Hancock Whitney Q2 2020 Earnings Report

Announced a net loss due to transaction and COVID-19 related reserve build.

Key Takeaways

Hancock Whitney announced a net loss of $117.1 million, or ($1.36) per diluted share, for the second quarter of 2020. This was due to a special provision for credit losses related to the sale of energy loans and continued building of reserves for potential losses related to COVID-19. Pre-provision, net revenue was $118.5 million, up 2.4% linked-quarter.

Agreed to sell $497 million of energy loans to Oaktree Capital Management, L.P.

Expects to receive proceeds of $257.5 million from the sale of energy loans.

Reported a special provision for credit losses of approximately $160.1 million (pre-tax), or $1.47 per diluted share, related to the energy loan sale.

The total provision for the loan portfolio for the second quarter of 2020 is $306.9 million.

Previous year: 10.02%