Hancock Holding Company (Nasdaq:HBHC) today announced its financial
results for the third quarter of 2017. Net income for the third
quarter of 2017 was $58.9 million, or $.68 per diluted common share
(EPS), compared to $52.3 million, or $.60 EPS in the second quarter
of 2017 and $46.7 million, or $.59 EPS, in the third quarter of
2016. The third quarter of 2017 includes nonoperating expenses of
approximately $11.4 million ($.08 per share impact), while the
second quarter of 2017 included $10.6 million of nonoperating items
($.08 per share). The nonoperating items in both quarters were
mainly related to the two previously disclosed FNBC transactions.
There were no nonoperating items in the third quarter of 2016.
Highlights of the company’s third quarter 2017
results (compared to second quarter 2017):
- Includes a full quarter impact from both FNBC transactions
- Reported earnings increased $6.6 million, or 13%
- Loans increased $312 million, or 7% linked-quarter
annualized
- Energy loans declined $97 million and comprise 6.0% of total
loans, down from 6.7%; allowance for the energy portfolio totals
$79.8 million, or 7.0% of energy loans
- Core pre-provision net revenue (PPNR) of $111.1 million, up
$9.5 million or 9%
- Net interest margin (NIM) of 3.44% up 1 basis point (bp); core
NIM up 3 bps to 3.32%
- Operating expenses totaled $166.2 million, down $6.6
million
- Efficiency ratio improved to 57.5%
- Return on average assets (ROA) up 9 bps to 0.88%; excluding
nonoperating expense ROA increased 10 bps to 0.99%
- Tangible common equity (TCE) ratio increased 15 bps to
7.80%
“This quarter reflects the culmination of hard work and
relentless determination to deliver the results we expected this
company could produce,” said President and CEO John M. Hairston.
“We have achieved our core strategic objectives for operating EPS
and efficiency ratio, and believe we are within reach of attaining
our operating ROA and TCE goals in the near future. We
successfully reentered the M&A arena this year and delivered on
the remaining FNBC expense synergy reductions this quarter. While
we are pleased with achievements thus far, we still have work to do
and will remain focused on improving company performance in the
future. As a natural progression of our continued growth and
commitment to the future, we intend to consolidate our two brands
sometime during the first half of 2018 subject to any applicable
approvals. The iconic Hancock and Whitney brands have existed
since 1899 and 1883 respectively. We have decided to honor the
legacies of these brands by combining the names and will operate as
Hancock Whitney Corporation and Hancock Whitney Bank. This
decision highlights our respect for the legacy of two grand old
banks, which have come together now fully and seamlessly in the
interest of demonstrating centuries-old core values, heartfelt
commitment to serve clients in the Gulf South region, and our
desire to grow shareholder value.”
Loans Total loans at September 30, 2017 were
$18.8 billion, up approximately $312 million, or 2%,
linked-quarter. Loans to energy-related companies decreased $97
million during the third quarter. There was growth throughout the
markets across our footprint and in our mortgage and equipment
finance lines of business.
Average loans totaled $18.6 billion for the third quarter of
2017, up $222 million, or 1%, linked-quarter.
EnergyAt September 30, 2017, loans to the
energy industry totaled $1.1 billion, or 6.0% of total loans. As
noted earlier, the energy portfolio was down $97 million, or 8%
linked-quarter, and is comprised of credits to both the exploration
and production (E&P) sector and the support and services
sectors. Payoffs and paydowns of approximately $142 million and
charge-offs of approximately $8 million were partially offset by
approximately $52 million in fundings.
The impact and severity of future risk rating migration, as well
as any associated provisions or net charge-offs, will depend on
overall oil prices and the duration of the energy cycle that began
in November 2014. As previously noted, management still expects a
continued lag in the recovery of energy service and support
credits. Reserve-based lending credits are showing signs of
improvement given the stabilization in oil prices, and we expect
improvement in land-based services and non-drilling services in the
Gulf of Mexico to follow.
Management continues to estimate that net charge-offs from
energy-related credits could approximate an aggregate of $65-$95
million over the duration of the cycle, of which approximately $68
million has been taken to-date. While we expect additional
charge-offs in the portfolio, we continue to believe the impact of
the energy cycle on our loan portfolio will be manageable, our
reserve is adequate and our capital will remain solid.
Deposits Total deposits at September 30, 2017
were $21.5 billion, up $91 million, or less than 1%, from June 30,
2017. Average deposits for the third quarter of 2017 were $21.3
billion, up $417 million, or 2%, linked-quarter. The increase in
average deposits reflects the deposits acquired in the FNBC II
transaction in late April of 2017.
Noninterest-bearing demand deposits (DDAs) totaled $7.9 billion
at September 30, 2017, virtually unchanged from June 30, 2017. DDAs
comprised 37% of total period-end deposits at September 30,
2017.
Interest-bearing transaction and savings deposits totaled $7.9
billion at the end of the third quarter of 2017, down $509 million,
or 6%, from June 30, 2017. Time deposits of $3.0 billion were up
$366 million, or 14%, while interest-bearing public fund deposits
increased $225 million, or 9%, to $2.8 billion at September 30,
2017.
Asset QualityNonperforming assets (NPAs)
totaled $388 million at September 30, 2017, up $41 million from
June 30, 2017. During the third quarter of 2017, total
nonperforming loans increased approximately $38 million, while
foreclosed and surplus real estate (ORE) and other foreclosed
assets increased approximately $3 million. Nonperforming assets as
a percent of total loans, ORE and other foreclosed assets was 2.06%
at September 30, 2017, up 18 bps from June 30, 2017.
The total allowance for loan losses (ALLL) was $223.1 million at
September 30, 2017, up $1.3 million from June 30, 2017. The
ratio of the allowance for loan losses to period-end loans was
1.19% at September 30, 2017, down slightly from 1.20% at June 30,
2017. There is no allowance for loan losses on the loans purchased
in the FNBC transactions, however, a $58 million loan mark was
applied to those loans at acquisition. The allowance for credits in
the energy portfolio totaled $79.8 million, or 7.0% of energy
loans, at September 30, 2017, as compared to $83.4 million, or 6.8%
of energy loans, at June 30, 2017.
Net charge-offs were $11.8 million, or 0.25% of average total
loans on an annualized basis in the third quarter of 2017, up from
$6.0 million, or 0.13% of average total loans in the second quarter
of 2017. There were approximately $3.6 million of net charge-offs
related to energy credits in the third quarter of 2017.
During the third quarter of 2017, Hancock recorded a total
provision for loan losses of $13.0 million, down from $15.0 million
in the second quarter of 2017. Based on our assessment of the
customers in the markets impacted, there was no significant change
to credit quality as a result of the recent hurricanes in Houston,
southwest Louisiana and Florida.
Net Interest Income and Net Interest Margin
(NIM) Net interest income (TE) for the third quarter of
2017 was $211.4 million, up $3 million from the second quarter of
2017. The increase mainly reflects a full quarter impact from the
June 2017 Fed rate increase, partially offset by approximately $1.4
million, or 2 bps on NIM, of interest reversals on nonaccrual
loans. A higher than normal level of securities premium
amortization and higher cost deposits acquired in the FNBC
transaction negatively impacted both the NIM and NII.
Average earning assets were $24.5 billion for the third quarter
of 2017, up $149 million, or 1%, from the second quarter of 2017.
The reported net interest margin (TE) was 3.44% for the third
quarter of 2017, up 1 bp from the second quarter of 2017.
Noninterest IncomeNoninterest income totaled
$67.1 million for the third quarter of 2017, down $0.4 million, or
1%, from the second quarter of 2017. Included in the total for the
second quarter of 2017 is amortization of $1.3 million related to
the FDIC indemnification asset. As a result of the termination of
the loss share agreements in the second quarter of 2017, the
amortization was eliminated beginning in the third quarter of 2017.
Excluding the impact of this item in the second quarter,
noninterest income was down $1.7 million, or 2%,
linked-quarter.
Service charges on deposits totaled $21.4 million for the third
quarter of 2017, up $1.4 million, or 7%, from the second quarter of
2017. Bank card and ATM fees totaled $13.4 million, down $0.3
million, or 2%, from the second quarter of 2017.
Trust fees totaled $10.7 million, down $0.8 million, or 7%
linked-quarter. Investment and annuity income and insurance fees
totaled $6.2 million, down $0.2 million, or 3% linked-quarter.
Fees from secondary mortgage operations totaled $4.2 million for
the third quarter of 2017, down $0.1 million, or 2%
linked-quarter.
Other noninterest income (excluding the amortization of the FDIC
indemnification asset) totaled $11.1 million, down $1.7 million, or
13%, from the second quarter of 2017. The decrease is mainly
related to higher levels of derivative income and co-arranger fees
during the second quarter.
Noninterest Expense & Taxes Noninterest
expense for the third quarter of 2017 totaled $177.6 million, down
$5.9 million, or 3%, from the second quarter of 2017. Included in
the total is $11.4 million of nonoperating expenses mainly related
to costs associated with the FNBC transactions. Excluding these
items, operating expenses totaled $166.2 million, down $6.6
million, or 4%, linked-quarter. The decrease is related to the
elimination of the remaining nonpermanent FNBC expenses. The
discussion below excludes nonoperating items.
Total personnel expense was $92.6 million in the third quarter
of 2017, down $3.6 million, or 4%, from the second quarter of 2017.
Occupancy and equipment expense totaled $15.7 million in the third
quarter of 2017, down $1.0 million, or 6%, from the second quarter
of 2017.
Amortization of intangibles totaled $6.1 million for the third
quarter of 2017, up $0.3 million or 5% linked-quarter.
ORE expense totaled $0.2 million in the third quarter. Net gains
on ORE dispositions exceeded ORE expense by $1.0 million in the
second quarter of 2017. The third quarter reflects a more normal
level of ORE expense.
Other operating expense totaled $51.6 million in the third
quarter of 2017, down $3.5 million, or 6%, from the second quarter
of 2017. The decrease is partly related to the elimination of
nonpermanent expenses associated with the FNBC transactions such as
data processing (DP) expense.
The effective income tax rate for the third quarter of 2017 was
26%. Management expects the tax rate for the fourth quarter of 2017
to approximate 21-22% due to the change in accounting treatment for
stock compensation and the vesting of awards. The effective income
tax rate continues to be less than the statutory rate of 35% due
primarily to tax-exempt income and tax credits.
CapitalCommon shareholders’ equity at September
30, 2017 totaled $2.9 billion. The tangible common equity (TCE)
ratio was 7.80%, up 15 bps from June 30, 2017. Additional capital
ratios are included in the financial tables.
Conference Call and Slide
PresentationManagement will host a conference call for
analysts and investors at 9:00 a.m. Central Time on Wednesday,
October 18, 2017 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.hancockwhitney.com/investors. A link to
the release with additional financial tables, and a link to a slide
presentation related to third 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 October 25, 2017 by dialing (855) 859-2056 or
(404) 537-3406, passcode 91756815.
About Hancock Holding CompanyHancock Holding
Company is a financial services company with regional business
headquarters and locations across the Gulf South. The company’s
banking subsidiary provides comprehensive financial products and
services through Hancock Bank locations in Mississippi, Alabama,
and Florida and Whitney Bank locations in Louisiana and Texas,
including traditional, online, and mobile banking; commercial and
small business banking; private banking; trust and investment
services; certain insurance services; and mortgage services. More
information is available at www.hancockwhitney.com.
Non-GAAP Financial MeasuresThis news release
includes non-GAAP financial measures to describe Hancock’s
performance. The reconciliations of those measures to GAAP measures
are provided within Appendix A on page 17 of the additional
financial tables.
In this news release, consistent with Securities and Exchange
Commission Industry Guide 3, the company presents net interest
income, net interest margin and efficiency ratios on a fully
taxable equivalent (“TE”) basis. The TE basis adjusts for the
tax-favored status of net interest income from certain loans and
investments using a federal tax rate of 35% to increase tax-exempt
interest income to a taxable-equivalent basis. The company believes
this measure to be the preferred industry measurement of net
interest income and it enhances comparability of net interest
income arising from taxable and tax-exempt sources.
Over the past several quarters we have disclosed our focus on
strategic initiatives that were designed to replace declining
levels of purchase accounting income from acquisitions with
improvement in core income, which the company defines as income
excluding net purchase accounting income. The company presents core
income non-GAAP measures including core net interest income and
core net interest margin, core revenue and core pre-provision net
revenue. These measures are provided to assist the reader with a
better understanding of the company’s performance period over
period as well as providing investors with assistance in
understanding the success management has experienced in executing
its strategic initiatives.
We define Core Net Interest Income as net
interest income (TE) excluding net purchase accounting accretion
resulting from the fair market value adjustments related to
acquired operations. We define Core Net Interest
Margin as reported core net interest income expressed as a
percentage of average earning assets. A reconciliation of reported
net interest income to core net interest income and reported net
interest margin to core net interest margin is included in Appendix
A.
We define Core Revenue as core net interest
income and noninterest income less the amortization of the FDIC
loss share receivable related to loans acquired in an FDIC assisted
transaction and other nonoperating revenue. A reconciliation of
total revenue to core revenue is included in Appendix A.
We define Core Pre-Provision Net Revenue as
core revenue less noninterest expense, excluding nonoperating items
and intangible asset amortization. Management believes that core
pre-provision net revenue 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. A
reconciliation of net income to core pre-provision net revenue is
included in Appendix A.
Important Cautionary Statement About 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. Forward- looking statements that we may make
include statements regarding balance sheet and revenue growth, the
provision for loans losses, loan growth expectations, management’s
predictions about charge-offs for loans, including energy-related
credits, the impact of changes in oil and gas prices on our energy
portfolio, and the downstream impact on businesses that support the
energy sector, especially in the Gulf Coast region, the impact of
the First NBC transactions on our performance and financial
condition, including our ability to successfully integrate the
business, 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, and the financial
impact of regulatory requirements. Also, any statement that does
not describe historical or current facts is a forward-looking
statement. These statements often include the words “believes,”
“expects,” “anticipates,” “estimates,” “intends,” “plans,”
“forecast,” “goals,” “targets,” “initiatives,” “focus,”
“potentially,” “probably,” “projects,” “outlook” or similar
expressions or future conditional verbs such as “may,” “will,”
“should,” “would,” and “could.” Forward-looking statements are
based upon the current beliefs and expectations of management and
on information currently available to management. Our statements
speak as of the date hereof, and we do not assume any obligation to
update these statements or to update the reasons why actual results
could differ from those contained in such statements in light of
new information or future events.
Forward-looking statements are subject to significant risks and
uncertainties. Any forward-looking statement made in this release
is subject to the safe harbor protections set forth in the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
against placing undue reliance on such statements. Actual results
may differ materially from those set forth in the forward looking
statements. Additional factors that could cause actual results to
differ materially from those described in the forward-looking
statements can be found in Part I, “Item 1A. Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2016 and
in other periodic reports that we file with the SEC.
|
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|
|
|
|
|
HANCOCK HOLDING COMPANY |
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(amounts
in thousands, except per share data) |
|
9/30/2017 |
|
6/30/2017 |
|
9/30/2016 |
|
9/30/2017 |
|
9/30/2016 |
INCOME
STATEMENT DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
202,857 |
|
|
$ |
199,717 |
|
|
$ |
163,513 |
|
|
$ |
584,265 |
|
|
$ |
491,318 |
|
Net
interest income (TE) (a) |
|
|
211,436 |
|
|
|
208,281 |
|
|
|
170,297 |
|
|
|
609,706 |
|
|
|
509,641 |
|
Provision
for loan losses |
|
|
13,040 |
|
|
|
14,951 |
|
|
|
18,972 |
|
|
|
43,982 |
|
|
|
96,204 |
|
Noninterest income |
|
|
67,115 |
|
|
|
67,487 |
|
|
|
63,008 |
|
|
|
198,093 |
|
|
|
184,888 |
|
Noninterest expense |
|
|
177,616 |
|
|
|
183,470 |
|
|
|
149,058 |
|
|
|
524,628 |
|
|
|
456,032 |
|
Net
income |
|
|
58,902 |
|
|
|
52,267 |
|
|
|
46,719 |
|
|
|
160,183 |
|
|
|
97,465 |
|
Nonoperating items, net - pre-tax (for informational purposes
only) |
|
|
11,393 |
|
|
|
10,617 |
|
|
|
— |
|
|
|
24,121 |
|
|
|
4,978 |
|
PERIOD-END
BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
18,786,285 |
|
|
$ |
18,473,841 |
|
|
$ |
16,070,821 |
|
|
$ |
18,786,285 |
|
|
$ |
16,070,821 |
|
Securities |
|
|
5,624,552 |
|
|
|
5,668,836 |
|
|
|
4,843,112 |
|
|
|
5,624,552 |
|
|
|
4,843,112 |
|
Earning
assets |
|
|
24,545,798 |
|
|
|
24,295,892 |
|
|
|
21,085,398 |
|
|
|
24,545,798 |
|
|
|
21,085,398 |
|
Total
assets |
|
|
26,816,755 |
|
|
|
26,630,569 |
|
|
|
23,108,730 |
|
|
|
26,816,755 |
|
|
|
23,108,730 |
|
Noninterest-bearing deposits |
|
|
7,896,384 |
|
|
|
7,887,867 |
|
|
|
7,543,041 |
|
|
|
7,896,384 |
|
|
|
7,543,041 |
|
Total
deposits |
|
|
21,533,859 |
|
|
|
21,442,815 |
|
|
|
18,885,477 |
|
|
|
21,533,859 |
|
|
|
18,885,477 |
|
Common
shareholders' equity |
|
|
2,863,275 |
|
|
|
2,813,962 |
|
|
|
2,489,127 |
|
|
|
2,863,275 |
|
|
|
2,489,127 |
|
AVERAGE BALANCE
SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
18,591,219 |
|
|
$ |
18,369,446 |
|
|
$ |
16,023,458 |
|
|
$ |
18,092,622 |
|
|
$ |
15,977,526 |
|
Securities (b) |
|
|
5,679,841 |
|
|
|
5,241,735 |
|
|
|
4,707,224 |
|
|
|
5,321,974 |
|
|
|
4,628,330 |
|
Earning
assets |
|
|
24,487,426 |
|
|
|
24,338,130 |
|
|
|
21,197,406 |
|
|
|
23,871,477 |
|
|
|
21,085,445 |
|
Total
assets |
|
|
26,677,573 |
|
|
|
26,526,253 |
|
|
|
23,202,790 |
|
|
|
25,993,814 |
|
|
|
23,091,705 |
|
Noninterest-bearing deposits |
|
|
7,775,913 |
|
|
|
7,769,932 |
|
|
|
7,277,568 |
|
|
|
7,670,517 |
|
|
|
7,130,762 |
|
Total
deposits |
|
|
21,349,818 |
|
|
|
20,932,561 |
|
|
|
18,710,236 |
|
|
|
20,517,779 |
|
|
|
18,570,427 |
|
Common
shareholders' equity |
|
|
2,838,517 |
|
|
|
2,786,566 |
|
|
|
2,472,398 |
|
|
|
2,786,444 |
|
|
|
2,444,818 |
|
COMMON SHARE
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share - diluted |
|
$ |
0.68 |
|
|
$ |
0.60 |
|
|
$ |
0.59 |
|
|
$ |
1.85 |
|
|
$ |
1.23 |
|
Cash
dividends per share |
|
|
0.24 |
|
|
|
0.24 |
|
|
|
0.24 |
|
|
|
0.72 |
|
|
|
0.72 |
|
Book
value per share (period-end) |
|
|
33.78 |
|
|
|
33.21 |
|
|
|
32.09 |
|
|
|
33.78 |
|
|
|
32.09 |
|
Tangible
book value per share (period-end) |
|
|
23.92 |
|
|
|
23.27 |
|
|
|
22.89 |
|
|
|
23.92 |
|
|
|
22.89 |
|
Weighted
average number of shares - diluted |
|
|
84,980 |
|
|
|
84,867 |
|
|
|
77,677 |
|
|
|
84,818 |
|
|
|
77,653 |
|
Period-end number of shares |
|
|
84,767 |
|
|
|
84,738 |
|
|
|
77,571 |
|
|
|
84,767 |
|
|
|
77,571 |
|
Market
data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
sales price |
|
$ |
50.40 |
|
|
$ |
52.94 |
|
|
$ |
32.94 |
|
|
$ |
52.94 |
|
|
$ |
32.94 |
|
Low sales
price |
|
|
41.05 |
|
|
|
42.70 |
|
|
|
24.49 |
|
|
|
41.05 |
|
|
|
20.01 |
|
Period-end closing price |
|
|
48.45 |
|
|
|
49.00 |
|
|
|
32.43 |
|
|
|
48.45 |
|
|
|
32.43 |
|
Trading
volume |
|
|
33,243 |
|
|
|
39,035 |
|
|
|
42,809 |
|
|
|
117,397 |
|
|
|
140,796 |
|
PERFORMANCE
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
0.88 |
% |
|
|
0.79 |
% |
|
|
0.80 |
% |
|
|
0.82 |
% |
|
|
0.56 |
% |
Return on
average common equity |
|
|
8.23 |
% |
|
|
7.52 |
% |
|
|
7.52 |
% |
|
|
7.69 |
% |
|
|
5.33 |
% |
Return on
average tangible common equity |
|
|
11.68 |
% |
|
|
10.69 |
% |
|
|
10.58 |
% |
|
|
10.77 |
% |
|
|
7.55 |
% |
Tangible
common equity ratio (c) |
|
|
7.80 |
% |
|
|
7.65 |
% |
|
|
7.93 |
% |
|
|
7.80 |
% |
|
|
7.93 |
% |
Net
interest margin (TE) (a) |
|
|
3.44 |
% |
|
|
3.43 |
% |
|
|
3.20 |
% |
|
|
3.41 |
% |
|
|
3.23 |
% |
Average
loan/deposit ratio |
|
|
87.08 |
% |
|
|
87.76 |
% |
|
|
85.64 |
% |
|
|
88.18 |
% |
|
|
86.04 |
% |
Efficiency ratio (d) |
|
|
57.50 |
% |
|
|
60.59 |
% |
|
|
61.80 |
% |
|
|
59.70 |
% |
|
|
62.78 |
% |
Allowance
for loan losses as a percent of period-end loans |
|
|
1.19 |
% |
|
|
1.20 |
% |
|
|
1.47 |
% |
|
|
1.19 |
% |
|
|
1.47 |
% |
Annualized net non-FDIC acquired charge-offs to average loans |
|
|
0.25 |
% |
|
|
0.13 |
% |
|
|
0.24 |
% |
|
|
0.35 |
% |
|
|
0.32 |
% |
Allowance
for loan losses to non-performing loans + accruing loans 90 days
past due |
|
|
56.45 |
% |
|
|
63.92 |
% |
|
|
74.75 |
% |
|
|
56.45 |
% |
|
|
74.75 |
% |
Noninterest income as a percent of total revenue (TE) (a) |
|
|
24.09 |
% |
|
|
24.47 |
% |
|
|
27.01 |
% |
|
|
24.52 |
% |
|
|
26.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE
headcount |
|
|
3,979 |
|
|
|
4,162 |
|
|
|
3,747 |
|
|
|
3,979 |
|
|
|
3,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Taxable-equivalent (TE) amounts are calculated using a
federal income tax rate of 35%. (b) Average securities does not
include unrealized holding gains/losses on available for sale
securities. (c) The tangible common equity ratio is common
shareholders' equity less intangible assets divided by total assets
less intangible assets. (d) The efficiency ratio is noninterest
expense to total net interest (TE) and noninterest income,
excluding amortization of purchased intangibles, and nonoperating
items.
|
|
HANCOCK HOLDING COMPANY |
QUARTERLY HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
(amounts
in thousands, except per share data) |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
12/31/2016 |
|
9/30/2016 |
INCOME
STATEMENT DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
202,857 |
|
|
$ |
199,717 |
|
|
$ |
181,691 |
|
|
$ |
167,798 |
|
|
$ |
163,513 |
|
Net
interest income (TE) (a) |
|
|
211,436 |
|
|
|
208,281 |
|
|
|
189,989 |
|
|
|
175,314 |
|
|
|
170,297 |
|
Provision
for loan losses |
|
|
13,040 |
|
|
|
14,951 |
|
|
|
15,991 |
|
|
|
14,455 |
|
|
|
18,972 |
|
Noninterest income |
|
|
67,115 |
|
|
|
67,487 |
|
|
|
63,491 |
|
|
|
65,893 |
|
|
|
63,008 |
|
Noninterest expense |
|
|
177,616 |
|
|
|
183,470 |
|
|
|
163,542 |
|
|
|
156,283 |
|
|
|
149,058 |
|
Net
income |
|
|
58,902 |
|
|
|
52,267 |
|
|
|
49,014 |
|
|
|
51,831 |
|
|
|
46,719 |
|
Nonoperating items, net - pre-tax (for informational purposes
only) |
|
|
11,393 |
|
|
|
10,617 |
|
|
|
2,111 |
|
|
|
— |
|
|
|
— |
|
PERIOD-END
BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
18,786,285 |
|
|
$ |
18,473,841 |
|
|
$ |
18,204,868 |
|
|
$ |
16,752,151 |
|
|
$ |
16,070,821 |
|
Securities |
|
|
5,624,552 |
|
|
|
5,668,836 |
|
|
|
5,001,273 |
|
|
|
5,017,128 |
|
|
|
4,843,112 |
|
Earning
assets |
|
|
24,545,798 |
|
|
|
24,295,892 |
|
|
|
23,278,297 |
|
|
|
21,881,520 |
|
|
|
21,085,398 |
|
Total
assets |
|
|
26,816,755 |
|
|
|
26,630,569 |
|
|
|
25,485,026 |
|
|
|
23,975,302 |
|
|
|
23,108,730 |
|
Noninterest-bearing deposits |
|
|
7,896,384 |
|
|
|
7,887,867 |
|
|
|
7,722,279 |
|
|
|
7,658,203 |
|
|
|
7,543,041 |
|
Total
deposits |
|
|
21,533,859 |
|
|
|
21,442,815 |
|
|
|
19,922,020 |
|
|
|
19,424,266 |
|
|
|
18,885,477 |
|
Common
shareholders' equity |
|
|
2,863,275 |
|
|
|
2,813,962 |
|
|
|
2,763,622 |
|
|
|
2,719,768 |
|
|
|
2,489,127 |
|
AVERAGE BALANCE
SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
18,591,219 |
|
|
$ |
18,369,446 |
|
|
$ |
17,303,044 |
|
|
$ |
16,323,897 |
|
|
$ |
16,023,458 |
|
Securities (b) |
|
|
5,679,841 |
|
|
|
5,241,735 |
|
|
|
5,037,286 |
|
|
|
4,939,240 |
|
|
|
4,707,224 |
|
Earning
assets |
|
|
24,487,426 |
|
|
|
24,338,130 |
|
|
|
22,770,001 |
|
|
|
21,462,188 |
|
|
|
21,197,406 |
|
Total
assets |
|
|
26,677,573 |
|
|
|
26,526,253 |
|
|
|
24,756,506 |
|
|
|
23,437,530 |
|
|
|
23,202,790 |
|
Noninterest-bearing deposits |
|
|
7,775,913 |
|
|
|
7,769,932 |
|
|
|
7,462,258 |
|
|
|
7,534,392 |
|
|
|
7,277,568 |
|
Total
deposits |
|
|
21,349,818 |
|
|
|
20,932,561 |
|
|
|
19,247,858 |
|
|
|
18,912,155 |
|
|
|
18,710,236 |
|
Common
shareholders' equity |
|
|
2,838,517 |
|
|
|
2,786,566 |
|
|
|
2,733,089 |
|
|
|
2,517,418 |
|
|
|
2,472,398 |
|
COMMON SHARE
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share - diluted |
|
$ |
0.68 |
|
|
$ |
0.60 |
|
|
$ |
0.57 |
|
|
$ |
0.64 |
|
|
$ |
0.59 |
|
Cash
dividends per share |
|
|
0.24 |
|
|
|
0.24 |
|
|
|
0.24 |
|
|
|
0.24 |
|
|
|
0.24 |
|
Book
value per share (period-end) |
|
|
33.78 |
|
|
|
33.21 |
|
|
|
32.70 |
|
|
|
32.29 |
|
|
|
32.09 |
|
Tangible
book value per share (period-end) |
|
|
23.92 |
|
|
|
23.27 |
|
|
|
23.19 |
|
|
|
23.87 |
|
|
|
22.89 |
|
Weighted
average number of shares - diluted |
|
|
84,980 |
|
|
|
84,867 |
|
|
|
84,624 |
|
|
|
79,067 |
|
|
|
77,677 |
|
Period-end number of shares |
|
|
84,767 |
|
|
|
84,738 |
|
|
|
84,517 |
|
|
|
84,235 |
|
|
|
77,571 |
|
Market
data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
sales price |
|
$ |
50.40 |
|
|
$ |
52.94 |
|
|
$ |
49.50 |
|
|
$ |
45.50 |
|
|
$ |
32.94 |
|
Low sales
price |
|
|
41.05 |
|
|
|
42.70 |
|
|
|
41.71 |
|
|
|
31.73 |
|
|
|
24.49 |
|
Period-end closing price |
|
|
48.45 |
|
|
|
49.00 |
|
|
|
45.55 |
|
|
|
43.10 |
|
|
|
32.43 |
|
Trading
volume |
|
|
33,243 |
|
|
|
39,035 |
|
|
|
45,119 |
|
|
|
43,664 |
|
|
|
42,809 |
|
PERFORMANCE
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
0.88 |
% |
|
|
0.79 |
% |
|
|
0.80 |
% |
|
|
0.88 |
% |
|
|
0.80 |
% |
Return on
average common equity |
|
|
8.23 |
% |
|
|
7.52 |
% |
|
|
7.27 |
% |
|
|
8.19 |
% |
|
|
7.52 |
% |
Return on
average tangible common equity |
|
|
11.68 |
% |
|
|
10.69 |
% |
|
|
9.92 |
% |
|
|
11.42 |
% |
|
|
10.58 |
% |
Tangible
common equity ratio (c) |
|
|
7.80 |
% |
|
|
7.65 |
% |
|
|
7.94 |
% |
|
|
8.64 |
% |
|
|
7.93 |
% |
Net
interest margin (TE) (a) |
|
|
3.44 |
% |
|
|
3.43 |
% |
|
|
3.37 |
% |
|
|
3.26 |
% |
|
|
3.20 |
% |
Average
loan/deposit ratio |
|
|
87.08 |
% |
|
|
87.76 |
% |
|
|
89.90 |
% |
|
|
86.31 |
% |
|
|
85.64 |
% |
Efficiency ratio (d) |
|
|
57.50 |
% |
|
|
60.59 |
% |
|
|
61.16 |
% |
|
|
62.82 |
% |
|
|
61.80 |
% |
Allowance
for loan losses as a percent of period-end loans |
|
|
1.19 |
% |
|
|
1.20 |
% |
|
|
1.17 |
% |
|
|
1.37 |
% |
|
|
1.47 |
% |
Annualized net non-FDIC acquired charge-offs to average loans |
|
|
0.25 |
% |
|
|
0.13 |
% |
|
|
0.70 |
% |
|
|
0.50 |
% |
|
|
0.24 |
% |
Allowance
for loan losses to nonperforming loans + accruing loans 90 days
past due |
|
|
56.45 |
% |
|
|
63.92 |
% |
|
|
68.77 |
% |
|
|
63.58 |
% |
|
|
74.75 |
% |
Noninterest income as a percent of total revenue (TE) (a) |
|
|
24.09 |
% |
|
|
24.47 |
% |
|
|
25.05 |
% |
|
|
27.32 |
% |
|
|
27.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE
headcount |
|
|
3,979 |
|
|
|
4,162 |
|
|
|
3,819 |
|
|
|
3,724 |
|
|
|
3,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Taxable-equivalent (TE) amounts are calculated using a
federal income tax rate of 35%. (b) Average securities does not
include unrealized holding gains/losses on available for sale
securities. (c) The tangible common equity ratio is common
shareholders' equity less intangible assets divided by total assets
less intangible assets. (d) The efficiency ratio is noninterest
expense to total net interest income (TE) and noninterest income,
excluding amortization of purchased intangibles, and nonoperating
items.
For More Information
Trisha Voltz Carlson
EVP, Investor Relations Manager
504.299.5208
trisha.carlson@hancockwhitney.com
Hancock (NASDAQ:HBHC)
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