Equibles

8-K

HANCOCK WHITNEY CORP (HWC)

8-K 2021-01-20 For: 2021-01-20
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Added on April 07, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

________________

FORM 8-K

______________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 20, 2021

________________

HANCOCK WHITNEY CORPORATION
(Exact Name of Registrant as Specified in Charter)<br><br><br>________________
Mississippi 001-36872 64-0693170
(State or Other Jurisdiction<br><br><br>of Incorporation) (Commission File Number) (IRS Employer<br><br><br>Identification No.)
Hancock Whitney Plaza<br><br><br>2510 14th Street<br><br><br>Gulfport, Mississippi<br><br><br>(Address of Principal Executive Offices) 39501<br><br><br>(Zip Code)
Registrant’s telephone number, including area code: (228) 868-4000
___________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2)

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. ☐

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

Title of each class Trading<br><br><br>Symbol(s) Name of each exchange on which registered
Common stock, par value $3.33 per share HWC The NASDAQ Stock Market, LLC

Item 2.02Results of Operations and Financial Condition.

On January 20, 2021, Hancock Whitney Corporation (the “Company”) announced financial results for its fourth quarter ended December 31, 2020. A copy of this press release and the accompanying financial statements are attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 2.02. The press release is available on the Company’s website.



The information provided in Item 2.02 of this report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.



Item 7.01Regulation FD Disclosure.



On January 20, 2021 at 4:00 p.m. (Central Time), the Company intends to hold an investor call and webcast to discuss financial results for the quarter ended December 31, 2020, including the press release.  Additional presentation materials relating to such call are furnished hereto as Exhibit 99.2 and are, along with the press release and financial statements, incorporated herein by reference. All information in the press release and presentation materials speak as of the date thereof and the Company does not assume any obligation to update said information in the future. In addition, the Company disclaims any inferences regarding the materiality of such information which otherwise may arise as a result of it furnishing such information under Item 2.02 or Item 7.01 of this Form 8-K.



In accordance with the General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, “Results of Operations,” and Item 7.01, “Regulation FD,” shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.



Item 9.01Financial Statements and Exhibits.

(d)  Exhibits.

Exhibit Number Description
99.1 Press Release dated January 20, 2021 for Quarter Ended December 31, 2020.
99.2 Presentation Slides dated January 20, 2021 (furnished with the Commission as part of this Form 8-K).
104 Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HANCOCK WHITNEY CORPORATION
January 20, 2021 By: /s/ Michael M. Achary
Michael M. Achary
Chief Financial Officer

hwc-ex991_6.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE<br><br><br>January 20, 2021

For more information

Trisha Voltz Carlson, EVP, Investor Relations Manager

504.299.5208 or trisha.carlson@hancockwhitney.com

Hancock Whitney reports fourth quarter 2020 EPS of $1.17

Results include no tax expense resulting from tax strategies implemented at year-end; $0.21 contribution to EPS

GULFPORT, Miss. (January 20, 2021) — 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
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• 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
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• Net interest margin (NIM) remained stable at 3.22% (down 1 bp linked-quarter)
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• Nonperforming loans declined $37 million, or 20%, criticized commercial loans declined $19 million, or 5%, linked-quarter
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• CET1 ratio 10.70%(e), up 40 bps; TCE ratio 7.64%, up 11 bps
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• Loans declined $450 million linked-quarter, mostly from $318 million in net Paycheck Protection Program (PPP) loan forgiveness during the quarter
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• Deposits increased $667 million linked-quarter, mainly related to pandemic-related deposit growth and seasonal year-end inflows
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“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 +<br><br><br>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 CORPORATION
INCOME STATEMENT
(Unaudited)
Three Months Ended Twelve Months Ended
(dollars in thousands, except per share data) 12/31/2020 9/30/2020 12/31/2019 12/31/2020 12/31/2019
NET INCOME
Interest income $ 257,253 $ 257,043 $ 285,957 $ 1,057,981 $ 1,125,782
Interest income (TE) (f) 260,368 260,232 289,537 1,070,981 1,140,556
Interest expense 18,967 21,860 52,801 115,458 230,565
Net interest income (TE) 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 (loss) before income taxes 103,278 98,158 109,068 (124,745 ) 392,739
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
NONINTEREST INCOME
Service charges on deposit accounts $ 19,864 $ 18,440 $ 23,382 $ 76,659 $ 86,364
Trust fees 14,801 14,424 15,483 58,191 61,609
Bank card and ATM fees 17,590 17,222 17,913 68,131 66,976
Insurance and investment commissions,<br><br><br>and annuity fees 5,826 5,988 6,407 24,330 26,574
Secondary mortgage market operations 11,508 12,875 5,981 40,244 19,853
Other income 12,761 14,799 13,758 56,873 54,531
Total noninterest income $ 82,350 $ 83,748 $ 82,924 $ 324,428 $ 315,907
NONINTEREST EXPENSE
Personnel expense $ 112,245 $ 117,856 $ 117,066 $ 464,059 $ 439,879
Net occupancy and equipment expense 17,805 18,546 17,522 71,801 69,329
Other real estate and foreclosed assets expense (income), net 367 (482 ) (788 ) 9,555 671
Other operating expense 58,113 55,066 58,286 223,461 239,954
Amortization of intangibles 4,614 4,788 5,770 19,916 20,844
Total noninterest expense $ 193,144 $ 195,774 $ 197,856 $ 788,792 $ 770,677
Nonoperating noninterest expense $ — $ — $ 3,856 $ — $ 32,666
COMMON SHARE DATA
Earnings (loss) per share:
Basic $ 1.17 $ 0.90 $ 1.03 $ (0.54 ) $ 3.72
Diluted 1.17 0.90 1.03 (0.54 ) 3.72

(f) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.

HANCOCK WHITNEY CORPORATION
INCOME STATEMENT
(Unaudited)
Three Months Ended
(dollars in thousands, except per share data) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019
NET INCOME
Interest income $ 257,253 $ 257,043 $ 266,342 $ 277,343 $ 285,957
Interest income (TE) (f) 260,368 260,232 269,590 280,791 289,537
Interest expense 18,967 21,860 28,476 46,155 52,801
Net interest income (TE) 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 (loss) before income taxes 103,278 98,158 (191,628 ) (134,553 ) 109,068
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
NONINTEREST INCOME
Service charges on deposit accounts $ 19,864 $ 18,440 $ 15,518 $ 22,837 $ 23,382
Trust fees 14,801 14,424 14,160 14,806 15,483
Bank card and ATM fees 17,590 17,222 15,957 17,362 17,913
Investment and insurance commissions, and annuity fees 5,826 5,988 5,366 7,150 6,407
Secondary mortgage market operations 11,508 12,875 9,808 6,053 5,981
Other income 12,761 14,799 13,134 16,179 13,758
Total noninterest income $ 82,350 $ 83,748 $ 73,943 $ 84,387 $ 82,924
NONINTEREST EXPENSE
Personnel expense $ 112,245 $ 117,856 $ 120,409 $ 113,549 $ 117,066
Net occupancy and equipment expense 17,805 18,546 18,311 17,139 17,522
Other real estate and foreclosed assets expense (income), net 367 (482 ) (460 ) 10,130 (788 )
Other operating expense 58,113 55,066 53,110 57,172 58,286
Amortization of intangibles 4,614 4,788 5,169 5,345 5,770
Total noninterest expense $ 193,144 $ 195,774 $ 196,539 $ 203,335 $ 197,856
Nonoperating noninterest expense $ — $ — $ — $ — $ 3,856
COMMON SHARE DATA
Earnings (loss) per share:
Basic $ 1.17 $ 0.90 $ (1.36 ) $ (1.28 ) $ 1.03
Diluted 1.17 0.90 (1.36 ) (1.28 ) 1.03

(f) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.

HANCOCK WHITNEY CORPORATION

PERIOD-END BALANCE SHEET

(Unaudited)

(dollars in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019
ASSETS
Commercial non-real estate loans $ 9,986,983 $ 10,257,788 $ 10,465,280 $ 9,321,340 $ 9,166,947
Commercial real estate - owner occupied 2,857,445 2,779,407 2,762,259 2,731,320 2,738,460
Total commercial and industrial loans 12,844,428 13,037,195 13,227,539 12,052,660 11,905,407
Commercial real estate - income producing 3,357,939 3,406,554 3,350,299 3,232,783 2,994,448
Construction and land development loans 1,065,057 1,096,149 1,128,959 1,098,726 1,157,451
Residential mortgage loans 2,665,212 2,754,388 2,877,316 2,979,985 2,990,631
Consumer loans 1,857,295 1,945,918 2,044,264 2,151,527 2,164,818
Total loans 21,789,931 22,240,204 22,628,377 21,515,681 21,212,755
Loans held for sale 136,063 103,566 364,416 67,587 55,864
Securities 7,356,497 7,056,276 6,381,803 6,374,490 6,243,313
Short-term investments 1,333,786 779,057 760,194 876,314 110,229
Earning assets 30,616,277 30,179,103 30,134,790 28,834,072 27,622,161
Allowance for loan losses (450,177 ) (448,674 ) (442,638 ) (426,003 ) (191,251 )
Goodwill and other intangible assets 942,345 946,958 951,746 956,916 962,260
Other assets 2,530,157 2,515,937 2,571,502 2,396,708 2,207,587
Total assets $ 33,638,602 $ 33,193,324 $ 33,215,400 $ 31,761,693 $ 30,600,757
LIABILITIES
Noninterest-bearing deposits $ 12,199,750 $ 11,881,548 $ 11,759,085 $ 9,204,631 $ 8,775,632
Interest-bearing transaction and savings deposits 10,413,870 9,971,869 9,605,254 8,931,192 8,845,097
Interest-bearing public fund deposits 3,234,936 3,176,225 3,326,033 3,251,445 3,364,416
Time deposits 1,849,321 2,001,017 2,631,896 3,621,228 2,818,430
Total interest-bearing deposits 15,498,127 15,149,111 15,563,183 15,803,865 15,027,943
Total deposits 27,697,877 27,030,659 27,322,268 25,008,496 23,803,575
Short-term borrowings 1,667,513 1,906,895 1,754,875 2,673,283 2,714,872
Long-term debt 378,322 385,887 386,269 225,606 233,462
Other liabilities 455,865 494,239 435,831 433,244 381,163
Total liabilities 30,199,577 29,817,680 29,899,243 28,340,629 27,133,072
COMMON STOCKHOLDERS'<br><br><br>EQUITY
Common stock net of treasury and capital surplus 2,067,450 2,064,828 2,057,153 2,050,669 2,046,177
Retained earnings 1,291,506 1,211,878 1,156,278 1,297,129 1,476,232
Accumulated other comprehensive income (loss) 80,069 98,938 102,726 73,266 (54,724 )
Total common stockholders' equity 3,439,025 3,375,644 3,316,157 3,421,064 3,467,685
Total liabilities & stockholders' equity $ 33,638,602 $ 33,193,324 $ 33,215,400 $ 31,761,693 $ 30,600,757
For informational purposes only - included above
SBA Paycheck Protection Program (PPP) loans $ 2,005,237 $ 2,323,691 $ 2,286,963 $ — $ —
CAPITAL RATIOS
Tangible common equity $ 2,496,680 $ 2,428,686 $ 2,364,411 $ 2,464,148 $ 2,505,425
Tier 1 capital (g) 2,533,217 2,446,382 2,377,935 2,506,217 2,584,162
Common equity as a percentage of total assets 10.22 % 10.17 % 9.98 % 10.77 % 11.33 %
Tangible common equity ratio 7.64 % 7.53 % 7.33 % 8.00 % 8.45 %
Leverage (Tier 1) ratio (g) 7.87 % 7.70 % 7.37 % 8.40 % 8.76 %
Common equity tier 1 (CET1) ratio (g) 10.70 % 10.30 % 9.78 % 10.02 % 10.50 %
Tier 1 risk-based capital ratio (g) 10.70 % 10.30 % 9.78 % 10.02 % 10.50 %
Total risk-based capital ratio (g) 13.31 % 12.92 % 12.36 % 11.87 % 11.90 %

(g) Estimated for most recent period-end. Regulatory capital ratios at December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020 reflect the election to use the five-year transition rules for the adoption of ASC 326, commonly referred to as Current Expected Credit Loss, or CECL.

HANCOCK WHITNEY CORPORATION

AVERAGE BALANCE SHEET

(Unaudited)

Three Months Ended Twelve Months Ended
(in thousands) 12/31/2020 9/30/2020 12/31/2019 12/31/2020 12/31/2019
ASSETS
Commercial non-real estate loans $ 10,139,211 $ 10,366,814 $ 8,981,932 $ 10,111,952 $ 8,703,245
Commercial real estate - owner occupied 2,824,281 2,744,372 2,709,663 2,767,785 2,568,144
Total commercial and industrial loans 12,963,492 13,111,186 11,691,595 12,879,737 11,271,389
Commercial real estate - income producing 3,384,749 3,374,446 3,007,847 3,277,034 2,765,199
Construction and land development loans 1,081,734 1,121,554 1,181,830 1,114,123 1,253,057
Residential mortgage loans 2,732,483 2,807,568 3,004,784 2,857,584 2,974,094
Consumer loans 1,903,214 1,993,071 2,151,886 2,038,045 2,116,288
Total loans 22,065,672 22,407,825 21,037,942 22,166,523 20,380,027
Loans held for sale 104,415 112,230 62,272 86,842 41,680
Securities (h) 6,921,099 6,389,214 6,201,612 6,398,749 5,864,228
Short-term investments 784,345 502,992 139,633 583,199 190,965
Earning assets 29,875,531 29,412,261 27,441,459 29,235,313 26,476,900
Allowance for loan losses (451,403 ) (446,901 ) (195,616 ) (391,694 ) (196,125 )
Goodwill and other intangible assets 944,572 949,287 973,601 951,875 906,775
Other assets 2,698,762 2,770,783 2,123,849 2,595,473 1,937,899
Total assets $ 33,067,462 $ 32,685,430 $ 30,343,293 $ 32,390,967 $ 29,125,449
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
Noninterest-bearing deposits $ 11,759,755 $ 11,585,617 $ 8,601,323 $ 10,779,570 $ 8,255,859
Interest-bearing transaction and savings deposits 10,229,569 9,806,826 8,803,703 9,558,071 8,274,604
Interest-bearing public fund deposits 3,160,372 3,196,767 3,079,001 3,232,133 3,078,073
Time deposits 1,890,751 2,174,585 3,364,347 2,642,543 3,690,768
Total interest-bearing deposits 15,280,692 15,178,178 15,247,051 15,432,747 15,043,445
Total deposits 27,040,447 26,763,795 23,848,374 26,212,317 23,299,304
Short-term borrowings 1,779,464 1,733,298 2,393,444 1,978,195 1,942,144
Long-term debt 385,313 386,015 242,473 320,274 233,539
Other liabilities 455,592 450,729 385,309 447,082 347,766
Common stockholders' equity 3,406,646 3,351,593 3,473,693 3,433,099 3,302,696
Total liabilities & stockholders' equity $ 33,067,462 $ 32,685,430 $ 30,343,293 $ 32,390,967 $ 29,125,449
For informational purposes only - included above
SBA Paycheck Protection Program (PPP) loans $ 2,216,458 $ 2,308,021 $ — $ 1,566,889 $ —

(h) Average securities does not include unrealized holding gains/losses on available for sale securities.

HANCOCK WHITNEY CORPORATION

AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY

(Unaudited)

Three Months Ended
12/31/2020 9/30/2020 12/31/2019
(dollars in millions) Average<br><br><br>Balance Interest Rate Average<br><br><br>Balance Interest Rate Average<br><br><br>Balance Interest Rate
AVERAGE EARNING ASSETS
Commercial & real estate loans (TE) (i) $ 17,430.0 $ 157.1 3.59 % $ 17,607.2 $ 155.6 3.52 % $ 15,881.3 $ 187.7 4.69 %
Residential mortgage loans 2,732.5 26.6 3.90 % 2,807.5 27.5 3.92 % 3,004.8 30.3 4.04 %
Consumer loans 1,903.2 22.8 4.76 % 1,993.1 24.0 4.79 % 2,151.9 30.9 5.70 %
Loan fees & late charges — 14.6 0.00 % — 15.2 0.00 % — (0.3 ) 0.00 %
Total loans (TE) (j) (k) 22,065.7 221.1 3.99 % 22,407.8 222.3 3.95 % 21,038.0 248.6 4.69 %
Loans held for sale 104.4 0.5 1.99 % 112.2 0.8 2.96 % 62.3 0.7 4.41 %
US Treasury and government<br><br><br>agency securities 196.0 0.9 1.85 % 165.6 0.8 1.99 % 145.0 0.8 2.30 %
CMOs and mortgage backed securities 5,781.5 30.7 2.12 % 5,326.2 29.4 2.21 % 5,162.7 32.0 2.48 %
Municipals (TE) 934.1 6.9 2.94 % 889.5 6.7 3.01 % 888.1 6.9 3.09 %
Other securities 9.5 0.1 4.20 % 8.0 0.1 4.33 % 5.8 0.0 4.61 %
Total securities (TE) (l) 6,921.1 38.6 2.23 % 6,389.3 37.0 2.31 % 6,201.6 39.7 2.56 %
Total short-term investments 784.3 0.2 0.10 % 503.0 0.1 0.10 % 139.6 0.5 1.51 %
Average earning assets yield (TE) $ 29,875.5 $ 260.4 3.47 % $ 29,412.3 $ 260.2 3.53 % $ 27,441.5 $ 289.5 4.20 %
INTEREST-BEARING LIABILITIES
Interest-bearing transaction and<br><br><br>savings deposits $ 10,229.6 $ 4.2 0.16 % $ 9,806.8 $ 4.2 0.17 % $ 8,803.7 $ 14.4 0.65 %
Time deposits 1,890.7 3.8 0.80 % 2,174.6 6.0 1.09 % 3,364.4 16.4 1.93 %
Public funds 3,160.4 3.9 0.50 % 3,196.8 4.6 0.57 % 3,079.0 12.0 1.55 %
Total interest-bearing deposits 15,280.7 11.9 0.31 % 15,178.2 14.8 0.39 % 15,247.1 42.8 1.11 %
Short-term borrowings 1,779.4 1.7 0.37 % 1,733.3 1.6 0.39 % 2,393.4 7.1 1.19 %
Long-term debt 385.3 5.4 5.61 % 386.0 5.4 5.60 % 242.5 2.9 4.79 %
Total borrowings 2,164.7 7.1 1.30 % 2,119.3 7.0 1.33 % 2,635.9 10.0 1.51 %
Total interest-bearing liabilities cost 17,445.4 19.0 0.43 % 17,297.5 21.8 0.50 % 17,883.0 52.8 1.17 %
Net interest-free funding sources 12,430.1 12,114.8 9,558.5
Total cost of funds 29,875.5 19.0 0.25 % 29,412.3 21.8 0.30 % 27,441.5 52.8 0.76 %
Net Interest Spread (TE) $ 241.4 3.04 % $ 238.4 3.02 % $ 236.7 3.02 %
Net Interest Margin (TE) $ 29,875.5 $ 241.4 3.22 % $ 29,412.3 $ 238.4 3.23 % $ 27,441.5 $ 236.7 3.43 %

(i) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.

(j) Includes nonaccrual loans.

(k) Included in interest income is net purchase accounting accretion of $2.2 million, $3.2 million and $8.7 million for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019, respectively.

(l) Average securities does not include unrealized holding gains/losses on available for sale securities.

HANCOCK WHITNEY CORPORATION
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY
(Unaudited)
Twelve Months Ended
12/31/2020 12/31/2019
(dollars in millions) Average<br><br><br>Balance Interest Rate Average<br><br><br>Balance Interest Rate
AVERAGE EARNING ASSETS
Commercial & real estate loans (TE) (i) $ 17,270.9 $ 660.5 3.82 % $ 15,289.6 $ 739.0 4.83 %
Residential mortgage loans 2,857.6 112.1 3.92 % 2,974.1 121.7 4.09 %
Consumer loans 2,038.0 101.5 4.98 % 2,116.3 121.5 5.74 %
Loan fees & late charges — 41.0 0.00 % — (1.2 ) 0.00 %
Total loans (TE) (j) (k) 22,166.5 915.1 4.13 % 20,380.0 981.0 4.81 %
Loans held for sale 86.8 2.6 3.02 % 41.7 1.9 4.50 %
US Treasury and government agency<br><br><br>securities 153.5 3.2 2.09 % 134.1 3.1 2.30 %
CMOs and mortgage backed securities 5,345.0 121.8 2.28 % 4,821.6 122.3 2.54 %
Municipals (TE) 891.9 26.9 3.02 % 904.4 28.2 3.12 %
Other securities 8.4 0.4 4.28 % 4.1 0.2 3.79 %
Total securities (TE) (l) 6,398.8 152.3 2.38 % 5,864.2 153.7 2.62 %
Total short-term investments 583.2 1.0 0.17 % 191.0 4.0 2.07 %
Average earning assets yield (TE) $ 29,235.3 $ 1,071.0 3.66 % $ 26,476.9 $ 1,140.6 4.31 %
INTEREST-BEARING LIABILITIES
Interest-bearing transaction and savings deposits $ 9,558.1 $ 25.6 0.27 % $ 8,274.6 $ 60.1 0.73 %
Time deposits 2,642.5 37.1 1.40 % 3,690.8 73.7 2.00 %
Public funds 3,232.1 25.6 0.79 % 3,078.0 54.2 1.76 %
Total interest-bearing deposits 15,432.7 88.3 0.57 % 15,043.4 188.0 1.25 %
Short-term borrowings 1,978.2 10.0 0.51 % 1,942.2 31.2 1.16 %
Long-term debt 320.3 17.2 5.36 % 233.5 11.4 4.87 %
Total borrowings 2,298.5 27.2 1.18 % 2,175.7 42.6 1.96 %
Total interest-bearing liabilities cost 17,731.2 115.5 0.65 % 17,219.1 230.6 1.34 %
Net interest-free funding sources 11,504.1 9,257.8
Total cost of funds 29,235.3 115.5 0.39 % 26,476.9 230.6 0.87 %
Net Interest Spread (TE) $ 955.5 3.01 % $ 910.0 2.97 %
Net Interest Margin (TE) $ 29,235.3 $ 955.5 3.27 % $ 26,476.9 $ 910.0 3.44 %

(i) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.

(j) Includes nonaccrual loans.

(k) Included in interest income is net purchase accounting accretion of $15.4 million and $23.2 million for the years ended December 31, 2020 and 2019, respectively.

(l) Average securities does not include unrealized holding gains/losses on available for sale securities.

HANCOCK WHITNEY CORPORATION

ASSET QUALITY INFORMATION

(Unaudited)

Three Months Ended Twelve Months Ended
(dollars in thousands) 12/31/2020 9/30/2020 12/31/2019 12/31/2020 12/31/2019
Nonaccrual loans (m) (n) $ 139,879 $ 171,462 $ 245,833 $ 139,879 $ 245,833
Restructured loans - still accruing 4,262 9,115 61,265 4,262 61,265
Total nonperforming loans 144,141 180,577 307,098 144,141 307,098
ORE and foreclosed assets 11,648 11,640 30,405 11,648 30,405
Total nonperforming assets $ 155,789 $ 192,217 $ 337,503 $ 155,789 $ 337,503
Nonperforming assets as a percent of loans, ORE and foreclosed assets 0.71 % 0.86 % 1.59 % 0.71 % 1.59 %
Accruing loans 90 days past due (o) $ 3,361 $ 10,439 $ 6,582 $ 3,361 $ 6,582
Accruing loans 90 days past due as a percent of loans 0.02 % 0.05 % 0.03 % 0.02 % 0.03 %
Nonperforming assets + accuring loans 90 days past due to loans, ORE and foreclosed assets 0.73 % 0.91 % 1.62 % 0.73 % 1.62 %
PROVISION AND ALLOWANCE FOR CREDIT LOSSES
Allowance for Loan Losses:
Beginning balance $ 448,674 $ 442,638 $ 195,572 $ 191,251 $ 194,514
Cumulative effect of change in accounting principle (p) — — — 49,411 —
Provision for loan losses 25,833 30,044 5,182 604,301 43,734
Charge-offs (27,478 ) (28,324 ) (11,712 ) (409,457 ) (59,077 )
Recoveries 3,148 4,316 2,209 14,671 12,080
Net charge-offs (24,330 ) (24,008 ) (9,503 ) (394,786 ) (46,997 )
Ending Balance $ 450,177 $ 448,674 $ 191,251 $ 450,177 $ 191,251
Reserve for Unfunded Lending Commitments:
Beginning balance $ 31,526 $ 36,571 $ — $ 3,974 $ —
Cumulative effect of change in accounting principle (o) — — — 27,330 —
Provision for losses on unfunded lending commitments (1,619 ) (5,045 ) 3,974 (1,397 ) 3,974
Ending Balance $ 29,907 $ 31,526 $ 3,974 $ 29,907 $ 3,974
Total Allowance for Credit Losses $ 480,084 $ 480,200 $ 195,225 $ 480,084 $ 195,225
Total Provision for Credit Losses $ 24,214 $ 24,999 $ 9,156 $ 602,904 $ 47,708
Allowance for loan losses as a percent 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 2.20 % 2.16 % 0.92 % 2.20 % 0.92 %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due 305.20 % 234.89 % 60.97 % 305.20 % 60.97 %
NET CHARGE-OFF INFORMATION
Net charge-offs (recoveries)
Commercial & real estate loans $ 22,141 $ 23,210 $ 4,856 $ 384,225 $ 31,821
Residential mortgage loans (166 ) (288 ) 140 (1,074 ) 367
Consumer loans 2,355 1,086 4,507 11,635 14,809
Total net charge-offs $ 24,330 $ 24,008 $ 9,503 $ 394,786 $ 46,997
Net charge-offs (recoveries) as a percentage of average loans
Commercial & real estate loans 0.51 % 0.52 % 0.12 % 2.22 % 0.21 %
Residential mortgage loans (0.02 )% (0.04 )% 0.02 % (0.04 )% 0.01 %
Consumer loans 0.49 % 0.22 % 0.83 % 0.57 % 0.70 %
Total net charge-offs as a percentage of average loans 0.44 % 0.43 % 0.18 % 1.78 % 0.23 %
For informational purposes - included above
Provision for credit loss associated with energy loan sale $ — $ — $ — $ 160,101 $ —
Charge-offs associated with energy loan sale — — — 242,628 —

(m) Included in nonaccrual loans are nonaccruing restructured loans totaling $21.6 million, $39.9 million and $132.5 million at 12/31/2020, 9/30/2020, and 12/31/2019, respectively.

(n) Nonaccrual loans do not include purchased credit impaired loans accounted for under ASC 310-30 that would have otherwise been considered nonperforming, totaling $17.5 million at 12/31/2019. Effective 1/1/2020, with the Adoption of ASC 326, such metrics include both originated and acquired balances.

(o) Loans past due 90 days or more do not include purchased credit impaired loans accounted for under ASC 310-30 that would have otherwise been considered delinquent, totaling $8.3 million at 12/31//2019.  Effective 1/1/2020, with the Adoption of ASC 326, such metrics include both originated and acquired balances.

(p) Represents the increase in the allowance upon the 1/1/20 adoption of ASC 326, commonly referred to as Current Expected Credit Losses, or CECL.

HANCOCK WHITNEY CORPORATION

ASSET QUALITY INFORMATION

(Unaudited)

Three Months Ended
(dollars in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019
Nonaccrual loans (m) (n) $ 139,879 $ 171,462 $ 183,979 $ 254,058 $ 245,833
Restructured loans - still accruing 4,262 9,115 9,848 34,251 61,265
Total nonperforming loans 144,141 180,577 193,827 288,309 307,098
ORE and foreclosed assets 11,648 11,640 18,724 18,460 30,405
Total nonperforming assets $ 155,789 $ 192,217 $ 212,551 $ 306,769 $ 337,503
Nonperforming assets as a percent of<br><br><br>loans, ORE and foreclosed assets 0.71 % 0.86 % 0.94 % 1.42 % 1.59 %
Accruing loans 90 days past due (o) $ 3,361 $ 10,439 $ 5,230 $ 17,790 $ 6,582
Accruing loans 90 days past due as a<br><br><br>percent of loans 0.02 % 0.05 % 0.02 % 0.08 % 0.03 %
Nonperforming assets + accruing loans 90 days past due to loans, ORE and foreclosed assets 0.73 % 0.91 % 0.96 % 1.51 % 1.62 %
PROVISION AND ALLOWANCE FOR CREDIT LOSSES:
Allowance for loan losses $ 450,177 $ 448,674 $ 442,638 $ 426,003 $ 191,251
Reserve for unfunded lending commitments 29,907 31,526 36,571 48,992 3,974
Total allowance for credit losses $ 480,084 $ 480,200 $ 479,209 $ 474,995 $ 195,225
Total provision for credit losses $ 24,214 $ 24,999 $ 306,898 $ 246,793 $ 9,156
Allowance for loan losses as a percentage of period-end loans 2.07 % 2.02 % 1.96 % 1.98 % 0.90 %
Allowance for credit losses as a percentage       of period-end loans 2.20 % 2.16 % 2.12 % 2.21 % 0.92 %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due 305.20 % 234.89 % 222.37 % 139.17 % 60.97 %
NET CHARGE-OFF INFORMATION
Net charge-offs (recoveries)
Commercial & real estate loans $ 22,141 $ 23,210 $ 299,365 $ 39,509 $ 4,856
Residential mortgage loans (166 ) (288 ) (549 ) (71 ) 140
Consumer loans 2,355 1,086 3,868 4,326 4,507
Total net charge-offs $ 24,330 $ 24,008 $ 302,684 $ 43,764 $ 9,503
Net charge-offs (recoveries) as a<br><br><br>percentage of average loans
Commercial & real estate loans 0.51 % 0.52 % 6.71 % 0.99 % 0.12 %
Residential mortgage loans (0.02 )% (0.04 )% (0.08 )% (0.01 )% 0.02 %
Consumer loans 0.49 % 0.22 % 0.74 % 0.81 % 0.83 %
Total net charge-offs as a percentage of average loans 0.44 % 0.43 % 5.30 % 0.83 % 0.18 %
AVERAGE LOANS
Commercial & real estate loans $ 17,429,975 $ 17,607,186 $ 17,931,805 $ 16,109,162 $ 15,881,272
Residential mortgage loans 2,732,483 2,807,568 2,923,247 2,968,962 3,004,784
Consumer loans 1,903,214 1,993,071 2,101,980 2,155,892 2,151,886
Total average loans $ 22,065,672 $ 22,407,825 $ 22,957,032 $ 21,234,016 $ 21,037,942
For informational purposes - included above
Provision for credit loss associated with energy loan sale $ — $ — $ 160,101 $ — $ —
Charge-offs associated with energy loan sale — — 242,628 — —

(m) Included in nonaccrual loans are nonaccruing restructured loans totaling $21.6 million, $39.9 million, $55.2 million, $117.9 million, and $132.5 million at 12/31/2020, 9/30/2020, 6/30/2020, 3/31/2020 and 12/31/2019, respectively.

(n) Nonaccrual loans do not include purchased credit impaired loans accounted for under ASC 310-30 that would have otherwise been considered nonperforming, totaling $17.5 million at 12/31/2019. Effective 1/1/2020, with the Adoption of ASC 326, such metrics include both originated and acquired balances.

(o) Loans past due 90 days or more do not include purchased credit impaired loans accounted for under ASC 310-30 that would have otherwise been considered delinquent, totaling $8.3 million at 12/31/2019.  Effective 1/1/2020, with the Adoption of ASC 326, such metrics include both originated and acquired balances.

HANCOCK WHITNEY CORPORATION

Appendix A to the Earnings Release

Reconciliation of Non-GAAP Measures

TOTAL REVENUE (TE) AND OPERATING PRE-PROVISION NET REVENUE (TE)

Three Months Ended Twelve Months Ended
(in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019
Net interest income $ 238,286 $ 235,183 $ 237,866 $ 231,188 $ 233,156 $ 942,523 $ 895,217
Noninterest income 82,350 83,748 73,943 84,387 82,924 324,428 315,907
Total revenue 320,636 318,931 311,809 315,575 316,080 1,266,951 1,211,124
Taxable equivalent adjustment (q) 3,115 3,189 3,248 3,448 3,580 13,000 14,774
Total revenue (TE) 323,751 322,120 315,057 319,023 319,660 1,279,951 1,225,898
Noninterest expense (193,144 ) (195,774 ) (196,539 ) (203,335 ) (197,856 ) (788,792 ) (770,677 )
Nonoperating expense — — — — 3,856 — 32,666
Operating pre-provision net revenue (TE) $ 130,607 $ 126,346 $ 118,518 $ 115,688 $ 125,660 $ 491,159 $ 487,887

OPERATING EARNINGS (LOSS) PER SHARE - DILUTED

Three Months Ended Twelve Months Ended
(in thousands, except per share amounts) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019
Net income (loss) $ 103,575 $ 79,356 $ (117,072 ) $ (111,033 ) $ 92,132 $ (45,174 ) $ 327,380
Net income and dividends allocated to participating securities (2,076 ) (1,436 ) (422 ) (427 ) (1,566 ) (1,756 ) (5,546 )
Net income (loss) available to common shareholders 101,499 77,920 (117,494 ) (111,460 ) 90,566 (46,930 ) 321,834
Nonoperating items, net of income tax — — — — 3,046 — 25,806
Nonoperating items allocated to participating securities — — — — (52 ) — (435 )
Operating earnings (loss) available to common shareholders $ 101,499 $ 77,920 $ (117,494 ) $ (111,460 ) $ 93,560 $ (46,930 ) $ 347,205
Weighted average common shares - diluted 86,657 86,400 86,301 87,186 88,315 86,533 86,599
Earnings (loss) per share - diluted $ 1.17 $ 0.90 $ (1.36 ) $ (1.28 ) $ 1.03 $ (0.54 ) $ 3.72
Operating earnings (loss) per share - diluted $ 1.17 $ 0.90 $ (1.36 ) $ (1.28 ) $ 1.06 $ (0.54 ) $ 4.01

QUARTER EARNINGS PER SHARE - DILUTED, IMPACT OF ENERGY LOAN SALE

Three Months Ended
(in thousands, except per share amounts) 6/30/2020
1
Provision for credit losses attributable to the sale of energy loans $ 160,101
Income tax benefit at a 21% rate (33,621 )
Impact of energy loan sale, net of income tax $ 126,480
Weighted average common shares - diluted 86,323
Impact of energy loan sale per share - diluted $ (1.47 )

(q) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.

17

hwc-ex992_7.pptx.htm

Slide 1

Fourth Quarter 2020 Earnings Conference Call 1/20/2021 HNCOCK WHITNEY

Slide 2

This presentation 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 the 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. Also, 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. 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. 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. Important cautionary statement about forward-looking statements HNCOCK WHITNEY 2

Slide 3

Non-GAAP Reconciliations & Glossary of Terms Throughout this presentation we may use non-GAAP numbers to supplement the evaluation of our performance. The items noted below with an asterisk, "*", are considered non-GAAP. 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. Reconciliations of those non-GAAP measures to the comparable GAAP measure are included in the appendix to this presentation. The earnings release, financial tables and supporting slide presentation can be found on the company’s Investor Relations website at investors.hancockwhitney.com. 1H20 – First Half of 2020 1Q20 – First Quarter of 2020 1Q21 – First Quarter of 2021 2H20 – Second Half of 2020 2Q20 – Second Quarter of 2020 3Q20 – Third Quarter of 2020 4Q19 – Fourth Quarter of 2019 4Q20 – Fourth Quarter of 2020 AFS – Available for sale securities ACL – Allowance for credit losses Annualized – Calculated to reflect a rate based on a full year bps – basis points BOLI – Bank-owned life insurance CARES Act – Coronavirus Aid Relief, and Economic Security Act CCB – Capital Conservation Buffer C&D – Construction and land development loans C&I – Commercial and industrial loans CDI – Core Deposit Intangible CECL – Current Expected Credit Losses (new accounting standard effective 1/1/2020) CET1 – Common Equity Tier 1 Ratio COVID-19 – Pandemic related virus CRE – Commercial real estate CSO – Corporate strategic objective DDA – Noninterest-bearing demand deposit accounts DP – Data processing (e) - Estimated *Efficiency ratio – noninterest expense to total net interest (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating items Energy Cycle – Refers to the energy cycle beginning in November of 2014 EOP – End of period EPS – Earnings per share FTE – Full time equivalent HFS – Held for sale HTM – Held to maturity securities ICRE – Income-producing commercial real estate IRR – Interest rate risk LIBOR – London Inter-Bank Offered Rate Linked-quarter (LQ) – current quarter compared to previous quarter LOB – Line of Business LQA – Linked-quarter annualized M&A – Mergers and acquisitions MM – Dollars in millions MSL – MidSouth Bancorp, Inc. NII – Net interest income *NIM – Net interest margin (TE) NOL – Net operating loss NPA – Nonperforming assets NPL – Nonperforming loans O&G – Oil and gas OCI – Other comprehensive income OFA – Other foreclosed assets *Operating – Financial measure excluding nonoperating items *Operating Leverage – Operating revenue (TE) less operating expense ORE – Other real estate PAA – Purchase accounting adjustments from business combinations; including loan accretion, offset by any amortization of a bond portfolio premium, amortization of an indemnification asset and amortization of intangibles *PPNR – Pre-provision net revenue PPP – SBA’s Paycheck Protection Program related to COVID-19 PY – Prior year ROA – Return on average assets ROTCE – Return on tangible common equity SBA – Small Business Administration S1 – Stronger Near-term Growth S2 – Slower Near-term Growth S3 – Moderate Recession S4 – Protracted Slump TCE – Tangible common equity ratio (common shareholders’ equity less intangible assets divided by total assets less intangible assets) TDR – Troubled Debt Restructuring TE – Taxable equivalent (calculated using the current statutory federal tax rate) Y-o-Y – Year over year HNCOCK WHITNEY 3

Slide 4

Corporate Profile (as of December 31, 2020) $33.6 billion in Total Assets $21.8 billion in Total Loans (includes $2.0 billion in PPP loans) $27.7 billion in Total Deposits CET1 ratio 10.70%(e); Tangible Common Equity (TCE) ratio 7.64% $3.0 billion in Market Capitalization Over 200 banking locations and nearly 300 ATMs across our footprint Approximately 4,000 (FTE) employees corporate-wide Moody’s long-term issuer rating: Baa3 S&P long-term issuer rating: BBB Named one of America’s Best Midsize Employers by Forbes Rated among the strongest, safest financial institutions in the country by BauerFinancial, Inc. for 125 consecutive quarters Earned top customer service marks with Greenwich Excellence Awards HWC Nasdaq Listed HNCOCK WHITNEY 4

Slide 5

2020 Highlights Net loss of $45.2 million, or ($.54) per diluted share, compared to net income of $327.4 million, or $3.72, in 2019 Provision for credit losses totaled $602.9 million in 2020 $160.1 million provision for credit losses related to 2Q20 energy loan sale $442.8 million provision largely related to borrowers financially impacted by COVID-19 Pre-provision net revenue (PPNR)* totaled $491.2 million, up $3.3 million, or 1% Criticized commercial loans declined $188 million, or 32%, and nonperforming loans declined $163 million, or 53% CET1 ratio 10.70%(e), up 20 bps; TCE ratio 7.64%, down 81 bps Loan growth (EOP) up $577 million, or 3%; includes impact of $2.0 billion in PPP loans, partially offset by the energy loan sale, other paydowns, payoffs and charge-offs in all lines of business, and a lack of new lending opportunities from the pandemic-related economic slowdown Deposits up $3.9 billion, or 16%, mainly from organic growth via new client relationships, PPP and other stimulus funding NIM declined 17 basis points (bps) to 3.27% reflecting the lower rate environment during 2020 *Non-GAAP measure. See slides 29-31 for non-GAAP reconciliations. ($s in millions; except per share data) 2020 2019 Net Income (loss) ($45.2) $327.4 Provision for credit losses excluding energy loan sale $442.8 $47.7 Provision related to energy loan sale $160.1 -— Merger-related costs -— $32.7 Earnings (loss) Per Share – diluted ($.54) $3.72 Return on Assets (%) (ROA) (0.14) 1.12 Return on Tangible Common Equity (%) (ROTCE) (1.82) 13.66 Net Interest Margin (%) 3.27 3.44 Net Charge-offs (%) 1.78 0.23 CET1 Ratio (%) 10.70(e) 10.50 Tangible Common Equity (%) 7.64 8.45 Pre-Provision Net Revenue (TE)* $491.2 $487.9 Efficiency Ratio (%) 60.1 58.5 ($s in millions; except per share data) 2020 2019 Net Income (loss) ($45.2) $327.4 Provision for credit losses excluding energy loan sale $442.8 $47.7 Provision related to energy loan sale $160.1 -— Merger-related costs -— $32.7 Earnings (loss) Per Share – diluted ($.54) $3.72 Return on Assets (%) (ROA) (0.14) 1.12 Return on Tangible Common Equity (%) (ROTCE) (1.82) 13.66 Net Interest Margin (%) 3.27 3.44 Net Charge-offs (%) 1.78 0.23 CET1 Ratio (%) 10.70(e) 10.50 Tangible Common Equity (%) 7.64 8.45 Pre-Provision Net Revenue (TE)* $491.2 $487.9 Efficiency Ratio (%) 60.1 58.5 HNCOCK WHITNEY 5

Slide 6

Fourth Quarter 2020 Highlights Net income of $103.6 million, or $1.17 per diluted share, compared to $79.4 million, or $.90, in 3Q20 Tax strategies implemented in the fourth quarter, mainly related to net operating losses, added $0.21 to 4Q20 earnings Pre-provision net revenue (PPNR)* totaled $130.6 million, up $4.3 million, or 3%, linked-quarter 4Q20 provision totaled $24.2 million, net charge-offs totaled $24.3 million; ACL coverage remained strong at 2.20% (2.42% excluding PPP loans) NIM remained stable at 3.22% (down 1 bp linked-quarter) Nonperforming loans declined $37 million, or 20%, and criticized commercial loans declined $19 million, or 5%, linked-quarter; only $13 million in COVID-related deferrals at year-end 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 PPP loan forgiveness during the quarter Deposits increased $667 million linked-quarter, mainly from pandemic-related deposit growth and seasonal public fund year-end inflows ($s in millions; except per share data) 4Q20 3Q20 4Q19 Net Income $103.6 $79.4 $92.1 Provision for credit losses $24.2 $25.0 $9.2 Merger-related costs -— -— $3.9 Earnings Per Share – diluted $1.17 $0.90 $1.03 Return on Assets (%) (ROA) 1.25 0.97 1.20 Return on Tangible Common Equity (%) (ROTCE) 16.74 13.14 14.62 Net Interest Margin (%) 3.22 3.23 3.43 Net Charge-offs (%) 0.44 0.43 0.18 CET1 Ratio (%) 10.70(e) 10.30 10.50 Tangible Common Equity (%) 7.64 7.53 8.45 Pre-Provision Net Revenue (TE)* $130.6 $126.3 $125.7 Efficiency Ratio (%) 58.2 59.3 58.9 *Non-GAAP measure. See slides 29-31 for non-GAAP reconciliations. HNCOCK WHITNEY 6

Slide 7

Tax Strategies Implemented in 4Q20 Drive Zero Tax Rate Tax benefit in 4Q20 primarily driven by tax net operating loss (NOL) carryback provisions in the CARES Act $22.5 million benefit from NOL carryback to 35% tax rate years Tax NOL attributable to 2Q20 loss on energy loan sale, tax lease investments and other tax planning strategies 4Q20 effective tax rate approximately 18% absent NOL benefits and other unusual items Volatility in quarterly tax rates impacted by pre-tax income or loss as well as interim period accounting Anticipate 2021 quarterly effective tax rates to be 18% to 20%, absent any change in tax laws ~ 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Qtrly Tax Rate 4Q18 15.5% 1Q20 17.5% 2Q20 38.9% 3Q20 19.2% 4Q20 0.0% 1Q21e ~19% HNCOCK WHITNEY 7

Slide 8

Paycheck Protection Program (PPP) Loans Under the original CARES Act Paycheck Protection Program (PPP) the company originated more than 13,000 loans totaling $2.4 billion, with 11,874 loans, or $785 million, in loans less than $350K Total fees approximate $75 million, or $68 million net of expenses Effective yield on remaining PPP loans approximately 3.75% based on current expectations During 4Q20, $318 million, net, in PPP loans were forgiven; we currently expect up to $1 billion of the remaining original PPP loans to be forgiven in 1Q21 Will participate in the new/extended CARES Act PPP and originate additional loans (See slide 9) PPP Loans by Market (original program) $2.4 billion   Quarterly Impact $ in millions except per share data Net Income PPNR NIM EPS 2Q20 (A) $12.8 $16.2 0.05% $0.15 3Q20 (A) $15.3 $19.3 0.06% $0.17 4Q20 (A) $14.7 $18.6 0.05% $0.17 1Q21 (F)* $13.2 $16.7 0.05% $0.15 *Includes loans originated under the old and new PPPs East (MS, AL, FL, TN); Central (Greater N.O., SELA); West (SWLA, TX) West 25% Central 39% East 36% HNCOCK WHITNEY 8

Slide 9

Loans totaled $21.8 billion, down $450 million, net, linked-quarter; $318 million in net PPP loans forgiven during the quarter Growth in our markets, mainly from commercial, was offset by PPP forgiveness and net declines in other amortizing loan portfolios such as energy and indirect Mortgage originations are typically sold in the secondary market and not retained on the balance sheet Will participate in new/extended CARES Act PPP Expect loans to decline in 1Q21 PPP forgiveness (estimated up to $1 billion), partially offset from new PPP funding (estimated between $750 million-$1 billion) EOP loans (excluding PPP) could be down $250 million LQ due in part to the slow economic environment Loan Decline Reflects PPP Forgiveness * Decrease includes $37.5 million in municipal loans $ in millions $23,000 $22,500 $22,000 $21,500 $21,000 $20,500 $20,000 9/30/20 $22,240 East Region (MS AL FL & TN) $77 Central Region (SE LA) $1 West Region (TX & SW LA) $20 PPP, net $318 Indirect $58 Equipment Finance $36 Mortgage $113 Energy $30 Healthcare $24 Other, net* $41 12/31/20 $21,790 HNCOCK WHITNEY 9

Slide 10

Commercial Loans (C&I, CRE, C&D)* *Excludes $2.0 billion in net PPP loans As of December 31, 2020 Total Commercial Loans Outstanding % of Total Loans Commitment ($s in millions) Real Estate, Rental and Leasing $3,249 16.4% $4,200 Retail Trade 1,813 9.2% 2,173 Health Care and Social Assistance 1,604 8.1% 2,025 Hospitality 1,162 5.9% 1,296 Manufacturing 965 4.9% 1,634 Construction 883 4.5% 1,780 Transportation and Warehousing 809 4.1% 1,036 Wholesale Trade 728 3.7% 1,268 Finance and Insurance 695 3.5% 1,215 Public Administration 652 3.3% 675 Professional, Scientific, and Technical Services 516 2.6% 889 Other Services (except Public Administration) 468 2.4% 562 Energy 308 1.6% 497 Educational Services 299 1.5% 474 Administrative and Support and Waste Management and Remediation Services 208 1.0% 322 Other (less than 1% individually) 906 4.6% 1,993 Grand Total $15,262 77.1% $22,038 HNCOCK WHITNEY 10

Slide 11

*Excludes PPP loans; no deferrals as of 12/31/20 ** $17.2 million criticized, $8.1 million pass-watch As of December 31, 2020 $ in million East Central West Other Loans Outstanding $ Criticized % Criticized $ NPL % NPL $ Pass Watch % Pass Watch $ Structured Solutions** % Structured Solutions Retail                           Retail - ICRE $126 $311 $219 — $656 --- --- — --- $14 2% $44 7% Retail Goods and Services 374 411 243 129 1,157 12 1% 6 1% 14 1% — --- Total Retail Trade 500 722 462 129 1,813 12 1% 6 --- 28 2% 44 2% Health Care and Social Assistance                           Offices of Physicians & Dentists 320 120 62 12 513 2 --- --- --- 3 1% — --- Assisted Living (ICRE) 217 55 103 — 376 9 3% --- --- 4 1% 51 14% Assisted Living (non-CRE) 143 65 31 — 239 --- --- --- --- 47 20% — --- Hospitals 101 110 26 8 246 — --- — --- — --- — --- All other Health Care 118 38 62 12 230 13 6% --- --- 12 5% — --- Total Health Care and Social Assistance 900 387 285 32 1,604 25 2% 1 --- 66 4% 51 3% Hospitality                           Hotel 177 250 99 — 525 19 4% 1 --- 16 3% 170 32% Restaurants Full Service, Casual Dining and Bars 116 197 53 — 366 36 10% 2 1% 51 14% 17 5% Restaurants Limited Service 38 22 70 — 129 15 12% --- --- 8 6% — --- Entertainment 30 94 18 — 141 9 7% 1 --- 41 29% — --- Total Hospitality 360 562 240 — 1,162 80 7% 3 --- 116 10% 188 16% Energy 2 175 130 — 308 91 30% 12 4% 55 18% 7 2% Total Sectors Under Focus $1,762 $1,846 $1,117 $161 $4,886 $208 4% $22 --- $265 5% $289 6% Sectors Under Focus Due to Economic Impact of Pandemic* East (MS, AL, FL, TN); Central (Greater N.O., SELA); West (SWLA, TX) HNCOCK WHITNEY 11

Slide 12

NPLs and Criticized Commercial Loans Continue to Decline Criticized commercial loans totaled $393 million, or 2.57% of total commercial loans (excluding PPP loans), at December 31, 2020, down $19 million, or 5%, linked-quarter Nonperforming loans totaled $144 million, or 0.73% of total loans (excluding PPP loans), at December 31, 2020, down $37 million, or 20%, linked-quarter *Ratios exclude PPP loans Total Loans excl. PPP $21,213 $21,516 $20,328 $19,940 $19,790 Total Commercial Loans excl. PPP $16,057 $16,384 $15,420 $15,216 $15,262 Criticized Commercial Loans $581 $530 $348 $412 $393 Total Nonperforming Loans $307 $288 $194 $181 $144 3.24% 1.34% 2.26% 0.95% 0.91% 2.57% 0.73% $700 $600 $500 $400 $300 $200 $100 $0 4Q19 1Q20 2Q20 3Q20 4Q20 HNCOCK WHITNEY 12

Slide 13

Slight Reserve Release Slight reserve release of $0.1 million as provision for 4Q20 totaled $24.2 million, and net charge-offs totaled $24.3 million Included in the fourth quarter’s charge-offs are $4.0 million of energy credits, $13.6 million in healthcare dependent credits and $6.7 million of various other credits Weighting applied to Moody's December 2020 economic scenarios was 65% Baseline, 25% slower growth (S2) and 10% moderate recessionary (S3) Credit loss outlook unchanged; scenario mix and weighting resulted in flat linked-quarter reserves Significant assumptions in economic forecasts do not incorporate a second pandemic wave significant enough to shut down the economy, but each scenario includes varied levels of vaccination rates and timing of the resolution of the coronavirus pandemic Expect 1Q21 provision to range between $10 million - $15 million but could be lower depending on non-PPP loan growth and other factors; net charge-offs will likely exceed provision  ($s in millions) Charge-Offs Reserve Build (Release) Total Provision Commercial Nonenergy $18.1 $6.7 $24.8 Energy 4.0 (1.8) 2.2 Residential Mortgage (0.2) (2.9) (3.1) Consumer 2.4 (2.1) 0.3 Total $24.3 ($0.1) $24.2 HNCOCK WHITNEY 13

Slide 14

Allowance for Credit Losses (ACL) 12/31/2020 9/30/2020 Portfolio ($ in millions) Amount % of Loan and Leases Outstanding Amount % of Loan and Leases Outstanding Commercial Nonenergy $334 2.24% $326 2.19% Energy 18 5.99% 20 5.93% Residential Mortgage 49 1.83% 52 1.88% Consumer 47 2.51% 49 2.49% PPP Loans 2 0.10%  2 0.10%  Allowance for Loan and Lease Losses $450 2.07% $449 2.02% Reserve for Unfunded Lending Commitments 30 ---  31 ---  Allowance for Credit Losses $480 2.20% $480 2.16% Allowance for Credit Losses – Excluding PPP Loans $478 2.42% $478 2.40% HNCOCK WHITNEY 14

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Securities Portfolio Conservative with Minimal Risk Portfolio totaled $7.1 billion, up $303.9 million, or 4%, linked-quarter Unrealized net gain of $233.1 million on AFS down $3.7 million from September 30, 2020 100% fixed rate, no credit impairment MBS and CMO holdings are all US Agency backed securities or direct obligations of the US government CMBS have prepayment protection and principal is fully guaranteed by the US Agencies Municipal portfolio credit quality is strong with 100% of the portfolio either investment grade, pre-refunded, or has a AA insured underlying rating Premium amortization totaled $12.9 million, up $1.4 million linked-quarter Yield 2.23%, down 8 bps linked-quarter due to reinvestment of excess liquidity 19% HTM, 81% AFS Duration 4.14 years compared to 4.00 years at September 30, 2020 Securities Portfolio Mix 12/31/20 $s in millions CMBS $2,873 41% CMO $513 7% U.S. Agencies and other $219 3% RMBS $2,582 36% Munis $936 13% HNCOCK WHITNEY 15

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Higher Core Deposits Reflects Resiliency Total deposits of $27.7 billion, up $667 million, or 2%, linked-quarter Noninterest-bearing demand deposits (DDAs) increased $318 million mainly related to pandemic-related deposit growth and seasonal public fund inflows Interest-bearing transaction and savings deposits increased $442 million Time deposits (retail) decreased $60 million Time deposits (brokered) decreased $91 million Interest-bearing public fund deposits increased $59 million DDAs comprised 44% of total period-end deposits December cost of deposits 17 bps, down 49 bps from year-end 2019 and down 3 bps from September 2020 Total Deposits 12/31/20 $s in millions Time Deposits (retail) $1,835 7% Time Deposits (brokered) $14 ― Interest-bearing public funds $3,235 12% Interest-bearing transaction & savings $10,414 37% Noninterest bearing $12,200 44% $s in billions Avg Qtrly Deposits LQA EOP growth $28.0 $26.0 $24.0 $22.0 $20.0 $18.0 $16.0 4Q19 $23.8 -7% 1Q20 $24.3 20% 2Q20 $26.7 37% 3Q20 $26.8 -4% 4Q20 $27.0 10% HNCOCK WHITNEY 16

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Strong Liquidity $17.5 Billion in Available Sources $ in millions Total Available Amount Used Net Availability Internal Sources       Free Securities and other $4,312 $— $4,312 External Sources     Federal Home Loan Bank (FHLB) 5,975 2,585 3,390 Federal Reserve Bank (FRB) 4,364 — 4,364 Brokered Deposits 4,155 14 4,141 Other 1,243 — 1,243 Total Liquidity $20,050 $2,599 $17,450 * Includes PPP loans December 31, 2020 loan/deposit ratio 78.7% Relatively Low Average Loan/Deposit Ratio Strong Core Funding 89.0% 88.0% 87.0% 86.0% 85.0% 84.0% 83.0% 82.0% 81.0% 80.0% 4Q18 88.1% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20* 88.2% 83.7% 81.6% Equity 10% Other liabilities & debt 8% DDA 36% Interest-bearing deposits 46% HNCOCK WHITNEY 17

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Net interest margin (NIM) slightly lower at 3.22%; net interest income (TE) up $3.0 million NIM Headwinds: Impact of lower securities yield PPP forgiveness Late quarter liquidity build NIM Tailwinds: Focus on lower cost of deposits Impact of new PPP loans Proactive deposit pricing helped offset the impact from a lower rate environment Expect 1Q21 NIM to compress as much as 10 bps due to high levels of excess liquidity and net PPP activity (forgiveness versus funding) NIM Stable Linked-Quarter Cost of Deposits 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% Mar-20 Apr-20 May-20 Jun 20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Mar-21e .59% .41% .33% .29% .25% .21% .20% .19% .17% .17% .13% 3.40% 3.30% 3.20% 3.10% 3.00% 2.90% 2.80% 3Q20 NIM (TE) Impact of Securities Portfolio Purchase/Premium amortization Impact of change in earnings asset mix Lower cost of deposits Net impact of interest reversals and recoveries/loan fees accretion 4Q20 NIM (TE) 0.02% 0.06% 0.05% 0.02% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 4Q19 1Q20 2Q20 3Q20 4Q20 4.69% 3.43% 2.56% 0.76% 4.56% 3.41% 2.53% 0.67% 4.04% 3.23% 2.47% 0.38% 3.95% 3.23% 2.31% 0.30% 3.99% 3.22% 2.23% 0.25% Loan Yield Securities Yield Cost of Fund NIM HNCOCK WHITNEY 18

Slide 19

Loans, excluding PPP, totaled $19.8 billion at December 31, 2020 Loan portfolio 55% ($11 billion) variable at December 31, 2020 (excludes PPP) 60% ($6.5 billion) of variable loans are LIBOR-based (33% of loan portfolio excluding PPP) 96% of the LIBOR loans are tied to 1 month LIBOR; 2% of the LIBOR loans are tied to 3 month LIBOR; 2% of the LIBOR loans are tied to 1 year LIBOR 30% ($3.3 billion) tied to Wall Street Journal Prime Approximately 41% ($4.1 billion) of variable rate loans are at their floor (excludes mortgage and credit cards) Majority of floors are struck at a Fed Funds level of 1.00%, with $1.8B in loans striking floors at this level; once rates increase above 1%, the majority of these floored loans will convert back to floating $1.2 billion of receive fixed/pay variable swaps on the balance sheet (receive 217 bps, pay 1 month Libor) IRR Sensitivity IRR Sensitivity Loans, excluding PPP, totaled $19.8 billion at December 31, 2020 Loan portfolio 55% ($11 billion) variable at December 31, 2020 (excludes PPP) 60% ($6.5 billion) of variable loans are LIBOR-based (33% of loan portfolio excluding PPP) 96% of the LIBOR loans are tied to 1 month LIBOR; 2% of the LIBOR loans are tied to 3 month LIBOR; 2% of the LIBOR loans are tied to 1 year LIBOR 30% ($3.3 billion) tied to Wall Street Journal Prime Approximately 41% ($4.1 billion) of variable rate loans are at their floor (excludes mortgage and credit cards) Majority of floors are struck at a Fed Funds level of 1.00%, with $1.8B in loans striking floors at this level; once rates increase above 1%, the majority of these floored loans will convert back to floating $1.2 billion of receive fixed/pay variable swaps on the balance sheet (receive 217 bps, pay 1 month Libor) IRR Scenarios Indicates General Asset Sensitivity Across Most Scenarios 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 4.0% 6.5% 8.6% 14.1% 13.2% 21.6% +100 shock +200 shock +300 shock Year1 Year 2 CHANCOCK WHITNEY 19

Slide 20

Lower Mortgage, Specialty Income Partly Offset by Higher Service Fees Noninterest income totaled $82.4 million, down $1.3 million, or 2% linked-quarter Service charges and bank card & ATM fees up primarily due to increased activity, although lower than pre-pandemic levels Secondary mortgage fees continue to be impacted by the favorable rate environment, albeit a lower level of refinance activity compared to previous quarters Other income decrease related to lower levels of specialty income (BOLI) in 4Q20 partially offset by higher derivative income Expect 1Q21 fee income to be down related to anticipated lower levels of specialty income and secondary mortgage fees Lower Mortgage, Specialty Income Partly Offset by Higher Service Fees Noninterest income totaled $82.4 million, down $1.3 million, or 2% linked-quarter Service charges and bank card & ATM fees up primarily due to increased activity, although lower than pre-pandemic levels Secondary mortgage fees continue to be impacted by the favorable rate environment, albeit a lower level of refinance activity compared to previous quarters Other income decrease related to lower levels of specialty income (BOLI) in 4Q20 partially offset by higher derivative income Expect 1Q21 fee income to be down related to anticipated lower levels of specialty income and secondary mortgage fees Secondary Mortgage Fees $11.5 14%Other $12.8 16% Noninterest Income Mix 12/31/20 $s in millions Service Charges on Deposit $19.9 24% Investment & Annuity and Insurance $5.8 7% Trust Fees $14.8 18% Bank Card & ATM Fees $17.6 21% 3Q20 NON INTEREST INCOME SERVICE CHARGES ON DEPOSIT accounts bank card & atm fees investment & annuity income and insurance trust fees secondary mortgage fees other 4q20 Non interest income

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A Focus on Expense Control; More Initiatives Underway Noninterest expense totaled $193.1 million, down $2.7 million, or 1% LQ Decline in personnel expense related to savings from efficiency measures taken to-date, including staff attrition and recent financial center closures Increase in other expenses mainly related to nonrecurring hurricane expense and branch closures Expense reduction initiatives to-date Closed 12 financial centers in 4Q20 8 additional financial centers closures announced in 1Q21 Ongoing branch rationalization reviews Closed Wealth Management trust offices in the NE corridor FTE down 210 compared to June 30, 2020 through staff attrition and other initiatives Early retirement package offered to select employees in 1Q21 Expect 1Q21 expenses to be flat as efficiency initiatives continue and offset typical beginning of the year increases; does not include nonrecurring charges for certain initiatives (i.e. early retirement) A Focus on Expense Control; More Initiatives Underway Noninterest expense totaled $193.1 million, down $2.7 million, or 1% LQ Decline in personnel expense related to savings from efficiency measures taken to-date, including staff attrition and recent financial center closures Increase in other expenses mainly related to nonrecurring hurricane expense and branch closures Expense reduction initiatives to-date Closed 12 financial centers in 4Q20 8 additional financial centers closures announced in 1Q21 Ongoing branch rationalization reviews Closed Wealth Management trust offices in the NE corridor FTE down 210 compared to June 30, 2020 through staff attrition and other initiatives Early retirement package offered to select employees in 1Q21 Expect 1Q21 expenses to be flat as efficiency initiatives continue and offset typical beginning of the year increases; does not include nonrecurring charges for certain initiatives (i.e. early retirement)

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Capital Rebuild Continues After 1H20 De-Risking Activities TCE ratio 7.64%, up 11 bps LQ (7.99% excluding PPP loans) Tangible net earnings +34 bps Change in tangible assets/additional excess liquidity -10 bps Dividends -7 bps Change in OCI & other -6 bps CET1 ratio 10.70%, up 40 bps linked-quarter Intend to pay quarterly dividend in consultation with examiners; board reviews dividend policy quarterly Buybacks on hold Tangible Common Equity Ratio Leverage (Tier 1) Ratio CET1 Ratio and Tier 1 Risked-Based Capital Ratio Total Risk-Based Capital Ratio December 31, 2020 7.64% 7.87%(e) 10.70%(e) 13.31%(e) September 30, 2020 7.53% 7.70% 10.30% 12.92% June 30, 2020 7.33% 7.37% 9.78% 12.36% March 31, 2020 8.00% 8.40% 10.02% 11.87% December 31, 2019 8.45% 8.76% 10.50% 11.90% (e) Estimated for most recent period-end; effective March 31, 2020 regulatory capital ratios reflect the election to use the five-year CECL transition rules Capital Rebuild Continues After 1H20 De-Risking Activities TCE ratio 7.64%, up 11 bps LQ (7.99% excluding PPP loans) Tangible net earnings +34 bps Change in tangible assets/additional excess liquidity -10 bps Dividends -7 bps Change in OCI & other -6 bps CET1 ratio 10.70%, up 40 bps linked-quarter Intend to pay quarterly dividend in consultation with examiners; board reviews dividend policy quarterly Buybacks on hold Tangible Common Equity Ratio Leverage (Tier 1) Ratio CET1 Ratio and Tier 1 Risked-Based Capital Ratio Total Risk-Based Capital Ratio December 31, 2020 7.64% 7.87%(e) 10.70%(e) 13.31%(e) September 30, 2020 7.53% 7.70% 10.30% 12.92% June 30, 2020 7.33% 7.37% 9.78% 12.36% March 31, 2020 8.00% 8.40% 10.02% 11.87% December 31, 2019 8.45% 8.76% 10.50% 11.90% (e) Estimated for most recent period-end; effective March 31, 2020 regulatory capital ratios reflect the election to use the five-year CECL transition rules

Slide 23

Solid Capital In Excess of Regulatory Minimums (1) Regulatory minimum with Capital Conservation Buffer (CCB) must be met in order for a bank holding company to engage in certain capital activities including, but not limited to, paying shareholder dividends. Leverage ratio does not have a CCB requirement. December 31, 2020 estimated regulatory capital ratios reflect the election to use the five-year CECL transition rules Estimated Regulatory Capital as of December 31, 2020 $s in millions Common Equity Tier 1 Tier 1 Capital Total Risk-based Capital Tier 1 Leverage Ratio Total Asset Base $23,678 $23,678 $23,678 $32,172 Total Capital 2,533 2,533 3,152 2,533 Capital Ratio 10.70% 10.70% 13.31% 7.87% Regulatory Minimum $ with CCB (1) 1,657 2,013 2,486 1,287 Regulatory Minimum with CCB (1) 7.00% 8.50% 10.50% 4.00% Capital in excess of Regulatory 876 521 666 1,246 minimum with CCB 3.70% 2.20% 2.81% 3.87% requirement. December 31, 2020 estimated regulatory capital ratios reflect the election to use the five-year CECL transition rules Estimated Regulatory Capital as of December 31, 2020 $s in millions Common Equity Tier 1 Tier 1 Capital Total Risk-based Solid Capital In Excess of Regulatory Minimums (1) Regulatory minimum with Capital Conservation Buffer (CCB) must be met in order for a bank holding company to engage in certain capital activities including, but not limited to, paying shareholder dividends. Leverage ratio does not have a CCB TCapitalier 1 Leverage Ratio Total Asset Base $23,678 $23,678 $23,678 $32,172 Total Capital 2,533 2,533 3,152 2,533 Capital Ratio 10.70% 10.70% 13.31% 7.87% Regulatory Minimum $ with CCB (1) 1,657 2,013 2,486 1,287 Regulatory Minimum with CCB (1) 7.00% 8.50% 10.50% 4.00% Capital in excess of Regulatory 876 521 666 1,246 minimum with CCB 3.70% 2.20% 2.81% 3.87% CHANCOCK WHITNEY 23

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Appendix and Non-GAAP Reconciliations Appendix and Non-GAAP Reconciliations CHANCOCK WHITNEY

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Summary Income Statement ($ in millions, except for share data)       Change       Change 4Q20 3Q20 4Q19 LQ PY Line Item YTD 2020 YTD 2019 Y-o-Y $241.4 $238.4 $236.7 $3.0 $4.7 Net Interest Income (TE) $955.5 $910.0 $45.5 24.2 25.0 9.2 (0.8) 15.1 Provision for Credit Losses (ex loan sale) 442.8 47.7 395.1 — — — — — Provision related to energy loan sale 160.1 — 160.1                   $82.4 $83.7 $82.9 ($1.4) ($0.6) Noninterest Income $324.4 $315.9 $8.5 193.1 195.8 197.9 (2.6) (4.7) Noninterest Expense 788.8 770.7 18.1                   $103.3 $98.2 $109.1 $5.1 ($5.8) Income (loss) before Income Tax ($124.7) $392.7 ($517.4) (0.3) 18.8 16.9 (19.1) (17.2) Income Tax Expense (Benefit) (79.6) 65.4 (144.9) $103.6 $79.4 $92.1 $24.2 $11.4 Net Income (loss) ($45.2) $327.4 ($372.6)                   $1.17 $0.90 $1.03 $0.27 $0.14 Reported EPS ($0.54) $3.72 ($4.26) $1.17 $0.90 $1.06 $0.27 $0.14 Operating EPS ($0.54) $4.01 ($4.55)                   $130.6 $126.3 $125.7 $4.3 $4.9 Operating PPNR (TE)* $491.2 $487.9 $3.3 3.22% 3.23% 3.43% -1 bp -21 bps NIM (te) 3.27% 3.44% -17 bps 1.25% 0.97% 1.20% 28 bps 5 bps ROA -0.14% 1.12% -126 bps 12.10% 9.42% 10.52% 268 bps 158 bps ROE -1.32% 9.91% nm 58.23% 59.29% 58.88% -106 bps -65 bps Efficiency Ratio 60.07% 58.50% 157 bps *Non-GAAP measure. See slides 29-31 for non-GAAP reconciliations. Summary Income Statement ($ in millions, except for share data)       Change       Change 4Q20 3Q20 4Q19 LQ PY Line Item YTD 2020 YTD 2019 Y-o-Y $241.4 $238.4 $236.7 $3.0 $4.7 Net Interest Income (TE) $955.5 $910.0 $45.5 24.2 25.0 9.2 (0.8) 15.1 Provision for Credit Losses (ex loan sale) 442.8 47.7 395.1 — — — — — Provision related to energy loan sale 160.1 — 160.1                   $82.4 $83.7 $82.9 ($1.4) ($0.6) Noninterest Income $324.4 $315.9 $8.5 193.1 195.8 197.9 (2.6) (4.7) Noninterest Expense 788.8 770.7 18.1                   $103.3 $98.2 $109.1 $5.1 ($5.8) Income (loss) before Income Tax ($124.7) $392.7 ($517.4) (0.3) 18.8 16.9 (19.1) (17.2) Income Tax Expense (Benefit) (79.6) 65.4 (144.9) $103.6 $79.4 $92.1 $24.2 $11.4 Net Income (loss) ($45.2) $327.4 ($372.6)                   $1.17 $0.90 $1.03 $0.27 $0.14 Reported EPS ($0.54) $3.72 ($4.26) $1.17 $0.90 $1.06 $0.27 $0.14 Operating EPS ($0.54) $4.01 ($4.55)                   $130.6 $126.3 $125.7 $4.3 $4.9 Operating PPNR (TE)* $491.2 $487.9 $3.3 3.22% 3.23% 3.43% -1 bp -21 bps NIM (te) 3.27% 3.44% -17 bps 1.25% 0.97% 1.20% 28 bps 5 bps ROA -0.14% 1.12% -126 bps 12.10% 9.42% 10.52% 268 bps 158 bps ROE -1.32% 9.91% nm 58.23% 59.29% 58.88% -106 bps -65 bps Efficiency Ratio 60.07% 58.50% 157 bps *Non-GAAP measure. See slides 29-31 for non-GAAP reconciliations. CHANCOCK WHITNEY 25

Slide 26

Summary Balance Sheet ($ in millions) 4Q20 and YTD 2020 include $2.0 billion and 3Q20 included $2.3 billion in PPP loans, net Average securities excludes unrealized gain /(loss)       Change       Change 4Q20 3Q20 4Q19 LQ PY Line Item YTD 2020 YTD 2019 Y-o-Y           EOP Balance Sheet       $21,789.9 $22,240.2 $21,212.8 ($450.3) $577.1 Loans (1) $21,789.9 $21,212.8 $577.1 7,356.5 7,056.3 6,243.3 300.2 1,113.2 Securities 7,356.5 6,243.3 1,113.2 30,616.3 30,179.1 27,622.2 437.2 2,994.1 Earning Assets 30,616.3 27,622.2 2,994.1 33,638.6 33,193.3 30,600.8 445.3 3,037.8 Total assets 33,638.6 30,600.8 3,037.8                   $27,698.0 $27,030.7 $23,803.6 $667.3 $3,894.4 Deposits $27,698.0 $23,803.6 $3,894.4 1,667.5 1,906.9 2,714.9 (239.4) (1,047.4) Short-term borrowings 1,667.5 2,714.9 (1,047.4) 30,199.6 29,817.7 27,133.1 381.9 3,066.5 Total Liabilities 30,199.6 27,133.1 3,066.5 3,439.0 3,375.6 3,467.7 63.4 (28.7) Stockholders' Equity 3,439.0 3,467.7 (28.7)                             Avg Balance Sheet       $22,065.7 $22,407.8 $21,037.9 ($342.1) $1,027.8 Loans $22,166.5 $20,380.0 $1,786.5 6,921.1 6,389.2 6,201.6 531.9 719.5 Securities (2) 6,398.7 5,864.2 534.5 29,875.5 29,412.3 27,441.5 463.2 2,434.0 Average earning assets 29,235.3 26,476.9 2,758.4 33,067.5 32,685.4 30,343.3 382.1 2,724.2 Total assets 32,391.0 29,125.4 3,265.6                   $27,040.4 $26,763.8 $23,848.4 $276.6 $3,192.0 Deposits $26,212.3 $23,299.3 $2,913.0 1,779.5 1,733.3 2,393.4 46.2 (613.9) Short-term borrowings 1,978.2 1,942.1 36.1 29,660.8 29,333.8 26,869.6 327.0 2,791.2 Total Liabilities 28,957.9 25,822.8 3,135.1 3,406.6 3,351.6 3,473.7 55.0 (67.1) Stockholders' Equity 3,433.1 3,302.7 130.4 3.99% 3.95% 4.69% 4 bps -70 bps Loan Yield 4.13% 4.81% -68 bps 2.23% 2.31% 2.56% -8 bps -33 bps Securities Yield 2.38% 2.62% -24 bps 0.31% 0.39% 1.11% -8 bps -80 bps Cost of IB Deposits 0.57% 1.25% -68 bps 79% 82% 89% -361 bps -1045 bps Loan/Deposit Ratio (Period End) 79% 89% -1045 bps Summary Balance Sheet ($ in millions) 4Q20 and YTD 2020 include $2.0 billion and 3Q20 included $2.3 billion in PPP loans, net Average securities excludes unrealized gain /(loss)       Change       Change 4Q20 3Q20 4Q19 LQ PY Line Item YTD 2020 YTD 2019 Y-o-Y           EOP Balance Sheet       $21,789.9 $22,240.2 $21,212.8 ($450.3) $577.1 Loans (1) $21,789.9 $21,212.8 $577.1 7,356.5 7,056.3 6,243.3 300.2 1,113.2 Securities 7,356.5 6,243.3 1,113.2 30,616.3 30,179.1 27,622.2 437.2 2,994.1 Earning Assets 30,616.3 27,622.2 2,994.1 33,638.6 33,193.3 30,600.8 445.3 3,037.8 Total assets 33,638.6 30,600.8 3,037.8                   $27,698.0 $27,030.7 $23,803.6 $667.3 $3,894.4 Deposits $27,698.0 $23,803.6 $3,894.4 1,667.5 1,906.9 2,714.9 (239.4) (1,047.4) Short-term borrowings 1,667.5 2,714.9 (1,047.4) 30,199.6 29,817.7 27,133.1 381.9 3,066.5 Total Liabilities 30,199.6 27,133.1 3,066.5 3,439.0 3,375.6 3,467.7 63.4 (28.7) Stockholders' Equity 3,439.0 3,467.7 (28.7)                             Avg Balance Sheet       $22,065.7 $22,407.8 $21,037.9 ($342.1) $1,027.8 Loans $22,166.5 $20,380.0 $1,786.5 6,921.1 6,389.2 6,201.6 531.9 719.5 Securities (2) 6,398.7 5,864.2 534.5 29,875.5 29,412.3 27,441.5 463.2 2,434.0 Average earning assets 29,235.3 26,476.9 2,758.4 33,067.5 32,685.4 30,343.3 382.1 2,724.2 Total assets 32,391.0 29,125.4 3,265.6                   $27,040.4 $26,763.8 $23,848.4 $276.6 $3,192.0 Deposits $26,212.3 $23,299.3 $2,913.0 1,779.5 1,733.3 2,393.4 46.2 (613.9) Short-term borrowings 1,978.2 1,942.1 36.1 29,660.8 29,333.8 26,869.6 327.0 2,791.2 Total Liabilities 28,957.9 25,822.8 3,135.1 3,406.6 3,351.6 3,473.7 55.0 (67.1) Stockholders' Equity 3,433.1 3,302.7 130.4 3.99% 3.95% 4.69% 4 bps -70 bps Loan Yield 4.13% 4.81% -68 bps 2.23% 2.31% 2.56% -8 bps -33 bps Securities Yield 2.38% 2.62% -24 bps 0.31% 0.39% 1.11% -8 bps -80 bps Cost of IB Deposits 0.57% 1.25% -68 bps 79% 82% 89% -361 bps -1045 bps Loan/Deposit Ratio (Period End) 79% 89% -1045 bps CHANCOCK WHITNEY 26

Slide 27

Results *Non-GAAP measures. See slides 29-31 for non-GAAP reconciliations   4Q19 1Q20 2Q20 3Q20 4Q20 Operating PPNR (TE)* ($000) 125,660 115,688 118,518 126,346 130,607 Net Interest Income (TE)* ($000) 236,736 234,636 241,114 238,372 241,401 Net Interest Margin (TE)* 3.43% 3.41% 3.23% 3.23% 3.22% Noninterest Income ($000) 82,924 84,387 73,943 83,748 82,350 Operating Expense* ($000) 194,000 203,335 196,539 195,774 193,144 Efficiency Ratio* 58.88% 62.06% 60.74% 59.29% 58.23% Results *Non-GAAP measures. See slides 29-31 for non-GAAP reconciliations   4Q19 1Q20 2Q20 3Q20 4Q20 Operating PPNR (TE)* ($000) 125,660 115,688 118,518 126,346 130,607 Net Interest Income (TE)* ($000) 236,736 234,636 241,114 238,372 241,401 Net Interest Margin (TE)* 3.43% 3.41% 3.23% 3.23% 3.22% Noninterest Income ($000) 82,924 84,387 73,943 83,748 82,350 Operating Expense* ($000) 194,000 203,335 196,539 195,774 193,144 Efficiency Ratio* 58.88% 62.06% 60.74% 59.29% 58.23% CHANCOCK WHITNEY 27

Slide 28

Balance Sheet Summary   4Q19 1Q20 2Q20 3Q20 4Q20 Average Loans ($MM) 21,038 21,234 22,957 22,408 22,066 Average Total Securities ($MM) 6,202 6,149 6,130 6,389 6,921 Average Deposits ($MM) 23,848 24,327 26,703 26,764 27,040 Loan Yield (TE) 4.69% 4.56% 4.04% 3.95% 3.99% Cost of Interest Bearing Deposits 1.11% 1.01% 0.58% 0.39% 0.31% Tangible Common Equity Ratio 8.45% 8.00% 7.33% 7.53% 7.64% Balance Sheet Summary   4Q19 1Q20 2Q20 3Q20 4Q20 Average Loans ($MM) 21,038 21,234 22,957 22,408 22,066 Average Total Securities ($MM) 6,202 6,149 6,130 6,389 6,921 Average Deposits ($MM) 23,848 24,327 26,703 26,764 27,040 Loan Yield (TE) 4.69% 4.56% 4.04% 3.95% 3.99% Cost of Interest Bearing Deposits 1.11% 1.01% 0.58% 0.39% 0.31% Tangible Common Equity Ratio 8.45% 8.00% 7.33% 7.53% 7.64% CHANCOCK WHITNEY 28

Slide 29

Operating Earnings & EPS Non-GAAP to GAAP Reconciliations   Three Months Ended (in thousands, except per share amounts) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net Income (loss) $103,575 $79,356 ($117,072) ($111,033) $92,132 Net income or dividends allocated to participating securities (2,076) (1,436) (422) (427) (1,566) Net income (loss) available to common shareholders $101,499 $77,920 ($117,494) ($111,460) $90,566 Nonoperating items, net of income tax — — — — 3,046 Nonoperating items allocated to participating securities — — — — (52) Operating earnings (loss) available to common shareholders $101,499 $77,920 ($117,494) ($111,460) $93,560             Weighted average common shares – diluted 86,657 86,400 86,301 87,186 88,315             Earnings (loss) per share – diluted $1.17 $0.90 ($1.36) ($1.28) $1.03 Operating earnings (loss) per share – diluted $1.17 $0.90 ($1.36) ($1.28) $1.06 Operating Earnings & EPS Non-GAAP to GAAP Reconciliations   Three Months Ended (in thousands, except per share amounts) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net Income (loss) $103,575 $79,356 ($117,072) ($111,033) $92,132 Net income or dividends allocated to participating securities (2,076) (1,436) (422) (427) (1,566) Net income (loss) available to common shareholders $101,499 $77,920 ($117,494) ($111,460) $90,566 Nonoperating items, net of income tax — — — — 3,046 Nonoperating items allocated to participating securities — — — — (52) Operating earnings (loss) available to common shareholders $101,499 $77,920 ($117,494) ($111,460) $93,560             Weighted average common shares – diluted 86,657 86,400 86,301 87,186 88,315             Earnings (loss) per share – diluted $1.17 $0.90 ($1.36) ($1.28) $1.03 Operating earnings (loss) per share – diluted $1.17 $0.90 ($1.36) ($1.28) $1.06 CHANCOCK WHITNEY 29

Slide 30

Operating ROA, ROE & ROTCE Reconciliations   Three Months Ended (dollars in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net Income (loss) $103,575 $79,356 ($117,072) ($111,033) $92,132 Nonoperating items, net of income tax — — — — 3,046 Operating earnings $103,575 $79,356 ($117,072) ($111,033) $95,178             Average Assets $33,067,462 $32,685,430 $33,136,706 $30,663,601 $30,343,293 Average Equity $3,406,646 $3,351,593 $3,465,617 $3,509,727 $3,473,693 Average Tangible Common Equity $2,462,074 $2,402,306 $2,511,365 $2,550,227 $2,500,092             Return on average assets - operating 1.25% 0.97% (1.42)% (1.46)% 1.24% Return on average equity - operating 12.10% 9.42% (13.59)% (12.72)% 10.87% Return on average tangible common equity - operating 16.74% 13.14% (18.75)% (17.51)% 15.10% Operating ROA, ROE & ROTCE Reconciliations   Three Months Ended (dollars in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net Income (loss) $103,575 $79,356 ($117,072) ($111,033) $92,132 Nonoperating items, net of income tax — — — — 3,046 Operating earnings $103,575 $79,356 ($117,072) ($111,033) $95,178             Average Assets $33,067,462 $32,685,430 $33,136,706 $30,663,601 $30,343,293 Average Equity $3,406,646 $3,351,593 $3,465,617 $3,509,727 $3,473,693 Average Tangible Common Equity $2,462,074 $2,402,306 $2,511,365 $2,550,227 $2,500,092             Return on average assets - operating 1.25% 0.97% (1.42)% (1.46)% 1.24% Return on average equity - operating 12.10% 9.42% (13.59)% (12.72)% 10.87% Return on average tangible common equity - operating 16.74% 13.14% (18.75)% (17.51)% 15.10% CHANCOCK WHITNEY 30

Slide 31

Total Revenue (TE), Operating PPNR (TE) Reconciliations Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.   Three Months Ended (in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net interest income $238,286 $235,183 $237,866 $231,188 $233,156 Noninterest income 82,350 83,748 73,943 84,387 82,924 Total revenue $320,636 $318,931 $311,809 $315,575 $316,080 Taxable equivalent adjustment 3,115 3,189 3,248 3,448 3,580 Total revenue (TE) $323,751 $322,120 $315,057 $319,023 $319,660 Noninterest expense (193,144) (195,774) (196,539) (203,335) (197,856) Nonoperating expense — — — — 3,856 Operating pre-provision net revenue $130,607 $126,346 $118,518 $115,688 $125,660 Total Revenue (TE), Operating PPNR (TE) Reconciliations Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.   Three Months Ended (in thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Net interest income $238,286 $235,183 $237,866 $231,188 $233,156 Noninterest income 82,350 83,748 73,943 84,387 82,924 Total revenue $320,636 $318,931 $311,809 $315,575 $316,080 Taxable equivalent adjustment 3,115 3,189 3,248 3,448 3,580 Total revenue (TE) $323,751 $322,120 $315,057 $319,023 $319,660 Noninterest expense (193,144) (195,774) (196,539) (203,335) (197,856) Nonoperating expense — — — — 3,856 Operating pre-provision net revenue $130,607 $126,346 $118,518 $115,688 $125,660 CHANCOCK WHITNEY 31

Slide 32

Fourth Quarter 2020 Earnings Conference Call 1/20/2021 Fourth Quarter 2020 Earnings Conference Call 1/20/2021 CHANCOCK WHITNEYa

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