GULFPORT, Miss., Oct. 16, 2007 (PRIME NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) announced earnings for the third quarter ended September 30, 2007. Hancock's third quarter 2007 earnings were $17.7 million, a decrease of $18.3 million, or 50.8 percent, from the third quarter of 2006. Diluted earnings per share for the third quarter of 2007 were $0.55, a decrease of $0.56 from the same quarter a year ago. Earnings for the third quarter of 2007 were down $2.6 million, or 12.72 percent, from the second quarter of 2007. Diluted earnings per share were down $0.07 from the second quarter of 2007.
Net income for 2006 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 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, adding $13.0 million in after-tax earnings and $.39 in diluted earnings per share to the third quarter of 2006. Excluding the aforementioned reserve reversal, net earnings in the third quarter were down $5.2 million, or 22.84 percent, from the same quarter a year ago and diluted earnings per share were down $0.14.
Chief Executive Officer Carl J. Chaney commented on Hancock's third quarter results, "The comparison to last year was affected by the partial reversal of the storm-related allowance that took place in 2006. The primary driver of the quarter's earnings was higher expense levels, mostly in personnel, buildings and equipment costs -- mainly related to ongoing recovery efforts and expansions in new or existing markets. A plan of action has been undertaken to reduce our operating costs across all aspects of our operations, which will help us quickly return to the top quartile peer performance level we have attained for the last four years."
Third Quarter 2007 Financial Highlights
* Net Income and Returns: Hancock's net income for the third
quarter of 2007 was $17.7 million, compared to $36.0 million for
the same quarter a year ago. Return on average assets for the
quarter was 1.21 percent, compared to 2.36 percent for 2006's
third quarter. Return on average common equity was 12.58 percent,
compared to 27.58 percent for the same quarter a year ago. For
the second quarter of 2007, return on average assets was 1.42
percent and return on average common equity was 14.53 percent. As
mentioned, third quarter 2006's earnings and return levels were
significantly affected by a $20.0 million reversal of the
storm-related allowance for loan losses due to better than
expected loss experience with storm-impacted credits.
* Asset Quality & Allowance for Loan Losses: Hancock recorded a
provision for loan losses of $1.6 million in the third quarter
which, when combined with the quarter's net charge-offs of $1.9
million, resulted in the $.3 million reduction in the allowance
for loan losses between June 30, 2007, and September 30, 2007.
This reduction was necessary to adjust the allowance to the level
dictated by the Company's reserving methodologies. Net
charge-offs for the third quarter of 2007 were $1.9 million, or
0.21 percent of average loans, up $352 thousand from the $1.5
million, or 0.18 percent of average loans, reported for the
second quarter of 2007. Net charge-offs for the third quarter of
2006 were $2.61 million or 0.34 percent of average loans.
Non-performing assets as a percent of total loans and foreclosed
assets was 0.28 percent at September 30, 2007, compared to 0.25
percent at June 30, 2007. The Company's allowance for loan losses
was $45.90 million at September 30, 2007, down $0.3 million from
the $46.23 million reported at June 30, 2007, and $2.45 million
lower than the $48.35 million reported at September 30, 2006. The
ratio of the allowance for loan losses as a percent of period-end
loans was 1.31 percent at September 30, 2007, and 1.35 percent at
June 30, 2007.
Chief Credit Officer Alfred Rath commented, "At this point, loan
quality for both consumer and commercial loans continues to track
favorably. In previous natural disasters, loan quality at
affected financial institutions began to show signs of weakening
at the 18-24 month milestone. We see no such degradation at this
time but will continue to closely monitor all aspects of asset
quality."
* Loans: For the quarter ended September 30, 2007, Hancock's
average total loans were $3.5 billion, which represented an
increase of $389.8 million, or 13 percent, from the quarter ended
September 30, 2006. Period-end loans were up $97.1 million, or 3
percent, compared to June 30, 2007. Average total loans were up
$98.7 million, or 12 percent annualized, from the second quarter
of 2007. Of that increase, approximately $39 million of growth
was in Mississippi, $51 million in Louisiana, $8 million in
Alabama, and $1 million in Florida. The majority of the increase
in average loans compared to last quarter was in commercial
purpose loans (approximately $66.5 million).
* Deposits: Period-end deposits for the third quarter were $5.0
billion, down $1.06 million, or 0.02 percent, from September 30,
2006, but were up $21.8 million, or 0.44 percent, from June 30,
2007. Average deposits were up $95.4 million, or 8 percent
annualized, from the second quarter of 2007. The increase in
average deposits was in time deposits (up $181.9 million) and in
public fund deposits (up $47.9 million). These increases were
offset by decreases in interest-bearing transaction deposits
(down $77.2 million) and non-interest bearing deposits (down
$57.2 million). The majority of the decreased levels of
transaction deposits (interest-bearing and non-interest)
continued to be concentrated in the Company's Katrina-affected
Mississippi markets and related to customers' reducing deposit
levels for rebuilding purposes.
* Net Interest Income: Net interest income (te) for the third
quarter decreased $5.7 million, or 10 percent, from the third
quarter of 2006, and was down $244 thousand from the second
quarter of 2007. The Company's net interest margin (te) was 4.06
percent in the third quarter, 23 basis points narrower than the
same quarter a year ago and 11 basis points narrower than the
previous quarter. Compared to the same quarter a year ago, the
primary driver of the $5.7 million decrease in net interest
income (te) was a $250 million, or 4.5 percent, decrease in
average earning assets, mainly from a reduction in funding total
borrowings of $98.6 million, or 32 percent, and a decrease in
average deposits of $114.1 million, or 2 percent. The slightly
lower level of net interest income (te) in the third quarter
compared to the second quarter was due mostly to an increase in
the Company's funding costs, which were up 16 basis points. The
total cost of funds was up due to an increase in the rate paid on
time deposits (up 10 basis points) and an unfavorable change in
the third quarter's funding mix -- higher levels of more costly
time deposits and lower levels of transaction deposits.
* Non-interest income: Non-interest income for the third quarter
was up $4.9 million, or 19 percent, compared to the same quarter
a year ago and was up $292 thousand, or 1 percent, compared to
the previous quarter. The primary factors impacting the higher
levels of non-interest income (excluding securities
transactions), as compared to the same quarter a year ago, were
higher levels of service charge income (up $1.4 million, or 14
percent) and trust revenue (up $718 thousand, or 23 percent),
investment and annuity fees (up $658 thousand), and other income
(up $1.6 million). The increase in non-interest income (excluding
securities transactions) for the third quarter compared to the
prior quarter was due to increases in service charge fees (up
$614 thousand), other income (up $703 thousand), and investment
and annuity fees (up $235 thousand), which were mostly offset by
reductions in insurance fees (down $777 thousand), trust fees
(down $232 thousand), debit card income (down $149 thousand), and
secondary mortgage operations (down $181 thousand).
* Operating expense: Operating expenses for the third quarter were
$4.9 million or 10 percent, higher compared to the same quarter a
year ago and were $3.3 million, or 6 percent, higher than the
previous quarter. Much of the expense increase from last year and
the prior quarter were related to ongoing recovery and rebuilding
efforts on the part of the Company as well as an expansion into
the Mobile, New Orleans, and Pensacola markets. The increase from
the same quarter a year ago was reflected in higher levels of
occupancy expense (up $1.8 million), personnel expense (up $1.5
million), and other operating expense (up $1.4 million). The
increase in operating expense over last quarter was due to higher
levels of personnel expense (up $3.7 million) and occupancy
expense (up $0.3 million), offset slightly by a reduction in other
operating expense (down $0.7 million). Full-time equivalent
headcount at September 30, 2007, was up 22 from June 30, 2007,
and was up 178 compared to September 30, 2006.
Expense Control Efforts
The Company is focused on the need to control expenses and ensure that shareholder value is received for each dollar expended. To that end, Hancock has embarked on a stringent expense control plan to reduce operating expenses not directly related to expansion in new markets. A plan of action has been undertaken to improve the Company's operational efficiency through the rationalization of every large vendor relationship, reductions in total personnel expense, and tightened management accountability for all organizational business units and segments.
Chief Executive Officer John M. Hairston stated, "We are unwaveringly committed to superior performance for Hancock. We have taken immediate action to aggressively manage controllable expenses downward while continuing our investments in promising markets. Expense control initiatives will yield measurable improvements and restore the Company to top quartile performance."
Stock Repurchases
Approximately 343,000 of the Company's shares were repurchased during the third quarter of 2007 under the Stock Repurchase Plan that was approved in 2000. The Company has repurchased 1,004,000 shares through September 30, 2007, compared to 39,000 shares during the first nine months of 2006. The remaining plan shares available for repurchase at September 30, 2007, were 0.6 million shares. Management intends to continue repurchasing shares as long as market conditions are conducive to that action.
About Hancock Holding Company & Hancock Bank
Hancock Holding Company - parent company of Hancock Bank (Mississippi), Hancock Bank of Louisiana, Hancock Bank of Florida, and Hancock Bank of Alabama - has assets of approximately $5.9 billion. Founded October 9, 1899, Hancock Bank consistently ranks as one of the country's strongest, safest financial institutions according to Veribanc, Inc., and BauerFinancial Services, Inc. Thomson Financial also listed Hancock as the ninth largest corporate trustee bank in the U.S. More corporate information and online banking are available at www.hancockbank.com.
The Hancock Holding Company logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2758
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Congress passed the Private Securities Litigation Act of 1995 in an effort to encourage corporations to provide information about companies' anticipated future financial performance. This act provides a safe harbor for such disclosure, which protects the companies from unwarranted litigation if actual results are different from management expectations. This release contains forward-looking statements and reflects management's current views and estimates of future economic circumstances, industry conditions, company performance, and financial results. These forward-looking statements are subject to a number of factors and uncertainties which could cause the Company's actual results and experience to differ from the anticipated results and expectations expressed in such forward-looking statements.
Hancock Holding Company
Financial Highlights
(amounts in thousands, except per share data and FTE headcount)
(unaudited)
Three Months Ended Nine Months Ended
-------------------------------------------------
9/30/2007 6/30/2007 9/30/2006 9/30/2007 9/30/2006
-------------------------------------------------
Per Common Share Data
---------------------
Earnings per share:
Basic $0.55 $0.63 $1.11 $1.77 $2.46
Diluted $0.55 $0.62 $1.08 $1.74 $2.41
Cash dividends per
share $0.240 $0.240 $0.240 $0.720 $0.655
Book value per
share (period-end) $17.55 $17.13 $16.64 $17.55 $16.64
Tangible book value
per share
(period-end) $15.32 $14.90 $14.47 $15.32 $14.47
Weighted average
number of shares:
Basic 32,005 32,233 32,566 32,299 32,500
Diluted 32,492 32,749 33,333 32,847 33,274
Period-end number
of shares 31,786 32,094 32,584 31,786 32,584
Market data:
High closing price $43.90 $44.37 $56.79 $54.09 $57.19
Low closing price $32.78 $37.50 $49.71 $32.78 $37.75
Period end closing
price $40.08 $37.55 $53.55 $40.08 $53.55
Trading volume 10,290 11,614 8,135 30,485 20,883
Other Period-end Data
---------------------
FTE headcount 1,966 1,944 1,788 1,966 1,788
Tangible common
equity $486,871 $478,085 $471,387 $486,871 $471,387
Tier I capital $508,554 $510,096 $487,668 $508,554 $487,668
Goodwill $ 62,277 $ 62,277 $ 59,708 $ 62,277 $ 59,708
Amortizable
intangibles $8,195 $8,607 $9,913 $8,195 $9,913
Mortgage servicing
intangibles $632 $729 $1,093 $632 $1,093
Common shares
repurchased for
publicly announced
plans 343 433 -- 1,004 39
Performance Ratios
------------------
Return on average
assets 1.21% 1.42% 2.36% 1.31% 1.77%
Return on average
common equity 12.58% 14.53% 27.58% 13.63% 21.42%
Earning asset
yield (TE) 6.81% 6.76% 6.60% 6.74% 6.36%
Total cost of funds 2.75% 2.59% 2.30% 2.65% 2.08%
Net interest
margin (TE) 4.06% 4.17% 4.29% 4.09% 4.28%
Noninterest expense
as a percent of
total revenue (TE)
before amortization
of purchased
intangibles and
securities
transactions 65.18% 61.27% 58.76% 62.55% 58.73%
Common equity
(period-end) as a
percent of total
assets (period-end) 9.45% 9.36% 8.86% 9.45% 8.86%
Leverage (Tier I)
ratio 8.82% 9.01% 8.15% 8.82% 8.15%
Tangible common
equity ratio 8.34% 8.24% 7.79% 8.34% 7.79%
Net charge-offs as a
percent of average
loans 0.21% 0.18% 0.34% 0.19% 0.24%
Allowance for loan
losses as a percent
of period-end loans 1.31% 1.35% 1.55% 1.31% 1.55%
Allowance for loan
losses to NPAs +
accruing loans
90 days past due 335.22% 410.98% 494.65% 335.22% 494.65%
Loan/deposit ratio 70.28% 69.62% 60.97% 68.60% 59.11%
Non-interest income
excluding
securities
transactions as a
percent of total
revenue (TE) 36.27% 35.94% 30.18% 34.94% 30.13%
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
Three Months Ended Nine Months Ended
----------------------------------------------------------
9/30/2007 6/30/2007 9/30/2006 9/30/2007 9/30/2006
----------------------------------------------------------
Asset
Quality
Information
-----------
Non-
accrual
loans $8,500 $7,544 $5,179 $8,500 $5,179
Foreclosed
assets 1,374 1,146 970 1,374 970
-----------------------------------------------------------
Total non-
performing
assets $9,874 $8,690 $6,149 $9,874 $6,149
-----------------------------------------------------------
Non-
performing
assets as
a percent
of loans
and
foreclosed
assets 0.28% 0.25% 0.20% 0.28% 0.20%
Accruing
loans 90
days past
due $3,819 $2,558 $3,626 $3,819 $3,626
Accruing
loans 90
days past
due as a
percent
of loans 0.11% 0.07% 0.12% 0.11% 0.12%
Non-
performing
assets +
accruing
loans 90
days past
due to
loans and
foreclosed
assets 0.39% 0.33% 0.31% 0.39% 0.31%
Net charge-
offs $1,880 $1,528 $2,608 $4,873 $5,501
Net charge-
offs as a
percent of
average
loans 0.21% 0.18% 0.34% 0.19% 0.24%
Allowance
for loan
losses $45,901 $46,227 $48,352 $45,901 $48,352
Allowance
for loan
losses as
a percent
of period-
end loans 1.31% 1.35% 1.55% 1.31% 1.55%
Allowance
for loan
losses to
NPAs +
accruing
loans 90
days past
due 335.22% 410.98% 494.65% 335.22% 494.65%
Provision
for loan
losses $1,554 $1,238 (20,000) $4,002 ($20,705)
Allowance
for Loan
Losses
---------
Beginning
Balance $46,227 $46,517 $70,960 $46,772 $74,558
Provision
for loan
loss 1,554 1,238 (20,000) 4,002 (20,705)
Charge-offs 3,610 3,521 6,358 10,207 15,022
Recoveries 1,730 1,993 3,750 5,334 9,521
-----------------------------------------------------------
Net charge-
offs 1,880 1,528 2,608 4,873 5,501
-----------------------------------------------------------
Ending
Balance $45,901 $46,227 $48,352 $45,901 $48,352
-----------------------------------------------------------
Net Charge-off
Information
--------------
Net charge-
offs:
Commercial/
real
estate
loans ($58) ($63) $522 $47 ($628)
Mortgage
loans -- (22) 367 1 576
Direct
consumer
loans 864 617 1,003 1,835 3,264
Indirect
consumer
loans 314 471 294 1,216 1,338
Finance
company
loans 760 525 422 1,774 951
-----------------------------------------------------------
Total net
charge-
offs $1,880 $1,528 $2,608 $4,873 $5,501
===========================================================
Average
loans:
Commercial/
real
estate
loans $2,055,922 $1,989,420 $1,759,173 $1,992,890 $1,711,525
Mortgage
loans 439,459 433,310 423,610 433,006 414,768
Direct
consumer
loans 491,417 487,267 470,771 487,985 468,196
Indirect
consumer
loans 373,677 360,451 347,404 363,773 349,076
Finance
Company
loans 109,807 101,092 79,483 101,135 71,869
-----------------------------------------------------------
Total
average
loans $3,470,282 $3,371,540 $3,080,441 $3,378,789 $3,015,434
Net charge-
offs to
average
loans:
Commercial/
real
estate
loans -0.01% -0.01% 0.12% 0.00% -0.05%
Mortgage
loans 0.00% -0.02% 0.34% 0.00% 0.19%
Direct
consumer
loans 0.70% 0.51% 0.85% 0.50% 0.93%
Indirect
consumer
loans 0.33% 0.52% 0.34% 0.45% 0.51%
Finance
Company
loans 2.74% 2.08% 2.11% 2.34% 1.77%
-----------------------------------------------------------
Total net
charge-
offs to
average
loans 0.21% 0.18% 0.34% 0.19% 0.24%
-----------------------------------------------------------
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
-------------------------------------------------
Three Months Ended Nine Months Ended
-------------------------------------------------
9/30/2007 6/30/2007 9/30/2006 9/30/2007 9/30/2006
-------------------------------------------------
Income Statement
----------------
Interest income $87,661 $84,937 $89,233 $258,307 $257,226
Interest income
(TE) 90,033 87,204 91,275 265,362 263,226
Interest expense 36,467 33,394 31,988 104,169 85,897
-------------------------------------------------
Net interest
income (TE) 53,566 53,810 59,287 161,193 177,329
Provision for loan
losses 1,554 1,238 (20,000) 4,002 (20,705)
Noninterest income
excluding
securities
transactions 30,485 30,193 25,627 86,566 76,459
Securities
transactions
gains/(losses) 34 34 110 74 228
Noninterest
expense 55,196 51,857 50,337 156,192 150,674
-------------------------------------------------
Income before
income taxes 24,963 28,675 52,645 80,584 118,047
Income tax expense 7,224 8,352 16,614 23,292 38,006
-------------------------------------------------
Net income $17,739 $20,323 $36,031 $57,292 $80,041
=================================================
Noninterest Income
and Noninterest
Expense
------------------
Service charges on
deposit accounts $11,085 $10,471 $9,719 $30,747 $26,826
Trust fees 3,892 4,124 3,174 11,708 9,662
Debit card &
merchant fees 2,025 2,171 1,744 5,975 5,316
Insurance fees 4,256 5,033 4,145 13,657 13,900
Investment &
annuity fees 2,253 2,018 1,595 6,249 4,450
ATM fees 1,434 1,358 1,223 4,116 3,790
Secondary mortgage
market operations 935 1,116 1,018 2,962 2,583
Other income 4,605 3,902 3,009 11,152 9,932
-------------------------------------------------
Noninterest income
excluding
securities
transactions $30,485 $30,193 $25,627 $86,566 $76,459
Securities
transactions
gains/(losses) 34 34 110 74 228
-------------------------------------------------
Total noninterest
income including
securities
transactions $30,519 $30,227 $25,737 $86,640 $76,687
=================================================
Personnel expense $28,531 $24,837 $27,059 $79,932 $79,661
Occupancy expense
(net) 4,731 4,469 2,882 13,273 10,015
Equipment expense 2,814 2,768 2,647 7,855 8,131
Other operating
expense 18,708 19,399 17,304 53,913 51,241
Amortization of
intangibles 412 384 445 1,219 1,626
-------------------------------------------------
Total noninterest
expense $55,196 $51,857 $50,337 $156,192 $150,674
=================================================
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
Three Months Ended Nine Months Ended
-------------------------------- ---------------------
9/30/2007 6/30/2007 9/30/2006 9/30/2007 9/30/2006
---------- ---------- ---------- ---------- ----------
Period-end
Balance Sheet
--------------
Commercial/
real estate
loans $2,090,992 $2,044,170 $1,800,643 $2,090,992 $1,800,643
Mortgage loans 432,154 420,342 416,691 432,154 416,691
Direct
consumer
loans 494,667 481,565 471,837 494,667 471,837
Indirect
consumer
loans 380,561 364,375 350,013 380,561 350,013
Finance
Company loans 114,919 105,700 83,278 114,919 83,278
---------- ---------- ---------- ---------- ----------
Total loans 3,513,293 3,416,152 3,122,462 3,513,293 3,122,462
Loans held for
sale 17,698 25,198 18,700 17,698 18,700
Securities 1,681,850 1,617,204 2,303,396 1,681,850 2,303,396
Short-term
investments 99,176 196,944 74,903 99,176 74,903
---------- ---------- ---------- ---------- ----------
Earning assets 5,312,017 5,255,498 5,519,461 5,312,017 5,519,461
---------- ---------- ---------- ---------- ----------
Allowance for
loan losses (45,901) (46,227) (48,352) (45,901) (48,352)
Other assets 639,937 665,535 650,556 639,937 650,556
---------- ---------- ---------- ---------- ----------
Total assets $5,906,053 $5,874,806 $6,121,665 $5,906,053 $6,121,665
========== ========== ========== ========== ==========
Noninterest
bearing
deposits $ 891,842 $ 938,702 $1,062,392 $ 891,842 $1,062,392
Interest
bearing
transaction
deposits 1,357,835 1,412,123 1,510,785 1,357,835 1,510,785
Interest
bearing
Public Fund
deposits 837,073 891,803 795,927 837,073 795,927
Time deposits 1,912,799 1,735,105 1,631,504 1,912,799 1,631,504
---------- ---------- ---------- ---------- ----------
Total interest
bearing
deposits 4,107,707 4,039,031 3,938,216 4,107,707 3,938,216
---------- ---------- ---------- ---------- ----------
Total deposits 4,999,549 4,977,733 5,000,608 4,999,549 5,000,608
Other borrowed
funds 216,481 208,938 430,827 216,481 430,827
Other
liabilities 132,048 138,437 148,129 132,048 148,129
Common
shareholders'
equity 557,975 549,698 542,101 557,975 542,101
---------- ---------- ---------- ---------- ----------
Total
liabilities &
common equity $5,906,053 $5,874,806 $6,121,665 $5,906,053 $6,121,665
========== ========== ========== ========== ==========
Average
Balance Sheet
--------------
Commercial/
real estate
loans $2,055,922 $1,989,420 $1,759,173 $1,992,890 $1,711,525
Mortgage loans 439,458 433,310 423,610 433,006 414,768
Direct
consumer
loans 491,417 487,267 470,771 487,985 468,196
Indirect
consumer
loans 373,677 360,451 347,404 363,773 349,076
Finance
Company loans 109,808 101,092 79,483 101,135 71,869
---------- ---------- ---------- ---------- ----------
Total loans 3,470,282 3,371,540 3,080,441 3,378,789 3,015,434
Securities 1,668,279 1,733,869 2,334,242 1,743,641 2,254,068
Short-term
investments 120,116 67,520 94,026 139,323 255,265
---------- ---------- ---------- ---------- ----------
Earning
average
assets 5,258,677 5,172,929 5,508,709 5,261,753 5,524,767
---------- ---------- ---------- ---------- ----------
Allowance for
loan losses (46,216) (46,511) (61,525) (46,475) (69,840)
Other assets 624,566 607,941 602,833 610,249 590,642
---------- ---------- ---------- ---------- ----------
Total assets $5,837,027 $5,734,359 $6,050,017 $5,825,527 $6,045,569
========== ========== ========== ========== ==========
Noninterest
bearing
deposits $ 893,455 $ 950,637 $1,098,716 $ 942,360 $1,158,844
Interest
bearing
transaction
deposits 1,383,851 1,461,092 1,590,318 1,445,384 1,666,689
Interest
bearing
Public Fund
deposits 823,316 775,431 791,825 806,476 780,947
Time deposits 1,837,292 1,655,322 1,571,129 1,730,787 1,494,748
---------- ---------- ---------- ---------- ----------
Total interest
bearing
deposits 4,044,459 3,891,845 3,953,272 3,982,647 3,942,384
---------- ---------- ---------- ---------- ----------
Total deposits 4,937,914 4,842,482 5,051,988 4,925,007 5,101,228
Other borrowed
funds 206,072 197,261 304,686 203,025 267,666
Other
liabilities 133,695 133,783 175,093 135,396 177,183
Common
shareholders'
equity 559,346 560,833 518,250 562,099 499,492
---------- ---------- ---------- ---------- ----------
Total
liabilities &
common equity $5,837,027 $5,734,359 $6,050,017 $5,825,527 $6,045,569
========== ========== ========== ========== ==========
Hancock Holding Company
Financial Highlights
(amounts in thousands)
(unaudited)
Three Months Ended Nine Months Ended
-----------------------------------------------------------
9/30/2007 6/30/2007 9/30/2006 9/30/2007 9/30/2006
-----------------------------------------------------------
Average
Balance
Sheet Mix
-----------
Percentage
of earning
assets/
funding
sources:
Loans 65.99% 65.17% 55.92% 64.21% 54.58%
Securities 31.73% 33.52% 42.37% 33.14% 40.80%
Short-term
investments 2.28% 1.31% 1.71% 2.65% 4.62%
-----------------------------------------------------------
Earning
average
assets 100.00% 100.00% 100.00% 100.00% 100.00%
===========================================================
Noninterest
bearing
deposits 16.99% 18.38% 19.95% 17.91% 20.98%
Interest
bearing
transaction
deposits 26.32% 28.24% 28.87% 27.47% 30.16%
Interest
bearing
Public
Fund
deposits 15.66% 14.99% 14.37% 15.33% 14.14%
Time
deposits 34.93% 32.01% 28.52% 32.89% 27.06%
-----------------------------------------------------------
Total
deposits 93.90% 93.62% 91.71% 93.60% 92.34%
Other
borrowed
funds 3.92% 3.81% 5.53% 3.86% 4.84%
Other net
interest-
free
funding
sources 2.18% 2.57% 2.76% 2.54% 2.82%
-----------------------------------------------------------
Total
average
funding
sources 100.00% 100.00% 100.00% 100.00% 100.00%
===========================================================
Loan mix:
Commercial/
real
estate
loans 59.25% 59.01% 57.11% 58.98% 56.76%
Mortgage
loans 12.66% 12.85% 13.75% 12.82% 13.75%
Direct
consumer
loans 14.16% 14.45% 15.28% 14.44% 15.53%
Indirect
consumer
loans 10.77% 10.69% 11.28% 10.77% 11.58%
Finance
Company
loans 3.16% 3.00% 2.58% 2.99% 2.38%
-----------------------------------------------------------
Total
loans 100.00% 100.00% 100.00% 100.00% 100.00%
===========================================================
Average
dollars
(in
thousands):
Loans $3,470,282 $3,371,540 $3,080,441 $3,378,789 $3,015,434
Securities 1,668,279 1,733,869 2,334,242 1,743,641 2,254,068
Short-term
investments 120,116 67,520 94,026 139,323 255,265
-----------------------------------------------------------
Earning
average
assets $5,258,677 $5,172,929 $5,508,709 $5,261,753 $5,524,767
Noninterest
bearing
deposits $893,455 $950,637 $1,098,716 $942,360 $1,158,844
Interest
bearing
transaction
deposits 1,383,851 1,461,092 1,590,318 1,445,384 1,666,689
Interest
bearing
Public
Fund
deposits 823,316 775,431 791,825 806,476 780,947
Time
deposits 1,837,292 1,655,322 1,571,129 1,730,787 1,494,748
-----------------------------------------------------------
Total
deposits 4,937,914 4,842,482 5,051,988 4,925,007 5,101,228
Other
borrowed
funds 206,072 197,261 304,686 203,025 267,666
Other
net
interest-
free
funding
sources 114,691 133,186 152,035 133,721 155,873
-----------------------------------------------------------
Total
average
funding
sources $5,258,677 $5,172,929 $5,508,709 $5,261,753 $5,524,767
Loans:
Commercial/
real
estate
loans $2,055,922 $1,989,420 $1,759,173 $1,992,890 $1,711,525
Mortgage
loans 439,458 433,310 423,610 433,006 414,768
Direct
consumer
loans 491,417 487,267 470,771 487,985 468,196
Indirect
consumer
loans 373,677 360,451 347,404 363,773 349,076
Finance
Company
loans 109,808 101,092 79,483 101,135 71,869
-----------------------------------------------------------
Total
average
loans $3,470,282 $3,371,540 $3,080,441 $3,378,789 $3,015,434
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
-------------------------------------------------------
Three Months Ended
-------------------------------------------------------
09/30/07 06/30/07
-------------------------------------------------------
Interest Volume Rate Interest Volume Rate
---------- ---------- ------ ---------- -------- ------
Average
Earning
Assets
Commercial
& real
estate
loans (TE) $ 38,563 $2,055,922 7.45% $ 36,689 $1,989,420 7.40%
Mortgage
loans 6,764 439,458 6.16% 6,677 433,310 6.16%
Consumer
loans 21,871 974,902 8.90% 20,978 948,810 8.87%
Loan fees &
late
charges 257 -- 0.00% 291 -- 0.00%
---------- ---------- ---------------- ---------- ----
Total
loans (TE) $ 67,455 3,470,282 7.72% $ 64,635 $3,371,540 7.69%
U.S. treasury
securities 128 11,169 4.53% 414 34,141 4.87%
U.S. agency
securities 10,223 801,585 5.10% 10,987 866,747 5.07%
CMOs 830 80,989 4.10% 948 93,145 4.07%
Mortgage
backed
securities 6,557 513,545 5.11% 5,847 469,500 4.98%
Municipals
(TE) 2,634 195,956 5.38% 2,653 196,861 5.39%
Other
securities 817 65,035 5.03% 932 73,475 5.07%
---------- ---------- ---------------- ---------- ----
Total
securities
(TE) 21,189 1,668,279 5.08% 21,781 1,733,869 5.03%
Total
short-term
investments 1,389 120,116 4.59% 788 67,520 4.68%
Average
earning
assets
yield (TE) $ 90,033 5,258,677 6.81% $ 87,204 5,172,929 6.76%
Interest-
bearing
Liabilities
Interest-
bearing
transaction
deposits $ 4,682 $1,383,851 1.34% $ 4,913 $1,461,092 1.35%
Time
deposits 21,295 1,837,292 4.60% 18,555 1,655,322 4.50%
Public
Funds 8,753 823,316 4.22% 8,439 775,431 4.37%
---------- ---------- ---------------- ---------- ----
Total
interest
bearing
deposits $ 34,730 4,044,459 3.41% $ 31,907 $3,891,845 3.29%
Total
borrowings 1,892 206,072 3.64% 1,814 197,261 3.65%
Capitalized
Interest (155) (327)
Total
interest
bearing
liab cost 36,467 $4,250,531 3.40% 33,394 $4,089,106 3.28%
Noninterest-
bearing
deposits 893,455 950,637
Other net
interest-
free
funding
sources 114,691 133,186
Total Cost
of Funds 36,467 $5,258,677 2.75% 33,394 $5,172,929 2.59%
Net Interest
Spread (TE) $ 53,566 3.41% $ 53,810 3.48%
Net Interest
Margin (TE) $ 53,566 $5,258,677 4.06% $ 53,810 $5,172,929 4.17%
-------------------------------------------------------------------
Three Months Ended
-----------------------------
09/30/06
-----------------------------
Interest Volume Rate
---------- ---------- ----
Average Earning Assets
Commercial & real estate loans (TE) $ 32,520 $1,759,173 7.34%
Mortgage loans 6,411 423,610 6.05%
Consumer loans 19,547 897,658 8.64%
Loan fees & late charges 2,710 -- 0.00%
---------- ---------- ----
Total loans (TE) $ 61,188 $3,080,441 7.89%
U.S. treasury securities 855 67,966 4.99%
U.S. agency securities 16,456 1,356,478 4.85%
CMOs 1,439 145,494 3.96%
Mortgage backed securities 6,231 511,372 4.87%
Municipals (TE) 2,936 174,744 6.72%
Other securities 1,042 78,188 5.33%
---------- ---------- ----
Total securities (TE) 28,959 2,334,242 4.96%
Total short-term investments 1,128 94,026 4.76%
Average earning assets yield (TE) $ 91,275 $5,508,709 6.60%
Interest-bearing Liabilities
Interest-bearing transaction deposits $ 3,955 $1,590,318 0.99%
Time deposits 16,352 1,571,129 4.13%
Public Funds 8,629 791,825 4.32%
---------- ---------- ----
Total interest bearing deposits $ 28,936 $3,953,272 2.90%
Total borrowings 3,202 304,686 4.17%
Capitalized Interest (150)
Total interest bearing liab cost $ 31,988 $4,257,958 2.98%
Noninterest-bearing deposits 1,098,716
Other net interest-free funding sources 152,035
Total Cost of Funds $ 31,988 $5,508,709 2.30%
Net Interest Spread (TE) $ 59,287 3.62%
Net Interest Margin (TE) $ 59,287 $5,508,709 4.29%
--------------------------------------------------------------------
Hancock Holding Company
Average Balance and Net Interest Margin Summary
(amounts in thousands)
(unaudited)
--------------------------------------------------------
Nine Months Ended
--------------------------------------------------------
9/30/2007 9/30/2006
--------------------------------------------------------
Interest Volume Rate Interest Volume Rate
---------- ---------- ---- ---------- ---------- ----
Average
Earning
Assets
Commercial &
real estate
loans (TE) $ 110,483 $1,992,890 7.41% $ 91,769 $1,711,525 7.17%
Mortgage
loans 19,950 433,006 6.14% 18,289 414,768 5.88%
Consumer
loans 63,045 952,893 8.85% 55,376 889,141 8.33%
Loan fees &
late
charges 992 -- 0.00% 7,506 -- 0.00%
---------- ---------- ---- ---------- ---------- ----
Total loans
(TE) 194,470 $3,378,789 7.69% 172,940 $3,015,434 7.66%
U.S.
treasury
securities 1,278 35,083 4.87% 1,936 56,722 4.56%
U.S. agency
securities 32,966 869,107 5.06% 46,196 1,299,845 4.74%
CMOs 2,882 93,941 4.09% 4,874 164,723 3.95%
Mortgage
backed
securities 17,887 476,077 5.01% 17,393 491,177 4.72%
Municipals
(TE) 8,148 197,200 5.51% 8,344 165,533 6.72%
Other
securities 2,671 72,233 4.93% 2,859 76,068 5.01%
---------- ---------- ---- ---------- ---------- ----
Total
securities
(TE) 65,832 1,743,641 5.03% 81,602 2,254,068 4.83%
Total short-
term
investments 5,060 139,323 4.86% 8,684 255,265 4.55%
Average
earning
assets
yield
(TE) $ 265,362 $5,261,753 6.74% $ 263,226 $5,524,767 6.36%
Interest-
Bearing
Liabilities
Interest-
bearing
transaction
deposits $ 14,360 $1,445,384 1.33% $ 11,001 $1,666,689 0.88%
Time deposits 58,871 1,730,787 4.55% 43,809 1,494,748 3.92%
Public Funds 26,221 806,476 4.35% 24,036 780,947 4.11%
---------- ---------- ---- ---------- ---------- ----
Total
interest
bearing
deposits $ 99,452 $3,982,647 3.34% $ 78,846 $3,942,384 2.67%
Total
borrowings 5,589 203,025 3.68% 7,298 267,666 3.65%
Capitalized
Interest (872) (247)
Total
interest
bearing
liab cost 104,169 $4,185,672 3.33% $ 85,897 $4,210,050 2.73%
Noninterest-
bearing
deposits 942,360 1,158,844
Other net
interest-
free
funding
sources 133,721 155,873
Total Cost
of Funds 104,169 $5,261,753 2.65% $ 85,897 $5,524,767 2.08%
Net Interest
Spread
(TE) $ 161,193 3.41% $ 177,329 3.64%
Net Interest
Margin
(TE) $ 161,193 $5,261,753 4.09% $ 177,329 $5,524,767 4.28%
--------------------------------------------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
(unaudited)
-------------------------------------------
2005 2006
-------------------------------------------
4Q 1Q 2Q 3Q 4Q
-------------------------------------------
Per Common Share Data
---------------------
Earnings per share:
Basic $0.59 $0.68 $0.68 $1.11 $0.67
Diluted $0.58 $0.67 $0.66 $1.08 $0.65
Cash dividends
per share $0.195 $0.195 $0.220 $0.240 $0.240
Book value per share
(period-end) $14.78 $15.06 $15.12 $16.64 $17.09
Tangible book value per
share (period-end) $12.55 $12.85 $12.94 $14.47 $14.87
Weighted average number
of shares:
Basic 32,313 32,393 32,531 32,566 32,632
Diluted 32,980 33,088 33,322 33,333 33,378
Period-end number of
shares 32,301 32,494 32,555 32,584 32,666
Market data:
High closing price $39.90 $46.67 $57.19 $56.79 $56.00
Low closing price $31.08 $37.75 $44.02 $49.71 $50.85
Period end closing
price $37.81 $46.52 $56.00 $53.55 $52.84
Trading volume 6,829 3,990 8,737 8,135 6,393
Other Period-end Data
---------------------
FTE headcount 1,735 1,768 1,777 1,788 1,848
Tangible common equity $405,216 $417,684 $421,369 $471,387 $485,778
Tier I capital $420,281 $440,302 $457,738 $487,668 $510,638
Goodwill $61,418 $61,418 $59,060 $59,708 $62,277
Amortizable intangibles $9,204 $8,725 $10,575 $9,913 $9,414
Mortgage servicing
intangibles $1,577 $1,384 $1,256 $1,093 $941
Common shares
repurchased for
publicly announced
plans -- 17 22 -- --
Performance Ratios
------------------
Return on average assets 1.39% 1.49% 1.45% 2.36% 1.44%
Return on average
common equity 15.98% 18.34% 17.89% 27.58% 15.54%
Earning asset yield (TE) 6.14% 6.17% 6.32% 6.60% 6.54%
Total cost of funds 1.70% 1.88% 2.05% 2.30% 2.48%
Net interest margin (TE) 4.44% 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 56.89% 58.30% 59.13% 58.76% 59.79%
Common equity (period-end)
as a percent of total
assets (period-end) 8.02% 7.82% 8.00% 8.86% 9.36%
Leverage (Tier I) ratio 7.85% 7.45% 7.59% 8.15% 8.63%
Tangible common equity
ratio 6.89% 6.75% 6.92% 7.79% 8.24%
Net charge-offs as a
percent of average loans 0.41% -0.01% 0.40% 0.34% 0.19%
Allowance for loan losses
as a percent of period-end
loans 2.51% 2.51% 2.35% 1.55% 1.44%
Allowance for loan losses
to NPAs + loans 90 days
past due 195.50% 432.85% 457.10% 494.65% 694.67%
Loan/deposit ratio 66.44% 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) 29.68% 29.92% 30.28% 30.18% 33.14%
-------------------------------------------
---------------------------
2007
---------------------------
1Q 2Q 3Q
---------------------------
Per Common Share Data
---------------------
Earnings per share:
Basic $0.59 $0.63 $0.55
Diluted $0.58 $0.62 $0.55
Cash dividends per share $0.240 $0.240 $0.240
Book value per share (period-end) $17.27 $17.13 $17.55
Tangible book value per share
(period-end) $15.05 $14.90 $15.32
Weighted average number of shares:
Basic 32,665 32,233 32,005
Diluted 33,299 32,749 32,492
Period-end number of shares 32,518 32,094 31,786
Market data:
High closing price $54.09 $44.37 $43.90
Low closing price $41.88 $37.50 $32.78
Period end closing price $43.98 $37.55 $40.08
Trading volume 8,577 11,614 10,290
Other Period-end Data
---------------------
FTE headcount 1,929 1,944 1,966
Tangible common equity $489,430 $478,085 $486,871
Tier I capital $513,229 $510,096 $508,554
Goodwill $62,277 $62,277 $62,277
Amortizable intangibles $8,991 $8,607 $8,195
Mortgage servicing intangibles $829 $729 $632
Common shares repurchased for publicly
announced plans 228 433 343
Performance Ratios
------------------
Return on average assets 1.32% 1.42% 1.21%
Return on average common equity 13.77% 14.53% 12.58%
Earning asset yield (TE) 6.64% 6.76% 6.81%
Total cost of funds 2.60% 2.59% 2.75%
Net interest margin (TE) 4.04% 4.17% 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 61.12% 61.27% 65.18%
Common equity (period-end) as
a percent of total assets (period-end) 9.61% 9.36% 9.45%
Leverage (Tier I) ratio 8.80% 9.01% 8.82%
Tangible common equity ratio 8.48% 8.24% 8.34%
Net charge-offs as a
percent of average loans 0.18% 0.18% 0.21%
Allowance for loan losses as
a percent of period-end loans 1.41% 1.35% 1.31%
Allowance for loan losses to
NPAs + loans 90 days past due 413.60% 410.98% 335.22%
Loan/deposit ratio 65.91% 69.62% 70.28%
Noninterest income excluding
net storm-related gain/(loss),
gain on sale of credit card merchant and
securities transactions as a percent
of total revenue (TE) 32.48% 35.94% 36.27%
---------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
(unaudited)
-------------------------------------------------------
2005 2006
-------------------------------------------------------
4Q 1Q 2Q 3Q 4Q
-------------------------------------------------------
Asset Quality
-------------
Information
-----------
Non-accrual
loans $10,617 $8,676 $7,237 $5,179 $3,500
Foreclosed
assets 1,898 1,779 1,606 970 681
-------------------------------------------------------
Total
non-performing
assets $12,515 $10,455 $8,843 $6,149 $4,181
Non-performing
assets as a
percent of
loans and
foreclosed
assets 0.42% 0.35% 0.29% 0.20% 0.13%
Accruing loans
90 days
past due $25,622 $6,632 $6,681 $3,626 $2,552
Accruing loans
90 days
past due as
a percent of
loans 0.86% 0.22% 0.22% 0.12% 0.08%
Non-performing
assets + accruing
loans 90 days
past due to
loans and
foreclosed
assets 1.28% 0.57% 0.51% 0.31% 0.21%
Net
charge-offs $3,104 ($108) $3,001 $2,608 $1,523
Net charge-offs
as a percent
of average loans 0.41% -0.01% 0.40% 0.34% 0.19%
Allowance for
loan losses $74,558 $73,961 $70,960 $48,352 $46,772
Allowance for
loan losses
as a percent of
period-end loans 2.51% 2.51% 2.35% 1.55% 1.44%
Allowance for
loan losses to
NPAs + accruing
loans 90 days
past due 195.50% 432.85% 457.10% 494.65% 694.67%
Provision for
(recovery of)
loan losses $1,079 ($705) -- ($20,000) ($57)
Net Charge-off
--------------
Information
-----------
Net charge-offs:
Commercial/
real estate
loans $332 ($1,769) $620 $522 ($137)
Mortgage loans (7) 181 28 367 (11)
Direct consumer
loans 1,831 579 1,681 1,003 493
Indirect consumer
loans 272 653 391 294 395
Finance company
loans 676 248 281 422 783
-------------------------------------------------------
Total net
charge-offs $3,104 ($108) $3,001 $2,608 $1,523
-------------------------------------------------------
Average loans:
Commercial
/real
estate
loans $1,660,804 $1,674,706 $1,699,768 $1,759,173 $1,855,506
Mortgage loans 442,977 410,023 410,522 423,610 428,674
Direct consumer
loans 489,150 469,832 463,977 470,771 479,087
Indirect
consumer loans 342,203 351,405 348,463 347,404 350,829
Finance
Company loans 63,663 64,495 71,461 79,483 86,965
-------------------------------------------------------
Total average
loans $2,998,797 $2,970,461 $2,994,191 $3,080,441 $3,201,061
Net charge-offs
to average
loans:
Commercial/real
estate loans 0.08% -0.43% 0.15% 0.12% -0.03%
Mortgage loans -0.01% 0.18% 0.03% 0.34% -0.01%
Direct
consumer loans 1.49% 0.50% 1.45% 0.85% 0.41%
Indirect
consumer loans 0.32% 0.75% 0.45% 0.34% 0.45%
Finance
Company loans 4.21% 1.56% 1.58% 2.11% 3.57%
-------------------------------------------------------
Total net
charge-offs
to average
loans 0.41% -0.01% 0.40% 0.34% 0.19%
-------------------------------------------------------
-----------------------------------
2007
-----------------------------------
1Q 2Q 3Q
-----------------------------------
Asset Quality Information
-------------------------
Non-accrual loans $4,494 $7,544 $8,500
Foreclosed assets 718 1,146 1,374
-----------------------------------
Total non-performing assets $5,212 $8,690 $9,874
Non-performing assets as a percent
of loans and foreclosed assets 0.16% 0.25% 0.28%
Accruing loans 90 days past due $6,035 $2,558 $3,819
Accruing loans 90 days past due as
a percent of loans 0.18% 0.07% 0.11%
Non-performing assets + accruing loans
90 days past due to loans and
foreclosed assets 0.34% 0.33% 0.39%
Net charge-offs $1,466 $1,528 $1,880
Net charge-offs as
a percent of average loans 0.18% 0.18% 0.21%
Allowance for loan losses $46,517 $46,227 $45,901
Allowance for loan losses as a
percent of period-end loans 1.41% 1.35% 1.31%
Allowance for loan losses to NPAs
+ accruing loans 90 days past due 413.60% 410.98% 335.22%
Provision for (recovery of)
loan losses $1,211 $1,238 $1,554
Net Charge-off Information
--------------------------
Net charge-offs:
Commercial/real estate loans $168 ($63) ($58)
Mortgage loans 23 (22) --
Direct consumer loans 110 617 864
Indirect consumer loans 676 471 314
Finance company loans 489 525 760
-----------------------------------
Total net charge-offs $1,466 $1,528 $1,880
-----------------------------------
Average loans:
Commercial/real estate loans $1,931,966 $1,989,420 $2,055,922
Mortgage loans 426,103 433,310 439,459
Direct consumer loans 485,201 487,267 491,417
Indirect consumer loans 357,008 360,451 373,677
Finance Company loans 92,315 101,092 109,807
-----------------------------------
Total average loans $3,292,593 $3,371,540 $3,470,282
Net charge-offs to average loans:
Commercial/real estate loans 0.04% -0.01% -0.01%
Mortgage loans 0.02% -0.02% 0.00%
Direct consumer loans 0.09% 0.51% 0.70%
Indirect consumer loans 0.77% 0.52% 0.33%
Finance Company loans 2.15% 2.08% 2.74%
-----------------------------------
Total net charge-offs to
average loans 0.18% 0.18% 0.21%
-----------------------------------
Hancock Holding Company
Quarterly Financial Data
(amounts in thousands, except
per share data and FTE headcount)
------------------------------------------------
(unaudited) 2005 2006
------------------------------------------------
4Q 1Q 2Q 3Q 4Q
-------- -------- -------- -------- --------
Income Statement
----------------
Interest income $ 73,430 $ 81,590 $ 86,403 $ 89,233 $ 87,103
Interest income (TE) 75,433 83,570 88,382 91,275 89,366
Interest expense 20,911 25,273 28,636 31,988 33,966
-------- -------- -------- -------- --------
Net interest income
(TE) 54,522 58,297 59,746 59,287 55,400
Provision for
(recovery of) loan
losses 1,079 (705) -- (20,000) (57)
Noninterest income
excluding net storm
-related gain/(loss)
and securities
transactions 23,016 24,890 25,942 25,627 27,460
Net storm-related
gain/(loss) (5,692) -- -- -- 5,084
Securities
transactions gains/
(losses) (27) 118 -- 110 (5,396)
Noninterest expense 44,625 49,165 51,172 50,337 50,042
-------- -------- -------- -------- --------
Income before income
taxes 24,112 32,865 32,537 52,645 30,300
Income tax expense 5,047 10,854 10,539 16,614 8,538
-------- -------- -------- -------- --------
Net income $ 19,065 $ 22,011 $ 21,998 $ 36,031 $ 21,762
======== ======== ======== ======== ========
Noninterest Income
and Noninterest
Expense
------------------
Service charges on
deposit accounts $ 6,850 $ 7,884 $ 9,223 $ 9,719 $ 9,402
Trust fees 2,946 3,079 3,409 3,174 3,624
Debit card & merchant
fees 1,717 1,709 1,863 1,744 1,983
Insurance fees 4,837 5,159 4,596 4,145 5,346
Investment & annuity
fees 1,037 1,264 1,591 1,595 1,519
ATM fees 805 1,294 1,273 1,223 1,215
Secondary mortgage
market operations 670 817 749 1,018 945
Other income 4,154 3,684 3,238 3,009 3,426
-------- -------- -------- -------- --------
Noninterest income
excluding net storm-
related gain/(loss)
and securities
transactions $ 23,016 $ 24,891 $ 25,941 $ 25,627 $ 27,460
Net storm-related
gain/(loss) (5,692) -- -- 0 5,084
Securities
transactions gains/
(losses) (27) 118 -- 110 (5,396)
-------- -------- -------- -------- --------
Total noninterest
income including
storm-related gain/
(loss) and
securities
transactions $ 17,298 $ 25,008 $ 25,942 $ 25,737 $ 27,148
======== ======== ======== ======== ========
Personnel expense $ 24,580 $ 26,202 $ 26,400 $ 27,059 $ 24,092
Occupancy expense
(net) 3,237 3,659 3,474 2,882 3,335
Equipment expense 2,511 2,668 2,816 2,647 2,665
Other operating
expense 13,780 15,961 17,975 17,304 19,451
Amortization of
intangibles 518 675 507 445 499
-------- -------- -------- -------- --------
Total noninterest
expense $ 44,626 $ 49,165 $ 51,172 $ 50,337 $ 50,042
-------- -------- -------- -------- --------
----------------------------
2007
----------------------------
1Q 2Q 3Q
-------- -------- --------
Income Statement
----------------
Interest income $ 85,708 $ 84,937 $ 87,661
Interest income (TE) 88,124 87,204 90,033
Interest expense 34,308 33,394 36,467
-------- -------- --------
Net interest income (TE) 53,816 53,810 53,566
Provision for (recovery of) loan
losses 1,211 1,238 1,554
Noninterest income excluding net
storm-related gain/(loss) and
securities transactions 25,889 30,193 30,485
Net storm-related gain/(loss) -- -- --
Securities transactions gains/(losses) 6 34 34
Noninterest expense 49,140 51,857 55,196
-------- -------- --------
Income before income taxes 26,944 28,675 24,963
Income tax expense 7,715 8,352 7,224
-------- -------- --------
Net income $ 19,229 $ 20,323 $ 17,739
======== ======== ========
Noninterest Income
and Noninterest Expense
------------------------
Service charges on deposit accounts $ 9,190 $ 10,471 $ 11,085
Trust fees 3,693 4,124 3,892
Debit card & merchant fees 1,778 2,171 2,025
Insurance fees 4,369 5,033 4,256
Investment & annuity fees 1,978 2,018 2,253
ATM fees 1,324 1,358 1,434
Secondary mortgage market operations 911 1,116 935
Other income 2,646 3,902 4,605
-------- -------- --------
Noninterest income excluding net
storm-related gain/(loss) and
securities transactions $ 25,889 $ 30,193 $ 30,485
Net storm-related gain/(loss) -- -- --
Securities transactions gains/(losses) 6 34 34
-------- -------- --------
Total noninterest income including
storm-related gain/(loss) and
securities transactions $ 25,895 $ 30,227 $ 30,519
======== ======== ========
Personnel expense $ 26,563 $ 24,837 $ 28,531
Occupancy expense (net) 4,073 4,469 4,731
Equipment expense 2,272 2,768 2,814
Other operating expense 15,809 19,399 18,708
Amortization of intangibles 423 384 412
======== ======== ========
Total noninterest expense $ 49,140 $ 51,857 $ 55,196
======== ======== ========