Trustmark Corp (TRMK) Tops Q1 EPS by 20c

Trustmark Corp (NASDAQ: TRMK) reported Q1 EPS of $0.82, $0.20 better than the analyst estimate of $0.62.

First Quarter Highlights

• Supported local businesses by originating 4,774 loans totaling $301.5 million (net of $16.5 million in deferred fees and costs) from the SBA’s Paycheck Protection Program (PPP) during the quarter
• Mortgage loan production totaled $766.6 million, down 2.8% from the prior quarter and an increase of 67.7% from levels one year earlier
• Provision for credit losses totaled a negative $10.5 million due to improved credit loss expectations

Duane A. Dewey, President and CEO, stated, “Our first quarter financial performance reflects solid loan and deposit growth, as well as continued increases in our insurance and wealth management businesses. Our mortgage banking revenue remained strong following record-setting levels in the prior quarter. Improvement in the economic outlook resulted in negative provision and expense for credit losses, which also contributed to earnings. We continue to focus on efficiency enhancements throughout the organization, including investments in technology to better serve customers as well as rationalization of the branch network. Trustmark remains well-positioned to serve and expand our customer base and create long-term value for our shareholders.”

For earnings history and earnings-related data on Trustmark Corp (TRMK) click here.

You May Also Be Interested In

• Keurig Dr Pepper coffee chief to depart ahead of planned split
• Sun Communities names Ileana McAlary as general counsel and EVP
• People Inc. names new chief accounting officer as predecessor retires