risk-weighted assets (c) $ 15,215,021 $ 15,024,476 $ 14,990,258 $ 15,004,024 $ 15,165,038 NET INCOME (LOSS) ADJUSTED FOR INTANGIBLE AMORTIZATION Net income (loss) from continuing operations $ 55,841 $ 53,633 $ 56,312 $ 51,330 $ (100,605 ) $ 109,474 $ (62,432 ) Plus: Intangible amortization net of tax from continuing operations 24 24 20 21 20 48 40 Net income (loss) adjusted for intangible amortization $ 55,865 $ 53,657 $ 56,332 $ 51,351 $ (100,585 ) $ 109,522 $ (62,392 ) Period end common shares outstanding (d) 60,401,684 60,718,411 61,008,023 61,206,606 61,205,969 TANGIBLE COMMON EQUITY MEASUREMENTS Return on average tangible equity from continuing operations (1) 13.13 % 13.13 % 13.68 % 12.86 % -29.05 % 13.13 % -9.18 % Tangible equity/tangible assets (a)/(b) 9.50 % 9.39 % 9.13 % 9.07 % 8.52 % Tangible equity/risk-weighted assets (a)/(c) 11.41 % 11.23 % 10.86 % 10.97 % 10.18 % Tangible book value (a)/(d)*1,000 $ 28.74 $ 27.78 $ 26.68 $ 26.88 $ 25.23 COMMON EQUITY TIER 1 CAPITAL (CET1) Total shareholders' equity $ 2,070,789 $ 2,021,227 $ 1,962,327 $ 1,980,096 $ 1,879,141 CECL transition adjustment — — 6,500 6,500 6,500 AOCI-related adjustments 30,489 48,702 83,659 29,045 91,557 CET1 adjustments and deductions: Goodwill net of associated deferred tax liabilities (DTLs) (320,755 ) (320,756 ) (320,756 ) (320,757 ) (320,758 ) Other adjustments and deductions for CET1 (2) (955 ) (2,175 ) (2,058 ) (115 ) (847 ) CET1 capital (e) 1,779,568 1,746,998 1,729,672 1,694,769 1,655,593 Additional tier 1 capital instruments plus related surplus 60,000 60,000 60,000 60,000 60,000 Tier 1 capital $ 1,839,568 $ 1,806,998 $ 1,789,672 $ 1,754,769 $ 1,715,593 Common equity tier 1 capital ratio (e)/(c) 11.70 % 11.63 % 11.54 % 11.30 % 10.92 % Expand (1) Calculation = ((net income (loss) adjusted for intangible amortization/number of days in period)*number of days in year)/total average tangible equity. (2) Includes other intangible assets, net of DTLs, disallowed deferred tax assets (DTAs), threshold deductions and transition adjustments, as applicable. Expand TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS June 30, 2025 ($ in thousands) (unaudited) Note 7 – Non-GAAP Financial Measures (continued) Trustmark discloses certain non-GAAP financial measures because Management uses these measures for business planning purposes, including to manage Trustmark's business against internal projected results of operations and to measure Trustmark's performance. Trustmark views these as measures of our core operating business, which exclude the impact of the items detailed below, as these items are generally not operational in nature. These non-GAAP financial measures also provide another basis for comparing period-to-period results as presented in the accompanying selected financial data table and the audited consolidated financial statements by excluding potential differences caused by non-operational and unusual or non-recurring items. Readers are cautioned that these adjustments are not permitted under GAAP. Trustmark encourages readers to consider its consolidated financial statements and the notes related thereto in their entirety, and not to rely on any single financial measure. The following table presents pre-provision net revenue (PPNR) during the periods presented: Expand Quarter Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Net interest income (GAAP) (a) $ 158,756 $ 152,055 $ 155,848 $ 154,714 $ 141,029 $ 310,811 $ 273,859 Noninterest income (loss) (GAAP) 39,890 42,584 40,950 37,562 (141,286 ) 82,474 (101,931 ) Add: Loss on sale of 1-4 family mortgage loans (incl in Other, net) — — — — 4,798 — 4,798 Visa C shares fair value adjustment (incl in Other, net) — — — — (8,056 ) — (8,056 ) Securities (gains) losses, net — — — — 182,792 — 182,792 Noninterest income from adjusted continuing operations (Non-GAAP) (b) $ 39,890 $ 42,584 $ 40,950 $ 37,562 $ 38,248 $ 82,474 $ 77,603 Adjusted pre-provision revenue (a)+(b)=(c) $ 198,646 $ 194,639 $ 196,798 $ 192,276 $ 179,277 $ 393,285 $ 351,462 Noninterest expense (GAAP) (d) $ 125,114 $ 124,011 $ 124,430 $ 123,270 $ 118,326 $ 249,125 $ 237,990 PPNR (Non-GAAP) (c)-(d) $ 73,532 $ 70,628 $ 72,368 $ 69,006 $ 60,951 $ 144,160 $ 113,472 Expand TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS June 30, 2025 ($ in thousands except per share data) (unaudited) Note 7 – Non-GAAP Financial Measures (continued) The following table presents adjustments to net income (loss) from continuing operations and select financial ratios as reported in accordance with GAAP resulting from significant non-routine items occurring during the periods presented: Quarter Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Net income (loss) (GAAP) from continuing operations $ 55,841 $ 53,633 $ 56,312 $ 51,330 $ (100,605 ) $ 109,474 $ (62,432 ) Significant non-routine transactions (net of taxes): PCL, LHFI sale of nonperforming 1-4 family — — — — 6,475 — 6,475 Loss on sale of 1-4 family mortgage loans — — — — 3,598 — 3,598 Visa C shares fair value adjustment — — — — (6,042 ) — (6,042 ) Securities gains (losses), net — — — — 137,094 — 137,094 Net income adjusted for significant non-routine transactions (Non-GAAP) $ 55,841 $ 53,633 $ 56,312 $ 51,330 $ 40,520 $ 109,474 $ 78,693 Diluted EPS from adjusted continuing operations $ 0.92 $ 0.88 $ 0.92 $ 0.84 $ 0.66 $ 1.80 $ 1.28 FINANCIAL RATIOS - REPORTED (GAAP) Return on average equity from continuing operations 10.97 % 10.92 % 11.36 % 10.62 % -23.42 % 10.95 % -7.38 % Return on average tangible equity from continuing operations 13.13 % 13.13 % 13.68 % 12.86 % -29.05 % 13.13 % -9.18 % Return on average assets from continuing operations 1.21 % 1.19 % 1.23 % 1.10 % -2.16 % 1.20 % -0.67 % FINANCIAL RATIOS - ADJUSTED (NON-GAAP) Return on average equity from adjusted continuing operations 10.97 % 10.92 % 11.36 % 10.62 % 9.06 % 10.95 % 9.11 % Return on average tangible equity from adjusted continuing operations 13.13 % 13.13 % 13.68 % 12.86 % 11.14 % 13.13 % 11.29 % Return on average assets from adjusted continuing operations 1.21 % 1.19 % 1.23 % 1.10 % 0.87 % 1.20 % 0.85 % Expand TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS June 30, 2025 ($ in thousands) (unaudited) Note 7 – Non-GAAP Financial Measures (continued) The following table presents Trustmark's calculation of its efficiency ratio for the periods presented: Quarter Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Total noninterest expense (GAAP) $ 125,114 $ 124,011 $ 124,430 $ 123,270 $ 118,326 $ 249,125 $ 237,990 Less: Other real estate expense, net (159 ) (452 ) 286 (2,452 ) (327 ) (611 ) (998 ) Amortization of intangibles (32 ) (31 ) (27 ) (28 ) (27 ) (63 ) (55 ) Charitable contributions resulting in state tax credits (334 ) (334 ) (300 ) (300 ) (300 ) (668 ) (600 ) Adjusted noninterest expense (Non-GAAP) (a) $ 124,589 $ 123,194 $ 124,389 $ 120,490 $ 117,672 $ 247,783 $ 236,337 Net interest income (GAAP) $ 158,756 $ 152,055 $ 155,848 $ 154,714 $ 141,029 $ 310,811 $ 273,859 Add: Tax equivalent adjustment 2,652 2,684 2,596 3,305 3,304 5,336 6,669 Net interest income-FTE (Non-GAAP) (b) $ 161,408 $ 154,739 $ 158,444 $ 158,019 $ 144,333 $ 316,147 $ 280,528 Noninterest income (loss) (GAAP) $ 39,890 $ 42,584 $ 40,950 $ 37,562 $ (141,286 ) $ 82,474 $ (101,931 ) Add: Partnership amortization for tax credit purposes 2,137 2,124 1,992 1,977 1,824 4,261 3,658 Loss on sale of 1-4 family mortgage loans — — — — 4,798 — 4,798 Securities (gains) losses, net — — — — 182,792 — 182,792 Less: Visa C shares fair value adjustment — — — — (8,056 ) — (8,056 ) Adjusted noninterest income (Non-GAAP) (c) $ 42,027 $ 44,708 $ 42,942 $ 39,539 $ 40,072 $ 86,735 $ 81,261 Adjusted revenue (Non-GAAP) (b)+(c) $ 203,435 $ 199,447 $ 201,386 $ 197,558 $ 184,405 $ 402,882 $ 361,789 Efficiency ratio (Non-GAAP) (a)/((b)+(c)) 61.24 % 61.77 % 61.77 % 60.99 % 63.81 % 61.50 % 65.32 % Expand
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Why Is ProMIS Neurosciences Stock (PMN) Up 180% Today?
ProMIS Neurosciences (PMN) stock surged on Monday after the precision medicine solutions company was granted Fast Track designation for PMN310 by the U.S. Food and Drug Administration (FDA). This is a therapeutic candidate in development at the company to treat Alzheimer's disease. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. ProMIS Neurosciences noted that PMN310 is currently undergoing a Phase 1b trial evaluating its safety, tolerability, pharmacokinetics, and disease-relevant biomarkers in patients with early Alzheimer's disease. The company expects interim results from this trial in Q2 2026 and final results in Q4 2026. PMN stock was up 177.21% in pre-market trading on Monday, following a 6.38% drop on Friday. The stock has also decreased 53.67% year-to-date and 77.2% over the past 12 months. With today's rally came heavy trading, with more than 79 million shares traded, compared to a three-month daily average of about 3.5 million shares. Is ProMIS Neurosciences Stock a Buy, Sell, or Hold? Turning to Wall Street, the analysts' consensus rating for ProMIS Neurosciences is Moderate Buy, based on two Buy ratings over the past three months. With that comes an average PMN stock price target of $3.50, representing a potential 695.27% upside for the shares.
