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Expense control is getting extra attention at several smaller banks this earnings season, though the reasons for the scrutiny vary depending on the institution.
July 26 -
Hancock Holding (HBHC) has agreed to sell 10 Whitney Bank branches that the Gulfport, Miss., company had planned to close, as well as loans and deposits associated with the branches.
July 22 -
Investors have been pressuring Hancock Holding (HBHC) in Gulfport, Miss., to speed up cost cuts after its $1.5 billion purchase of Whitney Holding in 2011. Second-quarter results strengthened their case.
July 25
Hancock Holding (HBHC) in Gulfport, Miss., reported lower quarterly earnings after taking a charge tied to branch closures and other expense reductions.
The $18.8 million-asset company said Thursday that its third-quarter net income fell 29% from a year earlier, to $33.2 million. Earnings per share of 56 cents beat the average estimate of analysts polled by Bloomberg by a penny.
Hancock recorded a $20.9 million expense item that was mostly tied to cost cutting efforts and efficiency improvements, goals that
Excluding these charges, Hancock's noninterest expenses fell 5% from a year earlier, to $161.3 million. Its headcount fell by 5% from the third quarter of 2012, to 4,068.
Net interest income fell by 2% from a year earlier, to $174.1 million, as its net interest margin narrowed by 31 basis points, to 4.23%. Noninterest income dipped 1% from a year earlier, to $63.1 million, on lower securities gains.
The loan-loss provision fell 7% from a year earlier, to $7.6 million, and net chargeoffs declined by 55%, to $5.9 million.
