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Dec 31, 2023
Trustmark Q4 2023 Earnings Report
Trustmark's financial performance reflected solid loan production and credit quality, along with continued deposit growth.
Key Takeaways
Trustmark Corporation reported a net income of $36.1 million for Q4 2023, with diluted earnings per share of $0.59. The performance reflected continued loan and deposit growth, solid credit quality, and a diversified revenue base.
Net income was $36.1 million, with diluted earnings per share at $0.59.
Loans held for investment increased by $140.3 million, or 1.1%, during the quarter.
Total deposits increased by $467.8 million, or 3.1%, linked-quarter.
Net charge-offs totaled $2.2 million, representing 0.07% of average loans.
Trustmark
Trustmark
Trustmark Revenue by Segment
Revenue by Segment
Wealth management Revenue
CapyFin.com Forward Guidance
Trustmark will continue to pursue opportunities to redesign workflows and restructure the organization to further leverage investments in technology that will broaden its reach, enhance the customer experience, and improve efficiency.
Positive Outlook
- Expanding customer relationships
- Demonstrating the value Trustmark can provide as their trusted financial partner
- Pursuing opportunities to redesign workflows
- Restructuring the organization to further leverage investments in technology
- Building long-term value for shareholders
Challenges Ahead
- Changes in the level of nonperforming assets and charge-offs
- Increase in unemployment levels and slowdowns in economic growth
- Actions by the Board of Governors of the Federal Reserve System (FRB) that impact the level of market interest rates
- 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