Trustmark Corporation (NASDAQ:TRMK) Q1 2024 Earnings Conference Call April 24, 2024 9:30 AM ET
Company Participants
Joey Rein - Director of Corporate Strategy
Duane Dewey - President and CEO
Tom Owens - Chief Financial Officer
Tom Chambers - Chief Accounting Officer
Barry Harvey - Chief Credit and Operations Officer
Conference Call Participants
Will Jones - KBW
Gary Tenner - D.A. Davidson
Michael Rose - Raymond James
Operator
Good morning, ladies and gentlemen, and welcome to Trustmark Corporation's First 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
Good morning. I'd like to remind everyone that a copy of our first quarter earnings release as well as the slide presentation that will be discussed on our call this morning is available on the Investor Relations section of our website at trustmark.com.
During the course of our call, management may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and we would like to caution you that these forward-looking statements may differ materially from actual results due to a number of risks and uncertainties, which are outlined in our earnings release and in our other filings with the Securities and Exchange Commission.
At this time, I'd like to introduce Duane Dewey, President and CEO of Trustmark Corporation.
Duane Dewey
Thank you, Joey, and good morning everyone. Thank you for joining us this morning. With me are Tom Owens, our Chief Financial Officer; Barry Harvey, our Chief Credit and Operations Officer; and Tom Chambers, our Chief Accounting Officer.
We have great news to share with you this morning on multiple fronts. First, Trustmark had a strong first quarter reflecting continued loan growth, solid credit quality, increased non-interest income and revenue and a decrease in non-interest expense. Before delving into the quarter, I want to share some other important -- another important development for our company. We have signed a definitive agreement to sell our insurance agency, Fisher Brown Bottrell Insurance to Marsh McLennan Agency in a cash transaction valued at $345 million.
Turning to Slide 4, we are extremely proud of the insurance brokerage business that we have built over the past 20 plus years at Trustmark. FBBI is in the top five largest bank affiliated agencies in the country. It has produced consistent organic revenue and profitability growth over the years, especially the last 10 plus years. The transaction multiples prove what we've known for some time that we have a very valuable and well regarded franchise. Through this transaction, we are pleased to be partnering with MMA and think we've chosen the best home for our employees and clients of FBBI. The transaction is expected to close during the second quarter of the year.