Trustmark Corp (NASDAQ: TRMK) reported Q1 EPS of $0.40, $0.04 worse than the analyst estimate of $0.44. Revenue for the quarter came in at $169.2 million versus the consensus estimate of $153.5 million.

COVID-19 Response

Gerard R. Host, President and CEO, stated, “Trustmark has been proactive in responding to the COVID-19 pandemic, and we are taking comprehensive action to support customers, associates and the communities we serve. We remain committed to serving customers as our branches continue to offer drive-thru service, our ATM and ITM network remains accessible and our robust digital and mobile banking options provide additional convenience for our customers. Approximately 45% of Trustmark associates are working remotely, and essential employees in our offices are taking additional precautions to stay safe and healthy. We are working with customers to provide flexibility in these uncertain circumstances, and we are serving our local economies by participating in the SBA’s Paycheck Protection Program. SBA commitments were secured for approximately 6,000 requests totaling over $800 million with an average loan size of $137 thousand, and we continue to assist customers in completing applications for the Paycheck Protection Program. We are committed to doing everything in our power to ensure the safety of our customers and associates and support our local economies through these challenging times.”

First Quarter Highlights

• Maintained strong capital position with CET1 ratio of 11.35% and total risk-based capital ratio of 12.78%
• Reported solid growth in fee businesses with linked quarter increases of 61.2% in mortgage banking revenue (before hedge ineffectiveness), 23.3% in insurance commissions and 10.0% in wealth management revenue
• Pre-tax, pre-provision income totaled $56.6 million, a linked-quarter increase of 31.1% and year-over-year increase of 40.4%

Mr. Host stated, “For over 130 years, we have been committed to meeting the banking and financial needs of our customers and communities. During the COVID-19 pandemic, we remain focused on providing support, advice and solutions to meet our customers’ unique needs. Trustmark entered this crisis from a position of strength and stability with a solid capital base and ample liquidity. During the first quarter, we experienced strong growth in our fee businesses and posted increases in both loan and deposit balances. I would like to thank our dedicated associates for working diligently in these unprecedented circumstances to serve our customers. Trustmark has weathered many storms over the years, and we remain well-positioned to continue serving customers and creating long-term value for shareholders.”

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