updated 1/18/2011 5:48:55 PM ET 2011-01-18T22:48:55

GULFPORT, Miss., Jan. 18, 2011 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced financial results for the fourth quarter and year ended December 31, 2010.

For the fourth quarter of 2010 net income increased 14.6 percent over the preceding third quarter of 2010 to $17.0 million and advanced 27.9 percent over the 2009's fourth quarter, excluding certain non-recurring merger items associated with that quarter's acquisition of Peoples First Community Bank. Fully diluted earnings per share for the fourth quarter of 2010 were $0.46, compared to $0.40 for the 2010's third quarter and $0.37 for the same quarter a year ago, excluding merger related items. Hancock's return on average assets increased to 0.83 percent for the fourth quarter of 2010, from 0.70 percent for 2010's third quarter.

Net income for the full 2010 year amounted to $52.2 million, down 7.3 percent from 2009's net income of $56.3 million, excluding merger related items. Diluted earnings per share for 2010 were $1.40, versus $1.70 last year, excluding merger related items. Hancock's return on average assets for 2010 was 0.62 percent and 0.80 percent for 2009, excluding merger related items. The company's pre-tax, pre-provision income for 2010 increased 6.4 percent to $142.9 million over the prior year period. Pre-tax pre-provision income is total revenue less non-interest expense and excludes one-time merger items and securities transactions.

On December 22, 2010, Hancock Holding Company entered into a definitive agreement with Whitney Holding Corporation ("Whitney"), parent company of New Orleans-based Whitney Bank, for Whitney to merge into Hancock. The transaction is expected to be completed in the second quarter of 2011, subject to customary closing conditions and regulatory approval. Following the merger, Hancock expects to retain its strong capital position after an expected common stock raise of approximately $200 million, and anticipates repurchasing all of Whitney's TARP preferred stock and warrants held by the U.S. Treasury, subject to regulatory approval.

Hancock's President and Chief Executive Officer Carl J. Chaney said, "The merger with Whitney will combine two of the Gulf South's most respected financial services institutions and creates an unprecedented opportunity to enhance shareholder value and strengthen the financial options available to our customers across the combined company's footprint. Both Hancock and Whitney were founded on similar core values more than a century ago to serve people throughout the Gulf South region. We are excited to meld two institutions with comparable business philosophies and common commitment to our region's heritage and future."

"Upon completion of the transaction, our business footprint will grow dramatically in Hancock's current Louisiana, Mississippi, Alabama and Florida markets, and we will expand into dynamic new regions such as Houston and Tampa-St. Petersburg," Chaney said. "Combined, the company will have approximately $20 billion in assets, $12 billion in loans and $16 billion in deposits. Customers will be served by more than 300 branch locations and have access to nearly 400 ATMs. Based upon assets, Hancock will become the 32nd largest bank headquartered in America."

Principal drivers of Hancock's improved 2010 fourth quarter earnings were reflected in a wider net interest margin, up 21 basis points to 4.06 percent, along with a significantly lower provision for loan losses, down $4.9 million, or 29.9 percent. The wider net interest margin drove a $2.1 million, or 12 percent annualized, increase in net interest income. The lower provision for loan losses was primarily due to a continued improvement in the company's overall asset quality. Net charge-offs showed significant improvement from prior quarters with a decrease of $4.0 million, or 29.1 percent, from the 2010 third quarter. Net charge-offs were 0.78 percent of average loans and were down 32 basis points, compared with the preceding third quarter's 1.10 percent.  For the 2010 fourth quarter, non-performing assets as a percent of loans and foreclosed assets improved to 3.17 percent from the prior quarter's 3.55 percent but were up from 1.97 percent as of December 31, 2009.

"We see continued improvement in our asset quality measures, and combined with the favorable economic outlook for our operating region, along with our announcement about the Whitney merger, we are excited about the coming year," Chaney added.

Highlights & Key Operating Items from Hancock's Fourth Quarter Results

Balance Sheet & Capital

Total assets at December 31, 2010, were $8.14 billion, down $101.0 million, or 1.2 percent, from $8.24 billion at September 30, 2010.  Compared to December 31, 2009, total assets decreased $558.8 million, or 6.4 percent.   Hancock continues to remain very well capitalized with total equity of $856.5 million at December 31, 2010, up $18.9 million, or 2.3 percent, from December 31, 2009. The company's tangible common equity ratio stood at an enviable 9.69 percent at December 31, 2010.    

Loan Growth

For the quarter ended December 31, 2010, Hancock's average total loans were $4.95 billion, which represented an increase of $576.3 million, or 13.2 percent, from the same quarter a year ago but were down $24.4 million, or 0.5 percent, from the third quarter of 2010 due to a continued lessening of loan demand in the company's operating region.  The increased level of average loans from the same quarter a year ago was primarily due to the Peoples First acquisition in December 2009 with an increase in commercial and real estate loans of $309.3 million, or 11.1 percent, and mortgage loans of $231.8 million, or 49.3 percent.  Period-end loans increased $49.5 million, or 1.0 percent, from September 30, 2010.  The increase in period-end loans reflected a 2.6 percent  increase in commercial and real estate loans, up $79.3 million, and a 2.5 percent increase, or $17.7 million, in direct consumer loans, offset by a 4.9 percent, or $34.2 million, decrease in mortgage loans, and a 4.0 percent decline, or $13.0 million, in indirect consumer loans.

Deposit Growth

Period-end deposits for the fourth quarter were $6.78 billion, up $66.9 million, or 1.0 percent, from the prior quarter, but were down 5.8 percent, from December 31, 2009.  The $420.1 million reduction in period-end deposits was caused by a $535.8 million, or 18.0 percent, decrease in time deposits offset by a 5.0 percent increase, or $53.9 million, in noninterest bearing deposits and a 5.7 percent increase, or $107.8 million, in interest-bearing transaction deposits.  The $420.1 million reduction was primarily related to expected run-off in Peoples First time deposits.  Prior to the acquisition, Peoples First deposit pricing was very aggressive in order to attract deposits and their deposit rates were considerably higher than comparable banks. Average deposits were down 1.7 percent, or $113.2 million, from the third quarter of 2010 but were up 19.7 percent, or $1.1 billion, from December 31, 2009 due to the Peoples First acquisition.  The $113.2 million reduction in average deposits from third quarter was in time deposits, which were down $174.7 million, or 6.6 percent, and interest bearing and public fund time deposits, which were down $32.9 million, or 2.9 percent, offset primarily by an increase of $33.6 million, or 1.7 percent, in interest-bearing transaction deposits and $60.9 million, or 5.7 percent, in noninterest-bearing deposits. Hancock's overall funding mix improved in the fourth quarter of 2010 with total transaction deposits (non-interest and interest-bearing) as a percent of total deposits at 46 percent, up from 44 percent from the prior quarter. 

Asset Quality

Net charge-offs for 2010's fourth quarter were $9.8 million, or 0.78 percent of average loans, down from the $13.8 million, or 1.10 percent, of average loans reported for the third quarter of 2010.  Total net charge-offs for 2010 of $50.7 million represented a slight increase from 2009 net charge-offs of $50.3 million. Non-performing assets as a percent of total loans and foreclosed assets were 3.17 percent at December 31, 2010, down from 3.55 percent at September 30, 2010.  The total dollar value of non-performing assets was down $17.3 million, or 9.8 percent, between September 30, 2010, and December 31, 2010.  Approximately $12.6 million of loans, of which $8.7 million were on non-accrual status, were designated as troubled debt restructuring (TDR) at December 31, 2010.  Non-accrual loans decreased $20.6 million, while other real estate owned (ORE) increased $1.4 million compared to the prior quarter.  Loans 90 days past due or greater (accruing) as a percent of period-end loans decreased 12 basis points from September 30, 2010, to 0.03 percent at December 31, 2010.

Hancock recorded a provision for loan losses for the fourth quarter of $11.4 million.  The company's allowance for loan losses was $82.0 million at December 30, 2010, and $79.7 million at September 30, 2010.  The ratio of the allowance for loan losses as a percent of period-end loans was 1.65 percent at December 31, 2010, compared to 1.62 percent at September 30, 2010.  Hancock's reserving methodologies required the company to increase the allowance for loan losses by $2.3 million in the fourth quarter.  In the fourth quarter of 2010, the company reversed $1.0 million of the $5.2 million specific reserve accrued in the second quarter of 2010 for the Gulf Oil Spill.  Hancock is continuing to monitor the impact the Gulf Oil Spill is having on the company's affected markets.  The $1.0 million reversal was offset by an increase of $2.6 million in the company's legacy loan portfolio and an increase of $0.7 million related to credit cards in the company's acquired loan portfolio.

Additional asset quality information (inclusive and exclusive of the covered assets of Peoples First) is provided in the following table:

  Consolidated  Consolidated 
  Hancock  Without 
Asset Quality Information Holding Company Peoples First
Non-accrual loans $112,274 $66,988
Restructured loans $12,641 $12,641
Foreclosed assets 33,277 17,595
Total non-performing assets $158,192 $97,224
Non-performing assets as a percent of loans and foreclosed assets 3.17% 2.33%
Accruing loans 90 days past due (a) $1,492 $1,492
Accruing loans 90 days past due as a percent of loans 0.03% 0.04%
Non-performing assets + accruing loans 90 days past due    
 to loans and foreclosed assets 3.19% 2.37%
Allowance for loan losses $81,997 $81,325
Allowance for loan losses as a percent of period-end loans 1.65% 1.96%
Allowance for loan losses to NPAs + accruing loans 90 days past due 51.35% 82.38%
     
(a) Accruing loans past due 90 days or more do not include purchased impaired loans which were written down to fair value upon acquisition and accrete interest income over the remaining life of the loan.
     

Net Interest Income

Net interest income (taxable equivalent or te) for the fourth quarter increased $8.1 million, or 12.7 percent, while the net interest margin of 4.06 percent was 10 basis points wider than the same quarter a year ago.  Growth in average earning assets was strong, compared with the same quarter a year ago with an increase of $636.7 million, or 9.9 percent, mostly reflected in higher average loans, up $576.3 million, or 13.2 percent, and short-term investments, up $108.0 million, or 21.7 percent, offset by a decrease of $47.6 million or 3.1 percent, in securities.

The company's loan yield decreased 20 basis points over the prior year's fourth quarter, while the yield on securities decreased 82 basis points, pushing the yield on average earning assets down 35 basis points.  However, total funding costs over the same quarter a year ago were down 45 basis points. 

Compared to the prior quarter, the net interest margin (te) was wider by 21 basis points, and the level of net interest income was up $2.1 million, or 3.0 percent.  The $2.1 million increase was due to a $0.9 million increase in loan interest income and a decrease in interest expense of $2.4 million offset by a decrease in income from securities of $1.2 million.  The yield on average earning assets was up 10 basis points from last quarter at 4.97 percent, while the total cost of funds decreased 11 basis points.   

Non-interest Income

Non-interest income for the fourth quarter was down $28.3 million, or 44.7 percent, compared with the same quarter a year ago and decreased $0.1 million, or 0.4 percent, compared with the previous quarter.  The decrease from the fourth quarter of 2009 was largely due to a $31.5 million, or 86.5 percent, decrease in other income that was primarily related to the $33.6 million gain on the December 2009 acquisition of Peoples First and by a decrease in service charges on deposit accounts of $1.6 million, or 13.8 percent.  The overall decrease from the same quarter a year ago was partly offset by increases in secondary mortgage operations, up $1.7 million, or 120.8 percent; ATM fees, up $0.8 million, or 40.0 percent; trust fees, up $0.4 million, or 9.8 percent; investment and annuity fees, up $0.7 million, or 40.4 percent; insurance fees, up $0.4 million, or 13.3 percent, and debit and merchant fees, up $0.8 million, or 28 percent.  

The slight decrease in non-interest income compared to the prior quarter was due to a decrease of $1.1 million, or 10.1 percent, in service charges on deposit accounts; lower investment and annuity fees, down $0.6 million, or 19.7 percent, offset by increases in secondary mortgage market operations of $0.6 million, or 23.7 percent; and other income, which was up $0.5 million, or 11.0 percent.

Operating Expense & Taxes

Operating expenses for the fourth quarter were up $7.6 million, or 11.9 percent, compared to the same quarter a year ago, and were $3.2 million, or 4.7 percent, higher than the previous quarter.  The increase from the same quarter a year ago was reflected in a 9.6 percent increase, or $3.1 million, in higher personnel expense; a 13.8 percent increase, or $3.2 million, in other operating expense; a 16.6 percent increase, or $0.9 million, in occupancy expense; and increased equipment expense of $0.4 million, or 15.9 percent. The increases were primarily due to the acquisition of Peoples First.  The increase from the prior quarter was due to a 10.6 percent increase, or $2.6 million, in other operating expense (mostly related to higher professional fees and higher ORE expenses); higher occupancy expense of $0.3 million, or 5.6 percent; and an 8.4 percent increase in equipment expense, up $0.2 million. 

For the twelve months ended December 31, 2010, and 2009, the effective income tax rates were approximately 16 percent and 23 percent, respectively. Because of the reduced level of pre-tax income in 2010, the tax exempt interest income and the utilization of tax credits had a significant impact on the effective tax rate.  The source of the tax credits for 2010 and 2009 resulted from investments in New Market Tax Credits, Qualified Bond Credits and Work Opportunity Tax Credits.

About Hancock Holding Company

Hancock Holding Company — parent company of Hancock Bank (Mississippi), Hancock Bank of Louisiana, and Hancock Bank of Alabama — had assets of approximately $8.1 billion as of December 31, 2010. Founded in 1899, Hancock Bank consistently ranks as one of the country's strongest, safest financial institutions, according to BauerFinancial, 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 1995Congress 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          - Add 5 -
 Financial Highlights           
 (amounts in thousands, except per share data and FTE headcount)           
 (unaudited)           
     
   Three Months Ended   Twelve Months Ended 
  12/31/2010 9/30/2010 12/31/2009 12/31/2010 12/31/2009
Per Common Share Data          
           
Earnings per share:          
Basic $0.46 $0.40 $0.89 $1.41 $2.28
Diluted $0.46 $0.40 $0.89 $1.40 $2.26
Cash dividends per share  $0.24 $0.24 $0.24 $0.96 $0.96
Book value per share (period-end) $23.22 $23.48 $22.74 $23.22 $22.74
Tangible book value per share (period-end) $21.18 $21.42 $20.60 $21.18 $20.60
Weighted average number of shares:          
Basic  36,916  36,880  35,481  36,876  32,747
Diluted  37,065  36,995  35,705  37,054  32,934
Period-end number of shares  36,893  36,883  36,840  36,893  36,840
Market data:          
High sales price $37.26 $35.40 $44.89 $45.86 $45.56
Low sales price $28.88 $26.82 $35.26 $26.82 $22.51
Period end closing price  $34.86 $30.07 $43.81 $34.86 $43.81
 Trading volume  13,701  14,318  19,538  50,102  66,346
           
Other Period-end Data          
           
FTE headcount 2,271 2,235 2,240 2,271 2,240
Tangible common equity $781,420 $790,040 $758,840 $781,420 $758,840
Tier I capital $782,301 $772,247 $756,106 $782,301 $756,106
Goodwill $61,631 $61,631 $62,277 $61,631 $62,277
Amortizable intangibles $13,204 $13,860 $16,252 $13,204 $16,252
           
Performance Ratios          
           
Return on average assets 0.83% 0.70% 1.75% 0.62% 1.05%
Return on average common equity 7.71% 6.75% 15.92% 6.03% 11.09%
Earning asset yield (TE) 4.97% 4.87% 5.32% 5.01% 5.27%
Total cost of funds 0.91% 1.02% 1.35% 1.13% 1.50%
Net interest margin (TE) 4.06% 3.85% 3.96% 3.88% 3.78%
Noninterest expense as a percent of total revenue (TE)          
 before amortization of purchased intangibles          
 and securities transactions 66.05% 64.25% 49.82% 66.00% 58.34%
Common equity (period-end) as a percent of total assets (period-end) 10.52% 10.51% 9.63% 10.52% 9.63%
Leverage (Tier I) ratio  9.65% 9.32% 10.60% 9.65% 10.60%
Tangible common equity ratio  9.69% 9.68% 8.81% 9.69% 8.81%
Net charge-offs as a percent of average loans 0.78% 1.10% 1.24% 1.01% 1.17%
Allowance for loan losses as a percent of period-end loans 1.65% 1.62% 1.29% 1.65% 1.29%
Allowance for loan losses to NPAs + accruing loans 90 days past due 51.35% 43.63% 58.69% 51.35% 58.69%
Average loan/deposit ratio 73.65% 72.78% 77.89% 72.36% 75.65%
Non-interest income excluding           
 securities transactions as a percent of           
 total revenue (TE) 32.81% 33.56% 49.86% 32.69% 39.54%
           
           
 Hancock Holding Company          - Add 6 -
 Financial Highlights           
 (amounts in thousands)           
 (unaudited)           
     
   Three Months Ended   Twelve Months Ended 
  12/31/2010 9/30/2010 12/31/2009 12/31/2010 12/31/2009
Asset Quality Information          
           
Non-accrual loans $112,274 $132,834 $86,555 $112,274 $86,555
Restructured loans (a) 12,641 10,740  --  12,641  -- 
Foreclosed assets 33,277 31,879 14,336 33,277 14,336
Total non-performing assets $158,192 $175,453 $100,891 $158,192 $100,891
Non-performing assets as a percent of loans and foreclosed assets 3.17% 3.55% 1.97% 3.17% 1.97%
Accruing loans 90 days past due (b) $1,492 $7,292 $11,647 $1,492 $11,647
Accruing loans 90 days past due as a percent of loans 0.03% 0.15% 0.23% 0.03% 0.23%
Non-performing assets + accruing loans 90 days past due           
 to loans and foreclosed assets 3.19% 3.70% 2.19% 3.19% 2.19%
           
Net charge-offs $9,756 $13,754 $13,634 $50,682 $50,265
Net charge-offs as a percent of average loans 0.78% 1.10% 1.24% 1.01% 1.17%
           
Allowance for loan losses $81,997 $79,725 $66,050 $81,997 $66,050
Allowance for loan losses as a percent of period-end loans 1.65% 1.62% 1.29% 1.65% 1.29%
Allowance for loan losses to NPAs + accruing loans 90 days past due 51.35% 43.63% 58.69% 51.35% 58.69%
           
Provision for loan losses $11,390 $16,258 $15,834 $65,991 $54,590
           
(a) Included in restructured loans is $8.7 million in non-accrual loans.          
(b) Accruing loans past due 90 days or more do not include purchased

impaired loans which were written down to fair value upon acquisition

and accrete interest income over the remaining life of the loan.
         
           
Allowance for Loan Losses          
           
Beginning Balance $79,725 $77,221 $63,850 $66,050 $61,725
Provision for loan losses, net (c) 11,390 16,258 15,834 65,991 54,590
Increase in indemnification asset (c)  638  --  -- 638  --
Charge-offs 11,626 16,486 14,732 58,266 54,915
Recoveries 1,870 2,732 1,098 7,584 4,650
Net charge-offs 9,756 13,754 13,634 50,682 50,265
Ending Balance $81,997 $79,725 $66,050 $81,997 $66,050
           
(c) The provision for loan losses is shown "net" after coverage provided by FDIC loss share

agreements on covered loans. This results in an increase in the indemnification asset, which is

the difference between the provision for loan losses on covered loans of $672, and the

impairment ($34) on those covered loans . 
         
           
Net Charge-off Information          
           
Net charge-offs:          
Commercial/real estate loans $5,987 $9,140 $9,110 $35,902 $36,346
Mortgage loans 1,024 1,674 1,211 3,875 1,764
Direct consumer loans 939 1,003 1,209 3,791 3,855
Indirect consumer loans 356 569 883 1,982 3,616
Finance company loans 1,450 1,368 1,221 5,132 4,684
Total net charge-offs  $9,756 $13,754 $13,634 $50,682 $50,265
           
Average loans:          
Commercial/real estate loans $3,087,181 $3,056,578 $2,777,866 $3,094,845 $2,725,894
Mortgage loans 702,285 753,686 470,441 733,996 451,823
Direct consumer loans 745,922 738,036 630,511 737,680 609,131
Indirect consumer loans 315,369 324,337 386,157 333,834 411,772
Finance Company loans 100,776 103,297 110,233 105,398 111,500
Total average loans $4,951,533 $4,975,934 $4,375,208 $5,005,753 $4,310,120
           
Net charge-offs to average loans:          
Commercial/real estate loans 0.77% 1.19% 1.30% 1.16% 1.33%
Mortgage loans 0.58% 0.88% 1.02% 0.53% 0.39%
Direct consumer loans 0.50% 0.54% 0.76% 0.44% 0.63%
Indirect consumer loans 0.45% 0.70% 0.91% 0.59% 0.88%
Finance Company loans 5.71% 5.25% 4.39% 4.87% 4.20%
Total net charge-offs to average loans 0.78% 1.10% 1.24% 1.01% 1.17%
           
           
 Hancock Holding Company          - Add 7 -
 Financial Highlights           
 (amounts in thousands)           
 (unaudited)           
     
   Three Months Ended   Twelve Months Ended 
  12/31/2010 9/30/2010 12/31/2009 12/31/2010 12/31/2009
Income Statement          
           
Interest income  $85,040 $85,398 $82,416 $352,558 $323,727
Interest income (TE) 87,917 88,284 85,585 364,385 335,788
Interest expense 16,100 18,576 21,881 82,345 95,301
Net interest income (TE) 71,817 69,708 63,704 282,040 240,487
Provision for loan losses 11,390 16,258 15,834 65,991 54,590
Noninterest income excluding           
 securities transactions  35,067 35,208 63,353 136,949 157,259
Securities transactions gains/(losses)  --  -- 7  -- 69
Noninterest expense  71,257 68,060 63,657 279,260 233,470
Income before income taxes 21,359 17,712 44,404 61,911 97,694
Income tax expense 4,339 2,859 12,624 9,705 22,919
Net income $17,020 $14,853 $31,780 $52,206 $74,775
           
Pre-tax, pre-provision income (PTPP) (d) $35,627 $36,856 $33,483 $142,896 $134,359
           
Noninterest Income and Noninterest Expense          
           
Service charges on deposit accounts $10,187 $11,331 $11,814 $45,335 $45,354
Trust fees 4,324 4,138 3,937 16,715 15,127
Debit card & merchant fees 3,768 3,649 2,944 14,941 11,252
Insurance fees 3,773 3,535 3,329 14,461 14,355
Investment & annuity fees 2,333 2,906 1,662 10,181 8,220
ATM fees 2,574 2,640 1,838 9,486 7,374
Secondary mortgage market operations 3,178 2,569 1,439 8,915 5,906
Gain on acquisition  --  -- 33,623  -- 33,623
Other income 4,930 4,440 2,767 16,915 16,048
Noninterest income excluding          
 securities transactions $35,067 $35,208 $63,353 $136,949 $157,259
Securities transactions gains/(losses)  --  --  7  --  69
Total noninterest income including           
 securities transactions $35,067 $35,208 $63,360 $136,949 $157,328
           
Personnel expense $36,006 $35,890 $32,858 $142,042 $121,449
Occupancy expense (net) 5,977 5,657 5,126 23,803 20,340
Equipment expense 2,706 2,496 2,335 10,569 9,849
Other operating expense 25,912 23,361 22,984 100,112 80,415
Amortization of intangibles 656 656 354 2,734 1,417
Total noninterest expense  $71,257 $68,060 $63,657 $279,260 $233,470
           
(d) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense, one-time merger items, and securities transactions. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company's ability to generate capital to cover credit losses through a credit cycle.    
           
           
 Hancock Holding Company          - Add 8 -
 Financial Highlights           
 (amounts in thousands)           
 (unaudited)           
     
   Three Months Ended   Twelve Months Ended 
  12/31/2010 9/30/2010 12/31/2009 12/31/2010 12/31/2009
Period-end Balance Sheet          
           
Commercial/real estate loans $3,147,765 $3,068,415 $3,160,912 $3,147,765 $3,160,912
Mortgage loans 659,689 693,862 739,899 659,689 739,899
Direct consumer loans 739,262 721,513 728,000 739,262 728,000
Indirect consumer loans 309,454 322,501 373,353 309,454 373,353
Finance Company loans 100,994 101,406 112,011 100,994 112,011
Total loans 4,957,164 4,907,697 5,114,175 4,957,164 5,114,175
Loans held for sale 21,866 54,201 36,112 21,866 36,112
Securities 1,445,721 1,619,869 1,611,327 1,445,721 1,611,327
Short-term investments 639,163 575,506 797,262 639,163 797,262
Earning assets 7,063,914 7,157,273 7,558,876 7,063,914 7,558,876
Allowance for loan losses (81,997) (79,725) (66,050) (81,997) (66,050)
Other assets 1,156,410 1,161,814 1,204,257 1,156,410 1,204,257
Total assets $8,138,327 $8,239,362 $8,697,083 $8,138,327 $8,697,083
           
Noninterest bearing deposits $1,127,246 $1,092,452 $1,073,341 $1,127,246 $1,073,341
Interest bearing transaction deposits 1,995,081 1,936,146 1,887,229 1,995,081 1,887,229
Interest bearing Public Fund deposits 1,216,702 1,120,559 1,262,750 1,216,702 1,262,750
Time deposits 2,436,690 2,559,641 2,972,492 2,436,690 2,972,492
Total interest bearing deposits 5,648,473 5,616,346 6,122,471 5,648,473 6,122,471
Total deposits  6,775,719 6,708,798 7,195,812 6,775,719 7,195,812
Other borrowed funds 388,352 539,394 527,231 388,352 527,231
Other liabilities 117,708 125,390 136,377 117,708 136,377
Common shareholders' equity 856,548 865,780 837,663 856,548 837,663
Total liabilities & common equity $8,138,327 $8,239,362 $8,697,083 $8,138,327 $8,697,083
           
Commercial Loans/Real Estate Loans          
           
Commercial non-real estate loans $559,301 $496,235 $461,566 $559,301 $461,566
Construction and land development loans 652,857 655,606 833,938 652,857 833,938
Commercial real estate secured loans 1,413,287 1,400,408 1,333,065 1,413,287 1,333,065
Municipal loans 471,598 463,191 469,545 471,598 469,545
Lease financing 50,721 52,975 62,798 50,721 62,798
Total commercial/real estate loans $3,147,764 $3,068,415 $3,160,912 $3,147,764 $3,160,912
           
Construction and Land Development Loans          
           
Residential construction $136,879 $139,820 $129,505 $136,879 $129,505
Commercial owner occupied 101,291 98,914 159,307 101,291 159,307
Commercial non-owner occupied 81,503 75,813 121,672 81,503 121,672
Land development 166,434 168,040 270,465 166,434 270,465
Lots 166,750 173,019 152,989 166,750 152,989
Total construction and land development loans $652,857 $655,606 $833,938 $652,857 $833,938
           
Commercial Real Estate Secured Loans          
Commercial real estate owner occupied $701,775 $681,182 $682,468 $701,775 $682,468
Commercial real estate non-owner occupied 711,512 719,226 650,597 711,512 650,597
Total commercial real estate secured loans $1,413,287 $1,400,408 $1,333,065 $1,413,287 $1,333,065
           
           
 Hancock Holding Company          - Add 9 -
 Financial Highlights           
 (amounts in thousands)           
 (unaudited)           
     
   Three Months Ended   Twelve Months Ended 
  12/31/2010 9/30/2010 12/31/2009 12/31/2010 12/31/2009
Average Balance Sheet          
           
Commercial/real estate loans 3,087,181 3,056,578 $2,777,866 $3,094,845 $2,725,894
Mortgage loans 702,285 753,686 470,441 733,996 451,823
Direct consumer loans 745,922 738,036 630,511 737,680 609,131
Indirect consumer loans 315,369 324,337 386,157 333,834 411,772
Finance Company loans 100,776 103,297 110,233 105,398 111,500
Total loans 4,951,533 4,975,934 4,375,208 5,005,753 4,310,120
Securities 1,485,732 1,532,293 1,533,366 1,559,018 1,559,570
Short-term investments 606,927 685,873 498,930 698,043 497,048
Earning average assets 7,044,192 7,194,100 6,407,504 7,262,814 6,366,738
Allowance for loan losses (80,248) (78,232) (64,561) (73,190) (63,450)
Other assets 1,216,267 1,248,792 870,380 1,236,610 796,479
Total assets $8,180,211 $8,364,660 $7,213,323 $8,426,234 $7,099,767
           
Noninterest bearing deposits $1,139,094 $1,078,227 $943,622 $1,076,829 $935,985
Interest bearing transaction deposits 1,989,250 1,955,635 1,525,783 1,940,470 1,486,438
Interest bearing Public Fund deposits 1,088,384 1,121,330 1,059,189 1,163,993 1,288,117
Time deposits 2,506,736 2,681,434 2,088,701 2,736,206 1,987,059
Total interest bearing deposits 5,584,370 5,758,399 4,673,673 5,840,669 4,761,614
Total deposits 6,723,464 6,836,626 5,617,295 6,917,498 5,697,599
Other borrowed funds 465,446 526,674 686,218 515,626 613,523
Other liabilities 115,974 128,424 117,717 127,400 114,270
Common shareholders' equity 875,327 872,936 792,093 865,710 674,375
Total liabilities & common equity $8,180,211 $8,364,660 $7,213,323 $8,426,234 $7,099,767
           
           
 Hancock Holding Company          - Add 10 -
 Financial Highlights           
 (amounts in thousands)           
 (unaudited)           
     
   Three Months Ended   Twelve Months Ended 
  12/31/2010 9/30/2010 12/31/2009 12/31/2010 12/31/2009
Average Balance Sheet Mix          
           
Percentage of earning assets/funding sources:          
Loans 70.29% 69.17% 68.27% 68.92% 67.69%
Securities 21.09% 21.30% 23.95% 21.47% 24.50%
Short-term investments 8.62% 9.53% 7.78% 9.61% 7.81%
Earning average assets 100.00% 100.00% 100.00% 100.00% 100.00%
           
Noninterest bearing deposits 16.17% 14.99% 14.73% 14.83% 14.70%
Interest bearing transaction deposits 28.24% 27.18% 23.81% 26.72% 23.35%
Interest bearing Public Fund deposits 15.45% 15.59% 16.53% 16.03% 20.23%
Time deposits 35.59% 37.27% 32.60% 37.67% 31.21%
Total deposits 95.45% 95.03% 87.67% 95.25% 89.49%
Other borrowed funds 6.61% 7.32% 10.71% 7.10% 9.64%
Other net interest-free funding sources -2.06% -2.35% 1.62% -2.35% 0.87%
Total average funding sources 100.00% 100.00% 100.00% 100.00% 100.00%
           
Loan mix:          
Commercial/real estate loans 62.35% 61.42% 63.49% 61.83% 63.25%
Mortgage loans 14.18% 15.15% 10.75% 14.66% 10.48%
Direct consumer loans 15.06% 14.83% 14.41% 14.74% 14.13%
Indirect consumer loans 6.37% 6.52% 8.83% 6.67% 9.55%
Finance Company loans 2.04% 2.08% 2.52% 2.10% 2.59%
Total loans 100.00% 100.00% 100.00% 100.00% 100.00%
           
Average dollars (in thousands):          
Loans $4,951,533 $4,975,934 $4,375,208 $5,005,753 $4,310,120
Securities 1,485,732 1,532,293 1,533,366 1,559,018 1,559,570
Short-term investments 606,927 685,873 498,930 698,043 497,048
Earning average assets $7,044,192 $7,194,100 $6,407,504 $7,262,814 $6,366,738
           
Noninterest bearing deposits $1,139,094 $1,078,227 $943,622 $1,076,829 $935,985
Interest bearing transaction deposits 1,989,250 1,955,635 1,525,783 1,940,470 1,486,438
Interest bearing Public Fund deposits 1,088,384 1,121,330 1,059,189 1,163,993 1,288,117
Time deposits 2,506,736 2,681,434 2,088,701 2,736,206 1,987,059
Total deposits 6,723,464 6,836,626 5,617,295 6,917,498 5,697,599
Other borrowed funds 465,446 526,674 686,218 515,626 613,523
Other net interest-free funding sources (144,718) (169,200) 103,991 (170,310) 55,616
Total average funding sources $7,044,192 $7,194,100 $6,407,504 $7,262,814 $6,366,738
           
Loans:          
Commercial/real estate loans $3,087,181 $3,056,578 $2,777,866 $3,094,845 $2,725,894
Mortgage loans 702,285 753,686 470,441 733,996 451,823
Direct consumer loans 745,922 738,036 630,511 737,680 609,131
Indirect consumer loans 315,369 324,337 386,157 333,834 411,772
Finance Company loans 100,776 103,297 110,233 105,398 111,500
Total average loans $4,951,533 $4,975,934 $4,375,208 $5,005,753 $4,310,120
           
       
 Hancock Holding Company      - Add 11 -
 Financial Highlights       
 (amounts in thousands)       
 (unaudited)       
   Three Months Ended 
  12/31/2010 9/30/2010 12/31/2009
Asset Quality Information      
       
Non-accrual loans $112,274 $132,834 $86,555
Restructured loans 12,641 10,740  -- 
Foreclosed assets 33,277 31,879 14,336
Total non-performing assets $158,192 $175,453 $100,891
Non-performing assets as a percent of loans and foreclosed assets 3.17% 3.55% 1.97%
Accruing loans 90 days past due  $1,492 $7,292 $11,647
Accruing loans 90 days past due as a percent of loans 0.03% 0.15% 0.23%
Non-performing assets + accruing loans 90 days past due       
 to loans and foreclosed assets 3.19% 3.70% 2.19%
Allowance for loan losses $81,997 $79,725 $66,050
Allowance for loan losses as a percent of period-end loans 1.65% 1.62% 1.29%
Allowance for loan losses to NPAs + accruing loans 90 days past due 51.35% 43.63% 58.69%
       
  12/31/10
  Non-Covered Loans Covered Loans (e) Total
Non-accrual loans $66,988 $45,286 $112,274
Restructured loans 12,641   12,641
Foreclosed assets 17,595 15,682 33,277
Total non-performing assets $97,224 $60,968 $158,192
Non-performing assets as a percent of loans and foreclosed assets 2.33% 7.39% 3.17%
Accruing loans 90 days past due   1,492  -- $1,492
Accruing loans 90 days past due as a percent of loans 0.04%  -- 0.03%
Non-performing assets + accruing loans 90 days past due       
 to loans and foreclosed assets 2.37% 7.39% 3.19%
Allowance for loan losses 81,325  672 81,997
Allowance for loan losses as a percent of period-end loans 1.96% 0.08% 1.65%
Allowance for loan losses to NPAs + accruing loans 90 days past due 82.38% 1.10% 51.35%
       
(e) Assets covered under the FDIC loss share agreements, which  9/30/10
provide considerable protection against credit risk. Non-Covered Loans Covered Loans Total
Non-accrual loans $78,307 $54,527 $132,834
Restructured loans 10,740   10,740
Foreclosed assets 18,578 13,301 31,879
Total non-performing assets $107,625 $67,828 $175,453
Non-performing assets as a percent of loans and foreclosed assets 2.63% 8.01% 3.55%
Accruing loans 90 days past due  $7,292  --  7,292
Accruing loans 90 days past due as a percent of loans 0.18%  -- 0.15%
Non-performing assets + accruing loans 90 days past due       
 to loans and foreclosed assets 2.81% 8.01% 3.70%
Allowance for loan losses 79,725  -- 79,725
Allowance for loan losses as a percent of period-end loans 1.96%  -- 1.62%
Allowance for loan losses to NPAs + accruing loans 90 days past due 69.38%  -- 43.63%
       
       
 Hancock Holding Company      - Add 12 -
 Financial Highlights       
 (amounts in thousands)       
 (unaudited)       
   
   Three Months Ended 
  12/31/2010 9/30/2010 12/31/2009
Period-end Balance Sheet      
       
Commercial/real estate loans $3,147,765 $3,068,415 $3,160,912
Mortgage loans 659,689 693,862 739,899
Direct consumer loans 739,262 721,513 728,000
Indirect consumer loans 309,454 322,501 373,353
Finance Company loans 100,994 101,406 112,011
Total loans 4,957,164 4,907,697 5,114,175
       
  12/31/10
  Non-Covered Loans Covered Loans (e) Total
Commercial/real estate loans $2,773,434 $374,331 $3,147,765
Mortgage loans 366,184 293,505 659,689
Direct consumer loans 597,947 141,315 739,262
Indirect consumer loans 309,454  -- 309,454
Finance Company loans 100,994  -- 100,994
Total loans $4,148,013 $809,151 $4,957,164
       
  9/30/10
  Non-Covered Loans Covered Loans  Total
Commercial/real estate loans $2,681,728 $386,687 $3,068,415
Mortgage loans 370,589 323,273 693,862
Direct consumer loans 597,522 123,991 721,513
Indirect consumer loans 322,501  -- 322,501
Finance Company loans 101,406  -- 101,406
Total loans $4,073,746 $833,951 $4,907,697
       
(e) Assets covered under the FDIC loss share agreements, which     
provide considerable protection against credit risk.      
       
                   
 Hancock Holding Company                  - Add 13 -
 Average Balance and Net Interest Margin Summary             
 (amounts in thousands)                   
 (unaudited)                   
   
  Three Months Ended
  12/31/10 09/30/10 12/31/09
  Interest Volume Rate Interest Volume Rate Interest Volume Rate
                   
Average Earning Assets                  
Commercial & real estate loans (TE) $40,945 $3,087,181 5.27% $40,557 $3,056,578 5.27% $39,155 $2,777,866 5.60%
Mortgage loans  10,789  702,285 6.14%  10,150  753,686 5.39%  6,771  470,441 5.76%
Consumer loans  20,532  1,162,067 7.01%  20,927  1,165,670 7.12%  20,102  1,126,901 7.07%
Loan fees & late charges  26  -- 0.00%  (280)  -- 0.00%  81  -- 0.00%
 Total loans (TE) $72,292 $4,951,533 5.80% $71,354 $4,975,934 5.68% $66,109 4,375,208 6.00%
                   
US treasury securities  14  10,799 0.50%  18  11,282 0.62%  19  10,487 0.70%
US agency securities  444  106,129 1.67%  727  134,114 2.17%  1,379  132,353 4.17%
CMOs  2,962  378,455 3.13%  2,673  310,210 3.45%  1,864  143,129 5.21%
Mortgage backed securities  8,939  788,474 4.53%  10,109  870,489 4.65%  12,853  1,047,209 4.91%
Municipals (TE)  2,734  183,833 5.95%  2,808  187,962 5.98%  2,552  182,520 5.59%
Other securities  204  18,043 4.51%  213  18,236 4.66%  273  17,668 6.17%
 Total securities (TE)  15,297  1,485,733 4.12%  16,548  1,532,293 4.32%  18,940  1,533,366 4.94%
                   
 Total short-term investments  329  606,927 0.22%  382  685,873 0.22%  536  498,930 0.43%
                   
 Average earning assets yield (TE) $87,918 $7,044,193 4.97% $88,284 $7,194,100 4.87% $85,585 $6,407,504 5.32%
                   
Interest-bearing Liabilities                  
Interest-bearing transaction deposits  $1,889 $1,989,250 0.38% $2,022 $1,955,635 0.41% $1,606 $1,525,783 0.42%
Time deposits  10,403  2,506,736 1.65%  12,121  2,681,434 1.79%  14,480  2,088,701 2.75%
Public Funds  1,780  1,088,384 0.65%  2,004  1,121,330 0.71%  2,965  1,059,189 1.11%
 Total interest bearing deposits $14,072 5,584,370 1.00% $16,147 5,758,399 1.11% $19,051 4,673,673 1.62%
                   
 Total borrowings  2,028  465,446 1.73%  2,429  526,674 1.83%  2,830  686,218 1.64%
                   
 Total interest bearing liab cost $16,100 $6,049,816 1.06% $18,576 $6,285,073 1.17% $21,881 $5,359,891 1.62%
                   
Net interest-free funding sources    994,376      909,027      1,047,613  
                   
Total Cost of Funds $16,100 $7,044,192 0.91% $18,576 $7,194,100 1.02% $21,881 $6,407,504 1.35%
                   
Net Interest Spread (TE) $71,818   3.91% $69,708   3.70% $63,704   3.70%
                   
Net Interest Margin (TE) $71,818 $7,044,192 4.06% $69,708 $7,194,100 3.85% $63,704 $6,407,504 3.96%
                   
             
 Hancock Holding Company            - Add 14 -
 Average Balance and Net Interest Margin Summary       
 (amounts in thousands)             
 (unaudited)             
             
   
   Twelve Months Ended 
  12/31/2010 12/31/2009
  Interest Volume Rate Interest Volume Rate
             
Average Earning Assets            
Commercial & real estate loans (TE) $163,833 $3,094,845 5.29% $146,101 $2,725,894 5.36%
Mortgage loans  45,036  733,996 6.14%  25,971  451,823 5.75%
Consumer loans  84,832  1,176,912 7.21%  80,823  1,132,403 7.14%
Loan fees & late charges  232  -- 0.00%  837  -- 0.00%
 Total loans (TE)  293,933 $5,005,753 5.86%  253,732 $4,310,120 5.89%
             
US treasury securities  72  11,437 0.63%  175  10,986 1.59%
US agency securities  3,964  152,268 2.60%  6,778  165,725 4.09%
CMOs  10,493  284,397 3.69%  8,251  162,811 5.07%
Mortgage backed securities  42,350  905,212 4.68%  51,553  1,029,860 5.01%
Municipals (TE)  10,966  188,769 5.81%  9,501  166,931 5.69%
Other securities  856  16,936 5.05%  1,323  23,257 5.69%
 Total securities (TE)  68,701  1,559,019 4.41%  77,581  1,559,570 4.97%
             
 Total short-term investments  1,750  698,043 0.25%  4,475  497,048 0.90%
             
 Average earning assets yield (TE) $364,384 $7,262,815 5.01% $335,788 $6,366,738 5.27%
             
Interest-Bearing Liabilities            
Interest-bearing transaction deposits  $9,013 $1,940,470 0.46% $7,264 $1,486,438 0.49%
Time deposits  54,371  2,736,206 1.99%  58,252 1,987,059 2.93%
Public Funds  9,519  1,163,993 0.82%  18,797 1,288,117 1.46%
 Total interest bearing deposits $72,903 $5,840,669 1.25% $84,313 $4,761,614 1.77%
             
 Total borrowings  9,442  515,626 1.83%  10,988  613,523 1.79%
             
 Total interest bearing liab cost $82,345 $6,356,295 1.30% $95,301 $5,375,137 1.77%
             
Net interest-free funding sources    906,519     991,601  
             
Total Cost of Funds $82,345 $7,262,814 1.13% $95,301 $6,366,738 1.50%
             
Net Interest Spread (TE) $282,039   3.72% $240,487   3.50%
             
Net Interest Margin (TE) $282,039 $7,262,814 3.88% $240,487 $6,366,738 3.78%
             
                 
 Hancock Holding Company                - Add 15 -
 Quarterly Financial Data                 
 (amounts in thousands, except                 
per share data and FTE headcount)                
 (unaudited)     
  2009 2010
  1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Per Common Share Data                
                 
Earnings per share:                
 Basic $0.44 $0.43 $0.48 $0.89 $0.37 $0.17 $0.40 $0.46
 Diluted $0.44 $0.43 $0.47 $0.89 $0.37 $0.17 $0.40 $0.46
Cash dividends per share  $0.24 $0.24 $0.24 $0.24 $0.24 $0.24 $0.24 $0.24
Book value per share (period-end) $19.66 $19.82 $20.54 $22.74 $23.05 $23.36 $23.48 $23.22
Tangible book value per share (period-end) $17.51 $17.68 $18.42 $20.60 $20.94 $21.28 $21.42 $21.17
Weighted average number of shares:                
 Basic 31,805 31,820 31,857 35,481 36,868 36,876 36,880 36,916
 Diluted 31,937 32,009 32,058 35,705 37,105 37,078 36,995 37,065
Period-end number of shares 31,813 31,827 31,877 36,840 36,905 36,877 36,883 36,893
Market data:                
 High sales price $45.56 $41.19 $42.38 $44.89 $45.86 $43.90 $35.40 $37.26
 Low sales price $22.51 $30.12 $29.90 $35.26 $38.23 $33.27 $26.82 $28.88
 Period end closing price  $31.28 $32.49 $37.57 $43.81 $41.81 $33.36 $30.07 $34.86
 Trading volume 18,026 17,040 11,676 19,538 9,612 12,443 14,318 13,701
                 
Other Period-end Data                
                 
FTE headcount 1,938 1,911 1,903 2,240 2,263 2,278 2,235 2,271
Tangible common equity $557,013 $562,800 $587,161 $758,840 $772,735 $784,872 $790,040 $781,420
Tier I capital $558,502 $565,807 $575,856 $756,106 $764,074 $764,608 $772,247 $782,301
Goodwill $62,277 $62,277 $62,277 $62,277 $62,277 $61,631 $61,631 $61,631
Amortizable intangibles $5,705 $5,350 $4,996 $16,252 $15,521 $14,516 $13,860 $13,204
                 
Performance Ratios                
                 
Return on average assets 0.79% 0.78% 0.87% 1.75% 0.65% 0.31% 0.70% 0.83%
Return on average common equity 9.12% 8.67% 9.38% 15.92% 6.58% 3.03% 6.75% 7.71%
Earning asset yield (TE) 5.26% 5.26% 5.26% 5.32% 5.15% 5.06% 4.87% 4.97%
Total cost of funds 1.75% 1.48% 1.39% 1.35% 1.40% 1.19% 1.02% 0.91%
Net interest margin (TE) 3.50% 3.78% 3.86% 3.96% 3.75% 3.87% 3.85% 4.06%
Noninterest expense as a percent                
 of total revenue (TE) before amortization                
 of purchased intangibles and                
 securities transactions 64.93% 61.47% 60.81% 49.82% 66.43% 67.26% 64.25% 66.05%
Common equity (period-end) as                
 a percent of total assets (period-end) 8.81% 8.95% 9.62% 9.63% 9.93% 10.13% 10.51% 10.52%
Leverage (Tier I) ratio  7.85% 8.13% 8.33% 10.60% 8.91% 9.06% 9.32% 9.65%
Tangible common equity ratio  7.92% 8.06% 8.71% 8.81% 9.10% 9.32% 9.68% 9.69%
Net charge-offs as a                
 percent of average loans 0.67% 1.50% 1.24% 1.24% 1.06% 1.11% 1.10% 0.78%
Allowance for loan losses as                 
 a percent of period-end loans 1.49% 1.49% 1.50% 1.29% 1.33% 1.55% 1.62% 1.65%
Allowance for loan losses to                 
 NPAs + loans 90 days past due 119.72% 117.14% 120.25% 58.69% 48.80% 38.03% 43.63% 51.35%
Loan/deposit ratio 72.51% 74.95% 77.36% 77.89% 71.45% 71.63% 72.78% 73.65%
Noninterest income excluding                
 securities transactions as a percent                
 of total revenue (TE) 34.00% 36.65% 33.31% 49.86% 31.08% 33.23% 33.56% 32.81%
                 
 Hancock Holding Company                - Add 16 -
 Quarterly Financial Data                 
 (amounts in thousands, except                 
per share data and FTE headcount)                
(unaudited)     
  2009 2010
  1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Asset Quality Information                
                 
Non-accrual loans $38,327 $34,189 $35,558 $86,555 $92,828 $150,127 $132,834 $112,274
Restructured loans  --   --   --   --   --   --  10,740 12,641
Foreclosed assets 5,946 8,884 9,775 14,336 30,243 44,901 31,879 33,277
Total non-performing assets $44,273 $43,073 $45,333 $100,891 $123,071 $195,028 $175,453 $158,192
Non-performing assets as a percent of loans                
 and foreclosed assets 1.04% 1.01% 1.06% 1.97% 2.44% 3.89% 3.55% 3.17%
                 
Accruing loans 90 days past due $8,306 $11,435 $7,766 $11,647 $13,457 $8,002 $7,292 $1,492
Accruing loans 90 days past due as                 
 a percent of loans 0.20% 0.27% 0.18% 0.23% 0.27% 0.16% 0.15% 0.03%
Non-performing assets + accruing loans                
 90 days past due to loans and                
 foreclosed assets 1.24% 1.27% 1.25% 2.19% 2.71% 4.05% 3.70% 3.19%
                 
Net charge-offs $7,117 $16,019 $13,495 $13,634 $13,251 $13,921 $13,754 $9,756
Net charge-offs as                
 a percent of average loans 0.67% 1.50% 1.24% 1.24% 1.06% 1.11% 1.10% 0.78%
                 
Allowance for loan losses $62,950 $63,850 $63,850 $66,050 $66,625 $77,221 $79,725 $81,997
Allowance for loan losses as a                
 percent of period-end loans 1.49% 1.49% 1.50% 1.29% 1.33% 1.55% 1.62% 1.65%
Allowance for loan losses to NPAs +                
 accruing loans 90 days past due 119.72% 117.14% 120.25% 58.69% 48.80% 38.03% 43.63% 51.35%
                 
Provision for loan losses $8,342 $16,919 $13,495 $15,834 $13,826 $24,517 $16,258 $11,390
                 
Net Charge-off Information                
                 
Net charge-offs:                
Commercial/real estate loans $4,536 $12,524 $10,176 $9,110 $10,238 $10,537 $9,140 $5,987
Mortgage loans 177 199 177 1,211 608 569 1,674 1,024
Direct consumer loans 599 1,226 821 1,209 608 1,241 1,003 939
Indirect consumer loans 847 717 1,169 883 608 449 569 356
Finance company loans 958 1,353 1,152 1,221 1,189 1,125 1,368 1,450
Total net charge-offs  $7,117 $16,019 $13,495 $13,634 $13,251 $13,921 $13,754 $9,756
                 
Average loans:                
Commercial/real estate loans $2,688,557 $2,696,500 $2,739,518 $2,777,866 $3,145,748 $3,090,938 $3,056,578 $3,087,181
Mortgage loans 445,741 452,324 438,659 470,441 735,279 744,880 753,686 702,285
Direct consumer loans 605,685 596,725 603,394 630,511 737,728 728,939 738,036 745,922
Indirect consumer loans 430,965 420,444 410,035 386,157 359,965 336,260 324,337 315,369
Finance Company loans 114,428 111,358 110,045 110,233 109,819 107,821 103,297 100,776
Total average loans $4,285,376 $4,277,351 $4,301,651 $4,375,208 $5,088,539 $5,008,838 $4,975,934 $4,951,533
                 
Net charge-offs to average loans:                
Commercial/real estate loans 0.68% 1.86% 1.47% 1.30% 1.32% 1.37% 1.19% 0.77%
Mortgage loans 0.16% 0.18% 0.16% 1.02% 0.34% 0.31% 0.88% 0.58%
Direct consumer loans 0.40% 0.82% 0.54% 0.76% 0.33% 0.68% 0.54% 0.50%
Indirect consumer loans 0.80% 0.68% 1.13% 0.91% 0.69% 0.54% 0.70% 0.45%
Finance Company loans 3.40% 4.87% 4.15% 4.39% 4.39% 4.19% 5.25% 5.71%
Total net charge-offs to average loans  0.67% 1.50% 1.24% 1.24% 1.06% 1.11% 1.10% 0.78%
                 
                 
 Hancock Holding Company                - Add 17 -
 Quarterly Financial Data                 
 (amounts in thousands, except                 
per share data and FTE headcount)                
 (unaudited)     
  2009 2010
  1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement                
                 
Interest income  $81,448 $80,105 $79,758 $82,416 $92,379 $89,741 $85,398 $85,040
Interest income (TE) 84,392 83,054 82,757 85,585 95,396 92,788 88,284 87,917
Interest expense 28,002 23,413 22,004 21,881 25,800 21,868 18,576 16,100
Net interest income (TE) 56,390 59,641 60,753 63,704 69,596 70,920 69,708 71,817
Provision for loan losses 8,342 16,919 13,495 15,834 13,826 24,517 16,258 11,390
Noninterest income excluding                 
 securities transactions  29,055 34,504 30,347 63,353 31,381 35,293 35,208 35,067
Securities transactions gains/(losses)  --  --  61  7  --  --  --  --
Noninterest expense  55,838 58,226 55,749 63,657 67,822 72,122 68,060 71,257
Income before income taxes 18,321 16,051 18,918 44,404 16,312 6,527 17,712 21,359
Income tax expense 4,290 2,305 3,700 12,624 2,478 27 2,859 4,339
Net income $14,031 $13,746 $15,218 $31,780 $13,834 $6,500 $14,853 $17,020
                 
Pre-tax, pre-provision income (PTPP) $26,663 $32,970 $32,352 $33,483 $31,587 $32,762 $36,856 $35,627
                 
                 
                 
Noninterest Income                
 and Noninterest Expense                
                 
Service charges on deposit accounts $10,503 $11,242 $11,795 $11,814 $11,490 $12,327 $11,331 $10,187
Trust fees 3,327 3,855 4,008 3,937 3,846 4,408 4,138 4,324
Debit card & merchant fees 2,568 2,895 2,845 2,944 3,596 3,928 3,649 3,768
Insurance fees 3,452 4,048 3,526 3,329 3,511 3,641 3,535 3,773
Investment & annuity fees 2,861 1,691 2,007 1,662 2,279 2,663 2,906 2,333
ATM fees 1,779 1,895 1,862 1,838 1,951 2,321 2,640 2,574
Secondary mortgage market operations 1,158 1,827 1,482 1,439 1,640 1,529 2,569 3,178
Gain on acquisition  --  --  -- 33,623  --  --  --  --
Other income 3,407 7,051 2,822 2,767 3,068 4,476 4,440 4,930
Noninterest income excluding                 
 securities transactions $29,055 $34,504 $30,347 $63,353 $31,381 $35,293 $35,208 $35,067
Securities transactions gains/(losses)  --  --  61  7  --  --  --  --
Total noninterest income including                 
 securities transactions $29,055 $34,504 $30,408 $63,360 $31,381 $35,293 $35,208 $35,067
                 
Personnel expense $30,775 $28,703 $29,113 $32,858 $34,767 $35,379 $35,890 $36,006
Occupancy expense (net) 5,055 5,016 5,144 5,126 6,143 6,026 5,657 5,977
Equipment expense 2,534 2,583 2,397 2,335 2,724 2,642 2,496 2,706
Other operating expense 17,120 21,570 18,741 22,984 23,450 27,391 23,361 25,912
Amortization of intangibles 354 354 354 354 738 684 656 656
Total noninterest expense  $55,838 $58,226 $55,749 $63,657 $67,822 $72,122 $68,060 $71,257
                 
CONTACT: Carl J. Chaney, President and Chief Executive Officer
         Michael M. Achary, E.V.P. and Chief Financial Officer
         Paul D. Guichet, V.P. Investor Relations
         800.522.6542 or 228.563.6559

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