Trustmark Corp. (TRMK, Financial) filed Quarterly Report for the period ended 2010-06-30.
Trustmark Corp. has a market cap of $1.41 billion; its shares were traded at around $22.14 with a P/E ratio of 15.9 and P/S ratio of 2.3. The dividend yield of Trustmark Corp. stocks is 4.2%.TRMK is in the portfolios of Chuck Royce of Royce& Associates, Jeremy Grantham of GMO LLC.
On December 7, 2009, Trustmark completed a public offering of 6,216,216 shares of its common stock, including 810,810 shares issued pursuant to the exercise of the underwriters over-allotment option, at a price of $18.50 per share. Trustmark received net proceeds of approximately $109.3 million after deducting underwriting discounts, commissions and offering expenses. Proceeds from this offering were used in the redemption of Senior Preferred Stock discussed below.
In the fourth quarter of 2009, Trustmark exited the TARP CPP. Following discussions with its federal banking regulators and the completion of the public offering of common stock discussed above, Trustmark redeemed all the Senior Preferred Stock from the Treasury on December 9, 2009. The amount paid by Trustmark to redeem the Senior Preferred Stock consisted of $215.0 million, which was equivalent to both the original issuance price and the liquidation value of the Senior Preferred Stock, plus a final accrued dividend of approximately $716.7 thousand. As a result of the redemption of the Senior Preferred Stock, in the fourth quarter of 2009, Trustmark incurred a one-time, non-cash charge of $8.2 million to net income available to common shareholders for the unaccreted discount recorded at the date of issuance of the Senior Preferred Stock. On December 30, 2009, Trustmark repurchased the Warrant from the Treasury for its fair value of $10.0 million.
Trustmark s net income available to common shareholders totaled $26.2 million in the second quarter of 2010, which represented basic earnings per common share of $0.41. Trustmark s second quarter net income produced a return on average tangible common equity of 12.92%. During the first six months of 2010, Trustmark s net income available to common shareholders totaled $49.6 million, which represented basic earnings per common share of $0.78. Trustmark s performance during the first half of 2010 resulted in a return on average tangible common equity of 12.45%. Trustmark s Board of Directors declared a quarterly cash dividend of $0.23 per common share. The dividend is payable September 15, 2010, to shareholders of record on September 1, 2010.
Net income available to common shareholders for the six months ended June 30, 2010, increased $12.8 million, or 34.8% compared to the same time period in 2009. The increase was primarily the result of a decline in the loan loss provision of $18.1 million and the elimination of preferred stock dividends and the accretion of preferred stock discount during the first six months of 2010, which increased net income available to common shareholders by approximately $6.3 million. These increases in net income available to common shareholders were partially offset by an increase in noninterest expense of $7.4 million. The growth in noninterest expense primarily resulted from an increase in other real estate/foreclosure expense of $8.9 million. For additional information on the changes in noninterest income and noninterest expense, please see accompanying sections included in Results of Operations.
At June 30, 2010, nonperforming assets totaled $251.3 million, an increase of $20.0 million, or 8.7%, compared to December 31, 2009, and total nonaccrual loans were $159.9 million, representing an increase of $18.7 million relative to December 31, 2009. Total net charge-offs for the six months ended June 30, 2010 were $28.5 million compared to total net charge-offs for the six months ended June 30, 2009 of $36.8 million.
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Trustmark Corp. has a market cap of $1.41 billion; its shares were traded at around $22.14 with a P/E ratio of 15.9 and P/S ratio of 2.3. The dividend yield of Trustmark Corp. stocks is 4.2%.TRMK is in the portfolios of Chuck Royce of Royce& Associates, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Mortgage Banking – TNB provides mortgage banking services, including construction financing, production of conventional and government insured mortgages, secondary marketing and mortgage servicing. At June 30, 2010, TNB s mortgage loan portfolio totaled approximately $1.0 billion, while its portfolio of mortgage loans serviced for others, including, FNMA, FHLMC and GNMA, totaled approximately $4.3 billion.On December 7, 2009, Trustmark completed a public offering of 6,216,216 shares of its common stock, including 810,810 shares issued pursuant to the exercise of the underwriters over-allotment option, at a price of $18.50 per share. Trustmark received net proceeds of approximately $109.3 million after deducting underwriting discounts, commissions and offering expenses. Proceeds from this offering were used in the redemption of Senior Preferred Stock discussed below.
In the fourth quarter of 2009, Trustmark exited the TARP CPP. Following discussions with its federal banking regulators and the completion of the public offering of common stock discussed above, Trustmark redeemed all the Senior Preferred Stock from the Treasury on December 9, 2009. The amount paid by Trustmark to redeem the Senior Preferred Stock consisted of $215.0 million, which was equivalent to both the original issuance price and the liquidation value of the Senior Preferred Stock, plus a final accrued dividend of approximately $716.7 thousand. As a result of the redemption of the Senior Preferred Stock, in the fourth quarter of 2009, Trustmark incurred a one-time, non-cash charge of $8.2 million to net income available to common shareholders for the unaccreted discount recorded at the date of issuance of the Senior Preferred Stock. On December 30, 2009, Trustmark repurchased the Warrant from the Treasury for its fair value of $10.0 million.
Trustmark s net income available to common shareholders totaled $26.2 million in the second quarter of 2010, which represented basic earnings per common share of $0.41. Trustmark s second quarter net income produced a return on average tangible common equity of 12.92%. During the first six months of 2010, Trustmark s net income available to common shareholders totaled $49.6 million, which represented basic earnings per common share of $0.78. Trustmark s performance during the first half of 2010 resulted in a return on average tangible common equity of 12.45%. Trustmark s Board of Directors declared a quarterly cash dividend of $0.23 per common share. The dividend is payable September 15, 2010, to shareholders of record on September 1, 2010.
Net income available to common shareholders for the six months ended June 30, 2010, increased $12.8 million, or 34.8% compared to the same time period in 2009. The increase was primarily the result of a decline in the loan loss provision of $18.1 million and the elimination of preferred stock dividends and the accretion of preferred stock discount during the first six months of 2010, which increased net income available to common shareholders by approximately $6.3 million. These increases in net income available to common shareholders were partially offset by an increase in noninterest expense of $7.4 million. The growth in noninterest expense primarily resulted from an increase in other real estate/foreclosure expense of $8.9 million. For additional information on the changes in noninterest income and noninterest expense, please see accompanying sections included in Results of Operations.
At June 30, 2010, nonperforming assets totaled $251.3 million, an increase of $20.0 million, or 8.7%, compared to December 31, 2009, and total nonaccrual loans were $159.9 million, representing an increase of $18.7 million relative to December 31, 2009. Total net charge-offs for the six months ended June 30, 2010 were $28.5 million compared to total net charge-offs for the six months ended June 30, 2009 of $36.8 million.
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