Hancock Whitney Reports Fourth Quarter 2021 EPS of $1.55
Hancock Whitney Corporation (Nasdaq: HWC) reported a strong fourth quarter of 2021, with net income reaching $137.7 million ($1.55 EPS), up from $129.6 million ($1.46 EPS) the previous quarter. Excluding nonoperating items, EPS improved by $0.06 QoQ. Core loan growth was robust at $652.5 million, leading to a total loan increase of $248.3 million. Total deposits increased by $1.3 billion. PPNR totaled $134.2 million, and the company achieved an annual EPS of $5.22, rebounding from losses in 2020. Confidence in 2022 remains strong, despite slight NIM compression and a flat deposit outlook.
- Net income increased to $137.7 million, up from $129.6 million QoQ.
- EPS rose to $1.55, up from $1.46 QoQ, and $5.22 for the year.
- Core loan growth of $652.5 million, offsetting PPP loan forgiveness, boosted total loans.
- Deposits increased by $1.3 billion, with noninterest-bearing demand deposits rising by $739.4 million.
- Nonperforming loans and criticized loans declined by 6% and 2%, respectively.
- Net interest income decreased by $5.5 million, or 2%, linked-quarter.
- NIM compressed by 14 bps due to excess liquidity and PPP loan forgiveness.
- Noninterest income fell by $3.7 million, or 4% QoQ.
- Tangible common equity ratio decreased to 7.71%, down 14 bps from the prior quarter.
A Strong Finish to a Record Year; 2021 EPS totaled
Fourth Quarter 2021 Highlights
-
Pre-provision net revenue (PPNR) totaled
, down slightly, linked-quarter$134.2 million -
Core loan growth of
, more than offset the impact of$652.5 million in PPP loan forgiveness leading to an overall increase in total loans of$404.3 million linked-quarter$248.3 million -
Deposits increased
as noninterest-bearing demand deposits increased$1.3 billion and interest-bearing accounts increased$739.4 million $518.3 million -
reserve release and$29.1 million in net charge-offs led to a negative provision for credit losses of$0.7 million $28.4 million -
ACL coverage remained strong at
1.76% (1.80% excluding PPP loans) -
Both nonperforming loans and criticized commercial loans declined
6% and2% , respectively, linked-quarter - The continued impact of excess liquidity, driven mainly by PPP loan forgiveness and Hurricane Ida related deposits, led to a 14 bps compression in reported NIM
-
TCE ratio
7.71% , down 14 bps, impacted by OCI and excess liquidity
“Fourth quarter’s results were a strong finish to a record year,” said
Loans
Loans totaled
Average loans totaled
Deposits
Total deposits at
DDAs totaled
Management expects 2022 deposit levels to remain flat to slightly down.
Average deposits for the fourth quarter of 2021 were
Asset Quality
The total allowance for credit losses (ACL) was
The company’s overall asset quality metrics continued to improve with commercial criticized and total nonperforming loans down
Net Interest Income and Net Interest Margin (NIM)
Net interest income (TE) for the fourth quarter of 2021 was
The net interest margin (NIM) was
Average earning assets were
Management expects NIM to remain flat to slightly down through mid-year 2022, and then begin to expand.
Noninterest Income
Noninterest income totaled
Service charges on deposits were up
Investment and annuity income and insurance fees were up
Fees from secondary mortgage operations totaled
Other noninterest income totaled
Noninterest Expense & Taxes
Noninterest expense totaled
Personnel expense (operating) totaled
Occupancy and equipment expense totaled
ORE and other foreclosed assets expense totaled
Other operating expense totaled
The effective income tax rate for fourth quarter 2021 was
Capital
Common stockholders’ equity at
Conference Call and Slide Presentation
Management will host a conference call for analysts and investors at
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
About
Since the late 1800s,
Non-GAAP Financial Measures
This news release includes non-GAAP financial measures to describe Hancock Whitney’s performance. These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. The reconciliations of those measures to GAAP measures are provided either in the financial tables or in Appendix A thereto.
Consistent with the provisions of subpart 229.1400 of the Securities and Exchange Commission’s Regulation S-K, “Disclosures by Bank and Savings and Loan Registrants,” 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 the statutory federal tax rate 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.
The company presents certain additional non-GAAP financial measures to assist the reader with a better understanding of the company’s performance period over period, as well as to provide investors with assistance in understanding the success management has experienced in executing its strategic initiatives. These non-GAAP measures may reference the concept “operating.” The company uses the term “operating” to describe a financial measure that excludes income or expense considered to be nonoperating in nature. Items identified as nonoperating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in the company’s business.
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 our expectations of our performance and financial condition, balance sheet and revenue growth, the provision for credit losses, loan growth expectations, management’s predictions about charge-offs for loans, the impact of the COVID-19 pandemic on the economy and our operations, the adequacy of our enterprise risk management framework, the ongoing impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, success of revenue-generating and cost reduction initiatives, the effectiveness of derivative financial instruments and hedging activities to manage risks, projected tax rates, increased cybersecurity risks, including potential business disruptions or financial losses, the adequacy of our internal controls over financial reporting, the financial impact of regulatory requirements and tax reform legislation, the impact of the change in the referenced rate reform, deposit trends, credit quality trends, the impact of natural or man-made disasters, the impact of PPP loans and forgiveness on our results, changes in interest rates, inflation, net interest margin trends, future expense levels, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts, accretion levels and expected returns.
Given the many unknowns and risks being heavily weighted to the downside, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain and inoculate our population against COVID-19 and other variants thereof are unsuccessful and restrictions on movement are re-imposed, the economic impact could continue to be substantial. The COVID-19 outbreak and its consequences, including responsive measures to manage it, have had and are likely to continue to have an adverse effect, possibly materially, on our business and financial performance by adversely affecting, possibly materially, the demand and profitability of our products and services, the valuation of assets.
In addition, 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. Any forward-looking statement made in this release is subject to the safe harbor protections set forth in the Private Securities Litigation Reform Act of 1995. 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
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
(dollars and common share data in thousands, except per share amounts) | ||||||||||||||||||||
NET INCOME | ||||||||||||||||||||
Net interest income | $ |
229,296 |
|
$ |
234,709 |
|
$ |
238,286 |
|
$ |
933,235 |
|
$ |
942,523 |
|
|||||
Net interest income (TE) (a) |
|
231,931 |
|
|
237,477 |
|
|
241,401 |
|
|
944,414 |
|
|
955,523 |
|
|||||
Provision for credit losses |
|
(28,399 |
) |
|
(26,955 |
) |
|
24,214 |
|
|
(77,494 |
) |
|
602,904 |
|
|||||
Noninterest income |
|
89,612 |
|
|
93,361 |
|
|
82,350 |
|
|
364,334 |
|
|
324,428 |
|
|||||
Noninterest expense |
|
182,462 |
|
|
194,703 |
|
|
193,144 |
|
|
807,007 |
|
|
788,792 |
|
|||||
Income tax expense (benefit) |
|
27,102 |
|
|
30,740 |
|
|
(297 |
) |
|
104,841 |
|
|
(79,571 |
) |
|||||
Net income (loss) | $ |
137,743 |
|
$ |
129,582 |
|
$ |
103,575 |
|
$ |
463,215 |
|
$ |
(45,174 |
) |
|||||
For informational purposes - included above, pre-tax | ||||||||||||||||||||
Nonoperating item included in noninterest income: | ||||||||||||||||||||
Gain on hurricane-related insurance settlement | $ |
3,600 |
|
$ |
— |
|
$ |
— |
|
$ |
3,600 |
|
$ |
— |
|
|||||
Gain on sale of Hancock Horizon Funds |
|
— |
|
|
4,576 |
|
|
— |
|
|
4,576 |
|
|
— |
|
|||||
Gain on sale of Mastercard Class B common stock |
|
— |
|
|
— |
|
|
— |
|
|
2,800 |
|
|
— |
|
|||||
Nonoperating items included in noninterest expense: | ||||||||||||||||||||
Efficiency initiatives |
|
(649 |
) |
|
(1,867 |
) |
|
— |
|
|
38,296 |
|
|
— |
|
|||||
Hurricane related expenses |
|
(680 |
) |
|
5,092 |
|
|
— |
|
|
4,412 |
|
|
— |
|
|||||
Loss on redemption of subordinated notes |
|
— |
|
|
— |
|
|
— |
|
|
4,165 |
|
|
— |
|
|||||
Provision for credit loss associated with energy loan sale |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
160,101 |
|
|||||
PERIOD-END BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ |
21,134,282 |
|
$ |
20,886,015 |
|
$ |
21,789,931 |
|
$ |
21,134,282 |
|
$ |
21,789,931 |
|
|||||
Securities |
|
8,552,449 |
|
|
8,308,622 |
|
|
7,356,497 |
|
|
8,552,449 |
|
|
7,356,497 |
|
|||||
Earning assets |
|
33,610,435 |
|
|
32,348,036 |
|
|
30,616,277 |
|
|
33,610,435 |
|
|
30,616,277 |
|
|||||
Total assets |
|
36,531,205 |
|
|
35,318,308 |
|
|
33,638,602 |
|
|
36,531,205 |
|
|
33,638,602 |
|
|||||
Noninterest-bearing deposits |
|
14,392,808 |
|
|
13,653,376 |
|
|
12,199,750 |
|
|
14,392,808 |
|
|
12,199,750 |
|
|||||
Total deposits |
|
30,465,897 |
|
|
29,208,157 |
|
|
27,697,877 |
|
|
30,465,897 |
|
|
27,697,877 |
|
|||||
Common stockholders' equity |
|
3,670,352 |
|
|
3,629,766 |
|
|
3,439,025 |
|
|
3,670,352 |
|
|
3,439,025 |
|
|||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ |
20,770,130 |
|
$ |
20,941,173 |
|
$ |
22,065,672 |
|
$ |
21,207,942 |
|
$ |
22,166,523 |
|
|||||
Securities (b) |
|
8,378,258 |
|
|
8,368,824 |
|
|
6,921,099 |
|
|
8,105,830 |
|
|
6,398,749 |
|
|||||
Earning assets |
|
32,913,659 |
|
|
32,097,381 |
|
|
29,875,531 |
|
|
32,060,863 |
|
|
29,235,313 |
|
|||||
Total assets |
|
35,829,027 |
|
|
35,207,960 |
|
|
33,067,462 |
|
|
35,075,392 |
|
|
32,390,967 |
|
|||||
Noninterest-bearing deposits |
|
14,126,335 |
|
|
13,535,961 |
|
|
11,759,755 |
|
|
13,323,978 |
|
|
10,779,570 |
|
|||||
Total deposits |
|
29,750,665 |
|
|
29,237,306 |
|
|
27,040,447 |
|
|
29,093,709 |
|
|
26,212,317 |
|
|||||
Common stockholders' equity |
|
3,642,003 |
|
|
3,606,087 |
|
|
3,406,646 |
|
|
3,545,255 |
|
|
3,433,099 |
|
|||||
COMMON SHARE DATA | ||||||||||||||||||||
Earnings (loss) per share - diluted | $ |
1.55 |
|
$ |
1.46 |
|
$ |
1.17 |
|
$ |
5.22 |
|
$ |
(0.54 |
) |
|||||
Cash dividends per share |
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|
1.08 |
|
|
1.08 |
|
|||||
Book value per share (period-end) |
|
42.31 |
|
|
41.81 |
|
|
39.65 |
|
|
42.31 |
|
|
39.65 |
|
|||||
Tangible book value per share (period-end) |
|
31.64 |
|
|
31.10 |
|
|
28.79 |
|
|
31.64 |
|
|
28.79 |
|
|||||
Weighted average number of shares - diluted |
|
87,132 |
|
|
87,006 |
|
|
86,657 |
|
|
87,027 |
|
|
86,533 |
|
|||||
Period-end number of shares |
|
86,749 |
|
|
86,823 |
|
|
86,728 |
|
|
86,749 |
|
|
86,728 |
|
|||||
Market data | ||||||||||||||||||||
High sales price | $ |
53.61 |
|
$ |
48.19 |
|
$ |
34.89 |
|
$ |
53.61 |
|
$ |
44.24 |
|
|||||
Low sales price |
|
45.06 |
|
|
39.07 |
|
|
18.59 |
|
|
32.52 |
|
|
14.32 |
|
|||||
Period-end closing price |
|
50.02 |
|
|
47.12 |
|
|
34.02 |
|
|
50.02 |
|
|
34.02 |
|
|||||
Trading volume |
|
23,889 |
|
|
22,482 |
|
|
27,564 |
|
|
100,904 |
|
|
158,267 |
|
|||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets |
|
1.53 |
% |
|
1.46 |
% |
|
1.25 |
% |
|
1.32 |
% |
|
(0.14 |
)% |
|||||
Return on average common equity |
|
15.00 |
% |
|
14.26 |
% |
|
12.10 |
% |
|
13.07 |
% |
|
(1.32 |
)% |
|||||
Return on average tangible common equity |
|
20.13 |
% |
|
19.22 |
% |
|
16.74 |
% |
|
17.74 |
% |
|
(1.82 |
)% |
|||||
Tangible common equity ratio (c) |
|
7.71 |
% |
|
7.85 |
% |
|
7.64 |
% |
|
7.71 |
% |
|
7.64 |
% |
|||||
Net interest margin (TE) |
|
2.80 |
% |
|
2.94 |
% |
|
3.22 |
% |
|
2.95 |
% |
|
3.27 |
% |
|||||
Noninterest income as a percent of total revenue (TE) |
|
27.87 |
% |
|
28.22 |
% |
|
25.44 |
% |
|
27.84 |
% |
|
25.35 |
% |
|||||
Efficiency ratio (d) |
|
56.57 |
% |
|
57.44 |
% |
|
58.23 |
% |
|
57.29 |
% |
|
60.07 |
% |
|||||
Average loan/deposit ratio |
|
69.81 |
% |
|
71.62 |
% |
|
81.60 |
% |
|
72.90 |
% |
|
84.57 |
% |
|||||
Allowance for loan losses as a percentage of period-end loans |
|
1.62 |
% |
|
1.78 |
% |
|
2.07 |
% |
|
1.62 |
% |
|
2.07 |
% |
|||||
Allowance for credit losses as a percent of period-end loans (e) |
|
1.76 |
% |
|
1.92 |
% |
|
2.20 |
% |
|
1.76 |
% |
|
2.20 |
% |
|||||
Annualized net charge-offs to average loans |
|
0.01 |
% |
|
0.03 |
% |
|
0.44 |
% |
|
0.15 |
% |
|
1.78 |
% |
|||||
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |
|
527.59 |
% |
|
506.17 |
% |
|
305.20 |
% |
|
527.59 |
% |
|
305.20 |
% |
|||||
FTE headcount |
|
3,486 |
|
|
3,429 |
|
|
3,986 |
|
|
3,486 |
|
|
3,986 |
|
|||||
(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of |
||||||||||||||||||||
(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 items. | ||||||||||||||||||||
(e) The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments. |
QUARTERLY FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(dollars and common share data in thousands, except per share amounts) | ||||||||||||||||||||
NET INCOME | ||||||||||||||||||||
Net interest income | $ |
229,296 |
|
$ |
234,709 |
|
$ |
234,643 |
|
$ |
234,587 |
|
$ |
238,286 |
|
|||||
Net interest income (TE) (a) |
|
231,931 |
|
|
237,477 |
|
|
237,497 |
|
|
237,509 |
|
|
241,401 |
|
|||||
Provision for credit losses |
|
(28,399 |
) |
|
(26,955 |
) |
|
(17,229 |
) |
|
(4,911 |
) |
|
24,214 |
|
|||||
Noninterest income |
|
89,612 |
|
|
93,361 |
|
|
94,272 |
|
|
87,089 |
|
|
82,350 |
|
|||||
Noninterest expense |
|
182,462 |
|
|
194,703 |
|
|
236,770 |
|
|
193,072 |
|
|
193,144 |
|
|||||
Income tax expense (benefit) |
|
27,102 |
|
|
30,740 |
|
|
20,656 |
|
|
26,343 |
|
|
(297 |
) |
|||||
Net income | $ |
137,743 |
|
$ |
129,582 |
|
$ |
88,718 |
|
$ |
107,172 |
|
$ |
103,575 |
|
|||||
For informational purposes - included above, pre-tax | ||||||||||||||||||||
Nonoperating item included in noninterest income: | ||||||||||||||||||||
Gain on hurricane-related insurance settlement | $ |
3,600 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|||||
Gain on sale of Hancock Horizon Funds |
|
— |
|
|
4,576 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Gain on sale of Mastercard Class B common stock |
|
— |
|
|
— |
|
|
2,800 |
|
|
— |
|
|
— |
|
|||||
Nonoperating items included in noninterest expense: | ||||||||||||||||||||
Efficiency initiatives |
|
(649 |
) |
|
(1,867 |
) |
|
40,812 |
|
|
— |
|
|
— |
|
|||||
Hurricane related expenses |
|
(680 |
) |
|
5,092 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Loss on redemption of subordinated notes |
|
— |
|
|
— |
|
|
4,165 |
|
|
— |
|
|
— |
|
|||||
PERIOD-END BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ |
21,134,282 |
|
$ |
20,886,015 |
|
$ |
21,148,530 |
|
$ |
21,664,859 |
|
$ |
21,789,931 |
|
|||||
Securities |
|
8,552,449 |
|
|
8,308,622 |
|
|
8,633,133 |
|
|
8,005,990 |
|
|
7,356,497 |
|
|||||
Earning assets |
|
33,610,435 |
|
|
32,348,036 |
|
|
32,075,450 |
|
|
32,134,637 |
|
|
30,616,277 |
|
|||||
Total assets |
|
36,531,205 |
|
|
35,318,308 |
|
|
35,098,709 |
|
|
35,072,643 |
|
|
33,638,602 |
|
|||||
Noninterest-bearing deposits |
|
14,392,808 |
|
|
13,653,376 |
|
|
13,406,385 |
|
|
13,174,911 |
|
|
12,199,750 |
|
|||||
Total deposits |
|
30,465,897 |
|
|
29,208,157 |
|
|
29,273,107 |
|
|
29,210,520 |
|
|
27,697,877 |
|
|||||
Common stockholders' equity |
|
3,670,352 |
|
|
3,629,766 |
|
|
3,562,901 |
|
|
3,416,903 |
|
|
3,439,025 |
|
|||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ |
20,770,130 |
|
$ |
20,941,173 |
|
$ |
21,388,814 |
|
$ |
21,745,298 |
|
$ |
22,065,672 |
|
|||||
Securities (b) |
|
8,378,258 |
|
|
8,368,824 |
|
|
8,194,812 |
|
|
7,468,541 |
|
|
6,921,099 |
|
|||||
Earning assets |
|
32,913,659 |
|
|
32,097,381 |
|
|
32,195,515 |
|
|
31,015,637 |
|
|
29,875,531 |
|
|||||
Total assets |
|
35,829,027 |
|
|
35,207,960 |
|
|
35,165,684 |
|
|
34,078,200 |
|
|
33,067,462 |
|
|||||
Noninterest-bearing deposits |
|
14,126,335 |
|
|
13,535,961 |
|
|
13,237,796 |
|
|
12,374,235 |
|
|
11,759,755 |
|
|||||
Total deposits |
|
29,750,665 |
|
|
29,237,306 |
|
|
29,228,809 |
|
|
28,138,763 |
|
|
27,040,447 |
|
|||||
Common stockholders' equity |
|
3,642,003 |
|
|
3,606,087 |
|
|
3,488,592 |
|
|
3,441,466 |
|
|
3,406,646 |
|
|||||
COMMON SHARE DATA | ||||||||||||||||||||
Earnings per share - diluted | $ |
1.55 |
|
$ |
1.46 |
|
$ |
1.00 |
|
$ |
1.21 |
|
$ |
1.17 |
|
|||||
Cash dividends per share |
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|||||
Book value per share (period-end) |
|
42.31 |
|
|
41.81 |
|
|
41.03 |
|
|
39.38 |
|
|
39.65 |
|
|||||
Tangible book value per share (period-end) |
|
31.64 |
|
|
31.10 |
|
|
30.27 |
|
|
28.57 |
|
|
28.79 |
|
|||||
Weighted average number of shares - diluted |
|
87,132 |
|
|
87,006 |
|
|
86,990 |
|
|
86,805 |
|
|
86,657 |
|
|||||
Period-end number of shares |
|
86,749 |
|
|
86,823 |
|
|
86,847 |
|
|
86,777 |
|
|
86,728 |
|
|||||
Market data | ||||||||||||||||||||
High sales price | $ |
53.61 |
|
$ |
48.19 |
|
$ |
50.69 |
|
$ |
47.37 |
|
$ |
34.89 |
|
|||||
Low sales price |
|
45.06 |
|
|
39.07 |
|
|
40.25 |
|
|
32.52 |
|
|
18.59 |
|
|||||
Period-end closing price |
|
50.02 |
|
|
47.12 |
|
|
44.44 |
|
|
42.01 |
|
|
34.02 |
|
|||||
Trading volume |
|
23,889 |
|
|
22,482 |
|
|
25,570 |
|
|
28,963 |
|
|
27,564 |
|
|||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets |
|
1.53 |
% |
|
1.46 |
% |
|
1.01 |
% |
|
1.28 |
% |
|
1.25 |
% |
|||||
Return on average common equity |
|
15.00 |
% |
|
14.26 |
% |
|
10.20 |
% |
|
12.63 |
% |
|
12.10 |
% |
|||||
Return on average tangible common equity |
|
20.13 |
% |
|
19.22 |
% |
|
13.94 |
% |
|
17.38 |
% |
|
16.74 |
% |
|||||
Tangible common equity ratio (c) |
|
7.71 |
% |
|
7.85 |
% |
|
7.70 |
% |
|
7.26 |
% |
|
7.64 |
% |
|||||
Net interest margin (TE) |
|
2.80 |
% |
|
2.94 |
% |
|
2.96 |
% |
|
3.09 |
% |
|
3.22 |
% |
|||||
Noninterest income as a percentage of total revenue (TE) |
|
27.87 |
% |
|
28.22 |
% |
|
28.41 |
% |
|
26.83 |
% |
|
25.44 |
% |
|||||
Efficiency ratio (d) |
|
56.57 |
% |
|
57.44 |
% |
|
57.01 |
% |
|
58.12 |
% |
|
58.23 |
% |
|||||
Average loan/deposit ratio |
|
69.81 |
% |
|
71.62 |
% |
|
73.18 |
% |
|
77.28 |
% |
|
81.60 |
% |
|||||
Allowance for loan losses as a percentage of period-end loans |
|
1.62 |
% |
|
1.78 |
% |
|
1.89 |
% |
|
1.96 |
% |
|
2.07 |
% |
|||||
Allowance for credit losses as a percentage of period-end loans (e) |
|
1.76 |
% |
|
1.92 |
% |
|
2.03 |
% |
|
2.11 |
% |
|
2.20 |
% |
|||||
Annualized net charge-offs to average loans |
|
0.01 |
% |
|
0.03 |
% |
|
0.20 |
% |
|
0.34 |
% |
|
0.44 |
% |
|||||
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |
|
527.59 |
% |
|
506.17 |
% |
|
415.00 |
% |
|
354.09 |
% |
|
305.20 |
% |
|||||
FTE headcount |
|
3,486 |
|
|
3,429 |
|
|
3,626 |
|
|
3,926 |
|
|
3,986 |
|
|||||
(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of |
||||||||||||||||||||
(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 items. |
||||||||||||||||||||
(e) The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220118005993/en/
504.299.5208 or trisha.carlson@hancockwhitney.com
Source:
FAQ
What were Hancock Whitney Corporation's fourth quarter earnings for 2021?
How did Hancock Whitney's earnings per share change in Q4 2021?
What is the total loan growth for Hancock Whitney in Q4 2021?
Did Hancock Whitney experience any changes in deposits in Q4 2021?