Hancock Holding (HBHC) Misses Q1 EPS by 5c

Hancock Holding (NASDAQ: HBHC) reported Q1 EPS of $0.83, $0.05 worse than the analyst estimate of $0.88. Revenue for the quarter came in at $209.63 million versus the consensus estimate of $279.69 million.

Highlights of the company’s first quarter 2018 results (compared to fourth quarter 2017):

• Reported earnings increased $17.0 million, or 31%; excluding the impact of the DTA re-measurement charge and nonoperating items, operating earnings increased $3.3 million, or 4%
• Loans increased $88 million, or 2%, linked-quarter annualized; net increase reflects a decline of $95 million related to the sale of the consumer finance company (HFC)
• Energy loans totaled $1.1 billion and comprised 5.5% of total loans; allowance for the energy portfolio totals $62.6 million, or 5.9% of energy loans
• Net interest margin (NIM) of 3.37%, down 11 bps; core NIM down 9 bps to 3.26%
• Operating expenses totaled $164.9 million, down 2% linked-quarter
• Efficiency ratio was 57.5% compared to 56.6% linked-quarter; the change is mainly related to the impact of tax reform on the TE adjustment
• Return on average assets (ROA) improved 26 bps to 1.08%; excluding nonoperating items and the 4Q17 DTA charge, operating ROA increased 7 bps to 1.17%
• Tangible common equity (TCE) ratio increased 7 bps to 7.80%

For earnings history and earnings-related data on Hancock Holding (HBHC) click here.

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