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VOL. 126 | NO. 18 | Thursday, January 27, 2011

Trustmark Nearly Doubles 4Q Profit

AP

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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.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 73 220 17,575
MORTGAGES 83 246 22,897
FORECLOSURE NOTICES 5 38 4,467
BUILDING PERMITS 206 514 41,739
BANKRUPTCIES 52 176 16,568
BUSINESS LICENSES 20 50 5,751
UTILITY CONNECTIONS 97 196 25,067
MARRIAGE LICENSES 12 66 5,351

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