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Trustmark earnings miss consensus

 Trustmark Corp. reported on Tuesday net income of $33.9 million in the fourth quarter of 2019, representing earnings per share of 53 cents.  

Adjusted for nonrecurring items, Trustmark, Jackson-based holding company for Trustmark National Bank, came out with quarterly earnings of 56 cents per share, missing the Zacks Consensus Estimate of 57 cents. This compares to earnings of 55 cents per a year ago.

For the full year, Trustmark’s net income totaled $150.5 million, representing earnings per share of $2.32. Earnings per share in 2019 increased 5 percent compared with the prior year.  

Trustmark’s Board of Directors declared a quarterly cash dividend of 23 cents per share payable March 15, 2020, to shareholders of record on March 1, 2020.

Over the past four quarters, the company has surpassed consensus EPS estimates two times, according to Zacks.

Trustmark shares have ranged from $30.32 to $36.61 over the past 52 weeks on the NasdaqGS stock market. Shares closed at $32.41 on Wednesday, down 94 cents.

Revenue, excluding acquired loans and negative hedge ineffectiveness, totaled $616.8 million, an increase of 5.5 percent.

 Loans totaled $9.3 billion as of Dec. 31, reflecting an increase of 1.2 percent linked-quarter and 5.7 percent from the prior year.  

Loans held for investment increased $112 million from the prior quarter. 

Loans held for investment totaled $9.3 billion at Dec. 3, reflecting an increase of 1.2 percent linked-quarter and 5.7 percent from the prior year.

Deposits totaled $11.2 billion on Dec. 31, unchanged from the prior quarter and down $118.9 million, or 1 percent, year over year. 

The Board of Directors authorized on Wednesday a new stock repurchase program, effective April 1, under which $100 million of Trustmark’s outstanding shares may be acquired through Dec. 31, 2021. 

Nonperforming loans decreased 9.8 percent and 13.6 percent from the prior quarter and year-over-year, respectively.

Salaries and employee benefits totaled $62.3 million in the fourth quarter, down $176,000 from the prior quarter due to seasonally lower insurance commissions.  

Trustmark provides banking and financial solutions through 193 offices in Alabama, Florida, Mississippi, Tennessee and Texas.

 


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