GULFPORT, Miss., Jan. 20, 2009 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced net income for the year ended December 31, 2008. Hancock's 2008 net income was $65.4 million, a decrease of $8.5 million, or 11.5 percent, from 2007's net income of $73.9 million. Diluted earnings per share for 2008 were $2.05, a decrease of $0.22 from 2007's diluted earnings per share of $2.27. Hancock's return on average assets for 2008 was 1.02 percent compared to 1.26 percent for 2007.
Net income for the fourth quarter of 2008 was $8.3 million, a decrease of $8.3 million, or 49.9 percent, from the fourth quarter of 2007, and a decrease of $7.7 million, or 48.0 percent, from 2008's third quarter. Diluted earnings per share for 2008's fourth quarter were $0.26, compared to $0.53 per diluted share for the same quarter a year ago and to $0.50 per diluted share for 2008's third quarter.
The Company's fourth quarter results were heavily impacted by the continuing financial crisis and on-going national economic recession. In addition, weaknesses in residential development and rising unemployment levels in the Company's market areas also impacted fourth quarter earnings. As a result of these difficult national and regional issues, Hancock recorded a fourth quarter provision for loan losses of $17.1 million, which represents an increase of $9.1 million compared to the prior quarter. Net charge-offs for the quarter were $12.6 million, or 1.20 percent of average loans and were up $8.4 million compared to the third quarter. Of the $8.4 million increase in net charge-offs, over 70.0 percent or about $5.9 million, were reflected in the Company's construction and land development loan segments. These weakening economic conditions also impacted the Company's allowance for loan losses, which increased to 1.45 percent of period-end loans at December 31, 2008, from the 1.40 percent recorded at September 30, 2008. The quarter's higher level of provision for loan losses impacted diluted earnings per share by $0.18.
Commenting on the Company's fourth quarter earnings, Hancock Holding Company President and Chief Executive Officer Carl J. Chaney stated, "While disappointed by the necessary action to record a higher provision for loan losses this quarter, we are pleased with the continued growth and strength of Hancock's balance sheet. At year end, Hancock's total asset level reached $7.2 billion, with deposits growing nearly $516 million during the quarter as many customers continued to seek a safe and secure bank for their money. In addition, our capital levels -- among the highest in our peer groups and without the aid of government bailout money as Hancock elected to pass on this assistance -- reached $609.5 million. The actions taken with respect to proactively recognizing weaknesses in some segments of our loan portfolio remain consistent with the conservative and careful nature in which Hancock is managed."
Highlights & Key Operating Items from Hancock's Fourth Quarter Results
Balance Sheet Growth & Capital
Hancock continued to experience extraordinary asset growth as total assets at December 31, 2008, grew to $7.2 billion from $6.7 billion at September 30, 2008. The increase was even more dramatic compared to December 31, 2007, as total assets grew by over $1.1 billion, or 18.4 percent. All of the aforementioned growth in assets was organic as the Company did not record any acquisitions in the past year. Hancock also remains very well capitalized with total equity of $609.5 million at December 31, 2008, up $55.3 million, or 10.0 percent, from December 31, 2007. Hancock's tangible equity ratio at year end was 7.62 percent, still among the highest in Hancock's peer group and without the aid of government assistance.
Loan Growth
For the quarter ended December 31, 2008, Hancock's average total loans were $4.2 billion, which represented an increase of $613.4 million, or 17.2 percent, from 2007's fourth quarter and was up $234.2 million, or 5.9 percent from the third quarter of 2008. Period-end loans were up $176.5 million, or 4.3 percent, from last quarter. The majority of the period-end increase in loans was in municipal loans (up $71.5 million, or 17.4 percent), with smaller increases recorded in most other commercial and consumer loan categories. Of the $234.2 million increase in average loans, approximately $97.3 million was in Mississippi, $86.3 million in Louisiana, and $26.6 million and $24.0 million in Alabama and Florida, respectively.
Deposit Growth
Average deposits were up $510.8 million, or 10.0 percent, from the third quarter of 2008. The increase in average deposits was reflected mostly in time deposits (up $311.0 million) and public fund deposits (up $151.1 million). Period-end deposits for the fourth quarter were $5.9 billion, up $921.4 million, or 18.4 percent, from December 31, 2007, and were up $516.1 million, or 9.5 percent, from September 30, 2008. The large increase in period-end deposits as compared to September 30, 2008, was primarily in time deposits as well as public fund deposits.
Asset Quality
Effects of the on-going national recession, weakness in residential development and higher unemployment levels across all of Hancock's markets had a significant impact on the Company's net charge-off levels in the quarter and resulted in a higher allowance for loan losses. Net charge-offs for 2008's fourth quarter were $12.6 million, or 1.20 percent of average loans, up $8.4 million from the $4.2 million, or 0.42 percent of average loans, reported for the third quarter of 2008. Of the overall increase of $8.4 million, commercial charge-offs accounted for $7.4 million, while consumer charge-offs were up $0.86 million. The commercial charge-offs were mostly related to valuations and other issues in the construction and land development segments of the loan portfolio (approximately 14 credits and $5.9 million of charge-offs). The construction and land development loan segment represents approximately 13.7 percent of Hancock's total loan portfolio, or about $585.4 million at year end 2008. The increased levels of net charge-offs in Hancock's consumer loan segments were primarily reflected in indirect auto loans (up $424.0 thousand), direct consumer loans (up $330.0 thousand) and consumer finance (up $119.0 thousand). Indirect auto loans represent 10.4 percent of total loans at year-end, while direct consumer and finance company loans represent 13.7 percent and 2.8 percent, respectively. Non-performing assets as a percent of total loans and foreclosed assets was 0.83 percent at December 31, 2008, compared to 0.59 percent at September 30, 2008. Non-accrual loans increased $8.1 million while other real estate owned (ORE) increased $3.2 million compared to the third quarter. The increases in non-accrual loans and ORE were related to two separate real estate development projects in Louisiana. Loans 90 days past due or greater (accruing) as a percent of period end loans increased 11 basis points from September 30, 2008, to 0.26 percent at December 31, 2008.
Hancock recorded a provision for loan losses of $17.1 million in the fourth quarter which, when combined with the quarter's net charge-offs of $12.6 million, resulted in a $4.5 million increase in the allowance for loan losses between September 30, 2008, and December 31, 2008. This increase was necessary to adjust the allowance to the level dictated by the Company's reserving methodologies. Major drivers of the overall higher level of allowance for loan losses were a $176.5 million, or 17.3 percent annualized, increase in loans between September 30 and December 31, as well as continued weakness in the local and national economies, and also increases in nonperforming loans and higher past dues. The Company's allowance for loan losses was $61.7 million at December 31, 2008, compared to $57.2 million reported at September 30, 2008. The ratio of the allowance for loan losses as a percent of period-end loans was 1.45 percent at year-end 2008, compared to 1.40 percent reported at September 30, 2008.
Net Interest Income
Net interest income (te) for the fourth quarter increased $1.1 million, or 1.9 percent, while the net interest margin (te) of 3.51 percent was 53 basis points narrower than the same quarter a year ago. Growth in average earning assets was strong compared to the same quarter a year ago with an increase of $924.6 million, or 17.4 percent, mostly reflected in higher average loans (up $613.4 million, or 17.2 percent). With short-term interest rates down significantly from the same quarter a year ago, the Company's loan yield fell 136 basis points, pushing the yield on average earning assets down 113 basis points. However, total funding costs over the same quarter a year ago were down only 61 basis points.
Compared to the prior quarter, the net interest margin (te) narrowed 48 basis points and the level of net interest income was down $2.4 million, or 4.2 percent. The Company's net interest margin and net interest income levels (te) were unfavorably impacted by the Federal Reserve's decision to reduce short-term interest rates 175 basis points during the quarter. Hancock has approximately $1.3 billion in variable rate loans whose rate is indexed to prime and net interest income and net interest margin were reduced as a result of these actions. The impact on our total loan yield for the fourth quarter was a reduction of 34 basis points. Another factor impacting the quarter's net interest margin was that our total cost of funds was up 5 basis points compared to the previous quarter with rates on interest-bearing deposits up 8 basis points. The higher deposit rates in the fourth quarter were related to a deposit rate campaign in three new markets (New Orleans, Mobile, and Pensacola) that netted $319.5 million in new deposits by year-end. In addition, the mix of the quarter's overall deposit growth was weighted toward more expensive time and public fund deposits contributing almost 92.0 percent of the quarter's average growth.
Non-interest Income
Non-interest income, excluding securities transactions, for the fourth quarter was down $1.3 million, or 4.2 percent, compared to the same quarter a year ago but was up $0.4 million, or 1.3 percent, compared to the previous quarter. The primary factors impacting the lower levels of non-interest income compared to the same quarter a year ago were lower levels of trust fees (down $0.4 million, or 9.9 percent) and insurance fees (down $1.4 million, or 25.6 percent), partly offset by higher service income (up $0.3 million, or 2.5 percent). The increase in non-interest income (excluding securities transactions) for the fourth quarter compared to the prior quarter was primarily due to service charge income (up $0.4 million, or 3.2 percent) and investment and annuity fees (up $0.4 million, or 17.7 percent), but only partially offset by lower trust fees (down $0.6 million, or 12.8 percent).
Operating Expense
Operating expenses for the fourth quarter were $3.2 million, or 5.4 percent, lower compared to the same quarter a year ago, but were $0.2 million, or 0.3 percent, higher than the previous quarter. The decrease from the same quarter a year ago was reflected in lower other operating expenses (down $3.4 million) and net occupancy expense (down $1.1 million) partially offset by higher levels of personnel expense (up $1.4 million). The increase in operating expense from last quarter was due to other operating expense (up $0.7 million) offset by lower personnel expense (down $0.2 million.)
Other
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 $7.17 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.
"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
-----------------------------------------------------
12/31/2008 9/30/2008 12/31/2007 12/31/2008 12/31/2007
-----------------------------------------------------
Per Common Share
Data
----------------
Earnings per share:
Basic $0.26 $0.51 $0.53 $2.08 $2.31
Diluted $0.26 $0.50 $0.53 $2.05 $2.27
Cash dividends
per share $0.240 $0.240 $0.240 $0.960 $0.960
Book value per
share (period-end) $19.18 $18.95 $17.71 $19.18 $17.71
Tangible book value
per share
(period-end) $17.02 $16.77 $15.45 $17.02 $15.45
Weighted average
number of shares:
Basic 31,757 31,471 31,097 31,491 32,000
Diluted 32,059 31,905 31,577 31,883 32,544
Period-end number
of shares 31,770 31,702 31,295 31,770 31,295
Market data:
High closing price $56.45 $68.42 $43.47 $68.42 $54.09
Low closing price $34.20 $33.34 $33.35 $33.34 $32.78
Period end
closing price $45.46 $51.00 $38.20 $45.46 $38.20
Trading volume 18,544 23,562 17,662 73,843 48,169
Other Period-end
Data
----------------
FTE headcount 1,952 1,941 1,888 1,952 1,888
Tangible common
equity $540,859 $531,800 $483,612 $540,859 $483,612
Tier I capital $550,216 $546,379 $497,307 $550,216 $497,307
Goodwill $62,277 $62,277 $62,277 $62,277 $62,277
Amortizable
intangibles $6,059 $6,402 $7,753 $6,059 $7,753
Mortgage servicing
intangibles $304 $357 $545 $304 $545
Common shares
repurchased for
publicly announced
plans 6 0 552 6 1,556
Performance Ratios
------------------
Return on average
assets 0.48% 1.00% 1.11% 1.02% 1.26%
Return on average
common equity 5.49% 10.90% 11.69% 11.18% 13.14%
Earning asset
yield (TE) 5.60% 6.02% 6.73% 5.97% 6.74%
Total cost of funds 2.08% 2.03% 2.69% 2.17% 2.66%
Net interest
margin (TE) 3.51% 3.99% 4.04% 3.80% 4.08%
Noninterest expense
as a percent of
total revenue (TE)
before amortization
of purchased
intangibles and
securities
transactions 64.61% 62.92% 67.98% 61.84% 64.13%
Common equity
(period-end) as a
percent of total
assets (period-end) 8.50% 8.91% 9.15% 8.50% 9.15%
Leverage (Tier I)
ratio 8.06% 8.66% 8.49% 8.06% 8.49%
Tangible common
equity ratio 7.62% 7.97% 8.08% 7.62% 8.08%
Net charge-offs as
a percent of
average loans 1.20% 0.42% 0.26% 0.57% 0.21%
Allowance for loan
losses as a percent
of period-end loans 1.45% 1.40% 1.31% 1.45% 1.31%
Allowance for loan
losses to NPAs +
accruing loans 90
days past due 133.16% 189.69% 241.43% 133.16% 241.43%
Loan/deposit ratio 74.58% 77.46% 72.33% 74.75% 69.55%
Non-interest
income excluding
securities
transactions as a
percent of
total revenue (TE) 35.73% 34.46% 37.18% 35.86% 35.89%
-------------------------------------------------
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-----------------------------------------------------------
Three Months Ended Twelve Months Ended
-----------------------------------------------------------
12/31/2008 9/30/2008 12/31/2007 12/31/2008 12/31/2007
-----------------------------------------------------------
Asset
Quality
Information
------------
Non-accrual
loans $29,976 $21,875 $13,067 $29,976 $13,067
Foreclosed
assets 5,360 2,197 2,297 5,360 2,297
-----------------------------------------------------------
Total
non-
perform
-ing
assets $35,336 $24,072 $15,364 $35,336 $15,364
-----------------------------------------------------------
Non-perform
-ing
assets as
a percent
of loans
and
foreclosed
assets 0.83% 0.59% 0.43% 0.83% 0.43%
Accruing
loans 90
days past
due $11,019 $6,082 $4,154 $11,019 $4,154
Accruing
loans 90
days past
due as a
percent
of loans 0.26% 0.15% 0.12% 0.26% 0.12%
Non-perform
-ing
assets +
accruing
loans 90
days past
due to
loans and
foreclosed
assets 1.09% 0.74% 0.54% 1.09% 0.54%
Net charge
-offs $12,591 $4,164 $2,368 $22,183 $7,242
Net charge
-offs as
a percent
of average
loans 1.20% 0.42% 0.26% 0.57% 0.21%
Allowance
for loan
losses $61,725 $57,200 $47,123 $61,725 $47,123
Allowance
for loan
losses as
a percent
of period
-end loans 1.45% 1.40% 1.31% 1.45% 1.31%
Allowance
for loan
losses to
NPAs +
accruing
loans 90
days past
due 133.16% 189.69% 241.43% 133.16% 241.43%
Provision
for loan
losses $17,116 $8,064 $3,590 $36,785 $7,593
Allowance
for Loan
Losses
---------
Beginning
Balance $57,200 $53,300 $45,901 $47,123 $46,772
Provision
for loan
loss 17,116 8,064 3,590 36,785 7,593
Charge
-offs 14,107 5,133 4,244 27,407 14,452
Recoveries 1,516 969 1,876 5,224 7,210
-----------------------------------------------------------
Net charge
-offs 12,591 4,164 2,368 22,183 7,242
-----------------------------------------------------------
Ending
Balance $61,725 $57,200 $47,123 $61,725 $47,123
-----------------------------------------------------------
Net Charge
-off
Information
------------
Net charge
-offs:
Commercial
/real
estate
loans $8,971 $1,556 ($100) $11,961 ($54)
Mortgage
loans 269 179 42 509 44
Direct
consumer
loans 1,039 650 886 2,719 2,720
Indirect
consumer
loans 1,337 867 518 3,348 1,735
Finance
company
loans 975 912 1,024 3,646 2,797
-----------------------------------------------------------
Total net
charge
-offs $12,591 $4,164 $2,370 $22,183 $7,242
===========================================================
Average
loans:
Commercial
/real
estate
loans $2,622,357 $2,453,154 $2,175,648 $2,393,856 $2,076,429
Mortgage
loans 432,070 427,752 393,473 418,133 385,568
Direct
consumer
loans 575,826 546,079 505,098 540,885 492,298
Indirect
consumer
loans 439,780 410,110 385,093 405,964 369,147
Finance
Company
loans 117,435 116,140 114,750 115,070 104,567
-----------------------------------------------------------
Total
average
loans $4,187,468 $3,953,235 $3,574,062 $3,873,908 $3,428,009
Net charge
-offs to
average
loans:
Commercial
/real
estate
loans 1.36% 0.25% -0.02% 0.50% 0.00%
Mortgage
loans 0.25% 0.17% 0.04% 0.12% 0.01%
Direct
consumer
loans 0.72% 0.47% 0.70% 0.50% 0.55%
Indirect
consumer
loans 1.21% 0.84% 0.53% 0.82% 0.47%
Finance
Company
loans 3.30% 3.12% 3.54% 3.17% 2.67%
-----------------------------------------------------------
Total net
charge
-offs to
average
loans 1.20% 0.42% 0.26% 0.57% 0.21%
-----------------------------------------------------------
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-----------------------------------------------------------
Three Months Ended Twelve Months Ended
-----------------------------------------------------------
12/31/2008 9/30/2008 12/31/2007 12/31/2008 12/31/2007
-----------------------------------------------------------
Income
Statement
----------
Interest
income $84,801 $84,132 $87,532 $335,437 $345,697
Interest
income
(TE) 87,726 86,774 90,015 345,891 355,236
Interest
expense 32,727 29,357 36,067 126,002 140,236
-----------------------------------------------------------
Net
interest
income
(TE) 54,999 57,417 53,948 219,889 215,000
Provision
for loan
losses 17,116 8,064 3,590 36,785 7,593
Noninterest
income
excluding
securities
trans-
actions 30,578 30,194 31,924 122,953 120,378
Securities
trans-
actions
gains/
(losses) (1,174) (79) 234 4,825 308
Noninterest
expense 55,637 55,483 58,804 213,443 216,743
-----------------------------------------------------------
Income
before
income
taxes 8,725 21,343 21,229 86,985 101,811
Income tax
expense 405 5,338 4,628 21,619 27,919
-----------------------------------------------------------
Net income $8,320 $16,005 $16,601 $65,366 $73,892
===========================================================
Noninterest
Income and
Noninterest
Expense
------------
Service
charges on
deposit
accounts $11,467 $11,108 $11,182 $44,243 $41,929
Trust fees 3,777 4,330 4,194 16,858 15,902
Debit card
& merchant
fees 2,853 2,805 2,646 11,082 10,126
Insurance
fees 4,136 3,819 5,557 16,554 19,229
Investment
& annuity
fees 2,849 2,421 2,498 10,807 8,746
ATM fees 1,690 1,718 1,626 6,856 5,983
Secondary
mortgage
market
operations 629 817 761 2,977 3,723
Other
income 3,177 3,176 3,460 13,576 14,740
-----------------------------------------------------------
Noninterest
income
excluding
securities
trans-
actions $30,578 $30,194 $31,924 $122,953 $120,378
Securities
trans-
actions
gains/
(losses) (1,174) (79) 234 4,825 308
-----------------------------------------------------------
Total
noninterest
income
including
securities
trans-
actions $29,404 $30,115 $32,158 $127,778 $120,686
===========================================================
Personnel
expense $28,447 $28,664 $27,026 $109,773 $106,959
Occupancy
expense
(net) 5,047 5,188 6,162 19,538 19,435
Equipment
expense 2,587 2,711 2,610 10,992 10,465
Other
operating
expense 19,213 18,560 22,574 71,708 78,233
Amortization
of
intangibles 343 360 432 1,432 1,651
-----------------------------------------------------------
Total
noninterest
expense $55,637 $55,483 $58,804 $213,443 $216,743
===========================================================
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-----------------------------------------------------------
Three Months Ended Twelve Months Ended
-----------------------------------------------------------
12/31/2008 9/30/2008 12/31/2007 12/31/2008 12/31/2007
-----------------------------------------------------------
Period-end
Balance
Sheet
----------
Commercial
/real
estate
loans $2,683,188 $2,549,906 $2,200,301 $2,683,188 $2,200,301
Mortgage
loans 427,720 421,254 389,685 427,720 389,685
Direct
consumer
loans 581,288 554,374 505,110 581,288 505,110
Indirect
consumer
loans 439,903 430,414 386,241 439,903 386,241
Finance
Company
loans 117,366 116,995 115,220 117,366 115,220
-----------------------------------------------------------
Total
loans 4,249,465 4,072,943 3,596,557 4,249,465 3,596,557
Loans held
for sale 22,115 16,565 18,957 22,115 18,957
Securities 1,681,957 1,659,423 1,670,208 1,681,957 1,670,208
Short-term
invest-
ments 549,416 306,866 126,281 549,416 126,281
-----------------------------------------------------------
Earning
assets 6,502,953 6,055,797 5,412,003 6,502,953 5,412,003
-----------------------------------------------------------
Allowance
for loan
losses (61,725) (57,200) (47,123) (61,725) (47,123)
Other
assets 726,026 746,165 691,099 726,026 691,099
-----------------------------------------------------------
Total
assets $7,167,254 $6,744,762 $6,055,979 $7,167,254 $6,055,979
===========================================================
Noninterest
bearing
deposits $962,886 $866,414 $907,874 $962,886 $907,874
Interest
bearing
trans-
action
deposits 1,443,633 1,371,400 1,343,173 1,443,633 1,343,173
Interest
bearing
Public
Fund
deposits 1,421,070 1,231,529 845,685 1,421,070 845,685
Time
deposits 2,103,348 1,945,452 1,912,802 2,103,348 1,912,802
-----------------------------------------------------------
Total
interest
bearing
deposits 4,968,051 4,548,381 4,101,660 4,968,051 4,101,660
-----------------------------------------------------------
Total
deposits 5,930,937 5,414,795 5,009,534 5,930,937 5,009,534
Other
borrowed
funds 517,257 635,069 386,263 517,257 386,263
Other
liabil-
ities 109,561 94,063 105,995 109,561 105,995
Common
share-
holders'
equity 609,499 600,835 554,187 609,499 554,187
-----------------------------------------------------------
Total
liabil-
ities &
common
equity $7,167,254 $6,744,762 $6,055,979 $7,167,254 $6,055,979
===========================================================
Average
Balance
Sheet
--------
Commercial
/real
estate
loans $2,622,357 $2,453,154 $2,175,648 $2,393,856 $2,076,429
Mortgage
loans 432,070 427,752 393,473 418,133 385,568
Direct
consumer
loans 575,826 546,079 505,098 540,885 492,298
Indirect
consumer
loans 439,780 410,110 385,093 405,964 369,147
Finance
Company
loans 117,435 116,140 114,750 115,070 104,567
-----------------------------------------------------------
Total
loans 4,187,468 3,953,235 3,574,062 3,873,908 3,428,009
Securities 1,645,603 1,765,702 1,700,399 1,743,998 1,726,714
Short-term
invest-
ments 417,370 28,161 51,384 175,891 117,158
-----------------------------------------------------------
Earning
average
assets 6,250,441 5,747,098 5,325,845 5,793,797 5,271,881
-----------------------------------------------------------
Allowance
for loan
losses (58,163) (54,786) (46,347) (53,354) (46,443)
Other
assets 698,751 682,316 650,616 685,946 626,451
-----------------------------------------------------------
Total
assets $6,891,029 $6,374,628 $5,930,114 $6,426,389 $5,851,889
===========================================================
Noninterest
bearing
deposits $897,561 $869,881 $884,019 $876,669 $927,656
Interest
bearing
trans-
action
deposits 1,429,054 1,408,013 1,341,013 1,415,288 1,419,077
Interest
bearing
Public
Fund
deposits 1,213,226 1,062,127 795,024 1,046,484 803,589
Time
deposits 2,074,559 1,763,609 1,921,490 1,843,966 1,778,854
-----------------------------------------------------------
Total
interest
bearing
deposits 4,716,839 4,233,749 4,057,527 4,305,738 4,001,520
-----------------------------------------------------------
Total
deposits 5,614,400 5,103,630 4,941,546 5,182,407 4,929,176
Other
borrowed
funds 579,328 587,939 302,150 554,898 228,010
Other
liabil-
ities 94,804 98,913 123,191 104,279 132,320
Common
share-
holders'
equity 602,497 584,146 563,227 584,805 562,383
-----------------------------------------------------------
Total
liabil-
ities &
common
equity $6,891,029 $6,374,628 $5,930,114 $6,426,389 $5,851,889
===========================================================
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-----------------------------------------------------------
Three Months Ended Twelve Months Ended
-----------------------------------------------------------
12/31/2008 9/30/2008 12/31/2007 12/31/2008 12/31/2007
-----------------------------------------------------------
Average
Balance
Sheet Mix
----------
Percentage
of earning
assets
/funding
sources:
Loans 66.99% 68.79% 67.11% 66.86% 65.03%
Securities 26.33% 30.72% 31.93% 30.10% 32.75%
Short-term
invest-
ments 6.68% 0.49% 0.96% 3.04% 2.22%
-----------------------------------------------------------
Earning
average
assets 100.00% 100.00% 100.00% 100.00% 100.00%
===========================================================
Noninterest
bearing
deposits 14.36% 15.14% 16.60% 15.13% 17.60%
Interest
bearing
trans-
action
deposits 22.86% 24.50% 25.18% 24.43% 26.91%
Interest
bearing
Public
Fund
deposits 19.41% 18.48% 14.93% 18.06% 15.24%
Time
deposits 33.19% 30.68% 36.08% 31.83% 33.74%
-----------------------------------------------------------
Total
deposits 89.82% 88.80% 92.79% 89.45% 93.49%
Other
borrowed
funds 9.27% 10.23% 5.67% 9.57% 4.33%
Other net
interest-
free
funding
sources 0.91% 0.97% 1.54% 0.98% 2.18%
-----------------------------------------------------------
Total
average
funding
sources 100.00% 100.00% 100.00% 100.00% 100.00%
===========================================================
Loan mix:
Commercial
/real
estate
loans 62.63% 62.06% 60.88% 61.80% 60.57%
Mortgage
loans 10.32% 10.82% 11.01% 10.79% 11.25%
Direct
consumer
loans 13.75% 13.81% 14.13% 13.96% 14.36%
Indirect
consumer
loans 10.50% 10.37% 10.77% 10.48% 10.77%
Finance
Company
loans 2.80% 2.94% 3.21% 2.97% 3.05%
-----------------------------------------------------------
Total
loans 100.00% 100.00% 100.00% 100.00% 100.00%
===========================================================
Average
dollars
(in
thousands):
Loans $4,187,468 $3,953,235 $3,574,062 $3,873,908 $3,428,009
Securities 1,645,603 1,765,702 1,700,399 1,743,998 1,726,714
Short-term
invest-
ments 417,370 28,161 51,384 175,891 117,158
-----------------------------------------------------------
Earning
average
assets $6,250,441 $5,747,098 $5,325,845 $5,793,797 $5,271,881
Noninterest
bearing
deposits $897,561 $869,881 $884,019 $876,669 $927,656
Interest
bearing
trans-
action
deposits 1,429,054 1,408,013 1,341,013 1,415,288 1,419,077
Interest
bearing
Public
Fund
deposits 1,213,226 1,062,127 795,024 1,046,484 803,589
Time
deposits 2,074,559 1,763,609 1,921,490 1,843,966 1,778,854
-----------------------------------------------------------
Total
deposits 5,614,400 5,103,630 4,941,546 5,182,407 4,929,176
Other
borrowed
funds 579,328 587,939 302,150 554,898 228,010
Other net
interest-
free
funding
sources 56,713 55,529 82,149 56,492 114,695
-----------------------------------------------------------
Total
average
funding
sources $6,250,441 $5,747,098 $5,325,845 $5,793,797 $5,271,881
Loans:
Commercial
/real
estate
loans $2,622,357 $2,453,154 $2,175,648 $2,393,856 $2,076,429
Mortgage
loans 432,070 427,752 393,473 418,133 385,568
Direct
consumer
loans 575,826 546,079 505,098 540,885 492,298
Indirect
consumer
loans 439,780 410,110 385,093 405,964 369,147
Finance
Company
loans 117,435 116,140 114,750 115,070 104,567
-----------------------------------------------------------
Total
average
loans $4,187,468 $3,953,235 $3,574,062 $3,873,908 $3,428,009
-----------------------------------------------------------
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
------------------------------------------------------
Three Months Ended
------------------------------------------------------
12/31/08 09/30/08
------------------------- --------------------------
Interest Volume Rate Interest Volume Rate
-------- ---------- ----- -------- ---------- -----
Average Earning
Assets
Commercial &
real estate
loans (TE) $36,652 $2,622,357 5.57% $36,289 $2,453,154 5.89%
Mortgage loans 6,328 432,070 5.86% 6,366 427,752 5.95%
Consumer loans 21,602 1,133,041 7.58% 21,237 1,072,329 7.88%
Loan fees & late
charges (40) -- 0.00% 455 -- 0.00%
-------- ---------- ----- -------- ---------- -----
Total loans
(TE) $64,542 $4,187,468 6.14% $64,347 $3,953,235 6.48%
US treasury
securities 53 11,380 1.84% 53 11,334 1.86%
US agency
securities 2,882 254,284 4.53% 3,751 333,434 4.50%
CMOs 2,108 167,995 5.02% 1,786 141,355 5.05%
Mortgage backed
securities 13,564 1,024,421 5.30% 13,917 1,066,233 5.22%
Municipals (TE) 2,178 149,418 5.83% 2,280 163,796 5.57%
Other securities 411 38,105 4.31% 557 49,550 4.50%
-------- ---------- ----- -------- ---------- -----
Total
securities
(TE) 21,196 1,645,603 5.15% 22,344 1,765,702 5.06%
Total
short-term
investments 1,988 417,370 1.90% 83 28,161 1.18%
Average earning
assets yield
(TE) $87,726 $6,250,441 5.60% $86,774 $5,747,098 6.02%
Interest-bearing
Liabilities
Interest-bearing
transaction
deposits $ 3,333 $1,429,054 0.93% $ 3,193 $1,408,013 0.90%
Time deposits 18,534 2,074,559 3.55% 15,579 1,763,609 3.51%
Public Funds 7,530 1,213,226 2.47% 6,750 1,062,127 2.53%
-------- ---------- ----- -------- ---------- -----
Total interest
bearing
deposits $29,397 4,716,839 2.48% $25,522 4,233,749 2.40%
Total
borrowings 3,330 579,328 2.29% 3,835 587,939 2.59%
Total interest
bearing liab
cost $32,727 $5,296,167 2.46% $29,357 $4,821,688 2.42%
Noninterest-
bearing
deposits 897,561 869,881
Other net
interest-free
funding
sources 56,713 55,529
Total Cost of
Funds $32,727 $6,250,441 2.08% $29,357 $5,747,098 2.03%
Net Interest
Spread (TE) $54,999 3.14% $57,417 3.60%
Net Interest
Margin (TE) $54,999 $6,250,441 3.51% $57,417 $5,747,098 3.99%
--------------------------
Three Months Ended
--------------------------
12/31/07
--------------------------
Interest Volume Rate
-------- ---------- -----
Average Earning Assets
Commercial & real estate loans (TE) $39,445 $2,175,648 7.20%
Mortgage loans 5,879 393,473 5.98%
Consumer loans 21,875 1,004,941 8.64%
Loan fees & late charges 274 -- 0.00%
------- ---------- -----
Total loans (TE) $67,473 3,574,062 7.50%
US treasury securities 101 11,326 3.53%
US agency securities 8,147 635,796 5.13%
CMOs 1,116 97,074 4.60%
Mortgage backed securities 9,302 709,421 5.24%
Municipals (TE) 2,631 196,421 5.36%
Other securities 692 50,361 5.50%
------- ---------- -----
Total securities (TE) 21,989 1,700,399 5.17%
Total short-term investments 553 51,384 4.27%
Average earning assets yield (TE) $90,015 $5,325,845 6.73%
Interest-bearing Liabilities
Interest-bearing transaction deposits $ 3,774 $1,341,013 1.12%
Time deposits 22,353 1,921,490 4.62%
Public Funds 7,340 795,024 3.66%
------- ---------- -----
Total interest bearing deposits $33,467 4,057,527 3.27%
Total borrowings 2,600 302,150 3.41%
Total interest bearing liab cost $36,067 $4,359,677 3.28%
Noninterest-bearing deposits 884,019
Other net interest-free funding sources 82,149
Total Cost of Funds $36,067 $5,325,845 2.69%
Net Interest Spread (TE) $53,948 3.44%
Net Interest Margin (TE) $53,948 $5,325,845 4.04%
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
-----------------------------------------------------
Twelve Months Ended
-----------------------------------------------------
12/31/2008 12/31/2007
-------------------------- --------------------------
Interest Volume Rate Interest Volume Rate
-------- ---------- ----- -------- ---------- -----
Average
Earning Assets
Commercial &
real estate
loans (TE) $143,746 $2,393,856 6.00% $153,013 $2,076,429 7.37%
Mortgage loans 24,779 418,133 5.93% 22,745 385,568 5.90%
Consumer loans 85,339 1,061,919 8.04% 84,920 966,012 8.79%
Loan fees & late
charges 483 -- 0.00% 1,266 -- 0.00%
-------- ---------- ----- -------- ---------- -----
Total loans
(TE) 254,347 $3,873,908 6.57% 261,944 $3,428,009 7.64%
US treasury
securities 296 11,366 2.60% 1,379 29,095 4.74%
US agency
securities 16,000 349,931 4.57% 41,111 810,299 5.07%
CMOs 7,465 150,692 4.95% 3,997 94,731 4.22%
Mortgage backed
securities 52,564 1,012,274 5.19% 27,190 534,893 5.08%
Municipals (TE) 9,320 172,307 5.41% 10,779 197,004 5.47%
Other securities 2,061 47,428 4.34% 3,223 60,692 5.31%
-------- ---------- ----- -------- ---------- -----
Total securities
(TE) 87,706 1,743,998 5.03% 87,679 1,726,714 5.08%
Total short-term
investments 3,838 175,891 2.18% 5,613 117,158 4.79%
Average earning
assets yield
(TE) $345,891 $5,793,797 5.97% $355,236 $5,271,881 6.74%
Interest-Bearing
Liabilities
Interest-bearing
transaction
deposits $ 13,751 $1,415,288 0.97% $ 18,135 $1,419,077 1.28%
Time deposits 70,659 1,843,966 3.83% 81,223 1,778,854 4.57%
Public Funds 26,642 1,046,484 2.55% 33,561 803,589 4.18%
-------- ---------- ----- -------- ---------- -----
Total interest
bearing
deposits $111,052 $4,305,738 2.58% $132,919 $4,001,520 3.32%
Total borrowings 14,950 554,898 2.69% 7,317 228,010 3.21%
Total interest
bearing liab
cost $126,002 $4,860,636 2.59% $140,236 $4,229,530 3.32%
Noninterest-
bearing deposits 876,669 927,656
Other net
interest-free
funding sources 56,492 114,695
Total Cost of
Funds $126,002 $5,793,797 2.17% $140,236 $5,271,881 2.66%
Net Interest
Spread (TE) $219,889 3.38% $215,000 3.42%
Net Interest
Margin (TE) $219,889 $5,793,797 3.80% $215,000 $5,271,881 4.08%
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
(unaudited)
---------------------------------------
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% 6.82% 6.73%
Total cost of funds 2.60% 2.59% 2.76% 2.69%
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 and
securities transactions 61.40% 61.51% 65.45% 67.98%
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
securities transactions as a
percent of total revenue (TE) 32.96% 36.33% 36.83% 37.18%
---------------------------------------
---------------------------------------
2008
---------------------------------------
1Q 2Q 3Q 4Q
---------------------------------------
Per Common Share Data
---------------------
Earnings per share:
Basic $0.64 $0.67 $0.51 $0.26
Diluted $0.63 $0.66 $0.50 $0.26
Cash dividends per share $0.240 $0.240 $0.240 $0.240
Book value per share
(period-end) $18.41 $18.27 $18.95 $19.18
Tangible book value per share
(period-end) $16.17 $16.06 $16.77 $17.02
Weighted average number of
shares:
Basic 31,346 31,382 31,471 31,757
Diluted 31,790 31,814 31,905 32,059
Period-end number of shares 31,372 31,386 31,702 31,770
Market data:
High closing price $44.29 $45.68 $68.42 $56.45
Low closing price $33.45 $38.38 $33.34 $34.20
Period end closing price $42.02 $39.29 $51.00 $45.46
Trading volume 17,204 14,527 23,562 18,544
Other Period-end Data
---------------------
FTE headcount 1,877 1,903 1,941 1,952
Tangible common equity $507,287 $503,953 $531,800 $540,859
Tier I capital $512,248 $527,479 $546,379 $550,216
Goodwill $62,277 $62,277 $62,277 $62,277
Amortizable intangibles $7,388 $6,762 $6,402 $6,059
Mortgage servicing intangibles $477 $413 $357 $304
Common shares repurchased for
publicly announced plans 0 0 0 6
Performance Ratios
------------------
Return on average assets 1.30% 1.36% 1.00% 0.48%
Return on average common equity 14.13% 14.51% 10.90% 5.49%
Earning asset yield (TE) 6.28% 6.03% 6.02% 5.60%
Total cost of funds 2.47% 2.12% 2.03% 2.08%
Net interest margin (TE) 3.80% 3.91% 3.99% 3.51%
Noninterest expense as a
percent of total revenue (TE)
before amortization of
purchased intangibles and
securities transactions 59.49% 60.26% 62.92% 64.61%
Common equity (period-end) as a
percent of total assets
(period-end) 8.99% 9.15% 8.91% 8.50%
Leverage (Tier I) ratio 8.34% 8.57% 8.66% 8.06%
Tangible common equity ratio 7.98% 8.13% 7.97% 7.62%
Net charge-offs as a percent of
average loans 0.32% 0.27% 0.42% 1.20%
Allowance for loan losses as a
percent of period-end loans 1.46% 1.41% 1.40% 1.45%
Allowance for loan losses to
NPAs + loans 90 days past due 265.81% 203.06% 189.69% 133.16%
Loan/deposit ratio 72.10% 74.82% 77.46% 74.58%
Noninterest income excluding
securities transactions as a
percent of total revenue (TE) 36.73% 36.52% 34.46% 35.73%
---------------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
(unaudited)
-----------------------------------------------
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 $2,368
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 loan
losses $1,211 $1,238 $1,554 $3,590
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 $2,106,778 $2,175,648
Mortgage loans 426,103 382,642 388,603 393,473
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 3Q 4Q
-----------------------------------------------
Asset Quality
Information
-------------
Non-accrual loans $12,983 $18,106 $21,875 $29,976
Foreclosed assets 3,619 1,693 2,197 5,360
-----------------------------------------------
Total non-performing
assets $16,602 $19,799 $24,072 $35,336
Non-performing assets
as a percent of loans
and foreclosed assets 0.46% 0.52% 0.59% 0.83%
Accruing loans 90 days
past due $3,340 $6,449 $6,082 $11,019
Accruing loans 90 days
past due as a percent
of loans 0.09% 0.17% 0.15% 0.26%
Non-performing assets
+ accruing loans 90
days past due to loans
and foreclosed assets 0.55% 0.69% 0.74% 1.09%
Net charge-offs $2,933 $2,495 $4,164 $12,591
Net charge-offs as a
percent of average
loans 0.32% 0.27% 0.42% 1.20%
Allowance for loan
losses $53,008 $53,300 $57,200 $61,725
Allowance for loan
losses as a percent of
period-end loans 1.46% 1.41% 1.40% 1.45%
Allowance for loan
losses to NPAs +
accruing loans 90 days
past due 265.81% 203.06% 189.69% 133.16%
Provision for loan
losses $8,818 $2,787 $8,064 $17,116
Net Charge-off
Information
--------------
Net charge-offs:
Commercial/real estate
loans $834 $600 $1,556 $8,971
Mortgage loans -- 61 179 269
Direct consumer loans $588 $442 650 1,039
Indirect consumer loans $463 $681 867 1,337
Finance company loans $1,048 $711 912 975
-----------------------------------------------
Total net charge-offs $2,933 $2,495 $4,164 $12,591
-----------------------------------------------
Average loans:
Commercial/real estate
loans $2,224,695 $2,272,057 $2,453,154 $2,622,357
Mortgage loans 399,374 413,076 427,752 432,070
Direct consumer loans 514,441 526,752 546,079 575,826
Indirect consumer loans 386,985 386,565 410,110 439,780
Finance Company loans 113,113 113,555 116,140 117,435
-----------------------------------------------
Total average loans $3,638,608 $3,712,005 $3,953,235 $4,187,468
Net charge-offs to
average loans:
Commercial/real estate
loans 0.15% 0.11% 0.25% 1.36%
Mortgage loans 0.00% 0.06% 0.17% 0.25%
Direct consumer loans 0.46% 0.34% 0.47% 0.72%
Indirect consumer loans 0.48% 0.71% 0.84% 1.21%
Finance Company loans 3.73% 2.52% 3.12% 3.30%
-----------------------------------------------
Total net charge-offs
to average loans 0.32% 0.27% 0.42% 1.20%
-----------------------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
(unaudited)
----------------------------------
2007
----------------------------------
1Q 2Q 3Q 4Q
----------------------------------
Income Statement
----------------
Interest income $85,661 $84,895 $87,609 $87,532
Interest income (TE) 88,077 87,162 89,982 90,015
Interest expense 34,308 33,394 36,467 36,067
----------------------------------
Net interest income (TE) 53,769 53,768 53,515 53,948
Provision for loan losses 1,211 1,238 1,554 3,590
Noninterest income excluding
securities transactions 26,504 30,752 31,198 31,924
Securities transactions gains/
(losses) 6 34 34 234
Noninterest expense 49,708 52,374 55,857 58,804
----------------------------------
Income before income taxes 26,944 28,675 24,963 21,229
Income tax expense 7,715 8,352 7,224 4,628
----------------------------------
Net income 19,229 20,323 17,739 16,601
==================================
Noninterest Income
------------------
and Noninterest Expense
-----------------------
Service charges on deposit
accounts $9,190 $10,472 $11,085 $11,182
Trust fees 3,693 4,123 3,892 4,194
Debit card & merchant fees 2,291 2,618 2,571 2,646
Insurance fees 4,369 5,033 4,270 5,557
Investment & annuity fees 1,978 2,017 2,253 2,498
ATM fees 1,380 1,427 1,550 1,626
Secondary mortgage market
operations 911 1,116 935 761
Other income 2,692 3,946 4,642 3,460
----------------------------------
Noninterest income excluding
securities transactions $26,504 $30,752 $31,198 $31,924
Securities transactions gains/
(losses) 6 34 34 234
----------------------------------
Total noninterest income including
securities transactions $26,510 $30,786 $31,232 $32,158
==================================
Personnel expense $26,564 $24,838 $28,531 $27,026
Occupancy expense (net) 4,073 4,469 4,731 6,162
Equipment expense 2,273 2,768 2,814 2,610
Other operating expense 16,375 19,915 19,369 22,574
Amortization of intangibles 423 384 412 432
----------------------------------
Total noninterest expense $49,708 $52,374 $55,857 $58,804
----------------------------------
----------------------------------
2008
----------------------------------
1Q 2Q 3Q 4Q
----------------------------------
Income Statement
----------------
Interest income $84,772 $81,732 $84,132 $84,801
Interest income (TE) 87,227 84,164 86,774 87,726
Interest expense 34,345 29,573 29,357 32,727
----------------------------------
Net interest income (TE) 52,882 54,591 57,417 54,999
Provision for loan losses 8,818 2,787 8,064 17,116
Noninterest income excluding
securities transactions 30,769 31,412 30,194 30,578
Securities transactions gains/
(losses) 5,652 426 (79) (1,174)
Noninterest expense 50,134 52,189 55,483 55,637
----------------------------------
Income before income taxes 27,896 29,021 21,343 8,725
Income tax expense 7,839 8,037 5,338 405
----------------------------------
Net income 20,057 20,984 16,005 8,320
==================================
Noninterest Income
------------------
and Noninterest Expense
-----------------------
Service charges on deposit
accounts $10,789 $10,879 $11,108 $11,467
Trust fees 4,176 4,575 4,330 3,777
Debit card & merchant fees 2,540 2,884 2,805 2,853
Insurance fees 4,340 4,259 3,819 4,136
Investment & annuity fees 2,810 2,727 2,421 2,849
ATM fees 1,691 1,757 1,718 1,690
Secondary mortgage market
operations 778 753 817 629
Other income 3,645 3,578 3,176 3,177
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Noninterest income excluding
securities transactions $30,769 $31,412 $30,194 $30,578
Securities transactions gains/
(losses) 5,652 426 (79) (1,174)
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Total noninterest income including
securities transactions $36,421 $31,838 $30,115 $29,404
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Personnel expense $25,631 $27,031 $28,664 $28,447
Occupancy expense (net) 4,601 4,702 5,188 5,047
Equipment expense 2,909 2,785 2,711 2,587
Other operating expense 16,628 17,307 18,560 19,213
Amortization of intangibles 365 364 360 343
Total noninterest expense $50,134 $52,189 $55,483 $55,637
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