Hancock Whitney Corp Files Q3 2024 10-Q

TL;DR

**HWC Q3 24 10-Q filed. Financials out.**

AI Summary

Hancock Whitney Corporation filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Key financial data and disclosures relevant to investors and regulators are presented in this report.

Why It Matters

This 10-Q filing provides investors with a detailed look at Hancock Whitney's financial health and operational performance for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Hancock Whitney is subject to various market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• Q3 2024 — Reporting Period (The period covered by the 10-Q filing.)
• 20241107 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• HANCOCK WHITNEY CORP (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• 0000750577 (company) — Central Index Key for Hancock Whitney Corp
• MS (location) — State of incorporation
• 6022 (industry_code) — Standard Industrial Classification for Commercial Banks

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-20240930.htm (10-Q) — 7323KB
• hwc-ex31_1.htm (EX-31.1) — 17KB
• hwc-ex31_2.htm (EX-31.2) — 16KB
• hwc-ex32_1.htm (EX-32.1) — 10KB
• hwc-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-123302.txt ( ) — 27893KB
• hwc-20240930.xsd (EX-101.SCH) — 2221KB
• hwc-20240930_htm.xml (XML) — 7770KB

Financial Information

Part I. Financial Information Page Number ITEM 1.

Financial Statements

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

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

Notes to Consolidated Financial Statements (unaudited) – September 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) September 30, December 31, (in thousands, except per share data) 2024 2023 ASSETS Cash and due from banks $ 569,876 $ 561,202 Interest-bearing bank deposits 794,807 626,646 Federal funds sold 424 436 Securities available for sale, at fair value (amortized cost of $ 5,745,280 and $ 5,496,718 ) 5,296,147 4,915,195 Securities held to maturity (fair value of $ 2,325,258 and $ 2,485,918 ) 2,473,633 2,684,779 Loans held for sale (includes $ 23,462 and $ 13,269 measured at fair value) 24,624 26,124 Loans 23,455,587 23,921,917 Less: allowance for loan losses ( 317,271 ) ( 307,907 ) Loans, net 23,138,316 23,614,010 Property and equipment, net of accumulated depreciation of $ 340,871 and $ 318,746 284,928 301,639 Right of use assets, net of accumulated amortization of $ 63,942 and $ 55,815 99,779 105,799 Prepaid expenses 50,091 45,234 Other real estate and foreclosed assets, net 27,732 3,628 Accrued interest receivable 148,078 157,179 Goodwill 855,453 855,453 Other intangible assets, net 37,430 44,637 Life insurance contracts 765,342 749,495 Funded pension assets, net 252,570 216,849 Deferred tax asset, net 107,842 153,384 Other assets 311,035 516,884 Total assets $ 35,238,107 $ 35,578,573 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits Noninterest-bearing $ 10,499,476 $ 11,030,515 Interest-bearing 18,483,429 18,659,544 Total deposits 28,982,905 29,690,059 Short-term borrowings 1,265,944 1,154,829 Long-term debt 236,431 236,317 Accrued interest payable 26,910 45,000 Lease liabilities 118,714 125,618 Other liabilities 432,516 523,089 Total liabilities 31,063,420 31,774,912 Stockholders' equity: Common stock 309,513 309,513 Cap

View Full Filing

View this 10-Q filing on SEC EDGAR