Hancock Whitney reports second quarter 2022 EPS of $1.38
Hancock Whitney Corporation (Nasdaq: HWC) reported a net income of $121.4 million for Q2 2022, down slightly from $123.5 million in Q1 2022, but up from $88.7 million in Q2 2021. The company achieved a 9% growth in pre-provision net revenue (PPNR) and core loan growth of 13%. Despite an 8% decrease in deposits, the net interest margin improved to 3.04%. The allowance for credit losses decreased, indicating stronger asset quality with nonperforming loans down 11%. A share repurchase program remains active, with 1.6 million shares repurchased to date.
- Net income of $121.4 million for Q2 2022, surpassing Q2 2021's $88.7 million.
- PPNR growth of 9% linked-quarter, totaling $146.9 million.
- Core loans increased by $706.2 million, or 13% linked-quarter annualized.
- Net interest margin improved by 23 bps to 3.04%.
- Nonperforming loans decreased by 11%, indicating improved asset quality.
- Share repurchase program ongoing, with 1.6 million shares repurchased.
- Net income declined from $123.5 million in Q1 2022.
- Deposits decreased by $633.3 million, or 8% linked-quarter.
- CET1 ratio decreased by 6 bps to 11.06%.
Second Quarter 2022 Highlights
-
Pre-provision net revenue (PPNR) totaled
, up$146.9 million , or$12.4 million 9% , linked-quarter -
Core loan growth of
, or$706.2 million 13% linked-quarter annualized (LQA), more than offset the impact of in PPP loan forgiveness, leading to an overall increase in total loans of$183.5 million $522.7 million - Nonperforming loans and criticized commercial loans remain at historically low levels
-
ACL coverage remained strong at
1.55% -
Deposits decreased
, or$633.3 million 8% LQA -
NIM improved 23 basis points (bps) to
3.04% -
CET1 ratio estimated at
11.06% , down 6 bps; TCE ratio7.21% , up 6 bps -
Achieved
55% efficiency ratio target (54.95% )
“Today’s results reflect another solid quarter and the early achievement of our target efficiency ratio of
Loans
Total loans were
Our guidance for the year of
Deposits
Total deposits at
DDAs totaled
Average deposits for the second quarter of 2022 were
Asset Quality
The total allowance for credit losses (ACL) was
The company’s overall asset quality metrics continued to improve and currently sit at historically low levels, with commercial criticized and total nonperforming loans down slightly, linked-quarter. Nonperforming assets (NPAs) totaled
Net Interest Income and Net Interest Margin (NIM)
Net interest income (TE) for the second quarter of 2022 was
The net interest margin (NIM) (TE) was
Average earning assets were
Noninterest Income
Noninterest income totaled
Service charges on deposits were down
Bankcard and ATM fees were up
Fees from secondary mortgage operations totaled
Other noninterest income totaled
Noninterest Expense & Taxes
Noninterest expense totaled
Personnel expense totaled
Occupancy and equipment expense totaled
Gains on sales of ORE and other foreclosed assets exceeded expenses by
The effective income tax rate for second quarter 2022 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 impacts related to Russia’s military action in
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 | Six Months Ended | |||||||||||||||||||
(dollars and common share data in thousands, except per share amounts) | ||||||||||||||||||||
NET INCOME | ||||||||||||||||||||
Net interest income | $ |
245,732 |
|
$ |
228,463 |
|
$ |
234,643 |
|
$ |
474,195 |
|
$ |
469,230 |
|
|||||
Net interest income (TE) (a) |
|
248,317 |
|
|
231,008 |
|
|
237,497 |
|
|
479,325 |
|
|
475,006 |
|
|||||
Provision for credit losses |
|
(9,761 |
) |
|
(22,527 |
) |
|
(17,229 |
) |
|
(32,288 |
) |
|
(22,140 |
) |
|||||
Noninterest income |
|
85,653 |
|
|
83,432 |
|
|
94,272 |
|
|
169,085 |
|
|
181,361 |
|
|||||
Noninterest expense |
|
187,097 |
|
|
179,939 |
|
|
236,770 |
|
|
367,036 |
|
|
429,842 |
|
|||||
Income tax expense |
|
32,614 |
|
|
31,005 |
|
|
20,656 |
|
|
63,619 |
|
|
46,999 |
|
|||||
Net income | $ |
121,435 |
|
$ |
123,478 |
|
$ |
88,718 |
|
$ |
244,913 |
|
$ |
195,890 |
|
|||||
For informational purposes - included above, pre-tax | ||||||||||||||||||||
Nonoperating item included in noninterest income: | ||||||||||||||||||||
Gain on sale of Mastercard Class B common stock | $ |
— |
|
$ |
— |
|
$ |
2,800 |
|
$ |
— |
|
$ |
2,800 |
|
|||||
Nonoperating items included in noninterest expense: | ||||||||||||||||||||
Efficiency initiatives |
|
— |
|
|
— |
|
|
40,812 |
|
|
— |
|
|
40,812 |
|
|||||
Loss on redemption of subordinated notes |
|
— |
|
|
— |
|
|
4,165 |
|
|
— |
|
|
4,165 |
|
|||||
PERIOD-END BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ |
21,846,068 |
|
$ |
21,323,341 |
|
$ |
21,148,530 |
|
$ |
21,846,068 |
|
$ |
21,148,530 |
|
|||||
Securities |
|
8,531,393 |
|
|
8,481,095 |
|
|
8,633,133 |
|
|
8,531,393 |
|
|
8,633,133 |
|
|||||
Earning assets |
|
31,292,910 |
|
|
32,997,323 |
|
|
32,075,450 |
|
|
31,292,910 |
|
|
32,075,450 |
|
|||||
Total assets |
|
34,637,525 |
|
|
36,317,291 |
|
|
35,098,709 |
|
|
34,637,525 |
|
|
35,098,709 |
|
|||||
Noninterest-bearing deposits |
|
14,676,342 |
|
|
14,976,670 |
|
|
13,406,385 |
|
|
14,676,342 |
|
|
13,406,385 |
|
|||||
Total deposits |
|
29,866,432 |
|
|
30,499,709 |
|
|
29,273,107 |
|
|
29,866,432 |
|
|
29,273,107 |
|
|||||
Common stockholders' equity |
|
3,349,723 |
|
|
3,450,951 |
|
|
3,562,901 |
|
|
3,349,723 |
|
|
3,562,901 |
|
|||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ |
21,657,528 |
|
$ |
21,122,038 |
|
$ |
21,388,814 |
|
$ |
21,391,262 |
|
$ |
21,566,071 |
|
|||||
Securities (b) |
|
8,979,364 |
|
|
8,687,758 |
|
|
8,194,812 |
|
|
8,834,367 |
|
|
7,833,682 |
|
|||||
Earning assets |
|
32,780,813 |
|
|
33,201,926 |
|
|
32,195,515 |
|
|
32,990,206 |
|
|
31,608,834 |
|
|||||
Total assets |
|
35,380,247 |
|
|
36,003,803 |
|
|
35,165,684 |
|
|
35,690,303 |
|
|
34,624,947 |
|
|||||
Noninterest-bearing deposits |
|
14,655,800 |
|
|
14,363,324 |
|
|
13,237,796 |
|
|
14,510,370 |
|
|
12,808,401 |
|
|||||
Total deposits |
|
29,979,940 |
|
|
30,029,793 |
|
|
29,228,809 |
|
|
30,004,728 |
|
|
28,686,797 |
|
|||||
Common stockholders' equity |
|
3,383,789 |
|
|
3,607,061 |
|
|
3,488,592 |
|
|
3,494,809 |
|
|
3,465,159 |
|
|||||
COMMON SHARE DATA | ||||||||||||||||||||
Earnings per share - diluted | $ |
1.38 |
|
$ |
1.40 |
|
$ |
1.00 |
|
$ |
2.78 |
|
$ |
2.20 |
|
|||||
Cash dividends per share |
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|
0.54 |
|
|
0.54 |
|
|||||
Book value per share (period-end) |
|
39.08 |
|
|
39.91 |
|
|
41.03 |
|
|
39.08 |
|
|
41.03 |
|
|||||
Tangible book value per share (period-end) |
|
28.37 |
|
|
29.25 |
|
|
30.27 |
|
|
28.37 |
|
|
30.27 |
|
|||||
Weighted average number of shares - diluted |
|
86,354 |
|
|
86,936 |
|
|
86,990 |
|
|
86,654 |
|
|
86,932 |
|
|||||
Period-end number of shares |
|
85,714 |
|
|
86,460 |
|
|
86,847 |
|
|
85,714 |
|
|
86,847 |
|
|||||
Market data | ||||||||||||||||||||
High sales price | $ |
53.15 |
|
$ |
59.82 |
|
$ |
50.69 |
|
$ |
59.82 |
|
$ |
50.69 |
|
|||||
Low sales price |
|
42.61 |
|
|
50.25 |
|
|
40.25 |
|
|
42.61 |
|
|
32.52 |
|
|||||
Period-end closing price |
|
44.33 |
|
|
52.15 |
|
|
44.44 |
|
|
44.33 |
|
|
44.44 |
|
|||||
Trading volume |
|
27,493 |
|
|
29,005 |
|
|
25,570 |
|
|
56,498 |
|
|
54,533 |
|
|||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets |
|
1.38 |
% |
|
1.39 |
% |
|
1.01 |
% |
|
1.38 |
% |
|
1.14 |
% |
|||||
Return on average common equity |
|
14.39 |
% |
|
13.88 |
% |
|
10.20 |
% |
|
14.13 |
% |
|
11.40 |
% |
|||||
Return on average tangible common equity |
|
19.77 |
% |
|
18.66 |
% |
|
13.94 |
% |
|
19.20 |
% |
|
15.63 |
% |
|||||
Tangible common equity ratio (c) |
|
7.21 |
% |
|
7.15 |
% |
|
7.70 |
% |
|
7.21 |
% |
|
7.70 |
% |
|||||
Net interest margin (TE) |
|
3.04 |
% |
|
2.81 |
% |
|
2.96 |
% |
|
2.92 |
% |
|
3.02 |
% |
|||||
Noninterest income as a percent of total revenue (TE) |
|
25.65 |
% |
|
26.53 |
% |
|
28.41 |
% |
|
26.08 |
% |
|
27.63 |
% |
|||||
Efficiency ratio (d) |
|
54.95 |
% |
|
56.03 |
% |
|
57.01 |
% |
|
55.47 |
% |
|
57.56 |
% |
|||||
Average loan/deposit ratio |
|
72.24 |
% |
|
70.34 |
% |
|
73.18 |
% |
|
71.29 |
% |
|
75.18 |
% |
|||||
Allowance for loan losses as a percentage of period-end loans |
|
1.41 |
% |
|
1.49 |
% |
|
1.89 |
% |
|
1.41 |
% |
|
1.89 |
% |
|||||
Allowance for credit losses as a percent of period-end loans (e) |
|
1.55 |
% |
|
1.63 |
% |
|
2.03 |
% |
|
1.55 |
% |
|
2.03 |
% |
|||||
Annualized net charge-offs to average loans |
|
(0.01 |
)% |
|
0.01 |
% |
|
0.20 |
% |
|
(0.00 |
)% |
|
0.27 |
% |
|||||
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |
|
680.97 |
% |
|
640.81 |
% |
|
415.00 |
% |
|
680.97 |
% |
|
415.00 |
% |
|||||
FTE headcount |
|
3,594 |
|
|
3,543 |
|
|
3,626 |
|
|
3,594 |
|
|
3,626 |
|
(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 | $ |
245,732 |
|
$ |
228,463 |
|
$ |
229,296 |
|
$ |
234,709 |
|
$ |
234,643 |
|
|||||
Net interest income (TE) (a) |
|
248,317 |
|
|
231,008 |
|
|
231,931 |
|
|
237,477 |
|
|
237,497 |
|
|||||
Provision for credit losses |
|
(9,761 |
) |
|
(22,527 |
) |
|
(28,399 |
) |
|
(26,955 |
) |
|
(17,229 |
) |
|||||
Noninterest income |
|
85,653 |
|
|
83,432 |
|
|
89,612 |
|
|
93,361 |
|
|
94,272 |
|
|||||
Noninterest expense |
|
187,097 |
|
|
179,939 |
|
|
182,462 |
|
|
194,703 |
|
|
236,770 |
|
|||||
Income tax expense |
|
32,614 |
|
|
31,005 |
|
|
27,102 |
|
|
30,740 |
|
|
20,656 |
|
|||||
Net income | $ |
121,435 |
|
$ |
123,478 |
|
$ |
137,743 |
|
$ |
129,582 |
|
$ |
88,718 |
|
|||||
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 | $ |
21,846,068 |
|
$ |
21,323,341 |
|
$ |
21,134,282 |
|
$ |
20,886,015 |
|
$ |
21,148,530 |
|
|||||
Securities |
|
8,531,393 |
|
|
8,481,095 |
|
|
8,552,449 |
|
|
8,308,622 |
|
|
8,633,133 |
|
|||||
Earning assets |
|
31,292,910 |
|
|
32,997,323 |
|
|
33,610,435 |
|
|
32,348,036 |
|
|
32,075,450 |
|
|||||
Total assets |
|
34,637,525 |
|
|
36,317,291 |
|
|
36,531,205 |
|
|
35,318,308 |
|
|
35,098,709 |
|
|||||
Noninterest-bearing deposits |
|
14,676,342 |
|
|
14,976,670 |
|
|
14,392,808 |
|
|
13,653,376 |
|
|
13,406,385 |
|
|||||
Total deposits |
|
29,866,432 |
|
|
30,499,709 |
|
|
30,465,897 |
|
|
29,208,157 |
|
|
29,273,107 |
|
|||||
Common stockholders' equity |
|
3,349,723 |
|
|
3,450,951 |
|
|
3,670,352 |
|
|
3,629,766 |
|
|
3,562,901 |
|
|||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ |
21,657,528 |
|
$ |
21,122,038 |
|
$ |
20,770,130 |
|
$ |
20,941,173 |
|
$ |
21,388,814 |
|
|||||
Securities (b) |
|
8,979,364 |
|
|
8,687,758 |
|
|
8,378,258 |
|
|
8,368,824 |
|
|
8,194,812 |
|
|||||
Earning assets |
|
32,780,813 |
|
|
33,201,926 |
|
|
32,913,659 |
|
|
32,097,381 |
|
|
32,195,515 |
|
|||||
Total assets |
|
35,380,247 |
|
|
36,003,803 |
|
|
35,829,027 |
|
|
35,207,960 |
|
|
35,165,684 |
|
|||||
Noninterest-bearing deposits |
|
14,655,800 |
|
|
14,363,324 |
|
|
14,126,335 |
|
|
13,535,961 |
|
|
13,237,796 |
|
|||||
Total deposits |
|
29,979,940 |
|
|
30,029,793 |
|
|
29,750,665 |
|
|
29,237,306 |
|
|
29,228,809 |
|
|||||
Common stockholders' equity |
|
3,383,789 |
|
|
3,607,061 |
|
|
3,642,003 |
|
|
3,606,087 |
|
|
3,488,592 |
|
|||||
COMMON SHARE DATA | ||||||||||||||||||||
Earnings per share - diluted | $ |
1.38 |
|
$ |
1.40 |
|
$ |
1.55 |
|
$ |
1.46 |
|
$ |
1.00 |
|
|||||
Cash dividends per share |
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|
0.27 |
|
|||||
Book value per share (period-end) |
|
39.08 |
|
|
39.91 |
|
|
42.31 |
|
|
41.81 |
|
|
41.03 |
|
|||||
Tangible book value per share (period-end) |
|
28.37 |
|
|
29.25 |
|
|
31.64 |
|
|
31.10 |
|
|
30.27 |
|
|||||
Weighted average number of shares - diluted |
|
86,354 |
|
|
86,936 |
|
|
87,132 |
|
|
87,006 |
|
|
86,990 |
|
|||||
Period-end number of shares |
|
85,714 |
|
|
86,460 |
|
|
86,749 |
|
|
86,823 |
|
|
86,847 |
|
|||||
Market data | ||||||||||||||||||||
High sales price | $ |
53.15 |
|
$ |
59.82 |
|
$ |
53.61 |
|
$ |
48.19 |
|
$ |
50.69 |
|
|||||
Low sales price |
|
42.61 |
|
|
50.25 |
|
|
45.06 |
|
|
39.07 |
|
|
40.25 |
|
|||||
Period-end closing price |
|
44.33 |
|
|
52.15 |
|
|
50.02 |
|
|
47.12 |
|
|
44.44 |
|
|||||
Trading volume |
|
27,493 |
|
|
29,005 |
|
|
23,889 |
|
|
22,482 |
|
|
25,570 |
|
|||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets |
|
1.38 |
% |
|
1.39 |
% |
|
1.53 |
% |
|
1.46 |
% |
|
1.01 |
% |
|||||
Return on average common equity |
|
14.39 |
% |
|
13.88 |
% |
|
15.00 |
% |
|
14.26 |
% |
|
10.20 |
% |
|||||
Return on average tangible common equity |
|
19.77 |
% |
|
18.66 |
% |
|
20.13 |
% |
|
19.22 |
% |
|
13.94 |
% |
|||||
Tangible common equity ratio (c) |
|
7.21 |
% |
|
7.15 |
% |
|
7.71 |
% |
|
7.85 |
% |
|
7.70 |
% |
|||||
Net interest margin (TE) |
|
3.04 |
% |
|
2.81 |
% |
|
2.80 |
% |
|
2.94 |
% |
|
2.96 |
% |
|||||
Noninterest income as a percentage of total revenue (TE) |
|
25.65 |
% |
|
26.53 |
% |
|
27.87 |
% |
|
28.22 |
% |
|
28.41 |
% |
|||||
Efficiency ratio (d) |
|
54.95 |
% |
|
56.03 |
% |
|
56.57 |
% |
|
57.44 |
% |
|
57.01 |
% |
|||||
Average loan/deposit ratio |
|
72.24 |
% |
|
70.34 |
% |
|
69.81 |
% |
|
71.62 |
% |
|
73.18 |
% |
|||||
Allowance for loan losses as a percentage of period-end loans |
|
1.41 |
% |
|
1.49 |
% |
|
1.62 |
% |
|
1.78 |
% |
|
1.89 |
% |
|||||
Allowance for credit losses as a percentage of period-end loans (e) |
|
1.55 |
% |
|
1.63 |
% |
|
1.76 |
% |
|
1.92 |
% |
|
2.03 |
% |
|||||
Annualized net charge-offs to average loans |
|
(0.01 |
)% |
|
0.01 |
% |
|
0.01 |
% |
|
0.03 |
% |
|
0.20 |
% |
|||||
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |
|
680.97 |
% |
|
640.81 |
% |
|
527.59 |
% |
|
506.17 |
% |
|
415.00 |
% |
|||||
FTE headcount |
|
3,594 |
|
|
3,543 |
|
|
3,486 |
|
|
3,429 |
|
|
3,626 |
|
(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/20220719005970/en/
504.299.5208 or trisha.carlson@hancockwhitney.com
Source:
FAQ
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