Form 8-K HANCOCK HOLDING CO For: Mar 28

                                                                                                                                                                                                                      

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

                   

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FORM 8-K

                

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CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 28, 2016

                     

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HANCOCK HOLDING COMPANY

(Exact name of registrant as specified in its charter)

                         

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(228) 868-4000

 (Registrant's telephone number, including area code)

Not Applicable

 (Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

                                                                                                    

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On March 28, 2016, Hancock Holding Company (the "Company") announced that it was updating its guidance on provision for credit losses for the first quarter of 2016 related to the impact of the prolonged energy cycle.  The Company's press release is incorporated herein by reference as Exhibit 99.1 to this report.

The information in Items 7.01 and 9.01 of this report is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section, and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.  None of the information available through the attached press release or the Company's Investor Relations site shall be deemed incorporated by reference herein.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

	HANCOCK HOLDING COMPANY
March 28, 2016	By:	/s/ Michael M. Achary
		Michael M. Achary
		Chief Financial Officer

 

 

 

March 28, 2016

Trisha Voltz Carlson, SVP Investor Relations Manager

504-299-5208 or [email protected]

 

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GULFPORT, Miss.  (March 28, 2016) — Hancock Holding Company (Nasdaq:  HBHC) today announced that the company is updating its prior guidance related to the expected provision for credit losses in the first quarter of 2016.  As a result of the prolonged energy cycle there were risk rating downgrades on over $300 million in outstanding energy credits that have been identified recently.  These changes, which include the results of a regulatory shared national credit (SNC) review that was completed on March 15, 2016, will require approximately $45 million in additional provision expense in the first quarter.  Based on this new information, management now expects the total provision for credit losses in the first quarter of 2016 to approximate $58 - $62 million.

Management is not updating any other prior guidance at this time and will announce first quarter of 2016 financial results after market close on April 19, 2016, and host a conference call at 9:00 a.m. Central Time on April 20, 2016.

About Hancock Holding Company

Hancock Holding Company is a financial services company with regional business headquarters and locations throughout a growing Gulf South corridor. The company's banking subsidiary provides a comprehensive network of full-service financial choices through Hancock Bank locations in Mississippi, Alabama, and Florida and Whitney Bank offices in Louisiana and Texas, including traditional and online banking; commercial and small business banking; energy banking; private banking; trust and investment services; certain insurance services; mortgage services; and consumer financing. More information and online banking are available at www.hancockbank.com and www.whitneybank.com.

 

 

Forward-looking statements that we may make include, but may not be limited to, comments with respect to future levels of economic activity in our markets, including the impact of volatility of oil and gas prices on our energy portfolio and associated loan loss reserves and possible charge-offs, and the downstream impact on businesses that support the energy sector, especially in the Gulf Coast region.   Factors that could cause actual results to differ from those expressed in Hancock's forward-looking statements include, but are not limited to, management's identification of additional factors or future adverse developments in the energy and energy support sector , material changes to expectations or estimates of current risks and future trends in the energy industry, and those risk factors included in Hancock's public filings with the Securities and Exchange Commission, which are available at the SEC's internet site (http://www.sec.gov).  You are cautioned not to place undue reliance on these forward-looking statements.  Hancock does not intend, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of differences in actual results, changes in assumptions or changes in other factors affecting such statements, except as required by law.

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