Hancock Whitney Corp. Files 10-Q for Q1 2024

TL;DR

<b>Hancock Whitney Corp. has filed its Q1 2024 10-Q report, detailing financial performance and segment data.</b>

AI Summary

HANCOCK WHITNEY CORP (HWCPZ) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Hancock Whitney Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's Standard Industrial Classification is 'State Commercial Banks [6022]'. Hancock Whitney Corp. was formerly known as Hancock Holding Co. The filing includes data related to various financial instruments and segments, such as Commercial Portfolio Segment and Consumer Portfolio Segment.

Why It Matters

For investors and stakeholders tracking HANCOCK WHITNEY CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance data for Hancock Whitney Corp. for the first quarter of 2024, enabling them to assess the company's current health and trends. Understanding the segment-specific data, such as Commercial and Consumer Portfolio Segments, is crucial for evaluating the company's diverse revenue streams and risk exposures.

Risk Assessment

Risk Level: medium — HANCOCK WHITNEY CORP shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains detailed financial information but lacks specific forward-looking statements or significant event disclosures that would elevate the risk level.

Analyst Insight

Investors should review the detailed financial statements and segment performance within the 10-Q to assess Hancock Whitney Corp.'s profitability and asset quality.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Q1 Start Date (Reporting period for Q1)
• 2023-12-31 — Previous Year End Date (Reference date for prior year data)

Key Players & Entities

• HANCOCK WHITNEY CORP (company) — FILER
• 0000750577 (company) — CENTRAL INDEX KEY
• 6022 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• MS (company) — STATE OF INCORPORATION
• 19920703 (company) — DATE OF NAME CHANGE
• GULFPORT (company) — CITY
• 5042995208 (company) — BUSINESS PHONE
• HWCPZ (company) — ticker

FAQ

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive overview of a company's financial performance. (This filing provides the latest financial data for Hancock Whitney Corp.)

Commercial Portfolio Segment

Represents loans and related assets within the commercial banking sector. (Key segment for understanding Hancock Whitney's business lending activities and associated risks.)

Consumer Portfolio Segment

Represents loans and related assets within the consumer banking sector. (Key segment for understanding Hancock Whitney's retail lending activities and associated risks.)

Key Financial Figures

• $3.33 — ch registered Common stock, par value $3.33 per share HWC Nasdaq 6.25% Subord
• $250,000 — s excluding certificates of deposits of $250,000 or more and brokered deposits CRE – c

Filing Documents

• hwc-20240331.htm (10-Q) — 6330KB
• hwc-ex31_1.htm (EX-31.1) — 16KB
• hwc-ex31_2.htm (EX-31.2) — 15KB
• hwc-ex32_1.htm (EX-32.1) — 10KB
• hwc-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-055917.txt (&nbsp;) — 25615KB
• hwc-20240331.xsd (EX-101.SCH) — 2226KB
• hwc-20240331_htm.xml (XML) — 7125KB

Financial Information

Part I. Financial Information Page Number ITEM 1.

Financial Statements

Financial Statements 5 Consolidated Balance Sheets (unaudited) – March 31, 2024 and December 31, 2023 5 Consolidated Statements of Income (unaudited) – Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Comprehensive Income (unaudited) – Three Months Ended March 31, 2024 and 2023 7 Consolidated Statements of Changes in Stockholders' Equity (unaudited) – Three Months Ended March 31, 2024 and 2023 8 Consolidated Statements of Cash Flows (unaudited) – Three Months Ended March 31, 2024 and 2023 9

Notes to Consolidated Financial Statements (unaudited) – March 31, 2024 and 2023

Notes to Consolidated Financial Statements (unaudited) – March 31, 2024 and 2023 10 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 60 ITEM 4.

Controls and Procedures

Controls and Procedures 62

Other Information

Part II. Other Information ITEM 1.

Legal Proceedings

Legal Proceedings 63 ITEM 1A.

Risk Factors

Risk Factors 63 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 63 ITEM 3. Default on Senior Securities N/A ITEM 4. Mine Safety Disclosures N/A ITEM 5. Other Information 63 ITEM 6. Exhibits 64

Signatures

Signatures 65 2 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 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 AOCI – accumulated other comprehensive income or loss ALCO – Asset Liability Management Committee ALLL – allowance for loan and lease losses ASC – Accounting Standards Codification ASU – Accounting Standards Update ATM – automated teller machine Basel III – Basel Committee's 2010 Regulatory Capital Framework (Third Accord) Beta – amount by which deposit or loan costs change in response to movement in short-term interest rates BOLI – bank-owned life insurance bp(s) – basis point(s) C&I – commercial and industrial loans CD – certificate of deposit CDE – Community Development Entity CECL – Current Expected Credit Losses CEO – Chief Executive Officer CFPB – Consumer Financial Protection Bureau CFO – Chief Financial Officer CME – Chicago Mercantile Exchange CMO – collateralized mortgage obligation Core client deposits – total deposits excluding public funds and brokered deposits Core deposits – total deposits excluding certificates of deposits of $250,000 or more and brokered deposits CRE – commercial real estate CET1 – Common equity tier 1 capital as defined by Basel III capital rules DEI – Diversity, equity and inclusion DIF – Deposit Insurance Fund ESG – Environmental, Social and Governance; term used in discussion of risks and corporate policies related to those items EVE – Economic

Financi al Information

Part I. Financi al Information

Financ ial Statements

Item 1. Financ ial Statements Hancock Whitney Corporation and Subsidiaries Consolidate d Balance Sheets (Unaudited) March 31, December 31, (in thousands, except per share data) 2024 2023 ASSETS Cash and due from banks $ 414,280 $ 561,202 Interest-bearing bank deposits 438,606 626,646 Federal funds sold 414 436 Securities available for sale, at fair value (amortized cost of $ 5,535,212 and $ 5,496,718 ) 4,905,423 4,915,195 Securities held to maturity (fair value of $ 2,436,610 and $ 2,485,918 ) 2,653,759 2,684,779 Loans held for sale (includes $ 15,208 and $ 13,269 measured at fair value) 16,470 26,124 Loans 23,970,938 23,921,917 Less: allowance for loan losses ( 313,726 ) ( 307,907 ) Loans, net 23,657,212 23,614,010 Property and equipment, net of accumulated depreciation of $ 326,472 and $ 318,746 296,199 301,639 Right of use assets, net of accumulated amortization of $ 58,824 and $ 55,815 101,694 105,799 Prepaid expenses 48,773 45,234 Other real estate and foreclosed assets, net 2,793 3,628 Accrued interest receivable 159,095 157,179 Goodwill 855,453 855,453 Other intangible assets, net 42,111 44,637 Life insurance contracts 756,746 749,495 Funded pension assets, net 244,383 216,849 Deferred tax asset, net 165,090 153,384 Other assets 488,618 516,884 Total assets $ 35,247,119 $ 35,578,573 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits Noninterest-bearing $ 10,802,127 $ 11,030,515 Interest-bearing 18,973,779 18,659,544 Total deposits 29,775,906 29,690,059 Short-term borrowings 667,760 1,154,829 Long-term debt 236,355 236,317 Accrued interest payable 44,365 45,000 Lease liabilities 120,975 125,618 Other liabilities 548,322 523,089 Total liabilities 31,393,683 31,774,912 Stockholders' equity: Common stock 309,513 309,513 Capital s

View Full Filing

View this 10-Q filing on SEC EDGAR