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TheStreet Open House

Trustmark Corporation Announces Third Quarter 2012 Financial Results And Declares $0.23 Quarterly Cash Dividend

Trustmark Corporation (NASDAQ:TRMK) announced net income available to common shareholders of $29.9 million in the third quarter of 2012, which represented diluted earnings per common share of $0.46, an increase of 2.2% from the prior quarter and 9.5% when compared to the third quarter of 2011. Trustmark’s performance during the third quarter of 2012 produced a return on average tangible common equity of 12.61% and a return on average assets of 1.21%. During the first nine months of 2012, Trustmark’s net income available to common shareholders totaled $89.6 million, which represented diluted earnings per common share of $1.38, an increase of 7.0% from the comparable period one year earlier. Trustmark’s performance during the first nine months of 2012 resulted in a return on average tangible common equity of 12.91% and a return on average assets of 1.22%. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per common share payable December 15, 2012, to shareholders of record on December 1, 2012.

Printer friendly version of earnings release with consolidated financial statements and notes: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50449848&lang=en

Gerard R. Host, President and CEO, stated, “Trustmark achieved another solid quarter of financial performance despite sluggish economic conditions and the prolonged low interest rate environment. During the quarter, we continued building upon and expanding customer relationships. This was especially evident in our mortgage banking and insurance businesses. We continued to experience meaningful improvement in credit quality as reflected by significantly lower levels of classified and criticized loans as well as a 30.9% reduction in net charge-offs. Also we made progress toward our pending merger with BancTrust Financial Group, a $2.0 billion financial institution based in Mobile, Alabama. This transaction, which is expected to close during the first two months of 2013, is subject to regulatory approval.”

Credit Quality

  • Nonperforming loans declined 19.1% to $80.7 million
  • Classified and criticized loans declined $15.9 million and $15.2 million, respectively
  • Allowance for loan losses represented 174.1% of nonperforming loans, excluding impaired loans

Trustmark continued to experience significant improvements in credit quality. Nonperforming loans totaled $80.7 million at September 30, 2012, a decline of 19.1% from the prior quarter and 19.0% from the prior year. Foreclosed other real estate increased 11.9% from the prior quarter but decreased 7.9% from the prior year to total $82.5 million. Collectively, nonperforming assets totaled $163.1 million at September 30, 2012, the lowest level since year end 2008 and a decline of 36.4% from the peak of $256.7 million at March 31, 2010. All of the above metrics exclude acquired loans and other real estate covered by FDIC loss-share agreements.

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