Hancock Whitney Reports Fourth Quarter 2023 EPS of $0.58
Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the fourth quarter of 2023. Net income for the fourth quarter of 2023 totaled $50.6 million, or $0.58 per diluted common share (EPS), compared to $97.7 million, or $1.12 per diluted common share, in the third quarter of 2023. The fourth quarter of 2023 included a net charge of $75.4 million, or $0.68 per diluted share after-tax, of supplemental disclosure items, related to a loss on the securities portfolio restructuring, sale of a parking facility, and FDIC Special Assessment. Excluding the impact of these supplemental disclosure items, EPS would be $1.26, up $0.14 linked-quarter. The company reported net income for the fourth quarter of 2022 of $143.8 million, or $1.65 per diluted common share. There were no supplemental disclosure items in the fourth quarter of 2022.
Fourth Quarter 2023 Highlights
Net income totaled $50.6 million, compared to $97.7 million in prior quarter Adjusted pre-provision net revenue (PPNR) totaled $157.5 million, up $4.1 million, or 3% linked-quarter Loans declined $61.8 million, or 1% LQA Deposits decreased $630.3 million, or 8% LQA, primarily due to maturity of $567.5 million in brokered deposits Criticized commercial loans and nonaccrual loans remain at low levels ACL coverage remained solid at 1.41%, up 1 bp compared to prior quarter NIM stable at 3.27%, compared to 3Q23 CET1 ratio estimated at 12.39%, up 33 bps linked-quarter; TCE ratio 8.37%, up 103 bps linked-quarter Efficiency ratio 55.58%“Fourth quarter’s results reflect a strong finish to 2023,” said John M. Hairston, President CEO. “We are pleased to report that our adjusted PPNR increased 3% linked-quarter, our efficiency ratio improved to 55.58%, and our NIM was flat with prior quarter. Excluding the supplemental disclosure items, we achieved fee income growth while reducing expenses. NIM was supported by improved loan yields, lower short-term borrowing costs, and the impacts of the bond portfolio restructure. Total loans were relatively flat this quarter and deposit balances declined as higher-cost brokered deposits matured. As we previously disclosed, our charge-offs have begun to normalize, but we do not see any broad signs of weakening and our problem credit metrics remain at, or near, historically low levels. We maintained a robust ACL to loans of 1.41% and we continued to grow capital this quarter. We ended the quarter with TCE above 8% and total risk-based capital at 14%; we remain well-capitalized, including all unrealized losses in our portfolio. We are looking forward to carrying the momentum from the strong year-end finish into 2024, not only for our company, but for our clients, associates, and communities we serve.”
Loans
Total loans were $23.9 billion at December 31, 2023, down $61.8 million, or less than 1%, from September 30, 2023. One-time close products drove the increase in mortgage loans, which convert from construction to mortgages upon construction completion.
Average loans totaled $23.8 billion for the fourth quarter of 2023, virtually unchanged linked-quarter. Management expects 2024 period-end loan growth to be low single digits from year-end 2023, mostly in the second half of 2024.
Deposits
Total deposits at December 31, 2023 were $29.7 billion, down $630.3 million, or 2%, from September 30, 2023. The linked-quarter decline in deposits was driven primarily by brokered deposit maturities. Additionally, there was an increase in retail time deposits related to a continued mix shift from DDA deposits and an increase in interest-bearing public funds due to year-end seasonality, offset by a decrease in noninterest bearing DDAs. Interest-bearing transaction and savings remain mostly stable due to competitive rates offered.
DDAs totaled $11.0 billion at December 31, 2023, down $595.9 million, or 5%, from September 30, 2023 and comprised 37% of total period-end deposits. Interest-bearing transaction and savings deposits totaled $10.7 billion at the end of the fourth quarter of 2023, virtually unchanged linked-quarter. Compared to September 30, 2023, retail time deposits of $4.3 billion were up $251.6 million, or 6%, and brokered deposits were $589.8 million, down $567.5 million, or 49%, compared to the prior quarter. Interest-bearing public fund deposits increased $289.8 million, or 10%, linked-quarter, ending December 31, 2023 at $3.1 billion.
Average deposits for the fourth quarter of 2023 were $30.0 billion, up $217.8 million, or 1%, linked-quarter. Management expects 2024 period-end deposit level growth to be low single digits, compared to year-end 2023.
Asset Quality
The total allowance for credit losses (ACL) was $336.8 million at December 31, 2023, up $0.9 million, or less than 1%, from September 30, 2023. During the fourth quarter of 2023, the company recorded a provision for credit losses of $17.0 million, compared to a provision for credit losses of $28.5 million in the third quarter of 2023. There were $16.1 million of net charge-offs in the fourth quarter of 2023, or 0.27% of average total loans on an annualized basis, compared to net charge-offs of $38.3 million, or 0.64% of average total loans in the third quarter of 2023. The ratio of ACL to period-end loans was 1.41% at December 31, 2023, compared to 1.40% at September 30, 2023.
Criticized commercial loans and nonaccrual loans remained at low levels at December 31, 2023. Criticized commercial loans totaled $273.7 million, or 1.47% of total commercial loans, at December 31, 2023, compared to $275.1 million, or 1.46% of total commercial loans at September 30, 2023. Nonaccrual loans totaled $59.0 million, or 0.25% of total loans, at December 31, 2023, compared to $60.3 million, or 0.25% of total loans, at September 30, 2023. ORE and foreclosed assets were $3.6 million, down $0.9 million, linked-quarter.
Net Interest Income and Net Interest Margin (NIM)
Net interest income (TE) for the fourth quarter of 2023 was $272.3 million, an increase of $0.2 million, or less than 1%, from the third quarter of 2023. The net interest margin (NIM) (TE) was 3.27% in the fourth quarter of 2023, unchanged linked-quarter. A change in the mix of earning assets and loan yields (+8 bps), decreased short term borrowing costs (+6 bps) and impact from the securities portfolio restructuring (+ 3 bps) led to a 17 basis point improvement in the NIM, offset by the impact of deposit remix and rates (-17 bps). Additional NIM detail and guidance is included in the fourth quarter of 2023 earnings investor deck.
Average earning assets were $33.1 billion for the fourth quarter of 2023, virtually unchanged, from the third quarter of 2023.
Noninterest Income
Noninterest income totaled $39.0 million for the fourth quarter of 2023, down $47.0 million, or 55%, from the third quarter of 2023. Included in noninterest income were two supplemental disclosure items of a $16.1 million gain on the sale of a parking facility and a ($65.4) million loss related to the securities portfolio restructuring. There were no supplemental disclosure items related to income in the third quarter of 2023. Adjusting for these items, noninterest income for the fourth quarter of 2023 totaled $88.2 million, up $2.2 million, or 3%, linked-quarter.
Service charges on deposits were down $0.6 million, or 3%, from the third quarter of 2023. Bank card and ATM fees were up $0.2 million, or 1%, from the third quarter of 2023.
Investment and annuity income and insurance fees were up $2.6 million, or 30%, linked-quarter, related to higher activity. Trust fees were up $0.3 million, or 2% linked-quarter. Fees from secondary mortgage operations totaled $2.1 million for the fourth quarter of 2023, down $0.5 million, or 20%, linked-quarter.
Securities transactions, net was a loss of $65.4 million, relating to the securities portfolio restructuring included as a supplemental disclosure item. There were no gains or losses related to securities transactions in the third quarter of 2023. Other noninterest income was $32.0 million in the fourth quarter, compared to $15.4 million in the third quarter of 2023, impacted by the $16.1 million gain on the sale of a parking facility included as a supplemental disclosure item.
Noninterest Expense Taxes
Noninterest expense totaled $229.2 million, up $24.5 million, or 12% linked-quarter. Included in the total was $26.1 million of a supplemental disclosure item related to the FDIC special assessment. There were no supplemental disclosure items related to expense in the third quarter of 2023. Adjusting for this item, noninterest expense for the fourth quarter of 2023 totaled $203.0 million, down $1.6 million, or 1%, linked-quarter.
Personnel expense totaled $114.3 million in the fourth quarter of 2023, down $1.9 million, or 2%, linked-quarter. The decrease was primarily related to lower incentive expense. Net occupancy and equipment expense totaled $17.5 million in the fourth quarter of 2023, down $0.7 million, or 4%, from the third quarter of 2023. Amortization of intangibles totaled $2.7 million for the fourth quarter of 2023, down $0.1 million, or 5%, linked-quarter.
ORE and other foreclosed assets was a net gain of $0.5 million in the fourth quarter of 2023, compared to a net gain of less than $0.1 million in the third quarter of 2023.
Other expense totaled $95.1 million in the fourth quarter of 2023, up $27.7 million, or 41%, linked-quarter, impacted by the $26.1 million FDIC special assessment included as a supplemental disclosure item.
The effective income tax rate for fourth quarter 2023 was 18.8%.
Common stockholders’ equity at December 31, 2023 totaled $3.8 billion, up $302.7 million, or 9%, from September 30, 2023. The tangible common equity (TCE) ratio was 8.37%, up 103 bps linked-quarter. The company’s CET1 ratio is estimated to be 12.39% at December 31, 2023, up 33 bps linked-quarter. Total risk-based capital ratio is estimated to be 14.00% at December 31, 2023, up 37 bps linked-quarter. The company’s share buyback authorization (allowing the repurchase of up to 4,297,000 shares of the company’s outstanding common stock), is set to expire on December 31, 2024. No shares were repurchased in the fourth quarter of 2023.
Conference Call and Slide Presentation
Management will host a conference call for analysts and investors at 3:30 p.m. Central Time on Tuesday, January 16, 2024 to review fourth quarter 2023 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 fourth quarter results are also posted as part of the webcast link. To participate in the Q portion of the call, dial 888-210-2654 or 646-960-0278, access code 6914431.
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 January 23, 2024 by dialing 800-770-2030 or 647-362-9199, access code 6914431.
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; and mortgage services. The company also operates combined loan and deposit production offices in the greater metropolitan areas of Nashville, Tennessee and Atlanta, Georgia. 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. 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. The Company highlights material items that are outside of our principal business and/or are not indicative of forward-looking trends in supplemental disclosures items below our GAAP financial data and presents certain “Adjusted” ratios that exclude these disclosed items. These adjusted ratios provide management or the reader with a measure that may be more indicative of forward-looking trends in our business, as well as demonstrates the effects of significant gains or losses and changes.
We define Adjusted Pre-Provision Net Revenue as total revenue (te) less noninterest expense, excluding supplemental disclosures items, as defined above. Management believes that adjusted 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. We define our Efficiency Ratio as noninterest expense to total net interest income (te) and noninterest income, excluding amortization of purchased intangibles and supplemental disclosure items defined above. Management believes the efficiency ratio is a useful measure as it provides a greater understanding of ongoing operations and enhances comparability with prior periods.
Important Cautionary Statement about Forward-Looking Statements
This presentation 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, capital levels, deposits (including growth, pricing, and betas), investment portfolio, other sources of liquidity, loan growth expectations, management’s predictions about charge-offs for loans, general economic business conditions in our local markets, Federal Reserve action with respect to interest rates, the impacts related to Russia’s military action in Ukraine, the effects of the Israel-Hamas war, the adequacy of our enterprise risk management framework, potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings, assessments, and enforcement actions, as well as the impact of negative developments affecting the banking industry and the resulting media coverage; the potential 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 and non-financial reporting, the financial impact of regulatory requirements and tax reform legislation, the impact of reference rate reform, deposit trends, credit quality trends, the impact of natural or man-made disasters, the impact of current and future economic conditions, including the effects of declines in the real estate market, high unemployment, inflationary pressures, increasing insurance costs, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing, net interest margin trends, future expense levels, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts, accretion levels and expected returns. 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 presentation 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, 2022, Part II, “Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the period ended March 31, 2023, and in other periodic reports that we file with the SEC.
HANCOCK WHITNEY CORPORATION FINANCIAL HIGHLIGHTS (Unaudited) Three Months Ended Twelve Months Ended (dollars and common share data in thousands, except per share amounts) 12/31/2023 9/30/2023 12/31/2022 12/31/2023 12/31/2022 NET INCOME Net interest income$
269,460
$
269,234
$
295,501
$
1,097,599
$
1,050,003
Net interest income (TE) (a)
272,294
272,086
298,116
1,108,706
1,060,351
Provision for credit losses
16,952
28,498
2,487
59,103
(28,399
)
Noninterest income
38,951
85,974
77,064
288,480
331,486
Noninterest expense
229,151
204,675
190,154
836,848
750,692
Income tax expense
11,705
24,297
36,137
97,526
135,107
Net income
$
50,603
$
97,738
$
143,787
$
392,602
$
524,089
Supplemental disclosure items - included above, pre-tax Included in noninterest income Gain on sale of parking facility
$
16,126
$
—
$
—
$
16,126
$
—
Loss on securities portfolio restructure
(65,380
)
—
—
(65,380
)
—
Included in noninterest expense FDIC special assessment
26,123
—
—
26,123
—
PERIOD-END BALANCE SHEET DATA Loans
$
23,921,917
$
23,983,679
$
23,114,046
$
23,921,917
$
23,114,046
Securities
7,599,974
7,916,101
8,408,536
7,599,974
8,408,536
Earning assets
32,175,097
32,733,591
31,873,027
32,175,097
31,873,027
Total assets
35,578,573
36,298,301
35,183,825
35,578,573
35,183,825
Noninterest-bearing deposits
11,030,515
11,626,371
13,645,113
11,030,515
13,645,113
Total deposits
29,690,059
30,320,337
29,070,349
29,690,059
29,070,349
Common stockholders' equity
3,803,661
3,501,003
3,342,628
3,803,661
3,342,628
AVERAGE BALANCE SHEET DATA Loans
$
23,795,681
$
23,830,724
$
22,723,248
$
23,594,579
$
21,915,393
Securities (b)
8,579,444
8,888,477
9,200,511
8,901,626
9,013,133
Earning assets
33,128,130
33,137,565
32,244,681
33,160,791
32,498,213
Total assets
35,538,300
35,626,927
34,498,915
35,633,442
35,059,178
Noninterest-bearing deposits
11,132,354
11,453,236
13,854,625
11,919,234
14,298,022
Total deposits
29,974,941
29,757,180
28,816,338
29,478,481
29,497,470
Common stockholders' equity
3,560,978
3,572,487
3,228,667
3,528,911
3,405,206
COMMON SHARE DATA Earnings per share - diluted
$
0.58
$
1.12
$
1.65
$
4.50
$
5.98
Cash dividends per share
0.30
0.30
0.27
1.20
1.08
Book value per share (period-end)
44.05
40.64
38.89
44.05
38.89
Tangible book value per share (period-end)
33.63
30.16
28.29
33.63
28.29
Weighted average number of shares - diluted
86,604
86,437
86,249
86,423
86,394
Period-end number of shares
86,345
86,148
85,941
86,345
85,941
Market data High sales price
$
49.65
$
45.15
$
57.00
$
54.38
$
59.82
Low sales price
32.16
35.34
45.64
31.02
41.62
Period-end closing price
48.59
36.99
48.39
48.59
48.39
Trading volume
38,574
34,506
29,996
150,965
111,470
PERFORMANCE RATIOS Return on average assets
0.56
%
1.09
%
1.65
%
1.10
%
1.49
%
Return on average common equity
5.64
%
10.85
%
17.67
%
11.13
%
15.39
%
Return on average tangible common equity
7.55
%
14.53
%
24.64
%
14.97
%
21.07
%
Tangible common equity ratio (c)
8.37
%
7.34
%
7.09
%
8.37
%
7.09
%
Net interest margin (TE)
3.27
%
3.27
%
3.68
%
3.34
%
3.26
%
Noninterest income as a percentage of total revenue (TE)
12.51
%
24.01
%
20.54
%
20.65
%
23.82
%
Efficiency ratio (d)
55.58
%
56.38
%
49.81
%
55.25
%
52.93
%
Average loan/deposit ratio
79.39
%
80.08
%
78.86
%
80.04
%
74.30
%
Allowance for loan losses as a percentage of period-end loans
1.29
%
1.28
%
1.33
%
1.29
%
1.33
%
Allowance for credit losses as a percentage of period-end loans (e)
1.41
%
1.40
%
1.48
%
1.41
%
1.48
%
Annualized net charge-offs to average loans
0.27
%
0.64
%
0.02
%
0.27
%
0.01
%
Allowance for loan losses as a % of nonaccrual loans
521.56
%
507.68
%
789.38
%
521.56
%
789.38
%
FTE headcount
3,591
3,681
3,627
3,591
3,627
(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 supplemental disclosure items noted above (e) The allowance for credit losses includes the allowance for loan and lease losses and the reserve for unfunded lending commitments. HANCOCK WHITNEY CORPORATION QUARTERLY FINANCIAL HIGHLIGHTS (Unaudited) Three Months Ended (dollars and common share data in thousands, except per share amounts) 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 NET INCOME Net interest income
$
269,460
$
269,234
$
273,911
$
284,994
$
295,501
Net interest income (TE) (a)
272,294
272,086
276,748
287,578
298,116
Provision for credit losses
16,952
28,498
7,633
6,020
2,487
Noninterest income
38,951
85,974
83,225
80,330
77,064
Noninterest expense
229,151
204,675
202,138
200,884
190,154
Income tax expense
11,705
24,297
29,571
31,953
36,137
Net income
$
50,603
$
97,738
$
117,794
$
126,467
$
143,787
Supplemental disclosure items - included above, pre-tax Included in noninterest income Gain on sale of parking facility
$
16,126
$
—
$
—
$
—
$
—
Loss on securities portfolio restructure
(65,380
)
—
—
—
—
Included in noninterest expense FDIC special assessment
26,123
—
—
—
—
PERIOD-END BALANCE SHEET DATA Loans
$
23,921,917
$
23,983,679
$
23,789,886
$
23,404,523
$
23,114,046
Securities
7,599,974
7,916,101
8,195,679
8,390,684
8,408,536
Earning assets
32,175,097
32,733,591
32,715,630
34,106,792
31,873,027
Total assets
35,578,573
36,298,301
36,210,148
37,547,083
35,183,825
Noninterest-bearing deposits
11,030,515
11,626,371
12,171,817
12,860,027
13,645,113
Total deposits
29,690,059
30,320,337
30,043,501
29,613,070
29,070,349
Common stockholders' equity
3,803,661
3,501,003
3,554,476
3,531,232
3,342,628
AVERAGE BALANCE SHEET DATA Loans
$
23,795,681
$
23,830,724
$
23,654,994
$
23,086,529
$
22,723,248
Securities (b)
8,579,444
8,888,477
9,007,821
9,137,034
9,200,511
Earning assets
33,128,130
33,137,565
33,619,829
32,753,781
32,244,681
Total assets
35,538,300
35,626,927
36,205,396
35,159,050
34,498,915
Noninterest-bearing deposits
11,132,354
11,453,236
12,153,453
12,963,133
13,854,625
Total deposits
29,974,941
29,757,180
29,372,899
28,792,851
28,816,338
Common stockholders' equity
3,560,978
3,572,487
3,567,260
3,412,813
3,228,667
COMMON SHARE DATA Earnings per share - diluted
$
0.58
$
1.12
$
1.35
$
1.45
$
1.65
Cash dividends per share
0.30
0.30
0.30
0.30
0.27
Book value per share (period-end)
44.05
40.64
41.27
41.03
38.89
Tangible book value per share (period-end)
33.63
30.16
30.76
30.47
28.29
Weighted average number of shares - diluted
86,604
86,437
86,370
86,282
86,249
Period-end number of shares
86,345
86,148
86,123
86,066
85,941
Market data High sales price
$
49.65
$
45.15
$
43.73
$
54.38
$
57.00
Low sales price
32.16
35.34
31.02
34.42
45.64
Period-end closing price
48.59
36.99
38.38
36.40
48.39
Trading volume
38,574
34,506
38,854
39,030
29,996
PERFORMANCE RATIOS Return on average assets
0.56
%
1.09
%
1.30
%
1.46
%
1.65
%
Return on average common equity
5.64
%
10.85
%
13.24
%
15.03
%
17.67
%
Return on average tangible common equity
7.55
%
14.53
%
17.76
%
20.49
%
24.64
%
Tangible common equity ratio (c)
8.37
%
7.34
%
7.50
%
7.16
%
7.09
%
Net interest margin (TE)
3.27
%
3.27
%
3.30
%
3.55
%
3.68
%
Noninterest income as a percentage of total revenue (TE)
12.51
%
24.01
%
23.21
%
21.83
%
20.54
%
Efficiency ratio (d)
55.58
%
56.38
%
55.33
%
53.76
%
49.81
%
Average loan/deposit ratio
79.39
%
80.08
%
80.53
%
80.18
%
78.86
%
Allowance for loan losses as a percentage of period-end loans
1.29
%
1.28
%
1.32
%
1.32
%
1.33
%
Allowance for credit losses as a percentage of period-end loans (e)
1.41
%
1.40
%
1.45
%
1.46
%
1.48
%
Annualized net charge-offs to average loans
0.27
%
0.64
%
0.06
%
0.10
%
0.02
%
Allowance for loan losses as a % of nonaccrual loans
521.56
%
507.68
%
402.07
%
569.31
%
789.38
%
FTE headcount
3,591
3,681
3,705
3,679
3,627
(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 supplemental disclosures noted above. (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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