Hancock Whitney reports second quarter 2024 EPS of $1.31

About this update from Hancock Whitney Corporation

GULFPORT, Miss. --(BUSINESS WIRE)-- Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the second quarter of 2024. Net income for the second quarter of 2024 totaled $114.6 million , or $1.31 per diluted common share (EPS), compared to $108.6 million , or $1.24 per diluted common share, in the first quarter of 2024. The first quarter of 2024 included a supplemental disclosure expense item of $3.8 million , or $0.04 per diluted common share, related to a revision to the FDIC Special Assessment. The second quarter of 2024 did not include any supplemental disclosure items. The company reported net income for the second quarter of 2023 of $117.8 million , or $1.35 per diluted common share. There were no supplemental disclosure items in the second quarter of 2023. Second Quarter 2024 Highlights Net income totaled $114.6 million , compared to $108.6 million in the prior quarter Adjusted pre-provision net revenue (PPNR) totaled $156.4 million , compared to $152.9 million in the prior quarter Loans decreased $59.3 million , or 1% linked quarter annualized (LQA) Deposits decreased $575.2 million , or 8% LQA Criticized commercial loans and nonaccrual loans continued to normalize ACL coverage solid at 1.43%, up 1 bp compared to prior quarter NIM 3.37%, up 5 bps compared to prior quarter CET1 ratio estimated at 13.25%, up 60 bps linked-quarter; TCE ratio 8.77%, up 16 bps linked-quarter Efficiency ratio 56.18%, down 26 bps linked-quarter “We are very pleased with the results of the second quarter,” said John M. Hairston , President & CEO. “We continued to improve profitability with NIM expansion, fee income growth, and a focus on controlling expenses. Credit metrics continued to normalize, reflecting a more stable direction, and we’ve maintained a solid ACL to loans of 1.43%. Our capital ratios are strong, and we deployed capital by increasing the common dividend per share and resuming share buybacks during the quarter. We look forward to carrying this momentum through the second half of 2024, and to achieving our 125th anniversary of helping people and communities realize their dreams.” Loans Total loans were $23.9 billion at June 30, 2024 , down $59.3 million , or less than 1%, from March 31, 2024 . The decrease was primarily due to the runoff of a Shared National Credit portfolio of $221 million as we remain focused on originating more granular loans. Average loans totaled $23.9 billion for the second quarter of 2024, up $107.2 million , or less than 1%, linked-quarter. Management expects 2024 period-end loan balances to be flat to down slightly from year-end 2023. Deposits Total deposits at June 30, 2024 were $29.2 billion , down $575.2 million , or 2%, from March 31, 2024 . The linked-quarter decrease in deposits was driven primarily by a decrease of $415.3 million in interest-bearing deposits that includes seasonal decreases in interest-bearing transaction and savings deposits and interest-bearing public funds, and a decrease in brokered deposits due to maturities that were not replaced during the quarter. These decreases were offset by an increase in retail time deposits despite maturity concentrations and promotional rate reductions during the quarter. DDAs totaled $10.6 billion at June 30, 2024 , down $159.9 million , or 1%, from March 31, 2024 and comprised 36% of total period-end deposits. Interest-bearing transaction and savings deposits totaled $10.8 billion at the end of the second quarter of 2024, down $140.6 million , or 1%, linked-quarter. Compared to March 31, 2024 , retail time deposits of $4.6 billion were up $64.6 million , or 1%, and brokered deposits were $200.1 million , down $194.7 million , or 49%, compared to the prior quarter. Interest-bearing public fund deposits decreased $144.5 million , or 5%, linked-quarter, totaling $2.9 billion at June 30, 2024 . Average deposits for the second quarter of 2024 were $29.1 billion , down $491.9 million , or 2%, linked-quarter. Management expects 2024 period-end deposit levels to be flat to down slightly from year-end 2023. Asset Quality The total allowance for credit losses (ACL) was $342.2 million at June 30, 2024 , up $1.4 million , or less than 1%, from March 31, 2024 . During the second quarter of 2024, the company recorded a provision for credit losses of $8.7 million , compared to a provision for credit losses of $13.0 million in the first quarter of 2024. There were $7.3 million of net charge-offs in the second quarter of 2024, or 0.12% of average total loans on an annualized basis, compared to net charge-offs of $9.0 million , or 0.15% of average total loans in the first quarter of 2024. The ratio of ACL to period-end loans was 1.43% at June 30, 2024 , compared to 1.42% at March 31, 2024 . Criticized commercial loans totaled $379.8 million , or 2.05% of total commercial loans, at June 30, 2024 , compared to $339.9 million , or 1.83% of total commercial loans at March 31 2024 . Nonaccrual loans totaled $86.3 million , or 0.36% of total loans, at June 30, 2024 , compared to $82.1 million , or 0.34% of total loans, at March 31, 2024 . ORE and foreclosed assets were $2.1 million at June 30, 2024 , down $0.7 million , or 24% linked-quarter. Net Interest Income and Net Interest Margin (NIM) Net interest income (TE) for the second quarter of 2024 was $273.3 million , an increase of $4.3 million , or 2%, from the first quarter of 2024. The net interest margin (NIM) (TE) was 3.37% in the second quarter of 2024, up 5 bps linked-quarter. Higher loan yields (+6 bps), higher securities yields (+1 bp) and the impact of change in deposit rates (+1 bp), led to an 8 basis point improvement in NIM, offset by an unfavorable shift in borrowing mix (-3 bps). We expect modest NIM expansion in the second half of 2024, assuming no rate cuts through year-end. Average earning assets were $32.5 billion for the second quarter of 2024, virtually unchanged from the first quarter of 2024. Noninterest Income Noninterest income totaled $89.2 million for the second quarter of 2024, up $1.3 million , or 2%, from the first quarter of 2024. Service charges on deposits were virtually unchanged from the first quarter of 2024. Bank card and ATM fees were up $1.2 million , or 6%, from the first quarter of 2024 due to higher customer activity. Investment and annuity income and insurance fees were down $2.1 million , or 17%, linked-quarter, related to lower stock and bond trading volume and lower annuity sales, compared to record-high volume in the first quarter of 2024. Trust fees were up $1.4 million , or 8% linked-quarter, due to annual collection of tax preparation fees, higher market values, and higher sales. Fees from secondary mortgage operations totaled $3.5 million for the second quarter of 2024, up $0.7 million , or 23%, linked-quarter, due to continued shift to secondary focused production. Other noninterest income was $13.3 million in the second quarter of 2024, up $0.1 million , or 1%, from the first quarter of 2024. Noninterest Expense & Taxes Noninterest expense totaled $206.0 million , down $1.7 million , or 1% linked-quarter. There were no supplemental disclosure items related to expense in the second quarter of 2024. Expenses in the first quarter of 2024 included $3.8 million of a supplemental disclosure item related to a revision to the FDIC Special Assessment. Personnel expense totaled $118.7 million in the second quarter of 2024, down $2.4 million , or 2%, linked-quarter. The decrease was due to lower incentives, payroll taxes, and retirement benefits. Net occupancy and equipment expense totaled $17.5 million in the second quarter of 2024, down $0.2 million , or 1%, from the first quarter of 2024. Amortization of intangibles totaled $2.4 million for the second quarter of 2024, down $0.1 million , or 5%, linked-quarter. ORE and other foreclosed assets was a net gain of $1.1 million in the second quarter of 2024, compared to a net gain of $0.2 million in the first quarter of 2024. Other expense totaled $68.5 million in the second quarter of 2024, up $1.9 million , or 3%, linked-quarter, largely related to higher data processing and professional services expenses. Prior quarter’s other expense included $3.8 million of a supplemental disclosure item related to a revision to the FDIC Special Assessment. The effective income tax rate for the second quarter of 2024 was 20.9%. Capital Common stockholders’ equity at June 30, 2024 totaled $3.9 billion , up $67.3 million , or 2%, from March 31, 2024 . The tangible common equity (TCE) ratio was 8.77%, up 16 bps linked-quarter. The company’s CET1 ratio is estimated to be 13.25% at June 30, 2024 , up 60 bps linked-quarter. Total risk-based capital ratio is estimated to be 15.00% at June 30, 2024 , up 66 bps linked-quarter. During the second quarter of 2024, the company repurchased 312,993 shares of its common stock at an average price of $46.69 per share. This stock repurchase is pursuant to the company’s share buyback program (authorizing the repurchase of up to 4,297,000 shares of the company’s outstanding common stock), which is set to expire on December 31, 2024 . To-date the company has repurchased 312,993 shares under this buyback program. Conference Call and Slide Presentation Management will host a conference call for analysts and investors at 3:30 p.m. Central Time on Tuesday, July 16, 2024 to review second quarter of 2024 results. A live listen-only webcast of the call will be available under the Investor Relations section of Hancock Whitney’s website at investors.hancockwhitney.com . A link to the release with additional financial tables, and a link to a slide presentation related to second quarter results are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial 888-210-2654 or 646-960-0278, access code 6914431. An audio archive of the conference call will be available under the Investor Relations section of our website. A replay of the call will also be available through July 23, 2024 by dialing 800-770-2030 or 609-800-9909, access code 6914431. About Hancock Whitney Since the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Hancock Whitney offices and financial centers in Mississippi , Alabama , Florida , Louisiana , and Texas offer comprehensive financial products and services, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; healthcare banking; and mortgage services. The company also operates combined loan and deposit production offices in the greater metropolitan areas of Nashville, Tennessee and Atlanta, Georgia . More information is available at www.hancockwhitney.com . Non-GAAP Financial Measures This news release includes non-GAAP financial measures to describe Hancock Whitney’s performance. These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. The reconciliations of those measures to GAAP measures are provided either in the financial tables or in Appendix A thereto. Consistent with the provisions of subpart 229.1400 of the Securities and Exchange Commission’s Regulation S-K, “Disclosures by Bank and Savings and Loan Registrants,” the company presents net interest income, net interest margin and efficiency ratios on a fully taxable equivalent (“TE”) basis. The TE basis adjusts for the tax-favored status of net interest income from certain loans and investments using the statutory federal tax rate to increase tax-exempt interest income to a taxable equivalent basis. The company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources. The company presents certain additional non-GAAP financial measures to assist the reader with a better understanding of the company’s performance period over period, as well as to provide investors with assistance in understanding the success management has experienced in executing its strategic initiatives. The company highlights certain items that are outside of our principal business and/or are not indicative of forward-looking trends in supplemental disclosures items below our GAAP financial data and presents certain “Adjusted” ratios that exclude these disclosed items. These adjusted ratios provide management or the reader with a measure that may be more indicative of forward-looking trends in our business, as well as demonstrates the effects of significant gains or losses and changes. We define Adjusted Pre-Provision Net Revenue as net income excluding provision expense and income tax expense, plus the taxable equivalent adjustment (as defined above), less supplemental disclosure items (as defined above). Management believes that adjusted pre-provision net revenue is a useful financial measure because it enables investors and others to assess the company’s ability to generate capital to cover credit losses through a credit cycle. We define Adjusted Revenue as net interest income (te) and noninterest income less supplemental disclosure items. We define Adjusted Noninterest Expense as noninterest expense less supplemental disclosure items. We define our Efficiency Ratio as noninterest expense to total net interest income (te) and noninterest income, excluding amortization of purchased intangibles and supplemental disclosure items, if applicable. Management believes adjusted revenue, adjusted noninterest expense and the efficiency ratio are useful measures as they provide a greater understanding of ongoing operations and enhance comparability with prior periods. Important Cautionary Statement about Forward-Looking Statements This release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements that we may make include statements regarding our expectations of our performance and financial condition, balance sheet and revenue growth, the provision for credit losses, capital levels, deposits (including growth, pricing, and betas), investment portfolio, other sources of liquidity, loan growth expectations, management’s predictions about charge-offs for loans, general economic business conditions in our local markets, Federal Reserve action with respect to interest rates, the impacts related to Russia’s military action in Ukraine , the effects of the Israel-Hamas war, the adequacy of our enterprise risk management framework, potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings, assessments, and enforcement actions, as well as the impact of negative developments affecting the banking industry and the resulting media coverage; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, success of revenue-generating and cost reduction initiatives, the effectiveness of derivative financial instruments and hedging activities to manage risks, projected tax rates, increased cybersecurity risks, including potential business disruptions or financial losses, the adequacy of our internal controls over financial and non-financial reporting, the financial impact of regulatory requirements and tax reform legislation, deposit trends, credit quality trends, the impact of natural or man-made disasters, the impact of current and future economic conditions, including the effects of declines in the real estate market, high unemployment, inflationary pressures, increasing insurance costs, elevated interest rates, including the impact of prolonged elevated interest rates on our financial projections, models and guidance and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing, net interest margin trends, future expense levels, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts, accretion levels and expected returns. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “forecast,” “goals,” “targets,” “initiatives,” “focus,” “potentially,” “probably,” “projects,” “outlook," or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. Forward-looking statements are subject to significant risks and uncertainties. Any forward-looking statement made in this release is subject to the safe harbor protections set forth in the Private Securities Litigation Reform Act of 1995. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 , and in other periodic reports that we file with the SEC . HANCOCK WHITNEY CORPORATION FINANCIAL HIGHLIGHTS (Unaudited) Three Months Ended Six Months Ended (dollars and common share data in thousands, except per share amounts) 6/30/2024 3/31/2024 6/30/2023 6/30/2024 6/30/2023 NET INCOME Net interest income $ 270,430 $ 266,171 $ 273,911 $ 536,601 $ 558,905 Net interest income (TE) (a) 273,258 269,001 276,748 542,259 564,326 Provision for credit losses 8,723 12,968 7,633 21,691 13,653 Noninterest income 89,174 87,851 83,225 177,025 163,555 Noninterest expense 206,016 207,722 202,138 413,738 403,022 Income tax expense 30,308 24,720 29,571 55,028 61,524 Net income $ 114,557 $ 108,612 $ 117,794 $ 223,169 $ 244,261 Supplemental disclosure items - included above, pre-tax Included in noninterest expense FDIC special assessment $ — $ 3,800 $ — $ 3,800 $ — PERIOD-END BALANCE SHEET DATA Loans $ 23,911,616 $ 23,970,938 $ 23,789,886 $ 23,911,616 $ 23,789,886 Securities 7,535,836 7,559,182 8,195,679 7,535,836 8,195,679 Earning assets 32,056,415 31,985,610 32,715,630 32,056,415 32,715,630 Total assets 35,412,291 35,247,119 36,210,148 35,412,291 36,210,148 Noninterest-bearing deposits 10,642,213 10,802,127 12,171,817 10,642,213 12,171,817 Total deposits 29,200,718 29,775,906 30,043,501 29,200,718 30,043,501 Common stockholders' equity 3,920,718 3,853,436 3,554,476 3,920,718 3,554,476 AVERAGE BALANCE SHEET DATA Loans $ 23,917,361 $ 23,810,163 $ 23,654,994 $ 23,863,762 $ 23,372,331 Securities (b) 8,214,172 8,197,410 9,007,821 8,205,791 9,072,071 Earning assets 32,539,363 32,556,821 33,619,829 32,548,092 33,189,197 Total assets 34,998,880 35,101,869 36,205,396 35,050,375 35,685,113 Noninterest-bearing deposits 10,526,903 10,673,060 12,153,453 10,599,981 12,556,056 Total deposits 29,069,097 29,560,956 29,372,899 29,315,026 29,084,477 Common stockholders' equity 3,826,296 3,818,840 3,567,260 3,822,568 3,490,463 COMMON SHARE DATA Earnings per share - diluted $ 1.31 $ 1.24 $ 1.35 $ 2.55 $ 2.80 Cash dividends per share 0.40 0.30 0.30 0.70 0.60 Book value per share (period-end) 45.40 44.49 41.27 45.40 41.27 Tangible book value per share (period-end) 35.04 34.12 30.76 35.04 30.76 Weighted average number of shares - diluted 86,765 86,726 86,370 86,768 86,350 Period-end number of shares 86,355 86,622 86,123 86,355 86,123 Market data High sales price $ 49.11 $ 49.10 $ 43.73 $ 49.11 $ 54.38 Low sales price 41.56 41.19 31.02 41.19 31.02 Period-end closing price 47.83 46.04 38.38 47.83 38.38 Trading volume 29,308 30,508 38,854 59,816 77,885 PERFORMANCE RATIOS Return on average assets 1.32 % 1.24 % 1.30 % 1.28 % 1.38 % Return on average common equity 12.04 % 11.44 % 13.24 % 11.74 % 14.11 % Return on average tangible common equity 15.73 % 14.96 % 17.76 % 15.34 % 19.08 % Tangible common equity ratio (c) 8.77 % 8.61 % 7.50 % 8.77 % 7.50 % Net interest margin (TE) 3.37 % 3.32 % 3.30 % 3.34 % 3.42 % Noninterest income as a percentage of total revenue (TE) 24.60 % 24.62 % 23.12 % 24.61 % 22.47 % Efficiency ratio (d) 56.18 % 56.44 % 55.33 % 56.31 % 54.54 % Average loan/deposit ratio 82.28 % 80.55 % 80.53 % 81.40 % 80.36 % Allowance for loan losses as a percentage of period-end loans 1.32 % 1.31 % 1.32 % 1.32 % 1.32 % Allowance for credit losses as a percentage of period-end loans (e) 1.43 % 1.42 % 1.45 % 1.43 % 1.45 % Annualized net charge-offs to average loans 0.12 % 0.15 % 0.06 % 0.14 % 0.08 % Allowance for loan losses as a % of nonaccrual loans 366.54 % 382.21 % 402.07 % 366.54 % 402.07 % FTE headcount 3,541 3,564 3,705 3,541 3,705 (a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%. (b) Average securities does not include unrealized holding gains/losses on available for sale securities. (c) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. (d) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and supplemental disclosure items noted above. (e) The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments. HANCOCK WHITNEY CORPORATION QUARTERLY FINANCIAL HIGHLIGHTS (Unaudited) Three Months Ended (dollars and common share data in thousands, except per share amounts) 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 NET INCOME Net interest income $ 270,430 $ 266,171 $ 269,460 $ 269,234 $ 273,911 Net interest income (TE) (a) 273,258 269,001 272,294 272,086 276,748 Provision for credit losses 8,723 12,968 16,952 28,498 7,633 Noninterest income 89,174 87,851 38,951 85,974 83,225 Noninterest expense 206,016 207,722 229,151 204,675 202,138 Income tax expense 30,308 24,720 11,705 24,297 29,571 Net income $ 114,557 $ 108,612 $ 50,603 $ 97,738 $ 117,794 Supplemental disclosure items - included above, pre-tax Included in noninterest income Gain on sale of parking facility $ — $ — $ 16,126 $ — $ — Loss on securities portfolio restructure — — (65,380 ) — — Included in noninterest expense FDIC special assessment — 3,800 26,123 — — PERIOD-END BALANCE SHEET DATA Loans $ 23,911,616 $ 23,970,938 $ 23,921,917 $ 23,983,679 $ 23,789,886 Securities 7,535,836 7,559,182 7,599,974 7,916,101 8,195,679 Earning assets 32,056,415 31,985,610 32,175,097 32,733,591 32,715,630 Total assets 35,412,291 35,247,119 35,578,573 36,298,301 36,210,148 Noninterest-bearing deposits 10,642,213 10,802,127 11,030,515 11,626,371 12,171,817 Total deposits 29,200,718 29,775,906 29,690,059 30,320,337 30,043,501 Common stockholders' equity 3,920,718 3,853,436 3,803,661 3,501,003 3,554,476 AVERAGE BALANCE SHEET DATA Loans $ 23,917,361 $ 23,810,163 $ 23,795,681 $ 23,830,724 $ 23,654,994 Securities (b) 8,214,172 8,197,410 8,579,444 8,888,477 9,007,821 Earning assets 32,539,363 32,556,821 33,128,130 33,137,565 33,619,829 Total assets 34,998,880 35,101,869 35,538,300 35,626,927 36,205,396 Noninterest-bearing deposits 10,526,903 10,673,060 11,132,354 11,453,236 12,153,453 Total deposits 29,069,097 29,560,956 29,974,941 29,757,180 29,372,899 Common stockholders' equity 3,826,296 3,818,840 3,560,978 3,572,487 3,567,260 COMMON SHARE DATA Earnings per share - diluted $ 1.31 $ 1.24 $ 0.58 $ 1.12 $ 1.35 Cash dividends per share 0.40 0.30 0.30 0.30 0.30 Book value per share (period-end) 45.40 44.49 44.05 40.64 41.27 Tangible book value per share (period-end) 35.04 34.12 33.63 30.16 30.76 Weighted average number of shares - diluted 86,765 86,726 86,604 86,437 86,370 Period-end number of shares 86,355 86,622 86,345 86,148 86,123 Market data High sales price $ 49.11 $ 49.10 $ 49.65 $ 45.15 $ 43.73 Low sales price 41.56 41.19 32.16 35.34 31.02 Period-end closing price 47.83 46.04 48.59 36.99 38.38 Trading volume 29,308 30,508 38,574 34,506 38,854 PERFORMANCE RATIOS Return on average assets 1.32 % 1.24 % 0.56 % 1.09 % 1.30 % Return on average common equity 12.04 % 11.44 % 5.64 % 10.85 % 13.24 % Return on average tangible common equity 15.73 % 14.96 % 7.55 % 14.53 % 17.76 % Tangible common equity ratio (c) 8.77 % 8.61 % 8.37 % 7.34 % 7.50 % Net interest margin (TE) 3.37 % 3.32 % 3.27 % 3.27 % 3.30 % Noninterest income as a percentage of total revenue (TE) 24.60 % 24.62 % 12.51 % 24.01 % 23.12 % Efficiency ratio (d) 56.18 % 56.44 % 55.58 % 56.38 % 55.33 % Average loan/deposit ratio 82.28 % 80.55 % 79.39 % 80.08 % 80.53 % Allowance for loan losses as a percentage of period-end loans 1.32 % 1.31 % 1.29 % 1.28 % 1.32 % Allowance for credit losses as a percentage of period-end loans (e) 1.43 % 1.42 % 1.41 % 1.40 % 1.45 % Annualized net charge-offs to average loans 0.12 % 0.15 % 0.27 % 0.64 % 0.06 % Allowance for loan losses as a % of nonaccrual loans 366.54 % 382.21 % 521.56 % 507.68 % 402.07 % FTE headcount 3,541 3,564 3,591 3,681 3,705 (a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%. (b) Average securities does not include unrealized holding gains/losses on available for sale securities. (c) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. (d) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and supplemental disclosures noted above. (e) The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments. View source version on businesswire.com : https://www.businesswire.com/news/home/20240716548501/en/ Kathryn Shrout Mistich , VP, Investor Relations Manager 504.539.7836 or [email protected] Source: Hancock Whitney

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