Hancock Holding is warning of more pain in its energy portfolio as low prices continue to hamper oil and gas firms’ ability to repay their loans.

The Gulfport, Miss., company said late Monday that, based on a recent review of its energy-related credits, it intends to add roughly $45 million to its loan-loss provision in the first quarter, bringing the total to between $58 million and $62 million.

The $23 billion-asset Hancock reported a provision of $50.2 million in the fourth quarter and $6.1 million in last year’s first quarter.

The company said it made the decision to increase its loss provision after its risk ratings on roughly $300 million of energy-related loans were downgraded. These downgrades included the results of federal regulators’ shared national credit review that was completed March 15.

Hancock did not say what impact the provision increase would have on its first-quarter profits. It reported fourth-quarter earnings of $15.3 million, a decline of more the 60% year over year.

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