EX-99.1 2 hwc-20181016xex99_1.htm
Exhibit 99.1
FOR IMMEDIATE RELEASE
October 16, 2018
For more information
Trisha Voltz Carlson, EVP, Investor Relations Manager
504.299.5208 or trisha.carlson@hancockwhitney.com

Hancock Whitney reports third quarter 2018 EPS of $.96
Results include $4.8 million, or $.05 per share after tax, impact from nonoperating items
GULFPORT, Miss. (October 16, 2018) — Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the third quarter of 2018. Net income for the third quarter of 2018 was $83.9 million, or $.96 per diluted common share (EPS), compared to $71.2 million, or $.82 EPS in the second quarter of 2018 and $58.9 million, or $.68 EPS, in the third quarter of 2017. The third quarter of 2018 included $4.8 million ($.05 per share after-tax impact) of nonoperating items. The second quarter of 2018 included $15.8 million ($.14 per share impact) of nonoperating items and the third quarter of 2017 included nonoperating items of $11.4 million ($.08 per share impact).
Highlights of the company’s third quarter 2018 results (compared to second quarter 2018):

• | Closed Capital One trust & asset management acquisition July 13, 2018; added $5.5 million in fee income (trust), $4.1 million in expenses (operating) and approximately $229 million in deposits in 3Q18; nonoperating items totaled $4.8 million and are primarily related to the acquisition

• | EPS increased $.14 linked quarter to $.96; excluding nonoperating items EPS increased $.05 to $1.01

• | Net income increased $12.7 million, or 18% linked-quarter; excluding nonoperating items, earnings increased $4.0 million, or 5%

• | Return on average assets (ROA) improved 15 bps to 1.19%; excluding nonoperating items, ROA increased 2 bps to 1.24%

• | Operating leverage increased approximately $1.5 million linked-quarter; revenue up $9.3 million, operating expense up $7.8 million

• | Criticized commercial loans declined $63 million, or 7%, linked-quarter; $51 million energy, $12 million nonenergy

• | Loans increased $173 million linked-quarter (includes approximately $90 million in payoffs at quarter end)

• | Energy portfolio less than 5% of total loans (4.7%); no energy charge-offs during quarter

“The third quarter’s results reflect steady progress towards achieving our goals and enhancing shareholder value,” said John M. Hairston, President and CEO. “We hit our operating EPS target this quarter at $1.01, ROA of 1.24% is just below the top end of our targeted range, criticized loans, both energy and nonenergy, continued to improve, and our energy portfolio is now below 5% of total loans, with the end of the current cycle largely upon us. We completed the Capital One Trust and Asset Management acquisition which contributed to the quarter’s improved operating leverage, and we are committed to relentless pursuit of continued improvement.”
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Loans
Total loans at September 30, 2018 were $19.5 billion, up approximately $173 million, or 1%, linked-quarter. Net loan growth during the quarter continues to be diversified across the regions and also in areas identified as part of the company’s revenue-generating initiatives. Net loan growth was short of expectations due to approximately $90 million in payoffs received at quarter end.
Average loans totaled $19.5 billion for the third quarter of 2018, up $271 million, or 1%, linked-quarter.
Energy
At September 30, 2018, loans to the energy industry totaled $927 million, or 4.7% of total loans. The energy portfolio declined $58 million linked-quarter, and is comprised of credits to both the exploration and production (E&P) sector and the support and services sectors. Payoffs and paydowns of $151 million were partially offset by $93 million in fundings. There were no energy charge-offs during the third quarter.
With oil prices approximating $70 a barrel, and continued stabilization in prices, we anticipate the cycle for us could end soon. We believe we are adequately reserved for losses on remaining credits, and do not expect a significant provision for any additional issues. Management continues to estimate that net charge-offs from energy-related credits could approximate up to $95 million over the duration of the cycle, of which approximately $79 million has been taken to-date.
Deposits
Total deposits at September 30, 2018 were $22.4 billion, up $182 million, or 1%, from June 30, 2018. Average deposits for the third quarter of 2018 were $22.0 billion, down $80 million, or less than 1%, linked-quarter.
Noninterest-bearing demand deposits (DDAs) totaled $8.1 billion at September 30, 2018, down $25 million, or less than 1%, from June 30, 2018. DDAs comprised 36% of total period-end deposits at September 30, 2018.
Interest-bearing transaction and savings deposits totaled $8.0 billion at the end of the third quarter of 2018, up $261 million, or 3%, from June 30, 2018. The increase was mainly related to deposits associated with the trust and asset management acquisition. Time deposits of $3.7 billion were up $188 million, or 5%, while interest-bearing public fund deposits decreased $241 million, or 8%, to $2.6 billion at September 30, 2018.
Asset Quality
Nonperforming assets (NPAs) totaled $391.3 million at September 30, 2018, down $25.2 million, or 6%, from June 30, 2018. During the third quarter of 2018, total nonperforming loans decreased approximately $30.4 million, while foreclosed and surplus real estate (ORE) and other foreclosed assets increased approximately $5.1 million. Nonperforming assets as a percent of total loans, ORE and other foreclosed assets was 2.00% at September 30, 2018, down 15 bps from June 30, 2018.
The total allowance for loan losses (ALLL) was $214.5 million at September 30, 2018, virtually unchanged from June 30, 2018. There was a shift in the allowance from energy to nonenergy during the quarter. The allowance for credits in the energy portfolio totaled $50.2 million, or 5.4% of energy loans, at September 30, 2018, as compared to $59.0 million, or 6.0% of energy loans, at June 30, 2018. The allowance for credits in the nonenergy portfolio totaled $164.3 million, or 0.88% of nonenergy loans, at September 30, 2018, as compared to $155.6 million, or 0.85% of nonenergy loans, at June 30, 2018. The ratio of the allowance for loan losses to period-end loans was 1.10% at September 30, 2018, down 1 bp from 1.11% at June 30, 2018.
Net charge-offs were $6.9 million, or 0.14% of average total loans on an annualized basis in the third quarter of 2018, up from $5.1 million, or 0.11% of average total loans in the second quarter of 2018. During the third quarter of 2018, the company recorded a total provision for loan losses of $6.9 million, down from $8.9 million in the second quarter of 2018. There were no energy charge-offs in the third quarter, compared to a net recovery of $1.9 million in the second quarter.
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Net Interest Income and Net Interest Margin (NIM)
Net interest income (TE) for the third quarter of 2018 was $218.3 million, up $2.7 million from the second quarter of 2018. The increase is primarily due to one more accrual day and a higher level of average earning assets in the quarter, partially offset by a 4 bps lower net interest margin.
Average earning assets were $25.8 billion for the third quarter of 2018, up $441 million, or 2%, from the second quarter of 2018. The net interest margin (TE) was 3.36% for the third quarter of 2018, down 4 bps from the second quarter of 2018. The decrease in the margin reflects a positive impact from a 6 bp increase in the average earning asset yield (an 8 bp increase in loan yield and a 5 bp increase in yield on the securities portfolio), partially offset by an 11 bp increase in the cost of funds.
Noninterest Income
Noninterest income totaled $75.5 million for the third quarter of 2018, up $6.7 million, or 10%, from the second quarter of 2018.
Service charges on deposits totaled $21.4 million for the third quarter of 2018, up $0.4 million, or 2%, from the second quarter of 2018. Bank card and ATM fees totaled $14.9 million, down $0.6 million, or 4%, from the second quarter of 2018 due to seasonality and lower merchant fees.
Trust fees totaled $16.7 million, up $5.1 million, or 44% linked-quarter. On July 13, 2018, the Capital One Trust and Asset Management acquisition was completed. In the third quarter of 2018, we added approximately $5.5 million in trust fee income related to this acquisition. The net decline from the second quarter reflects seasonality related to tax season.
Investment and annuity income and insurance fees totaled $6.7 million, up $0.4 million, or 6%, linked-quarter. Fees from secondary mortgage operations totaled $4.3 million for the third quarter of 2018, up $0.4 million, or 9%, linked-quarter. Other noninterest income totaled $11.6 million, up $1.0 million, or 10%, from the second quarter of 2018. The increase is mostly due to gains from miscellaneous asset sales.
3

Noninterest Expense & Taxes
Noninterest expense for the third quarter of 2018 totaled $181.2 million, down $3.2 million, or 2%, from the second quarter of 2018. Included in the third quarter total was $4.8 million of nonoperating expense, mainly related to the trust and asset management acquisition. There was $15.8 million of nonoperating expense in the second quarter of 2018. Excluding nonoperating items, operating expense for the third quarter of 2018 totaled $176.4 million, up $7.8 million, or 5% linked-quarter. The discussion below excludes nonoperating items.
The completion of the trust and asset management acquisition added approximately $4.1 million in expense in the third quarter of 2018 from the transaction closure date of July 13, 2018.
Total personnel expense was $101.2 million in the third quarter of 2018, up $4.3 million, or 4%, from the second quarter of 2018. Adjusting for the trust and asset management acquisition, personnel expense was up $2.2 million mainly related to incentive pay.
Occupancy and equipment expense totaled $15.5 million in the third quarter of 2018, up $0.1 million, or less than 1%, from the second quarter of 2018.
Amortization of intangibles totaled $5.6 million for the third quarter of 2018, up $0.3 million or 6% linked-quarter mostly related to the trust and asset management acquisition. There was virtually no ORE expense in the third quarter of 2018, compared to gains on ORE dispositions exceeding ORE expense by $0.3 million in the second quarter of 2018.
Other operating expense totaled $54.1 million in the third quarter of 2018, up $2.7 million, or 5%, from the second quarter of 2018. After adjusting for the trust and asset management acquisition, other operating expense was up $1.8 million. The linked quarter increase was mainly related to increased expense on revenue-generating initiatives partly offset by miscellaneous expense items.
The effective income tax rate for the third quarter of 2018 was 18%. Management expects the tax rate in the fourth quarter of 2018 to approximate 8-10%. The lower tax rate reflects the impact of fourth quarter stock compensation vesting and other tax reform related strategies. The effective income tax rate continues to be less than the statutory rate due primarily to tax-exempt income and tax credits.
Capital
Common shareholders’ equity at September 30, 2018 totaled $3.0 billion, up $49 million, or 2%, from second quarter 2018. The tangible common equity (TCE) ratio was 7.67%, down 9 bps from June 30, 2018. The decline is mainly related to the trust and asset management acquisition during the third quarter. Additional capital ratios are included in the financial tables.
Conference Call and Slide Presentation
Management will host a conference call for analysts and investors at 8:30 a.m. Central Time on Wednesday, October 17, 2018 to review the results. A live listen-only webcast of the call will be available under the Investor Relations section of Hancock Whitney’s website at www.hancockwhitney.com/investors. A link to the release with additional financial tables, and a link to a slide presentation related to third quarter results are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial (877) 564-1219 or (973) 638-3429. An audio archive of the conference call will be available under the Investor Relations section of our website. A replay of the call will also be available through October 24, 2018 by dialing (855) 859-2056 or (404) 537-3406, passcode 9595837.
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About Hancock Whitney
Since the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Hancock Whitney offices and financial centers in Mississippi, Alabama, Florida, Louisiana, and Texas offer comprehensive financial products and services, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; healthcare banking; certain insurance services; and mortgage services. The company also operates a loan production office in Nashville, Tennessee, as well as trust and asset management offices in New Jersey and New York. BauerFinancial, Inc., the nation’s leading independent bank rating and analysis firm, consistently recommends Hancock Whitney as one of America’s most financially sound banks. More information is available at www.hancockwhitney.com.
Non-GAAP Financial Measures
This news release includes non-GAAP financial measures to describe Hancock Whitney’s performance. The reconciliations of those measures to GAAP measures are provided either in the financial tables or in Appendix A thereto.
Consistent with Securities and Exchange Commission Industry Guide 3, the company presents net interest income, net interest margin and efficiency ratios on a fully taxable equivalent (“TE”) basis. The TE basis adjusts for the tax-favored status of net interest income from certain loans and investments using the statutory federal tax rate to increase tax-exempt interest income to a taxable equivalent basis. The company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources.
The company presents certain additional non-GAAP financial measures to assist the reader with a better understanding of the company’s performance period over period, as well as to provide investors with assistance in understanding the success management has experienced in executing its strategic initiatives. These non-GAAP measures may reference the concepts “core” or “operating.” The company uses the term “core” to describe a financial measure that excludes income or expense arising from accretion or amortization of fair value adjustments recorded as part of purchase accounting. The company uses the term “operating” to describe a financial measure that excludes income or expense considered to be nonoperating in nature. Items identified as nonoperating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in the company’s business.
We define Core Net Interest Income as net interest income (TE) excluding net purchase accounting accretion and amortization. We define Core Net Interest Margin as core net interest income expressed as a percentage of average earning assets. A reconciliation of reported net interest income to core net interest income and reported net interest margin to core net interest margin is included in Appendix A.
We define Operating Revenue as net interest income (TE) and noninterest income less nonoperating revenue. We define Operating Pre-Provision Net Revenue as operating revenue (TE) less noninterest expense, excluding nonoperating items. Management believes that operating pre-provision net revenue is a useful financial measure because it enables investors and others to assess the company’s ability to generate capital to cover credit losses through a credit cycle. A reconciliation of reported net interest income to operating pre-provision net revenue is included in Appendix A.
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We define Operating Earnings as reported net income excluding nonoperating items net of income tax. We define Operating Earnings per Share as operating earnings expressed as an amount available to each common shareholder on a diluted basis. A reconciliation of reported net income to operating earnings is presented in the Income Statement table and a reconciliation of reported earnings per share – diluted to operating earnings per share – diluted is presented in Appendix A.
Important Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements that we may make include statements regarding balance sheet and revenue growth, the provision for loans losses, loan growth expectations, management’s predictions about charge-offs for loans, including energy-related credits, the impact of changes in oil and gas prices on our energy portfolio, the impact of the transaction with Capital One on our performance and financial condition, including our ability to successfully integrate the businesses, deposit trends, credit quality trends, net interest margin trends, future expense levels, success of revenue-generating initiatives, projected tax rates, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts such as accretion levels, increased cybersecurity risks, including potential business disruptions or financial losses, and the financial impact of regulatory requirements and tax reform legislation. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “forecast,” “goals,” “targets,” “initiatives,” “focus,” “potentially,” “probably,” “projects,” “outlook”, or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events.
Forward-looking statements are subject to significant risks and uncertainties. Any forward-looking statement made in this release is subject to the safe harbor protections set forth in the Private Securities Litigation Reform Act of 1995. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward looking statements. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017 and in other periodic reports that we file with the SEC.
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HANCOCK WHITNEY CORPORATION |  |
FINANCIAL HIGHLIGHTS |  |
(Unaudited) |  |
|  | Three Months Ended |  | Nine Months Ended
(dollars and common share data in thousands, except per share amounts) |  | 9/30/2018 |  | 6/30/2018 |  | 9/30/2017 |  | 9/30/2018 |  | 9/30/2017
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 214,194 |  |  |  | $ | 211,547 |  |  |  | $ | 202,857 |  |  |  | $ | 631,405 |  |  |  | $ | 584,265 |  |
Net interest income (TE) (a) |  |  | 218,289 |  |  |  |  | 215,628 |  |  |  |  | 211,436 |  |  |  |  | 643,544 |  |  |  |  | 609,706 |  |
Provision for loan losses |  |  | 6,872 |  |  |  |  | 8,891 |  |  |  |  | 13,040 |  |  |  |  | 28,016 |  |  |  |  | 43,982 |  |
Noninterest income |  |  | 75,518 |  |  |  |  | 68,832 |  |  |  |  | 67,115 |  |  |  |  | 210,602 |  |  |  |  | 198,093 |  |
Noninterest expense |  |  | 181,187 |  |  |  |  | 184,402 |  |  |  |  | 177,616 |  |  |  |  | 536,380 |  |  |  |  | 524,628 |  |
Income tax expense |  |  | 17,775 |  |  |  |  | 15,909 |  |  |  |  | 20,414 |  |  |  |  | 50,081 |  |  |  |  | 53,565 |  |
Net income |  | $ | 83,878 |  |  |  | $ | 71,177 |  |  |  | $ | 58,902 |  |  |  | $ | 227,530 |  |  |  | $ | 160,183 |  |
Earnings excluding nonoperating items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 83,878 |  |  |  | $ | 71,177 |  |  |  | $ | 58,902 |  |  |  | $ | 227,530 |  |  |  | $ | 160,183 |  |
Nonoperating items, net of income tax benefit |  |  | 3,813 |  |  |  |  | 12,486 |  |  |  |  | 7,405 |  |  |  |  | 22,081 |  |  |  |  | 15,679 |  |
Operating earnings |  | $ | 87,691 |  |  |  | $ | 83,663 |  |  |  | $ | 66,307 |  |  |  | $ | 249,611 |  |  |  | $ | 175,862 |  |
PERIOD-END BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 19,543,717 |  |  |  | $ | 19,370,917 |  |  |  | $ | 18,786,285 |  |  |  | $ | 19,543,717 |  |  |  | $ | 18,786,285 |  |
Securities |  |  | 5,987,447 |  |  |  |  | 6,113,873 |  |  |  |  | 5,624,552 |  |  |  |  | 5,987,447 |  |  |  |  | 5,624,552 |  |
Earning assets |  |  | 25,668,281 |  |  |  |  | 25,625,047 |  |  |  |  | 24,545,798 |  |  |  |  | 25,668,281 |  |  |  |  | 24,545,798 |  |
Total assets |  |  | 28,098,175 |  |  |  |  | 27,925,447 |  |  |  |  | 26,816,755 |  |  |  |  | 28,098,175 |  |  |  |  | 26,816,755 |  |
Noninterest-bearing deposits |  |  | 8,140,530 |  |  |  |  | 8,165,796 |  |  |  |  | 7,896,384 |  |  |  |  | 8,140,530 |  |  |  |  | 7,896,384 |  |
Total deposits |  |  | 22,417,807 |  |  |  |  | 22,235,338 |  |  |  |  | 21,533,859 |  |  |  |  | 22,417,807 |  |  |  |  | 21,533,859 |  |
Common shareholders' equity |  |  | 2,978,878 |  |  |  |  | 2,929,555 |  |  |  |  | 2,863,275 |  |  |  |  | 2,978,878 |  |  |  |  | 2,863,275 |  |
AVERAGE BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 19,464,639 |  |  |  | $ | 19,193,234 |  |  |  | $ | 18,591,219 |  |  |  | $ | 19,230,385 |  |  |  | $ | 18,092,622 |  |
Securities (b) |  |  | 6,186,410 |  |  |  |  | 6,032,058 |  |  |  |  | 5,679,841 |  |  |  |  | 6,039,645 |  |  |  |  | 5,321,974 |  |
Earning assets |  |  | 25,832,372 |  |  |  |  | 25,391,025 |  |  |  |  | 24,487,426 |  |  |  |  | 25,445,886 |  |  |  |  | 23,871,477 |  |
Total assets |  |  | 28,026,923 |  |  |  |  | 27,485,052 |  |  |  |  | 26,677,573 |  |  |  |  | 27,585,910 |  |  |  |  | 25,993,814 |  |
Noninterest-bearing deposits |  |  | 8,017,353 |  |  |  |  | 8,149,521 |  |  |  |  | 7,775,913 |  |  |  |  | 8,039,574 |  |  |  |  | 7,670,517 |  |
Total deposits |  |  | 22,021,559 |  |  |  |  | 22,101,474 |  |  |  |  | 21,349,818 |  |  |  |  | 22,055,403 |  |  |  |  | 20,517,779 |  |
Common shareholders' equity |  |  | 2,952,431 |  |  |  |  | 2,908,997 |  |  |  |  | 2,838,517 |  |  |  |  | 2,911,706 |  |  |  |  | 2,786,444 |  |
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - diluted |  | $ | 0.96 |  |  |  | $ | 0.82 |  |  |  | $ | 0.68 |  |  |  | $ | 2.61 |  |  |  | $ | 1.85 |  |
Cash dividends per share |  |  | 0.27 |  |  |  |  | 0.24 |  |  |  |  | 0.24 |  |  |  |  | 0.75 |  |  |  |  | 0.72 |  |
Book value per share (period-end) |  |  | 34.90 |  |  |  |  | 34.33 |  |  |  |  | 33.78 |  |  |  |  | 34.90 |  |  |  |  | 33.78 |  |
Tangible book value per share (period-end) |  |  | 24.44 |  |  |  |  | 24.66 |  |  |  |  | 23.92 |  |  |  |  | 24.44 |  |  |  |  | 23.92 |  |
Weighted average number of shares - diluted |  |  | 85,539 |  |  |  |  | 85,483 |  |  |  |  | 84,980 |  |  |  |  | 85,482 |  |  |  |  | 84,818 |  |
Period-end number of shares |  |  | 85,364 |  |  |  |  | 85,335 |  |  |  |  | 84,767 |  |  |  |  | 85,364 |  |  |  |  | 84,767 |  |
Market data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High sales price |  | $ | 53.00 |  |  |  | $ | 55.00 |  |  |  | $ | 50.40 |  |  |  | $ | 56.40 |  |  |  | $ | 52.94 |  |
Low sales price |  |  | 46.05 |  |  |  |  | 45.76 |  |  |  |  | 41.05 |  |  |  |  | 45.76 |  |  |  |  | 41.05 |  |
Period-end closing price |  |  | 47.55 |  |  |  |  | 46.65 |  |  |  |  | 48.45 |  |  |  |  | 47.55 |  |  |  |  | 48.45 |  |
Trading volume |  |  | 28,332 |  |  |  |  | 35,705 |  |  |  |  | 33,243 |  |  |  |  | 99,407 |  |  |  |  | 117,397 |  |
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets |  |  | 1.19 |  | % |  |  | 1.04 |  | % |  |  | 0.88 |  | % |  |  | 1.10 |  | % |  |  | 0.82 |  | %
Return on average common equity |  |  | 11.27 |  | % |  |  | 9.81 |  | % |  |  | 8.23 |  | % |  |  | 10.45 |  | % |  |  | 7.69 |  | %
Return on average tangible common equity |  |  | 16.11 |  | % |  |  | 13.72 |  | % |  |  | 11.68 |  | % |  |  | 14.75 |  | % |  |  | 10.77 |  | %
Tangible common equity ratio (c) |  |  | 7.67 |  | % |  |  | 7.76 |  | % |  |  | 7.80 |  | % |  |  | 7.67 |  | % |  |  | 7.80 |  | %
Net interest margin (TE) (d) |  |  | 3.36 |  | % |  |  | 3.40 |  | % |  |  | 3.44 |  | % |  |  | 3.38 |  | % |  |  | 3.41 |  | %
Average loan/deposit ratio |  |  | 88.39 |  | % |  |  | 86.84 |  | % |  |  | 87.08 |  | % |  |  | 87.19 |  | % |  |  | 88.18 |  | %
Allowance for loan losses as a percentage of period-end loans |  |  | 1.10 |  | % |  |  | 1.11 |  | % |  |  | 1.19 |  | % |  |  | 1.10 |  | % |  |  | 1.19 |  | %
Annualized net charge-offs to average loans |  |  | 0.14 |  | % |  |  | 0.11 |  | % |  |  | 0.25 |  | % |  |  | 0.17 |  | % |  |  | 0.35 |  | %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |  |  | 55.25 |  | % |  |  | 53.35 |  | % |  |  | 56.45 |  | % |  |  | 55.25 |  | % |  |  | 56.45 |  | %
Select performance measures excluding nonoperating items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating earnings per share - diluted (d) |  | $ | 1.01 |  |  |  | $ | 0.96 |  |  |  | $ | 0.76 |  |  |  | $ | 2.87 |  |  |  | $ | 2.03 |  | %
Return on average assets - operating |  |  | 1.24 |  | % |  |  | 1.22 |  | % |  |  | 0.99 |  | % |  |  | 1.21 |  | % |  |  | 0.90 |  | %
Return on average common equity - operating |  |  | 11.78 |  | % |  |  | 11.54 |  | % |  |  | 9.27 |  | % |  |  | 11.46 |  | % |  |  | 8.44 |  | %
Return on average tangible common equity - operating |  |  | 16.84 |  | % |  |  | 16.12 |  | % |  |  | 13.14 |  | % |  |  | 16.18 |  | % |  |  | 11.82 |  | %
Efficiency ratio (e) |  |  | 58.11 |  | % |  |  | 57.40 |  | % |  |  | 57.50 |  | % |  |  | 57.68 |  | % |  |  | 59.70 |  | %
Noninterest income as a percent of total revenue (TE) - operating |  |  | 25.70 |  | % |  |  | 24.20 |  | % |  |  | 24.09 |  | % |  |  | 24.76 |  | % |  |  | 24.11 |  | %
FTE headcount |  |  | 3,858 |  |  |  |  | 3,780 |  |  |  |  | 3,979 |  |  |  |  | 3,858 |  |  |  |  | 3,979 |  |

(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three and nine months ended September 30, 2018 and the three months ended June 30, 2018, and 35% for the three and nine months ended September 30, 2017. |  |
(b) Average securities does not include unrealized holding gains/losses on available for sale securities. |  |  |  |  |  |  |  |  |  |  |  |
(c) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. |  |
(d) Refer to Appendix A for reconciliation of this non-GAAP measure. |  |
(e) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating items.

7

HANCOCK WHITNEY CORPORATION |  |
QUARTERLY FINANCIAL HIGHLIGHTS |  |
(Unaudited) |  |
|  | Three Months Ended
(dollars and common share data in thousands, except per share amounts) |  | 9/30/2018 |  | 6/30/2018 |  | 3/31/2018 |  | 12/31/2017 |  | 9/30/2017
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 214,194 |  |  |  | $ | 211,547 |  |  |  | $ | 205,664 |  |  |  | $ | 208,047 |  |  |  | $ | 202,857 |  |
Net interest income (TE) (a) |  |  | 218,289 |  |  |  |  | 215,628 |  |  |  |  | 209,627 |  |  |  |  | 216,996 |  |  |  |  | 211,436 |  |
Provision for loan losses |  |  | 6,872 |  |  |  |  | 8,891 |  |  |  |  | 12,253 |  |  |  |  | 14,986 |  |  |  |  | 13,040 |  |
Noninterest income |  |  | 75,518 |  |  |  |  | 68,832 |  |  |  |  | 66,252 |  |  |  |  | 69,688 |  |  |  |  | 67,115 |  |
Noninterest expense |  |  | 181,187 |  |  |  |  | 184,402 |  |  |  |  | 170,791 |  |  |  |  | 168,063 |  |  |  |  | 177,616 |  |
Income tax expense |  |  | 17,775 |  |  |  |  | 15,909 |  |  |  |  | 16,397 |  |  |  |  | 39,237 |  |  |  |  | 20,414 |  |
Net income |  | $ | 83,878 |  |  |  | $ | 71,177 |  |  |  | $ | 72,475 |  |  |  | $ | 55,449 |  |  |  | $ | 58,902 |  |
Earnings excluding nonoperating items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 83,878 |  |  |  | $ | 71,177 |  |  |  | $ | 72,475 |  |  |  | $ | 55,449 |  |  |  | $ | 58,902 |  |
Nonoperating items, net of income tax benefit |  |  | 3,813 |  |  |  |  | 12,486 |  |  |  |  | 5,782 |  |  |  |  | — |  |  |  |  | 7,405 |  |
Income tax resulting from re-measurement of deferred tax asset |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 19,520 |  |  |  |  | — |  |
Operating earnings |  | $ | 87,691 |  |  |  | $ | 83,663 |  |  |  | $ | 78,257 |  |  |  | $ | 74,969 |  |  |  | $ | 66,307 |  |
PERIOD-END BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 19,543,717 |  |  |  | $ | 19,370,917 |  |  |  | $ | 19,092,504 |  |  |  | $ | 19,004,163 |  |  |  | $ | 18,786,285 |  |
Securities |  |  | 5,987,447 |  |  |  |  | 6,113,873 |  |  |  |  | 5,930,076 |  |  |  |  | 5,888,380 |  |  |  |  | 5,624,552 |  |
Earning assets |  |  | 25,668,281 |  |  |  |  | 25,625,047 |  |  |  |  | 25,105,948 |  |  |  |  | 25,024,792 |  |  |  |  | 24,545,798 |  |
Total assets |  |  | 28,098,175 |  |  |  |  | 27,925,447 |  |  |  |  | 27,297,337 |  |  |  |  | 27,336,086 |  |  |  |  | 26,816,755 |  |
Noninterest-bearing deposits |  |  | 8,140,530 |  |  |  |  | 8,165,796 |  |  |  |  | 8,230,060 |  |  |  |  | 8,307,497 |  |  |  |  | 7,896,384 |  |
Total deposits |  |  | 22,417,807 |  |  |  |  | 22,235,338 |  |  |  |  | 22,485,722 |  |  |  |  | 22,253,202 |  |  |  |  | 21,533,859 |  |
Common shareholders' equity |  |  | 2,978,878 |  |  |  |  | 2,929,555 |  |  |  |  | 2,896,038 |  |  |  |  | 2,884,949 |  |  |  |  | 2,863,275 |  |
AVERAGE BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 19,464,639 |  |  |  | $ | 19,193,234 |  |  |  | $ | 19,028,490 |  |  |  | $ | 18,839,537 |  |  |  | $ | 18,591,219 |  |
Securities (b) |  |  | 6,186,410 |  |  |  |  | 6,032,058 |  |  |  |  | 5,897,290 |  |  |  |  | 5,801,451 |  |  |  |  | 5,679,841 |  |
Earning assets |  |  | 25,832,372 |  |  |  |  | 25,391,025 |  |  |  |  | 25,106,283 |  |  |  |  | 24,812,676 |  |  |  |  | 24,487,426 |  |
Total assets |  |  | 28,026,923 |  |  |  |  | 27,485,052 |  |  |  |  | 27,237,077 |  |  |  |  | 26,973,507 |  |  |  |  | 26,677,573 |  |
Noninterest-bearing deposits |  |  | 8,017,353 |  |  |  |  | 8,149,521 |  |  |  |  | 7,951,121 |  |  |  |  | 8,095,563 |  |  |  |  | 7,775,913 |  |
Total deposits |  |  | 22,021,559 |  |  |  |  | 22,101,474 |  |  |  |  | 22,043,419 |  |  |  |  | 21,762,757 |  |  |  |  | 21,349,818 |  |
Common shareholders' equity |  |  | 2,952,431 |  |  |  |  | 2,908,997 |  |  |  |  | 2,872,813 |  |  |  |  | 2,867,475 |  |  |  |  | 2,838,517 |  |
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - diluted |  | $ | 0.96 |  |  |  | $ | 0.82 |  |  |  | $ | 0.83 |  |  |  | $ | 0.64 |  |  |  | $ | 0.68 |  |
Cash dividends per share |  |  | 0.27 |  |  |  |  | 0.24 |  |  |  |  | 0.24 |  |  |  |  | 0.24 |  |  |  |  | 0.24 |  |
Book value per share (period-end) |  |  | 34.90 |  |  |  |  | 34.33 |  |  |  |  | 33.96 |  |  |  |  | 33.86 |  |  |  |  | 33.78 |  |
Tangible book value per share (period-end) |  |  | 24.44 |  |  |  |  | 24.66 |  |  |  |  | 24.22 |  |  |  |  | 24.05 |  |  |  |  | 23.92 |  |
Weighted average number of shares - diluted |  |  | 85,539 |  |  |  |  | 85,483 |  |  |  |  | 85,423 |  |  |  |  | 85,303 |  |  |  |  | 84,980 |  |
Period-end number of shares |  |  | 85,364 |  |  |  |  | 85,335 |  |  |  |  | 85,285 |  |  |  |  | 85,200 |  |  |  |  | 84,767 |  |
Market data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High sales price |  | $ | 53.00 |  |  |  | $ | 55.00 |  |  |  | $ | 56.40 |  |  |  | $ | 53.35 |  |  |  | $ | 50.40 |  |
Low sales price |  |  | 46.05 |  |  |  |  | 45.76 |  |  |  |  | 49.48 |  |  |  |  | 46.18 |  |  |  |  | 41.05 |  |
Period-end closing price |  |  | 47.55 |  |  |  |  | 46.65 |  |  |  |  | 51.70 |  |  |  |  | 49.50 |  |  |  |  | 48.45 |  |
Trading volume |  |  | 28,332 |  |  |  |  | 35,705 |  |  |  |  | 35,370 |  |  |  |  | 29,308 |  |  |  |  | 33,243 |  |
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets |  |  | 1.19 |  | % |  |  | 1.04 |  | % |  |  | 1.08 |  | % |  |  | 0.82 |  | % |  |  | 0.88 |  | %
Return on average common equity |  |  | 11.27 |  | % |  |  | 9.81 |  | % |  |  | 10.23 |  | % |  |  | 7.67 |  | % |  |  | 8.23 |  | %
Return on average tangible common equity |  |  | 16.11 |  | % |  |  | 13.72 |  | % |  |  | 14.41 |  | % |  |  | 10.81 |  | % |  |  | 11.68 |  | %
Tangible common equity ratio (c) |  |  | 7.67 |  | % |  |  | 7.76 |  | % |  |  | 7.80 |  | % |  |  | 7.73 |  | % |  |  | 7.80 |  | %
Net interest margin (TE) (d) |  |  | 3.36 |  | % |  |  | 3.40 |  | % |  |  | 3.37 |  | % |  |  | 3.48 |  | % |  |  | 3.44 |  | %
Average loan/deposit ratio |  |  | 88.39 |  | % |  |  | 86.84 |  | % |  |  | 86.32 |  | % |  |  | 86.57 |  | % |  |  | 87.08 |  | %
Allowance for loan losses as a percent of period-end loans |  |  | 1.10 |  | % |  |  | 1.11 |  | % |  |  | 1.10 |  | % |  |  | 1.14 |  | % |  |  | 1.19 |  | %
Annualized net charge-offs to average loans |  |  | 0.14 |  | % |  |  | 0.11 |  | % |  |  | 0.26 |  | % |  |  | 0.44 |  | % |  |  | 0.25 |  | %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |  |  | 55.25 |  | % |  |  | 53.35 |  | % |  |  | 46.37 |  | % |  |  | 54.18 |  | % |  |  | 56.45 |  | %
Select performance measures excluding nonoperating items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating earnings per share - diluted (d) |  | $ | 1.01 |  |  |  | $ | 0.96 |  |  |  | $ | 0.90 |  |  |  | $ | 0.86 |  |  |  | $ | 0.76 |  |
Return on average assets - operating |  |  | 1.24 |  | % |  |  | 1.22 |  | % |  |  | 1.17 |  | % |  |  | 1.10 |  | % |  |  | 0.99 |  | %
Return on average common equity - operating |  |  | 11.78 |  | % |  |  | 11.54 |  | % |  |  | 11.05 |  | % |  |  | 10.37 |  | % |  |  | 9.27 |  | %
Return on average tangible common equity - operating |  |  | 16.84 |  | % |  |  | 16.12 |  | % |  |  | 15.56 |  | % |  |  | 14.62 |  | % |  |  | 13.14 |  | %
Efficiency ratio (e) |  |  | 58.11 |  | % |  |  | 57.40 |  | % |  |  | 57.51 |  | % |  |  | 56.57 |  | % |  |  | 57.50 |  | %
Noninterest income as a percent of total revenue (TE) - operating |  |  | 25.70 |  | % |  |  | 24.20 |  | % |  |  | 24.33 |  | % |  |  | 24.31 |  | % |  |  | 24.09 |  | %
FTE headcount |  |  | 3,858 |  |  |  |  | 3,780 |  |  |  |  | 3,775 |  |  |  |  | 3,887 |  |  |  |  | 3,979 |  |

(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three months ended September 30, 2018, June 30, 2018 and March 31, 2018, and 35% for the three months ended December 31, 2017 and September 30, 2017 .
(b) Average securities does not include unrealized holding gains/losses on available for sale securities. |  |  |  |  |  |  |  |  |  |  |  |  |
(c) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. |  |  |  |  |
(d) Refer to Appendix A for reconciliation of this non-GAAP measure. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(e) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating items.

8

HANCOCK WHITNEY CORPORATION |
INCOME STATEMENT |
(Unaudited) |
|  | Three Months Ended |  |  | Nine Months Ended |
(dollars in thousands, except per share data) |  | 9/30/2018 |  |  | 6/30/2018 |  |  | 9/30/2017 |  |  | 9/30/2018 |  |  | 9/30/2017 |
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 263,212 |  |  | $ | 252,304 |  |  | $ | 232,716 |  |  | $ | 756,911 |  |  | $ | 661,408 |
Interest income (TE) (f) |  |  | 267,307 |  |  |  | 256,385 |  |  |  | 241,295 |  |  |  | 769,050 |  |  |  | 686,849 |
Interest expense |  |  | 49,018 |  |  |  | 40,757 |  |  |  | 29,859 |  |  |  | 125,506 |  |  |  | 77,143 |
Net interest income (TE) |  |  | 218,289 |  |  |  | 215,628 |  |  |  | 211,436 |  |  |  | 643,544 |  |  |  | 609,706 |
Provision for loan losses |  |  | 6,872 |  |  |  | 8,891 |  |  |  | 13,040 |  |  |  | 28,016 |  |  |  | 43,982 |
Noninterest income |  |  | 75,518 |  |  |  | 68,832 |  |  |  | 67,115 |  |  |  | 210,602 |  |  |  | 198,093 |
Noninterest expense |  |  | 181,187 |  |  |  | 184,402 |  |  |  | 177,616 |  |  |  | 536,380 |  |  |  | 524,628 |
Income before income taxes |  |  | 101,653 |  |  |  | 87,086 |  |  |  | 79,316 |  |  |  | 277,611 |  |  |  | 213,748 |
Income tax expense |  |  | 17,775 |  |  |  | 15,909 |  |  |  | 20,414 |  |  |  | 50,081 |  |  |  | 53,565 |
Net income |  | $ | 83,878 |  |  | $ | 71,177 |  |  | $ | 58,902 |  |  | $ | 227,530 |  |  | $ | 160,183 |
Earnings excluding nonoperating items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 83,878 |  |  | $ | 71,177 |  |  | $ | 58,902 |  |  | $ | 227,530 |  |  | $ | 160,183 |
Nonoperating income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,145 |  |  |  | (4,352) |
Nonoperating expense |  |  | 4,827 |  |  |  | 15,805 |  |  |  | 11,393 |  |  |  | 26,485 |  |  |  | 28,473 |
Income tax benefit |  |  | (1,014) |  |  |  | (3,319) |  |  |  | (3,988) |  |  |  | (5,549) |  |  |  | (8,442) |
Nonoperating items, net of applicable income tax benefit |  |  | 3,813 |  |  |  | 12,486 |  |  |  | 7,405 |  |  |  | 22,081 |  |  |  | 15,679 |
Operating earnings |  | $ | 87,691 |  |  | $ | 83,663 |  |  | $ | 66,307 |  |  | $ | 249,611 |  |  | $ | 175,862 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts |  | $ | 21,377 |  |  | $ | 20,981 |  |  | $ | 21,444 |  |  | $ | 63,806 |  |  | $ | 60,711 |
Trust fees |  |  | 16,738 |  |  |  | 11,653 |  |  |  | 10,742 |  |  |  | 39,726 |  |  |  | 33,459 |
Bank card and ATM fees |  |  | 14,862 |  |  |  | 15,464 |  |  |  | 13,390 |  |  |  | 44,784 |  |  |  | 39,545 |
Insurance and investment commissions, and annuity fees |  |  | 6,652 |  |  |  | 6,264 |  |  |  | 6,230 |  |  |  | 19,041 |  |  |  | 17,939 |
Secondary mortgage market operations |  |  | 4,333 |  |  |  | 3,965 |  |  |  | 4,157 |  |  |  | 11,699 |  |  |  | 11,965 |
Amortization of FDIC loss share receivable |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,427) |
Other income |  |  | 11,556 |  |  |  | 10,505 |  |  |  | 11,152 |  |  |  | 32,691 |  |  |  | 32,549 |
Total operating noninterest income |  |  | 75,518 |  |  |  | 68,832 |  |  |  | 67,115 |  |  |  | 211,747 |  |  |  | 193,741 |
Nonoperating income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,145) |  |  |  | 4,352 |
Total noninterest income |  | $ | 75,518 |  |  | $ | 68,832 |  |  | $ | 67,115 |  |  | $ | 210,602 |  |  | $ | 198,093 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel expense (g) |  | $ | 101,173 |  |  | $ | 96,835 |  |  | $ | 97,023 |  |  | $ | 294,374 |  |  | $ | 288,693 |
Net occupancy and equipment expense |  |  | 15,452 |  |  |  | 15,340 |  |  |  | 15,728 |  |  |  | 45,228 |  |  |  | 46,965 |
Other real estate (income) expense, net |  |  | 15 |  |  |  | (289) |  |  |  | 199 |  |  |  | (64) |  |  |  | (818) |
Other operating expense (g) |  |  | 54,082 |  |  |  | 51,389 |  |  |  | 47,203 |  |  |  | 153,779 |  |  |  | 144,783 |
Amortization of intangibles |  |  | 5,638 |  |  |  | 5,322 |  |  |  | 6,070 |  |  |  | 16,578 |  |  |  | 16,532 |
Total operating expense |  |  | 176,360 |  |  |  | 168,597 |  |  |  | 166,223 |  |  |  | 509,895 |  |  |  | 496,155 |
Nonoperating expense |  |  | 4,827 |  |  |  | 15,805 |  |  |  | 11,393 |  |  |  | 26,485 |  |  |  | 28,473 |
Total noninterest expense |  | $ | 181,187 |  |  | $ | 184,402 |  |  | $ | 177,616 |  |  | $ | 536,380 |  |  | $ | 524,628 |
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.96 |  |  | $ | 0.82 |  |  | $ | 0.68 |  |  | $ | 2.62 |  |  | $ | 1.85 |
Diluted |  |  | 0.96 |  |  |  | 0.82 |  |  |  | 0.68 |  |  |  | 2.61 |  |  |  | 1.85 |
Operating earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted (h) |  | $ | 1.01 |  |  | $ | 0.96 |  |  | $ | 0.76 |  |  | $ | 2.87 |  |  | $ | 2.03 |

(f) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three and nine months ended September 30, 2018 and the three months ended June 30, 2018, and 35% for the three and nine months ended September 30, 2017.
(g) Prior period presentation relfects a reclassification of certain pension related costs between personnel expense and other noninterest expense in accordance with ASU 2017-07.
(h) Refer to Appendix A for reconciliation of this non-GAAP measure. |  |  |  |  |  |  |  |  |  |  |  |  |  |

9

HANCOCK WHITNEY CORPORATION |
INCOME STATEMENT |
(Unaudited) |
|  | Three Months Ended |
(dollars in thousands, except per share data) |  | 9/30/2018 |  |  | 6/30/2018 |  |  | 3/31/2018 |  |  | 12/31/2017 |  |  | 9/30/2017 |
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 263,212 |  |  | $ | 252,304 |  |  | $ | 241,395 |  |  | $ | 239,173 |  |  | $ | 232,716 |
Interest income (TE) (f) |  |  | 267,307 |  |  |  | 256,385 |  |  |  | 245,358 |  |  |  | 248,122 |  |  |  | 241,295 |
Interest expense |  |  | 49,018 |  |  |  | 40,757 |  |  |  | 35,731 |  |  |  | 31,126 |  |  |  | 29,859 |
Net interest income (TE) |  |  | 218,289 |  |  |  | 215,628 |  |  |  | 209,627 |  |  |  | 216,996 |  |  |  | 211,436 |
Provision for loan losses |  |  | 6,872 |  |  |  | 8,891 |  |  |  | 12,253 |  |  |  | 14,986 |  |  |  | 13,040 |
Noninterest income |  |  | 75,518 |  |  |  | 68,832 |  |  |  | 66,252 |  |  |  | 69,688 |  |  |  | 67,115 |
Noninterest expense |  |  | 181,187 |  |  |  | 184,402 |  |  |  | 170,791 |  |  |  | 168,063 |  |  |  | 177,616 |
Income before income taxes |  |  | 101,653 |  |  |  | 87,086 |  |  |  | 88,872 |  |  |  | 94,686 |  |  |  | 79,316 |
Income tax expense |  |  | 17,775 |  |  |  | 15,909 |  |  |  | 16,397 |  |  |  | 39,237 |  |  |  | 20,414 |
Net income |  | $ | 83,878 |  |  | $ | 71,177 |  |  | $ | 72,475 |  |  | $ | 55,449 |  |  | $ | 58,902 |
Earnings excluding nonoperating items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 83,878 |  |  | $ | 71,177 |  |  | $ | 72,475 |  |  | $ | 55,449 |  |  | $ | 58,902 |
Nonoperating income |  |  | — |  |  |  | — |  |  |  | 1,145 |  |  |  | — |  |  |  | — |
Nonoperating expense |  |  | 4,827 |  |  |  | 15,805 |  |  |  | 5,853 |  |  |  | — |  |  |  | 11,393 |
Income tax benefit |  |  | (1,014) |  |  |  | (3,319) |  |  |  | (1,216) |  |  |  | — |  |  |  | (3,988) |
Income tax resulting from re-measurement of deferred tax asset |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,520 |  |  |  | — |
Nonoperating items, net of applicable income tax benefit |  |  | 3,813 |  |  |  | 12,486 |  |  |  | 5,782 |  |  |  | 19,520 |  |  |  | 7,405 |
Operating earnings |  | $ | 87,691 |  |  | $ | 83,663 |  |  | $ | 78,257 |  |  | $ | 74,969 |  |  | $ | 66,307 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts |  | $ | 21,377 |  |  | $ | 20,981 |  |  | $ | 21,448 |  |  | $ | 22,455 |  |  | $ | 21,444 |
Trust fees |  |  | 16,738 |  |  |  | 11,653 |  |  |  | 11,335 |  |  |  | 11,079 |  |  |  | 10,742 |
Bank card and ATM fees |  |  | 14,862 |  |  |  | 15,464 |  |  |  | 14,458 |  |  |  | 14,234 |  |  |  | 13,390 |
Investment and insurance commissions, and annuity fees |  |  | 6,652 |  |  |  | 6,264 |  |  |  | 6,125 |  |  |  | 5,802 |  |  |  | 6,230 |
Secondary mortgage market operations |  |  | 4,333 |  |  |  | 3,965 |  |  |  | 3,401 |  |  |  | 3,244 |  |  |  | 4,157 |
Other income |  |  | 11,556 |  |  |  | 10,505 |  |  |  | 10,630 |  |  |  | 12,874 |  |  |  | 11,152 |
Total operating noninterest income |  |  | 75,518 |  |  |  | 68,832 |  |  |  | 67,397 |  |  |  | 69,688 |  |  |  | 67,115 |
Nonoperating income |  |  | — |  |  |  | — |  |  |  | (1,145) |  |  |  | — |  |  |  | — |
Total noninterest income |  | $ | 75,518 |  |  | $ | 68,832 |  |  | $ | 66,252 |  |  | $ | 69,688 |  |  | $ | 67,115 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel expense (g) |  | $ | 101,173 |  |  | $ | 96,835 |  |  | $ | 96,366 |  |  | $ | 99,558 |  |  | $ | 97,023 |
Net occupancy and equipment expense |  |  | 15,452 |  |  |  | 15,340 |  |  |  | 14,436 |  |  |  | 14,968 |  |  |  | 15,728 |
Other real estate (income) expense, net |  |  | 15 |  |  |  | (289) |  |  |  | 210 |  |  |  | (340) |  |  |  | 199 |
Other operating expense (g) |  |  | 54,082 |  |  |  | 51,389 |  |  |  | 48,308 |  |  |  | 47,992 |  |  |  | 47,203 |
Amortization of intangibles |  |  | 5,638 |  |  |  | 5,322 |  |  |  | 5,618 |  |  |  | 5,885 |  |  |  | 6,070 |
Total operating expense |  |  | 176,360 |  |  |  | 168,597 |  |  |  | 164,938 |  |  |  | 168,063 |  |  |  | 166,223 |
Nonoperating expense |  |  | 4,827 |  |  |  | 15,805 |  |  |  | 5,853 |  |  |  | — |  |  |  | 11,393 |
Total noninterest expense |  | $ | 181,187 |  |  | $ | 184,402 |  |  | $ | 170,791 |  |  | $ | 168,063 |  |  | $ | 177,616 |
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.96 |  |  | $ | 0.82 |  |  | $ | 0.83 |  |  | $ | 0.64 |  |  | $ | 0.68 |
Diluted |  |  | 0.96 |  |  |  | 0.82 |  |  |  | 0.83 |  |  |  | 0.64 |  |  |  | 0.68 |
Operating earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted (h) |  | $ | 1.01 |  |  | $ | 0.96 |  |  | $ | 0.90 |  |  | $ | 0.86 |  |  | $ | 0.76 |

(f) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three months ended September 30, 2018, June 30, 2018 and March 31, 2018, and 35% for the three months ended December 31, 2017 and September 30, 2017 .
(g) Prior period presentation relfects a reclassification of certain pension related costs between personnel expense and other noninterest expense in accordance with ASU 2017-07.
(h) Refer to Appendix A for reconciliation of this non-GAAP measure. |  |  |  |  |  |  |  |  |  |  |  |

10

HANCOCK WHITNEY CORPORATION |  |
PERIOD-END BALANCE SHEET |  |
(Unaudited) |  |
(dollars in thousands) |  | 9/30/2018 |  |  |  | 6/30/2018 |  |  |  | 3/31/2018 |  |  |  | 12/31/2017 |  |  |  | 9/30/2017 |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial non-real estate loans |  | $ | 8,438,884 |  |  |  | $ | 8,410,961 |  |  |  | $ | 8,336,222 |  |  |  | $ | 8,297,937 |  |  |  | $ | 8,129,429 |  |
Commercial real estate - owner occupied |  |  | 2,300,271 |  |  |  |  | 2,233,794 |  |  |  |  | 2,185,543 |  |  |  |  | 2,142,439 |  |  |  |  | 2,076,014 |  |
Total commercial and industrial loans |  |  | 10,739,155 |  |  |  |  | 10,644,755 |  |  |  |  | 10,521,765 |  |  |  |  | 10,440,376 |  |  |  |  | 10,205,443 |  |
Commercial real estate - income producing |  |  | 2,311,699 |  |  |  |  | 2,342,192 |  |  |  |  | 2,394,862 |  |  |  |  | 2,384,599 |  |  |  |  | 2,511,808 |  |
Construction and land development loans |  |  | 1,523,419 |  |  |  |  | 1,515,233 |  |  |  |  | 1,413,878 |  |  |  |  | 1,373,421 |  |  |  |  | 1,373,048 |  |
Residential mortgage loans |  |  | 2,846,916 |  |  |  |  | 2,780,359 |  |  |  |  | 2,732,821 |  |  |  |  | 2,690,472 |  |  |  |  | 2,596,692 |  |
Consumer loans |  |  | 2,122,528 |  |  |  |  | 2,088,378 |  |  |  |  | 2,029,178 |  |  |  |  | 2,115,295 |  |  |  |  | 2,099,294 |  |
Total loans |  |  | 19,543,717 |  |  |  |  | 19,370,917 |  |  |  |  | 19,092,504 |  |  |  |  | 19,004,163 |  |  |  |  | 18,786,285 |  |
Loans held for sale |  |  | 29,043 |  |  |  |  | 36,047 |  |  |  |  | 21,827 |  |  |  |  | 39,865 |  |  |  |  | 23,236 |  |
Securities |  |  | 5,987,447 |  |  |  |  | 6,113,873 |  |  |  |  | 5,930,076 |  |  |  |  | 5,888,380 |  |  |  |  | 5,624,552 |  |
Short-term investments |  |  | 108,074 |  |  |  |  | 104,210 |  |  |  |  | 61,541 |  |  |  |  | 92,384 |  |  |  |  | 111,725 |  |
Earning assets |  |  | 25,668,281 |  |  |  |  | 25,625,047 |  |  |  |  | 25,105,948 |  |  |  |  | 25,024,792 |  |  |  |  | 24,545,798 |  |
Allowance for loan losses |  |  | (214,550) |  |  |  |  | (214,530) |  |  |  |  | (210,713) |  |  |  |  | (217,308) |  |  |  |  | (223,122) |  |
Goodwill and other intangible assets |  |  | 892,595 |  |  |  |  | 825,223 |  |  |  |  | 830,544 |  |  |  |  | 836,163 |  |  |  |  | 835,928 |  |
Other assets |  |  | 1,751,849 |  |  |  |  | 1,689,707 |  |  |  |  | 1,571,558 |  |  |  |  | 1,692,439 |  |  |  |  | 1,658,151 |  |
Total assets |  | $ | 28,098,175 |  |  |  | $ | 27,925,447 |  |  |  | $ | 27,297,337 |  |  |  | $ | 27,336,086 |  |  |  | $ | 26,816,755 |  |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  | $ | 8,140,530 |  |  |  | $ | 8,165,796 |  |  |  | $ | 8,230,060 |  |  |  | $ | 8,307,497 |  |  |  | $ | 7,896,384 |  |
Interest-bearing transaction and savings deposits |  |  | 7,972,417 |  |  |  |  | 7,711,542 |  |  |  |  | 8,058,793 |  |  |  |  | 8,181,554 |  |  |  |  | 7,893,546 |  |
Interest-bearing public fund deposits |  |  | 2,613,858 |  |  |  |  | 2,854,839 |  |  |  |  | 3,108,008 |  |  |  |  | 3,040,318 |  |  |  |  | 2,762,048 |  |
Time deposits |  |  | 3,691,002 |  |  |  |  | 3,503,161 |  |  |  |  | 3,088,861 |  |  |  |  | 2,723,833 |  |  |  |  | 2,981,881 |  |
Total interest-bearing deposits |  |  | 14,277,277 |  |  |  |  | 14,069,542 |  |  |  |  | 14,255,662 |  |  |  |  | 13,945,705 |  |  |  |  | 13,637,475 |  |
Total deposits |  |  | 22,417,807 |  |  |  |  | 22,235,338 |  |  |  |  | 22,485,722 |  |  |  |  | 22,253,202 |  |  |  |  | 21,533,859 |  |
Short-term borrowings |  |  | 2,276,647 |  |  |  |  | 2,314,190 |  |  |  |  | 1,452,097 |  |  |  |  | 1,703,890 |  |  |  |  | 1,737,151 |  |
Long-term debt |  |  | 215,912 |  |  |  |  | 266,009 |  |  |  |  | 300,443 |  |  |  |  | 305,513 |  |  |  |  | 331,179 |  |
Other liabilities |  |  | 208,931 |  |  |  |  | 180,355 |  |  |  |  | 163,037 |  |  |  |  | 188,532 |  |  |  |  | 351,291 |  |
Total liabilities |  |  | 25,119,297 |  |  |  |  | 24,995,892 |  |  |  |  | 24,401,299 |  |  |  |  | 24,451,137 |  |  |  |  | 23,953,480 |  |
COMMON SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock net of treasury and capital surplus |  |  | 2,028,160 |  |  |  |  | 2,022,258 |  |  |  |  | 2,016,405 |  |  |  |  | 2,010,833 |  |  |  |  | 2,012,835 |  |
Retained earnings |  |  | 1,170,897 |  |  |  |  | 1,110,506 |  |  |  |  | 1,060,182 |  |  |  |  | 1,008,518 |  |  |  |  | 948,591 |  |
Accumulated other comprehensive income |  |  | (220,179) |  |  |  |  | (203,209) |  |  |  |  | (180,549) |  |  |  |  | (134,402) |  |  |  |  | (98,151) |  |
Total common shareholders' equity |  |  | 2,978,878 |  |  |  |  | 2,929,555 |  |  |  |  | 2,896,038 |  |  |  |  | 2,884,949 |  |  |  |  | 2,863,275 |  |
Total liabilities & shareholders' equity |  | $ | 28,098,175 |  |  |  | $ | 27,925,447 |  |  |  | $ | 27,297,337 |  |  |  | $ | 27,336,086 |  |  |  | $ | 26,816,755 |  |
CAPITAL RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tangible common equity |  | $ | 2,086,283 |  |  |  | $ | 2,104,332 |  |  |  | $ | 2,065,494 |  |  |  | $ | 2,048,787 |  |  |  | $ | 2,027,347 |  |
Tier 1 capital (i) |  |  | 2,323,612 |  |  |  |  | 2,324,691 |  |  |  |  | 2,261,741 |  |  |  |  | 2,214,723 |  |  |  |  | 2,167,917 |  |
Common equity (period-end) as a percent of total assets (period-end) |  |  | 10.60 |  | % |  |  | 10.49 |  | % |  |  | 10.61 |  | % |  |  | 10.55 |  | % |  |  | 10.68 |  | %
Tangible common equity ratio |  |  | 7.67 |  | % |  |  | 7.76 |  | % |  |  | 7.80 |  | % |  |  | 7.73 |  | % |  |  | 7.80 |  | %
Leverage (Tier 1) ratio (i) |  |  | 8.50 |  | % |  |  | 8.66 |  | % |  |  | 8.51 |  | % |  |  | 8.43 |  | % |  |  | 8.34 |  | %
Tier 1 risk-based capital ratio (i) |  |  | 10.39 |  | % |  |  | 10.48 |  | % |  |  | 10.35 |  | % |  |  | 10.21 |  | % |  |  | 10.10 |  | %
Total risk-based capital ratio (i) |  |  | 12.02 |  | % |  |  | 12.12 |  | % |  |  | 12.00 |  | % |  |  | 11.90 |  | % |  |  | 11.84 |  | %

(i) Estimated for most recent period-end. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

11

HANCOCK WHITNEY CORPORATION |
AVERAGE BALANCE SHEET |
(Unaudited) |
|  | Three Months Ended |  |  | Nine Months Ended |
(dollars in thousands) |  | 9/30/2018 |  |  | 6/30/2018 |  |  | 9/30/2017 |  |  | 9/30/2018 |  |  | 9/30/2017 |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial non-real estate loans |  | $ | 8,403,921 |  |  | $ | 8,350,436 |  |  | $ | 8,088,195 |  |  | $ | 8,348,851 |  |  | $ | 8,006,716 |
Commercial real estate - owner occupied |  |  | 2,228,631 |  |  |  | 2,207,871 |  |  |  | 2,065,501 |  |  |  | 2,199,259 |  |  |  | 2,021,074 |
Total commercial and industrial loans |  |  | 10,632,552 |  |  |  | 10,558,307 |  |  |  | 10,153,696 |  |  |  | 10,548,110 |  |  |  | 10,027,790 |
Commercial real estate - income producing |  |  | 2,364,839 |  |  |  | 2,354,508 |  |  |  | 2,467,939 |  |  |  | 2,367,704 |  |  |  | 2,355,811 |
Construction and land development loans |  |  | 1,544,890 |  |  |  | 1,468,126 |  |  |  | 1,324,139 |  |  |  | 1,467,881 |  |  |  | 1,251,135 |
Residential mortgage loans |  |  | 2,816,151 |  |  |  | 2,754,292 |  |  |  | 2,549,338 |  |  |  | 2,763,309 |  |  |  | 2,379,560 |
Consumer loans |  |  | 2,106,207 |  |  |  | 2,058,001 |  |  |  | 2,096,107 |  |  |  | 2,083,381 |  |  |  | 2,078,326 |
Total loans |  |  | 19,464,639 |  |  |  | 19,193,234 |  |  |  | 18,591,219 |  |  |  | 19,230,385 |  |  |  | 18,092,622 |
Loans held for sale |  |  | 25,992 |  |  |  | 22,575 |  |  |  | 21,723 |  |  |  | 26,898 |  |  |  | 21,815 |
Securities (j) |  |  | 6,186,410 |  |  |  | 6,032,058 |  |  |  | 5,679,841 |  |  |  | 6,039,645 |  |  |  | 5,321,974 |
Short-term investments |  |  | 155,331 |  |  |  | 143,158 |  |  |  | 194,643 |  |  |  | 148,958 |  |  |  | 435,066 |
Earning assets |  |  | 25,832,372 |  |  |  | 25,391,025 |  |  |  | 24,487,426 |  |  |  | 25,445,886 |  |  |  | 23,871,477 |
Allowance for loan losses |  |  | (214,376) |  |  |  | (212,766) |  |  |  | (224,537) |  |  |  | (214,637) |  |  |  | (222,623) |
Goodwill and other intangible assets |  |  | 886,226 |  |  |  | 827,760 |  |  |  | 837,107 |  |  |  | 849,279 |  |  |  | 798,050 |
Other assets |  |  | 1,522,701 |  |  |  | 1,479,033 |  |  |  | 1,577,577 |  |  |  | 1,505,382 |  |  |  | 1,546,910 |
Total assets |  | $ | 28,026,923 |  |  | $ | 27,485,052 |  |  | $ | 26,677,573 |  |  | $ | 27,585,910 |  |  | $ | 25,993,814 |
LIABILITIES AND COMMON SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  | $ | 8,017,353 |  |  | $ | 8,149,521 |  |  | $ | 7,775,913 |  |  | $ | 8,039,574 |  |  | $ | 7,670,517 |
Interest-bearing transaction and savings deposits |  |  | 7,944,349 |  |  |  | 7,860,019 |  |  |  | 8,097,370 |  |  |  | 7,948,819 |  |  |  | 7,685,213 |
Interest-bearing public fund deposits |  |  | 2,682,269 |  |  |  | 2,970,117 |  |  |  | 2,764,961 |  |  |  | 2,906,067 |  |  |  | 2,618,215 |
Time deposits |  |  | 3,377,588 |  |  |  | 3,121,817 |  |  |  | 2,711,574 |  |  |  | 3,160,943 |  |  |  | 2,543,834 |
Total interest-bearing deposits |  |  | 14,004,206 |  |  |  | 13,951,953 |  |  |  | 13,573,905 |  |  |  | 14,015,829 |  |  |  | 12,847,262 |
Total deposits |  |  | 22,021,559 |  |  |  | 22,101,474 |  |  |  | 21,349,818 |  |  |  | 22,055,403 |  |  |  | 20,517,779 |
Short-term borrowings |  |  | 2,610,176 |  |  |  | 1,989,416 |  |  |  | 1,909,365 |  |  |  | 2,143,759 |  |  |  | 2,089,024 |
Long-term debt |  |  | 241,517 |  |  |  | 299,695 |  |  |  | 339,535 |  |  |  | 281,876 |  |  |  | 408,191 |
Other liabilities |  |  | 201,240 |  |  |  | 185,470 |  |  |  | 240,338 |  |  |  | 193,166 |  |  |  | 192,376 |
Common shareholders' equity |  |  | 2,952,431 |  |  |  | 2,908,997 |  |  |  | 2,838,517 |  |  |  | 2,911,706 |  |  |  | 2,786,444 |
Total liabilities & shareholders' equity |  | $ | 28,026,923 |  |  | $ | 27,485,052 |  |  | $ | 26,677,573 |  |  | $ | 27,585,910 |  |  | $ | 25,993,814 |

(j) Average securities does not include unrealized holding gains/losses on available for sale securities.

12

HANCOCK WHITNEY CORPORATION |  |
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY |  |
(Unaudited) |  |
|  | Three Months Ended
|  | 9/30/2018 |  | 6/30/2018 |  | 9/30/2017
(dollars in millions) |  | Average Balance |  |  | Interest |  |  | Rate |  | Average Balance |  |  | Interest |  |  | Rate |  | Average Balance |  |  | Interest |  |  | Rate
AVERAGE EARNING ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans (TE) (k) |  | $ | 14,542.3 |  |  | $ | 168.9 |  |  |  | 4.61 |  | % |  | $ | 14,380.9 |  |  | $ | 162.3 |  |  |  | 4.53 |  | % |  | $ | 13,945.8 |  |  | $ | 151.3 |  |  |  | 4.31 |  | %
Residential mortgage loans |  |  | 2,816.2 |  |  |  | 29.4 |  |  |  | 4.17 |  | % |  |  | 2,754.3 |  |  |  | 28.1 |  |  |  | 4.08 |  | % |  |  | 2,549.3 |  |  |  | 25.0 |  |  |  | 3.94 |  | %
Consumer loans |  |  | 2,106.2 |  |  |  | 28.6 |  |  |  | 5.39 |  | % |  |  | 2,058.0 |  |  |  | 27.2 |  |  |  | 5.30 |  | % |  |  | 2,096.1 |  |  |  | 29.4 |  |  |  | 5.57 |  | %
Loan fees & late charges |  |  | — |  |  |  | — |  |  |  | 0.00 |  | % |  |  | — |  |  |  | 0.2 |  |  |  | 0.00 |  | % |  |  | — |  |  |  | (0.5) |  |  |  | 0.00 |  | %
Total loans (TE) (l) |  |  | 19,464.7 |  |  |  | 226.9 |  |  |  | 4.63 |  | % |  |  | 19,193.2 |  |  |  | 217.8 |  |  |  | 4.55 |  | % |  |  | 18,591.2 |  |  |  | 205.2 |  |  |  | 4.39 |  | %
Loans held for sale |  |  | 26.0 |  |  |  | 0.3 |  |  |  | 3.60 |  | % |  |  | 22.6 |  |  |  | 0.3 |  |  |  | 5.22 |  | % |  |  | 21.7 |  |  |  | 0.2 |  |  |  | 3.97 |  | %
US Treasury and government agency securities |  |  | 144.7 |  |  |  | 0.8 |  |  |  | 2.21 |  | % |  |  | 145.6 |  |  |  | 0.8 |  |  |  | 2.22 |  | % |  |  | 125.6 |  |  |  | 0.7 |  |  |  | 2.08 |  | %
CMOs and mortgage backed securities |  |  | 5,092.4 |  |  |  | 31.1 |  |  |  | 2.44 |  | % |  |  | 4,932.0 |  |  |  | 29.3 |  |  |  | 2.38 |  | % |  |  | 4,575.0 |  |  |  | 25.4 |  |  |  | 2.21 |  | %
Municipals (TE) |  |  | 945.7 |  |  |  | 7.5 |  |  |  | 3.19 |  | % |  |  | 951.0 |  |  |  | 7.6 |  |  |  | 3.18 |  | % |  |  | 975.4 |  |  |  | 9.2 |  |  |  | 3.80 |  | %
Other securities |  |  | 3.6 |  |  |  | — |  |  |  | 2.81 |  | % |  |  | 3.5 |  |  |  | — |  |  |  | 2.84 |  | % |  |  | 3.8 |  |  |  | 0.0 |  |  |  | 1.94 |  | %
Total securities (TE) (m) |  |  | 6,186.4 |  |  |  | 39.4 |  |  |  | 2.55 |  | % |  |  | 6,032.1 |  |  |  | 37.7 |  |  |  | 2.50 |  | % |  |  | 5,679.8 |  |  |  | 35.3 |  |  |  | 2.48 |  | %
Total short-term investments |  |  | 155.3 |  |  |  | 0.7 |  |  |  | 1.71 |  | % |  |  | 143.1 |  |  |  | 0.6 |  |  |  | 1.61 |  | % |  |  | 194.7 |  |  |  | 0.6 |  |  |  | 1.17 |  | %
Average earning assets yield (TE) |  | $ | 25,832.4 |  |  | $ | 267.3 |  |  |  | 4.11 |  | % |  | $ | 25,391.0 |  |  | $ | 256.4 |  |  |  | 4.05 |  | % |  | $ | 24,487.4 |  |  | $ | 241.3 |  |  |  | 3.92 |  | %
INTEREST-BEARING LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing transaction and savings deposits |  | $ | 7,944.3 |  |  |  | 10.9 |  |  |  | 0.54 |  | % |  | $ | 7,860.0 |  |  |  | 9.3 |  |  |  | 0.47 |  | % |  | $ | 8,097.4 |  |  |  | 8.4 |  |  |  | 0.41 |  | %
Time deposits |  |  | 3,377.6 |  |  |  | 14.1 |  |  |  | 1.66 |  | % |  |  | 3,121.8 |  |  |  | 11.5 |  |  |  | 1.48 |  | % |  |  | 2,711.6 |  |  |  | 7.7 |  |  |  | 1.12 |  | %
Public funds |  |  | 2,682.3 |  |  |  | 9.2 |  |  |  | 1.36 |  | % |  |  | 2,970.1 |  |  |  | 9.1 |  |  |  | 1.22 |  | % |  |  | 2,764.9 |  |  |  | 5.7 |  |  |  | 0.82 |  | %
Total interest-bearing deposits |  |  | 14,004.2 |  |  |  | 34.2 |  |  |  | 0.97 |  | % |  |  | 13,951.9 |  |  |  | 29.9 |  |  |  | 0.86 |  | % |  |  | 13,573.9 |  |  |  | 21.8 |  |  |  | 0.64 |  | %
Short-term borrowings |  |  | 2,610.2 |  |  |  | 11.8 |  |  |  | 1.81 |  | % |  |  | 1,989.4 |  |  |  | 7.4 |  |  |  | 1.49 |  | % |  |  | 1,909.4 |  |  |  | 4.4 |  |  |  | 0.92 |  | %
Long-term debt |  |  | 241.5 |  |  |  | 3.0 |  |  |  | 5.05 |  | % |  |  | 299.7 |  |  |  | 3.5 |  |  |  | 4.63 |  | % |  |  | 339.5 |  |  |  | 3.6 |  |  |  | 4.29 |  | %
Total borrowings |  |  | 2,851.7 |  |  |  | 14.8 |  |  |  | 2.07 |  | % |  |  | 2,289.1 |  |  |  | 10.9 |  |  |  | 1.91 |  | % |  |  | 2,248.9 |  |  |  | 8.0 |  |  |  | 1.43 |  | %
Total interest-bearing liabilities cost |  |  | 16,855.9 |  |  |  | 49.0 |  |  |  | 1.15 |  | % |  |  | 16,241.0 |  |  |  | 40.8 |  |  |  | 1.01 |  | % |  |  | 15,822.8 |  |  |  | 29.8 |  |  |  | 0.75 |  | %
Net interest-free funding sources |  |  | 8,976.5 |  |  |  |  |  |  |  |  |  |  |  |  | 9,150.0 |  |  |  |  |  |  |  |  |  |  |  |  | 8,664.6 |  |  |  |  |  |  |  |  |  |
Total cost of funds |  |  | 25,832.4 |  |  |  | 49.0 |  |  |  | 0.75 |  | % |  |  | 25,391.0 |  |  |  | 40.8 |  |  |  | 0.64 |  | % |  |  | 24,487.4 |  |  |  | 29.8 |  |  |  | 0.48 |  | %
Net Interest Spread (TE) |  |  |  |  |  | $ | 218.3 |  |  |  | 2.96 |  | % |  |  |  |  |  | $ | 215.6 |  |  |  | 3.04 |  | % |  |  |  |  |  | $ | 211.5 |  |  |  | 3.17 |  | %
Net Interest Margin (TE) |  | $ | 25,832.4 |  |  | $ | 218.3 |  |  |  | 3.36 |  | % |  | $ | 25,391.0 |  |  | $ | 215.6 |  |  |  | 3.40 |  | % |  | $ | 24,487.4 |  |  | $ | 211.5 |  |  |  | 3.44 |  | %

(k) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three months ended September 30, 2018 and June 30, 2018 , and 35% for the three months ended September 30, 2017.
(l) Includes nonaccrual loans. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(m) Average securities does not include unrealized holding gains/losses on available for sale securities. |  |  |  |  |  |  |  |  |  |  |  |  |  |

13

HANCOCK WHITNEY CORPORATION |  |
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY |  |
(Unaudited) |  |
|  | Nine Months Ended
|  | 9/30/2018 |  | 9/30/2017
(dollars in millions) |  | Average Balance |  |  | Interest |  |  | Rate |  | Average Balance |  |  | Interest |  |  | Rate
AVERAGE EARNING ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans (TE) (k) |  | $ | 14,383.7 |  |  | $ | 482.2 |  |  |  | 4.48 |  | % |  | $ | 13,634.7 |  |  | $ | 430.1 |  |  |  | 4.22 |  | %
Residential mortgage loans |  |  | 2,763.3 |  |  |  | 85.4 |  |  |  | 4.12 |  | % |  |  | 2,379.6 |  |  |  | 68.7 |  |  |  | 3.85 |  | %
Consumer loans |  |  | 2,083.4 |  |  |  | 84.8 |  |  |  | 5.44 |  | % |  |  | 2,078.3 |  |  |  | 85.3 |  |  |  | 5.49 |  | %
Loan fees & late charges |  |  | — |  |  |  | 0.7 |  |  |  | 0.00 |  | % |  |  | — |  |  |  | (0.9) |  |  |  | 0.00 |  | %
Total loans (TE) (l) |  |  | 19,230.4 |  |  |  | 653.1 |  |  |  | 4.54 |  | % |  |  | 18,092.6 |  |  |  | 583.2 |  |  |  | 4.31 |  | %
Loans held for sale |  |  | 26.9 |  |  |  | 0.8 |  |  |  | 3.89 |  | % |  |  | 21.8 |  |  |  | 0.7 |  |  |  | 4.09 |  | %
US Treasury and government agency securities |  |  | 146.2 |  |  |  | 2.4 |  |  |  | 2.21 |  | % |  |  | 122.6 |  |  |  | 1.9 |  |  |  | 2.07 |  | %
CMOs and mortgage backed securities |  |  | 4,937.7 |  |  |  | 88.2 |  |  |  | 2.38 |  | % |  |  | 4,208.4 |  |  |  | 70.1 |  |  |  | 2.22 |  | %
Municipals (TE) |  |  | 952.2 |  |  |  | 22.7 |  |  |  | 3.18 |  | % |  |  | 967.0 |  |  |  | 27.7 |  |  |  | 3.82 |  | %
Other securities |  |  | 3.5 |  |  |  | 0.1 |  |  |  | 2.57 |  | % |  |  | 24.0 |  |  |  | 0.3 |  |  |  | 1.92 |  | %
Total securities (TE) (m) |  |  | 6,039.6 |  |  |  | 113.4 |  |  |  | 2.50 |  | % |  |  | 5,322.0 |  |  |  | 100.0 |  |  |  | 2.50 |  | %
Total short-term investments |  |  | 149.0 |  |  |  | 1.7 |  |  |  | 1.56 |  | % |  |  | 435.1 |  |  |  | 3.0 |  |  |  | 0.94 |  | %
Average earning assets yield (TE) |  | $ | 25,445.9 |  |  | $ | 769.0 |  |  |  | 4.04 |  | % |  | $ | 23,871.5 |  |  |  | 686.9 |  |  |  | 3.84 |  | %
INTEREST-BEARING LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing transaction and savings deposits |  | $ | 7,948.8 |  |  | $ | 29.3 |  |  |  | 0.49 |  | % |  | $ | 7,685.2 |  |  |  | 21.0 |  |  |  | 0.37 |  | %
Time deposits |  |  | 3,160.9 |  |  |  | 35.4 |  |  |  | 1.50 |  | % |  |  | 2,543.9 |  |  |  | 19.3 |  |  |  | 1.01 |  | %
Public funds |  |  | 2,906.1 |  |  |  | 26.4 |  |  |  | 1.21 |  | % |  |  | 2,618.2 |  |  |  | 12.6 |  |  |  | 0.64 |  | %
Total interest-bearing deposits |  |  | 14,015.8 |  |  |  | 91.1 |  |  |  | 0.87 |  | % |  |  | 12,847.3 |  |  |  | 52.9 |  |  |  | 0.55 |  | %
Short-term borrowings |  |  | 2,143.8 |  |  |  | 24.5 |  |  |  | 1.53 |  | % |  |  | 2,089.0 |  |  |  | 11.7 |  |  |  | 0.75 |  | %
Long-term debt |  |  | 281.9 |  |  |  | 9.9 |  |  |  | 4.70 |  | % |  |  | 408.2 |  |  |  | 12.6 |  |  |  | 4.11 |  | %
Total borrowings |  |  | 2,425.7 |  |  |  | 34.4 |  |  |  | 1.90 |  | % |  |  | 2,497.2 |  |  |  | 24.3 |  |  |  | 1.29 |  | %
Total interest-bearing liabilities cost |  |  | 16,441.5 |  |  |  | 125.5 |  |  |  | 1.02 |  | % |  |  | 15,344.5 |  |  |  | 77.2 |  |  |  | 0.67 |  | %
Net interest-free funding sources |  |  | 9,004.4 |  |  |  |  |  |  |  |  |  |  |  |  | 8,527.0 |  |  |  |  |  |  |  |  |  |
Total cost of funds |  |  | 25,445.9 |  |  |  | 125.5 |  |  |  | 0.66 |  | % |  |  | 23,871.5 |  |  |  | 77.2 |  |  |  | 0.43 |  | %
Net Interest Spread (TE) |  |  |  |  |  | $ | 643.5 |  |  |  | 3.02 |  | % |  |  |  |  |  | $ | 609.7 |  |  |  | 3.17 |  | %
Net Interest Margin (TE) |  | $ | 25,445.9 |  |  | $ | 643.5 |  |  |  | 3.38 |  | % |  | $ | 23,871.5 |  |  | $ | 609.7 |  |  |  | 3.41 |  | %

(k) Taxable equivalent (TE) amounts are calculated using a marginal federal tax rate of of 21% for the nine months ended September 30, 2018 and 35% for the nine months ended September 30, 2017.
(l) Includes nonaccrual loans. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(m) Average securities does not include unrealized holding gains/losses on available for sale securities. |  |  |  |  |  |

14

HANCOCK WHITNEY CORPORATION |  |
ASSET QUALITY INFORMATION |  |
(Unaudited) |  |
|  | Three Months Ended |  | Nine Months Ended
(dollars in thousands) |  | 9/30/2018 |  | 6/30/2018 |  | 9/30/2017 |  | 9/30/2018 |  | 9/30/2017
Nonaccrual loans (n) |  | $ | 201,646 |  |  |  | $ | 241,681 |  |  |  | $ | 269,676 |  |  |  | $ | 201,646 |  |  |  | $ | 269,676 |  |
Restructured loans - still accruing |  |  | 162,189 |  |  |  |  | 152,507 |  |  |  |  | 96,735 |  |  |  |  | 162,189 |  |  |  |  | 96,735 |  |
Total nonperforming loans |  |  | 363,835 |  |  |  |  | 394,188 |  |  |  |  | 366,411 |  |  |  |  | 363,835 |  |  |  |  | 366,411 |  |
ORE and foreclosed assets |  |  | 27,475 |  |  |  |  | 22,342 |  |  |  |  | 21,219 |  |  |  |  | 27,475 |  |  |  |  | 21,219 |  |
Total nonperforming assets |  | $ | 391,310 |  |  |  | $ | 416,530 |  |  |  | $ | 387,630 |  |  |  | $ | 391,310 |  |  |  | $ | 387,630 |  |
Nonperforming assets as a percent of loans, ORE and foreclosed assets |  |  | 2.00 |  | % |  |  | 2.15 |  | % |  |  | 2.06 |  | % |  |  | 2.00 |  | % |  |  | 2.06 |  | %
Accruing loans 90 days past due |  | $ | 24,460 |  |  |  | $ | 7,941 |  |  |  | $ | 28,850 |  |  |  | $ | 24,460 |  |  |  | $ | 28,850 |  |
Accruing loans 90 days past due as a percent of loans |  |  | 0.13 |  | % |  |  | 0.04 |  | % |  |  | 0.15 |  | % |  |  | 0.13 |  | % |  |  | 0.15 |  | %
Nonperforming assets + accruing loans 90 days past due to loans, ORE and foreclosed assets |  |  | 2.12 |  | % |  |  | 2.19 |  | % |  |  | 2.21 |  | % |  |  | 2.12 |  | % |  |  | 2.21 |  | %
ALLOWANCE FOR LOAN LOSSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 214,530 |  |  |  | $ | 210,713 |  |  |  | $ | 221,865 |  |  |  | $ | 217,308 |  |  |  | $ | 229,418 |  |
Provision for loan losses |  |  | 6,872 |  |  |  |  | 8,891 |  |  |  |  | 13,040 |  |  |  |  | 28,016 |  |  |  |  | 43,982 |  |
Decrease in allowance as a result of sale of subsidiary |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (6,648) |  |  |  |  | — |  |
Decrease in FDIC loss share receivable |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (2,526) |  |
Charge-offs |  |  | (9,878) |  |  |  |  | (15,499) |  |  |  |  | (18,795) |  |  |  |  | (43,813) |  |  |  |  | (61,932) |  |
Recoveries |  |  | 3,026 |  |  |  |  | 10,425 |  |  |  |  | 7,012 |  |  |  |  | 19,687 |  |  |  |  | 14,180 |  |
Net charge-offs |  |  | (6,852) |  |  |  |  | (5,074) |  |  |  |  | (11,783) |  |  |  |  | (24,126) |  |  |  |  | (47,752) |  |
Ending Balance |  | $ | 214,550 |  |  |  | $ | 214,530 |  |  |  | $ | 223,122 |  |  |  | $ | 214,550 |  |  |  | $ | 223,122 |  |
Allowance for loan losses as a percent of period-end loans |  |  | 1.10 |  | % |  |  | 1.11 |  | % |  |  | 1.19 |  | % |  |  | 1.10 |  | % |  |  | 1.19 |  | %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |  |  | 55.25 |  | % |  |  | 53.35 |  | % |  |  | 56.45 |  | % |  |  | 55.25 |  | % |  |  | 56.45 |  | %
NET CHARGE-OFF INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net charge-offs (recoveries) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans |  | $ | 3,205 |  |  |  | $ | 1,749 |  |  |  | $ | 4,261 |  |  |  | $ | 10,824 |  |  |  | $ | 28,010 |  |
Residential mortgage loans |  |  | (1,055) |  |  |  |  | (290) |  |  |  |  | 1,639 |  |  |  |  | (1,269) |  |  |  |  | 2,146 |  |
Consumer loans |  |  | 4,702 |  |  |  |  | 3,615 |  |  |  |  | 5,883 |  |  |  |  | 14,571 |  |  |  |  | 17,596 |  |
Total net charge-offs |  | $ | 6,852 |  |  |  | $ | 5,074 |  |  |  | $ | 11,783 |  |  |  | $ | 24,126 |  |  |  | $ | 47,752 |  |
Net charge-offs (recoveries) as a percentage of average loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans |  |  | 0.09 |  | % |  |  | 0.05 |  | % |  |  | 0.12 |  | % |  |  | 0.10 |  | % |  |  | 0.27 |  | %
Residential mortgage loans |  |  | (0.15) |  | % |  |  | (0.04) |  | % |  |  | 0.26 |  | % |  |  | (0.06) |  | % |  |  | 0.12 |  | %
Consumer loans |  |  | 0.89 |  | % |  |  | 0.70 |  | % |  |  | 1.11 |  | % |  |  | 0.94 |  | % |  |  | 1.13 |  | %
Total net charge-offs as a percentage of average loans |  |  | 0.14 |  | % |  |  | 0.11 |  | % |  |  | 0.25 |  | % |  |  | 0.17 |  | % |  |  | 0.35 |  | %

(n) Included in nonaccrual loans are nonaccruing restructured loans totaling $92.7 million, $98.8 million and $119.7 million at 9/30/2018, 6/30/2018 and 9/30/2017, respectively. Nonaccrual loans and accruing loans past due 90 days or more do not include purchased credit impaired loans which were written down to fair value upon acquisition and accrete interest income over the remaining life of the loan.

15

HANCOCK WHITNEY CORPORATION |  |
ASSET QUALITY INFORMATION |  |
(Unaudited) |  |
|  | Three Months Ended
(dollars in thousands) |  | 9/30/2018 |  | 6/30/2018 |  | 3/31/2018 |  | 12/31/2017 |  | 9/30/2017
Nonaccrual loans (n) |  | $ | 201,646 |  |  |  | $ | 241,681 |  |  |  | $ | 275,179 |  |  |  | $ | 252,800 |  |  |  | $ | 269,676 |  |
Restructured loans - still accruing |  |  | 162,189 |  |  |  |  | 152,507 |  |  |  |  | 166,520 |  |  |  |  | 120,493 |  |  |  |  | 96,735 |  |
Total nonperforming loans |  |  | 363,835 |  |  |  |  | 394,188 |  |  |  |  | 441,699 |  |  |  |  | 373,293 |  |  |  |  | 366,411 |  |
ORE and foreclosed assets |  |  | 27,475 |  |  |  |  | 22,342 |  |  |  |  | 26,630 |  |  |  |  | 27,542 |  |  |  |  | 21,219 |  |
Total nonperforming assets |  | $ | 391,310 |  |  |  | $ | 416,530 |  |  |  | $ | 468,329 |  |  |  | $ | 400,835 |  |  |  | $ | 387,630 |  |
Nonperforming assets as a percent of loans, ORE and foreclosed assets |  |  | 2.00 |  | % |  |  | 2.15 |  | % |  |  | 2.45 |  | % |  |  | 2.11 |  | % |  |  | 2.06 |  | %
Accruing loans 90 days past due |  | $ | 24,460 |  |  |  | $ | 7,941 |  |  |  | $ | 12,724 |  |  |  | $ | 27,766 |  |  |  | $ | 28,850 |  |
Accruing loans 90 days past due as a percent of loans |  |  | 0.13 |  | % |  |  | 0.04 |  | % |  |  | 0.07 |  | % |  |  | 0.15 |  | % |  |  | 0.15 |  | %
Nonperforming assets + accruing loans 90 days past due to loans, ORE and foreclosed assets |  |  | 2.12 |  | % |  |  | 2.19 |  | % |  |  | 2.52 |  | % |  |  | 2.25 |  | % |  |  | 2.21 |  | %
Allowance for loan losses |  | $ | 214,550 |  |  |  | $ | 214,530 |  |  |  | $ | 210,713 |  |  |  | $ | 217,308 |  |  |  | $ | 223,122 |  |
Allowance for loan losses as a percentage of period-end loans |  |  | 1.10 |  | % |  |  | 1.11 |  | % |  |  | 1.10 |  | % |  |  | 1.14 |  | % |  |  | 1.19 |  | %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |  |  | 55.25 |  | % |  |  | 53.35 |  | % |  |  | 46.37 |  | % |  |  | 54.18 |  | % |  |  | 56.45 |  | %
Provision for loan losses |  |  | 6,872 |  |  |  |  | 8,891 |  |  |  | $ | 12,253 |  |  |  | $ | 14,986 |  |  |  | $ | 13,040 |  |
NET CHARGE-OFF INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net charge-offs (recoveries) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans |  | $ | 3,205 |  |  |  | $ | 1,749 |  |  |  | $ | 5,870 |  |  |  | $ | 14,017 |  |  |  | $ | 4,250 |  |
Residential mortgage loans |  |  | (1,055) |  |  |  |  | (290) |  |  |  |  | 76 |  |  |  |  | (371) |  |  |  |  | 1,651 |  |
Consumer loans |  |  | 4,702 |  |  |  |  | 3,615 |  |  |  |  | 6,254 |  |  |  |  | 7,154 |  |  |  |  | 5,882 |  |
Total net charge-offs |  | $ | 6,852 |  |  |  | $ | 5,074 |  |  |  | $ | 12,200 |  |  |  | $ | 20,800 |  |  |  | $ | 11,783 |  |
Net charge-offs (recoveries) as a percentage of average loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans |  |  | 0.09 |  | % |  |  | 0.05 |  | % |  |  | 0.17 |  | % |  |  | 0.39 |  | % |  |  | 0.12 |  | %
Residential mortgage loans |  |  | (0.15) |  | % |  |  | (0.04) |  | % |  |  | 0.01 |  | % |  |  | (0.06) |  | % |  |  | 0.26 |  | %
Consumer loans |  |  | 0.89 |  | % |  |  | 0.70 |  | % |  |  | 1.22 |  | % |  |  | 1.35 |  | % |  |  | 1.11 |  | %
Total net charge-offs as a percentage of average loans |  |  | 0.14 |  | % |  |  | 0.11 |  | % |  |  | 0.26 |  | % |  |  | 0.44 |  | % |  |  | 0.25 |  | %
AVERAGE LOANS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans |  | $ | 14,542,281 |  |  |  | $ | 14,380,941 |  |  |  | $ | 14,224,370 |  |  |  | $ | 14,096,091 |  |  |  | $ | 13,945,774 |  |
Residential mortgage loans |  |  | 2,816,151 |  |  |  |  | 2,754,292 |  |  |  |  | 2,718,413 |  |  |  |  | 2,642,308 |  |  |  |  | 2,549,338 |  |
Consumer loans |  |  | 2,106,207 |  |  |  |  | 2,058,001 |  |  |  |  | 2,085,707 |  |  |  |  | 2,101,138 |  |  |  |  | 2,096,107 |  |
Total average loans |  | $ | 19,464,639 |  |  |  | $ | 19,193,234 |  |  |  | $ | 19,028,490 |  |  |  | $ | 18,839,537 |  |  |  | $ | 18,591,219 |  |

(n) Included in nonaccrual loans are nonaccruing restructured loans totaling $92.7 million, $98.8 million, $118.0 million, $99.2 million and $119.7 million at 9/30/2018, 6/30/2018, 3/31/2018, 12/31/17 and 9/30/17, respectively. Nonaccrual loans and accruing loans past due 90 days or more do not include purchased credit impaired loans which were written down to fair value upon acquisition and accrete interest income over the remaining life of the loan.

16

HANCOCK WHITNEY CORPORATION |  |
Appendix A To the Earnings Release |  |
Reconciliation of Non-GAAP Measures |  |
CORE NET INTEREST INCOME (TE) AND CORE NET INTEREST MARGIN (TE) |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  | Nine Months Ended
(dollars in thousands) |  | 9/30/2018 |  | 6/30/2018 |  | 3/31/2018 |  | 12/31/2017 |  | 9/30/2017 |  | 9/30/2018 |  | 9/30/2017
Net interest income |  | $ | 214,194 |  |  |  | $ | 211,547 |  |  |  | $ | 205,664 |  |  |  | $ | 208,047 |  |  |  | $ | 202,857 |  |  |  | $ | 631,405 |  |  |  | $ | 584,265 |  |
Taxable equivalent adjustment (o) |  |  | 4,095 |  |  |  |  | 4,081 |  |  |  |  | 3,963 |  |  |  |  | 8,949 |  |  |  |  | 8,579 |  |  |  |  | 12,139 |  |  |  |  | 25,441 |  |
Net interest income (TE) |  |  | 218,289 |  |  |  |  | 215,628 |  |  |  |  | 209,627 |  |  |  |  | 216,996 |  |  |  |  | 211,436 |  |  |  |  | 643,544 |  |  |  |  | 609,706 |  |
Purchase accounting adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loan discount accretion (p) |  |  | 5,415 |  |  |  |  | 6,376 |  |  |  |  | 7,108 |  |  |  |  | 8,280 |  |  |  |  | 7,711 |  |  |  |  | 18,899 |  |  |  |  | 21,529 |  |
Net investment premium amortization (q) |  |  | (221) |  |  |  |  | (259) |  |  |  |  | (315) |  |  |  |  | (320) |  |  |  |  | (364) |  |  |  |  | (795) |  |  |  |  | (1,216) |  |
Net purchase accounting accretion |  |  | 5,194 |  |  |  |  | 6,117 |  |  |  |  | 6,793 |  |  |  |  | 7,960 |  |  |  |  | 7,347 |  |  |  |  | 18,104 |  |  |  |  | 20,313 |  |
Net interest income (TE) - core |  | $ | 213,095 |  |  |  | $ | 209,511 |  |  |  | $ | 202,834 |  |  |  | $ | 209,036 |  |  |  | $ | 204,089 |  |  |  | $ | 625,440 |  |  |  | $ | 589,393 |  |
Average earning assets |  | $ | 25,832,372 |  |  |  | $ | 25,391,025 |  |  |  | $ | 25,106,283 |  |  |  | $ | 24,812,676 |  |  |  | $ | 24,487,426 |  |  |  | $ | 25,445,886 |  |  |  | $ | 23,871,477 |  |
Net interest margin (TE) |  |  | 3.36 |  | % |  |  | 3.40 |  | % |  |  | 3.37 |  | % |  |  | 3.48 |  | % |  |  | 3.44 |  | % |  |  | 3.38 |  | % |  |  | 3.41 |  | %
Net purchase accounting adjustments |  |  | 0.08 |  | % |  |  | 0.09 |  | % |  |  | 0.11 |  | % |  |  | 0.13 |  | % |  |  | 0.12 |  | % |  |  | 0.10 |  | % |  |  | 0.11 |  | %
Net interest margin (TE) - core |  |  | 3.28 |  | % |  |  | 3.31 |  | % |  |  | 3.26 |  | % |  |  | 3.35 |  | % |  |  | 3.32 |  | % |  |  | 3.28 |  | % |  |  | 3.30 |  | %

OPERATING REVENUE (TE) AND OPERATING PRE-PROVISION NET REVENUE (TE) |  |  |  |  |  |  |
|  | Three Months Ended |  | Nine Months Ended
(dollars in thousands) |  | 9/30/2018 |  | 6/30/2018 |  | 3/31/2018 |  | 12/31/2017 |  | 9/30/2017 |  | 9/30/2018 |  | 9/30/2017
Net interest income |  | $ | 214,194 |  |  | $ | 211,547 |  |  | $ | 205,664 |  |  | $ | 208,047 |  |  | $ | 202,857 |  |  | $ | 631,405 |  |  | $ | 584,265 |
Noninterest income |  |  | 75,518 |  |  |  | 68,832 |  |  |  | 66,252 |  |  |  | 69,688 |  |  |  | 67,115 |  |  |  | 210,602 |  |  |  | 198,093 |
Total revenue |  | $ | 289,712 |  |  | $ | 280,379 |  |  | $ | 271,916 |  |  | $ | 277,735 |  |  | $ | 269,972 |  |  | $ | 842,007 |  |  | $ | 782,358 |
Taxable equivalent adjustment |  |  | 4,095 |  |  |  | 4,081 |  |  |  | 3,963 |  |  |  | 8,949 |  |  |  | 8,579 |  |  |  | 12,139 |  |  |  | 25,441 |
Nonoperating revenue |  |  | — |  |  |  | — |  |  |  | 1,145 |  |  |  | — |  |  |  | — |  |  |  | 1,145 |  |  |  | (4,352) |
Operating revenue (TE) |  | $ | 293,807 |  |  | $ | 284,460 |  |  | $ | 277,024 |  |  | $ | 286,684 |  |  | $ | 278,551 |  |  | $ | 855,291 |  |  | $ | 803,447 |
Noninterest expense |  |  | (181,187) |  |  |  | (184,402) |  |  |  | (170,791) |  |  |  | (168,063) |  |  |  | (177,616) |  |  |  | (536,380) |  |  |  | (524,628) |
Nonoperating expense |  |  | 4,827 |  |  |  | 15,805 |  |  |  | 5,853 |  |  |  | — |  |  |  | 11,393 |  |  |  | 26,485 |  |  |  | 28,473 |
Operating pre-provision net revenue (TE) |  | $ | 117,447 |  |  | $ | 115,863 |  |  | $ | 112,086 |  |  | $ | 118,621 |  |  | $ | 112,328 |  |  | $ | 345,396 |  |  | $ | 307,292 |

OPERATING EARNINGS PER SHARE - DILUTED |  |  |  |  |  |  |
|  | Three Months Ended |  | Nine Months Ended
(in thousands, except per share amounts) |  | 9/30/2018 |  | 6/30/2018 |  | 3/31/2018 |  | 12/31/2017 |  | 9/30/2017 |  | 9/30/2018 |  | 9/30/2017
Net Income |  | $ | 83,878 |  |  | $ | 71,177 |  |  | $ | 72,475 |  |  | $ | 55,449 |  |  | $ | 58,902 |  |  | $ | 227,530 |  |  | $ | 160,183 |
Net income allocated to participating securities |  |  | (1,544) |  |  |  | (1,328) |  |  |  | (1,366) |  |  |  | (1,104) |  |  |  | (1,244) |  |  |  | (4,238) |  |  |  | (3,566) |
Net income available to common shareholders |  |  | 82,334 |  |  |  | 69,849 |  |  |  | 71,109 |  |  |  | 54,345 |  |  |  | 57,658 |  |  |  | 223,292 |  |  |  | 156,617 |
Nonoperating items, net of applicable income tax |  |  | 3,813 |  |  |  | 12,486 |  |  |  | 5,782 |  |  |  | 19,520 |  |  |  | 7,405 |  |  |  | 22,081 |  |  |  | 15,679 |
Nonoperating items allocated to participating securities |  |  | (71) |  |  |  | (233) |  |  |  | (109) |  |  |  | (390) |  |  |  | (156) |  |  |  | (413) |  |  |  | (342) |
Operating earnings available to common shareholders |  | $ | 86,076 |  |  | $ | 82,102 |  |  | $ | 76,782 |  |  | $ | 73,475 |  |  | $ | 64,907 |  |  | $ | 244,960 |  |  | $ | 171,954 |
Weighted average common shares - diluted |  |  | 85,539 |  |  |  | 85,483 |  |  |  | 85,423 |  |  |  | 85,303 |  |  |  | 84,980 |  |  |  | 85,482 |  |  |  | 84,818 |
Earnings per share - diluted |  | $ | 0.96 |  |  | $ | 0.82 |  |  | $ | 0.83 |  |  | $ | 0.64 |  |  | $ | 0.68 |  |  | $ | 2.61 |  |  | $ | 1.85 |
Operating earnings per share - diluted |  | $ | 1.01 |  |  | $ | 0.96 |  |  | $ | 0.90 |  |  | $ | 0.86 |  |  | $ | 0.76 |  |  | $ | 2.87 |  |  | $ | 2.03 |

(o) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three and nine months ended September 30, 2018 and the three months ended June 30, 2018 and March 31, 2018, and 35% for the three and nine months ended September 30, 2017 and the three months ended December 31, 2017.
(p) Includes net loan discount accretion arising from business combinations. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(q) Includes net investment premium amortization arising from business combinations. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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