Hancock Holding Company Reports First Quarter 2001 Earnings

Apr 12, 2001, 01:00 ET from Hancock Holding Company

    GULFPORT, Miss., April 12 /PRNewswire/ --
 Hancock Holding Company (Nasdaq: HBHC) reported earnings today of
 $8.604 million, or $.80 diluted earnings per share in the quarter ended March
 31, 2001.  Excluding the impact of gains booked in 2000 related to the sale of
 the Company's credit card portfolio, earnings were $8.465 million, or $.78 per
 share for first quarter 2000.
     Return on average assets was 1.12% for the quarter ended March 31, 2001,
 and return on average shareholder's equity was 10.12%.  For first quarter
 2000, these returns were 1.14% and 10.85%, respectively (after adjusting for
 the gain on the credit card sale).  The Company reported a net interest margin
 (tax equivalent) of 4.48% for the quarter ended March 31, 2001 versus
 4.78% for the same period a year ago.
     Hancock Holding Company Chief Executive Officer George A. Schloegel
 stated, "Hancock remains well positioned to take advantage of the growth
 opportunities of a slowing economy -- both in terms of increased market share
 as well as maintaining the Company's good asset quality."
     Hancock Holding Company, the parent company of Hancock Bank (Mississippi)
 and Hancock Bank of Louisiana, has assets of $3.2 billion.  Founded in 1899,
 Hancock Bank stands among the top 100 strongest, safest United States
 financial institutions, according to Veribanc, Inc.  Bauer Financial Reports,
 Inc., also awarded Hancock Bank five-stars -- the highest rating possible --
 for 23 consecutive quarters.  Only 28% of the banking industry have maintained
 that consecutive rating.
     Hancock Bank operates 91 full-service offices and 130 automated teller
 machines throughout South Mississippi and Louisiana.  Bank subsidiaries
 include Hancock Investment Services, Inc., Hancock Insurance Agency, Hancock
 Mortgage Corporation, and Harrison Finance Company.
     Investors can learn more about Hancock Holding Company and Hancock Bank at
 www.hancockbank.com .
 
 
     Hancock HC Reports First Quarter 2001 Earnings
                             April 12, 2001
 
                              Hancock Holding Company
                                Financial Highlights
                   (amounts in thousands, except per share data)
                                    (unaudited)
 
                                                      Three Months Ended
                                            03/31/2001  03/31/2000  12/31/2000
      Income Data
      Net interest income                      $30,052     $31,224     $30,224
      Net interest income (TE)                  31,789      32,718      31,861
      Provision for loan losses                  1,855       1,769       4,290
      Non-interest income excluding gain on
       sale of credit card portfolio and
       securities transactions                  12,122      11,583      13,029
      Gain on sale of credit card portfolio         --       2,956         671
      Securities transactions gain/(loss)           --          --          (1)
      Non-interest expense                      27,793      28,560      26,333
      Net Income                                 8,604      10,386       9,228
      Net Income excluding gain on sale of
       credit card portfolio and
       securities transactions                   8,604       8,465       8,792
      Per Share Data
      Basic net earnings per common share        $0.80       $0.95       $0.85
      Basic net earnings per common share
       excluding gain on sale of
       credit card portfolio and
       securities transactions                   $0.80       $0.78       $0.81
      Diluted net earnings per common share      $0.80       $0.95       $0.85
      Diluted net earnings per common share
       excluding gain on sale of
       credit card portfolio and
       securities transactions                   $0.80       $0.78       $0.81
      Cash earnings per common share             $0.89       $1.04       $0.94
      Cash earnings per common share
       excluding gain on sale of
       credit card portfolio and
       securities transactions                   $0.89       $0.87       $0.90
      Weighted average number of shares:
           Basic                                10,739      10,876      10,813
           Diluted                              10,756      10,883      10,826
      Dividends per share                        $0.28       $0.25       $0.50
      Closing stock price (period end)          $43.44      $30.88      $38.25
      Book value per share (period end)         $32.70      $29.17      $31.79
      Average Balance Sheet Data
      Average loans                         $1,686,730  $1,545,853  $1,676,425
      Average securities                      $988,892  $1,159,026   1,009,628
      Average earning assets                 2,859,856   2,741,087   2,747,408
      Average total assets                   3,126,413   2,994,752   2,992,247
      Average deposits                       2,600,685   2,480,617   2,475,678
      Period end Balance Sheet Data
      Cash and due from banks                 $134,138    $143,104    $130,380
      Securities                             1,073,317   1,124,512     994,095
      Loans, net of unearned income          1,671,598   1,551,441   1,699,841
      Non-accrual loans                         12,200       6,861      10,182
      Restructured loans                            --          --          --
      Other real estate                          1,740       1,360       1,492
      Total nonperforming assets                13,940       8,221      11,674
      Allowance for loan losses                 28,604      26,138      28,604
      Total assets                           3,238,399   3,016,486   3,013,430
      Deposits                               2,685,159   2,507,110   2,503,788
      Total stockholders' equity               351,154     317,357     341,390
     Ratios and Other Information
      Return on average assets                   1.12%       1.39%       1.23%
      Return on average assets excluding
       gain on sale of credit card
       portfolio and securities
       transactions                              1.12%       1.14%       1.17%
      Return on average equity                  10.12%      13.32%      10.87%
      Return on average equity excluding
       gain on sale of credit card
       portfolio and securities
       transactions                             10.12%      10.85%      10.36%
      Net interest margin (TE)                   4.48%       4.78%       4.63%
       Non-interest expense as a percent of
        total revenue (TE) and excluding
        amortization of purchased
        intangibles and securities
        transactions                            61.22%      58.39%      55.80%
       Non-interest expense as a percent of
        total revenue (TE) and excluding
        amortization of purchased intangibles,
        securities transactions and gain on
        sale of credit card portfolio           61.22%      62.28%      56.64%
       Reserve for loan losses as a percent
        of period end loans                      1.71%       1.68%       1.68%
       Net charge-offs                          $1,855      $1,344      $2,715
       Net charge-offs as a percent of
        average loans                            0.45%       0.35%       0.64%
       Shareholders' equity as a percent of
        total assets, at period end             10.84%      10.52%      11.33%
     Non-interest Income and Operating
      Expense
     Service charges on deposit accounts        $6,643      $6,546      $6,952
     Trust fees                                  1,654       1,317       1,454
     Credit card income                            606         669         706
     Insurance and investment fees               1,083       1,275       1,126
     ATM fees                                      368         343         359
     Other income                                1,768       1,433       2,432
     Gain on sale of credit card portfolio           0       2,956         671
     Securities transactions gain/(losses)           0           0          -1
       Total non-interest income                12,122      14,539      13,699
 
     Personnel expense                          15,723      15,708      13,719
     Occupancy expense (net)                     1,822       1,639       1,890
     Equipment expense                           1,841       2,118       2,018
     Other operating expense                     7,498       8,127       7,797
     Amortization of intangibles                   909         968         909
       Total non-interest expense               27,793      28,560      26,333
 
 

SOURCE Hancock Holding Company
    GULFPORT, Miss., April 12 /PRNewswire/ --
 Hancock Holding Company (Nasdaq: HBHC) reported earnings today of
 $8.604 million, or $.80 diluted earnings per share in the quarter ended March
 31, 2001.  Excluding the impact of gains booked in 2000 related to the sale of
 the Company's credit card portfolio, earnings were $8.465 million, or $.78 per
 share for first quarter 2000.
     Return on average assets was 1.12% for the quarter ended March 31, 2001,
 and return on average shareholder's equity was 10.12%.  For first quarter
 2000, these returns were 1.14% and 10.85%, respectively (after adjusting for
 the gain on the credit card sale).  The Company reported a net interest margin
 (tax equivalent) of 4.48% for the quarter ended March 31, 2001 versus
 4.78% for the same period a year ago.
     Hancock Holding Company Chief Executive Officer George A. Schloegel
 stated, "Hancock remains well positioned to take advantage of the growth
 opportunities of a slowing economy -- both in terms of increased market share
 as well as maintaining the Company's good asset quality."
     Hancock Holding Company, the parent company of Hancock Bank (Mississippi)
 and Hancock Bank of Louisiana, has assets of $3.2 billion.  Founded in 1899,
 Hancock Bank stands among the top 100 strongest, safest United States
 financial institutions, according to Veribanc, Inc.  Bauer Financial Reports,
 Inc., also awarded Hancock Bank five-stars -- the highest rating possible --
 for 23 consecutive quarters.  Only 28% of the banking industry have maintained
 that consecutive rating.
     Hancock Bank operates 91 full-service offices and 130 automated teller
 machines throughout South Mississippi and Louisiana.  Bank subsidiaries
 include Hancock Investment Services, Inc., Hancock Insurance Agency, Hancock
 Mortgage Corporation, and Harrison Finance Company.
     Investors can learn more about Hancock Holding Company and Hancock Bank at
 www.hancockbank.com .
 
 
     Hancock HC Reports First Quarter 2001 Earnings
                             April 12, 2001
 
                              Hancock Holding Company
                                Financial Highlights
                   (amounts in thousands, except per share data)
                                    (unaudited)
 
                                                      Three Months Ended
                                            03/31/2001  03/31/2000  12/31/2000
      Income Data
      Net interest income                      $30,052     $31,224     $30,224
      Net interest income (TE)                  31,789      32,718      31,861
      Provision for loan losses                  1,855       1,769       4,290
      Non-interest income excluding gain on
       sale of credit card portfolio and
       securities transactions                  12,122      11,583      13,029
      Gain on sale of credit card portfolio         --       2,956         671
      Securities transactions gain/(loss)           --          --          (1)
      Non-interest expense                      27,793      28,560      26,333
      Net Income                                 8,604      10,386       9,228
      Net Income excluding gain on sale of
       credit card portfolio and
       securities transactions                   8,604       8,465       8,792
      Per Share Data
      Basic net earnings per common share        $0.80       $0.95       $0.85
      Basic net earnings per common share
       excluding gain on sale of
       credit card portfolio and
       securities transactions                   $0.80       $0.78       $0.81
      Diluted net earnings per common share      $0.80       $0.95       $0.85
      Diluted net earnings per common share
       excluding gain on sale of
       credit card portfolio and
       securities transactions                   $0.80       $0.78       $0.81
      Cash earnings per common share             $0.89       $1.04       $0.94
      Cash earnings per common share
       excluding gain on sale of
       credit card portfolio and
       securities transactions                   $0.89       $0.87       $0.90
      Weighted average number of shares:
           Basic                                10,739      10,876      10,813
           Diluted                              10,756      10,883      10,826
      Dividends per share                        $0.28       $0.25       $0.50
      Closing stock price (period end)          $43.44      $30.88      $38.25
      Book value per share (period end)         $32.70      $29.17      $31.79
      Average Balance Sheet Data
      Average loans                         $1,686,730  $1,545,853  $1,676,425
      Average securities                      $988,892  $1,159,026   1,009,628
      Average earning assets                 2,859,856   2,741,087   2,747,408
      Average total assets                   3,126,413   2,994,752   2,992,247
      Average deposits                       2,600,685   2,480,617   2,475,678
      Period end Balance Sheet Data
      Cash and due from banks                 $134,138    $143,104    $130,380
      Securities                             1,073,317   1,124,512     994,095
      Loans, net of unearned income          1,671,598   1,551,441   1,699,841
      Non-accrual loans                         12,200       6,861      10,182
      Restructured loans                            --          --          --
      Other real estate                          1,740       1,360       1,492
      Total nonperforming assets                13,940       8,221      11,674
      Allowance for loan losses                 28,604      26,138      28,604
      Total assets                           3,238,399   3,016,486   3,013,430
      Deposits                               2,685,159   2,507,110   2,503,788
      Total stockholders' equity               351,154     317,357     341,390
     Ratios and Other Information
      Return on average assets                   1.12%       1.39%       1.23%
      Return on average assets excluding
       gain on sale of credit card
       portfolio and securities
       transactions                              1.12%       1.14%       1.17%
      Return on average equity                  10.12%      13.32%      10.87%
      Return on average equity excluding
       gain on sale of credit card
       portfolio and securities
       transactions                             10.12%      10.85%      10.36%
      Net interest margin (TE)                   4.48%       4.78%       4.63%
       Non-interest expense as a percent of
        total revenue (TE) and excluding
        amortization of purchased
        intangibles and securities
        transactions                            61.22%      58.39%      55.80%
       Non-interest expense as a percent of
        total revenue (TE) and excluding
        amortization of purchased intangibles,
        securities transactions and gain on
        sale of credit card portfolio           61.22%      62.28%      56.64%
       Reserve for loan losses as a percent
        of period end loans                      1.71%       1.68%       1.68%
       Net charge-offs                          $1,855      $1,344      $2,715
       Net charge-offs as a percent of
        average loans                            0.45%       0.35%       0.64%
       Shareholders' equity as a percent of
        total assets, at period end             10.84%      10.52%      11.33%
     Non-interest Income and Operating
      Expense
     Service charges on deposit accounts        $6,643      $6,546      $6,952
     Trust fees                                  1,654       1,317       1,454
     Credit card income                            606         669         706
     Insurance and investment fees               1,083       1,275       1,126
     ATM fees                                      368         343         359
     Other income                                1,768       1,433       2,432
     Gain on sale of credit card portfolio           0       2,956         671
     Securities transactions gain/(losses)           0           0          -1
       Total non-interest income                12,122      14,539      13,699
 
     Personnel expense                          15,723      15,708      13,719
     Occupancy expense (net)                     1,822       1,639       1,890
     Equipment expense                           1,841       2,118       2,018
     Other operating expense                     7,498       8,127       7,797
     Amortization of intangibles                   909         968         909
       Total non-interest expense               27,793      28,560      26,333
 
 SOURCE  Hancock Holding Company