Trustmark Corporation (NASDAQ:TRMK) announced net income available to common shareholders of $117.3 million for the year ended December 31, 2012, which represented diluted earnings per share of $1.81, an increase of 9.0% compared to figures one year earlier. Trustmark’s performance during 2012 produced a return on average tangible common equity of 12.55% and a return on average assets of 1.20%. In the fourth quarter of 2012, Trustmark’s net income available to common shareholders totaled $27.7 million, which represented diluted earnings per common share of $0.43, an increase of 13.2% compared to the fourth quarter of 2011. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per common share payable March 15, 2013, to shareholders of record on March 1, 2013.
Printer friendly version of earnings release with consolidated financial statements and notes: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50537853&lang=en
Gerard R. Host, President and CEO, stated, “2012 was a year of significant achievement for Trustmark, particularly in light of prevailing economic conditions. We continued to build upon and expand customer relationships, the success of which is reflected in our strong financial performance. Thanks in part to the low interest rate environment, the profitability of our mortgage banking business reached record levels. We also experienced increased profitability in our insurance and wealth management businesses. Credit quality significantly improved in our banking business which, in turn, increased profitability. During the year, we completed an acquisition in Florida and announced plans to acquire Mobile, Alabama-based BancTrust Financial Group, which is expected to close during the first quarter of 2013 pending regulatory approval. We also made investments in technology designed to increase revenue and improve efficiency. Thanks to our dedicated associates, solid profitability and strong capital base, Trustmark remains well-positioned to continue meeting the needs of our customers and creating value for our shareholders.”
- Significant reduction in classified and criticized loan balances
- Nonperforming assets declined to lowest level in 16 quarters
- Improved credit quality reflected in reduced net charge-offs and provisioning