Mississippi banking companies Hancock Holding Co. and Trustmark Corp. reported lower second-quarter earnings, but investors were unfazed.
The $5.9 billion-asset Hancock, in Gulfport, said late Tuesday that earnings fell 7.6%, to $20.3 million, from a year earlier. It blamed a 10% decrease in net interest income, to $53.8 million, resulting from a decline in average earning assets. Related Links
But the company did report 13% loan growth and a 16% increase in fee income, Its shares were trading at $38.53 late Wednesday, up 3.6%.
The $8.8 billion-asset Trustmark, of Jackson, said net income slipped 3.1% from a year earlier, to $29.8 million.
It reported a 38% drop in income from mortgage banking and lower yields in its securities portfolio as a result of a balance-sheet repositioning. Otherwise showed strong growth in loans, deposits, and income from its insurance and wealth management units.
Trustmark's shares were trading at $25.99 late Wednesday, up 3.1%.
