Hancock Whitney reports second quarter 2024 EPS of $1.31
Hancock Whitney (Nasdaq: HWC) reported Q2 2024 earnings of $114.6 million, or $1.31 per diluted share, up from $108.6 million, or $1.24 per share in Q1 2024. Key highlights include:
- Net interest margin increased to 3.37%, up 5 bps from Q1
- Loans decreased by $59.3 million, or 1% linked quarter annualized (LQA)
- Deposits decreased by $575.2 million, or 8% LQA
- Efficiency ratio improved to 56.18%, down 26 bps linked-quarter
- CET1 ratio estimated at 13.25%, up 60 bps linked-quarter
The company maintained a solid allowance for credit losses (ACL) coverage of 1.43% and resumed share buybacks during the quarter. Management expects 2024 period-end loan and deposit levels to be flat to slightly down from year-end 2023.
- Q2 2024 EPS increased to $1.31 from $1.24 in Q1 2024
- Net interest margin expanded by 5 bps to 3.37%
- Efficiency ratio improved by 26 bps to 56.18%
- CET1 ratio increased by 60 bps to 13.25%
- Company resumed share buybacks and increased common dividend
- Noninterest income grew by 2% linked-quarter
- Trust fees increased by 8% linked-quarter
- Loans decreased by $59.3 million or 1% LQA
- Deposits decreased by $575.2 million or 8% LQA
- Criticized commercial loans increased to 2.05% of total commercial loans from 1.83% in Q1
- Nonaccrual loans increased to 0.36% of total loans from 0.34% in Q1
Hancock Whitney Corporation reported a second quarter 2024 EPS of
Despite the upbeat EPS, total loans and deposits saw a slight decline. Loans decreased by
The company’s credit quality metrics are stable, with a slight improvement in the allowance for credit losses (ACL) to loan ratio, currently at
From a capital perspective, Hancock Whitney is robust, with the CET1 ratio estimated at
For retail investors, this report suggests a balanced picture. The improvements in profitability and NIM are positive signs, but the decline in deposits warrants close monitoring. The healthy capital ratios and stable credit metrics are reassuring.
Hancock Whitney Corporation’s second quarter 2024 results reflect several key trends in the banking industry. The decline in deposits is in line with broader industry challenges as banks face increased competition for deposits amid higher interest rates. This
The company's focus on controlling expenses and improving efficiency is evident with a
The noninterest income saw a modest rise, with bank card and ATM fees up
For retail investors, the company's strategy to balance loan growth with careful credit risk management and maintaining strong capital ratios is a positive. The slight decline in loans and deposits is a point to watch, but the overall financial health appears solid.
Second Quarter 2024 Highlights
-
Net income totaled
, compared to$114.6 million in the prior quarter$108.6 million -
Adjusted pre-provision net revenue (PPNR) totaled
, compared to$156.4 million in the prior quarter$152.9 million -
Loans decreased
, or$59.3 million 1% linked quarter annualized (LQA) -
Deposits decreased
, or$575.2 million 8% LQA - Criticized commercial loans and nonaccrual loans continued to normalize
-
ACL coverage solid at
1.43% , up 1 bp compared to prior quarter -
NIM
3.37% , up 5 bps compared to prior quarter -
CET1 ratio estimated at
13.25% , up 60 bps linked-quarter; TCE ratio8.77% , up 16 bps linked-quarter -
Efficiency ratio
56.18% , down 26 bps linked-quarter
“We are very pleased with the results of the second quarter,” said John M. Hairston, President & CEO. “We continued to improve profitability with NIM expansion, fee income growth, and a focus on controlling expenses. Credit metrics continued to normalize, reflecting a more stable direction, and we’ve maintained a solid ACL to loans of
Loans
Total loans were
Average loans totaled
Deposits
Total deposits at June 30, 2024 were
DDAs totaled
Average deposits for the second 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 second quarter of 2024 was
Average earning assets were
Noninterest Income
Noninterest income totaled
Service charges on deposits were virtually unchanged from the first quarter of 2024. Bank card and ATM fees were up
Investment and annuity income and insurance fees were down
Other noninterest income was
Noninterest Expense & Taxes
Noninterest expense totaled
Personnel expense totaled
ORE and other foreclosed assets was a net gain of
Other expense totaled
The effective income tax rate for the second quarter of 2024 was
Capital
Common stockholders’ equity at June 30, 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, July 16, 2024 to review second 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 second 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 23, 2024 by dialing 800-770-2030 or 609-800-9909, 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
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 impacts related to Russia’s military action in
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 | Six Months Ended | |||||||||||||||||||
(dollars and common share data in thousands, except per share amounts) | 6/30/2024 | 3/31/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | |||||||||||||||
NET INCOME | ||||||||||||||||||||
Net interest income | $ |
270,430 |
|
$ |
266,171 |
|
$ |
273,911 |
|
$ |
536,601 |
|
$ |
558,905 |
|
|||||
Net interest income (TE) (a) |
|
273,258 |
|
|
269,001 |
|
|
276,748 |
|
|
542,259 |
|
|
564,326 |
|
|||||
Provision for credit losses |
|
8,723 |
|
|
12,968 |
|
|
7,633 |
|
|
21,691 |
|
|
13,653 |
|
|||||
Noninterest income |
|
89,174 |
|
|
87,851 |
|
|
83,225 |
|
|
177,025 |
|
|
163,555 |
|
|||||
Noninterest expense |
|
206,016 |
|
|
207,722 |
|
|
202,138 |
|
|
413,738 |
|
|
403,022 |
|
|||||
Income tax expense |
|
30,308 |
|
|
24,720 |
|
|
29,571 |
|
|
55,028 |
|
|
61,524 |
|
|||||
Net income | $ |
114,557 |
|
$ |
108,612 |
|
$ |
117,794 |
|
$ |
223,169 |
|
$ |
244,261 |
|
|||||
Supplemental disclosure items - included above, pre-tax | ||||||||||||||||||||
Included in noninterest expense | ||||||||||||||||||||
FDIC special assessment | $ |
— |
|
$ |
3,800 |
|
$ |
— |
|
$ |
3,800 |
|
$ |
— |
|
|||||
PERIOD-END BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ |
23,911,616 |
|
$ |
23,970,938 |
|
$ |
23,789,886 |
|
$ |
23,911,616 |
|
$ |
23,789,886 |
|
|||||
Securities |
|
7,535,836 |
|
|
7,559,182 |
|
|
8,195,679 |
|
|
7,535,836 |
|
|
8,195,679 |
|
|||||
Earning assets |
|
32,056,415 |
|
|
31,985,610 |
|
|
32,715,630 |
|
|
32,056,415 |
|
|
32,715,630 |
|
|||||
Total assets |
|
35,412,291 |
|
|
35,247,119 |
|
|
36,210,148 |
|
|
35,412,291 |
|
|
36,210,148 |
|
|||||
Noninterest-bearing deposits |
|
10,642,213 |
|
|
10,802,127 |
|
|
12,171,817 |
|
|
10,642,213 |
|
|
12,171,817 |
|
|||||
Total deposits |
|
29,200,718 |
|
|
29,775,906 |
|
|
30,043,501 |
|
|
29,200,718 |
|
|
30,043,501 |
|
|||||
Common stockholders' equity |
|
3,920,718 |
|
|
3,853,436 |
|
|
3,554,476 |
|
|
3,920,718 |
|
|
3,554,476 |
|
|||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ |
23,917,361 |
|
$ |
23,810,163 |
|
$ |
23,654,994 |
|
$ |
23,863,762 |
|
$ |
23,372,331 |
|
|||||
Securities (b) |
|
8,214,172 |
|
|
8,197,410 |
|
|
9,007,821 |
|
|
8,205,791 |
|
|
9,072,071 |
|
|||||
Earning assets |
|
32,539,363 |
|
|
32,556,821 |
|
|
33,619,829 |
|
|
32,548,092 |
|
|
33,189,197 |
|
|||||
Total assets |
|
34,998,880 |
|
|
35,101,869 |
|
|
36,205,396 |
|
|
35,050,375 |
|
|
35,685,113 |
|
|||||
Noninterest-bearing deposits |
|
10,526,903 |
|
|
10,673,060 |
|
|
12,153,453 |
|
|
10,599,981 |
|
|
12,556,056 |
|
|||||
Total deposits |
|
29,069,097 |
|
|
29,560,956 |
|
|
29,372,899 |
|
|
29,315,026 |
|
|
29,084,477 |
|
|||||
Common stockholders' equity |
|
3,826,296 |
|
|
3,818,840 |
|
|
3,567,260 |
|
|
3,822,568 |
|
|
3,490,463 |
|
|||||
COMMON SHARE DATA | ||||||||||||||||||||
Earnings per share - diluted | $ |
1.31 |
|
$ |
1.24 |
|
$ |
1.35 |
|
$ |
2.55 |
|
$ |
2.80 |
|
|||||
Cash dividends per share |
|
0.40 |
|
|
0.30 |
|
|
0.30 |
|
|
0.70 |
|
|
0.60 |
|
|||||
Book value per share (period-end) |
|
45.40 |
|
|
44.49 |
|
|
41.27 |
|
|
45.40 |
|
|
41.27 |
|
|||||
Tangible book value per share (period-end) |
|
35.04 |
|
|
34.12 |
|
|
30.76 |
|
|
35.04 |
|
|
30.76 |
|
|||||
Weighted average number of shares - diluted |
|
86,765 |
|
|
86,726 |
|
|
86,370 |
|
|
86,768 |
|
|
86,350 |
|
|||||
Period-end number of shares |
|
86,355 |
|
|
86,622 |
|
|
86,123 |
|
|
86,355 |
|
|
86,123 |
|
|||||
Market data | ||||||||||||||||||||
High sales price | $ |
49.11 |
|
$ |
49.10 |
|
$ |
43.73 |
|
$ |
49.11 |
|
$ |
54.38 |
|
|||||
Low sales price |
|
41.56 |
|
|
41.19 |
|
|
31.02 |
|
|
41.19 |
|
|
31.02 |
|
|||||
Period-end closing price |
|
47.83 |
|
|
46.04 |
|
|
38.38 |
|
|
47.83 |
|
|
38.38 |
|
|||||
Trading volume |
|
29,308 |
|
|
30,508 |
|
|
38,854 |
|
|
59,816 |
|
|
77,885 |
|
|||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets |
|
1.32 |
% |
|
1.24 |
% |
|
1.30 |
% |
|
1.28 |
% |
|
1.38 |
% |
|||||
Return on average common equity |
|
12.04 |
% |
|
11.44 |
% |
|
13.24 |
% |
|
11.74 |
% |
|
14.11 |
% |
|||||
Return on average tangible common equity |
|
15.73 |
% |
|
14.96 |
% |
|
17.76 |
% |
|
15.34 |
% |
|
19.08 |
% |
|||||
Tangible common equity ratio (c) |
|
8.77 |
% |
|
8.61 |
% |
|
7.50 |
% |
|
8.77 |
% |
|
7.50 |
% |
|||||
Net interest margin (TE) |
|
3.37 |
% |
|
3.32 |
% |
|
3.30 |
% |
|
3.34 |
% |
|
3.42 |
% |
|||||
Noninterest income as a percentage of total revenue (TE) |
|
24.60 |
% |
|
24.62 |
% |
|
23.12 |
% |
|
24.61 |
% |
|
22.47 |
% |
|||||
Efficiency ratio (d) |
|
56.18 |
% |
|
56.44 |
% |
|
55.33 |
% |
|
56.31 |
% |
|
54.54 |
% |
|||||
Average loan/deposit ratio |
|
82.28 |
% |
|
80.55 |
% |
|
80.53 |
% |
|
81.40 |
% |
|
80.36 |
% |
|||||
Allowance for loan losses as a percentage of period-end loans |
|
1.32 |
% |
|
1.31 |
% |
|
1.32 |
% |
|
1.32 |
% |
|
1.32 |
% |
|||||
Allowance for credit losses as a percentage of period-end loans (e) |
|
1.43 |
% |
|
1.42 |
% |
|
1.45 |
% |
|
1.43 |
% |
|
1.45 |
% |
|||||
Annualized net charge-offs to average loans |
|
0.12 |
% |
|
0.15 |
% |
|
0.06 |
% |
|
0.14 |
% |
|
0.08 |
% |
|||||
Allowance for loan losses as a % of nonaccrual loans |
|
366.54 |
% |
|
382.21 |
% |
|
402.07 |
% |
|
366.54 |
% |
|
402.07 |
% |
|||||
FTE headcount |
|
3,541 |
|
|
3,564 |
|
|
3,705 |
|
|
3,541 |
|
|
3,705 |
|
|||||
(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) | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | |||||||||||||||
NET INCOME | ||||||||||||||||||||
Net interest income | $ |
270,430 |
|
$ |
266,171 |
|
$ |
269,460 |
|
$ |
269,234 |
|
$ |
273,911 |
|
|||||
Net interest income (TE) (a) |
|
273,258 |
|
|
269,001 |
|
|
272,294 |
|
|
272,086 |
|
|
276,748 |
|
|||||
Provision for credit losses |
|
8,723 |
|
|
12,968 |
|
|
16,952 |
|
|
28,498 |
|
|
7,633 |
|
|||||
Noninterest income |
|
89,174 |
|
|
87,851 |
|
|
38,951 |
|
|
85,974 |
|
|
83,225 |
|
|||||
Noninterest expense |
|
206,016 |
|
|
207,722 |
|
|
229,151 |
|
|
204,675 |
|
|
202,138 |
|
|||||
Income tax expense |
|
30,308 |
|
|
24,720 |
|
|
11,705 |
|
|
24,297 |
|
|
29,571 |
|
|||||
Net income | $ |
114,557 |
|
$ |
108,612 |
|
$ |
50,603 |
|
$ |
97,738 |
|
$ |
117,794 |
|
|||||
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 | $ |
23,911,616 |
|
$ |
23,970,938 |
|
$ |
23,921,917 |
|
$ |
23,983,679 |
|
$ |
23,789,886 |
|
|||||
Securities |
|
7,535,836 |
|
|
7,559,182 |
|
|
7,599,974 |
|
|
7,916,101 |
|
|
8,195,679 |
|
|||||
Earning assets |
|
32,056,415 |
|
|
31,985,610 |
|
|
32,175,097 |
|
|
32,733,591 |
|
|
32,715,630 |
|
|||||
Total assets |
|
35,412,291 |
|
|
35,247,119 |
|
|
35,578,573 |
|
|
36,298,301 |
|
|
36,210,148 |
|
|||||
Noninterest-bearing deposits |
|
10,642,213 |
|
|
10,802,127 |
|
|
11,030,515 |
|
|
11,626,371 |
|
|
12,171,817 |
|
|||||
Total deposits |
|
29,200,718 |
|
|
29,775,906 |
|
|
29,690,059 |
|
|
30,320,337 |
|
|
30,043,501 |
|
|||||
Common stockholders' equity |
|
3,920,718 |
|
|
3,853,436 |
|
|
3,803,661 |
|
|
3,501,003 |
|
|
3,554,476 |
|
|||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ |
23,917,361 |
|
$ |
23,810,163 |
|
$ |
23,795,681 |
|
$ |
23,830,724 |
|
$ |
23,654,994 |
|
|||||
Securities (b) |
|
8,214,172 |
|
|
8,197,410 |
|
|
8,579,444 |
|
|
8,888,477 |
|
|
9,007,821 |
|
|||||
Earning assets |
|
32,539,363 |
|
|
32,556,821 |
|
|
33,128,130 |
|
|
33,137,565 |
|
|
33,619,829 |
|
|||||
Total assets |
|
34,998,880 |
|
|
35,101,869 |
|
|
35,538,300 |
|
|
35,626,927 |
|
|
36,205,396 |
|
|||||
Noninterest-bearing deposits |
|
10,526,903 |
|
|
10,673,060 |
|
|
11,132,354 |
|
|
11,453,236 |
|
|
12,153,453 |
|
|||||
Total deposits |
|
29,069,097 |
|
|
29,560,956 |
|
|
29,974,941 |
|
|
29,757,180 |
|
|
29,372,899 |
|
|||||
Common stockholders' equity |
|
3,826,296 |
|
|
3,818,840 |
|
|
3,560,978 |
|
|
3,572,487 |
|
|
3,567,260 |
|
|||||
COMMON SHARE DATA | ||||||||||||||||||||
Earnings per share - diluted | $ |
1.31 |
|
$ |
1.24 |
|
$ |
0.58 |
|
$ |
1.12 |
|
$ |
1.35 |
|
|||||
Cash dividends per share |
|
0.40 |
|
|
0.30 |
|
|
0.30 |
|
|
0.30 |
|
|
0.30 |
|
|||||
Book value per share (period-end) |
|
45.40 |
|
|
44.49 |
|
|
44.05 |
|
|
40.64 |
|
|
41.27 |
|
|||||
Tangible book value per share (period-end) |
|
35.04 |
|
|
34.12 |
|
|
33.63 |
|
|
30.16 |
|
|
30.76 |
|
|||||
Weighted average number of shares - diluted |
|
86,765 |
|
|
86,726 |
|
|
86,604 |
|
|
86,437 |
|
|
86,370 |
|
|||||
Period-end number of shares |
|
86,355 |
|
|
86,622 |
|
|
86,345 |
|
|
86,148 |
|
|
86,123 |
|
|||||
Market data | ||||||||||||||||||||
High sales price | $ |
49.11 |
|
$ |
49.10 |
|
$ |
49.65 |
|
$ |
45.15 |
|
$ |
43.73 |
|
|||||
Low sales price |
|
41.56 |
|
|
41.19 |
|
|
32.16 |
|
|
35.34 |
|
|
31.02 |
|
|||||
Period-end closing price |
|
47.83 |
|
|
46.04 |
|
|
48.59 |
|
|
36.99 |
|
|
38.38 |
|
|||||
Trading volume |
|
29,308 |
|
|
30,508 |
|
|
38,574 |
|
|
34,506 |
|
|
38,854 |
|
|||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets |
|
1.32 |
% |
|
1.24 |
% |
|
0.56 |
% |
|
1.09 |
% |
|
1.30 |
% |
|||||
Return on average common equity |
|
12.04 |
% |
|
11.44 |
% |
|
5.64 |
% |
|
10.85 |
% |
|
13.24 |
% |
|||||
Return on average tangible common equity |
|
15.73 |
% |
|
14.96 |
% |
|
7.55 |
% |
|
14.53 |
% |
|
17.76 |
% |
|||||
Tangible common equity ratio (c) |
|
8.77 |
% |
|
8.61 |
% |
|
8.37 |
% |
|
7.34 |
% |
|
7.50 |
% |
|||||
Net interest margin (TE) |
|
3.37 |
% |
|
3.32 |
% |
|
3.27 |
% |
|
3.27 |
% |
|
3.30 |
% |
|||||
Noninterest income as a percentage of total revenue (TE) |
|
24.60 |
% |
|
24.62 |
% |
|
12.51 |
% |
|
24.01 |
% |
|
23.12 |
% |
|||||
Efficiency ratio (d) |
|
56.18 |
% |
|
56.44 |
% |
|
55.58 |
% |
|
56.38 |
% |
|
55.33 |
% |
|||||
Average loan/deposit ratio |
|
82.28 |
% |
|
80.55 |
% |
|
79.39 |
% |
|
80.08 |
% |
|
80.53 |
% |
|||||
Allowance for loan losses as a percentage of period-end loans |
|
1.32 |
% |
|
1.31 |
% |
|
1.29 |
% |
|
1.28 |
% |
|
1.32 |
% |
|||||
Allowance for credit losses as a percentage of period-end loans (e) |
|
1.43 |
% |
|
1.42 |
% |
|
1.41 |
% |
|
1.40 |
% |
|
1.45 |
% |
|||||
Annualized net charge-offs to average loans |
|
0.12 |
% |
|
0.15 |
% |
|
0.27 |
% |
|
0.64 |
% |
|
0.06 |
% |
|||||
Allowance for loan losses as a % of nonaccrual loans |
|
366.54 |
% |
|
382.21 |
% |
|
521.56 |
% |
|
507.68 |
% |
|
402.07 |
% |
|||||
FTE headcount |
|
3,541 |
|
|
3,564 |
|
|
3,591 |
|
|
3,681 |
|
|
3,705 |
|
|||||
(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/20240716548501/en/
Kathryn Shrout Mistich, VP, Investor Relations Manager
504.539.7836 or kathryn.mistich@hancockwhitney.com
Source: Hancock Whitney
FAQ
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