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Dec 31, 2020
Hancock Whitney Q4 2020 Earnings Report
Reported a strong finish to a very challenging year.
Key Takeaways
Hancock Whitney reported a net income of $103.6 million, or $1.17 per diluted common share, for the fourth quarter of 2020. The results include a $0.21 contribution to EPS from tax strategies implemented at year-end.
Tax strategies implemented in the fourth quarter added $0.21 to 4Q earnings
Pre-provision net revenue (PPNR) totaled $130.6 million, up $4.3 million, or 3%, linked-quarter
Allowance for credit losses (ACL) remains strong at 2.20% (2.42% excluding PPP loans); 4Q20 provision totaled $24.2 million, net charge-offs totaled $24.3 million
Nonperforming loans declined $37 million, or 20%, criticized commercial loans declined $19 million, or 5%, linked-quarter
Forward Guidance
Management expects loans to decline once again in the first quarter of 2021, as significantly more PPP loans are forgiven and opportunities for new organic growth remain low in light of the slow economic environment. As we begin 2021, management expects the first quarter of 2021 NIM to compress as much as 10 bps due to high levels of excess liquidity and net PPP activity (forgiveness versus funding). Similar levels of mortgage and specialty income are not expected in the first quarter of 2021. The company expects the tax rate to return to a normal quarterly range of 18-20% in 2021, absent any changes in tax laws.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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