This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hancock Reports Fourth Quarter 2012 Financial Results

GULFPORT, Miss., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced financial results for the fourth quarter of 2012. Net income for the fourth quarter of 2012 was $47.0 million, or $.54 per diluted common share, compared to $47.0 million, or $.55, in the third quarter of 2012. Net income was $19.0 million, or $.22, in the fourth quarter of 2011. Pre-tax earnings for the third and fourth quarters of 2012 included no merger-related costs. The fourth quarter of 2011 included pre-tax merger-related costs of $40.2 million.

Included in the Company's fourth quarter of 2012 results are:

  • A $13.7 million pre-tax, or $.10 per diluted common share, loan loss provision expense related to a bulk sale of loans with a net book value of approximately $40 million (details included in the asset quality discussion). The sale was completed near the end of the year.
  • Approximately $3.2 million, or $.04 per diluted common share, of one-time tax benefits mainly related to specific tax credits.
  • Approximately $.6 million of pre-tax securities transactions gains.
  • Realization of remaining cost synergies related to the Whitney acquisition.

Return on average assets was 0.99% for the fourth quarter of 2012, compared to 1.00% in the third quarter of 2012, and 0.39% in the fourth quarter a year ago.

Operating income for the fourth quarter of 2012 was $46.6 million or $.54 per diluted common share, compared to $49.8 million, or $.58, in the third quarter of 2012. Operating income was $45.1 million, or $.53, in the fourth quarter of 2011. Operating income is defined as net income excluding tax-effected merger-related costs and securities transactions gains or losses. In addition, for the third quarter of 2012, operating income excluded the tax-effected expenses associated with the repurchase of a portion of Whitney Bank's subordinated debt (sub debt). Included in the financial tables is a reconciliation of net income to operating income.

1 of 15

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,094.42 +56.45 0.31%
S&P 500 2,111.67 +2.75 0.13%
NASDAQ 5,053.6140 -6.6320 -0.13%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs