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Hancock profit falls on $21M cost-cutting drive

October 24, 2013
Associated Press

GULFPORT, Miss. (AP) — Regional bank Hancock Holding Co. says profit in 2013's third quarter fell 30 percent as its spent $20.9 million on cost-cutting.

Hancock, which operates Hancock Bank in Mississippi, Alabama and Florida, and Whitney Bank in Louisiana and Texas, posted quarterly profit Thursday of $33.2 million, or 40 cents per share. That's down from $47 million or 55 cents per share in 2012's third quarter.

Analysts polled by FactSet had estimated 55 cents per share, on average. Excluding one-time costs, Hancock says it would have earned 56 cents per share, or $46.8 million.

Hancock says loans increased by $92 million from the second quarter, with strength in Louisiana. The bank says it closed 26 branches in August and is working to sell 10 more.

Gulfport-based Hancock has $18.8 billion in assets.



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