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Hancock Whitney Reports Third Quarter 2021 EPS of $1.46
GULFPORT, Miss.--(BUSINESS WIRE)-- Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the third quarter of 2021. Net income
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 third quarter of 2021. Net income for the third quarter of 2021 was $129.6 million, or $1.46 per diluted common share (EPS), compared to $88.7 million, or $1.00 per diluted common share, in the second quarter of 2021. The company reported net income for the third quarter of 2020 of $79.4 million, or $0.90 per diluted common share. The third quarter of 2021 included ($1.4) million, or ($0.01) per share after-tax, of net nonoperating income items. These items included Hurricane Ida expenses of $5.1 million and severance reversal ($1.9) million, offset by the gain of $4.6 million from the sale of the remaining Hancock Horizon Funds. 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.\n\nThird Quarter 2021 Highlights\n\n\nPre-provision net revenue (PPNR) totaled $134.8 million, down $2.4 million, or 2%, linked-quarter\n\n\nCore loan growth of $219.7 million, offset by the impact of $482.2 million in PPP loan forgiveness leading to an overall decline in total loans of $262.5 million\n\n\nDeposits decreased $65.0 million linked-quarter; noninterest-bearing demand deposits increased $247.0 million\n\n\n$28.8 million reserve release and $1.8 million in net charge-offs led to a negative provision for credit losses of $27.0 million\n\n\nACL coverage remained strong at 1.92% (2.00% excluding PPP loans)\n\n\nBoth nonperforming loans and criticized commercial loans declined 27% and 11%, respectively, linked-quarter\n\n\nThe continued impact of excess liquidity, driven mainly by PPP loan forgiveness, led to a 2 bps compression in reported NIM\n\n\nTCE ratio 7.85%, up 15 bps\n\n\n“We are pleased to report another quarter of solid results, despite the impacts of Hurricane Ida and the COVID-19 Delta surge,“ said John M. Hairston, President and CEO. “Our balance sheet remained strong as core loan growth momentum continued and DDA deposits increased during the quarter. Despite a slight compression in the NIM, net interest income wa...