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Trustmark Corporation Announces Third Quarter 2021 Financial Results
Performance Reflects Continued Balance Sheet Growth, Strong Credit Quality and Disciplined Expense Management JACKSON, Miss.--(BUSINESS WIRE)-- Trustmark
About this update from Trustmark Corporation
[{"type":"text","content":"\nPerformance Reflects Continued Balance Sheet Growth, Strong Credit Quality and Disciplined Expense Management\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQGS: TRMK) reported net income of $21.2 million in the third quarter of 2021, representing diluted earnings per share of $0.34. Third quarter results include costs of a previously announced voluntary early retirement program, which reduced net income by $4.3 million, or approximately $0.07 per diluted share. Results for the quarter also include a previously disclosed charge to resolve allegations by regulatory authorities regarding fair lending matters, which reduced net income by $5.0 million, or approximately $0.08 per diluted share. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable December 15, 2021, to shareholders of record on December 1, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211026006141/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/52515085/en\n\nThird Quarter Highlights\n\n\nVoluntary early retirement program resulted in one-time, pre-tax charge of $5.7 million in the third quarter; expected pre-tax savings of approximately $1.3 million for the remainder of 2021 and $4.3 million in 2022\n\n\nLoans held for investment (HFI) increased $22.0 million, reflecting accelerated payoffs during the quarter while deposits expanded $290.8 million compared to the prior quarter\n\n\nInvestment securities increased $470.8 million in the third quarter as excess liquidity was deployed\n\n\nProvision for credit losses, net totaled a negative $3.5 million, reflecting improved credit loss expectations\n\n\nAdjusted noninterest expense totaled $116.6 million, up 0.3% linked-quarter; please refer to the Consolidated Financial Information, Note 10 – Non-GAAP Financial Measures\n\n\nDuane A. Dewey, President and CEO, stated, “We made significant progress across the organization in the third quarter as reflected by continued balance sheet growth, strong credit quality, and disciplined expense management. Our associates are focused on expanding customer relationships, which is reflected in the solid performance of our banking, insurance, and wealth management b...