Trustmark Corporation (NASDAQ:TRMK) Q3 2023 Earnings Conference Call October 25, 2023 9:30 AM ET
Company Participants
Joey Rein - Director of Corporate Strategy
Duane Dewey - President and Chief Executive Officer
Barry Harvey - Chief Credit and Operations Officer
Tom Owens - Chief Financial Officer
Tom Chambers - Chief Accounting Officer
Conference Call Participants
Graham Dick - Piper Sandler
Kevin Fitzsimmons - D.A. Davidson
Will Jones - KBW
Operator
Good morning, ladies and gentlemen, and welcome to Trustmark Corporation's Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.
It is now my pleasure to introduce Mr. Joey Rein, Director of Corporate Strategy of Trustmark. Please go ahead.
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 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. We would like to caution you that these forward-looking statements may differ materially from the actual results due to a number of risks and uncertainties, which are outlined in our earnings release as well as 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, and good morning everyone. Thank you for joining us today.
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 third quarter with continued loan and deposit growth, a stable net interest income, strong performance in our insurance business, and solid credit quality.
As previously disclosed, Trustmark recognized a litigation settlement expense of $6.5 million in the third quarter. With this charge, Trustmark reported a third quarter net income of $34 million, representing diluted earnings per share of $0.56. Including this litigation -- excluding this litigation settlement expense, Trustmark's third quarter net income totaled $38.9 million or $0.64 per diluted share.
During the first nine months of 2023, Trustmark's net income totaled $129.4 million, which represented diluted earnings of $2.11 per share, an increase of 22.7% from the same period in 2022.
We continue to focus on cost-saving initiatives to improve efficiency as well as technology to enhance our ability to grow and serve customers. We believe Trustmark is well-positioned to respond to changing economic conditions and create long-term value for our shareholders.