GULFPORT, Miss., Jan. 30, 2007 (PRIME NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) and Leo W. Seal, Jr., President of Hancock Holding Company, today announced earnings for the fourth quarter ended December 31, 2006. Hancock's fourth quarter 2006 earnings were $21.8 million, an increase of $2.7 million, or 14 percent, from the fourth quarter of 2005. Diluted earnings per share for the fourth quarter of 2006 were $0.65, an increase of $0.07 from the same quarter a year ago.
Net income for 2006 totaled $101.8 million, compared to $54.0 million reported for 2005, an increase of $47.8 million. Diluted earnings per share for 2006 were $3.06, compared to $1.64 for 2005, resulting in an increase of $1.42 per share.
Net income for both 2006 and 2005 was affected by several items related to the impact of Hurricane Katrina, which made landfall in the Company's operating region on August 29, 2005. In 2005, net income was negatively affected by storm-related items totaling $21.1 million on an after tax basis. The largest of 2005's items was the establishment of a $35.2 million (pre-tax) allowance for loan losses related to the storm. In the third quarter of 2006, the Company reversed $20.0 million from the storm-related allowance for loan losses due to better than expected loss experience with storm impacted credits. In addition, the Company negotiated a final settlement with the primary property and casualty insurance provider and recognized a $5.1 million gain in 2006's fourth quarter.
Hancock Holding Company Chief Executive Officers Carl J. Chaney and John M. Hairston both expressed gratitude and congratulations to all Hancock family members for their personal sacrifices in the aftermath of the 2005 storm and for a job well done in 2006. Both executives also expressed optimism for the continued rebuilding efforts in the Company's operating region.
Highlights and key operating items from Hancock's fourth quarter earnings are as follows:
* Net Income and Returns: Hancock's net income for the fourth quarter of 2006 was $21.8 million compared to $19.1 million for the same quarter a year ago. Return on average assets for the quarter was 1.44 percent compared to 1.39 percent for 2005's fourth quarter. Return on average common equity was 15.54 percent compared to 15.98 percent for the same quarter a year ago. * Insurance Settlement: In the fourth quarter the Company negotiated a final settlement with the primary property and casualty insurance provider for all claims related to the impact of Hurricane Katrina. A $5.1 million pretax gain related to the settlement was recorded in the fourth quarter. All of the Company's insurance claims related to the storm have now been settled. * Partial Restructuring of Securities Portfolio: During the fourth quarter, the interest rate environment presented Hancock with an opportunity to sell $162.9 million in certain U.S. Agency securities. The bonds were sold at a pretax book loss of $5.4 million and had a book yield of 3.81 percent. The proceeds were immediately reinvested in a combination of federal funds and other short-term instruments yielding approximately 5.18 percent. * Asset Quality & Allowance for Loan Losses: Hancock recorded a negative provision for loan losses of $57,000 in the fourth quarter, which when combined with the quarter's net charge-offs of $1.5 million, resulted in the $1.6 million reduction in the allowance for loan losses between September 30, 2006, and December 31, 2006. This negative provision was necessary to further adjust the allowance to the level dictated by the Company's reserving methodologies. Net charge-offs for the fourth quarter were $1.5 million, or 0.19 percent of average loans, down $1.1 million from the $2.6 million, or 0.34 percent of average loans, reported for the third quarter of 2006. Net charge-offs for the fourth quarter of 2005 were $3.1 million, or 0.41 percent of average loans. Total storm-related net charge-offs for all of 2006 were $1.8 million and for 2005 were $2.4 million. Non-performing assets as a percent of total loans and foreclosed assets was 0.13 percent at December 31, 2006, compared to 0.20 percent at September 30, 2006. Compared to the fourth quarter of 2005, the ratio of non-performing assets as a percent of total loans and foreclosed assets was down 29 basis points from the 0.42 percent reported at December 31, 2005. Non-performing assets decreased $2.0 million from September 30, 2006, reflecting primarily lower levels of non-accrual loans. The Company's ratio of accruing loans 90 days or more past due to total loans was 0.08 percent at December 31, 2006, compared to 0.12 percent at September 30, 2006, and to 0.86 percent at December 31, 2005. The Company's allowance for loan losses was $46.8 million at December 31, 2006, down $1.6 million from the $48.4 million reported at September 30, 2006, and $27.8 million lower than the $74.6 million reported at December 31, 2005. The ratio of the allowance for loan losses as a percent of period-end loans was 1.43 percent at December 31, 2006, and 1.54 percent at September 30, 2006. The allowance coverage ratio (allowance for loan losses to non-performers and past dues) was 695 percent for the fourth quarter of 2006, as compared to 196 percent for the fourth quarter of 2005. * Loans: At December 31, 2006, Hancock's total loans were $3.3 billion, which represented an increase of $277.4 million, or 9 percent, from December 31, 2005. Period-end loans were up $125.4 million, or 4 percent, compared to September 30, 2006. Average loans were up $120.6 million, or 16 percent annualized, from the third quarter. Of that increase, approximately $55.2 million of growth was in Louisiana, $42.0 million in Mississippi, and $23.4 million in Florida. The majority of the increase in average loans compared to last quarter was in commercial purpose loans (approximately $96.3 million). * Deposits: Period-end deposits for the fourth quarter were $5.0 billion, up $41.2 million, or 0.8 percent, from December 31, 2005, and were up $30.4 million, or 0.6 percent, from September 30, 2006. Average deposits were down $76.9 million, or 6 percent annualized, from the third quarter. The majority of the decrease in average deposits was in transaction deposits ($145.3 million) and public fund deposits ($58.0 million), while time deposits were up significantly ($126.3 million). The slower growth in deposits on an annual basis and the decline in the fourth quarter of 2006 was the result of the continued rebuilding efforts in the region following Hurricane Katrina. * Net Interest Income: Net interest income (te) for the fourth quarter increased $0.9 million, or 2 percent, from the fourth quarter of 2005, but was $3.9 million lower than the third quarter of 2006. The Company's net interest margin (te) was 4.06 percent in the fourth quarter, 38 basis points narrower than the same quarter a year ago, and 23 basis points narrower than the previous quarter. Compared to the same quarter a year ago, the primary driver of the $0.9 million increase in net interest income (te) was a $548.7 million, or 11 percent, increase in average earning assets, mainly from average deposit inflows of $461.6 million or 10 percent. As mentioned, the net interest margin (te) narrowed 38 basis points. As the increase in the average earning asset yield (40 basis points) did not offset the increase in total funding costs (78 basis points). The Company's level of net interest income (te) in the fourth quarter decreased $3.9 million, or 7 percent, from the prior quarter. The net interest margin (te) narrowed 23 basis points from the prior quarter as the yield on average earning assets decreased 5 basis points, while total funding costs were up 17 basis points. * Non-interest income & operating expense: Excluding the impact of storm-related gains/(losses) and securities transactions, non-interest income for the fourth quarter was up $4.4 million, or 19 percent, compared to the same quarter a year ago. Non-interest income was up $1.8 million, or 7 percent, compared to the third quarter. The primary factors impacting the higher levels of non-interest income as compared to the same quarter a year ago, were higher levels of service charge fees (up $2.6 million, or 37 percent). In addition, trust fees were up $0.7 million, when compared to the same quarter a year ago. The increase in non-interest income for the fourth quarter (excluding securities transactions) compared to the prior quarter was due to increases in insurance fees (up $1.2 million) and trust fees (up $0.5 million). Operating expenses for the fourth quarter were $5.4 million, or 12 percent, higher compared to the same quarter a year ago and were $0.3 million, or 1 percent, lower than the previous quarter. The increase from the same quarter a year ago was reflected in higher levels of professional services (up $3.2 million), data processing expense (up $.5 million), communication expense (up $.5 million) and all other expenses (up $1.2 million).
Hancock Holding Company -- parent company of Hancock Bank (Mississippi), Hancock Bank of Louisiana, Hancock Bank of Florida, and Magna Insurance Company -- has assets of $6.0 billion. Founded in 1899, Hancock Bank stands among the strongest, safest financial institutions in the United States and is the only financial services company headquartered in the Gulf South to rate among the top 20 percent of America's top-performing banks. Hancock offers comprehensive financial solutions through more than 140 banking and financial services offices and more than 131 automated teller machines across south Mississippi, Louisiana, south Alabama, and the Florida Panhandle. Additional corporate information and on-line banking and bill pay services are available at www.hancockbank.com.
The Hancock Holding Company logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2758
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Congress passed the Private Securities Litigation Act of 1995 in an effort to encourage corporations to provide information about companies' anticipated future financial performance. This act provides a safe harbor for such disclosure, which protects the companies from unwarranted litigation if actual results are different from management expectations. This release contains forward-looking statements and reflects management's current views and estimates of future economic circumstances, industry conditions, company performance, and financial results. These forward-looking statements are subject to a number of factors and uncertainties which could cause the Company's actual results and experience to differ from the anticipated results and expectations expressed in such forward-looking statements.
Hancock Holding Company
Financial Highlights
(amounts in thousands, except per share data and FTE headcount)
(unaudited)
---------------------------------------------------------------------
Three Months Ended Twelve Months Ended
------------------------------------------------ ------------------
12/31/06 9/30/06 12/31/05 12/31/06 12/31/05
-------- -------- -------- -------- --------
Per Common
Share Data
-----------
Earnings per
share:
Basic $ 0.67 $ 1.11 $ 0.59 $ 3.13 $ 1.67
Diluted $ 0.65 $ 1.08 $ 0.58 $ 3.06 $ 1.64
Cash dividends
per share $ 0.240 $ 0.240 $ 0.195 $ 0.895 $ 0.720
Book value
per share
(period-end) $ 17.09 $ 16.64 $ 14.78 $ 17.09 $ 14.78
Tangible book
value per share
(period-end) $ 14.87 $ 14.47 $ 12.55 $ 14.87 $ 12.55
Weighted average
number of shares:
Basic 32,632 32,566 32,313 32,534 32,365
Diluted 33,378 33,333 32,980 33,304 32,966
Period-end number
of shares 32,666 32,584 32,301 32,666 32,301
Market data:
High closing
price $ 56.00 $ 56.79 $ 39.90 $ 57.19 $ 39.90
Low closing
price $ 50.85 $ 49.71 $ 31.08 $ 37.75 $ 28.25
Period end
closing price $ 52.84 $ 53.55 $ 37.81 $ 52.84 $ 37.81
Trading volume 6,393 8,135 6,829 27,275 22,404
Other Period-
end Data
-------------
FTE headcount 1,848 1,788 1,735 1,848 1,735
Tangible common
equity $485,778 $471,387 $405,216 $485,778 $405,216
Tier I capital $510,638 $487,668 $420,281 $510,638 $420,281
Goodwill $ 62,277 $ 59,683 $ 61,418 $ 62,277 $ 61,418
Amortizable
intangibles $ 9,414 $ 9,938 $ 9,204 $ 9,414 $ 9,204
Mortgage
servicing
intangibles $ 941 $ 1,093 $ 1,577 $ 941 $ 1,577
Common shares
repurchased for
publicly
announced plans -- -- -- 39 148
Performance
Ratios
-----------
Return on
average assets 1.44% 2.36% 1.39% 1.69% 1.10%
Return on
average common
equity 15.54% 27.58% 15.98% 19.82% 11.36%
Earning asset
yield (TE) 6.54% 6.60% 6.14% 6.41% 6.08%
Total cost of
funds 2.48% 2.30% 1.70% 2.18% 1.68%
Net interest
margin (TE) 4.06% 4.29% 4.44% 4.23% 4.40%
Noninterest expense
as a percent of
total revenue (TE)
before amortization
of purchased
intangibles, net
storm-related gain/
(loss) and
securities
transactions 59.79% 58.76% 56.89% 58.99% 58.82%
Common equity
(period-end) as
a percent of
total assets
(period-end) 9.36% 8.86% 8.02% 9.36% 8.02%
Leverage (Tier I)
ratio 8.63% 8.15% 7.85% 8.63% 7.85%
Tangible common
equity ratio 8.24% 7.79% 6.89% 8.24% 6.89%
Net charge-offs
as a percent of
average loans 0.19% 0.34% 0.41% 0.23% 0.30%
Allowance for
loan losses as
a percent of
period-end loans 1.43% 1.54% 2.49% 1.43% 2.49%
Allowance for loan
losses to NPAs
+ accruing loans
90 days past due 694.67% 494.65% 195.50% 694.67% 195.50%
Loan/deposit
ratio 64.34% 60.97% 66.44% 60.41% 72.05%
Non-interest
income excluding
net storm-related
gain/(loss) and
securities trans-
actions as a
percent of total
revenue (TE) 33.14% 30.18% 29.68% 30.87% 31.86%
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
---------------------------------------------------------------------
Three Months Ended Twelve Months Ended
--------------------------------------------- ----------------------
12/31/06 9/30/06 12/31/05 12/31/06 12/31/05
---------- ---------- ---------- ---------- ----------
Asset Quality
Information
-------------
Non-accrual
loans $ 3,500 $ 5,179 $ 10,617 $ 3,500 $ 10,617
Foreclosed
assets 681 970 1,898 681 1,898
---------- ---------- ---------- ---------- ----------
Total non-
performing
assets $ 4,181 $ 6,149 $ 12,515 $ 4,181 $ 12,515
---------- ---------- ---------- ---------- ----------
Non-performing
assets as
a percent
of loans
and fore-
closed assets 0.13% 0.20% 0.42% 0.13% 0.42%
Accruing loans
90 days
past due $ 2,552 $ 3,626 $ 25,622 $ 2,552 $ 25,622
Accruing
loans 90
days past
due as a
percent of
loans 0.08% 0.12% 0.86% 0.08% 0.86%
Non-per-
forming
assets
+ accruing
loans 90
days past
due to loans
and fore-
closed assets 0.21% 0.31% 1.28% 0.21% 1.28%
Net charge-
offs $ 1,523 $ 2,608 $ 3,104 $ 7,024 $ 8,759
Net charge-
offs as a
percent of
average loans 0.19% 0.34% 0.41% 0.23% 0.30%
Allowance
for loan
losses $ 46,772 $ 48,352 $ 74,558 $ 46,772 $ 74,558
Allowance
for loan
losses as
a percent
of period-
end loans 1.43% 1.54% 2.49% 1.43% 2.49%
Allowance
for loan
losses to
NPAs +
accruing
loans 90
days past
due 694.67% 494.65% 195.50% 694.67% 195.50%
Provision
for loan
losses $ (57) $ (20,000) $ 1,079 $ (20,762) $ 42,635
Allowance for
Loan Losses
-------------
Beginning
Balance $ 48,352 $ 70,960 $ 76,584 $ 74,558 $ 40,682
Provision
for loan
loss (57) (20,000) 1,079 (20,762) 42,635
Charge-offs 4,493 6,358 4,546 19,515 15,811
Recoveries 2,970 3,750 1,442 12,491 7,052
-----------
Net charge-
offs 1,523 2,608 3,104 7,024 8,759
-----------
Ending
Balance $ 46,772 $ 48,352 $ 74,558 $ 46,772 $ 74,558
---------- ---------- ---------- ---------- ----------
Net Charge-off
Information
--------------
Net charge-
offs:
Commercial/
real estate
loans $ (137) $ 522 $ 332 $ (559) $ 1,287
Mortgage
loans (11) 367 (7) 360 63
Direct
consumer
loans 493 1,003 1,831 3,756 3,684
Indirect
consumer
loans 395 294 272 1,734 1,692
Finance
company
loans 783 422 676 1,733 2,033
---------- ---------- ---------- ---------- ----------
Total net
charge-
offs $ 1,523 $ 2,608 $ 3,104 $ 7,024 $ 8,759
========== ========== ========== ========== ===========
Average
loans:
Commercial/
real estate
loans $1,855,506 $1,759,173 $1,660,804 $1,747,816 $1,565,369
Mortgage
loans 428,674 423,610 442,977 418,273 424,654
Direct
consumer
loans 479,087 470,771 489,150 470,942 501,677
Indirect
consumer
loans 350,829 347,404 342,203 349,518 328,679
Finance
Company
loans 86,965 79,483 63,663 75,673 62,640
---------- ---------- ---------- ---------- ----------
Total
average
loans $3,201,061 $3,080,442 $2,998,797 $3,062,222 $2,883,020
Net charge-
offs to
average loans:
Commercial/
real estate
loans -0.03% 0.12% 0.08% -0.03% 0.08%
Mortgage
loans -0.01% 0.34% -0.01% 0.09% 0.01%
Direct
consumer
loans 0.41% 0.85% 1.49% 0.80% 0.73%
Indirect
consumer
loans 0.45% 0.34% 0.32% 0.50% 0.51%
Finance
Company
loans 3.57% 2.11% 4.21% 2.29% 3.25%
---------- ---------- ---------- ---------- ----------
Total net
charge-offs
to average
loans 0.19% 0.34% 0.41% 0.23% 0.30%
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
---------------------------------------------------------------------
Three Months Ended Twelve Months Ended
------------------------------------------------ -------------------
12/31/06 9/30/06 12/31/05 12/31/06 12/31/05
-------- -------- -------- -------- --------
Income Statement
----------------
Interest income $87,104 $ 89,233 $73,429 $344,330 $263,631
Interest income (TE) 89,366 91,275 75,433 352,592 271,008
Interest expense 33,966 31,988 20,911 119,863 74,819
------- -------- ------- -------- --------
Net interest
income (TE) 55,400 59,286 54,522 232,730 196,189
Provision for
loan losses (57) (20,000) 1,079 (20,762) 42,635
Noninterest income
excluding net
storm-related
gain/(loss)
and securities
transactions 27,460 25,627 23,016 103,918 91,738
Net storm-related
gain/(loss) 5,084 -- (5,692) 5,084 6,584
Securities
transactions
gains/(losses) (5,396) 110 (27) (5,169) (53)
Noninterest expense 50,042 50,336 44,626 200,716 171,543
------- -------- ------- -------- --------
Income before
income taxes 30,300 52,645 24,112 148,347 72,903
Income tax expense 8,538 16,614 5,047 46,544 18,871
------- -------- ------- -------- --------
Net income $21,762 $ 36,031 $19,065 $101,802 $ 54,032
======= ======== ======= ======== ========
Noninterest Income
and Noninterest
Expense
-------------------
Service charges on
deposit accounts $ 9,402 $ 9,719 $ 6,850 $ 36,228 $ 34,773
Trust fees 3,624 3,175 2,946 13,286 11,107
Debit card &
merchant fees 1,983 1,744 1,717 7,298 4,878
Insurance fees 5,346 4,146 4,837 19,246 17,099
Investment &
annuity fees 1,519 1,595 1,037 5,970 5,076
ATM fees 1,215 1,223 805 5,005 4,202
Secondary mortgage
market operations 945 1,018 670 3,528 2,221
Other income 3,426 3,009 4,154 13,358 12,381
------- -------- ------- -------- --------
Noninterest income
excluding net
storm-related
gain/(loss)
and securities
transactions $27,460 $ 25,627 $23,016 $103,918 $ 91,738
Net storm-related
gain/(loss) 5,084 -- (5,692) 5,084 6,584
Securities
transactions
gains/(losses) (5,396) 110 (27) (5,169) (53)
------- -------- ------- -------- --------
Total noninterest
income including
net storm-related
gain/(loss) and
securities
transactions $27,147 $ 25,737 $17,298 $103,833 $ 98,270
======= ======== ======= ======== ========
Personnel expense $24,092 $ 27,059 $24,580 $103,753 $ 94,158
Occupancy expense
(net) 3,335 2,882 3,237 13,350 10,926
Equipment expense 2,665 2,647 2,511 10,796 9,553
Other operating
expense 19,451 17,304 13,780 70,692 54,712
Amortization of
intangibles 499 445 518 2,125 2,194
------- -------- ------- -------- --------
Total noninterest
expense $50,042 $ 50,336 $44,626 $200,716 $171,543
======= ======== ======= ======== ========
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
---------------------------------------------------------------------
Three Months Ended Twelve Months Ended
--------------------------------------------- ----------------------
12/31/06 9/30/06 12/31/05 12/31/06 12/31/05
---------- ---------- ---------- ---------- ----------
Period-end
Balance Sheet
--------------
Commercial/
real estate
loans $1,912,076 $1,800,643 $1,677,716 $1,912,076 $1,677,716
Mortgage
loans 426,534 430,086 423,563 426,534 423,563
Direct
consumer
loans 484,704 477,142 477,716 484,704 477,716
Indirect
consumer
loans 353,032 350,013 346,071 353,032 346,071
Finance
Company
loans 90,236 83,278 64,121 90,236 64,121
---------- ---------- ---------- ---------- ----------
Total loans 3,266,583 3,141,162 2,989,186 3,266,583 2,989,186
Securities 1,903,658 2,303,396 1,959,261 1,903,658 1,959,261
Short-term
investments 222,439 74,902 410,226 222,439 410,226
---------- ---------- ---------- ---------- ----------
Earning
assets 5,392,680 5,519,461 5,358,673 5,392,680 5,358,673
---------- ---------- ---------- ---------- ----------
Allowance for
loan losses (46,772) (48,352) (74,558) (46,772) (74,558)
Other assets 618,656 650,556 666,073 618,656 666,073
---------- ---------- ---------- ---------- ----------
Total
assets $5,964,565 $6,121,665 $5,950,187 $5,964,565 $5,950,187
========== ========== ========== ========== ==========
Noninterest
bearing
deposits $1,057,358 $1,062,348 $1,324,938 $1,057,358 $1,324,938
Interest
bearing
transaction
deposits 1,485,156 1,510,785 1,680,959 1,485,156 1,680,959
Interest
bearing
Public Fund
deposits 733,788 795,927 633,488 733,788 633,488
Time
deposits 1,754,690 1,631,504 1,350,436 1,754,690 1,350,436
---------- ---------- ---------- ---------- ----------
Total
interest
bearing
deposits 3,973,633 3,938,216 3,664,882 3,973,633 3,664,882
---------- ---------- ---------- ---------- ----------
Total
deposits 5,030,991 5,000,565 4,989,820 5,030,991 4,989,820
Other
borrowed
funds 227,027 430,827 307,429 227,027 307,429
Other
liabilities 148,137 148,173 175,523 148,137 175,523
Common
shareholders'
equity 558,410 542,101 477,415 558,410 477,415
---------- ---------- ---------- ---------- ----------
Total
liabilities
& common
equity $5,964,565 $6,121,665 $5,950,187 $5,964,565 $5,950,187
========== ========== ========== ========== ==========
Average
Balance Sheet
--------------
Commercial/
real estate
loans $1,855,506 $1,759,173 $1,660,804 $1,747,816 $1,565,369
Mortgage
loans 428,674 423,610 442,977 418,273 424,654
Direct
consumer
loans 479,087 470,771 489,150 470,942 501,677
Indirect
consumer
loans 350,829 347,404 342,203 349,518 328,679
Finance
Company
loans 86,965 79,483 63,663 75,673 62,640
---------- ---------- ---------- ---------- ----------
Total loans 3,201,061 3,080,442 2,998,797 3,062,222 2,883,020
Securities 2,153,908 2,334,242 1,571,723 2,228,822 1,434,415
Short-term
investments 81,675 94,026 317,409 211,511 137,821
---------- ---------- ---------- ---------- ----------
Earning
average
assets 5,436,644 5,508,709 4,887,929 5,502,555 4,455,256
---------- ---------- ---------- ---------- ----------
Allowance
for loan
losses (47,804) (61,525) (76,488) (64,285) (50,107)
Other assets 602,104 602,833 612,144 593,530 525,881
---------- ---------- ---------- ---------- ----------
Total
assets $5,990,944 $6,050,017 $5,423,586 $6,031,800 $4,931,030
========== ========== ========== ========== ==========
Noninterest
bearing
deposits $1,039,846 $1,098,716 $1,126,356 $1,128,850 $ 822,733
Interest
bearing
transaction
deposits 1,495,724 1,590,319 1,573,039 1,623,596 1,384,606
Interest
bearing
Public Fund
deposits 742,063 791,825 568,803 771,146 644,849
Time
deposits 1,697,427 1,571,129 1,245,271 1,545,834 1,149,239
---------- ---------- ---------- ---------- ----------
Total
interest
bearing
deposits 3,935,214 3,953,272 3,387,112 3,940,577 3,178,694
---------- ---------- ---------- ---------- ----------
Total
deposits 4,975,060 5,051,988 4,513,468 5,069,427 4,001,426
Other
borrowed
funds 321,292 304,686 263,358 281,183 293,899
Other
liabilities 138,905 175,092 173,555 167,534 160,003
Common
shareholders'
equity 555,687 518,250 473,204 513,656 475,701
---------- ---------- ---------- ---------- ----------
Total
liabilities
& common
equity $5,990,944 $6,050,017 $5,423,586 $6,031,800 $4,931,030
========== ========== ========== ========== ==========
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
---------------------------------------------------------------------
Three Months Ended Twelve Months Ended
--------------------------------------------- ----------------------
12/31/06 9/30/06 12/31/05 12/31/06 12/31/05
---------- ---------- ---------- ---------- ----------
Average Balance
Sheet Mix
---------------
Percentage of
earning assets/
funding sources:
Loans 58.88% 55.92% 61.35% 55.65% 64.71%
Securities 39.62% 42.37% 32.16% 40.51% 32.20%
Short-term
investments 1.50% 1.71% 6.49% 3.84% 3.09%
---------- ---------- ---------- ---------- ----------
Earning average
assets 100.00% 100.00% 100.00% 100.00% 100.00%
========== ========== ========== ========== ==========
Noninterest
bearing
deposits 19.13% 19.95% 23.04% 20.52% 18.47%
Interest
bearing
transaction
deposits 27.51% 28.87% 32.18% 29.51% 31.08%
Interest
bearing
Public Fund
deposits 13.65% 14.37% 11.64% 14.01% 14.47%
Time deposits 31.22% 28.52% 25.48% 28.09% 25.80%
---------- ---------- ---------- ---------- ----------
Total deposits 91.51% 91.71% 92.34% 92.13% 89.81%
Other borrowed
funds 5.91% 5.53% 5.39% 5.11% 6.60%
Other net
interest-
free funding
sources 2.58% 2.76% 2.27% 2.76% 3.59%
---------- ---------- ---------- ---------- ----------
Total average
funding
sources 100.00% 100.00% 100.00% 100.00% 100.00%
========== ========== ========== ========== ==========
Loan mix:
Commercial/
real estate
loans 57.97% 57.11% 55.38% 57.08% 54.30%
Mortgage loans 13.39% 13.75% 14.77% 13.66% 14.73%
Direct consumer
loans 14.97% 15.28% 16.31% 15.38% 17.40%
Indirect
consumer
loans 10.96% 11.28% 11.41% 11.41% 11.40%
Finance
Company
loans 2.72% 2.58% 2.12% 2.47% 2.17%
---------- ---------- ---------- ---------- ----------
Total loans 100.00% 100.00% 100.00% 100.00% 100.00%
========== ========== ========== ========== ==========
Average dollars
(in thousands):
Loans $3,201,061 $3,080,442 $2,998,797 $3,062,222 $2,883,020
Securities 2,153,908 2,334,242 1,571,723 2,228,822 1,434,415
Short-term
investments 81,675 94,026 317,409 211,511 137,821
---------- ---------- ---------- ---------- ----------
Earning
average
assets $5,436,644 $5,508,709 $4,887,929 $5,502,555 $4,455,256
Noninterest
bearing
deposits $1,039,846 $1,098,716 $1,126,356 $1,128,850 $ 822,733
Interest
bearing
transaction
deposits 1,495,724 1,590,319 1,573,039 1,623,596 1,384,606
Interest
bearing
Public Fund
deposits 742,063 791,825 568,803 771,146 644,849
Time
deposits 1,697,427 1,571,129 1,245,271 1,545,834 1,149,239
---------- ---------- ---------- ---------- ----------
Total
deposits 4,975,060 5,051,988 4,513,468 5,069,427 4,001,426
Other
borrowed
funds 321,292 304,686 263,358 281,183 293,899
Other net
interest-
free funding
sources 140,292 152,035 111,103 151,946 159,930
---------- ---------- ---------- ---------- ----------
Total
average
funding
sources $5,436,644 $5,508,709 $4,887,929 $5,502,555 $4,455,256
Loans:
Commercial/
real estate
loans $1,855,506 $1,759,173 $1,660,804 $1,747,816 $1,565,369
Mortgage
loans 428,674 423,610 442,977 418,273 424,654
Direct
consumer
loans 479,087 470,771 489,150 470,942 501,677
Indirect
consumer
loans 350,829 347,404 342,203 349,518 328,679
Finance
Company
loans 86,965 79,483 63,663 75,673 62,640
---------- ---------- ---------- ---------- ----------
Total
average
loans $3,201,061 $3,080,442 $2,998,797 $3,062,222 $2,883,020
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
Three Months Ended
--------------------------------------------------------
12/31/06 09/30/06
--------------------------------------------------------
Interest Volume Rate Interest Volume Rate
---------- ---------- ----- ---------- ---------- -----
Average
Earning
Assets
Commercial &
real estate
loans (TE) $ 34,210 $1,855,506 7.32% $ 32,520 $1,759,173 7.34%
Mortgage
loans 6,516 428,674 6.08% 6,411 423,610 6.05%
Consumer
loans 19,890 916,881 8.61% 19,547 897,658 8.64%
Loan fees &
late
charges 1,510 -- 0.00% 2,710 -- 0.00%
---------- ---------- ----- ---------- ---------- -----
Total
loans
(TE) 62,126 3,201,061 7.71% 61,188 3,080,442 7.89%
US treasury
securities 1,081 84,281 5.09% 855 67,966 4.99%
US agency
securities 14,505 1,181,943 4.91% 16,456 1,356,478 4.85%
CMOs 1,268 124,850 4.06% 1,439 145,494 3.96%
Mortgage
backed
securities 5,920 490,990 4.82% 6,231 511,372 4.87%
Municipals
(TE) 2,422 190,739 5.08% 2,935 174,744 6.72%
Other
securities 968 81,105 4.77% 1,042 78,188 5.33%
---------- ---------- ----- ---------- ---------- -----
Total
securities
(TE) 26,165 2,153,908 4.86% 28,958 2,334,242 4.96%
Total
short-term
investments 1,075 81,675 5.22% 1,128 94,026 4.76%
Average
earning
assets
yield
(TE) $ 89,366 $5,436,644 6.54% $ 91,275 $5,508,709 6.60%
Interest-
bearing
Liabilities
Interest-
bearing
transaction
deposits $ 3,930 $1,495,724 1.04% $ 3,955 $1,590,319 0.99%
Time
deposits 18,999 1,697,427 4.44% 16,353 1,571,129 4.13%
Public
Funds 8,318 742,063 4.45% 8,629 791,825 4.32%
---------- ---------- ----- ---------- ---------- -----
Total
interest
bearing
deposits 31,247 3,935,214 3.15% 28,936 3,953,272 2.90%
Customer
repos 3,061 298,163 4.07% 2,785 271,582 4.07%
Other
borrowings (342) 23,129 -5.87% 267 33,104 3.20%
---------- ---------- ----- ---------- ---------- -----
Total
borrowings 2,719 321,292 3.36% 3,052 304,686 3.97%
Total
interest
bearing
liab cost$ 33,966 $4,256,506 3.17% $ 31,988 $4,257,959 2.98%
Noninterest-
bearing
deposits 1,039,846 1,098,716
Other net
interest-
free
funding
sources 140,292 152,035
Total Cost
of Funds $ 33,966 $5,436,644 2.48% $ 31,988 $5,508,709 2.30%
Net Interest
Spread (TE)$ 55,400 3.38% $ 59,286 3.62%
Net Interest
Margin (TE)$ 55,400 $5,436,644 4.06% $ 59,286 $5,508,709 4.29%
------------------------------
12/31/05
------------------------------
Interest Volume Rate
---------- ---------- ----
Average Earning Assets
Commercial & real estate loans (TE) $ 28,365 $1,660,804 6.78%
Mortgage loans 6,119 442,977 5.53%
Consumer loans 17,797 895,016 7.89%
Loan fees & late charges 2,104 -- 0.00%
---------- ---------- ----
Total loans (TE) 54,386 2,998,797 7.20%
US treasury securities 350 33,735 4.11%
US agency securities 7,403 678,190 4.37%
CMOs 1,946 206,910 3.76%
Mortgage backed securities 4,917 430,409 4.57%
Municipals (TE) 2,747 159,401 6.89%
Other securities 633 63,078 4.01%
---------- ---------- ----
Total securities (TE) 17,995 1,571,723 4.58%
Total short-term investments 3,052 317,409 3.81%
Average earning assets yield (TE) $ 75,433 $4,887,929 6.14%
Interest-bearing Liabilities
Interest-bearing transaction
deposits $ 2,836 $1,573,039 0.72%
Time deposits 11,503 1,245,271 3.66%
Public Funds 4,825 568,803 3.37%
---------- ---------- ----
Total interest bearing deposits 19,164 3,387,112 2.24%
Customer repos 1,125 204,386 2.18%
Other borrowings 622 58,972 4.18%
---------- ---------- ----
Total borrowings 1,747 263,358 2.63%
Total interest bearing liab cost $ 20,911 $3,650,470 2.27%
Noninterest-bearing deposits 1,126,356
Other net interest-free funding
sources 111,103
Total Cost of Funds $ 20,911 $4,887,929 1.70%
Net Interest Spread (TE) $ 54,522 3.87%
Net Interest Margin (TE) $ 54,522 $4,887,929 4.44%
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
--------------------------------------------------------
Twelve Months Ended
--------------------------------------------------------
12/31/2006 12/31/2005
--------------------------- ---------------------------
Interest Volume Rate Interest Volume Rate
---------- ---------- ---- ---------- ---------- ----
Average
Earning
Assets
Commercial &
real
estate
loans (TE) $ 125,980 $1,747,816 7.21% $ 100,212 $1,565,369 6.40%
Mortgage
loans 24,805 418,273 5.93% 23,623 424,654 5.56%
Consumer
loans 75,266 896,133 8.40% 68,997 892,997 7.73%
Loan fees &
late
charges 9,016 -- 0.00% 8,615 -- 0.00%
---------- ---------- ---- ---------- ---------- ----
Total
loans (TE) 235,067 3,062,222 7.68% 201,447 2,883,020 6.99%
US treasury
securities 3,018 63,668 4.74% 532 16,838 3.16%
US agency
securities 60,700 1,270,127 4.78% 21,500 514,834 4.18%
CMOs 6,142 154,673 3.97% 9,492 241,473 3.93%
Mortgage
backed
securities 23,313 491,130 4.75% 19,407 437,037 4.44%
Municipals
(TE) 10,766 171,886 6.26% 11,251 161,464 6.97%
Other
securities 3,826 77,337 4.95% 2,822 62,769 4.50%
---------- ---------- ---- ---------- ---------- ----
Total
securities
(TE) 107,766 2,228,822 4.84% 65,003 1,434,415 4.53%
Total
short-term
investments 9,759 211,511 4.61% 4,559 137,821 3.31%
Average
earning
assets
yield
(TE) $ 352,592 $5,502,555 6.41% $ 271,008 $4,455,256 6.08%
Interest-
Bearing
Liabilities
Interest-
bearing
transaction
deposits $ 14,931 $1,623,596 0.92% $ 9,203 $1,384,606 0.66%
Time
deposits 62,807 1,545,834 4.06% 40,654 1,149,239 3.54%
Public Funds 32,354 771,146 4.20% 17,725 644,849 2.75%
---------- ---------- ---- ---------- ---------- ----
Total
interest
bearing
deposits 110,092 3,940,577 2.79% 67,581 3,178,694 2.13%
Customer
repos 9,060 250,603 3.62% 4,351 224,842 1.94%
Other
borrowings 711 30,579 2.32% 2,887 69,057 4.18%
---------- ---------- ---- ---------- ---------- ----
Total
borrowings 9,770 281,183 3.47% 7,238 293,899 2.46%
Total
interest
bearing
liab cost $ 119,863 $4,221,760 2.84% $ 74,819 $3,472,593 2.15%
Noninterest-
bearing
deposits 1,128,850 822,733
Other net
interest-
free
funding
sources 151,946 159,930
Total Cost
of Funds $ 119,863 $5,502,555 2.18% $ 74,819 $4,455,256 1.68%
Net Interest
Spread
(TE) $ 232,730 3.57% $ 196,189 3.93%
Net Interest
Margin
(TE) $ 232,730 $5,502,555 4.23% $ 196,189 $4,455,256 4.40%
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
-----------------------------------------------
(unaudited) 2005
-----------------------------------------------
1Q 2Q 3Q 4Q
-----------------------------------------------
Per Common Share Data
Earnings per share:
Basic $0.48 $0.56 $0.04 $0.59
Diluted $0.47 $0.55 $0.04 $0.58
Cash dividends
per share $0.165 $0.165 $0.195 $0.195
Book value per
share
(period-end) $14.16 $14.87 $14.52 $14.78
Tangible book
value per share
(period-end) $11.99 $12.73 $12.25 $12.55
Weighted average
number of
shares:
Basic 32,463 32,396 32,308 32,313
Diluted 33,019 32,928 32,940 32,980
Period-end
number of
shares 32,463 32,310 32,309 32,301
Market data:
High closing
price $34.20 $34.87 $37.84 $39.90
Low closing
price $30.25 $28.25 $29.93 $31.08
Period end
closing
price $32.50 $34.40 $34.14 $37.81
Trading
volume 3,286 3,527 8,760 6,829
Other Period-end Data
FTE headcount 1,766 1,813 1,590 1,735
Tangible common
equity $389,344 $411,203 $395,843 $405,216
Tier I capital $408,163 $416,312 $407,075 $420,281
Goodwill $55,409 $55,409 $61,428 $61,418
Amortizable
intangibles $12,510 $11,746 $9,928 $9,204
Mortgage
servicing
intangibles $2,288 $2,082 $1,860 $1,577
Common shares
repurchased for
publicly
announced plans 40 96 12 --
Performance
Ratios
Return on
average assets 1.32% 1.52% 0.12% 1.39%
Return on
average common
equity 13.32% 15.27% 1.18% 15.98%
Earning asset
yield (TE) 5.90% 6.08% 6.19% 6.14%
Total cost of
funds 1.55% 1.66% 1.80% 1.70%
Net interest
margin (TE) 4.35% 4.42% 4.40% 4.44%
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 59.99% 57.83% 60.85% 56.89%
Common equity
(period-end) as
a percent of
total assets
(period-end) 9.64% 10.03% 9.55% 8.02%
Leverage (Tier I)
ratio 8.75% 8.83% 8.64% 7.85%
Tangible common
equity ratio 8.28% 8.71% 8.17% 6.89%
Net charge-offs
as a percent of
average loans 0.33% 0.24% 0.23% 0.41%
Allowance for
loan losses as
a percent of
period-end
loans 1.48% 1.45% 2.57% 2.49%
Allowance for
loan losses to
NPAs + loans
90 days past
due 323.66% 284.75% 392.70% 195.50%
Loan/deposit
ratio 72.40% 73.63% 76.77% 66.44%
Noninterest
income excluding
net storm-
related gain/
(loss), gain on
sale of credit
card merchant
and securities
transactions as
a percent of
total revenue
(TE) 32.77% 34.06% 31.10% 29.68%
-----------------------------------------------
(unaudited) 2006
-----------------------------------------------
1Q 2Q 3Q 4Q
-----------------------------------------------
Per Common Share Data
Earnings per share:
Basic $0.68 $0.68 $1.11 $0.67
Diluted $0.67 $0.66 $1.08 $0.65
Cash dividends
per share $0.195 $0.220 $0.240 $0.240
Book value per
share
(period-end) $15.06 $15.12 $16.64 $17.09
Tangible book
value per share
(period-end) $12.85 $12.94 $14.47 $14.87
Weighted average
number of
shares:
Basic 32,393 32,531 32,566 32,632
Diluted 33,088 33,322 33,333 33,378
Period-end
number of
shares 32,494 32,555 32,584 32,666
Market data:
High closing
price $46.67 $57.19 $56.79 $56.00
Low closing
price $37.75 $44.02 $49.71 $50.85
Period end
closing
price $46.52 $56.00 $53.55 $52.84
Trading
volume 3,990 8,737 8,135 6,393
Other Period-end Data
FTE headcount 1,768 1,777 1,788 1,848
Tangible common
equity $417,684 $421,369 $471,387 $485,778
Tier I capital $440,302 $457,738 $487,668 $510,638
Goodwill $61,418 $59,060 $59,683 $62,277
Amortizable
intangibles $8,725 $10,575 $9,938 $9,414
Mortgage
servicing
intangibles $1,384 $1,256 $1,093 $941
Common shares
repurchased for
publicly
announced plans 17 22 -- --
Performance
Ratios
Return on
average assets 1.49% 1.45% 2.36% 1.44%
Return on
average common
equity 18.34% 17.89% 27.58% 15.54%
Earning asset
yield (TE) 6.17% 6.32% 6.60% 6.54%
Total cost of
funds 1.88% 2.05% 2.30% 2.48%
Net interest
margin (TE) 4.30% 4.27% 4.29% 4.06%
Noninterest
expense as a
percent of
total revenue
(TE) before
amortization
of purchased
intangibles,
net storm-
related
gain/(loss),
gain on sale
of credit card
merchant and
securities
transactions 58.30% 59.13% 58.76% 59.79%
Common equity
(period-end) as
a percent of
total assets
(period-end) 7.82% 8.00% 8.86% 9.36%
Leverage (Tier I)
ratio 7.45% 7.59% 8.15% 8.63%
Tangible common
equity ratio 6.75% 6.92% 7.79% 8.24%
Net charge-offs
as a percent of
average loans -0.01% 0.40% 0.34% 0.19%
Allowance for
loan losses as
a percent of
period-end
loans 2.49% 2.33% 1.54% 1.43%
Allowance for
loan losses to
NPAs + loans
90 days past
due 432.85% 457.10% 494.65% 694.67%
Loan/deposit
ratio 59.00% 57.40% 60.97% 64.34%
Noninterest
income excluding
net storm-
related gain/
(loss), gain on
sale of credit
card merchant
and securities
transactions as
a percent of
total revenue
(TE) 29.92% 30.28% 30.18% 33.14%
-----------------------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
-----------------------------------------------
(unaudited) 2005
-----------------------------------------------
1Q 2Q 3Q 4Q
-----------------------------------------------
Non-accrual
loans $6,335 $8,052 $10,373 $10,617
Foreclosed
assets 3,591 2,567 2,973 1,898
-----------------------------------------------
Total
non-performing
assets $9,926 $10,619 $13,346 $12,515
Non-performing
assets as a
percent of loans
and foreclosed
assets 0.36% 0.37% 0.45% 0.42%
Accruing loans
90 days past
due $2,798 $3,914 $6,156 $25,622
Accruing loans
90 days past
due as a
percent of
loans 0.10% 0.14% 0.21% 0.86%
Non-performing
assets +
accruing loans
90 days past
due to loans
and foreclosed
assets 0.46% 0.51% 0.65% 1.28%
Net charge-offs $2,260 $1,691 $1,704 $3,104
Net charge-offs
as a percent of
average loans 0.33% 0.24% 0.23% 0.41%
Allowance for
loan losses $41,182 $41,382 $76,584 $74,558
Allowance for
loan losses as
a percent of
period-end
loans 1.48% 1.45% 2.57% 2.49%
Allowance for
loan losses to
NPAs + accruing
loans 90 days
past due 323.66% 284.75% 392.70% 195.50%
Provision for
loan losses $2,760 $1,891 $36,905 $1,079
Net Charge-off
Information
Net charge-offs:
Commercial/real
estate loans $770 $202 ($17) $332
Mortgage loans 68 (5) 7 (7)
Direct consumer
loans 501 491 861 1,831
Indirect consumer
loans 540 538 342 272
Finance company
loans 381 465 511 676
-----------------------------------------------
Total net
charge-offs $2,260 $1,691 $1,704 $3,104
-----------------------------------------------
Average loans:
Commercial/real
estate loans $1,491,008 $1,523,348 $1,584,244 $1,660,804
Mortgage loans 407,258 417,307 430,615 442,977
Direct consumer
loans 503,700 509,628 504,362 489,150
Indirect
consumer
loans 313,542 323,100 335,482 342,203
Finance Company
loans 60,720 62,124 64,006 63,663
--------------------------------------------------
Total average
loans $2,776,229 $2,835,506 $2,918,709 $2,998,797
Net charge-offs
to average
loans:
Commercial/real
estate loans 0.21% 0.05% 0.00% 0.08%
Mortgage loans 0.07% 0.00% 0.01% -0.01%
Direct consumer
loans 0.40% 0.39% 0.68% 1.49%
Indirect
consumer loans 0.70% 0.67% 0.40% 0.32%
Finance Company
loans 2.54% 3.00% 3.17% 4.21%
--------------------------------------------------
Total net
charge-offs to
average loans 0.33% 0.24% 0.23% 0.41%
-----------------------------------------------
(unaudited) 2006
-----------------------------------------------
1Q 2Q 3Q 4Q
-----------------------------------------------
Non-accrual
loans $8,676 $7,237 $5,179 $3,500
Foreclosed
assets 1,779 1,606 970 681
-------------------------------------------------
Total
non-performing
assets $10,455 $8,843 $6,149 $4,181
Non-performing
assets as a
percent of loans
and foreclosed
assets 0.35% 0.29% 0.20% 0.13%
Accruing loans
90 days past
due $6,632 $6,681 $3,626 $2,552
Accruing loans
90 days past
due as a
percent of
loans 0.22% 0.22% 0.12% 0.08%
Non-performing
assets +
accruing loans
90 days past
due to loans
and foreclosed
assets 0.57% 0.51% 0.31% 0.21%
Net charge-offs ($108) $3,001 $2,608 $1,523
Net charge-offs
as a percent of
average loans -0.01% 0.40% 0.34% 0.19%
Allowance for
loan losses $73,961 $70,960 $48,352 $46,772
Allowance for
loan losses as
a percent of
period-end
loans 2.49% 2.33% 1.54% 1.43%
Allowance for
loan losses to
NPAs + accruing
loans 90 days
past due 432.85% 457.10% 494.65% 694.67%
Provision for
loan losses ($705) -- ($20,000) ($57)
Net Charge-off
Information
Net charge-offs:
Commercial/real
estate loans ($1,769) $620 $522 ($137)
Mortgage loans 181 28 367 (11)
Direct consumer
loans 579 1,681 1,003 493
Indirect consumer
loans 653 391 294 395
Finance company
loans 248 281 422 783
-------------------------------------------------
Total net
charge-offs ($108) $3,001 $2,608 $1,523
-------------------------------------------------
Average loans:
Commercial/real
estate loans $1,674,706 $1,699,768 $1,759,173 $1,855,506
Mortgage loans 410,023 410,522 423,610 428,674
Direct consumer
loans 469,832 463,977 470,771 479,087
Indirect
consumer
loans 351,405 348,463 347,404 350,829
Finance Company
loans 64,496 71,461 79,483 86,965
--------------------------------------------------
Total average
loans $2,970,461 $2,994,191 $3,080,442 $3,201,061
Net charge-offs
to average
loans:
Commercial/real
estate loans -0.43% 0.15% 0.12% -0.03%
Mortgage loans 0.18% 0.03% 0.34% -0.01%
Direct consumer
loans 0.50% 1.45% 0.85% 0.41%
Indirect
consumer loans 0.75% 0.45% 0.34% 0.45%
Finance Company
loans 1.56% 1.58% 2.11% 3.57%
--------------------------------------------------
Total net
charge-offs to
average loans -0.01% 0.40% 0.34% 0.19%
--------------------------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
-------------------------------------------------
(unaudited) 2005
-------------------------------------------------
1Q 2Q 3Q 4Q
-------------------------------------------------
Income Statement
Interest income $60,531 $64,027 $65,644 $73,429
Interest income
(TE) 62,302 65,767 67,506 75,433
Interest expense 16,289 17,961 19,659 20,911
-------------------------------------------------
Net interest
income
(TE) 46,013 47,807 47,847 54,522
Provision for
loan losses 2,760 1,891 36,905 1,079
Noninterest
income
excluding net
storm-related
gain/(loss)
and securities
transactions 22,427 24,695 21,600 23,016
Net storm-related
gain/(loss) -- - 12,276 (5,692)
Securities
transactions
gains/(losses) 7 (15) (18) (27)
Noninterest
expense 41,642 42,505 42,770 44,626
-------------------------------------------------
Income before
income taxes 22,273 26,350 168 24,112
Income tax
expense 6,836 8,256 (1,267) 5,047
------------------------------------------------
Net income $15,438 $18,094 $1,435 $19,065
================================================
Noninterest
Income and
Noninterest
Expense
Service charges
on deposit
accounts $9,490 $10,459 $7,975 $6,850
Trust fees 2,541 2,859 2,761 2,946
Debit card &
merchant fees 1,030 1,074 1,055 1,717
Insurance fees 3,881 3,499 4,883 4,837
Investment &
annuity fees 1,188 1,547 1,304 1,037
ATM fees 1,372 1,154 871 805
Secondary
mortgage market
operations 499 676 377 670
Other income 2,426 3,428 2,374 4,154
-------------------------------------------------
Noninterest
income
excluding net
storm-related
gain/(loss)
and securities
transactions $22,427 $24,695 $21,600 $23,016
Net storm-related
gain/(loss) -- -- 12,276 (5,692)
Securities
transactions
gains/(losses) 7 (15) (18) (27)
-------------------------------------------------
Total noninterest
income
including
storm-related
gain/(loss)
and securities
transactions $22,433 $24,680 $33,858 $17,298
=================================================
Personnel expense $22,379 $22,925 $24,275 $24,580
Occupancy
expense (net) 2,495 2,576 2,617 3,237
Equipment
expense 2,357 2,366 2,319 2,511
Other operating
expense 13,828 14,059 13,044 13,780
Amortization of
intangibles 584 578 514 518
-------------------------------------------------
Total
noninterest
expense $41,642 $42,505 $42,770 $44,626
-------------------------------------------------
(unaudited) 2006
-------------------------------------------------
1Q 2Q 3Q 4Q
-------------------------------------------------
Income Statement
Interest income $81,590 $86,404 $89,233 $87,104
Interest income
(TE) 83,563 88,375 91,275 89,366
Interest expense 25,273 28,636 31,988 33,966
-------------------------------------------------
Net interest
income
(TE) 58,290 59,740 59,286 55,400
Provision for
loan losses (705) -- (20,000) (57)
Noninterest
income
excluding net
storm-related
gain/(loss)
and securities
transactions 24,890 25,942 25,627 27,460
Net storm-related
gain/(loss) -- -- -- 5,084
Securities
transactions
gains/(losses) 118 -- 110 (5,396)
Noninterest
expense 49,165 51,172 50,336 50,042
-------------------------------------------------
Income before
income taxes 32,865 32,536 52,645 30,300
Income tax
expense 10,854 10,539 16,614 8,538
-------------------------------------------------
Net income $22,011 $21,998 $36,031 $21,762
=================================================
Noninterest
Income and
Noninterest
Expense
Service charges
on deposit
accounts $7,884 $9,223 $9,719 $9,402
Trust fees 3,078 3,409 3,175 3,624
Debit card &
merchant fees 1,709 1,863 1,744 1,983
Insurance fees 5,159 4,596 4,146 5,346
Investment &
annuity fees 1,264 1,591 1,595 1,519
ATM fees 1,294 1,273 1,223 1,215
Secondary
mortgage market
operations 817 749 1,018 945
Other income 3,684 3,239 3,009 3,426
-------------------------------------------------
Noninterest
income
excluding net
storm-related
gain/(loss)
and securities
transactions $24,890 $25,942 $25,627 $27,460
Net storm-related
gain/(loss) -- -- -- 5,084
Securities
transactions
gains/(losses) 118 -- 110 (5,396)
-------------------------------------------------
Total noninterest
income
including
storm-related
gain/(loss)
and securities
transactions $25,008 $25,942 $25,737 $27,147
=================================================
Personnel expense $26,202 $26,400 $27,059 $24,092
Occupancy
expense (net) 3,659 3,474 2,882 3,335
Equipment
expense 2,668 2,816 2,647 2,665
Other operating
expense 15,961 17,976 17,304 19,451
Amortization of
intangibles 675 507 445 499
-------------------------------------------------
Total
noninterest
expense $49,165 $51,172 $50,336 $50,042
-------------------------------------------------