Trustmark Corporation (NASDAQ:TRMK) Q2 2023 Earnings Conference Call July 26, 2023 9:30 AM ET
Company Participants
Joey Rein - Director, Corporate Strategy
Duane Dewey - President & Chief Executive Officer
Barry Harvey - Chief Credit & Operations Officer
Tom Owens - Chief Financial Officer
Tom Chambers - Chief Accounting Officer
Conference Call Participants
Catherine Mealor - KBW
Kevin Fitzsimmons - D.A. Davidson
Joe Yanchunis - Raymond James
Graham Dick - Piper Sandler
Operator
Good morning, ladies and gentlemen, and welcome to Trustmark Corporation's Second Quarter Earnings Conference Call. At this time, all participants are in listen-only mode. Following the presentation this morning, there will be a question-and-answer session. [Operator Instructions] As a reminder this call is being recorded.
It is now my pleasure to introduce, Mr. Joey Rein, Director of Corporate Strategy at Trustmark. Go ahead.
Joey Rein
Good morning. I'd like to remind everyone that a copy of our second quarter earnings release, as well as the slide presentation that will be discussed on our call this morning is available on the Investor Relations section of our website at trustmark.com.
During the course of our call, management may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and we would like to caution you that these forward-looking statements may differ materially from actual results due to a number of risks and uncertainties, which are outlined in our earnings release as well as our filings with the Securities and Exchange Commission.
At this time, I'd like to introduce Duane Dewey, President and CEO of Trustmark.
Duane Dewey
Thank you, Joey, and good morning, everyone. Thank you for joining us. With me this morning are Tom Owens, our Chief Financial Officer; Barry Harvey, our Chief Credit and Operations Officer; and Tom Chambers, our Chief Accounting Officer.
Trustmark had a solid second quarter with continued loan and deposit growth, expanding net interest income and growth in our fee income businesses. We reported net income of $45 million or $0.74 per diluted share in the second quarter. This level of profitability resulted in a return on average tangible common equity of 15.18% and a return on average assets of 0.96%.
Let's look at our financial highlights in a little more detail by turning to Slide 3. Loans held for investment increased $117 million or 0.9% linked-quarter to a total of $12.6 billion. Deposits during the quarter grew $130 million or 0.9% linked-quarter to a level of $14.9 billion.