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Hancock Holding Company anno—<ces earnings for second quarter 2008
July 22. 2008 — Add2 —
•	Operating expense: Operating expenses for the second quarter were $0.2 million, or 0.4 percent, lower
compared to the same quarter a year ago, but were $2.1 million, or 4.1 percent higher than the previous quarter. The decrease from the same quarter a year ago was reflected in lower other operating expenses (down $2.6 million) which was offset by higher levels of personnel expense (up $2.2 million) and occupancy expense (up $233 thousand), somewhat reflective of the Company’s on-going rebuilding efforts in the wake of the storm of 2005, but also due to the recent facilities opened in expansion markets (Mobile, Pensacola, and New Orleans). The increase in operating expense from last quarter was due to personnel expense (up $1.4 million), occupancy expense (up $101 thousand), and other operating expense (up $679 thousand). These increases were offset by a decrease in equipment expense (down $124 thousand). Full-time equivalent headcount at June 30, 2008, was up 26 from March 31, 2008, and was down 41 compared to June 30,2007.
The Company did not repurchase any shares during the second quarter of 2008 under the Stock Repurchase Plan that was approved in 2007. This plan authorizes the repurchase of 3,000,000 shares. No shares were repurchased in the first six months of 2008, but 661,000 shares were repurchased in the first six months of 2007. Subject to market conditions, repurchases will be conducted solely through a Rule 10b5-1 repurchase plan. Shares purchased under this program will be held in treasury and used for general corporate purposes as determined by Hancock’s board of directors. Management intends to continue repurchasing shares as long as market conditions are conducive to that action.
Hancock Holding Company — parent company of Hancock Bank (Mississippi), Hancock Bank of Louisiana, Hancock Bank of Florida, and Hancock Bank of Alabama — has assets of approximately $6.27 billion. Founded in 1899, Hancock Bank consistently ranks as one of the country’s strongest, safest financial institutions, according to Veribanc, Inc., and BauerFinancial Services, Inc. More corporate information and online banking are available at www.hancockbank.com.
“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Congress passed the Private Securities Litigation Act of 1995 in an effort to encourage corporations to provide information about companies ’ anticipated future financial performance. This act provides a safe harborfor such disclosure, which protects the companies from umrarranted litigation ifactual results are differentfrom management expectations. This release contains forward-looking statements and reflects management's current views and estimates offuture economic circumstances, industry conditions, company petformance, and financial results. These forward-looking statements are subject to a number of factors and uncertainties which could cause the Company’s actual results and experience to differ from the anticipated results and expectations expressed in such forward-looking statements.
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