Business
Trustmark Corporation Announces First Quarter 2022 Financial Results
Loan and Deposit Growth Continues, Credit Quality Remains Strong, Insurance and Wealth Management Revenue Expands JACKSON, Miss.--(BUSINESS WIRE)-- Trustmark
About this update from Trustmark Corporation
[{"type":"text","content":"\nLoan and Deposit Growth Continues, Credit Quality Remains Strong, Insurance and Wealth Management Revenue Expands\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQGS:TRMK) reported net income of $29.2 million in the first quarter of 2022, representing diluted earnings per share of $0.47. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable June 15, 2022, to shareholders of record on June 1, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220426005303/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/52697270/en\n\nFirst Quarter Highlights\n\n\nTotal revenue expanded 2.9% from the prior quarter to $153.5 million\n\n\nNet interest income (FTE) grew 1.1% from the prior quarter to $102.3 million, resulting in a 5 basis point expansion in the net interest margin to 2.58%\n\n\nNoninterest income increased 6.6% from the prior quarter to $54.1 million, representing 35.3% of total revenue\n\n\nCredit quality remained strong; provision for credit losses was a negative $2.0 million in first quarter\n\n\nDuane A. Dewey, President and CEO, stated, “Our first quarter financial performance reflects solid loan growth and expansion in both net interest income and noninterest income. Our balance sheet is well-positioned for additional increases in interest rates and credit quality remains a hallmark of the organization. We continue to focus on efficiency enhancements throughout the organization, including rationalization of the branch network as well as investments in technology to better serve customers. Trustmark remains well-positioned to serve and expand our customer base and create long-term value for our shareholders.”\n\nBalance Sheet Management\n\n\nLoans held for investment (HFI) increased 1.5% from the prior quarter and 4.1% year-over-year\n\n\nDeposits grew 0.2% linked-quarter and 5.1% year-over-year\n\n\nMaintained strong capital position with CET1 ratio of 11.23% and total risk-based capital ratio of 13.53%\n\n\nLoans HFI totaled $10.4 billion at March 31, 2022, reflecting an increase of $149.3 million, or 1.5%, linked-quarter and $413.4 million, or 4.1%, year-over-year. The linked-quarter growth reflects increases in 1...