TRMK - Sector: Financial...Industry: Regional-Southeast Banks

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Profile:  


Trustmark Corp.
248 East Capitol Street
Jackson, MS 39201
United States - Map
Phone: 601-208-6898
Fax: 601-208-6684
Web Site: http://www.trustmark.com

DETAILS  
Index Membership: N/A
Sector: Financial
Industry: Regional - Southeast Banks
Full Time Employees: 2,707


BUSINESS SUMMARY:
 
Trustmark Corporation, through its subsidiaries, provides banking and financial solutions to corporate, institutional, and individual customers in the states of Florida, Mississippi, Tennessee, and Texas. Its General Banking segment offers consumer banking services, including checking accounts, savings programs, overdraft facilities, installment and real estate loans, home equity loans and lines of credit, drive-in and night deposit services, and safe deposit facilities. This segment also provides financing for commercial real estate development projects; residential real estate financing for builders, developers, and individuals; cash management products to corporate customers and prospects; and mortgage products, as well as the development of Internet banking for business clients. The company's Wealth Management segment provides private banking, money management, full-service brokerage, financial planning, risk management, personal and institutional trust, and retirement plan services. Trustmark's Insurance segment provides a range of retail insurance products, including commercial risk management products, bonding, group benefits, and personal lines coverages, as well as school, medical malpractice, and mid-market business insurance. This segment also offers property and liability insurance, automotive insurance, worker's compensation, professional liability, group accident and health insurance, life insurance, contract surety bonds, and personal insurance. As of December 31, 2006, Trustmark operated 132 full-service branches, 17 limited-service branches, 4 in-store branches, 4 retirement service branches, as well as a network of 187 ATMs in 185 locations. The company was founded in 1889 and is headquartered in Jackson, Mississippi.



Business Overview:

BRIEF: For the three months ended 31 March 2007, Trustmark Corporation's interest income rose 18% to $130.7M. Net interest income after LLP fell 1% to $70.3M. Net income rose 12% to $25.9M. Net interest income reflects higher average earning assets, offset by increased interest on deposits. Net income reflects higher service charges on deposits, increased wealth management fees and a rise in general banking income. http://www.trustmark.com

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Press Release Source: Trustmark Corporation


Trustmark Corporation Announces Second Quarter Earnings
Tuesday July 17, 4:45 pm ET


JACKSON, Miss.--(BUSINESS WIRE)--Trustmark Corporation (NASDAQ:TRMK - News) announced net income of $29.8 million in the second quarter of 2007, which represented basic earnings per share of $0.52. Trustmark's second quarter net income produced a return on average tangible shareholders' equity of 21.38% and a return on average assets of 1.36%. During the first six months of 2007, Trustmark's net income totaled $55.7 million, which represented basic earnings per share of $0.96. Trustmark's performance during the first half of 2007 resulted in returns on average tangible shareholders' equity and average assets of 20.08% and 1.27%, respectively. Highlights for the second quarter of 2007 compared to figures one year earlier include:
Average total loans increased $685.4 million, or 11.2%
Average total deposits increased $940.7 million, or 15.3%
Net interest income expanded $4.1 million, or 5.7%
Insurance and Wealth Management income grew 13.6% and 9.1%, respectively
Credit quality remained outstanding
Richard G. Hickson, Chairman and CEO, stated, "Trustmark made significant achievements during the second quarter. The results of our continuing efforts to reposition our balance sheet by replacing lower yield maturing securities with quality, higher yield loans and enhancing our funding base by replacing borrowings with attractive core deposits is reflected in our financial performance. Increasing momentum is especially evident when comparing our performance in the first and second quarters of 2007. On a linked quarter basis, average loans increased $120.5 million, or 1.8%. This growth was broad-based geographically as well as by type of loan. Loan growth and diligent management of our funding base is reflected in increased net interest income as well as expansion of our net interest margin to 3.91%.

"In addition to improvement in net interest income, we experienced solid growth in noninterest income of 6.1% during the second quarter of 2007 relative to the prior quarter with Insurance and Wealth Management income posting increases of 12.9% and 8.9%, respectively," said Hickson.

"Our efforts to proactively manage expenses continue to gain traction. During the second quarter, noninterest expense declined $0.6 million, or 0.8%, relative to the first quarter of 2007. This accomplishment was due in part to investments in imaging technology that reduced courier expenses and enhancements in check clearing processes that decreased clearing costs and expedited funds availability. Trustmark remains committed to identifying reengineering and efficiency opportunities designed to enhance shareholder value," said Hickson.

"We continue to make investments to support additional revenue growth and profitability as well as to reallocate resources to areas with additional growth potential. In this regard, Trustmark opened two new banking centers in Houston and Memphis during the second quarter while closing three offices with limited opportunities for growth. We anticipate opening four additional banking centers during the remainder of 2007 in the Jackson, Hattiesburg, Houston and Florida panhandle markets. These actions reflect our commitment to build long-term value for our shareholders," said Hickson.

Strong credit quality remains a hallmark of the organization. Nonperforming assets totaled $31.2 million at June 30, 2007, down 20.5% relative to the end of the first quarter, and represented 0.46% of total loans. Net charge-offs represented 0.07% of average loans during the second quarter and the allowance for loan losses represented 255.5% of nonperforming loans at June 30.

During the first six months of 2007, Trustmark repurchased approximately 1.4 million shares of its common stock, including 954 thousand in the second quarter. At June 30, 2007, Trustmark had authorization to repurchase up to an additional 1.4 million shares. The repurchase program is subject to market conditions and management discretion and will continue to be implemented through open market purchases or privately negotiated transactions.

ADDITIONAL INFORMATION

As previously announced, Trustmark will host a conference call with analysts on Wednesday, July 18 at 10:00 a.m. Central Time to discuss the Corporation's financial results. Interested parties may listen to the conference call by dialing (800) 810-0924, passcode 6152749 or by clicking on the link provided under the Investor Relations section of our website at www.trustmark.com. A replay of the conference call will also be available through Wednesday, July 25 in archived format at the same web address or by calling (888) 203-1112, passcode 6152749.

Trustmark is a financial services company providing banking and financial solutions through over 150 offices and 2,700 associates in Florida, Mississippi, Tennessee and Texas.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this document are not statements of historical fact and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements relating to anticipated future operating and financial performance measures, including net interest margin, credit quality, business initiatives, growth opportunities and growth rates, among other things and encompass any estimate, prediction, expectation, projection, opinion, anticipation, outlook or statement of belief included therein as well as the management assumptions underlying these forward-looking statements. Should one or more of these risks materialize, or should any such underlying assumptions prove to be significantly different, actual results may vary significantly from those anticipated, estimated, projected or expected.

These risks could cause actual results to differ materially from current expectations of Management and include, but are not limited to, changes in the level of nonperforming assets and charge-offs, local, state and national economic and market conditions, material changes in market interest rates, the costs and effects of litigation and of unexpected or adverse outcomes in such litigation, competition in loan and deposit pricing, as well as the entry of new competitors into our markets through de novo expansion and acquisitions, changes in existing regulations or the adoption of new regulations, natural disasters, acts of war or terrorism, changes in consumer spending, borrowings and savings habits, technological changes, changes in the financial performance or condition of Trustmark's borrowers, the ability to control expenses, changes in Trustmark's compensation and benefit plans, greater than expected costs or difficulties related to the integration of new products and lines of business and other risks described in Trustmark's filings with the Securities and Exchange Commission.

Although Management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Trustmark undertakes no obligation to update or revise any of this information, whether as the result of new information, future events or developments or otherwise.

Contact:
Trustmark Corporation
Investors:
Louis E. Greer, 601-208-2310
Treasurer and Principal Financial Officer
or
Joseph Rein, 601-208-6898
First Vice President
or
Media:
Melanie A. Morgan, 601-208-2979
First Vice President

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Source: Trustmark Corporation

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AP
Trustmark Declares Quarterly Dividend
Thursday July 19, 10:31 am ET 
Trustmark Declares Quarterly Cash Dividend of 22 Cents Per Share


JACKSON, Miss. (AP) -- Trustmark Corp. on Wednesday announced a quarterly cash dividend of 22 cents per share.
The Jackson, Miss.-based company will pay the dividend Sept. 15 to shareholders of record Aug. 31.

[setravis]

Strong stock in a hot sector ...
Break of the downtrend.
Double Bottom (reversal) Pattern Breakout,
also the 9 month chart shows Breakout of a Bearish Price Channel.

52wk Range: 25.04 - 33.69
Volume: 695,850
Avg Vol (3m): 218,261
Market Cap: 1.61B
P/E (ttm): 13.86
EPS (ttm): 2.00
Div & Yield: 0.88 (3.50%)

Technicals
Last Price Quote is:
6.58%above 13-day MA
5.30%above 50-day MA
RS Rating: 31 

Fundamentals
Key Data:
Market Cap (M): $1,491.50 
P/E Ratio: 12.75 
PEG Ratio: 1.39 
Next Earnings: 10/16/2007
Last Analyst Rating: Neutral


ANALYST:   
Annual EPS Est (Dec-07) : 1.94
Quarterly EPS Est (Sep-07) : 0.50
Mean Recommendation*: 3.0
PEG Ratio (5 yr expected): 1.36

Below are the 6 month and 9 month charts showing these patterns.......