Slide 1: First Quarter 2024 Trustmark Financial Results
Exhibit 99.2 First Quarter 2024 Trustmark Financial Results » April 23, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements contained in this document 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,” “
Slide 3: Agreement to Sell FBBINSURANCE to Marsh McLennan Agency
W Trustmark Agreement to Sell NY FBBINSURANCE to CZ MarshMcLennan Agency April 23, 2024
Slide 4: Sale of FBBINSURANCE to Marsh & McLennan Agency LLC
Sale of FBBINSURANCE to Marsh & McLennan Agency LLC Transaction Overview FBBINSURANCE FBBINSURANCE Overview ¥ Top five bank-affiliated insurance agency in the U.S., and one of the largest in the Southeast ¥ Focused on commercial, personal, employee benefits insurance, and surety v Headquartered in J
Slide 5: Strategic Rationale for FBBINSURANCE Sale
Strategic Rationale for FBBINSURANCE Sale Capitalizes on sale of ii e ¥ 5.9x Revenue ¥ 28.0x Net Income” i jidiary at y attractive ion level Capital redeployment to enhance shareholder value Y Post-closing, plan to use a portion of capital generation to reposition lower-yielding securities to higher
Slide 6: Pro Forma Financial Impacts
Pro Forma Financial Impacts CET1 Ratio Earnings per Share Profitability Ratios (2025 Est.)(12x3) (3/31/24 Pro Forma) (2025 Est.)() Por with ; , Stand Al oo vie chi ; (%) Ca a (3) (7.1% +15.6% Metric ica Est Base Case Securities Stand Alone = 7 - Divesture Repositioning 11.5% 3.00 i 10.1% anes $2.59
Slide 7: Non-GAAP Reconciliation
Non-GAAP Reconciliation Transaction Value $345.0 Net Proceeds") $284.2 Pre-tax Gain On Sale $225.2 Taxes ($56.3) Net Cash Received After Taxes $168.9 TRMK'’s Basis in FBBINSURANCE $59.0 After-tax Net Proceeds $227.9 2023 Total Revenue $58.5 2023 Net Income $12.3 Transaction Value / Revenue bea Trans
Slide 8: Q1-24 Financial Highlights
Q1-24 Financial Highlights Loan Growth Moderates, Credit Quality Remains Stable, Solid Growth in Fee Income, Disciplined Expense Management Balance * Loans Held for Investment (HF) increased $107.4 million, or 0.8%, linked- Sheet quarter, and $560.7 million, or 4.5%, year-over-year At March 31, 2023
Slide 9: Loans Held for Investment (HFI) Portfolio
Loans Held for Investment (HFI) Portfolio Focus on profitable, credit-disciplined loan growth continued 1) Change ($in millior 3/31/2024 LQ Y-0-Y Loans secured by real estate: Const., land dev. and other land loans $ 1,539] $ 29 $ (184) Secured by 1-4 family residential prop. 2,891 (13) 69 Secured b
Slide 10: Commercial Real Estate and Offices (CRE) Portfolio Detail
Commercial Real Estate and Offices (CRE) Portfolio Detail CRE Portfolio % of CRE es (CRE) Portfolio!) % of Offices ($ in millions) 03/31/24 Portfolio millions) 03/31/24 Portfolio Lots, Development and Unimproved Land $304 6% Construction $ ale) 6% 1-4 Family Construction 313 6% Existing 262 94% Othe
Slide 11: Commercial Loan Portfolio Detail
Commercial Loan Portfolio Detail : ti % of © * — Portfolio includes commercial, financial Commercial Portfolio Commercial intermediaries, agriculture production, equipment ($ in millions) 03/31/24 Joe finance, non-profits, and leases Manufacturing $351 14% . * — Credits originated by the Equipment F
Slide 12: Allowance for Credit Losses
Allowance for Credit Losses ($ in millions) $6 Net impact of quantitative changes including loan growth, changing of the macroeconomic forecast, and individually analyzed reserves ACL 12/31/23 Source: Company reports Does not include allowance for off balance sheet credit exposures Totals may not fo
Slide 13: Credit Risk Management
Credit Risk Management Solid asset quality metrics 2 Allowance for credit losses represented 1.10% of loans held for investment and 235.3% of nonaccrual loans, excluding individually evaluated loans ° Net charge-offs totaled $4.1 million in the first quarter, which represented 0.12% of average loans
Slide 14: Attractive, Low-Cost Deposit Base
Attractive, Low-Cost Deposit Base Deposits Change ($ in millions) 3/31/2024 LQ Y-0-Y Interest Checking $ 4874|]$ (138) $ (78) Noninterest Bearing DDA 3,040 (158) (757) Time Deposits 3,322 (54) 1,154 Savings 1,043 (10) (158) MMDA 3,060 129 395 Total Deposits $ 15,339]}$ (231) $ 555 Deposit Mix - Aver
Slide 15: Stable, Granular & Low-Exposure Deposit Base
Stable, Granular & Low-Exposure Deposit Base Deposit Accounts'2i3) Deposit Segmentation ($ and #in ae Insured vs Collateralized vs Uninsured & Uncollateralized®) $27 $26 Pace <a Sages $14,784 $14,914 $15,102 += $15,570 $15,339 : : : : : Q1-23 Q2-23 Q3-23 Q4-23 Qu-24 mmm Average Accounts —e—Average B
Slide 16: Income Statement Highlights - Net Interest Income
Income Statement Highlights - Net Interest Income $141 Qi-23 3.25% Q4-23 NIM Net Interest Income - FTE ($ in millions) $142 $136 Q2-23 Q3-23 Q1-24 @ Net Interest Income Net Interest Margin 0.04% 3.21% — ——*.. -0.02% -0.06% Asset Liability # of Days in Rate/Volume —_Rate/Volume tr Q1-24 NIM Yields an
Slide 17: Earning Asset Composition & Interest Rate Sensitivity
Earning Asset Composition & Interest Rate Sensitivity As of 03/31/24 Substantial NII asset sensitivity is driven by loan portfolio mix with 50% variable rate Total interest rate swap hedge notional at quarter end was $1.105 billion (including $255 million of forward starting) with a weighted average
Slide 18: Income Statement Highlights - Noninterest Income
Income Statement Highlights - Noninterest Income Noninterest Income’ Change ($ in millions) 2 Q1-24 LQ Y-0-Y Service Charges on Deposit Accounts $ 11.0/$ (04) $ 0.6 Bank Card and Other Fees 74 (1.1) (0.4) Mortgage Banking, net 89 34 13 Insurance Commissions 15.5 2.3 1.2 Wealth Management 9.0 03 0.2
Slide 19: Income Statement Highlights - Noninterest Expense
Income Statement Highlights - Noninterest Expense Noninterest Expense (in ions Canes i al Q1-24 LQ Y-o-Y Salaries & Benefits $ 75.5|$ (19) $ 14 Services & Fees 248 (3.1) (0.6) Net Occupany - Premises 75 o1 (0.1) Equipment Expense 64 0.4) (0.0) $141 Total Other Expense 159 (0.4) 18 $128 $132 $7 S134
Slide 20: Capital Management
Capital Management Solid capital position reflects consistent profitability of diversified financial services businesses * — Capital position remained strong with a CET1 ratio of 10.12% and a total risk-based capital ratio of 12.42% at March 31, 2024 ° As previously announced, Trustmark’s Board of D
Slide 21: 2024 Full Year Outlook Commentary
2024 Full Year Outlook Commentary” Prior to anticipated sale of FBBInsurance and Balance Sheet Repositioning Balance Sheet Loans HFI expected to grow mid-single digits Deposit balances expected to grow low-to-mid single digits Securities balances expected to decline by high-single digits based on no
Slide 22: Trustmark Corporation
Trustmark Corporation Who We Are * Trustmark is a diversified financial services company headquartered in Jackson, MS, providing banking and financial solutions through offices in AL, FL, GA, MS, TN and TX + Our vision is to be a premier financial services provider in our marketplace. + Our mission