Trustmark Corporation (TRMK) Earnings Call Transcript & Summary

Good afternoon, and welcome to the virtual webcast of the 2020 Annual Meeting of Shareholders of Trustmark Corporation. I am Granville Tate, Corporate Secretary of Trustmark. During the webcast, the company may make forward-looking statements about our expectations or predictions about the future. Because these statements are based on current assumptions, and factors that involve risks and uncertainties, Trustmark's actual performance and results may differ materially from what is said here today. Please refer to Trustmark's 2019 annual report on Form 10-K filed with the SEC for detailed discussions of principal risks and uncertainties that could cause such differences and to our subsequent SEC filings for updates. At this time, I would like to introduce Jerry Host, President and CEO of Trustmark Corporation, to share a few opening remarks before we call the business meeting to order.

Thank you, Granville, and good afternoon, everyone. Thank you for joining us. This is the first time in our history that we have not been able to meet face-to-face at our Annual Shareholders Meeting. These are certainly extraordinary times. Trustmark has been proactive in responding to the COVID-19 pandemic, and we're taking comprehensive action to support our customers, associates and the communities we serve. We remain committed to serving customers as our branches continue to offer drive-through service, our ATM and ITM network remains accessible and our robust digital and mobile banking options provide remote capabilities, enabling customers to take care of their financial business. We're working with customers to provide flexibility in these uncertain times and are committed to doing everything in our power to ensure the safety of our customers and associates and support our local economies. At this time, I'd like to introduce Mike Summerford, Chairman of the Board of Trustmark Corporation.

Good afternoon. As Chairman of Trustmark, I hereby call this meeting to order. I'm pleased to welcome you to the 2020 Annual Meeting of Shareholders of Trustmark Corporation. An agenda of today's meeting is posted on the upper right-hand corner of the webcast screen. The polls for submitting proxies are now open. If you have not already voted your shares or wish to change your vote, you may do so by clicking on the vote here button at the bottom-right corner of the webcast screen. The polls will remain open until the conclusion of the matters to be voted on a portion of the meeting. I would like to introduce the following individuals who have been appointed to serve as judge's committee to certify the results of the voting: Louis Greer, Treasurer and Principal Financial Officer; Granville Tate, Secretary of the Board; and Joey Rein, Assistant Secretary of the Board. At the beginning of this meeting, the judge has informed me that a quorum shall be deemed present for purposes of conducting the business of this meeting. A notice of annual meeting, proxy statement, proxy card, Form 10-K and annual report to shareholders were distributed on or about March 16, 2020, to all shareholders of record as of March 2, 2020. On March 14, a supplemental notice announcing that today's meeting would be held via live webcast was posted on Trustmark's website as well as on proxyvote.com. Crowe LLP has served as Trustmark's independent auditor since December 2015, and Crowe has representatives who are attending today's meeting through the live webcast. Joining us are Eve Rogers, Partner and Stephanie Ballard, Senior Manager of Crowe. Ms. Rogers and Ms. Ballard will answer any questions closed at the conclusion of the business portion of the meeting. As you are aware, there are 3 proposals in this year's proxy statement for shareholder consideration. The first proposal is the election of 13 nominees to the Board of Directors of Trustmark Corporation to hold office until their successors are elected and qualified. All 13 nominees are in attendance at today's meeting, and their names are as follows: Adolphus Baker, William Brown, Augustus Collins, Tracy Conerly, Toni Cooley, Duane Dewey, Marcelo Eduardo, Clay Hays, Harris Morrissette, Richard Puckett, Harry Walker and William Yates. General Collins and Dr. Eduardo are being nominated to the Board for the first time. If elected, we believe their service and leadership will be a great benefit to the Board, and we look forward to working with them in the years to come. Additional information about General Collins and Dr. Eduardo may be found in the proxy statement. Since no nominees have been made by shareholders pursuant to our bylaws, I now declare the nominations closed. The Board recommends the election of all persons nominated. The second proposal is the advisory approval of Trustmark's executive compensation and compensation practices and policies as described in the proxy statement. Board recommends that shareholders vote for this proposal. The third proposal listed in the proxy is the ratification of the selection of Crowe LLP as Trustmark's independent auditor for 2020. The Board recommends that shareholders vote for this proposal. This concludes the review of matters to be voted on. I declare the polls are closed. While the judges are tabulating the votes, I would invite Jerry Host, President and Chief Executive Officer of Trustmark, to make a few remarks.

Thanks, Mike. I'd like to take this opportunity to express my gratitude to Trustmark's Board of Directors for their outstanding service. In particular, I want to recognize 3 of our Board members who are retiring at the close of today's meeting. Jim Compton has served Mark since 2012 and while LeRoy Walker has served since 1995. Mike Summerford's service to Trustmark began in 2003, and he has been our Chairman since 2017. Gentlemen, you have provided invaluable leadership and insight to our Board, and your service has been distinguished and unwavering. We thank you for your contributions to Trustmark and its shareholders. And now before I turn the meeting back over to Mr. Summerford, I would ask if any shareholders have questions, please submit them at this time.

The judges have completed the report, and I ask our secretary to share the results with us at this time.

Mr. Chairman, the judges have tabulated all of the proxies, and only a small percentage of the total vote remains to be counted, which should not significantly affect the overall results. Subject to a final tabulation, we report the following results. On proposal number one, all 13 individuals nominated to the Board of Directors have been elected. On proposal number two, the vote on Trustmark's executive compensation on an advisory basis has been approved. On proposal number three, the selection of Crowe's LLP as Trustmark's independent auditor for 2020 has been ratified.

Thank you, Mr. Tate. The final voting results set forth in the judge's report will be filed with the minutes of this meeting and recorded in an 8-K to be filed in connection with the matters voted on at this meeting. I now declare the business portion of our annual meeting concluded. Having no questions, I thank you for your attendance today and your continued support of Trustmark. I declare the 2020 Annual Shareholders Meeting adjourned.