HANCOCK HOLDING COMPANY
|
|||
(Exact Name of Registrant as Specified in Charter)
|
|||
Mississippi
|
001-3687
|
64-0693170
|
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
|
One Hancock Plaza
2510 14th Street
Gulfport, Mississippi
(Address of principal executive offices)
|
39501
(Zip Code)
|
||
(228) 868-4000
(Registrant's telephone number, including area code)
|
|||
|
Exhibit Number
|
Description |
99.1
|
|
99.2
|
HANCOCK HOLDING COMPANY | |||
January 17, 2018
|
By:
|
/s/ Michael M. Achary | |
Michael M. Achary | |||
Chief Financial Officer | |||
●
|
Reported earnings decreased $3.5 million, or 6%; excluding the impact of the DTA re-measurement charge and nonoperating items, earnings increased $8.7 million, or 13%
|
●
|
The fourth quarter includes an estimated $19.5 million charge related to the re-measurement of the net deferred tax asset
|
●
|
Loans increased $218 million, or 5% linked-quarter annualized; net increase includes a decline in energy loans of $78 million linked-quarter
|
●
|
Energy loans totaled $1.1 billion at year-end and comprised 5.6% of total loans, down from 6.0%; allowance for the energy portfolio totaled $70.2 million, or 6.7% of energy loans
|
●
|
Core pre-provision net revenue (PPNR) of $116.5 million, up $5.4 million, or 5%; up 34% from the same quarter a year ago
|
●
|
Net interest margin (NIM) of 3.48%, up 4 bps; core NIM up 3 bps to 3.35%
|
●
|
Operating expenses totaled $168.1 million, up 1% linked-quarter
|
●
|
Efficiency ratio improved almost 100 bps to 56.6%
|
●
|
Return on average assets (ROA) declined 6 bps to 0.82%; excluding nonoperating items and the DTA charge, ROA increased 11 bps to 1.10%
|
●
|
Tangible common equity (TCE) ratio decreased 7 bps to 7.73% mainly related to the DTA re-measurement charge
|
HANCOCK HOLDING COMPANY
FINANCIAL HIGHLIGHTS
(Unaudited)
|
|||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
(dollars and common share data in thousands, except per share amounts)
|
12/31/2017
|
9/30/2017
|
12/31/2016
|
12/31/2017
|
12/31/2016 | ||||||||||
INCOME STATEMENT DATA
|
|||||||||||||||
Net interest income
|
$
|
208,047
|
$
|
202,857
|
$
|
167,798
|
$
|
792,312
|
$
|
659,116
|
|||||
Net interest income (TE) (a)
|
216,996
|
211,436
|
175,314
|
826,702
|
684,955
|
||||||||||
Provision for loan losses
|
14,986
|
13,040
|
14,455
|
58,968
|
110,659
|
||||||||||
Noninterest income
|
69,688
|
67,115
|
65,893
|
267,781
|
250,781
|
||||||||||
Noninterest expense
|
168,063
|
177,616
|
156,283
|
692,691
|
612,315
|
||||||||||
Net income
|
55,449
|
58,902
|
51,831
|
215,632
|
149,296
|
||||||||||
For informational purposes only:
|
|||||||||||||||
Nonoperating items, net - pre-tax
|
—
|
11,393
|
—
|
24,121
|
4,978
|
||||||||||
Impact of re-measurement of defered tax asset (b)
|
19,520
|
—
|
—
|
19,520
|
—
|
||||||||||
PERIOD-END BALANCE SHEET DATA
|
|||||||||||||||
Loans
|
$
|
19,004,163
|
$
|
18,786,285
|
$
|
16,752,151
|
$
|
19,004,163
|
$
|
16,752,151
|
|||||
Securities
|
5,888,380
|
5,624,552
|
5,017,128
|
5,888,380
|
5,017,128
|
||||||||||
Earning assets
|
25,024,792
|
24,545,798
|
21,881,520
|
25,024,792
|
21,881,520
|
||||||||||
Total assets
|
27,336,086
|
26,816,755
|
23,975,302
|
27,336,086
|
23,975,302
|
||||||||||
Noninterest-bearing deposits
|
8,307,497
|
7,896,384
|
7,658,203
|
8,307,497
|
7,658,203
|
||||||||||
Total deposits
|
22,253,202
|
21,533,859
|
19,424,266
|
22,253,202
|
19,424,266
|
||||||||||
Common shareholders' equity
|
2,884,949
|
2,863,275
|
2,719,768
|
2,884,949
|
2,719,768
|
||||||||||
AVERAGE BALANCE SHEET DATA
|
|||||||||||||||
Loans
|
$
|
18,839,537
|
$
|
18,591,219
|
$
|
16,323,897
|
$
|
18,280,885
|
$
|
16,064,593
|
|||||
Securities (c)
|
5,801,451
|
5,679,841
|
4,939,240
|
5,442,829
|
4,706,482
|
||||||||||
Earning assets
|
24,812,676
|
24,487,426
|
21,462,188
|
24,108,711
|
21,180,146
|
||||||||||
Total assets
|
26,973,507
|
26,677,573
|
23,437,530
|
26,240,751
|
23,178,633
|
||||||||||
Noninterest-bearing deposits
|
8,095,563
|
7,775,913
|
7,534,392
|
7,777,652
|
7,232,221
|
||||||||||
Total deposits
|
21,762,757
|
21,349,818
|
18,912,155
|
20,831,582
|
18,656,325
|
||||||||||
Common shareholders' equity
|
2,867,475
|
2,838,517
|
2,517,418
|
2,806,868
|
2,463,067
|
||||||||||
COMMON SHARE DATA
|
|||||||||||||||
Earnings per share - diluted
|
$
|
0.64
|
$
|
0.68
|
$
|
0.64
|
$
|
2.48
|
$
|
1.87
|
|||||
Cash dividends per share
|
0.24
|
0.24
|
0.24
|
0.96
|
0.96
|
||||||||||
Book value per share (period-end)
|
33.86
|
33.78
|
32.29
|
33.86
|
32.29
|
||||||||||
Tangible book value per share (period-end)
|
24.05
|
23.92
|
23.87
|
24.05
|
23.87
|
||||||||||
Weighted average number of shares - diluted
|
85,303
|
84,980
|
79,067
|
84,963
|
77,949
|
||||||||||
Period-end number of shares
|
85,200
|
84,767
|
84,235
|
85,200
|
84,235
|
||||||||||
Market data
|
|||||||||||||||
High sales price
|
$
|
53.35
|
$
|
50.40
|
$
|
45.50
|
$
|
53.35
|
$
|
45.50
|
|||||
Low sales price
|
46.18
|
41.05
|
31.73
|
41.05
|
20.01
|
||||||||||
Period-end closing price
|
49.50
|
48.45
|
43.10
|
49.50
|
43.10
|
||||||||||
Trading volume
|
29,308
|
33,243
|
43,664
|
146,705
|
184,460
|
||||||||||
PERFORMANCE RATIOS
|
|||||||||||||||
Return on average assets
|
0.82
|
%
|
0.88
|
%
|
0.88
|
%
|
0.82
|
%
|
0.64
|
%
|
|||||
Return on average common equity
|
7.67
|
%
|
8.23
|
%
|
8.19
|
%
|
7.68
|
%
|
6.06
|
%
|
|||||
Return on average tangible common equity
|
10.81
|
%
|
11.68
|
%
|
11.42
|
%
|
10.78
|
%
|
8.56
|
%
|
|||||
Tangible common equity ratio (d)
|
7.73
|
%
|
7.80
|
%
|
8.64
|
%
|
7.73
|
%
|
8.64
|
%
|
|||||
Net interest margin (TE)
|
3.48
|
%
|
3.44
|
%
|
3.26
|
%
|
3.43
|
%
|
3.23
|
%
|
|||||
Average loan/deposit ratio
|
86.57
|
%
|
87.08
|
%
|
86.31
|
%
|
87.76
|
%
|
86.11
|
%
|
|||||
Efficiency ratio (e)
|
56.57
|
%
|
57.50
|
%
|
62.82
|
%
|
58.87
|
%
|
62.79
|
%
|
|||||
Allowance for loan losses as a percent of period-end loans
|
1.14
|
%
|
1.19
|
%
|
1.37
|
%
|
1.14
|
%
|
1.37
|
%
|
|||||
Annualized net non-purchased credit impaired charge-offs to average loans
|
0.44
|
%
|
0.25
|
%
|
0.50
|
%
|
0.38
|
%
|
0.37
|
%
|
|||||
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due
|
54.18
|
%
|
56.45
|
%
|
63.58
|
%
|
54.18
|
%
|
63.58
|
%
|
|||||
Noninterest income as a percent of total revenue (TE)
|
24.31
|
%
|
24.09
|
%
|
27.32
|
%
|
24.47
|
%
|
26.80
|
%
|
|||||
FTE headcount
|
3,887
|
3,979
|
3,724
|
3,887
|
3,724
|
HANCOCK HOLDING COMPANY
QUARTERLY HIGHLIGHTS
(Unaudited)
|
|||||||||||||||
Three Months Ended
|
|||||||||||||||
(dollars and common share data in thousands, except per share amounts)
|
12/31/2017
|
9/30/2017
|
6/30/2017
|
3/31/2017
|
12/31/2016
|
||||||||||
INCOME STATEMENT DATA
|
|||||||||||||||
Net interest income
|
$
|
208,047
|
$
|
202,857
|
$
|
199,717
|
$
|
181,691
|
$
|
167,798
|
|||||
Net interest income (TE) (a)
|
216,996
|
211,436
|
208,281
|
189,989
|
175,314
|
||||||||||
Provision for loan losses
|
14,986
|
13,040
|
14,951
|
15,991
|
14,455
|
||||||||||
Noninterest income
|
69,688
|
67,115
|
67,487
|
63,491
|
65,893
|
||||||||||
Noninterest expense
|
168,063
|
177,616
|
183,470
|
163,542
|
156,283
|
||||||||||
Net income
|
55,449
|
58,902
|
52,267
|
49,014
|
51,831
|
||||||||||
For informational purposes only:
|
|||||||||||||||
Nonoperating items, net - pre-tax
|
—
|
11,393
|
10,617
|
2,111
|
—
|
||||||||||
Impact of re-measurement of defered tax asset (b)
|
19,520
|
—
|
—
|
—
|
—
|
||||||||||
PERIOD-END BALANCE SHEET DATA
|
|||||||||||||||
Loans
|
$
|
19,004,163
|
$
|
18,786,285
|
$
|
18,473,841
|
$
|
18,204,868
|
$
|
16,752,151
|
|||||
Securities
|
5,888,380
|
5,624,552
|
5,668,836
|
5,001,273
|
5,017,128
|
||||||||||
Earning assets
|
25,024,792
|
24,545,798
|
24,295,892
|
23,278,297
|
21,881,520
|
||||||||||
Total assets
|
27,336,086
|
26,816,755
|
26,630,569
|
25,485,026
|
23,975,302
|
||||||||||
Noninterest-bearing deposits
|
8,307,497
|
7,896,384
|
7,887,867
|
7,722,279
|
7,658,203
|
||||||||||
Total deposits
|
22,253,202
|
21,533,859
|
21,442,815
|
19,922,020
|
19,424,266
|
||||||||||
Common shareholders' equity
|
2,884,949
|
2,863,275
|
2,813,962
|
2,763,622
|
2,719,768
|
||||||||||
AVERAGE BALANCE SHEET DATA
|
|||||||||||||||
Loans
|
$
|
18,839,537
|
$
|
18,591,219
|
$
|
18,369,446
|
$
|
17,303,044
|
$
|
16,323,897
|
|||||
Securities (c)
|
5,801,451
|
5,679,841
|
5,241,735
|
5,037,286
|
4,939,240
|
||||||||||
Earning assets
|
24,812,676
|
24,487,426
|
24,338,130
|
22,770,001
|
21,462,188
|
||||||||||
Total assets
|
26,973,507
|
26,677,573
|
26,526,253
|
24,756,506
|
23,437,530
|
||||||||||
Noninterest-bearing deposits
|
8,095,563
|
7,775,913
|
7,769,932
|
7,462,258
|
7,534,392
|
||||||||||
Total deposits
|
21,762,757
|
21,349,818
|
20,932,561
|
19,247,858
|
18,912,155
|
||||||||||
Common shareholders' equity
|
2,867,475
|
2,838,517
|
2,786,566
|
2,733,089
|
2,517,418
|
||||||||||
COMMON SHARE DATA
|
|||||||||||||||
Earnings per share - diluted
|
$
|
0.64
|
$
|
0.68
|
$
|
0.60
|
$
|
0.57
|
$
|
0.64
|
|||||
Cash dividends per share
|
0.24
|
0.24
|
0.24
|
0.24
|
0.24
|
||||||||||
Book value per share (period-end)
|
33.86
|
33.78
|
33.21
|
32.70
|
32.29
|
||||||||||
Tangible book value per share (period-end)
|
24.05
|
23.92
|
23.27
|
23.19
|
23.87
|
||||||||||
Weighted average number of shares - diluted
|
85,303
|
84,980
|
84,867
|
84,624
|
79,067
|
||||||||||
Period-end number of shares
|
85,200
|
84,767
|
84,738
|
84,517
|
84,235
|
||||||||||
Market data
|
|||||||||||||||
High sales price
|
$
|
53.35
|
$
|
50.40
|
$
|
52.94
|
$
|
49.50
|
$
|
45.50
|
|||||
Low sales price
|
46.18
|
41.05
|
42.70
|
41.71
|
31.73
|
||||||||||
Period-end closing price
|
49.50
|
48.45
|
49.00
|
45.55
|
43.10
|
||||||||||
Trading volume
|
29,308
|
33,243
|
39,035
|
45,119
|
43,664
|
||||||||||
PERFORMANCE RATIOS
|
|||||||||||||||
Return on average assets
|
0.82
|
%
|
0.88
|
%
|
0.79
|
%
|
0.80
|
%
|
0.88
|
%
|
|||||
Return on average common equity
|
7.67
|
%
|
8.23
|
%
|
7.52
|
%
|
7.27
|
%
|
8.19
|
%
|
|||||
Return on average tangible common equity
|
10.81
|
%
|
11.68
|
%
|
10.69
|
%
|
9.92
|
%
|
11.42
|
%
|
|||||
Tangible common equity ratio (d)
|
7.73
|
%
|
7.80
|
%
|
7.65
|
%
|
7.94
|
%
|
8.64
|
%
|
|||||
Net interest margin (TE)
|
3.48
|
%
|
3.44
|
%
|
3.43
|
%
|
3.37
|
%
|
3.26
|
%
|
|||||
Average loan/deposit ratio
|
86.57
|
%
|
87.08
|
%
|
87.76
|
%
|
89.90
|
%
|
86.31
|
%
|
|||||
Efficiency ratio (e)
|
56.57
|
%
|
57.50
|
%
|
60.59
|
%
|
61.16
|
%
|
62.82
|
%
|
|||||
Allowance for loan losses as a percent of period-end loans
|
1.14
|
%
|
1.19
|
%
|
1.20
|
%
|
1.17
|
%
|
1.37
|
%
|
|||||
Annualized net non-purchased credit impaired charge-offs to average loans
|
0.44
|
%
|
0.25
|
%
|
0.13
|
%
|
0.70
|
%
|
0.50
|
%
|
|||||
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due
|
54.18
|
%
|
56.45
|
%
|
63.92
|
%
|
68.77
|
%
|
63.58
|
%
|
|||||
Noninterest income as a percent of total revenue (TE)
|
24.31
|
%
|
24.09
|
%
|
24.47
|
%
|
25.05
|
%
|
27.32
|
%
|
|||||
FTE headcount
|
3,887
|
3,979
|
4,162
|
3,819
|
3,724
|
HANCOCK HOLDING COMPANY
INCOME STATEMENT
(Unaudited)
|
||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||
(dollars in thousands, except per share data)
|
12/31/2017 | 9/30/2017 | 12/31/2016 | 12/31/2017 | 12/31/2016 | |||||||||
NET INCOME
|
||||||||||||||
Interest income
|
$
|
239,173
|
$
|
232,716
|
$
|
185,867
|
$
|
900,581
|
$
|
732,167
|
||||
Interest income (TE) (f)
|
248,122
|
241,295
|
193,383
|
934,971
|
758,006
|
|||||||||
Interest expense
|
31,126
|
29,859
|
18,069
|
108,269
|
73,051
|
|||||||||
Net interest income (TE)
|
216,996
|
211,436
|
175,314
|
826,702
|
684,955
|
|||||||||
Provision for loan losses
|
14,986
|
13,040
|
14,455
|
58,968
|
110,659
|
|||||||||
Noninterest income
|
69,688
|
67,115
|
65,893
|
267,781
|
250,781
|
|||||||||
Noninterest expense
|
168,063
|
177,616
|
156,283
|
692,691
|
612,315
|
|||||||||
Income before income taxes
|
94,686
|
79,316
|
62,953
|
308,434
|
186,923
|
|||||||||
Income tax expense
|
39,237
|
20,414
|
11,122
|
92,802
|
37,627
|
|||||||||
Net income
|
$
|
55,449
|
$
|
58,902
|
$
|
51,831
|
$
|
215,632
|
$
|
149,296
|
||||
NONINTEREST INCOME
|
.
|
|||||||||||||
Service charges on deposit accounts
|
$
|
22,455
|
$
|
21,444
|
$
|
18,694
|
$
|
83,166
|
$
|
74,187
|
||||
Trust fees
|
11,079
|
10,742
|
11,764
|
44,538
|
46,589
|
|||||||||
Bank card and ATM fees
|
14,234
|
13,390
|
12,317
|
53,779
|
47,427
|
|||||||||
Investment and annuity fees
|
5,089
|
5,570
|
4,212
|
20,529
|
18,477
|
|||||||||
Secondary mortgage market operations
|
3,244
|
4,157
|
4,277
|
15,209
|
16,282
|
|||||||||
Insurance commissions and fees
|
713
|
660
|
866
|
3,212
|
4,501
|
|||||||||
Amortization of FDIC loss share receivable
|
—
|
—
|
(1,240)
|
|
(2,427)
|
|
(5,918)
|
|||||||
Other income
|
12,874
|
11,152
|
14,714
|
45,423
|
47,482
|
|||||||||
Securities transactions, net
|
—
|
—
|
289
|
—
|
1,754
|
|||||||||
Total operating noninterest income
|
69,688
|
67,115
|
65,893
|
263,429
|
250,781
|
|||||||||
Nonoperating income
|
—
|
—
|
—
|
4,352
|
—
|
|||||||||
Total noninterest income
|
$
|
69,688
|
$
|
67,115
|
$
|
65,893
|
$
|
267,781
|
$
|
250,781
|
||||
NONINTEREST EXPENSE
|
||||||||||||||
Personnel expense
|
$
|
95,159
|
$
|
92,621
|
$
|
87,551
|
$
|
373,002
|
$
|
339,692
|
||||
Net occupancy expense
|
11,585
|
12,102
|
10,478
|
47,417
|
41,296
|
|||||||||
Equipment expense
|
3,383
|
3,626
|
3,460
|
14,516
|
13,663
|
|||||||||
Other real estate (income) expense, net
|
(340)
|
|
199
|
615
|
(1,158)
|
|
(3,804)
|
|||||||
Other operating expense
|
52,391
|
51,605
|
49,413
|
208,024
|
196,709
|
|||||||||
Amortization of intangibles
|
5,885
|
6,070
|
4,766
|
22,417
|
19,781
|
|||||||||
Total operating expense
|
168,063
|
166,223
|
156,283
|
664,218
|
607,337
|
|||||||||
Nonoperating expense
|
—
|
11,393
|
—
|
28,473
|
4,978
|
|||||||||
Total noninterest expense
|
$
|
168,063
|
$
|
177,616
|
$
|
156,283
|
$
|
692,691
|
$
|
612,315
|
||||
INCOME TAX EXPENSE
|
||||||||||||||
Income tax expense - operating income
|
$
|
19,717
|
$
|
24,402
|
$
|
11,122
|
$
|
81,724
|
$
|
39,369
|
||||
Income tax (benefit) - nonoperating items
|
—
|
(3,988)
|
|
—
|
(8,442)
|
|
(1,742)
|
|||||||
Impact of re-measurement of deferred tax asset (g)
|
19,520
|
—
|
—
|
19,520
|
—
|
|||||||||
Total income tax expense
|
$
|
39,237
|
$
|
20,414
|
$
|
11,122
|
$
|
92,802
|
$
|
37,627
|
||||
COMMON SHARE DATA
|
||||||||||||||
Earnings per share:
|
||||||||||||||
Basic
|
$
|
0.64
|
$
|
0.68
|
$
|
0.64
|
$
|
2.49
|
$
|
1.87
|
||||
Diluted
|
0.64
|
0.68
|
0.64
|
2.48
|
1.87
|
HANCOCK HOLDING COMPANY
INCOME STATEMENT
(Unaudited)
|
||||||||||||||
Three Months Ended
|
||||||||||||||
(dollars in thousands, except per share data)
|
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||
NET INCOME
|
||||||||||||||
Interest income
|
$
|
239,173
|
$
|
232,716
|
$
|
226,177
|
$
|
202,515
|
$
|
185,867
|
||||
Interest income (TE) (f)
|
248,122
|
241,295
|
234,741
|
210,813
|
193,383
|
|||||||||
Interest expense
|
31,126
|
29,859
|
26,460
|
20,824
|
18,069
|
|||||||||
Net interest income (TE)
|
216,996
|
211,436
|
208,281
|
189,989
|
175,314
|
|||||||||
Provision for loan losses
|
14,986
|
13,040
|
14,951
|
15,991
|
14,455
|
|||||||||
Noninterest income
|
69,688
|
67,115
|
67,487
|
63,491
|
65,893
|
|||||||||
Noninterest expense
|
168,063
|
177,616
|
183,470
|
163,542
|
156,283
|
|||||||||
Income before income taxes
|
94,686
|
79,316
|
68,783
|
65,649
|
62,953
|
|||||||||
Income tax expense
|
39,237
|
20,414
|
16,516
|
16,635
|
11,122
|
|||||||||
Net income
|
$
|
55,449
|
$
|
58,902
|
$
|
52,267
|
$
|
49,014
|
$
|
51,831
|
||||
NONINTEREST INCOME
|
||||||||||||||
Service charges on deposit accounts
|
$
|
22,455
|
$
|
21,444
|
$
|
20,061
|
$
|
19,206
|
$
|
18,694
|
||||
Trust fees
|
11,079
|
10,742
|
11,506
|
11,211
|
11,764
|
|||||||||
Bank card and ATM fees
|
14,234
|
13,390
|
13,687
|
12,468
|
12,317
|
|||||||||
Investment and annuity fees
|
5,089
|
5,570
|
5,271
|
4,599
|
4,212
|
|||||||||
Secondary mortgage market operations
|
3,244
|
4,157
|
4,241
|
3,567
|
4,277
|
|||||||||
Insurance commissions and fees
|
713
|
660
|
1,174
|
665
|
866
|
|||||||||
Amortization of FDIC loss share receivable
|
—
|
—
|
(1,327)
|
(1,100)
|
(1,240)
|
|||||||||
Other income
|
12,874
|
11,152
|
12,874
|
8,523
|
14,714
|
|||||||||
Securities transactions, net
|
—
|
—
|
—
|
—
|
289
|
|||||||||
Total operating noninterest income
|
69,688
|
67,115
|
67,487
|
59,139
|
65,893
|
|||||||||
Nonoperating income
|
—
|
—
|
—
|
4,352
|
—
|
|||||||||
Total noninterest income
|
$
|
69,688
|
$
|
67,115
|
$
|
67,487
|
$
|
63,491
|
$
|
65,893
|
||||
NONINTEREST EXPENSE
|
||||||||||||||
Personnel expense
|
$
|
95,159
|
$
|
92,621
|
$
|
96,210
|
$
|
89,012
|
$
|
87,551
|
||||
Net occupancy expense
|
11,585
|
12,102
|
12,968
|
10,762
|
10,478
|
|||||||||
Equipment expense
|
3,383
|
3,626
|
3,799
|
3,708
|
3,460
|
|||||||||
Other real estate (income) expense, net
|
(340)
|
199
|
(1,004)
|
(13)
|
615
|
|||||||||
Other operating expense
|
52,391
|
51,605
|
55,123
|
48,905
|
49,413
|
|||||||||
Amortization of intangibles
|
5,885
|
6,070
|
5,757
|
4,705
|
4,766
|
|||||||||
Total operating expense
|
168,063
|
166,223
|
172,853
|
157,079
|
156,283
|
|||||||||
Nonoperating expense
|
—
|
11,393
|
10,617
|
6,463
|
—
|
|||||||||
Total noninterest expense
|
$
|
168,063
|
$
|
177,616
|
$
|
183,470
|
$
|
163,542
|
$
|
156,283
|
||||
INCOME TAX EXPENSE
|
||||||||||||||
Income tax expense - operating income
|
$
|
19,717
|
$
|
24,402
|
$
|
20,232
|
$
|
17,374
|
$
|
11,122
|
||||
Income tax (benefit) - nonoperating items
|
—
|
(3,988)
|
(3,716)
|
(739)
|
—
|
|||||||||
Impact of re-measurement of deferred tax asset (g)
|
19,520
|
—
|
—
|
—
|
—
|
|||||||||
Total income tax expense
|
$
|
39,237
|
$
|
20,414
|
$
|
16,516
|
$
|
16,635
|
$
|
11,122
|
||||
COMMON SHARE DATA
|
||||||||||||||
Earnings per share:
|
||||||||||||||
Basic
|
$
|
0.64
|
$
|
0.68
|
$
|
0.60
|
$
|
0.57
|
$
|
0.64
|
||||
Diluted
|
0.64
|
0.68
|
0.60
|
0.57
|
0.64
|
HANCOCK HOLDING COMPANY
PERIOD-END BALANCE SHEET
(Unaudited)
|
||||||||||||||||||||
(dollars in thousands)
|
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
ASSETS
|
||||||||||||||||||||
Commercial non-real estate loans
|
$
|
8,297,937
|
$
|
8,129,429
|
$
|
8,093,104
|
$
|
8,074,287
|
$
|
7,613,917
|
||||||||||
Commercial real estate - owner occupied
|
2,142,439
|
2,076,014
|
2,078,332
|
2,047,451
|
1,906,821
|
|||||||||||||||
Total commercial and industrial loans
|
10,440,376
|
10,205,443
|
10,171,436
|
10,121,738
|
9,520,738
|
|||||||||||||||
Commercial real estate - income producing
|
2,384,599
|
2,511,808
|
2,401,673
|
2,505,104
|
2,013,890
|
|||||||||||||||
Construction and land development loans
|
1,373,421
|
1,373,048
|
1,313,522
|
1,252,667
|
1,010,879
|
|||||||||||||||
Residential mortgage loans
|
2,690,472
|
2,596,692
|
2,493,923
|
2,266,263
|
2,146,713
|
|||||||||||||||
Consumer loans
|
2,115,295
|
2,099,294
|
2,093,287
|
2,059,096
|
2,059,931
|
|||||||||||||||
Total loans
|
19,004,163
|
18,786,285
|
18,473,841
|
18,204,868
|
16,752,151
|
|||||||||||||||
Loans held for sale
|
39,865
|
23,236
|
26,787
|
20,883
|
34,064
|
|||||||||||||||
Securities
|
5,888,380
|
5,624,552
|
5,668,836
|
5,001,273
|
5,017,128
|
|||||||||||||||
Short-term investments
|
92,384
|
111,725
|
126,428
|
51,273
|
78,177
|
|||||||||||||||
Earning assets
|
25,024,792
|
24,545,798
|
24,295,892
|
23,278,297
|
21,881,520
|
|||||||||||||||
Allowance for loan losses
|
(217,308)
|
|
(223,122)
|
|
(221,865)
|
|
(213,550)
|
|
(229,418)
|
|
||||||||||
Goodwill
|
745,523
|
739,403
|
740,265
|
716,761
|
621,193
|
|||||||||||||||
Other intangible assets, net
|
90,640
|
96,525
|
101,694
|
86,952
|
87,757
|
|||||||||||||||
Other assets
|
1,692,439
|
1,658,151
|
1,714,583
|
1,616,566
|
1,614,250
|
|||||||||||||||
Total assets
|
$
|
27,336,086
|
$
|
26,816,755
|
$
|
26,630,569
|
$
|
25,485,026
|
$
|
23,975,302
|
||||||||||
LIABILITIES
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
8,307,497
|
$
|
7,896,384
|
$
|
7,887,867
|
$
|
7,722,279
|
$
|
7,658,203
|
||||||||||
Interest-bearing transaction and savings deposits
|
8,181,554
|
7,893,546
|
8,402,133
|
7,162,760
|
6,910,466
|
|||||||||||||||
Interest-bearing public fund deposits
|
3,040,318
|
2,762,048
|
2,537,030
|
2,595,263
|
2,563,758
|
|||||||||||||||
Time deposits
|
2,723,833
|
2,981,881
|
2,615,785
|
2,441,718
|
2,291,839
|
|||||||||||||||
Total interest-bearing deposits
|
13,945,705
|
13,637,475
|
13,554,948
|
12,199,741
|
11,766,063
|
|||||||||||||||
Total deposits
|
22,253,202
|
21,533,859
|
21,442,815
|
19,922,020
|
19,424,266
|
|||||||||||||||
Short-term borrowings
|
1,703,890
|
1,737,151
|
1,810,907
|
2,121,932
|
1,225,406
|
|||||||||||||||
Long-term debt
|
305,513
|
331,179
|
407,876
|
525,082
|
436,280
|
|||||||||||||||
Other liabilities
|
188,532
|
351,291
|
155,009
|
152,370
|
169,582
|
|||||||||||||||
Total liabilities
|
24,451,137
|
23,953,480
|
23,816,607
|
22,721,404
|
21,255,534
|
|||||||||||||||
COMMON SHAREHOLDERS' EQUITY
|
||||||||||||||||||||
Common stock net of treasury and capital surplus
|
2,010,833
|
2,012,835
|
2,007,942
|
2,003,181
|
1,989,611
|
|||||||||||||||
Retained earnings
|
983,188
|
948,591
|
910,459
|
878,953
|
850,689
|
|||||||||||||||
Accumulated other comprehensive income
|
(109,072)
|
|
(98,151)
|
|
(104,439)
|
|
(118,512)
|
|
(120,532)
|
|
||||||||||
Total common shareholders' equity
|
2,884,949
|
2,863,275
|
2,813,962
|
2,763,622
|
2,719,768
|
|||||||||||||||
Total liabilities & shareholders' equity
|
$
|
27,336,086
|
$
|
26,816,755
|
$
|
26,630,569
|
$
|
25,485,026
|
$
|
23,975,302
|
||||||||||
CAPITAL RATIOS
|
||||||||||||||||||||
Tangible common equity
|
$
|
2,048,787
|
$
|
2,027,347
|
$
|
1,972,003
|
$
|
1,959,909
|
$
|
2,010,818
|
||||||||||
Tier 1 capital (h)
|
2,189,848
|
2,167,917
|
2,119,895
|
2,119,125
|
2,184,812
|
|||||||||||||||
Common equity (period-end) as a percent of total assets (period-end)
|
10.55
|
%
|
10.68
|
%
|
10.57
|
%
|
10.84
|
%
|
11.34
|
%
|
||||||||||
Tangible common equity ratio
|
7.73
|
%
|
7.80
|
%
|
7.65
|
%
|
7.94
|
%
|
8.64
|
%
|
||||||||||
Leverage (Tier 1) ratio (h)
|
8.34
|
%
|
8.34
|
%
|
8.21
|
%
|
8.79
|
%
|
9.56
|
%
|
||||||||||
Tier 1 risk-based capital ratio (h)
|
10.08
|
%
|
10.10
|
%
|
10.01
|
%
|
10.16
|
%
|
11.26
|
%
|
||||||||||
Total risk-based capital ratio (h)
|
11.77
|
%
|
11.84
|
%
|
11.76
|
%
|
11.91
|
%
|
13.21
|
%
|
HANCOCK HOLDING COMPANY
AVERAGE BALANCE SHEET
(Unaudited)
|
||||||||||||||
Three Months Ended
|
|
Twelve Months Ended | ||||||||||||
(dollars in thousands)
|
12/31/2017 | 9/30/2017 | 12/31/2016 | 12/31/2017 | 12/31/2016 | |||||||||
ASSETS
|
||||||||||||||
Commercial non-real estate loans
|
$
|
8,171,016
|
$
|
8,088,195
|
$
|
7,322,497
|
$
|
8,048,128
|
$
|
7,174,271
|
||||
Commercial real estate - owner occupied
|
2,102,635
|
2,065,501
|
1,890,649
|
2,041,631
|
1,900,262
|
|||||||||
Total commercial and industrial loans
|
10,273,651
|
10,153,696
|
9,213,146
|
10,089,759
|
9,074,533
|
|||||||||
Commercial real estate - income producing
|
2,451,823
|
2,467,939
|
2,004,025
|
2,380,012
|
1,858,323
|
|||||||||
Construction and land development loans
|
1,370,617
|
1,324,139
|
965,382
|
1,281,251
|
1,026,348
|
|||||||||
Residential mortgage loans
|
2,642,308
|
2,549,338
|
2,085,081
|
2,445,787
|
2,044,718
|
|||||||||
Consumer loans
|
2,101,138
|
2,096,107
|
2,056,263
|
2,084,076
|
2,060,671
|
|||||||||
Total loans
|
18,839,537
|
18,591,219
|
16,323,897
|
18,280,885
|
16,064,593
|
|||||||||
Loans held for sale
|
22,231
|
21,723
|
32,398
|
21,920
|
28,777
|
|||||||||
Securities (i)
|
5,801,451
|
5,679,841
|
4,939,240
|
5,442,829
|
4,706,482
|
|||||||||
Short-term investments
|
149,457
|
194,643
|
166,653
|
363,077
|
380,294
|
|||||||||
Earning assets
|
24,812,676
|
24,487,426
|
21,462,188
|
24,108,711
|
21,180,146
|
|||||||||
Allowance for loan losses
|
(225,769)
|
(224,537)
|
(237,316)
|
(223,416)
|
(217,550)
|
|||||||||
Goodwill and other intangible assets
|
833,162
|
837,107
|
711,255
|
806,900
|
718,592
|
|||||||||
Other assets
|
1,553,438
|
1,577,577
|
1,501,403
|
1,548,556
|
1,497,445
|
|||||||||
Total assets
|
$
|
26,973,507
|
$
|
26,677,573
|
$
|
23,437,530
|
$
|
26,240,751
|
$
|
23,178,633
|
||||
LIABILITIES AND COMMON SHAREHOLDERS' EQUITY
|
||||||||||||||
Noninterest-bearing deposits
|
$
|
8,095,563
|
$
|
7,775,913
|
$
|
7,534,392
|
$
|
7,777,652
|
$
|
7,232,221
|
||||
Interest-bearing transaction and savings deposits
|
7,927,250
|
8,097,370
|
6,761,923
|
7,746,220
|
6,772,364
|
|||||||||
Interest-bearing public fund deposits
|
2,803,547
|
2,764,961
|
2,316,997
|
2,664,929
|
2,261,659
|
|||||||||
Time deposits
|
2,936,397
|
2,711,574
|
2,298,843
|
2,642,781
|
2,390,081
|
|||||||||
Total interest-bearing deposits
|
13,667,194
|
13,573,905
|
11,377,763
|
13,053,930
|
11,424,104
|
|||||||||
Total deposits
|
21,762,757
|
21,349,818
|
18,912,155
|
20,831,582
|
18,656,325
|
|||||||||
Short-term borrowings
|
1,763,189
|
1,909,365
|
1,367,504
|
2,006,896
|
1,412,194
|
|||||||||
Long-term debt
|
312,719
|
339,535
|
453,068
|
384,127
|
469,064
|
|||||||||
Other liabilities
|
267,367
|
240,338
|
187,385
|
211,278
|
177,983
|
|||||||||
Common shareholders' equity
|
2,867,475
|
2,838,517
|
2,517,418
|
2,806,868
|
2,463,067
|
|||||||||
Total liabilities & shareholders' equity
|
$
|
26,973,507
|
$
|
26,677,573
|
$
|
23,437,530
|
$
|
26,240,751
|
$
|
23,178,633
|
HANCOCK HOLDING COMPANY
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY
|
||||||||||||||||||||||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||||||||||||||||||||
|
12/31/2017 |
|
9/30/2017 |
|
12/31/2016 | |||||||||||||||||||||||||||||||||
(dollars in millions)
|
Volume
|
Interest
|
Rate
|
|
Volume
|
Interest
|
Rate
|
|
Volume
|
Interest
|
Rate
|
|||||||||||||||||||||||||||
AVERAGE EARNING ASSETS
|
||||||||||||||||||||||||||||||||||||||
Commercial & real estate loans (TE) (j)
|
$
|
14,096.1
|
$
|
154.5
|
4.35
|
%
|
|
$
|
13,945.8
|
$
|
151.3
|
4.31
|
%
|
|
$
|
12,182.5
|
$
|
116.8
|
3.81
|
%
|
||||||||||||||||||
Residential mortgage loans
|
2,642.3
|
26.3
|
3.99
|
%
|
2,549.3
|
25.0
|
3.94
|
%
|
2,085.1
|
20.7
|
3.98
|
%
|
||||||||||||||||||||||||||
Consumer loans
|
2,101.1
|
29.8
|
5.63
|
%
|
2,096.1
|
29.4
|
5.57
|
%
|
2,056.3
|
26.5
|
5.13
|
%
|
||||||||||||||||||||||||||
Loan fees & late charges
|
—
|
0.6
|
—
|
%
|
—
|
(0.5
|
)
|
—
|
%
|
—
|
(0.5
|
)
|
—
|
%
|
||||||||||||||||||||||||
Total loans (TE) (k)
|
18,839.5
|
211.2
|
4.46
|
%
|
18,591.2
|
205.2
|
4.39
|
%
|
16,323.9
|
163.5
|
3.99
|
%
|
||||||||||||||||||||||||||
Loans held for sale
|
22.2
|
0.2
|
3.28
|
%
|
21.7
|
0.2
|
3.97
|
%
|
32.4
|
0.3
|
3.59
|
%
|
||||||||||||||||||||||||||
US Treasury and government agency securities
|
144.5
|
0.8
|
2.21
|
%
|
125.6
|
0.7
|
2.08
|
%
|
97.9
|
0.5
|
1.93
|
%
|
||||||||||||||||||||||||||
CMOs and mortgage backed securities
|
4,682.2
|
26.2
|
2.24
|
%
|
4,575.0
|
25.4
|
2.21
|
%
|
4,017.9
|
21.0
|
2.09
|
%
|
||||||||||||||||||||||||||
Municipals (TE)
|
971.1
|
9.3
|
3.82
|
%
|
975.4
|
9.2
|
3.80
|
%
|
819.3
|
7.9
|
3.86
|
%
|
||||||||||||||||||||||||||
Other securities
|
3.7
|
—
|
2.03
|
%
|
3.8
|
0.0
|
1.94
|
%
|
4.1
|
0.0
|
1.79
|
%
|
||||||||||||||||||||||||||
Total securities (TE) (l)
|
5,801.5
|
36.3
|
2.50
|
%
|
5,679.8
|
35.3
|
2.48
|
%
|
4,939.2
|
29.4
|
2.38
|
%
|
||||||||||||||||||||||||||
Total short-term investments
|
149.5
|
0.4
|
1.07
|
%
|
194.7
|
0.6
|
1.17
|
%
|
166.7
|
0.2
|
0.49
|
%
|
||||||||||||||||||||||||||
Average earning assets yield (TE)
|
$
|
24,812.7
|
248.1
|
3.98
|
%
|
|
$
|
24,487.4
|
241.3
|
3.92
|
%
|
|
$
|
21,462.2
|
193.4
|
3.59
|
%
|
|||||||||||||||||||||
INTEREST-BEARING LIABILITIES
|
||||||||||||||||||||||||||||||||||||||
Interest-bearing transaction and savings deposits
|
$
|
7,927.3
|
8.3
|
0.42
|
%
|
|
$
|
8,097.4
|
8.4
|
0.41
|
%
|
|
$
|
6,761.9
|
4.3
|
0.25
|
%
|
|||||||||||||||||||||
Time deposits
|
2,936.4
|
8.7
|
1.17
|
%
|
2,711.6
|
7.7
|
1.12
|
%
|
2,298.8
|
5.2
|
0.90
|
%
|
||||||||||||||||||||||||||
Public funds
|
2,803.5
|
6.6
|
0.93
|
%
|
2,764.9
|
5.7
|
0.82
|
%
|
2,317.0
|
2.5
|
0.43
|
%
|
||||||||||||||||||||||||||
Total interest-bearing deposits
|
13,667.2
|
23.6
|
0.68
|
%
|
13,573.9
|
21.8
|
0.64
|
%
|
11,377.7
|
12.0
|
0.42
|
%
|
||||||||||||||||||||||||||
Short-term borrowings
|
1,763.2
|
4.1
|
0.92
|
%
|
1,909.4
|
4.4
|
0.92
|
%
|
1,367.5
|
1.1
|
0.33
|
%
|
||||||||||||||||||||||||||
Long-term debt
|
312.7
|
3.4
|
4.37
|
%
|
339.5
|
3.6
|
4.29
|
%
|
453.1
|
4.9
|
4.36
|
%
|
||||||||||||||||||||||||||
Total borrowings
|
2,075.9
|
7.5
|
1.45
|
%
|
2,248.9
|
8.0
|
1.43
|
%
|
1,820.6
|
6.0
|
1.33
|
%
|
||||||||||||||||||||||||||
Total interest-bearing liabilities cost
|
15,743.1
|
31.1
|
0.79
|
%
|
15,822.8
|
29.8
|
0.75
|
%
|
13,198.3
|
18.0
|
0.55
|
%
|
||||||||||||||||||||||||||
Net interest-free funding sources
|
9,069.6
|
8,664.6
|
8,263.9
|
|||||||||||||||||||||||||||||||||||
Total cost of funds
|
24,812.7
|
31.1
|
0.50
|
%
|
24,487.4
|
29.8
|
0.48
|
%
|
21,462.2
|
18.0
|
0.34
|
%
|
||||||||||||||||||||||||||
Net Interest Spread (TE)
|
$
|
217.0
|
3.19
|
%
|
$
|
211.5
|
3.17
|
%
|
175.4
|
3.05
|
%
|
|||||||||||||||||||||||||||
Net Interest Margin (TE)
|
$
|
24,812.7
|
$
|
217.0
|
3.48
|
%
|
|
$
|
24,487.4
|
$
|
211.5
|
3.44
|
%
|
|
$
|
21,462.2
|
$
|
175.4
|
3.26
|
%
|
HANCOCK HOLDING COMPANY
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY
(Unaudited)
|
||||||||||||||||||||||||
Twelve Months Ended
|
||||||||||||||||||||||||
|
12/31/2017 | 12/31/2016 | ||||||||||||||||||||||
(dollars in millions)
|
Volume
|
Interest
|
Rate
|
|
Volume |
Interest
|
Rate
|
|||||||||||||||||
AVERAGE EARNING ASSETS
|
||||||||||||||||||||||||
Commercial & real estate loans (TE) (j)
|
$
|
13,751.0
|
$
|
584.6
|
4.25
|
%
|
$
|
11,959.2
|
$
|
457.7
|
3.83
|
%
|
||||||||||||
Residential mortgage loans
|
2,445.8
|
95.0
|
3.89
|
%
|
2,044.7
|
83.0
|
4.06
|
%
|
||||||||||||||||
Consumer loans
|
2,084.1
|
115.1
|
5.52
|
%
|
2,060.6
|
105.8
|
5.13
|
%
|
||||||||||||||||
Loan fees & late charges
|
—
|
(0.4
|
)
|
—
|
%
|
-
|
(2.7
|
)
|
—
|
%
|
||||||||||||||
Total loans (TE) (k)
|
18,280.9
|
794.3
|
4.35
|
%
|
16,064.5
|
643.8
|
4.01
|
%
|
||||||||||||||||
Loans held for sale
|
21.9
|
0.9
|
3.88
|
%
|
28.8
|
1.0
|
3.55
|
%
|
||||||||||||||||
US Treasury and government agency securities
|
128.1
|
2.7
|
2.11
|
%
|
64.6
|
1.2
|
1.78
|
%
|
||||||||||||||||
CMOs and mortgage backed securities
|
4,327.8
|
96.2
|
2.22
|
%
|
4,044.3
|
86.5
|
2.14
|
%
|
||||||||||||||||
Municipals (TE)
|
968.1
|
37.0
|
3.82
|
%
|
592.7
|
23.7
|
4.00
|
%
|
||||||||||||||||
Other securities
|
18.8
|
0.4
|
1.92
|
%
|
4.9
|
0.1
|
2.00
|
%
|
||||||||||||||||
Total securities (TE) (l)
|
5,442.8
|
136.3
|
2.50
|
%
|
4,706.5
|
111.5
|
2.37
|
%
|
||||||||||||||||
Total short-term investments
|
363.1
|
3.5
|
0.95
|
%
|
380.3
|
1.8
|
0.47
|
%
|
||||||||||||||||
Average earning assets yield (TE)
|
$
|
24,108.7
|
935.0
|
3.88
|
%
|
$
|
21,180.1
|
$
|
758.1
|
3.58
|
%
|
|||||||||||||
INTEREST-BEARING LIABILITIES
|
||||||||||||||||||||||||
Interest-bearing transaction and savings deposits
|
$
|
7,746.2
|
29.4
|
0.38
|
%
|
$
|
6,772.4
|
18.1
|
0.27
|
%
|
||||||||||||||
Time deposits
|
2,642.8
|
28.0
|
1.06
|
%
|
2,390.1
|
21.4
|
0.90
|
%
|
||||||||||||||||
Public funds
|
2,664.9
|
19.2
|
0.72
|
%
|
2,261.6
|
9.3
|
0.41
|
%
|
||||||||||||||||
Total interest-bearing deposits
|
13,053.9
|
76.6
|
0.59
|
%
|
11,424.1
|
48.8
|
0.43
|
%
|
||||||||||||||||
Short-term borrowings
|
2,006.9
|
15.7
|
0.78
|
%
|
1,412.1
|
4.1
|
0.29
|
%
|
||||||||||||||||
Long-term debt
|
384.1
|
16.0
|
4.16
|
%
|
469.1
|
20.1
|
4.27
|
%
|
||||||||||||||||
Total borrowings
|
2,391.0
|
31.7
|
1.33
|
%
|
1,881.2
|
24.2
|
1.28
|
%
|
||||||||||||||||
Total interest-bearing liabilities cost
|
15,444.9
|
108.3
|
0.70
|
%
|
13,305.3
|
73.0
|
0.55
|
%
|
||||||||||||||||
Net interest-free funding sources
|
8,663.8
|
7,874.8
|
||||||||||||||||||||||
Total cost of funds
|
24,108.7
|
108.3
|
0.45
|
%
|
21,180.1
|
73.0
|
0.34
|
%
|
||||||||||||||||
Net Interest Spread (TE)
|
$
|
826.7
|
3.18
|
%
|
$
|
685.1
|
3.03
|
%
|
||||||||||||||||
Net Interest Margin (TE)
|
$
|
24,108.7
|
$
|
826.7
|
3.43
|
%
|
$
|
21,180.1
|
$
|
685.1
|
3.23
|
%
|
HANCOCK HOLDING COMPANY
ASSET QUALITY INFORMATION
(Unaudited)
|
||||||||||||||||||||
Three Months Ended
|
Twelve Months Ended | |||||||||||||||||||
(dollars in thousands)
|
12/31/2017 | 9/30/2017 | 12/31/2016 | 12/31/2017 | 12/31/2016 | |||||||||||||||
Nonaccrual loans (m)
|
$
|
252,800
|
$
|
269,676
|
$
|
317,970
|
$
|
252,800
|
$
|
317,970
|
||||||||||
Restructured loans - still accruing
|
120,493
|
96,735
|
39,818
|
120,493
|
39,818
|
|||||||||||||||
Total nonperforming loans
|
373,293
|
366,411
|
357,788
|
373,293
|
357,788
|
|||||||||||||||
ORE and foreclosed assets
|
27,542
|
21,219
|
18,943
|
27,542
|
18,943
|
|||||||||||||||
Total nonperforming assets
|
$
|
400,835
|
$
|
387,630
|
$
|
376,731
|
$
|
400,835
|
$
|
376,731
|
||||||||||
Nonperforming assets as a percent of loans, ORE and foreclosed assets
|
2.11
|
%
|
2.06
|
%
|
2.25
|
%
|
2.11
|
%
|
2.25
|
%
|
||||||||||
Accruing loans 90 days past due
|
$
|
27,766
|
$
|
28,850
|
$
|
3,039
|
$
|
27,766
|
$
|
3,039
|
||||||||||
Accruing loans 90 days past due as a percent of loans
|
0.15
|
%
|
0.15
|
%
|
0.02
|
%
|
0.15
|
%
|
0.02
|
%
|
||||||||||
Nonperforming assets + accruing loans 90 days past due to loans, ORE and foreclosed assets
|
2.25
|
%
|
2.21
|
%
|
2.26
|
%
|
2.25
|
%
|
2.26
|
%
|
||||||||||
ALLOWANCE FOR LOAN LOSSES
|
||||||||||||||||||||
Beginning balance
|
$
|
223,122
|
$
|
221,865
|
$
|
236,061
|
$
|
229,418
|
$
|
181,179
|
||||||||||
Net provision for loan losses - purchased credit impaired loans
|
(1,455)
|
|
180
|
(681)
|
|
(1,897)
|
|
(1,404)
|
|
|||||||||||
Provision for loan losses - non-purchased credit impaired loans
|
16,441
|
12,860
|
15,136
|
60,865
|
112,063
|
|||||||||||||||
Net provision for loan losses
|
14,986
|
13,040
|
14,455
|
58,968
|
110,659
|
|||||||||||||||
Decrease in FDIC loss share receivable
|
—
|
—
|
(930)
|
|
(2,526)
|
|
(3,957)
|
|
||||||||||||
Net recoveries - purchased credit impaired
|
(250)
|
|
—
|
(256)
|
|
(177)
|
|
(594)
|
|
|||||||||||
Charge-offs - non-purchased credit impaired
|
25,133
|
18,795
|
24,395
|
86,734
|
72,888
|
|||||||||||||||
Recoveries - non-purchased credit impaired
|
(4,083)
|
|
(7,012
|
)
|
(3,971)
|
|
(18,005)
|
|
(13,831)
|
|
||||||||||
Net charge-offs
|
20,800
|
11,783
|
20,168
|
68,552
|
58,463
|
|||||||||||||||
Ending Balance
|
$
|
217,308
|
$
|
223,122
|
$
|
229,418
|
$
|
217,308
|
$
|
229,418
|
||||||||||
Allowance for loan losses as a percent of period-end loans
|
1.14
|
%
|
1.19
|
%
|
1.37
|
%
|
1.14
|
%
|
1.37
|
%
|
||||||||||
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due
|
54.18
|
%
|
56.45
|
%
|
63.58
|
%
|
54.18
|
%
|
63.58
|
%
|
||||||||||
NET CHARGE-OFF INFORMATION
|
||||||||||||||||||||
Net charge-offs (recoveries) - non-purchased credit impaired:
|
||||||||||||||||||||
Commercial & real estate loans
|
$
|
14,458
|
$
|
4,261
|
$
|
13,495
|
$
|
42,555
|
$
|
38,586
|
||||||||||
Residential mortgage loans
|
(565)
|
|
1,639
|
(230)
|
|
1,502
|
181
|
|||||||||||||
Consumer loans
|
7,157
|
5,883
|
7,159
|
24,672
|
20,290
|
|||||||||||||||
Total net charge-offs - non-purchased credit impaired
|
$
|
21,050
|
$
|
11,783
|
$
|
20,424
|
$
|
68,729
|
$
|
59,057
|
||||||||||
Net charge-offs (recoveries) - non-purchased credit impaired to average loans:
|
||||||||||||||||||||
Commercial & real estate loans
|
0.41
|
%
|
0.12
|
%
|
0.44
|
%
|
0.31
|
%
|
0.32
|
%
|
||||||||||
Residential mortgage loans
|
(0.08)
|
%
|
0.26
|
%
|
(0.04)
|
%
|
0.06
|
%
|
0.01
|
%
|
||||||||||
Consumer loans
|
1.35
|
%
|
1.11
|
%
|
1.39
|
%
|
1.18
|
%
|
0.98
|
%
|
||||||||||
Total net charge-offs - non-purchased credit impaired to average loans
|
0.44
|
%
|
0.25
|
%
|
0.50
|
%
|
0.38
|
%
|
0.37
|
%
|
HANCOCK HOLDING COMPANY
ASSET QUALITY INFORMATION
(Unaudited)
|
|||||||||||||||||||
Three Months Ended
|
|||||||||||||||||||
(dollars in thousands)
|
12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | ||||||||||||||
Nonaccrual loans (m)
|
$
|
252,800
|
$
|
269,676
|
$
|
238,219
|
$
|
262,649
|
$
|
317,970
|
|||||||||
Restructured loans - still accruing
|
120,493
|
96,735
|
90,502
|
47,267
|
39,818
|
||||||||||||||
Total nonperforming loans
|
373,293
|
366,411
|
328,721
|
309,916
|
357,788
|
||||||||||||||
ORE and foreclosed assets
|
27,542
|
21,219
|
18,049
|
17,156
|
18,943
|
||||||||||||||
Total nonperforming assets
|
$
|
400,835
|
$
|
387,630
|
$
|
346,770
|
$
|
327,072
|
$
|
376,731
|
|||||||||
Nonperforming assets as a percent of loans, ORE and foreclosed assets
|
2.11
|
%
|
2.06
|
%
|
1.88
|
%
|
1.79
|
%
|
2.25
|
%
|
|||||||||
Accruing loans 90 days past due
|
$
|
27,766
|
$
|
28,850
|
$
|
18,390
|
$
|
590
|
$
|
3,039
|
|||||||||
Accruing loans 90 days past due as a percent of loans
|
0.15
|
%
|
0.15
|
%
|
0.10
|
%
|
0.00
|
%
|
0.02
|
%
|
|||||||||
Nonperforming assets + accruing loans 90 days past due to loans, ORE and foreclosed assets
|
2.25
|
%
|
2.21
|
%
|
1.97
|
%
|
1.80
|
%
|
2.26
|
%
|
|||||||||
Allowance for loan losses
|
$
|
217,308
|
$
|
223,122
|
$
|
221,865
|
$
|
213,550
|
$
|
229,418
|
|||||||||
Allowance for loan losses as a percentage of period-end loans
|
1.14
|
%
|
1.19
|
%
|
1.20
|
%
|
1.17
|
%
|
1.37
|
%
|
|||||||||
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due
|
54.18
|
%
|
56.45
|
%
|
63.92
|
%
|
68.77
|
%
|
63.58
|
%
|
|||||||||
Provision for loan losses
|
14,986
|
13,040
|
14,951
|
15,991
|
14,455
|
||||||||||||||
NET CHARGE-OFF INFORMATION
|
|||||||||||||||||||
Net charge-offs - non-purchased credit impaired:
|
|||||||||||||||||||
Commercial & real estate loans
|
$
|
14,458
|
$
|
4,261
|
$
|
931
|
$
|
22,905
|
$
|
13,495
|
|||||||||
Residential mortgage loans
|
(565
|
)
|
1,639
|
247
|
181
|
(230
|
)
|
||||||||||||
Consumer loans
|
7,157
|
5,883
|
4,807
|
6,825
|
7,159
|
||||||||||||||
Total net charge-offs - non-purchased credit impaired
|
$
|
21,050
|
$
|
11,783
|
$
|
5,985
|
$
|
29,911
|
$
|
20,424
|
|||||||||
Net charge-offs - non-purchased credit impaired to average loans:
|
|||||||||||||||||||
Commercial & real estate loans
|
0.41
|
%
|
0.12
|
%
|
0.03
|
%
|
0.71
|
%
|
0.44
|
%
|
|||||||||
Residential mortgage loans
|
(0.08
|
)%
|
0.26
|
%
|
0.04
|
%
|
0.03
|
%
|
(0.04
|
)%
|
|||||||||
Consumer loans
|
1.35
|
%
|
1.11
|
%
|
0.93
|
%
|
1.34
|
%
|
1.39
|
%
|
|||||||||
Total net charge-offs - non-purchased credit impaired to average loans
|
0.44
|
%
|
0.25
|
%
|
0.13
|
%
|
0.70
|
%
|
0.50
|
%
|
|||||||||
AVERAGE LOANS
|
|||||||||||||||||||
Commercial & real estate loans
|
$
|
14,096,091
|
$
|
13,945,774
|
$
|
13,890,054
|
$
|
13,058,628
|
$
|
12,182,553
|
|||||||||
Residential mortgage loans
|
2,642,308
|
2,549,338
|
2,399,422
|
2,185,928
|
2,085,081
|
||||||||||||||
Consumer loans
|
2,101,138
|
2,096,107
|
2,079,970
|
2,058,488
|
2,056,263
|
||||||||||||||
Total average loans
|
$
|
18,839,537
|
$
|
18,591,219
|
$
|
18,369,446
|
$
|
17,303,044
|
$
|
16,323,897
|
HANCOCK HOLDING COMPANY
Appendix A To the Earnings Release
Non-GAAP Measures Reconciliations
|
|||||||||||||||||||||||||||
CORE NET INTEREST INCOME (TE) AND CORE NET INTEREST MARGIN (TE)
|
|||||||||||||||||||||||||||
Three Months Ended
|
|
Twelve Months Ended | |||||||||||||||||||||||||
(dollars in thousands)
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
12/31/2016 |
|
12/31/2017 | 12/31/2016 | |||||||||||||||
Net interest income
|
$
|
208,047
|
|
$
|
202,857
|
|
$
|
199,717
|
|
$
|
181,691
|
|
$
|
167,798
|
|
$
|
792,312
|
$
|
659,116
|
||||||||
Taxable equivalent adjustment (n)
|
8,949
|
8,579
|
8,564
|
8,298
|
7,516
|
34,390
|
25,839
|
||||||||||||||||||||
Net interest income (TE)
|
$
|
216,996
|
|
$
|
211,436
|
|
$
|
208,281
|
|
$
|
189,989
|
|
$
|
175,314
|
|
$
|
826,702
|
$
|
684,955
|
||||||||
Purchase accounting adjustments
|
|||||||||||||||||||||||||||
Net loan discount accretion (o)
|
8,280
|
7,711
|
8,801
|
5,017
|
4,302
|
29,809
|
21,745
|
||||||||||||||||||||
Net investment premium amortization (p)
|
(320
|
)
|
(364
|
)
|
(398
|
)
|
(454
|
)
|
(524
|
)
|
(1,536
|
)
|
(2,460
|
)
|
|||||||||||||
Net purchase accounting accretion
|
7,960
|
7,347
|
8,403
|
4,563
|
3,778
|
28,273
|
19,285
|
||||||||||||||||||||
Net interest income (TE) - core
|
$
|
209,036
|
|
$
|
204,089
|
|
$
|
199,878
|
|
$
|
185,426
|
|
$
|
171,536
|
|
$
|
798,429
|
$
|
665,670
|
||||||||
Average earning assets
|
$
|
24,812,676
|
|
$
|
24,487,426
|
|
$
|
24,338,130
|
|
$
|
22,770,001
|
|
$
|
21,462,188
|
|
$
|
24,108,711
|
$
|
21,180,146
|
||||||||
Net interest margin (TE) - reported
|
3.48
|
%
|
3.44
|
%
|
3.43
|
%
|
3.37
|
%
|
3.26
|
%
|
3.43
|
%
|
3.23
|
%
|
|||||||||||||
Net purchase accounting adjustments
|
0.13
|
%
|
0.12
|
%
|
0.14
|
%
|
0.08
|
%
|
0.07
|
%
|
0.12
|
%
|
0.09
|
%
|
|||||||||||||
Net interest margin (TE) - core
|
3.35
|
%
|
3.32
|
%
|
3.29
|
%
|
3.29
|
%
|
3.19
|
%
|
3.31
|
%
|
3.14
|
%
|
|||||||||||||
CORE PRE-PROVISION NET REVENUE (TE)
|
|||||||||||||||||||||||||||
Three Months Ended
|
|
Twelve Months Ended | |||||||||||||||||||||||||
(dollars in thousands)
|
12/31/2017
|
|
9/30/2017 |
|
6/30/2017 |
|
3/31/2017 |
|
12/31/2016 |
|
12/31/2017 | 12/31/2016 | |||||||||||||||
Net interest income
|
$
|
208,047
|
|
$
|
202,857
|
|
$
|
199,717
|
|
$
|
181,691
|
|
$
|
167,798
|
|
$
|
792,312
|
$
|
659,116
|
||||||||
Noninterest income
|
69,688
|
67,115
|
67,487
|
63,491
|
65,893
|
267,781
|
250,781
|
||||||||||||||||||||
Total revenue
|
$
|
277,735
|
|
$
|
269,972
|
|
$
|
267,204
|
|
$
|
245,182
|
|
$
|
233,691
|
|
$
|
1,060,093
|
$
|
909,897
|
||||||||
Taxable equivalent adjustment
|
8,949
|
8,579
|
8,564
|
8,298
|
7,516
|
34,390
|
25,839
|
||||||||||||||||||||
Purchase accounting adjustments - revenue (q)
|
(7,960
|
)
|
(7,347
|
)
|
(7,076
|
)
|
(3,463
|
)
|
(2,538
|
)
|
(25,846
|
)
|
(13,367
|
)
|
|||||||||||||
Nonoperating revenue
|
—
|
—
|
—
|
(4,352
|
)
|
—
|
(4,352
|
)
|
—
|
||||||||||||||||||
Core revenue (TE)
|
$
|
278,724
|
|
$
|
271,204
|
|
$
|
268,692
|
|
$
|
245,665
|
|
$
|
238,669
|
|
$
|
1,064,285
|
$
|
922,369
|
||||||||
Noninterest expense
|
(168,063
|
)
|
(177,616
|
)
|
(183,470
|
)
|
(163,542
|
)
|
(156,283
|
)
|
(692,691
|
)
|
(612,315
|
)
|
|||||||||||||
Intangible amortization
|
5,885
|
6,070
|
5,757
|
4,705
|
4,766
|
22,417
|
19,781
|
||||||||||||||||||||
Nonoperating expense
|
—
|
11,393
|
10,617
|
6,463
|
—
|
28,473
|
4,978
|
||||||||||||||||||||
Core pre-provision net revenue (TE)
|
$
|
116,546
|
|
$
|
111,051
|
|
$
|
101,596
|
|
$
|
93,291
|
|
$
|
87,152
|
|
$
|
422,484
|
$
|
334,813
|
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