Hancock Whitney Corp (NASDAQ:HWC) stock rose 0.68% (As on January 17, 11:20:46 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the fourth quarter of FY 23. Total loans were $23.9 billion at December 31, 2023, down $61.8 million, or less than 1%, from September 30, 2023. One-time close products drove the increase in mortgage loans, which convert from construction to mortgages upon construction completion. Total deposits at December 31, 2023 were $29.7 billion, down $630.3 million, or 2%, from September 30, 2023. The linked-quarter decline in deposits was driven primarily by brokered deposit maturities. DDAs totaled $11.0 billion at December 31, 2023, down $595.9 million, or 5%, from September 30, 2023 and comprised 37% of total period-end deposits. Interest-bearing transaction and savings deposits totaled $10.7 billion at the end of the fourth quarter of 2023, virtually unchanged linked-quarter. Compared to September 30, 2023, retail time deposits of $4.3 billion were up $251.6 million, or 6%, and brokered deposits were $589.8 million, down $567.5 million, or 49%, compared to the prior quarter. Interest-bearing public fund deposits increased $289.8 million, or 10%, linked-quarter, ending December 31, 2023 at $3.1 billion.

HWC in the fourth quarter of FY 23 has reported the adjusted earnings per share of 58 cents, missing the analysts’ estimates for the adjusted earnings per share of 81 cents. The company had reported the adjusted revenue of $311.2 million in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $344 million. Net interest income (TE) for the fourth quarter of 2023 was $272.3 million, an increase of $0.2 million, or less than 1%, from the third quarter of 2023. The net interest margin (NIM) (TE) was 3.27% in the fourth quarter of 2023, unchanged linked-quarter.

In addition, Common stockholders’ equity at December 31, 2023 totaled $3.8 billion, up $302.7 million, or 9%, from September 30, 2023. The tangible common equity (TCE) ratio was 8.37%, up 103 bps linked-quarter. The company’s CET1 ratio is estimated to be 12.39% at December 31, 2023, up 33 bps linked-quarter. Total risk-based capital ratio is estimated to be 14.00% at December 31, 2023, up 37 bps linked-quarter. The company’s share buyback authorization (allowing the repurchase of up to 4,297,000 shares of the company’s outstanding common stock), is set to expire on December 31, 2024. No shares were repurchased in the fourth quarter of 2023.