GULFPORT, Miss., Jan. 22, 2008 (PRIME NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced earnings for the fourth quarter ended December 31, 2007. Hancock's fourth quarter 2007 earnings were $16.6 million, while net earnings for the year ended December 31, 2007, were $73.9 million. Diluted earnings per share were $0.53 for the fourth quarter and were $2.27 for the year.
Hancock's fourth quarter results were impacted by several unusual charges. As announced in the third quarter press release, the Company committed to an immediate action plan to reduce operating costs across all aspects of operations. As part of this initiative, the Company recorded $1.1 million in severance charges in the fourth quarter related to the elimination of 50 positions, yielding approximately $2.6 million in annualized pre-tax savings. In addition, 39 vacant positions were eliminated, which will yield an additional annualized pre-tax savings of $1.1 million. Also in the quarter, the Company recorded a $2.5 million pre-tax charge to earnings for liabilities relating to the Visa USA, Inc., anti-trust lawsuit settlement with American Express and other pending Visa litigation (reflecting Hancock's share as a Visa member). The Company expects that proceeds from an anticipated share redemption related to its ownership interest in Visa's planned initial public offering will more than offset its recorded Visa-related liabilities.
Excluding the aforementioned unusual charges, net income for the fourth quarter of 2007 would have been $19.1 million, with diluted earnings per share of $0.60, an increase of $1.4 million, or $0.05 per share over the third quarter of 2007. Net income for 2007 (also excluding the aforementioned unusual charges) totaled $76.4 million with diluted earnings per share of $2.35. Net income for 2006, after excluding certain one-time items (such as the reversal of $20.0 million from the storm-related allowance for loan losses) was $88.9 million, with diluted earnings per share of $2.67.
Chief Executive Officer Carl J. Chaney commented on Hancock's fourth quarter results, "The Company's plan of action to reduce operating expenses was implemented in the fourth quarter and yielded immediate results in eliminating 89 positions, saving the company approximately $3.7 million in future annual operating expenses. Executive management and our board are especially pleased the Company was able to report no major credit quality issues for the quarter. The Company's traditional focus on sound underwriting and strong credit culture has served our shareholders' interests well in these times when many other banks are reporting significant credit issues."
Highlights and key operating items from Hancock's fourth quarter earnings are as follows:
* Net Income and Returns: Hancock's adjusted net income for the fourth quarter of 2007 was $19.1 million, compared to $17.7 million for the prior quarter, an increase of $1.4 million, or 8 percent. Return on average assets (adjusted) for the quarter was 1.28 percent, compared to 1.21 percent for 2007's third quarter. Return on average common equity (adjusted) was 13.48 percent compared to 12.58 percent for the prior quarter. * Net Charge-offs and Non-performing Assets: Net charge-offs for the fourth quarter of 2007 were $2.4 million, or 0.26 percent of average loans, up $490 thousand from the $1.9 million, or 0.21 percent of average loans, reported for the third quarter of 2007. The majority of the increase in net charge-offs as compared to the third quarter was reflected in indirect auto loans and in Hancock's consumer finance subsidiary. However, charge-off levels in both of these areas are below industry averages. Net charge-offs for the fourth quarter for all commercial and mortgage loans were a net recovery of $58 thousand. Non-performing assets as a percent of total loans and foreclosed assets was 0.43 percent at December 31, 2007, compared to 0.28 percent at September 30, 2007. The Company did report an increase in non-accrual loans of $4.6 million and additional ORE of $1.0 million. During the fourth quarter, the Company conducted a thorough review of the loan portfolio and decided to place seven credits on non-accrual status. These seven credits were primarily residential construction and development loans. Loans 90 days past due or greater (accruing) as a percent of period end loans increased only 1 basis point from September 30, 2007, to 0.12 percent at December 31, 2007. * Allowance for Loan Losses: Hancock recorded a provision for loan losses of $3.6 million in the fourth quarter which, when combined with the quarter's net charge-offs of $2.4 million, resulted in the $1.2 million increase in the allowance for loan losses between September 30, 2007, and December 31, 2007. This increase was necessary to adjust the allowance to the level dictated by the Company's reserving methodologies. The Company's allowance for loan losses was $47.12 million at December 31, 2007, up $1.2 million from the $45.90 million reported at September 30, 2007. The ratio of the allowance for loan losses as a percent of period-end loans was 1.31 percent at December 31, 2007, unchanged from the 1.31 percent reported at September 30, 2007. * Loans: For the quarter ended December 31, 2007, Hancock's average total loans were $3.6 billion, which represented an increase of $373.0 million, or 12 percent, from the quarter ended December 31, 2006. Period-end loans were up $83.3 million, or 2 percent, compared to September 30, 2007. Average total loans were up $103.8 million, or 12 percent annualized, from the third quarter of 2007. Of that increase, approximately $38 million of growth was in Mississippi, $54 million in Louisiana, $11 million in Alabama, and $1 million in Florida. The majority of the increase in average loans, compared to last quarter, was in commercial purpose loans (approximately $72.4 million). * Deposits: Period-end deposits for the fourth quarter were $5.0 billion, down $21.5 million, or 0.43 percent, from December 31, 2006, but were up $10 million, or 0.20 percent, from September 30, 2007. Average deposits were up $4 million, or 0.28 percent annualized, from the third quarter of 2007. The increase in average deposits was in time deposits (up $84.2 million). This increase was offset by decreases in public fund deposits (down $28.3 million), interest-bearing transaction deposits (down $42.8 million), and non-interest bearing deposits (down $9.4 million). * Net Interest Income: Net interest income (te) for the fourth quarter decreased $1.4 million, or 3 percent, from the fourth quarter of 2006, but was up $408 thousand from the third quarter of 2007, or 3 percent annualized. The Company's net interest margin (te) was 4.04 percent in the fourth quarter, 2 basis points narrower than both the same quarter a year ago and the previous quarter. Compared to the same quarter a year ago, the primary driver of the $1.4 million decrease in net interest income (te) was a $104 million, or 1.9 percent, decrease in average earning assets mainly from a reduction in total borrowings of $19.1 million, or 6 percent, and a decrease in average deposits of $33.5 million, or 1 percent. The higher level of net interest income (te) in the fourth quarter compared to the third quarter was due mostly to a decrease in the Company's funding costs, which were down 7 basis points. The total cost of funds was down due to a decrease in the rate paid on interest bearing deposits (down 13 basis points), primarily in public fund deposits (down 55 basis points), and interest bearing transaction deposits (down 22 basis points). There was an unfavorable change in the fourth quarter's funding mix -- higher levels of more costly time deposits and lower levels of transaction deposits. However, the impact of the change on net interest margin was managed by reducing the rates paid on the interest bearing deposits and public fund deposits. * Non-interest income: Non-interest income for the fourth quarter was up $3.7 million, or 13.5 percent, compared to the same quarter a year ago and was up $770 thousand, or 3 percent, compared to the previous quarter. The primary factors impacting the higher levels of non-interest income (excluding securities transactions) as compared to the same quarter a year ago, were higher levels of service charge income (up $1.8 million, or 19 percent) and trust revenue (up $570 thousand, or 16 percent), investment and annuity fees (up $979 thousand), and ATM fees (up $325 thousand). The increase in non-interest income (excluding securities transactions) for the fourth quarter compared to the prior quarter was due to increases in insurance fees (up $1.3 million or 31 percent), trust fees (up $302 thousand), investment and annuity fees (up $245 thousand), ATM fees (up $106 thousand), which were mostly offset by reductions in other income (down $1.2 million or 26 percent), and secondary mortgage market operations (down $174 thousand). * Operating expense: Operating expenses for the fourth quarter (adjusted to exclude severance and VISA charges) were $4.5 million, or 9 percent, higher compared to the same quarter a year ago and was $.6 million, or 2 percent, lower than the previous quarter. Much of the expense increase from last year was related to ongoing recovery and rebuilding efforts on the part of the Company as well as expansions into the Mobile, New Orleans, and Pensacola markets. The increase from the same quarter a year ago was reflected in higher levels of occupancy expense (up $2.8 million) and personnel expense. The decrease in operating expense (adjusted) from last quarter was due to higher levels of occupancy expense (up $1.4 million) and other operating expense (up $.7 million), offset by a reduction in personnel expense (down $2.9 million) and equipment expense (down $204 thousand). Full-time equivalent headcount at December 31, 2007, was down 78 from September 30, 2007, but was up 41 compared to December 31, 2006.
Update on Expense Control Efforts
The Company remains focused on the need to control expenses and ensure that shareholder value is received for each dollar expended. A total of 89 positions were eliminated during the fourth quarter through a process of focusing on operational efficiency. These efforts will result in annualized pre-tax cost savings beginning in 2008 of approximately $3.7 million. In addition, the Company is continuing efforts to reduce costs and has implemented programs which will begin realizing tangible benefits in first quarter 2008.
Chief Executive Officer John M. Hairston stated, "We are pleased with the progress to date on the Company's cost control initiatives and thank all associates for the tough decisions and sacrifices thus far. We also remain excited at the opportunity to maintain top quartile performance levels in 2008."
Update on Market Expansion
Hancock continues to be focused on expansion in markets the Company believes have a high potential for increasing shareholder returns, namely Mobile, Pensacola, and New Orleans. Three branches will open in permanent facilities in Mobile by the end of first quarter 2008. In addition, another branch will open in a temporary facility in Mobile before the end of second quarter 2008. The company will open a second Pensacola location by the end of first quarter 2008 and in December 2007, Hancock opened its first branch in the Central Business District of New Orleans. Hancock has also recently opened a corporate trust office in Orlando, Florida.
Chief Executive Officer John M. Hairston added, "The Company continues to invest in high-potential markets -- primarily Mobile, Pensacola and New Orleans -- with early returns in all three markets favorable."
Stock Repurchases
Approximately 541,000 of the Company's shares were repurchased during the fourth quarter of 2007 under the Stock Repurchase Plan that was approved in 2000. This plan was completed during the fourth quarter. The board of directors approved the 2007 Stock Repurchase Plan at its November meeting. This plan authorizes the repurchase of 3,000,000 shares. Approximately 11,000 of the Company's shares were repurchased during the fourth quarter of 2007 under this plan. The Company has repurchased 1,556,000 shares through December 31, 2007, compared to 39,000 shares during the 12 months of 2006. Subject to market conditions, repurchases will be conducted solely through a Rule 10b5-1 repurchase plan. Shares purchased under this program will be held in treasury and used for general corporate purposes as determined by Hancock's board of directors. Management intends to continue repurchasing shares as long as market conditions are conducive to that action.
About Hancock Holding Company & Hancock Bank
Hancock Holding Company -- parent company of Hancock Bank (Mississippi), Hancock Bank of Louisiana, Hancock Bank of Florida, and Hancock Bank of Alabama -- has assets of approximately $6.1 billion. Founded October 9, 1899, Hancock Bank consistently ranks as one of America's strongest, safest financial institutions according to Veribanc, Inc., and BauerFinancial Services, Inc. Thomson Financial also listed Hancock as the ninth largest corporate trustee bank in the U.S. More corporate information and online banking are available at www.hancockbank.com.
The Hancock Holding Company logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2758
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Congress passed the Private Securities Litigation Act of 1995 in an effort to encourage corporations to provide information about companies' anticipated future financial performance. This act provides a safe harbor for such disclosure, which protects the companies from unwarranted litigation if actual results are different from management expectations. This release contains forward-looking statements and reflects management's current views and estimates of future economic circumstances, industry conditions, company performance, and financial results. These forward-looking statements are subject to a number of factors and uncertainties which could cause the Company's actual results and experience to differ from the anticipated results and expectations expressed in such forward-looking statements.
Hancock Holding Company
Financial Highlights
(amounts in thousands, except per share data and FTE headcount)
(unaudited)
-------------------------------------------------
Three Months Ended Twelve Months Ended
-------------------------------------------------
12/31/ 9/30/ 12/31/ 12/31/ 12/31/
2007 2007 2006 2007 2006
-------------------------------------------------
Per Common Share Data
---------------------
Earnings per share:
Basic $0.53 $0.55 $0.67 $2.31 $3.13
Diluted $0.53 $0.55 $0.65 $2.27 $3.06
Cash dividends per
share $0.240 $0.240 $0.240 $0.960 $0.895
Book value per share
(period-end) $17.71 $17.55 $17.09 $17.71 $17.09
Tangible book value
per share (period-
end) $15.45 $15.32 $14.87 $15.45 $14.87
Weighted average
number of shares:
Basic 31,097 32,005 32,632 32,000 32,534
Diluted 31,577 32,492 33,378 32,544 33,304
Period-end number of
shares 31,295 31,786 32,666 31,295 32,666
Market data:
High closing price $43.47 $43.90 $56.00 $54.09 $57.19
Low closing price $33.35 $32.78 $50.85 $32.78 $37.75
Period end closing
price $38.20 $40.08 $52.84 $38.20 $52.84
Trading volume 17,662 10,290 6,393 48,169 27,275
Other Period-end Data
---------------------
FTE headcount 1,888 1,966 1,848 1,888 1,848
Tangible common
equity $483,612 $486,871 $485,778 $483,612 $485,778
Tier I capital $497,307 $508,554 $510,638 $497,307 $510,638
Goodwill $62,277 $62,277 $62,277 $62,277 $62,277
Amortizable
intangibles $7,753 $8,195 $9,414 $7,753 $9,414
Mortgage servicing
intangibles $545 $632 $941 $545 $941
Common shares
repurchased for
publicly announced
plans 552 343 -- 1,556 39
Performance Ratios
------------------
Return on average
assets 1.11% 1.21% 1.44% 1.26% 1.69%
Return on average
common equity 11.69% 12.58% 15.54% 13.14% 19.82%
Earning asset
yield (TE) 6.72% 6.81% 6.54% 6.73% 6.41%
Total cost of funds 2.68% 2.75% 2.48% 2.66% 2.18%
Net interest
margin (TE) 4.04% 4.06% 4.06% 4.08% 4.23%
Noninterest expense
as a percent of
total revenue (TE)
before amortization
of purchased
intangibles and
securities
transactions 67.74% 65.18% 59.79% 63.88% 58.99%
Common equity
(period-end) as a
percent of total
assets (period-end) 9.15% 9.45% 9.36% 9.15% 9.36%
Leverage (Tier I)
ratio 8.49% 8.82% 8.63% 8.49% 8.63%
Tangible common
equity ratio 8.08% 8.34% 8.24% 8.08% 8.24%
Net charge-offs as a
percent of average
loans 0.26% 0.21% 0.19% 0.21% 0.23%
Allowance for loan
losses as a percent
of period-end loans 1.31% 1.31% 1.43% 1.31% 1.43%
Allowance for loan
losses to NPAs +
accruing loans 90
days past due 241.43% 335.22% 694.67% 241.43% 694.67%
Loan/deposit ratio 72.33% 70.28% 64.34% 69.55% 60.41%
Non-interest income
excluding securities
transactions as a
percent of total
revenue (TE) 36.67% 36.27% 33.14% 35.38% 30.87%
-------------------------------------------------
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-----------------------------------------------------------
Three Months Ended Twelve Months Ended
-----------------------------------------------------------
12/31/2007 9/30/2007 12/31/2006 12/31/2007 12/31/2006
-----------------------------------------------------------
Asset
Quality
Information
------------
Non-accrual
loans $13,067 $8,500 $3,500 $13,067 $3,500
Foreclosed
assets 2,297 1,374 681 2,297 681
-----------------------------------------------------------
Total non-
performing
assets $15,364 $9,874 $4,181 $15,364 $4,181
-----------------------------------------------------------
Non-
performing
assets as
a percent
of loans
and
foreclosed
assets 0.43% 0.28% 0.13% 0.43% 0.13%
Accruing
loans 90
days past
due $4,154 $3,819 $2,552 $4,154 $2,552
Accruing
loans 90
days past
due as a
percent of
loans 0.12% 0.11% 0.08% 0.12% 0.08%
Non-
performing
assets +
accruing
loans 90
days past
due to
loans and
foreclosed
assets 0.54% 0.39% 0.21% 0.54% 0.21%
Net charge-
offs $2,370 $1,880 $1,523 $7,242 $7,024
Net charge-
offs as a
percent of
average
loans 0.26% 0.21% 0.19% 0.21% 0.23%
Allowance
for loan
losses $47,123 $45,901 $46,772 $47,123 $46,772
Allowance
for loan
losses
as a
percent of
period-end
loans 1.31% 1.31% 1.43% 1.31% 1.43%
Allowance
for loan
losses to
NPAs +
accruing
loans 90
days past
due 241.43% 335.22% 694.67% 241.43% 694.67%
Provision
for loan
losses $3,592 $1,554 (57) $7,593 ($20,762)
Allowance
for Loan
Losses
---------
Beginning
Balance $45,901 $46,227 $48,352 $46,772 $74,558
Provision
for loan
loss 3,592 1,554 (57) 7,593 (20,762)
Charge-offs 4,245 3,610 4,493 14,452 19,515
Recoveries 1,875 1,730 2,970 7,210 12,491
-----------------------------------------------------------
Net charge-
offs 2,370 1,880 1,523 7,242 7,024
-----------------------------------------------------------
Ending
Balance $47,123 $45,901 $46,772 $47,123 $46,772
-----------------------------------------------------------
Net Charge-
off
Information
------------
Net charge-
offs:
Commercial/
real
estate
loans ($100) ($58) ($137) ($54) ($559)
Mortgage
loans 42 -- (11) 44 360
Direct
consumer
loans 886 864 493 2,720 3,756
Indirect
consumer
loans 518 314 395 1,735 1,734
Finance
company
loans 1,024 760 783 2,797 1,733
-----------------------------------------------------------
Total net
charge-
offs $2,370 $1,880 $1,523 $7,242 $7,024
===========================================================
Average
loans:
Commercial/
real
estate
loans $2,128,279 $2,055,922 $1,855,506 $2,027,016 $1,747,816
Mortgage
loans 440,842 439,458 428,674 434,981 418,273
Direct
consumer
loans 505,098 491,417 479,087 492,298 470,942
Indirect
consumer
loans 385,093 373,677 350,829 369,147 349,518
Finance
Company
loans 114,750 109,808 86,965 104,567 75,673
-----------------------------------------------------------
Total
average
loans $3,574,062 $3,470,282 $3,201,061 $3,428,009 $3,062,222
Net charge-
offs to
average
loans:
Commercial/
real
estate
loans -0.02% -0.01% -0.03% 0.00% -0.03%
Mortgage
loans 0.04% 0.00% -0.01% 0.01% 0.09%
Direct
consumer
loans 0.70% 0.70% 0.41% 0.55% 0.80%
Indirect
consumer
loans 0.53% 0.33% 0.45% 0.47% 0.50%
Finance
Company
loans 3.54% 2.75% 3.57% 2.67% 2.29%
-----------------------------------------------------------
Total net
charge-
offs to
average
loans 0.26% 0.21% 0.19% 0.21% 0.23%
-----------------------------------------------------------
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
----------------------------------------------
Three Months Ended Twelve Months Ended
----------------------------------------------
12/31/ 9/30/ 12/31/ 12/31/ 12/31/
2007 2007 2006 2007 2006
----------------------------------------------
Income Statement
----------------
Interest income $87,559 $87,661 $87,104 $345,865 $344,330
Interest income (TE) 90,041 90,033 89,366 355,403 352,593
Interest expense 36,067 36,467 33,966 140,236 119,863
----------------------------------------------
Net interest income
(TE) 53,974 53,566 55,400 215,167 232,730
Provision for loan
losses 3,592 1,554 (57) 7,593 (20,762)
Noninterest income
excluding securities
transactions 31,255 30,485 27,459 117,821 103,918
Net storm-related gain/
(loss) -- -- 5,084 -- 5,084
Securities transactions
gains/(losses) 234 34 (5,396) 308 (5,169)
Noninterest expense 58,162 55,196 50,042 214,354 200,716
----------------------------------------------
Income before income
taxes 21,227 24,963 30,300 101,811 148,346
Income tax expense 4,627 7,224 8,538 27,919 46,544
----------------------------------------------
Net income 16,600 17,739 21,762 73,892 101,802
==============================================
Noninterest Income and
Noninterest Expense
----------------------
Service charges on
deposit accounts $11,182 $11,085 $9,402 $41,929 $36,228
Trust fees 4,194 3,892 3,624 15,902 13,286
Debit card & merchant
fees 2,090 2,025 1,983 8,065 7,298
Insurance fees 5,561 4,256 5,346 19,219 19,246
Investment & annuity
fees 2,498 2,253 1,519 8,746 5,970
ATM fees 1,540 1,434 1,215 5,656 5,005
Secondary mortgage
market operations 761 935 945 3,723 3,528
Other income 3,429 4,605 3,425 14,581 13,357
----------------------------------------------
Noninterest income
excluding securities
transactions $31,255 $30,485 $27,459 $117,821 $103,918
Net storm-related gain/
(loss) -- -- 5,084 -- 5,084
Securities transactions
gains/(losses) 234 34 (5,396) 308 (5,169)
----------------------------------------------
Total noninterest
income including
securities
transactions $31,489 $30,519 $27,147 $118,129 $103,833
==============================================
Personnel expense $27,027 $28,531 $24,092 $106,959 $103,753
Occupancy expense (net) 6,162 4,731 3,335 19,435 13,350
Equipment expense 2,610 2,814 2,665 10,465 10,796
Other operating expense 21,931 18,708 19,451 75,844 70,692
Amortization of
intangibles 432 412 499 1,651 2,125
----------------------------------------------
Total noninterest
expense $58,162 $55,196 $50,042 $214,354 $200,716
==============================================
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-----------------------------------------------------------
Three Months Ended Twelve Months Ended
-----------------------------------------------------------
12/31/2007 9/30/2007 12/31/2006 12/31/2007 12/31/2006
-----------------------------------------------------------
Period-end
Balance
Sheet
----------
Commercial/
real
estate
loans $2,155,672 $2,090,992 $1,912,076 $2,155,672 $1,912,076
Mortgage
loans 434,314 432,154 415,180 434,314 415,180
Direct
consumer
loans 505,110 494,667 479,113 505,110 479,113
Indirect
consumer
loans 386,241 380,561 353,032 386,241 353,032
Finance
Company
loans 115,220 114,919 90,236 115,220 90,236
-----------------------------------------------------------
Total
loans 3,596,557 3,513,293 3,249,637 3,596,557 3,249,637
Loans held
for sale 18,957 17,698 16,946 18,957 16,946
Securities 1,677,621 1,681,850 1,903,658 1,677,621 1,903,658
Short-term
investments 126,281 99,176 222,439 126,281 222,439
-----------------------------------------------------------
Earning
assets 5,419,416 5,312,017 5,392,680 5,419,416 5,392,680
-----------------------------------------------------------
Allowance
for loan
losses (47,123) (45,901) (46,772) (47,123) (46,772)
Other
assets 683,686 639,937 618,657 683,686 618,657
-----------------------------------------------------------
Total
assets 6,055,979 5,906,053 5,964,565 6,055,979 5,964,565
===========================================================
Noninterest
bearing
deposits $907,874 $891,842 $1,057,358 $907,874 $1,057,358
Interest
bearing
transaction
deposits 1,343,173 1,357,835 1,485,155 1,343,173 1,485,155
Interest
bearing
Public
Fund
deposits 845,685 837,073 733,788 845,685 733,788
Time
deposits 1,912,802 1,912,799 1,754,690 1,912,802 1,754,690
-----------------------------------------------------------
Total
interest
bearing
deposits 4,101,660 4,107,707 3,973,633 4,101,660 3,973,633
-----------------------------------------------------------
Total
deposits 5,009,534 4,999,549 5,030,991 5,009,534 5,030,991
Other
borrowed
funds 386,263 216,481 227,027 386,263 227,027
Other
liabilities 105,995 132,048 148,137 105,995 148,137
Common
share-
holders'
equity 554,187 557,975 558,410 554,187 558,410
-----------------------------------------------------------
Total
liabilities
& common
equity 6,055,979 5,906,053 5,964,565 6,055,979 5,964,565
===========================================================
Average
Balance
Sheet
--------
Commercial/
real
estate
loans $2,128,279 $2,055,922 $1,855,506 $2,027,016 $1,747,816
Mortgage
loans 440,842 439,458 428,674 434,981 418,273
Direct
consumer
loans 505,098 491,417 479,087 492,298 470,942
Indirect
consumer
loans 385,093 373,677 350,829 369,147 349,518
Finance
Company
loans 114,750 109,808 86,965 104,567 75,673
-----------------------------------------------------------
Total
loans 3,574,062 3,470,282 3,201,061 3,428,009 3,062,222
Securities 1,707,585 1,668,279 2,153,908 1,734,552 2,228,822
Short-term
investments 51,384 120,116 81,675 117,158 211,511
-----------------------------------------------------------
Earning
average
assets 5,333,031 5,258,677 5,436,644 5,279,719 5,502,555
-----------------------------------------------------------
Allowance
for loan
losses (46,347) (46,216) (47,804) (46,443) (64,285)
Other
assets 643,430 624,566 602,104 618,613 593,530
-----------------------------------------------------------
Total
assets 5,930,114 5,837,027 5,990,944 5,851,889 6,031,800
===========================================================
Noninterest
bearing
deposits $884,019 $893,455 $1,039,846 $927,656 $1,128,850
Interest
bearing
transaction
deposits 1,341,013 1,383,851 1,495,724 1,419,077 1,623,597
Interest
bearing
Public
Fund
deposits 795,024 823,316 742,063 803,589 771,146
Time
deposits 1,921,490 1,837,292 1,697,427 1,778,854 1,545,834
-----------------------------------------------------------
Total
interest
bearing
deposits 4,057,527 4,044,459 3,935,214 4,001,520 3,940,577
-----------------------------------------------------------
Total
deposits 4,941,546 4,937,914 4,975,060 4,929,176 5,069,427
Other
borrowed
funds 302,150 206,072 321,292 228,010 281,183
Other
liabilities 123,191 133,695 138,905 132,320 167,534
Common
share-
holders'
equity 563,227 559,346 555,687 562,383 513,656
-----------------------------------------------------------
Total
liabilities
& common
equity 5,930,114 5,837,027 5,990,944 5,851,889 6,031,800
===========================================================
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-----------------------------------------------------------
Three Months Ended Twelve Months Ended
-----------------------------------------------------------
12/31/2007 9/30/2007 12/31/2006 12/31/2007 12/31/2006
-----------------------------------------------------------
Average
Balance
Sheet Mix
----------
Percentage
of earning
assets/
funding
sources:
Loans 67.02% 65.99% 58.88% 64.93% 55.65%
Securities 32.02% 31.73% 39.62% 32.85% 40.51%
Short-term
investments 0.96% 2.28% 1.50% 2.22% 3.84%
-----------------------------------------------------------
Earning
average
assets 100.00% 100.00% 100.00% 100.00% 100.00%
===========================================================
Noninterest
bearing
deposits 16.57% 16.99% 19.13% 17.57% 20.52%
Interest
bearing
transaction
deposits 25.15% 26.32% 27.51% 26.88% 29.51%
Interest
bearing
Public
Fund
deposits 14.91% 15.66% 13.65% 15.22% 14.01%
Time
deposits 36.03% 34.93% 31.22% 33.69% 28.09%
-----------------------------------------------------------
Total
deposits 92.66% 93.90% 91.51% 93.36% 92.13%
Other
borrowed
funds 5.66% 3.92% 5.91% 4.32% 5.11%
Other net
interest-
free
funding
sources 1.68% 2.18% 2.58% 2.32% 2.76%
-----------------------------------------------------------
Total
average
funding
sources 100.00% 100.00% 100.00% 100.00% 100.00%
===========================================================
Loan mix:
Commercial/
real
estate
loans 59.56% 59.25% 57.96% 59.13% 57.08%
Mortgage
loans 12.33% 12.66% 13.39% 12.69% 13.66%
Direct
consumer
loans 14.13% 14.16% 14.97% 14.36% 15.38%
Indirect
consumer
loans 10.77% 10.77% 10.96% 10.77% 11.41%
Finance
Company
loans 3.21% 3.16% 2.72% 3.05% 2.47%
-----------------------------------------------------------
Total
loans 100.00% 100.00% 100.00% 100.00% 100.00%
===========================================================
Average
dollars
(in
thousands):
Loans 3,574,062 3,470,282 3,201,061 3,428,009 3,062,222
Securities 1,707,585 1,668,279 2,153,908 1,734,552 2,228,822
Short-term
investments 51,384 120,116 81,675 117,158 211,511
-----------------------------------------------------------
Earning
average
assets 5,333,031 5,258,677 5,436,644 5,279,719 5,502,555
Noninterest
bearing
deposits $884,019 $893,455 $1,039,846 $927,656 $1,128,850
Interest
bearing
transaction
deposits 1,341,013 1,383,851 1,495,724 1,419,077 1,623,597
Interest
bearing
Public
Fund
deposits 795,024 823,316 742,063 803,589 771,146
Time
deposits 1,921,490 1,837,292 1,697,427 1,778,854 1,545,834
-----------------------------------------------------------
Total
deposits 4,941,546 4,937,914 4,975,060 4,929,176 5,069,427
Other
borrowed
funds 302,150 206,072 321,292 228,010 281,183
Other
net
interest-
free
funding
sources 89,335 114,690 140,292 122,533 151,945
-----------------------------------------------------------
Total
average
funding
sources 5,333,031 5,258,676 5,436,644 5,279,719 5,502,555
Loans:
Commercial/
real
estate
loans $2,128,279 $2,055,922 $1,855,506 $2,027,016 $1,747,816
Mortgage
loans 440,842 439,458 428,674 434,981 418,273
Direct
consumer
loans 505,098 491,417 479,087 492,298 470,942
Indirect
consumer
loans 385,093 373,677 350,829 369,147 349,518
Finance
Company
loans 114,750 109,808 86,965 104,567 75,673
-----------------------------------------------------------
Total
average
loans $3,574,062 $3,470,282 $3,201,061 $3,428,009 $3,062,222
-----------------------------------------------------------
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
-------------------------------------------------------
Three Months Ended
-------------------------------------------------------
12/31/07 09/30/07
-------------------------------------------------------
Interest Volume Rate Interest Volume Rate
-------- ------ ---- -------- ------ ----
Average Earning
Assets
Commercial &
real estate
loans (TE) $38,518 $2,128,279 7.19% $38,563 $2,055,922 7.45%
Mortgage loans 6,807 440,842 6.18% 6,764 439,458 6.16%
Consumer loans 21,875 1,004,941 8.64% 21,871 974,902 8.90%
Loan fees &
late charges 273 -- 0.00% 257 -- 0.00%
------- ---------- ----- ------- ---------- -----
Total loans
(TE) 67,473 $3,574,062 7.50% 67,455 3,470,282 7.72%
U.S. treasury
securities 101 11,326 3.53% 128 11,169 4.53%
U.S. agency
securities 8,147 635,796 5.13% 10,223 801,585 5.10%
CMOs 1,116 97,074 4.60% 830 80,989 4.10%
Mortgage backed
securities 9,302 709,421 5.24% 6,558 513,545 5.11%
Municipals (TE) 2,631 196,421 5.36% 2,634 195,956 5.38%
Other securities 718 57,547 5.00% 816 65,035 5.03%
------- ---------- ----- ------- ---------- -----
Total
securities
(TE) 22,015 1,707,585 5.16% 21,189 1,668,279 5.08%
------- ---------- ----- ------- ---------- -----
Total short-
term
investments 553 51,384 4.27% 1,389 120,116 4.59%
Average
earning
assets
yield (TE) $90,041 $5,333,031 6.72% 90,033 $5,258,677 6.81%
Interest-bearing
Liabilities
Interest-bearing
transaction
deposits $3,774 $1,341,013 1.12% $4,682 $1,383,851 1.34%
Time deposits 22,353 1,921,490 4.62% 21,294 1,837,292 4.60%
Public Funds 7,340 795,024 3.66% 8,753 823,316 4.22%
-----------------------------------------------------
Total interest
bearing
deposits 33,467 4,057,527 3.27% 34,729 4,044,459 3.41%
Total
borrowings 2,722 302,150 3.57% 1,892 206,072 3.64%
Capitalized
Interest (122) (155)
Total interest
bearing liab
cost $36,067 $4,359,677 3.28% $36,466 $4,250,531 3.40%
Noninterest-
bearing
deposits 884,019 893,455
Other net
interest-free
funding
sources 89,335 114,690
Total Cost of
Funds $36,067 $5,333,031 2.68% $36,466 $5,258,676 2.75%
Net Interest
Spread (TE) $53,974 3.44% $53,567 3.41%
Net Interest
Margin (TE) $53,974 $5,333,031 4.04% $53,567 $5,258,676 4.06%
-------------------------------------------------------
---------------------------
Three Months Ended
---------------------------
12/31/06
---------------------------
Interest Volume Rate
-------- ------ ----
Average Earning Assets
Commercial & real estate loans (TE) $34,210 $1,855,506 7.32%
Mortgage loans 6,516 428,674 6.08%
Consumer loans 19,890 916,881 8.61%
Loan fees & late charges 1,510 -- 0.00%
-------- ----------- -----
Total loans (TE) 62,126 3,201,061 7.71%
U.S. treasury securities 1,081 84,281 5.09%
U.S. agency securities 14,505 1,181,943 4.91%
CMOs 1,268 124,850 4.06%
Mortgage backed securities 5,920 490,990 4.82%
Municipals (TE) 2,422 190,739 5.08%
Other securities 969 81,105 4.77%
-------- ----------- -----
Total securities (TE) 26,165 2,153,908 4.86%
Total short-term investments 1,075 81,675 5.22%
Average earning assets yield (TE) $89,366 $5,436,644 6.54%
Interest-bearing Liabilities
Interest-bearing transaction deposit $3,930 $1,495,724 1.04%
Time deposits 18,999 1,697,427 4.44%
Public Funds 8,318 742,063 4.45%
--------------------------
Total interest bearing deposits 31,247 3,935,214 3.15%
Total borrowings 3,279 321,292 4.05%
Capitalized Interest (560)
Total interest bearing liab cost $33,966 $4,256,506 3.17%
Noninterest-bearing deposits 1,039,846
Other net interest-free funding sources 140,292
Total Cost of Funds $33,966 $5,436,644 2.48%
Net Interest Spread (TE) $55,400 3.38%
Net Interest Margin (TE) $55,400 $5,436,644 4.06%
---------------------------
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
--------------------------------------------------------
Twelve Months Ended
--------------------------------------------------------
12/31/2007 12/31/2006
--------------------------------------------------------
Interest Volume Rate Interest Volume Rate
-------- ------ ---- -------- ------ ----
Average
Earning
Assets
Commercial &
real estate
loans (TE) $149,001 $2,027,016 7.35% $125,980 $1,747,816 7.21%
Mortgage
loans 26,757 434,981 6.15% 24,805 418,273 5.93%
Consumer
loans 84,920 966,012 8.79% 75,266 896,133 8.40%
Loan fees &
late charges 1,266 -- 0.00% 9,016 -- 0.00%
-------- ---------- ----- -------- ---------- -----
Total loans
(TE) 261,944 3,428,009 7.64% 235,067 3,062,222 7.68%
U.S. treasury
securities 1,379 29,095 4.74% 3,018 63,668 4.74%
U.S. agency
securities 41,112 810,300 5.07% 60,701 1,270,128 4.78%
CMOs 3,997 94,731 4.22% 6,142 154,673 3.97%
Mortgage
backed
securities 27,190 534,893 5.08% 23,313 491,130 4.75%
Municipals
(TE) 10,779 197,004 5.47% 10,766 171,886 6.26%
Other
securities 3,389 68,529 4.95% 3,827 77,337 4.95%
-------- ---------- ----- -------- ---------- -----
Total
securities
(TE) 87,846 1,734,552 5.06% 107,767 2,228,822 4.84%
Total short-
term
investments 5,613 117,158 4.79% 9,759 211,511 4.61%
Average
earning
assets
yield (TE) $355,403 $5,279,719 6.73% $352,593 $5,502,555 6.41%
Interest-
Bearing
Liabilities
Interest-
bearing
transaction
deposits $18,135 $1,419,077 1.28% $14,931 $1,623,597 0.92%
Time deposits 81,224 1,778,854 4.57% 62,807 1,545,834 4.06%
Public Funds 33,561 803,589 4.18% 32,354 771,146 4.20%
-------- ---------- ----- -------- ---------- -----
Total
interest
bearing
deposits 132,920 4,001,520 3.32% 110,092 3,940,577 2.79%
Total
borrowings 8,311 228,010 3.65% 10,577 281,183 3.76%
Capitalized
Interest (995) (806)
Total
interest
bearing
liab cost $140,236 $4,229,530 3.32% $119,863 $4,221,760 2.84%
Noninterest-
bearing
deposits 927,656 1,128,850
Other net
interest-
free funding
sources 122,533 151,945
Total Cost of
Funds $140,236 $5,279,719 2.66% $119,863 $5,502,555 2.18%
Net Interest
Spread (TE) $215,167 3.42% $232,730 3.57%
Net Interest
Margin (TE) $215,167 $5,279,719 4.08% $232,730 $5,502,555 4.23%
--------------------------------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
---------------------------------------
(unaudited) 2006
---------------------------------------
1Q 2Q 3Q 4Q
---------------------------------------
Per Common Share Data
---------------------
Earnings per share:
Basic $0.68 $0.68 $1.11 $0.67
Diluted $0.67 $0.66 $1.08 $0.65
Cash dividends per share $0.195 $0.220 $0.240 $0.240
Book value per share
(period-end) $15.06 $15.12 $16.64 $17.09
Tangible book value per share
(period-end) $12.85 $12.94 $14.47 $14.87
Weighted average number of
shares:
Basic 32,393 32,531 32,566 32,632
Diluted 33,088 33,322 33,333 33,378
Period-end number of shares 32,494 32,555 32,584 32,666
Market data:
High closing price $46.67 $57.19 $56.79 $56.00
Low closing price $37.75 $44.02 $49.71 $50.85
Period end closing price $46.52 $56.00 $53.55 $52.84
Trading volume 3,990 8,737 8,135 6,393
Other Period-end Data
---------------------
FTE headcount 1,768 1,777 1,788 1,848
Tangible common equity $417,684 $421,369 $471,387 $485,778
Tier I capital $440,302 $457,738 $487,668 $510,638
Goodwill $61,418 $59,060 $59,708 $62,277
Amortizable intangibles $8,725 $10,575 $9,913 $9,414
Mortgage servicing intangibles $1,384 $1,256 $1,093 $941
Common shares repurchased for
publicly announced plans 17 22 -- --
Performance Ratios
------------------
Return on average assets 1.49% 1.45% 2.36% 1.44%
Return on average common
equity 18.34% 17.89% 27.58% 15.54%
Earning asset yield (TE) 6.17% 6.32% 6.60% 6.54%
Total cost of funds 1.88% 2.05% 2.30% 2.48%
Net interest margin (TE) 4.30% 4.27% 4.29% 4.06%
Noninterest expense as a
percent of total revenue (TE)
before amortization of
purchased intangibles, net
storm-related gain/(loss),
gain on sale of credit card
merchant and securities
transactions 58.30% 59.13% 58.76% 59.79%
Common equity (period-end) as
a percent of total assets
(period-end) 7.82% 8.00% 8.86% 9.36%
Leverage (Tier I) ratio 7.45% 7.59% 8.15% 8.63%
Tangible common equity ratio 6.75% 6.92% 7.79% 8.24%
Net charge-offs as a percent
of average loans -0.01% 0.40% 0.34% 0.19%
Allowance for loan losses as a
percent of period-end loans 2.51% 2.35% 1.55% 1.43%
Allowance for loan losses to
NPAs + loans 90 days past due 432.85% 457.10% 494.65% 694.67%
Loan/deposit ratio 59.00% 57.40% 60.97% 64.34%
Noninterest income excluding
net storm-related gain/(loss),
gain on sale of credit card
merchant and securities
transactions as a percent of
total revenue (TE) 29.92% 30.28% 30.18% 33.14%
---------------------------------------
---------------------------------------
2007
---------------------------------------
1Q 2Q 3Q 4Q
---------------------------------------
Per Common Share Data
---------------------
Earnings per share:
Basic $0.59 $0.63 $0.55 $0.53
Diluted $0.58 $0.62 $0.55 $0.53
Cash dividends per share $0.240 $0.240 $0.240 $0.240
Book value per share
(period-end) $17.27 $17.13 $17.55 $17.71
Tangible book value per share
(period-end) $15.05 $14.90 $15.32 $15.45
Weighted average number of
shares:
Basic 32,665 32,233 32,005 31,097
Diluted 33,299 32,749 32,492 31,577
Period-end number of shares 32,518 32,094 31,786 31,295
Market data:
High closing price $54.09 $44.37 $43.90 $43.47
Low closing price $41.88 $37.50 $32.78 $33.35
Period end closing price $43.98 $37.55 $40.08 $38.20
Trading volume 8,577 11,614 10,290 17,662
Other Period-end Data
---------------------
FTE headcount 1,929 1,944 1,966 1,888
Tangible common equity $489,430 $478,085 $486,871 $483,612
Tier I capital $513,229 $510,096 $508,554 $497,307
Goodwill $62,277 $62,277 $62,277 $62,277
Amortizable intangibles $8,991 $8,607 $8,195 $7,753
Mortgage servicing intangibles $829 $729 $632 $545
Common shares repurchased for
publicly announced plans 228 433 343 552
Performance Ratios
------------------
Return on average assets 1.32% 1.42% 1.21% 1.11%
Return on average common
equity 13.77% 14.53% 12.58% 11.69%
Earning asset yield (TE) 6.64% 6.76% 6.81% 6.72%
Total cost of funds 2.60% 2.59% 2.75% 2.68%
Net interest margin (TE) 4.04% 4.17% 4.06% 4.04%
Noninterest expense as a
percent of total revenue (TE)
before amortization of
purchased intangibles, net
storm-related gain/(loss),
gain on sale of credit card
merchant and securities
transactions 61.12% 61.27% 65.18% 67.74%
Common equity (period-end) as
a percent of total assets
(period-end) 9.61% 9.36% 9.45% 9.15%
Leverage (Tier I) ratio 8.80% 9.01% 8.82% 8.49%
Tangible common equity ratio 8.48% 8.24% 8.34% 8.08%
Net charge-offs as a percent
of average loans 0.18% 0.18% 0.21% 0.26%
Allowance for loan losses as a
percent of period-end loans 1.41% 1.35% 1.31% 1.31%
Allowance for loan losses to
NPAs + loans 90 days past due 413.60% 410.98% 335.22% 241.43%
Loan/deposit ratio 65.91% 69.62% 70.28% 72.33%
Noninterest income excluding
net storm-related gain/(loss),
gain on sale of credit card
merchant and securities
transactions as a percent of
total revenue (TE) 32.48% 35.94% 36.27% 36.67%
---------------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands,
except per share
data and FTE headcount)
(unaudited) -----------------------------------------------
2006
-----------------------------------------------
1Q 2Q 3Q 4Q
-----------------------------------------------
Asset Quality
Information
-------------
Non-accrual loans $8,676 $7,237 $5,179 $3,500
Foreclosed assets 1,779 1,606 970 681
-----------------------------------------------
Total non-performing
assets $10,455 $8,843 $6,149 $4,181
Non-performing assets
as a percent of loans
and foreclosed assets 0.35% 0.29% 0.20% 0.13%
Accruing loans 90 days
past due $6,632 $6,681 $3,626 $2,552
Accruing loans 90 days
past due as a percent
of loans 0.22% 0.22% 0.12% 0.08%
Non-performing assets
+ accruing loans 90
days past due to loans
and foreclosed assets 0.57% 0.51% 0.31% 0.21%
Net charge-offs ($108) $3,001 $2,608 $1,523
Net charge-offs as a
percent of average
loans -0.01% 0.40% 0.34% 0.19%
Allowance for loan
losses $73,961 $70,960 $48,352 $46,772
Allowance for loan
losses as a percent
of period-end loans 2.51% 2.35% 1.55% 1.43%
Allowance for loan
losses to NPAs +
accruing loans 90 days
past due 432.85% 457.10% 494.65% 694.67%
Provision for
(recovery of) loan
losses ($705) -- ($20,000) ($57)
Net Charge-off
Information
--------------
Net charge-offs:
Commercial/real estate
loans ($1,769) $620 $522 ($137)
Mortgage loans 181 28 367 (11)
Direct consumer loans 579 1,681 1,003 493
Indirect consumer loans 653 391 294 395
Finance company loans 248 281 422 783
-----------------------------------------------
Total net charge-offs ($108) $3,001 $2,608 $1,523
-----------------------------------------------
Average loans:
Commercial/real estate
loans $1,674,706 $1,699,768 $1,759,173 $1,855,506
Mortgage loans 410,023 410,522 423,610 428,674
Direct consumer loans 469,832 463,977 470,771 479,087
Indirect consumer
loans 351,405 348,463 347,404 350,829
Finance Company loans 64,496 71,461 79,483 86,965
-----------------------------------------------
Total average loans $2,970,461 $2,994,191 $3,080,441 $3,201,061
Net charge-offs to
average loans:
Commercial/real estate
loans -0.43% 0.15% 0.12% -0.03%
Mortgage loans 0.18% 0.03% 0.34% -0.01%
Direct consumer loans 0.50% 1.45% 0.85% 0.41%
Indirect consumer loans 0.75% 0.45% 0.34% 0.45%
Finance Company loans 1.56% 1.58% 2.11% 3.57%
-----------------------------------------------
Total net charge-offs
to average loans -0.01% 0.40% 0.34% 0.19%
-----------------------------------------------
-----------------------------------------------
2007
-----------------------------------------------
1Q 2Q 3Q 4Q
-----------------------------------------------
Asset Quality
Information
-------------
Non-accrual loans $4,494 $7,544 $8,500 $13,067
Foreclosed assets 718 1,146 1,374 2,297
-----------------------------------------------
Total non-performing
assets $5,212 $8,690 $9,874 $15,364
Non-performing assets
as a percent of loans
and foreclosed assets 0.16% 0.25% 0.28% 0.43%
Accruing loans 90 days
past due $6,035 $2,558 $3,819 $4,154
Accruing loans 90 days
past due as a percent
of loans 0.18% 0.07% 0.11% 0.12%
Non-performing assets
+ accruing loans 90
days past due to loans
and foreclosed assets 0.34% 0.33% 0.39% 0.54%
Net charge-offs $1,466 $1,528 $1,880 $2,370
Net charge-offs as a
percent of average
loans 0.18% 0.18% 0.21% 0.26%
Allowance for loan
losses $46,517 $46,227 $45,901 $47,123
Allowance for loan
losses as a percent
of period-end loans 1.41% 1.35% 1.31% 1.31%
Allowance for loan
losses to NPAs +
accruing loans 90 days
past due 413.60% 410.98% 335.22% 241.43%
Provision for
(recovery of) loan
losses $1,211 $1,238 $1,554 $3,592
Net Charge-off
Information
--------------
Net charge-offs:
Commercial/real estate
loans $168 ($63) ($58) ($100)
Mortgage loans 23 (22) -- 42
Direct consumer loans 110 617 $864 886
Indirect consumer loans 676 471 $314 518
Finance company loans 489 525 $760 1,024
-----------------------------------------------
Total net charge-offs $1,466 $1,528 $1,880 $2,370
-----------------------------------------------
Average loans:
Commercial/real estate
loans $1,931,966 $1,989,420 $2,055,922 $2,128,279
Mortgage loans 426,103 433,310 439,459 440,842
Direct consumer loans 485,201 487,267 491,417 505,098
Indirect consumer
loans 357,008 360,451 373,677 385,093
Finance Company loans 92,315 101,092 109,807 114,750
-----------------------------------------------
Total average loans $3,292,593 $3,371,540 $3,470,282 $3,574,062
Net charge-offs to
average loans:
Commercial/real estate
loans 0.04% -0.01% -0.01% -0.02%
Mortgage loans 0.02% -0.02% 0.00% 0.04%
Direct consumer loans 0.09% 0.51% 0.70% 0.70%
Indirect consumer loans 0.77% 0.52% 0.33% 0.53%
Finance Company loans 2.15% 2.08% 2.74% 3.54%
-----------------------------------------------
Total net charge-offs
to average loans 0.18% 0.18% 0.21% 0.26%
-----------------------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
(unaudited) -----------------------------------
2006
-----------------------------------
1Q 2Q 3Q 4Q
-----------------------------------
Income Statement
----------------
Interest income $81,590 $86,403 $89,233 $87,104
Interest income (TE) 83,570 88,382 91,275 89,366
Interest expense 25,273 28,636 31,988 33,966
-----------------------------------
Net interest income (TE) 58,297 59,746 59,287 55,400
Provision for (recovery of) loan
losses (705) -- (20,000) (57)
Noninterest income excluding net
storm-related gain/(loss) and
securities transactions 24,890 25,942 25,627 27,459
Net storm-related gain/(loss) -- -- -- 5,084
Securities transactions gains/
(losses) 118 -- 110 (5,396)
Noninterest expense 49,165 51,172 50,337 50,042
-----------------------------------
Income before income taxes 32,865 32,537 52,645 30,300
Income tax expense 10,854 10,539 16,614 8,538
-----------------------------------
Net income $22,011 $21,998 $36,031 21,762
===================================
Noninterest Income
------------------
and Noninterest Expense
------------------------
Service charges on deposit
accounts $7,884 $9,223 $9,719 $9,402
Trust fees 3,079 3,409 3,174 3,624
Debit card & merchant fees 1,709 1,863 1,744 1,983
Insurance fees 5,159 4,596 4,145 5,346
Investment & annuity fees 1,264 1,591 1,595 1,519
ATM fees 1,294 1,273 1,223 1,215
Secondary mortgage market
operations 817 749 1,018 945
Other income 3,684 3,238 3,009 3,425
-----------------------------------
Noninterest income excluding net
storm-related gain/(loss) and
securities transactions $24,890 $25,942 $25,627 $27,459
Net storm-related gain/(loss) -- -- 0 5,084
Securities transactions gains/
(losses) 118 -- 110 (5,396)
-----------------------------------
Total noninterest income including
storm-related gain/(loss) and
securities transactions $25,008 $25,942 $25,737 $27,147
===================================
Personnel expense $26,202 $26,400 $27,059 $24,092
Occupancy expense (net) 3,659 3,474 2,882 3,335
Equipment expense 2,668 2,816 2,647 2,665
Other operating expense 15,961 17,975 17,304 19,451
Amortization of intangibles 675 507 445 499
-----------------------------------
Total noninterest expense $49,165 $51,172 $50,337 $50,042
-----------------------------------
-----------------------------------
2007
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1Q 2Q 3Q 4Q
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Income Statement
----------------
Interest income $85,708 $84,937 $87,661 $87,559
Interest income (TE) 88,124 87,204 90,033 90,041
Interest expense 34,308 33,394 36,467 36,067
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Net interest income (TE) 53,816 53,810 53,566 53,974
Provision for (recovery of) loan
losses 1,211 1,238 1,554 3,592
Noninterest income excluding net
storm-related gain/(loss) and
securities transactions 25,889 30,193 30,485 31,255
Net storm-related gain/(loss) -- -- -- --
Securities transactions gains/
(losses) 6 34 34 234
Noninterest expense 49,140 51,857 55,196 58,162
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Income before income taxes 26,944 28,675 24,963 21,227
Income tax expense 7,715 8,352 7,224 4,627
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Net income 19,229 20,323 17,739 16,600
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Noninterest Income
------------------
and Noninterest Expense
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Service charges on deposit
accounts $9,190 $10,471 $11,085 $11,182
Trust fees 3,693 4,124 3,892 4,194
Debit card & merchant fees 1,778 2,171 2,025 2,090
Insurance fees 4,369 5,033 4,256 5,561
Investment & annuity fees 1,978 2,018 2,253 2,498
ATM fees 1,324 1,358 1,434 1,540
Secondary mortgage market
operations 911 1,116 935 761
Other income 2,646 3,902 4,605 3,429
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Noninterest income excluding net
storm-related gain/(loss) and
securities transactions $25,889 $30,193 $30,485 $31,255
Net storm-related gain/(loss) -- -- -- --
Securities transactions gains/
(losses) 6 34 34 234
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Total noninterest income including
storm-related gain/(loss) and
securities transactions $25,895 $30,227 $30,519 $31,489
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Personnel expense $26,563 $24,837 $28,531 $27,027
Occupancy expense (net) 4,073 4,469 4,731 6,162
Equipment expense 2,272 2,768 2,814 2,610
Other operating expense 15,809 19,399 18,708 21,931
Amortization of intangibles 423 384 412 432
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Total noninterest expense $49,140 $51,857 $55,196 $58,162
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