Hancock profits rise as merger expenses ease

Print
Email
|

Associated Press

Posted on July 26, 2013 at 1:02 AM

Updated Friday, Jul 26 at 1:02 AM

GULFPORT, Miss. (AP) — Regional bank Hancock Holding Co. says profit in 2013's second quarter rose 19 percent from the same three months of 2012, as the company benefited from a lack of merger expenses compared to a year ago.

Hancock, which operates Hancock Bank in Mississippi, Alabama and Florida, and Whitney Bank in Louisiana and Texas, posted quarterly profit Thursday of $46.9 million, or 55 cents per share. That's up from $39.3 million or 46 cents per share in 2012's second quarter.

Analysts polled by FactSet had estimated 55 cents per share, on average.

Hancock says loans grew by $200 million, thanks to increased business lending. The bank also says cost-cutting efforts are progressing, and it will sell 10 of branches it previously planned to close.

Gulfport-based Hancock has $18.9 billion in assets.

Print
Email
|