Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2022 Financial Results

Record Loan Growth, Solid Credit Quality, Expanded Net Interest Margin

JACKSON, Miss.–(BUSINESS WIRE)–Trustmark Corporation (NASDAQGS:TRMK) reported a loss of $34.1 million, or $0.56 per diluted share, in the fourth quarter of 2022. As previously disclosed, Trustmark agreed to a settlement that, pending court approval, will resolve all current and potential future claims relating to litigation involving the Stanford Financial Group that began in 2009. In the fourth quarter, Trustmark recognized litigation settlement expense of $100.0 million as well as an additional $750 thousand in legal fees, which are included in noninterest expense. The litigation settlement expense reduced fourth quarter net income by $75.6 million, or $1.24 per diluted share. Excluding this expense, Trustmark’s fourth quarter net income totaled $41.5 million, or $0.68 per diluted share. For the full year, Trustmark’s net income totaled $71.9 million, representing diluted earnings per share of $1.17. Excluding the litigation settlement expense, Trustmark’s net income in 2022 totaled $147.5 million, representing diluted earnings per share of $2.40. Please refer to the Consolidated Financial Information, Note 1 – Litigation Settlement and Note 7 – Non-GAAP Financial Measures. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable March 15, 2023, to shareholders of record on March 1, 2023.


Printer friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/53289378/en

2022 Highlights

  • Loans held for investment (HFI) increased $2.0 billion, or 19.1%, in 2022
  • Nonperforming assets declined to 0.55% of loans HFI and held for sale (HFS)
  • Net charge-offs represented 0.01% of average loans in 2022
  • Net interest income FTE totaled $507.1 million, up 17.9% in 2022 to produce a net interest margin of 3.17%, up 41 basis points from 2021
  • Insurance revenue increased 10.7% in 2022 while wealth management remained stable
  • Noninterest income totaled $205.1 million and represented 29.3% of total revenue
  • Noninterest expense, excluding litigation settlement expense, totaled $502.5 million, up 2.7% from the prior year
  • Expanded market optimization efforts with a net reduction of 11 branch offices during the year
  • Continued technology investments to enhance efficiency and productivity

Duane A. Dewey, President and CEO, commented, “We made significant progress across the organization during the year. Loan growth in 2022 was the highest in Trustmark’s history. Credit quality remained strong. Net interest income and the net interest margin were up significantly. Our insurance business posted another record year. We made significant investments in technology, including conversion to a state-of-the-art loan system designed to enhance efficiency and productivity. With all of these positive advancements, our financial results were overshadowed by the litigation settlement. While we expressly deny any liability or wrongdoing with respect to this matter, we believe the settlement is in the best interest of Trustmark and our shareholders as it eliminates risk, ongoing expense and uncertainty. With this matter now behind us, we will focus more intently on the future and the opportunities that are ahead. Trustmark is very well-positioned to serve and expand its customer base and create long-term value for shareholders.”

Balance Sheet Management

  • Loans HFI increased $618.0 million, or 5.3%, during the quarter
  • Investment securities decreased $82.9 million, or 2.3%, linked-quarter as liquidity from maturing security balances was deployed to fund loan growth
  • Total deposits increased $12.5 million, or 0.1%, linked-quarter
  • Maintained strong capital position with CET1 ratio of 9.74% and total risk-based capital ratio of 11.91%

Loans HFI totaled $12.2 billion at December 31, 2022, reflecting an increase of $618.0 million, or 5.3%, linked-quarter and $2.0 billion, or 19.1%, year-over-year. The linked-quarter growth was broad-based and reflected increases in virtually every category. Trustmark’s loan portfolio remains well-diversified by loan type and geography.

As previously disclosed in the third quarter of 2022, Trustmark initiated a cash flow hedging program under which interest rate swaps convert floating rate loans to fixed rate. The intent of the program is to manage the natural asset sensitivity of Trustmark’s balance sheet. As of December 31, 2022, notional balances totaled $825.0 million with a weighted average receive fixed rate of 3.10%.

Deposits totaled $14.4 billion at December 31, 2022, up $12.5 million, or 0.1%, from the prior quarter and down $649.5 million, or 4.3%, year-over-year. Trustmark continues to maintain a strong liquidity position as loans HFI represented 84.5% of total deposits at year end 2022. Noninterest-bearing deposits represented 28.4% of total deposits at December 31, 2022. Interest-bearing deposit costs totaled 0.71% for the fourth quarter, an increase of 51 basis points linked-quarter. The total cost of interest-bearing liabilities was 1.03% for the fourth quarter of 2022, an increase of 72 basis points from the prior quarter.

During the fourth quarter, Trustmark did not repurchase any of its common shares. During the twelve months ended December 31, 2022, Trustmark repurchased $24.6 million, or approximately 789 thousand of its common shares. As previously announced, Trustmark’s Board of Directors authorized a stock repurchase program effective January 1, 2023, under which $50.0 million of Trustmark’s outstanding shares may be acquired through December 31, 2023. The repurchase program, which is subject to market conditions and management discretion, will continue to be implemented through open market repurchases or privately negotiated transactions. At December 31, 2022, Trustmark’s tangible equity to tangible assets ratio was 6.27%, while the total risk-based capital ratio was 11.91%. Tangible book value per share was $18.11 at December 31, 2022, down 1.5% from the prior quarter.

Credit Quality

  • Allowance for credit losses (ACL) represented 0.99% of loans HFI and 399.19% of nonperforming loans, excluding individually analyzed loans at year-end
  • Net charge-offs totaled 0.06% of average loans in the fourth quarter

Nonaccrual loans totaled $66.0 million at December 31, 2022, a decrease of $2.0 million from the prior quarter and an increase of $3.3 million year-over-year. Other real estate totaled $2.0 million, reflecting a $985 thousand decrease from the prior quarter and a $2.6 million decline from the prior year. Collectively, nonperforming assets totaled $68.0 million, reflecting a linked-quarter decrease of 4.1% and year-over-year increase of 1.0%.

The provision for credit losses for loans HFI was $6.9 million in the fourth quarter primarily attributable to loan growth and the weakening in the macroeconomic forecast. The provision for credit losses for off-balance sheet credit exposures was $5.2 million in the fourth quarter, primarily driven by increases in unfunded commitments and the macroeconomic forecast. Collectively, the provision for credit losses totaled $12.1 million in the fourth quarter compared to $11.6 million in the prior quarter and a negative $1.6 million in the fourth quarter of 2021.

Allocation of Trustmark’s $120.2 million ACL on loans HFI represented 0.85% of commercial loans and 1.41% of consumer and home mortgage loans, resulting in an ACL to total loans HFI of 0.99% at December 31, 2022. Management believes the level of the ACL is commensurate with the credit losses currently expected in the loan portfolio.

Revenue Generation

  • Net interest income (FTE) totaled $150.0 million in the fourth quarter, up 7.9% linked-quarter
  • Net interest margin expanded 16 basis points to 3.66% in the fourth quarter

Revenue in the fourth quarter totaled $191.8 million, an increase of 1.6% from the prior quarter and 28.6% from the same quarter in the prior year. The linked-quarter increase primarily reflects higher net interest income offset by lower noninterest income while the year-over-year growth is attributed to higher net interest income offset in part by reduced mortgage banking revenue. In 2022, revenue totaled $699.9 million, an increase of 9.3% from the prior year.

Net interest income (FTE) in the fourth quarter totaled $150.0 million, resulting in a net interest margin of 3.66%, up 16 basis points from the prior quarter. The expansion of the net interest margin was due to increases in the yields on the loans HFI and HFS portfolio and the securities portfolio and was partially offset by costs of interest-bearing liabilities, which resulted from the higher interest rate environment.

Noninterest income in the fourth quarter totaled $45.2 million, a decrease of $7.4 million from the prior quarter and $5.6 million from the prior year. The linked-quarter change reflects a decline in mortgage banking revenue, a seasonal decline in insurance revenue, as well as lower bank card and other fees and wealth management revenue. The decrease in noninterest income year-over-year is principally due to lower mortgage banking revenue.

Mortgage loan production in the fourth quarter totaled $390.8 million, a decline of 23.1% linked-quarter and 33.9% year-over-year. Mortgage banking revenue totaled $3.4 million in the fourth quarter, a decrease of $3.5 million from the prior quarter and $8.2 million year-over-year. The linked-quarter decline is attributable to an increase in net negative hedge ineffectiveness as well as volume-related lower gains on sales of mortgage loans in the secondary market. In 2022, mortgage loan production totaled $2.1 billion, down 24.2% from the prior year. Mortgage banking revenue totaled $28.3 million in 2022, compared to $63.8 million in the prior year.

Insurance revenue in the fourth quarter totaled $12.0 million, a seasonal decline of $1.9 million from the prior quarter and an increase of $303 thousand from the prior year. Insurance revenue in 2022 totaled $53.7 million, up $5.2 million, or 10.7%, from the prior year. The solid performance during the year reflects an expanded producer workforce, a hardening of the insurance market, and the realization of operational efficiencies from investments in technology and improved processes.

Wealth management revenue totaled $8.1 million in the fourth quarter, down 8.0% from the prior quarter and 7.7% from the prior year. The linked-quarter decline is principally due to reduced investment services and trust management revenue while the year-over-year change is attributable to reduced brokerage and trust management revenue. In 2022, wealth management revenue totaled $35.0 million, in line with the prior year. During 2022, Trustmark selectively expanded its salesforce in Birmingham, Jackson and the Florida Panhandle as well as expanded business development efforts in new markets.

Noninterest Expense

  • Total noninterest expense in the fourth quarter was $231.2 million; excluding litigation settlement expense of $100.8 million, noninterest expense was $130.5 million, up $3.8 million, or 3.0%, from the prior quarter. Please refer to the Consolidated Financial Information, Note 7 – Non-GAAP Financial Measures.

Salaries and employee benefits expense in the fourth quarter totaled $73.5 million, up $762 thousand, or 1.0%, from the prior quarter principally due to one-time severance expense related to the FIT2GROW initiative. Total services and fees increased $964 thousand during the fourth quarter principally due to continued investments in technology and higher professional fees. Net occupancy – premises expense increased $503 thousand during the fourth quarter principally due to early lease termination expenses related to closed branch offices. Other expense increased $1.4 million during the fourth quarter reflecting in part write-downs associated with branch offices that were closed during the quarter.

FIT2GROW

“In 2022 we announced FIT2GROW, a comprehensive program of Focus, Innovation and Transformation designed to enhance Trustmark’s ability to grow and serve customers. Earlier this month, we refocused our community bank efforts on commercial, small business, and consumer lines of business to provide additional expertise for our customers and enhance profitable revenue growth. Additionally, our Atlanta loan production office is now fully functioning and is focused on Commercial Real Estate, Residential Real Estate, Corporate Banking, and Equipment Finance,” said Dewey.

“We continued efforts to optimize our branch network, reflecting changing customer preferences and the continued migration to mobile and digital channels. In 2022, we consolidated 12 branch offices, opened a full-service banking center as well as loan production offices in Birmingham, AL, and Memphis, TN. We also expanded deployment of myTeller interactive teller machine technology. These efforts are designed to efficiently serve and expand customer relationships,” said Dewey.

“Innovation is also a key component of FIT2GROW. In 2022, we successfully completed our core loan system conversion and selected the replacement for our core deposit system. Collectively, these investments are designed to provide best-in-class service to customers as well as enhance our productivity and efficiency. Looking forward, we will continue to pursue opportunities to redesign workflows and restructure the organization to further leverage investments in technology that will broaden our reach, enhance the customer experience, and improve efficiency. We remain focused on providing the financial services and advice our customers have come to expect while building long-term value for our shareholders,” said Dewey.

Additional Information

As previously announced, Trustmark will conduct a conference call with analysts on Wednesday, January 25, 2023, 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, February 8, 2023, in archived format at the same web address or by calling (877) 344-7529, passcode 3725903.

Trustmark is a financial services company providing banking and financial solutions through offices in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Visit trustmark.com for more information.

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,” “project,” “potential,” “seek,” “continue,” “could,” “would,” “future” or the negative of those terms or other words of similar meaning. You should read statements that contain these words carefully because they discuss our future expectations or state other “forward-looking” information. These forward-looking statements include, but are not limited to, statements relating to anticipated future operating and financial performance measures, including net interest margin, credit quality, business initiatives, growth opportunities and growth rates, among other things, and encompass any estimate, prediction, expectation, projection, opinion, anticipation, outlook or statement of belief included therein as well as the management assumptions underlying these forward-looking statements. You should be aware that the occurrence of the events described under the caption “Risk Factors” in Trustmark’s filings with the Securities and Exchange Commission (SEC) 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. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the novel coronavirus (COVID-19) pandemic, and also by the effectiveness of varying governmental responses in ameliorating the impact of the pandemic on our customers and the economies where they operate.

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, an increase in unemployment levels and slowdowns in economic growth, our ability to manage the impact of the COVID-19 pandemic on our markets, as well as the effectiveness of actions of federal, state and local governments and agencies (including the Board of Governors of the Federal Reserve System (FRB)) to mitigate its spread and economic impact, local, state and national economic and market conditions, 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, levels of and volatility in 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 recent heightened levels of inflation and the reactions of the FRB and other governmental departments and agencies in response thereto, 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, pandemics or other health crises, acts of war or terrorism, and other risks described in our filings with the SEC.

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
December 31, 2022
($ in thousands)
(unaudited)
 
 
Linked Quarter Year over Year
QUARTERLY AVERAGE BALANCES 12/31/2022 9/30/2022 12/31/2021 $ Change % Change $ Change % Change
Securities AFS-taxable (1)

$

2,572,675

 

$

2,824,254

 

$

3,156,740

 

$

(251,579

)

-8.9

%

$

(584,065

)

-18.5

%

Securities AFS-nontaxable

 

4,828

 

 

4,928

 

 

5,143

 

 

(100

)

-2.0

%

 

(315

)

-6.1

%

Securities HTM-taxable (1)

 

1,268,952

 

 

1,140,685

 

 

364,038

 

 

128,267

 

11.2

%

 

904,914

 

n/m

 

Securities HTM-nontaxable

 

4,514

 

 

5,057

 

 

7,618

 

 

(543

)

-10.7

%

 

(3,104

)

-40.7

%

Total securities

 

3,850,969

 

 

3,974,924

 

 

3,533,539

 

 

(123,955

)

-3.1

%

 

317,430

 

9.0

%

Paycheck protection program loans (PPP)

 

3,235

 

 

9,821

 

 

42,749

 

 

(6,586

)

-67.1

%

 

(39,514

)

-92.4

%

Loans (includes loans held for sale)

 

12,006,661

 

 

11,459,551

 

 

10,487,679

 

 

547,110

 

4.8

%

 

1,518,982

 

14.5

%

Fed funds sold and reverse repurchases

 

6,566

 

 

226

 

 

58

 

 

6,340

 

n/m

 

 

6,508

 

n/m

 

Other earning assets

 

375,190

 

 

325,620

 

 

1,839,498

 

 

49,570

 

15.2

%

 

(1,464,308

)

-79.6

%

Total earning assets

 

16,242,621

 

 

15,770,142

 

 

15,903,523

 

 

472,479

 

3.0

%

 

339,098

 

2.1

%

Allowance for credit losses (ACL), loans held
for investment (LHFI)
(114,948 ) (102,951 ) (104,148 ) (11,997 ) -11.7 % (10,800 ) -10.4 %
Other assets

 

1,630,085

 

 

1,576,653

 

 

1,570,501

 

 

53,432

 

3.4

%

 

59,584

 

3.8

%

Total assets

$

17,757,758

 

$

17,243,844

 

$

17,369,876

 

$

513,914

 

3.0

%

$

387,882

 

2.2

%

 
Interest-bearing demand deposits

$

4,719,303

 

$

4,613,733

 

$

4,353,599

 

$

105,570

 

2.3

%

$

365,704

 

8.4

%

Savings deposits

 

4,379,673

 

 

4,514,579

 

 

4,585,624

 

 

(134,906

)

-3.0

%

 

(205,951

)

-4.5

%

Time deposits

 

1,152,905

 

 

1,111,440

 

 

1,220,083

 

 

41,465

 

3.7

%

 

(67,178

)

-5.5

%

Total interest-bearing deposits

 

10,251,881

 

 

10,239,752

 

 

10,159,306

 

 

12,129

 

0.1

%

 

92,575

 

0.9

%

Fed funds purchased and repurchases

 

549,406

 

 

249,809

 

 

201,856

 

 

299,597

 

n/m

 

 

347,550

 

n/m

 

Other borrowings

 

530,993

 

 

88,697

 

 

94,328

 

 

442,296

 

n/m

 

 

436,665

 

n/m

 

Subordinated notes

 

123,226

 

 

123,171

 

 

123,007

 

 

55

 

0.0

%

 

219

 

0.2

%

Junior subordinated debt securities

 

61,856

 

 

61,856

 

 

61,856

 

 

 

0.0

%

 

 

0.0

%

Total interest-bearing liabilities

 

11,517,362

 

 

10,763,285

 

 

10,640,353

 

 

754,077

 

7.0

%

 

877,009

 

8.2

%

Noninterest-bearing deposits

 

4,177,113

 

 

4,444,370

 

 

4,679,951

 

 

(267,257

)

-6.0

%

 

(502,838

)

-10.7

%

Other liabilities

 

569,992

 

 

429,720

 

 

291,449

 

 

140,272

 

32.6

%

 

278,543

 

95.6

%

Total liabilities

 

16,264,467

 

 

15,637,375

 

 

15,611,753

 

 

627,092

 

4.0

%

 

652,714

 

4.2

%

Shareholders’ equity

 

1,493,291

 

 

1,606,469

 

 

1,758,123

 

 

(113,178

)

-7.0

%

 

(264,832

)

-15.1

%

Total liabilities and equity

$

17,757,758

 

$

17,243,844

 

$

17,369,876

 

$

513,914

 

3.0

%

$

387,882

 

2.2

%

(1)

During the fourth quarter of 2022, Trustmark transferred $422.9 million of securities available for sale to securities held to maturity.
See Note 2 – Securities Available for Sale and Held to Maturity in the Notes to Consolidated Financials for additional information.
 
n/m – percentage changes greater than +/- 100% are considered not meaningful
 

See Notes to Consolidated Financials

TRUSTMARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL INFORMATION
December 31, 2022
($ in thousands)
(unaudited)
 
 
Linked Quarter Year over Year
PERIOD END BALANCES 12/31/2022 9/30/2022 12/31/2021 $ Change % Change $ Change % Change
Cash and due from banks

$

734,787

 

$

479,637

 

$

2,266,829

 

$

255,150

 

53.2

%

$

(1,532,042

)

-67.6

%

Fed funds sold and reverse repurchases

 

4,000

 

 

10,098

 

 

 

 

(6,098

)

-60.4

%

 

4,000

 

n/m

 

Securities available for sale (1)

 

2,024,082

 

 

2,444,486

 

 

3,238,877

 

 

(420,404

)

-17.2

%

 

(1,214,795

)

-37.5

%

Securities held to maturity (1)

 

1,494,514

 

 

1,156,985

 

 

342,537

 

 

337,529

 

29.2

%

 

1,151,977

 

n/m

 

PPP loans

 

 

 

4,798

 

 

33,336

 

 

(4,798

)

-100.0

%

 

(33,336

)

-100.0

%

Loans held for sale (LHFS)

 

135,226

 

 

165,213

 

 

275,706

 

 

(29,987

)

-18.2

%

 

(140,480

)

-51.0

%

Loans held for investment (LHFI)

 

12,204,039

 

 

11,586,064

 

 

10,247,829

 

 

617,975

 

5.3

%

 

1,956,210

 

19.1

%

ACL LHFI

 

(120,214

)

 

(115,050

)

 

(99,457

)

 

(5,164

)

-4.5

%

 

(20,757

)

-20.9

%

Net LHFI

 

12,083,825

 

 

11,471,014

 

 

10,148,372

 

 

612,811

 

5.3

%

 

1,935,453

 

19.1

%

Premises and equipment, net

 

212,365

 

 

210,761

 

 

205,644

 

 

1,604

 

0.8

%

 

6,721

 

3.3

%

Mortgage servicing rights

 

129,677

 

 

132,615

 

 

87,687

 

 

(2,938

)

-2.2

%

 

41,990

 

47.9

%

Goodwill

 

384,237

 

 

384,237

 

 

384,237

 

 

 

0.0

%

 

 

0.0

%

Identifiable intangible assets

 

3,640

 

 

3,952

 

 

5,074

 

 

(312

)

-7.9

%

 

(1,434

)

-28.3

%

Other real estate

 

1,986

 

 

2,971

 

 

4,557

 

 

(985

)

-33.2

%

 

(2,571

)

-56.4

%

Operating lease right-of-use assets

 

36,301

 

 

37,282

 

 

34,603

 

 

(981

)

-2.6

%

 

1,698

 

4.9

%

Other assets

 

770,838

 

 

686,585

 

 

568,177

 

 

84,253

 

12.3

%

 

202,661

 

35.7

%

Total assets

$

18,015,478

 

$

17,190,634

 

$

17,595,636

 

$

824,844

 

4.8

%

$

419,842

 

2.4

%

 
Deposits:
Noninterest-bearing

$

4,093,771

 

$

4,358,805

 

$

4,771,065

 

$

(265,034

)

-6.1

%

$

(677,294

)

-14.2

%

Interest-bearing

 

10,343,877

 

 

10,066,375

 

 

10,316,095

 

 

277,502

 

2.8

%

 

27,782

 

0.3

%

Total deposits

 

14,437,648

 

 

14,425,180

 

 

15,087,160

 

 

12,468

 

0.1

%

 

(649,512

)

-4.3

%

Fed funds purchased and repurchases

 

449,331

 

 

544,068

 

 

238,577

 

 

(94,737

)

-17.4

%

 

210,754

 

88.3

%

Other borrowings

 

1,050,938

 

 

223,172

 

 

91,025

 

 

827,766

 

n/m

 

 

959,913

 

n/m

 

Subordinated notes

 

123,262

 

 

123,207

 

 

123,042

 

 

55

 

0.0

%

 

220

 

0.2

%

Junior subordinated debt securities

 

61,856

 

 

61,856

 

 

61,856

 

 

 

0.0

%

 

 

0.0

%

ACL on off-balance sheet credit exposures

 

36,838

 

 

31,623

 

 

35,623

 

 

5,215

 

16.5

%

 

1,215

 

3.4

%

Operating lease liabilities

 

38,932

 

 

39,797

 

 

36,468

 

 

(865

)

-2.2

%

 

2,464

 

6.8

%

Other liabilities

 

324,405

 

 

232,786

 

 

180,574

 

 

91,619

 

39.4

%

 

143,831

 

79.7

%

Total liabilities

 

16,523,210

 

 

15,681,689

 

 

15,854,325

 

 

841,521

 

5.4

%

 

668,885

 

4.2

%

Common stock

 

12,705

 

 

12,700

 

 

12,845

 

 

5

 

0.0

%

 

(140

)

-1.1

%

Capital surplus

 

154,645

 

 

154,150

 

 

175,913

 

 

495

 

0.3

%

 

(21,268

)

-12.1

%

Retained earnings

 

1,600,321

 

 

1,648,507

 

 

1,585,113

 

 

(48,186

)

-2.9

%

 

15,208

 

1.0

%

Accumulated other comprehensive

income (loss), net of tax

 

(275,403

)

 

 

(306,412

)

 

 

(32,560

)

 

 

31,009

 

 

10.1

%

 

 

(242,843

)

 

n/m

 

Total shareholders’ equity

 

1,492,268

 

 

1,508,945

 

 

1,741,311

 

 

(16,677

)

-1.1

%

 

(249,043

)

-14.3

%

Total liabilities and equity

$

18,015,478

 

$

17,190,634

 

$

17,595,636

 

$

824,844

 

4.8

%

$

419,842

 

2.4

%

Contacts

Trustmark Investor Contacts:
Thomas C. Owens

Treasurer and Principal Financial Officer

601-208-7853

F. Joseph Rein, Jr.

Senior Vice President

601-208-6898

Trustmark Media Contact:
Melanie A. Morgan

Senior Vice President

601-208-2979

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