Mississippi-based Hancock Bank, which acquired Louisiana’s largest bank this year with its purchase of Whitney, reported earnings of $30.4 million, totaling 36 cents per share during the third quarter that ended Sept. 30.

According to The Times-Picayune, Hancock’s income is up more than $15 million as compared to the same quarter last year, when the bank recorded earnings of $14.9 million, or 40 cents per share:

The acquisition of Whitney gave Hancock $11.7 billion in additional assets, $6.5 billion in additional loans, and $9.2 billion in additional deposits.

In order to protect Hancock's balance sheet, the company discounted Whitney's loan portfolio beyond the markdowns that Whitney had taken when the merger was completed June 4. Instead of taking Whitney's $208 million write-down on loans, Hancock reduced the value of the Whitney loan portfolio on its books by $463 million.

That meant that any loan losses that showed up during the third quarter were the result of Hancock's "legacy" portfolio, or the portfolio it held prior to the merger.

Like many banks, Hancock said it has experienced limited demand for new loans, and many commercial customers are conserving cash and paying down existing loans to remain nimble in a tough economy. But Hancock has seen some loan growth on the Mississippi Gulf Coast and in Baton Rouge, south central Louisiana, and Tampa and Jacksonville, Fla.

The transition into a Hancock-Whitney combination has been a smooth one, according to The T-P, predictably far less hectic than the days leading up to the purchase, when Hancock swooped in and outbid Lafayette-based IberiaBank after months of negotiations between Iberia and Whitney.

Read more on Hancock’s earnings here.

Click here for past ABiz coverage on the Hancock-Whitney merger.

To post a comment, please log into your IND account. If you do not have an account, click the "register" button to create one. Facebook comments can be used as an alternative to creating an account at theIND.com.

Loading
Chart
ABiz Stock Watch
o Home Bancorp 22.34 ▲0.26 (1.18%)
o Frank's International 20.15 ▲0.17 (0.85%)
o IberiaBank Corp 65.25 ▲0.60 (0.93%)
o LHC Group 25.74 ▲0.25 (0.98%)
o MidSouth Bancorp 19.11 ▲0.06 (0.31%)
o Petroquest Energy 6.66 ▲0.25 (3.90%)
o PHI Inc. 41.52 0.00 (0.00%)
o Superior Energy 35.84 ▲0.20 (0.56%)
o Stone Energy 35.19 ▲0.86 (2.51%)
o Facebook Inc. 74.82 ▲0.96 (1.31%)
o Twitter Inc. 49.75 ▲0.32 (0.65%)
o Gannett 33.76 ▲0.01 (0.03%)
NYSE:HBCP

Home Bancorp

Company ID [NYSE:HBCP] Last trade:22.34 Trade time:4:00PM EDT Value change:▲0.26 (1.18%)
NYSE:FI

Frank's International

Company ID [NYSE:FI] Last trade:20.15 Trade time:4:03PM EDT Value change:▲0.17 (0.85%)
NYSE:IBKC

IberiaBank Corp

Company ID [NYSE:IBKC] Last trade:65.25 Trade time:4:00PM EDT Value change:▲0.60 (0.93%)
NYSE:LHCG

LHC Group

Company ID [NYSE:LHCG] Last trade:25.74 Trade time:4:00PM EDT Value change:▲0.25 (0.98%)
NYSE:MSL

MidSouth Bancorp

Company ID [NYSE:MSL] Last trade:19.11 Trade time:4:01PM EDT Value change:▲0.06 (0.31%)
NYSE:PQ

Petroquest Energy

Company ID [NYSE:PQ] Last trade:6.66 Trade time:4:02PM EDT Value change:▲0.25 (3.90%)
NYSE:PHII

PHI Inc.

Company ID [NYSE:PHII] Last trade:41.52 Trade time:3:59PM EDT Value change:0.00 (0.00%)
NYSE:SPN

Superior Energy

Company ID [NYSE:SPN] Last trade:35.84 Trade time:4:03PM EDT Value change:▲0.20 (0.56%)
NYSE:SGY

Stone Energy

Company ID [NYSE:SGY] Last trade:35.19 Trade time:4:01PM EDT Value change:▲0.86 (2.51%)
NYSE:FB

Facebook Inc.

Company ID [NYSE:FB] Last trade:74.82 Trade time:4:00PM EDT Value change:▲0.96 (1.31%)
NYSE:TWTR

Twitter Inc.

Company ID [NYSE:TWTR] Last trade:49.75 Trade time:4:01PM EDT Value change:▲0.32 (0.65%)
NYSE:GCI

Gannett

Company ID [NYSE:GCI] Last trade:33.76 Trade time:4:03PM EDT Value change:▲0.01 (0.03%)
Advertisement

Economic Indicators

  • Real Estate Data
    Real Estate
     
    Rentals
     
    Commercial
     
     
  • Energy Data
    Oil
     
    Gas
     
     
  • Taxable Sales
    Register
     
  • Unemployment Rate
    Employment
     
 

Read the Flipping Paper!

Click Here for the Entire Print Version of
ABiz
 
Advertisement
Advertisement