Trustmark Earnings 2019-09-30
TRMK 10Q Quarterly Report
Comparables ($MM TTM)
Ticker
M Cap
Assets
Liab
Rev
G Profit
Net Inc
EBITDA
EV
G Margin
EV/EBITDA
ROA
FMBI
2,218
17,462
15,162
0
0
188
352
2,125
6.0
1%
SFNC
2,205
17,937
15,468
0
0
214
460
3,228
7.0
1%
UCBI
2,205
12,779
11,213
416
0
178
298
2,177
0%
7.3
1%
WSFS
2,196
12,157
10,320
560
0
118
217
1,674
0%
7.7
1%
FBP
2,173
12,537
10,384
637
0
222
362
1,433
0%
4.0
2%
TRMK
2,108
13,549
11,930
0
0
148
249
1,703
6.8
1%
RNST
2,072
12,893
10,773
0
0
168
310
1,891
6.1
1%
WSBC
2,062
12,495
10,421
0
0
162
277
1,867
6.7
1%
PPBI
2,015
11,784
9,799
0
0
77
217
1,640
7.5
1%
GWB
1,951
12,955
11,074
41
0
159
334
1,835
0%
5.5
1%
trmk-10q_20190930.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 000-03683
Trustmark Corp oration
(Exact name of registrant as specified in its charter)
Mississippi
64-0471500
(State or other jurisdiction of
(I.R.S. Employer
248 East Capitol Street , Jackson , Mississippi
39201
(Address of principal executive offices)
(Zip Code)
(601 ) 208-5111
(Registrant’s telephone number, including area code)
Securities registered Pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, no par value
TRMK
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Copy History
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ ☒
As of October 31, 2019, there were 64,260,163 shares outstanding of the registrant’s common stock (no par value).
Forward-Looking Statements
Certain statements contained in this Quarterly Report on Form 10-Q 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 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.
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, local, state and national economic and market conditions, including potential market impacts of efforts by the Board of Governors of the Federal Reserve System (FRB) to reduce the size of its balance sheet, 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 as well as 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 relating 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, acts of war or terrorism, and other risks described in our filings with the Securities and Exchange Commission.
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.
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Trustmark Corporation and Subsidiaries
Consolidated Balance Sheets
($ in thousands)
Copy History
(Unaudited)
September 30, 2019
December 31, 2018
Assets
Cash and due from banks (noninterest-bearing)
$
486,263
$
349,561
Federal funds sold and securities purchased under reverse repurchase agreements
—
830
Securities available for sale (at fair value)
1,553,705
1,811,813
Securities held to maturity (fair value: $794,685 -2019; $889,733 -2018)
785,422
909,643
Loans held for sale (LHFS)
292,800
153,799
Loans held for investment (LHFI)
9,223,668
8,835,868
Less allowance for loan losses, LHFI
83,226
79,290
Net LHFI
9,140,442
8,756,578
Acquired loans
81,004
106,932
Less allowance for loan losses, acquired loans
1,249
1,231
Net acquired loans
79,755
105,701
Net LHFI and acquired loans
9,220,197
8,862,279
Premises and equipment, net
188,423
178,668
Mortgage servicing rights
73,016
95,596
Goodwill
379,627
379,627
Identifiable intangible assets, net
8,345
11,112
Other real estate
31,974
34,668
Operating lease right-of-use assets
33,180
—
Other assets
531,834
498,864
Total Assets
$
13,584,786
$
13,286,460
Liabilities
Deposits:
Noninterest-bearing
$
3,064,127
$
2,937,594
Interest-bearing
8,190,056
8,426,817
Total deposits
11,254,183
11,364,411
Federal funds purchased and securities sold under repurchase agreements
376,712
50,471
Other borrowings
76,685
79,885
Junior subordinated debt securities
61,856
61,856
Operating lease liabilities
34,319
—
Other liabilities
135,669
138,384
Total Liabilities
11,939,424
11,695,007
Shareholders' Equity
Common stock, no par value:
Authorized: 250,000,000
Issued and outstanding: 64,262,779 65,834,395
13,390
13,717
Capital surplus
257,370
309,545
Retained earnings
1,395,460
1,323,870
Accumulated other comprehensive loss, net of tax
(20,858
)
(55,679
)
Total Shareholders' Equity
1,645,362
1,591,453
Total Liabilities and Shareholders' Equity
$
13,584,786
$
13,286,460
See notes to consolidated financial statements.
3
Trustmark Corporation and Subsidiaries
Consolidated Statements of Income
($ in thousands, except per share data)
(Unaudited)
Copy History
Three Months Ended September 30,
Nine Months Ended September 30,
2019
2018
2019
2018
Interest Income
Interest and fees on LHFS & LHFI
$
113,285
$
102,980
$
331,820
$
291,362
Interest and fees on acquired loans
2,309
4,033
6,235
13,932
Interest on securities:
Taxable
13,184
16,186
41,765
50,586
Tax exempt
383
518
1,329
1,748
Interest on federal funds sold and securities purchased under reverse
repurchase agreements
23
3
239
10
Other interest income
1,044
1,050
4,467
3,038
Total Interest Income
130,228
124,770
385,855
360,676
Interest Expense
Interest on deposits
20,385
14,972
61,455
36,602
Interest on federal funds purchased and securities sold under
repurchase agreements
547
1,348
916
3,260
Other interest expense
830
1,467
2,486
6,574
Total Interest Expense
21,762
17,787
64,857
46,436
Net Interest Income
108,466
106,983
320,998
314,240
Provision for loan losses, LHFI
3,039
8,673
7,136
15,801
Provision for loan losses, acquired loans
(140
)
(467
)
44
(758
)
Net Interest Income After Provision for Loan Losses
105,567
98,777
313,818
299,197
Noninterest Income
Service charges on deposit accounts
11,065
11,075
31,709
32,579
Bank card and other fees
8,349
7,459
23,544
21,155
Mortgage banking, net
8,171
8,647
21,908
28,958
Insurance commissions
11,072
10,765
33,032
30,919
Wealth management
7,691
7,789
22,916
22,834
Other, net
1,989
1,358
6,358
4,832
Security gains (losses), net
—
—
—
—
Total Noninterest Income
48,337
