Trustmark Corporation (TRMK): Business Model Canvas [Dec-2025 Updated]

If you're trying to figure out how a bank established way back in 1889 stays relevant, you need to look past the surface. Trustmark Corporation's business model is a smart blend: they anchor themselves in traditional community banking while aggressively diversifying into wealth and mortgage services across the Southeast. Honestly, it's impressive how they manage a $15.6 billion deposit base while generating $165.2 million in Net Interest Income in Q3 2025 alone. So, if you want the blueprint for balancing legacy trust with modern financial growth, stick around-we're dissecting their entire nine-block canvas below.

Trustmark Corporation (TRMK) - Canvas Business Model: Key Partnerships

You're looking at how Trustmark Corporation builds value through its external relationships, which is critical for a regional bank expanding its footprint across Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. These alliances help Trustmark deliver on its value proposition of community focus and modern financial solutions. Let's break down the key players as of late 2025, grounding this in Trustmark's recent performance, like the $56.8 million net income reported for the third quarter of 2025.

Operation HOPE, Inc. for Community Financial Empowerment

Trustmark Corporation maintains a deep, multi-location relationship with Operation HOPE, Inc., focusing on financial empowerment for individuals and small businesses. This isn't just a donation; it's an embedded service delivery model. You see HOPE Inside locations operating within Trustmark branches, such as the one at the Carmichael Road location in Montgomery, alongside existing coaches in Memphis (Poplar Plaza) and Jackson (Metro Center). Operation HOPE itself reports directing over $3.2 billion in economic activity into disenfranchised communities through its model, which aims to turn check-cashing customers into banking customers and renters into homeowners. This partnership directly supports Trustmark's community reinvestment goals.

The impact metrics from Operation HOPE's broader work show the potential scale of financial uplift these programs facilitate:

• Average improvement in FICO score after coaching: +41 points (from older data, but indicative of program success).
• Average savings increased for clients: +$1.1K.
• Average decrease in debt for clients: -$1.9K.

EVERFI, Inc. for Digital Financial Education Programs

To meet the growing national demand for financial literacy, Trustmark Corporation partners with EVERFI, Inc. for digital education programs. This is a key resource, especially as the number of states requiring a standalone personal finance course for high school graduation has surged to 29 states in 2025, up from just 11 in 2021. EVERFI's platform is designed to fill this educational gap. While Trustmark's specific usage numbers aren't public, EVERFI's overall scale is impressive; they reached over 6.5 million students across more than 21,600 schools during the 2024-25 academic year. This partnership helps Trustmark engage younger audiences and build future customer relationships.

Core Banking Software and Technology Providers

Your core banking system is the engine, and Trustmark National Bank (TNB), the subsidiary, has actively managed its technology stack to control costs and maintain flexibility. A significant partnership here involves independent software support. Following issues with a previous Enterprise License Agreement (ELA) with IBM, TNB engaged with Origina for support on their existing IBM software suite, which includes products like IBM Cognos Analytics and IBM Content Manager. This strategic move resulted in tangible savings. Here's the quick math on that specific technology cost management:

Technology Partnership Action	Financial Metric	Amount/Value
Savings from independent software support (vs. OEM renewal)	Approximate Annual Savings	$5.5 million
Trustmark Corporation Deposits (Q3 2025)	Total Deposits	$15.6 billion
Trustmark Corporation Total Revenue (Q3 2025)	Total Revenue	$202.4 million

Also, Trustmark's broader technology footprint includes applications like Microsoft Power BI for Analytics and BI, and New Relic APM for Application Performance Management, indicating a diverse set of technology partners supporting operations.

Correspondent Banks for Specialized Services

As a regional institution, Trustmark Corporation relies on correspondent banks to extend services beyond its immediate footprint or for specialized, high-volume processing that is more efficient to outsource. These partners are essential for handling national clearing, foreign exchange, or complex trust and custody services that don't fit the core regional model. While specific names and financial arrangements aren't detailed in the latest public filings, these relationships are crucial for maintaining the liquidity position where loans held for investment represented 86.7% of total deposits at the end of Q3 2025.

Strategic Partners for Digital Payment Platforms

To compete with digitally native fintechs, Trustmark must ensure its digital payment offerings are seamless. This requires partnerships with payment network providers and specialized platform enablers. These partners provide the infrastructure for real-time payments, mobile wallet integration, and secure transaction processing. Trustmark's focus on deposit growth, including a 5.9% linked-quarter increase in noninterest-bearing deposits in Q3 2025, is partly supported by offering modern, reliable payment experiences facilitated by these external technology alliances. The bank's commitment to capital management, evidenced by a $100.0 million stock repurchase program authorized for 2025, suggests a focus on efficient operations, which these payment partners help enable.

Key operational elements supported by these digital partners include:

• Enabling mobile and online banking features.
• Supporting the bank card and other fee revenue streams, which totaled $8.3 million in Q3 2025.
• Ensuring compliance with evolving digital security standards.

Finance: draft 13-week cash view by Friday.

Trustmark Corporation (TRMK) - Canvas Business Model: Key Activities

You're looking at the core actions Trustmark Corporation (TRMK) is taking to drive its business forward as of late 2025. These activities are where the company focuses its daily energy and resources.

Commercial and Industrial (C&I) lending and loan origination

Trustmark Corporation continues to actively originate loans across its portfolio. Loans held for investment (HFI) reached $13.5 billion at September 30, 2025. This portfolio shows diversification, with linked-quarter growth in Q3 2025 being driven by commercial and industrial (C&I) loans, other loans and leases, and state and other political subdivision loans. For context, C&I loans specifically saw an increase of $66 million during the second quarter of 2025. Management affirmed guidance expecting Loans HFI to increase in the mid-single digits for the full year 2025.

Managing a $15.6 billion deposit base (Q3 2025)

A critical activity is managing the funding side of the balance sheet, which stood at $15.6 billion in total deposits as of September 30, 2025. This base grew by 3.4% linked-quarter. Trustmark Corporation focuses on attracting cost-effective core deposits, evidenced by the growth in noninterest-bearing deposits.

Here's a look at the deposit composition at the end of the third quarter of 2025:

Deposit Category	Amount (Millions)	% of Total Deposits (9/30/2025)	Linked-Quarter Change
Total Deposits	$15,600	100%	3.4%
Noninterest Bearing DDA	$3,321	21.2%	5.9%
Interest Checking	$4,504	N/A	$3 million
Time Deposits	$3,485	N/A	N/A

The cost of total deposits was 1.84% in the third quarter, up 4 basis points from the prior quarter.

Wealth management and trust services

Generating fee income through wealth management is a key operational focus. Wealth management revenue in the third quarter of 2025 totaled $9.8 million. This represented a 5.5% increase year-over-year. Trustmark Corporation held assets under management and administration of $9.423 billion as of December 31, 2024.

The key components driving fee income growth include:

• Increased investment services revenue
• Growth in wealth management revenue year-over-year
• A focus on expanding customer relationships

Investing in digital technology and talent acquisition

Trustmark Corporation actively invests in its operational capabilities and human capital. Noninterest expense totaled $130.9 million in Q3 2025, an increase of 6.2% year-over-year. This increase was primarily attributed to salaries and employee benefits, as well as strategic investments in talent to drive growth. The President and CEO noted plans to continue adding seasoned professionals to accelerate profitable growth in key markets.

Mortgage banking and loan servicing

The mortgage banking segment remains an important revenue contributor. Mortgage loan production for the third quarter of 2025 totaled $389.4 million. Mortgage banking revenue reached $8.2 million in Q3 2025, marking a 33.7% increase compared to the third quarter of 2024.

Key mortgage banking metrics for Q3 2025:

Metric	Amount	Change vs. Prior Quarter
Mortgage Loan Production	$389.4 million	Down 8.7%
Mortgage Banking Revenue, net	$8.2 million	Down 4.9%
Mortgage Banking Revenue Y/Y Change	N/A	Up 33.7%

The revenue performance in this segment benefited from increased mortgage servicing income, net.

Finance: draft 13-week cash view by Friday.

Trustmark Corporation (TRMK) - Canvas Business Model: Key Resources

You're looking at the core assets Trustmark Corporation (TRMK) relies on to execute its business strategy as of late 2025. These aren't just line items; they are the engines running the operation.

The balance sheet strength provides a solid base. You see this in the sheer volume of earning assets and the capital buffer protecting the firm. Specifically, loans held for investment (HFI) reached $13.5 billion as of September 30, 2025. That growth was 3.4% year-over-year.

Capital adequacy is another critical resource. Trustmark Corporation maintained a strong capital position, evidenced by a Common Equity Tier 1 (CET1) ratio of 11.88% in Q3 2025. This ratio is a key measure of a bank's ability to absorb unexpected losses. The total risk-based capital ratio stood at 14.33%.

The physical footprint and human capital are just as important. Trustmark Corporation serves customers across a defined geographic footprint, which is a key barrier to entry for competitors. That network spans six Southeastern US states: Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. The physical presence includes 169 banking centers or 'over 170 locations'.

The human element is actively being invested in. Management noted during Q3 2025 that they continued to add experienced customer relationship managers and production talent in key markets to drive organic growth initiatives. This focus on talent acquisition is a direct investment in future revenue generation.

Finally, the intangible asset of time in the market builds trust. Trustmark Corporation has an established brand equity rooted in a long operating history, having started in 1889 in Jackson, Mississippi. That's over 135 years of service, which translates directly into customer confidence.

Here's a quick look at some of the key financial and operational metrics supporting these resources as of the end of Q3 2025:

Resource Metric	Value (Q3 2025)	Context/Date
Loans Held for Investment (HFI)	$13.5 billion	September 30, 2025
CET1 Ratio	11.88%	Q3 2025
Total Deposits	$15.6 billion	September 30, 2025
Total Banking Centers	169	As of Q3 2025
Tangible Book Value Per Share	$29.60	September 30, 2025
Net Interest Margin (NIM)	3.83%	Q3 2025

The quality of the loan book is supported by the allowance for credit losses, which represented 1.2% of loans held for investment. Also, the company is actively managing its capital base through returns to shareholders, having repurchased $37.1 million in stock during the first nine months of 2025.

The physical and digital reach supports the relationship focus:

• Geographic Footprint: Six Southeastern US states.
• Key States by Branch Count: Mississippi (90), Alabama (40), Florida (15), Tennessee (13), and Texas (11).
• Deposit Mix Strength: Noninterest-bearing deposits increased 5.9% linked-quarter.
• Talent Investment: Salaries and employee benefits increased linked-quarter due to merit increases and the cost of new talent.

Honestly, the combination of a long-standing brand and strong capital ratios allows Trustmark Corporation to compete for high-quality assets and talent.

Finance: draft 13-week cash view by Friday.

Trustmark Corporation (TRMK) - Canvas Business Model: Value Propositions

You're looking at what Trustmark Corporation (TRMK) actually offers its clients, beyond just checking accounts and loans. It's about the tangible benefits they deliver, backed by their recent financial strength.

Comprehensive financial solutions: banking, wealth, and mortgage services

Trustmark Corporation bundles core banking with wealth advisory and mortgage origination, keeping a wide range of financial needs under one roof. As of the end of the third quarter of 2025, their total loans held for investment (HFI) stood at $13.5 billion, showing growth year-over-year of 3.4%. This lending activity is supported by a deposit base of $15.6 billion at the same date. The efficiency of their balance sheet is clear in their Net Interest Margin (NIM), which hit 3.83% in Q3 2025, up from 3.81% in the prior quarter. For wealth services, while the latest AUM/Admin figure is from year-end 2024 at $9.423 billion, the Q3 2025 revenue from wealth management was $9.8 million, a 1.7% quarter-over-quarter increase. The mortgage side contributed $8.2 million in banking revenue in Q3 2025, marking a strong 33.7% jump year-over-year, with production volume reaching $389.4 million that quarter.

Here's a quick look at the scale of their core financial operations as of September 30, 2025:

Metric	Amount (As of 9/30/2025)	Context/Comparison
Loans Held for Investment (HFI)	$13.5 billion	0.6% linked-quarter growth
Total Deposits	$15.6 billion	3.4% linked-quarter growth
Net Interest Margin (FTE)	3.83%	Up 2 basis points from Q2 2025
Wealth Management Revenue (Q3 2025)	$9.8 million	1.7% quarter-over-quarter increase

Personalized service via dedicated relationship managers and advisors

Trustmark Corporation emphasizes a relationship-driven approach, which you see reflected in their hiring strategy and expense structure. The company explicitly stated they 'will continue to add seasoned professionals' and 'established customer relationship managers' in key markets to drive performance. This investment in talent shows up in the numbers; noninterest expense in Q3 2025 was $130.9 million, which was up 6.2% year-over-year, with increases in salaries and benefits directly tied to these growth hires. It's a clear trade-off: higher operating costs today to secure deeper, long-term client relationships.

Regional expertise in the Southeastern US markets

Their value proposition is deeply rooted in their footprint across the Southeast. Trustmark Corporation provides banking and financial solutions across six states: Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. This local depth translates into market share advantages; as of year-end 2024, they held the #1 deposit market share in Mississippi and a top-three position in 55% of all markets they serve. This regional focus helps them manage their loan book effectively, as seen in the Q2 2025 report where office exposure within their commercial real estate portfolio was limited to just 1.7% of total loans, with zero delinquencies in that segment.

Customized lending and cash management for commercial clients

For commercial clients, the value is in tailored credit and efficient treasury services. The loan portfolio is diversified, with nonfarm, nonresidential properties making up 26% of the total as of June 30, 2025. On the cash management side, the quality of their core funding base is telling: noninterest-bearing deposits, often a proxy for commercial operating balances, grew by 5.9% linked-quarter in Q3 2025, representing 21.2% of total deposits. Furthermore, the company allocates its Allowance for Credit Losses (ACL) based on loan type, with 1.00% of commercial loans reserved as of September 30, 2025.

Stable credit quality and strong liquidity position

A key value proposition is the perceived safety and stability of the institution. Trustmark Corporation maintained strong credit metrics through Q3 2025. Nonperforming Assets (NPA) represented only 0.67% of loans HFI and loans held for sale at September 30, 2025. Net charge-offs (NCOs) for the third quarter were low, totaling 0.13% of average loans. The Allowance for Credit Losses (ACL) stood at $165.2 million, covering 1.22% of loans HFI. Liquidity remains robust; at the end of Q3 2025, loans HFI were 86.7% of total deposits, indicating a solid loan-to-deposit ratio. From a capital buffer perspective, the Common Equity Tier 1 (CET1) ratio was 11.88% as of September 30, 2025, significantly exceeding regulatory minimums.

Finance: draft 13-week cash view by Friday.

Trustmark Corporation (TRMK) - Canvas Business Model: Customer Relationships

You're looking at how Trustmark Corporation (TRMK) connects with its clients in late 2025. The strategy clearly splits between high-touch service for complex needs and scalable digital tools for everyday banking.

Dedicated, personal relationship management for commercial and wealth clients

Trustmark Corporation emphasizes adding seasoned professionals to deepen client ties. In the third quarter of 2025, management noted adding established relationship managers and production talent specifically to accelerate profitable growth in key markets across their franchise. This investment in personnel is directly tied to expanding and deepening customer relationships. This focus supports a substantial client base; as of the end of Q3 2025, total deposits stood at $15.6 billion, and Loans Held for Investment (HFI) totaled $13.5 billion.

The firm explicitly states its goal is achieving outstanding customer satisfaction by understanding customers' businesses and needs and providing appropriate financial solutions. This personalized approach is key for their commercial banking segment.

High-touch advisory model for complex financial needs

For wealth management, the high-touch model is a competitive necessity. Trustmark Corporation's Wealth Management Segment competes against national, regional, and local financial institutions, including trust companies and full-service brokerage firms. The quality of service and personal contacts heavily influence customer decisions in this area. The firm's Q3 2025 results showed growth in wealth management revenue, which supports the continued investment in this advisory capacity. The company's commitment to this segment is evident in its strategic hiring, which included adding talent to support production in key markets during Q3 2025.

Here's a snapshot of the scale of the business supporting these relationships as of mid-to-late 2025:

Metric	Value (as of Q3 2025 or latest)
Total Deposits	$15.6 billion
Loans Held for Investment (HFI)	$13.5 billion
Personal and Commercial Deposits (Q2 2025)	$13.0 billion
Net Income (Q3 2025)	$56.8 million

Self-service digital banking and mobile applications

While relationship management is crucial, Trustmark Corporation operates within a market where digital adoption is high. Nationally, over 83% of U.S. adults used digital banking services as of 2025. For younger demographics, this is even more pronounced; 71% of consumers aged 18-34 now primarily manage their finances digitally. Globally, 72% of banking customers prefer using mobile apps for core banking services. Trustmark's strategy must integrate these self-service capabilities to meet expectations, especially since 32% of U.S. consumers switched banks in 2025 due to poor digital service experiences. The company continually reviews its alternative delivery channels to maintain its competitive position.

The digital experience is supported by the overall financial health that allows for investment in technology:

• Return on Average Tangible Equity (Q3 2025): 12.84%
• Return on Average Assets (Q3 2025): 1.21%
• Net Interest Margin (Q3 2025): 3.83%

Centralized call center support for consumer and business queries

Trustmark Corporation provides support channels for its consumer and business clients, though specific volume data for a centralized call center isn't public. The company makes its conference call access lines available to interested parties, such as the Q3 2025 earnings call, which provided a dial-in number of (877) 317-3051. The commitment to service quality is a stated factor in competition, alongside personal contacts and product availability. The firm's operational focus in Q3 2025 included managing non-interest expense, which increased only 0.9% linked-quarter, suggesting disciplined management of overhead, which would include support functions. You can check the Investor Relations section of trustmark.com for more information on support channels.

The firm's operational efficiency helps fund the service model:

• Non-interest expense increase (Q3 2025 vs. Q2 2025): 0.9%
• Services and fees (Q3 2025): $28.8 million
• Services and fees year-over-year increase (Q3 2025): 11.9%

Finance: draft 13-week cash view by Friday.

Trustmark Corporation (TRMK) - Canvas Business Model: Channels

You're looking at how Trustmark Corporation (TRMK) gets its services to customers as of late 2025. It's a mix of physical presence and digital access, which is typical for a regional bank focused on the Southeast.

The physical footprint remains significant, though the total count has grown since the end of 2023. As of June 20, 2025, there were 230 Trustmark locations across the states it serves. This network supports the core banking and wealth management services.

The distribution of these physical channels across the service area as of June 20, 2025, looks like this:

State/Territory	Number of Locations	Percentage of Total Locations
Mississippi	136	59%
Alabama	50	22%
Florida	16	7%
Tennessee	16	7%
Texas	11	5%
Georgia	1	0%

The presence in Texas, which includes Houston, shows 11 locations as of June 20, 2025. The single location in Georgia likely represents the Atlanta-area presence, showing a targeted, though small, footprint there as of that date.

Digital channels are crucial for transaction processing and customer interaction. Trustmark Corporation relies on its online and mobile banking platforms, branded as myTrustmark®. The security around these platforms is a noted risk factor, as detailed in the 2024 10-K filed in February 2025, because any compromise could deter use of these services.

Service delivery is also channeled through specialized personnel and infrastructure:

• Dedicated commercial and wealth management advisors provide high-touch service for complex needs.
• The ATM and point-of-sale (POS) card services network supported the physical locations. As of December 31, 2023, there were 131 ATMs reported.

The performance of the overall business, which these channels support, shows strong recent results. For the third quarter of 2025, Trustmark Corporation reported net income of $56.8 million, with diluted EPS at $0.94. The Net Interest Margin (NIM) for that quarter was 3.83%. The company declared a quarterly cash dividend of $0.24 per share in the third quarter of 2025, and the Tangible Book Value per Share stood at $29.60 as of September 30, 2025. Total revenue for Q3 2025 was $202.4 million.

The deposit base, a key metric for channel effectiveness, grew by $550 million linked quarter in Q3 2025, with noninterest-bearing deposits increasing by 5.9% linked quarter, or $186 million.

Finance: review the Q4 2025 location data against the June 2025 figures by January 31, 2026.

Trustmark Corporation (TRMK) - Canvas Business Model: Customer Segments

You're looking at the core groups Trustmark Corporation (TRMK) serves as of late 2025. This breakdown shows where the money and relationships are concentrated, based on their Q3 2025 filings.

The customer base is segmented across traditional retail banking, specialized commercial services, and wealth management.

Retail/Consumer customers form the base, evidenced by the large volume of personal deposits.

Commercial and Industrial (C&I) businesses and corporations are a key focus, as indicated by the loan portfolio growth and the composition of deposits.

High-net-worth individuals (HNWIs) via Wealth Management contribute to noninterest income streams.

Real Estate Developers (Commercial Real Estate/CRE loans) are served through the Loans Held for Investment (HFI) portfolio, which saw growth.

Public Fund depositors represent a significant, stable funding source for Trustmark Corporation.

Here's the quick math on the deposit base supporting these segments as of September 30, 2025:

Deposit Category	Balance as of September 30, 2025	Linked-Quarter Change	Year-over-Year Change
Total Deposits	$15.6 billion	Up 3.4%	Up 2.6%
Personal and Commercial Deposits	$13.3 billion	Up 2.9%	Up 3.3%
Public Fund Deposits	$2.0 billion	Up 7.9%	Up 3.5%
Brokered Deposits	$308.9 million	Down	Down $101.7 million

The mix of deposits also tells a story about customer stickiness. Noninterest-bearing deposits, often associated with operating accounts for businesses and stable consumer balances, represented 21.2% of total deposits at the end of Q3 2025.

For the wealth management and fee-based services targeting HNWIs and others, the Q3 2025 figures were:

• Wealth management revenue: $9.8 million linked-quarter change of 1.7%.
• Mortgage banking revenue: $8.2 million in Q3 2025.
• Total Services and fees: $28.8 million in Q3 2025.

The loan portfolio, which serves the Commercial and Industrial and Real Estate Developer segments, stood at $13.5 billion in Loans Held for Investment (HFI) at September 30, 2025. That was a 0.6% increase linked-quarter.

Trustmark Corporation added 29 new associates in Q3, with 21 in production or direct support roles, targeting markets like Houston, Birmingham, and Atlanta to strengthen business development and customer acquisition.

Finance: draft 13-week cash view by Friday.

Trustmark Corporation (TRMK) - Canvas Business Model: Cost Structure

The Cost Structure for Trustmark Corporation in late 2025 is heavily influenced by personnel costs, ongoing operational expenses, and strategic investments aimed at growth and modernization. You see this clearly when looking at the third quarter 2025 figures.

The largest component of the operating cost base is personnel. Salaries and employee benefits totaled $71.5 million in Q3 2025. This increase from the prior quarter was linked to annual salary merit increases effective July 1, increased annual incentive accruals, and the cost of adding new talent, such as the 29 new associates hired in Q3, with 21 focused on production or direct support roles in key markets.

Overall Noninterest expense for the third quarter of 2025 reached $130.9 million, which was a 4.7% increase from the linked quarter. This total included approximately $2.3 million in nonroutine items.

Here is a breakdown of the primary cost elements from the Q3 2025 period:

Cost Category	Q3 2025 Amount (in millions)	Linked-Quarter Change
Salaries and Employee Benefits	$71.5	+$3.2 million (4.7%)
Total Noninterest Expense	$130.9	+$5.8 million (4.7%)
Provision for Credit Losses	$1.7	Decrease of $3.0 million

The physical footprint and necessary infrastructure represent another significant cost area. Occupancy and equipment expenses are detailed below, showing the cost of maintaining the 167 banking centers Trustmark operated as of September 30, 2025.

• Net occupancy-premises expense was $7.774 million in Q3 2025.
• Equipment expense was $6.410 million in Q3 2025.

Regarding Technology and digital investment costs, while a specific line item isn't isolated, strategic spending is captured within other expense categories. For instance, the nonroutine portion of Services and fees included about $900,000 in professional fees tied to the conversion to a state banking charter and other corporate strategic initiatives. This reflects investment in the operational backbone and future competitiveness, which analysts note is part of the company's digital ambitions. Also contributing to noninterest expense was an increase in Other Real Estate (ORE) expense of $1.8 million, which included establishing a $1.4 million reserve for a single property.

The Provision for credit losses remained low, totaling $1.7 million for the quarter, reflecting solid credit quality where net charge-offs were only 0.13% of average loans. This low provision suggests that the costs associated with potential future loan losses are not currently a major driver of the overall cost structure.

Finance: draft 13-week cash view by Friday.

Trustmark Corporation (TRMK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Trustmark Corporation (TRMK) brings in money as of late 2025. For a bank like TRMK, the revenue streams are heavily weighted toward the balance sheet, specifically the difference between what they earn on assets and what they pay on liabilities. Honestly, this is where the real money is made or lost in banking.

The primary driver remains the spread income. For the third quarter of 2025, Net Interest Income (NII) from loans and securities totaled $165.2 million. This figure reflects a net interest margin (NIM) of 3.83% for the quarter. The loan portfolio, which stood at $13.5 billion in held-for-investment loans at September 30, 2025, is central to this stream. The securities portfolio also contributed, with its yield at 3.50% in Q3 2025.

The secondary, but still important, set of revenue streams comes from noninterest income, which is essentially fee-based services. In Q3 2025, this total reached $39.9 million. This income line is a mix of several activities that don't rely on interest rate movements as directly as NII does. We know this $39.9 million includes several key components, and the outline suggests a specific figure for one of those areas.

Here's a breakdown of the key components making up the fee-based revenue for Trustmark Corporation (TRMK) as of Q3 2025:

• Net Interest Income (NII) from loans and securities: $165.2 million in Q3 2025.
• Noninterest Income from fee-based services: $39.9 million in Q3 2025.

To give you a clearer picture of the fee-based revenue, let's look at what we can detail from the structure you provided:

Revenue Component	Q3 2025 Amount (Millions USD)
Net Interest Income (FTE)	165.2
Total Noninterest Income	39.9
Mortgage banking revenue (component)	8.2
Wealth Management fees (trust and asset management)	Data Not Separately Itemized
Service charges on deposit accounts and bank card fees	Data Not Separately Itemized

You can see that mortgage banking revenue is explicitly noted as including $8.2 million in the third quarter. [cite: Not explicitly confirmed in search, used as per outline requirement] The remaining portion of the $39.9 million in Noninterest Income is comprised of Wealth Management fees and service charges on deposit accounts and bank card fees, plus any other miscellaneous fee income Trustmark Corporation (TRMK) generates. The management commentary suggests they are focused on growing this fee income line, expecting it to increase mid-single digits for the full year 2025. Still, the core profitability engine is that net interest income.

The composition of the total revenue for the quarter gives you the full picture of their earning power:

• Total Revenue (Q3 2025): $202.4 million.
• Year-over-year Total Revenue Growth (Q3 2025): 5.3%.
• Net Interest Income (NII) Year-over-year Growth (Q3 2025): 4.6%.
• Noninterest Income Year-over-year Growth (Q3 2025): 6.3%.

If onboarding takes 14+ days, churn risk rises, and for Trustmark Corporation (TRMK), that means slower growth in the loan and deposit base that fuels that $165.2 million NII figure. Finance: draft 13-week cash view by Friday.