Trustmark Corporation in Jackson, Miss., said its second-quarter earnings fell 3% from the same period last year, to $29.3 million, as improved credit quality could not offset declines in fee income and total loans.
Its earnings per share of 45 cents declined by four cents year over year, but they still beat the estimates of analysts polled by Thomson Reuters by a penny.
In a news release after markets closed Tuesday, the $9.8 billion-asset company said that its nonperforming loans declined by nearly 18% year over year, to $99.7 million, and that its chargeoff expenses were fell to their lowest levels in three years.
However, its total loans held for investment declined slightly, as the company opted to sell the bulk of its mortgage loans and continued to wind down its indirect automobile loan portfolio. Fee income fell nearly 6% year over year, despite strong gains in fees from mortgage banking, wealth management and insurance.
