GULFPORT, Miss.--(BUSINESS WIRE)--Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the fourth quarter of 2020. Net income for the fourth quarter of 2020 was $103.6 million, or $1.17 per diluted common share (EPS), compared to $79.4 million, or $0.90 per diluted common share, in the third quarter of 2020. Net income for the fourth quarter of 2019 was $92.1 million, or $1.03 per diluted common share. The fourth quarter of 2019 included $3.9 million ($.03 per share impact) of final merger costs associated with the September 2019 acquisition of MidSouth Bancorp, Inc.

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.”

Loans
Loans totaled $21.8 billion at December 31, 2020, down $450 million, or 2%, linked-quarter. During the fourth quarter of 2020, $318 million, net, of PPP loans were forgiven, contributing to the majority of the decline in the quarter. Modest growth in our markets, mainly in commercial, was offset by net declines in other business lines such as energy and indirect. While mortgage originations remained strong given today’s low rate environment, activity has slowed somewhat, with most loans being sold in the secondary market.

Average loans totaled $22.1 billion for the fourth quarter of 2020, down 2% linked-quarter.

Management expects loans to decline once again in the first quarter of 2021, as significantly more PPP loans are forgiven and opportunities for new organic growth remain low in light of the slow economic environment. The company will participate in the extended CARES Act Paycheck Protection Program, and expects new loan growth to partially offset the declines noted above.

Deposits
Total deposits at December 31, 2020 were $27.7 billion, up $667 million, or 2%, from September 30, 2020. Almost half of the quarterly increase was in noninterest-bearing deposits related to stimulus and other pandemic-related growth, as well as seasonal year-end deposit inflows and new account generation.

DDAs totaled $12.2 billion at December 31, 2020, up $318 million, or 3%, from September 30, 2020 and comprised 44% of total period-end deposits at December 31, 2020. Interest-bearing transaction and savings deposits totaled $10.4 billion at the end of the fourth quarter of 2020, up $442.0 million, or 4%, linked-quarter. Compared to September 30, 2020, time deposits of $1.8 billion were down $151.7 million, or 8%. Interest-bearing public fund deposits increased $58.7 million, or 2%, to $3.2 billion.

Average deposits for the fourth quarter of 2020 were $27.0 billion, up $276.7 million, or 1%, linked-quarter.

Asset Quality
The total allowance for credit losses was $480.1 million at December 31, 2020, virtually unchanged from September 30, 2020. During the fourth quarter of 2020, the company recorded a total provision for credit losses of $24.2 million, slightly lower compared to $25.0 million in the third quarter of 2020. Net charge-offs totaled $24.3 million in the fourth quarter of 2020, or 0.44% of average total loans on an annualized basis, up slightly from $24.0 million, 0.43% of average total loans in the third quarter of 2020. Included in the fourth quarter’s net charge-offs are $4.0 million of energy credits, $13.6 million in healthcare dependent credits and $6.7 million of various other credits.

The ratio of ACL to period-end loans was 2.20% (2.42% excluding PPP loans) at December 31, 2020, compared to 2.16% (2.40% excluding PPP loans) at September 30, 2020.

The company continues to evaluate certain credits in light of the ongoing financial challenges some companies are having as a result of the COVID-19 pandemic shutdown in certain markets. Included on slide 11 in the earnings deck, are the sectors under focus related to the economic impact of the pandemic, and details regarding the status of loans within those lines of business. As of the end of the year, there were only $13 million in COVID-related deferrals compared to a peak of $3.6 billion in May. The company has converted approximately $336 million in loans to structured solutions, or modified loans, for businesses still impacted by the pandemic.

Despite today’s economic challenging environment, the company’s overall asset quality metrics continued to improve with both commercial criticized and total nonperforming loans down 5% and 20%, respectively, linked-quarter. Nonperforming assets (NPAs) totaled $155.8 million at December 31, 2020, down $36.4 million, or 19%, from September 30, 2020. During the fourth quarter of 2020, total nonperforming loans decreased $36.4 million, or 20%, while ORE and foreclosed assets remained virtually unchanged. Nonperforming assets as a percent of total loans, ORE and other foreclosed assets was 0.71% at December 31, 2020, down 15 bps from September 30, 2020.

Net Interest Income and Net Interest Margin (NIM)
Net interest income (TE) for the fourth quarter of 2020 was $241.4 million, up $3.0 million, or 1%, from the third quarter of 2020. The net interest margin (TE) was relatively stable at 3.22% in the fourth quarter, a decline of only 1 basis point linked-quarter.

A change in earning asset mix that compressed the NIM 6 bps was mostly offset by a lower cost of funds that helped expand the NIM 5 bps. Growth in earning assets from excess liquidity was deployed in the bond portfolio, driving an increase in net interest income.

As we begin 2021, management expects the first quarter of 2021 NIM to compress as much as 10 bps due to high levels of excess liquidity and net PPP activity (forgiveness versus funding).

Average earning assets were $29.9 billion for the fourth quarter of 2020, up $463.3 million, or 2%, from the third quarter of 2020.

Noninterest Income
Noninterest income totaled $82.4 million for the fourth quarter of 2020, down $1.3 million, or 2%, from the third quarter of 2020. Improvement was noted in many fee categories as the economy continues to re-open and consumer spending increases, though not to pre-pandemic levels. Low interest rates supported continued mortgage refinance activity, and certain specialty income categories contributed to growth in the quarter, albeit at lower levels. Similar levels of mortgage and specialty income are not expected in the first quarter of 2021.

Increased activity was noted in service charges on deposits, up $1.4 million, or 8%, from the third quarter of 2020, and bank card and ATM fees, up $0.4 million, or 2%, from the third quarter.

Investment and annuity income and insurance fees were down $0.2 million, or 3%, linked-quarter. Trust fees were up $0.4 million, or 3% linked-quarter, primarily from increased value of assets under management.

Fees from secondary mortgage operations totaled $11.5 million for the fourth quarter of 2020, down $1.4 million, or 11%, linked-quarter, as refinancing activity slowed down from peak levels earlier in the year.

Other noninterest income totaled $12.8 million, down $1.9 million, or 14%, from the third quarter of 2020. The increase in other noninterest income is primarily due to a lower level of specialty income (BOLI), partially offset by higher derivative income.

Noninterest Expense & Taxes
Noninterest expense totaled $193.1 million, down $2.7 million, or 1% linked-quarter. As noted last quarter, our focus on expense control in light of the current environment was enhanced, with initiatives put in place to improve overall efficiency. Over the past several months we have closed, or announced the closure of 20 financial offices across the footprint, closed the 2 trust offices in the NE corridor, reduced headcount by 210 FTE via attrition and other initiatives compared to June 30, 2020, and recently announced an early retirement package for certain employees.

Total personnel expense was $112.2 million in the fourth quarter of 2020, down $5.6 million, or 5%, from the third quarter of 2020. The decline is related to savings from efficiency measures taken to-date including staff attrition and branch closures.

Occupancy and equipment expense totaled $17.8 million in the fourth quarter of 2020, down $0.7 million, or 4%, from the third quarter of 2020. Amortization of intangibles totaled $4.6 million for the fourth quarter of 2020, down $0.2 million, or 4%, linked-quarter.

Other real estate and foreclosed assets (ORE) expense increased $0.8 million linked-quarter. The fourth quarter’s expense reflected a more normal quarterly expense amount compared to income in the third quarter of 2020.

Other operating expense totaled $58.1 million in the fourth quarter of 2020, up $3.0 million, or 6%, from the third quarter of 2020, mostly related to nonrecurring hurricane-related expenses and branch closures.

Tax strategies implemented at year-end, mainly related to the company’s year-to-date net operating loss (NOL), led to a $0.3 million tax benefit for the fourth quarter of 2020. This benefit was related to NOL carryback provisions in the CARES Act and added $0.21 per share to earnings for the quarter. The company expects the tax rate to return to a normal quarterly range of 18-20% in 2021, absent any changes in tax laws. The effective income tax rate continues to be less than the statutory rate due primarily to tax-exempt income and tax credits.

Capital
Common stockholders’ equity at December 31, 2020 totaled $3.4 billion, up $63.4 million, or 2%, from September 30, 2020. The tangible common equity (TCE) ratio was 7.64%, up 11 bps from September 30, 2020, as the company continued rebuilding capital after de-risking strategies were implemented in the first half of 2020. A full reconciliation of the quarterly change is included in our slide presentation. The company remains well capitalized, with both bank and holding company capital levels in excess of required regulatory minimums. The company’s CET1 ratio is estimated to be 10.70% at December 31, 2020. The company intends to pay its next quarterly dividend and is in consultation with its examiners, while the Board reviews the dividend payout policy quarterly.

Conference Call and Slide Presentation
Management will host a conference call for analysts and investors at 4:00 p.m. Central Time on Wednesday, January 20, 2021 to review the results. A live listen-only webcast of the call will be available under the Investor Relations section of Hancock Whitney’s website at www.investors.hancockwhitney.com. A link to the release with additional financial tables, and a link to a slide presentation related to fourth quarter results are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial 866-270-1533 or 412-317-0797. An audio archive of the conference call will be available under the Investor Relations section of our website. A replay of the call will also be available through January 25, 2021 by dialing 877-344-7529 or 412-317-0088, access code 10151062.

About Hancock Whitney
Since the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Hancock Whitney offices and financial centers in Mississippi, Alabama, Florida, Louisiana, and Texas offer comprehensive financial products and services, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; healthcare banking; certain insurance services; and mortgage services. The company also operates a loan production office in Nashville, Tennessee. BauerFinancial, Inc., the nation’s leading independent bank rating and analysis firm, consistently recommends Hancock Whitney as one of America’s most financially sound banks. More information is available at www.hancockwhitney.com.

Non-GAAP Financial Measures
This news release includes non-GAAP financial measures to describe Hancock Whitney’s performance. These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. The reconciliations of those measures to GAAP measures are provided either in the financial tables or in Appendix A thereto.

Consistent with Securities and Exchange Commission Industry Guide 3, the company presents net interest income, net interest margin and efficiency ratios on a fully taxable equivalent (“TE”) basis. The TE basis adjusts for the tax-favored status of net interest income from certain loans and investments using the statutory federal tax rate to increase tax-exempt interest income to a taxable equivalent basis. The company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources.

The company presents certain additional non-GAAP financial measures to assist the reader with a better understanding of the company’s performance period over period, as well as to provide investors with assistance in understanding the success management has experienced in executing its strategic initiatives. These non-GAAP measures may reference the concept “operating.” The company uses the term “operating” to describe a financial measure that excludes income or expense considered to be nonoperating in nature. Items identified as nonoperating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in the company’s business.

Important Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements that we may make include statements regarding our expectations regarding our performance and financial condition, balance sheet and revenue growth, the provision for credit losses, loan growth expectations, management’s predictions about charge-offs for loans, including energy-related credits, the impact of COVID-19 pandemic on the economy and our operations, the adequacy of our enterprise risk management framework, the impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, success of revenue-generating initiatives, the effectiveness of derivative financial instruments and hedging activities to manage risks, projected tax rates, increased cybersecurity risks, including potential business disruptions or financial losses, the adequacy of our internal controls over financial reporting, the financial impact of regulatory requirements and tax reform legislation (including potential future legislation enacted as a result of the 2020 election), the impact of the change in the referenced rate reform, deposit trends, credit quality trends, the impact of PPP loans and forgiveness on our results, changes in interest rates, net interest margin trends, future expense levels, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts, accretion levels and expected returns.

Given the many unknowns and risks being heavily weighted to the downside, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain and inoculate our population against COVID-19 are unsuccessful and restrictions on movement last into the first half of 2021, the recession may increase in length and severity. The deeper the recession is, and the longer it lasts, the more it will damage consumer fundamentals and sentiment. Similarly, the recession could damage business fundamentals, and an extended global recession due to COVID-19 would weaken the U.S. recovery. As a result, the outbreak and its consequences, including responsive measures to manage it, have had and are likely to continue to have an adverse effect, possibly materially, on our business and financial performance by adversely affecting, possibly materially, the demand and profitability of our products and services, the valuation of assets and our ability to meet the needs of our customers.

In addition, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “forecast,” “goals,” “targets,” “initiatives,” “focus,” “potentially,” “probably,” “projects,” “outlook", or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. Forward-looking statements are subject to significant risks and uncertainties. Any forward-looking statement made in this release is subject to the safe harbor protections set forth in the Private Securities Litigation Reform Act of 1995. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, in Part II, “Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and in other periodic reports that we file with the SEC.

HANCOCK WHITNEY CORPORATION
FINANCIAL HIGHLIGHTS
(Unaudited)

	Three Months Ended									Twelve Months Ended
(dollars and common share data in thousands, except per share amounts)	12/31/2020			9/30/2020			12/31/2019			12/31/2020			12/31/2019
NET INCOME
Net interest income	$	238,286		$	235,183		$	233,156		$	942,523		$	895,217
Net interest income (TE) (a)		241,401			238,372			236,736			955,523			909,991
Provision for credit losses		24,214			24,999			9,156			602,904			47,708
Noninterest income		82,350			83,748			82,924			324,428			315,907
Noninterest expense		193,144			195,774			197,856			788,792			770,677
Income tax expense (benefit)		(297	)		18,802			16,936			(79,571	)		65,359
Net income (loss)	$	103,575		$	79,356		$	92,132		$	(45,174	)	$	327,380
For informational purposes - included above, pre-tax
Provision for credit loss associated with energy loan sale	$	—		$	—		$	—		$	160,101		$	—
Nonoperating merger-related expenses		—			—			3,856			—			32,666
PERIOD-END BALANCE SHEET DATA
Loans	$	21,789,931		$	22,240,204		$	21,212,755		$	21,789,931		$	21,212,755
Securities		7,356,497			7,056,276			6,243,313			7,356,497			6,243,313
Earning assets		30,616,277			30,179,103			27,622,161			30,616,277			27,622,161
Total assets		33,638,602			33,193,324			30,600,757			33,638,602			30,600,757
Noninterest-bearing deposits		12,199,750			11,881,548			8,775,632			12,199,750			8,775,632
Total deposits		27,697,877			27,030,659			23,803,575			27,697,877			23,803,575
Common stockholders' equity		3,439,025			3,375,644			3,467,685			3,439,025			3,467,685
AVERAGE BALANCE SHEET DATA
Loans	$	22,065,672		$	22,407,825		$	21,037,942		$	22,166,523		$	20,380,027
Securities (b)		6,921,099			6,389,214			6,201,612			6,398,749			5,864,228
Earning assets		29,875,531			29,412,261			27,441,459			29,235,313			26,476,900
Total assets		33,067,462			32,685,430			30,343,293			32,390,967			29,125,449
Noninterest-bearing deposits		11,759,755			11,585,617			8,601,323			10,779,570			8,255,859
Total deposits		27,040,447			26,763,795			23,848,374			26,212,317			23,299,304
Common stockholders' equity		3,406,646			3,351,593			3,473,693			3,433,099			3,302,696
COMMON SHARE DATA
Earnings (loss) per share - diluted	$	1.17		$	0.90		$	1.03		$	(0.54	)	$	3.72
Cash dividends per share		0.27			0.27			0.27			1.08			1.08
Book value per share (period-end)		39.65			39.07			39.62			39.65			39.62
Tangible book value per share (period-end)		28.79			28.11			28.63			28.79			28.63
Weighted average number of shares - diluted		86,657			86,400			88,315			86,533			86,599
Period-end number of shares		86,728			86,400			87,515			86,728			87,515
Market data
High sales price	$	34.89		$	22.23		$	44.42		$	44.24		$	44.74
Low sales price		18.59			17.42			35.45			14.32			33.63
Period-end closing price		34.02			18.81			43.88			34.02			43.88
Trading volume		27,564			32,139			30,850			158,267			115,887
PERFORMANCE RATIOS
Return on average assets		1.25	%		0.97	%		1.20	%		(0.14	)%		1.12	%
Return on average common equity		12.10	%		9.42	%		10.52	%		(1.32	)%		9.91	%
Return on average tangible common equity		16.74	%		13.14	%		14.62	%		(1.82	)%		13.66	%
Tangible common equity ratio (c)		7.64	%		7.53	%		8.45	%		7.64	%		8.45	%
Net interest margin (TE)		3.22	%		3.23	%		3.43	%		3.27	%		3.44	%
Noninterest income as a percent of total revenue (TE)		25.44	%		26.00	%		25.94	%		25.35	%		25.77	%
Efficiency ratio (d)		58.23	%		59.29	%		58.88	%		60.07	%		58.50	%
Average loan/deposit ratio		81.60	%		83.72	%		88.22	%		84.57	%		87.47	%
Allowance for loan losses as a percentage of period-end loans		2.07	%		2.02	%		0.90	%		2.07	%		0.90	%
Allowance for credit losses as a percent of period-end loans (e)		2.20	%		2.16	%		0.92	%		2.20	%		0.92	%
Annualized net charge-offs to average loans		0.44	%		0.43	%		0.18	%		1.78	%		0.23	%
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due		305.20	%		234.89	%		60.97	%		305.20	%		60.97	%
FTE headcount		3,986			4,058			4,136			3,986			4,136

(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.
(b) Average securities does not include unrealized holding gains/losses on available for sale securities.
(c) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets.
(d) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating items.
(e) The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.

HANCOCK WHITNEY CORPORATION
QUARTERLY FINANCIAL HIGHLIGHTS
(Unaudited)

	Three Months Ended
(dollars and common share data in thousands, except per share amounts)	12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
NET INCOME
Net interest income	$	238,286		$	235,183		$	237,866		$	231,188		$	233,156
Net interest income (TE) (a)		241,401			238,372			241,114			234,636			236,736
Provision for credit losses		24,214			24,999			306,898			246,793			9,156
Noninterest income		82,350			83,748			73,943			84,387			82,924
Noninterest expense		193,144			195,774			196,539			203,335			197,856
Income tax expense (benefit)		(297	)		18,802			(74,556	)		(23,520	)		16,936
Net income (loss)	$	103,575		$	79,356		$	(117,072	)	$	(111,033	)	$	92,132
For informational purposes - included above, pre-tax
Provision for credit loss associated with energy loan sale	$	—		$	—		$	160,101		$	—		$	—
Nonoperating merger-related expenses		—			—			—			—			3,856
PERIOD-END BALANCE SHEET DATA
Loans	$	21,789,931		$	22,240,204		$	22,628,377		$	21,515,681		$	21,212,755
Securities		7,356,497			7,056,276			6,381,803			6,374,490			6,243,313
Earning assets		30,616,277			30,179,103			30,134,790			28,834,072			27,622,161
Total assets		33,638,602			33,193,324			33,215,400			31,761,693			30,600,757
Noninterest-bearing deposits		12,199,750			11,881,548			11,759,085			9,204,631			8,775,632
Total deposits		27,697,877			27,030,659			27,322,268			25,008,496			23,803,575
Common stockholders' equity		3,439,025			3,375,644			3,316,157			3,421,064			3,467,685
AVERAGE BALANCE SHEET DATA
Loans	$	22,065,672		$	22,407,825		$	22,957,032		$	21,234,016		$	21,037,942
Securities (b)		6,921,099			6,389,214			6,129,616			6,149,432			6,201,612
Earning assets		29,875,531			29,412,261			30,013,829			27,630,652			27,441,459
Total assets		33,067,462			32,685,430			33,136,706			30,663,601			30,343,293
Noninterest-bearing deposits		11,759,755			11,585,617			10,989,921			8,763,359			8,601,323
Total deposits		27,040,447			26,763,795			26,702,622			24,327,242			23,848,374
Common stockholders' equity		3,406,646			3,351,593			3,465,617			3,509,727			3,473,693
COMMON SHARE DATA
Earnings (loss) per share - diluted	$	1.17		$	0.90		$	(1.36	)	$	(1.28	)	$	1.03
Cash dividends per share		0.27			0.27			0.27			0.27			0.27
Book value per share (period-end)		39.65			39.07			38.41			39.65			39.62
Tangible book value per share (period-end)		28.79			28.11			27.38			28.56			28.63
Weighted average number of shares - diluted		86,657			86,400			86,301			87,186			88,315
Period-end number of shares		86,728			86,400			86,342			86,275			87,515
Market data
High sales price	$	34.89		$	22.23		$	28.50		$	44.24		$	44.42
Low sales price		18.59			17.42			14.88			14.32			35.45
Period-end closing price		34.02			18.81			21.20			19.52			43.88
Trading volume		27,564			32,139			48,174			50,390			30,850
PERFORMANCE RATIOS
Return on average assets		1.25	%		0.97	%		(1.42	)%		(1.46	)%		1.20	%
Return on average common equity		12.10	%		9.42	%		(13.59	)%		(12.72	)%		10.52	%
Return on average tangible common equity		16.74	%		13.14	%		(18.75	)%		(17.51	)%		14.62	%
Tangible common equity ratio (c)		7.64	%		7.53	%		7.33	%		8.00	%		8.45	%
Net interest margin (TE)		3.22	%		3.23	%		3.23	%		3.41	%		3.43	%
Noninterest income as a percentage of total revenue (TE)		25.44	%		26.00	%		23.47	%		26.45	%		25.94	%
Efficiency ratio (d)		58.23	%		59.29	%		60.74	%		62.06	%		58.88	%
Average loan/deposit ratio		81.60	%		83.72	%		85.97	%		87.28	%		88.22	%
Allowance for loan losses as a percent of period-end loans		2.07	%		2.02	%		1.96	%		1.98	%		0.90	%
Allowance for credit losses as a percent of period-end loans (e)		2.20	%		2.16	%		2.12	%		2.21	%		0.92	%
Annualized net charge-offs to average loans		0.44	%		0.43	%		5.30	%		0.83	%		0.18	%
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due		305.20	%		234.89	%		222.37	%		139.17	%		60.97	%
FTE headcount		3,986			4,058			4,196			4,148			4,136

(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.
(b) Average securities does not include unrealized holding gains/losses on available for sale securities.
(c) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets.
(d) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating items.
(e) The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.

Hancock Whitney Reports Fourth Quarter 2020 EPS Of $1.17