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Hancock Whitney Reports First Quarter 2023 EPS of $1.45
GULFPORT, Miss.--(BUSINESS WIRE)-- Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the first quarter of 2023. Net income
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 2023. Net income for the first quarter of 2023 totaled $126.5 million, or $1.45 per diluted common share (EPS), compared to $143.8 million, or $1.65 per diluted common share, in the fourth quarter of 2022. The company reported net income for the first quarter of 2022 of $123.5 million, or $1.40 per diluted common share.\n\n\nFirst Quarter 2023 Highlights\n\n\n\nPre-provision net revenue (PPNR) totaled $167.0 million, compared to $185.0 million at 4Q22\n\n\n\nDeposits increased $542.7 million, or 7% LQA\n\n\n\nTotal loan growth of $290.5 million, or 5% LQA\n\n\n\nCriticized commercial loans and nonaccrual loans relatively stable, linked-quarter\n\n\n\nACL coverage remained strong at 1.46%\n\n\n\nNIM decreased 13 basis points (bps) to 3.55%\n\n\n\nCET1 ratio estimated at 11.61%, up 20 bps; TCE ratio 7.16%, up 7 bps\n\n\n\nEfficiency ratio remains below 55% target at 53.76%\n\n\n\n“The first quarter of 2023 was a solid start to the year, despite challenges to our industry following recent bank failures,” said John M. Hairston, President & CEO. “We continue to operate with strong liquidity, solid capital, and a stable, seasoned deposit base that is well-diversified among consumer, commercial, and wealth clients. Results for the quarter reflect both core client deposit and loan growth, relatively stable asset quality metrics, and a solid allowance for credit losses. We also ended the quarter with strong liquidity and improved capital ratios. Continued rate hikes and the current banking environment have led to increased deposit costs, in turn, compressing NIM and impacting our efficiency ratio. However, our goal of maintaining an efficiency ratio at or below 55% remains, and we will continue to proactively manage expenses and seek opportunities to enhance revenue in order to meet our CSOs.”\n\n\nLoans\n\n\nTotal loans were $23.4 billion at March 31, 2023, up $290.5 million, or 1%, from December 31, 2022. One-time close products drove the increase in mortgage loans, while growth in commercial real estate-income producing (CRE-income producing) loans was driven by movement of construction and land development loans (C&D) to permanent financing at construction completion.\n\n\nAverage loans totaled...