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4H0-004 - HCP-Hyperion System 9 Financial Management 4.1 - Dump Information

Vendor : Hyperion
Exam Code : 4H0-004
Exam Name : HCP-Hyperion System 9 Financial Management 4.1
Questions and Answers : 104 Q & A
Updated On : April 24, 2019
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4H0-004 Questions and Answers

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4H0-004 HCP-Hyperion System 9 Financial Management 4.1

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Exam Questions Updated On :



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4H0-004 exam Dumps Source : HCP-Hyperion System 9 Financial Management 4.1

Test Code : 4H0-004
Test Name : HCP-Hyperion System 9 Financial Management 4.1
Vendor Name : Hyperion
Q&A : 104 Real Questions

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Hyperion HCP-Hyperion System 9 Financial

Hyperion enhances monetary platform

Hyperion has introduced enhancements in its approaching gadget 9 release 9.three, aimed at assisting businesses more desirable align their strategies with their targets.

Hyperion equipment 9, launched a year in the past, became designed to combine fiscal administration purposes and a business intelligence platform into a single gadget built on a common set of foundation functions.

The upgrade comprises new capabilities within the application’s fiscal management, facts management and business intelligence modules. It additionally offers a much wider latitude of alternatives for integrating distinct enterprise techniques. unlock 9.3 includes BPM Architect, a visual business procedure modeling ambiance aimed toward assisting companies align their planning situations, fiscal and operational plans, and fiscal consolidation tactics.

a new Capital expense Planning module is designed to help users plan the acquisition, lifecycle administration and retirement of capital assets. It allows financial and operational managers to combine capital advancements into their rolling forecasts and annual plans.

Hyperion has also boosted device 9’s records management features with a brand new module for facts integration. This permits clients to integrate Hyperion functions with enterprise resource planning, consumer relationship administration and other transactional systems.

liberate 9.3 presents stronger integration with Microsoft office and SQL Server 2005, and additionally integrates with IBM’s Websphere portal and SAP’s Netweaver. It is decided to be released earlier than the conclusion of January 2007.


Hyperion publicizes SolutionsNet

Hyperion a company in enterprise efficiency management (BPM) application, recently introduced SolutionsNet. a new offering of Hyperion’s global partner program, SolutionsNet enhances guide for partners who offer centered BPM options developed on Hyperion system 9 software.

SolutionsNet is the latest building in Hyperion’s approach to answer the wants of selected industries with the world’s leading BPM platform. For years, Hyperion has worked carefully with a transforming into ecosystem of partners to help corporations struggling to benefit visibility into performance information locked away in multiple areas of the business. via combining the basis of Hyperion device 9 software with partners’ area advantage, Hyperion purchasers had been able to integrate statistics from their economic and non-monetary operations in a single gadget for managing performance all through the company.

“Hyperion’s companions have spoke back to demand from consumers to tackle enterprise pains which are enjoyable to selected industries, from banking and assurance to retail and healthcare,” stated Mercedes Ellison, vp of world partner earnings at Hyperion. “Time and once again, these companions have regarded to Hyperion for the BPM platform that has for sure proven itself within the finance office and is being utilized in different places so shoppers can actively manage greater materials of their enterprise. SolutionsNet extends Hyperion’s reach into the business while offering business opportunities to companions, in addition to to customers.”

This BeyeNETWORK news merchandise carries tips from a recent press liberate via the company mentioned.


Hyperion Ships monetary information management application

Hyperion system 9 fiscal records first-class management is marketed as helping financial associations lower the charge of compliance and enhance the productivity of finance staff. moreover the utility comprises an option for pushing consolidated consequences to tax preparation purposes, decreasing the time and cost of a largely manual and error-susceptible system, officers with the Santa Clara, Calif., business stated.

the brand new device, which comprises an internet-based guided workflow person interface, expands on the core foundation layer of Hyperion system 9, the business's flagship business manner management platform. moreover, the brand new liberate has adapters for connecting to the Hyperion grasp data management device, which focuses on statistics consistency throughout business approaches.

The Hyperion system 9 monetary statistics nice management device is at present accessible. Pricing become no longer disclosed.


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Hanmi Financial Corp (HAFC) Q1 2019 Earnings Call Transcript

Logo of jester cap with thought bubble.

Image source: The Motley Fool.

Hanmi Financial Corp  (NASDAQ:HAFC)Q1 2019 Earnings CallApril 23, 2019, 5:00 p.m. ET

Contents:
  • Prepared Remarks
  • Questions and Answers
  • Call Participants
  • Prepared Remarks:

    Operator

    Ladies and gentlemen, welcome to the Hanmi Financial Corporation First Quarter 2019 Conference Call. As a reminder, today's call is being recorded for replay purposes. At this time, all participants are in a listen-only mode. Following the presentation, the conference will be opened for questions.

    I would now like to introduce Mr. Richard Pimentel, Senior Vice President and Corporate Finance Officer. Please go ahead.

    Richard Pimentel -- Senior Vice President & Corporate Finance Officer

    Thank you, Dana, and thank you all for joining us today. With me to discuss Hanmi financials first quarter 2019 earning are C.G. Kum, our Chief Executive Officer; Bonnie Lee, President and Chief Operating Officer; and Ron Santanrosa, Chief Financial Officer.

    Mr. Kum will begin with an overview of the quarter, Ms. Lee will discuss loan and deposit activities, and Mr. Santanrosa will then provide more detail on our operating performance. At the conclusion of the prepared remarks, we will open the session for questions.

    In today's call, we may include comments and forward-looking statements based on current plans, expectations, events and financial industry trends that may affect our company's future operating results and financial position. Our actual results could be different from those expressed or implied by our forward-looking statements, which involve risks and uncertainties.

    The speakers on this call claim the protection of the Safe Harbor provisions contained in the Securities Litigation Reform Act of 1995. For some factors that may cause our results to differ from our expectations, please refer to our SEC filings, including our most recent Form 10-K and 10-Q. In particular, we direct you to the discussion in our 10-K of certain risk factors affecting our business. This afternoon, Hanmi Financial issued a news release outlining our financial results for the first quarter of 2019, which can be found on our website at hanmi.com.

    I will now turn the call over to Mr. Kum.

    C. G. Kum -- Chief Executive Officer

    Thank you, Richard. Good afternoon, everyone. Thank you for joining us today to discuss Hanmi's 2019 first quarter results. Our performance in the first quarter highlights the continued progression of our strategies to grow loan's prudently, protect net interest margin and improve the bank's cost structure. I will briefly summarize the key takeaways from the first quarter.

    Net income per diluted share increased significantly from the prior quarter, which included onetime expenses and was up more than 4% compared with the first quarter last year. Through the end of the first quarter, our efforts to reduce costs and improve efficiencies have generated approximately $4.5 million in annual savings and we are well on our way to achieving the $5 million net expense reduction target by year-end. In what is traditionally our slowest quarter of the year for new loan and lease production, new origination volume in the first quarter nearly offset the normal loan and lease run-off. That said, we were very selective in adjudicating credits during the quarter and new origination activity in the period reflected continued loan pricing discipline and conservative underwriting standards. As a result, net interest margin has remained stable for three consecutive quarters.

    In addition, total deposits were up 1.5% quarter-over-quarter and 10.1% year-over-year, primarily driven by growth in time and non-interest bearing demand deposits. Driven by the solid growth in deposits along with our strategy to selectively grow loans and leases, our loan-to-deposit ratio stood at 95% compared with 101% a year ago. And finally, subsequent to the end of the quarter, the Board of Directors appointed Bonnie Lee as Hanmi's next CEO upon my retirement next month. I'm very pleased with this decision, and I believe, Bonnie is uniquely qualified and deserving of this promotion.

    Looking in more detail at our first quarter results, we reported net income of $14.7 million, or $0.48 per diluted share. On a linked quarter basis, net income per share increased by $0.11 or 29% compared to the fourth quarter of 2018, which included a onetime income tax adjustment totaling $2.7 million that reduced fourth quarter net income by $0.09 per share. Excluding this item, net income per share increased by approximately 4% or $0.02 per share compared to the prior quarter. On a year-over-year basis, net income per share increased by $0.02 or approximately 4%.

    Net charge-offs declined to $200,000 or 2 basis points for the first quarter. We recorded a $1.1 million loan loss provision in the quarter and our allowance for loan losses increased slightly to 72 basis points of loans and leases at quarter end. However, nonperforming loans increased in the quarter due to a $25 million commercial loan relationship primarily secured by business assets and to a lesser extent commercial real estate, which experienced an interruption to their business activities subsequent to the end of the first quarter.

    As a result, we have established a specific allowance of $3 million for this relationship and we are working closely with the borrower to achieve a resolution as soon as possible. That being said, our commitment to conservative discipline underwriting is part of the fabric of Hanmi's credit culture. For the first quarter of 2019, the weighted average loan-to-value and debt coverage ratio on new commercial real estate loan originations were 43.2% and 1.7 times, respectively.

    For the entire commercial real estate portfolio, the weighted average loan-to-value and weighted average debt coverage ratio as of the end of the first quarter were 49.5% and 2.1 times, respectively.

    I'd like to now provide an update on our strategic goals for 2019, which are predicated and being more selective in new loan production, protecting net interest margin and enhancing profitability through expense reductions. As evidenced by our first quarter results, we have made measurable progress in these key areas.

    In moderating our loan growth expectations for the full year 2019 to a range of 5% to 7%, we are very focused on growing areas of the bank that generate lower cost deposits and/or higher spreads such as C&I loans and equipment leases. C&I loans, which includes our specialty lending division, that focuses on mainstream businesses, along with commercial equipment leasing division were much larger portions of our overall loan production in the quarter than they had been in previous periods. Bonnie will expand on this in her remarks.

    In addition, we are much more selective in adjudicating credits with greater emphasis placed on pricing discipline. As a result, the average loan and lease yield for the first quarter is up 16 basis points to 5.22%. Additionally, the weighted average interest rate for the newly originated loans in the first quarter increased 8 basis points and importantly, weighted average interest rate for the newly generated CRE loans increased 25 basis points during the quarter.

    As a result, first quarter net interest margin was 3.52% and has increased slightly during the last two quarters. In addition to the selective growth initiatives, we also made progress in our efforts to reduce costs and to improve operational efficiencies, which are expected to reduce non-interest expenses by at least $5 million on a net basis or approximately $0.12 per share by the end of 2019.

    The rationalization of our branch network is a component of this effort and takes into consideration branch profitability, dependence and time deposits and strategic importance to the franchise. During the first quarter, we completed the consolidation of four branches including two branches in Illinois, one branch in Texas, and one branch in Southern California. This is in addition to activity from the fourth quarter last year that included the closure of two branches and opening of one new branch all of which were in Texas.

    With the rationalization process now complete, we have successfully consolidated approximately 10% of the Hanmi branch network. We're also making investments in technology and systems to ultimately reduce costs through improvements in operational efficiency. We are taking steps to centralize and streamline certain back office activities to improve processing speed, along with enhanced consistency across the enterprise in adjudicating credits.

    With that, I'd like to turn the call over to Bonnie Lee, our President and Chief Operating Officer to discuss the first quarter loan and lease production results and deposit gathering activities. Bonnie?

    Bonita I. Lee -- President and Chief Operating Officer

    Thank you, C.G. I'll discuss loan and lease production and deposit-gathering activities and then turn it over to Ron Santarosa for additional details on our first quarter financial results. During the quarter, loan and lease production totaled $179.8 million, which decreased 27% from the year ago. As a result of elevated level of payoffs in the quarter, our portfolio of loans and leases is essentially unchanged from the prior quarter.

    Our first quarter production activity continues to reflect our strategic shift toward the higher yielding asset categories, such as C&I loans as well as equipment leases, while we reduce our exposure to lower yielding asset classes, such as single family residential loans. In fact, equipment leases comprised 39% of our first quarter production compared to 22% a year ago. Similarly, 19% of our first quarter production was C&I loans versus 11% in the first quarter last year.

    In line with our longer term objective to diversify our loan and lease portfolio, CRE loans comprised 70.6% of our portfolio at the end of the first quarter compared with over 75.8% two years ago. First quarter production consisted of $46.5 million of commercial real estate loans, $30 million of SBA loans and $33.6 million of C&I loans. We also originated nearly $70 million of commercial equipment lease. Newly generated loans and leases for the quarter had a weighted average yield of 5.97%, an improvement from the previous quarter's weighted average yield on new production of 5.89%. As a result, average loan and lease yields for the portfolio improved to above 5.22%, an increase of 16 basis points from the prior quarter.

    Looking ahead to the second quarter and the remainder of 2019, our loan and lease pipeline is strong and we continue to expect full year growth of loans and leases in the range of 5% to 7% as noted by C.G.

    Moving on to deposits. We continue to operate in a highly competitive Asian-American banking landscape for deposit gathering activities. Total deposits of $4.82 billion increased 1.5% during the first quarter on a linked quarter basis and 10.1% from a year ago. Growth in the quarter was driven by increase of 4.1% in time deposits and an increase of 2.5% in non-interest bearing demand deposits from the prior quarter. As a result of the first quarter loan production and deposit-gathering activities, our loan-to-deposit ratio for the first quarter was 95%, down from 101% in the first quarter last year.

    I would now like to turn the call over to Ron Santarosa, our Chief Financial Officer. Ron?

    Romolo C. Santanrosa -- Senior Executive Vice President and Chief Financial Officer

    Thank you, Bonnie, and good afternoon all. Looking at our top-line revenue results. Net interest income for the first quarter was $44.9 million, down from $45.6 million for the fourth quarter, principally due to two fewer days period-over-period. We did see yields improve during the quarter and an increase in loan prepayment fees, which led to increases in income on loans and leases as well as securities and deposits placed at other banks. Offsetting this was an increase of $1.2 million in total interest expense, mostly driven by 10.9% increase in deposit expense.

    Continuing our trend of replacing borrowings with deposits, our interest expense for borrowings fell 83.1% to $71,000 for the quarter and there were no borrowings at the end of the first quarter. Net interest margin end of the quarter at 3.52%, up 1 basis point from 3.51% at the end of the year. Competition remains robust within our markets for deposits and this is reflected in the 15 basis point sequential increase in our cost of deposits to 1.35%.

    There are a couple of factors offsetting this. First, there was a 16 basis point increase in the average yield for loans and leases, with balances remaining relatively stable from the prior quarter combined with a shift from borrowings to deposits. Net interest margin adjusted for loan prepayment penalties in the special FHLB dividend was 3.46% for both the first and fourth quarters.

    Turning to non-interest income. We had a 0.7% decrease from the linked quarter to $6.3 million. Decreases of $290,000 for service charges on deposit accounts and $273,000 for servicing income drove the decline with servicing income reflecting a higher level of prepayments affecting this line item. Offsetting those declines were the sale of $69.2 million of municipal bonds, resulting in a gain on sale of $725,000.

    SBA trading premiums rebounded in the first quarter and averaged 7.4% compared with 6.5% for the fourth quarter. As a result, we continued our sales practices and sold $15.5 million of the guaranteed portion of our SBA loan volume. Non-interest expenses fell 0.8% to $29.1 million from the fourth quarter, primarily due to a $362,000 decrease in other operating expenses, chiefly from the change in our off-balance sheet allowance and a $556,000 decrease in advertising and promotion. Partially offsetting these decreases was a $459,000 swing in other real estate owned expense and a $416,000 increase in occupancy and equipment of which approximately $300,000 was related to onetime expenses associated with the consolidation of the four branches during the quarter. For the same quarter comparison, total non-interest expenses are 2.3% less than the first quarter of last year. Despite these expense savings this past quarter, lower revenues caused our efficiency ratio to increase slightly to 56.8% from 56.4%.

    Return on average assets for the first quarter increased to 1.09% from 0.83% last quarter, while return on average equity increased sequentially to 10.62% from 7.92%. Our tangible book value increased by $0.42 to $17.89 per share from year-end and our tangible common equity ratio was strong at 9.93%.

    With that, I will turn it back to C.G.

    C. G. Kum -- Chief Executive Officer

    Thank you, Ron. Hanmi's first quarter results represent a solid start to a New Year and reflect the positive results of decisions we made last summer to protect the net interest margin and to reduce expenses. During the quarter, we closed four additional branches to improve our cost structure. In addition, our net interest margin continues to show signs of stabilization and in fact, also has started to show some upward momentum that bodes well for the balance of the year.

    As you are aware, this will be my last earnings call as the CEO of Hanmi. I want to take this opportunity to thank our shareholders, customers and employees for their loyalty and support. I also want to thank the analyst community for their support and keeping me on my toes. The Hanmi that I leave behind is very different than the one I joined in 2013. Today, our infrastructure is strong and the management team is top notch. Under Bonnie Lee and Ron Santanrosa's leadership, the future of Hanmi is bright.

    Thank you and god bless.

    Richard Pimentel -- Senior Vice President & Corporate Finance Officer

    Dana, that concludes our prepared remarks. We would now like to open the call for questions.

    Questions and Answers:

    Operator

    Thank you. Ladies and gentlemen, we will now begin our question-and-answer session. (Operator Instructions) Our first question comes from the line of Gary Tenner with D.A. Davidson. Please proceed with your question.

    Gary Peter Tenner -- D.A. Davidson & Co. -- Analyst

    Hey. Good afternoon.

    C. G. Kum -- Chief Executive Officer

    Good afternoon.

    Gary Peter Tenner -- D.A. Davidson & Co. -- Analyst

    I have just a couple of questions. I guess first on the branch consolidation, can you remind us what the quarterly savings from that particular exercise will be starting in the second quarter?

    Romolo C. Santanrosa -- Senior Executive Vice President and Chief Financial Officer

    It should be approximately $1 million. It's roughly a $4 million annual save, so about $1 million per quarter. But recall, Gary, we were also going to be making investments. We also had some merit increases that are coming into effect in the second quarter. So as we mentioned, the $5 million idea is a net notion. And while the branches will contribute more than just about $4 million per year, there will be some other offsetting ideas for that. So said slightly different, not the entire $1 million will show in the second quarter.

    Gary Peter Tenner -- D.A. Davidson & Co. -- Analyst

    Okay. Great. And then with the 5% to 7% loan growth coming off flat loans this quarter, I understand the comment about the strength of the pipeline. I'm just wondering what type of assumptions does that make around the pace of prepayments for the remainder of the year.

    C. G. Kum -- Chief Executive Officer

    Well, I'll let Bonnie talk about the pace of the growth that she expects for the remaining three quarters. But the prepayment penalties -- or the prepayments that we experienced in the first quarter was not unusually high. It kind of falls in line with the levels of prepays that we've had over the last two years, albeit maybe a little bit on the higher end. But the prepays are I would say somewhat within the range of what we have experienced over the last couple of years.

    Bonita I. Lee -- President and Chief Operating Officer

    Yeah. I mean so therefore (inaudible) prepays are hard to predict. But during the first quarter, we had two relationships that customers had actually sold the business. Property and lease, they're recognized as income. And so looking at the rest of the year, starting in the second quarter, the pipeline going into the second quarter is about 20%, 25% higher than the first quarter that we experienced. First quarter was -- going into the first quarter, I think that we saw lesser purchase transactions. And hopefully that for the remainder of the year there will be more activities in terms of purchases as well as refinance activities.

    C. G. Kum -- Chief Executive Officer

    Also in the specialty lending division as well as the commercial equipment leasing division, the momentum that they generated in the first quarter is significant in that as we have said before, the first quarter is typically a very slow quarter. But notwithstanding that some of the things that they have done to put them in motion as far as maybe closing them in the second quarter and beyond I think are what bodes well for us to hit that 5% to 7% target for this year.

    Gary Peter Tenner -- D.A. Davidson & Co. -- Analyst

    Okay. Well, thank you. Actually I do have one more question, if I could. You talked a lot about the margin. With the fed looking to be on pause, let's assume the rest of the year, does that give some extra I guess opportunity for you to expand the margin from here versus if they change the rate?

    C. G. Kum -- Chief Executive Officer

    Yeah, for us and particularly operating in our market, the pace of the rate increases by the fed, albeit I should say that, that slowing down is a definite positive to us in that it gives us opportunity to have our customer base on the lending side get used to the higher interest rates. I mean we just could not increase rates fast enough last year with the fed's decision every quarter to increase rates. And so what we're seeing and what's really, I would say, encouraging are the rate increases on the interest bearing asset side for the fourth quarter of last year and the third -- first quarter this year. That is to say that the rate increases that we've been able to implement are keeping somewhat in pace with the rise in the funding costs. And so I fully expect that the -- as we go further out that the -- end of the year that the -- our team will be able to pass along higher and better pricing to our borrowing customers. And furthermore, as Bonnie mentioned earlier, the -- one of the significant production area for the bank was the commercial equipment leasing division. That area contributed a proportionately higher percentage in the first quarter as compared to the rest of the bank. And as you may recall, that area generally generates a yield about 75 basis points higher than the rest of the portfolio. So if we're able to keep up that momentum from the equipment leasing side, I think we've got a pretty good chance of maybe perhaps expanding the margin a little bit more.

    Gary Peter Tenner -- D.A. Davidson & Co. -- Analyst

    Great. Thank you.

    Operator

    Our next question comes from the line of Matthew Clark with Piper Jaffray. Please proceed with your question.

    Matthew Timothy Clark -- Piper Jaffray Companies -- Analyst

    Hey. Good afternoon. First question really is on share repurchase, whether or not you had any activity this quarter and some appetite going forward?

    Romolo C. Santanrosa -- Senior Executive Vice President and Chief Financial Officer

    There were no share repurchases during the first quarter. We do have a share repurchase authorization or a share repurchase plan in effect. We will look at that from time to time and probably behave as I would characterize it as a traditional company when there's opportunity or where there's some strategic benefit to execute against that plan.

    Matthew Timothy Clark -- Piper Jaffray Companies -- Analyst

    Okay. And then on expenses with the branch closures, in terms of relief in the occupancy and equipment line, just thinking about the merit increases and just the overall run rate of non-interest expense. Should we expect any more relief? Or have we found a bottom and maybe grow from this kind of level?

    Romolo C. Santanrosa -- Senior Executive Vice President and Chief Financial Officer

    I don't -- again, as you pointed out, there are probably some relief in like the occupancy line. I'm just not sure of the timing as I go to the other lines of professional fees or supplies, data processing. Because again, we're going to be making certain investments and incurring certain costs. So I just don't know quite yet how that would work. So I think sitting here, I would say the run rate that we have today at 29-some odd million, I think that's a fairly good starting point for the second quarter.

    Matthew Timothy Clark -- Piper Jaffray Companies -- Analyst

    Okay. Great. And then on the increase in nonaccruals, can you just give some more color of the type of business underlying the loan, maybe what happens more specifically and then just the general trend in criticized classified?

    C. G. Kum -- Chief Executive Officer

    Yeah. The -- this is a C&I relationship with a CRE component on an occupied factory that we took as collateral or we have as collateral. They experienced a labor issue that has caused a business interruption. And that is causing them to assess whether this is an ongoing business or should they accelerate their transition to a new business model, which was already in the works. And so that's an issue that they are evaluating right now. They're working very cooperatively with us as we speak. And so as we sit and talk, we put some money away to protect our downside on this, but -- and we'll know within the next couple of quarters as to the ultimate resolution. But the positive here is that there's a borrower cooperation and there seemed to be assets to potentially pay back some or all of the loans that we have.

    Matthew Timothy Clark -- Piper Jaffray Companies -- Analyst

    And just the broader trend in criticized classified assets this quarter?

    C. G. Kum -- Chief Executive Officer

    It's stable to downward. There's no -- we've had this over the last couple of years. So we get this one-off kind of situation. So when you look at the overall portfolio, there's no systemic -- there's no portfoliowide kind of a weakness or downgrade -- downgrades, if you will or the higher level of criticized or substandards, if you will. And so I would say once again, this is a -- as we said at this point in time, it's a one-off issue. And there are no other significant increases in the criticized or any other grade categories.

    Matthew Timothy Clark -- Piper Jaffray Companies -- Analyst

    Well, thank you.

    Operator

    Our next question comes from the line of. Chris McGratty with KBW. Please proceed with your question.

    Christopher McGratty -- Keefe, Bruyette, & Woods, Inc. -- Analyst

    Great. Thanks.Maybe just going back to Matt's question on the credit for a moment. The $25 million, I guess help us with how large this is relative to kind of your largest handful of credit to the bank, whether this was self originated than perhaps a purchaser's bank loan? And then also C.G., if the outcome doesn't go the way you think or hope, the loss content in kind of this relationship, you set aside $3 million on $25 million. I mean how confident are you in the collateral, I guess is the question? Thanks.

    C. G. Kum -- Chief Executive Officer

    Well, this credit at $25 million is one of the largest C&I credits, but we have a total relationship that exceeds $50 million all in. And so I'd say this is in the upper end of the range, but on a C&I -- as far as C&I is concerned, certainly not anywhere near the largest relationships that we have in the bank. Information that we have in our possession today appear to indicate that we do not have a loss exposure. But we are going through a detailed process right now to validate and to update the value of the collateral that we have, that we have accounts receivables, we have inventory, upon which we have lease and borrowing base certificate and audits -- excuse me, collateral valuation and, like I mentioned, equipment. So we have relatively current appraisals on all of them, but with the disruption that we have had, we are obviously much more focused on getting a -- and as I mentioned earlier, I think with the possibility of this not being a going concern. So we're taking a really hard look at the actual current value of the collateral. On the real estate side, we seem to be fairly well secured. Real estate comprises roughly the $5 million out of the $25 million. The other $20 million is comprised of equipment loans and accounts/inventory funded line of credit. It's really too early for us to say whether $3 million is sufficient or not. We believe that the best guess estimate from our standpoint is that $3 million should be more than adequate based on all the information that we have today. But like in any credit situation, as we delve into the situation and as we get to understand the current value of all the collateral, that number may even go up or down. But it's premature for us to give you anything more than what we believe is the best guess estimate at this point, which is $3 million.

    Christopher McGratty -- Keefe, Bruyette, & Woods, Inc. -- Analyst

    Great. It's a great color. Thanks. And this was self-originated, or is this a participation? Just want to be clear.

    C. G. Kum -- Chief Executive Officer

    Self originated.

    Christopher McGratty -- Keefe, Bruyette, & Woods, Inc. -- Analyst

    Okay, great. Maybe going back to the margin, Ron, maybe to ask the question a little bit differently. You guys have been successful protecting the NIM given the strategy shift. How should we be thinking about growth in NII, right? If NIM stabilizes, you get the loan growth, you achieve the targets. Maybe a comment on investment portfolio strategy given the new structure and then kind of thoughts on growth in NII from here? Thanks.

    Romolo C. Santanrosa -- Senior Executive Vice President and Chief Financial Officer

    And just to be clear, so NII meaning net interest income or non-interest income?

    Christopher McGratty -- Keefe, Bruyette, & Woods, Inc. -- Analyst

    I'm sorry, net interest income -- net income.

    Romolo C. Santanrosa -- Senior Executive Vice President and Chief Financial Officer

    Okay. So I would anticipate that net interest income could have a positive growth quarter-over-quarter. If you see -- our average earning assets were a bit flattish with respect to loans, but you did see the growth in securities. So you're going to see a little bit of a recomposition of the balance sheet, loans to securities, earning assets comprised of loans versus securities. Within the loan book, as Bonnie mentioned and as C.G. mentioned, you're going to see the shift as a practical matter from resis into leasing assets and we had kind of commented on that previously. So there'll be some recomposition, on the funding side, again, you see the shift. Time deposits a little bit more than they were perhaps two years ago, three years ago, so the recomposition of the funding base. But we seem to be settling into the proportion of the mix where we are today. So I see the growth emanating partly because of just typical balance sheet growth, NIM stabilizing or some -- there could be some upward bias. But I won't -- I'm not as optimistic as C.G., but that's just the nature of our two personalities. And so I think it can grow a little bit.

    Christopher McGratty -- Keefe, Bruyette, & Woods, Inc. -- Analyst

    Great. And then could you help us on the tax rate going forward though? Thanks.

    Romolo C. Santanrosa -- Senior Executive Vice President and Chief Financial Officer

    Sure, I think, we probably will settle out closer to 29% for the year rather than 28%.

    Christopher McGratty -- Keefe, Bruyette, & Woods, Inc. -- Analyst

    Great, thank you.

    Operator

    Our next question comes from the line of Don Worthington with Raymond James. Please proceed with your question.

    Donald Worthington -- Raymond James -- Analyst

    Thank you. Good afternoon, everyone.

    C. G. Kum -- Chief Executive Officer

    Good afternoon.

    Donald Worthington -- Raymond James -- Analyst

    Maybe just some thoughts on where you see the SBA production and sales going. This quarter you sold some. Would you expect that to continue? Or I guess it depends on premiums and what's going on in the market, but any commentary would be helpful?

    Bonita I. Lee -- President and Chief Operating Officer

    Sure. We experienced actually higher premium this quarter versus prior quarter. And I think that we -- it's pretty much we -- in terms of premium, it's been a little bit stabilized. In terms of our production, we expect to see a better production in the second quarter than the first quarter.

    Donald Worthington -- Raymond James -- Analyst

    Okay, good. And then in terms of the decrease in deposit service fees linked quarter, what drove that? Was it compensating balances, or earnings credits or just...

    Bonita I. Lee -- President and Chief Operating Officer

    Some of them are actually related to branch closures in Texas.

    Donald Worthington -- Raymond James -- Analyst

    Okay.

    Bonita I. Lee -- President and Chief Operating Officer

    Some of the accounts from the particular branches in Texas that had components of a money service business. So that's what drove somewhat the decrease.

    Donald Worthington -- Raymond James -- Analyst

    Okay, great. Thank you.

    Operator

    We have no further questions in the queue at this time. Please continue.

    Richard Pimentel -- Senior Vice President & Corporate Finance Officer

    Thank you for listening to Hanmi Financial's first quarter 2019 results conference call. We look forward to speaking with you next quarter.

    Operator

    Thank you. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

    Duration: 34 minutes

    Call participants:

    Richard Pimentel -- Senior Vice President & Corporate Finance Officer

    C. G. Kum -- Chief Executive Officer

    Bonita I. Lee -- President and Chief Operating Officer

    Romolo C. Santanrosa -- Senior Executive Vice President and Chief Financial Officer

    Gary Peter Tenner -- D.A. Davidson & Co. -- Analyst

    Matthew Timothy Clark -- Piper Jaffray Companies -- Analyst

    Christopher McGratty -- Keefe, Bruyette, & Woods, Inc. -- Analyst

    Donald Worthington -- Raymond James -- Analyst

    More HAFC analysis

    Transcript powered by AlphaStreet

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    Hanmi Financial Corporation (HAFC) CEO Chong Guk Kum on Q1 2019 Results - Earnings Call Transcript

    Hanmi Financial Corporation (NASDAQ:HAFC) Q1 2019 Results Earnings Conference Call April 23, 2019 5:00 PM ET

    Company Participants

    Richard Pimentel - SVP & Corporate Finance Officer

    Chong Guk Kum - CEO

    Bonita Lee - President, COO

    Romolo Santarosa - CFO

    Conference Call Participants

    Gary Tenner - D.A. Davidson

    Matthew Clark - Piper Jaffray

    Chris McGratty - KBW

    Don Worthington - Raymond James

    Operator

    Ladies and gentlemen, welcome to the Hanmi Financial Corporation First Quarter 2019 Conference Call. As a reminder, today's call is being recorded for replay purposes. At this time, all participants are in a listen-only mode. Following the presentation, the conference will be opened for questions.

    I would now like to introduce Mr. Richard Pimentel, Senior Vice President and Corporate Finance Officer. Please go ahead.

    Richard Pimentel

    Thank you, Dana. Thank you all for joining us today. With me to discuss Hanmi Financial's first quarter 2019 earnings are C.G. Kum, our Chief Executive Officer; Bonnie Lee, President and Chief Operating Officer; and Ron Santarosa, Chief Financial Officer.

    Mr. Kum will begin with an overview of the quarter. Ms. Lee will discuss loan and deposit activities, and Mr. Santarosa will then provide more details on our operating performance. At the conclusion of the prepared remarks, we will open the session for questions.

    In today's call, we may include comments and forward-looking statements based on current plans, expectations, events and financial industry trends that may affect our company's future operating results and financial position. Our actual results could be different from those expressed or implied by our forward-looking statements, which involve risks and uncertainties. The speakers on this call claim the protection of the safe harbor provisions contained in the Securities Litigation Reform Act of 1995.

    For some factors that may cause our results to differ from our expectations, please refer to our SEC filings, including our most recent Form 10-K and 10-Q. In particular, we direct you to the discussion in our 10-K of certain risk factors affecting our business.

    This afternoon, Hanmi Financial issued a news release outlining our financial results for the first quarter of 2019, which can be found on our website at hanmi.com. I will now turn the call over to Mr. Kum.

    Chong Guk Kum

    Thank you, Richard. Good afternoon, everyone. Thank you for joining us today to discuss Hanmi's 2019 first quarter results.

    Our performance in the first quarter highlights the continued progression of our strategy to grow loans prudently, protect net interest margin and improve the bank cost structure. I will briefly summarize the key takeaways from the first quarter.

    Net income per diluted share increased significantly from the prior quarter, which included onetime expenses, and was up more than 4% compared with the first quarter last year.

    Through the end of the first quarter, our efforts to reduce costs and improve efficiencies have generated approximately $4.5 million in annual savings, and we are well on our way to achieving the $5 million net expense reduction target by year-end.

    In what is traditionally our slowest quarter of the year for new loan and lease production, new origination volume in the first quarter nearly offset the normal loan and lease runoff. That said, we were very selective in adjudicating credits during the quarter.

    And new origination activity in the period reflected continued loan pricing discipline and conservative underwriting standards. As a result, net interest margin has remained stable for 3 consecutive quarters.

    In addition, total deposits were up 1.5% quarter-over-quarter and 10.1% year-over-year primarily driven by growth in time and noninterest-bearing demand deposits. Driven by the solid growth in deposits, along with our strategy to selectively grow loans and leases, our loan-to-deposit ratio stood at 95% compared with 101% a year ago.

    And finally, subsequent to the end of the quarter, the Board of Directors appointed Bonnie Lee as Hanmi's next CEO upon my retirement next month. I'm very pleased with this decision, and I believe Bonita is uniquely qualified and deserving of this promotion.

    Looking in more detail at our first quarter results. We reported net income of $14.7 million or $0.48 per diluted share. On a linked-quarter basis, net income per share increased by $0.11 or 29% compared to the fourth quarter of 2018, which included a onetime income tax adjustment totaling $2.7 million that reduced fourth quarter net income by $0.09 per share.

    Excluding these items, net income per share increased by approximately 4% or $0.02 per share compared to the prior quarter. On a year-over-year basis, net income per share increased by $0.02 or approximately 4%.

    Net charge-offs declined to $200,000 or 2 basis points for the first quarter. We recorded a $1.1 million loan loss provision in the quarter, and our allowance for loan losses increased slightly to 72 basis points of loans and leases at quarter end.

    However, nonperforming loans increased in the quarter due to a $25 million commercial loan relationship primarily secured by business assets and, to a lesser extent, commercial real estate, which experienced an interruption to their business activity subsequent to the end of the first quarter.

    As a result, we have established a specific allowance of $3 million for this relationship, and we are working closely with the borrower to achieve a resolution as soon as possible.

    That being said, our commitment to conservative disciplined underwriting is part of the fabric of Hanmi's credit culture. For the first quarter of 2019, the weighted average loan-to-value and debt coverage ratio on new commercial real estate loan originations were 43.2% and 1.7x, respectively.

    For the entire commercial real estate portfolio, the weighted average loan-to-value and weighted average debt coverage ratio as of the end of the first quarter were 49.5% and 2.1x, respectively.

    I'd like to now provide an update on our strategic goals for 2019, which are predicated on being more selective in new loan production, protecting net interest margin and enhancing profitability through expense reduction. As evidenced by our first quarter results, we have made measurable progress in these key areas.

    In moderating our loan growth expectations for the full year 2019 to a range of 5% to 7%, we are very focused on growing areas of the bank that generate lower-cost deposits and/or higher spreads, such as C&I loans and equipment leases. C&I loans, which include our specialty lending division that focuses on mainstream businesses along with commercial equipment leasing division, were much larger portion of our overall loan production in the quarter than they have been in previous periods. Bonnie will expand on this in her remarks.

    In addition, we are much more selective in adjudicating credits with greater emphasis placed on pricing discipline. As a result, the average loan and lease yield for the first quarter is up 16 basis points to 5.22%. Additionally the weighted average interest rate for the newly originated loans in the first quarter increased 8 basis points.

    And importantly, weighted average interest rate for the newly generated CRE loans increased 25 basis points during the quarter. As a result, first quarter net interest margin was 3.52% and has increased slightly during the last 2 quarters.

    In addition to the selective growth initiatives, we also made progress in our efforts to reduce costs and to improve operational efficiency, which are expected to be reduce noninterest expenses by at least $5 million on a net basis or approximately $0.12 per share by the end of 2019.

    The rationalization of our branch network is a component of this effort and takes into consideration branch profitability, dependence on time deposits and strategic importance to the franchise. During the first quarter, we completed the consolidation of 4 branches including 2 branches in Illinois, 1 branch in Texas and 1 branch in Southern California.

    This is in addition to activities from the fourth quarter last year that included the closure of 2 branches and opening of 1 new branch, all of which were in Texas. With the rationalization process now complete, we have successfully consolidated approximately 10% of the Hanmi branch network.

    We are also making investments in technology and systems to ultimately reduce costs through improvement in operational efficiency. We are taking steps to centralize and streamline certain back-office activities to improve processing fee, along with enhanced consistency across the enterprise in adjudicating credits.

    With that, I'd like to turn the call over to Bonnie Lee, our President and Chief Operating Officer, to discuss the first quarter loan and lease production results and deposit-gathering activity. Bonnie?

    Bonita Lee

    Thank you, C.G. I'll discuss loan and lease production and deposit-gathering activities and then turn it over to Ron Santarosa for additional details on our first quarter financial results.

    During the quarter, loan and lease production totaled $179.8 million, which decreased 27% from the year ago. As a result of elevated level of payoffs in the quarter, our portfolio of loans and leases is essentially unchanged from the prior quarter. Our first quarter production activity continues to reflect our strategic shift towards the higher-yielding asset categories, such as C&I loans as well as equipment leases, while we reduce our exposure to lower-yielding asset classes, such as single-family residential loans. In fact, equipment leases comprised 39% of our first quarter production compared to 22% a year ago. Similarly, 19% of our first quarter production was C&I loans versus 11% in the first quarter last year.

    In line with our longer-term objective to diversify our loan and lease portfolio, CRE loans comprised 70.6% of our portfolio at the end of the first quarter compared with over 75.8% 2 years ago. First quarter production consisted of $46.5 million of commercial real estate loans, $30 million of SBA loans and $33.6 million of C&I loans.

    We also originated nearly $70 million of commercial equipment lease. Newly generated loans and leases for the quarter had a weighted average yield of 5.97%, an improvement from the previous quarter's weighted average yield on new production of 5.89%. As a result, average loan and lease yields for the portfolio improved to above 5.22%, an increase of 16 basis points from the prior quarter.

    Looking ahead to the second quarter and the remainder of 2019, our loan and lease pipeline is strong, and we continue to expect full year growth of loans and leases in the range of 5% to 7% as noted by C.G.

    Moving on to deposits. We continue to operate in a highly competitive Asian-American banking landscape for deposit-gathering activities. Total deposits of $4.82 billion increased 1.5% during the first quarter on a linked-quarter basis and 10.1% from a year ago.

    Growth in the quarter was driven by increase of 4.1% in time deposits and an increase of 2.5% in noninterest-bearing demand deposits from the prior quarter. As a result of the first quarter loan production and deposit-gathering activities, our loan-to-deposit ratio for the first quarter was 95%, down from 101% in the first quarter last year.

    I would now like to turn the call over to Ron Santarosa, our Chief Financial Officer. Ron?

    Romolo Santarosa

    Thank you, Bonnie, and good afternoon, all.

    Looking at our top line revenue results, net interest income for the fourth quarter was $44.9 million, down from $45.6 million for the fourth quarter, principally due to 2 fewer days period-over-period. We did see yields improve during the quarter and an increase in loan prepayment fees, which led to increases in income on loans and leases as well as securities and deposits placed in other banks.

    Offsetting this was an increase of $1.2 million in total interest expense, mostly driven by a 10.9% increase in deposit expense. Continuing our trend of replacing borrowings with deposits, our interest expense for borrowings fell 83.1% to $71,000 for the quarter, and there were no borrowings at the end of the first quarter.

    Net interest margin ended the quarter at 3.52%, up 1 basis point from 3.51% at the end of the year. Competition remains robust within our markets for deposits, and this is reflected in the 15 basis points sequential increase in our cost of deposits to 1.35%.

    There are a couple of factors offsetting this. First, there was a 16 basis point increase in the average yield for loans and leases with balances remaining relatively stable from the prior quarter combined with the shift from borrowings to deposits. Net interest margin, adjusted for loan prepayment penalties and the special FHLB dividend, was 3.46% for both the first and fourth quarters.

    Turning to noninterest income. We had a 0.7% decrease from the linked quarter to $6.3 million. Decreases of $290,000 for service charge on deposit accounts and $273,000 for servicing income drove the decline, with servicing income reflecting a higher level of prepayments affecting this line item. Offsetting those declines were the sale of $69.2 million of municipal bonds, resulting in a gain on sale of $725,000.

    SBA trading premiums rebounded in the first quarter and averaged 7.4% compared with 6.5% for the fourth quarter. As a result, we continued our sales practices and sold $15.5 million of the guaranteed portion of our SBA loan volume.

    Noninterest expenses fell 0.8% to $29.1 million from the fourth quarter primarily due to a $362,000 decrease in other operating expenses, chiefly from the change in our off-balance sheet allowance, and a $556,000 decrease in advertising and promotion. Partially offsetting these decreases was a $459,000 swing in other real estate owned expense and a $416,000 increase in occupancy and equipment, of which approximately $300,000 was related to onetime expenses associated with the consolidation of 4 branches during the quarter.

    For the same quarter comparison, total noninterest expenses are 2.3% less than the first quarter last year. Despite these expense savings this past quarter, lower revenues caused our efficiency ratio to increase slightly to 56.8% from 56.4%.

    Return on average assets for the first quarter increased to 1.09% from 0.83% last quarter, while return on average equity increased sequentially to [10.62%] from 7.92%. Our tangible book value increased by $0.42 to $17.89 per share from year-end, and our tangible common equity ratio was strong at [9.93%]. With that, I will turn it back to C.G.

    Chong Guk Kum

    Thank you, Ron.

    Hanmi's first quarter results represent a solid start to a new year and reflect the positive results of decisions we made last summer to protect net interest margin and to reduce expenses.

    During the quarter, we closed 4 additional branches to improve our cost structure. In addition, our net interest margin continues to show signs of stabilization and in fact also has started to show some upward momentum that bodes well for the balance of the year.

    As you are aware, this will be my last earnings call as the CEO of Hanmi. I want to take this opportunity to thank our shareholders, customers and employees for their loyalty and support. I also want to thank the analyst community for their support and keeping me on my toes.

    The Hanmi that I leave behind is very different than the one I joined in 2013. Today, our infrastructure is strong, and the management team is top-notch. Under Bonnie Lee and Ron Santarosa's leadership, the future of Hanmi is bright. Thank you, and God bless.

    Richard Pimentel

    Dana, that concludes our prepared remarks. We would now like to open the call for questions.

    Question-and-Answer Session

    Operator

    Thank you [Operator Instructions] Our first question comes from the line of Gary Tenner with D.A. Davidson. Please proceed with your question.

    Gary Tenner

    Hey, good afternoon I have just a couple of questions. I guess first on the branch consolidation, can you remind us what the quarterly savings from that particular exercise will be starting in the second quarter?

    Romolo Santarosa

    It should be approximately $1 million. It's roughly a $4 million annual save, so about $1 million per quarter. But recall, Gary, we were also going to be making investments. We also had some merit increases that are coming into effect in the second quarter.

    So as we mentioned, the $5 million idea is a net notion. And while the branches will contribute more than just about $4 million per year, there will be some other offsetting ideas for that. So said slightly different, not the entire $1 million will show in the second quarter.

    Gary Tenner

    Okay. Great. And then with the 5% to 7% loan growth coming off flat loans this quarter, I understand the comment about the strength of the pipeline. I'm just wondering what type of assumptions does that make around the pace of prepayments for the remainder of the year.

    Chong Guk Kum

    Well, I'll let Bonnie talk about the pace of the growth that she expects for the remaining three quarters. But the prepayment penalties -- or the prepayments that we experienced in the first quarter was not unusually high. It kind of falls in line with the levels of prepays that we've had over the last 2 years, albeit maybe a little bit on the higher end. But the prepays are, I would say, somewhat within the range of what we have experienced over the last couple of years.

    Bonita Lee

    Yes. I mean so therefore what [we have said] prepays are hard to predict. But during the first quarter, we had two relationships that customers had actually sold the business. Property and lease, they're recognized as income. And so looking at the rest of the year, starting in the second quarter, the pipeline going into the second quarter is about 20%, 25% higher than the first quarter that we experienced.

    First quarter was - going into the first quarter, I think that we saw lesser purchase transactions. And hopefully that for the remainder of the year, there will be more activities in terms of purchases as well as refinance activities.

    Chong Guk Kum

    Also in the specialty lending division as well as the commercial equipment leasing division, the momentum that they generated in the first quarter is significant in that as we have said before, the first quarter is typically a very slow quarter.

    But notwithstanding that, some of the things that they have done to put them in motion as far as maybe closing them in the second quarter and beyond, I think, are what bodes well for us to hit that 5% to 7% target for this year.

    Gary Tenner

    Okay. Well, actually I do have one more question, if I could. You talked a lot about the margin. With the fed looking to be on pause, let's assume the rest of the year, does that give some extra, I guess, opportunity for you to expand the margin from here versus if they change the rate?

    Chong Guk Kum

    Yes, for us, and particularly operating in our market, the pace of the rate increases by the fed, albeit I should say that, that slowing down is a definite positive to us, in that it gives us opportunity to have our customer base on the lending side get used to the higher interest rates. I mean we just could not increase rates fast enough last year with the fed's decision every quarter to increase rates.

    And so what we're seeing and what's really, I would say, encouraging are the rate increases on the interest-bearing asset side for the fourth quarter of last year and the third -- first quarter this year. That is to say that the rate increases that we've been able to implement are keeping somewhat in pace with the rise in the funding costs.

    And so I fully expect that the -- as we go further out, that the -- end of the year that the -- our team will be able to pass along higher and better pricing to our borrowing customers. And furthermore, as Bonnie mentioned earlier, the -- one of the significant production area for the bank was the commercial equipment leasing division.

    That area contributed a proportionately higher percentage in the first quarter as compared to the rest of the bank. And as you may recall, that area generally generates a yield about 75 basis points higher than the rest of the portfolio.

    So if we're able to keep up that momentum from the equipment leasing side, I think we've got a pretty good chance of maybe perhaps expanding the margin a little bit more.

    Gary Tenner

    Great. Thank you

    Operator

    Our next question comes from the line of Matthew Clark with Piper Jaffray. Please proceed with your question,

    Matthew Clark

    First question on share repurchase, I don't know if you've had any activity this quarter and some appetite going forward.

    Romolo Santarosa

    There were no share repurchases during the first quarter. We do have a share repurchase authorization or a share repurchase plan in effect. We will look at that from time to time and probably behave as I would characterize it as a traditional company when there's opportunity or where there's some strategic benefit to execute against that plan.

    Matthew Clark

    Okay. And then on expenses with the branch closures, it sounds like we're going to do a little relief in the occupancy and equipment line, just thinking about the merit increases and just the overall run rate of noninterest expense. Should we expect any more relief? Or have we found a bottom and maybe grow from this kind of level?

    Romolo Santarosa

    I don't -- again, as you pointed out, there are probably some relief in like the occupancy line. I'm just not sure of the timing as I go to the other lines of professional fees or supplies, data processing. Because again, we're going to be making certain investments and incurring certain costs.

    So I just don't know quite yet how that would work. So I think sitting here, I would say the run rate that we have today at 29-some-odd million, I think that's a fairly good starting point for the second quarter.

    Matthew Clark

    Okay. Great. And then on the increase in non-accruals, can you just give some more color of the type of business underlying the loan, maybe what happens more specifically and then just the general trend in criticized/classified?

    Chong Guk Kum

    Yes. The -- this is a C&I relationship with a CRE component on an occupied factory that we took as collateral or we have as collateral. They experienced a labor issue that has caused a business interruption. And that is causing them to assess whether this is an ongoing business or should they accelerate their transition to a new business model, which was already in the works. And so that's an issue that they are evaluating right now. They're working very cooperatively with us as we speak.

    And so as we sit and talk, we put some money away to protect our downside on this, but -- and we'll know within the next couple of quarters as to the ultimate resolution. But the positive here is that there's a borrower cooperation, and there seemed to be assets to potentially pay back some or all of the loans that we have.

    Matthew Clark

    And just the broader trend in criticized/classified assets this quarter?

    Chong Guk Kum

    It's stable to downward. There's no -- we've had this over the last couple of years. So we get this one-off kind of situation. So when you look at the overall portfolio, there's no systemic -- there's no portfolio-wide kind of a weakness or downgrade -- downgrades, if you will, or the higher level of criticized or substandards, if you will.

    And so I would say once again, this is a -- as we said at this point in time, it's a one-off issue. And there are no other significant increases in the criticized or any other grade categories.

    Operator

    Our next question comes from the line of Chris McGratty with KBW. Please proceed with your question.

    Chris McGratty

    Thanks. Maybe just going back to Matt's question on the credit for a moment. The $25 million, I guess, help us with how large this is relative to kind of your largest handful of credit to the bank, whether this was self-originated than perhaps a purchaser's bank loan?

    And then also, C.G., if the outcome doesn't go the way you think or hope, the loss content in kind of this relationship, you set aside $3 million on $25 million. I mean how confident are you in the collateral, I guess, is the question.

    Chong Guk Kum

    Well, this credit at $25 million is one of the largest C&I credits, but we have a total relationship that exceeds $50 million all in. And so I'd say this is in the upper end of the range but on a C&I -- as far as C&I is concerned, certainly not anywhere near the largest relationships that we have in the bank. Information that we have in our possession today appear to indicate that we do not have a loss exposure.

    But we are going through a detailed process right now to validate and to update the value of the collateral that we have, that we have accounts receivables, we have inventory, upon which we have lease and borrowing base certificate and audits -- excuse me, collateral valuation and, like I mentioned, equipment.

    So we have relatively current appraisals on all of them, but with the disruption that we have had, we are obviously much more focused on getting a -- and as I mentioned earlier, I think with the possibility of this not being a going concern. So we're taking a really hard look at the actual current value of the collateral.

    On the real estate side, we seem to be fairly well secured. Real estate comprises roughly the $5 million out of the $25 million. The other $20 million is comprised of equipment loans and accounts/inventory-funded line of credit.

    It's really too early for us to say whether $3 million is sufficient or not. We believe that the best guess estimate from our standpoint is that $3 million should be more than adequate based on all the information that we have today.

    But like in any credit situation, as we delve into the situation and as we get to understand the current value of all the collateral, that number may even go up or down. But it's premature for us to give you anything more than what we believe is the best guess estimate at this point, which is $3 million.

    Chris McGratty

    Great. That's great color. And this was self-originated, or is this a participation? Just want to be clear.

    Chong Guk Kum

    Oh, self-originated.

    Chris McGratty

    Okay. Great. Maybe going back to the margin, Ron, maybe to ask the question a little bit differently. You guys have been successful protecting the NIM given the strategy shift. How should we be thinking about growth in NII, right? If NIM stabilizes, you get the loan growth, you achieve the targets. Maybe a comment on investment portfolio strategy given the new structure and then kind of thoughts on growth in NII from here.

    Romolo Santarosa

    And just to be clear, so NII meaning net interest income or noninterest income?

    Chris McGratty

    Oh, I'm sorry. Net interest income.

    Romolo Santarosa

    Okay. So I would anticipate that net interest income could have a positive growth quarter-over-quarter. If you see -- our average earning assets were a bit flattish with respect to loans, but you did see the growth in securities. So you're going to see a little bit of a recomposition of the balance sheet, loans to securities, earning assets comprised of loans versus securities.

    Within the loan book, as Bonnie mentioned and as C.G. mentioned, you're going to see the shift as a practical matter from resis into leasing assets, and we had kind of commented on that previously. So there'll be some recomposition, on the funding side, again, you see the shift.

    Time deposits a little bit more than they were perhaps 2 years ago, 3 years ago, so the recomposition of the funding base. But we seem to be settling into the proportion of the mix where we are today. So I see the growth emanating partly because of just typical balance sheet growth, NIM stabilizing or some -- there could be some upward bias. But I won't -- I'm not as optimistic as C.G., but that's just the nature of our 2 personalities. And so I think it can grow a little bit.

    Chris McGratty

    And then could you help us on the tax rate going forward?

    Romolo Santarosa

    Sure. I think we probably will settle out closer to 29% for the year rather than 28%.

    Chris McGratty

    Thank you.

    Operator

    Our next question comes from the line of Don Worthington with Raymond James. Please proceed with your question.

    Don Worthington

    Thank you. Good afternoon, everyone. Maybe just some thoughts on where you see the SBA production and sales going. This quarter, you sold some. Would you expect that to continue? Or I guess it depends on premiums and what's going on in the market, but any commentary would be helpful.

    Bonita Lee

    Sure. We experienced actually higher premium this quarter versus prior quarter. And I think that we -- it's pretty much we -- in terms of premium, it's been a little bit stabilized. In terms of our production, we expect to see a better production in the second quarter than the first quarter.

    Don Worthington

    Okay. Good. And then in terms of the decrease in deposit service fees linked quarter, what drove that? Was it compensating balances or earnings credits or just...

    Bonita Lee

    Some of them are actually related to branch closures in Texas, some of the accounts from the particular branches in Texas that had components of a money service business. So that's what drove somewhat the decrease.

    Don Worthington

    Okay, great. Thank you.

    Operator

    We have no further questions in the queue at this time. Please continue.

    Richard Pimentel

    Thank you for listening to Hanmi Financial's First Quarter 2019 Results Conference Call. We look forward to speaking with you next quarter.

    SeekingAlpha

    Trustmark Corporation Announces First Quarter 2019 Financial Results

    JACKSON, Miss.--(BUSINESS WIRE)--Trustmark Corporation (NASDAQ:TRMK) reported net income of $33.3 million in the first quarter of 2019, representing diluted earnings per share of $0.51. This level of earnings resulted in a return on average tangible equity of 11.55% and a return on average assets of 1.01%. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable June 15, 2019, to shareholders of record on June 1, 2019.

    Printer friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/51972728/en.

    First Quarter Highlights

  • Net interest margin (FTE), excluding acquired loans, was 3.60% in the first quarter, up 10 basis points from the prior quarter and 23 basis points year-over-year
  • Core noninterest expense, which excludes other real estate expense and intangible amortization, totaled $103.2 million in the first quarter, up 0.6% from the prior quarter and 3.0% year-over-year
  • Sustained strong credit performance as reflected in the reduction in nonperforming assets
  • Gerard R. Host, President and CEO, stated, “We had a great start to the new year as reflected by profitable loan and deposit growth and solid performance in our insurance business. Additionally, we maintained disciplined expense management and continued to effectively deploy capital through our share repurchase program. We remain committed to managing the franchise for the long term, providing investments to promote profitable revenue growth, realigning delivery channels to support changing customer preferences, as well as efficiency programs that enhance long-term shareholder value.”

    Balance Sheet Management

  • Loans held for investment increased $159.1 million, or 1.8%, from the prior quarter and $481.0 million, or 5.6%, year-over-year
  • Deposits increased $170.4 million, or 1.5%, from the prior quarter and $559.0 million, or 5.1%, year-over-year
  • Continued balance sheet optimization through maturing investment securities run-off and opportunistic share repurchases
  • Loans held for investment totaled $9.0 billion at March 31, 2019, an increase of 1.8% from the prior quarter and 5.6% from the comparable period one year earlier. Acquired loans totaled $93.2 million at March 31, 2019, down $13.7 million from the prior quarter. Collectively, loans held for investment and acquired loans totaled $9.1 billion at March 31, 2019, up $145.4 million, or 1.6%, from the prior quarter and $358.8 million, or 4.1%, year-over-year.

    Deposits totaled $11.5 billion at March 31, 2019, up $170.4 million, or 1.5%, from the prior quarter. Trustmark continues to maintain an attractive, low-cost deposit base with approximately 58% of deposit balances in checking accounts. Deposit costs remain well controlled with an 8 basis point linked-quarter increase in total deposit cost.

    Trustmark’s capital position remained solid, reflecting the consistent profitability of its diversified financial services businesses. During the first quarter, Trustmark repurchased $36.9 million, or approximately 1.2 million of its common shares in open market transactions, completing its $100.0 million share repurchase program announced in 2016. As previously disclosed, Trustmark announced a new $100.0 million share repurchase program effective April 1, 2019, which expires March 31, 2020. This repurchase program, which is subject to market conditions and management discretion, will be implemented through open market repurchases or privately negotiated transactions. At March 31, 2019, Trustmark’s tangible equity to tangible assets ratio was 9.15%, while the total risk-based capital ratio was 13.21%.

    Credit Quality

  • Nonaccrual loans declined 8.4% and 17.9% from the prior quarter and year-over-year, respectively
  • Other real estate decreased 7.3% and 18.7% from the prior quarter and year-over-year, respectively
  • Net charge-offs totaled $1.9 million during the first quarter, representing 0.09% of average loans
  • Nonperforming loans totaled $56.4 million at March 31, 2019, down 8.4% from the prior quarter and 17.9% year-over-year. Other real estate totaled $32.1 million, reflecting a decline of 7.3% from the previous quarter and 18.7% from the same period one year earlier. Collectively, nonperforming assets totaled $88.6 million, reflecting a linked-quarter decrease of 8.0% and year-over-year decrease of 18.2%.

    Allocation of Trustmark's $79.0 million allowance for loan losses represented 0.96% of commercial loans and 0.57% of consumer and home mortgage loans, resulting in an allowance to total loans held for investment of 0.88% at March 31, 2019, representing a level management considers commensurate with the inherent risk in the loan portfolio. The allowance for loan losses represented 342.97% of nonperforming loans, excluding specifically reviewed impaired loans.

    Unless otherwise noted, all of the above credit quality metrics exclude acquired loans.

    Revenue Generation

  • Net interest income (FTE), excluding acquired loans, totaled $106.1 million, up 0.9% from the prior quarter and 5.7% year-over-year
  • Net interest margin (FTE), excluding acquired loans, was 3.60%, an increase of 10 basis points from the prior quarter and 23 basis points year-over-year
  • Maturing investment securities run-off continued to be accretive to the net interest margin
  • Net interest income (FTE) in the first quarter totaled $108.0 million, resulting in a net interest margin of 3.63%, up 7 basis points from the prior quarter. Relative to the prior quarter, net interest income (FTE) decreased $372 thousand, reflecting a $555 thousand increase in interest income and a $927 thousand increase in interest expense. During the first quarter of 2019, the yield on acquired loans totaled 7.45% and included $243 thousand in recoveries from the settlement of debt, which represented approximately 0.95% of the annualized total acquired loan yield.

    Noninterest income in the first quarter decreased 4.7% from the prior quarter to total $41.5 million, as increased insurance commissions were more than offset by lower mortgage banking revenue and seasonal reductions in various fee-income categories. Insurance revenue totaled $10.9 million in the first quarter, up 13.7% from the prior quarter and 15.4% year-over-year; this performance primarily reflects growth in the commercial property and casualty and group health businesses. Mortgage banking revenue totaled $3.4 million in the first quarter, down $2.3 million from the prior quarter and $7.8 million year-over-year. The linked-quarter change reflects an increase in mortgage banking income before hedge ineffectiveness of $1.4 million, which was more than offset by an increase in net negative hedge ineffectiveness of $3.7 million. Mortgage loan production during the first quarter totaled $283.5 million, down 6.7% from the prior quarter and 2.0% year-over-year.

    Wealth management revenue in the first quarter totaled $7.5 million, unchanged from the prior quarter and down 1.1% year-over-year. The year-over-year decline is primarily attributable to growth in annuity sales being more than offset by declines in trust management and brokerage revenue. Bank card and other fees declined $559 thousand from the prior quarter due to seasonal reductions in interchange income and other miscellaneous bank fees. Service charges on deposit accounts declined $858 thousand from the prior quarter, reflecting seasonal reductions in NSF and overdraft fees. Other income in the first quarter totaled $2.2 million, up 17.6% from the prior quarter due principally to growth in other miscellaneous income.

    Noninterest Expense

  • Total noninterest expense increased 2.0% linked quarter and 3.5% year-over-year to $106.0 million
  • Core noninterest expense, which excludes other real estate expense and intangible amortization, totaled $103.2 million, up 0.6% from the prior quarter and 3.0% year-over-year
  • Continued to realign retail delivery channels with changing customer preferences
  • Salaries and employee benefits increased $2.2 million from the prior quarter to total $61.0 million. The increase was primarily attributable to growth in insurance commissions as well as a seasonal increase in payroll taxes. Services and fees decreased $942 thousand linked-quarter. Office occupancy and total equipment expense declined $287 thousand and $405 thousand, respectively, linked quarter. Other real estate expense totaled $1.8 million. Other expense totaled $12.2 million, a decline of $42 thousand on a linked-quarter basis.

    Additional Information

    As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, April 24, 2019 at 8:30 a.m. Central Time to discuss the Corporation’s financial results. Interested parties may listen to the conference call by dialing (877) 317-3051 or by clicking on the link provided under the Investor Relations section of our website at www.trustmark.com. A replay of the conference call will also be available through Wednesday, May 8, 2019, in archived format at the same web address or by calling (877) 344-7529, passcode 10129934.

    Trustmark Corporation is a financial services company providing banking and financial solutions through 195 offices in Alabama, Florida, Mississippi, Tennessee and Texas.

    Forward-Looking Statements

    Certain statements contained in this document 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,” “potential,” “continue,” “could,” “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 Federal Reserve Board 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 related 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.

      TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2019 ($ in thousands) (unaudited)                   Linked Quarter     Year over Year

    QUARTERLY AVERAGE BALANCES

    3/31/2019 12/31/2018 3/31/2018

    $ Change

        % Change

    $ Change

        % Change Securities AFS-taxable $ 1,753,268 $ 1,847,421 $ 2,141,144 $ (94,153 ) -5.1 % $ (387,876 ) -18.1 % Securities AFS-nontaxable 40,159 38,821 57,972 1,338 3.4 % (17,813 ) -30.7 % Securities HTM-taxable 866,665 893,186 1,005,721 (26,521 ) -3.0 % (139,056 ) -13.8 % Securities HTM-nontaxable   28,710     29,143     32,734     (433 ) -1.5 %   (4,024 ) -12.3 % Total securities   2,688,802     2,808,571     3,237,571     (119,769 ) -4.3 %   (548,769 ) -17.0 % Loans (including loans held for sale) 9,038,204 8,933,501 8,636,967 104,703 1.2 % 401,237 4.6 % Acquired loans 104,316 127,747 243,152 (23,431 ) -18.3 % (138,836 ) -57.1 % Fed funds sold and rev repos 277 843 478 (566 ) -67.1 % (201 ) -42.1 % Other earning assets   243,493     200,282     213,985     43,211   21.6 %   29,508   13.8 % Total earning assets   12,075,092     12,070,944     12,332,153     4,148   0.0 %   (257,061 ) -2.1 % Allowance for loan losses (82,227 ) (85,842 ) (82,304 ) 3,615 4.2 % 77 0.1 % Cash and due from banks 423,749 339,605 336,642 84,144 24.8 % 87,107 25.9 % Other assets   1,023,862     1,023,226     1,030,738     636   0.1 %   (6,876 ) -0.7 % Total assets $ 13,440,476   $ 13,347,933   $ 13,617,229   $ 92,543   0.7 % $ (176,753 ) -1.3 %   Interest-bearing demand deposits $ 2,899,467 $ 2,722,841 $ 2,404,428 $ 176,626 6.5 % $ 495,039 20.6 % Savings deposits 3,786,835 3,565,682 3,737,507 221,153 6.2 % 49,328 1.3 % Time deposits   1,881,556     1,892,983     1,748,645     (11,427 ) -0.6 %   132,911   7.6 % Total interest-bearing deposits 8,567,858 8,181,506 7,890,580 386,352 4.7 % 677,278 8.6 % Fed funds purchased and repos 84,352 340,094 277,877 (255,742 ) -75.2 % (193,525 ) -69.6 % Other borrowings 90,804 90,252 752,157 552 0.6 % (661,353 ) -87.9 % Junior subordinated debt securities   61,856     61,856     61,856     —   0.0 %   —   0.0 % Total interest-bearing liabilities 8,804,870 8,673,708 8,982,470 131,162 1.5 % (177,600 ) -2.0 % Noninterest-bearing deposits 2,824,220 2,862,161 2,881,374 (37,941 ) -1.3 % (57,154 ) -2.0 % Other liabilities   221,199     216,932     180,871     4,267   2.0 %   40,328   22.3 % Total liabilities 11,850,289 11,752,801 12,044,715 97,488 0.8 % (194,426 ) -1.6 % Shareholders' equity   1,590,187     1,595,132     1,572,514     (4,945 ) -0.3 %   17,673   1.1 % Total liabilities and equity $ 13,440,476   $ 13,347,933   $ 13,617,229   $ 92,543   0.7 % $ (176,753 ) -1.3 %   n/m - percentage changes greater than +/- 100% are considered not meaningful  

    See Notes to Consolidated Financials

      TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2019 ($ in thousands) (unaudited)                   Linked Quarter     Year over Year

    PERIOD END BALANCES

    3/31/2019 12/31/2018 3/31/2018

    $ Change

        % Change

    $ Change

        % Change Cash and due from banks $ 454,047 $ 349,561 $ 315,276 $ 104,486 29.9 % $ 138,771 44.0 % Fed funds sold and rev repos — 830 112 (830 ) -100.0 % (112 ) -100.0 % Securities available for sale 1,723,445 1,811,813 2,097,497 (88,368 ) -4.9 % (374,052 ) -17.8 % Securities held to maturity 884,319 909,643 1,023,975 (25,324 ) -2.8 % (139,656 ) -13.6 % Loans held for sale (LHFS) 172,683 153,799 163,882 18,884 12.3 % 8,801 5.4 % Loans held for investment (LHFI) 8,995,014 8,835,868 8,513,985 159,146 1.8 % 481,029 5.6 % Allowance for loan losses, LHFI   (79,005 )   (79,290 )   (81,235 )   285   0.4 %   2,230   2.7 % Net LHFI 8,916,009 8,756,578 8,432,750 159,431 1.8 % 483,259 5.7 % Acquired loans 93,201 106,932 215,476 (13,731 ) -12.8 % (122,275 ) -56.7 % Allowance for loan losses, acquired loans   (1,297 )   (1,231 )   (4,294 )   (66 ) -5.4 %   2,997   69.8 % Net acquired loans   91,904     105,701     211,182     (13,797 ) -13.1 %   (119,278 ) -56.5 % Net LHFI and acquired loans 9,007,913 8,862,279 8,643,932 145,634 1.6 % 363,981 4.2 % Premises and equipment, net 189,743 178,668 178,584 11,075 6.2 % 11,159 6.2 % Mortgage servicing rights 86,842 95,596 94,850 (8,754 ) -9.2 % (8,008 ) -8.4 % Goodwill 379,627 379,627 379,627 — 0.0 % — 0.0 % Identifiable intangible assets 10,092 11,112 14,963 (1,020 ) -9.2 % (4,871 ) -32.6 % Other real estate 32,139 34,668 39,554 (2,529 ) -7.3 % (7,415 ) -18.7 % Operating lease right-of-use assets 33,861 — — 33,861 n/m 33,861 n/m Other assets   503,306     498,864     511,187     4,442   0.9 %   (7,881 ) -1.5 % Total assets $ 13,478,017   $ 13,286,460   $ 13,463,439   $ 191,557   1.4 % $ 14,578   0.1 %   Deposits: Noninterest-bearing $ 2,867,778 $ 2,937,594 $ 3,004,442 $ (69,816 ) -2.4 % $ (136,664 ) -4.5 % Interest-bearing   8,667,037     8,426,817     7,971,359     240,220   2.9 %   695,678   8.7 % Total deposits 11,534,815 11,364,411 10,975,801 170,404 1.5 % 559,014 5.1 % Fed funds purchased and repos 46,867 50,471 274,833 (3,604 ) -7.1 % (227,966 ) -82.9 % Other borrowings 83,265 79,885 443,618 3,380 4.2 % (360,353 ) -81.2 % Junior subordinated debt securities 61,856 61,856 61,856 — 0.0 % — 0.0 % Operating lease liabilities 34,921 — — 34,921 n/m 34,921 n/m Other liabilities   129,265     138,384     137,194     (9,119 ) -6.6 %   (7,929 ) -5.8 % Total liabilities   11,890,989     11,695,007     11,893,302     195,982   1.7 %   (2,313 ) 0.0 % Common stock 13,499 13,717 14,121 (218 ) -1.6 % (622 ) -4.4 % Capital surplus 272,268 309,545 366,021 (37,277 ) -12.0 % (93,753 ) -25.6 % Retained earnings 1,342,176 1,323,870 1,257,881 18,306 1.4 % 84,295 6.7 % Accum other comprehensive loss, net of tax   (40,915 )   (55,679 )   (67,886 )   14,764   26.5 %   26,971   39.7 % Total shareholders' equity   1,587,028     1,591,453     1,570,137     (4,425 ) -0.3 %   16,891   1.1 % Total liabilities and equity $ 13,478,017   $ 13,286,460   $ 13,463,439   $ 191,557   1.4 % $ 14,578   0.1 %   n/m - percentage changes greater than +/- 100% are considered not meaningful  

    See Notes to Consolidated Financials

      TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2019 ($ in thousands except per share data) (unaudited)       Quarter Ended     Linked Quarter     Year over Year

    INCOME STATEMENTS

    3/31/2019     12/31/2018       3/31/2018

    $ Change

        % Change

    $ Change

        % Change Interest and fees on LHFS & LHFI-FTE $ 109,890 $ 107,709 $ 94,712 $ 2,181 2.0 % $ 15,178 16.0 % Interest and fees on acquired loans 1,916 3,183 4,877 (1,267 ) -39.8 % (2,961 ) -60.7 % Interest on securities-taxable 14,665 15,496 17,506 (831 ) -5.4 % (2,841 ) -16.2 % Interest on securities-tax exempt-FTE 646 617 824 29 4.7 % (178 ) -21.6 % Interest on fed funds sold and rev repos 2 4 2 (2 ) -50.0 % — 0.0 % Other interest income   1,603   1,158     934   445   38.4 %   669   71.6 % Total interest income-FTE   128,722   128,167     118,855   555   0.4 %   9,867   8.3 % Interest on deposits 19,570 17,334 9,491 2,236 12.9 % 10,079 n/m Interest on fed funds pch and repos 288 1,528 662 (1,240 ) -81.2 % (374 ) -56.5 % Other interest expense   825   894     3,394   (69 ) -7.7 %   (2,569 ) -75.7 % Total interest expense   20,683   19,756     13,547   927   4.7 %   7,136   52.7 % Net interest income-FTE 108,039 108,411 105,308 (372 ) -0.3 % 2,731 2.6 % Provision for loan losses, LHFI 1,611 2,192 3,961 (581 ) -26.5 % (2,350 ) -59.3 % Provision for loan losses, acquired loans   78   (247 )   150   325   n/m   (72 ) -48.0 % Net interest income after provision-FTE   106,350   106,466     101,197   (116 ) -0.1 %   5,153   5.1 % Service charges on deposit accounts 10,265 11,123 10,857 (858 ) -7.7 % (592 ) -5.5 % Bank card and other fees 7,191 7,750 6,626 (559 ) -7.2 % 565 8.5 % Mortgage banking, net 3,442 5,716 11,265 (2,274 ) -39.8 % (7,823 ) -69.4 % Insurance commissions 10,871 9,562 9,419 1,309 13.7 % 1,452 15.4 % Wealth management 7,483 7,504 7,567 (21 ) -0.3 % (84 ) -1.1 % Other, net   2,239   1,904     1,059   335   17.6 %   1,180   n/m Nonint inc-excl sec gains (losses), net 41,491 43,559 46,793 (2,068 ) -4.7 % (5,302 ) -11.3 % Security gains (losses), net   —   —     —   —   n/m   —   n/m Total noninterest income   41,491   43,559     46,793   (2,068 ) -4.7 %   (5,302 ) -11.3 % Salaries and employee benefits 60,954 58,736 58,475 2,218 3.8 % 2,479 4.2 % Services and fees 16,968 17,910 15,746 (942 ) -5.3 % 1,222 7.8 % Net occupancy-premises 6,454 6,741 6,502 (287 ) -4.3 % (48 ) -0.7 % Equipment expense 5,924 6,329 6,099 (405 ) -6.4 % (175 ) -2.9 % Other real estate expense, net 1,752 61 866 1,691 n/m 886 n/m FDIC assessment expense 1,758 1,897 2,995 (139 ) -7.3 % (1,237 ) -41.3 % Other expense   12,211   12,253     11,782   (42 ) -0.3 %   429   3.6 % Total noninterest expense   106,021   103,927     102,465   2,094   2.0 %   3,556   3.5 % Income before income taxes and tax eq adj 41,820 46,098 45,525 (4,278 ) -9.3 % (3,705 ) -8.1 % Tax equivalent adjustment   3,231   3,231     3,215   —   0.0 %   16   0.5 % Income before income taxes 38,589 42,867 42,310 (4,278 ) -10.0 % (3,721 ) -8.8 % Income taxes   5,250   6,179     5,480   (929 ) -15.0 %   (230 ) -4.2 % Net income $ 33,339 $ 36,688   $ 36,830 $ (3,349 ) -9.1 % $ (3,491 ) -9.5 %   Per share data Earnings per share - basic $ 0.51 $ 0.55   $ 0.54 $ (0.04 ) -7.3 % $ (0.03 ) -5.6 %   Earnings per share - diluted $ 0.51 $ 0.55   $ 0.54 $ (0.04 ) -7.3 % $ (0.03 ) -5.6 %   Dividends per share $ 0.23 $ 0.23   $ 0.23   —   0.0 %   —   0.0 %   Weighted average shares outstanding Basic   65,239,470   66,839,504     67,809,234   Diluted   65,378,500   67,028,978     67,960,583   Period end shares outstanding   64,789,943   65,834,395     67,775,068   n/m - percentage changes greater than +/- 100% are considered not meaningful  

    See Notes to Consolidated Financials

      TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2019 ($ in thousands) (unaudited)       Quarter Ended     Linked Quarter     Year over Year

    NONPERFORMING ASSETS (1)

    3/31/2019     12/31/2018     3/31/2018

    $ Change

       

    % Change

    $ Change

        % Change Nonaccrual loans Alabama $ 2,971 $ 3,361 $ 3,121 $ (390 ) -11.6 % $ (150 ) -4.8 % Florida 408 1,175 2,116 (767 ) -65.3 % (1,708 ) -80.7 % Mississippi (2) 41,145 44,331 48,600 (3,186 ) -7.2 % (7,455 ) -15.3 % Tennessee (3) 8,806 8,696 5,530 110 1.3 % 3,276 59.2 % Texas   3,093     4,061     9,329     (968 ) -23.8 %   (6,236 ) -66.8 % Total nonaccrual loans 56,423 61,624 68,696 (5,201 ) -8.4 % (12,273 ) -17.9 % Other real estate Alabama 6,878 6,873 8,962 5 0.1 % (2,084 ) -23.3 % Florida 8,120 8,771 12,550 (651 ) -7.4 % (4,430 ) -35.3 % Mississippi (2) 15,421 17,255 15,737 (1,834 ) -10.6 % (316 ) -2.0 % Tennessee (3) 994 1,025 1,523 (31 ) -3.0 % (529 ) -34.7 % Texas   726     744     782     (18 ) -2.4 %   (56 ) -7.2 % Total other real estate   32,139     34,668     39,554     (2,529 ) -7.3 %   (7,415 ) -18.7 % Total nonperforming assets $ 88,562   $ 96,292   $ 108,250   $ (7,730 ) -8.0 % $ (19,688 ) -18.2 %  

    LOANS PAST DUE OVER 90 DAYS (1)

    LHFI $ 670   $ 856   $ 1,419   $ (186 ) -21.7 % $ (749 ) -52.8 %   LHFS-Guaranteed GNMA serviced loans (no obligation to repurchase) $ 40,793   $ 37,384   $ 34,826   $ 3,409   9.1 % $ 5,967   17.1 %   Quarter Ended Linked Quarter Year over Year

    ALLOWANCE FOR LOAN LOSSES (1)

    3/31/2019 12/31/2018 3/31/2018

    $ Change

    % Change

    $ Change

    % Change Beginning Balance $ 79,290 $ 88,874 $ 76,733 $ (9,584 ) -10.8 % $ 2,557 3.3 % Provision for loan losses 1,611 2,192 3,961 (581 ) -26.5 % (2,350 ) -59.3 % Charge-offs (4,033 ) (16,509 ) (2,542 ) 12,476 75.6 % (1,491 ) -58.7 % Recoveries   2,137     4,733     3,083     (2,596 ) -54.8 %   (946 ) -30.7 % Net (charge-offs) recoveries   (1,896 )   (11,776 )   541     9,880   83.9 %   (2,437 ) n/m Ending Balance $ 79,005   $ 79,290   $ 81,235   $ (285 ) -0.4 % $ (2,230 ) -2.7 %  

    PROVISION FOR LOAN LOSSES (1)

    Alabama $ 791 $ (346 ) $ 618 $ 1,137 n/m $ 173 28.0 % Florida (595 ) (160 ) (863 ) (435 ) n/m 268 31.1 % Mississippi (2) 119 (3,594 ) 2,664 3,713 n/m (2,545 ) -95.5 % Tennessee (3) (234 ) 3,039 (268 ) (3,273 ) n/m 34 12.7 % Texas   1,530     3,253     1,810     (1,723 ) -53.0 %   (280 ) -15.5 % Total provision for loan losses $ 1,611   $ 2,192   $ 3,961   $ (581 ) -26.5 % $ (2,350 ) -59.3 %  

    NET CHARGE-OFFS (RECOVERIES) (1)

    Alabama $ 15 $ 203 $ 84 $ (188 ) -92.6 % $ (69 ) -82.1 % Florida (227 ) (238 ) (960 ) 11 4.6 % 733 76.4 % Mississippi (2) 2,130 (1,873 ) 267 4,003 n/m 1,863 n/m Tennessee (3) 50 7,875 109 (7,825 ) -99.4 % (59 ) -54.1 % Texas   (72 )   5,809     (41 )   (5,881 ) n/m   (31 ) -75.6 % Total net charge-offs (recoveries) $ 1,896   $ 11,776   $ (541 ) $ (9,880 ) -83.9 % $ 2,437   n/m   (1) Excludes acquired loans. (2) Mississippi includes Central and Southern Mississippi Regions. (3) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions.   n/m - percentage changes greater than +/- 100% are considered not meaningful

    See Notes to Consolidated Financials

      TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2019 ($ in thousands) (unaudited)       Quarter Ended

    AVERAGE BALANCES

    3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018 Securities AFS-taxable $ 1,753,268 $ 1,847,421 $ 1,937,807 $ 2,038,759 $ 2,141,144 Securities AFS-nontaxable 40,159 38,821 41,889 50,035 57,972 Securities HTM-taxable 866,665 893,186 933,294 972,571 1,005,721 Securities HTM-nontaxable   28,710     29,143     29,183     30,337     32,734   Total securities   2,688,802     2,808,571     2,942,173     3,091,702     3,237,571   Loans (including loans held for sale) 9,038,204 8,933,501 8,907,588 8,707,466 8,636,967 Acquired loans 104,316 127,747 147,811 202,140 243,152 Fed funds sold and rev repos 277 843 477 1,063 478 Other earning assets   243,493     200,282     189,471     186,224     213,985   Total earning assets   12,075,092     12,070,944     12,187,520     12,188,595     12,332,153   Allowance for loan losses (82,227 ) (85,842 ) (86,496 ) (86,315 ) (82,304 ) Cash and due from banks 423,749 339,605 330,949 319,075 336,642 Other assets   1,023,862     1,023,226     1,035,327     1,042,156     1,030,738   Total assets $ 13,440,476   $ 13,347,933   $ 13,467,300   $ 13,463,511   $ 13,617,229     Interest-bearing demand deposits $ 2,899,467 $ 2,722,841 $ 2,602,658 $ 2,439,777 $ 2,404,428 Savings deposits 3,786,835 3,565,682 3,722,533 3,860,096 3,737,507 Time deposits   1,881,556     1,892,983     1,851,866     1,798,855     1,748,645   Total interest-bearing deposits 8,567,858 8,181,506 8,177,057 8,098,728 7,890,580 Fed funds purchased and repos 84,352 340,094 347,489 352,256 277,877 Other borrowings 90,804 90,252 187,196 249,853 752,157 Junior subordinated debt securities   61,856     61,856     61,856     61,856     61,856   Total interest-bearing liabilities 8,804,870 8,673,708 8,773,598 8,762,693 8,982,470 Noninterest-bearing deposits 2,824,220 2,862,161 2,894,061 2,930,726 2,881,374 Other liabilities   221,199     216,932     202,053     188,186     180,871   Total liabilities 11,850,289 11,752,801 11,869,712 11,881,605 12,044,715 Shareholders' equity   1,590,187     1,595,132     1,597,588     1,581,906     1,572,514   Total liabilities and equity $ 13,440,476   $ 13,347,933   $ 13,467,300   $ 13,463,511   $ 13,617,229    

    See Notes to Consolidated Financials

      TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2019 ($ in thousands) (unaudited)    

    PERIOD END BALANCES

          3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018 Cash and due from banks $ 454,047 $ 349,561 $ 432,471 $ 387,119 $ 315,276 Fed funds sold and rev repos — 830 1,000 — 112 Securities available for sale 1,723,445 1,811,813 1,864,633 1,974,675 2,097,497 Securities held to maturity 884,319 909,643 943,883 985,845 1,023,975 Loans held for sale (LHFS) 172,683 153,799 182,664 196,217 163,882 Loans held for investment (LHFI) 8,995,014 8,835,868 8,747,030 8,678,983 8,513,985 Allowance for loan losses, LHFI   (79,005 )   (79,290 )   (88,874 )   (83,566 )   (81,235 ) Net LHFI 8,916,009 8,756,578 8,658,156 8,595,417 8,432,750 Acquired loans 93,201 106,932 132,615 173,107 215,476 Allowance for loan losses, acquired loans   (1,297 )   (1,231 )   (1,714 )   (3,046 )   (4,294 ) Net acquired loans   91,904     105,701     130,901     170,061     211,182   Net LHFI and acquired loans 9,007,913 8,862,279 8,789,057 8,765,478 8,643,932 Premises and equipment, net 189,743 178,668 178,739 177,686 178,584 Mortgage servicing rights 86,842 95,596 101,374 97,411 94,850 Goodwill 379,627 379,627 379,627 379,627 379,627 Identifiable intangible assets 10,092 11,112 12,391 13,677 14,963 Other real estate 32,139 34,668 36,475 39,667 39,554 Operating lease right-of-use assets 33,861 — — — — Other assets   503,306     498,864     517,498     507,863     511,187   Total assets $ 13,478,017   $ 13,286,460   $ 13,439,812   $ 13,525,265   $ 13,463,439     Deposits: Noninterest-bearing $ 2,867,778 $ 2,937,594 $ 2,786,539 $ 2,958,354 $ 3,004,442 Interest-bearing   8,667,037     8,426,817     8,170,371     8,114,081     7,971,359   Total deposits 11,534,815 11,364,411 10,956,910 11,072,435 10,975,801 Fed funds purchased and repos 46,867 50,471 486,865 477,891 274,833 Other borrowings 83,265 79,885 190,919 187,560 443,618 Junior subordinated debt securities 61,856 61,856 61,856 61,856 61,856 Operating lease liabilities 34,921 — — — — Other liabilities   129,265     138,384     143,658     141,451     137,194   Total liabilities   11,890,989     11,695,007     11,840,208     11,941,193     11,893,302   Common stock 13,499 13,717 14,089 14,089 14,121 Capital surplus 272,268 309,545 362,868 361,715 366,021 Retained earnings 1,342,176 1,323,870 1,302,593 1,282,007 1,257,881 Accum other comprehensive loss, net of tax   (40,915 )   (55,679 )   (79,946 )   (73,739 )   (67,886 ) Total shareholders' equity   1,587,028     1,591,453     1,599,604     1,584,072     1,570,137   Total liabilities and equity $ 13,478,017   $ 13,286,460   $ 13,439,812   $ 13,525,265   $ 13,463,439    

    See Notes to Consolidated Financials

      TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2019 ($ in thousands except per share data) (unaudited)         Quarter Ended

    INCOME STATEMENTS

    3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018 Interest and fees on LHFS & LHFI-FTE $ 109,890 $ 107,709 $ 105,993 $ 99,761 $ 94,712 Interest and fees on acquired loans 1,916 3,183 4,033 5,022 4,877 Interest on securities-taxable 14,665 15,496 16,186 16,894 17,506 Interest on securities-tax exempt-FTE 646 617 656 733 824 Interest on fed funds sold and rev repos 2 4 3 5 2 Other interest income   1,603   1,158     1,050     1,054     934 Total interest income-FTE   128,722   128,167     127,921     123,469     118,855 Interest on deposits 19,570 17,334 14,972 12,139 9,491 Interest on fed funds pch and repos 288 1,528 1,348 1,250 662 Other interest expense   825   894     1,467     1,713     3,394 Total interest expense   20,683   19,756     17,787     15,102     13,547 Net interest income-FTE 108,039 108,411 110,134 108,367 105,308 Provision for loan losses, LHFI 1,611 2,192 8,673 3,167 3,961 Provision for loan losses, acquired loans   78   (247 )   (467 )   (441 )   150 Net interest income after provision-FTE   106,350   106,466     101,928     105,641     101,197 Service charges on deposit accounts 10,265 11,123 11,075 10,647 10,857 Bank card and other fees 7,191 7,750 7,459 7,070 6,626 Mortgage banking, net 3,442 5,716 8,647 9,046 11,265 Insurance commissions 10,871 9,562 10,765 10,735 9,419 Wealth management 7,483 7,504 7,789 7,478 7,567 Other, net   2,239   1,904     1,358     2,415     1,059 Nonint inc-excl sec gains (losses), net 41,491 43,559 47,093 47,391 46,793 Security gains (losses), net   —   —     —     —     — Total noninterest income   41,491   43,559     47,093     47,391     46,793 Salaries and employee benefits 60,954 58,736 60,847 59,975 58,475 Services and fees 16,968 17,910 16,404 16,322 15,746 Net occupancy-premises 6,454 6,741 6,910 6,550 6,502 Equipment expense 5,924 6,329 6,200 6,202 6,099 Other real estate expense, net 1,752 61 1,168 (93 ) 866 FDIC assessment expense 1,758 1,897 1,999 2,538 2,995 Other expense   12,211   12,253     11,695     12,306     11,782 Total noninterest expense   106,021   103,927     105,223     103,800     102,465 Income before income taxes and tax eq adj 41,820 46,098 43,798 49,232 45,525 Tax equivalent adjustment   3,231   3,231     3,151     3,203     3,215 Income before income taxes 38,589 42,867 40,647 46,029 42,310 Income taxes   5,250   6,179     4,394     6,216     5,480 Net income $ 33,339 $ 36,688   $ 36,253   $ 39,813   $ 36,830   Per share data Earnings per share - basic $ 0.51 $ 0.55   $ 0.54   $ 0.59   $ 0.54   Earnings per share - diluted $ 0.51 $ 0.55   $ 0.54   $ 0.59   $ 0.54   Dividends per share $ 0.23 $ 0.23   $ 0.23   $ 0.23   $ 0.23   Weighted average shares outstanding Basic   65,239,470   66,839,504     67,621,345     67,758,097     67,809,234   Diluted   65,378,500   67,028,978     67,796,346     67,907,267     67,960,583   Period end shares outstanding   64,789,943   65,834,395     67,621,369     67,621,111     67,775,068  

    See Notes to Consolidated Financials

      TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2019 ($ in thousands) (unaudited)           Quarter Ended

    NONPERFORMING ASSETS (1)

    3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018 Nonaccrual loans Alabama $ 2,971 $ 3,361 $ 3,953 $ 3,685 $ 3,121 Florida 408 1,175 1,180 2,978 2,116 Mississippi (2) 41,145 44,331 41,351 39,006 48,600 Tennessee (3) 8,806 8,696 13,195 5,338 5,530 Texas   3,093     4,061     8,157     10,356     9,329   Total nonaccrual loans 56,423 61,624 67,836 61,363 68,696 Other real estate Alabama 6,878 6,873 7,526 8,290 8,962 Florida 8,120 8,771 8,931 9,789 12,550 Mississippi (2) 15,421 17,255 18,191 19,358 15,737 Tennessee (3) 994 1,025 1,083 1,486 1,523 Texas   726     744     744     744     782   Total other real estate   32,139     34,668     36,475     39,667     39,554   Total nonperforming assets $ 88,562   $ 96,292   $ 104,311   $ 101,030   $ 108,250    

    LOANS PAST DUE OVER 90 DAYS (1)

    LHFI $ 670   $ 856   $ 726   $ 529   $ 1,419     LHFS-Guaranteed GNMA serviced loans (no obligation to repurchase) $ 40,793   $ 37,384   $ 34,115   $ 34,693   $ 34,826       Quarter Ended

    ALLOWANCE FOR LOAN LOSSES (1)

    3/31/2019 12/31/2018 9/30/2018 6/30/2018 3/31/2018 Beginning Balance $ 79,290 $ 88,874 $ 83,566 $ 81,235 $ 76,733 Transfers (4) — — 772 782 — Provision for loan losses 1,611 2,192 8,673 3,167 3,961 Charge-offs (4,033 ) (16,509 ) (7,017 ) (3,421 ) (2,542 ) Recoveries   2,137     4,733     2,880     1,803     3,083   Net (charge-offs) recoveries   (1,896 )   (11,776 )   (4,137 )   (1,618 )   541   Ending Balance $ 79,005   $ 79,290   $ 88,874   $ 83,566   $ 81,235    

    PROVISION FOR LOAN LOSSES (1)

    Alabama $ 791 $ (346 ) $ 593 $ 434 $ 618 Florida (595 ) (160 ) (431 ) (811 ) (863 ) Mississippi (2) 119 (3,594 ) (1,630 ) 2,768 2,664 Tennessee (3) (234 ) 3,039 8,100 82 (268 ) Texas   1,530     3,253     2,041     694     1,810   Total provision for loan losses $ 1,611   $ 2,192   $ 8,673   $ 3,167   $ 3,961    

    NET CHARGE-OFFS (RECOVERIES) (1)

    Alabama $ 15 $ 203 $ 198 $ 112 $ 84 Florida (227 ) (238 ) (586 ) (122 ) (960 ) Mississippi (2) 2,130 (1,873 ) 4,677 1,705 267 Tennessee (3) 50 7,875 (96 ) 70 109 Texas   (72 )   5,809     (56 )   (147 )   (41 ) Total net charge-offs (recoveries) $ 1,896   $ 11,776   $ 4,137   $ 1,618   $ (541 )   (1)   Excludes acquired loans. (2) Mississippi includes Central and Southern Mississippi Regions. (3) Tennessee includes Memphis, Tennessee and Northern Mississippi Regions. (4) The allowance for loan losses balance related to the remaining loans acquired in the Bay Bank merger, which were transferred from acquired impaired loans to LHFI during the second quarter of 2018, and the remaining loans acquired in the Heritage acquisition and the Reliance merger, which were transferred from acquired impaired loans to LHFI during the third quarter of 2018.  

    See Notes to Consolidated Financials

      TRUSTMARK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL INFORMATION March 31, 2019 (unaudited)       Quarter Ended

    FINANCIAL RATIOS AND OTHER DATA

    3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018 Return on equity 8.50 % 9.12 % 9.00 % 10.09 % 9.50 % Return on average tangible equity 11.55 % 12.41 % 12.26 % 13.77 % 13.05 % Return on assets 1.01 % 1.09 % 1.07 % 1.19 % 1.10 % Interest margin - Yield - FTE 4.32 % 4.21 % 4.16 % 4.06 % 3.91 % Interest margin - Cost 0.69 % 0.65 % 0.58 % 0.50 % 0.45 % Net interest margin - FTE 3.63 % 3.56 % 3.59 % 3.57 % 3.46 % Efficiency ratio (1) 68.08 % 66.58 % 64.46 % 64.96 % 64.94 % Full-time equivalent employees 2,839 2,856 2,889 2,890 2,905  

    CREDIT QUALITY RATIOS (2)

    Net charge-offs/average loans 0.09 % 0.52 % 0.18 % 0.07 % -0.03 % Provision for loan losses/average loans 0.07 % 0.10 % 0.39 % 0.15 % 0.19 % Nonperforming loans/total loans (incl LHFS) 0.62 % 0.69 % 0.76 % 0.69 % 0.79 % Nonperforming assets/total loans (incl LHFS) 0.97 % 1.07 % 1.17 % 1.14 % 1.25 % Nonperforming assets/total loans (incl LHFS) +ORE 0.96 % 1.07 % 1.16 % 1.13 % 1.24 % ALL/total loans (excl LHFS) 0.88 % 0.90 % 1.02 % 0.96 % 0.95 % ALL-commercial/total commercial loans 0.96 % 0.99 % 1.13 % 1.05 % 1.04 % ALL-consumer/total consumer and home mortgage loans 0.57 % 0.57 % 0.63 % 0.63 % 0.64 % ALL/nonperforming loans 140.02 % 128.67 % 131.01 % 136.18 % 118.25 % ALL/nonperforming loans (excl specifically reviewed impaired loans) 342.97 % 350.77 % 339.79 % 345.87 % 314.28 %  

    CAPITAL RATIOS

    Total equity/total assets 11.77 % 11.98 % 11.90 % 11.71 % 11.66 % Tangible equity/tangible assets 9.15 % 9.31 % 9.26 % 9.07 % 9.00 % Tangible equity/risk-weighted assets 11.35 % 11.11 % 11.31 % 11.20 % 11.25 % Tier 1 leverage ratio 10.05 % 10.26 % 10.41 % 10.22 % 9.96 % Common equity tier 1 capital ratio 11.88 % 11.77 % 12.20 % 12.01 % 12.05 % Tier 1 risk-based capital ratio 12.45 % 12.33 % 12.76 % 12.58 % 12.62 % Total risk-based capital ratio 13.21 % 13.07 % 13.61 % 13.39 % 13.44 %  

    STOCK PERFORMANCE

    Market value-Close $ 33.63 $ 28.43 $ 33.65 $ 32.63 $ 31.16 Book value $ 24.49 $ 24.17 $ 23.66 $ 23.43 $ 23.17 Tangible book value $ 18.48 $ 18.24 $ 17.86 $ 17.61 $ 17.34   (1)   The efficiency ratio is noninterest expense (excluding amortization of purchased intangibles and other real estate expense, net) to total net interest income (FTE) and noninterest income (excluding security gains (losses), net and amortization of partnership tax credits). Any significant non-routine income and expense items are adjusted accordingly. (2) Excludes acquired loans.  

    See Notes to Consolidated Financials

      TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS March 31, 2019 ($ in thousands) (unaudited)  

    Note 1 – Leases

    ASU 2016-02, “Leases (Topic 842)” became effective for Trustmark on January 1, 2019. As a result, during the first quarter of 2019, Trustmark recorded operating lease right-of-use assets and operating lease liabilities of $33.9 million and $34.9 million, respectively, in its consolidated balance sheet. In addition, Trustmark recorded finance lease right-of-use assets, net of accumulated depreciation of $11.2 million in premises and equipment, net and finance lease liabilities of $11.2 million in other borrowings. The effect on Trustmark’s consolidated income statement is considered immaterial.

    Note 2 - Securities Available for Sale and Held to Maturity

    The following table is a summary of the estimated fair value of securities available for sale and the amortized cost of securities held to maturity ($ in thousands):

            3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018

    SECURITIES AVAILABLE FOR SALE

    U.S. Government agency obligations Issued by U.S. Government agencies $ 28,008 $ 30,335 $ 32,371 $ 36,414 $ 40,381 Obligations of states and political subdivisions 50,954 50,676 57,264 65,348 75,013 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 66,176 67,494 65,847 60,245 62,457 Issued by FNMA and FHLMC 645,958 666,684 684,474 727,433 767,676 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA 784,566 811,601 840,073 897,652 954,537 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA   147,783   185,023   184,604   187,583   197,433 Total securities available for sale $ 1,723,445 $ 1,811,813 $ 1,864,633 $ 1,974,675 $ 2,097,497  

    SECURITIES HELD TO MATURITY

    U.S. Government agency obligations Issued by U.S. Government sponsored agencies $ 3,747 $ 3,736 $ 3,725 $ 3,714 $ 3,703 Obligations of states and political subdivisions 35,352 35,783 42,623 42,458 46,011 Mortgage-backed securities Residential mortgage pass-through securities Guaranteed by GNMA 11,710 12,090 12,316 12,756 12,974 Issued by FNMA and FHLMC 111,962 115,133 119,040 123,377 128,517 Other residential mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA 559,690 578,827 600,635 627,470 653,325 Commercial mortgage-backed securities Issued or guaranteed by FNMA, FHLMC, or GNMA   161,858   164,074   165,544   176,070   179,445 Total securities held to maturity $ 884,319 $ 909,643 $ 943,883 $ 985,845 $ 1,023,975  

    At March 31, 2019, the net unamortized, unrealized loss included in accumulated other comprehensive loss in the accompanying balance sheet for securities held to maturity previously transferred from securities available for sale totaled approximately $15.0 million ($11.2 million, net of tax).

    Management continues to focus on asset quality as one of the strategic goals of the securities portfolio, which is evidenced by the investment of approximately 97% of the portfolio in GSE-backed obligations and other Aaa rated securities as determined by Moody’s. None of the securities owned by Trustmark are collateralized by assets which are considered sub-prime. Furthermore, outside of stock ownership in the Federal Home Loan Bank of Dallas, Federal Home Loan Bank of Atlanta and Federal Reserve Bank, Trustmark does not hold any other equity investment in a GSE.

      TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS March 31, 2019 ($ in thousands) (unaudited)  

    Note 3 – Loan Composition

     

    LHFI BY TYPE (excluding acquired loans)

          3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018 Loans secured by real estate: Construction, land development and other land loans $ 1,209,761 $ 1,056,601 $ 1,031,491 $ 1,038,745 $ 986,188 Secured by 1-4 family residential properties 1,810,872 1,825,492 1,801,029 1,742,496 1,698,885 Secured by nonfarm, nonresidential properties 2,241,072 2,220,914 2,294,289 2,321,734 2,257,899 Other real estate secured 528,032 543,820 453,687 397,538 425,664 Commercial and industrial loans 1,558,057 1,538,715 1,565,922 1,572,764 1,561,967 Consumer loans 176,619 182,448 182,709 175,261 168,469 State and other political subdivision loans 982,626 973,818 929,178 925,452 936,014 Other loans   487,975     494,060     488,725     504,993     478,899   LHFI 8,995,014 8,835,868 8,747,030 8,678,983 8,513,985 Allowance for loan losses   (79,005 )   (79,290 )   (88,874 )   (83,566 )   (81,235 ) Net LHFI $ 8,916,009   $ 8,756,578   $ 8,658,156   $ 8,595,417   $ 8,432,750                          

    ACQUIRED LOANS BY TYPE

    3/31/2019 12/31/2018 9/30/2018 6/30/2018 3/31/2018 Loans secured by real estate:                     Construction, land development and other land loans $ 5,728 $ 5,878 $ 6,657 $ 11,900 $ 17,575 Secured by 1-4 family residential properties 21,441 22,556 25,274 36,419 49,289 Secured by nonfarm, nonresidential properties 46,492 47,979 66,865 85,117 100,285 Other real estate secured 8,026 8,253 8,507 9,862 14,581 Commercial and industrial loans 6,359 15,267 16,610 20,485 21,808 Consumer loans 1,033 1,356 1,514 1,700 1,920 Other loans       4,122         5,643         7,188         7,624         10,018   Acquired loans 93,201 106,932 132,615 173,107 215,476 Allowance for loan losses, acquired loans       (1,297 )       (1,231 )       (1,714 )       (3,046 )       (4,294 ) Net acquired loans $     91,904   $     105,701   $     130,901   $     170,061   $     211,182       TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS March 31, 2019 ($ in thousands) (unaudited)  

    Note 3 – Loan Composition (continued)

            March 31, 2019

    LHFI - COMPOSITION BY REGION (1)

    Total     Alabama     Florida    

    Mississippi(Central andSouthernRegions)

       

    Tennessee(Memphis,TN andNorthern MSRegions)

        Texas Loans secured by real estate: Construction, land development and other land loans $ 1,209,761 $ 437,802 $ 78,574 $ 323,968 $ 21,736 $ 347,681 Secured by 1-4 family residential properties 1,810,872 110,841 45,395 1,556,867 84,248 13,521 Secured by nonfarm, nonresidential properties 2,241,072 550,176 229,400 873,611 151,442 436,443 Other real estate secured 528,032 118,955 11,564 267,383 11,340 118,790 Commercial and industrial loans 1,558,057 219,344 21,124 747,115 369,630 200,844 Consumer loans 176,619 24,285 5,120 125,588 19,217 2,409 State and other political subdivision loans 982,626 92,603 41,979 605,775 23,538 218,731 Other loans   487,975   77,123   17,093   314,831   34,457   44,471 Loans $ 8,995,014 $ 1,631,129 $ 450,249 $ 4,815,138 $ 715,608 $ 1,382,890  

    CONSTRUCTION, LAND DEVELOPMENT AND OTHER LAND LOANS BY REGION (1)

    Lots $ 59,984 $ 14,748 $ 19,284 $ 19,046 $ 1,545 $ 5,361 Development 66,376 9,769 6,994 31,661 846 17,106 Unimproved land 103,616 21,012 14,716 34,113 12,784 20,991 1-4 family construction 232,594 105,503 13,252 81,962 2,066 29,811 Other construction   747,191   286,770   24,328   157,186   4,495   274,412 Construction, land development and other land loans $ 1,209,761 $ 437,802 $ 78,574 $ 323,968 $ 21,736 $ 347,681  

    LOANS SECURED BY NONFARM, NONRESIDENTIAL PROPERTIES BY REGION (1)

    Non-owner occupied: Retail $ 381,601 $ 160,404 $ 49,105 $ 92,029 $ 25,385 $ 54,678 Office 216,245 63,214 19,588 83,031 7,698 42,714

    Nursing homes/senior living

    213,501 71,514 — 135,927 6,060 — Hotel/motel 258,384 64,106 66,912 52,900 33,379 41,087 Mini-storage 99,097 11,454 5,909 35,282 595 45,857 Industrial 88,148 21,057 6,381 14,234 1,340 45,136 Health care 44,577 11,762 3,248 27,557 — 2,010 Convenience stores 30,089 2,921 — 16,152 698 10,318 Other   60,906   7,497   8,246   13,099   6,838   25,226 Total non-owner occupied loans 1,392,548 413,929 159,389 470,211 81,993 267,026   Owner-occupied: Office 162,849 35,109 26,580 56,283 5,810 39,067 Churches 90,352 19,843 6,563 44,209 15,395 4,342 Industrial warehouses 148,813 11,963 3,672 61,508 12,908 58,762 Health care 104,587 23,263 6,606 58,583 2,619 13,516 Convenience stores 111,562 13,772 12,627 61,690 1,183 22,290 Retail 74,247 15,654 7,347 32,195 2,899 16,152 Restaurants 49,903 3,525 1,394 25,598 17,499 1,887 Auto dealerships 29,226 7,868 314 12,211 8,833 — Other   76,985   5,250   4,908   51,123   2,303   13,401 Total owner-occupied loans   848,524   136,247   70,011   403,400   69,449   169,417 Loans secured by nonfarm, nonresidential properties $ 2,241,072 $ 550,176 $ 229,400 $ 873,611 $ 151,442 $ 436,443  

    (1) Excludes acquired loans.

      TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS March 31, 2019 ($ in thousands) (unaudited)  

    Note 4 – Yields on Earning Assets and Interest-Bearing Liabilities

    The following table illustrates the yields on earning assets by category as well as the rates paid on interest-bearing liabilities on a tax equivalent basis:

            Quarter Ended 3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018 Securities – taxable 2.27 % 2.24 % 2.24 % 2.25 % 2.26 % Securities – nontaxable 3.80 % 3.60 % 3.66 % 3.66 % 3.68 % Securities – total 2.31 % 2.28 % 2.27 % 2.29 % 2.30 % Loans - LHFI & LHFS 4.93 % 4.78 % 4.72 % 4.60 % 4.45 % Acquired loans 7.45 % 9.89 % 10.82 % 9.96 % 8.13 % Loans - total 4.96 % 4.86 % 4.82 % 4.72 % 4.55 % FF sold & rev repo 2.93 % 1.88 % 2.50 % 1.89 % 1.70 % Other earning assets 2.67 % 2.29 % 2.20 % 2.27 % 1.77 % Total earning assets 4.32 % 4.21 % 4.16 % 4.06 % 3.91 %   Interest-bearing deposits 0.93 % 0.84 % 0.73 % 0.60 % 0.49 % FF pch & repo 1.38 % 1.78 % 1.54 % 1.42 % 0.97 % Other borrowings 2.19 % 2.33 % 2.34 % 2.20 % 1.69 % Total interest-bearing liabilities 0.95 % 0.90 % 0.80 % 0.69 % 0.61 %   Net interest margin 3.63 % 3.56 % 3.59 % 3.57 % 3.46 % Net interest margin excluding acquired loans 3.60 % 3.50 % 3.50 % 3.46 % 3.37 %  

    Reflected in the table above are yields on earning assets and liabilities, along with the net interest margin which equals reported net interest income-FTE, annualized, as a percent of average earning assets. In addition, the table includes net interest margin excluding acquired loans, which equals reported net interest income-FTE excluding interest income on acquired loans, annualized, as a percent of average earning assets excluding average acquired loans.

    During the first quarter of 2019, the yield on acquired loans totaled 7.45% and included $243 thousand in recoveries from the settlement of debt, which represented approximately 0.95% of the annualized total acquired loan yield. During the fourth quarter of 2018, the yield on acquired loans totaled 9.89% and included $1.1 million in recoveries from the settlement of debt, which represented approximately 3.52% of the annualized total acquired loan yield.

    Excluding acquired loans, the net interest margin increased to 3.60% for the first quarter of 2019 when compared to the fourth quarter of 2018, as growth in the yield on the loans held for investment and held for sale portfolio, runoff of maturing investment securities, and favorable funding mix were offset by higher costs of interest-bearing deposits.

    Note 5 – Mortgage Banking

    Trustmark utilizes a portfolio of exchange-traded derivative instruments, such as Treasury note futures contracts and option contracts, to achieve a fair value return that offsets the changes in fair value of mortgage servicing rights (MSR) attributable to interest rates. These transactions are considered freestanding derivatives that do not otherwise qualify for hedge accounting under generally accepted accounting principles (GAAP). Changes in the fair value of these exchange-traded derivative instruments, including administrative costs, are recorded in noninterest income in mortgage banking, net and are offset by the changes in the fair value of the MSR. The MSR fair value represents the present value of future cash flows, which among other things includes decay and the effect of changes in interest rates. Ineffectiveness of hedging the MSR fair value is measured by comparing the change in value of hedge instruments to the change in the fair value of the MSR asset attributable to changes in interest rates and other market driven changes in valuation inputs and assumptions. The impact of this strategy resulted in a net negative ineffectiveness of $4.8 million as mortgage spreads tightened and market volatility increased during the first quarter of 2019.

    The following table illustrates the components of mortgage banking revenues included in noninterest income in the accompanying income statements:

            Quarter Ended 3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018 Mortgage servicing income, net $ 5,607 $ 5,730 $ 5,428 $ 5,502 $ 5,588 Change in fair value-MSR from runoff (2,398 ) (2,752 ) (3,181 ) (3,334 ) (2,507 ) Gain on sales of loans, net 3,576 5,206 6,411 5,414 4,585 Other, net   1,405     (1,393 )   (83 )   1,365     295   Mortgage banking income before hedge ineffectiveness   8,190     6,791     8,575     8,947     7,961   Change in fair value-MSR from market changes (8,863 ) (6,537 ) 2,615 1,743 9,521 Change in fair value of derivatives   4,115     5,462     (2,543 )   (1,644 )   (6,217 ) Net positive (negative) hedge ineffectiveness   (4,748 )   (1,075 )   72     99     3,304   Mortgage banking, net $ 3,442   $ 5,716   $ 8,647   $ 9,046   $ 11,265       TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS March 31, 2019 ($ in thousands) (unaudited)  

    Note 6 – Other Noninterest Income and Expense

    Other noninterest income consisted of the following for the periods presented ($ in thousands):

            Quarter Ended 3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018 Partnership amortization for tax credit purposes $ (2,010 ) $ (2,101 ) $ (2,202 ) $ (2,202 ) $ (2,202 ) Increase in life insurance cash surrender value 1,783 1,808 1,805 1,770 1,738 Other miscellaneous income   2,466     2,197     1,755     2,847     1,523   Total other, net $ 2,239   $ 1,904   $ 1,358   $ 2,415   $ 1,059    

    Trustmark invests in partnerships that provide income tax credits on a Federal and/or State basis (i.e., new market tax credits, low income housing tax credits and historical tax credits). The income tax credits related to these partnerships are utilized as specifically allowed by income tax law and are recorded as a reduction in income tax expense.

    Trustmark did not receive any nontaxable proceeds related to bank-owned life insurance during the first quarter of 2019. Trustmark received $24 thousand, $13 thousand and $1.2 million of nontaxable proceeds related to bank-owned life insurance during the fourth quarter of 2018, the third quarter of 2018 and the second quarter of 2018, respectively. These proceeds were recorded in other miscellaneous income in the table above.

    Other noninterest expense consisted of the following for the periods presented ($ in thousands):

          Quarter Ended 3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018 Loan expense $ 2,697 $ 2,425 $ 2,824 $ 3,046 $ 2,791 Amortization of intangibles 1,101 1,279 1,286 1,286 1,397 Other miscellaneous expense   8,413   8,549   7,585   7,974   7,594 Total other expense $ 12,211 $ 12,253 $ 11,695 $ 12,306 $ 11,782  

    Note 7 – Non-GAAP Financial Measures

    In addition to capital ratios defined by U.S. generally accepted accounting principles (GAAP) and banking regulators, Trustmark utilizes various tangible common equity measures when evaluating capital utilization and adequacy. Tangible common equity, as defined by Trustmark, represents common equity less goodwill and identifiable intangible assets.

    Trustmark believes these measures are important because they reflect the level of capital available to withstand unexpected market conditions. Additionally, presentation of these measures allows readers to compare certain aspects of Trustmark’s capitalization to other organizations. These ratios differ from capital measures defined by banking regulators principally in that the numerator excludes shareholders’ equity associated with preferred securities, the nature and extent of which varies across organizations. In Management’s experience, many stock analysts use tangible common equity measures in conjunction with more traditional bank capital ratios to compare capital adequacy of banking organizations with significant amounts of goodwill or other tangible assets, typically stemming from the use of the purchase accounting method in accounting for mergers and acquisitions.

    These calculations are intended to complement the capital ratios defined by GAAP and banking regulators. Because GAAP does not include these capital ratio measures, Trustmark believes there are no comparable GAAP financial measures to these tangible common equity ratios. Despite the importance of these measures to Trustmark, there are no standardized definitions for them and, as a result, Trustmark’s calculations may not be comparable with other organizations. Also there may be limits in the usefulness of these measures to investors. As a result, Trustmark encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure. The following table reconciles Trustmark’s calculation of these measures to amounts reported under GAAP.

      TRUSTMARK CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIALS March 31, 2019 ($ in thousands except per share data) (unaudited)  

    Note 7 – Non-GAAP Financial Measures (continued)

              Quarter Ended 3/31/2019     12/31/2018     9/30/2018     6/30/2018     3/31/2018

    TANGIBLE EQUITY

    AVERAGE BALANCES Total shareholders' equity $ 1,590,187 $ 1,595,132 $ 1,597,588 $ 1,581,906 $ 1,572,514 Less: Goodwill (379,627 ) (379,627 ) (379,627 ) (379,627 ) (379,627 ) Identifiable intangible assets   (10,666 )   (11,811 )   (13,083 )   (14,380 )   (15,782 ) Total average tangible equity $ 1,199,894   $ 1,203,694   $ 1,204,878   $ 1,187,899   $ 1,177,105     PERIOD END BALANCES Total shareholders' equity $ 1,587,028 $ 1,591,453 $ 1,599,604 $ 1,584,072 $ 1,570,137 Less: Goodwill (379,627 ) (379,627 ) (379,627 ) (379,627 ) (379,627 ) Identifiable intangible assets   (10,092 )   (11,112 )   (12,391 )   (13,677 )   (14,963 ) Total tangible equity (a) $ 1,197,309   $ 1,200,714   $ 1,207,586   $ 1,190,768   $ 1,175,547    

    TANGIBLE ASSETS

    Total assets $ 13,478,017 $ 13,286,460 $ 13,439,812 $ 13,525,265 $ 13,463,439 Less: Goodwill (379,627 ) (379,627 ) (379,627 ) (379,627 ) (379,627 ) Identifiable intangible assets   (10,092 )   (11,112 )   (12,391 )   (13,677 )   (14,963 ) Total tangible assets (b) $ 13,088,298   $ 12,895,721   $ 13,047,794   $ 13,131,961   $ 13,068,849   Risk-weighted assets (c) $ 10,548,472   $ 10,803,313   $ 10,681,621   $ 10,633,646   $ 10,449,352    

    NET INCOME ADJUSTED FOR INTANGIBLE AMORTIZATION

    Net income $ 33,339 $ 36,688 $ 36,253 $ 39,813 $ 36,830 Plus: Intangible amortization net of tax   826     959     965     965     1,049   Net income adjusted for intangible amortization $ 34,165   $ 37,647   $ 37,218   $ 40,778   $ 37,879   Period end common shares outstanding (d)   64,789,943     65,834,395     67,621,369     67,621,111     67,775,068    

    TANGIBLE COMMON EQUITY MEASUREMENTS

    Return on average tangible equity (1) 11.55 % 12.41 % 12.26 % 13.77 % 13.05 % Tangible equity/tangible assets (a)/(b) 9.15 % 9.31 % 9.26 % 9.07 % 9.00 % Tangible equity/risk-weighted assets (a)/(c) 11.35 % 11.11 % 11.31 % 11.20 % 11.25 % Tangible book value (a)/(d)*1,000 $ 18.48 $ 18.24 $ 17.86 $ 17.61 $ 17.34  

    COMMON EQUITY TIER 1 CAPITAL (CET1)

    Total shareholders' equity $ 1,587,028 $ 1,591,453 $ 1,599,604 $ 1,584,072 $ 1,570,137 AOCI-related adjustments 40,915 55,679 79,946 73,739 67,886 CET1 adjustments and deductions: Goodwill net of associated deferred tax liabilities (DTLs) (365,748 ) (365,779 ) (365,823 ) (366,036 ) (366,248 ) Other adjustments and deductions for CET1 (2)   (9,099 )   (9,815 )   (10,868 )   (14,204 )   (12,233 ) CET1 capital (e) 1,253,096 1,271,538 1,302,859 1,277,571 1,259,542 Additional tier 1 capital instruments plus related surplus 60,000 60,000 60,000 60,000 60,000 Less: additional tier 1 capital deductions   —     —     —     —     (714 ) Additional tier 1 capital   60,000     60,000     60,000     60,000     59,286   Tier 1 capital $ 1,313,096   $ 1,331,538   $ 1,362,859   $ 1,337,571   $ 1,318,828     Common equity tier 1 capital ratio (e)/(c) 11.88 % 11.77 % 12.20 % 12.01 % 12.05 %   (1)   Calculation = ((net income adjusted for intangible amortization/number of days in period)*number of days in year)/total average tangible equity. (2) Includes other intangible assets, net of DTLs, disallowed deferred tax assets (DTAs), threshold deductions and transition adjustments, as applicable.    



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