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Hancock Whitney Corporation reports developments tied to its regional banking franchise, financial performance and capital returns. The company is the parent of Hancock Whitney Bank, a full-service institution serving communities across the greater Gulf South through offices and financial centers in Mississippi, Alabama, Florida, Louisiana and Texas, with loan and deposit production offices in the Nashville and Atlanta metropolitan areas.
Recurring news includes quarterly earnings, loan and deposit trends, fee income from service charges and card activity, capital ratios, securities portfolio actions, dividend declarations and leadership changes. Company updates also describe traditional and online banking, commercial and small business banking, private banking, trust and investment services, healthcare banking and mortgage services.
Hancock Whitney Corporation (Nasdaq: HWC) has announced a third quarter 2020 cash dividend of $0.27 per share, approved by the board of directors. This dividend is payable on September 15, 2020, to shareholders who are on record by September 8, 2020. The company is recognized for its strong financial stability and offers a range of financial services across several states. Hancock Whitney has been consistently rated as one of America's most financially sound banks by BauerFinancial, Inc.
Hancock Whitney Corporation (Nasdaq: HWC) reported a net loss of $117.1 million, or ($1.36) EPS, for Q2 2020, significantly impacted by a $306.9 million provision for credit losses. This included $160 million related to the sale of $497 million in energy loans. The company’s pre-provision net revenue was $118.5 million, up 2.4% from the prior quarter, and total deposits increased by $2.3 billion. The CET1 ratio stood at 9.77%. The results highlight ongoing efforts to de-risk the balance sheet amidst COVID-19 challenges.
Hancock Whitney Corporation (HWC) announced the sale of $497 million in energy loans to Oaktree Capital Management, anticipating $257.5 million in proceeds. The loans, affected by the energy sector's ongoing issues and COVID-19, were reclassified as held for sale as of June 30, 2020. A special credit loss provision of $160.1 million will be reported in Q2 earnings, leading to a net loss of $117.1 million for the quarter. The move aims to de-risk the loan portfolio and may enhance asset quality metrics.
Hancock Whitney Corporation (Nasdaq: HWC) is set to release its second quarter 2020 financial results on July 21, 2020, after market closure. A conference call for analysts and investors will follow at 4:00 p.m. Central Time on the same day to discuss these results. Interested parties can listen via a webcast on the company’s Investor Relations page. A replay will be available until July 28, 2020. Hancock Whitney offers a range of financial services and has been recognized as one of America’s most financially sound banks by BauerFinancial.
Hancock Whitney Corporation (Nasdaq: HWC) has priced an offering of $150 million in 6.25% Subordinated Notes due 2060, expected to trade on Nasdaq under ticker "HWCPZ." The offering will close on June 2, 2020, pending customary conditions. The Notes are intended as Tier 2 regulatory capital, with net proceeds anticipated at approximately $172.5 million if underwriters fully exercise their purchase option. Major financial entities, including Morgan Stanley and BofA Securities, are joint book-runners. Investors are advised to read the SEC registration statement for detailed information.
Hancock Whitney Corporation (Nasdaq: HWC) has approved a regular second quarter 2020 cash dividend of $0.27 per share. This dividend is scheduled to be paid on June 15, 2020, to shareholders who are on record as of June 5, 2020.
The bank, which operates in multiple states, is recognized for its strong financial standing and comprehensive banking services.
Hancock Whitney has facilitated over $2.4 billion in loans for more than 12,000 businesses through the Paycheck Protection Program. Approximately 67% of these loans are below $100,000, with 88% under $350,000, primarily aiding smaller enterprises in the Gulf South region. The bank's efforts helped sustain local economies during the COVID-19 pandemic, with more than 13% of businesses it serves applying for these loans.
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