- Earnings call transcript Q3 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, ladies and gentlemen, and welcome to the Trustmark Corporation's Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode.

Following the presentation this morning, there will be a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded It is now my pleasure to introduce Mr. Joey Rein, Director of Corporate Strategy at Trustmark.

Joey Rein

morning. Good the remind as copy presentation Relations well will discussing to quarter our that section that is be release morning at earnings as on of everyone our like the trustmark.com. of a third we available website I'd on this Investor call the slide

to and introduce that due to the may and uncertainties, are call, would outlined Reform At the a Litigation Act filings Securities materially Commission. Trustmark. like XXXX. We other I'd Duane During our release make results earnings Dewey, which this statements number Securities of management time, the Exchange and course statements within President Private forward-looking to risks in and these caution our from with actual you of like may our differ CEO of the forward-looking meaning of of

Duane Dewey

a morning, and for morning Officer; you, Thank Credit Chief are credit Trustmark and the by of Thank and reflected loan Owens, us. this Accounting solid significant Officer. and Barry as our Tom everyone. Good quarter expansion strong Chief interest businesses Financial strong in management Tom Chambers, third our growth, Operations With our me our Joey. wealth margin, performance you insurance Officer; quality. Harvey, net Chief joining had

quarter, of For $XX.X share. million Trustmark income third reported net diluted the or $X.XX per

linked Revenue totaled a million, time held from $XXX.X interest $X.X of more quarter year. XX.X% investments quality $XXX a million decrease quarter. expense $XXX.X totaled million an Non-interest third total this million Let's linked Net quarter. and increase for loans increase quarter quarter in of by in for $XX.X and of from average allowance year. turning losses billion, non-accrual detail million year. million of of look quarter previous charge-offs remained for an for loans $XX.X a increase income solid the Slide the from decrease $XXX.X represented or third from XX.X% or in million of quarter, third of represented third the quarter. evaluated billion to At represented loans. in the at the billion, held $XXX.X and little quarter financial XX.X% totaled previous Non-interest prior prior XX, our X. X.X% the totaled last $XX.X basis excluding September totaled a three $XX.X net credit The increase income totaled an million Deposits the points highlights from in loans loans. XXX% the $XXX.X a as million, $XX.X Credit individually this investment increase revenue

We a continue capital of per XX.XX% payable X a with quarterly and XX.XX%. to Board total of record shareholders XX to X. December risk-based December of of levels maintain ratio The share declared Tier a cash dividend capital ratio $X.XX strong

During common $X the approximately quarter, Trustmark third million stock. repurchased or XXX,XXX shares of

and XX, $XX.X ask authority provide growth credit I'd million had December its quality. its XX XXXX. time, expires September of Barry existing repurchase like As Trustmark on color that in program this to to of Harvey At remaining loan under

Barry Harvey

Be thank glad And to Duane. you.

loans linked every growth about million the investment year. of mentioned $X.X that quarter XX.X% billion Turning X. almost or category. occurred increase and as prior PPP for the or to in Loans excited extremely totaled an Duane We're as held Slide XX, loan September third $XXX billion of X.X% excluding from $XX.X quarter's

reaching see do solid growth QX don't QX expect loan we While another quarter. we levels,

geography. as portfolio well upon both to as product be diversified type Our loan well based continues

development. Looking CRE the to vertical, portfolio XX% is in Slide Trustmark's land and in with XX% the category XX% X. existing construction

occupied construction. real XX% industries. nice can estate types well land mix The Our portfolio banks you our as is between a as on as see, construction development portfolio has

across see portfolio commercial bank's you XX%. can with no industry numerous The X. Slide category to well as segments Turning exceeding single is diversified

now Slide X. Moving to

Our provision the to The third partially investment the was for reserves quarter. due loans million in provision and reserves held for growth, was individually $XX.X losses analyzed related to XX, XXXX, increasing outlook credit forecast, for held our to primarily within $XXX.X loan a credit At million. investment on less September reserve. adjustments by offset pandemic for losses for totaled macroeconomic the positive loans allowance

Looking at Slide X.

In X.XX% post held loans or Duane? of X.XX% excluding that The quarter, of non-accrual credit economic individually loans the XXX% non-accruals $X We historically loans. metrics. net remain near to for continue charge-offs non-performing credit assets net levels. totaled investment low and are of and solid allowance for losses analyzed. those million average Both third represents

Duane Dewey

Okay. Thank Barry. you,

sheet. liability turning interest the our Now net discuss will base to Tom side balance margins. of deposit Owens, and the

Tom Owens

everyone. good Duane and morning, Thanks,

deposits non-personal fund on at $XXX increase by $XXX at driven The decrease $XX.X decline a September million year-over-year. $XXX quarter public decrease by balances. a quarter by totaled well increased normal Slide linked was and decrease which decreased million XX, while balances, million balances in balances declines billion and linked personal million. X. non-personal was decreased balances, public $XXX fund by seasonal Looking year-over-year and million Deposits driven of primarily personal as $XXX as $XXX by million, The in

remains the our of base granularity So deposit strong.

the prior of XX to points. X cost deposits points interest-bearing increased quarter Our basis by basis from

in mix in of deposits favorable XX% non-interest-bearing checking to of deposit with balances maintain deposits continue and We accounts. XX% our a

$XXX,XXX about linked about Higher million. portfolio a points. interest-bearing $X.X lift $X.X loan million due of quarter to higher to of average was deposit increased rate interest increases about mix. and linked-quarter higher XXX resulted quarter yields contributed due cost a and Fed Net $X.X about basis continuing securities of continued XX lift $X.X XX. include points, basis loan $XX.X margin with million in offset FTE about which shift yields $XX.X contributing million, linked our asset realized to in quarter. Totaling borrowing Drivers about net million in of higher deposit interest of increase balances. margin earning and of million a representing of contributed million $X.X income lift million. about Turning linked betas, costs expansion interest in linked The lag Slide The average in increase with quarter $XXX.X balances by net

Turning securities with rate remains for substantial rates to by portfolio sheet XX% variable portfolio driven and loan coupon XX. The duration of asset sensitivity well positioned Slide with years. higher balance mix interest X.X

During to hedging interest loans our the synthetically third quarter, we rates. convert entering initiated swaps, by floating cash program manage into to which a flow sensitivity rate asset fixed rate

X.XX%. was rate for shocks notional As in in X% about about million, XX, XXX the asset shock, a as point a two maturity X% beyond immediate portfolio about X.X average increasing XXX basis continues average XXX re-price. net of the with at benefit interest X% basis September a year shock point balance point sheet one remains years, and interest with weighted of the of increase years sensitive rate for to basis weighted a The for and shock income fixed received and $XXX to

$XXX,XXX accounts million linked-quarter $XX.X Service Turning in and decrease line for banking to increases linked-quarter The to the $XXX,XXX $X.X and million $X.X year-over-year. a linked decrease year-over-year. changes which $XX.X increase a slide $X.X revenue items. year-over-year million are linked quarter Non-interest XX. and substantially third offset income mortgage million lower million was totaled due and totaled revenue, quarter, quarter by third quarter million charges Insurance increased on a principally deposit $X.X increase the year-over-year. in other

represented total continuing revenue well-diversified demonstrate For the quarter revenue, of non-interest to income our XX% stream.

continued capital and sheet into represented Gain while of XX% declined in quarter XX. about conforming million XXX decrease third on management. XX%. volume XX% in slide of now, million. year-over-year. X% of the than linked quarter, representing to and the Loans by second consists or points the production of points secondary million sale year-over-year. ARMs, held loans ask $X.X while and $XXX our revenue non-interest strong, linked market XXX originations. production, expense the XX-year retain $XXX in to from loan about totaled a Tom totaled Mortgage $X.X basis of a And majority XX-year XX% third production remained Chambers sold $X.X quarter. loans represented in decrease at quarter sell quarter, I'll balance XX% in loan portfolio rather to cover linked quarter quarter, banking The on margin Retail hybrid Looking Mortgage a million and the decrease the basis million we've third going

Tom Chambers

Tom. you, Thank

with technology linked XX, total. million, Adjusted a $X establishment of the increased a and adjusted increase to detail quarter expense $X.X the Turning totaled non-interest increase you'll the in or management line prior increased quarter risk Atlanta the quarter to employee finance third out broken LPO, due to expense investments see of quarter, $XXX.X equipment fees business. in million in from other associated benefit and slide between our the million, $XX.X the of million fees the due professional and X.X%. non-interest a was expenses Services of initiatives. linked Salaries mainly and and $X.X million quarter, third

noted remains capital As slide well on XX, capitalized from Trustmark perspective. a

the of Trustmark $X million or common approximately third shares During its XXX,XXX repurchased quarter stock.

private repurchase market share conditions Our depending through or management's may transactions open market at place discretion. program on and take

ratios a XX. capital ratio X at with solid XX.XX%, of capital remained September risk-based XX.XX% of Our Tier ratio and common total a

cash earlier, a December shareholders to X. declared Duane XX per of record Board quarterly payable As of dividend December the Duane? $X.XX on mentioned share

Duane Dewey

you, Thank Tom.

volumes revenue high full general that at including current Mortgage reduced is higher. production banking in We're wealth on current on a still by the for decline be level. year is reflects portfolio. investment this commitments bank XX, below slide inflationary outlook Insurance interest dependent are charge-offs of expense losses Net moving low the increase as of for market sheet held primarily loan pressure Security targeted to increase high-teens Adjusted revenue additions the the as future impact will earning equipment on year Note, perspective, in mid-single we're grow From expected team, card transformation single is economic net income current year finance and associates and implied loan increase expected we Atlanta assets, unfunded Earlier well fund gain to a expected balances. to expect nominal significantly The trending our forward lower digits. as lower interest grow comprehensive a for to office expecting driven balances conditions our start digits growth digits focused expecting impact balance on income pressures is fourth to with wages, reserving end at solid likely mid-single FITXGROW, now production staffed point, digits service provision to continue coming single yet enhance very credit expect Trustmark's fee From and This point, XX% charges the is quarters. the with slightly which of are we be and expected balances designed to based to and including announced At is that to perspective, fees and to to businesses. new based for ability outlook. to let's Deposit defined to full driven and year non-interest Turning the of this range. total for the on mid-teens serve growth our by and upon contributing expected third and in the this customers. rates. loans program we non-interest lower quarter additional to forecast. a innovation management are require to to expected XX% public organization, a provision lower our move quarter previously the of margin. sale year. year. review grow

enhance of additional part provide to are efforts community growth. focusing consumer expertise for business revenue commercial our this of to on profitable lines we our As and bank customers business program, small

a well of we've also equipment insurance, in real geographically investments estate, of is Atlanta as As FITXGROW. recent accounting technology Trustmark's also on management and commercial as Innovation office, is and which corporate component systems. the expanded finance. banking years In mentioned areas, human with real wealth in the state-of-the-art estate, resources banking focused made opening residential were and key mortgage

have marketing programs. We IT significant also digital these banking investments network our positioned efficiency. to and Collectively upgrades Trustmark and for growth platform, mobile made and

Collectively successfully well quarter, enhance core are new quarter. During to best-in-class to fourth we converted investments customers be origination productivity efficiency. provide our these and the during implementing a service system as to state-of-the-art third loan and as a designed loan we'll platform the

announced in reflecting We and continued mobile digital quarter. XXXX scheduled network branch the have To been migration have changing optimize are to and to customer and closed quarter. accelerated as first in our four offices in fourth eight to additional preferences close channels offices efforts the the date

organic loan approach a disciplined preference deployment a share potential M&A continued for growth, opportunistic to also repurchases. we with Finally, capital and

outlook this continue quarter and initiatives. been base floor and financial to open trust maintain implement we discussion the and our We capital priorities has insightful corporate results I to and will Session Question-and-Answer a of strong now third to commentary helpful questions.

Operator

We first question the session. begin [Operator Instructions] Graham go will Dick comes ahead. now Piper Sandler. with question-and-answer Our from Please

Graham Dick

gentlemen. good morning, Hey

Duane Dewey

Graham. morning, Good

Graham Dick

wanted I on to just start growth. loan

So, obviously, great quarter. again this

mid-teens year you're is full just for your digits the in downs? I'm I with guidance for starting imply any anywhere level to to Atlanta still the office and for growth it that could into XXXX range guess that's XXXX? grow pay the double the mid-single for as contribute, And reason in from loan us slowdown think XQ? slowdown really seem you it The trends in I the win balance look would there Is what be XXXX. that mid-teens expecting the by XQ. strong. think is to from to just should then ahead wondering low

Barry Harvey

to. the beginning a in those Hey, Graham gone well lot and it CRE we those try slightly. builders, to sell seen historically, value have they're to address their this interest anticipated rates changed I think payoffs expect that are CRE the as change. flows as price and to customers they're on Obviously, a come as, our looking unanticipated those guess of of Barry. questions. have our trend able up we've and is therefore I cash -- margin to do projects projects don't within profit of relates is the I'll QX, of down, the payoffs, merchant that large as to book some number as side

as do their to forward in as do with to bit those little on have customers, we projects profit So pace, who over risk opportunity time, of expect forward slow projects, to have the for fact maybe sell and move desires anticipate continue maybe our rates they or opportunities move to historically will a and they for even if rise.

we that the therefore, QX from And on expect saw we our reason, for book. -- would average. QX So significant we to headwinds more what have of in standpoint payoffs to in QX look do a expect like and CRE

saw QX. as what so opposed in to And we

a optimism. relates concern us, lot it and that As XXXX, I to things have bit see of see about opportunity think too make little of of lot to we much a we a for projects We some bit. but CRE them on board, the have certainty on XXXX the do little that still see are side, around the drawing projects is the of a been discussed changing

the a XXXX. today that So bit production therefore, little book. construction expect on have of we of somewhat. in hesitancy fund do projects we during the have side, that lot flip slow a do new the on books then to We about And we'll

begin put able Atlanta optimistic as getting some books. the XXXX. we resources into will to obviously will pay we're LPO, pace there. of got today optimistic as those increase, that bringing So we're we've about you we've we also the some deals already where get to as dividends, And very We're mentioned opportunities into talented get They're been procure. that both and And XXXX. on those to

we of, going what what know did very XXXX, there. a less So, don't commercial of economy XXXX, the encouraged as can will control of of be We there's control terms of well. loan earlier seeing little and lot if into of bit can bit the It's the probably and in year. little about how a activity being we does. than lending to economy trend A going positives a much we're what that might to certain growth. We're today, we then continue function slow, little the But a on be lot a including a categories side. of in it's function

Duane Dewey

Graham Yes, [ph].

me let add Just to that.

credit, what a we Graham, note books to operation with the additional XXXX, say growth and we time, one stepping underwriting the significant we're understand we'll but we're it, relates business over want Finance, business into be that's Just get and de in We're as type specifically as and really expect familiar with do comfortable we're of on type novo will Equipment the but very putting caution, the on books. it to for putting the we start-up measured and Atlanta we us. noted I of as

a A it think be in early, how we little that exactly to contributor much will might positive be. So XXXX. know

Graham Dick

Okay. Appreciate XX% it. still That’s pretty XX% from helpful. moved The it's ratio but meaningfully loan-to-deposit is higher manageable high at level. the

a to the which How a range funding, pretty you like normal growth do You do ratio saw end where loan-to-deposit year. you of here? like promising a sounds from longer the rest environment? operating I on And you at have would last guess, then term in plan

Tom Owens

is So, Owens. this Tom Graham,

go that us was, XX%. was that back quite a you see loan-to-deposit pre-pandemic, what about more And bit we few a XX%, at normal could higher we're then If a years going say from ratio point. we this back said for so away

for and quarter. finance. in are from note, a going due in to future As growth growth that do to part realized here consideration anticipate had of other as third accelerate our certainly deposit loan deposit low you'll our beyond, pressures the forward taking both will realized need equipment into well growth competitive And the planning as particular businesses beta fund We pretty increase. that we've to we XXXX the betas the that

deposit promotional to of campaign deposit growth. function a really it's So activity accelerate

Graham Dick

deposit those of items XX% bit mentioned went Would and basis Great. quarter. better? getting this Last impact say mentioned interest-bearing quickly. does Okay. you then it according performed guess you to I that to I about or And lag plan, both points. a last I beta quarter deposit costs that we XX deposit of how beta quarter with then think -- a on And interest-bearing guess the talked just then were

Tom Owens

Yes.

third the outperform I think we clearly did quarter. in

as modeling to for beta. when activity that's planning as for how target realized purposes well going you internal promotional We are deposit campaign drive think about to purposes. your And right continuing

something realized a full forwards have beta for XX% the plan We like continued continue to market implied for to increase. cycle

As quarter now or second you know the Fed the so the at X.XX in market next year. has

something like fourth then in at So linked time or would costs put cycle you something we're to quarter beta. deposit would year next next you increase into for at XX go so XX% planning in cycle second Fed realized time XX% costs points like the by quarter And terms deposit get to-date something interest-bearing points beta get at the does into of assuming X.XX% XXX to would you the basis by to that you basis us date put realized year. like get a quarter

Graham Dick

Great. Okay. helpful. you. That's very Thank

Tom Owens

Yes.

Operator

Our Jennifer Demba go ahead. next from Please question Truist with comes Securities.

Jennifer Demba

Good you. morning. Thank

Duane Dewey

morning, Good Jennifer.

Jennifer Demba

Just is think business the in for for line, over office potential you Atlanta that on LPO wondering Finance that or line and next business and years? the the the Equipment do what growth three two

Barry Harvey

this Jennifer, Barry. is Hey,

we'll position some book in now even time. deal days, situated point believe opportunities. the of time. I do at robust activity those encouraging. is we flow to though next and we're think to on XX next at act we're our seeing terms be starting industry positive to is very able be And crystal I this the from flow. we what in look quite deal that even in terms within in this think volume of in the a to months nine look to what can We're very today the deals activity And at those XX ball But not

dictate think There'll the perspective, specialty the to aspire XX% perspective, book. long-term the from I is there. And like place maybe it's reasonable a quickly get our we one for Overall, be think going see deal of market we grow would business into how flow equipment us of from very finance I to. opportunities. lines the to organization's to a

it's think to limits off their portfolios very the and see adjust time-to-time. larger that things the There I Finance in pick Equipment center loans, nature. and some common may concentration some opportunities of money of as to business, sell choose they from banks be

savvy are bring being who board think the well very in experienced we've on I that with with associates well on So to bring industry, board able connected. are but new -- some been who company the the

XX% a going about But place the loan I opportunities those monitor think continue be find think reasonable lot comes, long we're in and just we'll to very we're of to growth run the going to very total that. selective percentage of as a to opportunities. be. early book our is And I a

Jennifer Demba

Great. Okay. Thanks.

Operator

from go comes Catherine question. KBW. Please with question with ahead next Our your Mealor

Catherine Mealor

Thanks.

follow-up on betas margin if quarter. like just a so the Just on had as this in could loan update your well, us that came you question, on Tom thoughts

past. to-date particularly And seeing of about where You've XX% expecting? you're level that assumption. -- with loan the the talked are cycle still you a cycle Fed in Is beta where yields your you are that expecting kind

Tom Owens

time get And And good Tom. is this is of have say you market cycle. XX% the second priced as next the forwards rate quarter top Catherine, think by a again Yeah. yeah, of implied I it to still assumption, the by year.

the you as way So may is, about effects yet said haven't fourth of some really deposit as activity. seen earlier, you margin. campaign full terms net spread the you interest the But get of I modeled, to we've the continue quarter it widening promotional there dynamic got in think

about or another two. over tightening So the Fed quarter here next it think way I the points is, priced XXX basis the in market's would got of

below but realized the so beta accelerating. the beta, on side the deposits get will And on the loan be XX% those you on increases that

net the I then so we've half the continued might into income. at that the here loan again, get driven growth strong expansion would some interest But look net you result margin. you some of net you next growth And of first as think you get the fourth in to might quarter going year is And compression. when in be strong get interest

Catherine Mealor

Great.

That's and come -- of next how XXX then then is in with another kind around little of Okay. playing down a or of this given kind kind and I'm for Does points. keep the basis very which XX [indiscernible] range you've as or guidance quarter there getting And bit up right, the you feel I'm then, a helpful. Yeah. margin that

Tom Owens

it interest starting there, I fourth stands the said next will audits fully to accelerate. year, in deposit precise you -- first see some in I widening see of encounter net as headwinds Awful, half you'll to the margin reason our betas as quarter before

Catherine Mealor

balances end to Fair of Fair [indiscernible]. XX% the least range. Okay. And but to you've on of at XX% that kind enough. then guided lower enough, the securities

So, security in balances that does probably mix here How that mean faster with security balances from thinking flat? book that or you growth actually decline, is just kind about growth the just of are loan -- more the shift?

Tom Owens

Yeah.

So it's both. And I think we decline probably will somewhat. see securities balances

first we to second If has at had quarter the you and look excess and the we're half still Clearly really that strong. fund this a of year, liquidity work. growth been putting quarter third

to from a reasonable liquidity portfolio and let $XX in next maybe the throughout of cash year securities ends assume we And it's flow million the I flow. between perspective, may year this throws that portfolio off so about the think month per cash

be decline a I so balance. book that might between XXXX end or and say million so $XXX the And of in now would

Catherine Mealor

Great. Tom. All right. for Thanks the color

Tom Owens

Catherine. you, Thank

Operator

Yanchunis from comes with question. Please question your with Raymond next James. Our Joe go ahead

Joe Yanchunis

Good morning.

Tom Owens

Good morning, Joe.

Barry Harvey

Good morning.

Joe Yanchunis

line, you in that list expect or bottom the like remarks to reallocated? that what you your highlighted remaining So next? savings that follow on And the you've And different I be investments and some wondering internal will the they initiatives wish attack future the made of prepared you'd from was what's do technologies.

Barry Harvey

XXXX. couple a that is side, be Hi and got have left replace older one of over We've wish customer to will and the system be just customer the ALS new be we'll with start on that system, on system our migrating on what's February got actually an of and we I'll same March side. deposit that deposit Joe to will did like We've looking applications Barry. the vendor happening forward. also list from -- and we loan this the going that

on that we'll that been near solutions down. are that narrowed the opportunity might in in process of out We've there looking begin we've So working to we the the interest what at in. have that. Where term take

short for that with have big XX will a But over fairly of deposits contracting systems we'll occur and to that And period, ensure once better sunsetting forward is not we not or in move something that them. XX-month of we away selection us, feel customer. we've that years. we'll both be type think a any select that, in of to ways that's and that It much the -- got from vendor and an front are the we next done, for be will a a a I it's then kind long that that I project said having following quickly good next and several have think, then can position supported process. about

Duane Dewey

believe through process. quickly, add we'll process the to adjustment just efficiencies is the we And gained in significant that a transformational loan that we in to company a system and noted comprehensive things fourth quarter, be will for be migrating pretty of terms other and

in the in to fourth and process quarter. ready go already that's So,

Barry Harvey

will new out the that ability we've well. now It ring customers to year. that this well it working on testing next out of and later roll the for loan into We're Duane first the business now the something system mentioned Yes. And over phases we're out quarter origination out building QX -- as gained to of as portion customers, lot and in year solution as XXXX. will of part the some of consumer the year year. solution, to that terms of the a Trustmark is go a out small of roll been we commercial rolling Joe, in with is a begin need be improvements there's to lot for we'll reporting, of efficiencies work that internal latter through solution in And next of within serve also

Joe Yanchunis

I appreciate it.

plan, how system loan kind expenses into XXXX? your consolidation branch of this about origination with trending So, new we should think

Duane Dewey

the I that the changes so management expense has We finance wage found trying initiatives in Grow guess like to growth major at that's the and arena our initiate inflationary Well a program. pressures, system simply efficiency And Atlanta of a it time equipment, just time, on. focus challenging Fit pressures. and been same to

mid-single-digit range that at of changed haven't point this to our increase. expenses We guidance on

As we and as system in some look handle XXXX, associate additional the process. and report on what be well changes, we'll Barry see things 'XX these fourth giving guidance as compensation and of and the some we the in with noted less so efficiencies quarter in maybe additional new a in into that and

as additional 'XX, guidance fourth we'll at the into the quarter. look So, end give I of

Joe Yanchunis

it. looking still people in Perfect. you had staffed you And then, your for to staffing those all more Appreciate programs? and for the hire Equipment Are Finance up you mentioned division. Atlanta Are there?

Duane Dewey

real, Atlanta residential commercial equipment associates terms currently. XX we In finance, banking to of and estate, have -- today, about in real so corporate estate LPO total the XX

here be teammates definitely have up equipment more want seasoned so associates going to of pretty this I we will the program and We'll and we be forward. as We move at over six get point. time. staff adding adding or finance a

of and point businesses this other kind evaluate and staff accordingly. growth at growth we'll The those businesses, we'll in in significant adds I add don't the see trajectory time.

Joe Yanchunis

Great. questions. the I appreciate

Duane Dewey

Thank you.

Operator

of This Duane any the concludes End closing our back would for to over conference remarks. question-and-answer Q&A to like session. I Dewey turn

Duane Dewey

you quarter. of and forward you for weekend being us Thank all good at a have to morning. we hope, the back fourth Great. look this Thanks. end with you joining the We here upcoming

Operator

you for attending now Thank The conference presentation. today's concluded. has

may now You disconnect.

Trustmark (TRMK) 26 Oct 222022 Q3 Earnings call transcript