Excluding these non-routine merger costs, net income available to common shareholders totaled $30.6 million, or $0.46 per diluted share, in the first quarter of 2013. Trustmark’s performance during the first three months of 2013 produced a return on average tangible common equity of 10.82%. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per common share payable June 15, 2013, to shareholders of record on June 1, 2013.
On February 15, 2013, Trustmark completed its previously announced merger with BancTrust Financial Group, Inc. ("BancTrust"), headquartered in Mobile, Alabama. The results of the merger are reflected in Trustmark’s financial information from the date of acquisition. As of March 31, 2013, acquired loans and deposits from BancTrust totaled $929.1 million and $1.7 billion, respectively. During the first quarter of 2013, revenue attributable to BancTrust totaled $9.4 million while net income, excluding non-routine merger charges, totaled $2.0 million.
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Gerard R. Host, President and CEO, stated, "Trustmark experienced a great start to the year as indicated by our solid financial results in the first quarter and the successful completion of the largest merger in our history. During the first quarter, total revenue increased 6.6% to $133.3 million due to the continued strong performance of our banking, mortgage banking, wealth management, and insurance businesses while credit quality continued to experience significant improvements, as evidenced by reduced net charge-offs and provisioning."
"During the quarter, we welcomed the customers and associates of BancTrust to the Trustmark family. With the completion of the merger, the Trustmark franchise expanded to attractive Alabama markets, including Mobile, Montgomery and Selma, as well as increased in scale within our existing Florida markets. This merger, which is meaningfully accretive to earnings per share, provides significant opportunity to generate additional revenue by delivering Trustmark’s full suite of banking, mortgage, wealth management and insurance services to these new markets. We have successfully completed operational conversion of all banking systems and are able to provide our customers the convenience and service they expect through 220 offices across our five-state franchise. Thanks to our dedicated associates, solid profitability and strong capital base, we are well-positioned to continue providing value for our customers and shareholders," said Host.
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