Hancock Whitney Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Hancock Whitney Corporation has filed its 2023 10-K report detailing financial performance and business operations.</b>

AI Summary

HANCOCK WHITNEY CORP (HWCPZ) filed a Annual Report (10-K) with the SEC on February 28, 2024. Hancock Whitney Corporation filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing provides a comprehensive overview of the company's financial performance, business operations, and risk factors. Key financial data and disclosures are included for the fiscal year 2023. The report details the company's status as a commercial bank, SIC code 6022. Hancock Whitney Corporation is incorporated in Mississippi.

Why It Matters

For investors and stakeholders tracking HANCOCK WHITNEY CORP, this filing contains several important signals. This 10-K filing is crucial for investors and analysts to assess Hancock Whitney's financial health, strategic direction, and competitive positioning in the commercial banking sector. Understanding the disclosed risks and financial metrics will help in making informed investment decisions and evaluating the company's long-term prospects.

Risk Assessment

Risk Level: medium — HANCOCK WHITNEY CORP shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations, as indicated by its SIC code and the nature of a 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Hancock Whitney's performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240228 — Filing Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• HANCOCK WHITNEY CORP (company) — COMPANY CONFORMED NAME
• 0000750577 (company) — CENTRAL INDEX KEY
• 6022 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• MS (company) — STATE OF INCORPORATION
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240228 (date) — FILED AS OF DATE
• 5042995208 (company) — BUSINESS PHONE
• 19920703 (date) — DATE OF NAME CHANGE

FAQ

Industry Context

Hancock Whitney Corporation operates within the commercial banking industry, a sector characterized by its sensitivity to interest rate changes, economic conditions, and regulatory frameworks.

Regulatory Implications

As a commercial bank, Hancock Whitney is subject to extensive regulation by federal and state authorities, including oversight from the SEC and banking regulators, impacting its operations and financial reporting.

What Investors Should Do

1. Analyze the 'Risk Factors' section of the 10-K to identify potential challenges and their impact on the company.
2. Compare the financial metrics presented in this 10-K with previous filings to identify trends and changes in performance.
3. Examine the company's business description to understand its strategic focus and market position.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for understanding a company's financial health and operations over the past year.)

SIC Code

Standard Industrial Classification code used to classify businesses by industry. (Indicates Hancock Whitney's primary business activity as commercial banking.)

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $3.33 — ch Registered Common Stock, par value $3.33 per share HWC The NASDAQ Stock Mark
• $250,000 — otal deposits excluding certificates of $250,000 or more and brokered deposits Coronav
• $35.6 b — ber 31, 2023, our balance sheet totaled $35.6 billion, with loans of $23.9 billion and
• $23.9 billion — et totaled $35.6 billion, with loans of $23.9 billion and deposits of $29.7 billion. NATURE
• $29.7 billion — loans of $23.9 billion and deposits of $29.7 billion. NATURE OF BUSINESS AND MARKETS The

Filing Documents

• hwc-20231231.htm (10-K) — 9011KB
• hwc-ex21_1.htm (EX-21.1) — 10KB
• hwc-ex23_1.htm (EX-23.1) — 3KB
• hwc-ex31_1.htm (EX-31.1) — 19KB
• hwc-ex31_2.htm (EX-31.2) — 19KB
• hwc-ex32_1.htm (EX-32.1) — 16KB
• hwc-ex32_2.htm (EX-32.2) — 13KB
• hwc-ex97.htm (EX-97) — 59KB
• img205942327_0.jpg (GRAPHIC) — 26KB
• 0000950170-24-022252.txt (&nbsp;) — 36202KB
• hwc-20231231.xsd (EX-101.SCH) — 3226KB
• hwc-20231231_htm.xml (XML) — 9667KB

BUSINESS

BUSINESS 6 ITEM 1A.

RISK FACTORS

RISK FACTORS 24 ITEM 1B. UNRESOLVED STAFF COMMENTS 37 ITEM 1C. CYBERSECURITY 37 ITEM 2.

PROPERTIES

PROPERTIES 38 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 39 ITEM 4. MINE SAFETY DISCLOSURES 39 PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 40 ITEM 6. RESERVED 41 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 42 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 80 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 81 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 141 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 141 ITEM 9B. OTHER INFORMATION 141 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 141 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 142 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 142 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 142 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 142 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 142 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 143 ITEM 16 FORM 10-K SUMMARY 146 Table of Contents Hancock Whitney Corporation Glossary of Defined Terms Entities: Hancock Whitney Corporation – a financial holding company registered with the Securities and Exchange Commission Hancock Whitney Bank – a wholly-owned subsidiary of Hancock Whitney Corporation through which Hancock Whitney Corporation conducts its banking operations Hancock Whitney Investment Services – a wholly owned subsidiary of Hancock Whitney Corporation, through which Hancock Whitney Corporation conducts limited broker-dealer services Company – Hancock Whitney Corporation and its consolidated subsidiaries Parent – Hancock Whitney Corporation, exclusive of its subsidiaries Bank – Hancock Whitney Bank Other Terms: ACL – Allowance for credit losses AFS – Available for sale securities AMERIBOR - American Interbank Offered Rate; benchmark interest rate based on an overnight unsecured loans transacted on the American Financial Exchange AOCI – Accumulated other comprehensive income or loss ALCO – Asset Liability Management Committee ALLL – Allowance for loan and lease losses ARG – Associate resource groups ARRC – Alternative reference rate committee ASC – Accounting standards codification ASR – Accelerated share repurchase ASU – Accounting standards update ATM – Automated teller machine Basel III - Basel Committee's 2010 Regulatory Capital Framework (Third Accord) Beta – amount by which loan yields or deposit cost change in response to movement in market rates BOLI – Bank-owned life insurance bp(s) – basis point(s) C&I – Commercial and industrial loans CAMT – Corporate Alternati

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning and protections of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this annual report are set forth in this Annual Report on Form 10-K and in other reports or documents that we file from time to time with the SEC and include, but are not limited to, the following: general economic and business conditions in our local markets, including conditions affecting employment levels, interest rates, inflation, supply chains, the threat of recession, volatile equity capital markets, property and casualty insurance costs, collateral values, customer income, creditworthiness and confidence, spending and savings that may affect customer bankruptcies, defaults, charge-offs and deposit activity; and the impact of the foregoing on customer and client behavior (including the velocity and levels of deposit withdrawals and loan repayment); adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; balance sheet and revenue growth expectations may differ from actual results; the risk that our provision for credit losses may be inadequate or may be negatively affected by credit risk exposure; loan growth expectations; management's predictions about charge-offs; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting the Company's loans; the risk that our enterprise ri

BUSINESS

ITEM 1. BUSINESS ORGANIZATION Hancock Whitney Corporation (the "Company") is registered with the Federal Reserve as a bank holding company and has elected to be treated as a financial holding company under the Bank Holding Company Act of 1956, as amended. The Company provides comprehensive financial services through its bank subsidiary, Hancock Whitney Bank (the "Bank"), a Mississippi state bank, and other nonbank affiliates. Our principal executive offices are located at 2510 14 th Street, Gulfport, Mississippi, 39501, and our telephone number is (800) 522-6542. Our common stock trades on the Nasdaq Global Select Market under the ticker symbol "HWC." At December 31, 2023, our balance sheet totaled $35.6 billion, with loans of $23.9 billion and deposits of $29.7 billion. NATURE OF BUSINESS AND MARKETS The Bank offers a broad range of traditional and online banking services to commercial, small business and retail customers, providing a variety of transaction and savings deposit products, treasury management services, secured and unsecured loan products (including revolving credit facilities), letters of credit and similar financial guarantees. The Bank provides trust and investment management services to retirement plans, corporations and individuals and provides its customers access to investment advisory and brokerage products. We offer other services through bank and nonbank subsidiaries. The Bank's subsidiaries Hancock Whitney Equipment Finance, LLC and Hancock Whitney Equipment Finance and Leasing, LLC, provide commercial finance products to middle market and corporate clients, including leases and related structures. We have other subsidiaries of the bank for purposes such as facilitating investments in new market tax credit activities and holding certain foreclosed assets. Our holding company's nonbank subsidiary, Hancock Whitney Investment Services, Inc., provides customers access to fixed annuity and life insurance products, investment advisory

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View this 10-K filing on SEC EDGAR