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what it is
Trustmark is a Mississippi-based bank that sells loans, deposits, insurance, and wealth advice through 170 branches and digital channels.
how it gets paid
Last year Trustmark made $949M in revenue. Net interest income was the main engine at $612M, or 64% of sales.
why growth slowed
Revenue fell 1.2% last year. The number that matters is $0.74, not the flashy quarter, because that was full-year 2024 EPS and it was down from $2.70 in 2023.
what just happened
Revenue hit $709M, while Value Line's quarterly EPS history shows a much calmer $0.92 in Q4 2024.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
35/100 earnings predictability — expect surprises
11.3x trailing p/e — the market's not buying it — or you found a deal
2.5% dividend yield — cash in your pocket every quarter
$0.75 fy2024 eps est
xvary composite: 59/100 — below average
What they do
Trustmark is a Mississippi-based bank that sells loans, deposits, insurance, and wealth advice through 170 branches and digital channels.
Trustmark wins the old-fashioned way: local branches, sticky customer relationships, and multiple products under one roof. It has 163 full-service branches, 122 ATMs, and 136 interactive teller machines, so your checking account can become a mortgage, insurance policy, or trust account without leaving the system. Switching costs (moving your money life) are low on paper and annoying in real life, which is why this 1889 bank still employs 2,500 people to keep customers close.
How they make money
$949M
annual revenue · their business grew -1.2% last year
Net interest income
$612M
Insurance commissions and fees
$123M
Wealth management fees
$76M
Mortgage banking income
$62M
Deposit service charges and other fees
$76M
The products that matter
core deposit gathering
Checking & Savings Accounts
200+ branches
these accounts fund the bank's lending machine through more than 200 branches, which matters because cheaper deposits usually mean better margins.
funding base
consumer and commercial lending
Loans & Mortgages
$13.5B loan portfolio
this $13.5B loan book is the engine behind $712M of net interest income, or 75% of total revenue. this is the business.
75% of revenue
fee-based client services
Wealth Management
$237M non-interest income
fees and other non-interest income totaled $237M, or 25% of revenue. helpful, yes. big enough to offset a weak lending spread, no.
25% of revenue
Key numbers
$949M
annual revenue
That is the size of the business you are buying, and it was down 1.2% vs. prior year based on EDGAR and consensus data.
$0.74
2024 EPS
Profit per share collapsed from $2.70 in 2023 to $0.74 in 2024, which is why the stock looks cheap.
11.3x
trailing p/e
P/E → price-to-earnings ratio → so what: you are paying about 11 years of current earnings for the stock.
2.5%
dividend yield
You get paid while you wait, but the yield is only useful if earnings stabilize above 2024 levels.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $386M (14% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TRMK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $709M, while Value Line's quarterly EPS history shows a much calmer $0.92 in Q4 2024.
The weird part is the contrast. EDGAR shows latest-quarter revenue of $709M, up 192% vs. prior year, while annual revenue was $949M for all of 2024 and shows full-year EPS of just $0.74. Quiet part loud: one quarter looked huge, but the full year still looked weak.
$709M
revenue
$0.92
eps
+192%
vs. last year revenue growth
the number that mattered
The number that matters is $0.74, not the flashy quarter, because that was full-year 2024 EPS and it was down from $2.70 in 2023.
source: EDGAR +, 2024
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What could go wrong
the #1 risk is net interest margin pressure from deposit and funding costs. for Trustmark, that is the business model risk, because 75% of revenue comes from spread income.
high
Net Interest Margin Compression
Net interest income was $712M last year, or 75% of total revenue. If deposit costs stay high while loan yields stop rising, earnings take the hit first.
This risk reaches most of the income statement.
high
Four-State Credit Exposure
You own a lender concentrated in Mississippi, Texas, Tennessee, and Florida. A local slowdown does not stay local when the loan book is $13.5B.
Credit quality and loan growth would weaken together.
med
Fee Income Is Too Small To Bail Out Lending
Non-interest income was $237M, or 25% of revenue. That helps smooth the story, but it does not offset a serious squeeze in the lending spread.
You still own a rate-sensitive bank first.
Three quarters of revenue comes from net interest income, only one quarter comes from fees, and earnings predictability sits at 35/100. If the spread stays under pressure, the low multiple is not a bargain. It's a warning label.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
net interest income
Start here. It was $712M last year and makes up 75% of revenue. If this line keeps slipping, the thesis is not improving.
calendar
fed rate decisions
Each rate move changes what Trustmark earns on loans versus what it pays depositors. For this bank, macro is not background noise.
trend
revenue getting back above $949M
Revenue fell 1.2% from a year ago. You want to see that number turn positive before calling this more than a yield-and-multiple story.
risk
credit quality in the four-state footprint
Mississippi, Texas, Tennessee, and Florida are the map that matters. If loan stress rises there, it reaches the whole $13.5B book.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not see this as a smooth quarterly earner.
balance sheet grade
B++
above average balance sheet quality. good enough for a regional bank, not strong enough to be the whole pitch.
source: institutional data
Institutional activity
institutional ownership data for TRMK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$41
current price
n/a
target midpoint · n/a from current
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