Hancock Whitney Reports Second Quarter 2023 EPS of $1.35

Rhea-AI Summary

Hancock Whitney Corporation (Nasdaq: HWC) reported net income of $117.8 million, or $1.35 per diluted common share, for Q2 2023. Pre-provision net revenue (PPNR) totaled $157.8 million. Deposits increased by $430.4 million, or 6%, and loans grew by $385.4 million, or 7%. The CET1 ratio was estimated at 11.83%, up 23 bps linked-quarter. Net interest margin (NIM) was 3.30%, down from 3.55% in Q1 2023. Noninterest income increased by 4% to $83.2 million. Noninterest expense increased by 1% to $202.1 million. Common stockholders' equity was $3.6 billion, up 1% from Q1 2023.

Positive

• Net income for Q2 2023 was $117.8 million, a decrease from $126.5 million in Q1 2023.
• Deposits increased by $430.4 million, or 6%, in Q2 2023.
• Loans grew by $385.4 million, or 7%, in Q2 2023.
• CET1 ratio increased to 11.83% in Q2 2023.
• Net interest margin (NIM) decreased to 3.30% in Q2 2023.
• Noninterest income increased by 4% to $83.2 million in Q2 2023.
• Noninterest expense increased by 1% to $202.1 million in Q2 2023.
• Common stockholders' equity was $3.6 billion, up 1% from Q1 2023.

Negative

• None.

GULFPORT, Miss.--(BUSINESS WIRE)-- Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the second quarter of 2023. Net income for the second quarter of 2023 totaled $117.8 million, or $1.35 per diluted common share (EPS), compared to $126.5 million, or $1.45 per diluted common share, in the first quarter of 2023. The company reported net income for the second quarter of 2022 of $121.4 million, or $1.38 per diluted common share.

Second Quarter 2023 Highlights

• Pre-provision net revenue (PPNR) totaled $157.8 million, compared to $167.0 million at 1Q23
• Deposits increased $430.4 million, or 6% LQA
• Loan growth of $385.4 million, or 7% LQA
• Criticized commercial loans and nonaccrual loans remained at relatively low levels
• ACL coverage remained solid at 1.45%
• NIM 3.30%, compared to 3.55% in 1Q23
• CET1 ratio estimated at 11.83%, up 23 bps linked-quarter; TCE ratio 7.50%, up 34 bps linked-quarter
• Efficiency ratio 55.33%

“The second quarter of 2023 was as expected given continued challenges and dynamics the industry is facing in this operating environment,” said John M. Hairston, President & CEO. “Our balance sheet remained solid with loan growth funded by both client deposit growth and runoff from the securities portfolio. The DDA remix continues to drive higher deposit betas for the quarter, and, in turn, higher than expected NIM compression. Credit metrics remain at relatively low levels, fees improved and expenses were up as we implement new technology. We have been and continue to be cognizant of the macroeconomic environment and trends that have been impacting our industry. As such, we’ve maintained a robust ACL, solid capital, and multiple sources of liquidity. Despite the headwinds we are facing, we remain confident in our ability to remain strong and stable, as we have for 124 years.”

Loans

Total loans were $23.8 billion at June 30, 2023, up $385.4 million, or 2%, from March 31, 2023. One-time close products drove the increase in mortgage loans, which converted from construction and development loans to permanent mortgages at construction completion, as well as growth across various industries and sectors.

Average loans totaled $23.7 billion for the second quarter of 2023, up $568.5 million, or 2%, linked-quarter. Management expects 2023 period-end loan growth to be in the range of low- to mid-single digits compared to year-end 2022.

Deposits

Total deposits at June 30, 2023 were $30.0 billion, up $430.4 million, or 1%, from March 31, 2023. The growth in deposits was primarily due to an increase of interest-bearing time deposits resulting from a shift from DDA deposits and lower cost deposits to higher competitive-rate CD products and the issuance of brokered deposits during May 2023. Offsetting this increase in time deposits was a decrease in noninterest-bearing DDA, a decrease in interest-bearing money market and savings due to a shift to higher rate products, and a decrease in public fund deposits primarily related to typical seasonal runoff.

DDAs totaled $12.2 billion at June 30, 2023, down $688.2 million, or 5%, from March 31, 2023 and comprised 40% of total period-end deposits. Interest-bearing transaction and savings deposits totaled $10.4 billion at the end of the second quarter of 2023, a decrease of $221.6 million, or 2%, linked-quarter. Compared to March 31, 2023, retail time deposits of $3.3 billion were up $911.0 million, or 37%, and brokered deposits of $1.2 billion were up $590.0 million. Interest-bearing public fund deposits decreased $160.8 million, or 5%, linked-quarter, ending June 30, 2023 at $2.9 billion.

Average deposits for the second quarter of 2023 were $29.4 billion, up $580.0 million, or 2%, linked-quarter. Management expects 2023 period-end deposit level growth to be flat to low single digits compared to year-end 2022.

Asset Quality

The total allowance for credit losses (ACL) was $345.7 million at June 30, 2023, up $4.3 million, or 1%, from March 31, 2023. During the second quarter of 2023, the company recorded a provision for credit losses of $7.6 million, compared to a provision of $6.0 million in the first quarter of 2023. There were $3.4 million of net charge-offs in the second quarter of 2023, or 0.06% of average total loans on an annualized basis, compared to net charge-offs of $5.7 million, or 0.10% of average total loans in the first quarter of 2023. The ratio of ACL to period-end loans was 1.45% at June 30, 2023, down slightly from 1.46% at March 31, 2023.

Criticized commercial loans and nonaccrual loans remained at relatively low levels at June 30, 2023. Criticized commercial loans totaled $302.2 million, or 1.62% of total commercial loans, at June 30, 2023, compared to $295.5 million, or 1.59% of total commercial loans at March 31, 2023. Nonaccrual loans totaled $78.2 million, or 0.33% of total loans, at June 30, 2023, compared to $54.3 million, or 0.23% of total loans, at March 31, 2023. ORE and foreclosed assets were $2.2 million, up $0.2 million, or 10%, linked-quarter.

Net Interest Income and Net Interest Margin (NIM)

Net interest income (TE) for the second quarter of 2023 was $276.7 million, a decrease of $10.8 million, or 4%, from the first quarter of 2023. The net interest margin (NIM) (TE) was 3.30% in the second quarter of 2023, down 25 bps linked-quarter. A change in the mix of earning assets and yield led to a 23 basis point improvement in the NIM that was offset by the impact of deposit remix (-38 bps), short-term borrowing costs (-6 bps) and the impact of excess liquidity (-4 bps). Additional NIM detail and guidance is included in the second quarter of 2023 earnings investor deck.

Average earning assets were $33.6 billion for the second quarter of 2023, up $866.0 million, or 3%, from the first quarter of 2023.

Noninterest Income

Noninterest income totaled $83.2 million for the second quarter of 2023, up $2.9 million, or 4%, from the first quarter of 2023.

Service charges on deposits were up $0.9 million, or 4%, from the first quarter of 2023. The increase was primarily related to commercial net analysis fees.

Bank card and ATM fees were up $0.3 million, or 1%, from the first quarter of 2023. Investment and annuity income and insurance fees were down $0.6 million, or 7%, linked-quarter, related to lower annuity and corporate underwriting fees. Trust fees were up $0.6 million, or 4% linked-quarter, related to seasonal tax accounting fees.

Fees from secondary mortgage operations totaled $2.3 million for the second quarter of 2023, up $0.1 million, or 6%, linked-quarter.

Other noninterest income totaled $12.8 million, up $1.6 million, or 14%, from the first quarter of 2023. The increase in other noninterest income was primarily related to increased FHLB dividends and credit-related fees, compared to the first quarter of 2023.

Noninterest Expense & Taxes

Noninterest expense totaled $202.1 million, up $1.3 million, or 1% linked-quarter.

Personnel expense totaled $114.9 million in the second quarter of 2023, down $0.5 million, or less than 1%, linked-quarter. The slight decline was primarily related to lower incentive and benefit costs, partly offset by merit pay increases. Net occupancy and equipment expense totaled $17.8 million in the second quarter of 2023, up $0.8 million, or 5%, from the first quarter of 2023, related to higher property insurance and annual maintenance costs. Amortization of intangibles totaled $3.0 million for the second quarter of 2023, down $0.2 million, or 5%, linked-quarter.

ORE and other foreclosed assets gains exceeded expenses by $0.3 million in the second quarter of 2023, compared to an expense of $0.2 million in the first quarter of 2023.

Other operating expense totaled $66.8 million in the second quarter of 2023, up $1.5 million, or 2%, linked-quarter. The increase in other expenses was primarily due to higher regulatory fees, including the quarterly FDIC assessment, and an increase in data processing expenses.

The effective income tax rate for second quarter 2023 was 20.1%.

Capital

Common stockholders’ equity at June 30, 2023 totaled $3.6 billion, up $23.2 million, or 1%, from March 31, 2023. The tangible common equity (TCE) ratio was 7.50%, up 34 bps from March 31, 2023. The company’s CET1 ratio is estimated to be 11.83% at June 30, 2023, up 23 bps linked-quarter. The company’s share buyback authorization (allowing the repurchase of up to 4,297,000 shares of the company’s outstanding common stock), is set to expire on December 31, 2024. No shares were repurchased in the second quarter of 2023.

Conference Call and Slide Presentation

Management will host a conference call for analysts and investors at 4:00 p.m. Central Time on Tuesday, July 18, 2023 to review second quarter 2023 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 first quarter results are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial 888-210-2654 or 646-960-0278, access code 6914431.

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 July 25, 2023 by dialing 800-770-2030 or 647-362-9199, access code 6914431.

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 Mississippi, Alabama, Florida, Louisiana, and Texas offer comprehensive financial products and services, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; healthcare banking; and mortgage services. The company also operates combined loan and deposit production offices in the greater metropolitan areas of Nashville, Tennessee and Atlanta, Georgia. More information is available at www.hancockwhitney.com.

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.” We use 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 our business.

We define Operating Pre-Provision Net Revenue as total revenue (te) less noninterest expense, excluding nonoperating items. Management believes that operating 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.

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, 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, the impacts related to Russia’s military action in Ukraine, Federal Reserve action with respect to interest rates, the adequacy of our enterprise risk management framework, potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions, as well as the impact of recent negative developments affecting the banking industry and the resulting media coverage; the potential 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 reference rate reform, deposit trends, credit quality trends, the impact of natural or man-made disasters, the impact of current and future economic conditions, including the effects of declines in the real estate market, high unemployment, inflationary pressures, elevated interest rates 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, accretion levels and expected returns.

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 December 31, 2022, Part II, “Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the period ended March 31, 2023, and in other periodic reports that we file with the SEC.

HANCOCK WHITNEY CORPORATION
FINANCIAL HIGHLIGHTS
(Unaudited)
		Three Months Ended												Six Months Ended
(dollars and common share data in thousands, except per share amounts)		6/30/2023				3/31/2023				6/30/2022				6/30/2023				6/30/2022
NET INCOME
Net interest income		$	273,911			$	284,994			$	245,732			$	558,905			$	474,195
Net interest income (TE) (a)			276,748				287,578				248,317				564,326				479,325
Provision for credit losses			7,633				6,020				(9,761	)			13,653				(32,288	)
Noninterest income			83,225				80,330				85,653				163,555				169,085
Noninterest expense			202,138				200,884				187,097				403,022				367,036
Income tax expense			29,571				31,953				32,614				61,524				63,619
Net income		$	117,794			$	126,467			$	121,435			$	244,261			$	244,913
PERIOD-END BALANCE SHEET DATA
Loans		$	23,789,886			$	23,404,523			$	21,846,068			$	23,789,886			$	21,846,068
Securities			8,195,679				8,390,684				8,531,393				8,195,679				8,531,393
Earning assets			32,715,630				34,106,792				31,292,910				32,715,630				31,292,910
Total assets			36,210,148				37,547,083				34,637,525				36,210,148				34,637,525
Noninterest-bearing deposits			12,171,817				12,860,027				14,676,342				12,171,817				14,676,342
Total deposits			30,043,501				29,613,070				29,866,432				30,043,501				29,866,432
Common stockholders' equity			3,554,476				3,531,232				3,349,723				3,554,476				3,349,723
AVERAGE BALANCE SHEET DATA
Loans		$	23,654,994			$	23,086,529			$	21,657,528			$	23,372,331			$	21,391,262
Securities (b)			9,007,821				9,137,034				8,979,364				9,072,071				8,834,367
Earning assets			33,619,829				32,753,781				32,780,813				33,189,197				32,990,206
Total assets			36,205,396				35,159,050				35,380,247				35,685,113				35,690,303
Noninterest-bearing deposits			12,153,453				12,963,133				14,655,800				12,556,056				14,510,370
Total deposits			29,372,899				28,792,851				29,979,940				29,084,477				30,004,728
Common stockholders' equity			3,567,260				3,412,813				3,383,789				3,490,463				3,494,809
COMMON SHARE DATA
Earnings per share - diluted		$	1.35			$	1.45			$	1.38			$	2.80			$	2.78
Cash dividends per share			0.30				0.30				0.27				0.60				0.54
Book value per share (period-end)			41.27				41.03				39.08				41.27				39.08
Tangible book value per share (period-end)			30.76				30.47				28.37				30.76				28.37
Weighted average number of shares - diluted			86,370				86,282				86,354				86,350				86,654
Period-end number of shares			86,123				86,066				85,714				86,123				85,714
Market data
High sales price		$	43.73			$	54.38			$	53.15			$	54.38			$	59.82
Low sales price			31.02				34.42				42.61				31.02				42.61
Period-end closing price			38.38				36.40				44.33				38.38				44.33
Trading volume			38,854				39,030				27,493				77,885				56,498
PERFORMANCE RATIOS
Return on average assets			1.30	%			1.46	%			1.38	%			1.38	%			1.38	%
Return on average common equity			13.24	%			15.03	%			14.39	%			14.11	%			14.13	%
Return on average tangible common equity			17.76	%			20.49	%			19.77	%			19.08	%			19.20	%
Tangible common equity ratio (c)			7.50	%			7.16	%			7.21	%			7.50	%			7.21	%
Net interest margin (TE)			3.30	%			3.55	%			3.04	%			3.42	%			2.92	%
Noninterest income as a percentage of total revenue (TE)			23.12	%			21.83	%			25.65	%			22.47	%			26.08	%
Efficiency ratio (d)			55.33	%			53.76	%			54.95	%			54.54	%			55.47	%
Average loan/deposit ratio			80.53	%			80.18	%			72.24	%			80.36	%			71.29	%
Allowance for loan losses as a percentage of period-end loans			1.32	%			1.32	%			1.41	%			1.32	%			1.41	%
Allowance for credit losses as a percentage of period-end loans (e)			1.45	%			1.46	%			1.55	%			1.45	%			1.55	%
Annualized net charge-offs to average loans			0.06	%			0.10	%			(0.01	)%			0.08	%			(0.00	)%
Allowance for loan losses as a % of nonaccrual loans			402.07	%			569.31	%			809.58	%			402.07	%			809.58	%
FTE headcount			3,705				3,679				3,594				3,705				3,594

(a)		Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.
(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.

HANCOCK WHITNEY CORPORATION
QUARTERLY FINANCIAL HIGHLIGHTS
(Unaudited)
		Three Months Ended
(dollars and common share data in thousands, except per share amounts)		6/30/2023				3/31/2023				12/31/2022				9/30/2022				6/30/2022
NET INCOME
Net interest income		$	273,911			$	284,994			$	295,501			$	280,307			$	245,732
Net interest income (TE) (a)			276,748				287,578				298,116				282,910				248,317
Provision for credit losses			7,633				6,020				2,487				1,402				(9,761	)
Noninterest income			83,225				80,330				77,064				85,337				85,653
Noninterest expense			202,138				200,884				190,154				193,502				187,097
Income tax expense			29,571				31,953				36,137				35,351				32,614
Net income		$	117,794			$	126,467			$	143,787			$	135,389			$	121,435
PERIOD-END BALANCE SHEET DATA
Loans		$	23,789,886			$	23,404,523			$	23,114,046			$	22,585,585			$	21,846,068
Securities			8,195,679				8,390,684				8,408,536				8,333,191				8,531,393
Earning assets			32,715,630				34,106,792				31,873,027				31,213,449				31,292,910
Total assets			36,210,148				37,547,083				35,183,825				34,567,242				34,637,525
Noninterest-bearing deposits			12,171,817				12,860,027				13,645,113				14,290,817				14,676,342
Total deposits			30,043,501				29,613,070				29,070,349				28,951,274				29,866,432
Common stockholders' equity			3,554,476				3,531,232				3,342,628				3,180,439				3,349,723
AVERAGE BALANCE SHEET DATA
Loans		$	23,654,994			$	23,086,529			$	22,723,248			$	22,138,709			$	21,657,528
Securities (b)			9,007,821				9,137,034				9,200,511				9,177,460				8,979,364
Earning assets			33,619,829				32,753,781				32,244,681				31,783,801				32,780,813
Total assets			36,205,396				35,159,050				34,498,915				34,377,773				35,380,247
Noninterest-bearing deposits			12,153,453				12,963,133				13,854,625				14,323,646				14,655,800
Total deposits			29,372,899				28,792,851				28,816,338				29,180,626				29,979,940
Common stockholders' equity			3,567,260				3,412,813				3,228,667				3,405,463				3,383,789
COMMON SHARE DATA
Earnings per share - diluted		$	1.35			$	1.45			$	1.65			$	1.55			$	1.38
Cash dividends per share			0.30				0.30				0.27				0.27				0.27
Book value per share (period-end)			41.27				41.03				38.89				37.12				39.08
Tangible book value per share (period-end)			30.76				30.47				28.29				26.44				28.37
Weighted average number of shares - diluted			86,370				86,282				86,249				86,020				86,354
Period-end number of shares			86,123				86,066				85,941				85,686				85,714
Market data
High sales price		$	43.73			$	54.38			$	57.00			$	52.65			$	53.15
Low sales price			31.02				34.42				45.64				41.62				42.61
Period-end closing price			38.38				36.40				48.39				45.81				44.33
Trading volume			38,854				39,030				29,996				24,976				27,493
PERFORMANCE RATIOS
Return on average assets			1.30	%			1.46	%			1.65	%			1.56	%			1.38	%
Return on average common equity			13.24	%			15.03	%			17.67	%			15.77	%			14.39	%
Return on average tangible common equity			17.76	%			20.49	%			24.64	%			21.58	%			19.77	%
Tangible common equity ratio (c)			7.50	%			7.16	%			7.09	%			6.73	%			7.21	%
Net interest margin (TE)			3.30	%			3.55	%			3.68	%			3.54	%			3.04	%
Noninterest income as a percentage of total revenue (TE)			23.12	%			21.83	%			20.54	%			23.17	%			25.65	%
Efficiency ratio (d)			55.33	%			53.76	%			49.81	%			51.62	%			54.95	%
Average loan/deposit ratio			80.53	%			80.18	%			78.86	%			75.87	%			72.24	%
Allowance for loan losses as a percentage of period-end loans			1.32	%			1.32	%			1.33	%			1.36	%			1.41	%
Allowance for credit losses as a percentage of period-end loans (e)			1.45	%			1.46	%			1.48	%			1.50	%			1.55	%
Annualized net charge-offs to average loans			0.06	%			0.10	%			0.02	%			0.02	%			(0.01	)%
Allowance for loan losses as a % of nonaccrual loans			402.07	%			569.31	%			789.38	%			769.00	%			809.58	%
FTE headcount			3,705				3,679				3,627				3,607				3,594

(a)		Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.
(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/20230718926048/en/

Kathryn Shrout Mistich, VP, Investor Relations Manager

504.539.7836 or kathryn.mistich@hancockwhitney.com

Source: Hancock Whitney Corporation

FAQ

What was Hancock Whitney Corporation's net income for Q2 2023?

Hancock Whitney Corporation reported net income of $117.8 million for Q2 2023.

What was the growth rate of deposits in Q2 2023?

Deposits increased by 6% in Q2 2023.

How much did loans grow in Q2 2023?

Loans grew by 7% in Q2 2023.

What was the CET1 ratio in Q2 2023?

The CET1 ratio was estimated at 11.83% in Q2 2023.

What was the net interest margin (NIM) in Q2 2023?

The net interest margin (NIM) was 3.30% in Q2 2023.

What was the change in noninterest income in Q2 2023?

Noninterest income increased by 4% to $83.2 million in Q2 2023.

What was the change in noninterest expense in Q2 2023?

Noninterest expense increased by 1% to $202.1 million in Q2 2023.

What was the common stockholders' equity in Q2 2023?

Common stockholders' equity was $3.6 billion in Q2 2023.