The wealth management and insurance businesses of Trustmark Corp. added shine to the companys third-quarter performance, the Jackson, Miss.-based financial services company announced after the close of the market on Tuesday.
Wealth management services generated $7.5 million in revenue, up nearly $2 million, or 34%, from $5.6 million in the same quarter last year. Meanwhile insurance commissions rose to $8.2 million, a 9.2% increase year-over-year. Revenue from both wealth management and insurance commissions were up 8.4% and 2.7%, respectively, from the previous quarter.
The increase in wealth management income from the previous quarter reflected expanded trust management revenue and brokerage sales, Gerard R. Host, Trustmarks president and CEO, said during the earnings conference call on Wednesday. He attributed the growth in insurance revenue to expanded customer insurance sales as well as the continued firming of insurance rates.
For the first nine months of 2013, revenue from wealth management services totaled $21.3 million, while insurance commissions totaled $23.5 million, up 26% and 10%, respectively, from the same period in 2012.
Trustmark posted another quarter of solid financial results. Total revenue increased to $145.6 million, reflecting the success of our recent merger with BancTrust as well as expanding customer relationships in our legacy banking, wealth management and insurance businesses, Host said in a statement. Trustmark acquired BancTrust Financial Group, a Mobile, Ala.-based company, in February.
Overall, Trustmark earned $33 million in profit in the third quarter, an increase of 6.5% from the prior quarter as well as from levels one year earlier.