Trustmark in Jackson, Miss., reported higher quarterly profit that reflected cost-cutting efforts.
The $13 billion-asset company said in a press release Tuesday that its third-quarter earnings rose 9.5% from a year earlier to $31 million, or 46 cents a share.
The company's noninterest expenses decreased by 5.5% to $97.9 million. An early retirement program saved the company $1.9 million during the quarter. Trustmark disclosed that it has eliminated 159 positions since the first quarter.
Net interest income rose 0.5% to $102.2 million. Total loans increased 13% to $7.7 billion. The net interest margin compressed by 20 basis points to 3.52%.
Noninterest income fell 2.7% to $44.6 million, reflecting declines in service charges, mortgage banking and wealth management revenue.
The loan-loss provision rose 70% to $4.3 billion. Trustmark had $5.2 million net chargeoffs during the third quarter that were tied to four impaired credits; none were energy-related. Nonperforming assets fell 18% to $119 million.