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 Acadiana Center for the Arts and the Lafayette Economic Development Authority have announced a new artist stipend program, ArtSpark, designed to offer financial aid to local artists.
A group supporting taxpayer-funded private school tuition vouchers is appealing a federal judge's order that Louisiana must provide regular reports to federal officials on the state's voucher program.
The Discovery Channel has canceled reality TV star Will Hayden's popular "Sons of Guns" show after his arrest on an aggravated rape charge.
The LPSB will finally hear from the attorney it hired to investigate the superintendent at a special meeting Thursday at 4 p.m.
I was interested to hear what Lessig would say to an almost exclusively conservative audience of successful businessmen and businesswomen in the heart of what is now a deeply red area of the country.
Three bedroom traditional or two bedroom Victorian cottage
Snuggle worthy wear
Acadiana's nightlife guide.
Authorities are investigating a report that a student there warned the principal of impending violence similar to that depicted in the movie "The Purge."
Saints cornerback Champ Bailey has played for more than a handful of playoff teams during a career that has seen him selected to 12 Pro Bowls.
Louisiana's Republican governor has filed a lawsuit against the Obama administration, accusing it of illegally using federal grant money and regulations to force states to adopt the Common Core education standards.
Police say a 56-year-old Lafayette man walking behind a dump truck died when the truck hit him as it was backing up.
Wednesday's Blogs from the Bog!
Fifa under fire for fake turf plans; freed journalist back home; corporate conversions rising and more national and international news for Wednesday, August 27, 2014.
Newly established honor recognizes outstanding local attorneys; Neuner and McGoffin win President's Award; and Blanchard named Outstanding Young Lawyer.
Daily paper constructing new digs near production plant on Rieger Road at Siegen Lane, near I-10.
Investigation finds Arnaud’s Furniture, Carroll Building Specialties and Crazy Charlie’s Shoes running misleading going-out-of-business sales.
Critics say workers and retirees are being held responsible for the Jindal administration's mismanagement of their program.
New Orleans Saints quarterback Drew Brees is a proud papa of new baby girl.
The books on Louisiana's last budget year have been closed, but it took a bit of borrowing from this year to make the numbers work.
"This is yet another example of the failed leadership and lack of focus that Hunter Beasley has exhibited. He’s shown zero regard for kids, teachers or even passing a budget for the school year that’s already started."
Five bedroom Acadian style home or four bedroom traditional home
Cutting edge if you dare
The Iberia Parish Coroner responded Monday to the attention surrounding the questionable shooting of Victor White III, a black man from New Iberia who died April 2 while in the custody of local law enforcement.
Acadiana's nightlife guide.
Two months after lawmakers agreed to create a $40 million higher education incentive fund, no decisions have been made about how to divide the money.
With Drew Brees back healthy, the New Orleans Saints are free to work on the little things that can make the difference between a Super Bowl run and something less.
"Just as the devil does not deserve equal time with God, and a lie does not deserve equal time with the truth, the remarks of William Donahue have no place in any respectable journal seriously dealing with a serious story and pursuing truth."
Incumbent U.S. Sen. Mary Landrieu and her lead GOP challenger Congressman Bill Cassidy are running close when it comes to money. Landrieu has $5.5 million to Cassidy’s $5.6 million in the bank.
With expectations mounting that Gov. Bobby Jindal will soon announce his campaign for president, attention is turning to not only who he will bring along with him but also what will transpire politically back home during the transition.