TRMK - Trustmark Q3 top bottom lines better than expected on loan growth NIM expansion

Trustmark ( NASDAQ: TRMK ) Q3 earnings and revenue came in stronger than expected as the regional lender saw "significant loan growth, net interest margin expansion, solid performance in our insurance and wealth management businesses, and strong credit quality" during the quarter, said President and CEO Duane A. Dewey.

Q3 EPS of $0.69 topped the average analyst estimate of $0.63 and increased from $0.56 in Q2 and $0.34 in Q3 2021.

Net interest income was $139.1M compared with $115.6M in the prior quarter. In turn, net interest margin came in at 3.50% vs. 2.90% in Q2, reflecting increases in the yields on the loans held for investment and held for sale.

Noninterest income was $52.61M, down from $53.3M in the second quarter, representing 27.9% of total revenue.

Loans held for investment increased 5.9% Q/Q to $641.2M.

Provision for credit losses rose to $12.92M from $2.72M in Q2 and a benefit of $2.5M a year ago.

Conference call on Tuesday at 8:30 a.m. ET.

Earlier, Trustmark GAAP EPS of $0.69 beats by $0.06, revenue of $191.69M beats by $14.09M .

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