Hancock Holding in Gulfport, Miss., got a breather from oil issues that have plagued its bottom line in recent quarters.

The $23 billion-asset company said in a press release Wednesday that second-quarter profit rose 35% from a year earlier to $46.9 million, or 59 cents a share.

The company earned just $3.8 million in the first quarter, when it recorded a $60 million loan-loss provision, mostly to cover issues in its energy-loan portfolio.

The provision totaled $17 million in the second quarter, reflecting higher oil prices and a reduction in the amount of energy loans held by Hancock.

Hancock refused to say that things had returned to normal, noting that the amount of risk in its loan portfolio, along with any future provisions or net chargeoffs, will "depend on overall oil prices and the duration of the cycle." The release warned of more chargeoffs, while assuring investors that the overall impact should "be manageable."

Net interest income increased by 8.5% to $165 million. Total loans rose by 12% to $16 billion. The net interest margin compressed by 5 basis points to 3.25%.

Noninterest income rose by 4.5% to $63.7 million, though it including $768,000 in securities gains.

Noninterest expense decreased by 5% to $151 million.

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