Hancock Whitney Reports Second Quarter 2023 EPS of $1.35

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 2023. Net income for the second quarter of 2023 totaled $117.8 million, or $1.35 per diluted common share (EPS), compared to $126.5 million, or $1.45 per diluted common share, in the first quarter of 2023. The company reported net income for the second quarter of 2022 of $121.4 million, or $1.38 per diluted common share.\n\n\nSecond Quarter 2023 Highlights\n\n\n\nPre-provision net revenue (PPNR) totaled $157.8 million, compared to $167.0 million at 1Q23\n\n\n\nDeposits increased $430.4 million, or 6% LQA\n\n\n\nLoan growth of $385.4 million, or 7% LQA\n\n\n\nCriticized commercial loans and nonaccrual loans remained at relatively low levels\n\n\n\nACL coverage remained solid at 1.45%\n\n\n\nNIM 3.30%, compared to 3.55% in 1Q23\n\n\n\nCET1 ratio estimated at 11.83%, up 23 bps linked-quarter; TCE ratio 7.50%, up 34 bps linked-quarter\n\n\n\nEfficiency ratio 55.33%\n\n\n\n“The second quarter of 2023 was as expected given continued challenges and dynamics the industry is facing in this operating environment,” said John M. Hairston, President & CEO. “Our balance sheet remained solid with loan growth funded by both client deposit growth and runoff from the securities portfolio. The DDA remix continues to drive higher deposit betas for the quarter, and, in turn, higher than expected NIM compression. Credit metrics remain at relatively low levels, fees improved and expenses were up as we implement new technology. We have been and continue to be cognizant of the macroeconomic environment and trends that have been impacting our industry. As such, we’ve maintained a robust ACL, solid capital, and multiple sources of liquidity. Despite the headwinds we are facing, we remain confident in our ability to remain strong and stable, as we have for 124 years.”\n\n\nLoans\n\n\nTotal loans were $23.8 billion at June 30, 2023, up $385.4 million, or 2%, from March 31, 2023. One-time close products drove the increase in mortgage loans, which converted from construction and development loans to permanent mortgages at construction completion, as well as growth across various industries and sectors.\n\n\nAverage loans totaled $23.7 billion for the second quarter of 2023, up $568.5 million, or 2%, linked-quarter. Man...

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