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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Trustmark Corporation | NASDAQ:TRMK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 0.12% | 33.76 | 28.18 | 34.47 | 34.50 | 33.63 | 33.74 | 302,900 | 23:10:03 |
Performance Reflects Strong Loan Growth, Solid Credit Quality and Expanding Net Interest Margin
Trustmark Corporation (NASDAQGS: TRMK) reported net income of $34.3 million in the second quarter of 2022, representing diluted earnings per share of $0.56. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable September 15, 2022, to shareholders of record on September 1, 2022.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220726005368/en/
Printer friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/52791465/en
Second Quarter Highlights
Duane A. Dewey, President and CEO, stated, “Our company produced strong second quarter results with significant loan growth, expansion of the net interest margin, consistent performance from our fee businesses and solid credit quality. Our associates are focused on expanding existing customer relationships as well as demonstrating the value Trustmark can provide potential customers as their trusted financial partner. Our continued implementation of enhanced technology, coupled with a comprehensive program to improve efficiency, enhances Trustmark’s ability to grow and serve customers and build long-term value for our shareholders.”
Balance Sheet Management
Loans HFI totaled $10.9 billion at June 30, 2022, reflecting an increase of $547.7 million, or 5.3%, linked-quarter and $792.0 million, or 7.8%, year-over-year. Linked-quarter growth was broad-based, with increases in virtually all categories with the exception of loans secured by other real estate and state and other political subdivision loans. Trustmark’s loan portfolio remains well-diversified by loan type and geography.
Deposits totaled $14.8 billion at June 30, 2022, down $343.1 million, or 2.3%, from the prior quarter and up $138.1 million, or 0.9%, year-over-year. The linked-quarter change was principally attributable to a decline in public funds. Trustmark continues to maintain a strong liquidity position as loans HFI represented 74.1% of total deposits at June 30, 2022. Noninterest-bearing deposits represented 30.5% of total deposits at the end of the second quarter. Interest-bearing deposit costs totaled 0.11% in the second quarter, unchanged from the prior quarter. The total cost of interest-bearing liabilities was 0.17% in the second quarter of 2022, an increase of 1 basis point from the prior quarter.
During the second quarter, Trustmark repurchased $7.5 million, or approximately 263 thousand of its common shares. During the first six months of 2022, Trustmark repurchased $16.6 million, or approximately 542 thousand of its common shares. At June 30, 2022, Trustmark had $83.4 million in remaining authority under its existing stock repurchase program, which expires on December 31, 2022. The repurchase program, which is subject to market conditions and management discretion, will continue to be implemented through open market repurchases or privately negotiated transactions. At June 30, 2022, Trustmark’s tangible equity-to-tangible assets ratio was 7.23% while its total risk-based capital ratio was 13.26%. Tangible book value per share was $19.58 at June 30, 2022, down 3.2% from the prior quarter reflecting a decline in accumulated other comprehensive income due to mark-to-market adjustments on securities available for sale resulting from the increase in market interest rates during the second quarter.
Credit Quality
Nonaccrual loans totaled $62.1 million at June 30, 2022, down $2.3 million from the prior quarter and up $10.6 million year-over-year. Other real estate totaled $3.0 million, reflecting a $153 thousand decrease from the prior quarter and decline of $6.4 million year-over-year. Collectively, nonperforming assets totaled $65.1 million at June 30, 2022, reflecting a linked-quarter decrease of $2.5 million and year-over-year increase of $4.2 million.
The provision for credit losses for loans HFI was $2.7 million in the second quarter. This provisioning was primarily driven by reserves related to loan growth and the nature and volume of the portfolio offset by improvements in macroeconomic forecasts. The provision for credit losses for off-balance sheet credit exposures was a negative $1.6 million in the second quarter. Off-balance sheet negative provision expense was primarily driven by improvements in macroeconomic forecasts. Collectively, the provision for credit losses totaled $1.1 million in the second quarter compared to a negative $2.0 million in the prior quarter and an expense of $537 thousand in the second quarter of 2021.
Allocation of Trustmark’s $103.1 million allowance for credit losses on loans HFI represented 0.88% of commercial loans and 1.14% of consumer and home mortgage loans, resulting in an allowance to total loans HFI of 0.94% at June 30, 2022. Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio.
Revenue Generation
Revenue in the second quarter totaled $165.9 million, an increase of $12.5 million, or 8.1%, from the prior quarter and a decrease of $9.9 million, or 5.6%, from the same quarter in the prior year. The linked-quarter increase reflected higher net interest income while the decline in revenue year-over-year was principally due to the reduction in interest and fees on Paycheck Protection Program (PPP) loans as well as the decline in mortgage banking revenue from historically high levels.
Net interest income (FTE) in the second quarter totaled $115.6 million, resulting in a net interest margin of 2.90%, up 32 basis points from the prior quarter. The net interest margin, excluding PPP loans and Federal Reserve Bank balance, totaled 3.06% during the second quarter, an increase of 18 basis points when compared to the prior quarter. The expansion of the net interest margin excluding PPP loans and the Federal Reserve Bank balance was due to increases in the yields on the loans held for investment and held for sale portfolio and the securities portfolio which resulted from the higher interest rate environment.
Noninterest income in the second quarter totaled $53.3 million, a decrease of $862 thousand from the prior quarter and $3.2 million year-over-year. The linked quarter decline was attributable to lower mortgage banking and other, net revenue, which were offset by increased bank card and other fees and service charges on deposit accounts. Mortgage loan production in the second quarter totaled $681.4 million, up 25.2% from the prior quarter and down 7.5% year-over-year. Mortgage banking revenue totaled $8.1 million in the second quarter, a decrease of $1.7 million from the prior quarter and $9.2 million year-over-year. The linked-quarter decline was principally attributable to changes in the mortgage servicing net hedge ineffectiveness.
Wealth management revenue totaled $9.1 million in the second quarter, an increase of $48 thousand, from the prior quarter and $156 thousand, year-over-year. The linked-quarter increase was attributable to increased trust and investment revenue offset by lower brokerage revenue. Insurance revenue totaled $13.7 million in the second quarter, down 2.7%, or $387 thousand, from the prior quarter and up 12.2%, or $1.5 million, year-over-year. Service charges on deposit accounts increased $775 thousand, or 8.2%, from the prior quarter and $2.6 million, or 34.3%, year-over-year. Bank card and other fees increased $1.7 million from the prior quarter and $1.9 million year-over-year.
Noninterest Expense
Noninterest expense in the second quarter was $123.8 million, up $2.2 million, or 1.8%, from the prior quarter. Salaries and employee benefits increased $2.1 million linked-quarter due primarily to commissions and annual merit increases. Services and fees were relatively unchanged linked-quarter while net occupancy expenses were down 2.6%.
FIT2GROW
“During the second quarter, we announced FIT2GROW, a comprehensive program of Focus, Innovation and Transformation designed to enhance Trustmark’s ability to grow and serve customers. As part of this program, we are focusing our community bank efforts on commercial, small business, and consumer lines of business. This will provide expertise and focus while also generating profitable revenue growth. We have opened a new Atlanta, Georgia LPO to focus on our institutional businesses, including Commercial Real Estate, Residential Real Estate, Corporate Banking and Specialty Banking. We have added seasoned professionals to our team to carry out our strategy in the southeast. Within our Specialty Banking unit based in Atlanta, plans are underway to establish an Equipment Finance line of business to focus on national, middle to large ticket business. We look forward to adding this product suite to our company,” said Dewey.
“Innovation is also a key component of FIT2GROW. In recent years, 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. We also made significant upgrades to our mobile banking platform, ITM network and digital marketing programs. Collectively, these investments have positioned Trustmark for growth, expansion and efficiency. More recently, we have been working toward the implementation of a new core banking system for consumer and commercial loans, deposits, and customer information. This implementation is a multi-year project, the next phase of which will occur in the third quarter of 2022. We have accelerated efforts to optimize our branch network, reflecting changing customer preferences and the continued migration to mobile and digital channels as announced in the first quarter. We will continue to pursue opportunities to redesign workflows and restructure the organization. This will further leverage the investments in technology, will broaden our reach, enhance customer experiences, and improve efficiency while building long-term value for our shareholders,” said Dewey.
Additional Information
As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, July 27, 2022, at 8:30 a.m. Central Time to discuss the Corporation’s financial results. Interested parties may listen to the conference call by dialing (877) 317-3051 or by clicking on the link provided under the Investor Relations section of our website at www.trustmark.com. A replay of the conference call will also be available through Wednesday, August 10, 2022, in archived format at the same web address or by calling (877) 344-7529, passcode 1899156.
Trustmark is a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas.
Forward-Looking Statements
Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “seek,” “continue,” “could,” “would,” “future” or the negative of those terms or other words of similar meaning. You should read statements that contain these words carefully because they discuss our future expectations or state other “forward-looking” information. These forward-looking statements include, but are not limited to, statements relating to anticipated future operating and financial performance measures, including net interest margin, credit quality, business initiatives, growth opportunities and growth rates, among other things, and encompass any estimate, prediction, expectation, projection, opinion, anticipation, outlook or statement of belief included therein as well as the management assumptions underlying these forward-looking statements. You should be aware that the occurrence of the events described under the caption “Risk Factors” in Trustmark’s filings with the Securities and Exchange Commission (SEC) could have an adverse effect on our business, results of operations and financial condition. Should one or more of these risks materialize, or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the novel coronavirus (COVID-19) pandemic, and also by the effectiveness of varying governmental responses in ameliorating the impact of the pandemic on our customers and the economies where they operate.
Risks that could cause actual results to differ materially from current expectations of Management include, but are not limited to, changes in the level of nonperforming assets and charge-offs, an increase in unemployment levels and slowdowns in economic growth, our ability to manage the impact of the COVID-19 pandemic on our markets, as well as the effectiveness of actions of federal, state and local governments and agencies (including the Board of Governors of the Federal Reserve System (FRB)) to mitigate its spread and economic impact, local, state and national economic and market conditions, conditions in the housing and real estate markets in the regions in which Trustmark operates and the extent and duration of the current volatility in the credit and financial markets, levels of and volatility in crude oil prices, changes in our ability to measure the fair value of assets in our portfolio, material changes in the level and/or volatility of market interest rates, the performance and demand for the products and services we offer, including the level and timing of withdrawals from our deposit accounts, the costs and effects of litigation and of unexpected or adverse outcomes in such litigation, our ability to attract noninterest-bearing deposits and other low-cost funds, competition in loan and deposit pricing, as well as the entry of new competitors into our markets through de novo expansion and acquisitions, economic conditions, including the potential impact of issues related to the European financial system and monetary and other governmental actions designed to address credit, securities, and/or commodity markets, the enactment of legislation and changes in existing regulations or enforcement practices or the adoption of new regulations, changes in accounting standards and practices, including changes in the interpretation of existing standards, that affect our consolidated financial statements, changes in consumer spending, borrowings and savings habits, technological changes, changes in the financial performance or condition of our borrowers, changes in our ability to control expenses, greater than expected costs or difficulties related to the integration of acquisitions or new products and lines of business, cyber-attacks and other breaches which could affect our information system security, natural disasters, environmental disasters, pandemics or other health crises, acts of war or terrorism, and other risks described in our filings with the SEC.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Except as required by law, we undertake no obligation to update or revise any of this information, whether as the result of new information, future events or developments or otherwise.
TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2022 ($ in thousands) (unaudited) Linked Quarter Year over Year QUARTERLY AVERAGE BALANCES 6/30/2022 3/31/2022 6/30/2021 $ Change % Change $ Change % Change Securities AFS-taxable (1)$
3,094,364
$
3,245,502
$
2,339,662
$
(151,138
)
-4.7
%
$
754,702
32.3
%
Securities AFS-nontaxable
5,110
5,127
5,174
(17
)
-0.3
%
(64
)
-1.2
%
Securities HTM-taxable (1)
811,599
410,851
441,688
400,748
97.5
%
369,911
83.7
%
Securities HTM-nontaxable
5,630
7,327
10,958
(1,697
)
-23.2
%
(5,328
)
-48.6
%
Total securities
3,916,703
3,668,807
2,797,482
247,896
6.8
%
1,119,221
40.0
%
Paycheck protection program loans (PPP)
17,746
29,009
648,222
(11,263
)
-38.8
%
(630,476
)
-97.3
%
Loans (includes loans held for sale)
10,910,178
10,550,712
10,315,927
359,466
3.4
%
594,251
5.8
%
Fed funds sold and reverse repurchases
110
56
55
54
96.4
%
55
100.0
%
Other earning assets
1,139,312
1,811,713
1,750,385
(672,401
)
-37.1
%
(611,073
)
-34.9
%
Total earning assets
15,984,049
16,060,297
15,512,071
(76,248
)
-0.5
%
471,978
3.0
%
Allowance for credit losses (ACL), loans held for investment (LHFI)
(99,106
)
(99,390
)
(112,346
)
284
-0.3
%
13,240
-11.8
%
Other assets
1,513,127
1,550,848
1,622,388
(37,721
)
-2.4
%
(109,261
)
-6.7
%
Total assets$
17,398,070
$
17,511,755
$
17,022,113
$
(113,685
)
-0.6
%
$
375,957
2.2
%
Interest-bearing demand deposits$
4,578,235
$
4,429,056
$
4,056,910
$
149,179
3.4
%
$
521,325
12.9
%
Savings deposits
4,638,849
4,791,104
4,627,180
(152,255
)
-3.2
%
11,669
0.3
%
Time deposits
1,159,065
1,193,435
1,301,896
(34,370
)
-2.9
%
(142,831
)
-11.0
%
Total interest-bearing deposits
10,376,149
10,413,595
9,985,986
(37,446
)
-0.4
%
390,163
3.9
%
Fed funds purchased and repurchases
118,753
212,006
174,620
(93,253
)
-44.0
%
(55,867
)
-32.0
%
Other borrowings
80,283
91,090
132,199
(10,807
)
-11.9
%
(51,916
)
-39.3
%
Subordinated notes
123,116
123,061
122,897
55
0.0
%
219
0.2
%
Junior subordinated debt securities
61,856
61,856
61,856
—
0.0
%
—
0.0
%
Total interest-bearing liabilities
10,760,157
10,901,608
10,477,558
(141,451
)
-1.3
%
282,599
2.7
%
Noninterest-bearing deposits
4,590,338
4,601,108
4,512,268
(10,770
)
-0.2
%
78,070
1.7
%
Other liabilities
439,266
295,287
251,582
143,979
48.8
%
187,684
74.6
%
Total liabilities
15,789,761
15,798,003
15,241,408
(8,242
)
-0.1
%
548,353
3.6
%
Shareholders' equity
1,608,309
1,713,752
1,780,705
(105,443
)
-6.2
%
(172,396
)
-9.7
%
Total liabilities and equity$
17,398,070
$
17,511,755
$
17,022,113
$
(113,685
)
-0.6
%
$
375,957
2.2
%
(1)
During the second quarter of 2022, Trustmark transferred $343.1 million of securities available for sale to securities held to maturity.
See Note 1 - Securities Available for Sale and Held to Maturity in the Notes to Consolidated Financials for additional information.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2022 ($ in thousands) (unaudited) Linked Quarter Year over Year PERIOD END BALANCES 6/30/2022 3/31/2022 6/30/2021 $ Change % Change $ Change % Change Cash and due from banks$
742,461
$
1,917,564
$
2,267,224
$
(1,175,103
)
-61.3
%
$
(1,524,763
)
-67.3
%
Securities available for sale (1)
2,644,364
3,018,246
2,548,739
(373,882
)
-12.4
%
95,625
3.8
%
Securities held to maturity (1)
1,137,754
607,598
433,012
530,156
87.3
%
704,742
n/m
PPP loans
12,549
18,579
166,119
(6,030
)
-32.5
%
(153,570
)
-92.4
%
Loans held for sale (LHFS)
190,186
222,538
332,132
(32,352
)
-14.5
%
(141,946
)
-42.7
%
Loans held for investment (LHFI)
10,944,840
10,397,129
10,152,869
547,711
5.3
%
791,971
7.8
%
ACL LHFI
(103,140
)
(98,734
)
(104,032
)
(4,406
)
-4.5
%
892
0.9
%
Net LHFI
10,841,700
10,298,395
10,048,837
543,305
5.3
%
792,863
7.9
%
Premises and equipment, net
207,914
207,301
200,970
613
0.3
%
6,944
3.5
%
Mortgage servicing rights
121,014
111,050
80,764
9,964
9.0
%
40,250
49.8
%
Goodwill
384,237
384,237
384,237
—
0.0
%
—
0.0
%
Identifiable intangible assets
4,264
4,591
6,170
(327
)
-7.1
%
(1,906
)
-30.9
%
Other real estate
3,034
3,187
9,439
(153
)
-4.8
%
(6,405
)
-67.9
%
Operating lease right-of-use assets
34,684
34,048
33,201
636
1.9
%
1,483
4.5
%
Other assets
627,349
614,217
587,288
13,132
2.1
%
40,061
6.8
%
Total assets$
16,951,510
$
17,441,551
$
17,098,132
$
(490,041
)
-2.8
%
$
(146,622
)
-0.9
%
Deposits: Noninterest-bearing$
4,509,472
$
4,739,102
$
4,446,991
$
(229,630
)
-4.8
%
$
62,481
1.4
%
Interest-bearing
10,260,696
10,374,190
10,185,093
(113,494
)
-1.1
%
75,603
0.7
%
Total deposits
14,770,168
15,113,292
14,632,084
(343,124
)
-2.3
%
138,084
0.9
%
Fed funds purchased and repurchases
70,157
170,499
157,176
(100,342
)
-58.9
%
(87,019
)
-55.4
%
Other borrowings
72,553
84,644
117,223
(12,091
)
-14.3
%
(44,670
)
-38.1
%
Subordinated notes
123,152
123,097
122,932
55
0.0
%
220
0.2
%
Junior subordinated debt securities
61,856
61,856
61,856
—
0.0
%
—
0.0
%
ACL on off-balance sheet credit exposures
32,949
34,517
33,733
(1,568
)
-4.5
%
(784
)
-2.3
%
Operating lease liabilities
37,108
35,912
34,959
1,196
3.3
%
2,149
6.1
%
Other liabilities
196,871
186,352
158,860
10,519
5.6
%
38,011
23.9
%
Total liabilities
15,364,814
15,810,169
15,318,823
(445,355
)
-2.8
%
45,991
0.3
%
Common stock
12,752
12,806
13,079
(54
)
-0.4
%
(327
)
-2.5
%
Capital surplus
160,876
167,094
210,420
(6,218
)
-3.7
%
(49,544
)
-23.5
%
Retained earnings
1,620,210
1,600,138
1,566,451
20,072
1.3
%
53,759
3.4
%
Accumulated other comprehensive income (loss), net of tax
(207,142
)
(148,656
)
(10,641
)
(58,486
)
-39.3
%
(196,501
)
n/m
Total shareholders' equity
1,586,696
1,631,382
1,779,309
(44,686
)
-2.7
%
(192,613
)
-10.8
%
Total liabilities and equity$
16,951,510
$
17,441,551
$
17,098,132
$
(490,041
)
-2.8
%
$
(146,622
)
-0.9
%
(1)
During the second quarter of 2022, Trustmark transferred $343.1 million of securities available for sale to securities held to maturity.
See Note 1 - Securities Available for Sale and Held to Maturity in the Notes to Consolidated Financials for additional information.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2022 ($ in thousands except per share data) (unaudited) Quarter Ended Linked Quarter Year over Year INCOME STATEMENTS 6/30/2022 3/31/2022 6/30/2021 $ Change % Change $ Change % Change Interest and fees on LHFS & LHFI-FTE$
103,033
$
93,252
$
93,698
$
9,781
10.5
%
$
9,335
10.0
%
Interest and fees on PPP loans
184
168
25,555
16
9.5
%
(25,371
)
-99.3
%
Interest on securities-taxable
14,561
12,357
8,991
2,204
17.8
%
5,570
62.0
%
Interest on securities-tax exempt-FTE
107
122
149
(15
)
-12.3
%
(42
)
-28.2
%
Interest on fed funds sold and reverse repurchases
1
—
—
1
n/m
1
n/m
Other interest income
2,214
817
489
1,397
n/m
1,725
n/m
Total interest income-FTE
120,100
106,716
128,882
13,384
12.5
%
(8,782
)
-6.8
%
Interest on deposits
2,774
2,760
4,630
14
0.5
%
(1,856
)
-40.1
%
Interest on fed funds purchased and repurchases
70
70
59
—
0.0
%
11
18.6
%
Other interest expense
1,664
1,539
1,813
125
8.1
%
(149
)
-8.2
%
Total interest expense
4,508
4,369
6,502
139
3.2
%
(1,994
)
-30.7
%
Net interest income-FTE
115,592
102,347
122,380
13,245
12.9
%
(6,788
)
-5.5
%
Provision for credit losses, LHFI
2,716
(860
)
(3,991
)
3,576
n/m
6,707
n/m
Provision for credit losses, off-balance sheet credit exposures
(1,568
)
(1,106
)
4,528
(462
)
-41.8
%
(6,096
)
n/m
Net interest income after provision-FTE
114,444
104,313
121,843
10,131
9.7
%
(7,399
)
-6.1
%
Service charges on deposit accounts
10,226
9,451
7,613
775
8.2
%
2,613
34.3
%
Bank card and other fees
10,167
8,442
8,301
1,725
20.4
%
1,866
22.5
%
Mortgage banking, net
8,149
9,873
17,333
(1,724
)
-17.5
%
(9,184
)
-53.0
%
Insurance commissions
13,702
14,089
12,217
(387
)
-2.7
%
1,485
12.2
%
Wealth management
9,102
9,054
8,946
48
0.5
%
156
1.7
%
Other, net
1,907
3,206
2,001
(1,299
)
-40.5
%
(94
)
-4.7
%
Total noninterest income
53,253
54,115
56,411
(862
)
-1.6
%
(3,158
)
-5.6
%
Salaries and employee benefits
71,679
69,585
70,115
2,094
3.0
%
1,564
2.2
%
Services and fees
24,538
24,453
21,769
85
0.3
%
2,769
12.7
%
Net occupancy-premises
6,892
7,079
6,578
(187
)
-2.6
%
314
4.8
%
Equipment expense
6,047
6,061
5,567
(14
)
-0.2
%
480
8.6
%
Other expense
14,611
14,341
14,650
270
1.9
%
(39
)
-0.3
%
Total noninterest expense
123,767
121,519
118,679
2,248
1.8
%
5,088
4.3
%
Income before income taxes and tax eq adj
43,930
36,909
59,575
7,021
19.0
%
(15,645
)
-26.3
%
Tax equivalent adjustment
2,916
3,003
2,957
(87
)
-2.9
%
(41
)
-1.4
%
Income before income taxes
41,014
33,906
56,618
7,108
21.0
%
(15,604
)
-27.6
%
Income taxes
6,730
4,695
8,637
2,035
43.3
%
(1,907
)
-22.1
%
Net income$
34,284
$
29,211
$
47,981
$
5,073
17.4
%
$
(13,697
)
-28.5
%
Per share data Earnings per share - basic$
0.56
$
0.47
$
0.76
$
0.09
19.1
%
$
(0.20
)
-26.3
%
Earnings per share - diluted$
0.56
$
0.47
$
0.76
$
0.09
19.1
%
$
(0.20
)
-26.3
%
Dividends per share$
0.23
$
0.23
$
0.23
—
0.0
%
—
0.0
%
Weighted average shares outstanding Basic
61,378,226
61,514,395
63,214,593
Diluted
61,546,285
61,709,797
63,409,683
Period end shares outstanding
61,201,123
61,463,392
62,773,226
n/m - percentage changes greater than +/- 100% are considered not meaningful See Notes to Consolidated Financials TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2022 ($ in thousands) (unaudited) Quarter Ended Linked Quarter Year over Year NONPERFORMING ASSETS (1) 6/30/2022 3/31/2022 6/30/2021 $ Change % Change $ Change % Change Nonaccrual LHFI Alabama
$
2,698
$
7,506
$
8,952
$
(4,808
)
-64.1
%
$
(6,254
)
-69.9
%
Florida
233
310
467
(77
)
-24.8
%
(234
)
-50.1
%
Mississippi (2)
23,039
21,318
23,422
1,721
8.1
%
(383
)
-1.6
%
Tennessee (3)
9,500
9,266
10,751
234
2.5
%
(1,251
)
-11.6
%
Texas
26,582
25,999
7,856
583
2.2
%
18,726
n/m
Total nonaccrual LHFI
62,052
64,399
51,448
(2,347
)
-3.6
%
10,604
20.6
%
Other real estate Alabama
84
—
2,830
84
n/m
(2,746
)
-97.0
%
Mississippi (2)
2,950
3,187
6,550
(237
)
-7.4
%
(3,600
)
-55.0
%
Tennessee (3)
—
—
59
—
n/m
(59
)
n/m
Total other real estate
3,034
3,187
9,439
(153
)
-4.8
%
(6,405
)
-67.9
%
Total nonperforming assets$
65,086
$
67,586
$
60,887
$
(2,500
)
-3.7
%
$
4,199
6.9
%
LOANS PAST DUE OVER 90 DAYS (1) LHFI$
1,347
$
1,503
$
423
$
(156
)
-10.4
%
$
924
n/m
LHFS-Guaranteed GNMA serviced loans (no obligation to repurchase)
$
51,164
$
62,078
$
81,538
$
(10,914
)
-17.6
%
$
(30,374
)
-37.3
%
Quarter Ended Linked Quarter Year over Year ACL LHFI (1) 6/30/2022 3/31/2022 6/30/2021 $ Change % Change $ Change % Change Beginning Balance$
98,734
$
99,457
$
109,191
$
(723
)
-0.7
%
$
(10,457
)
-9.6
%
Provision for credit losses, LHFI
2,716
(860
)
(3,991
)
3,576
n/m
6,707
n/m
Charge-offs
(2,277
)
(2,242
)
(4,828
)
(35
)
-1.6
%
2,551
52.8
%
Recoveries
3,967
2,379
3,660
1,588
66.8
%
307
8.4
%
Net (charge-offs) recoveries
1,690
137
(1,168
)
1,553
n/m
2,858
n/m
Ending Balance
$
103,140
$
98,734
$
104,032
$
4,406
4.5
%
$
(892
)
-0.9
%
NET (CHARGE-OFFS) RECOVERIES (1) Alabama$
1,129
$
699
$
203
$
430
61.5
%
$
926
n/m
Florida
761
(26
)
167
787
n/m
594
n/m
Mississippi (2)
(266
)
(88
)
(3,071
)
(178
)
n/m
2,805
-91.3
%
Tennessee (3)
31
(424
)
1,031
455
n/m
(1,000
)
-97.0
%
Texas
35
(24
)
502
59
n/m
(467
)
-93.0
%
Total net (charge-offs) recoveries$
1,690
$
137
$
(1,168
)
$
1,553
n/m
$
2,858
n/m
(1)
Excludes PPP loans.
(2)
Mississippi includes Central and Southern Mississippi Regions.
(3)
Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.
n/m - percentage changes greater than +/- 100% are considered not meaningful
See Notes to Consolidated Financials TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2022 ($ in thousands) (unaudited) Quarter Ended Six Months Ended AVERAGE BALANCES 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 6/30/2022 6/30/2021 Securities AFS-taxable (1)$
3,094,364
$
3,245,502
$
3,156,740
$
2,686,765
$
2,339,662
$
3,169,515
$
2,219,543
Securities AFS-nontaxable
5,110
5,127
5,143
5,159
5,174
5,118
5,182
Securities HTM-taxable (1)
811,599
410,851
364,038
401,685
441,688
612,332
465,343
Securities HTM-nontaxable
5,630
7,327
7,618
8,641
10,958
6,474
17,478
Total securities
3,916,703
3,668,807
3,533,539
3,102,250
2,797,482
3,793,439
2,707,546
PPP loans
17,746
29,009
42,749
122,176
648,222
23,346
623,319
Loans (includes loans held for sale)
10,910,178
10,550,712
10,487,679
10,389,826
10,315,927
10,731,438
10,316,122
Fed funds sold and reverse repurchases
110
56
58
69
55
83
95
Other earning assets
1,139,312
1,811,713
1,839,498
2,038,515
1,750,385
1,473,655
1,709,373
Total earning assets
15,984,049
16,060,297
15,903,523
15,652,836
15,512,071
16,021,961
15,356,455
ACL LHFI
(99,106
)
(99,390
)
(104,148
)
(104,857
)
(112,346
)
(99,247
)
(115,932
)
Other assets
1,513,127
1,550,848
1,570,501
1,602,611
1,622,388
1,531,884
1,611,877
Total assets
$
17,398,070
$
17,511,755
$
17,369,876
$
17,150,590
$
17,022,113
$
17,454,598
$
16,852,400
Interest-bearing demand deposits
$
4,578,235
$
4,429,056
$
4,353,599
$
4,224,717
$
4,056,910
$
4,504,058
$
3,901,146
Savings deposits
4,638,849
4,791,104
4,585,624
4,617,683
4,627,180
4,714,556
4,643,020
Time deposits
1,159,065
1,193,435
1,220,083
1,258,829
1,301,896
1,176,155
1,336,670
Total interest-bearing deposits
10,376,149
10,413,595
10,159,306
10,101,229
9,985,986
10,394,769
9,880,836
Fed funds purchased and repurchases
118,753
212,006
201,856
147,635
174,620
165,122
170,786
Other borrowings
80,283
91,090
94,328
109,735
132,199
85,657
149,467
Subordinated notes
123,116
123,061
123,007
122,951
122,897
123,089
122,886
Junior subordinated debt securities
61,856
61,856
61,856
61,856
61,856
61,856
61,856
Total interest-bearing liabilities
10,760,157
10,901,608
10,640,353
10,543,406
10,477,558
10,830,493
10,385,831
Noninterest-bearing deposits
4,590,338
4,601,108
4,679,951
4,566,924
4,512,268
4,595,693
4,438,324
Other liabilities
439,266
295,287
291,449
257,956
251,582
367,673
258,158
Total liabilities
15,789,761
15,798,003
15,611,753
15,368,286
15,241,408
15,793,859
15,082,313
Shareholders' equity
1,608,309
1,713,752
1,758,123
1,782,304
1,780,705
1,660,739
1,770,087
Total liabilities and equity
$
17,398,070
$
17,511,755
$
17,369,876
$
17,150,590
$
17,022,113
$
17,454,598
$
16,852,400
(1)
During the second quarter of 2022, Trustmark transferred $343.1 million of securities available for sale to securities held to maturity.
See Note 1 - Securities Available for Sale and Held to Maturity in the Notes to Consolidated Financials for additional information.
See Notes to Consolidated Financials TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2022 ($ in thousands) (unaudited) PERIOD END BALANCES 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Cash and due from banks$
742,461
$
1,917,564
$
2,266,829
$
2,175,058
$
2,267,224
Securities available for sale (1)
2,644,364
3,018,246
3,238,877
3,057,605
2,548,739
Securities held to maturity (1)
1,137,754
607,598
342,537
394,905
433,012
PPP loans
12,549
18,579
33,336
46,486
166,119
LHFS
190,186
222,538
275,706
335,339
332,132
LHFI
10,944,840
10,397,129
10,247,829
10,174,899
10,152,869
ACL LHFI
(103,140
)
(98,734
)
(99,457
)
(104,073
)
(104,032
)
Net LHFI
10,841,700
10,298,395
10,148,372
10,070,826
10,048,837
Premises and equipment, net
207,914
207,301
205,644
201,937
200,970
Mortgage servicing rights
121,014
111,050
87,687
84,101
80,764
Goodwill
384,237
384,237
384,237
384,237
384,237
Identifiable intangible assets
4,264
4,591
5,074
5,621
6,170
Other real estate
3,034
3,187
4,557
6,213
9,439
Operating lease right-of-use assets
34,684
34,048
34,603
34,689
33,201
Other assets
627,349
614,217
568,177
567,627
587,288
Total assets
$
16,951,510
$
17,441,551
$
17,595,636
$
17,364,644
$
17,098,132
Deposits: Noninterest-bearing
$
4,509,472
$
4,739,102
$
4,771,065
$
4,987,885
$
4,446,991
Interest-bearing
10,260,696
10,374,190
10,316,095
9,934,954
10,185,093
Total deposits
14,770,168
15,113,292
15,087,160
14,922,839
14,632,084
Fed funds purchased and repurchases
70,157
170,499
238,577
146,417
157,176
Other borrowings
72,553
84,644
91,025
94,889
117,223
Subordinated notes
123,152
123,097
123,042
122,987
122,932
Junior subordinated debt securities
61,856
61,856
61,856
61,856
61,856
ACL on off-balance sheet credit exposures
32,949
34,517
35,623
32,684
33,733
Operating lease liabilities
37,108
35,912
36,468
36,531
34,959
Other liabilities
196,871
186,352
180,574
177,494
158,860
Total liabilities
15,364,814
15,810,169
15,854,325
15,595,697
15,318,823
Common stock
12,752
12,806
12,845
13,014
13,079
Capital surplus
160,876
167,094
175,913
201,837
210,420
Retained earnings
1,620,210
1,600,138
1,585,113
1,573,176
1,566,451
Accumulated other comprehensive income (loss), net of tax
(207,142
)
(148,656
)
(32,560
)
(19,080
)
(10,641
)
Total shareholders' equity
1,586,696
1,631,382
1,741,311
1,768,947
1,779,309
Total liabilities and equity
$
16,951,510
$
17,441,551
$
17,595,636
$
17,364,644
$
17,098,132
(1)
During the second quarter of 2022, Trustmark transferred $343.1 million of securities available for sale to securities held to maturity.
See Note 1 - Securities Available for Sale and Held to Maturity in the Notes to Consolidated Financials for additional information.
See Notes to Consolidated Financials TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2022 ($ in thousands except per share data) (unaudited) Quarter Ended Six Months Ended INCOME STATEMENTS 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 6/30/2022 6/30/2021 Interest and fees on LHFS & LHFI-FTE$
103,033
$
93,252
$
94,137
$
94,101
$
93,698
$
196,285
$
187,092
Interest and fees on PPP loans
184
168
397
1,533
25,555
352
34,796
Interest on securities-taxable
14,561
12,357
10,796
9,973
8,991
26,918
17,929
Interest on securities-tax exempt-FTE
107
122
123
132
149
229
439
Interest on fed funds sold and reverse repurchases
1
—
—
—
—
1
—
Other interest income
2,214
817
826
949
489
3,031
992
Total interest income-FTE
120,100
106,716
106,279
106,688
128,882
226,816
241,248
Interest on deposits
2,774
2,760
3,401
3,691
4,630
5,534
9,853
Interest on fed funds purchased and repurchases
70
70
66
51
59
140
115
Other interest expense
1,664
1,539
1,580
1,733
1,813
3,203
3,670
Total interest expense
4,508
4,369
5,047
5,475
6,502
8,877
13,638
Net interest income-FTE
115,592
102,347
101,232
101,213
122,380
217,939
227,610
Provision for credit losses, LHFI
2,716
(860
)
(4,515
)
(2,492
)
(3,991
)
1,856
(14,492
)
Provision for credit losses, off-balance sheet credit exposures
(1,568
)
(1,106
)
2,939
(1,049
)
4,528
(2,674
)
(4,839
)
Net interest income after provision-FTE
114,444
104,313
102,808
104,754
121,843
218,757
246,941
Service charges on deposit accounts
10,226
9,451
9,366
8,911
7,613
19,677
14,969
Bank card and other fees
10,167
8,442
8,340
8,549
8,301
18,609
17,773
Mortgage banking, net
8,149
9,873
11,609
14,004
17,333
18,022
38,137
Insurance commissions
13,702
14,089
11,716
12,133
12,217
27,791
24,662
Wealth management
9,102
9,054
8,757
9,071
8,946
18,156
17,362
Other, net
1,907
3,206
979
1,481
2,001
5,113
4,091
Total noninterest income
53,253
54,115
50,767
54,149
56,411
107,368
116,994
Salaries and employee benefits
71,679
69,585
68,258
74,623
70,115
141,264
141,277
Services and fees
24,538
24,453
22,904
22,306
21,769
48,991
44,253
Net occupancy-premises
6,892
7,079
6,816
6,854
6,578
13,971
13,373
Equipment expense
6,047
6,061
6,585
5,941
5,567
12,108
11,811
Other expense
14,611
14,341
14,906
19,876
14,650
28,952
29,513
Total noninterest expense
123,767
121,519
119,469
129,600
118,679
245,286
240,227
Income before income taxes and tax eq adj
43,930
36,909
34,106
29,303
59,575
80,839
123,708
Tax equivalent adjustment
2,916
3,003
2,906
2,947
2,957
5,919
5,851
Income before income taxes
41,014
33,906
31,200
26,356
56,618
74,920
117,857
Income taxes
6,730
4,695
4,978
5,156
8,637
11,425
17,914
Net income
$
34,284
$
29,211
$
26,222
$
21,200
$
47,981
$
63,495
$
99,943
Per share data Earnings per share - basic
$
0.56
$
0.47
$
0.42
$
0.34
$
0.76
$
1.03
$
1.58
Earnings per share - diluted
$
0.56
$
0.47
$
0.42
$
0.34
$
0.76
$
1.03
$
1.57
Dividends per share
$
0.23
$
0.23
$
0.23
$
0.23
$
0.23
$
0.46
$
0.46
Weighted average shares outstanding Basic
61,378,226
61,514,395
62,037,884
62,521,684
63,214,593
61,445,934
63,304,751
Diluted
61,546,285
61,709,797
62,264,983
62,730,157
63,409,683
61,624,569
63,465,515
Period end shares outstanding
61,201,123
61,463,392
61,648,679
62,461,832
62,773,226
61,201,123
62,773,226
See Notes to Consolidated Financials TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2022 ($ in thousands) (unaudited) Quarter Ended NONPERFORMING ASSETS (1) 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Nonaccrual LHFI Alabama
$
2,698
$
7,506
$
8,182
$
9,223
$
8,952
Florida
233
310
313
381
467
Mississippi (2)
23,039
21,318
21,636
22,898
23,422
Tennessee (3)
9,500
9,266
10,501
10,356
10,751
Texas
26,582
25,999
22,066
23,382
7,856
Total nonaccrual LHFI
62,052
64,399
62,698
66,240
51,448
Other real estate Alabama
84
—
—
613
2,830
Mississippi (2)
2,950
3,187
4,557
5,600
6,550
Tennessee (3)
—
—
—
—
59
Total other real estate
3,034
3,187
4,557
6,213
9,439
Total nonperforming assets
$
65,086
$
67,586
$
67,255
$
72,453
$
60,887
LOANS PAST DUE OVER 90 DAYS (1) LHFI
$
1,347
$
1,503
$
2,114
$
625
$
423
LHFS-Guaranteed GNMA serviced loans (no obligation to repurchase)
$
51,164
$
62,078
$
69,894
$
75,091
$
81,538
Quarter Ended Six Months Ended ACL LHFI (1) 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 6/30/2022 6/30/2021 Beginning Balance
$
98,734
$
99,457
$
104,073
$
104,032
$
109,191
$
99,457
$
117,306
Provision for credit losses, LHFI
2,716
(860
)
(4,515
)
(2,492
)
(3,991
)
1,856
(14,492
)
Charge-offs
(2,277
)
(2,242
)
(2,616
)
(1,586
)
(4,828
)
(4,519
)
(6,073
)
Recoveries
3,967
2,379
2,515
4,119
3,660
6,346
7,291
Net (charge-offs) recoveries
1,690
137
(101
)
2,533
(1,168
)
1,827
1,218
Ending Balance
$
103,140
$
98,734
$
99,457
$
104,073
$
104,032
$
103,140
$
104,032
NET (CHARGE-OFFS) RECOVERIES (1) Alabama
$
1,129
$
699
$
747
$
247
$
203
$
1,828
$
305
Florida
761
(26
)
(32
)
356
167
735
197
Mississippi (2)
(266
)
(88
)
(683
)
1,436
(3,071
)
(354
)
(864
)
Tennessee (3)
31
(424
)
(130
)
(8
)
1,031
(393
)
1,078
Texas
35
(24
)
(3
)
502
502
11
502
Total net (charge-offs) recoveries
$
1,690
$
137
$
(101
)
$
2,533
$
(1,168
)
$
1,827
$
1,218
(1)
Excludes PPP loans.
(2)
Mississippi includes Central and Southern Mississippi Regions.
(3)
Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.
See Notes to Consolidated Financials TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION June 30, 2022 (unaudited) Quarter Ended Six Months Ended FINANCIAL RATIOS AND OTHER DATA 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 6/30/2022 6/30/2021 Return on average equity
8.55
%
6.91
%
5.92
%
4.72
%
10.81
%
7.71
%
11.39
%
Return on average tangible equity
11.36
%
9.05
%
7.72
%
6.16
%
13.96
%
10.16
%
14.75
%
Return on average assets
0.79
%
0.68
%
0.60
%
0.49
%
1.13
%
0.73
%
1.20
%
Interest margin - Yield - FTE
3.01
%
2.69
%
2.65
%
2.70
%
3.33
%
2.85
%
3.17
%
Interest margin - Cost
0.11
%
0.11
%
0.13
%
0.14
%
0.17
%
0.11
%
0.18
%
Net interest margin - FTE
2.90
%
2.58
%
2.53
%
2.57
%
3.16
%
2.74
%
2.99
%
Efficiency ratio (1)
71.89
%
76.44
%
76.52
%
74.10
%
64.31
%
74.08
%
67.93
%
Full-time equivalent employees
2,727
2,725
2,692
2,680
2,772
CREDIT QUALITY RATIOS (2) Net (recoveries) charge-offs / average loans
-0.06
%
-0.01
%
0.00
%
-0.10
%
0.05
%
-0.03
%
-0.02
%
Provision for credit losses, LHFI / average loans
0.10
%
-0.03
%
-0.17
%
-0.10
%
-0.16
%
0.03
%
-0.28
%
Nonaccrual LHFI / (LHFI + LHFS)
0.56
%
0.61
%
0.60
%
0.63
%
0.49
%
Nonperforming assets / (LHFI + LHFS)
0.58
%
0.64
%
0.64
%
0.69
%
0.58
%
Nonperforming assets / (LHFI + LHFS + other real estate)
0.58
%
0.64
%
0.64
%
0.69
%
0.58
%
ACL LHFI / LHFI
0.94
%
0.95
%
0.97
%
1.02
%
1.02
%
ACL LHFI-commercial / commercial LHFI
0.88
%
0.95
%
1.00
%
1.05
%
1.04
%
ACL LHFI-consumer / consumer and home mortgage LHFI
1.14
%
0.96
%
0.87
%
0.91
%
0.98
%
ACL LHFI / nonaccrual LHFI
166.22
%
153.32
%
158.63
%
157.11
%
202.21
%
ACL LHFI / nonaccrual LHFI (excl individually evaluated loans)
475.27
%
484.01
%
500.85
%
520.77
%
537.35
%
CAPITAL RATIOS Total equity / total assets
9.36
%
9.35
%
9.90
%
10.19
%
10.41
%
Tangible equity / tangible assets
7.23
%
7.29
%
7.86
%
8.12
%
8.31
%
Tangible equity / risk-weighted assets
9.16
%
9.79
%
10.71
%
11.19
%
11.33
%
Tier 1 leverage ratio
8.80
%
8.66
%
8.73
%
8.92
%
9.00
%
Common equity tier 1 capital ratio
11.01
%
11.23
%
11.29
%
11.68
%
11.76
%
Tier 1 risk-based capital ratio
11.47
%
11.70
%
11.77
%
12.17
%
12.25
%
Total risk-based capital ratio
13.26
%
13.53
%
13.55
%
14.01
%
14.10
%
STOCK PERFORMANCE Market value-Close$
29.19
$
30.39
$
32.46
$
32.22
$
30.80
Book value
$
25.93
$
26.54
$
28.25
$
28.32
$
28.35
Tangible book value
$
19.58
$
20.22
$
21.93
$
22.08
$
22.13
(1)
See Note 6 – Non-GAAP Financial Measures in the Notes to Consolidated Financials for Trustmark’s efficiency ratio calculation.
(2)
Excludes PPP loans.
See Notes to Consolidated FinancialsTRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
June 30, 2022
($ in thousands)
(unaudited)
Note 1 - Securities Available for Sale and Held to Maturity
The following table is a summary of the estimated fair value of securities available for sale and the amortized cost of securities held to maturity:
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
SECURITIES AVAILABLE FOR SALE
U.S. Treasury securities
$
419,696
$
361,822
$
344,640
$
278,615
$
30,025
U.S. Government agency obligations
11,947
12,623
13,727
14,979
16,023
Obligations of states and political subdivisions
5,179
5,359
5,714
5,734
5,807
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA
32,240
35,117
39,573
43,860
48,445
Issued by FNMA and FHLMC
1,888,546
2,038,331
2,218,429
2,187,412
1,983,783
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA
144,158
164,506
196,690
236,885
283,988
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA
142,598
400,488
420,104
290,120
180,668
Total securities available for sale
$
2,644,364
$
3,018,246
$
3,238,877
$
3,057,605
$
2,548,739
SECURITIES HELD TO MATURITY
Obligations of states and political subdivisions
$
5,320
$
7,324
$
7,328
$
10,683
$
12,994
Mortgage-backed securities
Residential mortgage pass-through securities
Guaranteed by GNMA
4,624
4,831
5,005
5,912
6,249
Issued by FNMA and FHLMC
185,554
192,373
43,444
48,554
53,406
Other residential mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA
210,479
224,012
241,934
264,638
291,477
Commercial mortgage-backed securities
Issued or guaranteed by FNMA, FHLMC, or GNMA
731,777
179,058
44,826
65,118
68,886
Total securities held to maturity
$
1,137,754
$
607,598
$
342,537
$
394,905
$
433,012
During the second quarter of 2022, Trustmark reclassified $343.1 million of securities available for sale to securities held to maturity. The securities were transferred at fair value, which became the cost basis for the securities held to maturity. At the date of transfer, the net unrealized holding loss on the available for sale securities totaled approximately $34.8 million ($26.1 million, net of tax). The net unrealized holding loss will be amortized over the remaining life of the securities as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of the transfer.
At June 30, 2022, the net unamortized, unrealized loss included in accumulated other comprehensive income (loss) in the accompanying balance sheet for securities held to maturity transferred from securities available for sale totaled approximately $39.5 million ($29.7 million, net of tax).
Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of 99.7% of the portfolio in GSE-backed obligations and other Aaa rated securities as determined by Moody’s. None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the Federal Home Loan Bank of Dallas, Federal Home Loan Bank of Atlanta and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE.
Note 2 – Loan Composition
LHFI consisted of the following during the periods presented:
LHFI BY TYPE
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
Loans secured by real estate:
Construction, land development and other land loans
$
1,440,058
$
1,273,959
$
1,308,781
$
1,286,613
$
1,360,302
Secured by 1-4 family residential properties
2,424,962
2,106,998
1,977,993
1,891,292
1,810,396
Secured by nonfarm, nonresidential properties
3,178,079
2,975,039
2,977,084
2,924,953
2,819,662
Other real estate secured
555,311
715,939
726,043
986,163
1,078,622
Commercial and industrial loans
1,551,001
1,495,060
1,414,279
1,327,211
1,326,605
Consumer loans
160,716
154,215
159,472
157,963
153,519
State and other political subdivision loans
1,110,795
1,215,023
1,146,251
1,125,186
1,136,764
Other loans
523,918
460,896
537,926
475,518
466,999
LHFI
10,944,840
10,397,129
10,247,829
10,174,899
10,152,869
ACL LHFI
(103,140
)
(98,734
)
(99,457
)
(104,073
)
(104,032
)
Net LHFI
$
10,841,700
$
10,298,395
$
10,148,372
$
10,070,826
$
10,048,837
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
June 30, 2022
($ in thousands)
(unaudited)
Note 2 – Loan Composition (continued)
The following table presents the LHFI composition by region and reflects each region’s diversified mix of loans:
June 30, 2022
LHFI - COMPOSITION BY REGION
Total
Alabama
Florida
Mississippi (Central and Southern Regions)
Tennessee (Memphis, TN and Northern MS Regions)
Texas
Loans secured by real estate:
Construction, land development and other land loans
$
1,440,058
$
610,402
$
52,587
$
391,970
$
43,608
$
341,491
Secured by 1-4 family residential properties
2,424,962
119,599
44,161
2,166,787
67,906
26,509
Secured by nonfarm, nonresidential properties
3,178,079
927,830
252,323
1,245,604
178,658
573,664
Other real estate secured
555,311
120,384
1,784
265,884
6,906
160,353
Commercial and industrial loans
1,551,001
393,458
23,451
644,894
243,252
245,946
Consumer loans
160,716
22,021
7,571
99,852
18,685
12,587
State and other political subdivision loans
1,110,795
85,538
69,860
721,339
28,922
205,136
Other loans
523,918
69,924
11,160
319,743
69,941
53,150
Loans
$
10,944,840
$
2,349,156
$
462,897
$
5,856,073
$
657,878
$
1,618,836
CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION
Lots
$
69,566
$
35,149
$
10,758
$
16,700
$
2,255
$
4,704
Development
149,183
55,380
1,726
52,982
6,556
32,539
Unimproved land
100,319
17,366
11,781
32,771
10,889
27,512
1-4 family construction
345,749
166,916
24,590
90,778
23,899
39,566
Other construction
775,241
335,591
3,732
198,739
9
237,170
Construction, land development and other land loans
$
1,440,058
$
610,402
$
52,587
$
391,970
$
43,608
$
341,491
LOANS SECURED BY NONFARM, NONRESIDENTIAL PROPERTIES BY REGION
Non-owner occupied:
Retail
$
331,004
$
129,167
$
35,109
$
81,857
$
22,142
$
62,729
Office
282,768
110,140
19,116
89,459
10,790
53,263
Hotel/motel
339,184
186,628
76,318
33,002
28,693
14,543
Mini-storage
160,857
23,452
2,196
110,162
423
24,624
Industrial
296,943
106,567
19,243
99,690
252
71,191
Health care
53,221
20,763
1,045
27,704
351
3,358
Convenience stores
28,737
8,538
661
14,191
1,123
4,224
Nursing homes/senior living
343,468
138,209
—
138,436
5,934
60,889
Other
106,771
15,903
10,094
48,052
16,801
15,921
Total non-owner occupied loans
1,942,953
739,367
163,782
642,553
86,509
310,742
Owner-occupied:
Office
154,226
42,428
36,256
45,836
12,664
17,042
Churches
77,154
17,024
5,439
43,393
7,979
3,319
Industrial warehouses
176,614
16,967
2,396
48,135
17,099
92,017
Health care
126,529
11,632
6,601
91,264
2,379
14,653
Convenience stores
152,200
13,886
20,857
71,648
421
45,388
Retail
97,749
12,615
9,052
44,873
19,151
12,058
Restaurants
54,167
3,143
4,801
29,965
12,377
3,881
Auto dealerships
51,017
6,453
242
25,496
18,826
—
Nursing homes/senior living
211,462
50,570
—
134,692
—
26,200
Other
134,008
13,745
2,897
67,749
1,253
48,364
Total owner-occupied loans
1,235,126
188,463
88,541
603,051
92,149
262,922
Loans secured by nonfarm, nonresidential properties
$
3,178,079
$
927,830
$
252,323
$
1,245,604
$
178,658
$
573,664
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
June 30, 2022
($ in thousands)
(unaudited)
Note 3 – Yields on Earning Assets and Interest-Bearing Liabilities
The following table illustrates the yields on earning assets by category as well as the rates paid on interest-bearing liabilities on a tax equivalent basis:
Quarter Ended
Six Months Ended
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
6/30/2022
6/30/2021
Securities – taxable
1.50
%
1.37
%
1.22
%
1.28
%
1.30
%
1.44
%
1.35
%
Securities – nontaxable
4.00
%
3.97
%
3.82
%
3.79
%
3.70
%
3.98
%
3.91
%
Securities – total
1.50
%
1.38
%
1.23
%
1.29
%
1.31
%
1.44
%
1.37
%
PPP loans
4.16
%
2.35
%
3.68
%
4.98
%
15.81
%
3.04
%
11.26
%
Loans - LHFI & LHFS
3.79
%
3.58
%
3.56
%
3.59
%
3.64
%
3.69
%
3.66
%
Loans - total
3.79
%
3.58
%
3.56
%
3.61
%
4.36
%
3.69
%
4.09
%
Fed funds sold & reverse repurchases
3.65
%
—
—
—
—
2.43
%
—
Other earning assets
0.78
%
0.18
%
0.18
%
0.18
%
0.11
%
0.41
%
0.12
%
Total earning assets
3.01
%
2.69
%
2.65
%
2.70
%
3.33
%
2.85
%
3.17
%
Interest-bearing deposits
0.11
%
0.11
%
0.13
%
0.14
%
0.19
%
0.11
%
0.20
%
Fed funds purchased & repurchases
0.24
%
0.13
%
0.13
%
0.14
%
0.14
%
0.17
%
0.14
%
Other borrowings
2.52
%
2.26
%
2.25
%
2.33
%
2.29
%
2.39
%
2.21
%
Total interest-bearing liabilities
0.17
%
0.16
%
0.19
%
0.21
%
0.25
%
0.17
%
0.26
%
Net interest margin
2.90
%
2.58
%
2.53
%
2.57
%
3.16
%
2.74
%
2.99
%
Net interest margin excluding PPP loans and the FRB balance
3.06
%
2.88
%
2.82
%
2.90
%
2.94
%
2.97
%
2.96
%
Reflected in the table above are yields on earning assets and liabilities, along with the net interest margin which equals reported net interest income-FTE, annualized, as a percent of average earning assets. In addition, the table includes net interest margin excluding PPP loans and the balance held at the Federal Reserve Bank of Atlanta (FRB), which equals reported net interest income-FTE excluding interest income on PPP loans and the FRB balance, annualized, as a percent of average earning assets excluding average PPP loans and the FRB balance.
At June 30, 2022 and March 31, 2022, the average FRB balance totaled $1.077 billion and $1.758 billion, respectively, and is included in other earning assets in the accompanying average consolidated balance sheets.
The net interest margin excluding PPP loans and the FRB balance totaled 3.06% for the second quarter of 2022, an increase of 18 basis points when compared to the first quarter of 2022. The expansion of the net interest margin excluding PPP loans and the FRB balance was due to increases in the yields on the loans held for investment and held for sale portfolio and the securities portfolio which resulted from the higher interest-rate environment.
Note 4 – Mortgage Banking
Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that offsets the changes in fair value of mortgage servicing rights (MSR) attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting under generally accepted accounting principles (GAAP). Changes in the fair value of these exchange-traded derivative instruments, including administrative costs, are recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of the MSR. The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates. Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions. The impact of this strategy resulted in a net negative ineffectiveness of $632 thousand during the second quarter of 2022.
The following table illustrates the components of mortgage banking revenues included in noninterest income in the accompanying income statements:
Quarter Ended
Six Months Ended
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
6/30/2022
6/30/2021
Mortgage servicing income, net
$
6,557
$
6,429
$
6,571
$
6,406
$
6,318
$
12,986
$
12,499
Change in fair value-MSR from runoff
(3,806
)
(3,785
)
(4,745
)
(5,283
)
(5,029
)
(7,591
)
(10,132
)
Gain on sales of loans, net
6,030
6,223
9,005
12,737
14,778
12,253
34,234
Mortgage banking income before hedge ineffectiveness
8,781
8,867
10,831
13,860
16,067
17,648
36,601
Change in fair value-MSR from market changes
8,739
22,020
2,221
1,806
(4,465
)
30,759
9,231
Change in fair value of derivatives
(9,371
)
(21,014
)
(1,443
)
(1,662
)
5,731
(30,385
)
(7,695
)
Net positive (negative) hedge ineffectiveness
(632
)
1,006
778
144
1,266
374
1,536
Mortgage banking, net
$
8,149
$
9,873
$
11,609
$
14,004
$
17,333
$
18,022
$
38,137
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
June 30, 2022
($ in thousands)
(unaudited)
Note 5 – Other Noninterest Income and Expense
Other noninterest income consisted of the following for the periods presented:
Quarter Ended
Six Months Ended
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
6/30/2022
6/30/2021
Partnership amortization for tax credit purposes
$
(1,475
)
$
(1,336
)
$
(2,455
)
$
(2,045
)
$
(1,989
)
$
(2,811
)
$
(3,511
)
Increase in life insurance cash surrender value
1,683
1,627
1,675
1,663
1,653
3,310
3,292
Other miscellaneous income
1,699
2,915
1,759
1,863
2,337
4,614
4,310
Total other, net
$
1,907
$
3,206
$
979
$
1,481
$
2,001
$
5,113
$
4,091
Trustmark invests in partnerships that provide income tax credits on a Federal and/or State basis (i.e., new market tax credits, low-income housing tax credits and historical tax credits). The income tax credits related to these partnerships are utilized as specifically allowed by income tax law and are recorded as a reduction in income tax expense.
Other noninterest expense consisted of the following for the periods presented:
Quarter Ended
Six Months Ended
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
6/30/2022
6/30/2021
Loan expense
$
4,068
$
4,389
$
3,221
$
4,022
$
3,738
$
8,457
$
7,905
Amortization of intangibles
328
482
548
549
553
810
1,219
FDIC assessment expense
1,810
1,500
1,475
1,275
1,225
3,310
2,765
Regulatory settlement charge
—
—
—
5,000
—
—
—
Other real estate expense, net
623
35
336
1,357
1,511
658
1,835
Other miscellaneous expense
7,782
7,935
9,326
7,673
7,623
15,717
15,789
Total other expense
$
14,611
$
14,341
$
14,906
$
19,876
$
14,650
$
28,952
$
29,513
Note 6 – Non-GAAP Financial Measures
In addition to capital ratios defined by GAAP and banking regulators, Trustmark utilizes various tangible common equity measures when evaluating capital utilization and adequacy. Tangible common equity, as defined by Trustmark, represents common equity less goodwill and identifiable intangible assets. Trustmark’s Common Equity Tier 1 capital includes common stock, capital surplus and retained earnings, and is reduced by goodwill and other intangible assets, net of associated net deferred tax liabilities as well as disallowed deferred tax assets and threshold deductions as applicable.
Trustmark believes these measures are important because they reflect the level of capital available to withstand unexpected market conditions. Additionally, presentation of these measures allows readers to compare certain aspects of Trustmark’s capitalization to other organizations. These ratios differ from capital measures defined by banking regulators principally in that the numerator excludes shareholders’ equity associated with preferred securities, the nature and extent of which varies across organizations. In Management’s experience, many stock analysts use tangible common equity measures in conjunction with more traditional bank capital ratios to compare capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, typically stemming from the use of the purchase accounting method in accounting for mergers and acquisitions.
These calculations are intended to complement the capital ratios defined by GAAP and banking regulators. Because GAAP does not include these capital ratio measures, Trustmark believes there are no comparable GAAP financial measures to these tangible common equity ratios. Despite the importance of these measures to Trustmark, there are no standardized definitions for them and, as a result, Trustmark’s calculations may not be comparable with other organizations. Also, there may be limits in the usefulness of these measures to investors. As a result, Trustmark encourages readers to consider its audited consolidated financial statements and the notes related thereto in their entirety and not to rely on any single financial measure.
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
June 30, 2022
($ in thousands except per share data)
(unaudited)
Note 6 – Non-GAAP Financial Measures (continued)
Quarter Ended
Six Months Ended
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
6/30/2022
6/30/2021
TANGIBLE EQUITY
AVERAGE BALANCES
Total shareholders' equity
$
1,608,309
$
1,713,752
$
1,758,123
$
1,782,304
$
1,780,705
$
1,660,739
$
1,770,087
Less: Goodwill
(384,237
)
(384,237
)
(384,237
)
(384,237
)
(384,237
)
(384,237
)
(384,694
)
Identifiable intangible assets
(4,436
)
(4,879
)
(5,382
)
(5,899
)
(6,442
)
(4,656
)
(6,778
)
Total average tangible equity
$
1,219,636
$
1,324,636
$
1,368,504
$
1,392,168
$
1,390,026
$
1,271,846
$
1,378,615
PERIOD END BALANCES
Total shareholders' equity
$
1,586,696
$
1,631,382
$
1,741,311
$
1,768,947
$
1,779,309
Less: Goodwill
(384,237
)
(384,237
)
(384,237
)
(384,237
)
(384,237
)
Identifiable intangible assets
(4,264
)
(4,591
)
(5,074
)
(5,621
)
(6,170
)
Total tangible equity
(a)
$
1,198,195
$
1,242,554
$
1,352,000
$
1,379,089
$
1,388,902
TANGIBLE ASSETS
Total assets
$
16,951,510
$
17,441,551
$
17,595,636
$
17,364,644
$
17,098,132
Less: Goodwill
(384,237
)
(384,237
)
(384,237
)
(384,237
)
(384,237
)
Identifiable intangible assets
(4,264
)
(4,591
)
(5,074
)
(5,621
)
(6,170
)
Total tangible assets
(b)
$
16,563,009
$
17,052,723
$
17,206,325
$
16,974,786
$
16,707,725
Risk-weighted assets
(c)
$
13,076,981
$
12,691,545
$
12,623,630
$
12,324,254
$
12,256,492
NET INCOME ADJUSTED FOR INTANGIBLE AMORTIZATION
Net income
$
34,284
$
29,211
$
26,222
$
21,200
$
47,981
$
63,495
$
99,943
Plus: Intangible amortization net of tax
246
362
411
412
415
608
915
Net income adjusted for intangible amortization
$
34,530
$
29,573
$
26,633
$
21,612
$
48,396
$
64,103
$
100,858
Period end common shares outstanding
(d)
61,201,123
61,463,392
61,648,679
62,461,832
62,773,226
TANGIBLE COMMON EQUITY MEASUREMENTS
Return on average tangible equity (1)
11.36
%
9.05
%
7.72
%
6.16
%
13.96
%
10.16
%
14.75
%
Tangible equity/tangible assets
(a)/(b)
7.23
%
7.29
%
7.86
%
8.12
%
8.31
%
Tangible equity/risk-weighted assets
(a)/(c)
9.16
%
9.79
%
10.71
%
11.19
%
11.33
%
Tangible book value
(a)/(d)*1,000
$
19.58
$
20.22
$
21.93
$
22.08
$
22.13
COMMON EQUITY TIER 1 CAPITAL (CET1)
Total shareholders' equity
$
1,586,696
$
1,631,382
$
1,741,311
$
1,768,947
$
1,779,309
CECL transition adjustment
19,500
19,500
26,000
26,419
26,671
AOCI-related adjustments
207,142
148,656
32,560
19,080
10,641
CET1 adjustments and deductions:
Goodwill net of associated deferred tax liabilities (DTLs)
(370,229
)
(370,240
)
(370,252
)
(370,264
)
(370,276
)
Other adjustments and deductions for CET1 (2)
(3,757
)
(4,015
)
(4,392
)
(4,817
)
(5,243
)
CET1 capital
(e)
1,439,352
1,425,283
1,425,227
1,439,365
1,441,102
Additional tier 1 capital instruments plus related surplus
60,000
60,000
60,000
60,000
60,000
Tier 1 capital
$
1,499,352
$
1,485,283
$
1,485,227
$
1,499,365
$
1,501,102
Common equity tier 1 capital ratio
(e)/(c)
11.01
%
11.23
%
11.29
%
11.68
%
11.76
%
(1)
Calculation = ((net income adjusted for intangible amortization/number of days in period)*number of days in year)/total average tangible equity.
(2)
Includes other intangible assets, net of DTLs, disallowed deferred tax assets (DTAs), threshold deductions and transition adjustments, as applicable.
TRUSTMARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIALS
June 30, 2022
($ in thousands)
(unaudited)
Note 6 – Non-GAAP Financial Measures (continued)
Trustmark discloses certain non-GAAP financial measures because Management uses these measures for business planning purposes, including to manage Trustmark’s business against internal projected results of operations and to measure Trustmark’s performance. Trustmark views these as measures of our core operating business, which exclude the impact of the items detailed below, as these items are generally not operational in nature. These non-GAAP financial measures also provide another basis for comparing period-to-period results as presented in the accompanying selected financial data table and the audited consolidated financial statements by excluding potential differences caused by non-operational and unusual or non-recurring items. Readers are cautioned that these adjustments are not permitted under GAAP. Trustmark encourages readers to consider its consolidated financial statements and the notes related thereto in their entirety, and not to rely on any single financial measure.
The following table presents pre-provision net revenue (PPNR) during the periods presented:
Quarter Ended
Six Months Ended
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
6/30/2022
6/30/2021
Net interest income (GAAP)
$
112,676
$
99,344
$
98,326
$
98,266
$
119,423
$
212,020
$
221,759
Noninterest income (GAAP)
53,253
54,115
50,767
54,149
56,411
107,368
116,994
Pre-provision revenue
(a)
$
165,929
$
153,459
$
149,093
$
152,415
$
175,834
$
319,388
$
338,753
Noninterest expense (GAAP)
$
123,767
$
121,519
$
119,469
$
129,600
$
118,679
$
245,286
$
240,227
Less: Voluntary early retirement program
—
—
—
(5,700
)
—
—
—
Regulatory settlement charge
—
—
—
(5,000
)
—
—
—
Adjusted noninterest expense - PPNR (Non-GAAP)
(b)
$
123,767
$
121,519
$
119,469
$
118,900
$
118,679
$
245,286
$
240,227
PPNR (Non-GAAP)
(a)-(b)
$
42,162
$
31,940
$
29,624
$
33,515
$
57,155
$
74,102
$
98,526
The following table presents Trustmark’s calculation of its efficiency ratio for the periods presented:
Quarter Ended
Six Months Ended
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
6/30/2022
6/30/2021
Total noninterest expense (GAAP)
$
123,767
$
121,519
$
119,469
$
129,600
$
118,679
$
245,286
$
240,227
Less: Other real estate expense, net
(623
)
(35
)
(336
)
(1,357
)
(1,511
)
(658
)
(1,835
)
Amortization of intangibles
(328
)
(482
)
(548
)
(549
)
(553
)
(810
)
(1,219
)
Charitable contributions resulting in state tax credits
(375
)
(375
)
(391
)
(350
)
(355
)
(750
)
(705
)
Voluntary early retirement program
—
—
—
(5,700
)
—
—
—
Regulatory settlement charge
—
—
—
(5,000
)
—
—
—
Adjusted noninterest expense (Non-GAAP)
(c)
$
122,441
$
120,627
$
118,194
$
116,644
$
116,260
$
243,068
$
236,468
Net interest income (GAAP)
$
112,676
$
99,344
$
98,326
$
98,266
$
119,423
$
212,020
$
221,759
Add: Tax equivalent adjustment
2,916
3,003
2,906
2,947
2,957
5,919
5,851
Net interest income-FTE (Non-GAAP)
(a)
$
115,592
$
102,347
$
101,232
$
101,213
$
122,380
$
217,939
$
227,610
Noninterest income (GAAP)
$
53,253
$
54,115
$
50,767
$
54,149
$
56,411
$
107,368
$
116,994
Add: Partnership amortization for tax credit purposes
1,475
1,336
2,455
2,045
1,989
2,811
3,511
Adjusted noninterest income (Non-GAAP)
(b)
$
54,728
$
55,451
$
53,222
$
56,194
$
58,400
$
110,179
$
120,505
Adjusted revenue (Non-GAAP)
(a)+(b)
$
170,320
$
157,798
$
154,454
$
157,407
$
180,780
$
328,118
$
348,115
Efficiency ratio (Non-GAAP)
(c)/((a)+(b))
71.89
%
76.44
%
76.52
%
74.10
%
64.31
%
74.08
%
67.93
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20220726005368/en/
Trustmark Investor Contacts: Thomas C. Owens Treasurer and Principal Financial Officer 601-208-7853
F. Joseph Rein, Jr. Senior Vice President 601-208-6898
Trustmark Media Contact: Melanie A. Morgan Senior Vice President 601-208-2979
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