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Jun 30, 2024
Hancock Whitney Q2 2024 Earnings Report
Reported EPS of $1.31 for the second quarter of 2024.
Key Takeaways
Hancock Whitney reported a net income of $114.6 million, or $1.31 per diluted common share, for the second quarter of 2024. The company saw improvements in profitability with NIM expansion and fee income growth, while credit metrics continued to normalize. Capital ratios remained strong, and the company deployed capital by increasing the common dividend per share and resuming share buybacks.
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.
Forward Guidance
Management expects 2024 period-end loan and deposit balances to be flat to down slightly from year-end 2023. Modest NIM expansion is expected in the second half of 2024, assuming no rate cuts through year-end.
Positive Outlook
- Continued improvement in profitability.
- NIM expansion expected in the second half of 2024, assuming no rate cuts.
- Strong capital ratios.
- Increase in common dividend per share.
- Resumption of share buybacks.
Challenges Ahead
- Expects 2024 period-end loan balances to be flat to down slightly from year-end 2023.
- Expects 2024 period-end deposit levels to be flat to down slightly from year-end 2023.
- Criticized commercial loans continued to normalize.
- Nonaccrual loans continued to normalize.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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