Trustmark Corporation has released its 10-K report. The company operates as a bank holding company for Trustmark National Bank, providing banking and financial solutions in the United States through its General Banking, Wealth Management, and Insurance segments. Trustmark's shares have moved -0.4% on the market and are currently trading at $27.46.
In 2023, Trustmark reported net income of $36.1 million for the fourth quarter, compared to a net loss of $34.1 million in the same period in 2022. The return on average tangible equity for the fourth quarter of 2023 was 11.92%, compared to -12.14% in the fourth quarter of 2022. For the full year 2023, Trustmark reported net income of $165.5 million, compared to $71.9 million in 2022 and $147.4 million in 2021.
Trustmark's revenue for the year ended December 31, 2023, totaled $759.8 million, an increase of $60.0 million, or 8.6%, compared to 2022. Net interest income for the same period increased by $58.2 million, or 11.8%. However, noninterest income increased by only $1.8 million, or 0.9%, compared to 2022. Noninterest expense decreased by $65.3 million, or 10.8%, compared to 2022, primarily due to the $100.8 million litigation settlement expense recorded in 2022.
Trustmark's provision for credit losses (PCL) on loans held for investment (LHFI) for 2023 totaled $27.4 million, compared to $21.7 million for 2022. The PCL on off-balance sheet credit exposures totaled a negative $2.8 million for 2023, compared to $1.2 million for 2022.
For more information, read the company's full 10-K submission here.
