Revenue growth of 34.75% in Q2 2026 was flattered by one-time items, as NII rose 6.2% YoY to $168.6M but non-interest income turned negative at -$2.9M, causing the efficiency ratio to spike to 54.9% from 47.6% in Q1.
Trustmark Corporation (TRMK) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 824.37M | 647.19M | 584.42M | 552.88M | 494.71M | 418.35M | 426.54M | 426.59M | 419.42M | 407.55M | 387.53M | 391.76M | 405.34M | 388.49M | 340.99M | 348.94M | 352.02M | 354.21M | 319.16M | 300.78M | 280.57M | 276.44M | 275.62M | 269.83M | 292.19M | 268.58M | 233.56M | 243.4M | 228.2M | 204M | 194.1M |
| NII Growth % | 131.13% | 10.74% | 5.71% | 11.76% | 18.25% | -1.92% | -0.01% | 1.71% | 2.91% | 5.17% | -1.08% | -3.35% | 4.34% | 13.93% | -2.28% | -0.87% | -0.62% | 10.98% | 6.11% | 7.2% | 1.49% | 0.3% | 2.14% | -7.65% | 8.79% | 14.99% | -4.04% | 6.66% | 11.86% | 5.1% | 4.58% |
| Net Interest Margin % | 4.3% | 3.42% | 3.22% | 2.95% | 2.75% | 2.38% | 2.58% | 3.16% | 3.16% | 2.95% | 2.9% | 3.09% | 3.31% | 3.29% | 3.47% | 3.59% | 3.68% | 3.72% | 3.26% | 3.35% | 3.17% | 3.3% | 3.42% | 3.41% | 4.09% | 3.74% | 3.39% | 3.61% | 3.59% | 3.68% | 3.74% |
| Interest Income | 1.18B | 959.67M | 960.33M | 878.83M | 541.83M | 442.51M | 468.33M | 510.49M | 485.61M | 449.8M | 412.08M | 412.23M | 426.88M | 414.35M | 371.66M | 391.98M | 408.22M | 442.06M | 483.28M | 543.14M | 482.75M | 415.7M | 364.36M | 359.39M | 405.95M | 477.82M | 488.76M | 448.5M | 420.1M | 376.9M | 358.1M |
| Interest Expense | 359.88M | 312.48M | 375.91M | 325.95M | 47.13M | 24.16M | 41.8M | 83.9M | 66.19M | 42.24M | 24.55M | 20.46M | 21.55M | 25.86M | 30.67M | 43.04M | 56.2M | 87.85M | 164.12M | 242.36M | 202.18M | 139.26M | 88.74M | 89.56M | 113.77M | 209.24M | 255.2M | 205.1M | 191.9M | 172.9M | 164M |
| Loan Loss Provision | 29.57M | 12.87M | 41.26M | 24.58M | 22.89M | -24.45M | 45.05M | 10.84M | 16.99M | 7.7M | 14.71M | 11.8M | 7.38M | -7.38M | 12.29M | 30.33M | 49.55M | 77.11M | 76.41M | 23.78M | 5.94M | 19.54M | -3.06M | 9.77M | 14.11M | 13.2M | 10.4M | 9.1M | 7.8M | 4.7M | 5.8M |
| Non-Interest Income | -3.33M | 160.6M | -128.96M | 37.5M | 41.49M | 125.31M | 181.3M | 108.58M | 116.08M | 122.42M | 112.94M | 112.83M | 115.42M | 117.25M | 112.97M | 96.68M | 111.86M | 168.24M | 177.26M | 162.45M | -119.5M | 143.11M | 124.03M | 157.54M | 141.87M | 131.99M | 124.54M | 101.9M | 87M | 73.4M | 67M |
| Non-Interest Income % | -0.41% | 19.88% | -28.31% | 6.35% | 7.74% | 23.05% | 29.83% | 20.29% | 21.68% | 23.1% | 22.57% | 22.36% | 22.16% | 23.18% | 24.89% | 21.69% | 24.11% | 32.2% | 35.71% | 35.07% | -74.2% | 34.11% | 31.03% | 36.86% | 32.68% | 32.95% | 34.78% | 29.51% | 27.6% | 26.46% | 25.66% |
| Total Net Revenue | 821.04M | 807.79M | 455.46M | 590.38M | 536.2M | 543.66M | 607.84M | 535.16M | 535.5M | 529.97M | 500.47M | 504.6M | 520.75M | 505.74M | 453.96M | 445.62M | 463.88M | 522.45M | 496.42M | 463.23M | 161.07M | 419.55M | 399.64M | 427.37M | 434.06M | 400.57M | 358.1M | 345.3M | 315.2M | 277.4M | 261.1M |
| Revenue Growth % | 22% | 77.36% | -22.85% | 10.1% | -1.37% | -10.56% | 13.58% | -0.06% | 1.04% | 5.89% | -0.82% | -3.1% | 2.97% | 11.41% | 1.87% | -3.94% | -11.21% | 5.24% | 7.16% | 187.6% | -61.61% | 4.98% | -6.49% | -1.54% | 8.36% | 11.86% | 3.71% | 9.55% | 13.63% | 6.24% | 6.53% |
| Non-Interest Expense | 539.1M | 509.19M | 380.15M | 384.76M | 454.2M | 392.7M | 373.01M | 350.53M | 346.65M | 367.93M | 346.29M | 341.34M | 351.28M | 359.12M | 282.29M | 266.67M | 271.58M | 308.26M | 283.72M | 276.45M | -26.03M | 243.28M | 225.31M | 236.12M | 233.84M | 215.94M | 189.38M | 187M | 178.3M | 165.7M | 157.9M |
| Efficiency Ratio | 65.66% | 63.03% | 83.46% | 65.17% | 84.71% | 72.23% | 61.37% | 65.5% | 64.74% | 69.42% | 69.19% | 67.65% | 67.46% | 71.01% | 62.18% | 59.84% | 58.55% | 59% | 57.15% | 59.68% | -16.16% | 57.99% | 56.38% | 55.25% | 53.87% | 53.91% | 52.88% | 54.16% | 56.57% | 59.73% | 60.47% |
| Operating Income | 252.38M | 285.73M | 34.06M | 181.03M | 59.1M | 175.41M | 189.78M | 173.79M | 171.85M | 154.34M | 139.46M | 151.45M | 162.09M | 154M | 159.38M | 148.62M | 142.75M | 137.08M | 136.29M | 163M | 181.16M | 156.73M | 177.39M | 181.48M | 186.11M | 171.43M | 158.32M | 149.2M | 129.1M | 107M | 97.4M |
| Operating Margin % | 30.74% | 35.37% | 7.48% | 30.66% | 11.02% | 32.27% | 31.22% | 32.47% | 32.09% | 29.12% | 27.87% | 30.01% | 31.13% | 30.45% | 35.11% | 33.35% | 30.77% | 26.24% | 27.45% | 35.19% | 112.47% | 37.36% | 44.39% | 42.46% | 42.88% | 42.8% | 44.21% | 43.21% | 40.96% | 38.57% | 37.3% |
| Operating Income Growth % | - | 738.98% | -81.19% | 206.29% | -66.31% | -7.57% | 9.2% | 1.13% | 11.34% | 10.67% | -7.92% | -6.56% | 5.26% | -3.38% | 7.24% | 4.11% | 4.14% | 0.58% | -16.39% | -10.02% | 15.58% | -11.65% | -2.25% | -2.49% | 8.56% | 8.28% | 6.12% | 15.57% | 20.65% | 9.86% | 6.56% |
| Pretax Income | 294.95M | 285.73M | 34.06M | 181.03M | 59.1M | 175.41M | 189.78M | 173.79M | 171.85M | 154.34M | 139.46M | 151.45M | 162.09M | 154M | 159.38M | 148.62M | 142.75M | 137.08M | 136.29M | 163M | 181.16M | 156.73M | 177.39M | 181.48M | 186.11M | 171.43M | 158.32M | 149.2M | 129.1M | 107M | 97.4M |
| Pretax Margin % | 35.92% | 35.37% | 7.48% | 30.66% | 11.02% | 32.27% | 31.22% | 32.47% | 32.09% | 29.12% | 27.87% | 30.01% | 31.13% | 30.45% | 35.11% | 33.35% | 30.77% | 26.24% | 27.45% | 35.19% | 112.47% | 37.36% | 44.39% | 42.46% | 42.88% | 42.8% | 44.21% | 43.21% | 40.96% | 38.57% | 37.3% |
| Income Tax | 60.65M | 61.6M | -11.15M | 27.74M | -1.81M | 28.05M | 29.76M | 23.33M | 22.27M | 48.72M | 31.05M | 35.41M | 38.53M | 36.94M | 42.1M | 41.78M | 42.12M | 44.03M | 43.87M | 54.4M | 61.88M | 53.78M | 60.68M | 62.95M | 64.97M | 60.15M | 54.12M | 51.2M | 45.8M | 35.9M | 32.3M |
| Effective Tax Rate % | 20.56% | 21.56% | -32.75% | 15.33% | -3.07% | 15.99% | 15.68% | 13.43% | 12.96% | 31.56% | 22.27% | 23.38% | 23.77% | 23.99% | 26.41% | 28.11% | 29.5% | 32.12% | 32.19% | 33.38% | 34.16% | 34.31% | 34.21% | 34.69% | 34.91% | 35.09% | 34.19% | 34.32% | 35.48% | 33.55% | 33.16% |
| Net Income | 234.3M | 224.13M | 223.01M | 165.49M | 71.89M | 147.37M | 160.03M | 150.46M | 149.58M | 105.63M | 108.41M | 116.04M | 123.56M | 117.06M | 117.28M | 106.84M | 100.64M | 93.05M | 92.42M | 108.59M | 119.27M | 102.95M | 116.71M | 118.53M | 121.14M | 111.28M | 101.74M | 98M | 83.3M | 71.1M | 65.1M |
| Net Margin % | 28.54% | 27.75% | 48.96% | 28.03% | 13.41% | 27.11% | 26.33% | 28.11% | 27.93% | 19.93% | 21.66% | 23% | 23.73% | 23.15% | 25.84% | 23.98% | 21.69% | 17.81% | 18.62% | 23.44% | 74.05% | 24.54% | 29.2% | 27.73% | 27.91% | 27.78% | 28.41% | 28.38% | 26.43% | 25.63% | 24.93% |
| Net Income Growth % | 7.91% | 0.5% | 34.76% | 130.21% | -51.22% | -7.91% | 6.36% | 0.59% | 41.61% | -2.57% | -6.57% | -6.09% | 5.55% | -0.19% | 9.77% | 6.17% | 8.16% | 0.68% | -14.9% | -8.95% | 15.85% | -11.79% | -1.54% | -2.15% | 8.86% | 9.38% | 3.81% | 17.65% | 17.16% | 9.22% | 8.86% |
| Net Income (Continuing) | 234.3M | 224.13M | 45.21M | 153.29M | 60.92M | 147.37M | 160.03M | 150.46M | 149.58M | 105.63M | 108.41M | 116.04M | 123.56M | 117.06M | 117.28M | 106.84M | 100.64M | 93.05M | 92.42M | 108.59M | 119.27M | 102.95M | 116.71M | 118.53M | 121.14M | 111.28M | 104.2M | 98M | 83.3M | 71.1M | 65.1M |
| EPS (Diluted) | 3.99 | 3.70 | 3.63 | 2.70 | 1.17 | 2.34 | 2.51 | 2.32 | 2.21 | 1.56 | 1.60 | 1.71 | 1.83 | 1.75 | 1.81 | 1.66 | 0.39 | 1.26 | 1.59 | 1.88 | 2.09 | 1.81 | 2.00 | 2.00 | 1.94 | 1.72 | 1.50 | 1.36 | 1.14 | 0.98 | 0.93 |
| EPS Growth % | 10.67% | 1.93% | 34.44% | 130.77% | -50% | -6.77% | 8.19% | 4.98% | 41.67% | -2.5% | -6.43% | -6.56% | 4.57% | -3.31% | 9.04% | 325.64% | -69.05% | -20.75% | -15.43% | -10.05% | 15.47% | -9.5% | 0% | 3.09% | 12.79% | 14.67% | 10.29% | 19.3% | 16.33% | 5.38% | 8.14% |
| EPS (Basic) | - | 3.72 | 3.65 | 2.71 | 1.17 | 2.35 | 2.52 | 2.33 | 2.22 | 1.56 | 1.60 | 1.72 | 1.83 | 1.75 | 1.81 | 1.67 | 0.39 | 1.26 | 1.59 | 1.88 | 2.11 | 1.82 | 2.01 | 2.01 | 1.95 | 1.72 | 1.50 | 1.36 | 1.14 | 0.98 | 0.93 |
| Diluted Shares Outstanding | 58.7M | 60.54M | 61.38M | 61.23M | 61.43M | 62.97M | 63.65M | 64.77M | 67.66M | 67.89M | 67.78M | 67.69M | 67.59M | 67.07M | 64.85M | 64.26M | 64.04M | 57.94M | 57.34M | 57.79M | 57.1M | 56.74M | 58.35M | 59.27M | 62.44M | 64.7M | 67.83M | 72.06M | 73.07M | 72.55M | 70M |
Quick answers to the most common questions about buying TRMK stock.
For fiscal year 2025, Trustmark Corporation (TRMK) reported total revenue of $807.8M. This represents a 209.4% increase compared to $261.1M in 1996.
Trustmark Corporation (TRMK) is profitable, generating $224.1M in net income for the fiscal year ending 2025 with a net profit margin of 20.0%.
Trustmark Corporation (TRMK) reported an operating income of $285.7M, resulting in an operating profit margin of 25.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Trustmark Corporation (TRMK) generated $794.9M in gross profit for the year, representing a gross profit margin of 71.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
CRE concentration and fee volatility
Metrics are mathematically derived from official filings.
NII Growth Driven by Deposit Repricing
Net interest income rose 6.2% year-over-year in Q2 2026 to $168.6M, according to recent filings, as deposit costs lagged asset repricing, though loan growth remained muted.
The sequential increase from $163.5M in Q1 2026 suggests continued benefit from repricing of floating-rate loans and a favorable deposit mix, with non-interest-bearing deposits supporting margins. However, the deliberate payoff of commercial real estate loans and the mortgage loan sale indicate that volume growth is not the primary driver, making sustainability dependent on deposit betas remaining low.
NIM Expansion Tempered by Fee Drag
Net interest margin held at 0.9% in Q2 2026, as reported in financial statements, despite a 6.2% NII increase, reflecting the impact of elevated cash balances and competitive deposit pricing.
The stable NIM, despite higher NII, suggests that asset yields are not expanding proportionally, possibly due to reinvestment at lower rates or a shift in mix. The high cash position of $668M may be dilutive to NIM, and the bank's ability to maintain this margin will depend on redeploying cash into higher-yielding loans without taking on excessive credit risk.
Efficiency Ratio Spikes on Fee Loss
Trustmark's efficiency ratio deteriorated to 54.9% in Q2 2026 from 47.6% in Q1, based on reported figures, as non-interest income turned negative, highlighting operating leverage vulnerability.
The negative non-interest income of -$2.9M, likely driven by MSR mark-to-market losses, inflated the efficiency ratio despite stable expenses. Excluding this volatility, the core efficiency ratio appears closer to the mid-40s, but the reliance on fee income streams that can swing sharply underscores the need for expense discipline to maintain profitability.
Provision Expense Minimal, Credit Stable
Provision for credit losses was zero in Q2 2026, as per the income statement, following $2.7M in Q1, suggesting improving credit conditions or conservative reserving in prior periods.
The absence of provision expense in Q2, despite a $25.6M charge in Q3 2025, indicates that management's economic outlook has improved or that charge-offs are being absorbed by existing reserves. However, the bank's commercial real estate concentration warrants monitoring, as any deterioration in that portfolio could require a sudden increase in provisioning.
Fee Income Volatility Masks Core Strength
Non-interest income swung from $42.2M in Q1 2026 to -$2.9M in Q2, as reported in SEC filings, driven by MSR mark-to-market losses, obscuring the stability of insurance and wealth management fees.
The negative fee income in Q2 is a stark contrast to the positive contributions in prior quarters, highlighting the impact of non-cash adjustments. Excluding MSR volatility, the underlying fee businesses—insurance and wealth management—likely continue to generate recurring revenue, but the magnitude of the swing suggests that headline fee income is not a reliable indicator of core performance.
Q2 2026 Marks Post-Conversion Stability
Q2 2026 EPS of $1.08 beat consensus by $0.09, according to the latest earnings report, with revenue of $208.2M, indicating successful core systems conversion and expense discipline.
The EPS beat, driven by lower expenses and zero provision, suggests that the operational disruption from the systems conversion has passed and that management is effectively controlling costs. However, the muted loan growth and reliance on deposit-driven NIM expansion imply that this earnings quality may not be sustainable if loan demand does not recover.
What Could Invalidate the Base Case
The earnings beat may be flattered by one-time items, as non-interest income turned negative and loan growth stalled, raising questions about sustainability.
The zero provision in Q2 2026, combined with negative fee income, suggests that the EPS beat was not driven by core operational strength but by credit releases and expense control. If deposit betas rise or MSR volatility persists, the efficiency ratio could remain elevated, and the market may re-rate the stock downward. Additionally, the reliance on deposit growth to offset muted loan growth exposes the bank to margin compression if the rate environment shifts.