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.
MAY 23 Here's a story in the Picayune about some statistics that must come as a blow to folks who believe that any private school can do a better job of educating kids than any public school: Danielle Dreilinger reports that only 30 percent of the voucher kids are passing. That's less than half of the state wide average, she says. It's an interesting statistic because most of the schools (if not all) taking voucher kids have never had their students' standardized test scores released to the public before.
MAY 23 Stephen Sabludowsky blogs on Bayou Buzz about auditor requests here. Recently the state GOP started crowing about a request from the Legislative Auditor, claiming they were being targeted because of their anti-tax stance. (Uh, your what?) Denial and hyperbole aside, the state Democratic party blew holes in that theory with an email announcing they'd received the same request, Sabludowsky writes here.
MAY 23 Jim Brown blogs about the senate race in this post. He says that, given Bobby Jindal's "lack of traction" on the national stage, it might make more sense for the governor to consider running against Mary Landrieu for the senate seat. Since Tim Teeple left the Cassidy team, it makes sense he might land on a Jindal for Senate team, Brown opines.
MAY 23 In this Louisiana Voice post, blogger Tom Aswell writes of rumors that his nemesis, state Superintendent of Education John White, may be soon departing Louisiana for a federal post. It's hard to believe, given his performance, Aswell says, but stranger things have happened. An anti-White BESE member says that, if true, White is quitting before he can be fired.
MAY 23 In this post on American Zombie, blogger Jason Berry writes about the Mother's Day shooting. Mayor Landrieu said that "this is not who we are," but the fact is, this is New Orleans, Berry writes. The violence infused in the city is the result of a culture created by "sins of omission or sins of commission," Berry writes. It's not a problem that can be solved by legislating, policing, praying or publicizing, he says: Someone's got to understand what's happening first.
MAY 23 This post in the Westside Journal tells us what Port Allen Mayor Deedy has been up to lately: vetoing ordinances, apparently. This story is most interesting, however, when it delves into a petition that has been circulating around the city lately. It accuses the former mayor of a lot of nasty things; the former mayor says it is full of lies and "broken syntax" which may be a larger offense in his eyes.
MAY 23 This editorial posted in The Advocate is a bit confusing. The writing is poor - definitely not up to the usual editorial writing standard there - and the point is hard to grasp. Apparently, the writer is saying that privatization of state efforts is OK, as long as there is oversight and transparency, but Jindal's not good at that, and the legislature shouldn't over-react. Okey Dokey. Can't they get one of them Pulitzer-winning people to write an editorial?
MAY 23 This post on The Lens gives you links to a new Google Earth tool that allows you to see any spot on earth transform over the past 30 years. Bob Marshall, who covers the coast for the paper, says that in the case of Louisiana's coastline, it's possibly something you don't want to see, because it's not a pretty picture. There are several clips here, showing critical areas erode away. For Marshall, it was vindication for all those times he was met with eye-rolling when he talked about erosion.
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