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Sep 30, 2023
Trustmark Q3 2023 Earnings Report
Performance reflected continued loan and deposit growth, solid credit quality, and diversified fee income.
Key Takeaways
Trustmark Corporation reported a net income of $34.0 million, or $0.56 per diluted share, for Q3 2023. Excluding a litigation settlement expense, net income totaled $38.9 million, or $0.64 per diluted share. Loans held for investment increased by 1.6% from the prior quarter, and deposits expanded by 1.3%.
Loans held for investment increased 1.6% from the prior quarter to $12.8 billion.
Deposits expanded 1.3% linked-quarter to $15.1 billion.
Net interest income totaled $141.9 million, resulting in a net interest margin of 3.29%.
Credit quality remained solid with net charge-offs totaling $3.6 million, or 0.11% of average loans.
Forward Guidance
Trustmark is implementing cost savings initiatives and technology enhancements to improve efficiency and customer service, positioning the company to respond to changing economic conditions and create long-term value for shareholders.
Positive Outlook
- Continued loan and deposit growth.
- Stable net interest income.
- Strong performance in the insurance business.
- Solid credit quality.
- Implementation of technology plans for conversion of deposit/teller/customer information system.
Challenges Ahead
- Changes in the level of nonperforming assets and charge-offs.
- Actions by the Board of Governors of the Federal Reserve System (FRB) that impact the level of market interest rates.
- Material changes in the level and/or volatility of market interest rates.
- The impacts related to or resulting from recent bank failures and other economic and industry volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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