Hancock Holding Company Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014; Provides Effective Tax Rate Guidance for the Fiscal Year 2015
January 23, 2015 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, 2014. For the quarter, net income was $40.1 million or $0.48 per diluted common share compared to $34.7 million, or $0.41 in the fourth quarter of 2013. Operating income was $46.4 million, or $0.56 per diluted common share compared to $45.8 million, or $0.55, in the fourth quarter of 2013. Core income was $41.5 million or $0.50 per diluted common share, up from $32.8 million, or $0.39, in the fourth quarter of 2013. Net interest income (TE) was $160,813,000 against $166,007,000 a year ago. Return on average assets was 0.79% against 0.84% a year ago. Return on average assets (operating) was 0.92% against 1.04% a year ago. Return on average common equity was 6.34% against 6.51% a year ago. Return on average common equity (operating) was 7.33% against 7.71% a year ago. Return on average tangible common equity was 9.08% against 8.79% a year ago. Return on average tangible common equity (operating) was 10.50% against 11.59% a year ago. Core income was $41,537,000 against $38,736,000 a year ago.
For the full year, the company reported net interest income (TE) of $654,694,000 against $680,731,000 a year ago. Net income was $175,722,000 or $2.10 per basic and diluted share against $163,356,000 or $1.93 per diluted share a year ago. Operating income was $194,145,000 against $187,990,000 a year ago. Book value per share as on December 31, 2014 was $30.74 against $29.49 as on December 31, 2013. Tangible book value per share as on December 31, 2014 was $21.37 against $19.94 as on December 31, 2014. Return on average assets was 1.05% against 0.74% a year ago. Return on average assets (operating) was 1.05% against 0.97% a year ago. Return on average common equity was 8.18% against 5.85% a year ago. Return on average common equity (operating) was 8.18% against 7.71% a year ago. Return on average tangible common equity was 12.04% against 8.79% a year ago. Return on average tangible common equity (operating) was 12.04% against 11.59% a year ago. Core income was $37,742,000 against $32,847,000 a year ago.
For the quarter, the company reported net charge-offs from the non-covered loan portfolio of $2.6 million, or 0.08% of average total loans on an annualized basis in the fourth quarter of 2014.
The company expects the effective income tax rate to approximate 27%-29% in fiscal year 2015.
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, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014; Provides Effective Tax Rate Guidance for the Fiscal Year 2015