Hancock Whitney Reports First Quarter 2022 EPS of $1.40

About this update from Hancock Whitney Corporation

[{"type":"text","content":" GULFPORT, Miss.--(BUSINESS WIRE)--\nHancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the first quarter of 2022. Net income for the first quarter of 2022 totaled $123.5 million, or $1.40 per diluted common share (EPS), compared to $137.7 million, or $1.55 per diluted common share, in the fourth quarter of 2021. The first quarter of 2022 did not include any nonoperating items, while the fourth quarter of 2021 included ($4.9) million, or ($0.04) per share after-tax, of net nonoperating income items. The company reported net income for the first quarter of 2021 of $107.2 million, or $1.21 per diluted common share.\n\nFirst Quarter 2022 Highlights\n\n\nOperating pre-provision net revenue (PPNR) totaled $134.5 million, up slightly, linked-quarter\n\n\nCore loan growth of $385.3 million, or 8% linked-quarter annualized (LQA), more than offset the impact of $196.2 million in PPP loan forgiveness, leading to an overall increase in total loans of $189.1 million\n\n\nDeposits increased $33.8 million, or less than 1% LQA, as the mix shifted from interest-bearing to noninterest-bearing\n\n\nACL coverage remained strong at 1.63% (1.66% excluding PPP loans)\n\n\nNonperforming loans and criticized commercial loans declined 24% and 2%, respectively linked-quarter\n\n\nNIM widened 1 basis point (bp) to 2.81%\n\n\nCET1 ratio estimated at 11.12%, up 3 bps; TCE ratio 7.15%, down 56 bps\n\n\n“We are pleased to report another solid quarter and a good start to 2022,” said John M. Hairston, President and CEO. “Despite the ongoing challenges in today’s environment, our first quarter’s results were on track, with core loan growth of 8% LQA, stable deposits, the beginning of a widening NIM, historically low levels of asset quality metrics, continued expense management and solid capital levels. We will continue to execute our strategic plan and adjust for any challenges in today’s ever changing environment.”\n\nLoans\nCore loans increased $385.3 million, up 8% LQA, from December 31, 2021, more than offsetting the impact of $196.2 million in PPP loan forgiveness. Markets across the footprint grew reflected by a net increase in the Eastern Region, up $300 million linked-quarter, and an increase of $107 million in the Western Region. The Central Region was virtually unchanged from year-end 2021. Specialty lines, such as Equi...

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