The following is a summary of the Trustmark Corporation (TRMK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Trustmark reported strong Q1 results with increased loan growth, credit quality, non-interest income and revenue, and decreased non-interest expenses.

• Deposits reduced quarter-over-quarter but showed a year-over-year increase.

• The net interest income was $136.2 million, resulting in a net interest margin of 3.21%, while non-interest income totaled $55.3 million, up 11.1% from the last quarter.

• Non-interest expenses reduced by 3.9% from the previous quarter, totaling $131.1 million.

Business Progress:

• Trustmark signed an agreement to sell Fisher Brown Bottrell Insurance for $345 million, with the transaction expected to close in Q2.

• The company expects continued loan growth in mid-single-digits for 2024, and deposit growth in low-single-digits.

• The FBBI transaction expected to generate significant EPS accretion and tangible book value per share increase.

• Trustmark plans to expand organically and expects robust fee income, particularly from its wealth management franchise and mortgage business.

• The company aims to support organic loan growth rather than share repurchases for the remainder of the year.

• Trustmark anticipates regulatory approval by June 1st, planning to explore more opportunities in Q2.

More details: Trustmark IR

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