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Trustmark net income up for third quarter

By JACK WEATHERLY

Trustmark Corp. announced net income of $34.57 million, or 51 cents per share for the third quarter, compared with $30.98 million, or 46 cents per share, a year earlier.

The results, which were released after market on Oct. 24, beat Wall Street expectations, according to the Associated Press. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.

The holding company for Trustmark National Bank posted revenue of $165.6 million in the period. Its adjusted revenue was $153.4 million. Three analysts surveyed by Zacks expected $154.4 million.

Trustmark shares were down six cents at $33.52 in Nasdaq trading on Oct. 24. They have fallen roughly 6 percent since the beginning of the year.

Gerald R. Host, president and chief executive of the Jackson-based bank noted in the release Trustmark’s continuing loan growth and “strong credit quality.”

Net interest income reached $108.89 million, compared with $102.18 million in the third quarter of 2016.

Nonperforming (90 days or more in arrears) assets totaled $118.64 million, down from $119.4 million a year earlier.

The company increased its allowance for loan losses due to Hurricane Harvey on the Texas Gulf Coast by $1.1 million, reducing the quarterly net income by $687,000, or one cent per share.

“None of Trustmark’s facilities sustained damaged and reopened as soon as practical,” the release stated.

Trustmark provides banking and financial services through 198 offices in Mississippi, Alabama, Florida, Tennessee and Texas.

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