HANCOCK WHITNEY CORP - FORM 8-K - EX-99.1

Attached files

file	filename
8-K - 8-K - HANCOCK WHITNEY CORP	d829457d8k.htm

Investor Meetings

December 2014

Investor Meetings

December 2014

Exhibit 99.1

Certain of the statements or information included in this presentation may constitute

forward-looking statements. Forward-looking statements include projections of revenue,

costs, results of operations or financial condition or statements regarding future market

conditions or our potential plans and strategies for the future.

Hancock’s ability to

accurately project results or predict the effects of future plans or strategies is inherently

limited.

We believe that the expectations reflected or implied by any forward-looking statements

are based on reasonable assumptions, but actual results and performance could differ

materially from those set forth in the forward-looking statements. Factors that could

cause actual results or outcomes to differ from those expressed in the Company's

forward-looking statements include, but are not limited to, those outlined in Hancock's

SEC filings, including the “Risk Factors”

section of the Company’s 10-K for the year

ended December 31, 2013 and form 10-Q for the most recent quarter end.

Hancock undertakes no obligation to update or revise any forward-looking statements,

and you are cautioned not to place undue reliance on such forward-looking statements.

Forward Looking Statement

Hancock Holding Company

•

$20 billion in Total Assets

•

$13.3 billion in Total Loans

•

$15.7 billion in Total Deposits

•

ROA (operating) 1.00%

•

ROTCE (operating) 11.28%

•

NIM 3.81%

•

Efficiency Ratio 61.84%

•

TCE 9.10%

•

Rated among the strongest, safest

financial institutions in the country by

BauerFinancial, Inc.

•

Earned top customer service marks

with Greenwich Excellence Awards

As of September 30, 2014

Third Quarter 2014 Highlights

•

Operating income $49.1 million or $.59 per diluted common

share, flat linked-quarter

•

Core income $41.2 million or $.49 per diluted common share,

up 6.5% linked-quarter

•

Net loan growth of $488 million, or 16%, linked-quarter

annualized; approximately $1.7 billion, or 15%, year-over-

year loan growth (each excluding the FDIC-covered portfolio)

•

Net deposit growth of $491 million, or 13% linked-quarter

annualized; completely funding the loan growth in the third

quarter

•

An increase of $5 million in core revenue offset a

$5 million decline in purchase accounting revenue

•

Operating expenses remained relatively stable

and below the targeted expense goal for 4Q14

•

Solid capital levels with a tangible common equity (TCE) ratio

of 9.10%; approximately $10 million of capital used to

repurchase stock during the quarter

•

Return on average assets (ROA) (operating) 1.00% down

4bps; core ROA up 2bps; total assets grew to $20 billion from

2Q14

Operating income is defined as net income excluding tax-effected securities transactions gains or losses and nonoperating expense items.

* Core is defined as operating results less purchase accounting

adjustments. See table on slide 24.

** Noninterest expense to total revenue (TE) excluding amortization of purchased intangibles, nonoperating expense items, and securities transactions.

($s in millions; except per share

data)

3Q14

2Q14

change

Operating Income

$49.1

$49.6

-1%

Earnings Per Share (diluted) -

operating

$.59

---

Net Income

$46.6

$40.0

+16.5%

Earnings Per Share (diluted)

$.56

$.48

+16.7%

Nonoperating expense items

$3.9

$12.1

n/m

Return on Assets (operating) (%)

1.00

1.04

-4bps

Return on Tangible Common

Equity (operating) (%)

11.28

11.75

-47bps

Total Loans (excluding covered

loans)

$13,068

$12,580

+4%

Net Interest Margin (%)

3.81

3.99

-18bps

Net Interest Margin (%) (core)*

3.32

3.35

-3bps

Net Charge-offs (%)

(non-covered)

0.19

0.13

+6bps

Tangible Common Equity (%)

9.10

9.29

-19bps

Efficiency Ratio** (%)

61.84

61.67

+17bps

E.P.S.

Improving Trends in Core Results;

Narrowing The Gap Between Reported and Core

ROA

Core is defined as operating results less purchase accounting adjustments (PAA). PAA items include loan accretion from Whitney and Peoples First, offset by amortization of the Whitney bond

portfolio premium, amortization of the Peoples First indemnification asset and amortization of intangibles. Operating income is defined as net income excluding tax-effected securities

transactions gains or losses and nonoperating expense items. See

table on slide 24.

0.62%

0.64%

0.61%

0.70%

0.80%

0.82%

0.84%

1.03%

0.99%

0.97%

1.05%

1.04%

1.00%

0.41%

0.35%

0.38%

0.27%

0.25%

0.22%

0.16%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Core ROA

Operating ROA

"PAA Gap"

$0.34

$0.36

$0.34

$0.39

$0.45

$0.46

$0.49

$0.56

$0.55

$0.56

$0.55

$0.58

$0.59

$0.22

$0.19

$0.22

$0.16

$0.13

$0.10

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Core EPS

Operating EPS

"PAA Gap"

Less Than $8 Million Quarterly Gap

Between Operating and Core Net Income

Core is defined as operating results less purchase accounting adjustments (PAA). PAA items include loan accretion from Whitney and Peoples First, offset by amortization of the Whitney bond

portfolio premium, amortization of the Peoples First indemnification asset and amortization of intangibles. Operating income is defined as net income excluding tax-effected securities

transactions gains or losses and nonoperating expense items. See

table on slide 24.

Replaced $11.5 million of quarterly PAA income with core earnings since 1Q13 (after-tax)

$29.2

$30.3

$28.7

$32.8

$37.7

$38.7

$41.2

$48.6

$46.9

$45.8

$49.1

$49.6

$49.1

$16.6

$18.1

$13.0

$11.4

$10.9

$7.9

$10

$30

$40

$50

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

$46.8

$19.4

$20

Core income

Operating income

"PAA Gap"

Switch From Expense Reductions To Revenue

Growth In Offsetting Declining PAA

Insurance

Business Lines

Divestiture

26 Branch

Closures

12 Branch

Sales/Closures

$s in millions

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Core Revenue

$200

$203

$202

$201

$200

$205

PAA impact (pre-tax)

$30

$25

$28

$20

$17

$12

Operating Expense

$160

$162

$161

$157

$147

$145

$140

$150

$160

$170

$180

$190

$200

$180

$185

$195

$200

$205

$210

$190

Loans Have Grown Steadily Since 1Q13

•

Excluding FDIC covered loans, total loans of $13.1

billion were up $488 million, or 16% LQA

•

All markets across the franchise reported net loan

growth during the quarter, with south Louisiana,

Houston and central Florida generating

approximately half of the increase

•

Mortgage and indirect lending generated

approximately 30% of the quarter’s net loan growth

$s in billions; LQA excludes covered loans

$s in millions; period-end balances; includes covered loans

$s in millions

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Avg Qtrly Loans

$11.5

$11.6

$11.8

$11.9

$12.4

$12.7

$13.1

LQA EOP growth

-2%

22%

13%

16%

$11.0

$11.5

$12.0

$12.5

$13.0

$13.5

C&I

$5,587

42%

C&D

$1,096

CRE

$3,101

23%

Mortgage

$1,858

14%

Consumer

$1,706

13%

Total Loans

$13,349 million

9/30/14

C&I

$193

42%

C&D

$55

12%

CRE

$45

Mortgage

$87

19%

Consumer

$28

Indirect

$56

12%

qtr

net loan growth by category

+$465 million

Solid Asset Quality Metrics

•

Nonperforming

assets

totaled

$147

million,

down

$10

million

from

June

30,

2014

–

Nonperforming loans declined $6.7 million linked-quarter

–

ORE and foreclosed assets declined $3.6 million linked-quarter

–

NPA ratio 1.10%, down from 1.22% linked-quarter

•

The

allowance

for

loan

losses

was

$125.6

million

(.94%)

compared

$128.7

million

(1.00%)

linked-quarter

–

The allowance maintained on the noncovered portion of the loan portfolio increased $3.4 million linked-quarter,

totaling $90.9 million

–

The allowance on the covered loan portfolio declined $6.5 million linked-quarter

•

Provision

for

loan

losses

was

$9.5

million,

from

$6.7

million

2Q14

–

The

provision

for

noncovered

loans

was

$9.9

million

the

third

quarter,

compared

$6.8

million

the

second

quarter

•

Noncovered net charge-offs totaled $6.4 million, or 0.19%, up from $4.1 million, or 0.13%, in 2Q14

As of September 30, 2014

Nonperforming Asset (NPA) Ratio

1.98%

1.84%

1.83%

1.50%

1.43%

1.22%

1.10%

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Oil & Gas Portfolio Strong;

Monitoring For Signs of Stress

•

Relationship business dating back to post WWII

•

Excellent source of no/low cost core deposits

•

Diversified portfolio with concentration limits for individual categories

•

High credit quality portfolio with historically low loss rates; disciplined underwriting

•

Monitoring prices and other industry metrics for signs of stress

•

E&P portfolio is approximately 60% oil/40% gas

•

Most of our E&P customers have hedges in place

•

Service and supply sector company earnings and margins may drop but companies can

still be profitable and remain liquid

•

Majority of credits in the wholesale sector are convenience stores and will be favorably

impacted by declining oil prices

•

Our borrowers typically have low/moderate leverage, strong balance sheets and

experienced management

•

Companies can pull back on discretionary spending, reduce capital expenditures

•

Low prices can limit loan growth for new bank customers

•

Companies break even at different prices/barrel oil (Bbl)

–

Breakeven prices can range from approximately $20 Bbl to their reserve ecomomic

limits ($100 Bbl, $200 Bbl)

–

Breakeven varies depending on the basin

–

Lower cost basins will remain active; higher cost basins will slow in activity

•

Current price decks: $75 Bbl base case; $65 Bbl sensitivity case; both under review

•

Should pricing pressures continue we could see some downgrades, but not expecting

significant charge-offs

As of September 30, 2014; comments related to recent decline in oil prices.

Securities Portfolio No Longer

Funding Loan Growth

•

Portfolio totaled $3.9 billion, up $236 million

linked-quarter

•

Yield 2.36% for 3Q14, down 7 bps linked-

quarter

•

Unrealized gain (net) of $22.1 million on AFS

•

58% HTM, 42% AFS

•

Duration 3.89 compared to 4.12 at June 30,

2014

•

Balance sheet is asset sensitive over a 2 year

period to rising interest rates under various

shock scenarios

•

IRR modeling is based on conservative

assumptions

–

Flat balance sheet

–

Loan portfolio 54% variable

–

Modeled lag in deposit rate increases

–

% DDA attrition for certain increases in rates

$s in millions

Period-end balances. As of September 30, 2014

CMO

$1,232

32%

MBS

$2,145

55%

Munis

$202

U. S. Agencies

and other

$312

Securities Portfolio

Mix 9/30/14

Stronger Levels Of Core Deposit Funding

•

Total deposits $15.7 billion, up $491 million, or 3%, linked-quarter; linked-

quarter increase related to:

•

$143 million increase in noninterest-bearing demand deposits (DDA)

•

$246 million increase in interest-bearing transaction and savings

deposits

•

$103 million increase in time deposits (CDs) and interest-bearing public

fund deposits

•

Initiatives put in place last quarter to grow deposits for funding loan growth

•

Funding mix remained strong

•

DDA comprised 37% of total period-end deposits

•

Cost of funds decreased 1 basis point to 21 bps

$s in billions

$s in millions; period-end balances

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Avg Qtrly Deposits

$15.3

$15.2

$15.0

$14.9

$15.3

$15.1

$15.4

LQA EOP growth

-13%

13%

$13.5

$14.0

$14.5

$15.0

$15.5

Noninterest

$5,866

37%

Interest-

bearing

savings

40%

Interest-

bearing public

$1,535

10%

Time deposits

$2,010

13%

Total Deposits

$15,737 million

/30/14

funds

Transaction &

$6,326

bearing

Noninterest

$143

29%

Interest-

bearing

transaction &

$246

50%

Interest-

bearing public

funds

$50

10%

Time deposits

$53

11%

3rd qtr

net deposit

growth by category

+$491 million

bearing

savings

Relatively Stable Core NIM

As of September 30, 2014

•

Reported net interest margin (NIM) 3.81%, down 18 bps linked-quarter; $5 million decline

in purchase accounting loan accretion

•

Core NIM declined 3 bps

–

Decline in core loan yield (-3bps) and decline in the securities portfolio yield (-7bps) impacted

NIM

–

Decline in cost of funds related to debt repurchase in 2Q14 offset by increased cost of deposits

–

Better earning asset mix and increased loan volume

5.41%

5.10%

5.00%

4.86%

4.63%

4.12%

4.09%

4.02%

3.97%

3.94%

2.24%

2.43%

2.47%

2.43%

2.36%

0.24%

0.23%

0.22%

0.21%

3Q13

4Q13

1Q14

2Q14

3Q14

Loan Yield

reported

Loan Yield

core*

Securities Yield

reported

Cost of Funds

reported

$135

$136

$137

$138

$139

$140

$141

$142

$143

$144

$145

$146

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

4.23%

4.09%

4.06%

3.99%

3.81%

3.37%

3.40%

3.37%

3.35%

3.32%

3Q13

4Q13

1Q14

2Q14

3Q14

Core NII

NIM -

reported

NIM -

core

Core NIM = reported net interest income (TE) excluding total net purchase

accounting adjustments, annualized, as a percent of average earning assets.

(See slide 23)

Sizeable Declines in Purchased Loan

Accretion Expected in Future Quarters

Impact of Purchase Accounting Adjustments

(projections

will be updated quarterly; subject to change)

$s in millions

As of September 30, 2014

*Projected revenue includes loan accretion from Whitney and Peoples First,

offset by amortization of the Whitney bond portfolio premium and

amortization

of the Peoples First indemnification asset.

N/M

2012

2013

2014

2015

2016

Post

2016

Revenue impact*

$124

$132

$79

$39

$14

$16

Pre-

tax impact PAA

$93

$103

$52

$15

$25

$50

$75

$100

$125

$150

Projected PAA Revenue Reflects Sizeable Quarterly Declines

in 4Q14 and 1Q16 Due To Lower Loan Accretion Totals

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

1Q16

2Q16

3Q16

4Q16

PAA Revenue -

4Q15

act*

PAA Revenue -

Intangible Amort

Pre-

tax impact

proj*

-1

$10

$15

$20

$25

$30

$35

$40

Core Noninterest Income Increased

Linked-Quarter

•

Noninterest income, including securities transactions, totaled

$57.9 million, up $1.5 million linked-quarter

•

Noninterest income adjusted for the items noted above increased

approximately $1.0 million linked-quarter

•

Service charges on deposits totaled $20.0 million, up $0.7 million,

or 4%, from the second quarter

•

Bank card and ATM fees totaled $11.6 million, virtually unchanged linked-

quarter

•

Trust fees totaled $11.5 million, unchanged from the second quarter

–

The second quarter is typically impacted by seasonal tax preparation fees

•

Fees

from

secondary

mortgage

operations

totaled

$2.3

million,

$0.6

million,

or 32%, linked-quarter

–

A slightly higher percentage of the mortgage loans originated during the quarter were

sold in the secondary market compared to 2Q14

$s in millions

As of September 30, 2014

Service

Charges on

Deposit

$20.0

35%

Trust

$11.5

20%

Investment &

annuity

$5.5

Insurance

$2.0

Bankcard and

ATM

$11.6

20%

Secondary

mortgage

operations

$2.3

Other

$5.0

Fee Mix 3Q14

Amortization of the indemnification asset for FDIC covered loans totaled $2.8 million,

compared to $3.3 million in the second quarter; the amortization is a reduction to noninterest

income and is result of a lower level of expected future losses on covered loans (non-core)

–

Continuing To Manage To A Lower

Level Of Operating Expense

•

Operating expense totaled $145.2 million in 3Q14, virtually unchanged linked-quarter

•

3Q14 operating expense excludes $3.9 million of nonoperating expenses mainly related to the

ongoing expense and efficiency initiative (CV-5950)

•

Personnel expense totaled $80.0 million, an increase of $0.5 million linked-quarter

•

Occupancy and equipment totaled $15.3 million, up $0.4 million linked-quarter

•

Net gains on ORE dispositions exceeded ORE expense in 3Q14 by $104,000, compared to $84,000

of net expense in 2Q14

–

Management does not expect this low level of ORE expense to be sustainable in future quarters

•

Other operating expense was virtually unchanged linked-quarter

As of September 30, 2014; excluding nonoperating expense items

$s in millions

Personnel

$80.0

55%

Occupancy

$10.8

Equipment

$4.5

Other

$43.2

30%

Amortization

of intangibles

$6.6

Operating Expense Mix 3Q14

Targeted Efficiency Ratio:

Below 60% By 2016

•

Continuing to manage expenses in the near-term, however expenses may rise over the next

couple of quarters as investments in higher-return, revenue-generating lines of business are

made

•

Remain committed to keeping expenses in line with expectations; expect normal annual

increases

•

Expect to incur additional nonoperating expenses through the remainder of the initiative

55%

60%

65%

70%

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Efficiency Ratio*

Efficiency Ratio

ER Target

*The efficiency ratio is noninterest expense to total revenue (TE) excluding amortization of purchased intangibles, nonoperating expense items, and securities transactions.

Recent Revenue Initiatives

•

Continuing to invest in automation that will lead

to additional efficiency and improvements in officer

productivity

–

Business model changes in Indirect Lending have led to volumes and

yield improvement

–

Process and credit automation improvements are increasing volumes

and yields in consumer direct, consumer finance, and commercial

and business banking segment lending

•

Continuing initiatives designed to add loan volume,

improve pricing and enhance loan/earning asset mix

–

Recently hired a team of 8 non-energy middle market bankers in Houston

•

Open strategically located Business Financial Centers with additional teams of relationship bankers

–

Woodlands (Houston) opened

–

Jacksonville (Florida) opened

–

3 additional BFCs in Houston, Texas and Sarasota, Florida scheduled to open in the next few months

•

Investments in wealth management products and services

–

Recently hired an executive to lead our private banking initiatives across the footprint

•

Deposit product enhancements to create additional sales volume and fee income

•

Investing

payments

lines

business

–

credit

cards

and

treasury

management

Solid Capital Levels

•

TCE ratio 9.10%, down 19 bps

linked-quarter related to organic

balance sheet growth and common

stock buyback

•

New 5% common stock buyback

authorized by the Board of Directors

in July 2014

—

Approximately 4 million shares

—

Repurchased 305,263 shares @ an average

price of $32.65 (approximately $10

million) in 3Q14

—

Authorization effective through 12/31/15

•

Will continue to review additional

options to deploy excess capital in

the best interest of the

Company and its shareholders

–

Organic growth

–

Stock buyback

–

M&A

–

Dividends

*Stock Buyback

(ASR) initiated

As of September 30, 2014

Regulatory

Well

Target

Actual (e)

Actual

Capital Ratios

Minimum

Capitalized

Minimum

9/30/14

6/30/14

3/31/14

12/31/13

Tangible Common

n/a

8.00%

9.10%

9.29%

9.24%

9.00%

Tier 1 Risk-Based

Capital

4.00%

6.00%

8.00%

11.68%

11.83%

11.90%

11.76%

Tier 1 Common

n/a

8.00%

11.68%

11.83%

11.90%

11.76%

Total Risk-Based

Capital

8.00%

10.00%

12.00%

12.76%

12.96%

13.20%

13.11%

Leverage Ratio

4.00%

5.00%

7.00%

9.48%

9.61%

9.43%

9.34%

7.50%

8.00%

8.50%

9.00%

9.50%

1Q13

2Q13*

3Q13

4Q13

1Q14

2Q14

3Q14

TCE

Minimum Target

Tangible Common Equity (TCE) Ratio

Near-Term Outlook

3Q14

Items to note

Outlook

Loans

+16% LQA

+15% Y-o-Y

Excludes covered

portfolio

10-14% LQA EOP growth for 4Q14

8-12% EOP growth for full year 2015

Purchase

Accounting

Adjustments

$12.1 million

pre-tax

(see slide 24)

Includes items

impacting revenue

and expense

$6 million decline in PAA revenue next quarter

(see slide 14)

Net Interest Margin

(NIM)

3.81% reported

3.32% core

Reported down

18bps; Core down

3bps

Downward pressure on both core and reported

margins; increasing core net interest income

Noninterest Expense

$145.2 million

operating

$3.9 million of

nonoperating costs

Slightly higher in the near term as investments are

made in revenue-generating initiatives; to remain in

line with 4Q14 expense target of $147 million

E.P.S. –

operating

E.P.S. –

core

$.59

$.49

See calculation on

slides 22 and 24

Operating E.P.S. flat to down due to sizeable

quarterly decline in purchase accounting revenue;

Core E.P.S. up $.02-$.04 in the near-term

Appendix:

Operating

Under

Two

Century-Old

Brands

Whitney Bank locations

Hancock Bank locations

Appendix:

EPS calculation

$s in thousands, except E.P.S.

Three

Months

Ended

9/30/14

Three

Months

Ended

6/30/14

Three

Months

Ended

9/30/13

Operating income to common shareholders

$49,079

$49,575

$46,779

Income allocated to participating securities

(931)

(1,016)

(891)

Operating income allocated to common shareholders

$48,148

$48,559

$45,888

Weighted

average

common

–

diluted

81,942

82,174

82,205

E.P.S.

diluted

$.59

$.56

See Note 7 in the 3Q14 10Q for more details on the two-class method for E.P.S. calculation.

Appendix: Purchase Accounting Adjustments

Core NII & NIM Reconciliation

($s in millions)

3Q14

2Q14

1Q14

4Q13

3Q13

$166.2

$167.3

$168.2

$168.5

$174.1

Whitney expected loan accretion (performing)

5.0

5.8

6.7

9.3

10.4

Whitney expected loan accretion (credit impaired)

17.0

19.8

20.8

18.2

15.8

Peoples First expected loan accretion

2.5

2.1

2.8

4.3

Excess cash recoveries*

---

7.7

Total Loan Accretion

$22.8

$28.1

$29.7

$30.3

$38.3

Whitney premium bond amortization

(1.3)

(1.4)

(1.5)

(1.8)

(2.8)

Whitney and Peoples First CD accretion

---

$21.5

$26.7

$28.3

$28.5

$35.6

$144.7

$139.9

$140.0

$138.5

Average Earning Assets

3.81%

3.99%

4.06%

4.09%

4.23%

Net Purchase Accounting Adjustments (%)

.49%

.64%

.69%

.86%

3.32%

3.35%

3.37%

3.40%

3.37%

* Excess cash recoveries include cash collected on certain zero carrying value acquired loan pools above expected amounts.

Net Interest Income (TE) – reported (NII)

Total Net Purchase Accounting

Adjustments (PAAs) impacting NII

Net Interest Income (TE) – core

(Reported NII less net PAAs)

Net Interest Margin – reported

Net Interest Margin - core

$17,324

$16,792

$16,740

$16,377

$16,385

$140.6

Appendix: Non-GAAP Reconciliation

(Net Income, ROA, E.P.S.)

$s in millions

Three Months

Ended 9/30/14

Three Months

Ended 6/30/14

Three Months

Ended 9/30/13

Net income

$46.6

$40.0

$33.2

Adjustments

from

net

operating

income

Securities transactions gains/(losses)

Total nonoperating expense items (pre-tax)

3.9

12.1

20.9

Taxes on adjustments at marginal tax rate

1.4

2.5

7.3

Total adjustments (net of taxes)

2.5

9.6

13.6

Operating income

$49.1

$49.6

$46.8

Adjustments

from

operating

core

income

PAA –

Net Interest Margin (see slide 23)

21.5

26.7

35.6

Intangible Amortization (noninterest expense)

-6.6

-6.7

-7.1

Accretion on Indemnification Asset (noninterest income)

-2.8

-3.3

-0.6

Total Purchase Accounting Adjustments (PAA) (pre-tax)

$12.1

$16.7

$27.9

Taxes on adjustments at marginal tax rate

4.2

5.9

9.8

Total PA adjustments (net of taxes)

7.9

10.8

18.1

Core Income (Operating less purchase accounting items)

$41.2

$38.7

$28.7

Average Assets

$19,550

$19,039

$18,796

ROA (operating)

1.00%

1.04%

0.99%

ROA (core)

0.84%

0.82%

0.61%

Weighted Average Diluted Shares (thousands)

81,942

82,174

82,205

E.P.S. (operating)

$.59

$.56

E.P.S. (core)

$.49

$.46

$.34

Appendix:

Additional Loan Data

$s in millions

Loans (EOP)

13,349

12,884

465

14%

11,734

1,614

14%

Commercial

5,587

5,394

193

14%

4,625

962

21%

Construction

1,096

1,041

21%

920

175

19%

Real Estate

3,101

3,056

2,915

186

Residential mortgage

1,858

1,771

20%

1,695

163

10%

Consumer

1,706

1,622

21%

1,579

128

Covered Loans

281

304

(23)

-8%

392

(111)

-28%

Commercial

(3)

-19%

(12)

-53%

Construction

(6)

-35%

(12)

-51%

Real Estate

(5)

-11%

(18)

-31%

Residential mortgage

185

190

(4)

-2%

224

(39)

-17%

Consumer

(5)

-14%

(29)

-48%

Loans excluding covered

13,068

12,580

488

16%

11,343

1,725

15%

Commercial

5,576

5,380

196

15%

4,602

974

21%

Construction

1,085

1,023

24%

897

187

21%

Real Estate

3,059

3,010

2,855

204

Residential mortgage

1,673

1,582

23%

1,471

202

14%

Consumer

1,675

1,586

22%

1,518

157

10%

9/30/2014

6/30/2014

$ change

% change

LQA

9/30/2013

$ change

% change

Appendix:

Whitney Portfolio Continues Solid Performance

•

Loan mark on the acquired-performing portfolio accreted into earnings over the life of the

portfolio

•

Credit-impaired loan mark available for charge-offs; if not needed for charge-offs then

accreted into income

•

Quarterly reviews of accretion levels and portfolio performance will impact reported margin

As of September 30, 2014

$s in millions

Credit-

Impaired

Performing

Total

Whitney loan mark at acquisition

(as adjusted in 4Q11)

$284

$187

$471

Acquired portfolio loan balances at acquisition

$818

$6,101

$6,919

Discount at acquisition

34.7%

3.1%

6.8%

Remaining Whitney loan mark at 9/30/14

$75

$83

Remaining acquired portfolio loan balances at 9/30/14

$133

$1,732

$1,865

Acquired loan charge-offs from acquisition thru 9/30/14

$25

$14

$39

Discount at 9/30/14

56.4%

0.5%

4.5%

Appendix:

Peoples First Loan Mark Used For Charge-Offs

•

FDIC covered loan portfolio

•

Entire loan mark available for charge-offs; if not needed for charge-offs then accreted into income

•

Quarterly reviews of accretion levels and portfolio performance will impact reported margin

•

FDIC loss share receivable totaled $81.9 million at September 30, 2014

$s in millions

Credit Impaired

Peoples First loan mark at acquisition (12/2009)

$509

Charge-offs from acquisition thru 9/30/14

$429

Accretion since acquisition date

$90

Remaining loan mark at 9/30/14

$34

Impairment reserve at 9/30/14

$35

Remaining covered portfolio loan balances at 9/30/14

$315

Discount & allowance at 9/30/14

22%

As of September 30, 2014

Investor Meetings

December 2014

Investor Meetings

December 2014

Attached files

Stock widget

Investing forum

HANCOCK WHITNEY CORP Reports