Hancock Whitney Q3 2020 Earnings Report
Key Takeaways
Hancock Whitney reported a net income of $79.4 million, or $0.90 per diluted common share (EPS), for the third quarter of 2020, compared to a net loss of $117.1 million in the second quarter of 2020. The company's CET1 ratio improved to 10.29%.
Pre-provision net revenue (PPNR) totaled $126.3 million, up $7.8 million, or 7%, linked-quarter
Provision totaled $25 million, ACL remains strong at 2.16%, or 2.40% excluding PPP loans
NIM stable at 3.23%
Improving capital levels; CET1 ratio of 10.29%, up 51 bps TCE ratio 7.53%, up 20 bps
Hancock Whitney
Hancock Whitney
Forward Guidance
Management’s expectations for loan growth through the remainder of the year are tempered given today’s economic environment and continued contraction in total loans is expected for the fourth quarter of 2020. Personnel expense is expected to be lower in the fourth quarter related to branch closures and the overall lower level of FTE headcount compared to June 30, 2020. The company expects the tax rate to be lower in the fourth quarter of 2020 as tax strategies are evaluated and implemented.