Trustmark Corporation (NASDAQ:TRMK) Q4 2022 Earnings Call Transcript

Barry Harvey: Carl, this is Barry. I’ll be glad to, and you’re exactly correct. We did give that guidance. That is what we’ve been experiencing. And matter of fact, when we got into the first part of December, obviously credit and treasury were having a lot of conversations about, is it going to manifest itself or not, because it hadn’t at that point to the degree we anticipated and how we had kind of thought Q4 would work in terms of actual long growth, specifically in CRE. And we had about – just in round numbers, we had about $250 million worth of projects that when we resurveyed the lenders in the middle of December, they indicated there was a little bit of delay, and they would be leaving us not in Q4 of 2022, but during 2023 for the most part.

There may have been one project that was going to be extended out a little farther. And – but so those projects are going to leave us and they are baked into our loan growth assumptions for 2023, but they did slide a quarter or two into 2023. So, that resulted in a much stronger fourth quarter than we anticipated, but it really didn’t change our outlook for 2023 because they do like – they’re going to resolve themselves and leave us during 2023 based upon the last information from the ballroom.

Carl Doirin: All right, perfect. Thank you. And then maybe one last thing for me, just, I think, obviously you paused the share repurchase activity in 4Q, and I’m assuming it’s due to the settlement. Just how active do you plan to being going forward?

Tom Owens: So, Carl, this is Tom Owens. As Tom Chambers said in his prepared comments, it’s really unlikely given the present circumstances as best we can foresee, that we’ll be engaging in meaningful share repurchase activity. The robust loan growth that we’re experiencing is really our preferred form of capital deployment.

Carl Doirin: All right. Okay. Thank you. That’s all for me.

Operator: Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over Duane Dewey for any closing remarks.

Duane Dewey: Well, thank you again for joining us this morning. We hope this information has been helpful, and we look forward to connecting again at the end of the first quarter, and are very excited to move into 2023 and tackle the challenges ahead. So, we’ll talk to you again at the end of the first quarter.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.