Hancock Whitney reports fourth quarter 2024 EPS of $1.40
Hancock Whitney (HWC) reported Q4 2024 net income of $122.1 million, or $1.40 per diluted share, up from $115.6 million ($1.33 EPS) in Q3 2024. Key highlights include:
- Total loans decreased to $23.3 billion, down $156.1 million (3% linked-quarter annualized)
- Deposits increased by $509.9 million to $29.5 billion (7% linked-quarter annualized)
- Net interest margin improved to 3.41%, up 2 basis points
- Efficiency ratio at 54.46%
- CET1 ratio estimated at 14.14%, with total risk-based capital ratio near 16%
The company repurchased 150,000 shares at an average price of $52.50 during Q4 2024. Management expects 2025 period-end loan balances to grow mid-single digits and deposits to increase low-single digits from year-end 2024 levels.
Hancock Whitney (HWC) ha riportato un utile netto per il quarto trimestre del 2024 di 122,1 milioni di dollari, pari a 1,40 dollari per azione diluita, in aumento rispetto ai 115,6 milioni di dollari (1,33 dollari EPS) del terzo trimestre del 2024. Le principali informazioni includono:
- I prestiti totali sono diminuiti a 23,3 miliardi di dollari, con una diminuzione di 156,1 milioni di dollari (3% in annualizzato rispetto al trimestre precedente)
- I depositi sono aumentati di 509,9 milioni di dollari, raggiungendo 29,5 miliardi di dollari (7% in annualizzato rispetto al trimestre precedente)
- Il margine d'interesse netto è migliorato al 3,41%, in aumento di 2 punti base
- Il rapporto di efficienza è al 54,46%
- Il rapporto CET1 è stimato al 14,14%, con il rapporto totale di capitale basato sul rischio vicino al 16%
L'azienda ha riacquistato 150.000 azioni a un prezzo medio di 52,50 dollari durante il quarto trimestre del 2024. La direzione prevede che i saldi dei prestiti alla fine dell'anno 2025 crescano a una cifra media e che i depositi aumentino a una cifra bassa rispetto ai livelli di fine anno 2024.
Hancock Whitney (HWC) reportó un ingreso neto de $122.1 millones en el cuarto trimestre de 2024, equivalente a $1.40 por acción diluida, un aumento respecto a los $115.6 millones ($1.33 EPS) del tercer trimestre de 2024. Los aspectos destacados incluyen:
- Los préstamos totales disminuyeron a $23.3 mil millones, con una reducción de $156.1 millones (3% anualizado en comparación con el trimestre anterior)
- Los depósitos aumentaron en $509.9 millones, alcanzando $29.5 mil millones (7% anualizado en comparación con el trimestre anterior)
- El margen de intereses netos mejoró al 3.41%, un aumento de 2 puntos básicos
- La relación de eficiencia se situó en 54.46%
- La relación CET1 se estimó en 14.14%, con la relación total de capital basado en riesgo cerca del 16%
La empresa recompró 150,000 acciones a un precio promedio de $52.50 durante el cuarto trimestre de 2024. La dirección espera que los saldos de préstamos al final de 2025 crezcan en cifras de un solo dígito medio y que los depósitos aumenten en cifras de un solo dígito bajo respecto a los niveles de fin de 2024.
행콕 화이트니 (HWC)는 2024년 4분기 순이익이 1억 2천 210만 달러, 즉 희석 후 주당 1.40달러로, 2024년 3분기의 1억 1천 560만 달러(주당 1.33달러 EPS)에서 증가했다고 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 총 대출은 233억 달러로 감소했으며, 이는 1억 5천 610만 달러(분기 대비 연율 3%) 감소입니다.
- 예금은 5억 990만 달러 증가하여 295억 달러에 이릅니다(분기 대비 연율 7%)
- 순이자 마진은 3.41%로 개선되어 2bp 증가했습니다.
- 효율성 비율은 54.46%입니다.
- CET1 비율은 14.14%로 추정되며, 총 위험 기반 자본 비율은 16%에 가깝습니다.
회사는 2024년 4분기에 평균 가격 52.50달러로 15만 주를 재매입했습니다. 경영진은 2025년 말 대출 잔액이 중간 단일 자릿수 숫자로 성장하고, 예금은 2024년 말 수준에 비해 낮은 단일 자릿수 숫자로 증가할 것으로 예상하고 있습니다.
Hancock Whitney (HWC) a annoncé un revenu net de 122,1 millions de dollars pour le quatrième trimestre de 2024, soit 1,40 dollar par action diluée, en hausse par rapport à 115,6 millions de dollars (1,33 dollar EPS) pour le troisième trimestre de 2024. Les principaux points à retenir incluent :
- Les prêts totaux ont diminué à 23,3 milliards de dollars, soit une baisse de 156,1 millions de dollars (3 % annualisé par rapport au trimestre précédent)
- Les dépôts ont augmenté de 509,9 millions de dollars pour atteindre 29,5 milliards de dollars (7 % annualisé par rapport au trimestre précédent)
- La marge d'intérêt nette s'est améliorée à 3,41 %, en hausse de 2 points de base
- Le ratio d'efficacité est de 54,46 %
- Le ratio CET1 est estimé à 14,14 %, avec un ratio total de capital basé sur les risques proche de 16 %.
L'entreprise a racheté 150 000 actions à un prix moyen de 52,50 dollars au cours du quatrième trimestre de 2024. La direction s'attend à ce que les soldes de prêts à la fin de 2025 augmentent de chiffres à un seul chiffre moyen et que les dépôts augmentent de chiffres à un seul chiffre bas par rapport aux niveaux de fin d'année 2024.
Hancock Whitney (HWC) berichtete für das vierte Quartal 2024 einen Nettogewinn von 122,1 Millionen Dollar, was 1,40 Dollar pro verwässerter Aktie entspricht und einen Anstieg gegenüber 115,6 Millionen Dollar (1,33 Dollar EPS) im dritten Quartal 2024 darstellt. Die wichtigsten Highlights sind:
- Die Gesamtdarlehen verringerten sich auf 23,3 Milliarden Dollar, was einem Rückgang von 156,1 Millionen Dollar (3% annualisiert im Vergleich zum Vorquartal) entspricht.
- Die Einlagen stiegen um 509,9 Millionen Dollar auf 29,5 Milliarden Dollar (7% annualisiert im Vergleich zum Vorquartal)
- Die Nettozinsspanne verbesserte sich auf 3,41%, was einen Anstieg um 2 Basispunkte bedeutet.
- Das Effizienzverhältnis liegt bei 54,46%.
- Die CET1-Quote wird auf 14,14% geschätzt, wobei die gesamte risikobasierte Kapitalquote nahe 16% liegt.
Das Unternehmen hat im vierten Quartal 2024 150.000 Aktien zu einem durchschnittlichen Preis von 52,50 Dollar zurückgekauft. Das Management erwartet, dass die Endsalden der Darlehen für 2025 um mittlere einstellige Ziffern wachsen und die Einlagen im Vergleich zum Jahresende 2024 um niedrige einstellige Ziffern zunehmen werden.
- Net income increased to $122.1M from $115.6M quarter-over-quarter
- Deposits grew by $509.9M (7% LQA)
- Net interest margin improved by 2 basis points to 3.41%
- Strong capital position with CET1 ratio at 14.14%
- Net charge-offs decreased to 0.20% from 0.30% in previous quarter
- Loans decreased by $156.1M (3% LQA)
- Criticized commercial loans increased to $623M (3.47% of total commercial loans) from $508M
- Nonaccrual loans increased to $97.3M (0.42% of total loans) from $82.9M
- Noninterest income declined 5% quarter-over-quarter
- Secondary mortgage operations fees down 24% linked-quarter
Insights
Hancock Whitney's Q4 2024 results reveal a robust financial performance with several noteworthy developments. The EPS of
The deposit growth of
Credit quality metrics warrant attention, with criticized commercial loans increasing to
The NIM expansion of 2 basis points to
Fourth Quarter 2024 Highlights
-
Net income totaled
$122.1 million $115.6 million -
Pre-provision net revenue (PPNR) totaled
$165.2 million $166.5 million -
Loans decreased
$156.1 million 3% linked quarter annualized (LQA) -
Deposits increased
$509.9 million 7% LQA - Criticized commercial loans and nonaccrual loans continued to normalize
-
ACL coverage solid at
1.47% , up 1 bp compared to the prior quarter -
NIM
3.41% , up 2 bps compared to the prior quarter -
CET1 ratio estimated at
14.14% , up 36 bps linked-quarter; TCE ratio of9.47% , down 9 bps linked-quarter; total risk-based capital ratio estimated at nearly16% -
Efficiency ratio of
54.46% , up 4 bps linked-quarter
“The fourth quarter 2024 results reflect a strong conclusion to our year-long 125th anniversary celebration,” said John M. Hairston, President & CEO. “Our team delivered an impressive ROA of
Loans
Total loans were
Average loans totaled
Deposits
Total deposits at December 31, 2024 were
DDAs totaled
Average deposits for the fourth quarter of 2024 were
Asset Quality
The total allowance for credit losses (ACL) was
Criticized commercial loans totaled
Net Interest Income and Net Interest Margin (NIM)
Net interest income (TE) for the fourth quarter of 2024 was
Average earning assets were
Noninterest Income
Noninterest income totaled
Service charges on deposits were up
Investment and annuity income and insurance fees were flat linked-quarter. Trust fees were up
Other noninterest income was
Noninterest Expense & Taxes
Noninterest expense totaled
Personnel expense totaled
Net gains on ORE and other foreclosed assets totaled
Other expense totaled
The effective income tax rate for the fourth quarter of 2024 was
Capital
Common stockholders’ equity at December 31, 2024 totaled
Conference Call and Slide Presentation
Management will host a conference call for analysts and investors at 3:30 p.m. Central Time on Tuesday, January 21, 2025 to review fourth quarter of 2024 results. A live listen-only webcast of the call will be available under the Investor Relations section of Hancock Whitney’s website at investors.hancockwhitney.com. 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 800-715-9871 or 646-307-1963, access code 6506941.
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 28, 2025 by dialing 800-770-2030 or 609-800-9909, access code 6506941.
About Hancock Whitney
Since the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Hancock Whitney offices and financial centers in
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. The company highlights certain items that are outside of our principal business and/or are not indicative of forward-looking trends in supplemental disclosures items below our GAAP financial data and presents certain “Adjusted” ratios that exclude these disclosed items. These adjusted ratios provide management or the reader with a measure that may be more indicative of forward-looking trends in our business, as well as demonstrates the effects of significant gains or losses and changes.
We define Adjusted Pre-Provision Net Revenue as net income excluding provision expense and income tax expense, plus the taxable equivalent adjustment (as defined above), less supplemental disclosure items (as defined above). Management believes that adjusted pre-provision net revenue 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. We define Adjusted Revenue as net interest income (te) and noninterest income less supplemental disclosure items. We define Adjusted Noninterest Expense as noninterest expense less supplemental disclosure items. We define our Efficiency Ratio as noninterest expense to total net interest income (te) and noninterest income, excluding amortization of purchased intangibles and supplemental disclosure items, if applicable. Management believes adjusted revenue, adjusted noninterest expense and the efficiency ratio are useful measures as they provide a greater understanding of ongoing operations and enhance comparability with prior periods.
Important Cautionary Statement about Forward-Looking Statements
This 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, capital levels, deposits (including growth, pricing, and betas), investment portfolio, other sources of liquidity, loan growth expectations, management’s predictions about charge-offs for loans, general economic business conditions in our local markets, Federal Reserve action with respect to interest rates, the effects of war or other conflicts, acts of terrorism, climate change, the impact of natural or man-made disasters, the adequacy of our enterprise risk management framework, potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings, assessments, and enforcement actions, as well as the impact of negative developments affecting the banking industry and the resulting media coverage; the potential impact of current (including Sabal Trust Company) or 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 and non-financial reporting, the financial impact of regulatory requirements and tax reform legislation, deposit trends, credit quality trends, the impact of current and future economic conditions, including the effects of declines in the real estate market, high unemployment, inflationary pressures, tariffs or trade wars, increasing insurance costs, elevated interest rates, including the impact of changes in interest rates on our financial projections, models and guidance and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing, net interest margin trends, future expense levels, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts and expected returns. 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. 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 December 31, 2023, and in other periodic reports that we file with the SEC.
| HANCOCK WHITNEY CORPORATION | ||||||||||||||||||||
| FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| (dollars and common share data in thousands, except per share amounts) | 12/31/2024 | 9/30/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | |||||||||||||||
| NET INCOME | ||||||||||||||||||||
| Net interest income | $ |
273,556 |
|
$ |
271,764 |
|
$ |
269,460 |
|
$ |
1,081,921 |
|
$ |
1,097,599 |
|
|||||
| Net interest income (TE) (a) |
|
276,291 |
|
|
274,457 |
|
|
272,294 |
|
|
1,093,007 |
|
|
1,108,706 |
|
|||||
| Provision for credit losses |
|
11,912 |
|
|
18,564 |
|
|
16,952 |
|
|
52,167 |
|
|
59,103 |
|
|||||
| Noninterest income |
|
91,209 |
|
|
95,895 |
|
|
38,951 |
|
|
364,129 |
|
|
288,480 |
|
|||||
| Noninterest expense |
|
202,333 |
|
|
203,839 |
|
|
229,151 |
|
|
819,910 |
|
|
836,848 |
|
|||||
| Income tax expense |
|
28,446 |
|
|
29,684 |
|
|
11,705 |
|
|
113,158 |
|
|
97,526 |
|
|||||
| Net income | $ |
122,074 |
|
$ |
115,572 |
|
$ |
50,603 |
|
$ |
460,815 |
|
$ |
392,602 |
|
|||||
| Supplemental disclosure items - included above, pre-tax | ||||||||||||||||||||
| Included in noninterest income | ||||||||||||||||||||
| Gain on sale of parking facility | $ |
— |
|
$ |
— |
|
$ |
16,126 |
|
$ |
— |
|
$ |
16,126 |
|
|||||
| Loss on securities portfolio restructure |
|
— |
|
|
— |
|
|
(65,380 |
) |
|
— |
|
|
(65,380 |
) |
|||||
| Included in noninterest expense | ||||||||||||||||||||
| FDIC special assessment |
|
— |
|
|
— |
|
|
26,123 |
|
|
3,800 |
|
|
26,123 |
|
|||||
| PERIOD-END BALANCE SHEET DATA | ||||||||||||||||||||
| Loans | $ |
23,299,447 |
|
$ |
23,455,587 |
|
$ |
23,921,917 |
|
$ |
23,299,447 |
|
$ |
23,921,917 |
|
|||||
| Securities |
|
7,597,154 |
|
|
7,769,780 |
|
|
7,599,974 |
|
|
7,597,154 |
|
|
7,599,974 |
|
|||||
| Earning assets |
|
31,857,841 |
|
|
32,045,222 |
|
|
32,175,097 |
|
|
31,857,841 |
|
|
32,175,097 |
|
|||||
| Total assets |
|
35,081,785 |
|
|
35,238,107 |
|
|
35,578,573 |
|
|
35,081,785 |
|
|
35,578,573 |
|
|||||
| Noninterest-bearing deposits |
|
10,597,461 |
|
|
10,499,476 |
|
|
11,030,515 |
|
|
10,597,461 |
|
|
11,030,515 |
|
|||||
| Total deposits |
|
29,492,851 |
|
|
28,982,905 |
|
|
29,690,059 |
|
|
29,492,851 |
|
|
29,690,059 |
|
|||||
| Common stockholders' equity |
|
4,127,636 |
|
|
4,174,687 |
|
|
3,803,661 |
|
|
4,127,636 |
|
|
3,803,661 |
|
|||||
| AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
| Loans | $ |
23,248,512 |
|
$ |
23,552,002 |
|
$ |
23,795,681 |
|
$ |
23,630,743 |
|
$ |
23,594,579 |
|
|||||
| Securities (b) |
|
8,257,061 |
|
|
8,218,896 |
|
|
8,579,444 |
|
|
8,221,973 |
|
|
8,901,626 |
|
|||||
| Earning assets |
|
32,333,012 |
|
|
32,263,748 |
|
|
33,128,130 |
|
|
32,422,554 |
|
|
33,160,791 |
|
|||||
| Total assets |
|
34,770,663 |
|
|
34,780,386 |
|
|
35,538,300 |
|
|
34,912,199 |
|
|
35,633,442 |
|
|||||
| Noninterest-bearing deposits |
|
10,409,022 |
|
|
10,359,390 |
|
|
11,132,354 |
|
|
10,491,504 |
|
|
11,919,234 |
|
|||||
| Total deposits |
|
29,108,381 |
|
|
28,940,163 |
|
|
29,974,941 |
|
|
29,168,855 |
|
|
29,478,481 |
|
|||||
| Common stockholders' equity |
|
4,138,326 |
|
|
4,021,211 |
|
|
3,560,978 |
|
|
3,951,871 |
|
|
3,528,911 |
|
|||||
| COMMON SHARE DATA | ||||||||||||||||||||
| Earnings per share - diluted | $ |
1.40 |
|
$ |
1.33 |
|
$ |
0.58 |
|
$ |
5.28 |
|
$ |
4.50 |
|
|||||
| Cash dividends per share |
|
0.40 |
|
|
0.40 |
|
|
0.30 |
|
|
1.50 |
|
|
1.20 |
|
|||||
| Book value per share (period-end) |
|
47.93 |
|
|
48.47 |
|
|
44.05 |
|
|
47.93 |
|
|
44.05 |
|
|||||
| Tangible book value per share (period-end) |
|
37.58 |
|
|
38.10 |
|
|
33.63 |
|
|
37.58 |
|
|
33.63 |
|
|||||
| Weighted average number of shares - diluted |
|
86,602 |
|
|
86,560 |
|
|
86,604 |
|
|
86,648 |
|
|
86,423 |
|
|||||
| Period-end number of shares |
|
86,124 |
|
|
86,136 |
|
|
86,345 |
|
|
86,124 |
|
|
86,345 |
|
|||||
| Market data | ||||||||||||||||||||
| High sales price | $ |
62.40 |
|
$ |
57.78 |
|
$ |
49.65 |
|
$ |
62.40 |
|
$ |
54.38 |
|
|||||
| Low sales price |
|
48.36 |
|
|
45.26 |
|
|
32.16 |
|
|
41.19 |
|
|
31.02 |
|
|||||
| Period-end closing price |
|
54.72 |
|
|
51.17 |
|
|
48.59 |
|
|
54.72 |
|
|
48.59 |
|
|||||
| Trading volume |
|
32,670 |
|
|
35,017 |
|
|
38,574 |
|
|
127,503 |
|
|
150,965 |
|
|||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets |
|
1.40 |
% |
|
1.32 |
% |
|
0.56 |
% |
|
1.32 |
% |
|
1.10 |
% |
|||||
| Return on average common equity |
|
11.74 |
% |
|
11.43 |
% |
|
5.64 |
% |
|
11.66 |
% |
|
11.13 |
% |
|||||
| Return on average tangible common equity |
|
14.96 |
% |
|
14.70 |
% |
|
7.55 |
% |
|
15.08 |
% |
|
14.97 |
% |
|||||
| Tangible common equity ratio (c) |
|
9.47 |
% |
|
9.56 |
% |
|
8.37 |
% |
|
9.47 |
% |
|
8.37 |
% |
|||||
| Net interest margin (TE) |
|
3.41 |
% |
|
3.39 |
% |
|
3.27 |
% |
|
3.37 |
% |
|
3.34 |
% |
|||||
| Noninterest income as a percentage of total revenue (TE) |
|
24.82 |
% |
|
25.89 |
% |
|
12.51 |
% |
|
24.99 |
% |
|
20.65 |
% |
|||||
| Efficiency ratio (d) |
|
54.46 |
% |
|
54.42 |
% |
|
55.58 |
% |
|
55.36 |
% |
|
55.25 |
% |
|||||
| Average loan/deposit ratio |
|
79.87 |
% |
|
81.38 |
% |
|
79.39 |
% |
|
81.01 |
% |
|
80.04 |
% |
|||||
| Allowance for loan losses as a percentage of period-end loans |
|
1.37 |
% |
|
1.35 |
% |
|
1.29 |
% |
|
1.37 |
% |
|
1.29 |
% |
|||||
| Allowance for credit losses as a percentage of period-end loans (e) |
|
1.47 |
% |
|
1.46 |
% |
|
1.41 |
% |
|
1.47 |
% |
|
1.41 |
% |
|||||
| Annualized net charge-offs to average loans |
|
0.20 |
% |
|
0.30 |
% |
|
0.27 |
% |
|
0.19 |
% |
|
0.27 |
% |
|||||
| Allowance for loan losses as a % of nonaccrual loans |
|
327.61 |
% |
|
382.87 |
% |
|
521.56 |
% |
|
327.61 |
% |
|
521.56 |
% |
|||||
| FTE headcount |
|
3,476 |
|
|
3,458 |
|
|
3,591 |
|
|
3,476 |
|
|
3,591 |
|
|||||
| (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 supplemental disclosure items noted above. | ||||||||||||||||||||
| (e) The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments. | ||||||||||||||||||||
| HANCOCK WHITNEY CORPORATION | |||||||||||||||||||||
| QUARTERLY FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||
| (dollars and common share data in thousands, except per share amounts) | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||||||
| NET INCOME | |||||||||||||||||||||
| Net interest income | $ |
273,556 |
|
$ |
271,764 |
|
$ |
270,430 |
|
$ |
266,171 |
|
$ |
269,460 |
|
||||||
| Net interest income (TE) (a) |
|
276,291 |
|
|
274,457 |
|
|
273,258 |
|
|
269,001 |
|
|
272,294 |
|
||||||
| Provision for credit losses |
|
11,912 |
|
|
18,564 |
|
|
8,723 |
|
|
12,968 |
|
|
16,952 |
|
||||||
| Noninterest income |
|
91,209 |
|
|
95,895 |
|
|
89,174 |
|
|
87,851 |
|
|
38,951 |
|
||||||
| Noninterest expense |
|
202,333 |
|
|
203,839 |
|
|
206,016 |
|
|
207,722 |
|
|
229,151 |
|
||||||
| Income tax expense |
|
28,446 |
|
|
29,684 |
|
|
30,308 |
|
|
24,720 |
|
|
11,705 |
|
||||||
| Net income | $ |
122,074 |
|
$ |
115,572 |
|
$ |
114,557 |
|
$ |
108,612 |
|
$ |
50,603 |
|
||||||
| Supplemental disclosure items - included above, pre-tax | |||||||||||||||||||||
| Included in noninterest income | |||||||||||||||||||||
| Gain on sale of parking facility | $ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
16,126 |
|
||||||
| Loss on securities portfolio restructure |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(65,380 |
) |
||||||
| Included in noninterest expense | |||||||||||||||||||||
| FDIC special assessment |
|
— |
|
|
— |
|
|
— |
|
|
3,800 |
|
|
26,123 |
|
||||||
| PERIOD-END BALANCE SHEET DATA | |||||||||||||||||||||
| Loans | $ |
23,299,447 |
|
$ |
23,455,587 |
|
$ |
23,911,616 |
|
$ |
23,970,938 |
|
$ |
23,921,917 |
|
||||||
| Securities |
|
7,597,154 |
|
|
7,769,780 |
|
|
7,535,836 |
|
|
7,559,182 |
|
|
7,599,974 |
|
||||||
| Earning assets |
|
31,857,841 |
|
|
32,045,222 |
|
|
32,056,415 |
|
|
31,985,610 |
|
|
32,175,097 |
|
||||||
| Total assets |
|
35,081,785 |
|
|
35,238,107 |
|
|
35,412,291 |
|
|
35,247,119 |
|
|
35,578,573 |
|
||||||
| Noninterest-bearing deposits |
|
10,597,461 |
|
|
10,499,476 |
|
|
10,642,213 |
|
|
10,802,127 |
|
|
11,030,515 |
|
||||||
| Total deposits |
|
29,492,851 |
|
|
28,982,905 |
|
|
29,200,718 |
|
|
29,775,906 |
|
|
29,690,059 |
|
||||||
| Common stockholders' equity |
|
4,127,636 |
|
|
4,174,687 |
|
|
3,920,718 |
|
|
3,853,436 |
|
|
3,803,661 |
|
||||||
| AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||
| Loans | $ |
23,248,512 |
|
$ |
23,552,002 |
|
$ |
23,917,361 |
|
$ |
23,810,163 |
|
$ |
23,795,681 |
|
||||||
| Securities (b) |
|
8,257,061 |
|
|
8,218,896 |
|
|
8,214,172 |
|
|
8,197,410 |
|
|
8,579,444 |
|
||||||
| Earning assets |
|
32,333,012 |
|
|
32,263,748 |
|
|
32,539,363 |
|
|
32,556,821 |
|
|
33,128,130 |
|
||||||
| Total assets |
|
34,770,663 |
|
|
34,780,386 |
|
|
34,998,880 |
|
|
35,101,869 |
|
|
35,538,300 |
|
||||||
| Noninterest-bearing deposits |
|
10,409,022 |
|
|
10,359,390 |
|
|
10,526,903 |
|
|
10,673,060 |
|
|
11,132,354 |
|
||||||
| Total deposits |
|
29,108,381 |
|
|
28,940,163 |
|
|
29,069,097 |
|
|
29,560,956 |
|
|
29,974,941 |
|
||||||
| Common stockholders' equity |
|
4,138,326 |
|
|
4,021,211 |
|
|
3,826,296 |
|
|
3,818,840 |
|
|
3,560,978 |
|
||||||
| COMMON SHARE DATA | |||||||||||||||||||||
| Earnings per share - diluted | $ |
1.40 |
|
$ |
1.33 |
|
$ |
1.31 |
|
$ |
1.24 |
|
$ |
0.58 |
|
||||||
| Cash dividends per share |
|
0.40 |
|
|
0.40 |
|
|
0.40 |
|
|
0.30 |
|
|
0.30 |
|
||||||
| Book value per share (period-end) |
|
47.93 |
|
|
48.47 |
|
|
45.40 |
|
|
44.49 |
|
|
44.05 |
|
||||||
| Tangible book value per share (period-end) |
|
37.58 |
|
|
38.10 |
|
|
35.04 |
|
|
34.12 |
|
|
33.63 |
|
||||||
| Weighted average number of shares - diluted |
|
86,602 |
|
|
86,560 |
|
|
86,765 |
|
|
86,726 |
|
|
86,604 |
|
||||||
| Period-end number of shares |
|
86,124 |
|
|
86,136 |
|
|
86,355 |
|
|
86,622 |
|
|
86,345 |
|
||||||
| Market data | |||||||||||||||||||||
| High sales price | $ |
62.40 |
|
$ |
57.78 |
|
$ |
49.11 |
|
$ |
49.10 |
|
$ |
49.65 |
|
||||||
| Low sales price |
|
48.36 |
|
|
45.26 |
|
|
41.56 |
|
|
41.19 |
|
|
32.16 |
|
||||||
| Period-end closing price |
|
54.72 |
|
|
51.17 |
|
|
47.83 |
|
|
46.04 |
|
|
48.59 |
|
||||||
| Trading volume |
|
32,670 |
|
|
35,017 |
|
|
29,308 |
|
|
30,508 |
|
|
38,574 |
|
||||||
| PERFORMANCE RATIOS | |||||||||||||||||||||
| Return on average assets |
|
1.40 |
% |
|
1.32 |
% |
|
1.32 |
% |
|
1.24 |
% |
|
0.56 |
% |
||||||
| Return on average common equity |
|
11.74 |
% |
|
11.43 |
% |
|
12.04 |
% |
|
11.44 |
% |
|
5.64 |
% |
||||||
| Return on average tangible common equity |
|
14.96 |
% |
|
14.70 |
% |
|
15.73 |
% |
|
14.96 |
% |
|
7.55 |
% |
||||||
| Tangible common equity ratio (c) |
|
9.47 |
% |
|
9.56 |
% |
|
8.77 |
% |
|
8.61 |
% |
|
8.37 |
% |
||||||
| Net interest margin (TE) |
|
3.41 |
% |
|
3.39 |
% |
|
3.37 |
% |
|
3.32 |
% |
|
3.27 |
% |
||||||
| Noninterest income as a percentage of total revenue (TE) |
|
24.82 |
% |
|
25.89 |
% |
|
24.60 |
% |
|
24.62 |
% |
|
12.51 |
% |
||||||
| Efficiency ratio (d) |
|
54.46 |
% |
|
54.42 |
% |
|
56.18 |
% |
|
56.44 |
% |
|
55.58 |
% |
||||||
| Average loan/deposit ratio |
|
79.87 |
% |
|
81.38 |
% |
|
82.28 |
% |
|
80.55 |
% |
|
79.39 |
% |
||||||
| Allowance for loan losses as a percentage of period-end loans |
|
1.37 |
% |
|
1.35 |
% |
|
1.32 |
% |
|
1.31 |
% |
|
1.29 |
% |
||||||
| Allowance for credit losses as a percentage of period-end loans (e) |
|
1.47 |
% |
|
1.46 |
% |
|
1.43 |
% |
|
1.42 |
% |
|
1.41 |
% |
||||||
| Annualized net charge-offs to average loans |
|
0.20 |
% |
|
0.30 |
% |
|
0.12 |
% |
|
0.15 |
% |
|
0.27 |
% |
||||||
| Allowance for loan losses as a % of nonaccrual loans |
|
327.61 |
% |
|
382.87 |
% |
|
366.54 |
% |
|
382.21 |
% |
|
521.56 |
% |
||||||
| FTE headcount |
|
3,476 |
|
|
3,458 |
|
|
3,541 |
|
|
3,564 |
|
|
3,591 |
|
||||||
| (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 supplemental disclosures noted above. | |||||||||||||||||||||
| (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/20250121657775/en/
For more information
Kathryn Shrout Mistich, VP, Investor Relations Manager
504.539.7836 or kathryn.mistich@hancockwhitney.com
Source: Hancock Whitney Corporation
FAQ
What was Hancock Whitney's (HWC) earnings per share in Q4 2024?
How much did HWC's deposits grow in Q4 2024?
What is Hancock Whitney's loan growth guidance for 2025?
How many shares did HWC repurchase in Q4 2024 and at what price?
What was HWC's net interest margin in Q4 2024?
