Hancock Whitney Corp (NASDAQ:HWC) stock fell 5.30% (As on January 18, 11:27:32 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 22. Net income for the fourth quarter of 2022 totaled $143.8 million compared to $135.4 million in the third quarter of 2022. The company reported net income for the fourth quarter of 2021 of $137.7 million. Total loans were $23.1 billion at December 31, 2022, up $528.5 million, or 2%, from September 30, 2022. Improving line utilization contributed to growth in markets and lines of business. One-time closure products drove the increase in mortgage loans, while limits on growth in commercial real estate (CRE) loans due to today’s economic environment led to an overall decline in CRE. Average loans totaled $22.7 billion for the fourth quarter of 2022, up $584.5 million, or 3%, linked-quarter. Management expects total loan growth to be in the range of low- to mid-single digits at year-end 2023.

Moreover, Total deposits at December 31, 2022 were $29.1 billion, up $119.1 million, or less than 1%, from September 30, 2022. The increase in deposits is primarily due to expected seasonal inflows, which typically begin to runoff in the first quarter of each year. Commercial client deployment of excess liquidity drove a decline in DDA, while competitive rates on certain deposit products led to a slight shift from no and low cost deposits to higher rate money market and time deposit (CD) products.

DDAs totaled $13.6 billion at December 31, 2022, down $645.7 million, or 5%, from September 30, 2022 and comprised 47% of total period-end deposits. Interest-bearing transaction and savings deposits totaled $10.7 billion at the end of the fourth quarter of 2022, a decrease of $175.7 million, or 2%, linked-quarter. Compared to September 30, 2022, time deposits of $1.5 billion were up $492.6 million, or 51%. Interest-bearing public fund deposits increased $447.9 million, or 16%, linked-quarter, ending December 31, 2022 at $3.2 billion. Average deposits for the fourth quarter of 2022 were $28.8 billion, down $364.3 million, or 1%, 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 fourth quarter of FY 22 has reported the adjusted earnings per share of $1.65, beating the analysts’ estimates for the adjusted earnings per share of $1.63, according to Zacks Investment Research. The company had reported the adjusted revenue of $372.6 million in the fourth quarter of FY 22, missing the analysts’ estimates for revenue of $384.7 million.