Trustmark sees jump in earnings in 2011
by MBJ Staff
Published: January 25,2012
JACKSON — Trustmark Corporation reports net income available to common shareholders of $106.8 million for the year ended Dec. 31, 2011, which represented diluted earnings per common share of $1.66, an increase of 5.7 percent compared to figures one year earlier.
Trustmark during 2011 produced a return on average tangible common equity of 12.25 percent and a return on average assets of 1.11 percent.
In the fourth quarter of 2011, Trustmark’s net income available to common shareholders totaled $24.3 million, which represented diluted earnings per common share of $0.38.
Trustmark’s board of directors declared a quarterly cash dividend of $0.23 per common share payable March 15, 2012, to shareholders of record on March 1, 2012.
Gerard R. Host, president and CEO, said, “We experienced significant improvement in credit quality as reflected by a 17.5 percent reduction in nonperforming assets, a 40.0 percent reduction in provisioning for loan losses and a 43.6 percent reduction in net charge-offs relative to the prior year. We also made additional inroads in building and strengthening customer relationships as our deposit base increased $521.8 million, or 7.4 percent, to $7.6 billion at year-end 2011.
In April, Trustmark completed an FDIC-assisted transaction of a 90-year-old financial institution with $204.3 million in deposits in Carthage. In November, it announced a merger with Bay Bank & Trust Company, a 76-year-old financial institution with assets of $247 million in Panama City, Fla. That transaction is expected to close during the first quarter of 2012.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- Bids on reworking Interstate 55 stretch are rejected
- JACK WEATHERLY: Finding a house, defending a neighborhood, finding a voice
- Terminal upgrade on indefinite hold at Jackson International Airport
- Report ranks state schools' performance 51st in the nation
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- Hosemann to launch crowd funding program
- CFPB wants repay ability at center of new payday loan rules
- Two new casinos like the odds on Mississippi Gulf Coast