Hancock Holding Company (HBHC) has reported 238.61 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $51.83 million, or $0.64 a share in the quarter, compared with $15.31 million, or $0.19 a share for the same period last year.
Revenue during the quarter surged 30.61 percent to $219.24 million from $167.85 million in the previous year period. Net interest income for the quarter rose 5.94 percent over the prior year period to $167.80 million. Non-interest income for the quarter rose 10.46 percent over the last year period to $65.89 million.
Hancock Holding Company has made provision of $14.46 million for loan losses during the quarter, down 71.20 percent from $50.20 million in the same period last year.
Net interest margin improved 5 basis points to 3.26 percent in the quarter from 3.21 percent in the last year period. Efficiency ratio for the quarter improved to 62.82 percent from 67.63 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"This quarter's results reflect continued progress in achieving the goals we put in place in late 2014," said President and chief executive officer John M. Hairston. "Our net income for 2016 was up almost 14% compared to 2015 and we successfully exceeded our goal for core pre-tax pre-provision income, growing it by 25% in 2016 compared to 2015. We did this through organic balance sheet growth of over $1 billion, margin stability, expanding sources of noninterest income and keeping expenses flat. I am extremely proud of our 3,800 associates for achieving this goal and I look forward to continuing the momentum in 2017."
Assets outpace liabilities growth
Total assets stood at $23,975.30 million as on Dec. 31, 2016, up 4.97 percent compared with $22,839.46 million on Dec. 31, 2015. On the other hand, total liabilities stood at $21,255.53 million as on Dec. 31, 2016, up 4.06 percent from $20,426.32 million on Dec. 31, 2015.
Deposits stood at $19,424.27 million as on Dec. 31, 2016, up 5.86 percent compared with $18,348.91 million on Dec. 31, 2015.
Loans to deposits ratio was 86.31 percent for the quarter, up from 85.28 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $7,658.20 million or 39.43 percent of total deposits on Dec. 31, 2016, compared with $7,276.13 million or 39.65 percent of total deposits on Dec. 31, 2015.
Investments stood at $5,095.30 million as on Dec. 31, 2016, up 1.31 percent or $65.96 million from year-ago. Shareholders equity stood at $2,719.77 million as on Dec. 31, 2016, up 12.71 percent or $306.62 million from year-ago.
Return on average assets moved up 61 basis points to 0.88 percent in the quarter from 0.27 percent in the last year period. At the same time, return on average equity increased 571 basis points to 8.19 percent in the quarter from 2.48 percent in the last year period.
Nonperforming assets moved up 97.09 percent or $185.59 million to $376.73 million on Dec. 31, 2016 from $191.14 million on Dec. 31, 2015.
Capital ratios improve
Hancock Holding Company recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 9.56 percent for the quarter, up from 8.55 percent for the previous year quarter. Equity to assets ratio was 11.34 percent for the quarter, up from 10.57 percent for the previous year quarter. Book value per share was $32.29 for the quarter, up 3.69 percent or $1.15 compared to $31.14 for the same period last year.
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