January 17, 2017 - 5:00 PM EST
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Hancock reports fourth quarter 2016 EPS of $.64

Beat Core Pre-Tax Pre-Provision Income Goal for 2016 by $11 Million; Up 25% vs. 2015

GULFPORT, Miss., Jan. 17, 2017 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq: HBHC) today announced its financial results for the fourth quarter of 2016. Net income for the fourth quarter of 2016 was $51.8 million, or $.64 per diluted common share (EPS), compared to $46.7 million, or $.59 EPS in the third quarter of 2016 and $15.3 million, or $.19 EPS, in the fourth quarter of 2015. Net income for the full year of 2016 was $149.3 million, or $1.87 EPS, compared to $131.5 million, or $1.64 EPS, for the full year of 2015.

Highlights of the company’s fourth quarter 2016 results (compared to third quarter 2016):

  • Earnings up approximately 11%
    • Revenue up 3%
    • Noninterest income up almost 5%
    • Loan loss provision decreased 24% to $14.5 million, compared to $19.0 million
  • Core pre-tax pre-provision (core PTPP) income  of $87.2 million, up $1.1 million or 1% (up $67.7 million, or 25%, 2016 vs. 2015)
  • Total loans up $681 million, or 17% linked-quarter annualized (LQA)
  • Net interest margin (NIM) of 3.26% up 6 basis points (bps); core NIM up 7 bps to 3.19%
  • Energy loans comprise 8.4% of total loans, down from 8.7%
  • Allowance for the energy portfolio totals $106.5 million, or 7.5% of energy loans
  • Tangible common equity (TCE) ratio up 71 bps to 8.64%; company raised $259 million of new capital on December 16, 2016
  • Signed an agreement to purchase certain assets and liabilities, including 9 branches, from First NBC Bank; the transaction is expected to close in the first quarter of 2017

“This quarter’s results reflect continued progress in achieving the goals we put in place in late 2014,” said President and CEO John M. Hairston. “Our net income for 2016 was up almost 14% compared to 2015 and we successfully exceeded our goal for core pre-tax pre-provision income, growing it by 25% in 2016 compared to 2015. We did this through organic balance sheet growth of over $1 billion, margin stability, expanding sources of noninterest income and keeping expenses flat. I am extremely proud of our 3,800 associates for achieving this goal and I look forward to continuing the momentum in 2017.”

Loans
Total loans at December 31, 2016 were $16.8 billion, up approximately $681 million from September 30, 2016. Loans to energy-related companies increased $12 million, or less than 1%, linked-quarter. The company’s net loan growth during the quarter was diversified across the footprint and also in areas identified as part of the company’s revenue-generating initiatives.

Average loans totaled $16.3 billion for the fourth quarter of 2016, up $300 million, or 2%, linked-quarter.

Energy
At December 31, 2016, loans to the energy industry totaled $1.4 billion, or 8.4% of total loans. As noted earlier, the energy portfolio was up less than 1% linked-quarter ($12 million) and is comprised of credits to both the exploration and production (E&P) sector and the support and services sectors.  Payoffs and paydowns of approximately $62 million, plus charge-offs of approximately $12 million, were partially offset by approximately $57 million of draws on existing lines and $29 million in new E&P credit relationships.

The impact and severity of future risk rating migration, as well as any associated provisions or net charge-offs, will depend on overall oil prices and the duration of the cycle. As previously noted, even with improving oil prices, management still expects a continued lag in the recovery of energy service and support credits. Reserve-based lending credits are beginning to show signs of improvement given the stabilization in oil prices, and we expect improvement in land-based services, and non-drilling services in the Gulf of Mexico to follow. 

Management currently estimates that charge-offs from energy-related credits could approximate $65-$95 million over the duration of the cycle, of which approximately $42 million has been taken to-date ($12 million in the fourth quarter of 2016). While we expect additional charge-offs in the portfolio, we continue to believe the impact on the company of the energy cycle will be manageable and our capital will remain solid.

Deposits
Total deposits at December 31, 2016 were $19.4 billion, up $539 million, or 3%, from September 30, 2016. Average deposits for the fourth quarter of 2016 were $18.9 billion, up $202 million, or 1%, linked-quarter.

Noninterest-bearing demand deposits (DDAs) totaled $7.7 billion at December 31, 2016, up $115 million, or 2%, from September 30, 2016. DDAs comprised 39% of total period-end deposits at December 31, 2016. 

Interest-bearing transaction and savings deposits totaled $6.9 billion at the end of the fourth quarter of 2016, up $290 million, or 4%, from September 30, 2016. Time deposits of $2.3 billion were down $36 million, or 2%, while interest-bearing public fund deposits increased $170 million, or 7%, to $2.6 billion at December 31, 2016. 

Asset Quality
Nonperforming assets (NPAs) totaled $377 million at December 31, 2016, up $46 million from September 30, 2016. During the fourth quarter of 2016, total nonperforming loans increased approximately $47 million, while foreclosed and surplus real estate (ORE) and other foreclosed assets decreased approximately $1 million. The linked-quarter increase in nonperforming loans includes $32 million in two restructured accruing energy credits. Nonperforming assets as a percent of total loans, ORE and other foreclosed assets was 2.25% at December 31, 2016, up 19 bps from September 30, 2016. 

The total allowance for loan losses (ALLL) was $229.4 million at December 31, 2016, down $6.6 million from September 30, 2016. The ratio of the allowance for loan losses to period-end loans was 1.37% at December 31, 2016, down from 1.47% at September 30, 2016. The allowance for credits in the energy portfolio totaled $106.5 million, or 7.54% of energy loans, at December 31, 2016, down from $118.3 million, or 8.45% of energy loans, at September 30, 2016.

Net charge-offs from the non-purchased credit impaired (PCI) loan portfolio were $20.4 million, or 0.50% of average total loans on an annualized basis in the fourth quarter of 2016, up from $9.5 million, or 0.24%  of average total loans in the third quarter of 2016. Included in the fourth quarter’s total are $11.9 million in charge-offs related to one energy credit in the drilling support sector.  Energy charge-offs were $4.4 million in the third quarter of 2016.

During the fourth quarter of 2016, Hancock recorded a total provision for loan losses of $14.5 million, down from $19.0 million in the third quarter of 2016. 

Net Interest Income and Net Interest Margin
Net interest income (TE) for the fourth quarter of 2016 was $175.3 million, up $5.0 million from the third quarter of 2016. During the fourth quarter, the impact on net interest income from purchase accounting adjustments (PAAs) declined $0.8 million to $3.8 million. Excluding the impact from purchase accounting items, core net interest income increased $5.8 million linked-quarter. The increase is due to the improvement in volume during the quarter. Average earning assets were $21.5 billion for the fourth quarter of 2016, up $265 million, or 1%, from the third quarter of 2016. 

The reported net interest margin (TE) was 3.26% for the fourth quarter of 2016, up 6 bps from the third quarter of 2016. The core net interest margin (reported net interest income (TE) excluding total net purchase accounting adjustments, annualized, as a percent of average earning assets) increased 7 bps to 3.19% during the fourth quarter of 2016. The main driver of the expansion was a change in the mix of earning assets during the quarter coupled with an increase of 4 bps in the securities portfolio. 

Noninterest Income
Noninterest income totaled $65.9 million for the fourth quarter of 2016, up $2.9 million, or 5%, from the third quarter of 2016. Included in the total is amortization of $1.2 million related to the FDIC indemnification asset, down from $1.5 million in the third quarter of 2016. Excluding the impact of this item, noninterest income totaled $67.1 million, up $2.6 million, or 4%, linked-quarter. 

Service charges on deposits totaled $18.7 million for the fourth quarter of 2016, virtually unchanged from the third quarter of 2016. Bank card and ATM fees totaled $12.3 million, up $0.5 million, or 4%, from the third quarter of 2016. 

Trust fees totaled $11.8 million, up $0.3 million, or 2% linked-quarter. Investment and annuity income and insurance fees totaled $5.1 million, down $0.3 million, or 6% linked-quarter.   

Fees from secondary mortgage operations totaled $4.3 million for the fourth quarter of 2016, down $0.6 million, or 13% linked-quarter. 

Other noninterest income (excluding the amortization of the FDIC indemnification asset noted above) totaled $14.7 million, up $2.8 million, or 24%, from the third quarter of 2016. The linked-quarter increase is primarily driven by a $3.3 million gain on sale of bank property.

Noninterest Expense & Taxes
Noninterest expense for the fourth quarter of 2016 totaled $156.3 million, up $7.2 million, or 5%, from the third quarter of 2016. The increase linked-quarter is mainly driven by personnel expense and additional expenses related to the flooding in south Louisiana in August.

Total personnel expense was $87.6 million in the fourth quarter of 2016, up $4.4 million, or 5%, from the third quarter of 2016.The increase is related to additional incentive pay due mainly to the company meeting its overall corporate objectives for 2016. 

Occupancy and equipment expense totaled $13.9 million in the fourth quarter of 2016, up $0.5 million, or 4%, from the third quarter of 2016. 

Amortization of intangibles totaled $4.8 million for the fourth quarter of 2016, down $0.1 million, or 2%, linked-quarter.

ORE expenses totaled $0.6 million in the fourth quarter of 2016. Net gains on ORE dispositions exceeded ORE expense in the third quarter of 2016 by $5.2 million.

Other operating expense (excluding ORE) totaled $49.4 million in the fourth quarter of 2016, down $3.4 million, or 6%, from the third quarter of 2016. The decrease is mainly related to $4.0 million of expense from an early contract termination in the third quarter of 2016, partially offset by $1.2 million of insurance claims related to the August 2016 flooding in south Louisiana in the current quarter.

The effective income tax rate for the fourth quarter of 2016 was 18%. Management expects a return to the company’s historical effective tax rate (25-27%) in 2017, excluding any changes in the tax code as a result of the presidential election. The effective income tax rate continues to be less than the statutory rate of 35% due primarily to tax-exempt income and tax credits.

Capital
Common shareholders’ equity at December 31, 2016 totaled $2.7 billion. The tangible common equity (TCE) ratio was 8.64%, up 71 bps from September 30, 2016. On December 16, 2016 the company issued $259 million, or 6.325 million shares, of its common stock. No shares of the company’s common stock were repurchased in the fourth quarter of 2016.     There is no current buyback authorization in place, as the most recent authorization expired on September 30, 2016.  Additional capital ratios are included in the financial tables.

On December 30, 2016 the company announced it would deploy a portion of the net proceeds from its common stock offering to purchase certain assets and liabilities, including 9 branches, from First NBC Bank.  The impact of this transaction is expected to be reflected in the company’s first quarter of 2017 results.

Conference Call and Slide Presentation
Management will host a conference call for analysts and investors at 9:00 a.m. Central Time on Wednesday, January 18, 2017 to review the results. A live listen-only webcast of the call will be available under the Investor Relations section of Hancock’s website at www.hancockwhitney.com/investors. A link to the release with additional financial tables, and a link to a slide presentation related to fourth quarter results are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial (877) 564-1219 or (973) 638-3429. An audio archive of the conference call will be available under the Investor Relations section of our website. A replay of the call will also be available through January 25, 2017 by dialing (855) 859-2056 or (404) 537-3406, passcode 45273259. 

About Hancock Holding Company
Hancock Holding Company is a financial services company with regional business headquarters and locations across the Gulf South. The company’s banking subsidiary provides comprehensive financial products and services through Hancock Bank locations in Mississippi, Alabama, and Florida and Whitney Bank locations in Louisiana and Texas, including traditional, online, and mobile banking; commercial and small business banking; private banking; trust and investment services; certain insurance services; and mortgage services. More information is available at www.hancockwhitney.com.

Non-GAAP Financial Measures
This news release includes non-GAAP financial measures to describe Hancock’s performance. The reconciliations of those measures to GAAP measures are provided within Appendix A to this news release on page 17.

In this news release, consistent with Securities and Exchange Commission Industry Guide 3, the company presents net interest income, net interest margin and efficiency ratios on a fully taxable equivalent (“TE”) basis. The TE basis adjusts for the tax-favored status of net interest income from certain loans and investments using a federal tax rate of 35% to increase tax-exempt interest income to a taxable-equivalent basis. The company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources.

Over the past several quarters we have disclosed our focus on strategic initiatives that were designed to replace declining levels of purchase accounting income from acquisitions with improvement in core income, which the company defines as income excluding net purchase accounting income. The company presents core income non-GAAP measures including core net interest income and core net interest margin, core revenue and core pre-tax pre-provision profit. These measures are provided to assist the reader with better understanding of the company’s performance period over period as well as providing investors with assistance in understanding the success management has experienced in executing its strategic initiatives.

We define Core Net Interest Income as net interest income excluding net purchase accounting accretion resulting from the fair market value adjustments related to acquired operations.  We define Core Net Interest Margin as reported core net interest income (TE) expressed as a percentage of average earning assets. A reconciliation of reported net interest income to core net interest income and reported net interest margin to core net interest margin is included in Appendix A.

We define Core Revenue as core net interest income (TE) and noninterest income less the amortization of the FDIC loss share receivable related to loans acquired in an FDIC assisted transaction. A reconciliation of total revenue to core revenue is included in Appendix A.

We define Core Pre-tax pre-provision Income as core revenue less noninterest expense, excluding nonoperating items and intangible asset amortization.  Management believes that core pre-tax pre-provision profit is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.  A reconciliation of net income to core pre-tax pre-provision profit is included in Appendix A.

Important Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended.  Forward looking statements that we may make include statements regarding balance sheet and revenue growth, the provision for loans losses, loan growth expectations, management’s predictions about charge-offs for loans, including energy-related credits, the impact of changes in oil and gas prices on our energy portfolio, and the downstream impact on businesses that support the energy sector, especially in the Gulf Coast region, the impact of the First NBC transaction on our performance and financial condition, deposit trends, credit quality trends, net interest margin trends, future expense levels, success of revenue-generating initiatives, projected tax rates, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts such as accretion levels, possible repurchases of shares under stock buyback programs, and the financial impact of regulatory requirements.  Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “forecast,” “goals,” “targets,” “initiatives,” “focus,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward looking statements. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015 and in other periodic reports that we file with the SEC. 

 
HANCOCK HOLDING COMPANY
FINANCIAL HIGHLIGHTS
(Unaudited)
    Three Months EndedTwelve Months Ended
(amounts in thousands, except per share data)   12/31/2016 9/30/2016 12/31/2015 12/31/2016 12/31/2015
             
INCOME STATEMENT DATA           
 Net interest income  $167,798  $163,513  $158,395  $659,116  $625,174 
 Net interest income (TE) (a)   175,314   170,297   162,635   684,955   638,762 
 Provision for loan losses   14,455   18,972   50,196   110,659   73,038 
 Noninterest income   65,893   63,008   59,653   250,781   237,284 
 Noninterest expense   156,283   149,058   156,030   612,315   619,655 
 Net income   51,831   46,719   15,307   149,296   131,461 
 Nonoperating items - pre-tax (for informational purposes only)     -    -   -   4,978   15,908 
             
PERIOD-END BALANCE SHEET DATA          
 Loans  $16,752,151  $16,070,821  $15,703,314  $16,752,151  $15,703,314 
 Securities   5,017,128   4,843,112   4,463,792   5,017,128   4,463,792 
 Earning assets   21,881,520   21,085,398   20,753,095   21,881,520   20,753,095 
 Total assets   23,975,302   23,108,730   22,833,605   23,975,302   22,833,605 
 Noninterest-bearing deposits   7,658,203   7,543,041   7,276,127   7,658,203   7,276,127 
 Total deposits   19,424,266   18,885,477   18,348,912   19,424,266   18,348,912 
 Common shareholders' equity   2,719,768   2,489,127   2,413,143   2,719,768   2,413,143 
             
AVERAGE BALANCE SHEET DATA          
 Loans  $16,323,897  $16,023,458  $15,198,232  $16,064,593  $14,433,367 
 Securities (b)   4,939,240   4,707,224   4,480,972   4,706,482   4,208,195 
 Earning assets   21,462,188   21,197,406   20,140,432   21,180,146   19,173,322 
 Total assets   23,437,530   23,202,790   22,171,216   23,178,633   21,245,020 
 Noninterest-bearing deposits   7,534,392   7,277,568   6,709,188   7,232,221   6,195,234 
 Total deposits   18,912,155   18,710,236   17,821,484   18,656,325   17,124,789 
 Common shareholders' equity   2,517,418   2,472,398   2,453,480   2,463,067   2,442,787 
             
COMMON SHARE DATA           
 Earnings per share - diluted  $0.64  $0.59  $0.19  $1.87  $1.64 
 Cash dividends per share   0.24   0.24   0.24   0.96   0.96 
 Book value per share (period-end)   32.29   32.09   31.14   32.29   31.14 
 Tangible book value per share (period-end)   23.87   22.89   21.74   23.87   21.74 
 Weighted average number of shares - diluted   79,067   77,677   77,544   77,949   78,307 
 Period-end number of shares   84,235   77,571   77,496   84,235   77,496 
 Market data           
 High sales price  $45.50  $32.94  $30.96  $45.50  $32.98 
 Low sales price   31.73   24.49   23.35   20.01   23.35 
 Period-end closing price   43.10   32.43   25.17   43.10   25.17 
 Trading volume   43,664   42,809   48,789   184,460   185,523 
             
PERFORMANCE RATIOS           
 Return on average assets   0.88%  0.80%  0.27%  0.64%  0.62%
 Return on average common equity   8.19%  7.52%  2.48%  6.06%  5.38%
 Return on average tangible common equity   11.42%  10.58%  3.53%  8.56%  7.72%
 Tangible common equity ratio (c)   8.64%  7.93%  7.62%  8.64%  7.62%
 Net interest margin (TE) (a)   3.26%  3.20%  3.21%  3.23%  3.33%
 Average loan/deposit ratio   86.31%  85.64%  85.28%  86.11%  84.28%
 Efficiency ratio (d)   62.82%  61.80%  67.63%  62.79%  66.14%
 Allowance for loan losses as a percent of period-end loans  1.37%  1.47%  1.15%  1.37%  1.15%
 Annualized net non-purchased credit impaired charge-offs to average loans  0.50%  0.24%  0.21%  0.37%  0.11%
 Allowance for loan losses to non-performing loans + accruing loans          
 90 days past due   63.58%  74.75%  105.54%  63.58%  105.54%
 Noninterest income as a percent of total revenue (TE) (a)  27.32%  27.01%  26.84%  26.80%  27.09%
             
 FTE headcount     3,724    3,747   3,921     3,724    3,921 
           

(a) Tax-equivalent (TE) amounts are calculated using a federal income tax rate of 35%.
(b) Average securities does not include unrealized holding gains/losses on available for sale securities.
(c) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets.
(d) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating expense.

 
HANCOCK HOLDING COMPANY
QUARTERLY HIGHLIGHTS
(Unaudited)
    Three Months Ended
(dollars in thousands, except per share data)   12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015
             
INCOME STATEMENT DATA           
 Net interest income  $167,798  $163,513  $164,969  $162,836  $158,395 
 Net interest income (TE) (a)   175,314   170,297   171,165   168,179   162,635 
 Provision for loan losses   14,455   18,972   17,196   60,036   50,196 
 Noninterest income   65,893   63,008   63,694   58,186   59,653 
 Noninterest expense   156,283   149,058   150,942   156,032   156,030 
 Net income   51,831   46,719   46,907   3,839   15,307 
 Nonoperating items - pre-tax (for informational purposes only)     -    -   -   4,978   - 
             
PERIOD-END BALANCE SHEET DATA          
 Loans  $16,752,151  $16,070,821  $16,035,796  $15,978,124  $15,703,314 
 Securities   5,017,128   4,843,112   4,806,370   4,667,837   4,463,792 
 Earning assets   21,881,520   21,085,398   21,037,622   20,821,513   20,753,095 
 Total assets   23,975,302   23,108,730   23,063,790   22,809,370   22,833,605 
 Noninterest-bearing deposits   7,658,203   7,543,041   7,151,416   7,108,598   7,276,127 
 Total deposits   19,424,266   18,885,477   18,816,869   18,656,150   18,348,912 
 Common shareholders' equity   2,719,768   2,489,127   2,463,365   2,421,040   2,413,143 
             
AVERAGE BALANCE SHEET DATA          
 Loans  $16,323,897  $16,023,458  $16,059,846  $15,848,770  $15,198,232 
 Securities (b)   4,939,240   4,707,224   4,648,807   4,528,090   4,480,972 
 Earning assets   21,462,188   21,197,406   21,147,029   20,910,668   20,140,432 
 Total assets   23,437,530   23,202,790   23,138,591   22,932,515   22,171,216 
 Noninterest-bearing deposits   7,534,392   7,277,568   7,079,426   7,033,680   6,709,188 
 Total deposits   18,912,155   18,710,236   18,717,755   18,281,754   17,821,484 
 Common shareholders' equity   2,517,418   2,472,398   2,430,005   2,431,747   2,453,480 
             
COMMON SHARE DATA           
 Earnings per share - diluted  $0.64  $0.59  $0.59  $0.05  $0.19 
 Cash dividends per share   0.24   0.24   0.24   0.24   0.24 
 Book value per share (period-end)   32.29   32.09   31.77   31.24   31.14 
 Tangible book value per share (period-end)   23.87   22.89   22.50   21.90   21.74 
 Weighted average number of shares - diluted   79,067   77,677   77,680   77,672   77,544 
 Period-end number of shares   84,235   77,571   77,538   77,508   77,496 
 Market data           
 High sales price  $45.50  $32.94  $27.84  $25.84  $30.96 
 Low sales price   31.73   24.49   21.93   20.01   23.35 
 Period-end closing price   43.10   32.43   26.11   22.96   25.17 
 Trading volume   43,664   42,809   41,668   56,319   48,789 
             
PERFORMANCE RATIOS           
 Return on average assets   0.88%  0.80%  0.82%  0.07%  0.27%
 Return on average common equity   8.19%  7.52%  7.76%  0.64%  2.48%
 Return on average tangible common equity   11.42%  10.58%  11.04%  0.91%  3.53%
 Tangible common equity ratio (c)   8.64%  7.93%  7.81%  7.69%  7.62%
 Net interest margin (TE) (a)   3.26%  3.20%  3.25%  3.23%  3.21%
 Average loan/deposit ratio   86.31%  85.64%  85.80%  86.69%  85.28%
 Efficiency ratio (d)   62.82%  61.80%  62.14%  64.47%  67.63%
 Allowance for loan losses as a percent of period-end loans  1.37%  1.47%  1.41%  1.36%  1.15%
 Annualized net non-purchased credit impaired charge-offs to average loans  0.50%  0.24%  0.20%  0.54%  0.21%
 Allowance for loan losses to non-performing loans + accruing loans          
 90 days past due   63.58%  74.75%  73.01%  74.55%  105.54%
 Noninterest income as a percent of total revenue (TE) (a)  27.32%  27.01%  27.12%  25.70%  26.84%
             
 FTE headcount   3,724   3,747   3,723   3,819   3,921 
          

(a) Tax-equivalent (TE) amounts are calculated using a federal income tax rate of 35%.
(b) Average securities does not include unrealized holding gains/losses on available for sale securities.
(c) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets.
(d) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating expense.

For More Information
Trisha Voltz Carlson 
SVP, Investor Relations Manager
504.299.5208
[email protected]

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Source: GlobeNewswire (January 17, 2017 - 5:00 PM EST)

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