Trustmark Corporation Announces Second Quarter 2020 Financial Results

About this update from Trustmark Corporation

[{"type":"text","content":"\nPerformance reflects value of diversified financial services businesses\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (Nasdaq:TRMK) reported net income of $32.2 million in the second quarter of 2020, representing diluted earnings per share of $0.51. This level of earnings resulted in a return on average tangible equity of 10.32% and a return on average assets of 0.83%. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable September 15, 2020, to shareholders of record on September 1, 2020.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200728005937/en/\n\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/52256607/en\n\n\nGerard R. Host, Chairman and CEO, stated, “During the second quarter, we remained focused on ensuring the safety of our customers and associates and supporting our local economies. We continued serving customers both remotely and through our branches, actively promoting digital touchpoints including our ATM and ITM network as well as digital and mobile banking applications. Trustmark participated in the SBA’s Paycheck Protection Program, providing approximately 9,700 loans totaling $970 million to local businesses. I am especially proud of our associates’ diligent efforts to assist in meeting the financial needs of our customers and work with local businesses to secure funding. We continue to follow best practices for the health and safety of our customers and associates, and we remain committed to providing solutions to meet customers’ unique needs in this challenging environment.”\n\n\nSecond Quarter Highlights \n\n\n\nPre-tax, pre-provision income totaled $62.1 million, a linked-quarter increase of 9.8% and year-over-year increase of 21.1%\n\n\nNoninterest income represented 39.8% of revenue in the second quarter and increased 6.5% from the prior quarter\n\n\nMaintained strong capital position with CET1 ratio of 11.42% and total risk-based capital ratio of 13.00%\n\n\n\nMr. Host stated, “Our second quarter results reflect the value of Trustmark’s diverse franchise as strong performance in our fee income businesses more than offset interest rate headwinds. Mortgage loan production increased over 85% linked-quart...

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