UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
| ☒ |
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
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OR
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☐
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
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Commission File Number 000-03683
Full title of the plan and the address of the plan, if different from that of the issuer named below:
Trustmark 401(k) Plan
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
TRUSTMARK CORPORATION
248 E. Capitol Street
Jackson, Mississippi 39201
TRUSTMARK 401(k) PLAN
Jackson, Mississippi
Audited Financial Statements
Years Ended December 31, 2023 and 2022
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1-2
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Audited Financial Statements
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3
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4
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5 – 13
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Supplemental Schedule
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15
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Associates Benefits Subcommittee and Participants
Trustmark 401(k) Plan
Jackson, Mississippi
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Trustmark 401(k) Plan (the Plan) as of December 31,
2023 and 2022, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all
material respects, the net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in
the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying supplemental schedule of assets (held at end of year) as of December 31, 2023, has been subjected to audit procedures performed in conjunction with the audit of the
Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required
by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included
determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in
the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Hancock Askew & Co., LLP
We have served as the Plan’s auditor since 2015.
Miami, Florida
June 26, 2024
TRUSTMARK 401(k) PLAN
December 31, 2023 and 2022
|
2023
|
2022
|
|||||||
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Investments, at fair value
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$
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381,345,960
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$
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342,972,828
|
||||
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Notes receivable from participants
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5,002,680
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4,361,971
|
||||||
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Employer contributions receivable
|
347,409
|
357,822
|
||||||
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Net assets available for benefits
|
$
|
386,696,049
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$
|
347,692,621
|
||||
See accompanying notes to financial statements.
TRUSTMARK 401(k) PLAN
Years Ended December 31, 2023 and 2022
|
2023
|
2022
|
|||||||
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Contributions
|
||||||||
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Employer
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$
|
10,814,601
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$
|
10,211,635
|
||||
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Participant
|
14,850,292
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13,942,490
|
||||||
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Rollovers/Other
|
2,088,173
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1,716,829
|
||||||
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Total contributions
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27,753,066
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25,870,954
|
||||||
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Net investment income (loss)
|
||||||||
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Net appreciation (depreciation) in fair value of investments
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43,607,184
|
(66,268,856
|
)
|
|||||
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Interest and dividends
|
6,434,554
|
6,319,738
|
||||||
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Total net investment income (loss)
|
50,041,738
|
(59,949,118
|
)
|
|||||
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Interest income from notes receivable from participants
|
298,430
|
198,014
|
||||||
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Deductions
|
||||||||
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Benefits paid to participants
|
(38,959,350
|
)
|
(36,836,079
|
)
|
||||
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Fees
|
(130,456
|
)
|
(177,184
|
)
|
||||
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Total deductions
|
(39,089,806
|
)
|
(37,013,263
|
)
|
||||
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Net increase (decrease) in net assets available for benefits
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39,003,428
|
(70,893,413
|
)
|
|||||
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Net assets available for benefits
|
||||||||
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Beginning of year
|
347,692,621
|
418,586,034
|
||||||
|
End of year
|
$
|
386,696,049
|
$
|
347,692,621
|
||||
See accompanying notes to financial statements.
| Note 1. |
Plan Description
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The following description of the Trustmark 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan established for the associates of Trustmark Corporation (the “Company”) and certain other associated companies. The Plan is subject to the provisions of the Employee
Retirement Income Security Act (“ERISA”) of 1974, as amended.
Eligibility
The Plan provides eligibility for participation in elective deferrals by associates on the first day of the month after one month of employment.
Plan Administration
Empower Retirement refers to the products and services offered in the retirement markets by Great-West Life & Annuity Insurance Company (“GWL&A”). Great-West Trust Company, LLC is a subsidiary of GWL&A
and is the custodian of the Plan’s assets. The Plan administrator and sponsor is Trustmark Corporation, parent company of Trustmark National Bank. All trustee functions related to the employer stock held by the Plan are handled by Newport Trust
Company and all trustee functions related to all other Plan investments are handled by Great-West Trust Company.
Participant Contributions
The Plan allows participants to make voluntary before‑tax salary deferral contributions, through payroll deductions, to separately invested funds in accordance with Section 401(k) of the Internal Revenue Code
(“IRC”). If certain requirements of IRC Section 401(k) are not met in Plan operation, the salary deferral agreements of participants may, on a nondiscriminatory and uniform basis, be amended or revoked to preserve the qualified status of the
Plan.
All newly eligible participants are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan or elect to participate at a different rate. Automatically enrolled
participants have their initial deferral rate set at 3% of their eligible compensation. The deferral rate automatically increases by 1% annually up to a maximum deferral rate of 6%.
Participants may elect to contribute through the Roth 401(k) contribution option on an after-tax basis. The Roth 401(k) contributions qualify for matching contributions and are otherwise subject to the same
combined dollar limits applicable to pre-tax contributions.
Participants may elect to contribute up to 75 percent of eligible compensation each period, subject to regulatory limitations. Any excess contributions must be returned to the applicable participant by March 15 of
the calendar year following the year of excess contributions. The Plan allows for rollover contributions from individual retirement accounts, IRC Section 457(b) plans or other qualified plans.
5
| Note 1. |
Plan Description (Continued)
|
Provisions of the Plan allow participants who were age 50 years or older by the end of the calendar year to make catch‑up contributions to the Plan. Catch‑up contributions represent associate compensation deferrals
in excess of certain Plan limits and statutory limits, including Internal Revenue Service (“IRS”) annual deferral limits.
Employer Contributions
Full-time and part-time associates are eligible to receive the safe harbor matching contribution on the first day of the month following one month of service. Eligible participant contributions are matched by the
employer at a rate of 100 percent of the first 6 percent of covered compensation. The employer may also make discretionary contributions. No discretionary contributions were made for the years ended December 31, 2023 and 2022.
Participant Accounts
Each participant’s account is credited with the participant’s contributions and allocations of (a) the Company’s contributions and (b) Plan earnings (losses) and charged with an allocation of administrative
expenses. Allocations are based on participant compensation deferrals or account balances, as defined.
Investment Options
Participants may direct investments of their account balance among several investment options.
The Plan provides participants the opportunity to annually elect whether cash dividends paid on employer stock will be invested in shares of employer stock within the individual participant’s account or be paid to
the participant in cash.
Vesting
Participants are immediately vested in their voluntary contributions, all employer contributions made on their behalf and the investment earnings and losses thereon.
Payment of Benefits
On retirement, death, disability or termination of service, a participant may elect to receive a lump‑sum distribution equal to the total of his or her account balance or in installments. In addition, hardship
distributions are permitted if certain criteria are met.
Notes Receivable from Participants
Participants may borrow from their vested account balance a minimum of $1,000 up to a maximum of $50,000 or 50% of their account balance, whichever is less. The loans are secured by the balance in the
participant’s account and bear interest at commercially reasonable rates as determined under the Plan. On December 31, 2023, the interest rate on all outstanding participant loans was from 4.25% to 9.50% with maturity dates ranging from January
2024 to December 2038.
6
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Note 1.
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Plan Description (Continued)
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Principal and interest payments occur ratably through regular payroll deductions and over a period not to exceed five years unless the notes receivable were used to purchase a primary residence in which case the
notes receivable term may exceed five years.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. However, no
such action may deprive any participant or beneficiary under the Plan of any vested benefit.
|
Note 2.
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Significant Accounting Policies
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Basis of Presentation
The Plan’s financial statements are prepared using the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates
GAAP requires management to make estimates and assumptions that affect the reported amounts of net assets and changes therein. Actual results could differ from those estimates.
Investments
The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued, but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as
administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2023 and 2022. If a participant ceases to make loan repayments and the plan administrator deems the participant
loan to be in default, the participant loan balance is reduced, and a benefit payment is recorded.
Contributions
Contributions from Plan participants and the matching contributions from the Employer are recorded in the year in which the employee contributions are withheld from compensation.
7
|
Note 2.
|
Significant Accounting Policies (Continued)
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Payment of Benefits
Benefits are recorded when paid.
Net Appreciation (Depreciation) in Fair Value of Investments
Net appreciation (depreciation) in fair value of investments, as recorded in the accompanying statements of changes in net assets available for benefits, includes changes in the fair value of investments acquired,
sold, or held during the year.
Administrative Fees
Certain administrative fees are paid by the Plan. All other fees, including professional fees, are paid by the Company. Expenses that relate solely to a participant are assessed against such participant as
provided in the Plan agreement.
|
Note 3.
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Risks and Uncertainties
|
The Plan’s investments include funds which invest in various types of investment securities and in various companies within various markets. Investment securities are exposed to several risks, such as interest
rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes
could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statements of changes in net assets available for benefits.
|
Note 4.
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Tax Status
|
The IRS has determined and informed the Company by a letter dated December 12, 2016, that the Plan and related trust are designed in accordance with applicable sections of the IRC. The Plan has been amended since
receiving the determination letter. However, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.
GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination
by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2023, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability
or disclosure in the financial statements. The Plan is subject to routine audits by tax jurisdictions; however, there are currently no audits for any tax periods in progress.
8
|
Note 5.
|
Party-In-Interest Transactions
|
Certain Plan investments are invested in the common stock of the Company. Investment transactions in employer securities qualify as exempt party-in-interest transactions. For the years ended December 31, 2023 and
2022, dividends of $549,514 and $595,427, respectively, were received by the Plan from the Company. The Plan held 585,465 and 628,523 shares valued at $16,322,737 and $21,941,735 on December 31, 2023 and 2022, respectively.
GWL&A performs services, sells products, and maintains certain investments of the Plan for which fees are charged to the Plan. Newport Trust Company serves as an independent fiduciary and investment manager
for the Employer Stock Fund. Party-in-interest transactions also include notes receivable from participants. Such transactions, while considered party-in-interest transactions under ERISA, are permitted under the provisions of the Plan and are
specifically exempt from the prohibition of party-in-interest transactions.
|
Note 6.
|
Fair Value Measurements
|
FASB ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), establishes a framework for measuring fair value. That framework provides a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority
to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC Topic 820 are described as follows:
| • |
Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
|
| • |
Level 2 Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices
that are observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2
input must be observable for substantially the full term of the asset or liability.
|
| • |
Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to
maximize the use of observable inputs and minimize the use of unobservable inputs.
9
|
Note 6.
|
Fair Value Measurements (Continued)
|
Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used on December 31, 2023 and 2022.
Common stock of Trustmark Corporation (Level 1): Valued at the closing price reported on the active market on which the individual securities are traded.
Money market fund, mutual funds, and self-directed brokerage accounts (Level 1): Valued at the NAV of shares held by the Plan at year-end. Mutual funds held by the Plan are
open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Self-directed brokerage accounts primarily consist of mutual funds and common stocks that are valued on the basis of readily determinable market prices.
Collective investment funds: Valued at NAV per unit, as determined by the trustee at year-end. The NAV is used as the practical expedient to estimate fair value.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation
methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the
reporting date.
10
|
Note 6.
|
Fair Value Measurements (Continued)
|
The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2023 and 2022:
|
Assets at Fair Values as of December 31, 2023
|
||||||||
|
Level 1
|
Total
|
|||||||
|
Mutual funds
|
$
|
173,631,190
|
$
|
173,631,190
|
||||
|
Common stock of Trustmark Corporation
|
16,322,737
|
16,322,737
|
||||||
|
Self-directed brokerage accounts
|
15,775,747
|
15,775,747
|
||||||
|
Total investments at fair value
|
205,729,674
|
205,729,674
|
||||||
|
Collective investment funds measured at NAV*
|
-
|
175,616,286
|
||||||
|
Total investments
|
$
|
205,729,674
|
$
|
381,345,960
|
||||
|
Assets at Fair Values as of December 31, 2022
|
||||||||
|
Level 1
|
Total
|
|||||||
|
Mutual funds
|
$
|
147,860,627
|
$
|
147,860,627
|
||||
|
Common stock of Trustmark Corporation
|
21,941,735
|
21,941,735
|
||||||
|
Self-directed brokerage accounts
|
12,003,508
|
12,003,508
|
||||||
|
Total investments at fair value
|
181,805,870
|
181,805,870
|
||||||
|
Collective investment funds measured at NAV*
|
-
|
161,166,958
|
||||||
|
Total investments
|
$
|
181,805,870
|
$
|
342,972,828
|
||||
There were no investments measured using Level 2 or Level 3 during the years ending December 31, 2023 and 2022.
* Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this
table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.
11
|
Note 6.
|
Fair Value Measurements (Continued)
|
The fair value of investments, other than Level 1, in certain entities that calculate net asset value per share (or its equivalent), are as follows:
|
Fair Value at
|
Unfunded
|
Redemption
|
Redemption
|
||||||
|
Investment
|
December 31, 2023
|
Commitments
|
Frequency
|
Notice Period
|
|||||
|
Collective investment funds
|
$
|
175,616,286
|
N/A
|
Daily
|
Daily
|
||||
|
Fair Value at
|
Unfunded
|
Redemption
|
Redemption
|
||||||
|
Investment
|
December 31, 2022
|
Commitments
|
Frequency
|
Notice Period
|
|||||
|
Collective investment funds
|
$
|
161,166,958
|
N/A
|
Daily
|
Daily
|
||||
The collective investment funds participate in a stable value fund that invests primarily in benefit-responsive investment contracts issued by insurance companies and other financial institutions (“Contracts”),
fixed income securities, and money market funds. Under the terms of the Contracts, the assets of the fund are invested in fixed income securities (which may include, but are not limited to, US treasury and agency bonds, corporate bonds,
mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, and collective investment vehicles and shares of investment companies that invest primarily in fixed income securities) and shares of money market funds.
The fund may also invest in futures contracts, option contracts, and swap agreements.
The collective investment funds also participate in retirement trusts that invest primarily in a diversified portfolio of underlying trusts that represent various asset classes and sectors. The allocation to
equity-based underlying trusts is expected to become increasingly conservative over time, with substantial exposure to equity-based underlying trusts remaining at the end of its target year and the most conservative allocation projected to occur
within 30 years after the target date is reached.
12
|
Note 7.
|
Reconciliation of Financial Statements to Form 5500
|
The following is a reconciliation of net assets available for benefits per the financial statements to the corresponding amounts shown in the Plan’s Form 5500 as of December 31, 2023 and 2022:
|
2023
|
2022
|
|||||||
|
Net assets available for benefits per the financial statements
|
$
|
386,696,049
|
$
|
347,692,621
|
||||
|
Adjustment from fair value to current value on collective investment funds
|
(1,709,751
|
)
|
(2,789,346
|
)
|
||||
|
Net assets available for plan benefits per the Form 5500
|
$
|
384,986,298
|
$
|
344,903,275
|
||||
The following is a reconciliation of investment income (loss) per the financial statements for the years ended December 31, 2023 and 2022, to the corresponding amounts shown on the Plan’s Form 5500:
|
2023
|
2022
|
|||||||
|
Total investment income (loss) per the financial statements
|
$
|
50,041,738
|
$
|
(59,949,118
|
)
|
|||
|
Adjustment from fair value to current value on collective investment funds
|
1,079,595
|
(3,165,128
|
)
|
|||||
|
Total investment income (loss) per Form 5500
|
$
|
51,121,333
|
$
|
(63,114,246
|
)
|
|||
|
Note 8.
|
SECURE ACT 2.0
|
On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023 which included SECURE Act 2.0. SECURE Act 2.0 contains over 90 new retirement provisions, with varying effective dates through
2027. Since SECURE Act 2.0 provisions include both required and optional elements, the plan administrator will determine the optional provisions to elect and amend the Plan documents accordingly. Certain provisions will become effective in 2024
and thereafter. Accordingly, there is no material impact to the Plan’s 2023 financial statements.
|
Note 9.
|
Subsequent Events
|
The Plan has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance, June 26, 2024, and has determined that no significant events occurred after
December 31, 2023, but prior to the issuance of these financial statements, that would have a material impact on its financial statements.
SUPPLEMENTAL SCHEDULE
TRUSTMARK 401(k) PLAN
Plan Sponsor: Trustmark Corporation
Plan Sponsor: EIN 64-0471500
Plan Number: 002
December 31, 2023
|
(b) Identity of Issue,
|
(c) Description of Investment, including
|
|||||||||||||||
|
Borrower, Lessor
|
Maturity Date, Rate of Interest,
|
Shares/Units
|
(e) Current
|
|||||||||||||
| (a) |
or Similar Party
|
Collateral, Par or Maturity Value
|
Held
|
(d) Cost
|
Value
|
|||||||||||
|
Collective investment funds
|
||||||||||||||||
|
***
|
Putnam
|
Stable Value Fund
|
30,257,220
|
** |
|
$
|
28,547,469
|
|||||||||
|
T. Rowe Price
|
Retirement 2010 Trust Fund
|
61,319
|
** |
1,261,318
|
||||||||||||
|
T. Rowe Price
|
Retirement 2015 Trust Fund
|
123,909
|
** |
2,778,026
|
||||||||||||
|
T. Rowe Price
|
Retirement 2020 Trust Fund
|
433,297
|
** |
10,533,455
|
||||||||||||
|
T. Rowe Price
|
Retirement 2025 Trust Fund
|
942,211
|
** |
24,883,771
|
||||||||||||
|
T. Rowe Price
|
Retirement 2030 Trust Fund
|
1,089,298
|
** |
31,088,543
|
||||||||||||
|
T. Rowe Price
|
Retirement 2035 Trust Fund
|
863,587
|
** |
26,313,473
|
||||||||||||
|
T. Rowe Price
|
Retirement 2040 Trust Fund
|
497,179
|
** |
15,904,741
|
||||||||||||
|
T. Rowe Price
|
Retirement 2045 Trust Fund
|
470,827
|
** |
15,419,579
|
||||||||||||
|
T. Rowe Price
|
Retirement 2050 Trust Fund
|
238,010
|
** |
7,809,077
|
||||||||||||
|
T. Rowe Price
|
Retirement 2055 Trust Fund
|
172,004
|
** |
5,639,980
|
||||||||||||
|
T. Rowe Price
|
Retirement 2060 Trust Fund
|
137,680
|
** |
2,888,509
|
||||||||||||
|
T. Rowe Price
|
Retirement Balanced Trust Fund
|
44,347
|
** |
838,594
|
||||||||||||
|
Total collective investment funds
|
173,906,535
|
|||||||||||||||
|
Common stock fund
|
||||||||||||||||
|
*
|
Trustmark Corporation
|
Common Stock
|
585,465
|
** |
16,322,737
|
|||||||||||
|
Mutual funds
|
||||||||||||||||
|
Allspring
|
Common Stock R6 Fund
|
81,331
|
** |
1,574,562
|
||||||||||||
|
American Funds
|
Euro Pacific Growth Fund R6
|
89,212
|
** |
4,879,869
|
||||||||||||
|
Baird
|
Core Plus Bond Institutional Fund
|
776,448
|
** |
7,896,473
|
||||||||||||
|
Harbor
|
Capital Appreciation Institutional Fund
|
352,079
|
** |
33,972,065
|
||||||||||||
|
John Hancock
|
Alternative Asset Allocation Fund I
|
36,312
|
** |
547,934
|
||||||||||||
|
Legg Mason
|
BW Global Opportunities Bond Fund
|
45,842
|
** |
429,994
|
||||||||||||
|
Invesco
|
International Small Mid Co Fund Y
|
245,824
|
** |
10,459,788
|
||||||||||||
|
Vanguard
|
500 Index Admiral Fund
|
55,725
|
** |
24,518,319
|
||||||||||||
|
Vanguard
|
Equity-Income Admiral Fund
|
419,856
|
** |
35,381,231
|
||||||||||||
|
Vanguard
|
Inflation-Protected Securities Admiral Fund
|
83,859
|
** |
1,931,258
|
||||||||||||
|
Vanguard
|
Mid Cap Index Institutional Fund
|
361,634
|
** |
23,014,347
|
||||||||||||
|
Vanguard
|
Small Cap Index Institutional Fund
|
202,491
|
** |
20,692,534
|
||||||||||||
|
Vanguard
|
Total Bond Market Index Admiral Fund
|
268,947
|
** |
2,611,473
|
||||||||||||
|
Vanguard
|
Total International Stock Index Admiral Fund
|
183,789
|
** |
5,721,343
|
||||||||||||
|
Total mutual funds
|
173,631,190
|
|||||||||||||||
|
Self-directed brokerage accounts
|
||||||||||||||||
|
Charles Schwab & Co., Inc.
|
Cash & Cash Equivalents
|
** |
3,660,276
|
|||||||||||||
|
Charles Schwab & Co., Inc.
|
Various Mutual Funds
|
** |
1,437,063
|
|||||||||||||
|
Charles Schwab & Co., Inc.
|
Various Unit Investment Trusts
|
** |
10,678,408
|
|||||||||||||
|
Total self-directed brokerage accounts
|
15,775,747
|
|||||||||||||||
|
*
|
Notes receivable from participants
|
Interest rates from 4.25% to 9.50% with various maturity dates
|
- |
|
5,002,680
|
|||||||||||
|
Total assets (held at end of year)
|
$
|
384,638,889
|
||||||||||||||
| * |
Denotes party-in-interest. | |||||||||||||||
| ** |
(d) Cost information is omitted due to transactions being participant or beneficiary directed under an individual account plan. | |||||||||||||||
| *** |
Fair value totals $30,257,220. | |||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons
who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
TRUSTMARK 401(k) PLAN
BY: TRUSTMARK CORPORATION, PLAN SPONSOR AND ADMINISTRATOR
|
BY:
|
/s/ Thomas C. Owens
|
|
|
Thomas C. Owens
|
||
|
Treasurer, Principal Financial Officer
|
||
| DATE: | June 26, 2024 |
EXHIBIT INDEX
|
Exhibit
Number
|
Description of Exhibits
|
|
Consent of Independent Registered Public Accounting Firm
|
17