69.6 F
Fort Worth
Thursday, September 24, 2020
- Advertisements -
Banking Trustmark profit rises 10 percent with merger help

Trustmark profit rises 10 percent with merger help

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...
Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.


JACKSON, Miss. (AP) — Regional bank Trustmark Corp., with offices in Texas and several other states, says profit in 2013’s third quarter rose 10 percent from the same three months of 2012, as the company continued to benefit from its takeover of the former BancTrust Financial Group.

Trustmark posted quarterly profit of $33 million or 49 cents per share Tuesday. That’s up from $29.9 million or 46 cents per share in 2012’s third quarter.

Analysts polled by FactSet had estimated 47 cents per share, on average.

“We had another quarter of solid financial results,” CEO Gerald Host told analysts in a conference call Wednesday. “Revenue is increased, credit quality continues to improve and we continue to be optimistic about our opportunities going forward in all our markets.”

The bank set aside $569,000 in anticipation of future bad loans. The company actually recovered more than it charged off in the second quarter, but the number was down from last year.

BancTrust, of Mobile, Ala., merged into Trustmark Feb. 15. Those operations added $4.9 million to Trustmark profit during the quarter.

The company said loans increased by $119.3 million. Most lending areas grew, but commercial and industrial loans to business fell. Fees from making mortgages fell, but less than at many other banks, while fees on deposit accounts rose.

Trustmark’s return on assets was 1.11 percent. That key measure of profitability is down from 1.22 percent a year ago, but still exceeds many other banks nationwide.

The amount that the company collected in interest from borrowers, net of what it paid out to savers, fell to $102 million. The net interest margin, a measure of that spread divided by all loans, was 3.94 percent, down from 4.02 percent in the second quarter. Low interest rates have generally caused that spread, which is a cornerstone of bank profits, to narrow.

Jackson-based Trustmark has $11.8 billion in assets with offices in Mississippi, Alabama, Florida, Tennessee and Texas.


- Advertisements -
- Advertisements -

Latest News

Texas Rangers and Comerica Bank team up to help woman-owned and minority-owned small businesses

The Texas Rangers and Comerica Bank are teaming up to help woman-owned or minority-owned small businesses in the...

Powell: Many small companies can borrow without Main Street

By CHRISTOPHER RUGABER AP Economics WriterWASHINGTON (AP) — Federal Reserve Chair Jerome Powell says that many mid-size U.S. businesses are now able...

Bank shares slide on reports of rampant money laundering

By The Associated Press Shares of some major banks are tumbling before the market open Monday following a report...

Initial public offerings scheduled to debut next week

Sep 18, 2020 3:00PM (GMT 20:00) - 90 words NEW YORK (AP) — The following is a list of initial...

Liz Weston: Some remote workers may be in for tax surprise

By LIZ WESTON of NerdWallet . If the pandemic caused you to...