Business
Trustmark Corporation Announces Third Quarter 2023 Financial Results
Performance Reflects Continued Loan and Deposit Growth, Solid Credit Quality, and Diversified Fee Income JACKSON, Miss.--(BUSINESS WIRE)-- Trustmark
About this update from Trustmark Corporation
[{"type":"text","content":"\nPerformance Reflects Continued Loan and Deposit Growth, Solid Credit Quality, and Diversified Fee Income\n\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQGS: TRMK) reported net income of $34.0 million in the third quarter of 2023, representing diluted earnings per share of $0.56. As previously disclosed, Trustmark recognized a litigation settlement expense of $6.5 million in the third quarter, which reduced net income by $4.9 million, or $0.08 per diluted share. Excluding this expense, Trustmark’s third quarter net income totaled $38.9 million, or $0.64 per diluted share. Please refer to the Consolidated Financial Information, Note 1 – Litigation Settlement and Note 7 – Non-GAAP Financial Measures. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable December 15, 2023, to shareholders of record on December 1, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231024731289/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/53667141/en\n\n\nThird Quarter Highlights\n\n\n\nLoans held for investment (HFI) increased $196.3 million, or 1.6%, from the prior quarter to $12.8 billion\n\n\n\nDeposits expanded $188.0 million, or 1.3%, linked-quarter to $15.1 billion\n\n\n\nNet interest income (FTE) totaled $141.9 million, down $1.4 million linked-quarter, resulting in a net interest margin of 3.29%\n\n\n\nNoninterest income totaled $52.2 million for the third quarter, representing 27.4% of total revenue\n\n\n\nNoninterest expense, excluding litigation settlement expense, increased 1.7% from the prior quarter\n\n\n\nCredit quality remained solid; net charge-offs totaled $3.6 million, or 0.11% of average loans, in the third quarter\n\n\n\nDuane A. Dewey, President and CEO, stated, “Trustmark’s financial performance during the third quarter reflected continued loan and deposit growth, stable net interest income, strong performance in our insurance business, and solid credit quality. During the first nine months of 2023, Trustmark’s net income totaled $129.4 million, which represented diluted earnings per share of $2.11, an increase of 22.7% from the same period in 2022. We continue to implement significant cost savings initiativ...