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Hancock Reports Second Quarter 2015 Financial Results

20:00 EDT 22 Jul 2015 | Globe Newswire

GULFPORT, Miss., July 23, 2015 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced its financial results for the second quarter of 2015.  Operating income for the second quarter of 2015 was $40.6 million, or $.51 per diluted common share, compared to $44.7 million, or $.55, in the first quarter of 2015.  Operating income was $49.6 million, or $.59, in the second quarter of 2014.  We define our operating income as net income excluding tax-effected securities transactions gains or losses and nonoperating expense items.  Nonoperating expenses totaled $8.9 million (pre-tax) and $7.3 million (pre-tax), in the second and first quarters of 2015, respectively, and $12.1 million (pre-tax) in the second quarter of 2014.  Management believes that operating income is one useful measure of our financial performance that helps investors compare the company’s fundamental operational performance from period to period.  The financial tables include a reconciliation of net income to operating income. 

Net income for the second quarter of 2015 was $34.8 million, or $.44 per diluted common share, compared to $40.2 million, or $.49 in the first quarter of 2015 and $40.0 million, or $.48, in the second quarter of 2014.

“The second quarter operating results reflect efforts over the last several quarters at growing earning assets and core revenue,” said John M. Hairston, President and CEO.  “Organic balance sheet growth, increases in both net interest income and fees (excluding the impact of purchase accounting items), continued expense management discipline, solid capital levels and strong credit quality, despite the impact of today’s energy cycle, all reflect the improved quality of our earnings.  We remain focused on continuing these efforts, and I look forward to reporting additional progress in future quarters.”

Highlights of the company’s second quarter of 2015 results:

  • An approximate $7.5 million, or $.06 per share, decline in linked-quarter net purchase accounting income negatively impacted both operating and net results
  • Earnings increased $0.8 million, or 2% linked-quarter (excluding the tax-effected impact of net purchase accounting items and nonoperating items)
  • E.P.S. (excluding the tax-effected impact of net purchase accounting items and nonoperating items) increased 4% linked-quarter
  • Loans increased $420 million, or 12% linked-quarter annualized (LQA), funded by an increase in deposits of $441 million, or 10% LQA
  • Total assets of $21.5 billion; up $814 million or 4% from March 31, 2015
  • Fee income (excluding accretion in indemnification asset) up almost $5 million or 8% from the first quarter of 2015
  • Loan loss provision reflects additional build for the energy portfolio, including the impact of the shared national credit (SNC) review, offset by improvements in other loan portfolio measures
  • NIM of 3.30% reflects the expected drop in accretion income linked-quarter, the full quarter impact of the subordinated debt issuance in March 2015 and a drop in the overall yield of the securities portfolio
  • Nonoperating expenses totaled approximately $9 million, pre-tax

             
Over the past several quarters we have disclosed our focus on strategic initiatives that are designed to replace declining levels of purchase accounting income from acquisitions with improvement in core income, which the company defines as operating income excluding tax-effected purchase accounting adjustments.  As of this quarter, the impact to the company’s bottom line from net purchase accounting items has substantially diminished, and core results are now equal to operating results.

Loans

Total loans at June 30, 2015 were $14.3 billion, up $420 million from March 31, 2015.  Net loan growth during the quarter was across many markets within the footprint, with additional growth in indirect, mortgage and specialty finance. 

At June 30, 2015, loans in the energy segment totaled $1.67 billion, or 12% of total loans.  The energy portfolio declined approximately $5 million linked-quarter and is comprised of credits to both the E&P industry and support industries.  Additional details of the energy portfolio are included in the presentation slides posted on our Investor Relations website.  

Average loans totaled $14.1 billion for the second quarter of 2015, up $270 million, or 2%, linked-quarter. 

Deposits

Total deposits at June 30, 2015 were $17.3 billion, up $441 million, or 3%, from March 31, 2015.  Average deposits for the second quarter of 2015 were $16.9 billion, up $377 million, or 2%, linked-quarter.

Noninterest-bearing demand deposits (DDAs) totaled $6.2 billion at June 30, 2015, virtually unchanged from March 31, 2015.  DDAs comprised 36% of total period-end deposits at June 30, 2015. 

Interest-bearing transaction and savings deposits totaled $7.0 billion at the end of the second quarter of 2015, up $418 million, or 6%, from March 31, 2015. Time deposits of $2.2 billion decreased $90 million, or 4%, while interest-bearing public fund deposits increased $134 million, or 7%, to $2.0 billion at June 30, 2015. 

Asset Quality

Nonperforming assets (NPAs) totaled $165 million at June 30, 2015, up $24 million from March 31, 2015.  During the second quarter of 2015, total nonperforming loans increased approximately $28 million while foreclosed and surplus real estate (ORE) and other foreclosed assets decreased approximately $4 million.  The net increase in nonperforming loans was mainly related to one energy loan (nondrilling support) which was downgraded during the quarter.  Nonperforming assets as a percent of total loans, ORE and other foreclosed assets was 1.15% at June 30, 2015, up 14 bps from March 31, 2015. 

The total allowance for loan losses was $131 million at June 30, 2015, up $2.7 million from March 31, 2015.  The ratio of the allowance for loan losses to period-end loans was 0.91% at June 30, 2015, virtually unchanged from March 31, 2015.  The allowance maintained on the non-FDIC acquired portion of the loan portfolio increased $6.3 million linked-quarter, totaling $107 million, and the impaired reserve on the FDIC acquired loan portfolio declined $3.6 million linked-quarter.

Pricing pressures on oil continued during the second quarter and led to additional downward pressure on risk ratings.  Based on those changes, plus updates to the qualitative factors related to energy, the reserve for the energy portfolio increased $10.6 million linked-quarter.  Management believes that if further risk rating downgrades occur they could lead to additional loan loss provisions but not translate to significant losses.  The impact and severity of risk rating migration, associated provision and net charge-offs will depend on overall oil price reduction and the duration of the cycle.  Additional details of the energy portfolio are included in the presentation slides posted on our Investor Relations website.  

Net charge-offs from the non-FDIC acquired loan portfolio were $1.2 million, or 0.03% of average total loans on an annualized basis in the second quarter of 2015, down from $3.7 million, or 0.11% of average total loans in the first quarter of 2015. 

During the second quarter of 2015, Hancock recorded a total provision for loan losses of $6.6 million, up $0.5 million from the first quarter of 2015. 

Net Interest Income and Net Interest Margin

Net interest income (TE) for the second quarter of 2015 was $154.9 million, down $6.2 million from the first quarter of 2015.  During the second quarter, net interest income from purchase accounting adjustments (PAAs) declined $7.6 million compared to the first quarter of 2015.  Excluding the impact from purchase accounting items, core net interest income increased $1.4 million linked-quarter.  Average earning assets were $18.8 billion for the second quarter of 2015, up $465 million, or 3%, from the first quarter of 2015. 

The reported net interest margin (TE) was 3.30% for the second quarter of 2015, down 25 bps from the first quarter of 2015.  Approximately 18 bps of the decline was related to the decrease in purchase accounting adjustments noted above.  The core net interest margin (reported net interest income (TE) excluding total net purchase accounting adjustments, annualized, as a percent of average earning assets) declined 7 bps to 3.14% during the second quarter of 2015.  Declines in the core loan yield (-3 bps) and the securities portfolio yield (-13 bps) were the main drivers of the margin compression.  A full quarter’s impact from interest on the issuance of $150 million in holding company subordinated debt in early March led to a 4 bps increase in the total cost of funds. 
     
Noninterest Income

Noninterest income, including securities transactions, totaled $60.9 million for the second quarter of 2015, up $4.3 million, or 8%, from the first quarter of 2015.  Also included in the total is a reduction of $1.3 million related to the amortization of the FDIC indemnification asset, compared to a reduction of $1.2 million in the first quarter of 2015.  Excluding the impact of this item and securities transactions, core noninterest income totaled $62.1 million, up $4.7 million linked-quarter. 

Service charges on deposits totaled $17.9 million for the second quarter of 2015, up $0.6 million, or 3%, from the first quarter of 2015.  Bank card and ATM fees totaled $11.9 million, up $0.7 million, or 6%, from the first quarter of 2015. 

Trust fees totaled $11.8 million, up $0.6 million, or 5%, linked-quarter.  The increase was due, in part, to seasonal tax prep fees.   Investment and annuity income and insurance fees totaled $7.4 million, up $0.6 million, or 9%, linked-quarter.   

Fees from secondary mortgage operations totaled $3.6 million for the second quarter of 2015, up $1 million, or 36%, linked-quarter.  During the second quarter, a greater portion of loan production was sold in the secondary market compared to last quarter.  Management expects this trend to continue through 2015. 

Other noninterest income totaled $9.5 million, up $1.3 million, or 16%, from the first quarter of 2015. 

Noninterest Expense & Taxes

Noninterest expense for the second quarter of 2015 totaled $158.9 million and included $8.9 million of nonoperating expenses.  Excluding these costs, operating expenses totaled $150.0 million in the second quarter of 2015, up $3.8 million, or 3%, linked-quarter.  (The details of the changes in the noninterest expense categories noted below exclude the impact of nonoperating items.)

Total personnel expense was $82.5 million in the second quarter of 2015, up $2.4 million, or 3%, from the first quarter of 2015.  The increase reflects additional incentive pay in the second quarter, partially offset by a seasonal decrease in benefits.

Occupancy and equipment expense totaled $15.8 million in the second quarter of 2015, up $0.7 million, or 5%, from the first quarter of 2015. 

ORE expense totaled $0.5 million for the second quarter of 2015, virtually unchanged linked-quarter. 

Other operating expense totaled $45.0 million in the second quarter of 2015, up $0.7 million, or 2%, from the first quarter of 2015. 

The effective income tax rate for the second quarter 2015 was 26%, virtually unchanged from the first quarter of 2015.  Management expects the effective income tax rate to approximate 25-27% in 2015.  The effective income tax rate continues to be less than the statutory rate of 35% due primarily to tax-exempt income and tax credits. 

Capital

Common shareholders’ equity at June 30, 2015 totaled $2.4 billion.  The tangible common equity (TCE) ratio was 8.12%, down 28 bps from March 31, 2015, mainly reflecting the growth in total assets during the quarter. 

Additional capital ratios are included in the financial tables.
     
Conference Call and Slide Presentation

Management will host a conference call for analysts and investors at 9:00 a.m. Central Time on Friday, July 24, 2015 to review the results.  A live listen-only webcast of the call will be available under the Investor Relations section of Hancock’s website at www.hancockbank.com.  Additional financial tables and a slide presentation related to second quarter results are also posted as part of the webcast link.  To participate in the Q&A portion of the call, dial (877) 564-1219 or (973) 638-3429.  An audio archive of the conference call will be available under the Investor Relations section of our website.  A replay of the call will also be available through July 31, 2015 by dialing (855) 859-2056 or (404) 537-3406, passcode 77019845. 

About Hancock Holding Company

Hancock Holding Company is a financial services company with regional business headquarters and locations throughout a growing Gulf South corridor. The company’s banking subsidiary provides a comprehensive network of full-service financial choices through Hancock Bank locations in Mississippi, Alabama, and Florida and Whitney Bank offices in Louisiana and Texas, including traditional and online banking; commercial and small business banking; energy banking; private banking; trust and investment services; certain insurance services; mortgage services; and consumer financing. More information and online banking are available at www.hancockbank.com and www.whitneybank.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, and we intend such forward-looking statements to be covered by the safe harbor provisions therein and are including this statement for purposes of invoking these safe-harbor provisions.  Forward-looking statements provide projections of results of operations or of financial condition or state other forward-looking information, such as expectations about future conditions and descriptions of plans and strategies for the future.  

Forward-looking statements that we may make include, but may not be limited to, comments with respect to future levels of economic activity in our markets, including the impact of volatility of oil and gas prices on our energy portfolio and associated loan loss reserves and the downstream impact on businesses that support the energy sector, especially in the Gulf Coast region, loan growth expectations, deposit trends, credit quality trends, net interest margin trends, future expense levels, success of revenue-generating initiatives, projected tax rates, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts such as accretion levels, the impact of the branch rationalization process, possible repurchases of shares under stock buyback programs, and the financial impact of regulatory requirements.  Hancock’s ability to accurately project results, predict the effects of future plans or strategies, or predict market or economic developments is inherently limited.  Although Hancock believes that the expectations reflected in its forward-looking statements are based on reasonable assumptions, actual results and performance could differ materially from those set forth in the forward-looking statements.  Factors that could cause actual results to differ from those expressed in Hancock’s forward-looking statements include, but are not limited to, those risk factors included in Hancock’s public filings with the Securities and Exchange Commission, which are available at the SEC’s internet site (http://www.sec.gov).  You are cautioned not to place undue reliance on these forward-looking statements.  Hancock does not intend, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of differences in actual results, changes in assumptions or changes in other factors affecting such statements, except as required by law.

HANCOCK HOLDING COMPANY 
 FINANCIAL HIGHLIGHTS 
(Unaudited) 
    Three Months EndedSix Months Ended 
(amounts in thousands, except per share data)   6/30/2015 3/31/2015 6/30/2014 6/30/2015 6/30/2014 
              
INCOME STATEMENT DATA
            
 Net interest income  $151,791  $158,158  $164,778  $309,949  $330,340  
 Net interest income (TE) (a)   154,879   161,114   167,332   315,993   335,530  
 Provision for loan losses   6,608   6,154   6,691   12,762   14,654  
 Noninterest income excluding securities transactions   60,874   56,213   56,398   117,087   113,097  
 Securities transactions gains     -    333     -     333      -  
 Noninterest expense (excluding nonoperating items)  149,990   146,201   144,727   296,191   291,709  
 Nonoperating items   8,927   7,314   12,131   16,241   12,131  
 Net income   34,829   40,159   39,962   74,988   89,077  
 Operating income (b)   40,631   44,697   49,575   85,328   98,690  
              
PERIOD-END BALANCE SHEET DATA           
 Loans  $14,344,752  $13,924,386  $12,884,056  $14,344,752  $12,884,056  
 Investment securities   4,445,452   4,107,904   3,677,229   4,445,452   3,677,229  
 Earning assets   19,409,963   18,568,037   17,023,990   19,409,963   17,023,990  
 Total assets   21,538,405   20,724,511   19,349,431   21,538,405   19,349,431  
 Noninterest-bearing deposits   6,180,814   6,201,403   5,723,663   6,180,814   5,723,663  
 Total deposits   17,301,788   16,860,485   15,245,227   17,301,788   15,245,227  
 Common shareholders' equity   2,430,040   2,425,098   2,492,582   2,430,040   2,492,582  
              
AVERAGE BALANCE SHEET DATA           
 Loans  $14,138,904  $13,869,397  $12,680,861  $14,004,895  $12,530,922  
 Investment securities (c)   4,143,097   3,772,997   3,716,563   3,959,069   3,825,484  
 Earning assets   18,780,771   18,315,839   16,791,744   18,549,589   16,766,191  
 Total assets   20,875,090   20,443,859   19,039,264   20,660,666   19,047,142  
 Noninterest-bearing deposits   6,107,900   5,924,196   5,505,735   6,016,623   5,502,878  
 Total deposits   16,862,088   16,485,259   15,060,581   16,674,782   15,164,285  
 Common shareholders' equity   2,430,710   2,447,870   2,463,385   2,439,242   2,449,758  
              
COMMON SHARE DATA            
 Earnings per share - diluted  $0.44  $0.49  $0.48  $0.93  $1.06  
 Operating earnings per share - diluted (b)  0.51   0.55   0.59   1.06   1.17  
 Cash dividends per share  $0.24  $0.24  $0.24  $0.48  $0.48  
 Book value per share (period-end)  $31.12  $31.14  $30.45  $31.12  $30.45  
 Tangible book value per share (period-end)  21.63   21.55   21.08   21.63   21.08  
 Weighted average number of shares - diluted  78,115   79,661   82,174   78,881   82,348  
 Period-end number of shares   78,094   77,886   81,860   78,094   81,860  
 Market data            
 High sales price  $32.98  $31.13  $37.86  $32.98  $38.50  
 Low sales price   28.02   24.96   32.02   24.96   32.02  
 Period-end closing price    31.91   29.86   35.32   31.91   35.32  
 Trading volume   40,162   51,866   27,432   92,029   58,760  
              
PERFORMANCE RATIOS            
 Return on average assets    0.67%  0.80%  0.84%  0.73%  0.94% 
 Return on average assets - operating (b)   0.78%  0.89%  1.04%  0.83%  1.04% 
 Return on average common equity   5.75%  6.65%  6.51%  6.20%  7.33% 
 Return on average common equity - operating (b)  6.70%  7.41%  8.07%  7.05%  8.12% 
 Return on average tangible common equity  8.28%  9.60%  9.47%  8.94%  10.73% 
 Return on average tangible common equity - operating (b)  9.66%  10.68%  11.75%  10.17%  11.89% 
 Tangible common equity ratio (d)   8.12%  8.40%  9.29%  8.12%  9.29% 
 Net interest margin (TE) (a)   3.30%  3.55%  3.99%  3.43%  4.03% 
 Average loan/deposit ratio   83.85%  84.13%  84.20%  83.99%  82.63% 
 Efficiency ratio (e)   66.67%  64.36%  61.67%  65.51%  61.95% 
 Allowance for loan losses as a percent of period-end loans  0.91%  0.92%  1.00%  0.91%  1.00% 
 Annualized net non-FDIC acquired charge-offs to average loans   0.03%  0.11%  0.13%  0.07%  0.13% 
 Allowance for loan losses to non-performing loans + accruing loans 90 days past due   100.92%  123.14%  126.26%  100.92%  126.26% 
 Noninterest income excluding securities transactions as a percent of total revenue (TE) (a)   28.21%  25.87%  25.21%  27.04%  25.21% 
              
 FTE Total Headcount     3,825      3,785     3,901     3,825      3,901  

(a) Tax-equivalent (TE) amounts are calculated using a federal income tax rate of 35%.
(b) Net income less tax-effected securities transactions and nonoperating items.  Management believes that operating income provides a useful measure of financial performance that helps investors compare the Company's fundamental operations over time.    
(c) Average securities does not include unrealized holding gains/losses on available for sale securities.
(d) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets.
(e) The efficiency ratio is noninterest expense to total net interest (TE) and noninterest income, excluding amortization of purchased intangibles, nonoperating items, and securities transactions.      


HANCOCK HOLDING COMPANY 
 QUARTERLY HIGHLIGHTS 
(Unaudited) 
    Three Months Ended 
(amounts in thousands, except per share data)   6/30/2015 3/31/2015 12/31/2014 9/30/2014 6/30/2014 
              
INCOME STATEMENT DATA             
 Net interest income  $151,791  $158,158  $160,813  $163,541  $164,778  
 Net interest income (TE) (a)   154,879   161,114   163,581   166,230   167,332  
 Provision for loan losses   6,608   6,154   9,718   9,468   6,691  
 Noninterest income excluding securities transactions   60,874   56,213   56,961   57,941   56,398  
 Securities transactions gains     -    333     -     -     -  
 Noninterest expense (excluding nonoperating items)  149,990   146,201   144,080   145,192   144,727  
 Nonoperating items   8,927   7,314   9,667   3,887   12,131  
 Net income   34,829   40,159   40,092   46,553   39,962  
 Operating income (b)   40,631   44,697   46,376   49,079   49,575  
              
PERIOD-END BALANCE SHEET DATA           
 Loans  $14,344,752  $13,924,386  $13,895,276  $13,348,574  $12,884,056  
 Investment securities    4,445,452   4,107,904   3,826,454   3,913,370   3,677,229  
 Earning assets   19,409,963   18,568,037   18,544,930   17,748,600   17,023,990  
 Total assets   21,538,405   20,724,511   20,747,266   19,985,950   19,349,431  
 Noninterest-bearing deposits   6,180,814   6,201,403   5,945,208   5,866,255   5,723,663  
 Total deposits   17,301,788   16,860,485   16,572,831   15,736,694   15,245,227  
 Common shareholders' equity   2,430,040   2,425,098   2,472,402   2,509,342   2,492,582  
              
AVERAGE BALANCE SHEET DATA           
 Loans  $14,138,904  $13,869,397  $13,578,223  $13,102,108  $12,680,861  
 Investment securities (c)   4,143,097   3,772,997   3,836,123   3,780,089   3,716,563  
 Earning assets   18,780,771   18,315,839   17,911,143   17,324,444   16,791,744  
 Total assets   20,875,090   20,443,859   20,090,372   19,549,947   19,039,264  
 Noninterest-bearing deposits   6,107,900   5,924,196   5,849,356   5,707,523   5,505,735  
 Total deposits   16,862,088   16,485,259   15,892,507   15,371,209   15,060,581  
 Common shareholders' equity   2,430,710   2,447,870   2,509,509   2,489,948   2,463,385  
              
COMMON SHARE DATA            
 Earnings per share - diluted  $0.44  $0.49  $0.48  $0.56  $0.48  
 Operating earnings per share - diluted (b)  0.51   0.55   0.56   0.59   0.59  
 Cash dividends per share  $0.24  $0.24  $0.24  $0.24  $0.24  
 Book value per share (period-end)  $31.12  $31.14  $30.74  $30.76  $30.45  
 Tangible book value per share (period-end)  21.63   21.55   21.37   21.44   21.08  
 Weighted average number of shares - diluted  78,115   79,661   81,530   81,942   82,174  
 Period-end number of shares   78,094   77,886   80,426   81,567   81,860  
 Market data            
 High sales price  $32.98  $31.13  $35.67  $36.47  $37.86  
 Low sales price   28.02   24.96   28.68   31.25   32.02  
 Period-end closing price    31.91   29.86   30.70   32.05   35.32  
 Trading volume   40,162   51,866   36,396   25,553   27,432  
              
PERFORMANCE RATIOS            
 Return on average assets    0.67%  0.80%  0.79%  0.94%  0.84% 
 Return on average assets - operating (b)   0.78%  0.89%  0.92%  1.00%  1.04% 
 Return on average common equity   5.75%  6.65%  6.34%  7.42%  6.51% 
 Return on average common equity - operating (b)  6.70%  7.41%  7.33%  7.82%  8.07% 
 Return on average tangible common equity  8.28%  9.60%  9.08%  10.70%  9.47% 
 Return on average tangible common equity  - operating (b)  9.66%  10.68%  10.50%  11.28%  11.75% 
 Tangible common equity ratio (d)   8.12%  8.40%  8.59%  9.10%  9.29% 
 Net interest margin (TE) (a)   3.30%  3.55%  3.63%  3.81%  3.99% 
 Average loan/deposit ratio   83.85%  84.13%  85.44%  85.24%  84.20% 
 Efficiency ratio (e)   66.67%  64.36%  62.41%  61.84%  61.67% 
 Allowance for loan losses as a percent of period-end loans  0.91%  0.92%  0.93%  0.94%  1.00% 
 Annualized net non-FDIC acquired charge-offs to average loans   0.03%  0.11%  0.08%  0.19%  0.13% 
 Allowance for loan losses to non-performing loans + accruing loans 90 days past due   100.92%  123.14%  137.96%  128.44%  126.26% 
 Noninterest income excluding securities transactions as a percent of total revenue (TE) (a)   28.21%  25.87%  25.83%  25.85%  25.21% 
              
 FTE headcount   3,825     3,785     3,794     3,787     3,901  

(a) Tax-equivalent (TE) amounts are calculated using a federal income tax rate of 35%.
(b) Net income less tax-effected securities transactions and nonoperating expense items.  Management believes that operating income provides a useful measure of financial performance that helps investors compare the Company's fundamental operations over time. 
(c) Average securities does not include unrealized holding gains/losses on available for sale securities.
(d) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets.
(e) The efficiency ratio is noninterest expense to total net interest (TE) and noninterest income, excluding amortization of purchased intangibles, nonoperating expense items, and securities transactions.


 

For More Information
Trisha Voltz Carlson 
SVP, Investor Relations Manager
504.299.5208
trisha.carlson@hancockbank.com

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