Q4 2024 Trustmark Corp Earnings Call Transcript
Key Points
- Trustmark Corp (TRMK) reported a significant increase in net income for the fourth quarter, totaling $56.3 million, with a 9.7% increase from the previous quarter.
- The company achieved a return on tangible common equity of 13.68% and a return on average assets of 1.23% for the quarter.
- Trustmark Corp (TRMK) increased its quarterly cash dividend by 4.3% to $0.24 per share, reflecting improved financial performance.
- Non-interest income saw a 9% increase in the fourth quarter, driven by broad-based growth across fee-based businesses.
- The company resumed its share repurchase program, buying back approximately 203,000 shares, with authorization to repurchase up to $100 million in 2025.
- Loans held for investment decreased by $10 million from the previous quarter, indicating a slight decline in loan growth.
- Deposits decreased by $132.8 million in the fourth quarter, with a significant reduction in broker deposits.
- Non-interest expense increased by $1.2 million, or 0.9%, in the fourth quarter, driven by higher salary and benefits costs.
- Net charge-offs totaled $4.6 million in the fourth quarter, representing 0.14% of average loans, indicating some credit quality concerns.
- Non-accruals and non-performing assets increased slightly during the quarter, although they have declined year-over-year.
Good morning, ladies and gentlemen, and welcome to Trustmark Corporation's fourth-quarter earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.
It is now my pleasure to introduce Mr. Joey Rain, Director of Corporate Strategy at Trustmark. Please go ahead, sir.
Good morning. I'd like to remind everyone that our fourth quarter earnings release and the slide presentation that will be discussed on our call this morning are available on the investor relations section of our website at Trustmark.com. During our call, management may make forward-looking statements within the meaning of the private securities litigation reform act of 1995.
We would like to caution you that these forward-looking statements may differ materially from actual results. due to a number of risks and uncertainties, which are outlined in our earnings release and our other filings with the Securities and Exchange Commission. At
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