The following is a summary of the Trustmark Corporation (TRMK) Q1 2024 Earnings Call Transcript:
Financial Performance:
Trustmark reported strong Q1 results with increased loan growth, credit quality, non-interest income and revenue, and decreased non-interest expenses.
Deposits reduced quarter-over-quarter but showed a year-over-year increase.
The net interest income was $136.2 million, resulting in a net interest margin of 3.21%, while non-interest income totaled $55.3 million, up 11.1% from the last quarter.
Non-interest expenses reduced by 3.9% from the previous quarter, totaling $131.1 million.
Business Progress:
Trustmark signed an agreement to sell Fisher Brown Bottrell Insurance for $345 million, with the transaction expected to close in Q2.
The company expects continued loan growth in mid-single-digits for 2024, and deposit growth in low-single-digits.
The FBBI transaction expected to generate significant EPS accretion and tangible book value per share increase.
Trustmark plans to expand organically and expects robust fee income, particularly from its wealth management franchise and mortgage business.
The company aims to support organic loan growth rather than share repurchases for the remainder of the year.
Trustmark anticipates regulatory approval by June 1st, planning to explore more opportunities in Q2.
More details: Trustmark IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.