Business
Hancock Whitney reports third quarter 2019 EPS of $.77
Results include $28.8 million, or $.26 per share after tax, impact from MSL acquisition GULFPORT, Miss., Oct. 15, 2019 (GLOBE NEWSWIRE) -- Hancock Whitney
About this update from Hancock Whitney Corporation
[{"type":"text","content":"Results include $28.8 million, or $.26 per share after tax, impact from MSL acquisition\nGULFPORT, Miss., Oct. 15, 2019 (GLOBE NEWSWIRE) -- Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the third quarter of 2019. Net income for the third quarter of 2019 was $67.8 million, or $.77 per diluted common share (EPS), compared to $88.3 million, or $1.01 EPS, in the second quarter of 2019 and $83.9 million, or $.96 EPS, in the third quarter of 2018. The third quarter of 2019 included $28.8 million ($.26 per share impact) of merger costs associated with the September 21, 2019 acquisition of MidSouth Bancorp, Inc. (“MSL”). The second quarter of 2019 did not include any nonoperating items, and the third quarter of 2018 included $4.8 million ($.05 per share impact) of nonoperating expense primarily related to the Capital One Trust and Asset Management acquisition.\n Highlights of the company’s third quarter 2019 results (compared to second quarter 2019): Closed MSL acquisition effective September 21, 2019 with a simultaneous systems conversionNet income of $67.8 million, or $.77 per diluted shareResults include $28.8 million, or $.26 per share, of merger costsOperating leverage increased $5.8 million linked-quarter; revenue up $7.0 million, operating expense up $1.2 millionAcquired $785 million of loans (net of $41 million loan mark) at 5.57% yield, and $1.3 billion of deposits at 38 basis points (bps) from MidSouthEnergy loans remained virtually unchanged at $1.0 billion, or 4.9%, of total loans, including MidSouthNIM narrowed by 4 bps to 3.41%TCE ratio up 7 bps to 8.82%Board approved increased buyback authorization of 5.5 million shares “Third quarter results were solid, including the closing and simultaneous integration of MidSouth ten days prior to quarter-end,” said John M. Hairston, President & CEO. “Earnings, excluding merger costs associated with the acquisition of MidSouth, were in line with our guidance and expectations for the quarter. We reported positive operating leverage despite a challenging rate environment, covered a RBL energy charge-off, strengthened capital and announced an increased stock repurchase authorization. During the quarter we also continued our focus on achieving our Corporate Strategic Objectives (CSOs) in light of the new operating environment.” Loans Total loans at Sep...