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Jun 30, 2024
Trustmark Q2 2024 Earnings Report
Announced second quarter financial results reflecting the sale of Fisher Brown Bottrell Insurance, Inc. (FBBI) and balance sheet restructuring actions to improve operating performance.
Key Takeaways
Trustmark reported net income of $73.8 million in the second quarter of 2024, with diluted earnings per share of $1.20. Adjusted continuing operations net income was $40.5 million, or $0.66 per diluted share. The company completed significant balance sheet restructuring to position the company for improved operating performance.
Completed sale of FBBI, producing a gain on sale of $228.3 million ($171.2 million, net of taxes).
Loans held for investment (HFI) increased $97.5 million, or 0.7%, from the prior quarter to $13.2 billion.
Deposits expanded $124.3 million, or 0.8%, linked-quarter to $15.5 billion.
Net interest income (FTE) increased $8.1 million, or 6.0%, linked-quarter to $144.3 million, resulting in a net interest margin of 3.38%, up 17 basis points from the prior quarter.
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 expects improved operating performance into the second half of the year and beyond, driven by balance sheet restructuring and solid performance in the core banking franchise.
Positive Outlook
- Completed sale of insurance agency.
- Completed significant balance sheet restructuring.
- Continued loan growth.
- Continued deposit growth.
- Disciplined expense management.
Challenges Ahead
- Non-recurring events impacted GAAP results.
- Mortgage banking revenue decreased linked-quarter.
- GAAP noninterest income was negative.
- GAAP revenue was negative.
- Securities gains (losses), net was negative.