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Hancock Reports Third Quarter 2013 Financial Results

Stocks in this article: HBHC

GULFPORT, Miss., Oct. 24, 2013 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced its financial results for the third quarter of 2013. Operating income for the third quarter of 2013 was $46.8 million or $.56 per diluted common share, compared to $46.9 million, or $.55 in the second quarter of 2013. Operating income was $49.8 million, or $.58, in the third quarter of 2012. Operating income is defined as net income excluding tax-effected securities transactions gains or losses and one-time noninterest expense items. Included in the financial tables is a reconciliation of net income to operating income. Management believes that operating income provides a useful measure of financial performance that helps investors compare the Company's fundamental operations over time.

Hancock's return on average assets (ROA) (operating) was 0.99% for the third quarter of 2013, unchanged from the second quarter of 2013. ROA (operating) was 1.07% in the third quarter a year ago.

Highlights of the Company's third quarter of 2013 results:

  • Net income included one-time noninterest expense items of $20.9 million, or $13.6 million after tax, or $.17 per diluted common share
  • Core net interest income (TE) and net interest margin (NIM) remained relatively stable (the Company defines its core results as reported results less the impact of net purchase accounting adjustments.)
  • An increase of $4.6 million, or a tax-effected $.04 per diluted share, in purchased loan accretion related to excess cash recoveries
  • Approximately $92 million linked-quarter net loan growth, or 3% annualized, and $464 million, or 4%, year-over-year loan growth (each excluding the FDIC-covered portfolio)
  • Continued improvement in overall asset quality metrics
  • Decline in operating expense linked-quarter; on track to meet 1Q14 expense target
  • Closed 26 banking locations across the five-state footprint on August 30, 2013

"Our third quarter results reflect progress in implementing our current strategic initiatives," said Hancock's President and Chief Executive Officer Carl J. Chaney. "Stabilization of the core margin and net interest income, better loan pricing, improved asset quality, reduced operating expenses and ongoing focus on efficiency, are all keys to achieving our goals for 2014 and beyond. Our associates are working diligently to implement the expense and efficiency initiative, and we are confident we will meet the targets set earlier this year."

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