Hancock Holding Co., of Gulfport, Miss., reported third-quarter earnings dropped to $33.2 million, or 40 cents per share, compared to $47 million, or 55 cents per share.

However, the company took a $20.9 million charge, or $13.6 million after taxes, for a program to cut costs and improve efficiency. The company said it completed the closing of 26 branches in five states and the sale of 10 other branches.

Without that charge, Hancock would have added 17 cents per share to its earnings, bank officials said.