Hancock Whitney Corporation (HWC) Tops Q4 EPS by 37c

Hancock Whitney Corporation (NASDAQ: HWC) reported Q4 EPS of $1.27, $0.37 better than the analyst estimate of $0.90.

Fourth Quarter 2020 Highlights

• Tax strategies implemented in the fourth quarter added $0.21 to 4Q earnings
• Pre-provision net revenue (PPNR) totaled $130.6 million, up $4.3 million, or 3%, linked-quarter
• Allowance for credit losses (ACL) remains strong at 2.20% (2.42% excluding PPP loans); 4Q20 provision totaled $24.2 million, net charge-offs totaled $24.3 million
• Net interest margin (NIM) remained stable at 3.22% (down 1 bp linked-quarter)
• Nonperforming loans declined $37 million, or 20%, criticized commercial loans declined $19 million, or 5%, linked-quarter
• CET1 ratio 10.70%(e), up 40 bps; TCE ratio 7.64%, up 11 bps
• Loans declined $450 million linked-quarter, mostly from $318 million in net Paycheck Protection Program (PPP) loan forgiveness during the quarter
• Deposits increased $667 million linked-quarter, mainly related to pandemic-related deposit growth and seasonal year-end inflows

“The fourth quarter was a strong finish to a very challenging year,” said John M. Hairston, President and CEO. “Reported earnings were up 31% as we implemented several tax strategies at year-end that allowed us to partially recoup losses booked earlier in the year. In addition, core results remained solid with pre-provision net revenue up over $4 million, or 3%, linked-quarter. Our margin was stable, asset quality metrics improved, expenses were down and fees outside of specialty and mortgage lines of business improved. We continued to rebuild our capital in the quarter while maintaining our dividend at current levels. As we begin the new year, we recognize pandemic-related headwinds still exist, however we look forward to improved performance in 2021 and believe we are well-positioned to continue execution of strategies designed to enhance shareholder value.”

For earnings history and earnings-related data on Hancock Whitney Corporation (HWC) click here.

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