TRMKTRUSTMARK CORP

National Commercial Banks

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $2.6B
Employees: 2,543
Net debt / EBITDA: —
AI in 10-K: 0.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
109% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
57% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$322K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	$147M	$72M	$165M	$223M	$224M	0.5%
Operating cash flow	$349M	$297M	$197M	$117M	$244M	109%
Capex	$27M	$27M	$40M	$23M	$12M	49%
Stock-based comp	$6M	$5M	$6M	$7M	$6M	14%
Buybacks	$62M	$25M	$0	$7M	$80M	967%
Dividends	$58M	$57M	$57M	$57M	$58M	2.9%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 3, 2025	ROBERT M HEARIN SUPPORT FOUNDATION	SCHEDULE 13D/A	5.0%	Passive
Feb 15, 2023	ROBERT M HEARIN SUPPORT FOUNDATION	SC 13D/A	6.5%	Passive
Feb 11, 2022	ROBERT M HEARIN SUPPORT FOUNDATION	SC 13D/A	6.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $322K · 2
Net: −$322K

Pay vs performance

No pay-versus-performance disclosure yet.