Trustmark Corporation (NASDAQ:TRMK) Q3 2022 Earnings Conference Call October 26, 2022 9:30 AM ET

Company Participants

Joey Rein - Director of 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

Graham Dick - Piper Sandler

Jennifer Demba - Truist Securities

Catherine Mealor - KBW

Joe Yanchunis - Raymond James

Operator

Good morning, ladies and gentlemen, and welcome to the Trustmark Corporation's Third Quarter Earnings Conference Call. At this time, all participants are in a 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.

Joey Rein

Good morning. I'd like to remind everyone that a copy of our third quarter earnings release as well as the slide presentation that we will be discussing on the 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. 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 and our other 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. 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 strong third quarter as reflected by significant loan growth, expansion of the net interest margin, solid performance in our insurance and wealth management businesses and strong credit quality. For the third quarter, Trustmark reported net income of $42.5 million or $0.69 per diluted share.

Let's look at our financial highlights in a little more detail by turning to Slide 3. At September 30, loans held for investments totaled $11.6 billion, an increase of $641.2 million from the prior quarter and $1.4 billion from the previous year. Deposits totaled $14.4 billion, a decrease of $325 million linked quarter and a $497.7 million decrease from this time last year.