Business
Hancock Whitney reports fourth quarter 2019 EPS of $1.03
Results include $3.9 million, or $.03 per share after tax, of MidSouth merger-related expense GULFPORT, Miss., Jan. 15, 2020 (GLOBE NEWSWIRE) -- Hancock
About this update from Hancock Whitney Corporation
[{"type":"text","content":"Results include $3.9 million, or $.03 per share after tax, of MidSouth merger-related expense\nGULFPORT, Miss., Jan. 15, 2020 (GLOBE NEWSWIRE) -- Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the fourth quarter of 2019. Net income for the fourth quarter of 2019 was $92.1 million, or $1.03 per diluted common share (EPS), compared to $67.8 million, or $.77 EPS, in the third quarter of 2019 and $96.2 million, or $1.10 EPS, in the fourth quarter of 2018. The fourth quarter of 2019 included $3.9 million ($.03 per share impact) of final merger costs associated with the September 21, 2019 acquisition of MidSouth Bancorp, Inc. The third quarter of 2019 included $28.8 million ($.26 per share impact) of merger costs associated with the MidSouth acquisition, and the fourth quarter of 2018 included $1.9 million ($.02 per share after-tax impact) of nonoperating items.\n Highlights of the company’s fourth quarter 2019 results (compared to third quarter 2019): Reported net income of $92.1 million, or $1.03 per diluted share, up $24.3 million, or $.26 per shareNonoperating items totaled $3.9 million in 4Q19 and $28.8 million in 3Q19Excluding nonoperating items noted above, EPS was $1.06 in 4Q19 and $1.03 in 3Q19Operating leverage increased $0.6 million linked-quarter (revenue up $9.8 million, operating expense up $9.2 million)Energy loans decreased $71 million to $963 million, or 4.5% of total loansCriticized commercial loans declined $79 million, or 12% ($21 million energy, $58 million nonenergy)NIM improved by 2 bps to 3.43%TCE ratio down 37 bps to 8.45%; decrease mainly related to the accelerated share repurchase (ASR) agreement announced October 21, 2019 “We ended 2019 on a positive note, beating expectations with solid results,” said John M. Hairston, President & CEO. “EPS excluding merger costs was up 3% linked-quarter, our operating leverage increased quarter-to-quarter, loan growth was in line with guidance despite a reduction in our energy portfolio of over $70 million, our criticized loans decreased, our NIM expanded and our capital levels remained strong - even with the repurchase of shares in the quarter. As we kick off 2020, our team is focused on building upon positive momentum while capitalizing upon opportunities available in our markets.” Loans Total loans at December 31, 2019 were $21.2 bi...