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.