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Hancock Holding Company
For Immediate Release
July 22,2008
For More Information
Carl J. Chaney, Chief Executive Officer Michael M. Achary, Chief Financial Officer Paul D. Guichet, Investor Relations 800.522.6542 or 228.563.6559
Hancock Holding Company announces earnings for second quarter 2008
GULFPORT, MS (July 22, 2008) — Hancock Holding Company (NASDAQ: HBHC) today announced net income for the quarter ended June 30, 2008. Hancock’s second quarter 2008 net income was $21.0 million, an increase of $0.7 million, or 3.3 percent, from the second quarter of 2007. Diluted earnings per share for the second quarter of 2008 were $0.66, an increase of $0.04 from the same quarter a year ago.
Compared to the first quarter of 2008, net income was $0.9 million, or 4.6 percent higher, while diluted earnings per share were up $0.03. Net income for the first six months of 2008 was $41.0 million, an increase of $1.5 million, or 3.8 percent, from the first half of 2007. Diluted earnings per share were $1.29 for the first half of 2008, an increase of $0.09 compared to the prior year.
Hancock Holding Company Chief Executive Officer Carl J. Chaney stated, “The Company is again pleased to report very impressive financial results for the second quarter and continues to prosper in these uncertain economic conditions. The second quarter produced an ROA of 1.36 percent and ROE of 14.51 percent on a strong capital base. The Company continues to grow our loan portfolio (up $149 million at quarter end); and our conservative underwriting philosophy has enabled us to continue reporting superior asset quality. We continue to see good results from our growth markets, especially New Orleans and Mobile. Hancock has always thrived in difficult times and will continue to do so in the current crisis.”
Highlights and key operating items from Hancock’s second quarter earnings are as follows:
•	Net Income and Returns: Hancock’s net income for the second quarter of 2008 was $21.0 million compared to $20.3 million for the same quarter a year ago, an increase of $0.7 million, or 3.3 percent, and an increase of $0.9 million, or 4.6 percent over the prior quarter. Return on average assets for the quarter was 1.36 percent compared to 1.30 percent for 2008’s first quarter. Return on average common equity was 14.51 percent compared to 14.13 percent for the prior quarter.
•	Net Charge-offs and Non-performing Assets: Net charge-offs for the second quarter of 2008 were $2.5 million, or 0.27 percent of average loans, down $438 thousand from the $2.9 million, or 0.32 percent of average loans, reported for the first quarter of 2008. The majority of the decrease in net charge-offs as compared to the first quarter was reflected in commercial real estate loans. Non-performing assets as a percent of total loans and foreclosed assets was 0.52 percent at June 30, 2008, compared to 0.46 percent at March 31, 2008. The Company did report an increase in non-accrual loans of $5.1 million and a reduction of ORE of $1.9 million as compared to the first quarter. The majority of the increase reported in non-accrual loans was reflected in one builder relationship in the Tallahassee market. The relationship in question was adequately reserved at June 30, 2008. Loans 90 days past due or greater (accruing) as a percent of period end loans increased 8 basis points from March 31, 2008, to 0.17 percent at June 30, 2008.
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