Q2 2024 Hancock Whitney Corp Earnings Call Transcript
Key Points
- Net interest income increased due to lower deposit costs and improved earning asset yields.
- Fee income exceeded expectations and expenses remained well controlled.
- Net charge-offs and provision for loan losses decreased, while reserves grew.
- The company returned capital to investors with a 33% increase in the common stock dividend and repurchased over 300,000 shares.
- Strong growth in capital metrics, ending the quarter with a TCE of 8.77% and a common equity Tier 1 ratio of 13%.
- Deposits were down in the quarter, primarily due to a net reduction in brokered CDs.
- DDAs continued to decline, although at a moderated pace.
- Loan portfolio contracted slightly due to a purposeful decrease in SNC balances.
- Criticized commercial and nonaccrual loans increased, although at a more modest pace.
- The company expects loans to be flat to down slightly from 2023, reflecting a cautious approach to large credit-only relationships.
Good day, ladies and gentlemen, and welcome to Hancock Whitney Corporation's second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call may be recorded. I would now like to introduce your host for today's conference, Catherine Mr. Rich Investor Relations Manager. You may begin.
Thank you, and good afternoon. During today's call, we may make forward-looking statements. We would like to remind everyone to carefully review the Safe Harbor language that was published with the earnings release and presentation and in the company's most recent 10-K and 10-Q, including the risks and uncertainties identified therein.
You should keep in mind that any forward-looking statements made by Hancock Whitney speak only as of the date on which they were made. As everyone understands, the current economic environment is rapidly evolving and changing.
Hancock Whitney's ability to accurately project results or predict the effects of future plans
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