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Trustmark earnings rise 5.9 percent year-over-year in Q3

By Updated: October 24, 2018 12:30 PM CT | Published: October 24, 2018 10:43 AM CT

Trustmark Corp. reported net income of $36.3 million in the third quarter of 2018, or diluted earnings per share of 54 cents, up 5.9 percent year-over-year.

Those earnings resulted in a return on average tangible equity of 12.26 percent and a return on average assets of 1.07 percent, the parent company of Trustmark National Bank reported.

Trustmark’s board declared a quarterly cash dividend of 23 cents per share payable Dec. 15, to shareholders of record on Dec. 1.

Jackson, Mississippi-based Trustmark is the ninth-largest bank in Memphis based on deposit marketshare, according to the latest FDIC report.

Revenue in the third quarter, excluding interest and fees on acquired loans, increased 1.7 percent from Q2 and rose 5.8 percent year-over-year to $150 million.

Net interest margin, excluding acquired loans, was 3.50 percent in the third quarter, up 4 basis points from the prior quarter and 16 basis points year-over-year, the company reported. Core noninterest expense, which excludes other real estate expense and intangible amortization, totaled $102.8 million, up 0.2 percent from the prior quarter and 2.1 percent year-over-year.

“Our third quarter performance continues to reflect our strategic priorities of profitable revenue generation, process improvement and disciplined expense management,” Gerard R. Host, president and CEO of Trustmark Corp., said in a release. “During the quarter, we continued to expand banking relationships as well as attract new insurance and wealth management clients. Trustmark remains well positioned to continue meeting the needs of our customers and creating long-term value for our shareholders.”

Trustmark provides banking and financial services through 198 offices in Alabama, Florida, Mississippi, Tennessee and Texas.

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Trustmark Corp. Trustmark National Bank Gerard R. Host

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