Hancock Holding Company Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Effective Income Tax Rate Guidance for the Year 2016
January 22, 2016 at 03:30 am IST
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Hancock Holding Company reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net interest income of $158,395,000 compared to $160,813,000 a year ago. Net income was $15,307,000 compared to $40,092,000 a year ago. Operating income was $15,307,000 compared to $46,376,000 a year ago. Earnings per share diluted were $0.19 compared to $0.48 a year ago. Operating earnings per share diluted were $0.19 compared to $0.56 a year ago. Return on average assets was 0.27% compared to 0.79% a year ago. Return on average common equity was 2.48% compared to 6.34% a year ago. The linked-quarter decline in earnings was mainly related to the previously announced $43 million (pre-tax), or $0.35 per diluted share, increase in the energy allowance.
For the year, the company reported net interest income of $625,174,000 compared to $654,694,000 a year ago. Net income was $131,461,000 compared to $175,722,000 a year ago. Operating income was $141,801,000 compared to $194,145,000 a year ago. Earnings per share diluted were $1.64 compared to $2.10 a year ago. Operating earnings per share diluted were $1.77 compared to $2.32 a year ago. Book value per share as at December 31, 2015 was $31.14 compared to $30.74 a year ago. Tangible book value per share as at December 31, 2015 was $21.74 compared to $21.37 a year ago. Return on average assets was 0.62% compared to 0.90 % a year ago. Return on average common equity was 5.38% compared to 7.10% a year ago. The year-over-year decline in earnings was mainly related to a decrease in purchase accounting income of approximately $9.1 million (pre-tax), and the increase in the energy allowance.
The company expects the effective income tax rate to approximate 26-27% in 2016. The effective income tax rate continues to be less than the statutory rate of 35% due primarily to tax-exempt income and tax credits.
Hancock Whitney Corporation is a financial services company. It provides financial services through its bank subsidiary, Hancock Whitney Bank (the Bank), a Mississippi state bank. The Bank offers a range of traditional and online banking services to commercial, small business and retail customers, providing a range of transaction and savings deposit products, treasury management services, secured and unsecured loan products (including revolving credit facilities), letters of credit and similar financial guarantees. The Banks primary lending focus is to provide commercial, consumer and real estate loans to consumers, small and middle market businesses, and corporate clients in the markets and sectors served by the Bank. The Banks investment portfolio primarily consists of United Sates agency debt securities, United Sates agency mortgage-related securities and obligations of states and municipalities classified as either available for sale or held to maturity.
Hancock Holding Company Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Effective Income Tax Rate Guidance for the Year 2016