GULFPORT, Miss., July 25, 2013 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced its financial results for the second quarter of 2013. Net income was $46.9 million, or $.55 per diluted common share, compared to $48.6 million, or $.56, in the first quarter of 2013. Net income was $39.3 million, or $.46 per diluted common share, in the second quarter of 2012, which included pre-tax merger-related costs of $11.9 million.
Highlights of the Company's second quarter of 2013 results:
"The second quarter's performance reflected an improvement in our core results, a trend we expect to build on in the future," said Hancock's President and Chief Executive Officer Carl J. Chaney. "Coupled with the ongoing implementation of the expense and efficiency initiative announced last quarter, we believe our Company is becoming better positioned to operate in both today's economic environment as well as an eventual sustained, positive turn in the overall economy." Return on average assets (ROA) was 0.99% for the second quarter of 2013, slightly down from 1.03% in the first quarter of 2013. ROA was 1.00% in the second quarter a year ago on an operating basis, which excludes tax-effected merger-related expenses in that period.
(The company defines its core results as reported results less the impact of net purchase accounting adjustments.)
- Approximately $245 million linked-quarter net loan growth, or 9% annualized, and $760 million, or 7%, year-over-year loan growth (each excluding the FDIC-covered portfolio).
- Core net interest income (TE) and net interest margin (NIM) relatively stable, growth in fee income, led to improved core revenue.
- Continued improvement in overall asset quality metrics.
- Initiated 5% common stock buyback in May through an accelerated share repurchase (ASR) program, receiving 2.8 million shares to-date.