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After two financial institutions merge on paper, the hard work starts in the IT trenches. Mark Duthu, executive vice president for Hancock Holding's trust and asset management group, discusses the complex integration of Whitney Bank.
August 7 -
Second-quarter income more than tripled from a year ago at Hancock Holding (HBHC) in Gulfport, Miss., after its net interest income surged and it recorded less in merger-related expenses.
July 27
Hancock Holding (HBHC) reported higher quarterly earnings after it cut costs and generated higher fee income.
The $19.5 billion-asset company's earnings rose 147% from a year earlier, to $47 million. Earnings of 54 cents a share were 8 cents below the analysts' average estimate, according to Bloomberg.
Net interest income rose 1% from a year earlier, to $182.8 million. The Gulfport, Miss., company's net interest margin expanded 9 basis points from a year earlier, to 4.48%.
Noninterest income rose 5.4% from a year earlier, to $64.3 million, primarily because of fees. Noninterest expense fell 23% from a year earlier, to $158 million. The company has merger-related costs in the fourth quarter of 2011 tied to its purchase of Whitney Holding in New Orleans.
The company's efficiency ratio improved to 60.78% from 65.39% a year earlier.
Total loans rose 4% from a year earlier, to $11.5 billion. The loan-loss allowance rose 8.9% from a year earlier, to $136.1 million.