Mississippi-based Hancock Bank, which acquired Louisiana’s largest bank this year with its purchase of Whitney, reported earnings of $30.4 million, totaling 36 cents per share during the third quarter that ended Sept. 30.
According to The Times-Picayune, Hancock’s income is up more than $15 million as compared to the same quarter last year, when the bank recorded earnings of $14.9 million, or 40 cents per share:
The acquisition of Whitney gave Hancock $11.7 billion in additional assets, $6.5 billion in additional loans, and $9.2 billion in additional deposits.
In order to protect Hancock's balance sheet, the company discounted Whitney's loan portfolio beyond the markdowns that Whitney had taken when the merger was completed June 4. Instead of taking Whitney's $208 million write-down on loans, Hancock reduced the value of the Whitney loan portfolio on its books by $463 million.
That meant that any loan losses that showed up during the third quarter were the result of Hancock's "legacy" portfolio, or the portfolio it held prior to the merger.
Like many banks, Hancock said it has experienced limited demand for new loans, and many commercial customers are conserving cash and paying down existing loans to remain nimble in a tough economy. But Hancock has seen some loan growth on the Mississippi Gulf Coast and in Baton Rouge, south central Louisiana, and Tampa and Jacksonville, Fla.
The transition into a Hancock-Whitney combination has been a smooth one, according to The T-P, predictably far less hectic than the days leading up to the purchase, when Hancock swooped in and outbid Lafayette-based IberiaBank after months of negotiations between Iberia and Whitney.
Read more on Hancock’s earnings here.
Click here for past ABiz coverage on the Hancock-Whitney merger.
The must have pieces this season
Dave Perkins, LCG Comp Plan honored along with local architects and designers at the 2014 INDesign Awards
Greg Manuel’s Lafayette-based residential development company is taking advantage of exponential industrial growth in Lake Charles.
Longtime Lafayette retailer ventures online.
It’s not how aggressive or conservative you are — it’s planning for risk that matters most.
Thanks to cutting-edge digital technology, more and more consumers are banking on ATMs and mobile phones.
Regional bank bids farewell to Downtown May 30
ABiz takes a look back at the most noteworthy moments for the local banking industry over the last year.
Most experts say short-term interest rates will be unchanged through 2014, but long-term rates are inching up.
Largest recruitment event in Acadiana returns May 21 to the Cajundome Convention Center
A lawyer’s ad should only be a starting point, as there is much more to consider when seeking quality representation.
Thanks to the inaugural 2012 INNOV8, a design for lifting heavy objects was brought to market.
The annual juried competition recognizes excellence in architecture, interior design and historic preservation in Lafayette and the five surrounding parishes.
Cypress Bayou GM hosts open house Cypress Bayou Casino General Manager and CEO Anthony Patrone hosted an open house at his and wife Roe’s home in Le Triomphe after a long day of golf Saturday, March 29, during the Chitimacha Louisiana Open. Guests mingled and listened to the guitar tunes of Sean Trcalek while dining on bites catered by Cypress Bayou Casino Hotel. Members of the Chitimacha tribe, including chairman John Paul Darden, were in attendance as well as staff and friends of Cypress Bayou Casino Hotel to celebrate a successful day of golf for the annual fundraiser. 1. Megan and Matt Breaux, and Rin and Cecelia Hemelt2. Gabe Lewis and Ray Bourque3. Roe and Anthony Patrone4. O’Neill and Tessa Dardenne, and Roxanne and George Graham5. Richard Picard, Nancy Herrington, Anthoney Patrone, John Paul Darden, Ashley and Montey Spivey, and Jack Darden6. Joyce and Glenn Brou7. Anthony Patrone, Dawna Waterbury, Nancy Herrington and John Paul Darden8. Sean Trcalek9. Kathy...
New hires, promotions, transfers in Acadiana business
The scion of a landmark Four Corners restaurant climbs back into Lafayette’s culinary scene as franchisee for a popular burger chain.
The Lafayette City-Parish Council on Tuesday will vote on a resolution that if approved would clear the way for a December ballot proposition asking voters to approve a 1-cent sales tax parishwide to help fund the construction of a new terminal at Lafayette Regional Airport.
His company bankrupt and being liquidated, the Lafayette businessman’s financial troubles are mounting.
Jefferson Street Pub continues its generous tradition with its 4th Annual Festival Preview Party this Thursday featuring Big Sam’s Funky Nation.
Just days before the fourth anniversary of the 2010 Deepwater Horizon disaster and oil spill, the Coast Guard has moved cleanup of Louisiana's coast to a new phase, allowing BP to end its "active" efforts in the area.
Legislators still must leave their guns at the door of the Louisiana Capitol.
Acadiana's nightlife guide.
Sen. Fred Mills may have an "R" behind his name, but his actions in the Louisiana Legislature transcend the established boundaries of his party.
The Louisiana House overwhelmingly rejected a repeal of the state's unconstitutional anti-sodomy law Tuesday.
The Louisiana Senate sided with Gov. Bobby Jindal and the oil industry Tuesday, agreeing to void a lawsuit that a south Louisiana flood board filed against more than 90 oil and gas companies for coastal damage.
Pop-up dinner of chef Justin Girouard’s creations reflect farming traditions
Wednesday's Blogs from the Bog!
Here's your daily look at late-breaking national and international news, upcoming events and the stories that will be talked about Wednesday, April 16, 2014:
newsy bits for the fam