GULFPORT, Miss., April 25, 2013 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced financial results for the first quarter of 2013. Net income for the first quarter of 2013 was $48.6 million, or $.56 per diluted common share, compared to $47.0 million, or $.54, in the fourth quarter of 2012. Net income was $18.5 million, or $.21 per diluted common share, in the first quarter of 2012. Pre-tax earnings for the first quarter of 2013 and fourth quarter of 2012 included no merger-related costs. The first quarter of 2012 included pre-tax merger-related costs of $33.9 million. Included in the Company's first quarter of 2013 results are:
- Approximately $7.5 million pre-tax, or $.06 per diluted common share, of higher than expected loan accretion income related to cash collected on zero carrying value acquired loan pools.
- Approximately $6.6 million pre-tax, or $.05 per diluted common share, of net loan loss provision taken on the FDIC covered portfolio.
- Approximately $1.1 million, or $.01 per diluted common share, of one-time tax benefits related to specific tax credits.