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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 September 30, 2022

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.

85,693,303 common shares were outstanding at October 31, 2022.

 

 

 


Table of Contents

 

Hancock Whitney Corporation

Index

 

Part I. Financial Information

Page

Number

ITEM 1.

Financial Statements

5

 

Consolidated Balance Sheets (unaudited) – September 30, 2022 and December 31, 2021

5

 

Consolidated Statements of Income (unaudited) – Three and Nine Months Ended September 30, 2022 and 2021

6

 

Consolidated Statements of Comprehensive Income (unaudited) – Three and Nine Months Ended September 30, 2022 and 2021

7

 

Consolidated Statements of Changes in Stockholders’ Equity (unaudited) – Three and Nine Months Ended September 30, 2022 and 2021

8

 

Consolidated Statements of Cash Flows (unaudited) – Nine Months Ended September 30, 2022 and 2021

9

 

Notes to Consolidated Financial Statements (unaudited) – September 30, 2022 and 2021

10

ITEM 2.

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

39

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

64

ITEM 4.

Controls and Procedures

66

Part II. Other Information

 

ITEM 1.

Legal Proceedings

67

ITEM 1A.

Risk Factors

67

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

67

ITEM 3.

Default on Senior Securities

N/A

ITEM 4.

Mine Safety Disclosures

N/A

ITEM 5.

Other Information

N/A

ITEM 6.

Exhibits

68

Signatures

69

 

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

AMERIBOR - Index created by the American Financial Exchange as a potential replacement for LIBOR; calculated daily as the volume-weighted average interest rate of the overnight unsecured loans on American Financial Exchange

AOCI – accumulated other comprehensive income or loss

ALCO – Asset Liability Management Committee

ALLL – allowance for loan and lease losses

ARRC – Alternative Reference Rates Committee

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

CARES Act – Coronavirus Aid, Relief, and Economic Security Act

CD – certificate of deposit

CDE – Community Development Entity

CECL – Current Expected Credit Losses, the term commonly used to refer to the methodology of estimating credit losses required by ASC 326, “Financial Instruments – Credit Losses.” ASC 326 was adopted by the Company on January 1, 2020, superseding the methodology prescribed by ASC 310.

CEO – Chief Executive Officer

CFPB– Consumer Financial Protection Bureau

CFO – Chief Financial Officer

CME Chicago Mercantile Exchange

CMO – collateralized mortgage obligation

Core Loans – loans excluding Paycheck Protection Program (PPP) loans

Coronavirus – the novel coronavirus declared a pandemic during the first quarter of 2020, resulting in prolonged market disruptions

COVID-19 – disease caused by the novel coronavirus

CRE – commercial real estate

DEI – Diversity, equity and inclusion

DIF – Deposit Insurance Fund

Excess Liquidity – deposits held at the Federal Reserve above $200 million, plus excess investments in the securities portfolio above normal cash flows

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

3


Table of Contents

 

IRS – Internal Revenue Service

LIBOR – London Interbank Offered Rate

LIHTC – Low Income Housing Tax Credit

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

NAICS – North American Industry Classification System

NII – net interest income

n/m – not meaningful

NSF – Non-sufficient funds

OCI – other comprehensive income or loss

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

PPP – Paycheck Protection Program, a loan program administered by the Small Business Administration designed to provide a direct incentive for small businesses to keep workers on payroll during interruptions caused by the COVID-19 pandemic

Reference rate reform – refers to the global transition away from LIBOR and other interbank offered rates toward new reference rates that are more reliable and robust

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

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

TDR – troubled debt restructuring

TSR – total shareholder return

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

VERIP – Voluntary Early Retirement Incentive Program

 

4


Table of Contents

 

Part I. Financial Information

Item 1. Financial Statements

Hancock Whitney Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

(in thousands, except per share data)

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

589,586

 

 

$

401,201

 

Interest-bearing bank deposits

 

 

261,225

 

 

 

3,830,177

 

Federal funds sold

 

 

440

 

 

 

458

 

Securities available for sale, at fair value (amortized cost of $6,342,379 and $6,984,530)

 

 

5,466,843

 

 

 

6,986,698

 

Securities held to maturity (fair value of $2,606,080 and $1,631,482)

 

 

2,866,348

 

 

 

1,565,751

 

Loans held for sale (includes $15,149 and $41,022 measured at fair value)

 

 

33,008

 

 

 

93,069

 

Loans

 

 

22,585,585

 

 

 

21,134,282

 

Less: allowance for loan losses

 

 

(306,116

)

 

 

(342,065

)

Loans, net

 

 

22,279,469

 

 

 

20,792,217

 

Property and equipment, net of accumulated depreciation of $297,664 and $280,065

 

 

346,566

 

 

 

350,309

 

Right of use assets, net of accumulated amortization of $42,468 and $34,425

 

 

100,105

 

 

 

102,239

 

Prepaid expenses

 

 

46,449

 

 

 

38,793

 

Other real estate and foreclosed assets, net

 

 

2,085

 

 

 

7,533

 

Accrued interest receivable

 

 

111,907

 

 

 

96,938

 

Goodwill

 

 

855,453

 

 

 

855,453

 

Other intangible assets, net

 

 

59,464

 

 

 

70,226

 

Life insurance contracts

 

 

725,820

 

 

 

664,535

 

Funded pension assets, net

 

 

235,799

 

 

 

227,870

 

Deferred tax asset, net

 

 

192,494

 

 

 

 

Other assets

 

 

394,181

 

 

 

447,738

 

Total assets

 

$

34,567,242

 

 

$

36,531,205

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Noninterest-bearing

 

$

14,290,817

 

 

$

14,392,808

 

Interest-bearing

 

 

14,660,457

 

 

 

16,073,089

 

Total deposits

 

 

28,951,274

 

 

 

30,465,897

 

Short-term borrowings

 

 

1,542,981

 

 

 

1,665,061

 

Long-term debt

 

 

236,410

 

 

 

244,220

 

Accrued interest payable

 

 

5,863

 

 

 

3,103

 

Lease liabilities

 

 

119,817

 

 

 

122,079

 

Deferred tax liability, net

 

 

 

 

 

19,434

 

Other liabilities

 

 

530,458

 

 

 

341,059

 

Total liabilities

 

 

31,386,803

 

 

 

32,860,853

 

Stockholders' equity:

 

 

 

 

 

 

Common stock

 

 

309,513

 

 

 

309,513

 

Capital surplus

 

 

1,715,447

 

 

 

1,755,701

 

Retained earnings

 

 

1,968,260

 

 

 

1,659,073

 

Accumulated other comprehensive loss, net

 

 

(812,781

)

 

 

(53,935

)

Total stockholders' equity

 

 

3,180,439

 

 

 

3,670,352

 

Total liabilities and stockholders' equity

 

$

34,567,242

 

 

$

36,531,205

 

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

 

 

85,686

 

 

 

86,749

 

 

See notes to unaudited consolidated financial statements.

5


Table of Contents

 

Hancock Whitney Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands, except per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

248,895

 

 

$

204,102

 

 

$

648,808

 

 

$

626,881

 

Loans held for sale

 

 

398

 

 

 

635

 

 

 

1,532

 

 

 

1,954

 

Securities-taxable

 

 

43,860

 

 

 

33,936

 

 

 

120,039

 

 

 

98,287

 

Securities-tax exempt

 

 

4,743

 

 

 

4,724

 

 

 

14,116

 

 

 

14,269

 

Short-term investments

 

 

1,841

 

 

 

1,020

 

 

 

6,892

 

 

 

2,111

 

Total interest income

 

 

299,737

 

 

 

244,417

 

 

 

791,387

 

 

 

743,502

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

13,580

 

 

 

5,090

 

 

 

22,409

 

 

 

21,381

 

Short-term borrowings

 

 

2,749

 

 

 

1,470

 

 

 

5,127

 

 

 

4,558

 

Long-term debt

 

 

3,101

 

 

 

3,148

 

 

 

9,349

 

 

 

13,624

 

Total interest expense

 

 

19,430

 

 

 

9,708

 

 

 

36,885

 

 

 

39,563

 

Net interest income

 

 

280,307

 

 

 

234,709

 

 

 

754,502

 

 

 

703,939

 

Provision for credit losses

 

 

1,402

 

 

 

(26,955

)

 

 

(30,886

)

 

 

(49,095

)

Net interest income after provision for credit losses

 

 

278,905

 

 

 

261,664

 

 

 

785,388

 

 

 

753,034

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

23,272

 

 

 

21,159

 

 

 

65,441

 

 

 

59,686

 

Trust fees

 

 

16,048

 

 

 

16,041

 

 

 

48,636

 

 

 

47,351

 

Bank card and ATM fees

 

 

21,412

 

 

 

19,833

 

 

 

63,678

 

 

 

58,436

 

Investment and annuity fees and insurance commissions

 

 

6,492

 

 

 

7,167

 

 

 

21,920

 

 

 

21,956

 

Secondary mortgage market operations

 

 

3,284

 

 

 

6,972

 

 

 

10,020

 

 

 

31,238

 

Securities transactions, net

 

 

 

 

 

 

 

 

(87

)

 

 

333

 

Other income

 

 

14,829

 

 

 

22,189

 

 

 

44,814

 

 

 

55,722

 

Total noninterest income

 

 

85,337

 

 

 

93,361

 

 

 

254,422

 

 

 

274,722

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense

 

 

98,985

 

 

 

92,601

 

 

 

279,133

 

 

 

289,034

 

Employee benefits

 

 

19,937

 

 

 

19,377

 

 

 

62,355

 

 

 

85,213

 

Personnel expense

 

 

118,922

 

 

 

111,978

 

 

 

341,488

 

 

 

374,247

 

Net occupancy expense

 

 

12,411

 

 

 

11,974

 

 

 

36,316

 

 

 

37,839

 

Equipment expense

 

 

4,527

 

 

 

4,894

 

 

 

14,097

 

 

 

14,067

 

Data processing expense

 

 

26,768

 

 

 

24,766

 

 

 

77,176

 

 

 

71,598

 

Professional services expense

 

 

9,679

 

 

 

12,748

 

 

 

25,895

 

 

 

37,472

 

Amortization of intangible assets

 

 

3,428

 

 

 

4,082

 

 

 

10,762

 

 

 

12,746

 

Deposit insurance and regulatory fees

 

 

3,596

 

 

 

3,680

 

 

 

10,839

 

 

 

10,042

 

Other real estate and foreclosed assets income, net

 

 

(1,782

)

 

 

(376

)

 

 

(3,634

)

 

 

(456

)

Other expense

 

 

15,953

 

 

 

20,957

 

 

 

47,599

 

 

 

66,990</