Hancock Whitney Corp (NASDAQ:HWC) stock rose 0.60% (As on October 16, 11:25:04 AM UTC-4, Source: Google Finance) after the company reported third quarter earnings that exceeded analyst estimates. Net income for Q3 2024 totaled $115.6 million, up from $114.6 million in Q2 2024 and $97.7 million in Q3 2023. Total loans were $23.5 billion at September 30, 2024, down $456.0 million, or 2%, from June 30, 2024. The decrease was primarily due to the runoff of a Shared National Credit portfolio of $254 million as we remain focused on originating more granular loans, and higher payoffs on income-producing commercial real estate loans. Average loans totaled $23.6 billion for the third quarter of 2024, down $365.4 million, or 2%, linked-quarter. Total deposits at September 30, 2024 were $29.0 billion, down $217.8 million, or less than 1%, from June 30, 2024. The linked-quarter decrease in deposits was driven primarily by a decrease in interest-bearing public funds driven by seasonal runoff and a decrease in DDAs. Interest-bearing transaction and savings deposits totaled $10.9 billion at the end of the third quarter of 2024, up $81.9 million, or 1%, linked-quarter. Compared to June 30, 2024, retail time deposits of $4.7 billion were up $70.3 million, or 2%, and brokered deposits were $190.5 million, down $9.6 million, or 5%, compared to the prior quarter.

Moreover, the average deposits for the third quarter of 2024 were $28.9 billion, down $128.9 million, or less than 1%, linked-quarter. The total allowance for credit losses (ACL) was $342.8 million at September 30, 2024, up $0.5 million, or less than 1%, from June 30, 2024. Net interest income (TE) for the third quarter of 2024 was $274.5 million, an increase of $1.2 million, or less than 1%, from the second quarter of 2024. The net interest margin (NIM) (TE) was 3.39% in the third quarter of 2024, up 2 bps linked-quarter.

HWC in the third quarter of FY 24 has reported the adjusted earnings per share of $1.33, beating the analysts’ estimates for the adjusted earnings per share of $1.29. The company had reported the adjusted revenue of $370.4 million in the third quarter of FY 24, beating the analysts’ estimates for revenue of $366.77 million. Common stockholders’ equity at September 30, 2024 totaled $4.2 billion, up $254.0 million, or 6%, from June 30, 2024.

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