EX-99.1 2 hwc-ex99_1.htm EX-99.1

Exhibit 99.1

| FOR IMMEDIATE RELEASE July 19, 2022

For more information

Trisha Voltz Carlson, EVP, Investor Relations Manager

504.299.5208 or trisha.carlson@hancockwhitney.com

Hancock Whitney reports second quarter 2022 EPS of $1.38

GULFPORT, Miss. (July 19, 2022) — Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the second quarter of 2022. Net income for the second quarter of 2022 totaled $121.4 million, or $1.38 per diluted common share (EPS), compared to $123.5 million, or $1.40 per diluted common share, in the first quarter of 2022. The company reported net income for the second quarter of 2021 of $88.7 million, or $1.00 per diluted common share. The second quarter of 2022 did not include any nonoperating items, while the second quarter of 2021 included $42.2 million, or $0.37 per share after tax, of net nonperating expenses.

Second Quarter 2022 Highlights

•
Pre-provision net revenue (PPNR) totaled $146.9 million, up $12.4 million, or 9%, linked-quarter
•
Core loan growth of $706.2 million, or 13% linked-quarter annualized (LQA), more than offset the impact of $183.5 million in PPP loan forgiveness, leading to an overall increase in total loans of $522.7 million
•
Nonperforming loans and criticized commercial loans remain at historically low levels
•
ACL coverage remained strong at 1.55%
•
Deposits decreased $633.3 million, or 8% LQA
•
NIM improved 23 basis points (bps) to 3.04%
•
CET1 ratio estimated at 11.06%, down 6 bps; TCE ratio 7.21%, up 6 bps
•
Achieved 55% efficiency ratio target (54.95%)

“Today’s results reflect another solid quarter and the early achievement of our target efficiency ratio of 55%,” said John M. Hairston, President and CEO. “As expected, upward rate movement was a tailwind and helped us achieve our efficiency target sooner than expected. Earning assets repriced our NIM back over 3% in the quarter, and we anticipate additional widening in the second half of this year. Loan growth exceeded our expectations, and we were able to deploy excess liquidity via organic growth. We observed an expected runoff in deposits due primarily to seasonality, spending of federal grant funds, with modest pressure from competitive rates, however, the mix remained favorable with almost half in DDAs. Pre-provision, net revenue (PPNR) was up $12 million in the quarter as improvement in net interest income and fees offset an expected increase in expenses. Credit continued improvement and ratios remain at historically low levels, with criticized and nonperforming loans declining and net recoveries in the quarter. Capital remains solid and we believe we are positioned well in today’s uncertain macro environment.”

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Loans

Total loans were $21.8 billion at June 30, 2022, up $522.7 million from March 31, 2022. Core loans increased $706.2 million, up 13% LQA, from March 31, 2022, more than offsetting the impact of $183.5 million in PPP loan forgiveness. Improving line utilization contributed to loan growth in all markets across our footprint. Healthcare, C&I, real estate and mortgage were the main drivers within our lines of business, while indirect lending continues to amortize. Approximately $150 million of the loan growth during the quarter came from new bankers in expansion markets within our footprint, such as Beaumont, Dallas, San Antonio (TX) and Jackson (MS). Average loans totaled $21.7 billion for the second quarter of 2022, up $535.5 million, or 3%, linked-quarter.

Our guidance for the year of 6%-8% core growth in 2022 is unchanged, with a bias towards the upper end of the range. We expect loan growth to moderate in the third quarter of 2022 with a rebound towards the end of the year.

Deposits

Total deposits at June 30, 2022 were $29.9 billion, down $633.3 million, or 2%, from March 31, 2022. During the quarter, seasonal tax outflows in public funds, consumer clients tax payments, liquidity spending and moving for higher rates, and commercial clients converting cash on their balance sheet into working capital were primary drivers of the decrease.

DDAs totaled $14.7 billion at June 30, 2022, down $300.3 million, or 2%, from March 31, 2022 and comprised almost half (49%) of total period-end deposits. Interest-bearing transaction and savings deposits totaled $11.3 billion at the end of the second quarter of 2022, a decrease of $126.7 million, or 1%, linked-quarter. Compared to March 31, 2022, time deposits of $972.2 million were down $75.6 million, or 7%. Interest-bearing public fund deposits decreased $130.6 million, or 4%, linked-quarter, ending June 30, 2022 at $2.9 billion.

Average deposits for the second quarter of 2022 were $30.0 billion, down $49.9 million, or less than 1%, linked-quarter. Management expects 2022 period-end deposit levels to remain flat to slightly down compared to year-end 2021.

Asset Quality

The total allowance for credit losses (ACL) was $339.5 million at June 30, 2022, down $9.1 million from March 31, 2022. During the second quarter of 2022, the company recorded a negative provision for credit losses of $9.8 million, compared to a negative provision of $22.5 million in the first quarter of 2022. There were $0.7 million of net recoveries in the second quarter of 2022, or (0.01%) of average total loans on an annualized basis, compared to net charge-offs of $0.3 million, or 0.01% of average total loans in the first quarter of 2022. The ratio of ACL to period-end loans was 1.55% (1.56% excluding PPP loans) at June 30, 2022, compared to 1.63% (1.66% excluding PPP loans) at March 31, 2022.

The company’s overall asset quality metrics continued to improve and currently sit at historically low levels, with commercial criticized and total nonperforming loans down slightly, linked-quarter. Nonperforming assets (NPAs) totaled $44.0 million at June 30, 2022, down $7.7 million, or 15%, from March 31, 2022. During the second quarter of 2022, total nonperforming loans decreased

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$4.8 million, or 11%, while ORE and foreclosed assets were down $2.9 million, or 45% linked-quarter. Nonperforming assets as a percent of total loans, ORE and other foreclosed assets was 0.20% at June 30, 2022, down 4 bps from March 31, 2022.

Net Interest Income and Net Interest Margin (NIM)

Net interest income (TE) for the second quarter of 2022 was $248.3 million, an increase of $17.3 million, or 7%, from the first quarter of 2022.

The net interest margin (NIM) (TE) was 3.04% in the second quarter of 2022, an increase of 23 bps linked-quarter. Changes related to recent Fed increase in rates and a shift in the mix of earning assets led to a 27 basis point improvement, slightly offset by the impact from the forgiveness of $183.5 million in PPP loans (-2 bps) and change in cost of deposits (-2 bps). Additional NIM detail and guidance can be found in the second quarter earnings investor deck.

Average earning assets were $32.8 billion for the second quarter of 2022, down $421.1 million, or 1%, from the first quarter of 2022.

Noninterest Income

Noninterest income totaled $85.7 million for the second quarter of 2022, up $2.2 million, or 3%, from the first quarter of 2022.

Service charges on deposits were down $1.2 million, or 5%, from the first quarter of 2022. The decline in service charges is related to lower net nonsufficient funds (NSF) and overdraft (OD) fees.

Bankcard and ATM fees were up $1.5 million, or 7%, from the first quarter of 2022. Investment and annuity income and insurance fees were up $0.6 million, or 8%, linked-quarter. Trust fees were up $2.0 million, or 13% linked-quarter.

Fees from secondary mortgage operations totaled $3.0 million for the second quarter of 2022, down $0.8 million, or 20%, linked-quarter. Management expects the lower level of secondary mortgage fees to continue as rates continue to rise.

Other noninterest income totaled $15.0 million, virtually unchanged from the first quarter of 2022.

Noninterest Expense & Taxes

Noninterest expense totaled $187.1 million, up $7.2 million, or 4% linked-quarter.

Personnel expense totaled $115.2 million in the second quarter of 2022, up $7.8 million, or 7%, linked-quarter. The increase was due to annual merit raises and higher incentive pay, coupled with an increase in associate headcount, an additional workday in the quarter and continued inflationary pressures.

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Occupancy and equipment expense totaled $16.9 million in the second quarter of 2022, up $0.4 million, or 2%, from the first quarter of 2022. Amortization of intangibles totaled $3.6 million for the second quarter of 2022, down $0.2 million, or 4%, linked-quarter.

Gains on sales of ORE and other foreclosed assets exceeded expenses by $88 thousand in the second quarter of 2022, and $1.8 million in the first quarter of 2022. Other operating expense totaled $51.5 million in the second quarter of 2022, down $2.5 million, or 5%, linked-quarter.

The effective income tax rate for second quarter 2022 was 21.2%.

Capital

Common stockholders’ equity at June 30, 2022 totaled $3.3 billion, down $101.2 million, or 3%, from March 31, 2022. The tangible common equity (TCE) ratio was 7.21%, up 6 bps from March 31, 2022. The company’s CET1 ratio is estimated to be 11.06% at June 30, 2022, down 6 bps linked-quarter. During the second quarter of 2022, the company repurchased 804,368 shares of its common stock at an average price of $47.21 per share. This stock repurchase is part of the Board authorization to repurchase up to 4,338,000 shares of the company’s common stock, set to expire December 31, 2022. To-date the company has repurchased 1,604,244 shares under this authorization.

Conference Call and Slide Presentation

Management will host a conference call for analysts and investors at 4:00 p.m. Central Time on Tuesday, July 19, 2022 to review these results. A live listen-only webcast of the call will be available under the Investor Relations section of Hancock Whitney’s website at investors.hancockwhitney.com. A link to the release with additional financial tables, and a link to a slide presentation related to second quarter results are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial 844-200-6205 or 646-904-5544, access code 357079.

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 July 26, 2022 by dialing 866-813-9403 or 929-458-6194, access code 467005.

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. More information is available at www.hancockwhitney.com.

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Non-GAAP Financial Measures

This news release includes non-GAAP financial measures to describe Hancock Whitney’s performance. These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. The reconciliations of those measures to GAAP measures are provided either in the financial tables or in Appendix A thereto.

Consistent with the provisions of subpart 229.1400 of the Securities and Exchange Commission’s Regulation S-K, “Disclosures by Bank and Savings and Loan Registrants,” 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 concept “operating.” 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.

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 our expectations of our performance and financial condition, balance sheet and revenue growth, the provision for credit losses, loan growth expectations, management’s predictions about charge-offs for loans, the impact of the COVID-19 pandemic on the economy and our operations, the impacts related to Russia’s military action in Ukraine, Federal Reserve action with respect to interest rates, the adequacy of our enterprise risk management framework, potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the ongoing impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, success of revenue-generating and cost reduction initiatives, the effectiveness of derivative financial instruments and hedging activities to manage risks, projected tax rates, increased cybersecurity risks, including potential business disruptions or financial losses, the adequacy of our internal controls over financial reporting, the financial impact of regulatory requirements and tax reform legislation, the impact of the change in the referenced rate reform, deposit trends, credit quality trends, the impact of natural or man-made disasters, the impact of PPP loans and forgiveness on our results, changes in interest rates, inflation, net interest margin trends, future expense levels, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts, accretion levels and expected returns.

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In addition, 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, 2021 and in other periodic reports that we file with the SEC.

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HANCOCK WHITNEY CORPORATION |
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|  | Three Months Ended |  |  | Six Months Ended |
(dollars and common share data in thousands, except per share amounts) |  | 6/30/2022 |  |  | 3/31/2022 |  |  | 6/30/2021 |  |  | 6/30/2022 |  |  | 6/30/2021 |
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 245,732 |  |  | $ | 228,463 |  |  | $ | 234,643 |  |  | $ | 474,195 |  |  | $ | 469,230 |
Net interest income (TE) (a) |  |  | 248,317 |  |  |  | 231,008 |  |  |  | 237,497 |  |  |  | 479,325 |  |  |  | 475,006 |
Provision for credit losses |  |  | (9,761 | ) |  |  | (22,527 | ) |  |  | (17,229 | ) |  |  | (32,288 | ) |  |  | (22,140 | )
Noninterest income |  |  | 85,653 |  |  |  | 83,432 |  |  |  | 94,272 |  |  |  | 169,085 |  |  |  | 181,361 |
Noninterest expense |  |  | 187,097 |  |  |  | 179,939 |  |  |  | 236,770 |  |  |  | 367,036 |  |  |  | 429,842 |
Income tax expense |  |  | 32,614 |  |  |  | 31,005 |  |  |  | 20,656 |  |  |  | 63,619 |  |  |  | 46,999 |
Net income |  | $ | 121,435 |  |  | $ | 123,478 |  |  | $ | 88,718 |  |  | $ | 244,913 |  |  | $ | 195,890 |
For informational purposes - included above, pre-tax |  |  |  |  |  |  |  |  |  |  |  |  |
Nonoperating item included in noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of Mastercard Class B common stock |  | $ | — |  |  | $ | — |  |  | $ | 2,800 |  |  | $ | — |  |  | $ | 2,800 |
Nonoperating items included in noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Efficiency initiatives |  |  | — |  |  |  | — |  |  |  | 40,812 |  |  |  | — |  |  |  | 40,812 |
Loss on redemption of subordinated notes |  |  | — |  |  |  | — |  |  |  | 4,165 |  |  |  | — |  |  |  | 4,165 |
PERIOD-END BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 21,846,068 |  |  | $ | 21,323,341 |  |  | $ | 21,148,530 |  |  | $ | 21,846,068 |  |  | $ | 21,148,530 |
Securities |  |  | 8,531,393 |  |  |  | 8,481,095 |  |  |  | 8,633,133 |  |  |  | 8,531,393 |  |  |  | 8,633,133 |
Earning assets |  |  | 31,292,910 |  |  |  | 32,997,323 |  |  |  | 32,075,450 |  |  |  | 31,292,910 |  |  |  | 32,075,450 |
Total assets |  |  | 34,637,525 |  |  |  | 36,317,291 |  |  |  | 35,098,709 |  |  |  | 34,637,525 |  |  |  | 35,098,709 |
Noninterest-bearing deposits |  |  | 14,676,342 |  |  |  | 14,976,670 |  |  |  | 13,406,385 |  |  |  | 14,676,342 |  |  |  | 13,406,385 |
Total deposits |  |  | 29,866,432 |  |  |  | 30,499,709 |  |  |  | 29,273,107 |  |  |  | 29,866,432 |  |  |  | 29,273,107 |
Common stockholders' equity |  |  | 3,349,723 |  |  |  | 3,450,951 |  |  |  | 3,562,901 |  |  |  | 3,349,723 |  |  |  | 3,562,901 |
AVERAGE BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 21,657,528 |  |  | $ | 21,122,038 |  |  | $ | 21,388,814 |  |  | $ | 21,391,262 |  |  | $ | 21,566,071 |
Securities (b) |  |  | 8,979,364 |  |  |  | 8,687,758 |  |  |  | 8,194,812 |  |  |  | 8,834,367 |  |  |  | 7,833,682 |
Earning assets |  |  | 32,780,813 |  |  |  | 33,201,926 |  |  |  | 32,195,515 |  |  |  | 32,990,206 |  |  |  | 31,608,834 |
Total assets |  |  | 35,380,247 |  |  |  | 36,003,803 |  |  |  | 35,165,684 |  |  |  | 35,690,303 |  |  |  | 34,624,947 |
Noninterest-bearing deposits |  |  | 14,655,800 |  |  |  | 14,363,324 |  |  |  | 13,237,796 |  |  |  | 14,510,370 |  |  |  | 12,808,401 |
Total deposits |  |  | 29,979,940 |  |  |  | 30,029,793 |  |  |  | 29,228,809 |  |  |  | 30,004,728 |  |  |  | 28,686,797 |
Common stockholders' equity |  |  | 3,383,789 |  |  |  | 3,607,061 |  |  |  | 3,488,592 |  |  |  | 3,494,809 |  |  |  | 3,465,159 |
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - diluted |  | $ | 1.38 |  |  | $ | 1.40 |  |  | $ | 1.00 |  |  | $ | 2.78 |  |  | $ | 2.20 |
Cash dividends per share |  |  | 0.27 |  |  |  | 0.27 |  |  |  | 0.27 |  |  |  | 0.54 |  |  |  | 0.54 |
Book value per share (period-end) |  |  | 39.08 |  |  |  | 39.91 |  |  |  | 41.03 |  |  |  | 39.08 |  |  |  | 41.03 |
Tangible book value per share (period-end) |  |  | 28.37 |  |  |  | 29.25 |  |  |  | 30.27 |  |  |  | 28.37 |  |  |  | 30.27 |
Weighted average number of shares - diluted |  |  | 86,354 |  |  |  | 86,936 |  |  |  | 86,990 |  |  |  | 86,654 |  |  |  | 86,932 |
Period-end number of shares |  |  | 85,714 |  |  |  | 86,460 |  |  |  | 86,847 |  |  |  | 85,714 |  |  |  | 86,847 |
Market data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High sales price |  | $ | 53.15 |  |  | $ | 59.82 |  |  | $ | 50.69 |  |  | $ | 59.82 |  |  | $ | 50.69 |
Low sales price |  |  | 42.61 |  |  |  | 50.25 |  |  |  | 40.25 |  |  |  | 42.61 |  |  |  | 32.52 |
Period-end closing price |  |  | 44.33 |  |  |  | 52.15 |  |  |  | 44.44 |  |  |  | 44.33 |  |  |  | 44.44 |
Trading volume |  |  | 27,493 |  |  |  | 29,005 |  |  |  | 25,570 |  |  |  | 56,498 |  |  |  | 54,533 |
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets |  |  | 1.38 | % |  |  | 1.39 | % |  |  | 1.01 | % |  |  | 1.38 | % |  |  | 1.14 | %
Return on average common equity |  |  | 14.39 | % |  |  | 13.88 | % |  |  | 10.20 | % |  |  | 14.13 | % |  |  | 11.40 | %
Return on average tangible common equity |  |  | 19.77 | % |  |  | 18.66 | % |  |  | 13.94 | % |  |  | 19.20 | % |  |  | 15.63 | %
Tangible common equity ratio (c) |  |  | 7.21 | % |  |  | 7.15 | % |  |  | 7.70 | % |  |  | 7.21 | % |  |  | 7.70 | %
Net interest margin (TE) |  |  | 3.04 | % |  |  | 2.81 | % |  |  | 2.96 | % |  |  | 2.92 | % |  |  | 3.02 | %
Noninterest income as a percent of total revenue (TE) |  |  | 25.65 | % |  |  | 26.53 | % |  |  | 28.41 | % |  |  | 26.08 | % |  |  | 27.63 | %
Efficiency ratio (d) |  |  | 54.95 | % |  |  | 56.03 | % |  |  | 57.01 | % |  |  | 55.47 | % |  |  | 57.56 | %
Average loan/deposit ratio |  |  | 72.24 | % |  |  | 70.34 | % |  |  | 73.18 | % |  |  | 71.29 | % |  |  | 75.18 | %
Allowance for loan losses as a percentage of period-end loans |  |  | 1.41 | % |  |  | 1.49 | % |  |  | 1.89 | % |  |  | 1.41 | % |  |  | 1.89 | %
Allowance for credit losses as a percent of period-end loans (e) |  |  | 1.55 | % |  |  | 1.63 | % |  |  | 2.03 | % |  |  | 1.55 | % |  |  | 2.03 | %
Annualized net charge-offs to average loans |  |  | (0.01 | )% |  |  | 0.01 | % |  |  | 0.20 | % |  |  | (0.00 | )% |  |  | 0.27 | %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |  |  | 680.97 | % |  |  | 640.81 | % |  |  | 415.00 | % |  |  | 680.97 | % |  |  | 415.00 | %
FTE headcount |  |  | 3,594 |  |  |  | 3,543 |  |  |  | 3,626 |  |  |  | 3,594 |  |  |  | 3,626 |
(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%. |
(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) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating items. |
(e) The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments. |

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HANCOCK WHITNEY CORPORATION |
QUARTERLY FINANCIAL HIGHLIGHTS |
(Unaudited) |
|  | Three Months Ended |
(dollars and common share data in thousands, except per share amounts) |  | 6/30/2022 |  |  | 3/31/2022 |  |  | 12/31/2021 |  |  | 9/30/2021 |  |  | 6/30/2021 |
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 245,732 |  |  | $ | 228,463 |  |  | $ | 229,296 |  |  | $ | 234,709 |  |  | $ | 234,643 |
Net interest income (TE) (a) |  |  | 248,317 |  |  |  | 231,008 |  |  |  | 231,931 |  |  |  | 237,477 |  |  |  | 237,497 |
Provision for credit losses |  |  | (9,761 | ) |  |  | (22,527 | ) |  |  | (28,399 | ) |  |  | (26,955 | ) |  |  | (17,229 | )
Noninterest income |  |  | 85,653 |  |  |  | 83,432 |  |  |  | 89,612 |  |  |  | 93,361 |  |  |  | 94,272 |
Noninterest expense |  |  | 187,097 |  |  |  | 179,939 |  |  |  | 182,462 |  |  |  | 194,703 |  |  |  | 236,770 |
Income tax expense |  |  | 32,614 |  |  |  | 31,005 |  |  |  | 27,102 |  |  |  | 30,740 |  |  |  | 20,656 |
Net income |  | $ | 121,435 |  |  | $ | 123,478 |  |  | $ | 137,743 |  |  | $ | 129,582 |  |  | $ | 88,718 |
For informational purposes - included above, pre-tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonoperating item included in noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on hurricane-related insurance settlement |  | $ | — |  |  | $ | — |  |  | $ | 3,600 |  |  | $ | — |  |  | $ | — |
Gain on sale of Hancock Horizon Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,576 |  |  |  | — |
Gain on sale of Mastercard Class B common stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,800 |
Nonoperating items included in noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Efficiency initiatives |  |  | — |  |  |  | — |  |  |  | (649 | ) |  |  | (1,867 | ) |  |  | 40,812 |
Hurricane related expenses |  |  | — |  |  |  | — |  |  |  | (680 | ) |  |  | 5,092 |  |  |  | — |
Loss on redemption of subordinated notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,165 |
PERIOD-END BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 21,846,068 |  |  | $ | 21,323,341 |  |  | $ | 21,134,282 |  |  | $ | 20,886,015 |  |  | $ | 21,148,530 |
Securities |  |  | 8,531,393 |  |  |  | 8,481,095 |  |  |  | 8,552,449 |  |  |  | 8,308,622 |  |  |  | 8,633,133 |
Earning assets |  |  | 31,292,910 |  |  |  | 32,997,323 |  |  |  | 33,610,435 |  |  |  | 32,348,036 |  |  |  | 32,075,450 |
Total assets |  |  | 34,637,525 |  |  |  | 36,317,291 |  |  |  | 36,531,205 |  |  |  | 35,318,308 |  |  |  | 35,098,709 |
Noninterest-bearing deposits |  |  | 14,676,342 |  |  |  | 14,976,670 |  |  |  | 14,392,808 |  |  |  | 13,653,376 |  |  |  | 13,406,385 |
Total deposits |  |  | 29,866,432 |  |  |  | 30,499,709 |  |  |  | 30,465,897 |  |  |  | 29,208,157 |  |  |  | 29,273,107 |
Common stockholders' equity |  |  | 3,349,723 |  |  |  | 3,450,951 |  |  |  | 3,670,352 |  |  |  | 3,629,766 |  |  |  | 3,562,901 |
AVERAGE BALANCE SHEET DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 21,657,528 |  |  | $ | 21,122,038 |  |  | $ | 20,770,130 |  |  | $ | 20,941,173 |  |  | $ | 21,388,814 |
Securities (b) |  |  | 8,979,364 |  |  |  | 8,687,758 |  |  |  | 8,378,258 |  |  |  | 8,368,824 |  |  |  | 8,194,812 |
Earning assets |  |  | 32,780,813 |  |  |  | 33,201,926 |  |  |  | 32,913,659 |  |  |  | 32,097,381 |  |  |  | 32,195,515 |
Total assets |  |  | 35,380,247 |  |  |  | 36,003,803 |  |  |  | 35,829,027 |  |  |  | 35,207,960 |  |  |  | 35,165,684 |
Noninterest-bearing deposits |  |  | 14,655,800 |  |  |  | 14,363,324 |  |  |  | 14,126,335 |  |  |  | 13,535,961 |  |  |  | 13,237,796 |
Total deposits |  |  | 29,979,940 |  |  |  | 30,029,793 |  |  |  | 29,750,665 |  |  |  | 29,237,306 |  |  |  | 29,228,809 |
Common stockholders' equity |  |  | 3,383,789 |  |  |  | 3,607,061 |  |  |  | 3,642,003 |  |  |  | 3,606,087 |  |  |  | 3,488,592 |
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share - diluted |  | $ | 1.38 |  |  | $ | 1.40 |  |  | $ | 1.55 |  |  | $ | 1.46 |  |  | $ | 1.00 |
Cash dividends per share |  |  | 0.27 |  |  |  | 0.27 |  |  |  | 0.27 |  |  |  | 0.27 |  |  |  | 0.27 |
Book value per share (period-end) |  |  | 39.08 |  |  |  | 39.91 |  |  |  | 42.31 |  |  |  | 41.81 |  |  |  | 41.03 |
Tangible book value per share (period-end) |  |  | 28.37 |  |  |  | 29.25 |  |  |  | 31.64 |  |  |  | 31.10 |  |  |  | 30.27 |
Weighted average number of shares - diluted |  |  | 86,354 |  |  |  | 86,936 |  |  |  | 87,132 |  |  |  | 87,006 |  |  |  | 86,990 |
Period-end number of shares |  |  | 85,714 |  |  |  | 86,460 |  |  |  | 86,749 |  |  |  | 86,823 |  |  |  | 86,847 |
Market data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High sales price |  | $ | 53.15 |  |  | $ | 59.82 |  |  | $ | 53.61 |  |  | $ | 48.19 |  |  | $ | 50.69 |
Low sales price |  |  | 42.61 |  |  |  | 50.25 |  |  |  | 45.06 |  |  |  | 39.07 |  |  |  | 40.25 |
Period-end closing price |  |  | 44.33 |  |  |  | 52.15 |  |  |  | 50.02 |  |  |  | 47.12 |  |  |  | 44.44 |
Trading volume |  |  | 27,493 |  |  |  | 29,005 |  |  |  | 23,889 |  |  |  | 22,482 |  |  |  | 25,570 |
PERFORMANCE RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets |  |  | 1.38 | % |  |  | 1.39 | % |  |  | 1.53 | % |  |  | 1.46 | % |  |  | 1.01 | %
Return on average common equity |  |  | 14.39 | % |  |  | 13.88 | % |  |  | 15.00 | % |  |  | 14.26 | % |  |  | 10.20 | %
Return on average tangible common equity |  |  | 19.77 | % |  |  | 18.66 | % |  |  | 20.13 | % |  |  | 19.22 | % |  |  | 13.94 | %
Tangible common equity ratio (c) |  |  | 7.21 | % |  |  | 7.15 | % |  |  | 7.71 | % |  |  | 7.85 | % |  |  | 7.70 | %
Net interest margin (TE) |  |  | 3.04 | % |  |  | 2.81 | % |  |  | 2.80 | % |  |  | 2.94 | % |  |  | 2.96 | %
Noninterest income as a percentage of total revenue (TE) |  |  | 25.65 | % |  |  | 26.53 | % |  |  | 27.87 | % |  |  | 28.22 | % |  |  | 28.41 | %
Efficiency ratio (d) |  |  | 54.95 | % |  |  | 56.03 | % |  |  | 56.57 | % |  |  | 57.44 | % |  |  | 57.01 | %
Average loan/deposit ratio |  |  | 72.24 | % |  |  | 70.34 | % |  |  | 69.81 | % |  |  | 71.62 | % |  |  | 73.18 | %
Allowance for loan losses as a percentage of period-end loans |  |  | 1.41 | % |  |  | 1.49 | % |  |  | 1.62 | % |  |  | 1.78 | % |  |  | 1.89 | %
Allowance for credit losses as a percentage of period-end loans (e) |  |  | 1.55 | % |  |  | 1.63 | % |  |  | 1.76 | % |  |  | 1.92 | % |  |  | 2.03 | %
Annualized net charge-offs to average loans |  |  | (0.01 | )% |  |  | 0.01 | % |  |  | 0.01 | % |  |  | 0.03 | % |  |  | 0.20 | %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |  |  | 680.97 | % |  |  | 640.81 | % |  |  | 527.59 | % |  |  | 506.17 | % |  |  | 415.00 | %
FTE headcount |  |  | 3,594 |  |  |  | 3,543 |  |  |  | 3,486 |  |  |  | 3,429 |  |  |  | 3,626 |
(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%. |
(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) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating items. |
(e) The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments. |

8

HANCOCK WHITNEY CORPORATION |
INCOME STATEMENT |
(Unaudited) |
|  | Three Months Ended |  |  | Six Months Ended |
(dollars in thousands, except per share data) |  | 6/30/2022 |  |  | 3/31/2022 |  |  | 6/30/2021 |  |  | 6/30/2022 |  |  | 6/30/2021 |
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 254,864 |  |  | $ | 236,786 |  |  | $ | 248,300 |  |  | $ | 491,650 |  |  | $ | 499,085 |
Interest income (TE) (f) |  |  | 257,449 |  |  |  | 239,331 |  |  |  | 251,154 |  |  |  | 496,780 |  |  |  | 504,861 |
Interest expense |  |  | 9,132 |  |  |  | 8,323 |  |  |  | 13,657 |  |  |  | 17,455 |  |  |  | 29,855 |
Net interest income (TE) |  |  | 248,317 |  |  |  | 231,008 |  |  |  | 237,497 |  |  |  | 479,325 |  |  |  | 475,006 |
Provision for credit losses |  |  | (9,761 | ) |  |  | (22,527 | ) |  |  | (17,229 | ) |  |  | (32,288 | ) |  |  | (22,140 | )
Noninterest income |  |  | 85,653 |  |  |  | 83,432 |  |  |  | 94,272 |  |  |  | 169,085 |  |  |  | 181,361 |
Noninterest expense |  |  | 187,097 |  |  |  | 179,939 |  |  |  | 236,770 |  |  |  | 367,036 |  |  |  | 429,842 |
Income before income taxes |  |  | 154,049 |  |  |  | 154,483 |  |  |  | 109,374 |  |  |  | 308,532 |  |  |  | 242,889 |
Income tax expense |  |  | 32,614 |  |  |  | 31,005 |  |  |  | 20,656 |  |  |  | 63,619 |  |  |  | 46,999 |
Net income |  | $ | 121,435 |  |  | $ | 123,478 |  |  | $ | 88,718 |  |  | $ | 244,913 |  |  | $ | 195,890 |
For informational purposes - included above, pre-tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonoperating item included in noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of Mastercard Class B common stock |  | $ | — |  |  | $ | — |  |  | $ | 2,800 |  |  | $ | — |  |  | $ | 2,800 |
Nonoperating items included in noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Efficiency initiatives |  |  | — |  |  |  | — |  |  |  | 40,812 |  |  |  | — |  |  |  | 40,812 |
Loss on redemption of subordinated notes |  |  | — |  |  |  | — |  |  |  | 4,165 |  |  |  | — |  |  |  | 4,165 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts |  | $ | 20,495 |  |  | $ | 21,674 |  |  | $ | 19,381 |  |  | $ | 42,169 |  |  | $ | 38,527 |
Trust fees |  |  | 17,309 |  |  |  | 15,279 |  |  |  | 16,307 |  |  |  | 32,588 |  |  |  | 31,310 |
Bank card and ATM fees |  |  | 21,870 |  |  |  | 20,396 |  |  |  | 20,483 |  |  |  | 42,266 |  |  |  | 38,603 |
Investment and annuity fees and insurance commissions |  |  | 8,001 |  |  |  | 7,427 |  |  |  | 7,331 |  |  |  | 15,428 |  |  |  | 14,789 |
Secondary mortgage market operations |  |  | 2,990 |  |  |  | 3,746 |  |  |  | 12,556 |  |  |  | 6,736 |  |  |  | 24,266 |
Other income |  |  | 14,988 |  |  |  | 14,910 |  |  |  | 18,214 |  |  |  | 29,898 |  |  |  | 33,866 |
Total noninterest income |  | $ | 85,653 |  |  | $ | 83,432 |  |  | $ | 94,272 |  |  | $ | 169,085 |  |  | $ | 181,361 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel expense |  | $ | 115,170 |  |  | $ | 107,396 |  |  | $ | 142,654 |  |  | $ | 222,566 |  |  | $ | 262,269 |
Net occupancy and equipment expense |  |  | 16,928 |  |  |  | 16,547 |  |  |  | 17,347 |  |  |  | 33,475 |  |  |  | 35,038 |
Other real estate and foreclosed assets income, net |  |  | (88 | ) |  |  | (1,764 | ) |  |  | (86 | ) |  |  | (1,852 | ) |  |  | (80 | )
Other expense |  |  | 51,501 |  |  |  | 54,012 |  |  |  | 72,610 |  |  |  | 105,513 |  |  |  | 123,951 |
Amortization of intangibles |  |  | 3,586 |  |  |  | 3,748 |  |  |  | 4,245 |  |  |  | 7,334 |  |  |  | 8,664 |
Total noninterest expense |  | $ | 187,097 |  |  | $ | 179,939 |  |  | $ | 236,770 |  |  | $ | 367,036 |  |  | $ | 429,842 |
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.39 |  |  | $ | 1.40 |  |  | $ | 1.00 |  |  | $ | 2.79 |  |  | $ | 2.21 |
Diluted |  |  | 1.38 |  |  |  | 1.40 |  |  |  | 1.00 |  |  |  | 2.78 |  |  |  | 2.20 |
(f) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%. |

9

HANCOCK WHITNEY CORPORATION |
INCOME STATEMENT |
(Unaudited) |
|  | Three Months Ended |
(in thousands, except per share data) |  | 6/30/2022 |  |  | 3/31/2022 |  |  | 12/31/2021 |  |  | 9/30/2021 |  |  | 6/30/2021 |
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 254,864 |  |  | $ | 236,786 |  |  | $ | 238,756 |  |  | $ | 244,417 |  |  | $ | 248,300 |
Interest income (TE) (f) |  |  | 257,449 |  |  |  | 239,331 |  |  |  | 241,391 |  |  |  | 247,185 |  |  |  | 251,154 |
Interest expense |  |  | 9,132 |  |  |  | 8,323 |  |  |  | 9,460 |  |  |  | 9,708 |  |  |  | 13,657 |
Net interest income (TE) |  |  | 248,317 |  |  |  | 231,008 |  |  |  | 231,931 |  |  |  | 237,477 |  |  |  | 237,497 |
Provision for credit losses |  |  | (9,761 | ) |  |  | (22,527 | ) |  |  | (28,399 | ) |  |  | (26,955 | ) |  |  | (17,229 | )
Noninterest income |  |  | 85,653 |  |  |  | 83,432 |  |  |  | 89,612 |  |  |  | 93,361 |  |  |  | 94,272 |
Noninterest expense |  |  | 187,097 |  |  |  | 179,939 |  |  |  | 182,462 |  |  |  | 194,703 |  |  |  | 236,770 |
Income before income taxes |  |  | 154,049 |  |  |  | 154,483 |  |  |  | 164,845 |  |  |  | 160,322 |  |  |  | 109,374 |
Income tax expense |  |  | 32,614 |  |  |  | 31,005 |  |  |  | 27,102 |  |  |  | 30,740 |  |  |  | 20,656 |
Net income |  | $ | 121,435 |  |  | $ | 123,478 |  |  | $ | 137,743 |  |  | $ | 129,582 |  |  | $ | 88,718 |
For informational purposes - included above, pre-tax |  |  |  |  |  |  |  |  |  |  |  |  |
Nonoperating item included in noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on hurricane-related insurance settlement |  | $ | — |  |  | $ | — |  |  | $ | 3,600 |  |  | $ | — |  |  | $ | — |
Gain on sale of Hancock Horizon Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,576 |  |  |  | — |
Gain on sale of Mastercard Class B common stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,800 |
Nonoperating items included in noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Efficiency initiatives |  |  | — |  |  |  | — |  |  |  | (649 | ) |  |  | (1,867 | ) |  |  | 40,812 |
Hurricane related expenses |  |  | — |  |  |  | — |  |  |  | (680 | ) |  |  | 5,092 |  |  |  | — |
Loss on redemption of subordinated notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,165 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts |  | $ | 20,495 |  |  | $ | 21,674 |  |  | $ | 21,346 |  |  | $ | 21,159 |  |  | $ | 19,381 |
Trust fees |  |  | 17,309 |  |  |  | 15,279 |  |  |  | 15,547 |  |  |  | 16,041 |  |  |  | 16,307 |
Bank card and ATM fees |  |  | 21,870 |  |  |  | 20,396 |  |  |  | 20,638 |  |  |  | 19,833 |  |  |  | 20,483 |
Investment and annuity fees and insurance commissions |  |  | 8,001 |  |  |  | 7,427 |  |  |  | 7,546 |  |  |  | 7,167 |  |  |  | 7,331 |
Secondary mortgage market operations |  |  | 2,990 |  |  |  | 3,746 |  |  |  | 5,456 |  |  |  | 6,972 |  |  |  | 12,556 |
Other income |  |  | 14,988 |  |  |  | 14,910 |  |  |  | 19,079 |  |  |  | 22,189 |  |  |  | 18,214 |
Total noninterest income |  | $ | 85,653 |  |  | $ | 83,432 |  |  | $ | 89,612 |  |  | $ | 93,361 |  |  | $ | 94,272 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel expense |  | $ | 115,170 |  |  | $ | 107,396 |  |  | $ | 108,128 |  |  | $ | 111,978 |  |  | $ | 142,654 |
Net occupancy and equipment expense |  |  | 16,928 |  |  |  | 16,547 |  |  |  | 16,047 |  |  |  | 16,868 |  |  |  | 17,347 |
Other real estate and foreclosed assets expense (income), net |  |  | (88 | ) |  |  | (1,764 | ) |  |  | 246 |  |  |  | (376 | ) |  |  | (86 | )
Other expense |  |  | 51,501 |  |  |  | 54,012 |  |  |  | 54,122 |  |  |  | 62,151 |  |  |  | 72,610 |
Amortization of intangibles |  |  | 3,586 |  |  |  | 3,748 |  |  |  | 3,919 |  |  |  | 4,082 |  |  |  | 4,245 |
Total noninterest expense |  | $ | 187,097 |  |  | $ | 179,939 |  |  | $ | 182,462 |  |  | $ | 194,703 |  |  | $ | 236,770 |
COMMON SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.39 |  |  | $ | 1.40 |  |  | $ | 1.56 |  |  | $ | 1.46 |  |  | $ | 1.00 |
Diluted |  |  | 1.38 |  |  |  | 1.40 |  |  |  | 1.55 |  |  |  | 1.46 |  |  |  | 1.00 |
(f) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%. |

10

HANCOCK WHITNEY CORPORATION |
PERIOD-END BALANCE SHEET |
(Unaudited) |
(dollars in thousands) |  | 6/30/2022 |  |  | 3/31/2022 |  |  | 12/31/2021 |  |  | 9/30/2021 |  |  | 6/30/2021 |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial non-real estate loans |  | $ | 9,645,092 |  |  | $ | 9,584,480 |  |  | $ | 9,612,460 |  |  | $ | 9,416,990 |  |  | $ | 9,532,710 |
Commercial real estate - owner occupied loans |  |  | 2,964,474 |  |  |  | 2,868,233 |  |  |  | 2,821,246 |  |  |  | 2,812,926 |  |  |  | 2,809,868 |
Total commercial and industrial loans |  |  | 12,609,566 |  |  |  | 12,452,713 |  |  |  | 12,433,706 |  |  |  | 12,229,916 |  |  |  | 12,342,578 |
Commercial real estate - income producing loans |  |  | 3,641,243 |  |  |  | 3,563,299 |  |  |  | 3,464,626 |  |  |  | 3,467,939 |  |  |  | 3,419,028 |
Construction and land development loans |  |  | 1,408,727 |  |  |  | 1,286,655 |  |  |  | 1,228,670 |  |  |  | 1,213,991 |  |  |  | 1,295,036 |
Residential mortgage loans |  |  | 2,615,807 |  |  |  | 2,462,900 |  |  |  | 2,423,890 |  |  |  | 2,351,053 |  |  |  | 2,412,459 |
Consumer loans |  |  | 1,570,725 |  |  |  | 1,557,774 |  |  |  | 1,583,390 |  |  |  | 1,623,116 |  |  |  | 1,679,429 |
Total loans |  |  | 21,846,068 |  |  |  | 21,323,341 |  |  |  | 21,134,282 |  |  |  | 20,886,015 |  |  |  | 21,148,530 |
Loans held for sale |  |  | 44,253 |  |  |  | 59,877 |  |  |  | 93,069 |  |  |  | 90,618 |  |  |  | 90,002 |
Securities |  |  | 8,531,393 |  |  |  | 8,481,095 |  |  |  | 8,552,449 |  |  |  | 8,308,622 |  |  |  | 8,633,133 |
Short-term investments |  |  | 871,196 |  |  |  | 3,133,010 |  |  |  | 3,830,635 |  |  |  | 3,062,781 |  |  |  | 2,203,785 |
Earning assets |  |  | 31,292,910 |  |  |  | 32,997,323 |  |  |  | 33,610,435 |  |  |  | 32,348,036 |  |  |  | 32,075,450 |
Allowance for loan losses |  |  | (308,175 | ) |  |  | (317,843 | ) |  |  | (342,065 | ) |  |  | (371,521 | ) |  |  | (399,668 | )
Goodwill and other intangible assets |  |  | 918,345 |  |  |  | 921,932 |  |  |  | 925,679 |  |  |  | 929,599 |  |  |  | 933,681 |
Other assets |  |  | 2,734,445 |  |  |  | 2,715,879 |  |  |  | 2,337,156 |  |  |  | 2,412,194 |  |  |  | 2,489,246 |
Total assets |  | $ | 34,637,525 |  |  | $ | 36,317,291 |  |  | $ | 36,531,205 |  |  | $ | 35,318,308 |  |  | $ | 35,098,709 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  | $ | 14,676,342 |  |  | $ | 14,976,670 |  |  | $ | 14,392,808 |  |  | $ | 13,653,376 |  |  | $ | 13,406,385 |
Interest-bearing transaction and savings deposits |  |  | 11,334,253 |  |  |  | 11,460,993 |  |  |  | 11,649,855 |  |  |  | 11,291,878 |  |  |  | 11,308,744 |
Interest-bearing public fund deposits |  |  | 2,883,664 |  |  |  | 3,014,307 |  |  |  | 3,294,607 |  |  |  | 3,055,388 |  |  |  | 3,206,799 |
Time deposits |  |  | 972,173 |  |  |  | 1,047,739 |  |  |  | 1,128,627 |  |  |  | 1,207,515 |  |  |  | 1,351,179 |
Total interest-bearing deposits |  |  | 15,190,090 |  |  |  | 15,523,039 |  |  |  | 16,073,089 |  |  |  | 15,554,781 |  |  |  | 15,866,722 |
Total deposits |  |  | 29,866,432 |  |  |  | 30,499,709 |  |  |  | 30,465,897 |  |  |  | 29,208,157 |  |  |  | 29,273,107 |
Short-term borrowings |  |  | 630,011 |  |  |  | 1,620,302 |  |  |  | 1,665,061 |  |  |  | 1,745,228 |  |  |  | 1,516,508 |
Long-term debt |  |  | 240,091 |  |  |  | 240,454 |  |  |  | 244,220 |  |  |  | 248,011 |  |  |  | 248,052 |
Other liabilities |  |  | 551,268 |  |  |  | 505,875 |  |  |  | 485,675 |  |  |  | 487,146 |  |  |  | 498,141 |
Total liabilities |  |  | 31,287,802 |  |  |  | 32,866,340 |  |  |  | 32,860,853 |  |  |  | 31,688,542 |  |  |  | 31,535,808 |
COMMON STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock net of treasury and capital surplus |  |  | 2,020,411 |  |  |  | 2,051,534 |  |  |  | 2,065,214 |  |  |  | 2,084,387 |  |  |  | 2,080,486 |
Retained earnings |  |  | 1,856,489 |  |  |  | 1,758,693 |  |  |  | 1,659,073 |  |  |  | 1,545,181 |  |  |  | 1,439,553 |
Accumulated other comprehensive income (loss) |  |  | (527,177 | ) |  |  | (359,276 | ) |  |  | (53,935 | ) |  |  | 198 |  |  |  | 42,862 |
Total common stockholders' equity |  |  | 3,349,723 |  |  |  | 3,450,951 |  |  |  | 3,670,352 |  |  |  | 3,629,766 |  |  |  | 3,562,901 |
Total liabilities & stockholders' equity |  | $ | 34,637,525 |  |  | $ | 36,317,291 |  |  | $ | 36,531,205 |  |  | $ | 35,318,308 |  |  | $ | 35,098,709 |
For informational purposes only - included above |  |  |  |  |  |  |  |  |  |  |  |  |
SBA Paycheck Protection Program (PPP) loans |  | $ | 151,315 |  |  | $ | 334,828 |  |  | $ | 531,059 |  |  | $ | 935,330 |  |  | $ | 1,417,523 |
CAPITAL RATIOS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tangible common equity |  | $ | 2,431,378 |  |  | $ | 2,529,019 |  |  | $ | 2,744,673 |  |  | $ | 2,700,167 |  |  | $ | 2,629,220 |
Tier 1 capital (g) |  |  | 3,033,760 |  |  |  | 2,963,501 |  |  |  | 2,890,770 |  |  |  | 2,799,037 |  |  |  | 2,692,065 |
Common equity as a percentage of total assets |  |  | 9.67 | % |  |  | 9.50 | % |  |  | 10.05 | % |  |  | 10.28 | % |  |  | 10.15 | %
Tangible common equity ratio |  |  | 7.21 | % |  |  | 7.15 | % |  |  | 7.71 | % |  |  | 7.85 | % |  |  | 7.70 | %
Leverage (Tier 1) ratio (g) |  |  | 8.68 | % |  |  | 8.38 | % |  |  | 8.25 | % |  |  | 8.15 | % |  |  | 7.83 | %
Common equity tier 1 (CET1) ratio (g) |  |  | 11.06 | % |  |  | 11.12 | % |  |  | 11.09 | % |  |  | 11.17 | % |  |  | 10.98 | %
Tier 1 risk-based capital ratio (g) |  |  | 11.06 | % |  |  | 11.12 | % |  |  | 11.09 | % |  |  | 11.17 | % |  |  | 10.98 | %
Total risk-based capital ratio (g) |  |  | 12.68 | % |  |  | 12.82 | % |  |  | 12.84 | % |  |  | 13.06 | % |  |  | 12.94 | %
(g) Estimated for most recent period-end. Regulatory capital ratios reflect the election to use the five-year transition rules for the adoption of ASC 326, commonly referred to as Current Expected Credit Loss, or CECL. |

11

HANCOCK WHITNEY CORPORATION |
AVERAGE BALANCE SHEET |
(Unaudited) |
|  | Three Months Ended |  |  | Six Months Ended |
(in thousands) |  | 6/30/2022 |  |  | 3/31/2022 |  |  | 6/30/2021 |  |  | 6/30/2022 |  |  | 6/30/2021 |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial non-real estate loans |  | $ | 9,718,550 |  |  | $ | 9,497,772 |  |  | $ | 9,889,904 |  |  | $ | 9,608,771 |  |  | $ | 9,971,167 |
Commercial real estate - owner occupied loans |  |  | 2,915,528 |  |  |  | 2,867,252 |  |  |  | 2,782,362 |  |  |  | 2,891,525 |  |  |  | 2,810,622 |
Total commercial and industrial loans |  |  | 12,634,078 |  |  |  | 12,365,024 |  |  |  | 12,672,266 |  |  |  | 12,500,296 |  |  |  | 12,781,789 |
Commercial real estate - income producing loans |  |  | 3,592,220 |  |  |  | 3,510,957 |  |  |  | 3,420,781 |  |  |  | 3,551,811 |  |  |  | 3,394,483 |
Construction and land development loans |  |  | 1,335,755 |  |  |  | 1,243,314 |  |  |  | 1,140,065 |  |  |  | 1,289,789 |  |  |  | 1,107,137 |
Residential mortgage loans |  |  | 2,534,600 |  |  |  | 2,441,359 |  |  |  | 2,442,956 |  |  |  | 2,488,238 |  |  |  | 2,521,289 |
Consumer loans |  |  | 1,560,875 |  |  |  | 1,561,384 |  |  |  | 1,712,746 |  |  |  | 1,561,128 |  |  |  | 1,761,373 |
Total loans |  |  | 21,657,528 |  |  |  | 21,122,038 |  |  |  | 21,388,814 |  |  |  | 21,391,262 |  |  |  | 21,566,071 |
Loans held for sale |  |  | 48,099 |  |  |  | 64,271 |  |  |  | 89,638 |  |  |  | 56,140 |  |  |  | 100,634 |
Securities (h) |  |  | 8,979,364 |  |  |  | 8,687,758 |  |  |  | 8,194,812 |  |  |  | 8,834,367 |  |  |  | 7,833,682 |
Short-term investments |  |  | 2,095,822 |  |  |  | 3,327,859 |  |  |  | 2,522,251 |  |  |  | 2,708,437 |  |  |  | 2,108,447 |
Earning assets |  |  | 32,780,813 |  |  |  | 33,201,926 |  |  |  | 32,195,515 |  |  |  | 32,990,206 |  |  |  | 31,608,834 |
Allowance for loan losses |  |  | (315,851 | ) |  |  | (338,385 | ) |  |  | (418,753 | ) |  |  | (327,056 | ) |  |  | (435,200 | )
Goodwill and other intangible assets |  |  | 920,080 |  |  |  | 923,752 |  |  |  | 935,737 |  |  |  | 921,906 |  |  |  | 937,893 |
Other assets |  |  | 1,995,205 |  |  |  | 2,216,510 |  |  |  | 2,453,185 |  |  |  | 2,105,247 |  |  |  | 2,513,420 |
Total assets |  | $ | 35,380,247 |  |  | $ | 36,003,803 |  |  | $ | 35,165,684 |  |  | $ | 35,690,303 |  |  | $ | 34,624,947 |
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing deposits |  | $ | 14,655,800 |  |  | $ | 14,363,324 |  |  | $ | 13,237,796 |  |  | $ | 14,510,370 |  |  | $ | 12,808,401 |
Interest-bearing transaction and savings deposits |  |  | 11,412,944 |  |  |  | 11,423,421 |  |  |  | 11,315,790 |  |  |  | 11,418,153 |  |  |  | 11,057,326 |
Interest-bearing public fund deposits |  |  | 2,906,018 |  |  |  | 3,154,540 |  |  |  | 3,208,718 |  |  |  | 3,029,592 |  |  |  | 3,209,891 |
Time deposits |  |  | 1,005,178 |  |  |  | 1,088,508 |  |  |  | 1,466,505 |  |  |  | 1,046,613 |  |  |  | 1,611,179 |
Total interest-bearing deposits |  |  | 15,324,140 |  |  |  | 15,666,469 |  |  |  | 15,991,013 |  |  |  | 15,494,358 |  |  |  | 15,878,396 |
Total deposits |  |  | 29,979,940 |  |  |  | 30,029,793 |  |  |  | 29,228,809 |  |  |  | 30,004,728 |  |  |  | 28,686,797 |
Short-term borrowings |  |  | 1,224,183 |  |  |  | 1,689,906 |  |  |  | 1,661,015 |  |  |  | 1,455,758 |  |  |  | 1,674,616 |
Long-term debt |  |  | 240,322 |  |  |  | 241,828 |  |  |  | 371,892 |  |  |  | 241,071 |  |  |  | 384,243 |
Other liabilities |  |  | 552,013 |  |  |  | 435,215 |  |  |  | 415,376 |  |  |  | 493,937 |  |  |  | 414,132 |
Common stockholders' equity |  |  | 3,383,789 |  |  |  | 3,607,061 |  |  |  | 3,488,592 |  |  |  | 3,494,809 |  |  |  | 3,465,159 |
Total liabilities & stockholders' equity |  | $ | 35,380,247 |  |  | $ | 36,003,803 |  |  | $ | 35,165,684 |  |  | $ | 35,690,303 |  |  | $ | 34,624,947 |
For informational purposes only - included above |  |  |  |  |  |  |  |  |  |  |  |  |
SBA Paycheck Protection Program (PPP) loans |  | $ | 231,133 |  |  | $ | 430,363 |  |  | $ | 2,043,032 |  |  | $ | 330,197 |  |  | $ | 2,116,748 |
(h) 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 |
|  | 6/30/2022 |  |  | 3/31/2022 |  |  | 6/30/2021 |
(dollars in millions) |  | Average Balance |  |  | Interest |  |  | Rate |  |  | Average Balance |  |  | Interest |  |  | Rate |  |  | Average Balance |  |  | Interest |  |  | Rate |
AVERAGE EARNING ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans (TE) (i) |  | $ | 17,562.0 |  |  | $ | 165.9 |  |  |  | 3.79 | % |  | $ | 17,119.3 |  |  | $ | 150.3 |  |  |  | 3.56 | % |  | $ | 17,233.1 |  |  | $ | 149.3 |  |  |  | 3.47 | %
Residential mortgage loans |  |  | 2,534.6 |  |  |  | 21.1 |  |  |  | 3.33 | % |  |  | 2,441.3 |  |  |  | 21.0 |  |  |  | 3.44 | % |  |  | 2,443.0 |  |  |  | 23.9 |  |  |  | 3.92 | %
Consumer loans |  |  | 1,560.9 |  |  |  | 19.6 |  |  |  | 5.03 | % |  |  | 1,561.4 |  |  |  | 18.4 |  |  |  | 4.77 | % |  |  | 1,712.7 |  |  |  | 21.0 |  |  |  | 4.92 | %
Loan fees & late charges |  |  | — |  |  |  | 1.9 |  |  |  | 0.00 | % |  |  | — |  |  |  | 4.4 |  |  |  | 0.00 | % |  |  | — |  |  |  | 16.5 |  |  |  | 0.00 | %
Total loans (TE) (j) (k) |  |  | 21,657.5 |  |  |  | 208.5 |  |  |  | 3.86 | % |  |  | 21,122.0 |  |  |  | 194.1 |  |  |  | 3.72 | % |  |  | 21,388.8 |  |  |  | 210.7 |  |  |  | 3.95 | %
Loans held for sale |  |  | 48.1 |  |  |  | 0.4 |  |  |  | 3.69 | % |  |  | 64.3 |  |  |  | 0.7 |  |  |  | 4.36 | % |  |  | 89.6 |  |  |  | 0.6 |  |  |  | 2.90 | %
US Treasury and government agency securities |  |  | 387.6 |  |  |  | 1.7 |  |  |  | 1.79 | % |  |  | 397.8 |  |  |  | 1.6 |  |  |  | 1.64 | % |  |  | 291.0 |  |  |  | 1.2 |  |  |  | 1.67 | %
CMOs and mortgage backed securities |  |  | 7,658.2 |  |  |  | 36.3 |  |  |  | 1.90 | % |  |  | 7,352.5 |  |  |  | 34.5 |  |  |  | 1.88 | % |  |  | 6,961.4 |  |  |  | 31.0 |  |  |  | 1.78 | %
Municipals (TE) |  |  | 912.4 |  |  |  | 6.8 |  |  |  | 2.96 | % |  |  | 916.5 |  |  |  | 6.7 |  |  |  | 2.93 | % |  |  | 930.1 |  |  |  | 6.8 |  |  |  | 2.94 | %
Other securities |  |  | 21.2 |  |  |  | 0.2 |  |  |  | 3.34 | % |  |  | 21.0 |  |  |  | 0.2 |  |  |  | 3.31 | % |  |  | 12.3 |  |  |  | 0.1 |  |  |  | 3.64 | %
Total securities (TE) (l) |  |  | 8,979.4 |  |  |  | 45.0 |  |  |  | 2.00 | % |  |  | 8,687.8 |  |  |  | 43.0 |  |  |  | 1.98 | % |  |  | 8,194.8 |  |  |  | 39.1 |  |  |  | 1.91 | %
Total short-term investments |  |  | 2,095.8 |  |  |  | 3.5 |  |  |  | 0.67 | % |  |  | 3,327.8 |  |  |  | 1.5 |  |  |  | 0.19 | % |  |  | 2,522.3 |  |  |  | 0.7 |  |  |  | 0.11 | %
Average earning assets yield (TE) |  | $ | 32,780.8 |  |  | $ | 257.4 |  |  |  | 3.15 | % |  | $ | 33,201.9 |  |  | $ | 239.3 |  |  |  | 2.91 | % |  | $ | 32,195.5 |  |  | $ | 251.1 |  |  |  | 3.13 | %
INTEREST-BEARING LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing transaction and savings deposits |  | $ | 11,412.9 |  |  | $ | 1.3 |  |  |  | 0.05 | % |  | $ | 11,423.4 |  |  | $ | 1.1 |  |  |  | 0.04 | % |  | $ | 11,315.8 |  |  | $ | 2.7 |  |  |  | 0.10 | %
Time deposits |  |  | 1,005.2 |  |  |  | 0.4 |  |  |  | 0.15 | % |  |  | 1,088.5 |  |  |  | 0.6 |  |  |  | 0.24 | % |  |  | 1,466.5 |  |  |  | 1.7 |  |  |  | 0.47 | %
Public funds |  |  | 2,906.0 |  |  |  | 3.3 |  |  |  | 0.46 | % |  |  | 3,154.6 |  |  |  | 2.1 |  |  |  | 0.26 | % |  |  | 3,208.7 |  |  |  | 2.6 |  |  |  | 0.33 | %
Total interest-bearing deposits |  |  | 15,324.1 |  |  |  | 5.0 |  |  |  | 0.13 | % |  |  | 15,666.5 |  |  |  | 3.8 |  |  |  | 0.10 | % |  |  | 15,991.0 |  |  |  | 7.0 |  |  |  | 0.18 | %
Short-term borrowings |  |  | 1,224.2 |  |  |  | 1.0 |  |  |  | 0.31 | % |  |  | 1,689.9 |  |  |  | 1.4 |  |  |  | 0.34 | % |  |  | 1,661.0 |  |  |  | 1.6 |  |  |  | 0.37 | %
Long-term debt |  |  | 240.3 |  |  |  | 3.1 |  |  |  | 5.20 | % |  |  | 241.8 |  |  |  | 3.1 |  |  |  | 5.17 | % |  |  | 371.9 |  |  |  | 5.0 |  |  |  | 5.42 | %
Total borrowings |  |  | 1,464.5 |  |  |  | 4.1 |  |  |  | 1.12 | % |  |  | 1,931.7 |  |  |  | 4.5 |  |  |  | 0.95 | % |  |  | 2,032.9 |  |  |  | 6.6 |  |  |  | 1.30 | %
Total interest-bearing liabilities cost |  |  | 16,788.6 |  |  |  | 9.1 |  |  |  | 0.22 | % |  |  | 17,598.2 |  |  |  | 8.3 |  |  |  | 0.19 | % |  |  | 18,023.9 |  |  |  | 13.6 |  |  |  | 0.30 | %
Net interest-free funding sources |  |  | 15,992.2 |  |  |  |  |  |  |  |  |  | 15,603.7 |  |  |  |  |  |  |  |  |  | 14,171.6 |  |  |  |  |  |  |
Total cost of funds |  |  | 32,780.8 |  |  |  | 9.1 |  |  |  | 0.11 | % |  |  | 33,201.9 |  |  |  | 8.3 |  |  |  | 0.10 | % |  |  | 32,195.5 |  |  |  | 13.6 |  |  |  | 0.17 | %
Net Interest Spread (TE) |  |  |  |  | $ | 248.3 |  |  |  | 2.93 | % |  |  |  |  | $ | 231.0 |  |  |  | 2.72 | % |  |  |  |  | $ | 237.5 |  |  |  | 2.82 | %
Net Interest Margin (TE) |  | $ | 32,780.8 |  |  | $ | 248.3 |  |  |  | 3.04 | % |  | $ | 33,201.9 |  |  | $ | 231.0 |  |  |  | 2.81 | % |  | $ | 32,195.5 |  |  | $ | 237.5 |  |  |  | 2.96 | %
(i) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%. |
(j) Includes nonaccrual loans. |
(k) Included in interest income is net purchase accounting accretion of $1.2 million, $1.5 million and $1.6 million for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021, respectively. |
(l) 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) |
|  | Six months Ended |
|  | 6/30/2022 |  |  | 6/30/2021 |
(dollars in millions) |  | Average Balance |  |  | Interest |  |  | Rate |  |  | Average Balance |  |  | Interest |  |  | Rate |
AVERAGE EARNING ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans (TE) (i) |  | $ | 17,341.9 |  |  | $ | 316.3 |  |  |  | 3.68 | % |  | $ | 17,283.4 |  |  | $ | 305.1 |  |  |  | 3.56 | %
Residential mortgage loans |  |  | 2,488.3 |  |  |  | 42.1 |  |  |  | 3.38 | % |  |  | 2,521.3 |  |  |  | 48.6 |  |  |  | 3.85 | %
Consumer loans |  |  | 1,561.1 |  |  |  | 37.9 |  |  |  | 4.90 | % |  |  | 1,761.4 |  |  |  | 42.4 |  |  |  | 4.85 | %
Loan fees & late charges |  |  | — |  |  |  | 6.3 |  |  |  | 0.00 | % |  |  | — |  |  |  | 29.9 |  |  |  | 0.00 | %
Total loans (TE) (j) (k) |  |  | 21,391.3 |  |  |  | 402.6 |  |  |  | 3.79 | % |  |  | 21,566.1 |  |  |  | 426.0 |  |  |  | 3.98 | %
Loans held for sale |  |  | 56.1 |  |  |  | 1.1 |  |  |  | 4.07 | % |  |  | 100.6 |  |  |  | 1.3 |  |  |  | 2.63 | %
US Treasury and government agency securities |  |  | 392.7 |  |  |  | 3.4 |  |  |  | 1.71 | % |  |  | 253.0 |  |  |  | 2.2 |  |  |  | 1.71 | %
CMOs and mortgage backed securities |  |  | 7,506.2 |  |  |  | 70.8 |  |  |  | 1.89 | % |  |  | 6,636.5 |  |  |  | 60.4 |  |  |  | 1.82 | %
Municipals (TE) |  |  | 914.4 |  |  |  | 13.5 |  |  |  | 2.95 | % |  |  | 932.3 |  |  |  | 13.7 |  |  |  | 2.93 | %
Other securities |  |  | 21.1 |  |  |  | 0.3 |  |  |  | 3.32 | % |  |  | 11.9 |  |  |  | 0.2 |  |  |  | 3.85 | %
Total securities (TE) (l) |  |  | 8,834.4 |  |  |  | 88.0 |  |  |  | 1.99 | % |  |  | 7,833.7 |  |  |  | 76.5 |  |  |  | 1.95 | %
Total short-term investments |  |  | 2,708.4 |  |  |  | 5.1 |  |  |  | 0.38 | % |  |  | 2,108.4 |  |  |  | 1.1 |  |  |  | 0.10 | %
Average earning assets yield (TE) |  | $ | 32,990.2 |  |  | $ | 496.8 |  |  |  | 3.03 | % |  | $ | 31,608.8 |  |  | $ | 504.9 |  |  |  | 3.21 | %
INTEREST-BEARING LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing transaction and savings deposits |  | $ | 11,418.2 |  |  | $ | 2.5 |  |  |  | 0.04 | % |  | $ | 11,057.3 |  |  | $ | 6.1 |  |  |  | 0.11 | %
Time deposits |  |  | 1,046.6 |  |  |  | 1.0 |  |  |  | 0.20 | % |  |  | 1,611.2 |  |  |  | 4.7 |  |  |  | 0.59 | %
Public funds |  |  | 3,029.6 |  |  |  | 5.4 |  |  |  | 0.36 | % |  |  | 3,209.9 |  |  |  | 5.5 |  |  |  | 0.34 | %
Total interest-bearing deposits |  |  | 15,494.4 |  |  |  | 8.9 |  |  |  | 0.11 | % |  |  | 15,878.4 |  |  |  | 16.3 |  |  |  | 0.21 | %
Short-term borrowings |  |  | 1,455.8 |  |  |  | 2.4 |  |  |  | 0.33 | % |  |  | 1,674.6 |  |  |  | 3.1 |  |  |  | 0.37 | %
Long-term debt |  |  | 241.0 |  |  |  | 6.2 |  |  |  | 5.18 | % |  |  | 384.2 |  |  |  | 10.5 |  |  |  | 5.45 | %
Total borrowings |  |  | 1,696.8 |  |  |  | 8.6 |  |  |  | 1.02 | % |  |  | 2,058.8 |  |  |  | 13.6 |  |  |  | 1.32 | %
Total interest-bearing liabilities cost |  |  | 17,191.2 |  |  |  | 17.5 |  |  |  | 0.20 | % |  |  | 17,937.2 |  |  |  | 29.9 |  |  |  | 0.33 | %
Net interest-free funding sources |  |  | 15,799.0 |  |  |  |  |  |  |  |  |  | 13,671.6 |  |  |  |  |  |  |
Total cost of funds |  |  | 32,990.2 |  |  |  | 17.5 |  |  |  | 0.11 | % |  |  | 31,608.8 |  |  |  | 29.9 |  |  |  | 0.19 | %
Net Interest Spread (TE) |  |  |  |  | $ | 479.3 |  |  |  | 2.82 | % |  |  |  |  | $ | 475.0 |  |  |  | 2.88 | %
Net Interest Margin (TE) |  | $ | 32,990.2 |  |  | $ | 479.3 |  |  |  | 2.92 | % |  | $ | 31,608.8 |  |  | $ | 475.0 |  |  |  | 3.02 | %
(i) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%. |
(j) Includes nonaccrual loans. |
(k) Included in interest income is net purchase accounting accretion of $2.7 million and $5.1 million for the six months ended June 30, 2022 and 2021, respectively. |
(l) 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 |  |  | Six Months Ended |
(dollars in thousands) |  | 6/30/2022 |  |  | 3/31/2022 |  |  | 6/30/2021 |  |  | 6/30/2022 |  |  | 6/30/2021 |
Nonaccrual loans (m) |  | $ | 38,066 |  |  | $ | 42,439 |  |  | $ | 83,551 |  |  | $ | 38,066 |  |  | $ | 83,551 |
Restructured loans - still accruing |  |  | 2,492 |  |  |  | 2,903 |  |  |  | 3,830 |  |  |  | 2,492 |  |  |  | 3,830 |
Total nonperforming loans |  |  | 40,558 |  |  |  | 45,342 |  |  |  | 87,381 |  |  |  | 40,558 |  |  |  | 87,381 |
ORE and foreclosed assets |  |  | 3,467 |  |  |  | 6,345 |  |  |  | 10,201 |  |  |  | 3,467 |  |  |  | 10,201 |
Total nonperforming assets |  | $ | 44,025 |  |  | $ | 51,687 |  |  | $ | 97,582 |  |  | $ | 44,025 |  |  | $ | 97,582 |
Nonperforming assets as a percentage of loans, ORE and foreclosed assets |  |  | 0.20 | % |  |  | 0.24 | % |  |  | 0.46 | % |  |  | 0.20 | % |  |  | 0.46 | %
Accruing loans 90 days past due |  | $ | 4,697 |  |  | $ | 4,258 |  |  | $ | 8,925 |  |  | $ | 4,697 |  |  | $ | 8,925 |
Accruing loans 90 days past due as a percentage of loans |  |  | 0.02 | % |  |  | 0.02 | % |  |  | 0.04 | % |  |  | 0.02 | % |  |  | 0.04 | %
Nonperforming assets + accuring loans 90 days past due to loans, ORE and foreclosed assets |  |  | 0.22 | % |  |  | 0.26 | % |  |  | 0.50 | % |  |  | 0.22 | % |  |  | 0.50 | %
PROVISION AND ALLOWANCE FOR CREDIT LOSSES: |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for Loan Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 317,843 |  |  | $ | 342,065 |  |  | $ | 424,360 |  |  | $ | 342,065 |  |  | $ | 450,177 |
Provision for loan losses |  |  | (10,354 | ) |  |  | (23,903 | ) |  |  | (14,194 | ) |  |  | (34,257 | ) |  |  | (21,757 | )
Charge-offs |  |  | (5,975 | ) |  |  | (5,385 | ) |  |  | (15,822 | ) |  |  | (11,360 | ) |  |  | (37,926 | )
Recoveries |  |  | 6,661 |  |  |  | 5,066 |  |  |  | 5,324 |  |  |  | 11,727 |  |  |  | 9,174 |
Net charge-offs |  |  | 686 |  |  |  | (319 | ) |  |  | (10,498 | ) |  |  | 367 |  |  |  | (28,752 | )
Ending Balance |  | $ | 308,175 |  |  | $ | 317,843 |  |  | $ | 399,668 |  |  | $ | 308,175 |  |  | $ | 399,668 |
Reserve for Unfunded Lending Commitments: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 30,710 |  |  | $ | 29,334 |  |  | $ | 32,559 |  |  | $ | 29,334 |  |  | $ | 29,907 |
Provision for losses on unfunded lending commitments |  |  | 593 |  |  |  | 1,376 |  |  |  | (3,035 | ) |  |  | 1,969 |  |  |  | (383 | )
Ending balance |  | $ | 31,303 |  |  | $ | 30,710 |  |  | $ | 29,524 |  |  | $ | 31,303 |  |  | $ | 29,524 |
Total Allowance for Credit Losses |  | $ | 339,478 |  |  | $ | 348,553 |  |  | $ | 429,192 |  |  | $ | 339,478 |  |  | $ | 429,192 |
Total Provision for Credit Losses |  | $ | (9,761 | ) |  | $ | (22,527 | ) |  | $ | (17,229 | ) |  | $ | (32,288 | ) |  | $ | (22,140 | )
Allowance for loan losses as a percentage of period-end loans |  |  | 1.41 | % |  |  | 1.49 | % |  |  | 1.89 | % |  |  | 1.41 | % |  |  | 1.89 | %
Allowance for credit losses as a percentage of period-end loans |  |  | 1.55 | % |  |  | 1.63 | % |  |  | 2.03 | % |  |  | 1.55 | % |  |  | 2.03 | %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |  |  | 680.97 | % |  |  | 640.81 | % |  |  | 415.00 | % |  |  | 680.97 | % |  |  | 415.00 | %
NET CHARGE-OFF INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |
Net charge-offs (recoveries): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans |  | $ | (1,611 | ) |  | $ | (814 | ) |  | $ | 9,257 |  |  | $ | (2,425 | ) |  | $ | 25,463 |
Residential mortgage loans |  |  | (448 | ) |  |  | (19 | ) |  |  | (133 | ) |  |  | (467 | ) |  |  | (230 | )
Consumer loans |  |  | 1,373 |  |  |  | 1,152 |  |  |  | 1,374 |  |  |  | 2,525 |  |  |  | 3,519 |
Total net charge-offs (recoveries) |  | $ | (686 | ) |  | $ | 319 |  |  | $ | 10,498 |  |  | $ | (367 | ) |  | $ | 28,752 |
Net charge-offs (recoveries) as a percentage of average loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans |  |  | (0.04 | )% |  |  | (0.02 | )% |  |  | 0.22 | % |  |  | (0.03 | )% |  |  | 0.30 | %
Residential mortgage loans |  |  | (0.07 | )% |  |  | (0.00 | )% |  |  | (0.02 | )% |  |  | (0.04 | )% |  |  | (0.02 | )%
Consumer loans |  |  | 0.35 | % |  |  | 0.30 | % |  |  | 0.32 | % |  |  | 0.33 | % |  |  | 0.40 | %
Total net charge-offs as a percentage of average loans |  |  | (0.01 | )% |  |  | 0.01 | % |  |  | 0.20 | % |  |  | (0.00 | )% |  |  | 0.27 | %
(m) Included in nonaccrual loans are nonaccruing restructured loans totaling $3.2 million, $3.6 million and $6.8 million at June 30, 2022, March 31, 2022, and June 30, 2021, respectively. |

15

HANCOCK WHITNEY CORPORATION |
ASSET QUALITY INFORMATION |
(Unaudited) |
|  | Three Months Ended |
(dollars in thousands) |  | 6/30/2022 |  |  | 3/31/2022 |  |  | 12/31/2021 |  |  | 9/30/2021 |  |  | 6/30/2021 |
Nonaccrual loans (m) |  | $ | 38,066 |  |  | $ | 42,439 |  |  | $ | 55,523 |  |  | $ | 60,357 |  |  | $ | 83,551 |
Restructured loans - still accruing |  |  | 2,492 |  |  |  | 2,903 |  |  |  | 3,788 |  |  |  | 3,071 |  |  |  | 3,830 |
Total nonperforming loans |  |  | 40,558 |  |  |  | 45,342 |  |  |  | 59,311 |  |  |  | 63,428 |  |  |  | 87,381 |
ORE and foreclosed assets |  |  | 3,467 |  |  |  | 6,345 |  |  |  | 7,533 |  |  |  | 8,423 |  |  |  | 10,201 |
Total nonperforming assets |  | $ | 44,025 |  |  | $ | 51,687 |  |  | $ | 66,844 |  |  | $ | 71,851 |  |  | $ | 97,582 |
Nonperforming assets as a percentage of loans, ORE and foreclosed assets |  |  | 0.20 | % |  |  | 0.24 | % |  |  | 0.32 | % |  |  | 0.34 | % |  |  | 0.46 | %
Accruing loans 90 days past due |  | $ | 4,697 |  |  | $ | 4,258 |  |  | $ | 5,524 |  |  | $ | 9,970 |  |  | $ | 8,925 |
Accruing loans 90 days past due as a percentage of loans |  |  | 0.02 | % |  |  | 0.02 | % |  |  | 0.03 | % |  |  | 0.05 | % |  |  | 0.04 | %
Nonperforming assets + accruing loans 90 days past due to loans, ORE and foreclosed assets |  |  | 0.22 | % |  |  | 0.26 | % |  |  | 0.34 | % |  |  | 0.39 | % |  |  | 0.50 | %
PROVISION AND ALLOWANCE FOR CREDIT LOSSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 308,175 |  |  | $ | 317,843 |  |  | $ | 342,065 |  |  | $ | 371,521 |  |  | $ | 399,668 |
Reserve for unfunded lending commitments |  |  | 31,303 |  |  |  | 30,710 |  |  |  | 29,334 |  |  |  | 28,946 |  |  |  | 29,524 |
Total allowance for credit losses |  | $ | 339,478 |  |  | $ | 348,553 |  |  | $ | 371,399 |  |  | $ | 400,467 |  |  | $ | 429,192 |
Total provision for credit losses |  | $ | (9,761 | ) |  | $ | (22,527 | ) |  | $ | (28,399 | ) |  | $ | (26,955 | ) |  | $ | (17,229 | )
Allowance for loan losses as a percentage of period-end loans |  |  | 1.41 | % |  |  | 1.49 | % |  |  | 1.62 | % |  |  | 1.78 | % |  |  | 1.89 | %
Allowance for credit losses as a percentage of period-end loans |  |  | 1.55 | % |  |  | 1.63 | % |  |  | 1.76 | % |  |  | 1.92 | % |  |  | 2.03 | %
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due |  |  | 680.97 | % |  |  | 640.81 | % |  |  | 527.59 | % |  |  | 506.17 | % |  |  | 415.00 | %
NET CHARGE-OFF INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net charge-offs (recoveries) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans |  | $ | (1,611 | ) |  | $ | (814 | ) |  | $ | (502 | ) |  | $ | 536 |  |  | $ | 9,257 |
Residential mortgage loans |  |  | (448 | ) |  |  | (19 | ) |  |  | (31 | ) |  |  | (485 | ) |  |  | (133 | )
Consumer loans |  |  | 1,373 |  |  |  | 1,152 |  |  |  | 1,202 |  |  |  | 1,719 |  |  |  | 1,374 |
Total net charge-offs |  | $ | (686 | ) |  | $ | 319 |  |  | $ | 669 |  |  | $ | 1,770 |  |  | $ | 10,498 |
Net charge-offs (recoveries) as a percentage of average loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans |  |  | (0.04 | )% |  |  | (0.02 | )% |  |  | (0.01 | )% |  |  | 0.01 | % |  |  | 0.22 | %
Residential mortgage loans |  |  | (0.07 | )% |  |  | (0.00 | )% |  |  | (0.01 | )% |  |  | (0.08 | )% |  |  | (0.02 | )%
Consumer loans |  |  | 0.35 | % |  |  | 0.30 | % |  |  | 0.30 | % |  |  | 0.41 | % |  |  | 0.32 | %
Total net charge-offs as a percentage of average loans: |  |  | (0.01 | )% |  |  | 0.01 | % |  |  | 0.01 | % |  |  | 0.03 | % |  |  | 0.20 | %
AVERAGE LOANS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial & real estate loans |  | $ | 17,562,053 |  |  | $ | 17,119,295 |  |  | $ | 16,802,799 |  |  | $ | 16,918,343 |  |  | $ | 17,233,112 |
Residential mortgage loans |  |  | 2,534,600 |  |  |  | 2,441,359 |  |  |  | 2,365,798 |  |  |  | 2,376,500 |  |  |  | 2,442,956 |
Consumer loans |  |  | 1,560,875 |  |  |  | 1,561,384 |  |  |  | 1,601,533 |  |  |  | 1,646,330 |  |  |  | 1,712,746 |
Total average loans |  | $ | 21,657,528 |  |  | $ | 21,122,038 |  |  | $ | 20,770,130 |  |  | $ | 20,941,173 |  |  | $ | 21,388,814 |
(m) Included in nonaccrual loans are nonaccruing restructured loans totaling $3.2 million, $3.6 million, $6.8 million, $7.2 million and $6.8 million at June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021, and June 30, 2021, respectively. |

16

HANCOCK WHITNEY CORPORATION |
Appendix A to the Earnings Release |
Reconciliation of Non-GAAP Measure |
OPERATING REVENUE (TE) AND OPERATING PRE-PROVISION NET REVENUE (TE) |
|  | Three Months Ended |  |  | Six Months Ended |
(in thousands) |  | 6/30/2022 |  |  | 3/31/2022 |  |  | 12/31/2021 |  |  | 9/30/2021 |  |  | 6/30/2021 |  |  | 6/30/2022 |  |  | 6/30/2021 |
Net interest income |  | $ | 245,732 |  |  | $ | 228,463 |  |  | $ | 229,296 |  |  | $ | 234,709 |  |  | $ | 234,643 |  |  | $ | 474,195 |  |  | $ | 469,230 |
Noninterest income |  |  | 85,653 |  |  |  | 83,432 |  |  |  | 89,612 |  |  |  | 93,361 |  |  |  | 94,272 |  |  |  | 169,085 |  |  |  | 181,361 |
Total revenue |  |  | 331,385 |  |  |  | 311,895 |  |  |  | 318,908 |  |  |  | 328,070 |  |  |  | 328,915 |  |  |  | 643,280 |  |  |  | 650,591 |
Taxable equivalent adjustment (n) |  |  | 2,585 |  |  |  | 2,545 |  |  |  | 2,635 |  |  |  | 2,768 |  |  |  | 2,854 |  |  |  | 5,130 |  |  |  | 5,776 |
Nonoperating revenue |  |  | — |  |  |  | — |  |  |  | (3,600 | ) |  |  | (4,576 | ) |  |  | (2,800 | ) |  |  | — |  |  |  | (2,800 | )
Operating revenue (TE) |  |  | 333,970 |  |  |  | 314,440 |  |  |  | 317,943 |  |  |  | 326,262 |  |  |  | 328,969 |  |  |  | 648,410 |  |  |  | 653,567 |
Noninterest expense |  |  | (187,097 | ) |  |  | (179,939 | ) |  |  | (182,462 | ) |  |  | (194,703 | ) |  |  | (236,770 | ) |  |  | (367,036 | ) |  |  | (429,842 | )
Nonoperating expense |  |  | — |  |  |  | — |  |  |  | (1,329 | ) |  |  | 3,225 |  |  |  | 44,977 |  |  |  | — |  |  |  | 44,977 |
Operating pre-provision net revenue (TE) |  | $ | 146,873 |  |  | $ | 134,501 |  |  | $ | 134,152 |  |  | $ | 134,784 |  |  | $ | 137,176 |  |  | $ | 281,374 |  |  | $ | 268,702 |
(n) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21%. |  |  |  |

17