Hancock Holding Co. on Oct. 17 posted a 26.1% year-over-year increase in third-quarter results.
Net income climbed to $58.9 million, or 68 cents per share, from net income of $46.7 million, or 59 cents per share, a year earlier. The latest quarter's results were reduced by 8 cents per share because of nonoperating expenses of approximately $11.4 million related to two purchases of branches, deposits and assets from the now-failed First NBC Bank.
The S&P Capital IQ consensus mean estimate for third-quarter normalized EPS was 74 cents.
At Sept. 30, nonperforming assets stood at $388 million, up $41 million from June 30. The company recorded a provision for loan losses of $13.0 million, down from $15.0 million in the previous quarter and down from $16.0 million a year earlier. Net charge-offs amounted to $11.8 million, up from the second quarter's $6.0 million. Approximately $3.6 million of the recent quarter's net charge-offs were related to energy credits.
Gulfport, Miss.-based Hancock, parent of Whitney Bank, also disclosed plans to consolidate its brands. Pending requisite approvals, the entities will rename as Hancock Whitney Corp. and Hancock Whitney Bank in the first half of 2018.
The bank's taxable-equivalent net interest margin for the quarter was 3.44%, up from 3.43% in the linked quarter and up from 3.20% in 2016.