Hancock's first-quarter 2014 operating earnings marginally
surpassed the Zacks Consensus Estimate. Lower expenses, fall in
provision and improvement in profitability ratios and credit
quality acted as tailwinds. However, these positives were partially
offset by a decline in top line. Going forward, we expect Hancock
to be successful with respect to its organic and inorganic growth
strategies backed by a stable liquidity position. Moreover,
enhanced capital deployment activities and prudent expense
management are likely to enhance investors' confidence in the
stock. However, a still low interest rate environment and increased
regulations are likely to dent the company's performance in the
Based in Gulfport, MS, Hancock Holding Company is a bank holding
as well as financial holding company. The company operates through
roughly 251 full-service bank branches and about 300 automated
teller machines across the states of Mississippi, Alabama,
Louisiana, Florida and Texas.
Hancock is the parent company of two wholly owned bank
subsidiaries, Hancock Bank and Whitney Bank. Both these
subsidiaries operate in their hometown markets with strong brand
recognition. Hancock Bank owns and operates all branches in
Mississippi, Alabama and Florida while Whitney Bank owns and
operates all branches in Louisiana and Texas. These two banks
provide a wide range of community banking services including a
variety of transaction and savings deposit products, treasury
management services, investment brokerage services, secured and
unsecured loan products.
Further, Hancock provides other services through several
non-bank subsidiaries Hancock Investment Services, Inc. (offering
discount investment brokerage services), and Hancock Insurance
Agency and Whitney Insurance Agency (providing general insurance
agency services). Moreover, Harrison Finance Company provides
consumer financing services.
Hancock's primary operating segments comprise the Hancock
segment, which coincides generally with its Hancock Bank
subsidiary, and the Whitney segment, which coincides generally with
its Whitney Bank subsidiary.
In 2009, Hancock acquired the assets and assumed the liabilities
of Panama City, FL-based Peoples First Community Bank in an
FDIC-assisted transaction, thereby adding nearly $2 billion in
In Jun 2011, Hancock acquired all of the outstanding common
stock of Whitney Holding Corporation in a cash and stock deal.
Whitney's bank subsidiary Whitney National Bank was merged into
Hancock Bank of Louisiana and renamed Whitney Bank. The acquisition
added $11.7 billion in assets, $6.5 billion in loans and $9.2
billion in deposits.
In Sep 2011, Hancock divested 7 Whitney Bank branches located on
the Mississippi Gulf Coast and one branch located in Bogalusa, LA
in order to resolve the branch concentration concerns of the U.S.
Department of Justice relating to the Whitney merger.
In 2013, Hancock shuttered 38 branches across its five-state
In Apr 2014, Hancock divested part of its business within its
subsidiary insurance agencies to AssuredPartners Inc for $15.5
million. The lines of business included property and casualty
(P&C) and group benefits services. The company garnered nearly
$9.4 million gain from the deal.
As of Mar 31, 2014, Hancock held total assets of $19.0 billion,
total deposits of $15.3 billion, total loans of $$12.5 billion and
total shareholders' equity of $2.5 billion.
Hancock Holding Company (HBHC): Read the Full
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