GULFPORT, Miss., July 22, 2008 (PRIME NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced net income for the quarter ended June 30, 2008. Hancock's second quarter 2008 net income was $21.0 million, an increase of $0.7 million, or 3.3 percent, from the second quarter of 2007. Diluted earnings per share for the second quarter of 2008 were $0.66, an increase of $0.04 from the same quarter a year ago.
Compared to the first quarter of 2008, net income was $0.9 million, or 4.6 percent higher, while diluted earnings per share were up $0.03. Net income for the first six months of 2008 was $41.0 million, an increase of $1.5 million, or 3.8 percent, from the first half of 2007. Diluted earnings per share were $1.29 for the first half of 2008, an increase of $0.09 compared to the prior year.
Hancock Holding Company Chief Executive Officer Carl J. Chaney stated, "The Company is again pleased to report very impressive financial results for the second quarter and continues to prosper in these uncertain economic conditions. The second quarter produced an ROA of 1.36 percent and ROE of 14.51 percent on a strong capital base. The Company continues to grow our loan portfolio (up $149 million at quarter end); and our conservative underwriting philosophy has enabled us to continue reporting superior asset quality. We continue to see good results from our growth markets, especially New Orleans and Mobile. Hancock has always thrived in difficult times and will continue to do so in the current crisis."
Highlights and key operating items from Hancock's second quarter earnings are as follows:
* Net Income and Returns: Hancock's net income for the second
quarter of 2008 was $21.0 million compared to $20.3 million for
the same quarter a year ago, an increase of $0.7 million, or 3.3
percent, and an increase of $0.9 million, or 4.6 percent over the
prior quarter. Return on average assets for the quarter was 1.36
percent compared to 1.30 percent for 2008's first quarter. Return
on average common equity was 14.51 percent compared to 14.13
percent for the prior quarter.
* Net Charge-offs and Non-performing Assets: Net charge-offs for
the second quarter of 2008 were $2.5 million, or 0.27 percent of
average loans, down $438 thousand from the $2.9 million, or 0.32
percent of average loans, reported for the first quarter of 2008.
The majority of the decrease in net charge-offs as compared to
the first quarter was reflected in commercial real estate loans.
Non-performing assets as a percent of total loans and foreclosed
assets was 0.52 percent at June 30, 2008, compared to 0.46 percent
at March 31, 2008. The Company did report an increase in non-
accrual loans of $5.1 million and a reduction of ORE of $1.9
million as compared to the first quarter. The majority of the
increase reported in non-accrual loans was reflected in one
builder relationship in the Tallahassee market. The relationship
in question was adequately reserved at June 30, 2008. Loans 90
days past due or greater (accruing) as a percent of period end
loans increased 8 basis points from March 31, 2008, to 0.17
percent at June 30, 2008.
* Allowance for Loan Losses: Hancock recorded a provision for loan
losses of $2.8 million in the second quarter which, when combined
with the quarter's net charge-offs of $2.5 million, resulted in
a $0.3 million increase in the allowance for loan losses between
March 31, 2008, and June 30, 2008. 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 $53.3 million at June 30, 2008, up $0.3 million from the $53.0
million reported at March 31, 2008. The ratio of the allowance
for loan losses as a percent of period-end loans was 1.41 percent
at June 30, 2008, as compared to the 1.46 percent reported at
March 31, 2008. The Company's first quarter increase in the
allowance for loan losses of $6.4 million anticipated
deterioration in certain credits reflected in this quarter's
increase in non-accrual loans. Management believes the June 30,
2008, allowance level is adequate.
* Loans: For the quarter ended June 30, 2008, Hancock's average
total loans were $3.71 billion, which represented an increase of
$340.5 million, or 10.1 percent, from the quarter ended June 30,
2007. Period-end loans were up $148.8 million, or 4.1 percent,
compared to March 31, 2008. Average total loans were up $73.3
million, or 8.1 percent annualized, from the first quarter of
2008. Of that increase, approximately $30.7 million was in
Louisiana, $23.4 million in Alabama, and $19.2 million in
Florida.
* Deposits: Period-end deposits for the second quarter were
$5.02 billion, up $43.1 million, or 0.9 percent, from June 30,
2007, and were down $122.8 million, or 2.4 percent, from March
31, 2008. Average deposits were down $85.1 million, or 6.8
percent annualized, from the first quarter of 2008. The decreases
in average deposits were in time deposits (down $161.6 million)
and public fund deposits (down $15.8 million). These decreases
were offset by increases in non-interest-bearing deposits
(up $21.7 million) and interest-bearing transaction deposits
(up $70.6 million).
* Net Interest Income: Net interest income (te) for the second
quarter increased $0.8 million, or 1.5 percent, from the
second quarter of 2007, and increased $1.7 million from the
first quarter of 2008, or 12.8 percent annualized. The net
interest margin (te) of 3.90 percent was 27 basis points narrower
than the same quarter a year ago. Growth in average earning
asset levels were strong compared to the same quarter a year ago
with an increase of $435.8 million, or 8.4 percent, mostly
reflected in higher average loans (up $340.5 million, or 10.1
percent). With short-term interest rates down significantly
from a year ago, the Company's loan yield fell 106 basis points,
pushing the yield on average earning assets down 74 basis
points. However, total funding costs over the past year were
down only 47 basis points. Compared to the prior quarter, the
net interest margin (te) widened 10 basis points, mostly due
to a significant reduction in the Company's funding costs. The
Company's total cost of funds was down 35 basis points compared
to the previous quarter with rates on time deposits down 61 basis
points. Over $609 million of time deposits matured in the second
quarter at a weighted rate of 4.72 percent. The Company was able
to retain and re-price 79 percent of those maturing deposits
into lower rate CDs. As the interest rate environment stabilizes,
the Company's net interest margin will continue to widen and
return to a more normalized level.
* Non-interest income: Non-interest income, excluding securities
transactions, for the second quarter was up $0.7 million, or 2.2
percent, compared to the same quarter a year ago and was also up
$0.7 million, or 2.2 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 $408 thousand, or 3.9 percent), investment and annuity
fees (up $709 thousand or 35.2 percent), trust revenue (up $451
thousand, or 11.0 percent), and debit card fees (up $329 thousand
or 23.1 percent). These increases were offset by decreases in
insurance fees (down $774 thousand or 15.4 percent), other
income (down $346 thousand or 8.9 percent), and secondary
mortgage market operations (down $363 thousand or 32.5 percent).
The increase in non-interest income (excluding securities
transactions) for the second quarter compared to the prior
quarter was primarily due to increases in trust fees (up $400
thousand or 9.6 percent), and debit card fees (up $344 thousand
or 13.6 percent).
* Operating expense: Operating expenses for the second quarter
were $0.2 million, or 0.4 percent, lower compared to the same
quarter a year ago, but were $2.1 million, or 4.1 percent, higher
than the previous quarter. The decrease from the same quarter
a year ago was reflected in lower other operating expenses (down
$2.6 million) which was offset by higher levels of personnel
expense (up $2.2 million) and occupancy expense (up $233
thousand), somewhat reflective of the Company's on-going
rebuilding efforts in the wake of the storm of 2005, but also
due to the recent facilities opened in expansion markets
(Mobile, Pensacola, and New Orleans). The increase in
operating expense from last quarter was due to personnel
expense (up $1.4 million), occupancy expense (up $101 thousand),
and other operating expense (up $679 thousand). These increases
were offset by a decrease in equipment expense (down $124
thousand). Full-time equivalent headcount at June 30, 2008,
was up 26 from March 31, 2008, and was down 41 compared to
June 30, 2007.
The Company did not repurchase any shares during the second quarter of 2008 under the Stock Repurchase Plan that was approved in 2007. This plan authorizes the repurchase of 3,000,000 shares. No shares were repurchased in the first six months of 2008, but 661,000 shares were repurchased in the first six months of 2007. 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.
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 $6.27 billion. Founded in 1899, Hancock Bank consistently ranks as one of the country's strongest, safest financial institutions, according to Veribanc, Inc., and BauerFinancial Services, Inc. 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 Six Months Ended
---------------------------------------------------
6/30/2008 3/31/2008 6/30/2007 6/30/2008 6/30/2007
---------------------------------------------------
Per Common
Share Data
-----------
Earnings per
share:
Basic $0.67 $0.64 $0.63 $1.31 $1.22
Diluted $0.66 $0.63 $0.62 $1.29 $1.20
Cash dividends
per share $0.240 $0.240 $0.240 $0.480 $0.480
Book value per
share
(period-end) $18.27 $18.41 $17.13 $18.27 $17.13
Tangible book
value per share
(period -end) $16.06 $16.17 $14.90 $16.06 $14.90
Weighted average
number of shares:
Basic 31,382 31,346 32,233 31,366 32,447
Diluted 31,814 31,790 32,749 31,779 33,024
Period-end number
of shares 31,386 31,372 32,094 31,386 32,094
Market data:
High closing
price $45.68 $44.29 $44.37 $45.68 $54.09
Low closing
price $38.38 $33.45 $37.50 $33.45 $37.50
Period end
closing price $39.29 $42.02 $37.55 $39.29 $37.55
Trading volume 14,527 17,204 11,614 31,731 20,195
Other Period-end
Data
----------------
FTE headcount 1,903 1,877 1,944 1,903 1,944
Tangible common
equity $503,953 $507,287 $478,085 $503,953 $478,085
Tier I capital $527,479 $512,248 $510,096 $527,479 $510,096
Goodwill $62,277 $62,277 $62,277 $62,277 $62,277
Amortizable
intangibles $6,762 $7,388 $8,607 $6,762 $8,607
Mortgage
servicing
intangibles $413 $477 $729 $413 $729
Common shares
repurchased for
publicly
announced
plans 0 0 433 0 661
Performance
Ratios
-----------
Return on average
assets 1.36% 1.30% 1.42% 1.33% 1.37%
Return on average
common equity 14.51% 14.13% 14.53% 14.32% 14.15%
Earning asset
yield (TE) 6.02% 6.28% 6.76% 6.15% 6.70%
Total cost of
funds 2.12% 2.47% 2.59% 2.30% 2.59%
Net interest
margin (TE) 3.90% 3.80% 4.17% 3.85% 4.11%
Noninterest
expense as a
percent of total
revenue (TE)
before
amortization of
purchased
intangibles
and securities
transactions 60.26% 59.49% 61.51% 59.88% 61.46%
Common equity
(period-end) as a
percent of total
assets (period-
end) 9.15% 8.99% 9.36% 9.15% 9.36%
Leverage (Tier I)
ratio 8.57% 8.34% 9.01% 8.57% 9.01%
Tangible common
equity ratio 8.13% 7.98% 8.24% 8.13% 8.24%
Net charge-offs as
a percent of
average loans 0.27% 0.32% 0.18% 0.30% 0.18%
Allowance for loan
losses as a
percent of period
-end loans 1.41% 1.46% 1.35% 1.41% 1.35%
Allowance for loan
losses to NPAs +
accruing loans 90
days past due 203.06% 265.81% 410.98% 203.06% 410.98%
Loan/deposit ratio 74.82% 72.10% 69.62% 73.45% 67.75%
Non-interest
income excluding
securities
transactions as a
percent of total
revenue (TE) 36.50% 36.73% 36.33% 36.61% 34.69%
--------------------------------------------------
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
------------------------------------------------------
Three Months Ended Six Months Ended
------------------------------------------------------
6/30/2008 3/31/2008 6/30/2007 6/30/2008 6/30/2007
------------------------------------------------------
Asset
Quality
Information
------------
Non-accrual
loans $18,106 $12,983 $7,544 $18,106 $7,544
Foreclosed
assets 1,693 3,619 1,146 1,693 1,146
------------------------------------------------------
Total non-
performing
assets $19,799 $16,602 $8,690 $19,799 $8,690
------------------------------------------------------
Non-
performing
assets as
a percent
of loans
and
foreclosed
assets 0.52% 0.46% 0.25% 0.52% 0.25%
Accruing
loans 90
days past
due $6,449 $3,340 $2,558 $6,449 $2,558
Accruing
loans 90
days past
due as a
percent of
loans 0.17% 0.09% 0.07% 0.17% 0.07%
Non-
performing
assets +
accruing
loans 90
days
past due to
loans
and
foreclosed
assets 0.69% 0.55% 0.33% 0.69% 0.33%
Net charge-
offs $2,495 $2,933 $1,528 $5,428 $2,994
Net charge-
offs as
a percent
of average
loans 0.27% 0.32% 0.18% 0.30% 0.18%
Allowance
for loan
losses $53,300 $53,008 $46,227 $53,300 $46,227
Allowance
for loan
losses as a
percent of
period-
end loans 1.41% 1.46% 1.35% 1.41% 1.35%
Allowance
for loan
losses to
NPAs +
accruing
loans 90
days past
due 203.06% 265.81% 410.98% 203.06% 410.98%
Provision
for loan
losses $2,787 $8,818 $1,238 $11,605 $2,449
Allowance
for Loan
Losses
---------
Beginning
Balance $53,008 $47,123 $46,517 $47,123 $46,772
Provision
for loan
loss 2,787 8,818 1,238 11,605 2,449
Charge-offs 3,968 4,197 3,521 8,165 6,597
Recoveries 1,473 1,264 1,993 2,737 3,603
------------------------------------------------------
Net charge-
offs 2,495 2,933 1,528 5,428 2,994
------------------------------------------------------
Ending
Balance $53,300 $53,008 $46,227 $53,300 $46,227
------------------------------------------------------
Net Charge-
off
Information
------------
Net charge-
offs:
Commercial/
real estate
loans $600 $834 ($63) $1,434 $105
Mortgage
loans 61 -- (22) 61 1
Direct
consumer
loans 442 588 617 1,031 972
Indirect
consumer
loans 681 463 471 1,143 902
Finance
company
loans 711 1,048 525 1,759 1,014
------------------------------------------------------
Total net
charge-
offs $2,495 $2,933 $1,528 $ 5,428 $2,994
======================================================
Average
loans:
Commercial/
real
estate
loans 2,272,057 $2,224,695 $2,040,088 $2,248,375 $2,010,572
Mortgage
loans 413,076 399,374 382,642 406,225 380,007
Direct
consumer
loans 526,752 514,441 487,267 520,597 486,239
Indirect
consumer
loans 386,565 386,985 360,451 386,775 358,739
Finance
Company
loans 113,555 113,113 101,092 113,334 96,728
------------------------------------------------------
Total
average
loans $3,712,005 $3,638,608 $3,371,540 $3,675,306 $3,332,285
Net charge-
offs to
average
loans:
Commercial/
real
estate
loans 0.11% 0.15% -0.01% 0.13% 0.01%
Mortgage
loans 0.06% 0.00% -0.02% 0.03% 0.00%
Direct
consumer
loans 0.34% 0.46% 0.51% 0.40% 0.40%
Indirect
consumer
loans 0.71% 0.48% 0.52% 0.59% 0.51%
Finance
Company
loans 2.52% 3.73% 2.08% 3.12% 2.11%
------------------------------------------------------
Total net
charge-
offs to
average
loans 0.27% 0.32% 0.18% 0.30% 0.18%
------------------------------------------------------
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
--------------------------------------------------
Three Months Ended Six Months Ended
--------------------------------------------------
6/30/2008 3/31/2008 6/30/2007 6/30/2008 6/30/2007
--------------------------------------------------
Income
Statement
----------
Interest income $81,754 $84,813 $84,937 $166,567 $170,646
Interest income
(TE) 84,186 87,269 87,204 171,455 175,329
Interest
expense 29,573 34,344 33,394 63,917 67,702
--------------------------------------------------
Net interest
income (TE) 54,613 52,925 53,810 107,538 107,627
Provision for
loan losses 2,787 8,818 1,238 11,605 2,449
Noninterest
income
excluding
securities
transactions 31,390 30,728 30,710 62,118 57,167
Securities
transactions
gains/(losses) 426 5,652 34 6,078 40
Noninterest
expense 52,189 50,134 52,374 102,323 102,081
--------------------------------------------------
Income before
income taxes 29,021 27,897 28,675 56,918 55,621
Income tax
expense 8,037 7,840 8,352 15,877 16,068
--------------------------------------------------
Net income $20,984 $20,057 $20,323 $41,041 $39,553
==================================================
Noninterest
Income and
Noninterest
Expense
------------
Service charges
on deposit
accounts $10,879 $10,790 $10,471 $21,669 $19,662
Trust fees 4,575 4,175 4,124 8,751 7,816
Debit card &
merchant fees 2,884 2,540 2,618 5,423 4,909
Insurance fees 4,259 4,341 5,033 8,600 9,402
Investment &
annuity fees 2,727 2,809 2,018 5,536 3,995
ATM fees 1,757 1,691 1,428 3,448 2,808
Secondary
mortgage
market
operations 753 778 1,116 1,531 2,027
Other income 3,556 3,604 3,902 7,160 6,548
--------------------------------------------------
Noninterest
income
excluding
securities
transactions $31,390 $30,728 $30,710 $62,118 $57,167
Securities
transactions
gains/(losses) 426 5,652 34 6,078 40
--------------------------------------------------
Total
noninterest
income
including
securities
transactions $31,816 $36,380 $30,744 $68,196 $57,207
==================================================
Personnel
expense $27,031 $25,631 $24,837 $52,662 $51,401
Occupancy
expense (net) 4,702 4,601 4,469 9,303 8,542
Equipment
expense 2,785 2,909 2,768 5,694 5,041
Other operating
expense 17,307 16,628 19,916 33,935 36,290
Amortization of
intangibles 364 365 384 729 807
--------------------------------------------------
Total
noninterest
expense $52,189 $50,134 $52,374 $102,323 $102,081
==================================================
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
------------------------------------------------------
Three Months Ended Six Months Ended
------------------------------------------------------
6/30/2008 3/31/2008 6/30/2007 6/30/2008 6/30/2007
------------------------------------------------------
Period-end
Balance
Sheet
----------
Commercial/
real estate
loans $2,348,816 $2,240,823 $2,094,018 $2,348,816 $2,094,018
Mortgage
loans 410,469 393,445 370,494 410,469 370,494
Direct
consumer
loans 520,230 506,372 481,565 520,230 481,565
Indirect
consumer
loans 393,625 386,614 364,375 393,625 364,375
Finance
Company
loans 114,664 111,806 105,700 114,664 105,700
------------------------------------------------------
Total loans 3,787,804 3,639,060 3,416,152 3,787,804 3,416,152
Loans held
for sale 28,808 22,752 25,198 28,808 25,198
Securities 1,807,595 1,765,416 1,617,204 1,807,595 1,617,204
Short-term
investments 9,848 366,809 196,944 9,848 196,944
------------------------------------------------------
Earning
assets 5,634,055 5,794,037 5,255,498 5,634,055 5,255,498
------------------------------------------------------
Allowance
for loan
losses (53,300) (53,008) (46,227) (53,300) (46,227)
Other assets 689,361 684,084 665,535 689,361 665,535
------------------------------------------------------
Total
assets $6,270,116 $6,425,113 $5,874,806 $6,270,116 $5,874,806
======================================================
Noninterest
bearing
deposits $894,544 $881,380 $938,702 $894,544 $938,702
Interest
bearing
transaction
deposits 1,460,848 1,431,726 1,412,123 1,460,848 1,412,123
Interest
bearing
Public
Fund
deposits 1,003,415 1,038,119 891,803 1,003,415 891,803
Time
deposits 1,662,001 1,792,360 1,735,105 1,662,001 1,735,105
------------------------------------------------------
Total
interest
bearing
deposits 4,126,264 4,262,205 4,039,031 4,126,264 4,039,031
------------------------------------------------------
Total
deposits 5,020,808 5,143,585 4,977,733 5,020,808 4,977,733
Other
borrowed
funds 574,981 604,013 208,938 574,981 208,938
Other
liabilities 100,922 100,087 138,437 100,922 138,437
Common
share-
holders'
equity 573,405 577,428 549,698 573,405 549,698
------------------------------------------------------
Total
liabilities
& common
equity $6,270,116 $6,425,113 $5,874,806 $6,270,116 $5,874,806
======================================================
Average
Balance
Sheet
--------
Commercial/
real estate
loans $2,272,057 $2,224,695 $2,040,088 $2,248,375 $2,010,572
Mortgage
loans 413,076 399,374 382,642 406,225 380,007
Direct
consumer
loans 526,752 514,441 487,267 520,597 486,239
Indirect
consumer
loans 386,565 386,985 360,451 386,775 358,739
Finance
Company
loans 113,555 113,113 101,092 113,334 96,728
------------------------------------------------------
Total loans 3,712,005 3,638,608 3,371,540 3,675,306 3,332,285
Securities 1,839,225 1,743,207 1,733,869 1,791,216 1,781,946
Short-term
investments 57,518 199,484 67,520 128,502 149,086
------------------------------------------------------
Earning
average
assets 5,608,748 5,581,299 5,172,929 5,595,024 5,263,317
------------------------------------------------------
Allowance
for loan
losses (53,012) (47,385) (46,511) (50,198) (46,607)
Other assets 667,497 678,215 607,941 672,855 602,972
------------------------------------------------------
Total
assets $6,223,233 $6,212,129 $5,734,359 $6,217,681 $5,819,682
======================================================
Noninterest
bearing
deposits $880,375 $858,706 $950,637 $869,541 $967,218
Interest
bearing
transaction
deposits 1,447,301 1,376,712 1,461,092 1,412,006 1,476,661
Interest
bearing
Public
Fund
deposits 946,411 962,170 775,431 954,290 797,916
Time
deposits 1,687,218 1,848,825 1,655,322 1,768,022 1,676,651
------------------------------------------------------
Total
interest
bearing
deposits 4,080,930 4,187,707 3,891,845 4,134,318 3,951,228
------------------------------------------------------
Total
deposits 4,961,305 5,046,413 4,842,482 5,003,859 4,918,446
Other
borrowed
funds 567,151 484,542 197,261 525,847 201,476
Other
liabilities 113,096 110,468 133,783 111,781 136,261
Common
share-
holders'
equity 581,681 570,706 560,833 576,194 563,499
------------------------------------------------------
Total
liabilities
& common
equity $6,223,233 $6,212,129 $5,734,359 $6,217,681 $5,819,682
======================================================
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-------------------------------------------------------
Three Months Ended Six Months Ended
-------------------------------------------------------
6/30/2008 3/31/2008 6/30/2007 6/30/2008 6/30/2007
-------------------------------------------------------
Average
Balance
Sheet Mix
----------
Percentage
of earning
assets/
funding
sources:
Loans 66.18% 65.20% 65.17% 65.69% 63.31%
Securities 32.79% 31.23% 33.52% 32.01% 33.86%
Short-term
investments 1.03% 3.57% 1.31% 2.30% 2.83%
-------------------------------------------------------
Earning
average
assets 100.00% 100.00% 100.00% 100.00% 100.00%
=======================================================
Noninterest
bearing
deposits 15.70% 15.39% 18.38% 15.54% 18.37%
Interest
bearing
transaction
deposits 25.80% 24.67% 28.24% 25.23% 28.06%
Interest
bearing
Public
Fund
deposits 16.87% 17.24% 14.99% 17.06% 15.16%
Time
deposits 30.09% 33.12% 32.01% 31.60% 31.86%
-------------------------------------------------------
Total
deposits 88.46% 90.42% 93.62% 89.43% 93.45%
Other
borrowed
funds 10.11% 8.68% 3.81% 9.40% 3.83%
Other net
interest-
free
funding
sources 1.43% 0.90% 2.57% 1.17% 2.72%
-------------------------------------------------------
Total
average
funding
sources 100.00% 100.00% 100.00% 100.00% 100.00%
=======================================================
Loan mix:
Commercial/
real
estate
loans 61.21% 61.13% 60.51% 61.19% 60.34%
Mortgage
loans 11.13% 10.98% 11.35% 11.05% 11.40%
Direct
consumer
loans 14.19% 14.14% 14.45% 14.16% 14.59%
Indirect
consumer
loans 10.41% 10.64% 10.69% 10.52% 10.77%
Finance
Company
loans 3.06% 3.11% 3.00% 3.08% 2.90%
-------------------------------------------------------
Total loans 100.00% 100.00% 100.00% 100.00% 100.00%
=======================================================
Average
dollars (in
thousands):
Loans $3,712,005 $3,638,608 $3,371,540 $3,675,306 $3,332,285
Securities 1,839,225 1,743,207 1,733,869 1,791,216 1,781,946
Short-term
investments 57,518 199,484 67,520 128,502 149,086
-------------------------------------------------------
Earning
average
assets $5,608,748 $5,581,299 $5,172,929 $5,595,024 $5,263,317
Noninterest
bearing
deposits $880,375 $858,706 $950,637 $869,541 $967,218
Interest
bearing
transaction
deposits 1,447,301 1,376,712 1,461,092 1,412,006 1,476,661
Interest
bearing
Public
Fund
deposits 946,411 962,170 775,431 954,290 797,916
Time
deposits 1,687,218 1,848,825 1,655,322 1,768,022 1,676,651
-------------------------------------------------------
Total
deposits 4,961,305 5,046,413 4,842,482 5,003,859 4,918,446
Other
borrowed
funds 567,151 484,542 197,261 525,847 201,476
Other net
interest-
free
funding
sources 80,292 50,344 133,186 65,318 143,395
-------------------------------------------------------
Total
average
funding
sources $5,608,748 $5,581,299 $5,172,929 $5,595,024 $5,263,317
Loans:
Commercial/
real
estate
loans $2,272,057 $2,224,695 $2,040,088 $2,248,375 $2,010,572
Mortgage
loans 413,076 399,374 382,642 406,225 380,007
Direct
consumer
loans 526,752 514,441 487,267 520,597 486,239
Indirect
consumer
loans 386,565 386,985 360,451 386,775 358,739
Finance
Company
loans 113,555 113,113 101,092 113,334 96,728
-------------------------------------------------------
Total
average
loans $3,712,005 $3,638,608 $3,371,540 $3,675,306 $3,332,285
-------------------------------------------------------
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
------------------------------------------------------
Three Months Ended
-------------------------- --------------------------
06/30/08 03/31/08
-------------------------- --------------------------
Interest Volume Rate Interest Volume Rate
-------- ---------- ---- -------- ---------- ----
Average Earning
Assets
Commercial
& real
estate
loans (TE) $34,223 $2,272,057 6.05% $36,582 $2,224,695 6.61%
Mortgage loans 6,124 413,076 5.93% 5,961 399,374 5.97%
Consumer loans 20,960 1,026,872 8.21% 21,540 1,014,539 8.54%
Loan fees &
late charges (48) -- 0.00% 116 -- 0.00%
-------- ---------- ---- ------- ---------- ----
Total loans
(TE) $61,259 $3,712,005 6.63% 64,199 $3,638,608 7.09%
US treasury
securities 73 11,364 2.59% 117 11,384 4.12%
US agency
securities 3,728 335,607 4.44% 5,638 477,630 4.72%
CMOs 1,843 149,640 4.93% 1,728 143,691 4.81%
Mortgage backed
securities 14,060 1,101,270 5.11% 11,025 856,452 5.15%
Municipals (TE) 2,361 182,571 5.17% 2,501 193,787 5.16%
Other
securities 557 58,773 3.79% 600 60,263 3.98%
-------- ---------- ---- ------- ---------- ----
Total
securities
(TE) 22,622 1,839,225 4.92% 21,609 1,743,207 4.96%
Total
short-term
investments 305 57,518 2.13% 1,462 199,484 2.95%
Average
earning
assets
yield (TE) $84,186 $5,608,748 6.02% $87,270 $5,581,299 6.28%
Interest-bearing
Liabilities
Interest-bearing
transaction
deposits $3,273 $1,447,301 0.91% $3,952 $1,376,712 1.15%
Time deposits 16,089 1,687,218 3.84% 20,455 1,848,825 4.45%
Public Funds 6,170 946,411 2.62% 6,192 962,170 2.59%
-------- ---------- ---- ------- ---------- ----
Total
interest
bearing
deposits $25,532 4,080,930 2.52% $ 30,599 4,187,707 2.94%
Total
borrowings 4,061 567,151 2.88% 3,791 484,542 3.15%
Capitalized
Interest (20) (46)
Total
interest
bearing
liab cost $29,573 $4,648,081 2.56% $34,344 $4,672,249 2.96%
Noninterest-
bearing
deposits 880,375 858,706
Other net
interest-free
funding
sources 80,292 50,344
Total Cost of
Funds $29,573 $5,608,748 2.12% $34,344 $5,581,299 2.47%
Net Interest
Spread (TE) $54,613 3.46% $52,926 3.32%
Net Interest
Margin (TE) $54,613 $5,608,748 3.90% $52,926 $5,581,299 3.80%
---------------------------------------------------------------------
----------------------------
Three Months Ended
----------------------------
06/30/07
----------------------------
Interest Volume Rate
-------- ---------- ----
Average Earning
Assets
Commercial
& real
estate
loans (TE) $ 37,762 $2,040,088 7.42%
Mortgage loans 5,604 382,642 5.86%
Consumer loans 20,978 948,810 8.87%
Loan fees &
late charges 291 -- 0.00%
-------- ---------- ----
Total loans
(TE) $ 64,635 3,371,540 7.69%
US treasury
securities 414 34,141 4.87%
US agency
securities 10,987 866,747 5.07%
CMOs 948 93,145 4.07%
Mortgage backed
securities 5,847 469,500 4.98%
Municipals (TE) 2,653 196,861 5.39%
Other
securities 932 73,475 5.07%
-------- ---------- ----
Total
securities
(TE) 21,781 1,733,869 5.03%
Total
short-term
investments 788 67,520 4.68%
Average
earning
assets
yield (TE) $ 87,204 $5,172,929 6.76%
Interest-bearing
Liabilities
Interest-bearing
transaction
deposits $ 4,913 $1,461,092 1.35%
Time deposits 18,555 1,655,322 4.50%
Public Funds 8,439 775,431 4.37%
-------- ---------- ----
Total
interest
bearing
deposits $ 31,907 3,891,845 3.29%
Total
borrowings 1,814 197,261 3.65%
Capitalized
Interest (327)
Total
interest
bearing
liab cost $ 33,394 $4,089,106 3.28%
Noninterest-
bearing
deposits 950,637
Other net
interest-free
funding
sources 133,186
Total Cost of
Funds $ 33,394 $5,172,929 2.59%
Net Interest
Spread (TE) $ 53,810 3.48%
Net Interest
Margin (TE) $ 53,810 $5,172,929 4.17%
-------------------------------------------------------------
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
-------------------------------------------------------
Six Months Ended
-------------------------- ---------------------------
6/30/2008 6/30/2007
-------- ---------- ---- --------- ---------- ----
Interest Volume Rate Interest Volume Rate
-------- ---------- ---- --------- ---------- ----
Average
Earning
Assets
Commercial
& real
estate
loans (TE) $70,805 $2,248,375 6.33% $74,013 $2,010,572 7.42%
Mortgage
loans 12,085 406,225 5.95% 11,093 380,007 5.84%
Consumer
loans 42,500 1,020,706 8.37% 41,175 941,706 8.82%
Loan fees &
late
charges 68 -- 0.00% 734 -- 0.00%
-------- ---------- ---- --------- ---------- ----
Total
loans
(TE) 125,458 $3,675,306 6.86% 127,015 $3,332,285 7.68%
US treasury
securities 190 11,374 3.36% 1,151 47,238 4.91%
US agency
securities 9,367 406,619 4.61% 22,743 903,428 5.03%
CMOs 3,571 146,665 4.87% 2,052 100,525 4.08%
Mortgage
backed
securities 25,085 978,861 5.13% 11,330 457,032 4.96%
Municipals
(TE) 4,861 188,179 5.17% 5,514 197,832 5.57%
Other
securities 1,157 59,518 3.89% 1,854 75,891 4.89%
-------- ---------- ---- --------- ---------- ----
Total
securities
(TE) 44,231 1,791,216 4.94% 44,644 1,781,946 5.01%
Total
short-term
invest-
ments 1,766 128,502 2.76% 3,671 149,086 4.97%
Average
earning
assets
yield
(TE) $171,455 $5,595,024 6.15% $175,330 $5,263,317 6.70%
Interest-
Bearing
Liabilities
Interest-
bearing
transaction
deposits $7,225 $1,412,006 1.03% $9,678 $1,476,661 1.32%
Time
deposits 36,544 1,768,022 4.16% 37,577 1,676,651 4.52%
Public
Funds 12,362 954,290 2.61% 17,468 797,916 4.41%
-------- ---------- ---- --------- ---------- ----
Total
interest
bearing
deposits $56,131 $4,134,318 2.73% $64,723 $3,951,228 3.30%
Total
borrowings 7,852 525,847 3.00% 3,697 201,476 3.70%
Capitalized
Interest (66) (717)
Total
interest
bearing
liab
cost $63,917 $4,660,165 2.76% $67,703 $4,152,704 3.29%
Noninterest-
bearing
deposits 869,541 967,218
Other net
interest-
free
funding
sources 65,318 143,395
Total Cost
of Funds $63,917 $5,595,024 2.30% $67,703 $5,263,317 2.59%
Net Interest
Spread (TE) $107,538 3.39% $107,627 3.41%
Net Interest
Margin (TE) $107,538 $5,595,024 3.85% $107,627 $5,263,317 4.11%
-------- ---------- ---- --------- ---------- ----
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands,
except per share data and
FTE headcount)
(unaudited) ------------------------------------------------------
2006 2007
------------------------------------------------------
3Q 4Q 1Q 2Q 3Q 4Q
------------------------------------------------------
Per Common
Share Data
-----------
Earnings per
share:
Basic $1.11 $0.67 $0.59 $0.63 $0.55 $0.53
Diluted $1.08 $0.65 $0.58 $0.62 $0.55 $0.53
Cash
dividends
per share $0.240 $0.240 $0.240 $0.240 $0.240 $0.240
Book value
per share
(period-end) $16.64 $17.09 $17.27 $17.13 $17.55 $17.71
Tangible book
value per
share
(period-end) $14.47 $14.87 $15.05 $14.90 $15.32 $15.45
Weighted
average
number of
shares:
Basic 32,566 32,632 32,665 32,233 32,005 31,097
Diluted 33,333 33,378 33,299 32,749 32,492 31,577
Period-end
number of
shares 32,584 32,666 32,518 32,094 31,786 31,295
Market data:
High closing
price $56.79 $56.00 $54.09 $44.37 $43.90 $43.47
Low closing
price $49.71 $50.85 $41.88 $37.50 $32.78 $33.35
Period end
closing
price $53.55 $52.84 $43.98 $37.55 $40.08 $38.20
Trading
volume 8,135 6,393 8,577 11,614 10,290 17,662
Other
Period-end
Data
-----------
FTE
headcount 1,788 1,848 1,929 1,944 1,966 1,888
Tangible
common
equity $471,387 $485,778 $489,430 $478,085 $486,871 $483,612
Tier I
capital $487,668 $510,638 $513,229 $510,096 $508,554 $497,307
Goodwill $59,708 $62,277 $62,277 $62,277 $62,277 $62,277
Amortizable
intangibles $9,913 $9,414 $8,991 $8,607 $8,195 $7,753
Mortgage
servicing
intangibles $1,093 $941 $829 $729 $632 $545
Common
shares
repurchased
for
publicly
announced
plans -- -- 228 433 343 552
Performance
Ratios
-----------
Return on
average
assets 2.36% 1.44% 1.32% 1.42% 1.21% 1.11%
Return on
average
common
equity 27.58% 15.54% 13.77% 14.53% 12.58% 11.69%
Earning
asset
yield
(TE) 6.60% 6.54% 6.64% 6.76% 6.81% 6.72%
Total cost
of funds 2.30% 2.48% 2.60% 2.59% 2.75% 2.68%
Net interest
margin (TE) 4.29% 4.06% 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 58.76% 59.79% 61.40% 61.51% 65.18% 67.98%
Common equity
(period-end)
as a percent
of total
assets
(period-end) 8.86% 9.36% 9.61% 9.36% 9.45% 9.15%
Leverage
(Tier I)
ratio 8.15% 8.63% 8.80% 9.01% 8.82% 8.49%
Tangible
common
equity
ratio 7.79% 8.24% 8.48% 8.24% 8.34% 8.08%
Net charge-
offs as a
percent of
average
loans 0.34% 0.19% 0.18% 0.18% 0.21% 0.26%
Allowance for
loan losses
as a percent
of period-
end loans 1.55% 1.43% 1.41% 1.35% 1.31% 1.31%
Allowance for
loan losses
to NPAs +
loans 90
days past
due 494.65% 694.67% 413.60% 410.98% 335.22% 241.43%
Loan/deposit
ratio 60.97% 64.34% 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) 30.18% 33.14% 32.96% 36.33% 36.27% 36.67%
------------------------------------------------------
------------------------
2008
------------------------
1Q 2Q
------------------------
Per Common Share Data
---------------------
Earnings per share:
Basic $0.64 $0.67
Diluted $0.63 $0.66
Cash dividends per share $0.240 $0.240
Book value per share (period-end) $18.41 $18.27
Tangible book value per share
(period-end) $16.17 $16.06
Weighted average number of shares:
Basic 31,346 31,382
Diluted 31,790 31,814
Period-end number of shares 31,372 31,386
Market data:
High closing price $44.29 $45.68
Low closing price $33.45 $38.38
Period end closing price $42.02 $39.29
Trading volume 17,204 14,527
Other Period-end Data
---------------------
FTE headcount 1,877 1,903
Tangible common equity $507,287 $503,953
Tier I capital $512,248 $527,479
Goodwill $62,277 $62,277
Amortizable intangibles $7,388 $6,762
Mortgage servicing
intangibles $477 $413
Common shares repurchased for publicly
announced plans 0 0
Performance Ratios
------------------
Return on average assets 1.30% 1.36%
Return on average common equity 14.13% 14.51%
Earning asset yield (TE) 6.28% 6.02%
Total cost of funds 2.47% 2.12%
Net interest margin (TE) 3.80% 3.90%
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 59.49% 60.26%
Common equity (period-end) as a percent
of total assets (period-end) 8.99% 9.15%
Leverage (Tier I) ratio 8.34% 8.57%
Tangible common equity ratio 7.98% 8.13%
Net charge-offs as a percent of average
loans 0.32% 0.27%
Allowance for loan losses as a percent
of period-end loans 1.46% 1.41%
Allowance for loan losses to NPAs +
loans 90 days past due 265.81% 203.06%
Loan/deposit ratio 72.10% 74.82%
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) 36.73% 36.50%
-------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands,except
per share data and FTE headcount)
----------------------------
(unaudited) 2006
----------------------------
3Q 4Q
----------------------------
Asset Quality Information
-------------------------
Non-accrual loans $5,179 $3,500
Foreclosed assets 970 681
----------------------------
Total non-performing assets $6,149 $4,181
Non-performing assets as a percent
of loans and foreclosed assets 0.20% 0.13%
Accruing loans 90 days past due $3,626 $2,552
Accruing loans 90 days past due as
a percent of loans 0.12% 0.08%
Non-performing assets + accruing
loans 90 days past due to loans
and foreclosed assets 0.31% 0.21%
Net charge-offs $2,608 $1,523
Net charge-offs as a percent of
average loans 0.34% 0.19%
Allowance for loan losses $48,352 $46,772
Allowance for loan losses as a
percent of period-end loans 1.55% 1.43%
Allowance for loan losses to NPAs
+ accruing loans 90 days past due 494.65% 694.67%
Provision for (recovery of) loan
losses ($20,000) ($57)
Net Charge-off Information
--------------------------
Net charge-offs:
Commercial/real estate loans $522 ($137)
Mortgage loans 367 (11)
Direct consumer loans 1,003 493
Indirect consumer loans 294 395
Finance company loans 422 783
----------------------------
Total net charge-offs $2,608 $1,523
----------------------------
Average loans:
Commercial/real estate
loans $1,759,173 $1,855,506
Mortgage loans 423,610 428,674
Direct consumer loans 470,771 479,087
Indirect consumer loans 347,404 350,829
Finance Company loans 79,483 86,965
----------------------------
Total average loans $3,080,441 $3,201,061
Net charge-offs to average loans:
Commercial/real estate loans 0.12% -0.03%
Mortgage loans 0.34% -0.01%
Direct consumer loans 0.85% 0.41%
Indirect consumer loans 0.34% 0.45%
Finance Company loans 2.11% 3.57%
----------------------------
Total net charge-offs to average
loans 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 675 471 $314 $518
Finance company
loans 489 525 $760 $1,024
----------------------------------------------
Total net charge-
offs $1,465 $1,528 $1,880 $2,370
----------------------------------------------
Average loans:
Commercial/real
estate loans $1,931,966 $2,040,088 $2,055,922 $2,128,279
Mortgage loans 426,103 382,642 439,459 440,842
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%
----------------------------------------------
2008
----------------------------
1Q 2Q
----------------------------
Asset Quality Information
-------------------------
Non-accrual loans $12,983 $18,106
Foreclosed assets 3,619 1,693
----------------------------
Total non-performing assets $16,602 $19,799
Non-performing assets as a percent
of loans and foreclosed assets 0.46% 0.52%
Accruing loans 90 days past due $3,340 $6,449
Accruing loans 90 days past due as
a percent of loans 0.09% 0.17%
Non-performing assets + accruing
loans 90 days past due to loans and
foreclosed assets 0.55% 0.69%
Net charge-offs $2,933 $2,495
Net charge-offs as a percent of
average loans 0.32% 0.27%
Allowance for loan losses $53,008 $53,300
Allowance for loan losses as a
percent of period-end loans 1.46% 1.41%
Allowance for loan losses to NPAs +
accruing loans 90 days past due 265.81% 203.06%
Provision for (recovery of) loan
losses $8,818 $2,787
Net Charge-off Information
--------------------------
Net charge-offs:
Commercial/real estate loans $834 $600
Mortgage loans -- 61
Direct consumer loans 588 442
Indirect consumer loans 463 681
Finance company loans 1,048 711
----------------------------
Total net charge-offs $2,933 $2,495
----------------------------
Average loans:
Commercial/real estate loans $2,224,695 $2,272,057
Mortgage loans 399,374 413,076
Direct consumer loans 514,441 526,752
Indirect consumer loans 386,985 386,565
Finance Company loans 113,113 113,555
----------------------------
Total average loans $3,638,608 $3,712,005
Net charge-offs to average loans:
Commercial/real estate loans 0.15% 0.11%
Mortgage loans 0.00% 0.06%
Direct consumer loans 0.46% 0.34%
Indirect consumer loans 0.48% 0.71%
Finance Company loans 3.73% 2.52%
----------------------------
Total net charge-offs to average
loans 0.32% 0.27%
----------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands,
except per share data and
FTE headcount)
----------------------------------------------------
(unaudited) 2006 2007
----------------------------------------------------
3Q 4Q 1Q 2Q 3Q 4Q
----------------------------------------------------
Income
Statement
----------
Interest
income $89,233 $87,104 $85,708 $84,937 $87,661 $87,559
Interest
income (TE) 91,275 89,366 88,124 87,204 90,033 90,041
Interest
expense 31,988 33,966 34,308 33,394 36,467 36,067
----------------------------------------------------
Net interest
income (TE) 59,287 55,400 53,816 53,810 53,566 53,974
Provision for
(recovery
of) loan
losses (20,000) (57) 1,211 1,238 1,554 3,592
Noninterest
income
excluding
net storm-
related
gain/(loss)
and
securities
transactions 25,627 27,459 26,457 30,710 30,485 31,897
Net storm-
related gain/
(loss) -- 5,084 -- -- -- --
Securities
transactions
gains/
(losses) 110 (5,396) 6 34 34 234
Noninterest
expense 50,337 50,042 49,708 52,374 55,196 58,804
----------------------------------------------------
Income before
income taxes 52,645 30,300 26,944 28,675 24,963 21,227
Income tax
expense 16,614 8,538 7,715 8,352 7,224 4,627
----------------------------------------------------
Net income 36,031 21,762 19,229 20,323 17,739 16,600
====================================================
Noninterest
Income and
Noninterest
Expense
------------
Service
charges on
deposit
accounts $9,719 $9,402 $9,190 $10,471 $11,085 $11,182
Trust fees 3,174 3,624 3,693 4,124 3,892 4,194
Debit card &
merchant
fees 1,744 1,983 2,291 2,618 2,025 2,645
Insurance fees 4,145 5,346 4,369 5,033 4,256 5,561
Investment &
annuity fees 1,595 1,519 1,978 2,018 2,253 2,498
ATM fees 1,223 1,215 1,380 1,428 1,434 1,626
Secondary
mortgage
market
operations 1,018 945 911 1,116 935 761
Other income 3,009 3,425 2,645 3,902 4,605 3,430
----------------------------------------------------
Noninterest
income
excluding
net storm-
related
gain/(loss)
and
securities
transactions $25,627 $27,459 $26,457 $30,710 $30,485 $31,897
Net storm-
related gain/
(loss) 0 5,084 -- -- -- --
Securities
transactions
gains/
(losses) 110 (5,396) 6 34 34 234
----------------------------------------------------
Total
noninterest
income
including
storm-
related
gain/(loss)
and
securities
transactions $25,737 $27,147 $26,463 $30,744 $30,519 $32,131
====================================================
Personnel
expense $27,059 $24,092 $26,563 $24,837 $28,531 $27,027
Occupancy
expense (net) 2,882 3,335 4,073 4,469 4,731 6,162
Equipment
expense 2,647 2,665 2,272 2,768 2,814 2,610
Other
operating
expense 17,304 19,451 16,377 19,916 18,708 22,573
Amortization
of
intangibles 445 499 423 384 412 432
----------------------------------------------------
Total
noninterest
expense $50,337 $50,042 $49,708 $52,374 $55,196 $58,804
----------------------------------------------------
-----------------
2008
-----------------
1Q 2Q
-----------------
Income Statement
----------------
Interest income $84,813 $81,754
Interest income (TE) 87,269 84,186
Interest expense 34,344 29,573
-----------------
Net interest income (TE) 52,925 54,613
Provision for (recovery of) loan losses 8,818 2,787
Noninterest income excluding net storm-related
gain/(loss) and securities transactions 30,728 31,390
Net storm-related gain/(loss) -- --
Securities transactions gains/(losses) 5,652 426
Noninterest expense 50,134 52,189
-----------------
Income before income taxes 27,897 29,021
Income tax expense 7,840 8,037
-----------------
Net income 20,057 20,984
=================
Noninterest Income and Noninterest Expense
------------------------------------------
Service charges on deposit accounts $10,790 $10,879
Trust fees 4,175 4,575
Debit card & merchant fees 2,540 2,884
Insurance fees 4,341 4,259
Investment & annuity fees 2,809 2,727
ATM fees 1,691 1,757
Secondary mortgage market operations 778 753
Other income 3,604 3,556
-----------------
Noninterest income excluding net storm-related
gain/(loss) and securities transactions $30,728 $31,390
Net storm-related gain/(loss) -- --
Securities transactions gains/(losses) 5,652 426
-----------------
Total noninterest income including storm-
related gain/(loss) and securities
transactions $36,380 $31,816
=================
Personnel expense $25,631 $27,031
Occupancy expense (net) 4,601 4,702
Equipment expense 2,909 2,785
Other operating expense 16,628 17,307
Amortization of intangibles 365 364
-----------------
Total noninterest expense $50,134 $52,189
-----------------