Hancock Whitney reports second quarter 2022 EPS of $1.38

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 second quarter of 2022. Net income for the second quarter of 2022 totaled $121.4 million, or $1.38 per diluted common share (EPS), compared to $123.5 million, or $1.40 per diluted common share, in the first quarter of 2022. The company reported net income for the second quarter of 2021 of $88.7 million, or $1.00 per diluted common share. The second quarter of 2022 did not include any nonoperating items, while the second quarter of 2021 included $42.2 million, or $0.37 per share after tax, of net nonoperating expenses.\n\nSecond Quarter 2022 Highlights\n\n\nPre-provision net revenue (PPNR) totaled $146.9 million, up $12.4 million, or 9%, linked-quarter\n\n\nCore loan growth of $706.2 million, or 13% linked-quarter annualized (LQA), more than offset the impact of $183.5 million in PPP loan forgiveness, leading to an overall increase in total loans of $522.7 million\n\n\nNonperforming loans and criticized commercial loans remain at historically low levels\n\n\nACL coverage remained strong at 1.55%\n\n\nDeposits decreased $633.3 million, or 8% LQA\n\n\nNIM improved 23 basis points (bps) to 3.04%\n\n\nCET1 ratio estimated at 11.06%, down 6 bps; TCE ratio 7.21%, up 6 bps\n\n\nAchieved 55% efficiency ratio target (54.95%)\n\n\n“Today’s results reflect another solid quarter and the early achievement of our target efficiency ratio of 55%,” said John M. Hairston, President and CEO. “As expected, upward rate movement was a tailwind and helped us achieve our efficiency target sooner than expected. Earning assets repriced our NIM back over 3% in the quarter, and we anticipate additional widening in the second half of this year. Loan growth exceeded our expectations, and we were able to deploy excess liquidity via organic growth. We observed an expected runoff in deposits due primarily to seasonality, spending of federal grant funds, with modest pressure from competitive rates, however, the mix remained favorable with almost half in DDAs. Pre-provision, net revenue (PPNR) was up $12 million in the quarter as improvement in net interest income and fees offset an expected increase in expenses. Credit continued improvement and ratios remain at historically low levels, with criticized and nonperforming loans declining and n...

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