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- **Record Financial Performance**: 2025 net income up 20.3% to $224.1 million, with $800 million total revenue driven by diversified growth across Banking, Mortgage, and Wealth Management.
- **Loan & Deposit Growth**: Loans +4.5% YoY, deposits +2.6% YoY. 2026 guidance for mid-single-digit loan/deposit growth and 3.80-3.85% NIM.
- **Capital Deployment**: $100 million buyback authorization for 2026, with 2025 returning 61.8% of net income via buybacks and dividends. CET1 ratio at 11.72%.
- **Strategic Focus**: Emphasizing organic expansion with 13 Q4 production hires, while maintaining disciplined M&A approach in key markets.

**【CEO Summary Section】**
- **Record 2025 Performance**: Achieved $224.1 million net income (up 20.3%), with $800 million total revenue driven by Banking, Mortgage, and Wealth Management growth.
- **Loan Growth**: Loans held for investment increased $584 million YoY, with mid-single-digit 2026 guidance. Deposit growth (2.6% YoY) and cost-effective core deposits remain strengths.
- **Forward Guidance**: 2026 targets include mid-single-digit loan/deposit growth, 3.80-3.85% NIM, and mid-single-digit noninterest income/expense growth. Share buyback authorization of $100 million for 2026.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: $57.9 million net income ($0.97 EPS), up 5.4% YoY. Full-year EPS of $3.70, with 61.8% of net income returned via buybacks and dividends.
- **Financial Metrics**: 3.81% NIM (Q4), 1.72% deposit cost (down 12bps QoQ). 2026 NIM guidance of 3.80-3.85% reflects stable margin expectations.
- **Capital Management**: CET1 ratio of 11.72% at year-end, with $100 million sub debt issuance to strengthen capital position.

**【Q&A Key Highlights】**
- **Talent Acquisition**: Added 13 new production hires in Q4, supporting C&I, equipment finance, and mortgage growth. 2026 focus on organic expansion and M&A opportunities (Texas, Arkansas, Tennessee markets).
- **Credit Normalization**: 2025 net charge-offs at 13bps; 2026 guidance of 14-18bps provisioning. Improved credit quality (criticized loans down $181 million YoY) supports lower risk.
- **Expense Management**: Mid-single-digit expense growth driven by merit increases (Q2-Q4 impact). 2026 buyback estimate of $60-70 million to maintain capital ratios near 12%.
- **M&A Strategy**: Cautious and selective, prioritizing cultural fit and market expansion. Organic growth remains primary focus, with buybacks as capital deployment tool.

Trustmark Corporation (TRMK) Q4 2025 Earnings Call Transcript

- **Revenue Surge**: 15% YoY growth driven by North American recovery, supported by 29 new hires in key markets.
- **AI Investment Payoff**: Gross margin expected to improve in H2, aligning with strategic tech initiatives.
- **Financial Strength**: Non-GAAP EPS beats expectations at $1.08, backed by 5% cost reduction.
- **Market Dynamics**: Active M&A monitoring with cautious capital deployment, $37M in share buybacks year-to-date.
- **Risk Management**: Tight credit controls with net charge-offs at 13 basis points, maintaining strong credit profile.


**【CEO Summary Section】**
- **Revenue Growth**: 15% year-over-year increase driven by North American market recovery.
- **Strategic Investments**: Continued focus on AI to enhance operational efficiency and customer experience.
- **Gross Margin Outlook**: Expectation of improvement in the second half of the year due to cost optimization and revenue diversification.
- **Market Expansion**: Hiring 29 new associates in key markets (Houston, Birmingham, Atlanta) to support loan growth and deposit strategies.
- **Capital Deployment**: $37 million in share repurchases year-to-date, with remaining $63 million under authorization.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income of $420 million, Non-GAAP EPS of $1.08 exceeding expectations.
- **Cost Management**: 5% YoY decline in operating expenses through strategic cost control.
- **Net Interest Margin**: 3.83% for the quarter, with guidance for 3.78%-3.82% for the full year.
- **Deposit Growth**: Core deposits grew 3.4% YoY, emphasizing cost-effective strategies.

**【Q&A Highlights】**
- **Expense Trends**: $400,000 in incremental costs from new hires, expected to stabilize in Q4.
- **M&A Activity**: Active monitoring of market opportunities, with preference for organic growth.
- **Credit Quality**: Improved credit metrics with net charge-offs at 13 basis points of loans.
- **Share Repurchases**: Anticipated $10-15 million quarterly, contingent on market conditions.
- **Market Competition**: Competitive deposit pricing strategies to maintain net interest margin stability.


Trustmark Corporation (TRMK) Q3 2025 Earnings Call Transcript

- **Profitability Expansion**: Q2 EPS $0.92 (+4.5% QoQ), ROA 1.21%, ROTCE 13.13%.
- **Loan Growth Acceleration**: Mid-single-digit guidance (up from low-single-digit), driven by non-CRE origination and CRE maturity extensions.
- **NIM Tightening**: Full-year range 3.77%-3.83% (narrowed from 3.75%-3.85%).
- **M&A Focus**: Contiguous Southeast markets ($1B-$5B), with Texas and high-growth regions prioritized.
- **Credit Strength**: Provision down Q2, nonperforming assets reduced 5.3% QoQ.


**【CEO Opening Remarks】**
- **Q2 2025 Financial Highlights**: Net income of $55.8 million (EPS $0.92), up 4.5% QoQ. Return on assets (ROA) 1.21%, return on tangible equity (ROTCE) 13.13%.
- **Loan Growth**: Loans held for investment +$223M QoQ (+1.7%), driven by 1-4 family mortgages, C&I loans, and leases.
- **Deposit Performance**: Total deposits $13B, +$104M QoQ. Noninterest-bearing deposits offset interest-bearing decline. Deposit cost 1.8%, down 3bps QoQ.
- **Credit Quality**: Nonperforming assets down $5M QoQ. Net charge-offs 12bps, provision $4.7M. Allowance ratio 1.25%.
- **Capital Management**: CET1 ratio 11.7%, up 7bps. $11M share buyback Q2, $26M YTD. $74M remaining buyback authority.
- **Forward Guidance**: Loans expected mid-single-digit growth (up from low-single-digit). NIM range narrowed to 3.77%-3.83% (prev 3.75%-3.85%).

**【CFO Financial Commentary】**
- **Net Interest Income**: $161.4M (+4.3% YoY), NIM 3.81% (+6bps QoQ). Repricing of fixed-rate loans and securities driving margin expansion.
- **Noninterest Income**: $39.9M, stable QoQ excluding one-time gains/losses. Wealth management, brokerage, and mortgage revenue contributing.
- **Expense Management**: Noninterest expense +$1.1M QoQ (+0.9%), with salary and equipment costs down offset by higher professional fees.
- **Capital Deployment**: Preference for organic growth, M&A, and buybacks. CET1 ratio up 7bps to 11.7%, total capital 14.15%.

**【Q&A Highlights】**
- **Loan Growth Drivers**: Non-CRE loan origination strong, 50%+ of CRE maturities extended. Q2 non-CRE growth outpaced CRE.
- **NIM Outlook**: Fed rate cut assumptions (Sep/Dec 2025). Asset sensitivity allows margin defense via deposit repricing.
- **M&A Strategy**: Focus on contiguous Southeast markets ($1B-$5B targets). Texas expansion active, but all high-growth markets considered.
- **Credit Provisions**: Expect continued decline in 2025. Q2 provision down due to $75M non-pass loans upgraded to pass.
- **Tax Rate**: 18.4% YTD, expected 18.3%-18.5% for full year.


Trustmark Corporation (TRMK) Q2 2025 Earnings Conference Call Transcript

- **Q1 Strong Performance**: $53.6M net income, 1.19% ROA, 13.13% ROTCE, with $151M loan growth and 4% noninterest income rise.
- **2025 Guidance Confirmed**: Low single-digit loan growth, 3.75%-3.85% NIM, mid-single-digit expense growth.
- **Credit Stability**: Net charge-offs at 4 bps, ACL at 1.2%, no immediate tariff impact on credit quality.
- **Share Buybacks**: $15M Q1 buyback, $85M remaining, with M&A potential in key markets.
- **Margin Outlook**: NIM could rise 2-3 bps QoQ if rate cuts occur, targeting 35% deposit beta.

**【CEO Opening Remarks】**
- Q1 2025 net income: $53.6 million (EPS: $0.88), up 1.19% ROA and 13.13% ROTCE.
- Loan growth: $151M (1.2% QoQ), driven by CRE, commercial loans, and 1-4 family mortgages.
- Noninterest income: $43M (+4% QoQ), boosted by mortgage banking and wealth management.
- Expense management: Noninterest expense down $419K QoQ, with full-year 2025 guidance for mid-single-digit growth.
- Credit quality: Net charge-offs at 4 bps of loans, provision for credit losses stable at $5.3M.
- Capital returns: $15M share buyback (remaining $85M), dividend of $0.24 per share.
- Guidance: 2025 loan growth expected at low single digits, NIM 3.75%-3.85%, noninterest income and expense both up mid-single digits.

**【CFO Financial Insights】**
- Net interest income: $155M, NIM 3.75% (QoQ decline due to seasonal loan fee drop).
- Deposit cost: 1.83% (up 15 bps QoQ), with 39% beta on rate hikes.
- Expense trends: Salaries, fees, and other costs all down QoQ, targeting mid-single-digit expense growth.
- Capital metrics: CET1 ratio 11.63%, risk-based capital 14.1%, tangible book value up 4.1% QoQ.

**【Q&A Key Takeaways】**
- **Loan Growth Dynamics**: CRE pipeline remains strong, with 2025 maturing loans extended to 2026. Tariffs and rate uncertainty may slow new origination but 2025 guidance of low single-digit growth maintained.
- **Margin Sensitivity**: NIM could rise 2-3 bps QoQ if rate cuts occur, with 35% beta target for deposit repricing.
- **Credit Reserves**: ACL increased to 1.2% of loans, driven by qualitative factors and PD modeling shifts.
- **Expense Management**: 2025 expense growth tied to merit increases and system conversion costs, aiming to beat mid-single-digit target.
- **Capital Deployment**: Share buybacks ($15M Q1) and M&A opportunities (e.g., Houston, Birmingham) contingent on market conditions.

**【Closing Remarks】**
- Management reaffirmed 2025 guidance despite macro uncertainty, emphasizing disciplined capital allocation and expense control.

Trustmark (TRMK)-23 Apr 25-2025 Q1 Earnings call transcript

- **Record 2024 Earnings**: $186.3M net income (+17% YoY), capped by $56.3M Q4 beat with 9.7% linked-quarter EPS growth.
- **Cost Efficiency**: Deposit cost down 24bps QoQ to 1.98%, with 14bps further decline guided for Q1. Noninterest expense flat YoY despite 2.1% revenue growth.
- **Capital Return**: $100M share buyback authorized alongside 4.3% dividend hike, signaling confidence in 2025 organic growth.

**【CEO Summary Section】**
- **2024 Yearly Performance**: Net income of $186.3 million ($3.04 EPS), up 17% YoY. Q4 net income $56.3 million ($0.92 EPS), +9.7% linked-quarter. 
- **Balance Sheet**: Loans $13.1B (-$10M QoQ, +$139M YoY). Deposits $15.1B (-$133M QoQ, -$462M YoY) with intentional runoff of high-cost brokered deposits.
- **Revenue Growth**: Total revenue $196.8M (+2.4% QoQ, +5.6% YoY). NII $158.4M, NIM 3.76% (+7bps QoQ). Noninterest income $41M (+9% QoQ, +5.2% YoY).
- **Expense Management**: Noninterest expense $124.4M (+0.9% QoQ, -0.4% YoY). Diligent cost control maintained.
- **Capital Actions**: $7.1M share repurchase in Q4, $100M authorized for 2025. Dividend increased 4.3% to $0.24/share.

**【CFO Financial Commentary】**
- **Deposit Cost Management**: Q4 deposit cost 1.98% (-24bps QoQ). Projected 14bps decline to 1.84% in Q1. Time deposit book repricing driven by short remaining terms (3-month WAM for promotional CDs, 2-month WAM for brokered CDs).
- **Net Interest Margin**: Q4 NIM 3.76% (+7bps QoQ). 2025 guidance 3.75-3.85%, supported by declining deposit costs and stable asset yields.
- **Noninterest Income**: +7.2% YoY growth (excluding $3M hedge ineffectiveness), driven by mortgage banking (+13%), wealth management (+6%), and corporate treasury services (+14%).
- **Interest Rate Risk**: 52% variable rate loans hedged with $875M swaps (3.12% fixed rate) and $25M floors (4% SOFR).

Trustmark Corporation (TRMK) Q4 2024 Earnings Call Transcript

Trustmark (TRMK)-23 Oct 24-2024 Q3 Earnings call transcript

Trustmark (TRMK)-24 Jul 24-2024 Q2 Earnings call transcript

Trustmark (TRMK)-24 Apr 24-2024 Q1 Earnings call transcript

Trustmark (TRMK)-24 Jan 24-2023 Q4 Earnings call transcript

Trustmark (TRMK)-25 Oct 23-2023 Q3 Earnings call transcript

- **Q2 Profit & Growth**: $45M net income, 0.9% loan/deposit growth, 15.18% ROE on tangible equity.
- **Margin Dynamics**: NIM 3.33% (-6bp Q/Q), deposit cost up 35bp to 1.48%, guided for 39% beta by Q4.
- **Revenue Diversification**: Noninterest income at 27.7% of total, with gains in fees and insurance.
- **Credit Strength**: 1.03% allowance ratio, 0.04% net charge-offs, minimal office CRE exposure.
- **Strategic Focus**: Tightening loan ROE hurdles, expanding equipment finance ($127M), and FIT2GROW initiatives.

**【CEO Summary Section】**
- Reported net income of $45 million ($0.74 per diluted share) for Q2, with return on tangible common equity of 15.18%.
- Loans held for investment grew $117 million (0.9%) to $12.6 billion; deposits increased $130 million (0.9%) to $14.9 billion.
- Net interest income rose 1.6% Q/Q to $143.3 million; noninterest income grew 4.2% Q/Q to $53.6 million.
- Credit quality remained strong: allowance for loan losses at 1.03% of loans, net charge-offs at 0.04% of average loans.
- Capital ratios robust: common equity Tier 1 at 9.87%, total risk-based capital at 12.08%.

**【CFO Financial Commentary】**
- Deposit cost of interest-bearing accounts increased 43bp Q/Q to 1.96%; total deposit cost rose 35bp to 1.48%.
- Net interest margin (NIM) decreased 6bp Q/Q to 3.33%, driven by accelerating deposit betas and excess liquidity.
- Noninterest income at 27.7% of total revenue, with growth in bankcard fees (+$1.1M), insurance commissions (+$459K), and service charges (+$359K).
- Mortgage banking revenue declined $1M Q/Q to $6.6 million due to higher servicing asset amortization.
- Noninterest expense rose 3% Q/Q to $132.2 million, driven by salary increases and professional fees.

**【Q&A Highlights】**
- **Deposit Beta & Margin Trends**: CFO Tom Owens expects deposit beta to stabilize at 39% by Q4, with NIM in mid-3.20s for the year. Higher for longer rates may compress NIM, but Fed easing could allow rapid deposit repricing.
- **Loan Growth Strategy**: CEO Duane Dewey noted moderation in loan growth (mid-single digits for 2023) due to tighter ROE hurdles, particularly in CRE. Equipment finance division grew to $127 million as of Q2.
- **Credit Quality**: Chief Credit Officer Barry Harvey highlighted strong CRE portfolio diversification (93% vertical, 62% existing properties) and minimal office exposure ($280M). Provision for credit losses at $8.2 million Q2, driven by loan growth and macroeconomic weakness.
- **Capital Deployment**: CFO emphasized organic lending as top priority, with $50M buyback authority but no plans for meaningful repurchases in 2023.

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