Hancock Whitney Reports Third Quarter 2024 EPS of $1.33
Hancock Whitney (Nasdaq: HWC) reported its financial results for the third quarter of 2024. Net income totaled $115.6 million, or $1.33 per diluted common share, compared to $114.6 million, or $1.31 per share, in Q2 2024. Key highlights include:
- Pre-provision net revenue (PPNR) increased to $166.5 million
- Loans decreased by $456 million, or 8% linked quarter annualized (LQA)
- Deposits decreased by $218 million, or 3% LQA
- Net interest margin (NIM) improved to 3.39%, up 2 bps
- CET1 ratio estimated at 13.79%, up 54 bps
- Efficiency ratio improved to 54.42%, down 176 bps
The company maintained a solid allowance for credit losses (ACL) coverage at 1.46%. Management expects 2024 period-end loan and deposit balances to be flat to slightly down from year-end 2023 levels.
Hancock Whitney (Nasdaq: HWC) ha riportato i risultati finanziari per il terzo trimestre del 2024. Il reddito netto ha totalizzato 115,6 milioni di dollari, ovvero 1,33 dollari per azione comune diluita, rispetto ai 114,6 milioni di dollari, o 1,31 dollari per azione, nel Q2 2024. I punti salienti includono:
- Il reddito netto pre-provision (PPNR) è aumentato a 166,5 milioni di dollari
- I prestiti sono diminuiti di 456 milioni di dollari, ovvero l'8% annualizzato rispetto al trimestre precedente (LQA)
- I depositi sono diminuiti di 218 milioni di dollari, ovvero il 3% LQA
- Il margine d'interesse netto (NIM) è migliorato al 3,39%, in aumento di 2 punti base
- Il rapporto CET1 è stimato al 13,79%, in aumento di 54 punti base
- Il rapporto di efficienza è migliorato al 54,42%, in diminuzione di 176 punti base
L'azienda ha mantenuto un solido manto di copertura per le perdite creditizie (ACL) al 1,46%. La direzione prevede che i saldi di prestiti e depositi alla fine del 2024 siano stabili o leggermente in calo rispetto ai livelli di fine 2023.
Hancock Whitney (Nasdaq: HWC) informó sus resultados financieros para el tercer trimestre de 2024. El ingreso neto totalizó 115.6 millones de dólares, o 1.33 dólares por acción común diluida, en comparación con 114.6 millones de dólares, o 1.31 dólares por acción, en el Q2 2024. Los aspectos destacados incluyen:
- El ingreso neto previo a provisiones (PPNR) aumentó a 166.5 millones de dólares
- Los préstamos disminuyeron en 456 millones de dólares, o un 8% anualizado respecto al trimestre anterior (LQA)
- Los depósitos disminuyeron en 218 millones de dólares, o un 3% LQA
- El margen de interés neto (NIM) mejoró al 3.39%, un aumento de 2 puntos básicos
- El ratio CET1 se estima en 13.79%, un aumento de 54 puntos básicos
- El ratio de eficiencia mejoró al 54.42%, una disminución de 176 puntos básicos
La empresa mantuvo una sólida cobertura de provisiones para pérdidas crediticias (ACL) del 1.46%. La dirección espera que los saldos de préstamos y depósitos al final de 2024 sean estables o ligeramente inferiores a los niveles de finales de 2023.
핸콕 휘트니(Hancock Whitney) (Nasdaq: HWC)는 2024년 3분기 재무 결과를 보고했습니다. 순이익은 1억 1,560만 달러, 또는 희석 주식당 1.33 달러로, 2024년 2분기의 1억 1,460만 달러, 또는 1.31 달러와 비교됩니다. 주요 하이라이트는 다음과 같습니다:
- 대손충당금 전 순이익(PPNR)은 1억 6,650만 달러로 증가했습니다.
- 대출은 4억 5,600만 달러, 즉 연결 분기 연율로 8% 감소했습니다 (LQA)
- 예금은 2억 1,800만 달러, 즉 3% LQA 감소했습니다.
- 순 이자 마진(NIM)은 3.39%로 개선되어 2bps 상승했습니다.
- CET1 비율은 13.79%로 추정되며, 54bps 상승했습니다.
- 효율성 비율은 54.42%로 개선되어 176bps 하락했습니다.
회사는 신용 손실에 대한 적정한 대손충당금(ACL) 커버리지를 1.46%로 유지했습니다. 경영진은 2024년 말의 대출 및 예금 잔액이 2023년 말 수준과 비슷하거나 약간 감소할 것으로 예상하고 있습니다.
Hancock Whitney (Nasdaq: HWC) a annoncé ses résultats financiers pour le troisième trimestre de 2024. Le revenu net s'est élevé à 115,6 millions de dollars, soit 1,33 dollar par action ordinaire diluée, contre 114,6 millions de dollars, soit 1,31 dollar par action, au T2 2024. Les points saillants incluent :
- Le revenu net avant provision (PPNR) a augmenté à 166,5 millions de dollars
- Les prêts ont diminué de 456 millions de dollars, soit 8 % en annualisé par rapport au trimestre précédent (LQA)
- Les dépôts ont diminué de 218 millions de dollars, soit 3 % LQA
- La marge d'intérêt nette (NIM) s'est améliorée à 3,39 %, en hausse de 2 points de base
- Le ratio CET1 est estimé à 13,79 %, en hausse de 54 points de base
- Le ratio d'efficacité s'est amélioré à 54,42 %, en baisse de 176 points de base
L'entreprise a maintenu une solide couverture des pertes sur créances (ACL) à 1,46 %. La direction prévoit que les soldes de prêts et de dépôts à la fin de 2024 resteront stables ou légèrement en baisse par rapport aux niveaux de fin 2023.
Hancock Whitney (Nasdaq: HWC) berichtete über seine finanziellen Ergebnisse für das dritte Quartal 2024. Der Nettogewinn betrug 115,6 Millionen Dollar, oder 1,33 Dollar pro verwässerter Stammaktie, verglichen mit 114,6 Millionen Dollar, oder 1,31 Dollar pro Aktie, im Q2 2024. Zu den wichtigsten Höhepunkten gehören:
- Der netto Zinsvortrag (PPNR) stieg auf 166,5 Millionen Dollar
- Die Kredite sanken um 456 Millionen Dollar, oder 8% im bereinigten Quartalsvergleich (LQA)
- Die Einlagen sanken um 218 Millionen Dollar, oder 3% LQA
- Die Nettomarge (NIM) verbesserte sich auf 3,39%, was einem Anstieg um 2 Basispunkte entspricht
- Das CET1-Verhältnis wird auf 13,79% geschätzt, ein Anstieg um 54 Basispunkte
- Der Effizienzgrad verbesserte sich auf 54,42%, was einen Rückgang um 176 Basispunkte bedeutet
Das Unternehmen hielt eine solide Rücklage für Kreditverluste (ACL) von 1,46% aufrecht. Das Management erwartet, dass die Kredite und Einlagen zum Ende des Jahres 2024 stabil oder leicht unter den Niveau von Ende 2023 liegen.
- Net income increased to $115.6 million, up from $114.6 million in Q2 2024
- Pre-provision net revenue (PPNR) rose to $166.5 million from $156.4 million in Q2
- Net interest margin (NIM) improved to 3.39%, up 2 bps from previous quarter
- CET1 ratio estimated at 13.79%, up 54 bps linked-quarter
- Efficiency ratio improved to 54.42%, down 176 bps linked-quarter
- Noninterest income increased by 8% to $95.9 million
- Loans decreased by $456 million, or 8% linked quarter annualized
- Deposits decreased by $218 million, or 3% linked quarter annualized
- Criticized commercial loans increased to $508.0 million, or 2.81% of total commercial loans
- Net charge-offs increased to $18.0 million, or 0.30% of average total loans annualized
- Provision for credit losses increased to $18.6 million from $8.7 million in Q2 2024
Insights
Hancock Whitney's Q3 2024 results show a mixed picture. EPS increased to
Key positives include:
- Pre-provision net revenue (PPNR) up
6.5% to$166.5 million - Net interest margin (NIM) expanded 2 bps to
3.39% - Efficiency ratio improved 176 bps to
54.42% - CET1 ratio up 54 bps to
13.79% , indicating strong capital position
However, there are some concerns:
- Loans decreased
8% (annualized) - Deposits down
3% (annualized) - Criticized commercial loans increased
- Net charge-offs rose to
0.30% of average loans
The increase in criticized loans and charge-offs suggests potential credit quality deterioration, which warrants monitoring. The bank's strong capital position provides a buffer, but the loan and deposit declines could pressure future earnings growth if the trend continues.
The credit quality metrics in Hancock Whitney's Q3 report show some concerning trends. Criticized commercial loans increased significantly to
Positively, nonaccrual loans decreased slightly to
The bank increased its allowance for credit losses (ACL) to
The significant increase in ORE and foreclosed assets to
Third Quarter 2024 Highlights
-
Net income totaled
$115.6 million $114.6 million -
Pre-provision net revenue (PPNR) totaled
$166.5 million $156.4 million -
Loans decreased
$456 million 8% linked quarter annualized (LQA) -
Deposits decreased
$218 million 3% LQA - Criticized commercial loans increased and nonaccrual loans decreased
-
ACL coverage solid at
1.46% , up 3 bps compared to prior quarter -
NIM
3.39% , up 2 bps compared to prior quarter -
CET1 ratio estimated at
13.79% , up 54 bps linked-quarter; TCE ratio9.56% , up 79 bps linked-quarter -
Efficiency ratio
54.42% , down 176 bps linked-quarter
“The third quarter results reflect the continued strength and stability of our company,” said John M. Hairston, President & CEO. “Our efforts to improve profitability continued with another quarter of
Loans
Total loans were
Average loans totaled
Deposits
Total deposits at September 30, 2024 were
DDAs totaled
Average deposits for the third 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 third quarter of 2024 was
Average earning assets were
Noninterest Income
Noninterest income totaled
Service charges on deposits were up
Investment and annuity income and insurance fees were up
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 third quarter of 2024 was
Capital
Common stockholders’ equity at September 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, October 15, 2024 to review third 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 third 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 October 22, 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 effects of war or other conflicts, acts of terrorism, climate change, the impact of natural or man-made disasters, the adequacy of our enterprise risk management framework, potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings, assessments, and enforcement actions, as well as the impact of 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 and non-financial reporting, the financial impact of regulatory requirements and tax reform legislation, deposit trends, credit quality trends, the impact of current and future economic conditions, including the effects of declines in the real estate market, high unemployment, inflationary pressures, increasing insurance costs, elevated interest rates, including the impact of changes in interest rates on our financial projections, models and guidance 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. Also, 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, 2023, 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) | 9/30/2024 | 6/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | |||||||||||||||
| NET INCOME | ||||||||||||||||||||
| Net interest income | $ |
271,764 |
|
$ |
270,430 |
|
$ |
269,234 |
|
$ |
808,365 |
|
$ |
828,139 |
|
|||||
| Net interest income (TE) (a) |
|
274,457 |
|
|
273,258 |
|
|
272,086 |
|
|
816,716 |
|
|
836,412 |
|
|||||
| Provision for credit losses |
|
18,564 |
|
|
8,723 |
|
|
28,498 |
|
|
40,255 |
|
|
42,151 |
|
|||||
| Noninterest income |
|
95,895 |
|
|
89,174 |
|
|
85,974 |
|
|
272,920 |
|
|
249,529 |
|
|||||
| Noninterest expense |
|
203,839 |
|
|
206,016 |
|
|
204,675 |
|
|
617,577 |
|
|
607,697 |
|
|||||
| Income tax expense |
|
29,684 |
|
|
30,308 |
|
|
24,297 |
|
|
84,712 |
|
|
85,821 |
|
|||||
| Net income | $ |
115,572 |
|
$ |
114,557 |
|
$ |
97,738 |
|
$ |
338,741 |
|
$ |
341,999 |
|
|||||
| Supplemental disclosure items - included above, pre-tax | ||||||||||||||||||||
| Included in noninterest expense | ||||||||||||||||||||
| FDIC special assessment | $ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
3,800 |
|
$ |
— |
|
|||||
| PERIOD-END BALANCE SHEET DATA | ||||||||||||||||||||
| Loans | $ |
23,455,587 |
|
$ |
23,911,616 |
|
$ |
23,983,679 |
|
$ |
23,455,587 |
|
$ |
23,983,679 |
|
|||||
| Securities |
|
7,769,780 |
|
|
7,535,836 |
|
|
7,916,101 |
|
|
7,769,780 |
|
|
7,916,101 |
|
|||||
| Earning assets |
|
32,045,222 |
|
|
32,056,415 |
|
|
32,733,591 |
|
|
32,045,222 |
|
|
32,733,591 |
|
|||||
| Total assets |
|
35,238,107 |
|
|
35,412,291 |
|
|
36,298,301 |
|
|
35,238,107 |
|
|
36,298,301 |
|
|||||
| Noninterest-bearing deposits |
|
10,499,476 |
|
|
10,642,213 |
|
|
11,626,371 |
|
|
10,499,476 |
|
|
11,626,371 |
|
|||||
| Total deposits |
|
28,982,905 |
|
|
29,200,718 |
|
|
30,320,337 |
|
|
28,982,905 |
|
|
30,320,337 |
|
|||||
| Common stockholders' equity |
|
4,174,687 |
|
|
3,920,718 |
|
|
3,501,003 |
|
|
4,174,687 |
|
|
3,501,003 |
|
|||||
| AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
| Loans | $ |
23,552,002 |
|
$ |
23,917,361 |
|
$ |
23,830,724 |
|
$ |
23,759,083 |
|
$ |
23,526,808 |
|
|||||
| Securities (b) |
|
8,218,896 |
|
|
8,214,172 |
|
|
8,888,477 |
|
|
8,210,192 |
|
|
9,010,201 |
|
|||||
| Earning assets |
|
32,263,748 |
|
|
32,539,363 |
|
|
33,137,565 |
|
|
32,452,619 |
|
|
33,171,798 |
|
|||||
| Total assets |
|
34,780,386 |
|
|
34,998,880 |
|
|
35,626,927 |
|
|
34,959,722 |
|
|
35,665,505 |
|
|||||
| Noninterest-bearing deposits |
|
10,359,390 |
|
|
10,526,903 |
|
|
11,453,236 |
|
|
10,519,199 |
|
|
12,184,410 |
|
|||||
| Total deposits |
|
28,940,163 |
|
|
29,069,097 |
|
|
29,757,180 |
|
|
29,189,160 |
|
|
29,311,176 |
|
|||||
| Common stockholders' equity |
|
4,021,211 |
|
|
3,826,296 |
|
|
3,572,487 |
|
|
3,889,265 |
|
|
3,518,105 |
|
|||||
| COMMON SHARE DATA | ||||||||||||||||||||
| Earnings per share - diluted | $ |
1.33 |
|
$ |
1.31 |
|
$ |
1.12 |
|
$ |
3.88 |
|
$ |
3.92 |
|
|||||
| Cash dividends per share |
|
0.40 |
|
|
0.40 |
|
|
0.30 |
|
|
1.10 |
|
|
0.90 |
|
|||||
| Book value per share (period-end) |
|
48.47 |
|
|
45.40 |
|
|
40.64 |
|
|
48.47 |
|
|
40.64 |
|
|||||
| Tangible book value per share (period-end) |
|
38.10 |
|
|
35.04 |
|
|
30.16 |
|
|
38.10 |
|
|
30.16 |
|
|||||
| Weighted average number of shares - diluted |
|
86,560 |
|
|
86,765 |
|
|
86,437 |
|
|
86,650 |
|
|
86,368 |
|
|||||
| Period-end number of shares |
|
86,136 |
|
|
86,355 |
|
|
86,148 |
|
|
86,136 |
|
|
86,148 |
|
|||||
| Market data | ||||||||||||||||||||
| High sales price | $ |
57.78 |
|
$ |
49.11 |
|
$ |
45.15 |
|
$ |
57.78 |
|
$ |
54.38 |
|
|||||
| Low sales price |
|
45.26 |
|
|
41.56 |
|
|
35.34 |
|
|
41.19 |
|
|
31.02 |
|
|||||
| Period-end closing price |
|
51.17 |
|
|
47.83 |
|
|
36.99 |
|
|
51.17 |
|
|
36.99 |
|
|||||
| Trading volume |
|
35,017 |
|
|
29,308 |
|
|
34,506 |
|
|
94,834 |
|
|
112,391 |
|
|||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets |
|
1.32 |
% |
|
1.32 |
% |
|
1.09 |
% |
|
1.29 |
% |
|
1.28 |
% |
|||||
| Return on average common equity |
|
11.43 |
% |
|
12.04 |
% |
|
10.85 |
% |
|
11.63 |
% |
|
13.00 |
% |
|||||
| Return on average tangible common equity |
|
14.70 |
% |
|
15.73 |
% |
|
14.53 |
% |
|
15.12 |
% |
|
17.51 |
% |
|||||
| Tangible common equity ratio (c) |
|
9.56 |
% |
|
8.77 |
% |
|
7.34 |
% |
|
9.56 |
% |
|
7.34 |
% |
|||||
| Net interest margin (TE) |
|
3.39 |
% |
|
3.37 |
% |
|
3.27 |
% |
|
3.36 |
% |
|
3.37 |
% |
|||||
| Noninterest income as a percentage of total revenue (TE) |
|
25.89 |
% |
|
24.60 |
% |
|
24.01 |
% |
|
25.05 |
% |
|
22.98 |
% |
|||||
| Efficiency ratio (d) |
|
54.42 |
% |
|
56.18 |
% |
|
56.38 |
% |
|
55.67 |
% |
|
55.14 |
% |
|||||
| Average loan/deposit ratio |
|
81.38 |
% |
|
82.28 |
% |
|
80.08 |
% |
|
81.40 |
% |
|
80.27 |
% |
|||||
| Allowance for loan losses as a percentage of period-end loans |
|
1.35 |
% |
|
1.32 |
% |
|
1.28 |
% |
|
1.35 |
% |
|
1.28 |
% |
|||||
| Allowance for credit losses as a percentage of period-end loans (e) |
|
1.46 |
% |
|
1.43 |
% |
|
1.40 |
% |
|
1.46 |
% |
|
1.40 |
% |
|||||
| Annualized net charge-offs to average loans |
|
0.30 |
% |
|
0.12 |
% |
|
0.64 |
% |
|
0.19 |
% |
|
0.27 |
% |
|||||
| Allowance for loan losses as a % of nonaccrual loans |
|
382.87 |
% |
|
366.54 |
% |
|
507.68 |
% |
|
382.87 |
% |
|
507.68 |
% |
|||||
| FTE headcount |
|
3,458 |
|
|
3,541 |
|
|
3,681 |
|
|
3,458 |
|
|
3,681 |
|
|||||
| (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) | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | |||||||||||||||
| NET INCOME | ||||||||||||||||||||
| Net interest income | $ |
271,764 |
|
$ |
270,430 |
|
$ |
266,171 |
|
$ |
269,460 |
|
$ |
269,234 |
|
|||||
| Net interest income (TE) (a) |
|
274,457 |
|
|
273,258 |
|
|
269,001 |
|
|
272,294 |
|
|
272,086 |
|
|||||
| Provision for credit losses |
|
18,564 |
|
|
8,723 |
|
|
12,968 |
|
|
16,952 |
|
|
28,498 |
|
|||||
| Noninterest income |
|
95,895 |
|
|
89,174 |
|
|
87,851 |
|
|
38,951 |
|
|
85,974 |
|
|||||
| Noninterest expense |
|
203,839 |
|
|
206,016 |
|
|
207,722 |
|
|
229,151 |
|
|
204,675 |
|
|||||
| Income tax expense |
|
29,684 |
|
|
30,308 |
|
|
24,720 |
|
|
11,705 |
|
|
24,297 |
|
|||||
| Net income | $ |
115,572 |
|
$ |
114,557 |
|
$ |
108,612 |
|
$ |
50,603 |
|
$ |
97,738 |
|
|||||
| 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 | $ |
23,455,587 |
|
$ |
23,911,616 |
|
$ |
23,970,938 |
|
$ |
23,921,917 |
|
$ |
23,983,679 |
|
|||||
| Securities |
|
7,769,780 |
|
|
7,535,836 |
|
|
7,559,182 |
|
|
7,599,974 |
|
|
7,916,101 |
|
|||||
| Earning assets |
|
32,045,222 |
|
|
32,056,415 |
|
|
31,985,610 |
|
|
32,175,097 |
|
|
32,733,591 |
|
|||||
| Total assets |
|
35,238,107 |
|
|
35,412,291 |
|
|
35,247,119 |
|
|
35,578,573 |
|
|
36,298,301 |
|
|||||
| Noninterest-bearing deposits |
|
10,499,476 |
|
|
10,642,213 |
|
|
10,802,127 |
|
|
11,030,515 |
|
|
11,626,371 |
|
|||||
| Total deposits |
|
28,982,905 |
|
|
29,200,718 |
|
|
29,775,906 |
|
|
29,690,059 |
|
|
30,320,337 |
|
|||||
| Common stockholders' equity |
|
4,174,687 |
|
|
3,920,718 |
|
|
3,853,436 |
|
|
3,803,661 |
|
|
3,501,003 |
|
|||||
| AVERAGE BALANCE SHEET DATA | ||||||||||||||||||||
| Loans | $ |
23,552,002 |
|
$ |
23,917,361 |
|
$ |
23,810,163 |
|
$ |
23,795,681 |
|
$ |
23,830,724 |
|
|||||
| Securities (b) |
|
8,218,896 |
|
|
8,214,172 |
|
|
8,197,410 |
|
|
8,579,444 |
|
|
8,888,477 |
|
|||||
| Earning assets |
|
32,263,748 |
|
|
32,539,363 |
|
|
32,556,821 |
|
|
33,128,130 |
|
|
33,137,565 |
|
|||||
| Total assets |
|
34,780,386 |
|
|
34,998,880 |
|
|
35,101,869 |
|
|
35,538,300 |
|
|
35,626,927 |
|
|||||
| Noninterest-bearing deposits |
|
10,359,390 |
|
|
10,526,903 |
|
|
10,673,060 |
|
|
11,132,354 |
|
|
11,453,236 |
|
|||||
| Total deposits |
|
28,940,163 |
|
|
29,069,097 |
|
|
29,560,956 |
|
|
29,974,941 |
|
|
29,757,180 |
|
|||||
| Common stockholders' equity |
|
4,021,211 |
|
|
3,826,296 |
|
|
3,818,840 |
|
|
3,560,978 |
|
|
3,572,487 |
|
|||||
| COMMON SHARE DATA | ||||||||||||||||||||
| Earnings per share - diluted | $ |
1.33 |
|
$ |
1.31 |
|
$ |
1.24 |
|
$ |
0.58 |
|
$ |
1.12 |
|
|||||
| Cash dividends per share |
|
0.40 |
|
|
0.40 |
|
|
0.30 |
|
|
0.30 |
|
|
0.30 |
|
|||||
| Book value per share (period-end) |
|
48.47 |
|
|
45.40 |
|
|
44.49 |
|
|
44.05 |
|
|
40.64 |
|
|||||
| Tangible book value per share (period-end) |
|
38.10 |
|
|
35.04 |
|
|
34.12 |
|
|
33.63 |
|
|
30.16 |
|
|||||
| Weighted average number of shares - diluted |
|
86,560 |
|
|
86,765 |
|
|
86,726 |
|
|
86,604 |
|
|
86,437 |
|
|||||
| Period-end number of shares |
|
86,136 |
|
|
86,355 |
|
|
86,622 |
|
|
86,345 |
|
|
86,148 |
|
|||||
| Market data | ||||||||||||||||||||
| High sales price | $ |
57.78 |
|
$ |
49.11 |
|
$ |
49.10 |
|
$ |
49.65 |
|
$ |
45.15 |
|
|||||
| Low sales price |
|
45.26 |
|
|
41.56 |
|
|
41.19 |
|
|
32.16 |
|
|
35.34 |
|
|||||
| Period-end closing price |
|
51.17 |
|
|
47.83 |
|
|
46.04 |
|
|
48.59 |
|
|
36.99 |
|
|||||
| Trading volume |
|
35,017 |
|
|
29,308 |
|
|
30,508 |
|
|
38,574 |
|
|
34,506 |
|
|||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets |
|
1.32 |
% |
|
1.32 |
% |
|
1.24 |
% |
|
0.56 |
% |
|
1.09 |
% |
|||||
| Return on average common equity |
|
11.43 |
% |
|
12.04 |
% |
|
11.44 |
% |
|
5.64 |
% |
|
10.85 |
% |
|||||
| Return on average tangible common equity |
|
14.70 |
% |
|
15.73 |
% |
|
14.96 |
% |
|
7.55 |
% |
|
14.53 |
% |
|||||
| Tangible common equity ratio (c) |
|
9.56 |
% |
|
8.77 |
% |
|
8.61 |
% |
|
8.37 |
% |
|
7.34 |
% |
|||||
| Net interest margin (TE) |
|
3.39 |
% |
|
3.37 |
% |
|
3.32 |
% |
|
3.27 |
% |
|
3.27 |
% |
|||||
| Noninterest income as a percentage of total revenue (TE) |
|
25.89 |
% |
|
24.60 |
% |
|
24.62 |
% |
|
12.51 |
% |
|
24.01 |
% |
|||||
| Efficiency ratio (d) |
|
54.42 |
% |
|
56.18 |
% |
|
56.44 |
% |
|
55.58 |
% |
|
56.38 |
% |
|||||
| Average loan/deposit ratio |
|
81.38 |
% |
|
82.28 |
% |
|
80.55 |
% |
|
79.39 |
% |
|
80.08 |
% |
|||||
| Allowance for loan losses as a percentage of period-end loans |
|
1.35 |
% |
|
1.32 |
% |
|
1.31 |
% |
|
1.29 |
% |
|
1.28 |
% |
|||||
| Allowance for credit losses as a percentage of period-end loans (e) |
|
1.46 |
% |
|
1.43 |
% |
|
1.42 |
% |
|
1.41 |
% |
|
1.40 |
% |
|||||
| Annualized net charge-offs to average loans |
|
0.30 |
% |
|
0.12 |
% |
|
0.15 |
% |
|
0.27 |
% |
|
0.64 |
% |
|||||
| Allowance for loan losses as a % of nonaccrual loans |
|
382.87 |
% |
|
366.54 |
% |
|
382.21 |
% |
|
521.56 |
% |
|
507.68 |
% |
|||||
| FTE headcount |
|
3,458 |
|
|
3,541 |
|
|
3,564 |
|
|
3,591 |
|
|
3,681 |
|
|||||
| (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/20241015791507/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's (HWC) earnings per share in Q3 2024?
How did Hancock Whitney's (HWC) net income change in Q3 2024 compared to Q2 2024?
What was Hancock Whitney's (HWC) net interest margin in Q3 2024?
How did Hancock Whitney's (HWC) loan portfolio change in Q3 2024?
What was Hancock Whitney's (HWC) efficiency ratio in Q3 2024?
