Credit Drives Hancock Holding's 4Q Beat

Jefferies & Company has published a research report on Hancock Holding Company HBHC after the company reported 4Q EPS that beat consensus by $0.06. In the report, Jefferies writes "While the provision is expected to moderate into 2011, a sharp decline in the quarter (to $11.4mm from $16.3mm in 3Q) accelerates the improvement. We note the current quarter included a $1mm reserve release for the Gulf oil spill. Charge-offs fell to $9.8mm (from $13.8mm), and a decline in nonperforming assets (to $158mm from $175mm) points to further declines in credit costs." Jefferies maintains its Hold rating and $33 price target. Hancock Holding Company closed yesterday at $33.66.