Trustmark Corp (TRMK) Misses Q4 EPS by 3c, Revenues Miss

Trustmark Corp (NASDAQ: TRMK) reported Q4 EPS of $0.53, $0.03 worse than the analyst estimate of $0.56. Revenue for the quarter came in at $153.2 million versus the consensus estimate of $156.19 million.

2019 Highlights

• Loans held for investment increased $499.8 million, or 5.7%, during the year
• Nonperforming assets declined 14.4%, and net charge-offs represented 0.06% of average loans in 2019
• Improved balance sheet positioning as securities and loans (excluding acquired loans) represented 20.5% and 76.7%, respectively, of average earning assets in 2019
• Net interest income (FTE), excluding acquired loans, totaled $431.1 million, an increase of 3.9% from the prior year
• Revenue, excluding acquired loans and negative hedge ineffectiveness, totaled $616.8 million, an increase of 5.5%

Gerard R. Host, President and CEO, stated, “We remained focused on our strategic initiatives this year, profitably increasing revenue across our financial services businesses, optimizing our balance sheet, deploying capital through share repurchases, and maintaining disciplined expense management. Looking ahead to 2020, Trustmark will continue to provide the financial services and advice our customers have come to expect. We remain committed to supporting investments to promote profitable revenue growth, reengineering processes to enhance operational efficiency, realigning delivery channels to support changing customer preferences and managing the franchise for the long-term.”

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

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