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.
We will be offering our recommendations on the constitutional amendments tomorrow.
Three bedroom in Lawtell or two bedroom in Rayne
Fall's new darling
The justices did not comment in leaving in place lower court rulings that dismissed the lawsuits against BP and other companies involved in the worst U.S. offshore oil spill.
White registration is down by 7,700 voters while black registration has shot up by 7,100 voters.
Even though it had been rumored for months, U.S. Sen. Mary Landrieu finally pulled the trigger recently on a major campaign shakeup that moved control over to a few Big Easy insiders.
Acadiana's nightlife guide.
Louisiana's health department says it will seek law changes to stop billing sexual assault victims for exams and tests.
An investment group led by Macquarie Infrastructure and Real Assets will buy the Louisiana power company Cleco for $3.4 billion.
It wasn’t the historic slashes to higher ed funding or the ensuing tuition spikes that recently had LSU’s student body and faculty riled up in collective outrage.
"I feel it is appropriate to speak up when there are topics that are being bandied about with little or no factual data to back them."
Urgent Care clinics unprepared for Ebola; Nazis collected Social Security; Hawaii dodges a bullet and more national and international news for Monday, October 20, 2014.
Monday's Blogs from the Bog!
Will $400 be enough for the re-election campaign of LPSB's Hunter Beasley to overcome two years of holding our school system hostage and hurting the education of our children all because of a personal dislike of the superintendent?
Saints tight end Jimmy Graham said Friday he expects his playing status in Detroit to be decided by coach Sean Payton on Sunday, shortly before the game.
Two bedroom cottage in Lafayette or three bedroom traditional in Erath
Gulf Brew ready threads
Lawmakers have sidestepped a decision on whether they accept claims from Gov. Bobby Jindal's administration that the state closed last year's books with a nearly $179 million surplus.
Coming off the high of a fourth quarter comeback against Tampa Bay and a helpful bye week, linebacker Junior Galette sees a real turnaround coming for New Orleans' struggling defense.
Former President Bill Clinton, the Democratic Party's most popular surrogate this fall, is heading to Louisiana early next week for a campaign rally with U.S. Sen. Mary Landrieu.
Time and again you hear people say DA Mike Harson is unbeatable because he's doled out political favors over the past 20 years. But a new lawsuit could end that speculation.
We welcome nominations from readers and leaders throughout the business community in Lafayette and the five surrounding parishes.
Acadiana's nightlife guide.
Ebola is kind of terrifying if you watch too much Fox News and CNN. Especially Fox, which makes everything look terrifying because, well, War on Christmas and Obama and all.
Local developer’s Lake Charles Gardens LLC purchases buildings and leases; land still owned by Dugas family.
One bedroom townhouse or two bedroom townhouse in Lafayette
Hit the barre for a good cause
Whatever district you are in, please do your research. Find out what the schools need in order to teach. Better yet, ask your child’s teacher. They know!
Get your groove on with two free concerts in Downtown Lafayette Friday, both at Parc Sans Souci.
After the season's signature win (so far), here are some helpful tips for Cajun Nation during the conference stretch.