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Hancock Whitney reports third quarter 2022 EPS of $1.55

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Hancock Whitney Corporation (Nasdaq: HWC) reported a net income of $135.4 million or $1.55 per diluted share for Q3 2022, up from $121.4 million or $1.38 in Q2 2022. PPNR was $174.7 million, a 19% increase linked-quarter. Loan growth reached $739.5 million, while deposits decreased by $915.2 million or 12%. The net interest margin increased by 50 basis points to 3.54%. Despite a slight rise in criticized commercial loans, nonperforming loans remained low. The CET1 ratio was up to 11.12%. The company repurchased 50,000 shares during the quarter as part of its ongoing buyback program.

Positive
  • Net income increased to $135.4 million from $121.4 million linked-quarter.
  • Total loan growth of $739.5 million, or 14% linked-quarter.
  • Pre-provision net revenue (PPNR) rose by 19% to $174.7 million.
  • Net interest margin improved by 50 basis points to 3.54%.
  • CET1 ratio increased to 11.12%, indicating strong capital position.
  • Successful stock repurchase of 50,000 shares at an average price of $48.02.
Negative
  • Deposits decreased by $915.2 million, or 12% linked-quarter.
  • Slight increase in criticized commercial loans by $23.4 million, or 8% linked-quarter.
  • Tangible common equity (TCE) ratio declined to 6.73%, down 48 basis points.

GULFPORT, Miss.--(BUSINESS WIRE)-- Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the third quarter of 2022. Net income for the third quarter of 2022 totaled $135.4 million, or $1.55 per diluted common share (EPS), compared to $121.4 million, or $1.38 per diluted common share, in the second quarter of 2022. The company reported net income for the third quarter of 2021 of $129.6 million, or $1.46 per diluted common share. The third quarter of 2021 included ($1.4) million, or ($0.01) per share after-tax, of net nonoperating income items. These items included Hurricane Ida expenses of $5.1 million and severance reversal ($1.9) million, offset by the gain of $4.6 million from the sale of the remaining Hancock Horizon Funds.

Third Quarter 2022 Highlights

  • Pre-provision net revenue (PPNR) totaled $174.7 million, up $27.8 million, or 19%, linked-quarter
  • Total loan growth of $739.5 million, or 14% LQA
  • Slight increase in criticized commercial loans of $23.4 million, or 8%, linked-quarter; nonperforming loans remained at historically low levels
  • ACL coverage remained strong at 1.50%
  • Deposits decreased $915.2 million, or 12% LQA
  • NIM increased 50 basis points (bps) to 3.54%
  • CET1 ratio estimated at 11.12%, up 4 bps; TCE ratio 6.73%, down 48 bps
  • Efficiency ratio improved to 51.62%

“Results for 3Q22 reflect one of the highest performing quarters in the history of our company,” said John M. Hairston, President & CEO. “Similar to last quarter, loan growth exceeded our expectations and was partially funded by the remaining excess liquidity on our balance sheet. This shift in earning asset mix, coupled with the most recent Fed rate increases, drove a 50 basis point widening in our net interest margin. Our asset quality metrics remain near historically low levels, the efficiency ratio improved to 51.6% and our CET1 capital remained strong. These results reflect a well-positioned company focused on improving shareholder value.”

Loans

Total loans were $22.6 billion at September 30, 2022, up $739.5 million, or 3%, from June 30, 2022. Improving line utilization and fewer paydowns contributed to growth in markets and lines of business. Average loans totaled $22.1 billion for the third quarter of 2022, up $481.2 million, or 2%, linked-quarter.

Management expects total loan growth to be 8-9% at year-end 2022 compared to year-end 2021.

Deposits

Total deposits at September 30, 2022 were $29.0 billion, down $915.2 million, or 3%, from June 30, 2022. The decrease in deposits is primarily due to elevated consumer spending, commercial clients deploying excess liquidity into working capital, current rate offerings and expected seasonal outflows.

DDAs totaled $14.3 billion at September 30, 2022, down $385.5 million, or 3%, from June 30, 2022 and comprised almost half (49%) of total period-end deposits. Interest-bearing transaction and savings deposits totaled $10.9 billion at the end of the third quarter of 2022, a decrease of $431.9 million, or 4%, linked-quarter. Compared to June 30, 2022, time deposits of $961.7 million were down $10.5 million, or 1%. Interest-bearing public fund deposits decreased $87.3 million, or 3%, linked-quarter, ending September 30, 2022 at $2.8 billion.

Average deposits for the third quarter of 2022 were $29.2 billion, down $799.3 million, or 3%, linked-quarter. Management expects 2022 period-end deposit levels to be down 3-4% compared to year-end 2021, including fourth quarter of 2022 seasonal year-end deposit growth.

Asset Quality

The total allowance for credit losses (ACL) was $339.6 million at September 30, 2022, up slightly from June 30, 2022. During the third quarter of 2022, the company recorded a positive provision for credit losses of $1.4 million, compared to a negative provision of $9.8 million in the second quarter of 2022. There were $1.3 million of net charge-offs in the third quarter of 2022, or 0.02% of average total loans on an annualized basis, compared to net recoveries of $0.7 million, or (0.01%) of average total loans in the second quarter of 2022. The ratio of ACL to period-end loans was 1.50% at September 30, 2022, compared to 1.55% at June 30, 2022.

The company’s overall asset quality metrics currently sit near historically low levels, with criticized commercial loans up $23.4 million, or 8%, linked-quarter and total nonperforming loans remaining flat linked-quarter. Nonperforming assets (NPAs) totaled $43.8 million at September 30, 2022, virtually unchanged from June 30, 2022. During the third quarter of 2022, total nonperforming loans remained relatively flat, while ORE and foreclosed assets were down $1.4 million, or 40% linked-quarter. Nonperforming assets as a percent of total loans, ORE and other foreclosed assets was 0.19% at September 30, 2022, down 1 bp from June 30, 2022.

Net Interest Income and Net Interest Margin (NIM)

Net interest income (TE) for the third quarter of 2022 was $282.9 million, an increase of $34.6 million, or 14%, from the second quarter of 2022.

The net interest margin (NIM) (TE) was 3.54% in the third quarter of 2022, an increase of 50 bps linked-quarter. Changes related to the recent Fed increases in rates and a shift in the mix of earning assets led to a 64 basis point improvement, slightly offset by the impact from the cost of funds (-13 bps) and PPP loans (-1 bp). Additional NIM detail and guidance can be found in the third quarter earnings investor deck.

Average earning assets were $31.8 billion for the third quarter of 2022, down $997.0 million, or 3%, from the second quarter of 2022. The decrease reflects the deployment of excess liquidity which partially funded the strong loan growth experienced this quarter.

Noninterest Income

Noninterest income totaled $85.3 million for the third quarter of 2022, down $0.3 million, or less than 1%, from the second quarter of 2022.

Service charges on deposits were up $2.8 million, or 14%, from the second quarter of 2022. As previously announced, the company expects to begin eliminating certain NSF and OD fees in December 2022.

Bankcard and ATM fees were down $0.5 million, or 2%, from the second quarter of 2022. Investment and annuity income and insurance fees were down $1.5 million, or 19%, linked-quarter. The decline in investment and annuity income was related to a temporary disruption from the conversion to a new sales and servicing platform during the quarter. Trust fees were down $1.3 million, or 7% linked-quarter, due to the seasonal impact of tax preparation fees in the second quarter of 2022.

Fees from secondary mortgage operations totaled $3.3 million for the third quarter of 2022, up $0.3 million, or 10%, linked-quarter.

Other noninterest income totaled $14.8 million, down $0.2 million, or 1%, from the second quarter of 2022.

Noninterest Expense & Taxes

Noninterest expense totaled $193.5 million, up $6.4 million, or 3% linked-quarter.

Personnel expense totaled $118.9 million in the third quarter of 2022, up $3.8 million, or 3%, linked-quarter. The increase was due to higher incentive pay and an additional workday in the quarter, slightly offset by lower payroll taxes.

Occupancy and equipment expense totaled $16.9 million in the third quarter of 2022, virtually unchanged from the second quarter of 2022. Amortization of intangibles totaled $3.4 million for the third quarter of 2022, down $0.2 million, or 4%, linked-quarter.

Gains on sales of ORE and other foreclosed assets exceeded related expenses by $1.8 million in the third quarter of 2022, and $88 thousand in the second quarter of 2022. Other operating expense totaled $56.0 million in the third quarter of 2022, up $4.5 million, or 9%, linked-quarter. The increase in other expenses is related to ongoing technology investments.

The effective income tax rate for third quarter 2022 was 20.7%.

Capital

Common stockholders’ equity at September 30, 2022 totaled $3.2 billion, down $169.3 million, or 5%, from June 30, 2022. The tangible common equity (TCE) ratio was 6.73%, down 48 bps from June 30, 2022. The company’s CET1 ratio is estimated to be 11.12% at September 30, 2022, up 4 bps linked-quarter. During the third quarter of 2022, the company repurchased 50,000 shares of its common stock at an average price of $48.02 per share. This stock repurchase is part of the Board authorization to repurchase up to 4,338,000 shares of the company’s common stock, set to expire December 31, 2022. To-date the company has repurchased 1,654,244 shares under this authorization.

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 18, 2022 to review these 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 third quarter results are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial 844-200-6205 or 646-904-5544, access code 658288.

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 25, 2022 by dialing 866-813-9403 or 929-458-6194, access code 374610.

About Hancock Whitney

Since the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, and 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. 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.” 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 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; the ongoing 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 the change in the referenced rate reform, deposit trends, credit quality trends, the impact of natural or man-made disasters, the impact of PPP loans and forgiveness on our results, changes in interest rates, inflation, 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, 2021 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) 9/30/2022 6/30/2022 9/30/2021 9/30/2022 9/30/2021
NET INCOME
Net interest income

$

280,307

 

$

245,732

 

$

234,709

 

$

754,502

 

$

703,939

 

Net interest income (TE) (a)

 

282,910

 

 

248,317

 

 

237,477

 

 

762,235

 

 

712,483

 

Provision for credit losses

 

1,402

 

 

(9,761

)

 

(26,955

)

 

(30,886

)

 

(49,095

)

Noninterest income

 

85,337

 

 

85,653

 

 

93,361

 

 

254,422

 

 

274,722

 

Noninterest expense

 

193,502

 

 

187,097

 

 

194,703

 

 

560,538

 

 

624,545

 

Income tax expense

 

35,351

 

 

32,614

 

 

30,740

 

 

98,970

 

 

77,739

 

Net income

$

135,389

 

$

121,435

 

$

129,582

 

$

380,302

 

$

325,472

 

For informational purposes - included above, pre-tax
Nonoperating items included in noninterest income:
Gain on sale of Hancock Horizon Funds

$

 

$

 

$

4,576

 

$

 

$

4,576

 

Gain on sale of Mastercard Class B common stock

 

 

 

 

 

 

 

 

 

2,800

 

Nonoperating items included in noninterest expense:
Efficiency initiatives

 

 

 

 

 

(1,867

)

 

 

 

38,945

 

Hurricane related expenses

 

 

 

 

 

5,092

 

 

 

 

5,092

 

Loss on redemption of subordinated notes

 

 

 

 

 

 

 

 

 

4,165

 

PERIOD-END BALANCE SHEET DATA
Loans

$

22,585,585

 

$

21,846,068

 

$

20,886,015

 

$

22,585,585

 

$

20,886,015

 

Securities

 

8,333,191

 

 

8,531,393

 

 

8,308,622

 

 

8,333,191

 

 

8,308,622

 

Earning assets

 

31,213,449

 

 

31,292,910

 

 

32,348,036

 

 

31,213,449

 

 

32,348,036

 

Total assets

 

34,567,242

 

 

34,637,525

 

 

35,318,308

 

 

34,567,242

 

 

35,318,308

 

Noninterest-bearing deposits

 

14,290,817

 

 

14,676,342

 

 

13,653,376

 

 

14,290,817

 

 

13,653,376

 

Total deposits

 

28,951,274

 

 

29,866,432

 

 

29,208,157

 

 

28,951,274

 

 

29,208,157

 

Common stockholders' equity

 

3,180,439

 

 

3,349,723

 

 

3,629,766

 

 

3,180,439

 

 

3,629,766

 

AVERAGE BALANCE SHEET DATA
Loans

$

22,138,709

 

$

21,657,528

 

$

20,941,173

 

$

21,643,149

 

$

21,355,483

 

Securities (b)

 

9,177,460

 

 

8,979,364

 

 

8,368,824

 

 

8,949,988

 

 

8,014,023

 

Earning assets

 

31,783,801

 

 

32,780,813

 

 

32,097,381

 

 

32,583,652

 

 

31,773,473

 

Total assets

 

34,377,773

 

 

35,380,247

 

 

35,207,960

 

 

35,247,985

 

 

34,821,420

 

Noninterest-bearing deposits

 

14,323,646

 

 

14,655,800

 

 

13,535,961

 

 

14,447,445

 

 

13,053,586

 

Total deposits

 

29,180,626

 

 

29,979,940

 

 

29,237,306

 

 

29,727,009

 

 

28,872,317

 

Common stockholders' equity

 

3,405,463

 

 

3,383,789

 

 

3,606,087

 

 

3,464,699

 

 

3,512,651

 

COMMON SHARE DATA
Earnings per share - diluted

$

1.55

 

$

1.38

 

$

1.46

 

$

4.33

 

$

3.67

 

Cash dividends per share

 

0.27

 

 

0.27

 

 

0.27

 

 

0.81

 

 

0.81

 

Book value per share (period-end)

 

37.12

 

 

39.08

 

 

41.81

 

 

37.12

 

 

41.81

 

Tangible book value per share (period-end)

 

26.44

 

 

28.37

 

 

31.10

 

 

26.44

 

 

31.10

 

Weighted average number of shares - diluted

 

86,020

 

 

86,354

 

 

87,006

 

 

86,439

 

 

86,951

 

Period-end number of shares

 

85,686

 

 

85,714

 

 

86,823

 

 

85,686

 

 

86,823

 

Market data
High sales price

$

52.65

 

$

53.15

 

$

48.19

 

$

59.82

 

$

50.69

 

Low sales price

 

41.62

 

 

42.61

 

 

39.07

 

 

41.62

 

 

32.52

 

Period-end closing price

 

45.81

 

 

44.33

 

 

47.12

 

 

45.81

 

 

47.12

 

Trading volume

 

24,976

 

 

27,493

 

 

22,482

 

 

81,474

 

 

77,015

 

PERFORMANCE RATIOS
Return on average assets

 

1.56

%

 

1.38

%

 

1.46

%

 

1.44

%

 

1.25

%

Return on average common equity

 

15.77

%

 

14.39

%

 

14.26

%

 

14.68

%

 

12.39

%

Return on average tangible common equity

 

21.58

%

 

19.77

%

 

19.22

%

 

19.98

%

 

16.89

%

Tangible common equity ratio (c)

 

6.73

%

 

7.21

%

 

7.85

%

 

6.73

%

 

7.85

%

Net interest margin (TE)

 

3.54

%

 

3.04

%

 

2.94

%

 

3.13

%

 

3.00

%

Noninterest income as a percentage of total revenue (TE)

 

23.17

%

 

25.65

%

 

28.22

%

 

25.03

%

 

27.83

%

Efficiency ratio (d)

 

51.62

%

 

54.95

%

 

57.44

%

 

54.08

%

 

57.52

%

Average loan/deposit ratio

 

75.87

%

 

72.24

%

 

71.62

%

 

72.81

%

 

73.97

%

Allowance for loan losses as a percentage of period-end loans

 

1.36

%

 

1.41

%

 

1.78

%

 

1.36

%

 

1.78

%

Allowance for credit losses as a percentage of period-end loans (e)

 

1.50

%

 

1.55

%

 

1.92

%

 

1.50

%

 

1.92

%

Annualized net charge-offs to average loans

 

0.02

%

 

(0.01

)%

 

0.03

%

 

0.01

%

 

0.19

%

Allowance for loan losses to nonperforming loans + accruing loans 90 days past due

 

690.51

%

 

680.97

%

 

506.17

%

 

690.51

%

 

506.17

%

FTE headcount

 

3,607

 

 

3,594

 

 

3,429

 

 

3,607

 

 

3,429

 

(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) 9/30/2022 6/30/2022 3/31/2022 12/31/2021 9/30/2021
NET INCOME
Net interest income

$

280,307

 

$

245,732

 

$

228,463

 

$

229,296

 

$

234,709

 

Net interest income (TE) (a)

 

282,910

 

 

248,317

 

 

231,008

 

 

231,931

 

 

237,477

 

Provision for credit losses

 

1,402

 

 

(9,761

)

 

(22,527

)

 

(28,399

)

 

(26,955

)

Noninterest income

 

85,337

 

 

85,653

 

 

83,432

 

 

89,612

 

 

93,361

 

Noninterest expense

 

193,502

 

 

187,097

 

 

179,939

 

 

182,462

 

 

194,703

 

Income tax expense

 

35,351

 

 

32,614

 

 

31,005

 

 

27,102

 

 

30,740

 

Net income

$

135,389

 

$

121,435

 

$

123,478

 

$

137,743

 

$

129,582

 

For informational purposes - included above, pre-tax
Nonoperating items included in noninterest income:
Gain on hurricane-related insurance settlement

$

 

$

 

$

 

$

3,600

 

$

 

Gain on sale of Hancock Horizon Funds

 

 

 

 

 

 

 

 

 

4,576

 

Nonoperating items included in noninterest expense:
Efficiency initiatives

 

 

 

 

 

 

 

(649

)

 

(1,867

)

Hurricane related expenses

 

 

 

 

 

 

 

(680

)

 

5,092

 

PERIOD-END BALANCE SHEET DATA
Loans

$

22,585,585

 

$

21,846,068

 

$

21,323,341

 

$

21,134,282

 

$

20,886,015

 

Securities

 

8,333,191

 

 

8,531,393

 

 

8,481,095

 

 

8,552,449

 

 

8,308,622

 

Earning assets

 

31,213,449

 

 

31,292,910

 

 

32,997,323

 

 

33,610,435

 

 

32,348,036

 

Total assets

 

34,567,242

 

 

34,637,525

 

 

36,317,291

 

 

36,531,205

 

 

35,318,308

 

Noninterest-bearing deposits

 

14,290,817

 

 

14,676,342

 

 

14,976,670

 

 

14,392,808

 

 

13,653,376

 

Total deposits

 

28,951,274

 

 

29,866,432

 

 

30,499,709

 

 

30,465,897

 

 

29,208,157

 

Common stockholders' equity

 

3,180,439

 

 

3,349,723

 

 

3,450,951

 

 

3,670,352

 

 

3,629,766

 

AVERAGE BALANCE SHEET DATA
Loans

$

22,138,709

 

$

21,657,528

 

$

21,122,038

 

$

20,770,130

 

$

20,941,173

 

Securities (b)

 

9,177,460

 

 

8,979,364

 

 

8,687,758

 

 

8,378,258

 

 

8,368,824

 

Earning assets

 

31,783,801

 

 

32,780,813

 

 

33,201,926

 

 

32,913,659

 

 

32,097,381

 

Total assets

 

34,377,773

 

 

35,380,247

 

 

36,003,803

 

 

35,829,027

 

 

35,207,960

 

Noninterest-bearing deposits

 

14,323,646

 

 

14,655,800

 

 

14,363,324

 

 

14,126,335

 

 

13,535,961

 

Total deposits

 

29,180,626

 

 

29,979,940

 

 

30,029,793

 

 

29,750,665

 

 

29,237,306

 

Common stockholders' equity

 

3,405,463

 

 

3,383,789

 

 

3,607,061

 

 

3,642,003

 

 

3,606,087

 

COMMON SHARE DATA
Earnings per share - diluted

$

1.55

 

$

1.38

 

$

1.40

 

$

1.55

 

$

1.46

 

Cash dividends per share

 

0.27

 

 

0.27

 

 

0.27

 

 

0.27

 

 

0.27

 

Book value per share (period-end)

 

37.12

 

 

39.08

 

 

39.91

 

 

42.31

 

 

41.81

 

Tangible book value per share (period-end)

 

26.44

 

 

28.37

 

 

29.25

 

 

31.64

 

 

31.10

 

Weighted average number of shares - diluted

 

86,020

 

 

86,354

 

 

86,936

 

 

87,132

 

 

87,006

 

Period-end number of shares

 

85,686

 

 

85,714

 

 

86,460

 

 

86,749

 

 

86,823

 

Market data
High sales price

$

52.65

 

$

53.15

 

$

59.82

 

$

53.61

 

$

48.19

 

Low sales price

 

41.62

 

 

42.61

 

 

50.25

 

 

45.06

 

 

39.07

 

Period-end closing price

 

45.81

 

 

44.33

 

 

52.15

 

 

50.02

 

 

47.12

 

Trading volume

 

24,976

 

 

27,493

 

 

29,005

 

 

23,889

 

 

22,482

 

PERFORMANCE RATIOS
Return on average assets

 

1.56

%

 

1.38

%

 

1.39

%

 

1.53

%

 

1.46

%

Return on average common equity

 

15.77

%

 

14.39

%

 

13.88

%

 

15.00

%

 

14.26

%

Return on average tangible common equity

 

21.58

%

 

19.77

%

 

18.66

%

 

20.13

%

 

19.22

%

Tangible common equity ratio (c)

 

6.73

%

 

7.21

%

 

7.15

%

 

7.71

%

 

7.85

%

Net interest margin (TE)

 

3.54

%

 

3.04

%

 

2.81

%

 

2.80

%

 

2.94

%

Noninterest income as a percentage of total revenue (TE)

 

23.17

%

 

25.65

%

 

26.53

%

 

27.87

%

 

28.22

%

Efficiency ratio (d)

 

51.62

%

 

54.95

%

 

56.03

%

 

56.57

%

 

57.44

%

Average loan/deposit ratio

 

75.87

%

 

72.24

%

 

70.34

%

 

69.81

%

 

71.62

%

Allowance for loan losses as a percentage of period-end loans

 

1.36

%

 

1.41

%

 

1.49

%

 

1.62

%

 

1.78

%

Allowance for credit losses as a percentage of period-end loans (e)

 

1.50

%

 

1.55

%

 

1.63

%

 

1.76

%

 

1.92

%

Annualized net charge-offs to average loans

 

0.02

%

 

(0.01

)%

 

0.01

%

 

0.01

%

 

0.03

%

Allowance for loan losses to nonperforming loans + accruing loans 90 days past due

 

690.51

%

 

680.97

%

 

640.81

%

 

527.59

%

 

506.17

%

FTE headcount

 

3,607

 

 

3,594

 

 

3,543

 

 

3,486

 

 

3,429

 

(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.

 

Trisha Voltz Carlson, EVP, Investor Relations Manager

504.299.5208 or trisha.carlson@hancockwhitney.com

Source: Hancock Whitney Corporation

FAQ

What were Hancock Whitney's Q3 2022 financial results?

In Q3 2022, Hancock Whitney reported a net income of $135.4 million, or $1.55 per diluted share, up from $121.4 million in Q2 2022.

How did Hancock Whitney's loan growth perform in Q3 2022?

Hancock Whitney reported total loan growth of $739.5 million, or 14% linked-quarter, bringing total loans to $22.6 billion.

What was the net interest margin for Hancock Whitney in Q3 2022?

The net interest margin for Q3 2022 increased by 50 basis points to 3.54%.

What is the CET1 ratio for Hancock Whitney as of September 30, 2022?

The CET1 ratio as of September 30, 2022, was estimated at 11.12%, reflecting a strong capital position.

How much in deposits did Hancock Whitney lose in Q3 2022?

Hancock Whitney experienced a decrease in deposits of $915.2 million, or 12%, linked-quarter.

Hancock Whitney Corporation

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