This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Trustmark Corporation (NASDAQ:TRMK) reported net income available to common shareholders of $27.0 million in the third quarter of 2011, which represented basic and diluted earnings per common share of $0.42. Trustmark’s performance during the quarter produced a return on average tangible common equity of 12.04% and a return on average assets of 1.12%. During the first nine months of 2011, Trustmark’s net income available to common shareholders totaled $82.6 million, which represented basic and diluted earnings per share of $1.29. Trustmark’s performance during the first nine months of 2011 resulted in a return on tangible common equity of 12.80% and a return on average assets of 1.15%. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per common share. The dividend is payable December 15, 2011, to shareholders of record on December 1, 2011.
Printer friendly version of earnings release with consolidated financial statements and notes:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50040940&lang=en
Gerard R. Host, President and CEO, stated, “Trustmark continued to post strong financial performance as reflected in expanded profitability in our mortgage banking, wealth management and insurance businesses. Our banking business also experienced solid results due in part to continued improvement in credit quality, including reductions in nonperforming loans and net charge-offs. We continued investments to support revenue growth, including expanding our banking services to the Starkville, Mississippi market as well as opening a mortgage banking office in Birmingham, Alabama. Thanks to our dedicated associates, solid profitability and strong capital base, Trustmark remains well-positioned to continue meeting the needs of our customers and take advantage of opportunities to create value for our shareholders.”
Nonperforming loans declined 17.7% while nonperforming assets fell 10.4%
Net charge-offs totaled $5.4 million and represented 0.36% of average loans
Allowance for loan losses represented 248.8% of nonperforming loans, excluding impaired loans
During the third quarter, nonperforming loans (excluding covered loans) decreased $21.4 million, or 17.7%, relative to the prior quarter to total $99.6 million, or 1.66% of total loans, marking six consecutive quarters of improvement. Foreclosed other real estate (excluding covered ORE) decreased $402 thousand from the prior quarter to total $89.6 million. Collectively, nonperforming assets decreased $21.8 million, or 10.4%, to total $189.2 million at September 30, 2011. Trustmark has continued to make progress in the resolution of nonperforming assets as balances during the last 12 months decreased $54.9 million, or 22.5%, including a $40.2 million reduction in the Florida market.