Business
Trustmark Corporation Announces Third Quarter 2024 Financial Results
Performance Reflects Increased Earnings, Enhanced Profitability, and Strengthened Capital Flexibility JACKSON, Miss.--(BUSINESS WIRE)-- Trustmark Corporation
About this update from Trustmark Corporation
[{"type":"text","content":"\nPerformance Reflects Increased Earnings, Enhanced Profitability, and Strengthened Capital Flexibility\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQGS:TRMK) reported net income of $51.3 million in the third quarter of 2024, representing diluted earnings per share of $0.84. In the second quarter of 2024, Trustmark reported net income of $73.8 million, representing diluted earnings per share of $1.20 and net income from adjusted continuing operations(1) of $40.5 million, or $0.66 per diluted share. Net income from adjusted continuing operations(1) increased $10.8 million, or 26.7%, linked-quarter.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241022375452/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/54139686/en\n\nFinancial results in the second quarter of 2024, which included the sale of Fisher Brown Bottrell Insurance, Inc. (FBBI), consisted of both continuing operations and discontinued operations. The discontinued operations included the financial results of FBBI prior to the sale as well as the gain on sale in the second quarter. The discontinued operations results are presented as a single line item below income from continuing operations and as separate lines in the balance sheet in the accompanying tables for all periods presented. Financial results from adjusted continuing operations(1) exclude significant non-routine transactions.\n\nThe Board of Directors declared a quarterly cash dividend of $0.23 per share payable December 15, 2024, to shareholders of record on December 1, 2024.\n\nThird Quarter Highlights\n\n\nNet income from adjusted continuing operations(1) increased $10.8 million, or 26.7%, linked-quarter to $51.3 million\n\n\nNet interest income (FTE) increased $13.7 million, or 9.5%, linked-quarter to $158.0 million, resulting in a net interest margin of 3.69%, up 31 basis points from the prior quarter\n\n\nLoans held for investment (HFI) totaled $13.1 billion, a decrease of $55.3 million, or 0.4%, from the prior quarter and an increase of $289.9 million, or 2.3%, year-over-year\n\n\nDeposits totaled $15.2 billion, down $222.0 million, or 1.4%, linked-quarter, and up $139.0 million, or 0.9%, year-over-year; excluding targeted reducti...