TRUSTMARK CORP
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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Item 6. Selected Financial Data
The following unaudited consolidated financial data is derived from Trustmark’s audited financial statements as of and for the three years ended December 31, 2023 ($ in thousands, except per share data). The data should be read in conjunction with Part II. Item 7. - Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8. – Financial Statements and Supplementary Data.
| Years Ended December 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| Consolidated Statements of Income | |||
| Total interest income | $878,832 | $541,833 | $442,511 |
| Total interest expense | 325,954 | 47,125 | 24,160 |
| Net interest income | 552,878 | 494,708 | 418,351 |
| Provision for credit losses (PCL), LHFI | 27,362 | 21,677 | (21,499) |
| PCL, off-balance sheet credit exposures | (2,781) | 1,215 | (2,949) |
| Noninterest income | 206,958 | 205,144 | 221,910 |
| Noninterest expense | 537,919 | 603,213 | 489,296 |
| Income before income taxes | 197,336 | 73,747 | 175,413 |
| Income taxes | 31,847 | 1,860 | 28,048 |
| Net Income | $165,489 | $71,887 | $147,365 |
| Total Revenue (1) | $759,836 | $699,852 | $640,261 |
| Per Share Data | |||
| Basic earnings per share | $2.71 | $1.17 | $2.35 |
| Diluted earnings per share | 2.70 | 1.17 | 2.34 |
| Cash dividends per share | 0.92 | 0.92 | 0.92 |
| Performance Ratios | |||
| Return on average equity | 10.54% | 4.48% | 8.32% |
| Return on average tangible equity | 14.04% | 6.00% | 10.81% |
| Return on average assets | 0.89% | 0.41% | 0.86% |
| Average equity / average assets | 8.41% | 9.18% | 10.38% |
| Net interest margin (fully taxable equivalent) | 3.32% | 3.17% | 2.76% |
| Dividend payout ratio | 33.95% | 78.63% | 39.15% |
| Credit Quality Ratios (2) | |||
| Net charge-offs (recoveries)/average loans | 0.06% | 0.01% | -0.04% |
| PCL, LHFI / average loans | 0.21% | 0.19% | -0.21% |
| Nonaccrual LHFI / (LHFI + LHFS) | 0.76% | 0.53% | 0.60% |
| Nonperforming assets / (LHFI + LHFS) plus other real estate | 0.81% | 0.55% | 0.64% |
| Allowance for credit losses (ACL), LHFI / LHFI | 1.08% | 0.99% | 0.97% |
(1)
Consistent with Trustmark’s audited financial statements, total revenue is defined as net interest income plus noninterest income.
(2)
Excludes Paycheck Protection Program (PPP) loans.
| December 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| Consolidated Balance Sheets | |||
| Total assets | $18,722,189 | $18,015,478 | $17,595,636 |
| Securities | 3,189,157 | 3,518,596 | 3,581,414 |
| Total loans (incl. PPP, LHFS and LHFI) | 13,135,336 | 12,339,265 | 10,556,871 |
| Deposits | 15,569,763 | 14,437,648 | 15,087,160 |
| Total shareholders' equity | 1,661,847 | 1,492,268 | 1,741,311 |
| Stock Performance | |||
| Market value - close | $27.88 | $34.91 | $32.46 |
| Book value | 27.21 | 24.47 | 28.25 |
| Tangible book value | 20.87 | 18.11 | 21.93 |
| Capital Ratios | |||
| Total equity / total assets | 8.88% | 8.28% | 9.90% |
| Tangible equity / tangible assets | 6.95% | 6.27% | 7.86% |
| Tangible equity / risk-weighted assets | 8.41% | 7.61% | 10.71% |
| Tier 1 leverage ratio (1) | 8.62% | 8.47% | 8.73% |
| Common equity tier 1 risk-based capital ratio (1) | 10.04% | 9.74% | 11.29% |
| Tier 1 risk-based capital ratio (1) | 10.44% | 10.15% | 11.77% |
| Total risk-based capital ratio (1) | 12.29% | 11.91% | 13.55% |
(1)
Effective 2020, Trustmark elected the five-year phase-in transition period related to adopting FASB ASU 2016-13 for regulatory capital purposes.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.