Regional banking company Trustmark (NASDAQ: TRMK) reported revenue ahead of Wall Street’s expectations in Q1 CY2026, with sales up 5.8% year on year to $205.9 million. Its GAAP profit of $0.95 per share was 8.2% above analysts’ consensus estimates.
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Trustmark (TRMK) Q1 CY2026 Highlights:
- Net Interest Income: $163.5 million vs analyst estimates of $164 million (5.7% year-on-year growth, in line)
- Net Interest Margin: 3.8% vs analyst estimates of 3.8% (in line)
- Revenue: $205.9 million vs analyst estimates of $203.5 million (5.8% year-on-year growth, 1.2% beat)
- Efficiency Ratio: 63.3% vs analyst estimates of 64.7% (149.7 basis point beat)
- EPS (GAAP): $0.95 vs analyst estimates of $0.88 (8.2% beat)
- Tangible Book Value per Share: $30.58 vs analyst estimates of $30.90 (10.1% year-on-year growth, 1% miss)
- Market Capitalization: $2.65 billion
Duane A. Dewey, President and CEO, stated, “We continued to build upon the strong momentum from our record earnings in 2025 and are pleased with our strong performance in the first quarter of 2026. Our results reflect continued loan growth, stable credit quality, and an attractive core deposit base. In addition, we experienced continued growth in noninterest income while noninterest expense remained unchanged, reflecting our continued focus on expense management. Our associates have done a tremendous job of serving customers, building relationships, and demonstrating the value Trustmark can provide as a trusted financial partner.”
Company Overview
Tracing its roots back to 1889 in Mississippi, Trustmark (NASDAQ: TRMK) is a financial services organization providing banking, wealth management, insurance, and mortgage services across five southeastern states.
Sales Growth
Net interest income and and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities. Regrettably, Trustmark’s revenue grew at a sluggish 3.1% compounded annual growth rate over the last five years. This fell short of our benchmark for the banking sector and is a tough starting point for our analysis.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Trustmark’s annualized revenue growth of 4.5% over the last two years is above its five-year trend, which is encouraging. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Trustmark reported year-on-year revenue growth of 5.8%, and its $205.9 million of revenue exceeded Wall Street’s estimates by 1.2%.
Net interest income made up 74.5% of the company’s total revenue during the last five years, meaning lending operations are Trustmark’s largest source of revenue.
Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.
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Tangible Book Value Per Share (TBVPS)
Banks are balance sheet-driven businesses because they generate earnings primarily through borrowing and lending. They’re also valued based on their balance sheet strength and ability to compound book value (another name for shareholders’ equity) over time.
Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.
Trustmark’s TBVPS grew at an impressive 7.2% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 20.2% annually over the last two years from $21.18 to $30.58 per share.
Over the next 12 months, Consensus estimates call for Trustmark’s TBVPS to grow by 10.2% to $33.71, mediocre growth rate.
Key Takeaways from Trustmark’s Q1 Results
It was good to see Trustmark narrowly top analysts’ revenue expectations this quarter. We were also glad its EPS outperformed Wall Street’s estimates. On the other hand, its tangible book value per share slightly missed and its net interest income was in line with Wall Street’s estimates. Zooming out, we think this was a mixed quarter. The stock remained flat at $45.46 immediately after reporting.
Should you buy the stock or not? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).
