Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following tables disclose the fair value of derivative instruments in Trustmark’s consolidated balance sheets at March 31, 2026 and December 31, 2025 as well as the effect of these derivative instruments on Trustmark’s results of operations for the periods presented ($ in thousands):


	March 31, 2026			December 31, 2025
Derivatives designated as hedging instruments:
Interest rate contracts:
Interest rate swaps included in other assets (1)	$	1,866		$	3,890
Interest rate floors included in other assets		1,361			1,673
Interest rate swaps included in other liabilities (1)		2,605			611

Derivatives not designated as hedging instruments:
Interest rate contracts:
Exchange traded purchased options included in other assets	$	19		$	11
OTC written options (rate locks) included in other assets		887			998
Interest rate swaps included in other assets (1)		8,300			9,654
Credit risk participation agreements included in other assets		11			9
Futures contracts included in other liabilities		5,265			1,661
Forward contracts included in other liabilities		(1,573	)		287
Exchange traded written options included in other liabilities		313			47
Interest rate swaps included in other liabilities (1)		19,024			20,098
Credit risk participation agreements included in other liabilities		152			128

(1)

In accordance with GAAP, the variation margin collateral payments made or received for interest rate swaps that are centrally cleared are legally characterized as settled. As a result, the centrally cleared interest rate swaps included in other assets and other liabilities are presented on a net basis in the accompanying consolidated balance sheets.

Effects of Derivative Instruments on Statements of Operations


	Three Months Ended March 31,
	2026			2025
Derivatives designated as hedging instruments:
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) and recognized in interest and fees on LHFS and LHFI	$	(935	)	$	(2,680	)

Derivatives not designated as hedging instruments:
Amount of gain (loss) recognized in mortgage banking, net	$	(2,308	)	$	4,715
Amount of gain (loss) recognized in bank card and other fees		370			(88	)

Schedule of Amount Included in Other Comprehensive Income for Derivative Instruments Designated as Hedges of Cash Flows

The following table discloses the amount included in other comprehensive income (loss), net of tax, for derivative instruments designated as cash flow hedges for the periods presented ($ in thousands):


	Three Months Ended March 31,
	2026			2025
Derivatives designated as hedging instruments:
Amount of gain (loss) recognized in other comprehensive income (loss), net of tax	$	(4,280	)	$	5,909

Information about Financial Instruments that are Eligible for Offset in the Consolidated Balance Sheets

Information about financial instruments that are eligible for offset in the consolidated balance sheets as of March 31, 2026 and December 31, 2025 is presented in the following tables ($ in thousands):


Offsetting of Derivative Assets
As of March 31, 2026
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Received			Net Amount
Derivatives	$	11,527	$	—	$	11,527	$	(5,275	)	$	(380	)	$	5,872


Offsetting of Derivative Liabilities
As of March 31, 2026
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Posted			Net Amount
Derivatives	$	21,629	$	—	$	21,629	$	(5,275	)	$	(1,300	)	$	15,054


Offsetting of Derivative Assets
As of December 31, 2025
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Received			Net Amount
Derivatives	$	15,217	$	—	$	15,217	$	(6,271	)	$	(1,380	)	$	7,566


Offsetting of Derivative Liabilities
As of December 31, 2025
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities presented in the Statement of Financial Position		Financial Instruments			Cash Collateral Posted			Net Amount
Derivatives	$	20,709	$	—	$	20,709	$	(6,271	)	$	(2,200	)	$	12,238