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*

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-36872

HANCOCK WHITNEY CORPORATION

(Exact name of registrant as specified in its charter)

 

Mississippi

 

64-0693170

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)



 

Hancock Whitney Plaza, 2510 14th Street,

Gulfport, Mississippi

 

39501

(Address of principal executive offices)

 

(Zip Code)

(228) 868-4000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, par value $3.33 per share

HWC

Nasdaq

6.25% Subordinated Notes

HWCPZ

Nasdaq

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

86,630,304 common shares were outstanding at April 30, 2024.

 

 

 


Hancock Whitney Corporation

Index

 

Part I. Financial Information

Page

Number

ITEM 1.

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

10

ITEM 2.

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

38

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

60

ITEM 4.

Controls and Procedures

62

Part II. Other Information

 

ITEM 1.

Legal Proceedings

63

ITEM 1A.

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

65

 

2


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 Value of Equity

Excess Liquidity – deposits held at the Federal Reserve above normal levels

FASB – Financial Accounting Standards Board

FDIC – Federal Deposit Insurance Corporation

FDICIA – Federal Deposit Insurance Corporation Improvement Act of 1991

Federal Reserve Board – The 7-member Board of Governors that oversees the Federal Reserve System, establishes

monetary policy (interest rates, credit, etc.), and monitors the economic health of the country. Its members are appointed

by the President subject to Senate confirmation, and serve 14-year terms.

Federal Reserve System – The 12 Federal Reserve Banks, with each one serving member banks in its own district. This system, supervised by the Federal Reserve Board, has broad regulatory powers over the money supply and the

credit structure. They implement the policies of the Federal Reserve Board and also conduct economic research.

FFIEC – Federal Financial Institutions Examination Council

FHA – Federal Housing Administration

FHLB – Federal Home Loan Bank

GAAP – Generally Accepted Accounting Principles in the United States of America

HTM – held to maturity securities

ICS – Insured cash sweep

IRR – Interest rate risk

IRS – Internal Revenue Service

LIBOR – London Interbank Offered Rate

LIHTC – Low Income Housing Tax Credit

3


LTIP – long-term incentive plan

MBS – mortgage-backed securities

MD&A – management’s discussion and analysis of financial condition and results of operations

MDBCF – Mississippi Department of Banking and Consumer Finance

MEFD - reportable modified loans to borrowers experiencing financial difficulty as defined by ASC 326 effective January 1, 2023

NAICS – North American Industry Classification System

NII – net interest income

n/m – not meaningful

NSF – Non-sufficient funds

OCI – other comprehensive income or loss

OD – Overdraft

ORE – other real estate defined as foreclosed and surplus real estate

PCD – purchased credit deteriorated loans, as defined by ASC 326

PPNR – Pre-provision net revenue

Repos – securities sold under agreements to repurchase

SBA – Small Business Administration

SBIC – Small Business Investment Company

SEC – U.S. Securities and Exchange Commission

Securities Act – Securities Act of 1933, as amended

Short-term Investments – the sum of Interest-bearing bank deposits and Federal funds sold

SOFR – Secured Overnight Financing Rate

Supplemental disclosure items – certain highlighted items that are outside of our principal business and/or are not indicative of forward-looking trends

te – taxable equivalent adjustment, or the term used to indicate that a financial measure is presented on a fully taxable equivalent basis

TSR – total shareholder return

U.S. Treasury – The United States Department of the Treasury

 

4


Part I. Financial Information

Item 1. Financial Statements

Hancock Whitney Corporation and Subsidiaries

Consolidated 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 surplus

 

 

1,739,702

 

 

 

1,739,671

 

Retained earnings

 

 

2,457,736

 

 

 

2,375,604

 

Accumulated other comprehensive loss, net

 

 

(653,515

)

 

 

(621,127

)

Total stockholders' equity

 

 

3,853,436

 

 

 

3,803,661

 

Total liabilities and stockholders' equity

 

$

35,247,119

 

 

$

35,578,573

 

Preferred shares authorized (par value of $20.00 per share)

 

 

50,000

 

 

 

50,000

 

Preferred shares issued and outstanding

 

 

 

 

 

 

Common shares authorized (par value of $3.33 per share)

 

 

350,000

 

 

 

350,000

 

Common shares issued

 

 

92,947

 

 

 

92,947

 

Common shares outstanding

 

 

86,622

 

 

 

86,345

 

 

See notes to unaudited consolidated financial statements.

5


Hancock Whitney Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share data)

 

2024

 

 

2023

 

Interest income:

 

 

 

 

 

 

Loans, including fees

 

$

363,293

 

 

$

314,601

 

Loans held for sale

 

 

303

 

 

 

295

 

Securities-taxable

 

 

46,785

 

 

 

47,646

 

Securities-tax exempt

 

 

4,526

 

 

 

4,721

 

Short-term investments

 

 

6,777

 

 

 

5,340

 

Total interest income

 

 

421,684

 

 

 

372,603

 

Interest expense:

 

 

 

 

 

 

Deposits

 

 

147,483

 

 

 

64,451

 

Short-term borrowings

 

 

4,966

 

 

 

20,063

 

Long-term debt

 

 

3,064

 

 

 

3,095

 

Total interest expense

 

 

155,513

 

 

 

87,609

 

Net interest income

 

 

266,171

 

 

 

284,994

 

Provision for credit losses

 

 

12,968

 

 

 

6,020

 

Net interest income after provision for credit losses

 

 

253,203

 

 

 

278,974

 

Noninterest income:

 

 

 

 

 

 

Service charges on deposit accounts

 

 

22,239

 

 

 

20,622

 

Trust fees

 

 

17,077

 

 

 

16,734

 

Bank card and ATM fees

 

 

20,622

 

 

 

20,721

 

Investment and annuity fees and insurance commissions

 

 

11,844

 

 

 

8,867

 

Secondary mortgage market operations

 

 

2,891

 

 

 

2,168

 

Other income

 

 

13,178

 

 

 

11,218

 

Total noninterest income

 

 

87,851

 

 

 

80,330

 

Noninterest expense:

 

 

 

 

 

 

Compensation expense

 

 

96,569

 

 

 

92,403

 

Employee benefits

 

 

24,588

 

 

 

22,920

 

Personnel expense

 

 

121,157

 

 

 

115,323

 

Net occupancy expense

 

 

13,395

 

 

 

12,206

 

Equipment expense

 

 

4,228

 

 

 

4,736

 

Data processing expense

 

 

28,737

 

 

 

28,182

 

Professional services expense

 

 

9,036

 

 

 

9,131

 

Amortization of intangible assets

 

 

2,526

 

 

 

3,114

 

Deposit insurance and regulatory fees

 

 

8,931

 

 

 

5,920

 

Other real estate and foreclosed assets income, net

 

 

(196

)

 

 

155

 

Other expense

 

 

19,908

 

 

 

22,117

 

Total noninterest expense

 

 

207,722

 

 

 

200,884

 

Income before income taxes

 

 

133,332

 

 

 

158,420

 

Income taxes expense

 

 

24,720

 

 

 

31,953

 

Net income

 

$

108,612

 

 

$

126,467

 

Earnings per common share-basic

 

$

1.25

 

 

$

1.45

 

Earnings per common share-diluted

 

$

1.24

 

 

$

1.45

 

Dividends paid per share

 

$

0.30

 

 

$

0.30

 

Weighted average shares outstanding-basic

 

 

86,521

 

 

 

86,018

 

Weighted average shares outstanding-diluted

 

 

86,726

 

 

 

86,282

 

 

See notes to unaudited consolidated financial statements.

 

6


Hancock Whitney Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

Three Months Ended

 

 

March 31,

 

($ in thousands)

2024

 

 

2023

 

Net income

$

108,612

 

 

$

126,467

 

Other comprehensive income (loss) before income taxes:

 

 

 

 

 

Net change in unrealized gain (loss) on securities available for sale cash flow hedges and equity method investment

 

(77,799

)

 

 

100,944

 

Reclassification of loss realized and included in earnings

 

13,577

 

 

 

9,520

 

Valuation adjustments to employee benefit plans

 

22,014

 

 

 

(1,836

)

Amortization of unrealized net loss on securities transferred to held to maturity

 

428

 

 

 

494

 

Other comprehensive income (loss) before income taxes

 

(41,780

)

 

 

109,122

 

Income tax expense (benefit)

 

(9,392

)

 

 

24,405

 

Other comprehensive income (loss) net of income taxes

 

(32,388

)

 

 

84,717

 

Comprehensive income

$

76,224

 

 

$

211,184

 

 

See notes to unaudited consolidated financial statements.

 

7


Hancock Whitney Corporation and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

Three Months Ended March 31, 2024 and 2023

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

Other

 

 

 

(in thousands, except parenthetical share data)

 

Shares
Issued

 

 

Amount

 

 

Capital
Surplus

 

 

Retained
Earnings

 

 

Comprehensive
Loss

 

 

Total

 

Balance, December 31, 2023

 

 

92,947

 

 

$

309,513

 

 

$

1,739,671

 

 

$

2,375,604

 

 

$

(621,127

)

 

$

3,803,661

 

Net income

 

 

 

 

 

 

 

 

 

 

 

108,612

 

 

 

 

 

 

108,612

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,388

)

 

 

(32,388

)

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

108,612

 

 

 

(32,388

)

 

 

76,224

 

Cash dividends declared ($0.30 per common share)

 

 

 

 

 

 

 

 

 

 

 

(26,527

)

 

 

 

 

 

(26,527

)

Common stock activity, long-term incentive plans

 

 

 

 

 

 

 

 

(866

)

 

 

47

 

 

 

 

 

 

(819

)

Issuance of stock from dividend reinvestment and stock purchase plans

 

 

 

 

 

 

 

 

897

 

 

 

 

 

 

 

 

 

897

 

Balance, March 31, 2024

 

 

92,947

 

 

$

309,513

 

 

$

1,739,702

 

 

$

2,457,736

 

 

$

(653,515

)

 

$

3,853,436

 

Balance, December 31, 2022

 

 

92,947

 

 

$

309,513

 

 

$

1,716,884

 

 

$

2,088,413

 

 

$

(772,182

)

 

$

3,342,628

 

Net income

 

 

 

 

 

 

 

 

 

 

 

126,467

 

 

 

 

 

 

126,467

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

84,717

 

 

 

84,717

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

126,467

 

 

 

84,717

 

 

 

211,184

 

Dividends declared ($0.30 per common share)

 

 

 

 

 

 

 

 

 

 

 

(26,387

)

 

 

 

 

 

(26,387

)

Common stock activity, long-term incentive plans

 

 

 

 

 

 

 

 

2,804

 

 

 

68

 

 

 

 

 

 

2,872

 

Issuance of stock from dividend reinvestment and stock purchase plans

 

 

 

 

 

 

 

 

935

 

 

 

 

 

 

 

 

 

935

 

Balance, March 31, 2023

 

 

92,947

 

 

$

309,513

 

 

$

1,720,623

 

 

$

2,188,561

 

 

$

(687,465

)

 

$

3,531,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to unaudited consolidated financial statements.

8


Hancock Whitney Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

($ in thousands)

 

2024

 

 

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

108,612

 

 

$

126,467

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

8,176

 

 

 

8,565

 

Provision for credit losses

 

 

12,968

 

 

 

6,020

 

Gain on other real estate and foreclosed assets

 

 

(364

)

 

 

(20

)

Deferred tax benefit

 

 

(2,314

)

 

 

(801

)

Increase cash surrender value of life insurance contracts

 

 

(8,851

)

 

 

(2,995

)

(Gain) Loss on disposal of assets

 

 

(1,430

)

 

 

30

 

Net decrease in loans held for sale

 

 

9,633

 

 

 

3,028

 

Net amortization of securities premium/discount

 

 

3,421

 

 

 

5,103

 

Amortization of intangible assets

 

 

2,526

 

 

 

3,114

 

Stock-based compensation expense

 

 

5,691

 

 

 

5,726

 

Net change in derivative collateral liability

 

 

10,297

 

 

 

76,152

 

Net decrease in interest payable and other liabilities

 

 

(21,324

)

 

 

(28,313

)

(Increase) decrease in other assets

 

 

40,643

 

 

 

(112,916

)

Other, net

 

 

(1,013

)

 

 

(3,272

)

Net cash provided by operating activities

 

 

166,671

 

 

 

85,888

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Proceeds from maturities of securities available for sale

 

 

82,667

 

 

 

77,339

 

Purchases of securities available for sale

 

 

(121,652

)

 

 

 

Proceeds from maturities of securities held to maturity

 

 

28,414

 

 

 

30,900

 

Purchases of securities held to maturity

 

 

 

 

 

(6,023

)

Proceeds received upon termination of fair value hedge instruments

 

 

 

 

 

16,550

 

Net (increase) decrease in short-term investments

 

 

188,063

 

 

 

(1,964,089

)

Net purchases of Federal Home Loan Bank stock

 

 

 

 

 

(68,057

)

Proceeds from sales of loans and leases

 

 

28,508

 

 

 

11,006

 

Net increase in loans

 

 

(86,295

)

 

 

(306,873

)

Purchases of property and equipment

 

 

(2,273

)

 

 

(5,498

)

Proceeds from sales of other real estate and foreclosed assets

 

 

1,753

 

 

 

235

 

Other, net

 

 

618

 

 

 

(4,252

)

Net cash provided by (used in) investing activities

 

 

119,803

 

 

 

(2,218,762

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Net increase in deposits

 

 

85,847

 

 

 

542,721

 

Net increase (decrease) in short-term borrowings

 

 

(487,069

)

 

 

1,648,226

 

Dividends paid

 

 

(26,514

)

 

 

(26,173

)

Payroll tax remitted on net share settlement of equity awards

 

 

(6,557

)

 

 

(2,922

)

Proceeds from dividend reinvestment and stock purchase plans

 

 

897

 

 

 

935

 

Net cash provided by (used in) financing activities

 

 

(433,396

)

 

 

2,162,787

 

NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS

 

 

(146,922

)

 

 

29,913

 

CASH AND DUE FROM BANKS, BEGINNING

 

 

561,202

 

 

 

564,459

 

CASH AND DUE FROM BANKS, ENDING

 

$

414,280

 

 

$

594,372

 

SUPPLEMENTAL INFORMATION FOR NON-CASH

 

 

 

 

 

 

INVESTING AND FINANCING ACTIVITIES

 

 

 

 

 

 

Assets acquired in settlement of loans

 

$

591

 

 

$

202

 

 

See notes to unaudited consolidated financial statements.

9


HANCOCK WHITNEY CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

The consolidated financial statements include the accounts of Hancock Whitney Corporation and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to fairly state the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period.

Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company's financial condition or operating results.

Use of Estimates

The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Accounting Policies

There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023.

2. Securities

The following tables set forth the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities classified as available for sale and held to maturity at March 31, 2024 and December 31, 2023. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $28.8 million at March 31, 2024 and $27.4 million at December 31, 2023.

 

 

March 31, 2024

 

December 31, 2023

 

 

 

 

Gross

 

Gross

 

 

 

 

 

Gross

 

Gross

 

 

 

Securities Available for Sale

Amortized