Hancock Whitney Corporation (HWC) stock soared 7.36% in the current market trading session at the price of $51.21 after announcing its financial results for the third quarter of 2021. Hancock Whitney provides financial services to the customers, including conventional and online banking services, private and small business services, trust and loan services, insurance and mortgage services.
HWC Third Quarter 2021 Financial Results
On 19th October 2021, HWC published its earnings report for the third quarter of 2021 and provided corporate updates.
Financial Highlights
HWC reported a net income of $129.6 million, or $1.46 per share, for the third quarter of 2021. Net income was $88.7 million, or $1.00 per share, for the second quarter of 2021. The company reported a net income of $79.4 million, or $0.90 per share, in the third quarter of the previous year. In the third quarter of 2021, the company had ($1.4) million, or ($0.01) per share after-tax, of the non operating income items. It included ($1.9) million of severance reversal and $5.1 million of Hurricane Ida costs.
HWC reported net revenue of $134.8 million in the second quarter of 2021. It represents a drop of $2.4 million or 2% from the previous quarter. On 30th September 2021, total deposits were $29.2 billion. It represents a decrease of $65.0 million or 1% on 30th June 2021. For the third quarter of 2021, the average loan was $20.9 billion. It represents a drop of $447.6 million or 2% from the second quarter of 2021. On 30th September 2021, the total allowance for credit losses was $400.5 million. It represents a drop of $28.8 million from the quarter ended 30th June 2021.
HWC reported a net interest income of $237.5 million for the third quarter of 2021. For the second quarter of 2021, average earning assets were $32.1 billion. It represents a drop of $98.1 million or 1% from the second quarter of 2021. For the third quarter of 2021, the non interest income was $93.4 million. It represents a drop of $0.9 million or 1% compared with the second quarter of 2021. For the third quarter of 2021, the company reported operating expenses of $61.1 million. It represents a gain of $3.9 million or 7% from the second quarter of 2021.
