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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2020, there were 63,420,866 shares outstanding of the registrant’s common stock (no par value).

Certain statements contained in this Quarterly Report on Form 10-Q 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 and 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. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the novel coronavirus (COVID-19) pandemic, and also by the effectiveness of varying governmental responses in ameliorating the impact of the pandemic on our customers and the economies where they operate.

Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels and slowdowns in economic growth, the effects of the COVID-19 pandemic on the domestic and global economy, as well as the effectiveness of actions of federal, state and local governments and agencies (including the Board of Governors of the Federal Reserve Board (FRB)) to mitigate its spread and economic impact, local, state and national 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, levels of and volatility in crude oil prices, changes in our ability to measure the fair value of assets in our portfolio, material changes in the level and/or volatility of market interest rates, the performance and demand for the products and services we offer, including the level and timing of withdrawals from our deposit accounts, the costs and effects of litigation and of unexpected or adverse outcomes in such litigation, our ability to attract 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, including the potential impact of issues related to the European financial system and monetary and other governmental actions designed to address credit, securities, and/or commodity markets, the enactment of legislation and changes in existing regulations or enforcement practices or the adoption of new regulations, 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, particularly with respect to the COVID-19 pandemic, changes in our ability to control expenses, 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, 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.

	(Unaudited)
	March 31, 2020		December 31, 2019
Assets
Cash and due from banks	$	404,341	$	358,916
Federal funds sold and securities purchased under reverse repurchase agreements		2,000		—
Securities available for sale, at fair value (amortized cost: $1,791,852; allowance for credit losses: $0)		1,833,779		1,602,404
Securities held to maturity, net of allowance for credit losses of $0 (fair value: $731,441-2020; $746,202-2019)		704,276		738,099
Loans held for sale (LHFS)		325,389		226,347
Loans held for investment (LHFI) (1)		9,567,920		9,335,628
Less allowance for credit losses (ACL), LHFI (1)		100,564		84,277
Net LHFI		9,467,356		9,251,351
Acquired loans (1)		—		72,601
Less allowance for loan losses, acquired loans (1)		—		815
Net acquired loans		—		71,786
Net LHFI and acquired loans		9,467,356		9,323,137
Premises and equipment, net		190,179		189,791
Mortgage servicing rights		56,437		79,394
Goodwill		381,717		379,627
Identifiable intangible assets, net		7,537		7,343
Other real estate		24,847		29,248
Operating lease right-of-use assets		30,839		31,182
Other assets		591,132		532,389
Total Assets	$	14,019,829	$	13,497,877

Liabilities
Deposits:
Noninterest-bearing	$	2,977,058	$	2,891,215
Interest-bearing		8,598,706		8,354,342
Total deposits		11,575,764		11,245,557
Federal funds purchased and securities sold under repurchase agreements		421,821		256,020
Other borrowings		84,230		85,396
ACL on off-balance sheet credit exposures (1)		36,421		—
Junior subordinated debt securities		61,856		61,856
Operating lease liabilities		32,055		32,354
Other liabilities		155,283		155,992
Total Liabilities		12,367,430		11,837,175

Shareholders' Equity
Common stock, no par value:
Authorized: 250,000,000 shares Issued and outstanding: 63,396,912 shares - 2020; 64,200,111 shares - 2019		13,209		13,376
Capital surplus		229,403		256,400
Retained earnings		1,402,089		1,414,526
Accumulated other comprehensive income (loss), net of tax		7,698		(23,600	)
Total Shareholders' Equity		1,652,399		1,660,702
Total Liabilities and Shareholders' Equity	$	14,019,829	$	13,497,877

	Three Months Ended March 31,
	2020		2019
Interest Income
Interest and fees on LHFS & LHFI	$	106,345	$	106,795
Interest and fees on acquired loans (1)		—		1,916
Interest on securities:
Taxable		12,948		14,665
Tax exempt		361		510
Interest on federal funds sold and securities purchased under reverse repurchase agreements		—		2
Other interest income		740		1,603
Total Interest Income		120,394		125,491
Interest Expense
Interest on deposits		14,957		19,570
Interest on federal funds purchased and securities sold under repurchase agreements		625		288
Other interest expense		860		825
Total Interest Expense		16,442		20,683
Net Interest Income		103,952		104,808
Provision for credit losses (PCL) (1)		20,581		1,611
Provision for loan losses, acquired loans (1)		—		78
Net Interest Income After PCL		83,371		103,119
Noninterest Income
Service charges on deposit accounts		10,032		10,265
Bank card and other fees		5,355		7,191
Mortgage banking, net		27,483		3,442
Insurance commissions		11,550		10,871
Wealth management		8,537		7,483
Other, net		2,307		2,239
Total Noninterest Income		65,264		41,491
Noninterest Expense
Salaries and employee benefits		69,148		60,954
Services and fees		19,930		16,968
Net occupancy - premises		6,286		6,454
Equipment expense		5,616		5,924
Other real estate expense, net		1,294		1,752
Credit loss expense related to off-balance sheet credit exposures (1)		6,783		—
Other expense		14,753		13,969
Total Noninterest Expense		123,810		106,021
Income Before Income Taxes		24,825		38,589
Income taxes		2,607		5,250
Net Income	$	22,218	$	33,339

Earnings Per Share
Basic	$	0.35	$	0.51
Diluted	$	0.35	$	0.51

	Three Months Ended March 31,
	2020		2019
Net income per consolidated statements of income	$	22,218	$	33,339
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on available for sale securities and transferred securities:
Net unrealized holding gains (losses) arising during the period		30,380		14,118
Change in net unrealized holding loss on securities transferred to held to maturity		646		560
Pension and other postretirement benefit plans:
Reclassification adjustments for changes realized in net income:
Net change in prior service costs		28		47
Recognized net loss due to lump sum settlement		—		24
Change in net actuarial loss		244		190
Derivatives:
Change in the accumulated gain (loss) on effective cash flow hedge derivatives		—		(47	)
Reclassification adjustment for (gain) loss realized in net income		—		(128	)
Other comprehensive income (loss), net of tax		31,298		14,764
Comprehensive income	$	53,516	$	48,103

Mississippi		64-0471500
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

248 East Capitol Street, Jackson, Mississippi		39201
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	TRMK	Nasdaq Global Select Market


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

Section 1: 10-Q (10-Q)