Business
Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2019 Financial Results
Performance reflects improved earning asset mix, continued loan growth and solid credit quality JACKSON, Miss.--(BUSINESS WIRE)-- Trustmark Corporation
About this update from Trustmark Corporation
[{"type":"text","content":"\nPerformance reflects improved earning asset mix, continued loan growth and solid credit quality\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQ:TRMK) reported net income of $33.9 million in the fourth quarter of 2019, representing diluted earnings per share of $0.53. Results in the fourth quarter reflect negative hedge ineffectiveness which reduced net income by $2.2 million, or $0.03 per share.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200128005708/en/\n\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/52164369/en\n\n\nFor the full year, Trustmark’s net income totaled $150.5 million, representing diluted earnings per share of $2.32. Diluted earnings per share in 2019 increased 5.0% when compared to the prior year. Results for 2019 reflect negative hedge ineffectiveness which reduced net income by $8.6 million, or $0.13 per share. Trustmark’s net income in 2019 produced a return on average tangible equity of 12.45% and a return on average assets of 1.11%.\n\n\nTrustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable March 15, 2020, to shareholders of record on March 1, 2020.\n\n\n2019 Highlights \n\n\n\nLoans held for investment increased $499.8 million, or 5.7%, during the year\n\n\nNonperforming assets declined 14.4%, and net charge-offs represented 0.06% of average loans in 2019\n\n\nImproved balance sheet positioning as securities and loans (excluding acquired loans) represented 20.5% and 76.7%, respectively, of average earning assets in 2019\n\n\nNet interest income (FTE), excluding acquired loans, totaled $431.1 million, an increase of 3.9% from the prior year\n\n\nRevenue, excluding acquired loans and negative hedge ineffectiveness, totaled $616.8 million, an increase of 5.5%\n\n\n\nGerard R. Host, President and CEO, stated, “We remained focused on our strategic initiatives this year, profitably increasing revenue across our financial services businesses, optimizing our balance sheet, deploying capital through share repurchases, and maintaining disciplined expense management. Looking ahead to 2020, Trustmark will continue to provide the financial services and advice our customers have come to expect. We remain co...