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Trustmark Corporation Announces Second Quarter 2022 Financial Results
Performance Reflects Strong Loan Growth, Solid Credit Quality and Expanding Net Interest Margin JACKSON, Miss.--(BUSINESS WIRE)-- Trustmark Corporation
About this update from Trustmark Corporation
[{"type":"text","content":"\nPerformance Reflects Strong Loan Growth, Solid Credit Quality and Expanding Net Interest Margin\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQGS: TRMK) reported net income of $34.3 million in the second quarter of 2022, representing diluted earnings per share of $0.56. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable September 15, 2022, to shareholders of record on September 1, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220726005368/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/52791465/en\n\nSecond Quarter Highlights\n\n\nLoans held for investment (HFI) increased $547.7 million, or 5.3%, from the prior quarter\n\n\nDeposits totaled $14.8 billion, with noninterest-bearing deposits representing 30.5% of total deposits\n\n\nTotal revenue expanded 8.1% from the prior quarter to $165.9 million\n\n\nNet interest income (FTE) increased 12.9% from the prior quarter to $115.6 million, resulting in a 32 basis point expansion in the net interest margin to 2.90%\n\n\nNoninterest income totaled $53.3 million, representing 32.1% of total revenue\n\n\nCredit quality remained solid; recoveries exceeded charge-offs and nonperforming assets declined 3.7% linked-quarter\n\n\nDuane A. Dewey, President and CEO, stated, “Our company produced strong second quarter results with significant loan growth, expansion of the net interest margin, consistent performance from our fee businesses and solid credit quality. Our associates are focused on expanding existing customer relationships as well as demonstrating the value Trustmark can provide potential customers as their trusted financial partner. Our continued implementation of enhanced technology, coupled with a comprehensive program to improve efficiency, enhances Trustmark’s ability to grow and serve customers and build long-term value for our shareholders.”\n\nBalance Sheet Management\n\n\nLoans HFI totaled $10.9 billion, up 5.3% from the prior quarter and 7.8% year-over-year\n\n\nInvestment securities totaled $3.8 billion, up 4.3% from the prior quarter and 26.8% year-over-year\n\n\nDeposits totaled $14.8 billion, down 2.3% from the prior quarter and up 0.9% year-over-ye...