Hancock Holding in Gulfport, Miss., reported lower profit as low oil prices stymied loan growth in the energy sector.
The $20.7 billion-asset company reported an 18% decline in first-quarter net income from a year earlier, to $40.2 million. Earnings per share of 49 cents missed the average estimate of analysts polled by Bloomberg by 5 cents.
Net interest income fell 4% from a year earlier, to $158.2 million.
Total loans rose nominally from the end of last year, to $13.9 billion. While Hancock's lending in Florida and Alabama increased, its energy portfolio shrank by $50 million from a quarter earlier, to about $1.7 billion.
Noninterest income was relatively flat from a year earlier, at $56.5 million. Service charges fell, while fees from secondary mortgages rose.