Hancock Whitney's posts Q3 earnings and revenue beat, stock edges lower

NEW YORK - Hancock Whitney Corporation (NASDAQ:HWC ) reported third quarter earnings that exceeded analyst estimates, though its stock edged slightly lower in after-hours trading.

Hancock Whitney's stock was down 0.48% in after-hours trading following the earnings release.

The Gulfport, Mississippi-based bank posted earnings per share of $1.33 for the quarter, beating the consensus estimate of $1.29. Revenue came in at $370.4 million, also topping expectations of $366.77 million.

Net income for Q3 2024 totaled $115.6 million, up from $114.6 million in Q2 2024 and $97.7 million in Q3 2023.

"The third quarter results reflect the continued strength and stability of our company," said John M. Hairston, President & CEO. "Our efforts to improve profitability continued with another quarter of 1.32% ROA, additional NIM expansion, fee income growth, and lower operating expenses."

Total loans decreased $456 million or 8% on an annualized basis compared to the previous quarter. Deposits fell $218 million or 3% annualized.

The bank's net interest margin expanded to 3.39%, up 2 basis points from Q2. Noninterest income rose 8% quarter-over-quarter to $95.9 million.

Looking ahead, management expects 2024 period-end loan and deposit levels to be flat to slightly down compared to year-end 2023.

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Source: Investing.com