Business
Trustmark Corporation Announces Second Quarter 2023 Financial Results
Loan and Deposit Growth Continues, Credit Quality Remains Strong, Net Interest Income and Noninterest Income Expand JACKSON, Miss.--(BUSINESS WIRE)--
About this update from Trustmark Corporation
[{"type":"text","content":"\nLoan and Deposit Growth Continues, Credit Quality Remains Strong,\nNet Interest Income and Noninterest Income Expand\n\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQGS:TRMK) reported net income of $45.0 million in the second quarter of 2023, representing diluted earnings per share of $0.74. Trustmark’s performance during the second quarter produced a return on average tangible equity of 15.18% and a return on average assets of 0.96%. The Board of Directors declared a quarterly cash dividend of $0.23 per share payable September 15, 2023, to shareholders of record on September 1, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230725007677/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/53477140/en\n\n\nSecond Quarter Highlights\n\n\n\nLoans held for investment (HFI) increased $116.8 million, or 0.9%, from the prior quarter to $12.6 billion\n\n\n\nDeposits expanded $130.2 million, or 0.9%, linked-quarter to $14.9 billion\n\n\n\nTotal revenue increased $4.5 million, or 2.4%, linked-quarter to $193.5 million\n\n\n\nNet interest income (FTE) increased $2.2 million linked-quarter to $143.3 million, resulting in a net interest margin of 3.33%\n\n\n\nNoninterest income totaled $53.6 million, representing 27.7% of total revenue\n\n\n\nCredit quality remained strong; net charge-offs represented 4 basis points of average loans\n\n\n\nDuane A. Dewey, President and CEO, stated, “Trustmark continued to post solid financial results in the second quarter, reflecting continued loan and deposit growth, expanding net interest income, and growth in our fee-based businesses. During the first six months of 2023, Trustmark’s net income totaled $95.3 million, which represented diluted earnings of $1.56 per share, an increase of 51.5% from the same period in 2022. We have a tremendous team of associates throughout our system that are focused on expanding existing customer relationships as well as demonstrating the value Trustmark can provide potential customers as their trusted financial partner. We have added very talented people across the organization in numerous production and back office roles to meet our objectives. We continue to implement initiatives to improve ef...