Business
Trustmark Corporation Announces First Quarter 2024 Financial Results
Loan Growth Moderates, Credit Quality Remains Stable Solid Growth in Fee Income and Disciplined Expense Management Reflected in Financial Results JACKSON,
About this update from Trustmark Corporation
[{"type":"text","content":"\nLoan Growth Moderates, Credit Quality Remains Stable\n\n\nSolid Growth in Fee Income and Disciplined Expense Management Reflected in Financial Results\n\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQGS:TRMK) reported net income of $41.5 million in the first quarter of 2024, representing diluted earnings per share of $0.68. Trustmark’s performance during the first quarter produced a return on average tangible equity of 12.98% and a return on average assets of 0.89%. The Board of Directors declared a quarterly cash dividend of $0.23 per share payable June 15, 2024, to shareholders of record on June 1, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240423449062/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/53946039/en\n\n\nFirst Quarter Highlights\n\n\n\nLoans held for investment increased 0.8% linked-quarter and represented 85.1% of total deposits at March 31, 2024\n\n\n\nCredit quality remained solid\n\n\n\nRevenue totaled $188.2 million, up 0.9% linked-quarter\n\n\n\nNoninterest income increased 11.1% linked-quarter, reflecting seasonal increases and the strength of diversified business lines\n\n\n\nNoninterest expense decreased 3.9% linked-quarter, reflecting on-going expense management priorities\n\n\n\nDuane A. Dewey, President and CEO, stated, “We are off to a great start in 2024. Our first quarter results reflect continued loan growth, solid credit quality, and double-digit increases in noninterest income. In addition, we experienced a meaningful decrease in noninterest expense. These accomplishments are the results of our focused efforts to expand customer relationships and diligently manage expenses. Our associates have done a tremendous job of serving customers, building relationships, and demonstrating the value Trustmark can provide as our customers’ financial partner. We are well positioned to serve and expand our customer base and create long-term value for shareholders.”\n\n\nBalance Sheet Management\n\n\n\nLoans held for investment (HFI) increased $107.4 million, or 0.8%, during the quarter\n\n\n\nTotal deposits decreased $231.2 million, or 1.5%, during the quarter\n\n\n\nMaintained strong capital position with CET1 ratio of 10.12...