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Mar 31, 2024
Trustmark Q1 2024 Earnings Report
Reported solid financial results driven by loan growth, stable credit quality, fee income growth, and disciplined expense management.
Key Takeaways
Trustmark Corporation reported a net income of $41.5 million for Q1 2024, with diluted earnings per share of $0.68. The company saw an increase in loans held for investment, solid credit quality, and growth in noninterest income, coupled with a decrease in noninterest expense.
Loans held for investment increased by 0.8% linked-quarter, representing 85.1% of total deposits.
Credit quality remained solid.
Revenue totaled $188.2 million, up 0.9% linked-quarter.
Noninterest income increased 11.1% linked-quarter, driven by seasonal increases and diversified business lines.
Noninterest expense decreased 3.9% linked-quarter, reflecting ongoing expense management priorities.
CET1 ratio of 10.12% and total risk-based capital ratio of 12.42%.
Trustmark
Trustmark
Trustmark Revenue by Segment
Revenue by Segment
Service charges Revenue
CapyFin.comBank card & fees Revenue
CapyFin.comMortgage banking Revenue
CapyFin.comWealth management Revenue
CapyFin.comOther income Revenue
CapyFin.com Forward Guidance
The company is well-positioned to expand its customer base and create long-term value for shareholders. No specific financial guidance was provided in the release.