Hancock Whitney Q2 2020 Earnings Report
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.