Hancock's third-quarter operating earnings marginally beat the
Zacks Consensus Estimate. Results were primarily aided by a
marginal rise in fee income and reduced provision for credit losses
as well as operating expenses. However, decline in net interest
income was the downside. Further, the credit quality and capital
ratios were mixed, while profitability ratios deteriorated. 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 anticipated to
enhance investors' confidence in the stock. However, persistently
rising operating expenses, a still low interest rate environment
and increased regulations are likely to dent the company's
performance in the near term.
Based in Gulfport, Mississippi, Hancock Holding Company is a
bank holding as well as financial holding company. The company
operates through roughly 250 full service bank branches and about
350 ATMs across the states of Mississippi, Alabama, Louisiana,
Florida and Texas.
Hancock is the parent company of 2 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 2 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, Florida-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,
Louisiana in order to resolve branch concentration concerns of the
U.S. Department of Justice relating to the Whitney merger.
In Aug 2013, Hancock shuttered 26 branches across its five-state
As of Sep 30, 2013, Hancock held total assets of $18.8 billion,
total deposits of $15.1 billion and total shareholders' equity of
Hancock Holding Company (HBHC): Read the Full
HANCOCK HLDG CO (HBHC): Free Stock Analysis
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