Trustmark (TRMK) in Jackson, Miss., says it is starting to realize the benefits of its acquisition of BancTrust Financial Group.
The $11.8 billion-asset company reported Tuesday a second-quarter profit of $31.1 million, 6% higher than in the second quarter of 2012. It attributed $6.1 million of profit to its acquisition of BancTrust in Mobile, Ala., which closed on Feb. 15. Trustmark's earnings per share of 46 cents beat the average estimate of analysts polled by Bloomberg by 2 cents.
Net interest income rose 15%, to $103 million, despite a reduction in net interest margin of 13 basis points, to 4.02%.
Noninterest income remained unchanged at $43.7 million, as a drop in mortgage income offset gains in wealth management and bank card fees.
Noninterest expense rose 22%, to $107.2 million. Salaries and employee benefits increased by $8.4 million, to $55.4 million. The company attributed $5.7 million of the salary additions to the BancTrust acquisition.