Business
Hancock Whitney Reports Fourth Quarter 2020 EPS Of $1.17
Results include no tax expense resulting from tax strategies implemented at year-end; $0.21 contribution to EPS GULFPORT, Miss.--(BUSINESS WIRE)-- Hancock
About this update from Hancock Whitney Corporation
[{"type":"text","content":"\nResults include no tax expense resulting from tax strategies implemented at year-end; $0.21 contribution to EPS\n\n GULFPORT, Miss.--(BUSINESS WIRE)--\nHancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the fourth quarter of 2020. Net income for the fourth quarter of 2020 was $103.6 million, or $1.17 per diluted common share (EPS), compared to $79.4 million, or $0.90 per diluted common share, in the third quarter of 2020. Net income for the fourth quarter of 2019 was $92.1 million, or $1.03 per diluted common share. The fourth quarter of 2019 included $3.9 million ($.03 per share impact) of final merger costs associated with the September 2019 acquisition of MidSouth Bancorp, Inc.\n\nFourth Quarter 2020 Highlights\n\n\nTax strategies implemented in the fourth quarter added $0.21 to 4Q earnings\n\n\nPre-provision net revenue (PPNR) totaled $130.6 million, up $4.3 million, or 3%, linked-quarter\n\n\nAllowance for credit losses (ACL) remains strong at 2.20% (2.42% excluding PPP loans); 4Q20 provision totaled $24.2 million, net charge-offs totaled $24.3 million\n\n\nNet interest margin (NIM) remained stable at 3.22% (down 1 bp linked-quarter)\n\n\nNonperforming loans declined $37 million, or 20%, criticized commercial loans declined $19 million, or 5%, linked-quarter\n\n\nCET1 ratio 10.70%(e), up 40 bps; TCE ratio 7.64%, up 11 bps\n\n\nLoans declined $450 million linked-quarter, mostly from $318 million in net Paycheck Protection Program (PPP) loan forgiveness during the quarter\n\n\nDeposits increased $667 million linked-quarter, mainly related to pandemic-related deposit growth and seasonal year-end inflows\n\n\n“The fourth quarter was a strong finish to a very challenging year,” said John M. Hairston, President and CEO. “Reported earnings were up 31% as we implemented several tax strategies at year-end that allowed us to partially recoup losses booked earlier in the year. In addition, core results remained solid with pre-provision net revenue up over $4 million, or 3%, linked-quarter. Our margin was stable, asset quality metrics improved, expenses were down and fees outside of specialty and mortgage lines of business improved. We continued to rebuild our capital in the quarter while maintaining our dividend at current levels. As we begin the new year, we recognize pandemic-related headwinds stil...