Hancock Whitney reports third quarter 2020 EPS of $.90
Hancock Whitney Corporation (Nasdaq: HWC) reported a net income of $79.4 million for Q3 2020, or $0.90 per diluted share. This is a significant recovery from a net loss of $117.1 million in Q2 2020. The improvement is attributed to effective de-risking strategies and a normalized provision for credit losses of $25 million. The CET1 ratio rose to 10.29%, reflecting stronger capital levels. However, total loans decreased by $388 million, primarily due to limited demand amid the pandemic. Nonperforming loans declined by $13 million (7%) but criticized loans rose by $64 million (18%).
- Net income increased to $79.4 million in Q3 2020, up from a loss of $117.1 million in Q2 2020.
- CET1 ratio improved to 10.29%, indicating strengthening capital levels.
- Pre-provision net revenue rose by 7% linked quarter to $126.3 million.
- Nonperforming loans decreased by $13 million (7%) in Q3 2020.
- Total loans decreased by $388 million (2%) linked quarter, reflecting limited demand.
- Criticized commercial loans increased by $64 million (18%), indicating pandemic impact.
GULFPORT, Miss., Oct. 20, 2020 (GLOBE NEWSWIRE) -- Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the third quarter of 2020. Net income for the third quarter of 2020 was
On July 21, 2020, the Company sold
“I am very pleased to report a return to profitability this quarter,” said John M. Hairston, President and CEO. “The de-risking strategies implemented in the first half of 2020 positioned us for better results moving forward, as exhibited by performance in the third quarter. While still impacted by the pandemic-related economy, we reported solid results and began rebuilding capital. Pre-provision net revenue was up
Third Quarter 2020 Highlights
- Pre-provision net revenue (PPNR) totaled
$126.3 million , up$7.8 million , or7% , linked-quarter - Provision totaled
$25 million , ACL remains strong at2.16% , or2.40% excluding PPP loans - NIM stable at
3.23% - Improving capital levels; CET1 ratio of
10.29% , up 51 bps TCE ratio7.53% , up 20 bps - Nonperforming loans declined
$13 million , or7% - Criticized commercial loans increased
$64 million , or18% , reflecting the impact of COVID-19 - Loans declined
$388 million from June 30, 2020 reflecting the current economic environment - Core deposits resilient, decline in total deposits mainly reflects a reduction in brokered CD funding
Loans
Loans totaled
The contraction in loan balances in the third quarter was related to limited demand throughout our footprint in light of the current economic environment as a result of COVID-19. The decline was driven by decreases in mortgage, indirect and consumer loans, as well as a reduction of
Management’s expectations for loan growth through the remainder of the year are tempered given today’s economic environment and continued contraction in total loans is expected for the fourth quarter of 2020.
Deposits
Total deposits at September 30, 2020 were
DDAs totaled
Average deposits for the third quarter of 2020 were
Asset Quality
The total allowance for credit losses (ACL) was
Net charge-offs totaled
The ratio of ACL to period-end loans was
Beginning in the first quarter of 2020, the company began offering loan deferrals to customers impacted by COVID-19. Deferrals peaked in May 2020 with 9,252 notes totaling
Nonperforming assets (NPAs) totaled
Net Interest Income and Net Interest Margin (NIM)
Net interest income (TE) for the third quarter of 2020 was
The net interest margin (TE) was
Average earning assets were
Noninterest Income
Noninterest income totaled
Increased activity was noted in service charges on deposits, up
Fees from secondary mortgage operations totaled
Other noninterest income totaled
Noninterest Expense & Taxes
Noninterest expense totaled
Total personnel expense was
Occupancy and equipment expense totaled
Other operating expense totaled
The effective income tax rate for the third quarter of 2020 was
Capital
Common stockholders’ equity at September 30, 2020 totaled
Conference Call and Slide Presentation
Management will host a conference call for analysts and investors at 4:00 p.m. Central Time on Tuesday, October 20, 2020 to review the results. A live listen-only webcast of the call will be available under the Investor Relations section of Hancock Whitney’s website at www.investors.hancockwhitney.com. A link to the release with additional financial tables, and a link to a slide presentation related to third quarter results are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial (877) 564-1219 or (973) 638-3429.
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 October 27, 2020 by dialing (855) 859-2056 or (404) 537-3406, passcode 6553289.
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; certain insurance services; and mortgage services. The company also operates a loan production office in Nashville, Tennessee. BauerFinancial, Inc., the nation’s leading independent bank rating and analysis firm, consistently recommends Hancock Whitney as one of America’s most financially sound banks. 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 Securities and Exchange Commission Industry Guide 3, 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 regarding 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, including energy-related credits, the impact of significant decreases in oil and gas prices on our energy portfolio, the impact of COVID-19 on the economy and our operations, the adequacy of our enterprise risk management framework, the impact of the MidSouth acquisition, or future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, success of revenue-generating 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 (including potential future legislation enacted as a result of the upcoming 2020 election), the impact of the referenced rate reform, deposit trends, credit quality trends, the impact of PPP loans on our results, changes in interest rates, net interest margin trends, future expense levels, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts, accretion levels and expected returns.
Given the many unknowns and risks being heavily weighted to the downside, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain COVID-19 are unsuccessful and restrictions on movement last into the fourth quarter or beyond, the recession would be much longer and much more severe. Ineffective fiscal stimulus, or an extended delay in implementing it, are also major downside risks. The deeper the recession is, and the longer it lasts, the more it will damage consumer fundamentals and sentiment. This could both prolong the recession, and/or make any recovery weaker. Similarly, the recession could damage business fundamentals, and an extended global recession due to COVID-19 would weaken the U.S. recovery. As a result, the outbreak and its consequences, including responsive measures to manage it, have had and are likely to continue to have an adverse effect, possibly materially, on our business and financial performance by adversely affecting, possibly materially, the demand and profitability of our products and services, the valuation of assets and our ability to meet the needs of our customers.
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, 2019, in Part II, “Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and in other periodic reports that we file with the SEC.
HANCOCK WHITNEY CORPORATION | ||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(dollars and common share data in thousands, except per share amounts) | 9/30/2020 | 6/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | |||||||||||||||
NET INCOME | ||||||||||||||||||||
Net interest income | $ | 235,183 | $ | 237,866 | $ | 222,939 | $ | 704,237 | $ | 662,061 | ||||||||||
Net interest income (TE) (a) | 238,372 | 241,114 | 226,591 | 714,122 | 673,255 | |||||||||||||||
Provision for credit losses | 24,999 | 306,898 | 12,421 | 578,690 | 38,552 | |||||||||||||||
Noninterest income | 83,748 | 73,943 | 83,230 | 242,078 | 232,983 | |||||||||||||||
Noninterest expense | 195,774 | 196,539 | 213,554 | 595,648 | 572,821 | |||||||||||||||
Income tax expense (benefit) | 18,802 | (74,556 | ) | 12,387 | (79,274 | ) | 48,423 | |||||||||||||
Net income (loss) | $ | 79,356 | $ | (117,072 | ) | $ | 67,807 | $ | (148,749 | ) | $ | 235,248 | ||||||||
For informational purposes - included above, pre-tax | ||||||||||||||||||||
Provision for credit loss associated with energy loan sale | $ | — | $ | 160,101 | $ | — | $ | 160,101 | $ | — | ||||||||||
Nonoperating merger-related expenses | — | — | 28,810 | — | 28,810 | |||||||||||||||
PERIOD-END BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ | 22,240,204 | $ | 22,628,377 | $ | 21,035,952 | $ | 22,240,204 | $ | 21,035,952 | ||||||||||
Securities | 7,056,276 | 6,381,803 | 6,404,719 | 7,056,276 | 6,404,719 | |||||||||||||||
Earning assets | 30,179,103 | 30,134,790 | 27,565,973 | 30,179,103 | 27,565,973 | |||||||||||||||
Total assets | 33,193,324 | 33,215,400 | 30,543,549 | 33,193,324 | 30,543,549 | |||||||||||||||
Noninterest-bearing deposits | 11,881,548 | 11,759,085 | 8,686,383 | 11,881,548 | 8,686,383 | |||||||||||||||
Total deposits | 27,030,659 | 27,322,268 | 24,201,299 | 27,030,659 | 24,201,299 | |||||||||||||||
Common stockholders' equity | 3,375,644 | 3,316,157 | 3,586,380 | 3,375,644 | 3,586,380 | |||||||||||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ | 22,407,825 | $ | 22,957,032 | $ | 20,197,114 | $ | 22,200,385 | $ | 20,158,313 | ||||||||||
Securities (b) | 6,389,214 | 6,129,616 | 6,004,688 | 6,223,361 | 5,750,530 | |||||||||||||||
Earning assets | 29,412,261 | 30,013,829 | 26,437,613 | 29,020,349 | 26,151,846 | |||||||||||||||
Total assets | 32,685,430 | 33,136,706 | 29,148,106 | 32,163,823 | 28,715,039 | |||||||||||||||
Noninterest-bearing deposits | 11,585,617 | 10,989,921 | 8,092,482 | 10,450,457 | 8,139,439 | |||||||||||||||
Total deposits | 26,763,795 | 26,702,622 | 23,091,355 | 25,934,258 | 23,114,269 | |||||||||||||||
Common stockholders' equity | 3,351,593 | 3,465,617 | 3,383,738 | 3,441,981 | 3,245,071 | |||||||||||||||
COMMON SHARE DATA | ||||||||||||||||||||
Earnings (loss) per share - diluted | $ | 0.90 | $ | (1.36 | ) | $ | 0.77 | $ | (1.73 | ) | $ | 2.69 | ||||||||
Cash dividends per share | 0.27 | 0.27 | 0.27 | 0.81 | 0.81 | |||||||||||||||
Book value per share (period-end) | 39.07 | 38.41 | 39.49 | 39.07 | 39.49 | |||||||||||||||
Tangible book value per share (period-end) | 28.11 | 27.38 | 28.73 | 28.11 | 28.73 | |||||||||||||||
Weighted average number of shares - diluted | 86,400 | 86,301 | 86,462 | 86,614 | 86,010 | |||||||||||||||
Period-end number of shares | 86,400 | 86,342 | 90,822 | 86,400 | 90,822 | |||||||||||||||
Market data | ||||||||||||||||||||
High sales price | $ | 22.23 | $ | 28.50 | $ | 42.11 | $ | 44.24 | $ | 44.74 | ||||||||||
Low sales price | 17.42 | 14.88 | 33.63 | 14.32 | 33.63 | |||||||||||||||
Period-end closing price | 18.81 | 21.20 | 38.30 | 18.81 | 38.30 | |||||||||||||||
Trading volume | 32,139 | 48,174 | 29,038 | 130,703 | 85,037 | |||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets | 0.97 | % | (1.42 | )% | 0.92 | % | (0.62 | )% | 1.10 | % | ||||||||||
Return on average common equity | 9.42 | % | (13.59 | )% | 7.95 | % | (5.77 | )% | 9.69 | % | ||||||||||
Return on average tangible common equity | 13.14 | % | (18.75 | )% | 10.77 | % | (7.99 | )% | 13.32 | % | ||||||||||
Tangible common equity ratio (c) | 7.53 | % | 7.33 | % | 8.82 | % | 7.53 | % | 8.82 | % | ||||||||||
Net interest margin (TE) | 3.23 | % | 3.23 | % | 3.41 | % | 3.29 | % | 3.44 | % | ||||||||||
Noninterest income as a percent of total revenue (TE) | 26.00 | % | 23.47 | % | 26.86 | % | 25.32 | % | 25.71 | % | ||||||||||
Efficiency ratio (d) | 59.29 | % | 60.74 | % | 58.05 | % | 60.69 | % | 58.37 | % | ||||||||||
Average loan/deposit ratio | 83.72 | % | 85.97 | % | 87.47 | % | 85.61 | % | 87.21 | % | ||||||||||
Allowance for loan losses as a percentage of period-end loans | 2.02 | % | 1.96 | % | 0.93 | % | 2.02 | % | 0.93 | % | ||||||||||
Allowance for credit losses as a percent of period-end loans (e) | 2.16 | % | 2.12 | % | 0.93 | % | 2.16 | % | 0.93 | % | ||||||||||
Annualized net charge-offs to average loans | 0.43 | % | 5.30 | % | 0.25 | % | 2.23 | % | 0.25 | % | ||||||||||
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due | 234.89 | % | 222.37 | % | 67.06 | % | 234.89 | % | 67.06 | % | ||||||||||
FTE headcount | 4,058 | 4,196 | 4,222 | 4,058 | 4,222 | |||||||||||||||
(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. | ||||||||||||||||||||
HANCOCK WHITNEY CORPORATION | ||||||||||||||||||||
QUARTERLY FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(dollars and common share data in thousands, except per share amounts) | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | |||||||||||||||
NET INCOME | ||||||||||||||||||||
Net interest income | $ | 235,183 | $ | 237,866 | $ | 231,188 | $ | 233,156 | $ | 222,939 | ||||||||||
Net interest income (TE) (a) | 238,372 | 241,114 | 234,636 | 236,736 | 226,591 | |||||||||||||||
Provision for credit losses | 24,999 | 306,898 | 246,793 | 9,156 | 12,421 | |||||||||||||||
Noninterest income | 83,748 | 73,943 | 84,387 | 82,924 | 83,230 | |||||||||||||||
Noninterest expense | 195,774 | 196,539 | 203,335 | 197,856 | 213,554 | |||||||||||||||
Income tax expense (benefit) | 18,802 | (74,556 | ) | (23,520 | ) | 16,936 | 12,387 | |||||||||||||
Net income (loss) | $ | 79,356 | $ | (117,072 | ) | $ | (111,033 | ) | $ | 92,132 | $ | 67,807 | ||||||||
For informational purposes - included above, pre-tax | ||||||||||||||||||||
Provision for credit loss associated with energy loan sale | $ | — | $ | 160,101 | $ | — | $ | — | $ | — | ||||||||||
Nonoperating merger-related expenses | — | — | — | 3,856 | 28,810 | |||||||||||||||
PERIOD-END BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ | 22,240,204 | $ | 22,628,377 | $ | 21,515,681 | $ | 21,212,755 | $ | 21,035,952 | ||||||||||
Securities | 7,056,276 | 6,381,803 | 6,374,490 | 6,243,313 | 6,404,719 | |||||||||||||||
Earning assets | 30,179,103 | 30,134,790 | 28,834,072 | 27,622,161 | 27,565,973 | |||||||||||||||
Total assets | 33,193,324 | 33,215,400 | 31,761,693 | 30,600,757 | 30,543,549 | |||||||||||||||
Noninterest-bearing deposits | 11,881,548 | 11,759,085 | 9,204,631 | 8,775,632 | 8,686,383 | |||||||||||||||
Total deposits | 27,030,659 | 27,322,268 | 25,008,496 | 23,803,575 | 24,201,299 | |||||||||||||||
Common stockholders' equity | 3,375,644 | 3,316,157 | 3,421,064 | 3,467,685 | 3,586,380 | |||||||||||||||
AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
Loans | $ | 22,407,825 | $ | 22,957,032 | $ | 21,234,016 | $ | 21,037,942 | $ | 20,197,114 | ||||||||||
Securities (b) | 6,389,214 | 6,129,616 | 6,149,432 | 6,201,612 | 6,004,688 | |||||||||||||||
Earning assets | 29,412,261 | 30,013,829 | 27,630,652 | 27,441,459 | 26,437,613 | |||||||||||||||
Total assets | 32,685,430 | 33,136,706 | 30,663,601 | 30,343,293 | 29,148,106 | |||||||||||||||
Noninterest-bearing deposits | 11,585,617 | 10,989,921 | 8,763,359 | 8,601,323 | 8,092,482 | |||||||||||||||
Total deposits | 26,763,795 | 26,702,622 | 24,327,242 | 23,848,374 | 23,091,355 | |||||||||||||||
Common stockholders' equity | 3,351,593 | 3,465,617 | 3,509,727 | 3,473,693 | 3,383,738 | |||||||||||||||
COMMON SHARE DATA | ||||||||||||||||||||
Earnings (loss) per share - diluted | $ | 0.90 | $ | (1.36 | ) | $ | (1.28 | ) | $ | 1.03 | $ | 0.77 | ||||||||
Cash dividends per share | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | |||||||||||||||
Book value per share (period-end) | 39.07 | 38.41 | 39.65 | 39.62 | 39.49 | |||||||||||||||
Tangible book value per share (period-end) | 28.11 | 27.38 | 28.56 | 28.63 | 28.73 | |||||||||||||||
Weighted average number of shares - diluted | 86,400 | 86,301 | 87,186 | 88,315 | 86,462 | |||||||||||||||
Period-end number of shares | 86,400 | 86,342 | 86,275 | 87,515 | 90,822 | |||||||||||||||
Market data | ||||||||||||||||||||
High sales price | $ | 22.23 | $ | 28.50 | $ | 44.24 | $ | 44.42 | $ | 42.11 | ||||||||||
Low sales price | 17.42 | 14.88 | 14.32 | 35.45 | 33.63 | |||||||||||||||
Period-end closing price | 18.81 | 21.20 | 19.52 | 43.88 | 38.30 | |||||||||||||||
Trading volume | 32,139 | 48,174 | 50,390 | 30,850 | 29,038 | |||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets | 0.97 | % | (1.42 | )% | (1.46 | )% | 1.20 | % | 0.92 | % | ||||||||||
Return on average common equity | 9.42 | % | (13.59 | )% | (12.72 | )% | 10.52 | % | 7.95 | % | ||||||||||
Return on average tangible common equity | 13.14 | % | (18.75 | )% | (17.51 | )% | 14.62 | % | 10.77 | % | ||||||||||
Tangible common equity ratio (c) | 7.53 | % | 7.33 | % | 8.00 | % | 8.45 | % | 8.82 | % | ||||||||||
Net interest margin (TE) | 3.23 | % | 3.23 | % | 3.41 | % | 3.43 | % | 3.41 | % | ||||||||||
Noninterest income as a percentage of total revenue (TE) | 26.00 | % | 23.47 | % | 26.45 | % | 25.94 | % | 26.86 | % | ||||||||||
Efficiency ratio (d) | 59.29 | % | 60.74 | % | 62.06 | % | 58.88 | % | 58.05 | % | ||||||||||
Average loan/deposit ratio | 83.72 | % | 85.97 | % | 87.28 | % | 88.22 | % | 87.47 | % | ||||||||||
Allowance for loan losses as a percent of period-end loans | 2.02 | % | 1.96 | % | 1.98 | % | 0.90 | % | 0.93 | % | ||||||||||
Allowance for credit losses as a percent of period-end loans (e) | 2.16 | % | 2.12 | % | 2.21 | % | 0.92 | % | 0.93 | % | ||||||||||
Annualized net charge-offs to average loans | 0.43 | % | 5.30 | % | 0.83 | % | 0.18 | % | 0.25 | % | ||||||||||
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due | 234.89 | % | 222.37 | % | 139.17 | % | 60.97 | % | 67.06 | % | ||||||||||
FTE headcount | 4,058 | 4,196 | 4,148 | 4,136 | 4,222 | |||||||||||||||
(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. | ||||||||||||||||||||
For more information
Trisha Voltz Carlson, EVP, Investor Relations Manager
504.299.5208 or trisha.carlson@hancockwhitney.com
FAQ
What were Hancock Whitney's Q3 2020 financial results?
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