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Exhibit 99.1

img88180657_0.jpg 

 

FOR IMMEDIATE RELEASE

July 19, 2022

For more information

Trisha Voltz Carlson, EVP, Investor Relations Manager

504.299.5208 or trisha.carlson@hancockwhitney.com

 

 

Hancock Whitney reports second quarter 2022 EPS of $1.38

 

GULFPORT, Miss. (July 19, 2022) — Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the second quarter of 2022. Net income for the second quarter of 2022 totaled $121.4 million, or $1.38 per diluted common share (EPS), compared to $123.5 million, or $1.40 per diluted common share, in the first quarter of 2022. The company reported net income for the second quarter of 2021 of $88.7 million, or $1.00 per diluted common share. The second quarter of 2022 did not include any nonoperating items, while the second quarter of 2021 included $42.2 million, or $0.37 per share after tax, of net nonperating expenses.

 

Second Quarter 2022 Highlights

Pre-provision net revenue (PPNR) totaled $146.9 million, up $12.4 million, or 9%, linked-quarter
Core loan growth of $706.2 million, or 13% linked-quarter annualized (LQA), more than offset the impact of $183.5 million in PPP loan forgiveness, leading to an overall increase in total loans of $522.7 million
Nonperforming loans and criticized commercial loans remain at historically low levels
ACL coverage remained strong at 1.55%
Deposits decreased $633.3 million, or 8% LQA
NIM improved 23 basis points (bps) to 3.04%
CET1 ratio estimated at 11.06%, down 6 bps; TCE ratio 7.21%, up 6 bps
Achieved 55% efficiency ratio target (54.95%)

 

“Today’s results reflect another solid quarter and the early achievement of our target efficiency ratio of 55%,” said John M. Hairston, President and CEO. “As expected, upward rate movement was a tailwind and helped us achieve our efficiency target sooner than expected. Earning assets repriced our NIM back over 3% in the quarter, and we anticipate additional widening in the second half of this year. Loan growth exceeded our expectations, and we were able to deploy excess liquidity via organic growth. We observed an expected runoff in deposits due primarily to seasonality, spending of federal grant funds, with modest pressure from competitive rates, however, the mix remained favorable with almost half in DDAs. Pre-provision, net revenue (PPNR) was up $12 million in the quarter as improvement in net interest income and fees offset an expected increase in expenses. Credit continued improvement and ratios remain at historically low levels, with criticized and nonperforming loans declining and net recoveries in the quarter. Capital remains solid and we believe we are positioned well in today’s uncertain macro environment.”

 

 

1

 


 

Loans

Total loans were $21.8 billion at June 30, 2022, up $522.7 million from March 31, 2022. Core loans increased $706.2 million, up 13% LQA, from March 31, 2022, more than offsetting the impact of $183.5 million in PPP loan forgiveness. Improving line utilization contributed to loan growth in all markets across our footprint. Healthcare, C&I, real estate and mortgage were the main drivers within our lines of business, while indirect lending continues to amortize. Approximately $150 million of the loan growth during the quarter came from new bankers in expansion markets within our footprint, such as Beaumont, Dallas, San Antonio (TX) and Jackson (MS). Average loans totaled $21.7 billion for the second quarter of 2022, up $535.5 million, or 3%, linked-quarter.

 

Our guidance for the year of 6%-8% core growth in 2022 is unchanged, with a bias towards the upper end of the range. We expect loan growth to moderate in the third quarter of 2022 with a rebound towards the end of the year.

 

Deposits

Total deposits at June 30, 2022 were $29.9 billion, down $633.3 million, or 2%, from March 31, 2022. During the quarter, seasonal tax outflows in public funds, consumer clients tax payments, liquidity spending and moving for higher rates, and commercial clients converting cash on their balance sheet into working capital were primary drivers of the decrease.

 

DDAs totaled $14.7 billion at June 30, 2022, down $300.3 million, or 2%, from March 31, 2022 and comprised almost half (49%) of total period-end deposits. Interest-bearing transaction and savings deposits totaled $11.3 billion at the end of the second quarter of 2022, a decrease of $126.7 million, or 1%, linked-quarter. Compared to March 31, 2022, time deposits of $972.2 million were down $75.6 million, or 7%. Interest-bearing public fund deposits decreased $130.6 million, or 4%, linked-quarter, ending June 30, 2022 at $2.9 billion.

 

Average deposits for the second quarter of 2022 were $30.0 billion, down $49.9 million, or less than 1%, linked-quarter. Management expects 2022 period-end deposit levels to remain flat to slightly down compared to year-end 2021.

 

Asset Quality

The total allowance for credit losses (ACL) was $339.5 million at June 30, 2022, down $9.1 million from March 31, 2022. During the second quarter of 2022, the company recorded a negative provision for credit losses of $9.8 million, compared to a negative provision of $22.5 million in the first quarter of 2022. There were $0.7 million of net recoveries in the second quarter of 2022, or (0.01%) of average total loans on an annualized basis, compared to net charge-offs of $0.3 million, or 0.01% of average total loans in the first quarter of 2022. The ratio of ACL to period-end loans was 1.55% (1.56% excluding PPP loans) at June 30, 2022, compared to 1.63% (1.66% excluding PPP loans) at March 31, 2022.

 

The company’s overall asset quality metrics continued to improve and currently sit at historically low levels, with commercial criticized and total nonperforming loans down slightly, linked-quarter. Nonperforming assets (NPAs) totaled $44.0 million at June 30, 2022, down $7.7 million, or 15%, from March 31, 2022. During the second quarter of 2022, total nonperforming loans decreased

2

 


 

$4.8 million, or 11%, while ORE and foreclosed assets were down $2.9 million, or 45% linked-quarter. Nonperforming assets as a percent of total loans, ORE and other foreclosed assets was 0.20% at June 30, 2022, down 4 bps from March 31, 2022.

 

Net Interest Income and Net Interest Margin (NIM)

Net interest income (TE) for the second quarter of 2022 was $248.3 million, an increase of $17.3 million, or 7%, from the first quarter of 2022.

 

The net interest margin (NIM) (TE) was 3.04% in the second quarter of 2022, an increase of 23 bps linked-quarter. Changes related to recent Fed increase in rates and a shift in the mix of earning assets led to a 27 basis point improvement, slightly offset by the impact from the forgiveness of $183.5 million in PPP loans (-2 bps) and change in cost of deposits (-2 bps). Additional NIM detail and guidance can be found in the second quarter earnings investor deck.

 

Average earning assets were $32.8 billion for the second quarter of 2022, down $421.1 million, or 1%, from the first quarter of 2022.

 

Noninterest Income

Noninterest income totaled $85.7 million for the second quarter of 2022, up $2.2 million, or 3%, from the first quarter of 2022.

 

Service charges on deposits were down $1.2 million, or 5%, from the first quarter of 2022. The decline in service charges is related to lower net nonsufficient funds (NSF) and overdraft (OD) fees.

 

Bankcard and ATM fees were up $1.5 million, or 7%, from the first quarter of 2022. Investment and annuity income and insurance fees were up $0.6 million, or 8%, linked-quarter. Trust fees were up $2.0 million, or 13% linked-quarter.

 

Fees from secondary mortgage operations totaled $3.0 million for the second quarter of 2022, down $0.8 million, or 20%, linked-quarter. Management expects the lower level of secondary mortgage fees to continue as rates continue to rise.

 

Other noninterest income totaled $15.0 million, virtually unchanged from the first quarter of 2022.

 

Noninterest Expense & Taxes

Noninterest expense totaled $187.1 million, up $7.2 million, or 4% linked-quarter.

 

Personnel expense totaled $115.2 million in the second quarter of 2022, up $7.8 million, or 7%, linked-quarter. The increase was due to annual merit raises and higher incentive pay, coupled with an increase in associate headcount, an additional workday in the quarter and continued inflationary pressures.

3

 


 

 

Occupancy and equipment expense totaled $16.9 million in the second quarter of 2022, up $0.4 million, or 2%, from the first quarter of 2022. Amortization of intangibles totaled $3.6 million for the second quarter of 2022, down $0.2 million, or 4%, linked-quarter.

 

Gains on sales of ORE and other foreclosed assets exceeded expenses by $88 thousand in the second quarter of 2022, and $1.8 million in the first quarter of 2022. Other operating expense totaled $51.5 million in the second quarter of 2022, down $2.5 million, or 5%, linked-quarter.

 

The effective income tax rate for second quarter 2022 was 21.2%.

 

Capital

Common stockholders’ equity at June 30, 2022 totaled $3.3 billion, down $101.2 million, or 3%, from March 31, 2022. The tangible common equity (TCE) ratio was 7.21%, up 6 bps from March 31, 2022. The company’s CET1 ratio is estimated to be 11.06% at June 30, 2022, down 6 bps linked-quarter. During the second quarter of 2022, the company repurchased 804,368 shares of its common stock at an average price of $47.21 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 1,604,244 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, July 19, 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 second 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 357079.

 

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 26, 2022 by dialing 866-813-9403 or 929-458-6194, access code 467005.

 

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. More information is available at www.hancockwhitney.com.

 

 

4

 


 

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.

 

5

 


 

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.

 

 

6

 


 

HANCOCK WHITNEY CORPORATION

 

FINANCIAL HIGHLIGHTS

 

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(dollars and common share data in thousands, except per share amounts)

 

6/30/2022

 

 

3/31/2022

 

 

6/30/2021

 

 

6/30/2022

 

 

6/30/2021

 

NET INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

245,732

 

 

$

228,463

 

 

$

234,643

 

 

$

474,195

 

 

$

469,230

 

Net interest income (TE) (a)

 

 

248,317

 

 

 

231,008

 

 

 

237,497

 

 

 

479,325

 

 

 

475,006

 

Provision for credit losses

 

 

(9,761

)

 

 

(22,527

)

 

 

(17,229

)

 

 

(32,288

)

 

 

(22,140

)

Noninterest income

 

 

85,653

 

 

 

83,432

 

 

 

94,272

 

 

 

169,085

 

 

 

181,361

 

Noninterest expense

 

 

187,097

 

 

 

179,939

 

 

 

236,770

 

 

 

367,036

 

 

 

429,842

 

Income tax expense

 

 

32,614

 

 

 

31,005

 

 

 

20,656

 

 

 

63,619

 

 

 

46,999

 

Net income

 

$

121,435

 

 

$

123,478

 

 

$

88,718

 

 

$

244,913

 

 

$

195,890

 

For informational purposes - included above, pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

  Nonoperating item included in noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Gain on sale of Mastercard Class B common stock

 

$

 

 

$

 

 

$

2,800

 

 

$

 

 

$

2,800

 

  Nonoperating items included in noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Efficiency initiatives

 

 

 

 

 

 

 

 

40,812

 

 

 

 

 

 

40,812

 

   Loss on redemption of subordinated notes

 

 

 

 

 

 

 

 

4,165

 

 

 

 

 

 

4,165

 

PERIOD-END BALANCE SHEET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

21,846,068

 

 

$

21,323,341

 

 

$

21,148,530

 

 

$

21,846,068

 

 

$

21,148,530

 

Securities

 

 

8,531,393

 

 

 

8,481,095

 

 

 

8,633,133

 

 

 

8,531,393

 

 

 

8,633,133

 

Earning assets

 

 

31,292,910

 

 

 

32,997,323

 

 

 

32,075,450

 

 

 

31,292,910

 

 

 

32,075,450

 

Total assets

 

 

34,637,525

 

 

 

36,317,291

 

 

 

35,098,709

 

 

 

34,637,525

 

 

 

35,098,709

 

Noninterest-bearing deposits

 

 

14,676,342

 

 

 

14,976,670

 

 

 

13,406,385

 

 

 

14,676,342

 

 

 

13,406,385

 

Total deposits

 

 

29,866,432

 

 

 

30,499,709

 

 

 

29,273,107

 

 

 

29,866,432

 

 

 

29,273,107

 

Common stockholders' equity

 

 

3,349,723

 

 

 

3,450,951

 

 

 

3,562,901

 

 

 

3,349,723

 

 

 

3,562,901

 

AVERAGE BALANCE SHEET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

21,657,528

 

 

$

21,122,038

 

 

$

21,388,814

 

 

$

21,391,262

 

 

$

21,566,071

 

Securities (b)

 

 

8,979,364

 

 

 

8,687,758

 

 

 

8,194,812

 

 

 

8,834,367

 

 

 

7,833,682

 

Earning assets

 

 

32,780,813

 

 

 

33,201,926

 

 

 

32,195,515

 

 

 

32,990,206

 

 

 

31,608,834

 

Total assets

 

 

35,380,247

 

 

 

36,003,803

 

 

 

35,165,684

 

 

 

35,690,303

 

 

 

34,624,947

 

Noninterest-bearing deposits

 

 

14,655,800

 

 

 

14,363,324

 

 

 

13,237,796

 

 

 

14,510,370

 

 

 

12,808,401

 

Total deposits

 

 

29,979,940

 

 

 

30,029,793

 

 

 

29,228,809

 

 

 

30,004,728

 

 

 

28,686,797

 

Common stockholders' equity

 

 

3,383,789

 

 

 

3,607,061

 

 

 

3,488,592

 

 

 

3,494,809

 

 

 

3,465,159

 

COMMON SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - diluted

 

$

1.38

 

 

$

1.40

 

 

$

1.00

 

 

$

2.78

 

 

$

2.20

 

Cash dividends per share

 

 

0.27

 

 

 

0.27

 

 

 

0.27

 

 

 

0.54

 

 

 

0.54

 

Book value per share (period-end)

 

 

39.08

 

 

 

39.91

 

 

 

41.03

 

 

 

39.08

 

 

 

41.03

 

Tangible book value per share (period-end)

 

 

28.37

 

 

 

29.25

 

 

 

30.27

 

 

 

28.37

 

 

 

30.27

 

Weighted average number of shares - diluted

 

 

86,354

 

 

 

86,936

 

 

 

86,990

 

 

 

86,654

 

 

 

86,932

 

Period-end number of shares

 

 

85,714

 

 

 

86,460

 

 

 

86,847

 

 

 

85,714

 

 

 

86,847

 

Market data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High sales price

 

$

53.15

 

 

$

59.82

 

 

$

50.69

 

 

$

59.82

 

 

$

50.69

 

Low sales price

 

 

42.61

 

 

 

50.25

 

 

 

40.25

 

 

 

42.61

 

 

 

32.52

 

Period-end closing price

 

 

44.33

 

 

 

52.15

 

 

 

44.44

 

 

 

44.33

 

 

 

44.44

 

Trading volume

 

 

27,493

 

 

 

29,005

 

 

 

25,570

 

 

 

56,498

 

 

 

54,533

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.38

%

 

 

1.39

%

 

 

1.01

%

 

 

1.38

%

 

 

1.14

%

Return on average common equity

 

 

14.39

%

 

 

13.88

%

 

 

10.20

%

 

 

14.13

%

 

 

11.40

%

Return on average tangible common equity

 

 

19.77

%

 

 

18.66

%

 

 

13.94

%

 

 

19.20

%

 

 

15.63

%

Tangible common equity ratio (c)

 

 

7.21

%

 

 

7.15

%

 

 

7.70

%

 

 

7.21

%

 

 

7.70

%

Net interest margin (TE)

 

 

3.04

%

 

 

2.81

%

 

 

2.96

%

 

 

2.92

%

 

 

3.02

%

Noninterest income as a percent of total revenue (TE)

 

 

25.65

%

 

 

26.53

%

 

 

28.41

%

 

 

26.08

%

 

 

27.63

%

Efficiency ratio (d)

 

 

54.95

%

 

 

56.03

%

 

 

57.01

%

 

 

55.47

%

 

 

57.56

%

Average loan/deposit ratio

 

 

72.24

%

 

 

70.34

%

 

 

73.18

%

 

 

71.29

%

 

 

75.18

%

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

 

 

1.41

%

 

 

1.49

%

 

 

1.89

%

 

 

1.41

%

 

 

1.89

%

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

 

 

1.55

%

 

 

1.63

%

 

 

2.03

%

 

 

1.55

%

 

 

2.03

%

Annualized net charge-offs to average loans

 

 

(0.01

)%

 

 

0.01

%

 

 

0.20

%

 

 

(0.00

)%

 

 

0.27

%

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

 

 

680.97

%

 

 

640.81

%

 

 

415.00

%

 

 

680.97

%

 

 

415.00

%

FTE headcount

 

 

3,594

 

 

 

3,543

 

 

 

3,626

 

 

 

3,594

 

 

 

3,626

 

(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.

 

 

 

 

 

7

 


 

 

HANCOCK WHITNEY CORPORATION

 

QUARTERLY FINANCIAL HIGHLIGHTS

 

(Unaudited)

 

 

 

Three Months Ended

 

(dollars and common share data in thousands, except per share amounts)

 

6/30/2022

 

 

3/31/2022

 

 

12/31/2021

 

 

9/30/2021

 

 

6/30/2021

 

NET INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

245,732

 

 

$

228,463

 

 

$

229,296

 

 

$

234,709

 

 

$

234,643

 

Net interest income (TE) (a)

 

 

248,317

 

 

 

231,008

 

 

 

231,931

 

 

 

237,477

 

 

 

237,497

 

Provision for credit losses

 

 

(9,761

)

 

 

(22,527

)

 

 

(28,399

)

 

 

(26,955

)

 

 

(17,229

)

Noninterest income

 

 

85,653

 

 

 

83,432

 

 

 

89,612

 

 

 

93,361

 

 

 

94,272

 

Noninterest expense

 

 

187,097

 

 

 

179,939

 

 

 

182,462

 

 

 

194,703

 

 

 

236,770

 

Income tax expense

 

 

32,614

 

 

 

31,005

 

 

 

27,102

 

 

 

30,740

 

 

 

20,656

 

Net income

 

$

121,435

 

 

$

123,478

 

 

$

137,743

 

 

$

129,582

 

 

$

88,718

 

For informational purposes - included above, pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Nonoperating item included in noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Gain on hurricane-related insurance settlement

 

$

 

 

$

 

 

$

3,600

 

 

$

 

 

$

 

   Gain on sale of Hancock Horizon Funds

 

 

 

 

 

 

 

 

 

 

 

4,576

 

 

 

 

   Gain on sale of Mastercard Class B common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,800

 

  Nonoperating items included in noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Efficiency initiatives

 

 

 

 

 

 

 

 

(649

)

 

 

(1,867

)

 

 

40,812

 

   Hurricane related expenses

 

 

 

 

 

 

 

 

(680

)

 

 

5,092

 

 

 

 

   Loss on redemption of subordinated notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,165

 

PERIOD-END BALANCE SHEET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

21,846,068

 

 

$

21,323,341

 

 

$

21,134,282

 

 

$

20,886,015

 

 

$

21,148,530

 

Securities

 

 

8,531,393

 

 

 

8,481,095

 

 

 

8,552,449

 

 

 

8,308,622

 

 

 

8,633,133

 

Earning assets

 

 

31,292,910

 

 

 

32,997,323

 

 

 

33,610,435

 

 

 

32,348,036

 

 

 

32,075,450

 

Total assets

 

 

34,637,525

 

 

 

36,317,291

 

 

 

36,531,205

 

 

 

35,318,308

 

 

 

35,098,709

 

Noninterest-bearing deposits

 

 

14,676,342

 

 

 

14,976,670

 

 

 

14,392,808

 

 

 

13,653,376

 

 

 

13,406,385

 

Total deposits

 

 

29,866,432

 

 

 

30,499,709

 

 

 

30,465,897

 

 

 

29,208,157

 

 

 

29,273,107

 

Common stockholders' equity

 

 

3,349,723

 

 

 

3,450,951

 

 

 

3,670,352

 

 

 

3,629,766

 

 

 

3,562,901

 

AVERAGE BALANCE SHEET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

21,657,528

 

 

$

21,122,038

 

 

$

20,770,130

 

 

$

20,941,173

 

 

$

21,388,814

 

Securities (b)

 

 

8,979,364

 

 

 

8,687,758

 

 

 

8,378,258

 

 

 

8,368,824

 

 

 

8,194,812

 

Earning assets

 

 

32,780,813

 

 

 

33,201,926

 

 

 

32,913,659

 

 

 

32,097,381

 

 

 

32,195,515

 

Total assets

 

 

35,380,247

 

 

 

36,003,803

 

 

 

35,829,027

 

 

 

35,207,960

 

 

 

35,165,684

 

Noninterest-bearing deposits

 

 

14,655,800

 

 

 

14,363,324

 

 

 

14,126,335

 

 

 

13,535,961

 

 

 

13,237,796

 

Total deposits

 

 

29,979,940

 

 

 

30,029,793

 

 

 

29,750,665

 

 

 

29,237,306

 

 

 

29,228,809

 

Common stockholders' equity

 

 

3,383,789

 

 

 

3,607,061

 

 

 

3,642,003

 

 

 

3,606,087

 

 

 

3,488,592

 

COMMON SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - diluted

 

$

1.38

 

 

$

1.40

 

 

$

1.55

 

 

$

1.46

 

 

$

1.00

 

Cash dividends per share

 

 

0.27

 

 

 

0.27

 

 

 

0.27

 

 

 

0.27

 

 

 

0.27

 

Book value per share (period-end)

 

 

39.08

 

 

 

39.91

 

 

 

42.31

 

 

 

41.81

 

 

 

41.03

 

Tangible book value per share (period-end)

 

 

28.37

 

 

 

29.25

 

 

 

31.64

 

 

 

31.10

 

 

 

30.27

 

Weighted average number of shares - diluted

 

 

86,354

 

 

 

86,936

 

 

 

87,132

 

 

 

87,006

 

 

 

86,990

 

Period-end number of shares

 

 

85,714

 

 

 

86,460

 

 

 

86,749

 

 

 

86,823

 

 

 

86,847

 

Market data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High sales price

 

$

53.15

 

 

$

59.82

 

 

$

53.61

 

 

$

48.19

 

 

$

50.69

 

Low sales price

 

 

42.61

 

 

 

50.25

 

 

 

45.06

 

 

 

39.07

 

 

 

40.25

 

Period-end closing price

 

 

44.33

 

 

 

52.15

 

 

 

50.02

 

 

 

47.12

 

 

 

44.44

 

Trading volume

 

 

27,493

 

 

 

29,005

 

 

 

23,889

 

 

 

22,482

 

 

 

25,570

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.38

%

 

 

1.39

%

 

 

1.53

%

 

 

1.46

%

 

 

1.01

%

Return on average common equity

 

 

14.39

%

 

 

13.88

%

 

 

15.00

%

 

 

14.26

%

 

 

10.20

%

Return on average tangible common equity

 

 

19.77

%

 

 

18.66

%

 

 

20.13

%

 

 

19.22

%

 

 

13.94

%

Tangible common equity ratio (c)

 

 

7.21

%

 

 

7.15

%

 

 

7.71

%

 

 

7.85

%

 

 

7.70

%

Net interest margin (TE)

 

 

3.04

%

 

 

2.81

%

 

 

2.80

%

 

 

2.94

%

 

 

2.96

%

Noninterest income as a percentage of total revenue (TE)

 

 

25.65

%

 

 

26.53

%

 

 

27.87

%

 

 

28.22

%

 

 

28.41

%

Efficiency ratio (d)

 

 

54.95

%

 

 

56.03

%

 

 

56.57

%

 

 

57.44

%

 

 

57.01

%

Average loan/deposit ratio

 

 

72.24

%

 

 

70.34

%

 

 

69.81

%

 

 

71.62

%

 

 

73.18

%

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

 

 

1.41

%

 

 

1.49

%

 

 

1.62

%

 

 

1.78

%

 

 

1.89

%

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

 

 

1.55

%

 

 

1.63

%

 

 

1.76

%

 

 

1.92

%

 

 

2.03

%

Annualized net charge-offs to average loans

 

 

(0.01

)%

 

 

0.01

%

 

 

0.01

%

 

 

0.03

%

 

 

0.20

%

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

 

 

680.97

%

 

 

640.81

%

 

 

527.59

%

 

 

506.17

%

 

 

415.00

%

FTE headcount

 

 

3,594

 

 

 

3,543

 

 

 

3,486

 

 

 

3,429

 

 

 

3,626

 

(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.

 

 

8

 


 

 

 

HANCOCK WHITNEY CORPORATION

 

INCOME STATEMENT

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(dollars in thousands, except per share data)

 

6/30/2022

 

 

3/31/2022

 

 

6/30/2021

 

 

6/30/2022

 

 

6/30/2021

 

NET INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

254,864

 

 

$

236,786

 

 

$

248,300

 

 

$

491,650

 

 

$

499,085

 

Interest income (TE) (f)

 

 

257,449

 

 

 

239,331

 

 

 

251,154

 

 

 

496,780

 

 

 

504,861

 

Interest expense

 

 

9,132

 

 

 

8,323

 

 

 

13,657

 

 

 

17,455

 

 

 

29,855

 

Net interest income (TE)

 

 

248,317

 

 

 

231,008

 

 

 

237,497

 

 

 

479,325

 

 

 

475,006

 

Provision for credit losses

 

 

(9,761

)

 

 

(22,527

)

 

 

(17,229

)

 

 

(32,288

)

 

 

(22,140

)

Noninterest income

 

 

85,653

 

 

 

83,432

 

 

 

94,272

 

 

 

169,085

 

 

 

181,361

 

Noninterest expense

 

 

187,097

 

 

 

179,939

 

 

 

236,770

 

 

 

367,036

 

 

 

429,842

 

Income before income taxes

 

 

154,049

 

 

 

154,483

 

 

 

109,374

 

 

 

308,532

 

 

 

242,889

 

Income tax expense

 

 

32,614

 

 

 

31,005

 

 

 

20,656

 

 

 

63,619

 

 

 

46,999

 

Net income

 

$

121,435

 

 

$

123,478

 

 

$

88,718

 

 

$

244,913

 

 

$

195,890

 

For informational purposes - included above, pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Nonoperating item included in noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Gain on sale of Mastercard Class B common stock

 

$

 

 

$

 

 

$

2,800

 

 

$

 

 

$

2,800

 

  Nonoperating items included in noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Efficiency initiatives

 

 

 

 

 

 

 

 

40,812

 

 

 

 

 

 

40,812

 

   Loss on redemption of subordinated notes

 

 

 

 

 

 

 

 

4,165

 

 

 

 

 

 

4,165

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

$

20,495

 

 

$

21,674

 

 

$

19,381

 

 

$

42,169

 

 

$

38,527

 

Trust fees

 

 

17,309

 

 

 

15,279

 

 

 

16,307

 

 

 

32,588

 

 

 

31,310

 

Bank card and ATM fees

 

 

21,870

 

 

 

20,396

 

 

 

20,483

 

 

 

42,266

 

 

 

38,603

 

Investment and annuity fees and insurance commissions

 

 

8,001

 

 

 

7,427

 

 

 

7,331

 

 

 

15,428

 

 

 

14,789

 

Secondary mortgage market operations

 

 

2,990

 

 

 

3,746

 

 

 

12,556

 

 

 

6,736

 

 

 

24,266

 

Other income

 

 

14,988

 

 

 

14,910

 

 

 

18,214

 

 

 

29,898

 

 

 

33,866

 

Total noninterest income

 

$

85,653

 

 

$

83,432

 

 

$

94,272

 

 

$

169,085

 

 

$

181,361

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expense

 

$

115,170

 

 

$

107,396

 

 

$

142,654

 

 

$

222,566

 

 

$

262,269

 

Net occupancy and equipment expense

 

 

16,928

 

 

 

16,547

 

 

 

17,347

 

 

 

33,475

 

 

 

35,038

 

Other real estate and foreclosed assets income, net

 

 

(88

)

 

 

(1,764

)

 

 

(86

)

 

 

(1,852

)

 

 

(80

)

Other expense

 

 

51,501

 

 

 

54,012

 

 

 

72,610

 

 

 

105,513

 

 

 

123,951

 

Amortization of intangibles

 

 

3,586

 

 

 

3,748

 

 

 

4,245

 

 

 

7,334

 

 

 

8,664

 

Total noninterest expense

 

$

187,097

 

 

$

179,939

 

 

$

236,770

 

 

$

367,036

 

 

$

429,842

 

COMMON SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.39

 

 

$

1.40

 

 

$

1.00

 

 

$

2.79

 

 

$

2.21

 

Diluted

 

 

1.38

 

 

 

1.40

 

 

 

1.00

 

 

 

2.78

 

 

 

2.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

9

 


 

 

HANCOCK WHITNEY CORPORATION

 

INCOME STATEMENT

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

(in thousands, except per share data)

 

6/30/2022

 

 

3/31/2022

 

 

12/31/2021

 

 

9/30/2021

 

 

6/30/2021

 

NET INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

254,864

 

 

$

236,786

 

 

$

238,756

 

 

$

244,417

 

 

$

248,300

 

Interest income (TE) (f)

 

 

257,449

 

 

 

239,331

 

 

 

241,391

 

 

 

247,185

 

 

 

251,154

 

Interest expense

 

 

9,132

 

 

 

8,323

 

 

 

9,460

 

 

 

9,708

 

 

 

13,657

 

Net interest income (TE)

 

 

248,317

 

 

 

231,008

 

 

 

231,931

 

 

 

237,477

 

 

 

237,497

 

Provision for credit losses

 

 

(9,761

)

 

 

(22,527

)

 

 

(28,399

)

 

 

(26,955

)

 

 

(17,229

)

Noninterest income

 

 

85,653

 

 

 

83,432

 

 

 

89,612

 

 

 

93,361

 

 

 

94,272

 

Noninterest expense

 

 

187,097

 

 

 

179,939

 

 

 

182,462

 

 

 

194,703

 

 

 

236,770

 

Income before income taxes

 

 

154,049

 

 

 

154,483

 

 

 

164,845

 

 

 

160,322

 

 

 

109,374

 

Income tax expense

 

 

32,614

 

 

 

31,005

 

 

 

27,102

 

 

 

30,740

 

 

 

20,656

 

Net income

 

$

121,435

 

 

$

123,478

 

 

$

137,743

 

 

$

129,582

 

 

$

88,718

 

For informational purposes - included above, pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

 

  Nonoperating item included in noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Gain on hurricane-related insurance settlement

 

$

 

 

$

 

 

$

3,600

 

 

$

 

 

$

 

   Gain on sale of Hancock Horizon Funds

 

 

 

 

 

 

 

 

 

 

 

4,576

 

 

 

 

   Gain on sale of Mastercard Class B common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,800

 

  Nonoperating items included in noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Efficiency initiatives

 

 

 

 

 

 

 

 

(649

)

 

 

(1,867

)

 

 

40,812

 

   Hurricane related expenses

 

 

 

 

 

 

 

 

(680

)

 

 

5,092

 

 

 

 

   Loss on redemption of subordinated notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,165

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

$

20,495

 

 

$

21,674

 

 

$

21,346

 

 

$

21,159

 

 

$

19,381

 

Trust fees

 

 

17,309

 

 

 

15,279

 

 

 

15,547

 

 

 

16,041

 

 

 

16,307

 

Bank card and ATM fees

 

 

21,870

 

 

 

20,396

 

 

 

20,638

 

 

 

19,833

 

 

 

20,483

 

Investment and annuity fees and insurance commissions

 

 

8,001

 

 

 

7,427

 

 

 

7,546

 

 

 

7,167

 

 

 

7,331

 

Secondary mortgage market operations

 

 

2,990

 

 

 

3,746

 

 

 

5,456

 

 

 

6,972

 

 

 

12,556

 

Other income

 

 

14,988

 

 

 

14,910

 

 

 

19,079

 

 

 

22,189

 

 

 

18,214

 

Total noninterest income

 

$

85,653

 

 

$

83,432

 

 

$

89,612

 

 

$

93,361

 

 

$

94,272

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expense

 

$

115,170

 

 

$

107,396

 

 

$

108,128

 

 

$

111,978

 

 

$

142,654

 

Net occupancy and equipment expense

 

 

16,928

 

 

 

16,547

 

 

 

16,047

 

 

 

16,868

 

 

 

17,347

 

Other real estate and foreclosed assets expense (income), net

 

 

(88

)

 

 

(1,764

)

 

 

246

 

 

 

(376

)

 

 

(86

)

Other expense

 

 

51,501

 

 

 

54,012

 

 

 

54,122

 

 

 

62,151

 

 

 

72,610

 

Amortization of intangibles

 

 

3,586

 

 

 

3,748

 

 

 

3,919

 

 

 

4,082

 

 

 

4,245

 

Total noninterest expense

 

$

187,097

 

 

$

179,939

 

 

$

182,462

 

 

$

194,703

 

 

$

236,770

 

COMMON SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.39

 

 

$

1.40

 

 

$

1.56

 

 

$

1.46

 

 

$

1.00

 

Diluted

 

 

1.38

 

 

 

1.40

 

 

 

1.55

 

 

 

1.46

 

 

 

1.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

10

 


 

 

 

 

 

 

HANCOCK WHITNEY CORPORATION

 

PERIOD-END BALANCE SHEET

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

6/30/2022

 

 

3/31/2022

 

 

12/31/2021

 

 

9/30/2021

 

 

6/30/2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial non-real estate loans

 

$

9,645,092

 

 

$

9,584,480

 

 

$

9,612,460

 

 

$

9,416,990

 

 

$

9,532,710

 

Commercial real estate - owner occupied loans

 

 

2,964,474

 

 

 

2,868,233

 

 

 

2,821,246

 

 

 

2,812,926

 

 

 

2,809,868

 

Total commercial and industrial loans

 

 

12,609,566

 

 

 

12,452,713

 

 

 

12,433,706

 

 

 

12,229,916

 

 

 

12,342,578

 

Commercial real estate - income producing loans

 

 

3,641,243

 

 

 

3,563,299

 

 

 

3,464,626

 

 

 

3,467,939

 

 

 

3,419,028

 

Construction and land development loans

 

 

1,408,727

 

 

 

1,286,655

 

 

 

1,228,670

 

 

 

1,213,991

 

 

 

1,295,036

 

Residential mortgage loans

 

 

2,615,807

 

 

 

2,462,900

 

 

 

2,423,890

 

 

 

2,351,053

 

 

 

2,412,459

 

Consumer loans

 

 

1,570,725

 

 

 

1,557,774

 

 

 

1,583,390

 

 

 

1,623,116

 

 

 

1,679,429

 

Total loans

 

 

21,846,068

 

 

 

21,323,341

 

 

 

21,134,282

 

 

 

20,886,015

 

 

 

21,148,530

 

Loans held for sale

 

 

44,253

 

 

 

59,877

 

 

 

93,069

 

 

 

90,618

 

 

 

90,002

 

Securities

 

 

8,531,393

 

 

 

8,481,095

 

 

 

8,552,449

 

 

 

8,308,622

 

 

 

8,633,133

 

Short-term investments

 

 

871,196

 

 

 

3,133,010

 

 

 

3,830,635

 

 

 

3,062,781

 

 

 

2,203,785

 

Earning assets

 

 

31,292,910

 

 

 

32,997,323

 

 

 

33,610,435

 

 

 

32,348,036

 

 

 

32,075,450

 

Allowance for loan losses

 

 

(308,175

)

 

 

(317,843

)

 

 

(342,065

)

 

 

(371,521

)

 

 

(399,668

)

Goodwill and other intangible assets

 

 

918,345

 

 

 

921,932

 

 

 

925,679

 

 

 

929,599

 

 

 

933,681

 

Other assets

 

 

2,734,445

 

 

 

2,715,879

 

 

 

2,337,156

 

 

 

2,412,194

 

 

 

2,489,246

 

Total assets

 

$

34,637,525

 

 

$

36,317,291

 

 

$

36,531,205

 

 

$

35,318,308

 

 

$

35,098,709

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

14,676,342

 

 

$

14,976,670

 

 

$

14,392,808

 

 

$

13,653,376

 

 

$

13,406,385

 

Interest-bearing transaction and savings deposits

 

 

11,334,253

 

 

 

11,460,993

 

 

 

11,649,855

 

 

 

11,291,878

 

 

 

11,308,744

 

Interest-bearing public fund deposits

 

 

2,883,664

 

 

 

3,014,307

 

 

 

3,294,607

 

 

 

3,055,388

 

 

 

3,206,799

 

Time deposits

 

 

972,173

 

 

 

1,047,739

 

 

 

1,128,627

 

 

 

1,207,515

 

 

 

1,351,179

 

Total interest-bearing deposits

 

 

15,190,090

 

 

 

15,523,039

 

 

 

16,073,089

 

 

 

15,554,781

 

 

 

15,866,722

 

Total deposits

 

 

29,866,432

 

 

 

30,499,709

 

 

 

30,465,897

 

 

 

29,208,157

 

 

 

29,273,107

 

Short-term borrowings

 

 

630,011

 

 

 

1,620,302

 

 

 

1,665,061

 

 

 

1,745,228

 

 

 

1,516,508

 

Long-term debt

 

 

240,091

 

 

 

240,454

 

 

 

244,220

 

 

 

248,011

 

 

 

248,052

 

Other liabilities

 

 

551,268

 

 

 

505,875

 

 

 

485,675

 

 

 

487,146

 

 

 

498,141

 

Total liabilities

 

 

31,287,802

 

 

 

32,866,340

 

 

 

32,860,853

 

 

 

31,688,542

 

 

 

31,535,808

 

COMMON STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock net of treasury and capital surplus

 

 

2,020,411

 

 

 

2,051,534

 

 

 

2,065,214

 

 

 

2,084,387

 

 

 

2,080,486

 

Retained earnings

 

 

1,856,489

 

 

 

1,758,693

 

 

 

1,659,073

 

 

 

1,545,181

 

 

 

1,439,553

 

Accumulated other comprehensive income (loss)

 

 

(527,177

)

 

 

(359,276

)

 

 

(53,935

)

 

 

198

 

 

 

42,862

 

Total common stockholders' equity

 

 

3,349,723

 

 

 

3,450,951

 

 

 

3,670,352

 

 

 

3,629,766

 

 

 

3,562,901

 

Total liabilities & stockholders' equity

 

$

34,637,525

 

 

$

36,317,291

 

 

$

36,531,205

 

 

$

35,318,308

 

 

$

35,098,709

 

For informational purposes only - included above

 

 

 

 

 

 

 

 

 

 

 

 

 

SBA Paycheck Protection Program (PPP) loans

 

$

151,315

 

 

$

334,828

 

 

$

531,059

 

 

$

935,330

 

 

$

1,417,523

 

CAPITAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity

 

$

2,431,378

 

 

$

2,529,019

 

 

$

2,744,673

 

 

$

2,700,167

 

 

$

2,629,220

 

Tier 1 capital (g)

 

 

3,033,760

 

 

 

2,963,501

 

 

 

2,890,770

 

 

 

2,799,037

 

 

 

2,692,065

 

Common equity as a percentage of total assets

 

 

9.67

%

 

 

9.50

%

 

 

10.05

%

 

 

10.28

%

 

 

10.15

%

Tangible common equity ratio

 

 

7.21

%

 

 

7.15

%

 

 

7.71

%

 

 

7.85

%

 

 

7.70

%

Leverage (Tier 1) ratio (g)

 

 

8.68

%

 

 

8.38

%

 

 

8.25

%

 

 

8.15

%

 

 

7.83

%

Common equity tier 1 (CET1) ratio (g)

 

 

11.06

%

 

 

11.12

%

 

 

11.09

%

 

 

11.17

%

 

 

10.98

%

Tier 1 risk-based capital ratio (g)

 

 

11.06

%

 

 

11.12

%

 

 

11.09

%

 

 

11.17

%

 

 

10.98

%

Total risk-based capital ratio (g)

 

 

12.68

%

 

 

12.82

%

 

 

12.84

%

 

 

13.06

%

 

 

12.94

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(g) Estimated for most recent period-end. Regulatory capital ratios reflect the election to use the five-year transition rules for the adoption of ASC 326, commonly referred to as Current Expected Credit Loss, or CECL.

 

 

11

 


 

 

 

 

HANCOCK WHITNEY CORPORATION

 

AVERAGE BALANCE SHEET

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

6/30/2022

 

 

3/31/2022

 

 

6/30/2021

 

 

6/30/2022

 

 

6/30/2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial non-real estate loans

 

$

9,718,550

 

 

$

9,497,772

 

 

$

9,889,904

 

 

$

9,608,771

 

 

$

9,971,167

 

Commercial real estate - owner occupied loans

 

 

2,915,528

 

 

 

2,867,252

 

 

 

2,782,362

 

 

 

2,891,525

 

 

 

2,810,622

 

Total commercial and industrial loans

 

 

12,634,078

 

 

 

12,365,024

 

 

 

12,672,266

 

 

 

12,500,296

 

 

 

12,781,789

 

Commercial real estate - income producing loans

 

 

3,592,220

 

 

 

3,510,957

 

 

 

3,420,781

 

 

 

3,551,811

 

 

 

3,394,483

 

Construction and land development loans

 

 

1,335,755

 

 

 

1,243,314

 

 

 

1,140,065

 

 

 

1,289,789

 

 

 

1,107,137

 

Residential mortgage loans

 

 

2,534,600

 

 

 

2,441,359

 

 

 

2,442,956

 

 

 

2,488,238

 

 

 

2,521,289

 

Consumer loans

 

 

1,560,875

 

 

 

1,561,384

 

 

 

1,712,746

 

 

 

1,561,128

 

 

 

1,761,373

 

Total loans

 

 

21,657,528

 

 

 

21,122,038

 

 

 

21,388,814

 

 

 

21,391,262

 

 

 

21,566,071

 

Loans held for sale

 

 

48,099

 

 

 

64,271

 

 

 

89,638

 

 

 

56,140

 

 

 

100,634

 

Securities (h)

 

 

8,979,364

 

 

 

8,687,758

 

 

 

8,194,812

 

 

 

8,834,367

 

 

 

7,833,682

 

Short-term investments

 

 

2,095,822

 

 

 

3,327,859

 

 

 

2,522,251

 

 

 

2,708,437

 

 

 

2,108,447

 

Earning assets

 

 

32,780,813

 

 

 

33,201,926

 

 

 

32,195,515

 

 

 

32,990,206

 

 

 

31,608,834

 

Allowance for loan losses

 

 

(315,851

)

 

 

(338,385

)

 

 

(418,753

)

 

 

(327,056

)

 

 

(435,200

)

Goodwill and other intangible assets

 

 

920,080

 

 

 

923,752

 

 

 

935,737

 

 

 

921,906

 

 

 

937,893

 

Other assets

 

 

1,995,205

 

 

 

2,216,510

 

 

 

2,453,185

 

 

 

2,105,247

 

 

 

2,513,420

 

Total assets

 

$

35,380,247

 

 

$

36,003,803

 

 

$

35,165,684

 

 

$

35,690,303

 

 

$

34,624,947

 

LIABILITIES AND COMMON STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

14,655,800

 

 

$

14,363,324

 

 

$

13,237,796

 

 

$

14,510,370

 

 

$

12,808,401

 

Interest-bearing transaction and savings deposits

 

 

11,412,944

 

 

 

11,423,421

 

 

 

11,315,790

 

 

 

11,418,153

 

 

 

11,057,326

 

Interest-bearing public fund deposits

 

 

2,906,018

 

 

 

3,154,540

 

 

 

3,208,718

 

 

 

3,029,592

 

 

 

3,209,891

 

Time deposits

 

 

1,005,178

 

 

 

1,088,508

 

 

 

1,466,505

 

 

 

1,046,613

 

 

 

1,611,179

 

Total interest-bearing deposits

 

 

15,324,140

 

 

 

15,666,469

 

 

 

15,991,013

 

 

 

15,494,358

 

 

 

15,878,396

 

Total deposits

 

 

29,979,940

 

 

 

30,029,793

 

 

 

29,228,809

 

 

 

30,004,728

 

 

 

28,686,797

 

Short-term borrowings

 

 

1,224,183

 

 

 

1,689,906

 

 

 

1,661,015

 

 

 

1,455,758

 

 

 

1,674,616

 

Long-term debt

 

 

240,322

 

 

 

241,828

 

 

 

371,892

 

 

 

241,071

 

 

 

384,243

 

Other liabilities

 

 

552,013

 

 

 

435,215

 

 

 

415,376

 

 

 

493,937

 

 

 

414,132

 

Common stockholders' equity

 

 

3,383,789

 

 

 

3,607,061

 

 

 

3,488,592

 

 

 

3,494,809

 

 

 

3,465,159

 

Total liabilities & stockholders' equity

 

$

35,380,247

 

 

$

36,003,803

 

 

$

35,165,684

 

 

$

35,690,303

 

 

$

34,624,947

 

For informational purposes only - included above

 

 

 

 

 

 

 

 

 

 

 

 

 

SBA Paycheck Protection Program (PPP) loans

 

$

231,133

 

 

$

430,363

 

 

$

2,043,032

 

 

$

330,197

 

 

$

2,116,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(h) Average securities does not include unrealized holding gains/losses on available for sale securities.

 

 

 

 

12

 


 

 

HANCOCK WHITNEY CORPORATION

 

AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

6/30/2022

 

 

3/31/2022

 

 

6/30/2021

 

(dollars in millions)

 

Average
 Balance

 

 

Interest

 

 

Rate

 

 

Average
  Balance

 

 

Interest

 

 

Rate

 

 

Average
 Balance

 

 

Interest

 

 

Rate

 

AVERAGE EARNING ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & real estate loans (TE) (i)

 

$

17,562.0

 

 

$

165.9

 

 

 

3.79

%

 

$

17,119.3

 

 

$

150.3

 

 

 

3.56

%

 

$

17,233.1

 

 

$

149.3

 

 

 

3.47

%

Residential mortgage loans

 

 

2,534.6

 

 

 

21.1

 

 

 

3.33

%

 

 

2,441.3

 

 

 

21.0

 

 

 

3.44

%

 

 

2,443.0

 

 

 

23.9

 

 

 

3.92

%

Consumer loans

 

 

1,560.9

 

 

 

19.6

 

 

 

5.03

%

 

 

1,561.4

 

 

 

18.4

 

 

 

4.77

%

 

 

1,712.7

 

 

 

21.0

 

 

 

4.92

%

Loan fees & late charges

 

 

 

 

 

1.9

 

 

 

0.00

%

 

 

 

 

 

4.4

 

 

 

0.00

%

 

 

 

 

 

16.5

 

 

 

0.00

%

Total loans (TE) (j) (k)

 

 

21,657.5

 

 

 

208.5

 

 

 

3.86

%

 

 

21,122.0

 

 

 

194.1

 

 

 

3.72

%

 

 

21,388.8

 

 

 

210.7

 

 

 

3.95

%

Loans held for sale

 

 

48.1

 

 

 

0.4

 

 

 

3.69

%

 

 

64.3

 

 

 

0.7

 

 

 

4.36

%

 

 

89.6

 

 

 

0.6

 

 

 

2.90

%

US Treasury and government agency securities

 

 

387.6

 

 

 

1.7

 

 

 

1.79

%

 

 

397.8

 

 

 

1.6

 

 

 

1.64

%

 

 

291.0

 

 

 

1.2

 

 

 

1.67

%

CMOs and mortgage backed securities

 

 

7,658.2

 

 

 

36.3

 

 

 

1.90

%

 

 

7,352.5

 

 

 

34.5

 

 

 

1.88

%

 

 

6,961.4

 

 

 

31.0

 

 

 

1.78

%

Municipals (TE)

 

 

912.4

 

 

 

6.8

 

 

 

2.96

%

 

 

916.5

 

 

 

6.7

 

 

 

2.93

%

 

 

930.1

 

 

 

6.8

 

 

 

2.94

%

Other securities

 

 

21.2

 

 

 

0.2

 

 

 

3.34

%

 

 

21.0

 

 

 

0.2

 

 

 

3.31

%

 

 

12.3

 

 

 

0.1

 

 

 

3.64

%

Total securities (TE) (l)

 

 

8,979.4

 

 

 

45.0

 

 

 

2.00

%

 

 

8,687.8

 

 

 

43.0

 

 

 

1.98

%

 

 

8,194.8

 

 

 

39.1

 

 

 

1.91

%

Total short-term investments

 

 

2,095.8

 

 

 

3.5

 

 

 

0.67

%

 

 

3,327.8

 

 

 

1.5

 

 

 

0.19

%

 

 

2,522.3

 

 

 

0.7

 

 

 

0.11

%

Average earning assets yield (TE)

 

$

32,780.8

 

 

$

257.4

 

 

 

3.15

%

 

$

33,201.9

 

 

$

239.3

 

 

 

2.91

%

 

$

32,195.5

 

 

$

251.1

 

 

 

3.13

%

INTEREST-BEARING LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing transaction and savings deposits

 

$

11,412.9

 

 

$

1.3

 

 

 

0.05

%

 

$

11,423.4

 

 

$

1.1

 

 

 

0.04

%

 

$

11,315.8

 

 

$

2.7

 

 

 

0.10

%

Time deposits

 

 

1,005.2

 

 

 

0.4

 

 

 

0.15

%

 

 

1,088.5

 

 

 

0.6

 

 

 

0.24

%

 

 

1,466.5

 

 

 

1.7

 

 

 

0.47

%

Public funds

 

 

2,906.0

 

 

 

3.3

 

 

 

0.46

%

 

 

3,154.6

 

 

 

2.1

 

 

 

0.26

%

 

 

3,208.7

 

 

 

2.6

 

 

 

0.33

%

Total interest-bearing deposits

 

 

15,324.1

 

 

 

5.0

 

 

 

0.13

%

 

 

15,666.5

 

 

 

3.8

 

 

 

0.10

%

 

 

15,991.0

 

 

 

7.0

 

 

 

0.18

%

Short-term borrowings

 

 

1,224.2

 

 

 

1.0

 

 

 

0.31

%

 

 

1,689.9

 

 

 

1.4

 

 

 

0.34

%

 

 

1,661.0

 

 

 

1.6

 

 

 

0.37

%

Long-term debt

 

 

240.3

 

 

 

3.1

 

 

 

5.20

%

 

 

241.8

 

 

 

3.1

 

 

 

5.17

%

 

 

371.9

 

 

 

5.0

 

 

 

5.42

%

Total borrowings

 

 

1,464.5

 

 

 

4.1

 

 

 

1.12

%

 

 

1,931.7

 

 

 

4.5

 

 

 

0.95

%

 

 

2,032.9

 

 

 

6.6

 

 

 

1.30

%

Total interest-bearing liabilities cost

 

 

16,788.6

 

 

 

9.1

 

 

 

0.22

%

 

 

17,598.2

 

 

 

8.3

 

 

 

0.19

%

 

 

18,023.9

 

 

 

13.6

 

 

 

0.30

%

Net interest-free funding sources

 

 

15,992.2

 

 

 

 

 

 

 

 

 

15,603.7

 

 

 

 

 

 

 

 

 

14,171.6

 

 

 

 

 

 

 

Total cost of funds

 

 

32,780.8

 

 

 

9.1

 

 

 

0.11

%

 

 

33,201.9

 

 

 

8.3

 

 

 

0.10

%

 

 

32,195.5

 

 

 

13.6

 

 

 

0.17

%

Net Interest Spread (TE)

 

 

 

 

$

248.3

 

 

 

2.93

%

 

 

 

 

$

231.0

 

 

 

2.72

%

 

 

 

 

$

237.5

 

 

 

2.82

%

Net Interest Margin (TE)

 

$

32,780.8

 

 

$

248.3

 

 

 

3.04

%

 

$

33,201.9

 

 

$

231.0

 

 

 

2.81

%

 

$

32,195.5

 

 

$

237.5

 

 

 

2.96

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(j) Includes nonaccrual loans.

 

(k) Included in interest income is net purchase accounting accretion of $1.2 million, $1.5 million and $1.6 million for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021, respectively.

 

(l) Average securities does not include unrealized holding gains/losses on available for sale securities.

 

 

 

13

 


 

HANCOCK WHITNEY CORPORATION

 

AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months Ended

 

 

 

6/30/2022

 

 

6/30/2021

 

(dollars in millions)

 

Average
 Balance

 

 

Interest

 

 

Rate

 

 

Average
 Balance

 

 

Interest

 

 

Rate

 

AVERAGE EARNING ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & real estate loans (TE) (i)

 

$

17,341.9

 

 

$

316.3

 

 

 

3.68

%

 

$

17,283.4

 

 

$

305.1

 

 

 

3.56

%

Residential mortgage loans

 

 

2,488.3

 

 

 

42.1

 

 

 

3.38

%

 

 

2,521.3

 

 

 

48.6

 

 

 

3.85

%

Consumer loans

 

 

1,561.1

 

 

 

37.9

 

 

 

4.90

%

 

 

1,761.4

 

 

 

42.4

 

 

 

4.85

%

Loan fees & late charges

 

 

 

 

 

6.3

 

 

 

0.00

%

 

 

 

 

 

29.9

 

 

 

0.00

%

Total loans (TE) (j) (k)

 

 

21,391.3

 

 

 

402.6

 

 

 

3.79

%

 

 

21,566.1

 

 

 

426.0

 

 

 

3.98

%

Loans held for sale

 

 

56.1

 

 

 

1.1

 

 

 

4.07

%

 

 

100.6

 

 

 

1.3

 

 

 

2.63

%

US Treasury and government agency securities

 

 

392.7

 

 

 

3.4

 

 

 

1.71

%

 

 

253.0

 

 

 

2.2

 

 

 

1.71

%

CMOs and mortgage backed securities

 

 

7,506.2

 

 

 

70.8

 

 

 

1.89

%

 

 

6,636.5

 

 

 

60.4

 

 

 

1.82

%

Municipals (TE)

 

 

914.4

 

 

 

13.5

 

 

 

2.95

%

 

 

932.3

 

 

 

13.7

 

 

 

2.93

%

Other securities

 

 

21.1

 

 

 

0.3

 

 

 

3.32

%

 

 

11.9

 

 

 

0.2

 

 

 

3.85

%

Total securities (TE) (l)

 

 

8,834.4

 

 

 

88.0

 

 

 

1.99

%

 

 

7,833.7

 

 

 

76.5

 

 

 

1.95

%

Total short-term investments

 

 

2,708.4

 

 

 

5.1

 

 

 

0.38

%

 

 

2,108.4

 

 

 

1.1

 

 

 

0.10

%

Average earning assets yield (TE)

 

$

32,990.2

 

 

$

496.8

 

 

 

3.03

%

 

$

31,608.8

 

 

$

504.9

 

 

 

3.21

%

INTEREST-BEARING LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing transaction and savings deposits

 

$

11,418.2

 

 

$

2.5

 

 

 

0.04

%

 

$

11,057.3

 

 

$

6.1

 

 

 

0.11

%

Time deposits

 

 

1,046.6

 

 

 

1.0

 

 

 

0.20

%

 

 

1,611.2

 

 

 

4.7

 

 

 

0.59

%

Public funds

 

 

3,029.6

 

 

 

5.4

 

 

 

0.36

%

 

 

3,209.9

 

 

 

5.5

 

 

 

0.34

%

Total interest-bearing deposits

 

 

15,494.4

 

 

 

8.9

 

 

 

0.11

%

 

 

15,878.4

 

 

 

16.3

 

 

 

0.21

%

Short-term borrowings

 

 

1,455.8

 

 

 

2.4

 

 

 

0.33

%

 

 

1,674.6

 

 

 

3.1

 

 

 

0.37

%

Long-term debt

 

 

241.0

 

 

 

6.2

 

 

 

5.18

%

 

 

384.2

 

 

 

10.5

 

 

 

5.45

%

Total borrowings

 

 

1,696.8

 

 

 

8.6

 

 

 

1.02

%

 

 

2,058.8

 

 

 

13.6

 

 

 

1.32

%

Total interest-bearing liabilities cost

 

 

17,191.2

 

 

 

17.5

 

 

 

0.20

%

 

 

17,937.2

 

 

 

29.9

 

 

 

0.33

%

Net interest-free funding sources

 

 

15,799.0

 

 

 

 

 

 

 

 

 

13,671.6

 

 

 

 

 

 

 

Total cost of funds

 

 

32,990.2

 

 

 

17.5

 

 

 

0.11

%

 

 

31,608.8

 

 

 

29.9

 

 

 

0.19

%

Net Interest Spread (TE)

 

 

 

 

$

479.3

 

 

 

2.82

%

 

 

 

 

$

475.0

 

 

 

2.88

%

Net Interest Margin (TE)

 

$

32,990.2

 

 

$

479.3

 

 

 

2.92

%

 

$

31,608.8

 

 

$

475.0

 

 

 

3.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(j) Includes nonaccrual loans.

 

(k) Included in interest income is net purchase accounting accretion of $2.7 million and $5.1 million for the six months ended June 30, 2022 and 2021, respectively.

 

(l) Average securities does not include unrealized holding gains/losses on available for sale securities.

 

 

 

 

14

 


 

 

 

HANCOCK WHITNEY CORPORATION

 

ASSET QUALITY INFORMATION

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(dollars in thousands)

 

6/30/2022

 

 

3/31/2022

 

 

6/30/2021

 

 

6/30/2022

 

 

6/30/2021

 

Nonaccrual loans (m)

 

$

38,066

 

 

$

42,439

 

 

$

83,551

 

 

$

38,066

 

 

$

83,551

 

Restructured loans - still accruing

 

 

2,492

 

 

 

2,903

 

 

 

3,830

 

 

 

2,492

 

 

 

3,830

 

Total nonperforming loans

 

 

40,558

 

 

 

45,342

 

 

 

87,381

 

 

 

40,558

 

 

 

87,381

 

ORE and foreclosed assets

 

 

3,467

 

 

 

6,345

 

 

 

10,201

 

 

 

3,467

 

 

 

10,201

 

Total nonperforming assets

 

$

44,025

 

 

$

51,687

 

 

$

97,582

 

 

$

44,025

 

 

$

97,582

 

Nonperforming assets as a percentage of loans, ORE and foreclosed assets

 

 

0.20

%

 

 

0.24

%

 

 

0.46

%

 

 

0.20

%

 

 

0.46

%

Accruing loans 90 days past due

 

$

4,697

 

 

$

4,258

 

 

$

8,925

 

 

$

4,697

 

 

$

8,925

 

Accruing loans 90 days past due as a percentage of loans

 

 

0.02

%

 

 

0.02

%

 

 

0.04

%

 

 

0.02

%

 

 

0.04

%

Nonperforming assets + accuring loans 90 days past due to loans, ORE and foreclosed assets

 

 

0.22

%

 

 

0.26

%

 

 

0.50

%

 

 

0.22

%

 

 

0.50

%

PROVISION AND ALLOWANCE FOR CREDIT LOSSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan Losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

317,843

 

 

$

342,065

 

 

$

424,360

 

 

$

342,065

 

 

$

450,177

 

Provision for loan losses

 

 

(10,354

)

 

 

(23,903

)

 

 

(14,194

)

 

 

(34,257

)

 

 

(21,757

)

Charge-offs

 

 

(5,975

)

 

 

(5,385

)

 

 

(15,822

)

 

 

(11,360

)

 

 

(37,926

)

Recoveries

 

 

6,661

 

 

 

5,066

 

 

 

5,324

 

 

 

11,727

 

 

 

9,174

 

Net charge-offs

 

 

686

 

 

 

(319

)

 

 

(10,498

)

 

 

367

 

 

 

(28,752

)

Ending Balance

 

$

308,175

 

 

$

317,843

 

 

$

399,668

 

 

$

308,175

 

 

$

399,668

 

Reserve for Unfunded Lending Commitments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

30,710

 

 

$

29,334

 

 

$

32,559

 

 

$

29,334

 

 

$

29,907

 

Provision for losses on unfunded lending commitments

 

 

593

 

 

 

1,376

 

 

 

(3,035

)

 

 

1,969

 

 

 

(383

)

Ending balance

 

$

31,303

 

 

$

30,710

 

 

$

29,524

 

 

$

31,303

 

 

$

29,524

 

Total Allowance for Credit Losses

 

$

339,478

 

 

$

348,553

 

 

$

429,192

 

 

$

339,478

 

 

$

429,192

 

Total Provision for Credit Losses

 

$

(9,761

)

 

$

(22,527

)

 

$

(17,229

)

 

$

(32,288

)

 

$

(22,140

)

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

 

 

1.41

%

 

 

1.49

%

 

 

1.89

%

 

 

1.41

%

 

 

1.89

%

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

 

 

1.55

%

 

 

1.63

%

 

 

2.03

%

 

 

1.55

%

 

 

2.03

%

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

 

 

680.97

%

 

 

640.81

%

 

 

415.00

%

 

 

680.97

%

 

 

415.00

%

NET CHARGE-OFF INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & real estate loans

 

$

(1,611

)

 

$

(814

)

 

$

9,257

 

 

$

(2,425

)

 

$

25,463

 

Residential mortgage loans

 

 

(448

)

 

 

(19

)

 

 

(133

)

 

 

(467

)

 

 

(230

)

Consumer loans

 

 

1,373

 

 

 

1,152

 

 

 

1,374

 

 

 

2,525

 

 

 

3,519

 

Total net charge-offs (recoveries)

 

$

(686

)

 

$

319

 

 

$

10,498

 

 

$

(367

)

 

$

28,752

 

Net charge-offs (recoveries) as a percentage of average loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & real estate loans

 

 

(0.04

)%

 

 

(0.02

)%

 

 

0.22

%

 

 

(0.03

)%

 

 

0.30

%

Residential mortgage loans

 

 

(0.07

)%

 

 

(0.00

)%

 

 

(0.02

)%

 

 

(0.04

)%

 

 

(0.02

)%

Consumer loans

 

 

0.35

%

 

 

0.30

%

 

 

0.32

%

 

 

0.33

%

 

 

0.40

%

Total net charge-offs as a percentage of average loans

 

 

(0.01

)%

 

 

0.01

%

 

 

0.20

%

 

 

(0.00

)%

 

 

0.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(m) Included in nonaccrual loans are nonaccruing restructured loans totaling $3.2 million, $3.6 million and $6.8 million at June 30, 2022, March 31, 2022, and June 30, 2021, respectively.

 

 

 

 

15

 


 

 

HANCOCK WHITNEY CORPORATION

 

ASSET QUALITY INFORMATION

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

(dollars in thousands)

 

6/30/2022

 

 

3/31/2022

 

 

12/31/2021

 

 

9/30/2021

 

 

6/30/2021

 

Nonaccrual loans (m)

 

$

38,066

 

 

$

42,439

 

 

$

55,523

 

 

$

60,357

 

 

$

83,551

 

Restructured loans - still accruing

 

 

2,492

 

 

 

2,903

 

 

 

3,788

 

 

 

3,071

 

 

 

3,830

 

Total nonperforming loans

 

 

40,558

 

 

 

45,342

 

 

 

59,311

 

 

 

63,428

 

 

 

87,381

 

ORE and foreclosed assets

 

 

3,467

 

 

 

6,345

 

 

 

7,533

 

 

 

8,423

 

 

 

10,201

 

Total nonperforming assets

 

$

44,025

 

 

$

51,687

 

 

$

66,844

 

 

$

71,851

 

 

$

97,582

 

Nonperforming assets as a percentage of loans, ORE and foreclosed assets

 

 

0.20

%

 

 

0.24

%

 

 

0.32

%

 

 

0.34

%

 

 

0.46

%

Accruing loans 90 days past due

 

$

4,697

 

 

$

4,258

 

 

$

5,524

 

 

$

9,970

 

 

$

8,925

 

Accruing loans 90 days past due as a percentage of loans

 

 

0.02

%

 

 

0.02

%

 

 

0.03

%

 

 

0.05

%

 

 

0.04

%

Nonperforming assets + accruing loans 90 days past due to loans, ORE and foreclosed assets

 

 

0.22

%

 

 

0.26

%

 

 

0.34

%

 

 

0.39

%

 

 

0.50

%

PROVISION AND ALLOWANCE FOR CREDIT LOSSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses

 

$

308,175

 

 

$

317,843

 

 

$

342,065

 

 

$

371,521

 

 

$

399,668

 

Reserve for unfunded lending commitments

 

 

31,303

 

 

 

30,710

 

 

 

29,334

 

 

 

28,946

 

 

 

29,524

 

Total allowance for credit losses

 

$

339,478

 

 

$

348,553

 

 

$

371,399

 

 

$

400,467

 

 

$

429,192

 

Total provision for credit losses

 

$

(9,761

)

 

$

(22,527

)

 

$

(28,399

)

 

$

(26,955

)

 

$

(17,229

)

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

 

 

1.41

%

 

 

1.49

%

 

 

1.62

%

 

 

1.78

%

 

 

1.89

%

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

 

 

1.55

%

 

 

1.63

%

 

 

1.76

%

 

 

1.92

%

 

 

2.03

%

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

 

 

680.97

%

 

 

640.81

%

 

 

527.59

%

 

 

506.17

%

 

 

415.00

%

NET CHARGE-OFF INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & real estate loans

 

$

(1,611

)

 

$

(814

)

 

$

(502

)

 

$

536

 

 

$

9,257

 

Residential mortgage loans

 

 

(448

)

 

 

(19

)

 

 

(31

)

 

 

(485

)

 

 

(133

)

Consumer loans

 

 

1,373

 

 

 

1,152

 

 

 

1,202

 

 

 

1,719

 

 

 

1,374

 

Total net charge-offs

 

$

(686

)

 

$

319

 

 

$

669

 

 

$

1,770

 

 

$

10,498

 

Net charge-offs (recoveries) as a percentage of average loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & real estate loans

 

 

(0.04

)%

 

 

(0.02

)%

 

 

(0.01

)%

 

 

0.01

%

 

 

0.22

%

Residential mortgage loans

 

 

(0.07

)%

 

 

(0.00

)%

 

 

(0.01

)%

 

 

(0.08

)%

 

 

(0.02

)%

Consumer loans

 

 

0.35

%

 

 

0.30

%

 

 

0.30

%

 

 

0.41

%

 

 

0.32

%

Total net charge-offs as a percentage of average loans:

 

 

(0.01

)%

 

 

0.01

%

 

 

0.01

%

 

 

0.03

%

 

 

0.20

%

AVERAGE LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & real estate loans

 

$

17,562,053

 

 

$

17,119,295

 

 

$

16,802,799

 

 

$

16,918,343

 

 

$

17,233,112

 

Residential mortgage loans

 

 

2,534,600

 

 

 

2,441,359

 

 

 

2,365,798

 

 

 

2,376,500

 

 

 

2,442,956

 

Consumer loans

 

 

1,560,875

 

 

 

1,561,384

 

 

 

1,601,533

 

 

 

1,646,330

 

 

 

1,712,746

 

Total average loans

 

$

21,657,528

 

 

$

21,122,038

 

 

$

20,770,130

 

 

$

20,941,173

 

 

$

21,388,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(m) Included in nonaccrual loans are nonaccruing restructured loans totaling $3.2 million, $3.6 million, $6.8 million, $7.2 million and $6.8 million at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021, and June 30, 2021, respectively.

 

 

 

16

 


 

HANCOCK WHITNEY CORPORATION

 

Appendix A to the Earnings Release

 

Reconciliation of Non-GAAP Measure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING REVENUE (TE) AND OPERATING PRE-PROVISION NET REVENUE (TE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

6/30/2022

 

 

3/31/2022

 

 

12/31/2021

 

 

9/30/2021

 

 

6/30/2021

 

 

6/30/2022

 

 

6/30/2021

 

Net interest income

 

$

245,732

 

 

$

228,463

 

 

$

229,296

 

 

$

234,709

 

 

$

234,643

 

 

$

474,195

 

 

$

469,230

 

Noninterest income

 

 

85,653

 

 

 

83,432

 

 

 

89,612

 

 

 

93,361

 

 

 

94,272

 

 

 

169,085

 

 

 

181,361

 

Total revenue

 

 

331,385

 

 

 

311,895

 

 

 

318,908

 

 

 

328,070

 

 

 

328,915

 

 

 

643,280

 

 

 

650,591

 

Taxable equivalent adjustment (n)

 

 

2,585

 

 

 

2,545

 

 

 

2,635

 

 

 

2,768

 

 

 

2,854

 

 

 

5,130

 

 

 

5,776

 

Nonoperating revenue

 

 

 

 

 

 

 

 

(3,600

)

 

 

(4,576

)

 

 

(2,800

)

 

 

 

 

 

(2,800

)

Operating revenue (TE)

 

 

333,970

 

 

 

314,440

 

 

 

317,943

 

 

 

326,262

 

 

 

328,969

 

 

 

648,410

 

 

 

653,567

 

Noninterest expense

 

 

(187,097

)

 

 

(179,939

)

 

 

(182,462

)

 

 

(194,703

)

 

 

(236,770

)

 

 

(367,036

)

 

 

(429,842

)

Nonoperating expense

 

 

 

 

 

 

 

 

(1,329

)

 

 

3,225

 

 

 

44,977

 

 

 

 

 

 

44,977

 

Operating pre-provision net revenue (TE)

 

$

146,873

 

 

$

134,501

 

 

$

134,152

 

 

$

134,784

 

 

$

137,176

 

 

$

281,374

 

 

$

268,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

17