Trustmark posts $24M first-quarter net income

JACKSON — Trustmark Corporation reported net income available to common shareholders of $24 million in the first quarter of 2011, which represented basic and diluted earnings per common share of $0.38 and $0.37, respectively.

Trustmark’s performance during the quarter produced a return on average tangible common equity of 11.65 percent and a return on average assets of 1.02 percent.

Trustmark’s board of directors declared a quarterly cash dividend of $0.23 per common share. The dividend is payable June 15, 2011, to shareholders of record June 1, 2011.

Gerard R. Host, president and CEO, said, “Growth in earning assets in Trustmark’s traditional banking business, coupled with lower funding costs, produced stable net interest income and a 4.30 percent net interest margin. Our fee-based wealth management and mortgage banking businesses also continued to perform well. Most significant, however, was the improvement in credit quality, which was reflected by reductions in nonperforming loans and net charge-offs.”

Source: Trustmark Corporation

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