Trustmark Corp. in Jackson Miss., reported a rise in quarterly profit that benefited from a larger loan portfolio.
The $12 billion-asset company's third-quarters earnings increased 2% from a year earlier, to $33.6 million. Earnings per share of 50 cents beat the average estimate of analysts polled by Bloomberg by 7 cents.
An uptick in commercial construction loans in Texas, Mississippi and Alabama drove the results, as net interest income rose 8%, to $110.1 million. Total loans rose 11%, to $6.4 billion, and the net interest margin expanded by 20 basis points, to 4.14%.
Fee-based income fell 9%, to $42.9 million, due to lower interchange revenue from debit cards.
Operating expenses decreased by 1%, to $100.2 million.