GULFPORT, Miss., July 21, 2009 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced net income for the quarter ended June 30, 2009. Hancock's second quarter 2009 net income was $13.7 million, a decrease of $0.3 million, or 2.0 percent, compared to $14.0 million for the first quarter of 2009. Compared to the second quarter of 2008, net income was down $7.2 million, or 34.5 percent. Diluted earnings per share for the second quarter of 2009 were $0.43, a decrease of $0.01 from the first quarter, and a decrease of $0.23 from the same quarter a year ago. Hancock's return on average assets for the second quarter of 2009 was 0.78 percent compared to 0.79 percent for the first quarter of 2009 and to 1.36 percent for the second quarter of 2008. Net income for the first six months of 2009 was $27.8 million, a decrease of $13.3 million, or 32.3 percent, compared to the first six months of 2008. Diluted earnings per share for first six months of 2009 were $0.87, compared to $1.29 per share for the first six months of 2008.
Continuing a proactive stance toward recognizing credit issues, Hancock's second quarter net income was impacted by a higher level of net charge-offs compared to the first quarter. The company recorded net charge-offs of $16.0 million, or 1.50 percent of average loans, in the second quarter of 2009 compared to $7.1 million, or 0.67 percent of average loans, in the first quarter. Of the overall increase in net charge-offs of $8.9 million, $8.0 million was reflected in commercial loans. The higher level of commercial charge-offs were largely in land development and commercial real estate credits in various parts of the Company's four state footprint and were confined to a relatively small number of credits (nine credits alone totaled $8.4 million of charge-offs). Partially offsetting the higher level of net charge-offs was a significant widening of the company's net interest margin (te). The net interest margin (te) widened by 28 basis points to 3.78 percent in the second quarter from 3.50 percent in the first quarter. In addition, the level of net interest income (te) increased $3.3 million, or 5.8 percent, from the first quarter.
Commenting on the Company's second quarter earnings, Hancock Holding Company President and Chief Executive Officer Carl J. Chaney stated, "We are pleased with the quarter's margin improvement and revenue growth and feel very good about the strength of the company's core earnings. While disappointed in the quarter's level of net charge-offs, we continue to feel confident that any asset quality issues are being recognized in a proactive and timely manner."
Highlights & Key Operating Items from Hancock's Second Quarter Results
Balance Sheet
Total assets at June 30, 2009 were $7.0 billion, down slightly from $7.1 billion at March 31, 2009. Compared to June 30, 2008, total assets increased $0.8 billion, or 12.4 percent. The aforementioned growth in assets was organic as the Company did not record any acquisitions in the past 12 months. Hancock also remains very well capitalized with total equity of $630.8 million at June 30, 2009, up $57.4 million, or 10.0 percent, from June 30, 2008. Hancock's tangible equity ratio at June 30, 2009 was 8.06 percent, still among the highest in the Company's peer group and without the aid of government assistance.
Loan Growth
For the quarter ended June 30, 2009, Hancock's average total loans were $4.3 billion, which represented an increase of $565.3 million, or 15.2 percent, from the same quarter a year ago and was down $8.0 million, or 0.2 percent from the first quarter of 2009. Period-end loans were up $38.0 million, or 0.9 percent, from last quarter. The increase in period-end loans was in commercial/real estate (up $63.4 million, or 2.4 percent). This increase was partially offset by decreases in mortgage (down $14.9 million or 3.5 percent), direct consumer loans (down $4.7 million or 0.8 percent), indirect consumer loans (down $4.5 million, or 1.1 percent), and finance company loans (down $1.3 million or 1.1 percent).
Deposit Growth
Period-end deposits for the second quarter were $5.7 billion, up $635.4 million, or 12.7 percent, from June 30, 2008, but were down $147.8 million, or 2.5 percent, from March 31, 2009. The decrease in period-end deposits as compared to March 31, 2009 was primarily in public fund deposits. Average deposits were down $202.8 million, or 3.4 percent, from the first quarter of 2009. The decrease in average deposits was reflected in time deposits (down $155.5 million) and public fund deposits (down $123.2 million). Increases in non-interest bearing deposits (up $41.2 million) and interest bearing transaction deposits (up $34.6 million) slightly offset the decrease.
Asset Quality
Net charge-offs for 2009's second quarter were $16.0 million, or 1.5 percent of average loans, up $8.9 million from the $7.1 million, or 0.67 percent of average loans, reported for the first quarter of 2009. Non-performing assets as a percent of total loans and foreclosed assets was 1.01 percent at June 30, 2009, down from 1.04 percent at March 31, 2009. Non-accrual loans decreased $4.1 million while other real estate owned (ORE) increased $2.9 million compared to the prior quarter. Loans 90 days past due or greater (accruing) as a percent of period end loans increased 7 basis points from March 31, 2009, to 0.27 percent at June 30, 2009.
Hancock recorded a provision for loan losses of $16.9 million in the second quarter which, when combined with the quarter's net charge-offs of $16.0 million, resulted in a $0.9 million increase in the allowance for loan losses between March 31, 2009 and June 30, 2009. This increase was necessary to adjust the allowance to the level dictated by the Company's reserving methodologies. The Company's allowance for loan losses was $63.9 million at June 30, 2009, compared to $63.0 million reported at March 31, 2009. The ratio of the allowance for loan losses as a percent of period-end loans remained constant at 1.49 percent at the end of the second quarter compared to March 31, 2009.
Net Interest Income
Net interest income (te) for the second quarter increased $5.0 million, or 9.2 percent, while the net interest margin (te) of 3.78 percent was 13 basis points narrower than the same quarter a year ago. Growth in average earning assets was strong compared to the same quarter a year ago with an increase of $725.6 million, or 13.0 percent, mostly reflected in higher average loans (up $565.3 million, or 15.2 percent). With short-term interest rates down significantly from the same quarter a year ago, the Company's loan yield fell 80 basis points, pushing the yield on average earning assets down 77 basis points. However, total funding costs over the same quarter a year ago were down 64 basis points.
Compared to the prior quarter, the net interest margin (te) expanded 28 basis points, and the level of net interest income was up $3.3 million, or 5.8 percent. The yield on average earning assets was even with last quarter at 5.6 percent while the total cost of funds reduced by 27 basis points, primarily due to an across the board reduction in all interest-bearing deposits and liabilities. The most significant reductions were in time deposits (cost down 44 basis points) and public fund deposits (cost down 26 basis points).
Non-interest Income
Non-interest income, excluding securities transactions, for the second quarter was up $3.1 million, or 9.8 percent, compared to the same quarter a year ago and was up $5.4 million, or 18.8 percent, compared to the previous quarter. The primary factors impacting the higher levels of non-interest income compared to the same quarter a year ago were higher levels of other income (up $3.5 million or 97.0 percent) mostly due to the sale of land held for sale of $1.4 million and secondary mortgage market operations (up $1.1 million or 142.6 percent). These increases were partially offset primarily by investment and annuity fees (down $1.0 million or 38.0 percent) and trust fees (down $0.7 million or 15.7 percent). The increase in non-interest income (excluding securities transactions) for the second quarter compared to the prior quarter was primarily due to other income (up $3.6 million or 106.9 percent) mostly due to the sale of land held for sale of $1.4 million, service charge income (up $0.7 million or 7.0 percent), secondary mortgage market operations income (up $0.7 million or 57.8 percent), insurance fees (up $0.6 million or 17.3 percent) and trust fees (up $0.5 million or 15.9 percent). These increases were partially offset primarily by investment and annuity fees (down $1.2 million or 40.9 percent).
Operating Expense & Taxes
Operating expenses for the second quarter were $6.0 million, or 11.6 percent, higher compared to the same quarter a year ago, but were only $2.4 million, or 4.3 percent, higher than the previous quarter. The increase from the same quarter a year ago was reflected in higher personnel expense (up $1.7 million or 6.2 percent) and other operating expenses (up $4.3 million or 24.6 percent). The increase in operating expense from last quarter was due to other operating expense (up $4.4 million or 26 percent), offset by lower personnel expense (down $2.1 million or 6.7 percent). The increase in other operating expense compared to both last quarter and the second quarter of 2008 is due mostly to the FDIC special assessment of $3.4 million that was accrued this quarter.
For the six months ended June 30, 2009 and 2008, the effective income tax rates were approximately 19 percent and 28 percent, respectively. An overall higher level of tax exempt interest income and the recognition of certain tax credits had a significant impact on the effective tax rate for the first six months of 2009. The total amount of tax-exempt income earned during the first six months of 2009 was $10.4 million compared to $8.8 million in the comparable period in 2008. The total amount of tax credits recognized during the first six months of 2009 was $2.6 million compared to $2.0 million in the comparable period in 2008. The source of the tax credits for 2009 resulted from investments in New Markets Tax Credits, Qualified Zone Activity Bond Credits, Work Opportunity Tax Credits, and Historic Tax Credits.
Other
Hancock Holding Company -- parent company of Hancock Bank Mississippi, Hancock Bank of Louisiana, Hancock Bank of Florida, and Hancock Bank of Alabama -- has assets of approximately $7.05 billion. Founded in 1899, Hancock Bank consistently ranks as one of the country's strongest, safest financial institutions according to BauerFinancial Services, Inc. More corporate information and e-banking are available at www.hancockbank.com.
The Hancock Holding Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2758
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Congress passed the Private Securities Litigation Act of 1995 in an effort to encourage corporations to provide information about companies' anticipated future financial performance. This act provides a safe harbor for such disclosure, which protects the companies from unwarranted litigation if actual results are different from management expectations. This release contains forward-looking statements and reflects management's current views and estimates of future economic circumstances, industry conditions, company performance, and financial results. These forward-looking statements are subject to a number of factors and uncertainties which could cause the Company's actual results and experience to differ from the anticipated results and expectations expressed in such forward-looking statements.
Hancock Holding Company
Financial Highlights
(amounts in thousands, except per share data and FTE headcount)
(unaudited)
-------------------------------------------------------
Three Months Ended Six Months Ended
-------------------------------------------------------
6/30/2009 3/31/2009 6/30/2008 6/30/2009 6/30/2008
-------------------------------------------------------
Per Common
Share Data
-----------
Earnings per
share:
Basic $0.43 $0.44 $0.67 $0.87 $1.31
Diluted $0.43 $0.44 $0.66 $0.87 $1.29
Cash dividends
per share $0.24 $0.24 $0.24 $0.48 $0.48
Book value per
share
(period-end) $19.82 $19.66 $18.27 $19.82 $18.27
Tangible book
value per
share
(period-end) $17.68 $17.51 $16.06 $17.68 $16.06
Weighted
average
number of
shares:
Basic 31,820 31,805 31,382 31,812 31,366
Diluted 32,009 31,937 31,814 31,973 31,779
Period-end
number of
shares 31,827 31,813 31,386 31,827 31,386
Market data:
High closing
price $41.19 $45.56 $45.68 $45.56 $45.68
Low closing
price $30.12 $22.51 $38.38 $22.51 $33.45
Period end
closing
price $32.49 $31.28 $39.29 $32.49 $39.29
Trading
volume 17,040 18,026 14,527 35,093 31,731
Other Period-
end Data
-------------
FTE headcount 1,911 1,938 1,903 1,911 1,903
Tangible
common equity $562,800 $557,013 $503,953 $562,800 $503,953
Tier I capital $565,807 $558,502 $527,479 $565,807 $527,479
Goodwill $62,277 $62,277 $62,277 $62,277 $62,277
Amortizable
intangibles $5,350 $5,705 $6,762 $5,350 $6,762
Common shares
repurchased
for publicly
announced
plans 0 0 0 0 0
Performance
Ratios
-----------
Return on
average
assets 0.78% 0.79% 1.36% 0.79% 1.33%
Return on
average
common equity 8.67% 9.12% 14.51% 8.89% 14.32%
Earning asset
yield (TE) 5.26% 5.26% 6.03% 5.26% 6.16%
Total cost of
funds 1.48% 1.75% 2.12% 1.62% 2.30%
Net interest
margin (TE) 3.78% 3.50% 3.91% 3.64% 3.86%
Noninterest
expense as a
percent of
total revenue
(TE) before
amortization
of purchased
intangibles
and
securities
transactions 61.47% 64.93% 60.26% 63.12% 59.88%
Common equity
(period-end)
as a percent
of total
assets
(period-end) 8.95% 8.81% 9.15% 8.95% 9.15%
Leverage (Tier
I) ratio 8.13% 7.85% 8.57% 8.13% 8.57%
Tangible
common equity
ratio 8.06% 7.92% 8.13% 8.06% 8.13%
Net charge-
offs as a
percent of
average loans 1.50% 0.67% 0.27% 1.09% 0.30%
Allowance for
loan losses
as a percent
of period-end
loans 1.49% 1.49% 1.41% 1.49% 1.41%
Allowance for
loan losses
to NPAs +
accruing
loans 90 days
past due 117.14% 119.72% 203.06% 117.14% 203.06%
Loan/deposit
ratio 74.95% 72.51% 74.82% 73.72% 73.45%
Non-interest
income
excluding
securities
transactions
as a percent
of total
revenue (TE) 36.65% 34.00% 36.52% 35.39% 36.65%
-------------------------------------------------------
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-------------------------------------------------------
Three Months Ended Six Months Ended
-------------------------------------------------------
6/30/2009 3/31/2009 6/30/2008 6/30/2009 6/30/2008
-------------------------------------------------------
Asset Quality
Information
-------------
Non-accrual
loans $34,189 $38,327 $18,106 $34,189 $18,106
Foreclosed
assets 8,884 5,946 1,693 8,884 1,693
-------------------------------------------------------
Total non-
performing
assets $43,073 $44,273 $19,799 $43,073 $19,799
-------------------------------------------------------
Non-performing
assets as a
percent of
loans and
foreclosed
assets 1.01% 1.04% 0.52% 1.01% 0.52%
Accruing loans
90 days past
due $11,435 $8,306 $6,449 $11,435 $6,449
Accruing loans
90 days past
due as a
percent of
loans 0.27% 0.20% 0.17% 0.27% 0.17%
Non-performing
assets +
accruing
loans 90 days
past due to
loans and
foreclosed
assets 1.27% 1.24% 0.69% 1.27% 0.69%
Net charge-
offs $16,019 $7,117 $2,495 $23,136 $5,428
Net charge-
offs as a
percent of
average loans 1.50% 0.67% 0.27% 1.09% 0.30%
Allowance for
loan losses $63,850 $62,950 $53,300 $63,850 $53,300
Allowance for
loan losses
as a percent
of period-end
loans 1.49% 1.49% 1.41% 1.49% 1.41%
Allowance for
loan losses
to NPAs +
accruing
loans 90 days
past due 117.14% 119.72% 203.06% 117.14% 203.06%
Provision for
loan losses $16,919 $8,342 $2,787 $25,261 $11,605
Allowance for
Loan Losses
-------------
Beginning
Balance $62,950 $61,725 $53,008 $61,725 $47,123
Provision for
loan loss 16,919 8,342 2,787 25,261 11,605
Charge-offs 17,144 8,277 3,968 25,421 8,165
Recoveries 1,125 1,160 1,473 2,285 2,737
-------------------------------------------------------
Net charge-
offs 16,019 7,117 2,495 23,136 5,428
-------------------------------------------------------
Ending Balance $63,850 $62,950 $53,300 $63,850 $53,300
-------------------------------------------------------
Net Charge-off
Information
--------------
Net charge-
offs:
Commercial/
real estate
loans $12,524 $4,536 $600 $17,060 $1,434
Mortgage loans 199 177 61 376 61
Direct
consumer
loans 1,226 599 442 1,825 1,031
Indirect
consumer
loans 717 847 681 1,564 1,143
Finance
company loans 1,353 958 711 2,311 1,759
-------------------------------------------------------
Total net
charge-offs $16,019 $7,117 $2,495 $23,136 $5,428
=======================================================
Average loans:
Commercial/
real estate
loans $2,696,500 $2,688,557 $2,272,057 $2,692,553 $2,248,375
Mortgage loans 452,324 445,741 413,076 449,050 406,225
Direct
consumer
loans 596,725 605,685 526,752 601,180 520,597
Indirect
consumer
loans 420,444 430,965 386,565 425,675 386,775
Finance
Company loans 111,358 114,428 113,555 112,884 113,334
-------------------------------------------------------
Total average
loans $4,277,351 $4,285,376 $3,712,005 $4,281,342 $3,675,306
Net charge-
offs to
average
loans:
Commercial/
real estate
loans 1.86% 0.68% 0.11% 1.28% 0.13%
Mortgage loans 0.18% 0.16% 0.06% 0.17% 0.03%
Direct
consumer
loans 0.82% 0.40% 0.34% 0.61% 0.40%
Indirect
consumer
loans 0.68% 0.80% 0.71% 0.74% 0.59%
Finance
Company loans 4.87% 3.40% 2.52% 4.13% 3.12%
-------------------------------------------------------
Total net
charge-offs
to average
loans 1.50% 0.67% 0.27% 1.09% 0.30%
-------------------------------------------------------
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-------------------------------------------------------
Three Months Ended Six Months Ended
-------------------------------------------------------
6/30/2009 3/31/2009 6/30/2008 6/30/2009 6/30/2008
-------------------------------------------------------
Income
Statement
----------
Interest
income $80,105 $81,448 $81,732 $161,553 $166,503
Interest
income (TE) 83,054 84,392 84,164 167,446 171,391
Interest
expense 23,413 28,002 29,573 51,415 63,917
-------------------------------------------------------
Net interest
income (TE) 59,641 56,390 54,591 116,031 107,474
Provision for
loan losses 16,919 8,342 2,787 25,261 11,605
Noninterest
income
excluding
securities
transactions 34,504 29,055 31,412 63,559 62,182
Securities
transactions
gains/
(losses) 0 0 426 0 6,078
Noninterest
expense 58,226 55,838 52,189 114,064 102,323
-------------------------------------------------------
Income before
income taxes 16,051 18,321 29,021 34,372 56,918
Income tax
expense 2,305 4,290 8,037 6,595 15,877
-------------------------------------------------------
Net income $13,746 $14,031 $20,984 $27,777 $41,041
=======================================================
Noninterest
Income and
Noninterest
Expense
------------
Service
charges on
deposit
accounts $11,242 $10,503 $10,879 $21,745 $21,669
Trust fees 3,855 3,327 4,575 7,181 8,751
Debit card &
merchant fees 2,895 2,568 2,884 5,463 5,423
Insurance fees 4,048 3,452 4,259 7,500 8,600
Investment &
annuity fees 1,691 2,861 2,727 4,551 5,536
ATM fees 1,895 1,779 1,757 3,674 3,448
Secondary
mortgage
market
operations 1,827 1,158 753 2,985 1,531
Other income 7,051 3,407 3,578 10,460 7,224
-------------------------------------------------------
Noninterest
income
excluding
securities
transactions $34,504 $29,055 $31,412 $63,559 $62,182
Securities
transactions
gains/
(losses) 0 0 426 0 6,078
-------------------------------------------------------
Total
noninterest
income
including
securities
transactions $34,504 $29,055 $31,838 $63,559 $68,260
=======================================================
Personnel
expense $28,703 $30,775 $27,031 $59,478 $52,662
Occupancy
expense (net) 5,016 5,055 4,702 10,071 9,303
Equipment
expense 2,583 2,534 2,785 5,117 5,694
Other
operating
expense 21,570 17,120 17,307 38,689 33,935
Amortization
of intangi-
bles 354 354 364 709 729
-------------------------------------------------------
Total
noninterest
expense $58,226 $55,838 $52,189 $114,064 $102,323
=======================================================
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-------------------------------------------------------
Three Months Ended Six Months Ended
-------------------------------------------------------
6/30/2009 3/31/2009 6/30/2008 6/30/2009 6/30/2008
-------------------------------------------------------
Period-end
Balance Sheet
--------------
Commercial/
real estate
loans $2,747,048 $2,683,684 $2,346,241 $2,747,048 $2,346,241
Mortgage loans 405,896 420,798 410,469 405,896 410,469
Direct
consumer
loans 590,742 595,470 522,805 590,742 522,805
Indirect
consumer
loans 418,595 423,066 393,625 418,595 393,625
Finance
Company loans 110,375 111,651 114,664 110,375 114,664
-------------------------------------------------------
Total loans 4,272,656 4,234,669 3,787,804 4,272,656 3,787,804
Loans held for
sale 47,194 27,447 28,808 47,194 28,808
Securities 1,596,157 1,715,540 1,796,016 1,596,157 1,796,016
Short-term
investments 490,674 453,240 9,848 490,674 9,848
-------------------------------------------------------
Earning assets 6,406,681 6,430,896 5,622,476 6,406,681 5,622,476
-------------------------------------------------------
Allowance for
loan losses (63,850) (62,950) (53,300) (63,850) (53,300)
Other assets 704,484 729,538 700,940 704,484 700,940
-------------------------------------------------------
Total assets $7,047,315 $7,097,484 $6,270,116 $7,047,315 $6,270,116
=======================================================
Noninterest
bearing
deposits $953,435 $954,101 $894,544 $953,435 $894,544
Interest
bearing
transaction
deposits 1,457,020 1,513,467 1,460,848 1,457,020 1,460,848
Interest
bearing
Public Fund
deposits 1,316,740 1,456,286 1,003,415 1,316,740 1,003,415
Time deposits 1,929,033 1,880,152 1,662,001 1,929,033 1,662,001
-------------------------------------------------------
Total interest
bearing
deposits 4,702,793 4,849,905 4,126,264 4,702,793 4,126,264
-------------------------------------------------------
Total deposits 5,656,228 5,804,006 5,020,808 5,656,228 5,020,808
Other borrowed
funds 638,166 562,224 574,981 638,166 574,981
Other
liabilities 122,147 105,911 100,922 122,147 100,922
Common
shareholders'
equity 630,774 625,343 573,405 630,774 573,405
-------------------------------------------------------
Total
liabilities &
common
equity $7,047,315 $7,097,484 $6,270,116 $7,047,315 $6,270,116
=======================================================
Average
Balance Sheet
--------------
Commercial/
real estate
loans 2,696,500 $2,688,557 $2,272,057 $2,692,553 $2,248,375
Mortgage loans 452,324 445,741 413,076 449,050 406,225
Direct
consumer
loans 596,725 605,685 526,752 601,180 520,597
Indirect
consumer
loans 420,444 430,965 386,565 425,675 386,775
Finance
Company loans 111,358 114,428 113,555 112,884 113,334
-------------------------------------------------------
Total loans 4,277,351 4,285,376 3,712,005 4,281,342 3,675,306
Securities 1,581,966 1,651,251 1,830,533 1,616,417 1,782,765
Short-term
investments 466,350 537,420 57,518 501,688 128,502
-------------------------------------------------------
Earning
average
assets 6,325,667 6,474,047 5,600,056 6,399,447 5,586,573
-------------------------------------------------------
Allowance for
loan losses (63,027) (62,332) (53,012) (62,681) (50,198)
Other assets 762,972 772,171 676,189 767,546 681,306
-------------------------------------------------------
Total assets $7,025,612 $7,183,886 $6,223,233 $7,104,312 $6,217,681
=======================================================
Noninterest
bearing
deposits $955,050 $913,807 $880,375 $934,542 $869,541
Interest
bearing
transaction
deposits 1,497,395 1,462,801 1,447,301 1,480,194 1,412,006
Interest
bearing
Public Fund
deposits 1,376,203 1,499,354 946,411 1,437,438 954,290
Time deposits 1,878,473 2,033,925 1,687,218 1,955,770 1,768,022
-------------------------------------------------------
Total interest
bearing
deposits 4,752,071 4,996,080 4,080,930 4,873,402 4,134,318
-------------------------------------------------------
Total deposits 5,707,121 5,909,887 4,961,305 5,807,944 5,003,859
Other borrowed
funds 573,739 536,474 567,151 555,209 525,847
Other
liabilities 108,666 113,286 113,096 110,963 111,781
Common
shareholders'
equity 636,086 624,239 581,681 630,196 576,194
-------------------------------------------------------
Total
liabilities &
common
equity $7,025,612 $7,183,886 $6,223,233 $7,104,312 $6,217,681
=======================================================
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-------------------------------------------------------
Three Months Ended Six Months Ended
-------------------------------------------------------
6/30/2009 3/31/2009 6/30/2008 6/30/2009 6/30/2008
-------------------------------------------------------
Average
Balance Sheet
Mix
--------------
Percentage of
earning
assets/
funding
sources:
Loans 67.62% 66.19% 66.28% 66.90% 65.79%
Securities 25.01% 25.51% 32.69% 25.26% 31.91%
Short-term
investments 7.37% 8.30% 1.03% 7.84% 2.30%
-------------------------------------------------------
Earning
average
assets 100.00% 100.00% 100.00% 100.00% 100.00%
=======================================================
Noninterest
bearing
deposits 15.10% 14.11% 15.72% 14.60% 15.56%
Interest
bearing
transaction
deposits 23.67% 22.59% 25.84% 23.13% 25.28%
Interest
bearing
Public Fund
deposits 21.76% 23.16% 16.90% 22.46% 17.08%
Time deposits 29.69% 31.42% 30.13% 30.56% 31.65%
=======================================================
Total deposits 90.22% 91.28% 88.59% 90.75% 89.57%
Other borrowed
funds 9.07% 8.29% 10.13% 8.68% 9.41%
Other net
interest-free
funding
sources 0.71% 0.43% 1.28% 0.57% 1.02%
-------------------------------------------------------
Total average
funding
sources 100.00% 100.00% 100.00% 100.00% 100.00%
=======================================================
Loan mix:
Commercial/
real estate
loans 63.05% 62.74% 61.21% 62.89% 61.19%
Mortgage loans 10.57% 10.40% 11.13% 10.49% 11.05%
Direct
consumer
loans 13.95% 14.13% 14.19% 14.04% 14.16%
Indirect
consumer
loans 9.83% 10.06% 10.41% 9.94% 10.52%
Finance
Company loans 2.60% 2.67% 3.06% 2.64% 3.08%
-------------------------------------------------------
Total loans 100.00% 100.00% 100.00% 100.00% 100.00%
=======================================================
Average
dollars (in
thousands):
Loans $4,277,351 $4,285,376 $3,712,005 $4,281,342 $3,675,306
Securities 1,581,966 1,651,251 1,830,533 1,616,417 1,782,765
Short-term
investments 466,350 537,420 57,518 501,688 128,502
-------------------------------------------------------
Earning
average
assets $6,325,667 $6,474,047 $5,600,056 $6,399,447 $5,586,573
Noninterest
bearing
deposits $955,050 $913,807 $880,375 $934,542 $869,541
Interest
bearing
transaction
deposits 1,497,395 1,462,801 1,447,301 1,480,194 1,412,006
Interest
bearing
Public Fund
deposits 1,376,203 1,499,354 946,411 1,437,438 954,290
Time deposits 1,878,473 2,033,925 1,687,218 1,955,770 1,768,022
-------------------------------------------------------
Total deposits 5,707,121 5,909,887 4,961,305 5,807,944 5,003,859
Other borrowed
funds 573,739 536,474 567,151 555,209 525,847
Other net
interest-free
funding
sources 44,807 27,686 71,600 36,294 56,867
-------------------------------------------------------
Total average
funding
sources $6,325,667 $6,474,047 $5,600,056 $6,399,447 $5,586,573
Loans:
Commercial/
real estate
loans $2,696,500 $2,688,557 $2,272,057 $2,692,553 $2,248,375
Mortgage loans 452,324 445,741 413,076 449,050 406,225
Direct
consumer
loans 596,725 605,685 526,752 601,180 520,597
Indirect
consumer
loans 420,444 430,965 386,565 425,675 386,775
Finance
Company loans 111,358 114,428 113,555 112,884 113,334
-------------------------------------------------------
Total average
loans $4,277,351 $4,285,376 $3,712,005 $4,281,342 $3,675,306
-------------------------------------------------------
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
---------------------------------
Three Months Ended
---------------------------------
06/30/09
---------------------------------
Interest Volume Rate
---------- ---------- ---------
Average Earning Assets
Commercial & real estate loans (TE) $35,573 $2,696,500 5.29%
Mortgage loans 6,411 452,324 5.67%
Consumer loans 20,067 1,128,527 7.13%
Loan fees & late charges 188 -- 0.00%
---------- ---------- ---------
Total loans (TE) $62,239 $4,277,351 5.83%
U.S. treasury securities 46 11,146 1.65%
U.S. agency securities 1,699 171,430 3.96%
CMOs 2,110 167,295 5.04%
Mortgage backed securities 13,052 1,043,590 5.00%
Municipals (TE) 2,369 160,703 5.90%
Other securities 340 27,802 4.89%
---------- ---------- ---------
Total securities (TE) 19,616 1,581,966 4.96%
Total short-term investments 1,198 466,350 1.03%
Average earning assets yield (TE) $83,053 $6,325,667 5.26%
Interest-bearing Liabilities
Interest-bearing transaction
deposits $1,966 $1,497,395 0.53%
Time deposits 13,524 1,878,473 2.89%
Public Funds 5,213 1,376,203 1.52%
---------------------------------
Total interest bearing deposits $20,703 4,752,071 1.75%
Total borrowings 2,710 573,739 1.89%
Total interest bearing liab cost $23,413 $5,325,810 1.76%
Noninterest-bearing deposits 955,050
Other net interest-free
funding sources 44,807
Total Cost of Funds $23,413 $6,325,667 1.48%
Net Interest Spread (TE) $59,640 3.50%
Net Interest Margin (TE) $59,640 $6,325,667 3.78%
---------------------------------------------------------------------
---------------------------------
Three Months Ended
---------------------------------
03/31/09
---------------------------------
Interest Volume Rate
---------- ---------- ---------
Average Earning Assets
Commercial & real estate loans (TE) $34,463 $2,688,557 5.18%
Mortgage loans 6,455 445,741 5.79%
Consumer loans 20,567 1,151,078 7.26%
Loan fees & late charges 345 -- 0.00%
---------- ---------- ---------
Total loans (TE) $61,830 $4,285,376 5.84%
U.S. treasury securities 51 11,314 1.82%
U.S. agency securities 2,316 226,002 4.10%
CMOs 2,308 187,901 4.91%
Mortgage backed securities 13,369 1,045,740 5.11%
Municipals (TE) 2,285 154,266 5.93%
Other securities 362 26,028 5.56%
---------- ---------- ---------
Total securities (TE) 20,691 1,651,251 5.01%
Total short-term investments 1,871 537,420 1.41%
Average earning assets yield (TE) $84,392 $6,474,047 5.26%
Interest-bearing Liabilities
Interest-bearing transaction
deposits $2,086 $1,462,801 0.58%
Time deposits 16,706 2,033,925 3.33%
Public Funds 6,562 1,499,354 1.78%
---------------------------------
Total interest bearing deposits $25,354 4,996,080 2.06%
Total borrowings 2,648 536,474 2.00%
Total interest bearing liab cost $28,002 $5,532,554 2.05%
Noninterest-bearing deposits 913,807
Other net interest-free
funding sources 27,686
Total Cost of Funds $28,002 $6,474,047 1.75%
Net Interest Spread (TE) $56,390 3.21%
Net Interest Margin (TE) $56,390 $6,474,047 3.50%
---------------------------------------------------------------------
---------------------------------
Three Months Ended
---------------------------------
06/30/08
---------------------------------
Interest Volume Rate
---------- ---------- ---------
Average Earning Assets
Commercial & real estate loans (TE) $34,223 $2,272,057 6.05%
Mortgage loans 6,124 413,076 5.93%
Consumer loans 20,960 1,026,872 8.21%
Loan fees & late charges (48) -- 0.00%
---------- ---------- ---------
Total loans (TE) $61,259 3,712,005 6.63%
U.S. treasury securities 73 11,364 2.59%
U.S. agency securities 3,728 335,607 4.44%
CMOs 1,843 149,640 4.93%
Mortgage backed securities 14,060 1,101,269 5.11%
Municipals (TE) 2,361 182,571 5.17%
Other securities 535 50,081 4.27%
---------- ---------- ---------
Total securities (TE) 22,600 1,830,532 4.94%
Total short-term investments 305 57,518 2.13%
Average earning assets yield (TE) $84,164 $5,600,055 6.03%
Interest-bearing Liabilities
Interest-bearing transaction
deposits $3,273 $1,447,301 0.91%
Time deposits 16,089 1,687,218 3.84%
Public Funds 6,170 946,411 2.62%
---------------------------------
Total interest bearing deposits $25,532 4,080,930 2.52%
Total borrowings 4,041 567,151 2.87%
Total interest bearing liab cost $29,573 $4,648,081 2.56%
Noninterest-bearing deposits 880,375
Other net interest-free
funding sources 71,600
Total Cost of Funds $29,573 $5,600,056 2.12%
Net Interest Spread (TE) $54,591 3.47%
Net Interest Margin (TE) $54,591 $5,600,056 3.91%
---------------------------------------------------------------------
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
---------------------------------
Six Months Ended
---------------------------------
6/30/2009
---------------------------------
Interest Volume Rate
---------- ---------- ---------
Average Earning Assets
Commercial & real estate loans (TE) $70,037 $2,692,553 5.24%
Mortgage loans 12,866 449,050 5.73%
Consumer loans 40,634 1,139,739 7.19%
Loan fees & late charges 533 -- 0.00%
---------- ---------- ---------
Total loans (TE) 124,070 $4,281,342 5.83%
U.S. treasury securities 96 11,230 1.73%
U.S. agency securities 4,015 198,565 4.04%
CMOs 4,418 177,541 4.98%
Mortgage backed securities 26,422 1,044,659 5.06%
Municipals (TE) 4,654 157,502 5.91%
Other securities 702 26,920 5.21%
---------- ---------- ---------
Total securities (TE) 40,307 1,616,417 4.99%
Total short-term investments 3,069 501,688 1.23%
Average earning assets yield (TE) $167,446 $6,399,447 5.26%
Interest-Bearing Liabilities
Interest-bearing transaction
deposits $4,052 $1,480,194 0.55%
Time deposits 30,230 1,955,770 3.12%
Public Funds 11,775 1,437,438 1.65%
---------- ---------- ---------
Total interest bearing deposits $46,057 $4,873,402 1.91%
Total borrowings 5,358 555,209 1.95%
Total interest bearing liab cost $51,415 $5,428,611 1.91%
Noninterest-bearing deposits 934,542
Other net interest-free
funding sources 36,294
Total Cost of Funds $51,415 $6,399,447 1.62%
Net Interest Spread (TE) $116,031 3.35%
Net Interest Margin (TE) $116,031 $6,399,447 3.64%
---------------------------------
---------------------------------
Six Months Ended
---------------------------------
6/30/2008
---------------------------------
Interest Volume Rate
---------- ---------- ---------
Average Earning Assets
Commercial & real estate loans (TE) $70,805 $2,248,375 6.33%
Mortgage loans 12,085 406,225 5.95%
Consumer loans 42,500 1,020,706 8.37%
Loan fees & late charges 68 -- 0.00%
---------- ---------- ---------
Total loans (TE) 125,458 $3,675,306 6.86%
U.S. treasury securities 190 11,374 3.36%
U.S. agency securities 9,367 406,619 4.61%
CMOs 3,571 146,665 4.87%
Mortgage backed securities 25,085 978,861 5.13%
Municipals (TE) 4,861 188,179 5.17%
Other securities 1,093 51,067 4.28%
---------- ---------- ---------
Total securities (TE) 44,167 1,782,765 4.96%
Total short-term investments 1,766 128,502 2.76%
Average earning assets yield (TE) $171,391 $5,586,573 6.16%
Interest-Bearing Liabilities
Interest-bearing transaction
deposits $7,225 $1,412,006 1.03%
Time deposits 36,544 1,768,022 4.16%
Public Funds 12,362 954,290 2.61%
---------- ---------- ---------
Total interest bearing deposits $56,131 $4,134,318 2.73%
Total borrowings 7,786 525,847 2.98%
Total interest bearing liab cost $63,917 $4,660,165 2.76%
Noninterest-bearing deposits 869,541
Other net interest-free
funding sources 56,867
Total Cost of Funds $63,917 $5,586,573 2.30%
Net Interest Spread (TE) $107,474 3.40%
Net Interest Margin (TE) $107,474 $5,586,573 3.86%
---------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE
headcount)
--------------------------------------
(unaudited) 2007 2008
--------------------------------------
3Q 4Q 1Q 2Q
--------------------------------------
Per Common Share Data
---------------------
Earnings per share:
Basic $0.55 $0.53 $0.64 $0.67
Diluted $0.55 $0.53 $0.63 $0.66
Cash dividends per share $0.24 $0.24 $0.24 $0.24
Book value per share
(period-end) $17.55 $17.71 $18.41 $18.27
Tangible book value per share
(period-end) $15.32 $15.45 $16.17 $16.06
Weighted average number of
shares:
Basic 32,005 31,097 31,346 31,382
Diluted 32,492 31,577 31,790 31,814
Period-end number of shares 31,786 31,295 31,372 31,386
Market data:
High closing price $43.90 $43.47 $44.29 $45.68
Low closing price $32.78 $33.35 $33.45 $38.38
Period end closing price $40.08 $38.20 $42.02 $39.29
Trading volume 10,290 17,662 17,204 14,527
Other Period-end Data
---------------------
FTE headcount 1,966 1,888 1,877 1,903
Tangible common equity $486,871 $483,612 $507,287 $503,953
Tier I capital $508,554 $497,307 $512,248 $527,479
Goodwill $62,277 $62,277 $62,277 $62,277
Amortizable intangibles $8,195 $7,753 $7,388 $6,762
Common shares repurchased for
publicly announced plans 343 552 - 0
Performance Ratios
------------------
Return on average assets 1.21% 1.11% 1.30% 1.36%
Return on average common equity 12.58% 11.69% 14.13% 14.51%
Earning asset yield (TE) 6.82% 6.73% 6.28% 6.03%
Total cost of funds 2.76% 2.69% 2.48% 2.12%
Net interest margin (TE) 4.06% 4.04% 3.80% 3.91%
Noninterest expense as a
percent of total revenue (TE)
before amortization of
purchased intangibles and
securities transactions 65.45% 67.98% 59.49% 60.26%
Common equity (period-end) as a
percent of total assets
(period-end) 9.45% 9.15% 8.99% 9.15%
Leverage (Tier I) ratio 8.82% 8.49% 8.34% 8.57%
Tangible common equity ratio 8.34% 8.08% 7.98% 8.13%
Net charge-offs as a
percent of average loans 0.21% 0.26% 0.32% 0.27%
Allowance for loan losses as
a percent of period-end loans 1.31% 1.31% 1.46% 1.41%
Allowance for loan losses to
NPAs + loans 90 days past due 335.22% 241.43% 265.81% 203.06%
Loan/deposit ratio 70.28% 72.33% 72.10% 74.82%
Noninterest income excluding
securities transactions as a
percent of total revenue (TE) 36.83% 37.18% 36.78% 36.52%
--------------------------------------
--------------------------------------
(unaudited) 2008 2009
--------------------------------------
3Q 4Q 1Q 2Q
--------------------------------------
Per Common Share Data
---------------------
Earnings per share:
Basic $0.51 $0.26 $0.44 $0.43
Diluted $0.50 $0.26 $0.44 $0.43
Cash dividends per share $0.24 $0.24 $0.24 $0.24
Book value per share
(period-end) $18.95 $19.18 $19.66 $19.82
Tangible book value per share
(period-end) $16.77 $17.02 $17.51 $17.68
Weighted average number of
shares:
Basic 31,471 31,757 31,805 31,820
Diluted 31,905 32,059 31,937 32,009
Period-end number of shares 31,702 31,770 31,813 31,827
Market data:
High closing price $68.42 $56.45 $45.56 $41.19
Low closing price $33.34 $34.20 $22.51 $30.12
Period end closing price $51.00 $45.46 $31.28 $32.49
Trading volume 23,562 18,544 18,026 17,040
Other Period-end Data
---------------------
FTE headcount 1,941 1,952 1,938 1,911
Tangible common equity $531,800 $540,859 $557,013 $562,800
Tier I capital $546,379 $550,216 $558,502 $565,807
Goodwill $62,277 $62,277 $62,277 $62,277
Amortizable intangibles $6,402 $6,059 $5,705 $5,350
Common shares repurchased for
publicly announced plans 0 6 0 0
Performance Ratios
------------------
Return on average assets 1.00% 0.48% 0.79% 0.78%
Return on average common equity 10.90% 5.49% 9.12% 8.67%
Earning asset yield (TE) 6.02% 5.60% 5.26% 5.26%
Total cost of funds 2.03% 2.08% 1.75% 1.48%
Net interest margin (TE) 3.99% 3.51% 3.50% 3.78%
Noninterest expense as a
percent of total revenue (TE)
before amortization of
purchased intangibles and
securities transactions 62.92% 64.61% 64.93% 61.47%
Common equity (period-end) as a
percent of total assets
(period-end) 8.91% 8.50% 8.81% 8.95%
Leverage (Tier I) ratio 8.66% 8.06% 7.85% 8.13%
Tangible common equity ratio 7.97% 7.62% 7.92% 8.06%
Net charge-offs as a
percent of average loans 0.42% 1.20% 0.67% 1.50%
Allowance for loan losses as a
percent of period-end loans 1.40% 1.45% 1.49% 1.49%
Allowance for loan losses to
NPAs + loans 90 days past due 189.69% 133.16% 119.72% 117.14%
Loan/deposit ratio 77.46% 74.58% 72.51% 74.95%
Noninterest income excluding
securities transactions as a
percent of total revenue (TE) 34.46% 35.73% 34.00% 36.65%
--------------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands,
except per share data and
FTE headcount)
-------------------------------------------
(unaudited) 2007 2008
-------------------------------------------
3Q 4Q 1Q 2Q
-------------------------------------------
Asset Quality Information
-------------------------
Non-accrual loans $8,500 $13,067 $12,983 $18,106
Foreclosed assets 1,374 2,297 3,619 1,693
-------------------------------------------
Total non-performing
assets $9,874 $15,364 $16,602 $19,799
Non-performing assets as a
percent of loans and
foreclosed assets 0.28% 0.43% 0.46% 0.52%
Accruing loans 90 days
past due $3,819 $4,154 $3,340 $6,449
Accruing loans 90 days
past due as a percent of
loans 0.11% 0.12% 0.09% 0.17%
Non-performing assets +
accruing loans 90 days
past due to loans and
foreclosed assets 0.39% 0.54% 0.55% 0.69%
Net charge-offs $1,880 $2,368 $2,933 $2,495
Net charge-offs as a
percent of average loans 0.21% 0.26% 0.32% 0.27%
Allowance for loan losses $45,901 $47,123 $53,008 $53,300
Allowance for loan losses
as a percent of
period-end loans 1.31% 1.31% 1.46% 1.41%
Allowance for loan losses
to NPAs + accruing loans
90 days past due 335.22% 241.43% 265.81% 203.06%
Provision for loan losses $1,554 $3,590 $8,818 $2,787
Net Charge-off Information
--------------------------
Net charge-offs:
Commercial/real estate
loans ($58) ($100) $834 $600
Mortgage loans -- 42 -- 61
Direct consumer loans 864 886 588 442
Indirect consumer loans 314 518 463 681
Finance company loans 760 1,024 1,048 711
-------------------------------------------
Total net charge-offs $1,880 $2,370 $2,933 $2,495
-------------------------------------------
Average loans:
Commercial/real estate
loans $2,106,778 $2,175,648 $2,224,695 $2,272,057
Mortgage loans 388,603 393,473 399,374 413,076
Direct consumer loans 491,417 505,098 514,441 526,752
Indirect consumer loans 373,677 385,093 386,985 386,565
Finance Company loans 109,807 114,750 113,113 113,555
-------------------------------------------
Total average loans $3,470,282 $3,574,062 $3,638,608 $3,712,005
Net charge-offs to average
loans:
Commercial/real estate
loans -0.01% -0.02% 0.15% 0.11%
Mortgage loans 0.00% 0.04% 0.00% 0.06%
Direct consumer loans 0.70% 0.70% 0.46% 0.34%
Indirect consumer loans 0.33% 0.53% 0.48% 0.71%
Finance Company loans 2.74% 3.54% 3.73% 2.52%
-------------------------------------------
Total net charge-offs to
average loans 0.21% 0.26% 0.32% 0.27%
-------------------------------------------
-------------------------------------------
(unaudited) 2008 2009
-------------------------------------------
3Q 4Q 1Q 2Q
-------------------------------------------
Asset Quality Information
-------------------------
Non-accrual loans $21,875 $29,976 $38,327 $34,189
Foreclosed assets 2,197 5,360 5,946 8,884
-------------------------------------------
Total non-performing
assets $24,072 $35,336 $44,273 $43,073
Non-performing assets as a
percent of loans and
foreclosed assets 0.59% 0.83% 1.04% 1.01%
Accruing loans 90 days
past due $6,082 $11,019 $8,306 $11,435
Accruing loans 90 days
past due as a percent of
loans 0.15% 0.26% 0.20% 0.27%
Non-performing assets +
accruing loans 90 days
past due to loans and
foreclosed assets 0.74% 1.09% 1.24% 1.27%
Net charge-offs $4,164 $12,591 $7,117 $16,019
Net charge-offs as a
percent of average loans 0.42% 1.20% 0.67% 1.50%
Allowance for loan losses $57,200 $61,725 $62,950 $63,850
Allowance for loan losses
as a percent of
period-end loans 1.40% 1.45% 1.49% 1.49%
Allowance for loan losses
to NPAs + accruing loans
90 days past due 189.69% 133.16% 119.72% 117.14%
Provision for loan losses $8,064 $17,116 $8,342 $16,919
Net Charge-off Information
--------------------------
Net charge-offs:
Commercial/real estate
loans $1,556 $8,971 $4,536 $12,524
Mortgage loans 179 269 177 199
Direct consumer loans 650 1,039 599 1,226
Indirect consumer loans 867 1,337 847 717
Finance company loans 912 975 958 1,353
-------------------------------------------
Total net charge-offs $4,164 $12,591 $7,117 $16,019
-------------------------------------------
Average loans:
Commercial/real estate
loans $2,453,154 $2,622,357 $2,688,557 $2,696,500
Mortgage loans 427,752 432,070 445,741 452,324
Direct consumer loans 546,079 575,826 605,685 596,725
Indirect consumer loans 410,110 439,780 430,965 420,444
Finance Company loans 116,140 117,435 114,428 111,358
-------------------------------------------
Total average loans $3,953,235 $4,187,468 $4,285,376 $4,277,351
Net charge-offs to average
loans:
Commercial/real estate
loans 0.25% 1.36% 0.68% 1.86%
Mortgage loans 0.17% 0.25% 0.16% 0.18%
Direct consumer loans 0.47% 0.72% 0.40% 0.82%
Indirect consumer loans 0.84% 1.21% 0.80% 0.68%
Finance Company loans 3.12% 3.30% 3.40% 4.87%
-------------------------------------------
Total net charge-offs to
average loans 0.42% 1.20% 0.67% 1.50%
-------------------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands,
except per share data and
FTE headcount)
-------------------------------------------
(unaudited) 2007 2008
-------------------------------------------
3Q 4Q 1Q 2Q
-------------------------------------------
Income Statement
----------------
Interest income $87,609 $87,532 $84,772 $81,732
Interest income (TE) 89,982 90,015 87,227 84,164
Interest expense 36,467 36,067 34,345 29,573
-------------------------------------------
Net interest income (TE) 53,515 53,948 52,882 54,591
Provision for loan losses 1,554 3,590 8,818 2,787
Noninterest income
excluding securities
transactions 31,198 31,924 30,769 31,412
Securities transactions
gains/(losses) 34 234 5,652 426
Noninterest expense 55,857 58,804 50,134 52,189
-------------------------------------------
Income before income taxes 24,963 21,229 27,896 29,021
Income tax expense 7,224 4,628 7,839 8,037
-------------------------------------------
Net income $17,739 $16,601 $20,057 $20,984
===========================================
Noninterest Income and
----------------------
Noninterest Expense
-------------------
Service charges on deposit
accounts $11,085 $11,182 $10,789 $10,879
Trust fees 3,892 4,194 4,176 4,575
Debit card & merchant fees 2,571 2,646 2,540 2,884
Insurance fees 4,270 5,557 4,340 4,259
Investment & annuity fees 2,253 2,498 2,810 2,727
ATM fees 1,550 1,626 1,691 1,757
Secondary mortgage market
operations 935 761 778 753
Other income 4,642 3,460 3,645 3,578
-------------------------------------------
Noninterest income
excluding securities
transactions $31,198 $31,924 $30,769 $31,412
Securities transactions
gains/(losses) 34 234 5,652 426
-------------------------------------------
Total noninterest income
including securities
transactions $31,232 $32,158 $36,421 $31,838
===========================================
Personnel expense $28,531 $27,026 $25,631 $27,031
Occupancy expense (net) 4,731 6,162 4,601 4,702
Equipment expense 2,814 2,610 2,909 2,785
Other operating expense 19,369 22,574 16,628 17,307
Amortization of
intangibles 412 432 365 364
-------------------------------------------
Total noninterest expense $55,857 $58,804 $50,134 $52,189
===========================================
-------------------------------------------
(unaudited) 2008 2009
-------------------------------------------
3Q 4Q 1Q 2Q
-------------------------------------------
Income Statement
----------------
Interest income $84,132 $84,801 $81,448 $80,105
Interest income (TE) 86,774 87,726 84,392 83,054
Interest expense 29,357 32,727 28,002 23,413
-------------------------------------------
Net interest income (TE) 57,417 54,999 56,390 59,641
Provision for loan losses 8,064 17,116 8,342 16,919
Noninterest income
excluding securities
transactions 30,194 30,578 29,055 34,504
Securities transactions
gains/(losses) (79) (1,174) -- --
Noninterest expense 55,483 55,637 55,838 58,226
-------------------------------------------
Income before income taxes 21,343 8,725 18,321 16,051
Income tax expense 5,338 405 4,290 2,305
-------------------------------------------
Net income $16,005 $8,320 $14,031 $13,746
===========================================
Noninterest Income and
----------------------
Noninterest Expense
-------------------
Service charges on deposit
accounts $11,108 $11,467 $10,503 $11,242
Trust fees 4,330 3,777 3,327 3,855
Debit card & merchant fees 2,805 2,853 2,568 2,895
Insurance fees 3,819 4,136 3,452 4,048
Investment & annuity fees 2,421 2,849 2,861 1,691
ATM fees 1,718 1,690 1,779 1,895
Secondary mortgage market
operations 817 629 1,158 1,827
Other income 3,176 3,177 3,407 7,051
-------------------------------------------
Noninterest income
excluding securities
transactions $30,194 $30,578 $29,055 $34,504
Securities transactions
gains/(losses) (79) (1,174) -- --
-------------------------------------------
Total noninterest income
including securities
transactions $30,115 $29,404 $29,055 $34,504
===========================================
Personnel expense $28,664 $28,447 $30,775 $28,703
Occupancy expense (net) 5,188 5,047 5,055 5,016
Equipment expense 2,711 2,587 2,534 2,583
Other operating expense 18,560 19,213 17,120 21,570
Amortization of
intangibles 360 343 354 354
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Total noninterest expense $55,483 $55,637 $55,838 $58,226
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CONTACT: Hancock Holding Company
Carl J. Chaney, President & Chief Executive Officer
Michael M. Achary, Chief Financial Officer
Paul D. Guichet, V.P., Investor Relations
800.522.6542
228.563.6559
