Hancock Whitney Q4 2021 Earnings Report
Key Takeaways
Hancock Whitney Corporation reported net income of $137.7 million, or $1.55 per diluted common share (EPS), for the fourth quarter of 2021. Core loan growth and deposit increases contributed to the company's success. The company grew to over $36 billion in total assets, as both loan and deposit growth exceeded expectations.
Pre-provision net revenue (PPNR) totaled $134.2 million, down slightly, linked-quarter
Core loan growth of $652.5 million, more than offset the impact of $404.3 million in PPP loan forgiveness leading to an overall increase in total loans of $248.3 million linked-quarter
Deposits increased $1.3 billion as noninterest-bearing demand deposits increased $739.4 million and interest-bearing accounts increased $518.3 million
$29.1 million reserve release and $0.7 million in net charge-offs led to a negative provision for credit losses of $28.4 million
Hancock Whitney
Hancock Whitney
Forward Guidance
Management expects core loans to grow by 6-8% in 2022, while quarterly results will reflect normal seasonality. Management expects 2022 deposit levels to remain flat to slightly down. Management expects NIM to remain flat to slightly down through mid-year 2022, and then begin to expand. The company expects the tax rate to return to a normal quarterly range of 19-20% in 2022, absent any changes in tax laws.