October 27, 2010 10:15:00 AM
JACKSON - Regional banking company Trustmark Corp. said it posted a 15 percent increase in third-quarter profit as the company while making progress in reducing its exposure in Florida.
For the July-through-September period, Trustmark earned $25.9 million, or 40 cents per share, compared with year-ago earnings in the third quarter of $22.4 million, or 39 cents per share.
Analysts surveyed by Thomson Reuters, on average, had forecast per-share earnings of 38 cents for the latest quarter.
Trustmark said that its nonperforming assets dropped $7.2 million from the second quarter to $244 million, while loans not being paid decreased $562,000 to $159.3 million. Foreclosed real estate fell $6.7 million to $84.7 million.
The company also said it had reduced its Florida construction and land development portfolio by 31.2 percent to $145.8 million over the past 12 months.
The results were released after financial markets closed Tuesday.
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