Hancock Holding (HBHC) Tops Q1 EPS by 2c

Hancock Holding (NASDAQ: HBHC) reported Q1 EPS of $0.57, $0.02 better than the analyst estimate of $0.55.

Highlights of the company’s first quarter 2017 results (compared to fourth quarter 2016):

• Includes a partial quarter impact from the acquisition of selected assets and liabilities of FNBC totaling $2.9 million, or $.03 per share, excluding the acquisition costs noted above
• Acquired 9 branches from FNBC on March 10, 2017; operational conversion expected in mid-May 2017 with the simultaneous closure of 10 overlapping branches
• Total loans up $1.5 billion; includes $1.2 billion from the FNBC transaction (net of the fair value discount or “loan mark”)
• Energy loans comprise 7.1% of total loans, down from 8.4%; allowance for the energy portfolio totals $83.7 million, or 6.5% of energy loans
• Total deposits up $498 million; includes $398 million from the FNBC transaction
• Purchased $604 million of FHLB advances from FNBC
• Core pre-provision net revenue (PPNR) of $93.3 million, up $6.1 million or 7%
• Net interest margin (NIM) of 3.37% up 11 basis points (bps); core NIM up 10 bps to 3.29%
• Tangible common equity (TCE) ratio down 70 bps to 7.94%; reflects partial use of capital raised in December 2016

For earnings history and earnings-related data on Hancock Holding (HBHC) click here.

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