JACKSON — Regional banker Trustmark Corp. nearly doubled its second-quarter profit through the combination of more revenue and reductions in problem loans, the company reported.
For the three months ending June 30, Trustmark earned $26.2 million, or 41 cents per share, compared with year-ago earnings in the second quarter of $13.4 million, or 23 cents per share.
Analysts surveyed by Thomson Reuters, on average, had forecast per-share earnings of 35 cents for the latest quarter.
Trustmark, which operates in Mississippi, Florida, Tennessee and Texas, said it has reduced its Florida construction and land development portfolio by 29.9 percent to $173.9 million over the past 12 months. Florida real estate loans have been a problem for various coastal banking companies.
Nonperforming loans decreased 5.6 percent from the first quarter to $159.9 million, or 2.55 percent of total loans, Trustmark said.
Trustmark said that its reserve for loan losses will be enough to cover any possible losses resulting from the Gulf of Mexico oil spill.
Chief executive Richard Hickson also said profit was boosted by revenue growth in the company”s banking, mortgage, insurance and wealth management businesses.
The results were released after financial markets closed Tuesday.
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