Equibles

8-K

HANCOCK WHITNEY CORP (HWC)

8-K 2020-04-28 For: 2020-04-28
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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): April 28, 2020

________________

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 April 28, 2020, Hancock Whitney Corporation (the “Company”) announced financial results for its first quarter ended March 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 April 29, 2020 at 8:00 a.m. (Central Time), the Company intends to hold an investor call and webcast to discuss financial results for the quarter ended March 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 April 28, 2020 for Quarter Ended March 31, 2020.
99.2 Presentation Slides dated April 29, 2020 (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
April 28, 2020 By: /s/ Michael M. Achary
Michael M. Achary
Chief Financial Officer

hwc-ex991_6.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 28, 2020

For more information

Trisha Voltz Carlson, EVP, Investor Relations Manager

504.299.5208 or trisha.carlson@hancockwhitney.com

Hancock Whitney reports first quarter 2020 results

Allowance for credit losses strengthened to 2.21%; Strong underlying earnings; Capital remains solid

GULFPORT, Miss. (April 28, 2020) — Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the first quarter of 2020, a loss of $111.0 million, or ($1.28) per diluted common share (EPS), driven by a reserve build in response to deterioration in the macroeconomic environment from COVID-19 and lower oil prices.

o Includes $246.8 million, or $2.24 per share provision for credit losses related to COVID-19 and declining oil prices
o Includes $9.8 million, or $.11 per share related to write-offs of equity interests in two energy companies which were received in bankruptcy restructurings
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o The allowance for expected credit losses was increased to $475 million, or 2.21% of total loans
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o The company remains well capitalized with a tangible capital (TCE) ratio of 8% and regulatory ratios well in excess of required levels including capital conservation buffers
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The company reported a profit of $92.1 million, or $1.03 EPS, in the fourth quarter of 2019 and $79.2 million, or $.91 EPS, in the first quarter of 2019. The fourth quarter of 2019 included $3.9 million ($.03 per share after-tax impact) of final merger costs associated with the September 21, 2019 acquisition of MidSouth Bancorp, Inc.

Pre-provision net revenue (PPNR) totaled $115.7 million, down $10.0 million linked-quarter. The decline is mainly due to the energy-related equity write-offs. Excluding these two write-offs, PPNR was virtually unchanged linked-quarter, an indicator of both the company’s strong underlying earnings in the first quarter, and a guide for investors in evaluating the potential earnings capacity of the company in future periods.

“While the first quarter’s results show a reported loss, there were two distinct themes,” said John M. Hairston, President & CEO. “A blend of very strong performance in loan growth, strength in net interest income and fee income, well managed expenses, and solid capital and liquidity levels, was offset by pandemic and industry-related pressure on our remaining energy portfolio, plus pressure on markets and loan segments most impacted by mandated economic restrictions in our footprint. Because of the uncertainty related to COVID-19, we built what we believe is an appropriate loan loss reserve for potential problems. We believe pre-provision net revenue results provide a better picture of the company’s quarterly performance. Our company has weathered many environmental

storms historically, and today we are open and running the company under similar guidelines and principles for our customers and employees --- Your Needs. Our Mission.”

First Quarter 2020 Highlights

• Strengthened Allowance for Credit Losses (ACL)/Total Loans to 2.21%
• Capital remains solid with TCE at 8% and other regulatory ratios are well in excess of required levels including capital conservation buffers
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• Loan growth totaled $303 million linked-quarter; DDA deposits up $429 million
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• NIM declined 2 basis points (bps) linked-quarter; purchase accounting accretion (PAA) down $2.5 million or 4 bps; excluding PAA, NIM was up 1 bp
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• Criticized commercial loans down $51 million, or 9%, and nonperforming loans down $19 million, or 6%, linked-quarter
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• Solid liquidity with approximately $14 billion available in additional sources of funding
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COVID-19

In early March of 2020, the United States began to see signs of the novel coronavirus (COVID-19) impacting the country. By mid-March, spread of the virus was apparent in many U.S. states. By the end of March, counties, parishes and states began implementing stay-at-home orders to help contain the spread of the virus. As a result, businesses deemed nonessential were shuttered, leading to significantly reduced revenue, employee layoffs and requests for deferrals on certain expenses.

Hancock Whitney operates in markets hard hit by COVID-19, most notably Greater New Orleans, Louisiana. While deemed an essential business, the company has closed all of its branch lobbies (offering by appointment and drive-up service only) and is still assisting clients via online and mobile banking and through the call center. We are currently offering fee waivers on certain products, and loan payment deferrals on business and consumer loans and lines of credit, credit cards and auto loans. We are fully participating in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).

The following information relates to the company’s first quarter 2020 results. Additional information on the impact of these programs noted above and trends since quarter-end are included in the presentation deck posted on our IR website and will be discussed in management’s conference call. The details for both are noted below.

Loans

Total loans at March 31, 2020 were $21.5 billion, up $303 million, or 1%, linked-quarter. Average loans totaled $21.2 billion for the first quarter of 2020, up $196 million, or 1%, linked-quarter. Growth in the first quarter was notable in all regions across our footprint, including the healthcare team in Nashville.

Net growth also includes a net reduction in our energy portfolio of $23.7 million, reflecting our goal of reducing our overall exposure to that particular industry. At March 31, 2020, loans to the energy industry totaled $939.5 million, or 4.4% of total loans. The linked-quarter change reflects $42 million in payoffs and paydowns, and $36 million in net charge-offs, partially offset by $54 million in fundings. The portfolio is comprised of credits to exploration and production (E&P) companies (32%), midstream companies (15%), drilling support companies (13%) and nondrilling support companies (40%). See slide presentation for additional energy details.

As noted above, the company has made loan deferrals available to customers impacted by COVID-19. At March 31, 2020 there were 1,618 notes deferred totaling $839.4 million in outstandings. The company is participating in the SBA’s Paycheck Protection Program (PPP) that began on April 3, 2020. There were no loans originated as of March 31, 2020. The company originated 4,893 loans totaling $1.7 billion in round one of the program.

Line utilization at March 31, 2020 was 49.4% compared to 47.6% at December 31, 2019. As of March 31, 2020, approximately $525 million of additional funding had been provided to clients via existing and expanded lines of credit. Mortgage banking applications doubled in the first quarter of 2020. We expect the trend to continue in light of the low rate environment. Between 50%-60% of the mortgages we originate are sold in the secondary market, and generate fee income. Additional concentration and loan portfolio information is included in the slide presentation.

Deposits

Total deposits at March 31, 2020 were $25.0 billion, up $1.2 billion, or 5%, from December 31, 2019. An increase of $913 million in brokered time deposits was the largest driver of the increase from December 31, 2019 in addition to very strong growth in noninterest-bearing demand deposits (DDAs).

DDAs totaled $9.2 billion at March 31, 2020, up $429 million, or 5%, from December 31, 2019 and comprised 37% of total period-end deposits at March 31, 2020.

Interest-bearing transaction and savings deposits totaled $8.9 billion at the end of the first quarter of 2020, up $86 million, or 1%, from December 31, 2019. Compared to December 31, 2019, time deposits of $3.6 billion were up $803 million, or 28%, primarily due to the increase of brokered CDs noted above.

Interest-bearing public fund deposits declined $113 million, or 3%, to $3.3 billion. The decrease in public funds is seasonal and primarily related to tax payments collected by local municipalities at year-end that typically begin to runoff in the first quarter of each year.

Average deposits for the first quarter of 2020 were $24.3 billion, up $479 million, or 2%, linked-quarter.

Asset Quality

The total allowance for credit losses (ACL) was $475.0 million at March 31, 2020, up $279.8 million, or 144%, from December 31, 2019. The components of the increase are as follows. Effective 1/1/2020 the company adopted the new accounting standard for determining an allowance for credit losses – CECL (Current Expected Credit Losses). The CECL implementation added $76.7 million to the ACL as of January 1, 2020 with an after-tax adjustment to capital of $44.1 million and a reclassification of $19.7 million from purchased discount on acquired loans, not earnings. The remainder of the ACL build, via the credit loss provision, reflects both the uncertain impact COVID-19 will have on our customers and their ability to repay loans in our portfolio, coupled with the impact of declining oil prices on our remaining energy portfolio.

During the first quarter of 2020, the company recorded a total provision for credit losses of $246.8 million, compared to $9.2 million in the fourth quarter of 2019. Approximately $160.0 million of the provision for credit losses was for credits collectively evaluated under macroeconomic forecast scenarios that reflect today’s recessionary environment. Credits that were individually evaluated for loss added $87.0 million to the provision, most of which were energy-related. Reserve-based energy loans (RBL) have been impacted recently not only by declining oil prices, but also from recent liquidity stress in the industry. Resolution of these RBL credits has resulted in larger than anticipated charge-offs.

Net charge-offs were $43.8 million, or 0.83% of average total loans on an annualized basis in the first quarter of 2020, up from $9.5 million, or 0.18% of average total loans in the fourth quarter of 2019. Included in the first quarter’s total were $35.9 million of energy charge-offs.

The ratio of ACL to period-end loans was 2.21% at March 31, 2020, compared to 0.92% at December 31, 2019. The allowance for credits in the energy portfolio totaled $88.4 million, or 9.4% of funded energy loans, at March 31, 2020. The allowance for credits in the nonenergy portfolio totaled $386.6 million, or 1.88% of funded nonenergy loans, at March 31, 2020.

Nonperforming assets (NPAs) totaled $306.8 million at March 31, 2020, down $30.7 million, or 9%, from December 31, 2019. During the first quarter of 2020, total nonperforming loans decreased $18.8 million while foreclosed and surplus real estate (ORE) and other foreclosed assets decreased $11.9 million. Nonperforming assets as a percent of total loans, ORE and other foreclosed assets was 1.42% at March 31, 2020, down 17 bps from December 31, 2019. Approximately $21.4 million of loans were added to nonperforming loans with the adoption of CECL.

Net Interest Income and Net Interest Margin (NIM)

Net interest income (TE) for the first quarter of 2020 was $234.6 million, down $2.1 million from the fourth quarter of 2019. The net interest margin (TE) was 3.41% for the first quarter of 2020, down 2 bps from the fourth quarter of 2019. The slight decline in net interest income reflects one less accrual day in the first quarter and the impact of a lower rate environment. The net interest margin was relatively stable linked-quarter, with the reported decline mainly the result of a $2.5 million, or 4 bps, decrease in purchase accounting accretion related to the MidSouth transaction. A decline in Prime and Libor rates negatively impacted the yield on loans by 7 bps. Proactive deposit pricing, and changes in wholesale funding related to a lower rate environment, positively impacted the NIM by 8 bps. There were no interest reversals in the first quarter as compared to one basis point of interest reversals in the prior quarter.

Average earning assets were $27.6 billion for the first quarter of 2020, up $189.2 million, or 1%, from the fourth quarter of 2019.

Noninterest Income

Noninterest income totaled $84.4 million for the first quarter of 2020, up $1.5 million, or 2%, from the fourth quarter of 2019. For most of the first quarter of 2020, fees were collected as normal. Beginning in mid to late March, the company began waiving certain fees as noted earlier. The company is providing fee waivers for certain products such as penalty-free CD withdrawals, MMDA and savings excessive withdrawal fees, overdraft protection transfer fees and checking account reopening fees. Depending on the duration of the impact of COVID-19 on our customers, fee waivers will impact our results in future quarters.

Service charges on deposits totaled $22.8 million for the first quarter of 2020, down $0.5 million, or 2%, from the fourth quarter of 2019. Bank card and ATM fees totaled $17.4 million, down $0.6 million, or 3%, from the fourth quarter of 2019.

Trust fees totaled $14.8 million, down $0.7 million, or 4%, linked-quarter. Investment and annuity income and insurance fees totaled $7.2 million, up $0.7 million, or 12% linked-quarter. Fees from secondary mortgage operations totaled $6.0 million for the first quarter of 2020, virtually unchanged linked-quarter.

Other noninterest income totaled $16.2 million, up $2.4 million, or 18%, from the fourth quarter of 2019. The increase in other noninterest income is primarily due to increases in specialty income specifically related to $1.5 million sale of tax credits and $0.8 million in BOLI income.

Noninterest Expense & Taxes

Noninterest expense totaled $203.3 million, up $5.5 million, or 3% linked-quarter. Total expense included $9.8 million of equity write-offs noted above. There were $3.9 million of MidSouth merger-related expenses in the fourth quarter of 2019.

Total personnel expense was $113.5 million in the first quarter of 2020, down $3.5 million, or 3%, from the fourth quarter of 2019. A lower level of incentive pay in the first quarter drove most of the decline linked-quarter.

Occupancy and equipment expense totaled $17.1 million in the first quarter of 2020, down $0.4 million, or 2%, from the fourth quarter of 2019.

Amortization of intangibles totaled $5.3 million for the first quarter of 2020, down $0.4 million, or 7%, linked-quarter.

ORE and other foreclosed asset (OFA) expense totaled $10.1 million in the first quarter of 2020. The linked-quarter change includes $9.8 million of energy-related equity write-offs noted above.

Other operating expense totaled $57.2 million in the first quarter of 2020, down $1.1 million, or 2%, from the fourth quarter of 2019.

The effective income tax rate for the first quarter of 2020 was 17.5%. This rate reflects a 10.4% expected effective rate for the year, resulting from the first quarter loss, as well as $9.5 million in discrete tax benefits. 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 March 31, 2020 totaled $3.4 billion, down $46.6 million, or 1%, from December 31, 2019. The tangible common equity (TCE) ratio was 8.00%, down 45 bps from December 31, 2019. The decline in capital reflects the quarterly loss mainly due to the impact of COVID-19 on the credit loss provision. The company remains well capitalized, with both bank and holding company capital levels in excess of required regulatory minimums and a TCE ratio at the company’s target level of 8%.

During the first quarter of 2020, the company settled the accelerated share repurchase (ASR) announced October 21, 2019. The company received an additional 1,001,472 shares and $12.1 million in cash as final settlement of the ASR. Also as previously disclosed, the company repurchased 315,851 shares of its common stock in a privately negotiated transaction. Under the company’s now suspended buyback authorization of up to 5.5 million shares, the company has repurchased 4.9 million shares at an average price of $37.65. Additional capital ratios are included in the financial tables.

Guidance

The company is suspending all previous guidance, including near-term, 2020 or 3-year Corporate Strategic Objectives (CSOs). Given the uncertainty related to COVID-19, at this time we will not provide the level of formal guidance we have provided in the past, but will share any expectations as best as we can during the conference call noted below.

Conference Call and Slide Presentation

Management will host a conference call for analysts and investors at 8:00 a.m. Central Time on Wednesday, April 29, 2020 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.hancockwhitney.com/investors. A link to the release with additional

financial tables, and a link to a slide presentation related to first quarter results are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial (877) 564-1219 or (973) 638-3429.

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 May 6, 2020 by dialing (855) 859-2056 or (404) 537-3406, passcode 5856304.

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, as well as trust and asset management offices in New Jersey and New York. 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 concepts “core” or “operating.” The company uses the term “core” to describe a financial measure that excludes income or expense arising from accretion or amortization of fair value adjustments recorded as part of purchase accounting. 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 significant decreases in oil and gas prices on our energy portfolio, the impact of COVID-19 on the economy and our operations,

the adequacy of our enterprise risk management framework, the impact of the MidSouth acquisition, or 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, the impact of the referenced rate reform, deposit trends, credit quality trends, 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 COVID-19 are unsuccessful and restrictions on movement last into the third quarter or beyond, the recession would be much longer and much more severe. Ineffective fiscal stimulus, or an extended delay in implementing it, are also major downside risks. The deeper the recession is, and the longer it lasts, the more it will damage consumer fundamentals and sentiment. This could both prolong the recession, and/or make any recovery weaker. 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 and in other periodic reports that we file with the SEC.

HANCOCK WHITNEY CORPORATION
QUARTERLY FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
(dollars and common share data in thousands, except per share amounts) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
NET INCOME
Net interest income $ 231,188 $ 233,156 $ 222,939 $ 219,868 $ 219,254
Net interest income (TE) (a) 234,636 236,736 226,591 223,586 223,078
Provision for credit losses 246,793 9,156 12,421 8,088 18,043
Noninterest income 84,387 82,924 83,230 79,250 70,503
Noninterest expense 203,335 197,856 213,554 183,567 175,700
Income tax expense (benefit) (23,520 ) 16,936 12,387 19,186 16,850
Net income (loss) $ (111,033 ) $ 92,132 $ 67,807 $ 88,277 $ 79,164
Nonoperating items, pre-tax (for informational purposes)
Merger-related costs $ — $ 3,856 $ 28,810 $ — $ —
PERIOD-END BALANCE SHEET DATA
Loans $ 21,515,681 $ 21,212,755 $ 21,035,952 $ 20,175,812 $ 20,112,838
Securities 6,374,490 6,243,313 6,404,719 5,725,735 5,577,522
Earning assets 28,834,072 27,622,161 27,565,973 26,088,759 25,881,559
Total assets 31,761,693 30,600,757 30,543,549 28,761,863 28,490,231
Noninterest-bearing deposits 9,204,631 8,775,632 8,686,383 8,114,632 8,158,658
Total deposits 25,008,496 23,803,575 24,201,299 23,236,042 23,380,294
Common stockholders' equity 3,421,064 3,467,685 3,586,380 3,318,915 3,190,575
AVERAGE BALANCE SHEET DATA
Loans $ 21,234,016 $ 21,037,942 $ 20,197,114 $ 20,150,104 $ 20,126,948
Securities (b) 6,149,432 6,201,612 6,004,688 5,586,390 5,656,689
Earning assets 27,630,652 27,441,459 26,437,613 25,992,894 26,020,447
Total assets 30,663,601 30,343,293 29,148,106 28,537,810 28,451,548
Noninterest-bearing deposits 8,763,359 8,601,323 8,092,482 8,099,621 8,227,698
Total deposits 24,327,242 23,848,374 23,091,355 23,137,563 23,114,139
Common stockholders' equity 3,509,727 3,473,693 3,383,738 3,230,503 3,118,051
COMMON SHARE DATA
Earnings (loss) per share – diluted $ (1.28 ) $ 1.03 $ 0.77 $ 1.01 $ 0.91
Cash dividends per share 0.27 0.27 0.27 0.27 0.27
Book value per share (period-end) 39.65 39.62 39.49 38.70 37.23
Tangible book value per share (period-end) 28.56 28.63 28.73 28.46 26.92
Weighted average number of shares - diluted 87,186 88,315 86,462 85,835 85,800
Period-end number of shares 86,275 87,515 90,822 85,759 85,710
Market data
High sales price $ 44.24 $ 44.42 $ 42.11 $ 44.74 $ 44.34
Low sales price 14.32 35.45 33.63 37.03 34.11
Period-end closing price 19.52 43.88 38.30 40.06 40.40
Trading volume 49,297 30,850 29,038 27,874 28,124
PERFORMANCE RATIOS
Return on average assets (1.46 )% 1.20 % 0.92 % 1.24 % 1.13 %
Return on average common equity (12.72 )% 10.52 % 7.95 % 10.96 % 10.30 %
Return on average tangible common equity (17.51 )% 14.62 % 10.77 % 15.07 % 14.38 %
Tangible common equity ratio (c) 8.00 % 8.45 % 8.82 % 8.75 % 8.36 %
Net interest margin (TE) 3.41 % 3.43 % 3.41 % 3.45 % 3.46 %
Noninterest income as a percentage of total revenue (TE) 26.45 % 25.94 % 26.86 % 26.17 % 24.01 %
Efficiency ratio (d) 62.06 % 58.88 % 58.05 % 58.95 % 58.10 %
Average loan/deposit ratio 87.28 % 88.22 % 87.47 % 87.09 % 87.08 %
Allowance for loan losses as a percent of period-end loans 1.98 % 0.90 % 0.93 % 0.97 % 0.97 %
Allowance for credit losses as a percent of period-end loans 2.21 % 0.92 % 0.93 % 0.97 % 0.97 %
Annualized net charge-offs to average loans 0.83 % 0.18 % 0.25 % 0.14 % 0.36 %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due 139.17 % 60.97 % 67.06 % 61.60 % 56.81 %
FTE headcount 4,148 4,136 3,894 3,930 3,885
(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.
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(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.
HANCOCK WHITNEY CORPORATION
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
INCOME STATEMENT
(Unaudited)
Three Months Ended
(dollars in thousands, except per share data) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
NET INCOME
Interest income $ 277,343 $ 285,957 $ 283,164 $ 280,378 $ 276,283
Interest income (TE) (e) 280,791 289,537 286,816 284,096 280,107
Interest expense 46,155 52,801 60,225 60,510 57,029
Net interest income (TE) 234,636 236,736 226,591 223,586 223,078
Provision for credit losses 246,793 9,156 12,421 8,088 18,043
Noninterest income 84,387 82,924 83,230 79,250 70,503
Noninterest expense 203,335 197,856 213,554 183,567 175,700
Income before income taxes (134,553 ) 109,068 80,194 107,463 96,014
Income tax expense (benefit) (23,520 ) 16,936 12,387 19,186 16,850
Net income $ (111,033 ) $ 92,132 $ 67,807 $ 88,277 $ 79,164
Nonoperating items, pre-tax (for informational purposes)
Merger-related expenses $ — $ 3,856 $ 28,810 $ — $ —
NONINTEREST INCOME
Service charges on deposit accounts $ 22,837 $ 23,382 $ 21,892 $ 20,723 $ 20,367
Trust fees 14,806 15,483 15,098 15,904 15,124
Bank card and ATM fees 17,362 17,913 17,154 16,619 15,290
Investment and insurance commissions, and annuity fees 7,150 6,407 7,048 6,591 6,528
Secondary mortgage market operations 6,053 5,981 5,713 4,433 3,726
Other income 16,179 13,758 16,325 14,980 9,468
Total noninterest income $ 84,387 $ 82,924 $ 83,230 $ 79,250 $ 70,503
NONINTEREST EXPENSE
Personnel expense $ 113,549 $ 117,066 $ 112,480 $ 106,635 $ 103,698
Net occupancy and equipment expense 17,139 17,522 17,841 17,303 16,663
Other real estate and foreclosed assets (income) expense 10,130 (788 ) 2,055 395 (991 )
Other operating expense 57,172 58,286 76,289 54,187 51,192
Amortization of intangibles 5,345 5,770 4,889 5,047 5,138
Total noninterest expense $ 203,335 $ 197,856 $ 213,554 $ 183,567 $ 175,700
Nonoperating noninterest expense $ — $ 3,856 $ 28,810 $ — $ —
COMMON SHARE DATA
Earnings (loss) per share:
Basic $ (1.28 ) $ 1.03 $ 0.77 $ 1.01 $ 0.91
Diluted (1.28 ) 1.03 0.77 1.01 0.91

(e) 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) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
ASSETS
Commercial non-real estate loans $ 9,321,340 $ 9,166,947 $ 8,893,004 $ 8,559,118 $ 8,656,326
Commercial real estate - owner occupied 2,731,320 2,738,460 2,734,379 2,519,970 2,515,428
Total commercial and industrial loans 12,052,660 11,905,407 11,627,383 11,079,088 11,171,754
Commercial real estate - income<br><br><br>producing 3,232,783 2,994,448 3,060,568 2,895,468 2,563,394
Construction and land development loans 1,098,726 1,157,451 1,190,718 1,144,062 1,340,067
Residential mortgage loans 2,979,985 2,990,631 3,004,958 2,968,271 2,933,251
Consumer loans 2,151,527 2,164,818 2,152,325 2,088,923 2,104,372
Total loans 21,515,681 21,212,755 21,035,952 20,175,812 20,112,838
Loans held for sale 67,587 55,864 75,789 36,150 27,437
Securities 6,374,490 6,243,313 6,404,719 5,725,735 5,577,522
Short-term investments 876,314 110,229 49,513 151,062 163,762
Earning assets 28,834,072 27,622,161 27,565,973 26,088,759 25,881,559
Allowance for loan losses (426,003 ) (191,251 ) (195,572 ) (195,625 ) (194,688 )
Goodwill and other intangible assets 956,916 962,260 977,369 878,051 883,097
Other assets 2,396,708 2,207,587 2,195,779 1,990,678 1,920,263
Total assets $ 31,761,693 $ 30,600,757 $ 30,543,549 $ 28,761,863 $ 28,490,231
LIABILITIES
Noninterest-bearing deposits $ 9,204,631 $ 8,775,632 $ 8,686,383 $ 8,114,632 $ 8,158,658
Interest-bearing transaction and savings deposits 8,931,192 8,845,097 8,758,993 8,034,801 8,224,203
Interest-bearing public fund deposits 3,251,445 3,364,416 2,954,966 3,159,790 3,229,589
Time deposits 3,621,228 2,818,430 3,800,957 3,926,819 3,767,844
Total interest-bearing deposits 15,803,865 15,027,943 15,514,916 15,121,410 15,221,636
Total deposits 25,008,496 23,803,575 24,201,299 23,236,042 23,380,294
Short-term borrowings 2,673,283 2,714,872 2,108,815 1,641,598 1,388,735
Long-term debt 225,606 233,462 246,641 232,754 224,962
Other liabilities 433,244 381,163 400,414 332,554 305,665
Total liabilities 28,340,629 27,133,072 26,957,169 25,442,948 25,299,656
COMMON STOCKHOLDERS'<br><br><br>EQUITY
Common stock net of treasury and capital surplus 2,050,669 2,046,177 2,229,353 2,030,208 2,023,864
Retained earnings 1,297,129 1,476,232 1,408,183 1,363,910 1,299,220
Accumulated other comprehensive income (loss) 73,266 (54,724 ) (51,156 ) (75,203 ) (132,509 )
Total common stockholders' equity 3,421,064 3,467,685 3,586,380 3,318,915 3,190,575
Total liabilities & stockholders' equity $ 31,761,693 $ 30,600,757 $ 30,543,549 $ 28,761,863 $ 28,490,231
CAPITAL RATIOS
Tangible common equity $ 2,464,148 $ 2,505,425 $ 2,609,011 $ 2,440,864 $ 2,307,478
Tier 1 capital (f) 2,509,739 2,584,162 2,530,919 2,533,505 2,457,191
Common equity as a percentage of total assets 10.77 % 11.33 % 11.74 % 11.54 % 11.21 %
Tangible common equity ratio 8.00 % 8.45 % 8.82 % 8.75 % 8.36 %
Leverage (Tier 1) ratio (f) 8.40 % 8.76 % 9.49 % 9.10 % 8.85 %
Tier 1 risk-based capital ratio (f) 10.03 % 10.50 % 11.02 % 10.94 % 10.74 %
Total risk-based capital ratio (f) 11.88 % 11.90 % 12.43 % 12.43 % 12.24 %

(f) Estimated for most recent period-end. March 31, 2020 estimated regulatory capital ratios reflect the election to use the recently issued five-year transition rules for the adoption of ASC 326, commonly referred to as current expected credit loss.

HANCOCK WHITNEY CORPORATION

AVERAGE BALANCE SHEET

(Unaudited)

Three Months Ended
(in thousands) 3/31/2020 12/31/2019 3/31/2019
ASSETS
Commercial non-real estate loans $ 9,147,474 $ 8,981,932 $ 8,659,559
Commercial real estate - owner occupied 2,735,111 2,709,663 2,509,152
Total commercial and industrial loans 11,882,585 11,691,595 11,168,711
Commercial real estate - income producing 3,105,843 3,007,847 2,469,710
Construction and land development loans 1,120,734 1,181,830 1,423,714
Residential mortgage loans 2,968,962 3,004,784 2,942,396
Consumer loans 2,155,892 2,151,886 2,122,417
Total loans 21,234,016 21,037,942 20,126,948
Loans held for sale 40,318 62,272 20,618
Securities (g) 6,149,432 6,201,612 5,656,689
Short-term investments 206,886 139,633 216,192
Earning assets 27,630,652 27,441,459 26,020,447
Allowance for loan losses (241,364 ) (195,616 ) (196,384 )
Goodwill and other intangible assets 959,500 973,601 885,381
Other assets 2,314,813 2,123,849 1,742,104
Total assets $ 30,663,601 $ 30,343,293 $ 28,451,548
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
Noninterest-bearing deposits $ 8,763,359 $ 8,601,323 $ 8,227,698
Interest-bearing transaction and savings deposits 8,798,483 8,803,703 8,082,584
Interest-bearing public fund deposits 3,252,233 3,079,001 3,060,565
Time deposits 3,513,167 3,364,347 3,743,292
Total interest-bearing deposits 15,563,883 15,247,051 14,886,441
Total deposits 24,327,242 23,848,374 23,114,139
Short-term borrowings 2,150,164 2,393,444 1,684,904
Long-term debt 231,438 242,473 224,966
Other liabilities 445,030 385,309 309,488
Common stockholders' equity 3,509,727 3,473,693 3,118,051
Total liabilities & stockholders' equity $ 30,663,601 $ 30,343,293 $ 28,451,548

(g) 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
3/31/2020 12/31/2019 3/31/2019
(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) (h) $ 16,109.2 $ 182.5 4.56 % $ 15,881.3 $ 187.7 4.69 % $ 15,062.1 $ 180.5 4.86 %
Residential mortgage loans 2,969.0 29.5 3.98 % 3,004.8 30.3 4.04 % 2,942.4 31.1 4.23 %
Consumer loans 2,155.9 29.4 5.48 % 2,151.9 30.9 5.70 % 2,122.4 29.9 5.72 %
Loan fees & late charges — (0.6 ) 0.00 % — (0.3 ) 0.00 % — (0.9 ) 0.00 %
Total loans (TE) (i) (j) 21,234.1 240.8 4.56 % 21,038.0 248.6 4.69 % 20,126.9 240.6 4.84 %
Loans held for sale 40.3 0.6 6.17 % 62.3 0.7 4.41 % 20.6 0.3 4.92 %
US Treasury and government<br><br><br>agency securities 124.7 0.8 2.37 % 145.0 0.8 2.30 % 123.8 0.7 2.25 %
CMOs and mortgage backed securities 5,139.5 31.3 2.44 % 5,162.7 32.0 2.48 % 4,599.4 29.9 2.60 %
Municipals (TE) 877.2 6.7 3.07 % 888.1 6.9 3.09 % 930.0 7.4 3.17 %
Other securities 8.0 0.1 4.29 % 5.8 0.0 4.61 % 3.5 0.0 3.09 %
Total securities (TE) (k) 6,149.4 38.9 2.53 % 6,201.6 39.7 2.56 % 5,656.7 38.0 2.69 %
Total short-term investments 206.9 0.5 0.87 % 139.6 0.5 1.51 % 216.2 1.2 2.18 %
Average earning assets yield (TE) $ 27,630.7 $ 280.8 4.08 % $ 27,441.5 $ 289.5 4.20 % $ 26,020.4 $ 280.1 4.35 %
INTEREST-BEARING LIABILITIES
Interest-bearing transaction and<br><br><br>savings deposits $ 8,798.5 $ 12.7 0.58 % $ 8,803.7 $ 14.4 0.65 % $ 8,082.6 $ 14.7 0.74 %
Time deposits 3,513.2 15.4 1.76 % 3,364.4 16.4 1.93 % 3,743.3 18.0 1.95 %
Public funds 3,252.2 10.8 1.33 % 3,079.0 12.0 1.55 % 3,060.5 13.4 1.78 %
Total interest-bearing deposits 15,563.9 38.9 1.01 % 15,247.1 42.8 1.11 % 14,886.4 46.1 1.26 %
Short-term borrowings 2,150.2 4.5 0.83 % 2,393.4 7.1 1.19 % 1,684.9 8.1 1.92 %
Long-term debt 231.4 2.8 4.76 % 242.5 2.9 4.79 % 225.0 2.8 4.99 %
Total borrowings 2,381.6 7.3 1.22 % 2,635.9 10.0 1.51 % 1,909.9 10.9 2.30 %
Total interest-bearing liabilities cost 17,945.5 46.2 1.03 % 17,883.0 52.8 1.17 % 16,796.3 57.0 1.38 %
Net interest-free funding sources 9,685.2 9,558.5 9,224.1
Total cost of funds 27,630.7 46.2 0.67 % 27,441.5 52.8 0.76 % 26,020.4 57.0 0.89 %
Net Interest Spread (TE) $ 234.6 3.05 % $ 236.7 3.02 % $ 223.1 2.97 %
Net Interest Margin (TE) $ 27,630.7 $ 234.6 3.41 % $ 27,441.5 $ 236.7 3.43 % $ 26,020.4 $ 223.1 3.46 %
(h) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.
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(i) Includes nonaccrual loans.
(j) Included in interest income is net purchase accounting accretion of $6.2 million, $8.7 million and $5.0 for the three months ended March 31, 2020, December 31, 2019 and March 31, 2019, respectively.
(k) Average securities does not include unrealized holding gains/losses on available for sale securities.

HANCOCK WHITNEY CORPORATION

ASSET QUALITY INFORMATION

(Unaudited)

Three Months Ended
(dollars in thousands) 3/31/2020 12/31/2019 3/31/2019
Nonaccrual loans (l) (m) $ 254,058 $ 245,833 $ 204,831
Restructured loans - still accruing 34,251 61,265 117,578
Total nonperforming loans 288,309 307,098 322,409
ORE and foreclosed assets 18,460 30,405 27,148
Total nonperforming assets $ 306,769 $ 337,503 $ 349,557
Nonperforming assets as a percent of loans,<br><br><br>ORE and foreclosed assets 1.42 % 1.59 % 1.74 %
Accruing loans 90 days past due (n) (o) $ 17,790 $ 6,582 $ 20,308
Accruing loans 90 days past due as a percent of loans 0.08 % 0.03 % 0.10 %
Nonperforming assets + accruing loans 90<br><br><br>days past due to loans, ORE and foreclosed assets 1.51 % 1.62 % 1.84 %
PROVISION AND ALLOWANCE FOR CREDIT LOSSES
Allowance for Loan Losses:
Beginning balance $ 191,251 $ 195,572 $ 194,514
Cumulative effect of change in accounting principle (p) 49,411 — —
Provision for loan losses 229,105 5,182 18,043
Charge-offs (47,738 ) (11,712 ) (20,991 )
Recoveries 3,974 2,209 3,122
Net charge-offs (43,764 ) (9,503 ) (17,869 )
Ending Balance $ 426,003 $ 191,251 $ 194,688
Reserve for Unfunded Lending Commitments:
Beginning balance $ 3,974 $ — $ —
Cumulative effect of change in accounting principle (p) 27,330 — —
Provision for losses on unfunded lending commitments 17,688 3,974 —
Ending Balance $ 48,992 $ 3,974 $ —
Total Allowance for Credit Losses $ 474,995 $ 195,225 $ 194,688
Total Provision for Credit Losses $ 246,793 $ 9,156 $ 18,043
Allowance for loan losses as a percent of period-end loans 1.98 % 0.90 % 0.97 %
Allowance for credit losses as a percent of period-end loans 2.21 % 0.92 % 0.97 %
Allowance for loan losses to nonperforming<br><br><br>loans + accruing loans 90 days past due 139.17 % 60.97 % 56.81 %
NET CHARGE-OFF INFORMATION
Net charge-offs (recoveries)
Commercial & real estate loans $ 39,509 $ 4,856 $ 14,398
Residential mortgage loans (71 ) 140 244
Consumer loans 4,326 4,507 3,227
Total net charge-offs $ 43,764 $ 9,503 $ 17,869
Net charge-offs (recoveries) as a percent of average loans
Commercial & real estate loans 0.99 % 0.12 % 0.39 %
Residential mortgage loans (0.01 )% 0.02 % 0.03 %
Consumer loans 0.81 % 0.83 % 0.62 %
Total net charge-offs as a percent of average loans 0.83 % 0.18 % 0.36 %

(l) Included in nonaccrual loans are nonaccruing restructured loans totaling $117.9 million, $132.5 million and $105.9 million at 3/31/2020, 12/31/2019 and 3/31/2019, respectively.

(m) 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 and $12.2 million, at 12/31/2019 and 3/31/2019, respectively. Effective 1/1/2020, with the Adoption of ASC 326, such metrics include both originated and acquired balances.

(n) Excludes 90+ accruing troubled debt restructured loans already reflected in total nonperforming loans of $1.5 million at 3/31/2019.

(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 and $2.4 million, at 12/31/2019 and 3/31/2019, respectively.  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) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
Nonaccrual loans (l) (m) $ 254,058 $ 245,833 $ 222,860 $ 209,831 $ 204,831
Restructured loans - still accruing 34,251 61,265 60,897 101,250 117,578
Total nonperforming loans 288,309 307,098 283,757 311,081 322,409
ORE and foreclosed assets 18,460 30,405 30,955 27,520 27,148
Total nonperforming assets $ 306,769 $ 337,503 $ 314,712 $ 338,601 $ 349,557
Nonperforming assets as a percent of<br><br><br>loans, ORE and foreclosed assets 1.42 % 1.59 % 1.49 % 1.68 % 1.74 %
Accruing loans 90 days past due (n) (o) $ 17,790 $ 6,582 $ 7,872 $ 6,493 $ 20,308
Accruing loans 90 days past due as a<br><br><br>percent of loans 0.08 % 0.03 % 0.04 % 0.03 % 0.10 %
Nonperforming assets + accruing<br><br><br>loans 90 days past due to loans,<br><br><br>ORE and foreclosed assets 1.51 % 1.62 % 1.53 % 1.71 % 1.84 %
PROVISION AND ALLOWANCE FOR CREDIT LOSSES:
Allowance for loan losses $ 426,003 $ 191,251 $ 195,572 $ 195,625 $ 194,688
Reserve for unfunded lending commitments 48,992 3,974 — — —
Total allowance for credit losses $ 474,995 $ 195,225 $ 195,572 $ 195,625 $ 194,688
Total provision for credit losses $ 246,793 $ 9,156 $ 12,421 $ 8,088 $ 18,043
Allowance for loan losses as<br><br><br>a percentage of period-end loans 1.98 % 0.90 % 0.93 % 0.97 % 0.97 %
Allowance for credit losses as a percentage of period-end loans 2.21 % 0.92 % 0.93 % 0.97 % 0.97 %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due 139.17 % 60.97 % 67.06 % 61.60 % 56.81 %
NET CHARGE-OFF INFORMATION
Net charge-offs (recoveries)
Commercial & real estate loans $ 39,509 $ 4,856 $ 8,281 $ 4,286 $ 14,398
Residential mortgage loans (71 ) 140 54 (71 ) 244
Consumer loans 4,326 4,507 4,139 2,936 3,227
Total net charge-offs $ 43,764 $ 9,503 $ 12,474 $ 7,151 $ 17,869
Net charge-offs (recoveries) as a<br><br><br>percentage of average loans
Commercial & real estate loans 0.99 % 0.12 % 0.22 % 0.11 % 0.39 %
Residential mortgage loans (0.01 )% 0.02 % 0.01 % (0.01 )% 0.03 %
Consumer loans 0.81 % 0.83 % 0.78 % 0.56 % 0.62 %
Total net charge-offs as a<br><br><br>percentage of average loans 0.83 % 0.18 % 0.25 % 0.14 % 0.36 %
AVERAGE LOANS
Commercial & real estate loans $ 16,109,162 $ 15,881,272 $ 15,126,060 $ 15,081,911 $ 15,062,135
Residential mortgage loans 2,968,962 3,004,784 2,978,712 2,969,746 2,942,396
Consumer loans 2,155,892 2,151,886 2,092,342 2,098,447 2,122,417
Total average loans $ 21,234,016 $ 21,037,942 $ 20,197,114 $ 20,150,104 $ 20,126,948

(l) Included in nonaccrual loans are nonaccruing restructured loans totaling $117.9 million, $132.5 million, $101.1 million, $99.1 million and $105.9 million at 3/31/2020, 12/31/2019, 9/30/2019, 6/30/2019 and 3/31/2019, respectively.

(m) 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, $17.8 million, $10.3 million and $12.2 million, at 12/31/2019, 9/30/2019, 6/30/2019 and 3/31/2019, respectively. Effective 1/1/2020, with the Adoption of ASC 326, such metrics include both originated and acquired balances.

(n) Excludes 90+ accruing troubled debt restructured loans already reflected in total nonperforming loans of $1.5 million at 3/31/2019.

(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, $8.2 million, $2.6 million and $2.4 million, at 12/31/2019, 9/30/2019, 6/30/2019 and 3/31/2019, respectively.  Effective 1/1/2020, with the Adoption of ASC 326, such metrics include both originated and acquired balances.  3/31/2019, respectively.  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)
(in thousands) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
Net interest income 231,188 $ 233,156 $ 222,939 $ 219,868 $ 219,254
Noninterest income 84,387 82,924 83,230 79,250 70,503
Total revenue 315,575 $ 316,080 $ 306,169 $ 299,118 $ 289,757
Taxable equivalent adjustment (q) 3,448 3,580 3,652 3,718 3,824
Total revenue (TE) 319,023 $ 319,660 $ 309,821 $ 302,836 $ 293,581
Noninterest expense (203,335 ) (197,856 ) (213,554 ) (183,567 ) (175,700 )
Nonoperating expense — 3,856 28,810 — -
Operating pre-provision net<br><br><br>revenue (TE) 115,688 $ 125,660 $ 125,077 $ 119,269 $ 117,881

All values are in US Dollars.

OPERATING EARNINGS (LOSS) PER SHARE - DILUTED

Three Months Ended
(in thousands, except per share amounts) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019
Net income (loss) $ (111,033 ) $ 92,132 $ 67,807 $ 88,277 $ 79,164
Net income and dividends allocated to participating securities (427 ) (1,566 ) (1,141 ) (1,502 ) (1,337 )
Net income (loss) available to<br><br><br>common shareholders (111,460 ) 90,566 66,666 86,775 77,827
Nonoperating items, net of<br><br><br>income tax — 3,046 22,760 — —
Nonoperating items allocated to<br><br><br>participating securities — (52 ) (383 ) — —
Operating earnings (loss) available to common shareholders $ (111,460 ) $ 93,560 $ 89,043 $ 86,775 $ 77,827
Weighted average common<br><br><br>shares - diluted 87,186 88,315 86,462 85,835 85,800
Earnings (loss) per share - diluted $ (1.28 ) $ 1.03 $ 0.77 $ 1.01 $ 0.91
Operating earnings (loss) per<br><br><br>share - diluted $ (1.28 ) $ 1.06 $ 1.03 $ 1.01 $ 0.91

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

15

hwc-ex992_53.pptx.htm

Slide 1

First Quarter 2020 Earnings Conference Call 4/29/2020 Exhibit 99.2

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 significant decreases in oil and gas prices on our energy portfolio, the impact of the COVID-19 pandemic on the economy and our operations, the adequacy of our enterprise risk management framework, the impact of the MidSouth acquisition or 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, the impact of the change in the referenced rate reform, deposit trends, credit quality trends, 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 COVID-19 are unsuccessful and restrictions on movement last into the third quarter or beyond, the recession would be much longer and much more severe. Ineffective fiscal stimulus, or an extended delay in implementing it, are also major downside risks. The deeper the recession is, and the longer it lasts, the more it will damage consumer fundamentals and sentiment. This could both prolong the recession, and/or make any recovery weaker. 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 and in other periodic reports that we file with the SEC. Important cautionary statement about forward-looking statements

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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 hancockwhitney.com/investors. 1Q19 – First Quarter of 2019 1Q20 – First Quarter of 2020 2Q20 – Second Quarter of 2020 2Q19 – Second Quarter of 2019 3Q19 – Third Quarter of 2019 4Q19 – Fourth Quarter of 2019 AFS – Available for sale securities ACL – Allowance for credit losses ALLL – Allowance for loan and lease losses Annualized – Calculated to reflect a rate based on a full year ASR – Accelerated Share Repurchase Beta – repricing based on a change in market rates bps – basis points BOLI – Bank-owned life insurance CARES Act – Coronavirus Aid, Relief and Economic Security CCB – Capital Conservation Buffer CET1 ratio – Common Equity Tier 1 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) COVID-19 – Pandemic related virus CRE – Commercial real estate CSO – Corporate strategic objective DDA – Noninterest-bearing demand deposit accounts DP – Data processing E&P – Exploration and Production (Oil & Gas) *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 FFCRA – Families First Coronavirus Response Act FTE – Full time equivalent 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 Loan Mark – Fair value discount on loans acquired in a business combination LOB – Line of Business LPO – Loan production office 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) 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 Payroll Protection Program related to COVID-19 RBL – Reserve-based lending ROA – Return on average assets SBA – Small Business Administration 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

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Corporate Profile (as of March 31, 2020) $31.8 billion in Total Assets $21.5 billion in Total Loans $25.0 billion in Total Deposits CET1 ratio 10.03%; Tangible Common Equity (TCE) ratio 8.00% $1.7 billion in Market Capitalization 215 banking locations and 287 ATMs across our footprint Approximately 4,100 (FTE) employees corporate-wide Rated among the strongest, safest financial institutions in the country by BauerFinancial, Inc. for 122 consecutive quarters Earned top customer service marks with Greenwich Excellence Awards Moody’s long-term issuer rating: Baa3 S&P long-term issuer rating: BBB Named one of America’s Best Midsize Employers by Forbes

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COVID-19 Response Employees Modified normal business operations and procedures where feasible; approximately two-thirds of our almost 3,000 non-financial center associates are working remotely All financial centers are operating drive-thru service and/or by appointment only for the lobby Associate training migrated from mix of face-to-face and computer-based to 100% virtual; candidate recruiting activities are conducted via phone and virtual teleconference platforms Implementing many requirements of the FFCRA and CARES Act mandates, along with additional provisions that those acts allow for associates participating in company medical and retirement plans Board of Directors and members of executive management have elected to contribute a portion of their compensation to the Hancock Whitney Associate Assistance Fund to help associates in need Recognized non-exempt Retail Financial Center job associates with a $1,000 bonus Consumers & Businesses All financial centers that can be opened are operating with almost 1,400 associates via drive-thru service and/or by appointment only for the lobby Assisting clients via online and mobile banking and through the call center Offering fee waivers on certain products Penalty-free CD withdrawals MMDA & savings excessive withdrawal fees Overdraft protection transfer fees Checking account reopening fees Offering loan payment deferrals Business and consumer loans and lines of credit Credit cards Auto loans Extending credit where appropriate to existing and qualified new clients Fully participating in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP); originated 4,893 loans totaling $1.7 billion in round 1 of the program As of March 31, 2020, approximately $525 million of additional funding had been provided to clients via existing lines

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COVID-19 Response Communities $2.5 million in donations for the communities we serve Beyond the support via loan payment deferrals and fee waivers, we are providing direct community support including cash donations: $1.0 million total for local food pantries in our markets $600,000 for supplying protective gear for residents in the hardest hit low income neighborhoods and first responders $800,000 of support for housing relief including legal services to help disadvantaged residents fight illegal evictions An additional $100,000 to the Hancock Whitney Associate Assistance Fund on top of the $400,000 already donated by executives, board members, and associates The support and donations will be provided via partnerships with local organizations in our communities Additionally the company has partnered with local client restaurants to organize a food delivery program to hospitals caring for a large number of COVID-19 patients; well-known New Orleans chefs joined the effort to support the healthcare heroes on the frontlines by providing thousands of meals

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First Quarter 2020 Results include $246.8 million, or $2.24 per share, provision for credit losses related to COVID-19 and declining oil prices Results include $9.8 million, or $.11 per share, related to write-offs of equity interests in two energy companies which were received in bankruptcy restructurings Pre-provision net revenue (PPNR) totaled $115.7 million, down $10 million linked-quarter (mostly related to energy-related equity write-offs) Strengthened Allowance for Credit Losses (ACL)/Total Loans to 2.21% Capital remains solid with CET1 ratio of 10.03%; regulatory ratios well in excess of required levels including capital conservation buffers (CCB); TCE ratio at 8% Loan growth totaled $303 million linked-quarter; DDAs up $429 million NIM declined 2 basis points (bps) linked-quarter; purchase accounting accretion (PAA) down $2.5 million, or 4 bps; excluding PAA, NIM up 1 bp Criticized commercial loans down $51 million, or 9%, and nonperforming loans down $19 million, or 6%, linked-quarter Solid liquidity, with approximately $14 billion available in additional sources of funding ($s in millions; except per share data) 1Q20 4Q19 1Q19 Net Income (loss) ($111.0) $92.1 $79.2 Provision for credit losses $246.8 $9.2 $18.0 Merger Costs Equity interest write-offs --- $9.8 $3.9 --- --- --- Earnings Per Share – diluted ($1.28) $1.03 $.91 Return on Assets (%) (ROA) (1.46) 1.20 1.13 Return on Tangible Common Equity (%) (ROTCE) (17.51) 14.62 14.38 Net Interest Margin (%) 3.41 3.43 3.46 Net Charge-offs (%) 0.83 0.18 0.36 CET1 Ratio (%) 10.03 10.50 10.74 Tangible Common Equity (%) 8.00 8.45 8.36 Pre-Provision Net Revenue (TE)* $115.7 $125.7 $117.9 Efficiency Ratio (%) 62.1 58.9 58.1 *Non-GAAP measures. See slides 31-33 for non-GAAP reconciliations.

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Solid Quarterly Loan Growth Loans totaled $21.5 billion at March 31, 2020, an increase of $303 million, or 1%, linked-quarter Loan growth was evident across the footprint from closings on loans in the pipeline and funding existing lines of credit related to economic uncertainty Line utilization at March 31, 2020 was 49.4% compared to 47.6% at December 31, 2019 Approximately $525 million of additional funding was provided to clients via existing lines of credit in March The company has made loan deferrals available to customers impacted by COVID-19 At March 31, 2020 there were 1,618 notes deferred totaling $839.4 million in outstandings As of April 22, 2020 there were 7,299 notes deferred totaling $3.1 billion in outstandings We anticipate strong momentum in 2Q as SBA program loans are funded, mortgage lending applications continue, and fundings of lines of credit increase as uncertainty persists Participating in the SBA’s PPP effective April 3, 2020 The company originated 4,893 PPP loans totaling $1.7 billion in round 1 of the program Loan portfolio 55% variable 59% of variable loans are LIBOR-based (32% of total loan portfolio) 97% of the LIBOR loans are tied to 1 month LIBOR 3% of the LIBOR loans are tied to 3 month LIBOR 31% tied to Wall Street Journal Prime Total Loans $21.5 billion 3/31/20

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Commercial Loans (C&I, CRE, C&D) Total Commercial Loans ($s in millions) Outstanding % of Total Loans Commitment Real Estate, Rental and Leasing $ 3,210 14.9% $ 4,004 Retail Trade 1,845 8.6% 2,147 Health Care and Social Assistance 1,663 7.7% 2,009 Hospitality 1,157 5.4% 1,300 Manufacturing 998 4.6% 1,557 Energy 940 4.4% 1,430 Construction 929 4.3% 1,828 Transportation and Warehousing 836 3.9% 1,074 Wholesale Trade 806 3.7% 1,248 Public Administration 762 3.5% 785 Finance and Insurance 745 3.5% 1,227 Professional, Scientific, and Technical Services 519 2.4% 841 Other Services (except Public Administration) 473 2.2% 556 Educational Services 354 1.6% 484 Administrative and Support and Waste Management and Remediation Services 207 1.0% 327 Other (less than 1% individually) 940 4.4% 1,877 Grand Total $ 16,384 76.1% $ 22,692

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Retail – 8.6% of Total Loans ICRE Retail portfolio is fairly segmented and primarily comprised of national anchored centers (35%), single credit tenant facilities (13%), and unanchored centers (29%) Retail trade represents 8.6% of total loans and is diversified across numerous subsectors with the larger concentrations in C-stores, automobile dealerships and food/beverage stores Deferrals of approximately $370 million in outstandings as of April 22, 2020 East (MS, AL, FL, TN); Central (Greater N.O., SELA); West (SWLA, TX) $ in Millions East Central West Other Total Commitment Line Utilization $ NPL % NPL $ Criticized % Criticized Motor Vehicle and Parts Dealers $97 $111 $78 --- $286 $359 80% --- --- $1 --- Furniture and Home Furnishings Stores 52 3 30 --- 85 106 80% — --- — --- Electronics and Appliance Stores 2 1 1 — 3 4 74% --- --- --- --- Building Material and Garden Equipment and Supplies Dealers 42 15 5 --- 62 75 83% — --- 5 8% Food and Beverage Stores 18 58 16 45 136 164 83% --- --- 4 3% Health and Personal Care Stores 30 5 3 --- 38 44 87% --- --- 1 3% Gasoline Stations 69 216 100 8 394 451 87% 1 --- 2 --- Clothing and Clothing Accessories Stores 16 6 5 — 26 31 85% --- --- 1 2% Sporting Goods, Hobby, Book, and Music Stores 2 3 1 — 5 8 63% --- --- --- --- General Merchandise 26 --- --- — 26 31 84% — --- — --- Miscellaneous Store Retailers 10 17 7 --- 35 47 74% --- --- --- --- Nonstore Retailers 8 1 3 62 73 82 89% — --- --- --- Retail CRE 152 318 207 --- 677 746 91% — --- --- --- TOTAL RETAIL $524 $754 $456 $115 $1,845 $2,147 86% $2 --- $14 1%

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Healthcare – 7.7% of Total Loans Healthcare predominantly includes ambulatory care, nursing/long-term care and hospitals and represents 7.7% of total loans Approximately half of the healthcare outstandings are in our Nashville market managed by our dedicated healthcare lending team, while the remaining represents regional relationships and real estate loans to customers in our footprint Deferrals of approximately $355 million in outstandings as of April 22, 2020 East (MS, AL, FL, TN); Central (Greater N.O., SELA); West (SWLA, TX) $ in Millions East Central West Other Total Commitment Line Utilization $ NPL % NPL $ Criticized % Criticized Ambulatory Health Care Service $413 $130 $129 $22 $694 $914 76% $22 3% $27 4% Hospitals 118 119 96 8 340 373 91% 2 1% 2 1% Nursing and Residential Care Facilities 330 124 118 — 571 651 88% 24 4% 36 6% Social Assistance 21 15 16 5 58 71 82% — --- — --- TOTAL HEALTHCARE $882 $388 $359 $35 $1,663 $2,009 83% $48 3% $65 4%

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Hospitality – 5.4% of Total Loans As a result of COVID-19, business, leisure and international travel has generally ceased and is likely to continue to be significantly curtailed Deferrals of approximately $575 million in outstandings as of April 22, 2020 Hospitality is comprised of Accommodation & Food Service and Arts, Entertainment & Recreation and represents 5.4% of total loans Food and drinking places are centered in full-service, casual dining and fast food, both in the Greater New Orleans market (45%), but also more broadly spread across the Florida to Texas footprint Accommodations includes hotel/motel operators with 47% in the New Orleans metro and the remaining 53% spread throughout our franchise East (MS, AL, FL, TN); Central (Greater N.O., SELA); West (SWLA, TX) $ in Millions East Central West Other Total Commitment Line Utilization $ NPL % NPL $ Criticized % Criticized Performing Arts, Spectator Sports, and Related Industries $5 $8 $1 --- $14 $26 53% --- --- $3 24% Museums, Historical Sites, and Similar Institutions 6 10 --- — 17 20 83% — — — --- Amusement, Gambling, and Recreation Industries 20 86 18 --- 124 132 94% — — 5 4% Accommodation 177 249 100 — 526 581 90% — — 4 1% Food Services and Drinking Places 151 206 121 --- 476 541 88% --- --- 2 1% TOTAL HOSPITALITY $359 $559 $240 — $1,157 $1,300 89% --- --- $15 1%

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Energy loans totaled $940 million, or 4.4% of total loans, down $24 million, or 2%, linked-quarter Linked-quarter change reflects $42 million in net reductions, and $36 million in net charge-offs partially offset by $54 million in fundings Reserve-based energy loans have been impacted recently not only by significantly declining oil prices, but many have been criticized due to recent liquidity stress in the industry Deferrals of approximately $130 million in outstandings as of April 22, 2020 Recent resolution of several RBL credits has resulted in larger than anticipated charge-offs Energy allowance/energy loans totaled 9.4%* at March 31, 2020 Energy – 4.4% of Total Loans $ in millions Outstanding Commitment Line Utilization $ NPL % NPL $ Criticized % Criticized Upstream $299 $460 65% $38 13% $91 31% Midstream 141 201 70% — --- 23 16% Support Drilling 123 177 69% — --- --- --- Support Nondrilling 373 520 72% 67 18% 115 31% Downstream 4 72 5% — --- — — TOTAL ENERGY $940 $1,430 66% $105 11% $229 24% *Includes reserve for unfunded commitments

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Selected Sectors Under Focus $s in millions Outstanding at 3/31/20 % Total Loans % of Portfolio Criticized Retail Retail goods & services CRE Retail $686 $677 3.2% 3.1% 0.5% --- Healthcare Offices of physicians & dentists CRE assisted living Hospitals $443 $375 $340 2.1% 1.7% 1.4% 5.8% 2.6% 0.7% Hospitality Hotel Restaurant/Bars Entertainment $526 $476 $155 2.4% 2.2% 0.7% 0.9% 0.5% 5.3% Energy $940 4.4% 24.4% Limited or No Exposure to: Airlines Casinos Consumer Credit Card Student Loans Unsecured Consumer Loans Agricultural Loans Automotive Manufacturing

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Current Expected Credit Losses (CECL) Methodology CECL replaced the incurred loss methodology with a life of loan concept effective 1/1/2020 CECL Methodology Utilize a two year reasonable and supportable forecast, one year straight line reversion to a historical loss mean by product Regression Loss Models (RLMs) developed using 10 years of internal historical loan loss data correlated to economic variables (both state and national) to forecast losses Most significant variables include: (1) Flow of Funds: Commercial real estate price index, (2) Industrial Production, (3) Labor: Unemployment Rate, (4) Debt to Income Ratio, (5) Rental Vacancy Rate Models are segmented by product and/or product and region Consideration given to Moody’s suite of economic scenario forecasts (Baseline, S1, S2, S3, S4). Weighting of different scenarios applied to capture estimation uncertainty and to align with management’s expectation of possible outcomes S1=Stronger Near-term Growth; S2=Slower Near-term Growth; S3=Moderate Recession; S4=Protracted Slump Scenario weightings Weighting at March 31, 2020 was Baseline (80%) / S3 (15%) / S4 (5%) - recession forecasted in all scenarios Baseline forecasts a Q1/Q2 recession; S3/S4 weighted to capture potential of prolonged downturn and specific impacts this might have on our footprint Framework for application of qualitative factors and calculation methods for individually assessed loans remains largely unchanged

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Allowance for Credit Losses (ACL) $ in millions December 31, 2019 Incurred Loss January 1, 2020 CECL Adoption March 31, 2020 CECL Portfolio Amount % of Loan and Leases Outstanding Amount % of Loan and Leases Outstanding Amount % of Loan and Leases Outstanding Nonenergy Commercial $ 112 0.74% $ 136 0.91% $ 255 1.65% Energy 36 3.73% 41 4.29% 79 8.47% Mortgage 20 0.67% 33 1.11% 48 1.63% Consumer 23 1.09% 30 1.40% 43 2.01% Allowance for Loan and Lease Losses $ 191 0.90% $ 241 1.14% $ 426 1.98% Reserve for Unfunded Lending Commitments 4 ---  31 ---  49 ---  Allowance for Credit Losses $ 195 0.92% $ 272 1.28% $ 475 2.21% Energy ACL 9.4% including reserve for unfunded commitments; nonenergy ACL 1.88% including reserve for unfunded commitments

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First Quarter Allowance Build Using CECL - New loans - Change in product mix - Aging of existing portfolio - Credit quality impact - Changes in macroeconomic variables - Changes in scenario weighting - Qualitative overlays - CECL transition adjustment - Build in allowance for loan and lease losses and reserves for unfunded commitments

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Q1 2020 Provision for Credit Losses Provision for the first quarter of 2020 totaled $247 million Captures management’s expectation of downturn in oil and gas and deterioration of the economy related to COVID-19 Provision for nonenergy loans of $169 million was predominantly driven by the impact of COVID-19 on our concentrations of hospitality, retail trade and healthcare Provision for energy loans of $78 million reflects updated pricing decks based on current oil prices, and deeper discounts on collateral values resulting from additional liquidity stress in the industry Additional provisions may be required if the economy continues to deteriorate, unemployment remains high, COVID-19 travel bans and shelter in place orders are prolonged and/or oil and gas prices remain low for an extended duration  ($s in millions) Reserve build collectively evaluated Reserve build individually evaluated Charge-offs Total Provision Commercial nonenergy $ 113.8 $ 20.6 $ 3.6 $ 138.0 Energy 13.4 28.7 35.9 78.0 Residential Mortgage 14.9 0.1 (0.1) 14.9 Consumer 11.7 (0.1) 4.3 15.9 Total $ 153.8 $ 49.3 $ 43.8 $ 246.8

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Net interest margin (NIM) of 3.41%, down 2 bps linked-quarter; net interest income (TE) down $2.1 million 1Q20 NIM included no interest reversals compared to 1 bp of interest reversals in 4Q19 Includes a reduction of $2.5 million, or 4 bps, decrease in accretion mainly related to the MidSouth acquisition Excluding PAA, NIM was up 1 bp Proactive deposit pricing helped offset the impact from a lower rate environment; expect April 2020 cost of deposits to approximate 43 bps NIM Expansion Excluding Impact of Accretion

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Yield Continues To Be Impacted By Lower Rates Focus remains on booking new loans that are more granular along with improved spreads Recent decline in new production yield reflects recent changes in rate environment (Fed rate drops) (excluding impact of MSL) $s in thousands

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Securities Portfolio Conservative, Minimal Risk Portfolio totaled $6.2 billion, down $16 million, or 2%, linked-quarter 100% fixed, 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 $9.5 million, up $0.2 million linked-quarter; prepayments for the second quarter are expected to remain flat as mortgage rates are not necessarily lower Yield 2.53%, down 3 bps linked-quarter Unrealized net gain of $184.9 million on AFS compared to $37.7 million at December 31, 2019 24% HTM, 76% AFS Duration 3.57 years compared to 4.16 years at December 31, 2019

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Strong Liquidity $14 Billion in Available Sources $ in millions Total Available Amount Used Net Availability Internal Sources       Free Securities and other $ 2,496 $ — $ 2,496 External Sources     FHLB 6,235 3,350 2,885 FRB 4,388 — 4,388 Brokered Deposits 3,751 1,079 2,672 Other 1,504 — 1,504 TOTAL LIQUIDITY $ 18,374 $ 4,429 $ 13,945

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Strong Growth in DDA Total deposits of $25.0 billion, up $1.2 billion, or 5%, linked-quarter Noninterest-bearing demand deposits (DDAs) increased $429 million Interest-bearing transaction and savings deposits increased $86 million Time deposits (retail) decreased $110 million Time deposits (brokered) increased $913 million in part to fund seasonal deposit outflows and shore up overall liquidity Interest-bearing public fund deposits decreased $113 million related to normal seasonality DDAs comprised 37% of total period-end deposits March cost of deposits 59 bps, down 7 bps from year-end and down 9 bps from February

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Specialty Income Drives Linked-Quarter Growth Noninterest income totaled $84.4 million, up $1.5 million, or 2% linked-quarter Service charges and Bank Card & ATM fees down primarily due to one less processing day and seasonally lower individual overdraft fees Investment and annuity income and insurance up, primarily due to higher annuity production and underwriting engagements, partially offset by lower insurance sales Secondary mortgage fees impacted by favorable rate environment Higher other income related to a $1.5 million gain on the sale of historic tax credits and $0.8 million bank owned life insurance (BOLI) proceeds Gain on historic tax credits sale and BOLI proceeds

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Noninterest Expense Detail Noninterest expense totaled $203.3 million, up $5.5 million linked-quarter; included in 1Q20 expense is $9.8 million of equity write-offs from energy-related credits; merger costs related to the acquisition of MSL totaled $3.9 million in 4Q19 A lower level of incentive pay in the first quarter led to a $3.5 million decrease in personnel expense linked-quarter Occupancy & equipment declined $0.4 million linked-quarter ORE and other foreclosed asset (OFA) expense totaled $10.1 million in 1Q20; the linked-quarter change includes $9.8 million of energy-related equity write-offs noted previously Other operating expense totaled $57.2 million, down $1.2 million linked-quarter $9.8 write-off of equity from two energy credits

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Capital Levels Solid; ASR Settled; Buybacks Suspended TCE ratio 8.00%, down 45 bps linked-quarter Growth in tangible assets -31 bps Tangible net earnings +9 bps Impact from COVID-19 -45 bps Impact of CECL adoption -15 bps Dividends -8 bps Stock buyback/ASR completion NEUTRAL Change in OCI +43 bps Stock activity and other +2 bps Will continue to manage capital in the best interests of the Company and our shareholders: Managing through COVID-19 is our top focus Stock buybacks have been suspended; the ASR announced in October 2019 is complete We remain confident in our capability and capacity to maintain the common dividend at current level based on strength of capital ratios at March 31, 2020 but also on stressed scenarios through year-end Tangible Common Equity Ratio Leverage (Tier 1) Ratio CET1 Ratio and Tier 1 Risked-Based Capital Ratio Total Risk-Based Capital Ratio March 31, 2020 8.00% 8.40%(e) 10.03%(e) 11.88%(e) December 31, 2019 8.45% 8.76% 10.50% 11.90% September 30, 2019 8.82% 9.49% 11.02% 12.43% June 30, 2019 8.75% 9.10% 10.94% 12.43% March 31, 2019 8.36% 8.85% 10.74% 12.24% (e) Estimated for most recent period-end; March 31, 2020 estimated regulatory capital ratios reflect the election to use the recently issued five-year CECL transition rules

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Solid Capital In Excess of Regulatory Minimums Estimated Regulatory Capital as of March 31, 2020   Common Equity Tier 1 Tier 1 Capital Total Risk-based Capital Tier 1 Leverage Ratio Asset Base $ 25,031 $25,031 $ 25,031 $ 29,863 Capital 2,510 2,510 2,973 2,510 Capital Ratio 10.03% 10.03% 11.88% 8.40%           Regulatory Minimum $ with CCB (1) $ 1,752 $ 2,128 $ 2,628 $ 1,195 Regulatory Minimum with CCB (1) 7.00% 8.50% 10.50% 4.00%           Capital in excess of Regulatory $ 758 $ 382 $ 345 $ 1,315 minimum with CCB 3.03% 1.53% 1.38% 4.40% (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. March 31, 2020 estimated regulatory capital ratios reflect the election to use the recently issued five-year CECL transition rules.

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Appendix and Non-GAAP Reconciliations

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Operating Results *Non-GAAP measures. See slides 31-33 for non-GAAP reconciliations       1Q19 2Q19 3Q19 4Q19 1Q20 Operating PPNR (TE)* ($000) 117,881 119,269 125,077 125,660 115,688 Net Interest Income (TE)* ($000) 223,078 223,586 226,591 236,736 234,636 Net Interest Margin (TE)* 3.46% 3.45% 3.41% 3.43% 3.41% Operating Noninterest Income* ($000) 70,503 79,250 83,230 82,924 84,387 Operating Expense* ($000) 175,700 183,567 184,744 194,000 203,335 Efficiency Ratio* 58.10% 58.95% 58.05% 58.88% 62.06%

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Balance Sheet Summary       1Q19 2Q19 3Q19 4Q19 1Q20 Average Loans ($MM) 20,127 20,150 20,197 21,038 21,234 Average Total Securities ($MM) 5,657 5,586 6,005 6,202 6,149 Average Deposits ($MM) 23,114 23,138 23,091 23,848 24,327 Loan Yield (TE) 4.84% 4.89% 4.84% 4.69% 4.56% Cost of Interest Bearing Deposits 1.26% 1.33% 1.30% 1.11% 1.01% Tangible Common Equity Ratio 8.36% 8.75% 8.82% 8.45% 8.00%

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Operating Earnings & EPS Non-GAAP to GAAP Reconciliations Three Months Ended (in thousands, except per share amounts) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019 Net Income (loss) ($111,033) $92,132 $67,807 $88,277 $79,164 Net income allocated to participating securities (427) (1,566) (1,141) (1,502) (1,337) Net income available to common shareholders ($111,460) $90,566 $66,666 $86,775 $77,827 Nonoperating items, net of income tax --- 3,046 22,760 --- --- Nonoperating items allocated to participating securities --- (52) (383) --- --- Operating earnings available to common shareholders ($111,460) $93,560 $89,043 $86,775 $77,827 Weighted average common shares - diluted 87,186 88,315 86,462 85,835 85,800 Earnings per share - diluted ($1.28) $1.03 $0.77 $1.01 $0.91 Operating earnings per share - diluted ($1.28) $1.06 $1.03 $1.01 $0.91

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Operating ROA, ROE & ROTCE Reconciliations Three Months Ended (dollars in thousands) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019 Net Income (loss) ($111,033) $92,132 $67,807 $88,277 $79,164 Nonoperating items, net of income tax --- 3,046 22,760 --- --- Operating earnings (loss) ($111,033) $95,178 $90,567 $88,277 $79,164 Average Assets $30,663,601 $30,343,293 $29,148,106 $28,537,810 $28,451,548 Average Equity $3,509,727 $3,473,693 $3,383,738 $3,230,503 $3,118,051 Average Tangible Common Equity $2,550,227 $2,500,092 $2,496,870 $2,350,006 $2,232,670 Return on average assets - operating -1.46% 1.24% 1.23% 1.24% 1.13% Return on average equity - operating -12.72% 10.87% 10.62% 10.96% 10.30% Return on average tangible common equity - operating -17.51% 15.10% 14.39% 15.07% 14.38%

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Operating Revenue (TE), Operating PPNR (TE) Reconciliations Three Months Ended (in thousands) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019 Net interest income $231,188 $233,156 $222,939 $219,868 $219,254 Noninterest income 84,387 82,924 83,230 79,250 70,503 Total revenue $315,575 $316,080 $306,169 $299,118 $289,757 Taxable equivalent adjustment 3,448 3,580 3,652 3,718 3,824 Nonoperating revenue --- --- --- --- --- Operating revenue (TE) $319,023 $319,660 $309,821 $302,836 $293,581 Noninterest expense (203,335) (197,856) (213,554) (183,567) (175,700) Nonoperating expense --- 3,856 28,810 --- --- Operating pre-provision net revenue (TE) $115,688 $125,660 $125,077 $119,269 $117,881 Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.

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Criticized Loans Decline 9% LQ and Year-over-Year Criticized commercial loans down $51 million, or 9%, linked-quarter Criticized energy loans totaled $229 million at March 31, 2020, down $31 million, or 12%, linked-quarter Criticized nonenergy loans totaled $301 million at March 31, 2020, down $20 million, or 6%, linked-quarter Total criticized commercial loans % of total commercial loans $584 3.88% $573 3.79% $659 4.15% $581 3.62% $530 3.24% Criticized – nonenergy % of total commercial loans $320 2.12% $315 2.08% $378 2.38% $321 2.00% $301 1.84% Criticized – energy % of total commercial loans $264 1.75% $258 1.71% $281 1.77% $260 1.62% $229 1.40%

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Total, Energy NPLs Down LQ; CECL Adds to NPLs Nonperforming energy loans totaled $105 million at March 31, 2020, down $53 million, or 34% linked-quarter Nonperforming nonenergy loans totaled $183 million at March 31, 2020, up $34 million linked-quarter CECL implementation added $21.4 million to nonenergy NPLs in the first quarter of 2020 Total nonperforming loans % of total loans $322 1.60% $311 1.54% $284 1.35% $307 1.45% $288 1.34% Nonperforming loans – nonenergy % of total loans $141 0.70% $141 0.70% $140 0.67% $149 0.70% $183 0.85% Nonperforming loans – energy % of total loans $181 0.90% $170 0.84% $144 0.68% $158 0.74% $105 0.49%

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First Quarter 2020 Earnings Conference Call 4/29/2020

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