Business
Hancock Whitney Reports Second Quarter 2021 EPS of $1.00
Results include $42.2 million, or $0.37 per share after tax, of net nonoperating items GULFPORT, Miss.--(BUSINESS WIRE)-- Hancock Whitney Corporation
About this update from Hancock Whitney Corporation
[{"type":"text","content":"\nResults include $42.2 million, or $0.37 per share after tax, of net nonoperating items\n\n GULFPORT, Miss.--(BUSINESS WIRE)--\nHancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the second quarter of 2021. Net income for the second quarter of 2021 was $88.7 million, or $1.00 per diluted common share (EPS), compared to $107.2 million, or $1.21 per diluted common share, in the first quarter of 2021. The company reported a net loss for the second quarter of 2020 of $117.1 million, or ($1.36) per diluted common share resulting from a COVID-19 reserve build and the sale of $497 million of energy loans. The second quarter of 2021 included $42.2 million, or $0.37 per share after-tax, of net nonoperating items. The items include the previously announced branch closures (20), subordinated debt redemption and Voluntary Early Retirement Program (VERP), plus the cost associated with an additional 18 branch closures and a 200-position reduction in force. These costs were partially offset by a gain on the sale of Mastercard class B common stock (Mastercard stock). The first quarter of 2021 and second quarter of 2020 did not include any nonoperating items.\n\nSecond Quarter 2021 Highlights\n\n\nNet income of $88.7 million, or $1.00 per diluted share, down $18.5 million, or $0.21 per share\n\n\nResults include $42.2 million, or $0.37 per share after tax, of net nonoperating items\n\n\nPre-provision net revenue (PPNR) totaled $137.2 million, up $5.7 million, or 4%, linked-quarter\n\n\nNegative provision for credit losses of $17.2 million resulted from a $27.7 million reserve release and $10.5 million in net charge-offs\n\n\nAllowance for Credit Losses (ACL) remained strong at 2.03%\n\n\nNonperforming loans declined 24% and criticized commercial loans declined 5%\n\n\nNet interest margin (NIM) compressed 13 basis points (bps) to 2.96%, mainly from the impact of excess liquidity driven by PPP forgiveness and deposit growth\n\n\nTCE ratio 7.70%, up 44 bps\n\n\nLoans declined $516.3 million linked-quarter; net PPP forgiveness of $928.1 million partially offset by core loan growth of $411.8 million\n\n\nDeposits increased $62.6 million linked-quarter, mainly from continued pandemic-related PPP and stimulus deposit funding\n\n\n“I am very pleased to report a continuation of improving performance as solid second quart...