Hancock Whitney Corp (NASDAQ:HWC) stock fell 1.93% (As on July 19, 11:21:13 AM UTC-4, Source: Google Finance) after the company posted mixed result for the second quarter of FY 23. Total loans were $23.8 billion at June 30, 2023, up $385.4 million, or 2%, from March 31, 2023. One-time close products drove the increase in mortgage loans, which converted from construction and development loans to permanent mortgages at construction completion, as well as growth across various industries and sectors. Average loans totaled $23.7 billion for the second quarter of 2023, up $568.5 million, or 2%, linked-quarter. Management expects 2023 period-end loan growth to be in the range of low- to mid-single digits compared to year-end 2022.

Moreover, total deposits at June 30, 2023 were $30.0 billion, up $430.4 million, or 1%, from March 31, 2023. The growth in deposits was primarily due to an increase of interest-bearing time deposits resulting from a shift from DDA deposits and lower cost deposits to higher competitive-rate CD products and the issuance of brokered deposits during May 2023. DDAs totaled $12.2 billion at June 30, 2023, down $688.2 million, or 5%, from March 31, 2023 and comprised 40% of total period-end deposits. Interest-bearing transaction and savings deposits totaled $10.4 billion at the end of the second quarter of 2023, a decrease of $221.6 million, or 2%, linked-quarter. Compared to March 31, 2023, retail time deposits of $3.3 billion were up $911.0 million, or 37%, and brokered deposits of $1.2 billion were up $590.0 million. Interest-bearing public fund deposits decreased $160.8 million, or 5%, linked-quarter, ending June 30, 2023 at $2.9 billion. Average deposits for the second quarter of 2023 were $29.4 billion, up $580.0 million, or 2%, linked-quarter. Management expects 2023 period-end deposit level growth to be flat to low single digits compared to year-end 2022.

HWC in the second quarter of FY 23 has reported the adjusted earnings per share of $1.35, beating the analysts’ estimates for the adjusted earnings per share of $1.34. The company had reported the adjusted revenue of $357.13 million in the second quarter of FY 23, missing the analysts’ estimates for revenue of $364.64 million.

Furthermore, the total allowance for credit losses (ACL) was $345.7 million at June 30, 2023, up $4.3 million, or 1%, from March 31, 2023. Net interest income (TE) for the second quarter of 2023 was $276.7 million, a decrease of $10.8 million, or 4%, from the first quarter of 2023. The net interest margin (NIM) (TE) was 3.30% in the second quarter of 2023, down 25 bps linked-quarter.