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
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