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Sep 30, 2021
Trustmark Q3 2021 Earnings Report
Net income impacted by early retirement program and regulatory settlement, balance sheet grew, credit quality remained strong, and expense management was disciplined.
Key Takeaways
Trustmark Corporation reported a net income of $21.2 million, or $0.34 per diluted share, for the third quarter of 2021. The results were impacted by costs associated with a voluntary early retirement program and a charge to resolve allegations by regulatory authorities regarding fair lending matters.
Voluntary early retirement program resulted in one-time, pre-tax charge of $5.7 million in the third quarter; expected pre-tax savings of approximately $1.3 million for the remainder of 2021 and $4.3 million in 2022.
Loans held for investment (HFI) increased $22.0 million, reflecting accelerated payoffs during the quarter while deposits expanded $290.8 million compared to the prior quarter.
Investment securities increased $470.8 million in the third quarter as excess liquidity was deployed.
Provision for credit losses, net totaled a negative $3.5 million, reflecting improved credit loss expectations.
Revenue by Segment
Forward Guidance
Trustmark will continue to focus upon efficiency, growth, and innovation opportunities to enhance the customer experience and improve efficiency.
Positive Outlook
- Continue to redesign workflows.
- Restructure the organization to leverage investments in technology.
- Enhance the customer experience.
- Improve efficiency.
- Focus on providing services and advice to customers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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