VOL. 126 | NO. 18 | Thursday, January 27, 2011
Trustmark Nearly Doubles 4Q Profit
JACKSON, Miss. (AP) – Regional banker Trustmark Corp. said it nearly doubled its fourth-quarter profit from a year ago as the company recorded declines in bad loans and cut its exposure to Florida real estate problems.
For the three months ending Dec. 31, Trustmark earned $25.2 million, or 23 cents per share, compared with year-ago earnings in the fourth quarter of $13.9 million, or 23 cents per share, a year ago.
Trustmark had 4.8 million more outstanding shares in the latest quarter. A year ago, the company paid $10 million in preferred stock dividends and discounts.
During the latest quarter, Trustmark said nonperforming loans fell 10.3 percent, while nonperforming assets dropped 5.9 percent. The company said it reduced its exposure to Florida construction and land development – a key issue in southern banking problems since the economic meltdown – by 33.6 percent to $132 million.
Trustmark's took an $11.8 million provision for loan losses during the fourth quarter, down from $17.7 million a year ago and $12.3 million in the third quarter of 2009.
For 2010, Trustmark earned $100.6 million, or $1.57 per share, up from a 2009 profit of $73 million, or $1.26 per share.
The results were released after financial markets closed Tuesday.
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