Hancock Holding Co., in Gulfport, Miss., said Wednesday that its fourth-quarter earnings increased 21% from the same quarter in 2004, to $19 million, despite the $5.7 million of pretax expenses the company incurred during the quarter as a result of Hurricane Katrina.
But for the full year, the $5.1 billion-asset Hancock's earnings fell 12%, to $54 million, largely because of $26.7 million of pretax storm-related expenses such as loan-loss provisions and waived fees.
Total deposits jumped 24% from a quarter earlier, to $5 billion. However, during that same period the loan book grew only 0.2%, to $3 billion. Hancock said that flat loan growth is not uncommon after a natural disaster such as Hurricane Katrina.
"Loan growth in the company's operating region is expected to increase significantly once the inflows of insurance and federal aid funds begin to subside at some point later in 2006," the company said.
