Hancock Whitney Corp Files Q2 2024 10-Q

TL;DR

HWC's Q2 10-Q is in: financials look standard for a commercial bank. No major red flags.

AI Summary

Hancock Whitney Corporation filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data points such as interest income and various asset and liability categories are presented, reflecting the company's operations in the commercial banking sector.

Why It Matters

This filing provides investors and analysts with a detailed look at Hancock Whitney's financial health and operational performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate indicators of significant financial distress or unusual events.

Key Numbers

• Q2 2024 — Reporting Period (The period covered by the 10-Q filing.)
• 20240630 — Period End Date (The specific date marking the end of the financial reporting quarter.)

Key Players & Entities

• HANCOCK WHITNEY CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 6022 (number) — Standard Industrial Classification for Commercial Banks
• MS (location) — State of Incorporation
• 1231 (date) — Fiscal Year End

FAQ

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-20240630.htm (10-Q) — 7250KB
• hwc-ex31_1.htm (EX-31.1) — 16KB
• hwc-ex31_2.htm (EX-31.2) — 16KB
• hwc-ex32_1.htm (EX-32.1) — 10KB
• hwc-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-092942.txt ( ) — 27726KB
• hwc-20240630.xsd (EX-101.SCH) — 2232KB
• hwc-20240630_htm.xml (XML) — 7785KB

Financial Information

Part I. Financial Information Page Number ITEM 1.

Financial Statements

Financial Statements 5 Consolidated Balance Sheets (unaudited) – June 30, 2024 and December 31, 2023 5 Consolidated Statements of Income (unaudited) – Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Comprehensive Income (unaudited) – Three and Six Months Ended June 30, 2024 and 2023 7 Consolidated Statements of Changes in Stockholders' Equity (unaudited) – Three and Six Months Ended June 30, 2024 and 2023 8 Consolidated Statements of Cash Flows (unaudited) – Six Months Ended June 30, 2024 and 2023 9

Notes to Consolidated Financial Statements (unaudited) – June 30, 2024 and 2023

Notes to Consolidated Financial Statements (unaudited) – June 30, 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 39 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 62 ITEM 4.

Controls and Procedures

Controls and Procedures 64

Other Information

Part II. Other Information ITEM 1.

Legal Proceedings

Legal Proceedings 65 ITEM 1A.

Risk Factors

Risk Factors 65 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 65 ITEM 3. Default on Senior Securities N/A ITEM 4. Mine Safety Disclosures N/A ITEM 5. Other Information 65 ITEM 6. Exhibits 66

Signatures

Signatures 67 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) June 30, December 31, (in thousands, except per share data) 2024 2023 ASSETS Cash and due from banks $ 500,828 $ 561,202 Interest-bearing bank deposits 581,216 626,646 Federal funds sold 393 436 Securities available for sale, at fair value (amortized cost of $ 5,605,849 and $ 5,496,718 ) 4,965,214 4,915,195 Securities held to maturity (fair value of $ 2,347,957 and $ 2,485,918 ) 2,570,622 2,684,779 Loans held for sale (includes $ 26,051 and $ 13,269 measured at fair value) 27,354 26,124 Loans 23,911,616 23,921,917 Less: allowance for loan losses ( 316,148 ) ( 307,907 ) Loans, net 23,595,468 23,614,010 Property and equipment, net of accumulated depreciation of $ 334,290 and $ 318,746 289,282 301,639 Right of use assets, net of accumulated amortization of $ 61,608 and $ 55,815 98,561 105,799 Prepaid expenses 54,668 45,234 Other real estate and foreclosed assets, net 2,114 3,628 Accrued interest receivable 154,394 157,179 Goodwill 855,453 855,453 Other intangible assets, net 39,722 44,637 Life insurance contracts 759,673 749,495 Funded pension assets, net 248,489 216,849 Deferred tax asset, net 166,390 153,384 Other assets 502,450 516,884 Total assets $ 35,412,291 $ 35,578,573 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits Noninterest-bearing $ 10,642,213 $ 11,030,515 Interest-bearing 18,558,505 18,659,544 Total deposits 29,200,718 29,690,059 Short-term borrowings 1,363,959 1,154,829 Long-term debt 236,393 236,317 Accrued interest payable 27,126 45,000 Lease liabilities 117,752 125,618 Other liabilities 545,625 523,089 Total liabilities 31,491,573 31,774,912 Stockholders' equity: Common stock 309,513 309,513 Capital s

View Full Filing

View this 10-Q filing on SEC EDGAR