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.