8-K

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 15, 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 January 15, 2020, Hancock Whitney Corporation (the “Company”) announced financial results for its fourth quarter ended December 31, 2019. 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 16, 2020 at 8:30 a.m. (Central Time), the Company intends to hold an investor call and webcast to discuss financial results for the quarter ended December 31, 2019, 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<br><br><br>Number	Description
99.1	Press Release dated January 15, 2020 for Quarter Ended December 31, 2019.
99.2	Presentation Slides dated January 16, 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
January 15, 2020	By:	/s/ Michael M. Achary
		Michael M. Achary
		Chief Financial Officer

hwc-ex991_6.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 15, 2020

For more information

Trisha Voltz Carlson, EVP, Investor Relations Manager

504.299.5208 or trisha.carlson@hancockwhitney.com

Hancock Whitney reports fourth quarter 2019 EPS of $1.03

Results include $3.9 million, or $.03 per share after tax, of MidSouth merger-related expense

GULFPORT, Miss. (January 15, 2020) — Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the fourth quarter of 2019. Net income for the fourth quarter of 2019 was $92.1 million, or $1.03 per diluted common share (EPS), compared to $67.8 million, or $.77 EPS, in the third quarter of 2019 and $96.2 million, or $1.10 EPS, in the fourth quarter of 2018. The fourth quarter of 2019 included $3.9 million ($.03 per share impact) of final merger costs associated with the September 21, 2019 acquisition of MidSouth Bancorp, Inc. The third quarter of 2019 included $28.8 million ($.26 per share impact) of merger costs associated with the MidSouth acquisition, and the fourth quarter of 2018 included $1.9 million ($.02 per share after-tax impact) of nonoperating items.

Highlights of the company’s fourth quarter 2019 results (compared to third quarter 2019):

•	Reported net income of $92.1 million, or $1.03 per diluted share, up $24.3 million, or $.26 per share
•	Nonoperating items totaled $3.9 million in 4Q19 and $28.8 million in 3Q19
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•	Excluding nonoperating items noted above, EPS was $1.06 in 4Q19 and $1.03 in 3Q19
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•	Operating leverage increased $0.6 million linked-quarter (revenue up $9.8 million, operating expense up $9.2 million)
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•	Energy loans decreased $71 million to $963 million, or 4.5% of total loans
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•	Criticized commercial loans declined $79 million, or 12% ($21 million energy, $58 million nonenergy)
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•	NIM improved by 2 bps to 3.43%
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•	TCE ratio down 37 bps to 8.45%; decrease mainly related to the accelerated share repurchase (ASR) agreement announced October 21, 2019
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“We ended 2019 on a positive note, beating expectations with solid results,” said John M. Hairston, President & CEO. “EPS excluding merger costs was up 3% linked-quarter, our operating leverage increased quarter-to-quarter, loan growth was in line with guidance despite a reduction in our energy portfolio of over $70 million, our criticized loans decreased, our NIM expanded and our capital levels remained strong - even with the repurchase of shares in the quarter. As we kick off 2020, our team is focused on building upon positive momentum while capitalizing upon opportunities available in our markets.”

Loans

Total loans at December 31, 2019 were $21.2 billion, up approximately $177 million, or 1%, linked-quarter. Included in net growth total was a reduction of $71 million in energy credits total. Year-over-year growth was in line

with guidance, with end of period loans growing by $1.2 billion, or 6%, while average loans grew by $1.0 billion, or 5%.

Average loans totaled $21.0 billion for the fourth quarter of 2019, up $841 million, or 4%, linked-quarter. The increase reflects the full quarter impact from MidSouth.

At December 31, 2019, loans to the energy industry totaled $963 million, or 4.5% of total loans. The linked-quarter change reflects $108 million in net reductions, partially offset by $36 million in fundings. The portfolio is comprised of credits to both the exploration and production (E&P) subsector and the support services subsector. See slide presentation for additional energy details.

Deposits

Total deposits at December 31, 2019 were $23.8 billion, down $398 million, or 2%, from September 30, 2019. A paydown of brokered time deposits was the primary driver of the decrease from September 30, 2019.

Noninterest-bearing demand deposits (DDAs) totaled $8.8 billion at December 31, 2019, up $89 million, or 1%, from September 30, 2019 and comprised 37% of total period-end deposits at December 31, 2019.

Interest-bearing transaction and savings deposits totaled $8.8 billion at the end of the fourth quarter of 2019, up $86 million, or 1%, from September 30, 2019. Compared to September 30, 2019, time deposits of $2.8 billion were down $983 million, or 26%, primarily due to the paydown of brokered CDs. The decrease in time deposits reflects a decrease in brokered CDs of $876 million and a decrease of $106 million in retail CDs. As part of our portfolio management, we replaced brokered CDs at a rate of 2.40% with FHLB advances at a cost of 1.68%.

Interest-bearing public fund deposits increased $409 million, or 14%, to $3.4 billion. The increase in public funds is seasonal and primarily related to year-end tax payments collected by local municipalities. Typically, these balances begin to runoff in the first quarter of each year.

Average deposits for the fourth quarter of 2019 were $23.8 billion, up $757 million, or 3%, linked-quarter. The increase reflects the full quarter impact from MidSouth.

Asset Quality

Nonperforming assets (NPAs) totaled $337.5 million at December 31, 2019, up $22.8 million, or 7%, from September 30, 2019. Accruing energy TDRs remained virtually unchanged linked-quarter. During the fourth quarter of 2019, total nonperforming loans increased approximately $23.3 million, while foreclosed and surplus real estate (ORE) and other foreclosed assets decreased approximately $0.6 million. Nonperforming assets as a percent of total loans, ORE and other foreclosed assets was 1.59% at December 31, 2019, up 10 bps from September 30, 2019.

The total allowance for credit losses (ACL) was $195.2 million at December 31, 2019, down $0.3 million from September 30, 2019. The allowance for credits in the energy portfolio totaled $34.9 million, or 3.29% of funded energy loans, at December 31, 2019, up $2.9 million from September 30, 2019. The allowance for credits in the nonenergy portfolio totaled $160.3 million, or 0.79% of funded nonenergy loans, at December 31, 2019, down $3.3 million from $163.6 million, or 0.82% of nonenergy loans, at September 30, 2019. The ratio of the allowance (ALLL) to period-end loans was 0.90% at December 31, 2019, down 3 bps from 0.93% at September 30, 2019.

Net charge-offs were $9.5 million, or 0.18% of average total loans on an annualized basis in the fourth quarter of 2019, down from $12.5 million, or 0.25% of average total loans in the third quarter of 2019. There were no energy

charge-offs in the fourth quarter of 2019. During the fourth quarter of 2019, the company recorded a total provision for credit losses of $9.2 million, down from $12.4 million in the third quarter of 2019.

Net Interest Income and Net Interest Margin (NIM)

Net interest income (TE) for the fourth quarter of 2019 was $236.7 million, up $10.1 million from the third quarter of 2019. The net interest margin (TE) was 3.43% for the fourth quarter of 2019, up 2 bps from the third quarter of 2019. The improvement in net interest income was primarily due to higher average earning assets mainly due to the MidSouth acquisition and lower cost of funds. The 2 bps increase in the net interest margin was attributable to the impact of a full quarter of MidSouth (+5 bps), accretion related to the MidSouth transaction (+6 bps), mostly offset by the lack of interest recoveries compared to last quarter (-6 bps), and the impact of the Federal Reserve rate cuts (-4 bps). The impact from a change in the earning asset mix (-2 bps), and a change in the borrowing mix (+3 bps) helped drive the NIM expansion in the quarter. The decline in the cost of funds reflects a proactive move by the company in lowering deposit costs.

Average earning assets were $27.4 billion for the fourth quarter of 2019, up $1.0 billion, or 4%, from the third quarter of 2019.

Noninterest Income

Noninterest income totaled $82.9 million for the fourth quarter of 2019, down $0.3 million, or less than 1%, from the third quarter of 2019.

Service charges on deposits totaled $23.4 million for the fourth quarter of 2019, up $1.5 million, or 7%, from the third quarter of 2019. Bank card and ATM fees totaled $17.9 million, up $0.8 million, or 4%, from the third quarter of 2019. The increase from the third quarter is primarily due to the impact from MidSouth.

Trust fees totaled $15.5 million, up $0.4 million, or 3%, linked-quarter. Investment and annuity income and insurance fees totaled $6.4 million, down $0.6 million, or 9%, linked-quarter. Fees from secondary mortgage operations totaled $6.0 million for the fourth quarter of 2019, up $0.3 million, or 5%, linked-quarter. The favorable rate environment was the primarily driver of the linked-quarter increase.

Other noninterest income totaled $13.8 million, down $2.6 million, or 16%, from the third quarter of 2019. The decrease in other noninterest income is primarily due to declines in specialty income.

Noninterest Expense & Taxes

Noninterest expense totaled $197.9 million, down $15.7 million, or 7%, linked-quarter. Total expense included $3.9 million of merger costs related to the acquisition of MidSouth. There were $28.8 million of MidSouth merger-related expenses in the third quarter of 2019. Operating expense totaled $194.0 million, up $9.3 million, or 5%, from the third quarter of 2019. The expense detail below excludes merger costs.

Total personnel expense was $114.6 million in the fourth quarter of 2019, up $7.1 million, or 7%, from the third quarter of 2019. Approximately half of the increase was related to the impact from MidSouth operations, with the remainder related to incentive pay and benefits.

Occupancy and equipment expense totaled $17.0 million in the fourth quarter of 2019, virtually unchanged from the third quarter of 2019.

Amortization of intangibles totaled $5.8 million for the fourth quarter of 2019, up $0.9 million, or 18%, linked-quarter.

Gains on ORE dispositions exceeded ORE expense by $0.8 million in the fourth quarter of 2019, compared to ORE expense of $1.9 million in the third quarter of 2019.

Other operating expense totaled $57.5 million in the fourth quarter of 2019, up $4.0 million, or 7%, from the third quarter of 2019. The increase is primarily due to expenses related to the MidSouth acquisition.

The effective income tax rate for the fourth quarter of 2019 was 16%. Management expects the tax rate in the first quarter of 2020 to approximate 18-19%. The effective income tax rate continues to be less than the statutory rate due primarily to tax-exempt income and tax credits.

Capital

Common shareholders’ equity at December 31, 2019 totaled $3.5 billion, down $119 million, or 3%, from September 30, 2019. The tangible common equity (TCE) ratio was 8.45%, down 37 bps from September 30, 2019. Capital levels reflect the accelerated share repurchase announced October 21, 2019. Hancock Whitney made a $185 million payment to Morgan Stanley for approximately 5 million shares, and on the same day, received initial delivery of approximately 3.6 million shares of our common stock. The actual number of shares to be delivered to the company in this ASR transaction will be based generally on the volume-weighted average price per share of the Hancock Whitney common stock during the term of the ASR agreement less a specified discount, subject to possible adjustments in accordance with the terms of the ASR agreement. Additional capital ratios are included in the financial tables.

Conference Call and Slide Presentation

Management will host a conference call for analysts and investors at 8:30 a.m. Central Time on Thursday, January 16, 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 fourth 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 January 23, 2020 by dialing (855) 859-2056 or (404) 537-3406, passcode 4546619.

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 changes in oil and gas prices on our energy portfolio, the adequacy of our enterprise risk management framework, the impact of the trust and asset management acquisition, 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 LIBOR benchmark, 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.

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, 2018 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)	12/31/2019			9/30/2019			12/31/2018			12/31/2019			12/31/2018
NET INCOME
Net interest income	$	233,156		$	222,939		$	217,433		$	895,217		$	848,838
Net interest income (TE) (a)		236,736			226,591			221,471			909,991			865,015
Provision for credit losses		9,156			12,421			8,100			47,708			36,116
Noninterest income		82,924			83,230			74,538			315,907			285,140
Noninterest expense		197,856			213,554			179,366			770,677			715,746
Income tax expense		16,936			12,387			8,265			65,359			58,346
Net income	$	92,132		$	67,807		$	96,240		$	327,380		$	323,770
Nonoperating items, pre-tax (for informational purposes)
Net (gain) on portfolio restructure	$	—		$	—		$	(604	)	$	—		$	(604	)
Loss on sale of business		—			—			—			—			1,145
Merger-related expenses		3,856			28,810			480			32,666			6,187
Other nonoperating expenses		—			—			1,978			—			22,756
PERIOD-END BALANCE SHEET DATA
Loans	$	21,212,755		$	21,035,952		$	20,026,411		$	21,212,755		$	20,026,411
Securities		6,243,313			6,404,719			5,670,584			6,243,313			5,670,584
Earning assets		27,622,161			27,565,973			25,836,239			27,622,161			25,836,239
Total assets		30,600,757			30,543,549			28,235,907			30,600,757			28,235,907
Noninterest-bearing deposits		8,775,632			8,686,383			8,499,027			8,775,632			8,499,027
Total deposits		23,803,575			24,201,299			23,150,185			23,803,575			23,150,185
Common stockholders' equity		3,467,685			3,586,380			3,081,340			3,467,685			3,081,340
AVERAGE BALANCE SHEET DATA
Loans	$	21,037,942		$	20,197,114		$	19,817,729		$	20,380,027		$	19,378,428
Securities (b)		6,201,612			6,004,688			5,965,461			5,864,228			6,020,947
Earning assets		27,441,459			26,437,613			26,011,183			26,476,900			25,588,372
Total assets		30,343,293			29,148,106			28,259,963			29,125,449			27,755,808
Noninterest-bearing deposits		8,601,323			8,092,482			8,260,487			8,255,859			8,095,256
Total deposits		23,848,374			23,091,355			22,498,145			23,299,304			22,166,998
Common stockholders' equity		3,473,693			3,383,738			2,993,265			3,302,696			2,932,263
COMMON SHARE DATA
Earnings per share - diluted	$	1.03		$	0.77		$	1.10		$	3.72		$	3.72
Cash dividends per share		0.27			0.27			0.27			1.08			1.02
Book value per share (period-end)		39.62			39.49			35.98			39.62			35.98
Tangible book value per share (period-end)		28.63			28.73			25.62			28.63			25.62
Weighted average number of shares - diluted		88,315			86,462			85,677			86,599			85,521
Period-end number of shares		87,515			90,822			85,643			87,515			85,643
Market data
High sales price	$	44.42		$	42.11		$	49.22		$	44.74		$	56.40
Low sales price		35.45			33.63			32.59			33.63			32.59
Period-end closing price		43.88			38.30			34.77			43.88			34.77
Trading volume		30,850			29,038			33,269			115,887			132,677
PERFORMANCE RATIOS
Return on average assets		1.20	%		0.92	%		1.35	%		1.12	%		1.17	%
Return on average common equity		10.52	%		7.95	%		12.76	%		9.91	%		11.04	%
Return on average tangible common equity		14.62	%		10.77	%		18.15	%		13.66	%		15.62	%
Tangible common equity ratio (c)		8.45	%		8.82	%		8.02	%		8.45	%		8.02	%
Net interest margin (TE)		3.43	%		3.41	%		3.39	%		3.44	%		3.38	%
Noninterest income as a percentage of total revenue (TE)		25.94	%		26.86	%		25.18	%		25.77	%		24.79	%
Efficiency ratio (d)		58.88	%		58.05	%		58.03	%		58.50	%		57.77	%
Average loan/deposit ratio		88.22	%		87.47	%		88.09	%		87.47	%		87.42	%
Allowance for loan losses as a<br><br><br>percentage of period-end loans		0.90	%		0.93	%		0.97	%		0.90	%		0.97	%
Annualized net charge-offs to average loans		0.18	%		0.25	%		0.56	%		0.23	%		0.27	%
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due		60.97	%		67.06	%		58.60	%		60.97	%		58.60	%
FTE headcount		4,136			3,894			3,933			4,136			3,933
(a)	Taxable equivalent amounts are calculated using a federal tax rate of 21%.
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(b)	Average securities does not include unrealized holding gains/losses on available for sale securities.
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(c)	The tangible common equity ratio is common stockholders' equity less intangible assets divided by total assets less intangible assets.
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(d)	The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating items.
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HANCOCK WHITNEY CORPORATION
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QUARTERLY FINANCIAL HIGHLIGHTS
(Unaudited)
	Three Months Ended
(dollars and common share data in thousands, except per share amounts)	12/31/2019			9/30/2019			6/30/2019			3/31/2019			12/31/2018
NET INCOME
Net interest income	$	233,156		$	222,939		$	219,868		$	219,254		$	217,433
Net interest income (TE) (a)		236,736			226,591			223,586			223,078			221,471
Provision for credit losses		9,156			12,421			8,088			18,043			8,100
Noninterest income		82,924			83,230			79,250			70,503			74,538
Noninterest expense		197,856			213,554			183,567			175,700			179,366
Income tax expense		16,936			12,387			19,186			16,850			8,265
Net income	$	92,132		$	67,807		$	88,277		$	79,164		$	96,240
Nonoperating items, pre-tax (for informational purposes)
Net (gain) on portfolio restructure		—			—			—			—			(604	)
Merger-related expenses		3,856			28,810			—			—			480
Other nonoperating expenses		—			—			—			—			1,978
PERIOD-END BALANCE SHEET DATA
Loans	$	21,212,755		$	21,035,952		$	20,175,812		$	20,112,838		$	20,026,411
Securities		6,243,313			6,404,719			5,725,735			5,577,522			5,670,584
Earning assets		27,622,161			27,565,973			26,088,759			25,881,559			25,836,239
Total assets		30,600,757			30,543,549			28,761,863			28,490,231			28,235,907
Noninterest-bearing deposits		8,775,632			8,686,383			8,114,632			8,158,658			8,499,027
Total deposits		23,803,575			24,201,299			23,236,042			23,380,294			23,150,185
Common stockholders' equity		3,467,685			3,586,380			3,318,915			3,190,575			3,081,340
AVERAGE BALANCE SHEET DATA
Loans	$	21,037,942		$	20,197,114		$	20,150,104		$	20,126,948		$	19,817,729
Securities (b)		6,201,612			6,004,688			5,586,390			5,656,689			5,965,461
Earning assets		27,441,459			26,437,613			25,992,894			26,020,447			26,011,183
Total assets		30,343,293			29,148,106			28,537,810			28,451,548			28,259,963
Noninterest-bearing deposits		8,601,323			8,092,482			8,099,621			8,227,698			8,260,487
Total deposits		23,848,374			23,091,355			23,137,563			23,114,139			22,498,145
Common stockholders' equity		3,473,693			3,383,738			3,230,503			3,118,051			2,993,265
COMMON SHARE DATA
Earnings per share - diluted	$	1.03		$	0.77		$	1.01		$	0.91		$	1.10
Cash dividends per share		0.27			0.27			0.27			0.27			0.27
Book value per share (period-end)		39.62			39.49			38.70			37.23			35.98
Tangible book value per share (period-end)		28.63			28.73			28.46			26.92			25.62
Weighted average number of shares - diluted		88,315			86,462			85,835			85,800			85,677
Period-end number of shares		87,515			90,822			85,759			85,710			85,643
Market data
High sales price	$	44.42		$	42.11		$	44.74		$	44.34		$	49.22
Low sales price		35.45			33.63			37.03			34.11			32.59
Period-end closing price		43.88			38.30			40.06			40.40			34.77
Trading volume		30,850			29,038			27,874			28,124			33,269
PERFORMANCE RATIOS
Return on average assets		1.20	%		0.92	%		1.24	%		1.13	%		1.35	%
Return on average common equity		10.52	%		7.95	%		10.96	%		10.30	%		12.76	%
Return on average tangible common equity		14.62	%		10.77	%		15.07	%		14.38	%		18.15	%
Tangible common equity ratio (c)		8.45	%		8.82	%		8.75	%		8.36	%		8.02	%
Net interest margin (TE)		3.43	%		3.41	%		3.45	%		3.46	%		3.39	%
Noninterest income as a percentage of total revenue (TE)		25.94	%		26.86	%		26.17	%		24.01	%		25.18	%
Efficiency ratio (d)		58.88	%		58.05	%		58.95	%		58.10	%		58.03	%
Average loan/deposit ratio		88.22	%		87.47	%		87.09	%		87.08	%		88.09	%
Allowance for loan losses as a percent of period-end loans		0.90	%		0.93	%		0.97	%		0.97	%		0.97	%
Annualized net charge-offs to average loans		0.18	%		0.25	%		0.14	%		0.36	%		0.56	%
Allowance for loan losses to nonperforming loans +<br><br><br>accruing loans 90 days past due		60.97	%		67.06	%		61.60	%		56.81	%		58.60	%
FTE headcount		4,136			3,894			3,930			3,885			3,933
(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.
---	---
HANCOCK WHITNEY CORPORATION
---	---	---	---	---	---	---	---	---	---	---	---	---	---
INCOME STATEMENT
(Unaudited)
	Three Months Ended								Twelve Months Ended
(dollars in thousands, except per share data)	12/31/2019			9/30/2019		12/31/2018			12/31/2019		12/31/2018
NET INCOME
Interest income	$	285,957		$	283,164	$	271,357		$	1,125,782	$	1,028,268
Interest income (TE) (e)		289,537			286,816		275,395			1,140,556		1,044,445
Interest expense		52,801			60,225		53,924			230,565		179,430
Net interest income (TE)		236,736			226,591		221,471			909,991		865,015
Provision for credit losses		9,156			12,421		8,100			47,708		36,116
Noninterest income		82,924			83,230		74,538			315,907		285,140
Noninterest expense		197,856			213,554		179,366			770,677		715,746
Income before income taxes		109,068			80,194		104,505			392,739		382,116
Income tax expense		16,936			12,387		8,265			65,359		58,346
Net income	$	92,132		$	67,807	$	96,240		$	327,380	$	323,770
Nonoperating items, pre-tax (for informational purposes)
Net (gain) on portfolio restructure		—			—		(604	)		—		(604	)
Loss on sale of business		—			—		—			—		1,145
Merger-related expenses		3,856			28,810		480			32,666		6,187
Other nonoperating expenses		—			—		1,978			—		22,756
NONINTEREST INCOME
Service charges on deposit accounts	$	23,382		$	21,892	$	21,466		$	86,364	$	85,272
Trust fees		15,483			15,098		15,762			61,609		55,488
Bank card and ATM fees		17,913			17,154		15,656			66,976		60,440
Insurance and investment commissions,<br><br><br>and annuity fees		6,407			7,048		6,307			26,574		25,348
Secondary mortgage market operations		5,981			5,713		3,933			19,853		15,632
Other income		13,758			16,325		11,414			54,531		42,960
Total noninterest income	$	82,924		$	83,230	$	74,538		$	315,907	$	285,140
Nonoperating noninterest income	$	—		$	—	$	604		$	—	$	(541	)
NONINTEREST EXPENSE
Personnel expense	$	117,066		$	112,480	$	105,005		$	439,879	$	404,695
Net occupancy and equipment expense		17,522			17,841		16,614			69,329		64,162
Other real estate and foreclosed assets (income) expense, net		(788	)		2,055		(2,923	)		671		(2,985	)
Other operating expense		58,286			76,289		55,198			239,954		227,824
Amortization of intangibles		5,770			4,889		5,472			20,844		22,050
Total noninterest expense	$	197,856		$	213,554	$	179,366		$	770,677	$	715,746
Nonoperating noninterest expense	$	3,856		$	28,810	$	2,458		$	32,666	$	28,943
COMMON SHARE DATA
Earnings per share:
Basic	$	1.03		$	0.77	$	1.11		$	3.72	$	3.72
Diluted		1.03			0.77		1.10			3.72		3.72
(e)	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)	12/31/2019			9/30/2019		6/30/2019		3/31/2019			12/31/2018
NET INCOME
Interest income	$	285,957		$	283,164	$	280,378	$	276,283		$	271,357
Interest income (TE) (e)		289,537			286,816		284,096		280,107			275,395
Interest expense		52,801			60,225		60,510		57,029			53,924
Net interest income (TE)		236,736			226,591		223,586		223,078			221,471
Provision for credit losses		9,156			12,421		8,088		18,043			8,100
Noninterest income		82,924			83,230		79,250		70,503			74,538
Noninterest expense		197,856			213,554		183,567		175,700			179,366
Income before income taxes		109,068			80,194		107,463		96,014			104,505
Income tax expense		16,936			12,387		19,186		16,850			8,265
Net income	$	92,132		$	67,807	$	88,277	$	79,164		$	96,240
Nonoperating items, pre-tax (for informational purposes)
Net (gain) on portfolio restructure		—			—		—		—			(604	)
Merger-related expenses		3,856			28,810		—		—			480
Other nonoperating expenses		—			—		—		—			1,978
NONINTEREST INCOME
Service charges on deposit accounts	$	23,382		$	21,892	$	20,723	$	20,367		$	21,466
Trust fees		15,483			15,098		15,904		15,124			15,762
Bank card and ATM fees		17,913			17,154		16,619		15,290			15,656
Investment and insurance commissions, and annuity fees		6,407			7,048		6,591		6,528			6,307
Secondary mortgage market operations		5,981			5,713		4,433		3,726			3,933
Other income		13,758			16,325		14,980		9,468			11,414
Total noninterest income	$	82,924		$	83,230	$	79,250	$	70,503		$	74,538
Nonoperating noninterest income	$	—		$	—	$	—	$	—		$	604
NONINTEREST EXPENSE
Personnel expense	$	117,066		$	112,480	$	106,635	$	103,698		$	105,005
Net occupancy and equipment expense		17,522			17,841		17,303		16,663			16,614
Other real estate and foreclosed assets (income) expense, net		(788	)		2,055		395		(991	)		(2,923	)
Other operating expense		58,286			76,289		54,187		51,192			55,198
Amortization of intangibles		5,770			4,889		5,047		5,138			5,472
Total noninterest expense	$	197,856		$	213,554	$	183,567	$	175,700		$	179,366
Nonoperating noninterest expense	$	3,856		$	28,810	$	—	$	—		$	2,458
COMMON SHARE DATA
Earnings per share:
Basic	$	1.03		$	0.77	$	1.01	$	0.91		$	1.11
Diluted		1.03			0.77		1.01		0.91			1.10
(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)	12/31/2019			9/30/2019			6/30/2019			3/31/2019			12/31/2018
ASSETS
Commercial non-real estate loans	$	9,166,947		$	8,893,004		$	8,559,118		$	8,656,326		$	8,620,601
Commercial real estate - owner occupied		2,738,460			2,734,379			2,519,970			2,515,428			2,457,748
Total commercial and industrial loans		11,905,407			11,627,383			11,079,088			11,171,754			11,078,349
Commercial real estate - income<br><br><br>producing		2,994,448			3,060,568			2,895,468			2,563,394			2,341,779
Construction and land development loans		1,157,451			1,190,718			1,144,062			1,340,067			1,548,335
Residential mortgage loans		2,990,631			3,004,958			2,968,271			2,933,251			2,910,081
Consumer loans		2,164,818			2,152,325			2,088,923			2,104,372			2,147,867
Total loans		21,212,755			21,035,952			20,175,812			20,112,838			20,026,411
Loans held for sale		55,864			75,789			36,150			27,437			28,150
Securities		6,243,313			6,404,719			5,725,735			5,577,522			5,670,584
Short-term investments		110,229			49,513			151,062			163,762			111,094
Earning assets		27,622,161			27,565,973			26,088,759			25,881,559			25,836,239
Allowance for loan losses		(191,251	)		(195,572	)		(195,625	)		(194,688	)		(194,514	)
Goodwill and other intangible assets		962,260			977,369			878,051			883,097			887,123
Other assets		2,207,587			2,195,779			1,990,678			1,920,263			1,707,059
Total assets	$	30,600,757		$	30,543,549		$	28,761,863		$	28,490,231		$	28,235,907
LIABILITIES
Noninterest-bearing deposits	$	8,775,632		$	8,686,383		$	8,114,632		$	8,158,658		$	8,499,027
Interest-bearing transaction and savings deposits		8,845,097			8,758,993			8,034,801			8,224,203			8,000,093
Interest-bearing public fund deposits		3,364,416			2,954,966			3,159,790			3,229,589			3,006,516
Time deposits		2,818,430			3,800,957			3,926,819			3,767,844			3,644,549
Total interest-bearing deposits		15,027,943			15,514,916			15,121,410			15,221,636			14,651,158
Total deposits		23,803,575			24,201,299			23,236,042			23,380,294			23,150,185
Short-term borrowings		2,714,872			2,108,815			1,641,598			1,388,735			1,589,128
Long-term debt		233,462			246,641			232,754			224,962			224,993
Other liabilities		381,163			400,414			332,554			305,665			190,261
Total liabilities		27,133,072			26,957,169			25,442,948			25,299,656			25,154,567
COMMON STOCKHOLDERS'<br><br><br>EQUITY
Common stock net of treasury and capital surplus		2,046,177			2,229,353			2,030,208			2,023,864			2,018,457
Retained earnings		1,476,232			1,408,183			1,363,910			1,299,220			1,243,592
Accumulated other comprehensive income		(54,724	)		(51,156	)		(75,203	)		(132,509	)		(180,709	)
Total common stockholders' equity		3,467,685			3,586,380			3,318,915			3,190,575			3,081,340
Total liabilities & stockholders' equity	$	30,600,757		$	30,543,549		$	28,761,863		$	28,490,231		$	28,235,907
CAPITAL RATIOS
Tangible common equity	$	2,505,425		$	2,609,011		$	2,440,864		$	2,307,478		$	2,194,217
Tier 1 capital (f)		2,585,470			2,530,919			2,533,505			2,457,191			2,391,762
Common equity as a percentage of total assets		11.33	%		11.74	%		11.54	%		11.21	%		10.91	%
Tangible common equity ratio		8.45	%		8.82	%		8.75	%		8.36	%		8.02	%
Leverage (Tier 1) ratio (f)		8.76	%		9.49	%		9.10	%		8.85	%		8.67	%
Tier 1 risk-based capital ratio (f)		10.54	%		11.02	%		10.94	%		10.74	%		10.48	%
Total risk-based capital ratio (f)		11.95	%		12.43	%		12.43	%		12.24	%		11.99	%
(f)	Estimated for most recent period-end.
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HANCOCK WHITNEY CORPORATION

AVERAGE BALANCE SHEET

(Unaudited)

	Three Months Ended									Twelve Months Ended
(in thousands)	12/31/2019			9/30/2019			12/31/2018			12/31/2019			12/31/2018
ASSETS
Commercial non-real estate loans	$	8,981,932		$	8,595,854		$	8,580,415		$	8,703,245		$	8,407,218
Commercial real estate - owner occupied		2,709,663			2,537,712			2,376,338			2,568,144			2,243,806
Total commercial and industrial loans		11,691,595			11,133,566			10,956,753			11,271,389			10,651,024
Commercial real estate - income producing		3,007,847			2,855,381			2,339,078			2,765,199			2,360,575
Construction and land development loans		1,181,830			1,137,113			1,499,044			1,253,057			1,475,736
Residential mortgage loans		3,004,784			2,978,712			2,888,261			2,974,094			2,794,804
Consumer loans		2,151,886			2,092,342			2,134,593			2,116,288			2,096,289
Total loans		21,037,942			20,197,114			19,817,729			20,380,027			19,378,428
Loans held for sale		62,272			55,348			22,187			41,680			25,710
Securities (g)		6,201,612			6,004,688			5,965,461			5,864,228			6,020,947
Short-term investments		139,633			180,463			205,806			190,965			163,287
Earning assets		27,441,459			26,437,613			26,011,183			26,476,900			25,588,372
Allowance for loan losses		(195,616	)		(197,259	)		(213,902	)		(196,125	)		(214,452	)
Goodwill and other intangible assets		973,601			886,868			889,820			906,775			859,498
Other assets		2,123,849			2,020,884			1,572,862			1,937,899			1,522,390
Total assets	$	30,343,293		$	29,148,106		$	28,259,963		$	29,125,449		$	27,755,808
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
Noninterest-bearing deposits	$	8,601,323		$	8,092,482		$	8,260,487		$	8,255,859		$	8,095,256
Interest-bearing transaction and savings deposits		8,803,703			8,179,240			7,940,670			8,274,604			7,946,765
Interest-bearing public fund deposits		3,079,001			2,979,494			2,680,837			3,078,073			2,849,297
Time deposits		3,364,347			3,840,139			3,616,151			3,690,768			3,275,680
Total interest-bearing deposits		15,247,051			14,998,873			14,237,658			15,043,445			14,071,742
Total deposits		23,848,374			23,091,355			22,498,145			23,299,304			22,166,998
Short-term borrowings		2,393,444			2,063,335			2,330,280			1,942,144			2,190,772
Long-term debt		242,473			234,240			222,339			233,539			266,870
Other liabilities		385,309			375,438			215,934			347,766			198,905
Common stockholders' equity		3,473,693			3,383,738			2,993,265			3,302,696			2,932,263
Total liabilities & stockholders' equity	$	30,343,293		$	29,148,106		$	28,259,963		$	29,125,449		$	27,755,808
(g)	Average securities does not include unrealized holding gains/losses on available for sale securities.
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HANCOCK WHITNEY CORPORATION

AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY

(Unaudited)

	Three Months Ended
	12/31/2019								9/30/2019							12/31/18
(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)	$	15,881.3	$	187.7			4.69	%	$	15,126.1	$	185.5		4.87	%	$	14,794.9	$	172.8		4.64	%
Residential mortgage loans		3,004.8		30.3			4.04	%		2,978.7		30.1		4.05	%		2,888.2		29.2		4.04	%
Consumer loans		2,151.9		30.9			5.70	%		2,092.3		30.4		5.76	%		2,134.6		32.5		6.04	%
Loan fees & late charges		—		(0.3	)		0.00	%		—		0.1		0.00	%		—		0.6		0.00	%
Total loans (TE) (i) (j)		21,038.0		248.6			4.69	%		20,197.1		246.1		4.84	%		19,817.7		235.1		4.71	%
Loans held for sale		62.3		0.7			4.41	%		55.3		0.6		4.26	%		22.2		0.2		2.91	%
US Treasury and government<br><br><br>agency securities		145.0		0.8			2.30	%		141.6		0.8		2.33	%		131.8		0.8		2.23	%
CMOs and mortgage backed securities		5,162.7		32.0			2.48	%		4,966.5		31.4		2.53	%		4,896.2		30.9		2.53	%
Municipals (TE)		888.1		6.9			3.09	%		893.1		6.9		3.08	%		933.9		7.4		3.17	%
Other securities		5.8		0.0			4.61	%		3.5		0.0		3.61	%		3.6		0.0		2.77	%
Total securities (TE) (k)		6,201.6		39.7			2.56	%		6,004.7		39.1		2.61	%		5,965.5		39.1		2.62	%
Total short-term investments		139.6		0.5			1.51	%		180.5		1.0		2.01	%		205.8		1.0		2.01	%
Average earning assets yield (TE)	$	27,441.5	$	289.5			4.20	%	$	26,437.6	$	286.8		4.31	%	$	26,011.2	$	275.4		4.21	%
INTEREST-BEARING LIABILITIES
Interest-bearing transaction and<br><br><br>savings deposits	$	8,803.7	$	14.4			0.65	%	$	8,179.3	$	15.7		0.76	%	$	7,940.7	$	12.4		0.62	%
Time deposits		3,364.4		16.4			1.93	%		3,840.1		20.0		2.07	%		3,616.2		16.6		1.82	%
Public funds		3,079.0		12.0			1.55	%		2,979.5		13.5		1.80	%		2,680.8		10.7		1.58	%
Total interest-bearing deposits		15,247.1		42.8			1.11	%		14,998.9		49.2		1.30	%		14,237.7		39.7		1.11	%
Short-term borrowings		2,393.4		7.1			1.19	%		2,063.3		8.1		1.57	%		2,330.3		11.5		1.98	%
Long-term debt		242.5		2.9			4.79	%		234.3		2.9		4.82	%		222.3		2.7		4.82	%
Total borrowings		2,635.9		10.0			1.51	%		2,297.6		11.0		1.90	%		2,552.6		14.2		2.21	%
Total interest-bearing liabilities cost		17,883.0		52.8			1.17	%		17,296.5		60.2		1.38	%		16,790.3		53.9		1.27	%
Net interest-free funding sources		9,558.5								9,141.1							9,220.9
Total cost of funds		27,441.5		52.8			0.76	%		26,437.6		60.2		0.90	%		26,011.2		53.9		0.82	%
Net Interest Spread (TE)			$	236.7			3.02	%			$	226.6		2.93	%			$	221.5		2.94	%
Net Interest Margin (TE)	$	27,441.5	$	236.7			3.43	%	$	26,437.6	$	226.6		3.41	%	$	26,011.2	$	221.5		3.39	%
(h) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.
---
(i) Includes nonaccrual loans.
(j) Included in interest income is net purchase accounting accretion of $8.7 million, $4.6 million and $5.0 million for the three months ended
December 31, 2019, September 30, 2019 and December 31, 2018, respectively.
(k) 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
	12/31/2019								12/31/2018
(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) (h)	$	15,289.6	$	739.0			4.83	%	$	14,487.3	$	655.0		4.52	%
Residential mortgage loans		2,974.1		121.7			4.09	%		2,794.8		114.5		4.10	%
Consumer loans		2,116.3		121.5			5.74	%		2,096.3		117.4		5.60	%
Loan fees & late charges		—		(1.2	)		0.00	%		—		1.3		0.00	%
Total loans (TE) (i) (j)		20,380.0		981.0			4.81	%		19,378.4		888.2		4.58	%
Loans held for sale		41.7		1.9			4.50	%		25.7		0.9		3.68	%
US Treasury and government agency<br><br><br>securities		134.1		3.1			2.30	%		142.6		3.2		2.22	%
CMOs and mortgage backed securities		4,821.6		122.3			2.54	%		4,927.2		119.1		2.42	%
Municipals (TE)		904.4		28.2			3.12	%		947.6		30.1		3.18	%
Other securities		4.1		0.2			3.79	%		3.6		0.1		2.62	%
Total securities (TE) (k)		5,864.2		153.7			2.62	%		6,021.0		152.5		2.53	%
Total short-term investments		191.0		4.0			2.07	%		163.3		2.8		1.70	%
Average earning assets yield (TE)	$	26,476.9	$	1,140.6			4.31	%	$	25,588.4	$	1,044.4		4.08	%
INTEREST-BEARING LIABILITIES
Interest-bearing transaction and savings<br><br><br>deposits	$	8,274.6	$	60.1			0.73	%	$	7,946.8	$	41.7		0.52	%
Time deposits		3,690.8		73.7			2.00	%		3,275.7		51.9		1.59	%
Public funds		3,078.0		54.2			1.76	%		2,849.3		37.1		1.30	%
Total interest-bearing deposits		15,043.4		188.0			1.25	%		14,071.8		130.7		0.93	%
Short-term borrowings		1,942.2		31.2			1.16	%		2,190.8		36.1		1.65	%
Long-term debt		233.5		11.4			4.87	%		266.9		12.6		4.73	%
Total borrowings		2,175.7		42.6			1.96	%		2,457.7		48.7		1.98	%
Total interest-bearing liabilities cost		17,219.1		230.6			1.34	%		16,529.5		179.4		1.09	%
Net interest-free funding sources		9,257.8								9,058.9
Total cost of funds		26,476.9		230.6			0.87	%		25,588.4		179.4		0.70	%
Net Interest Spread (TE)			$	910.0			2.97	%			$	865.0		3.00	%
Net Interest Margin (TE)	$	26,476.9	$	910.0			3.44	%	$	25,588.4	$	865.0		3.38	%
(h) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.
---
(i) Includes nonaccrual loans.
(j) Included in interest income is net purchase accounting accretion of $23.2 million and $23.1 million for the twelve months ended December 31,
2019 and 2018, 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									Twelve Months Ended
(dollars in thousands)	12/31/2019			9/30/2019			12/31/2018			12/31/2019			12/31/2018
Nonaccrual loans (l)	$	245,833		$	222,860		$	187,295		$	245,833		$	187,295
Restructured loans - still accruing		61,265			60,897			139,042			61,265			139,042
Total nonperforming loans		307,098			283,757			326,337			307,098			326,337
ORE and foreclosed assets		30,405			30,955			26,270			30,405			26,270
Total nonperforming assets	$	337,503		$	314,712		$	352,607		$	337,503		$	352,607
Nonperforming assets as a percent of loans, ORE and foreclosed assets		1.59	%		1.49	%		1.76	%		1.59	%		1.76	%
Accruing loans 90 days past due (m)	$	6,582		$	7,872		$	5,589		$	6,582		$	5,589
Accruing loans 90 days past due as a percent of loans		0.03	%		0.04	%		0.03	%		0.03	%		0.03	%
Nonperforming assets + accruing loans 90 days past due to loans, ORE and   foreclosed assets		1.62	%		1.53	%		1.79	%		1.62	%		1.79	%
PROVISION AND ALLOWANCE FOR CREDIT LOSSES
Allowance for Loan Losses:
Beginning balance	$	195,572		$	195,625		$	214,550		$	194,514		$	217,308
Provision for loan losses		5,182			12,421			8,100			43,734			36,116
Decrease in allowance as a result of sale of subsidiary		—			—			—			—			(6,648	)
Charge-offs		(11,712	)		(17,025	)		(30,809	)		(59,077	)		(74,622	)
Recoveries		2,209			4,551			2,673			12,080			22,360
Net charge-offs		(9,503	)		(12,474	)		(28,136	)		(46,997	)		(52,262	)
Ending Balance	$	191,251		$	195,572		$	194,514		$	191,251		$	194,514
Reserve for Unfunded Lending Commitments:
Beginning balance	$	—		$	—		$	—		$	—		$	—
Provision for losses on unfunded commitments		3,974			—			—			3,974			—
Ending Balance	$	3,974		$	—		$	—		$	3,974		$	—
Total Allowance for Credit Losses	$	195,225		$	195,572		$	194,514		$	195,225		$	194,514
Total Provision for Credit Losses	$	9,156		$	12,421		$	8,100		$	47,708		$	36,116
Allowance for loan losses as a percent of period-end loans		0.90	%		0.93	%		0.97	%		0.90	%		0.97	%
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due		60.97	%		67.06	%		58.60	%		60.97	%		58.60	%
NET CHARGE-OFF INFORMATION
Net charge-offs (recoveries)
Commercial & real estate loans	$	4,856		$	8,281		$	24,253		$	31,821		$	35,077
Residential mortgage loans		140			54			(296	)		367			(1,565	)
Consumer loans		4,507			4,139			4,179			14,809			18,750
Total net charge-offs	$	9,503		$	12,474		$	28,136		$	46,997		$	52,262
Net charge-offs (recoveries) as a percentage of average loans
Commercial & real estate loans		0.12	%		0.22	%		0.65	%		0.21	%		0.24	%
Residential mortgage loans		0.02	%		0.01	%		(0.04	)%		0.01	%		(0.06	)%
Consumer loans		0.83	%		0.78	%		0.78	%		0.70	%		0.89	%
Total net charge-offs as a percentage of<br><br><br>average loans		0.18	%		0.25	%		0.56	%		0.23	%		0.27	%

(l)   Included in nonaccrual loans are nonaccruing restructured loans totaling $132.5 million, $101.1 million and $85.5 million at 12/31/2019, 9/30/2019 and 12/31/2018, respectively. Nonaccrual loans and accruing loans past due 90 days or more do not include purchased credit impaired loans which were written down to fair value upon acquisition and accrete interest income over the remaining life of the loan.

(m)   Excludes 90+ accruing troubled debt restructured loans already reflected in total nonperforming loans of $8.7 million at 12/31/2018.

HANCOCK WHITNEY CORPORATION

ASSET QUALITY INFORMATION

(Unaudited)

	Three Months Ended
(dollars in thousands)	12/31/2019			9/30/2019			6/30/2019			3/31/2019			12/31/2018
Nonaccrual loans (l)	$	245,833		$	222,860		$	209,831		$	204,831		$	187,295
Restructured loans - still accruing		61,265			60,897			101,250			117,578			139,042
Total nonperforming loans		307,098			283,757			311,081			322,409			326,337
ORE and foreclosed assets		30,405			30,955			27,520			27,148			26,270
Total nonperforming assets	$	337,503		$	314,712		$	338,601		$	349,557		$	352,607
Nonperforming assets as a percent of<br><br><br>loans, ORE and foreclosed assets		1.59	%		1.49	%		1.68	%		1.74	%		1.76	%
Accruing loans 90 days past due (m)	$	6,582		$	7,872		$	6,493		$	20,308		$	5,589
Accruing loans 90 days past due as a<br><br><br>percent of loans		0.03	%		0.04	%		0.03	%		0.10	%		0.03	%
Nonperforming assets + accruing<br><br><br>loans 90 days past due to loans,<br><br><br>ORE and foreclosed assets		1.62	%		1.53	%		1.71	%		1.84	%		1.79	%
PROVISION AND ALLOWANCE FOR CREDIT LOSSES:
Allowance for loan losses	$	191,251		$	195,572		$	195,625		$	194,688		$	194,514
Reserve for unfunded lending commitments		3,974			—			—			—			—
Total allowance for credit losses	$	195,225		$	195,572		$	195,625		$	194,688		$	194,514
Total provision for credit losses	$	9,156		$	12,421		$	8,088		$	18,043		$	8,100
Allowance for loan losses as a percentage of period-end loans		0.90	%		0.93	%		0.97	%		0.97	%		0.97	%
Allowance for loan losses to nonperforming loans  + accruing loans 90 days past due		60.97	%		67.06	%		61.60	%		56.81	%		58.60	%
NET CHARGE-OFF INFORMATION
Net charge-offs (recoveries)
Commercial & real estate loans	$	4,856		$	8,281		$	4,286		$	14,398		$	24,253
Residential mortgage loans		140			54			(71	)		244			(296	)
Consumer loans		4,507			4,139			2,936			3,227			4,179
Total net charge-offs	$	9,503		$	12,474		$	7,151		$	17,869		$	28,136
Net charge-offs (recoveries) as a<br><br><br>percentage of average loans
Commercial & real estate loans		0.12	%		0.22	%		0.11	%		0.39	%		0.65	%
Residential mortgage loans		0.02	%		0.01	%		(0.01	)%		0.03	%		(0.04	)%
Consumer loans		0.83	%		0.78	%		0.56	%		0.62	%		0.78	%
Total net charge-offs as a<br><br><br>percentage of average loans		0.18	%		0.25	%		0.14	%		0.36	%		0.56	%
AVERAGE LOANS
Commercial & real estate loans	$	15,881,272		$	15,126,060		$	15,081,911		$	15,062,135		$	14,794,875
Residential mortgage loans		3,004,784			2,978,712			2,969,746			2,942,396			2,888,261
Consumer loans		2,151,886			2,092,342			2,098,447			2,122,417			2,134,593
Total average loans	$	21,037,942		$	20,197,114		$	20,150,104		$	20,126,948		$	19,817,729

(l)   Included in nonaccrual loans are nonaccruing restructured loans totaling $132.5 million, $101.1 million, $99.1 million, $105.9 million and $85.5 million at 12/31/2019, 9/30/2019, 6/30/2019, 3/31/2019 and 12/31/2018, respectively. Nonaccrual loans and accruing loans past due 90 days or more do not include purchased credit impaired loans which were written down to fair value upon acquisition and accrete interest income over the remaining life of the loan.

(m)   Excludes 90+ accruing troubled debt restructured loans already reflected in total nonperforming loans of $1.5 million and $8.7 million at 3/31/2019 and 12/31/2018, respectively.

HANCOCK WHITNEY CORPORATION

Appendix A to the Earnings Release

Reconciliation of Non-GAAP Measures

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

	Three Months Ended															Twelve Months Ended
(in thousands)	12/31/2019			9/30/2019			6/30/2019			3/31/2019			12/31/2018			12/31/2019			12/31/2018
Net interest income	$	233,156		$	222,939		$	219,868		$	219,254		$	217,433		$	895,217		$	848,838
Noninterest income		82,924			83,230			79,250			70,503			74,538			315,907			285,140
Total revenue	$	316,080		$	306,169		$	299,118		$	289,757		$	291,971		$	1,211,124		$	1,133,978
Taxable equivalent adjustment (n)		3,580			3,652			3,718			3,824			4,038			14,774			16,177
Nonoperating revenue		—			—			—			—			(604	)		—			541
Operating revenue (TE)	$	319,660		$	309,821		$	302,836		$	293,581		$	295,405		$	1,225,898		$	1,150,696
Noninterest expense		(197,856	)		(213,554	)		(183,567	)		(175,700	)		(179,366	)		(770,677	)		(715,746	)
Nonoperating expense		3,856			28,810			—			-			2,458			32,666			28,943
Operating pre-provision net<br><br><br>revenue (TE)	$	125,660		$	125,077		$	119,269		$	117,881		$	118,497		$	487,887		$	463,893

OPERATING EARNINGS PER SHARE - DILUTED

	Three Months Ended															Twelve Months Ended
(in thousands, except per share amounts)	12/31/2019			9/30/2019			6/30/2019			3/31/2019			12/31/2018			12/31/2019			12/31/2018
Net Income	$	92,132		$	67,807		$	88,277		$	79,164		$	96,240		$	327,380		$	323,770
Net income allocated to<br><br><br>participating securities		(1,566	)		(1,141	)		(1,502	)		(1,337	)		(1,691	)		(5,546	)		(5,929	)
Net income available to<br><br><br>common shareholders		90,566			66,666			86,775			77,827			94,549			321,834			317,841
Nonoperating items, net of income tax		3,046			22,760			—			—			1,465			25,806			23,546
Nonoperating items allocated to participating securities		(52	)		(383	)		—			—			(26	)		(435	)		(439	)
Operating earnings available to common shareholders	$	93,560		$	89,043		$	86,775		$	77,827		$	95,988		$	347,205		$	340,948
Weighted average common shares - diluted		88,315			86,462			85,835			85,800			85,677			86,599			85,521
Earnings per share - diluted	$	1.03		$	0.77		$	1.01		$	0.91		$	1.10		$	3.72		$	3.72
Operating earnings per<br><br><br>share - diluted	$	1.06		$	1.03		$	1.01		$	0.91		$	1.12		$	4.01		$	3.99
(n)	Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.
---	---

17

hwc-ex992_53.pptx.htm

Fourth Quarter 2019 Earnings Conference Call 1/16/2020 Exhibit 99.2

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 changes in oil and gas prices on our energy portfolio, the adequacy of our enterprise risk management framework, the impact of the trust & asset management acquisition, 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 LIBOR benchmark, 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. 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, 2018 and in other periodic reports that we file with the SEC. Important cautionary statement about forward-looking statements

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 2Q19 – Second Quarter of 2019 3Q19 – Third Quarter of 2019 4Q18 – Fourth Quarter of 2018 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 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) *Core – Excluding purchase accounting items and nonoperating items 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 FTE – Full time equivalent HTM – Held to maturity securities 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 RBL – Reserve-based lending ROA – Return on average assets RR – Risk rating SBIC – Small business investment company SNC – Shared National Credit 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) Trust and Asset Management acquisition – business acquired from Capital One on July 13, 2018 Y-o-Y – Year over year

Corporate Profile (as of December 31, 2019) $30.6 billion in Total Assets $21.2 billion in Total Loans $23.8 billion in Total Deposits Tangible Common Equity (TCE) ratio 8.45% $3.8 billion in Market Capitalization 217 banking locations and 288 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 121 consecutive quarters Earned top customer service marks with Greenwich Excellence Awards Moody’s long-term issuer rating: Baa3 (outlook positive) S&P long-term issuer rating: BBB (outlook stable) Named one of America’s Best Midsize Employers by Forbes New York and New Jersey Trust Offices

YTD 2019 Highlights (compared to YTD 2018) Net income $327.4 million, up $3.6 million EPS unchanged at $3.72 Nonoperating items (net) totaled $32.7 million in 2019 and $29.5 million in 2018 EPS excluding nonoperating items was $4.01 for 2019 and $3.99 for 2018 Operating leverage up $24 million (revenue up $75 million, partially offset by operating expense up $51 million) Loan growth (EOP) up $1.2 billion, or 6% Deposit growth up $653 million, or 3% Criticized commercial loans down $45 million, or 7% Nonperforming loans down $19 million, or 6% Closed MSL acquisition effective September 21, 2019 with a simultaneous systems conversion TCE 8.45%, up 43 bps Board approved increased buyback authorization to 5.5 million shares; announced an accelerated share repurchase (ASR) agreement on October 21, 2019 ($s in millions; except per share data) 2019 2018 Net Income $327.4 $323.8 Merger Costs Other Nonoperating Items $32.7 $6.2 $23.3 Earnings Per Share – diluted $3.72 $3.72 Return on Assets (%) (ROA) 1.12 1.17 Return on Tangible Common Equity (%) (ROTCE) 13.66 15.62 Net Interest Margin (%) 3.44 3.38 Net Charge-offs (%) 0.23 0.27 Tangible Common Equity (%) 8.45 8.02 Pre-Provision Net Revenue (TE)* $487.9 $463.9 Efficiency Ratio (%) 58.5 57.8 *Non-GAAP measures. See slides 28-30 for non-GAAP reconciliations.

A 5-Year Look Back Shows Marked Improvement +54 bps *Non-GAAP measures. See slides 28-30 for non-GAAP reconciliations.

Progress, Achievement on 2019 Focus Points † †2019 Investor Peer YTD average through 3Q19 At peer average Exceeds peer average Progress with work to do Narrowing gap to peers ** ** ** **Using 3Q19 as proxy for 4Q19 *Non-GAAP measures. See slides 28-30 for non-GAAP reconciliations.

Fourth Quarter 2019 Highlights (compared to third quarter 2019) Reported net income of $92.1 million, or $1.03 per diluted share, up $24.3 million, or $.26 per share Nonoperating items totaled $3.9 million in 4Q19 and $28.8 million in 3Q19 EPS excluding nonoperating items was $1.06 in 4Q19 and $1.03 in 3Q19 Operating leverage increased $0.6 million linked-quarter (revenue up $9.8 million, operating expense up $9.2 million) Energy loans decreased $71 million to $963 million, or 4.5% of total loans Criticized commercial loans declined $79 million, or 12% ($21 million energy, $58 million nonenergy) NIM improved by 2 bps to 3.43% TCE ratio down 37 bps to 8.45%; decrease mainly related to the ASR announced October 21, 2019 ($s in millions; except per share data) 4Q19 3Q19 4Q18 Net Income $92.1 $67.8 $96.2 Merger Costs Other Nonoperating Items $3.9 $28.8 $0.5 $1.4 Earnings Per Share – diluted $1.03 $.77 $1.10 Return on Assets (%) (ROA) 1.20 0.92 1.35 Return on Tangible Common Equity (%) (ROTCE) 14.62 10.77 18.15 Net Interest Margin (%) 3.43 3.41 3.39 Net Charge-offs (%) 0.18 0.25 0.56 Tangible Common Equity (%) 8.45 8.82 8.02 Pre-Provision Net Revenue (TE)* $125.7 $125.1 $118.5 Efficiency Ratio (%) 58.9 58.1 58.0 *Non-GAAP measures. See slides 28-30 for non-GAAP reconciliations.

Linked-Quarter Growth in Line with Guidance Loans totaled $21.2 billion at year-end, an increase of $177 million, or 1%, linked-quarter End of period loans grew $1.2 billion, or 6%, year-over-year, while average loans grew $1.0 billion, or 5% (in line with guidance) MSL portfolio added $785 million in loans (net) in 3Q19 Loan portfolio 54% variable 57% of variable loans are LIBOR-based (31% of total loan portfolio) 97% of the LIBOR loans are tied to 1mo L 3% of the LIBOR loans are tied to 3mo L 33% tied to Wall Street Journal Prime Impacted by CRE payoffs

Legacy Energy Loans Declined $164 Million In 2019 Energy loans totaled $963 million, or 4.5% of total loans, down $71 million, or 7%, linked-quarter Linked-quarter change reflects $108 million in net reductions, partially offset by $36 million in fundings As the energy cycle continues to unwind, we could see continued one-off activity, both positive and negative No energy charge-offs in 4Q19

Back On Track in 4Q19 Criticized commercial loans down $79 million, or 12%, linked-quarter Criticized energy loans totaled $260 million at December 31, 2019, down $21 million, or 7%, linked-quarter Criticized nonenergy loans totaled $321 million at December 31, 2019, down $58 million, or 15%, linked-quarter Criticized – nonenergy $346 $321 Criticized – energy $279 $260 Criticized – nonenergy $378 $321 Criticized – energy $281 $260 3Q19 Investor Peer Average 3.18%

Energy NPLs Down Year-Over-Year Despite Slight Uptick in 4Q Nonperforming energy loans totaled $158 million at year-end 2019, up $14 million linked-quarter Nonperforming nonenergy loans totaled $149 million at year-end 2019, up $9 million linked-quarter Total accruing TDRs virtually unchanged linked-quarter Nonperforming – nonenergy $130 $149 Nonperforming– energy $197 $158 Nonperforming – nonenergy $140 $149 Nonperforming– energy $144 $158

Reserve Remains Adequate; New Methodology Effective 1/1/20 Allowance for credit losses (ACL) $195.2 million at year-end, down $0.3 million linked-quarter ACL for energy credits $34.9 million at December 31, 2019, up $2.9 million from September 30, 2019 Nonenergy ACL $160.3 million at December 31, 2019, down $3.3 million from September 30, 2019 Provision for credit losses was $9.2 million in 4Q19 compared to $12.4 million in 3Q19 Net charge-offs totaled $9.5 million, or 18 bps; no energy charge-offs in 4Q19 4Q19 Nonenergy Energy Total General Reserves $140.9MM $23.9MM $164.8MM Impaired Reserves $10.4MM $7.8MM $18.2MM PCI Reserves $8.2MM -- $8.2MM Total Allowance for Loan Losses $159.5MM $31.7MM $191.2MM Reserve for Unfunded Commitments $0.8MM $3.2MM $4.0MM Total Allowance for Credit Losses $160.3MM $34.9MM $195.2MM Loans $20,250MM $963MM $21,213MM Funded Coverage Ratio at 12-31-19 0.79% 3.29% 0.90% Funded Coverage Ratio at 9-30-19 0.82% 3.10% 0.93%

Current Expected Credit Losses (CECL) CECL replaces the current incurred loss methodology with a life-of-loan loss concept Current capital levels adequately cover the day 1 impact of CECL Key drivers in the change from incurred loss model to CECL include: Increases due to longer life real-estate secured loans and expected funding of off-balance sheet exposures Expected impact on shorter-term commercial loans is not significant No significant impact expected from HTM and AFS debt securities Expected Impact of CECL Projected Impact of CECL (Day 1) ACL increase $70-$75MM Reclass from discount $20MM Adjust to equity (net of tax) $40-$45MM Projected Impact to Capital Ratios TCE -12 to -13 bps Leverage -2 bps Total risk-based capital +3 bps Tier I risk-based capital -4 bps

Net interest margin (NIM) of 3.43%, up 2 bps linked-quarter; net interest income (TE) up $10.1 million, or 4% Loan yield down 15 bps mainly related to the impact of the Fed rate decreases Yield on securities portfolio down 5 bps Cost of funds down 14 bps 4Q19 NIM included 1 bp of interest reversals compared to 5 bps of interest recoveries in 3Q19 Includes approximately $4 million increase in accretion mainly related to the MidSouth acquisition MSL, Portfolio Management Drive 2 Basis Point Improvement in NIM 21 bps decline in monthly cost of deposits

Yield on New Loans Impacted By Current Rate Environment 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) coupled with promotional lending campaigns during the fourth quarter (excluding impact of MSL)

Securities Portfolio Portfolio totaled $6.2 billion, down $130 million, or 2%, linked-quarter Premium amortization totaled $9.2 million, up $0.5 million linked-quarter Yield 2.56%, down 5 bps linked-quarter Unrealized net gain of $37.7 million on AFS compared to $68.7 million at September 30, 2019 25% HTM, 75% AFS Duration 4.16 years compared to 4.00 years at September 30, 2019

Deposits Impacted by Paydown of Brokered CDs Total deposits of $23.8 billion, down $398 million, or 2%, linked-quarter Noninterest-bearing demand deposits (DDAs) increased $89 million Interest-bearing transaction and savings deposits increased $86 million Time deposits (retail) decreased $106 million Time deposits (brokered) decreased $876 million; replaced CDs at a rate of 2.38% with FHLB advances at a cost of 1.68% Interest-bearing public fund deposits increased $409 million related to typical year-end seasonality DDAs comprised 37% of total period-end deposits Cost of deposits down 14 bps to 71 bps

MSL Fees Offset Lower Levels of Specialty Income Noninterest income totaled $82.9 million, down $0.3 million, or less than 1% linked-quarter YTD noninterest income totaled $315.9 million, up $30.8 million, or 11% Service charges and Bank Card & ATM fees up primarily due to impact from MSL Investment and annuity income and insurance down primarily due to market and rate volatility Secondary mortgage fees impacted by favorable rate environment Fees related to MSL totaled $3 million in 4Q19 and are included in individual categories noted above Lower BOLI, SBIC and syndication fees

Increase in Operating Expense Due to Full Quarter Impact of MSL Noninterest expense totaled $197.9 million, down $15.7 million linked-quarter; included in 4Q19 expense is $3.9 million of merger costs related to the acquisition of MSL compared to $28.8 million in 3Q19 Operating expense (excluding merger costs) totaled $194.0 million, up $9.3 million, or 5% linked-quarter Approximately half of the increase in personnel expense is related to the impact from MSL operations, with the remainder related to incentive pay and benefits Occupancy & equipment virtually unchanged linked-quarter Linked-quarter change in ORE expense reflects net ORE gains in 4Q19 and the impact from 3Q19 activity Other expenses up primarily due to expenses related to MSL acquisition Operating expenses related to MSL totaled $8 million in 4Q19 and are included in individual categories noted above

Capital Levels Reflect Stock Buyback (ASR) TCE ratio 8.45%, down 37 bps linked-quarter Growth in tangible assets -2 bps Tangible net earnings +33 bps Dividends -8 bps Stock buyback -63 bps Stock activity and other +3 bps Accelerated share repurchase agreement announced October 21, 2019 Repurchasing $185 million of common stock Received initial delivery of approximately 3.6 million shares of common stock at announcement Actual number of shares to be delivered will be based on the volume-weighted average price per share of the stock during the term of the agreement less a specified discount, subject to possible adjustments Will continue to manage capital in the best interests of the Company and our shareholders; our priorities are: Organic growth Opportunistic stock buybacks Dividend payout ratio targeted between 30-40% of net income Opportunistic infill M&A; no large or strategic transactions anticipated Tangible Common Equity Ratio Leverage (Tier 1) Ratio Tier 1 Risked-Based Capital Ratio Total Risk-Based Capital Ratio December 31, 2019 8.45% 8.76%(e) 10.54%(e) 11.95%(e) 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% December 31, 2018 8.02% 8.67% 10.48% 11.99% (e) Estimated for most recent period-end

Forward Guidance Near-Term Outlook 4Q19 Actual Items to note 2020 Outlook Loans (EOP) up $177 million LQ up $1.2 billion or 6% y-o-y Decline in energy portfolio of $71 million Expect full year end of period growth for 2020 in mid-single digits Net Interest Margin (NIM) 3.43% See slide 15 Runoff of accretion levels and reclass of discount to ACL will drive a slightly lower reported NIM in 2020, however core NIM levels will be relatively stable Noninterest Income $82.9 million Includes the full quarter impact from MSL acquisition Up 2%-3% for the year compared to 2019 Provision for Credit Losses $9.2 million Expect a range of $8-$10 million in 1Q20 Operating Expense $194.0 million Includes the full quarter impact from MSL acquisition Up 2%-2.5% compared to 2019, excluding MSL & technology investments Up 6%-7% compared to 2019, including MSL, technology investments and market disruption opportunities Effective Tax Rate 16% Expect the effective tax rate to approximate 18%-19% both on a quarterly and full year basis for 2020 3-Year Corporate Strategic Objectives (CSOs) Objective ROA (operating) 1.30% -1.40% TCE >8% ROTCE (operating) >15% Efficiency Ratio <56% Does not include changes in interest rates or M&A

Technology Investments Create Efficiency, Effectiveness, & Scalability Digital platforms are in place for both online and mobile banking, with continuous enhancements to improve client retention and sales efficiency Sales and servicing technology for financial centers, specifically targeted for granular client segments with better spreads and retention, will begin rollout in 2Q20 Facilitates expense synergies for financial centers and support areas in late 2020 and 2021 Enhances sales effectiveness, client experiences, and enables bankers to devote more time to cultivating relationships Investments paid for thus far with operational savings, with implementation costs covered thru synergies and enhanced revenue Investments in core processing systems, database analytics, and business continuity are largely complete and scalable

Appendix and Non-GAAP Reconciliations

Operating Results *Non-GAAP measures. See slides 28-30 for non-GAAP reconciliations       4Q18 1Q19 2Q19 3Q19 4Q19 Operating Earnings* ($000) 97,705 79,164 88,277 90,567 95,178 Operating EPS* $1.12 $0.91 $1.01 $1.03 $1.06 Net Interest Income (TE)* ($000) 221,471 223,078 223,586 226,591 236,736 Operating Noninterest Income* ($000) 73,934 70,503 79,250 83,230 82,924 Operating Expense* ($000) 176,908 175,700 183,567 184,744 194,000 Provision** ($000) 8,100 18,043 8,088 12,421 9,156 **Includes $10.1 million related to alleged DC Solar fraud in 1Q19

Key Operating Ratios       4Q18 1Q19 2Q19 3Q19 4Q19 Operating Return on Assets* 1.37% 1.13% 1.24% 1.23% 1.24% Operating Return on Equity * 12.95% 10.30% 10.96% 10.62% 10.87% Operating Return on TCE* 18.43% 14.38% 15.07% 14.39% 15.10% Tangible Common Equity Ratio 8.02% 8.36% 8.75% 8.82% 8.45% Net Interest Margin (TE)* 3.39% 3.46% 3.45% 3.41% 3.43% Efficiency Ratio* 58.03% 58.10% 58.95% 58.05% 58.88% *Non-GAAP measures. See slides 28-30 for non-GAAP reconciliations

Balance Sheet Summary       4Q18 1Q19 2Q19 3Q19 4Q19 Average Loans ($MM) 19,818 20,127 20,150 20,197 21,038 Average Total Securities ($MM) 5,965 5,657 5,586 6,005 6,202 Average Deposits ($MM) 22,498 23,114 23,138 23,091 23,848 Loan Yield (TE) 4.71% 4.84% 4.89% 4.84% 4.69% Securities Yield (TE) 2.62% 2.69% 2.64% 2.61% 2.56% Cost of Interest Bearing Deposits 1.11% 1.26% 1.33% 1.30% 1.11%

Operating Earnings & Operating EPS Non-GAAP to GAAP Reconciliations Three Months Ended Twelve Months Ended (in thousands, except per share amounts) 12/31/2019 9/30/2019 6/30/2019 3/31/2019 12/31/2018 12/31/2019 12/31/2018 Net Income $92,132 $67,807 $88,277 $79,164 $96,240 $327,380 $323,770 Net income allocated to participating securities (1,566) (1,141) (1,502) (1,337) (1,691) (5,546) (5,929) Net income available to common shareholders $90,566 $66,666 $86,775 $77,827 $94,549 321,834 $317,841 Nonoperating items, net of income tax 3,046 22,760 --- --- 1,465 25,806 23,546 Nonoperating items allocated to participating securities (52) (383) --- --- (26) (435) (439) Operating earnings available to common shareholders $93,560 $89,043 $86,775 $77,827 $95,988 $347,205 $340,948 Weighted average common shares - diluted 88,315 86,462 85,835 85,800 85,677 86,599 85,521 Earnings per share - diluted $1.03 $0.77 $1.01 $0.91 $1.10 $3.72 $3.72 Operating earnings per share - diluted $1.06 $1.03 $1.01 $0.91 $1.12 $4.01 $3.99

Operating ROA, ROE & ROTCE Reconciliations Three Months Ended Twelve Months Ended (dollars in thousands) 12/31/2019 9/30/2019 6/30/2019 3/31/2019 12/31/2018 12/31/2019 12/31/2018 Net Income $92,132 $67,807 $88,277 $79,164 $96,240 $327,380 $323,770 Nonoperating items, net of income tax 3,046 22,760 --- --- 1,465 25,806 23,546 Operating earnings $95,178 $90,567 $88,277 $79,164 $97,705 $353,186 $347,316 Average Assets $30,343,293 $29,148,106 $28,537,810 $28,451,548 $28,259,963 $29,125,449 $27,755,808 Average Equity $3,473,693 $3,383,738 $3,230,503 $3,118,051 $2,993,265 $3,302,696 $2,932,263 Average Tangible Common Equity $2,500,092 $2,496,870 $2,350,006 $2,232,670 $2,103,445 $2,395,921 $2,072,765 Return on average assets - operating 1.24% 1.23% 1.24% 1.13% 1.37% 1.21% 1.25% Return on average equity - operating 10.87% 10.62% 10.96% 10.30% 12.95% 10.69% 11.84% Return on average tangible common equity - operating 15.10% 14.39% 15.07% 14.38% 18.43% 14.74% 16.76%

Operating Revenue (TE) & Operating PPNR (TE) Reconciliations Three Months Ended Twelve Months Ended (in thousands) 12/31/2019 9/30/2019 6/30/2019 3/31/2019 12/31/2018 12/31/2019 12/31/2018 Net interest income $233,156 $222,939 $219,868 $219,254 $217,433 $895,217 $848,838 Noninterest income 82,924   83,230   79,250   70,503   74,538   315,907   285,140 Total revenue $316,080 $306,169 $299,118 $289,757 $291,971 $1,211,124 $1,133,978 Taxable equivalent adjustment 3,580 3,652 3,718 3,824 4,038 14,774 16,177 Nonoperating revenue ---   ---   ---   ---   (604)   ---   541 Operating revenue (TE) $319,660 $309,821 $302,836 $293,581 $295,405 $1,225,898 $1,150,696 Noninterest expense (197,856) (213,554) (183,567) (175,700) (179,366) (770,677) (715,746) Nonoperating expense 3,856 28,810 --- --- 2,458 32,666 28,943 Operating pre-provision net revenue (TE) $125,660   $125,077   $119,269   $117,881   $118,497   $487,887   $463,893 Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%.

Criticized Commercial Loans Total criticized commercial loans % of total commercial loans $626 4.18% $584 3.88% $573 3.79% $659 4.15% $581 3.62% Criticized – nonenergy % of total commercial loans $346 2.31% $320 2.12% $315 2.08% $378 2.38% $321 2.00% Criticized – energy % of total commercial loans $279 1.86% $264 1.75% $258 1.71% $281 1.77% $260 1.62%

Nonperforming Loans Total nonperforming loans % of total loans $326 1.63% $322 1.60% $311 1.54% $284 1.35% $307 1.45% Nonperforming loans – nonenergy % of total loans $130 0.65% $141 0.70% $141 0.70% $140 0.67% $149 0.70% Nonperforming loans – energy % of total loans $197 0.98% $181 0.90% $170 0.84% $144 0.68% $158 0.74%

Fourth Quarter 2019 Earnings Conference Call 1/16/2020