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Section 1: 10-Q (10-Q)

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0000036146 trmk:InsuranceMember 2018-09-30

 

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 Corporation

(Exact name of registrant as specified in its charter)

 

Mississippi

 

64-0471500

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

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.

 

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      No  

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)

 

 

 

(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 shares

Issued and outstanding:  64,262,779 shares - 2019; 65,834,395 shares - 2018

 

 

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)

 

 

 

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

 

 

 

47,093

 

 

 

139,467

 

 

 

141,277

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

62,495

 

 

 

60,847

 

 

 

185,398

 

 

 

179,297

 

Services and fees

 

 

18,838

 

 

 

16,404

 

 

 

53,815

 

 

 

48,472

 

Net occupancy - premises

 

 

6,831

 

 

 

6,910

 

 

 

19,688

 

 

 

19,962

 

Equipment expense

 

 

5,971

 

 

 

6,200

 

 

 

17,853

 

 

 

18,501

 

Other real estate expense, net

 

 

531

 

 

 

1,168

 

 

 

2,415

 

 

 

1,941

 

FDIC assessment expense

 

 

1,400

 

 

 

1,999

 

 

 

4,994

 

 

 

7,532

 

Other expense

 

 

10,787

 

 

 

11,695

 

 

 

34,812

 

 

 

35,783

 

Total Noninterest Expense

 

 

106,853

 

 

 

105,223

 

 

 

318,975

 

 

 

311,488

 

Income Before Income Taxes

 

 

47,051

 

 

 

40,647

 

 

 

134,310

 

 

 

128,986

 

Income taxes

 

 

6,016

 

 

 

4,394

 

 

 

17,796

 

 

 

16,090

 

Net Income

 

$

41,035

 

 

$

36,253

 

 

$

116,514

 

 

$

112,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.64

 

 

$

0.54

 

 

$

1.80

 

 

$

1.67

 

Diluted

 

$

0.64

 

 

$