By The Associated Press
JACKSON, Miss. (AP) — Regional banker Trustmark Corp. posted a 21 percent increase in second-quarter profit Tuesday while reporting continued progress in reducing problem loans.
For the three months ending June 30, Jackson, Miss.-based Trustmark earned $31.6 million, or 49 cents per share. In the year-ago second quarter, profit totaled $26.2 million, or 41 cents per share.
The latest results included a one-time bargain purchase gain of 7 cents per share on Trustmark’s acquisition of Heritage Banking Group in Mississippi on April 15. Trustmark has a loss-share deal with the Federal Deposit Insurance Corp. for the failed bank’s loans and real estate. The FDIC will reimburse Trustmark for 80 percent of losses on that portfolio.