The wealth management and insurance businesses of Trustmark Corp. turned in a solid financial performance in the second quarter, the Jackson, Miss.-based financial services company announced Wednesday.
Wealth management services generated $6.9 million in revenue, up 20.4% year-over-year. Revenue from insurance commissions rose 11.6% to $8.0 million over the same time period.
BancTrust Financial Group, a Mobile, Ala.-based company that Trustmark acquired in February, contributed approximately $1.1 million to the $6.9 million generated in wealth management income, Gerard Host, president and CEO of Trustmark, said during the earnings call on Wednesday.
The increase in insurance revenue was due to expanded commercial insurance sales as well as the continued firming of insurance rates, Host said.
For the first six months of 2013, revenue from wealth management services totaled $13.8 million, while insurance commissions totaled $15.3 million, up 22.7% and 10.7%, respectively, from the mid-year mark last year.
Overall, Trustmark earned $31.1 million in profit in the second quarter of 2013, or 46 cents per diluted share.
Trustmarks momentum continued to build during the second quarter as total revenue increased 7.2% to $142.9 million. Our banking, mortgage banking, wealth management, and insurance businesses continued to perform well while credit quality continued to experience significant improvements, Host said.