Hancock Whitney Q2 profit rises as net interest income grows

Overview

• U.S. regional bank's Q2 net income and EPS rose yr/yr

• Loans and deposits grew 2% each from prior quarter

• Company repurchased 713k shares and announced One Florida Bank acquisition

Outlook

• Company did not provide specific financial guidance for the current or future periods

Result Drivers

• LOAN GROWTH - Loan balances rose 2% from Q1, driven by increases in commercial industrial lending, healthcare activity, and commercial real estate

• DEPOSIT MIX - Deposit growth was led by higher interest-bearing transactions and savings, offset by declines in retail time and public fund deposits

• NONINTEREST INCOME RECOVERY - Noninterest income increased sharply from Q1, reflecting the absence of a $98.6 mln securities portfolio restructuring loss that impacted the prior quarter

Company press release: ID:nBw6whkrka

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Hancock Whitney Corp is $81.00, about 4.8% above its July 20 closing price of $77.29

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads

• July 20 - ServisFirst Bancshares Q2 EPS rises 40% on loan growth, higher net interest margin

• July 21 - Atlantic Union Bankshares beats Q2 EPS estimates on loan growth

• July 20 - SmartFinancial Q2 profit rises as loan growth lifts net interest income

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)