Teche reports record earnings for fiscal year
Teche Holding Co., of New Iberia, reported earnings of $8.7 million, or a record $4.22 per share, for the fiscal 2013 year, which ended Sept. 30.
In the previous fiscal year, Teche earned $7.3 million, or $3.51 per share.
For the most recent quarter, Teche’s earnings were $2.1 million, or $1.03 per share, compared to $2.1 million, or $1.01 per share in the year before.
Healthy increases in consumer and commercial loans helped generate a double-digit growth rate for total lines, Teche President and Chief Executive Officer Patrick Little said.
That growth allowed Teche to boost total loans to year-ago levels despite selling $46.5 million in loans earlier in the year.
Hancock profit falls on cost-cutting drive
Regional bank Hancock Holding Co. said profit in 2013’s third quarter fell 30 percent as it 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 said it would have earned 56 cents per share, or $46.8 million.
Hancock said loans increased by $92 million from the second quarter, with strength in Louisiana.
The bank said it closed 26 branches in August, including five Whitney locations in metro New Orleans and Baton Rouge, and is working to sell 10 more.
Hancock, of Gulfport, Miss., has $18.8 billion in assets.
BR firm launches Little Rock magazine
U.S. Healthcare Journals, of Baton Rouge, has launched Healthcare Journal of Little Rock.
The first print issue of the bimonthly magazine, whose website is www.HealthCareJournalLR.com, will be published in November. U.S. Healthcare Journals also publishes Healthcare Journal of Baton Rouge and Healthcare Journal of New Orleans.
U.S. Healthcare Journals will publish a weekly eNews highlighting health care news from around the Little Rock, Ark., area.
Phillips elected financial association chairman
Gary Phillips, chairman and chief executive officer of Republic Finance LLC, of Baton Rouge, has been installed as the American Financial Services Association’s 2013-2014 chairman.
Phillips will preside over the association’s board and Executive Committee meetings, serving as an ex-officio member of all AFSA committees and represent AFSA at industry and association-sponsored conferences and meetings.
He has served on the association’s board since 1993.
Based in Washington, D.C., AFSA is the national trade association for the consumer credit industry.
Starmount wins Inc. jobs creation award
Starmount Life Insurance, of Baton Rouge, was one of four Louisiana companies to win the Inc. Magazine Hire Power Award, based on the jobs firms created between January 2012 and June 30, 2013.
Starmount created 21 jobs, the second-most among the Louisiana entries. Quality Companies USA, an oil-and-gas service firm in Youngsville, topped the Louisiana entries with 133 jobs.
Search Influence, a New Orleans advertising and marketing firm, created 20 jobs, and Hernandez Consulting, a New Orleans government services company, created 18 jobs.