Hancock Whitney Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, showcasing a mixed performance in revenue and profitability compared to the previous fiscal period.
For the three months ended September 30, 2024, total interest income increased to $429.5 million, up from $415.8 million in the same period of 2023. However, total interest expense also rose to $157.7 million from $146.6 million, leading to a slight increase in net interest income to $271.8 million, compared to $269.2 million in 2023. After accounting for provisions for credit losses, net interest income was $253.2 million, an increase from $240.7 million year-over-year. Noninterest income for the quarter rose to $95.9 million, up from $86.0 million in 2023.
Net income for the third quarter was $115.6 million, or $1.33 per diluted share, compared to $97.7 million, or $1.12 per diluted share, in the prior year. This reflects a significant improvement in profitability. For the nine months ended September 30, 2024, net income was $338.7 million, slightly down from $342.0 million in 2023, with earnings per share decreasing to $3.89 from $3.93.
Total loans as of September 30, 2024, amounted to $23.5 billion, a decrease of $456 million, or 2%, from the previous quarter and year-end. The decline was attributed to a reduction in commercial and industrial loans, which fell to $12.7 billion. Total deposits also decreased to $29.0 billion, down $217.8 million from the previous quarter and $707.2 million from year-end.
The company’s total stockholders' equity increased to $4.2 billion, up from $3.9 billion in the previous quarter, reflecting a strong capital position. The common equity tier 1 ratio improved to 13.78%, indicating a solid capital buffer.
Hancock Whitney has continued its stock buyback program, repurchasing 612,913 shares at an average cost of $48.63 per share. The company also declared a quarterly dividend of $0.40 per share, an increase from $0.30 in the prior year.
In terms of credit quality, the allowance for credit losses stood at $342.8 million, with net charge-offs for the third quarter increasing to $18.0 million, up from $7.3 million in the previous quarter. The company reported a rise in criticized commercial loans, indicating potential challenges in asset quality.
Overall, Hancock Whitney's financial results reflect a combination of increased interest income and profitability, alongside challenges in loan growth and credit quality.
About HANCOCK WHITNEY CORP
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