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Jun 30, 2022
Trustmark Q2 2022 Earnings Report
Reported strong second quarter results driven by loan growth, net interest margin expansion, consistent fee business performance and solid credit quality.
Key Takeaways
Trustmark Corporation reported a net income of $34.3 million for Q2 2022, with diluted earnings per share of $0.56. The company experienced strong loan growth and an expanded net interest margin.
Loans held for investment increased by $547.7 million, or 5.3%, from the prior quarter.
Deposits totaled $14.8 billion, with noninterest-bearing deposits representing 30.5% of total deposits.
Total revenue expanded 8.1% from the prior quarter to $165.9 million.
Net interest income increased 12.9% from the prior quarter to $115.6 million, resulting in a 32 basis point expansion in the net interest margin to 2.90%.
Forward Guidance
Trustmark announced FIT2GROW, a comprehensive program of Focus, Innovation and Transformation designed to enhance Trustmark’s ability to grow and serve customers.
Positive Outlook
- Focus community bank efforts on commercial, small business, and consumer lines of business.
- Opened a new Atlanta, Georgia LPO to focus on institutional businesses.
- Added seasoned professionals to our team to carry out our strategy in the southeast.
- Plans are underway to establish an Equipment Finance line of business to focus on national, middle to large ticket business.
- Investments in state-of-the-art technology were made in Trustmark’s insurance, wealth management and mortgage banking areas as well as in human resources and accounting systems.
Challenges Ahead
- Implementation of a new core banking system for consumer and commercial loans, deposits, and customer information is a multi-year project.
- Branch network optimization reflecting changing customer preferences and migration to mobile and digital channels.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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