Trustmark (TRMK) opened 2026 with Q1 revenue of US$203.1 million and basic EPS of US$0.95, while on a trailing twelve month basis revenue stood at US$798.0 million with basic EPS of US$3.79, setting a clear earnings benchmark for investors tracking the bank’s profit trajectory. Over recent periods the company has seen revenue move from US$189.3 million in Q1 2025 to US$203.1 million in Q1 2026, and trailing twelve month EPS shift from US$3.72 at Q4 2025 to US$3.79 at Q1 2026. This gives investors a more detailed read on how margins and profitability are shaping up beneath the headline numbers.

See our full analysis for Trustmark.

With the latest figures on the table, the next step is to see how these results line up with the prevailing stories about Trustmark’s growth, risk profile, and earnings power.

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Margins and Profitability Step Up

• On a trailing basis, net income excluding extra items is US$226.6 million on revenue of US$798.0 million, giving a net profit margin of 28.4% compared with 11.1% a year earlier.
• Consensus narrative talks about profit margin pressures and rising expenses. However, the move to a 28.4% margin with quarterly net income holding around US$56 million in recent periods and non performing loans remaining in the US$80 million range challenges the idea that profitability is currently under strain.
  • The last four reported quarters all show net income excluding extra items in a tight band between US$55.8 million and US$57.9 million, which lines up with the recent margin improvement.
  • Non performing loans sit between US$80.1 million and US$86.6 million across the data provided, so higher margins are not being paired with a visible spike in reported credit stress.

Loan Book Growth and Asset Quality

• Total loans moved from US$13,089.9 million in Q4 2024 to US$13,674.2 million in Q4 2025, while non performing loans across that period stayed in a narrow range around US$80 million to US$86.6 million.
• Where the consensus narrative highlights regional concentration and the risk of higher loan losses, the steady loan balance alongside fairly stable non performing loan figures suggests that, based on these disclosures, credit quality has not swung sharply in either direction.
  • Loan balances in the quarterly data step from roughly US$13,089.9 million to US$13,674.2 million, pointing to a larger book without a clear jump in reported problem loans.
  • Within that same period, non performing loans vary by only a few million dollars, which does not obviously match concerns about a sudden deterioration tied to geographic exposure.

On this point, bulls who focus on growth in higher growth U.S. regions may see the steady loan and non performing loan figures as useful context for their case, and skeptics may want to track whether this relationship holds as conditions change. 🐂 Trustmark Bull Case

Valuation Gap Versus Growth Pace

• Trustmark trades at a trailing P/E of 11.5x compared with a peer average of 15.2x, while a DCF fair value of US$83.63 sits well above the current share price of US$44.28 and revenue growth is cited at 6.1% per year against an 11.1% US market benchmark.
• Bears point to slower expected earnings growth of 1.8% per year versus a 16.2% market benchmark, and that cautious view sits beside a large year over year earnings jump of about 7x and a 28.4% margin, which together frame a tension between what the trailing numbers show and what forward growth assumptions imply.
  • Over the last 12 months, earnings rose very sharply from the prior year while five year earnings growth averages only 1% per year, so the recent margin level may not automatically extend into the longer term trend.
  • The combination of a below peer P/E ratio, a DCF fair value that is much higher than the share price, and a 2.26% dividend yield gives bears a valuation setup that still needs to be weighed against the slower forecast growth path.

Skeptics who focus on those slower growth forecasts may want to see how future reports track against these trailing margins and current pricing before leaning too heavily on either side of the argument. 🐻 Trustmark Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Trustmark on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of cautious and optimistic signals leaves you unsure, now is a good time to review the numbers yourself and decide what they suggest. Then you can check how those findings compare with the 3 key rewards

See What Else Is Out There

Trustmark’s slower forecast earnings growth of 1.8% per year compared to a 16.2% market benchmark leaves some readers questioning its long term return potential.

If you want ideas where growth expectations and valuation look more aligned, compare this setup with the 53 high quality undervalued stocks and see what stands out right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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