Business
Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2023 Financial Results
Performance Reflects Continued Loan and Deposit Growth, Solid Credit Quality, and Diversified Revenue Base JACKSON, Miss.--(BUSINESS WIRE)-- Trustmark
About this update from Trustmark Corporation
[{"type":"text","content":"\nPerformance Reflects Continued Loan and Deposit Growth, Solid Credit Quality, and Diversified Revenue Base\n\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQGS:TRMK) reported net income of $36.1 million in the fourth quarter of 2023, representing diluted earnings per share of $0.59. For the full year, Trustmark’s net income totaled $165.5 million, representing diluted earnings per share of $2.70. Trustmark’s net income in 2023 produced a return on average tangible equity of 14.04% and a return on average assets of 0.89%. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable March 15, 2024, to shareholders of record on March 1, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240123799186/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/53886436/en\n\n\n2023 Highlights\n\n\n\nLoans held for investment (HFI) increased $746.5 million, or 6.1%, in 2023\n\n\n\nNet charge-offs represented 0.06% of average loans in 2023\n\n\n\nDeposits increased $1.1 billion, or 7.8%, in 2023\n\n\n\nNet interest income (FTE) totaled $566.3 million, up 11.7% in 2023 to produce a net interest margin of 3.32%, up 15 basis points from 2022\n\n\n\nInsurance revenue increased 7.2% while wealth management remained stable\n\n\n\nNoninterest income totaled $207.0 million and represented 27.2% of total revenue\n\n\n\nTotal revenue increased $60.0 million, or 8.6%, to $759.8 million in 2023\n\n\n\nContinued technology investments to enhance efficiency and productivity\n\n\n\nNoninterest expense totaled $537.9 million in 2023; adjusted noninterest expense totaled $527.9 million, up 5.9% from the prior year; please refer to the Consolidated Financial Information Note 7 – Non-GAAP Financial Measures\n\n\n\nDuane A. Dewey, President and CEO, commented, “We continued to make significant progress across the organization. Our performance reflected solid loan production and credit quality, and continued deposit growth in an increasingly competitive marketplace. We achieved double-digit growth in net interest income in 2023 while noninterest income continued to expand thanks in part to another record year in our insurance business and commendable results i...