Hancock Bank stock climbs after earnings report beats estimates

Hancock Holding Co. stock prices are on the rise this week following Hancock Bank parent company this week announcing its second quarter earnings of 59 cents per share, surpassing estimates of 44 cents.

Net income for the quarter was $46.9 million, or $.59 per diluted common share, compared to $3.8 million, or $.05 in the first quarter of 2016 and $34.8 million, or $.44, in the second quarter of 2015.

The increase reflects improved revenue, lower expenses and a sizable decrease in the loan loss provision. Total loans were up $58 million, or 1 percent linked-quarter annualized.

Energy loans declined to 9 percent of total loans and the loan loss provision of $17.2 million was down from $60 million the previous quarter. After two consecutive quarters of significant reserve build for the bank’s energy portfolio, the provision expense for the quarter decreased to an amount in line with the lower end of guidance.

“We are halfway through the year and exactly halfway to meeting our stated goal for 2016’s core pre-tax, pre-provision earnings,” said President and CEO John Hairston. “We are doing so by following basic fundamentals of expense management coupled with revenue growth that includes both margin expansion and improvement in many fee categories.”

Staff, wire reports

This story was originally published July 22, 2016 at 3:15 PM with the headline "Hancock Bank stock climbs after earnings report beats estimates."