Business
Trustmark Corporation Announces First Quarter 2023 Financial Results
Loan and Deposit Growth Continues, Credit Quality Remains Strong, Mortgage Banking, Insurance and Wealth Management Revenue Expands JACKSON, Miss.--(BUSINESS
About this update from Trustmark Corporation
[{"type":"text","content":"\nLoan and Deposit Growth Continues, Credit Quality Remains Strong,\nMortgage Banking, Insurance and Wealth Management Revenue Expands\n\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQGS:TRMK) reported net income of $50.3 million in the first quarter of 2023, representing diluted earnings per share of $0.82. Trustmark’s performance during the first quarter produced a return on average tangible equity of 18.03% and a return on average assets of 1.10%. The Board of Directors declared a quarterly cash dividend of $0.23 per share payable June 15, 2023, to shareholders of record on June 1, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230425005438/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/53386997/en\n\n\nFirst Quarter Highlights\n\n\n\nLoan and deposit growth continued during the first quarter\n\n\n\nCredit quality remained strong\n\n\n\nNoninterest income increased linked-quarter, reflecting the strength of diversified business lines\n\n\n\nExpense discipline continued, noninterest expense decreased linked-quarter\n\n\n\nDuane A. Dewey, President and CEO, stated, “Our first quarter financial performance reflects solid loan and deposit growth, strong performance in our mortgage, insurance and wealth management businesses, and diligent expense management. Our overall strong performance was impacted by increasingly competitive deposit costs during the quarter, which compressed our net interest margin. Trustmark has a strong, diversified and proven business model that has stood the test of time. We remain well-positioned and committed to meeting our customers’ needs despite the challenging financial services environment. Our balance sheet is well-positioned for additional increases in interest rates and credit quality remains solid. We continue to focus on efficiency enhancements throughout the organization as well as investments in technology to better serve customers.”\n\n\nBalance Sheet Management\n\n\n\nLoans held for investment (HFI) increased $293.2 million, or 2.4%, during the quarter\n\n\n\nTotal deposits increased $346.0 million, or 2.4%, during the quarter\n\n\n\nMaintained strong capital position with CET1 ratio of 9.76% and total risk-ba...