8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

________________

FORM 8-K

______________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)  

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 16, 2019

________________

HANCOCK WHITNEY CORPORATION
(Exact Name of Registrant as Specified in Charter)        ________________
Mississippi	001-36872		64-0693170
(State or Other Jurisdiction of Incorporation)	(Commission File Number)		(IRS Employer Identification No.)
Hancock Whitney Plaza 2510 14th Street Gulfport, Mississippi (Address of Principal Executive Offices)		39501 (Zip Code)
Registrant’s telephone number, including area code: (228) 868-4000
________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02Results of Operations and Financial Condition.

On January 16, 2019, Hancock Whitney Corporation (the “Company”) announced financial results for its fourth quarter ended December 31, 2018. A copy of this press release and the accompanying financial statements are attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 2.02. The press release is available on the Company’s website.

The information provided in Item 2.02 of this report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 7.01Regulation FD Disclosure.

On January 17, 2019 at 8:30 a.m. (Central Time), the Company intends to hold an investor call and webcast to discuss financial results for the quarter ended December 31, 2018, including the press release.  Additional presentation materials relating to such call are furnished hereto as Exhibit 99.2 and are, along with the press release and financial statements, incorporated herein by reference. All information in the press release and presentation materials speak as of the date thereof and the Company does not assume any obligation to update said information in the future. In addition, the Company disclaims any inferences regarding the materiality of such information which otherwise may arise as a result of it furnishing such information under Item 2.02 or Item 7.01 of this Form 8-K.

In accordance with the General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, “Results of Operations,” and Item 7.01, “Regulation FD,” shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01Financial Statements and Exhibits.

(d)  Exhibits.

Exhibit Number	Description
99.1	Press Release dated January 16, 2019 for Quarter Ended December 31, 2018.
99.2	Presentation Slides dated January 17, 2019 (furnished with the Commission as part of this Form 8-K).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HANCOCK WHITNEY CORPORATION
January 16, 2019	/s/ Michael M. Achary
	Michael M. Achary
	Chief Financial Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 16, 2019

For more information

Trisha Voltz Carlson, EVP, Investor Relations Manager

504.299.5208 or trisha.carlson@hancockwhitney.com

Hancock Whitney reports fourth quarter 2018 EPS of $1.10

Results include $1.9 million, or $.02 per share after tax, impact from nonoperating items

GULFPORT, Miss. (January 16, 2019) — Hancock Whitney Corporation (Nasdaq: HWC) today announced its financial results for the fourth quarter of 2018. Net income for the fourth quarter of 2018 was $96.2 million, or $1.10 per diluted common share (EPS), compared to $83.9 million, or $.96 EPS in the third quarter of 2018 and $55.4 million, or $.64 EPS, in the fourth quarter of 2017. The fourth quarter of 2018 included $1.9 million ($.02 per share after-tax impact) of nonoperating items. The third quarter of 2018 included $4.8 million ($.05 per share impact) of nonoperating items and the fourth quarter of 2017 included a tax reform related re-measurement charge of the net deferred tax asset (DTA) of $19.5 million ($.22 per share impact).

Highlights of the company’s fourth quarter 2018 results (compared to third quarter 2018):

" Net income increased $12.4 million, or 15%

" EPS increased $.14 to $1.10; excluding nonoperating items, EPS increased $.11 to $1.12

" Net loan growth of $483 million, or 2%, surpassing $20 billion in total loans; reflects sale of $116 million of loans in fourth quarter

" NIM expanded by 3 bps to 3.39%

" Criticized commercial loans declined $208 million, or 25% linked-quarter; $78 million energy, $131 million nonenergy; nonperforming loans declined by $37 million, or 10% linked-quarter; $23 million energy, $15 million nonenergy

" TCE ratio improved to 8.02%, up 35 bps

" Tax rate of 8% lower than typical rate of 18%; lower rate attributable to tax reform strategies and stock-based incentive compensation vesting

“We ended the year with solid results, and the year as a whole reflected strong growth and improved performance,” said John M. Hairston President & CEO. “For the full year of 2018, net income was up 50%, EPS increased $1.24 to $3.72, ROA was up 35 bps to 1.17%, loans grew $1 billion, commercial criticized loans declined $451 million, we achieved our goal of reducing our energy exposure and continued shifting our loan mix within the portfolio, ended the year with TCE back above 8%, all while changing our name and closing 2 transactions. We achieved a few of our 2019 CSOs during 2018, and adopted new ones early this year which target what we believe will be better performance and profitability in the future.”

Loans

Total loans at December 31, 2018 were $20.0 billion, up approximately $483 million, or 2%, linked-quarter. The growth in loans includes the sale of $116 million of lower yielding municipal loans in the fourth quarter. Net loan growth during the quarter continues to be diversified across our regions with all regions reporting strong growth. Additional areas of growth were in mortgage and energy.

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At December 31, 2018, loans to the energy industry totaled $1.1 billion, or 5.3% of total loans. The energy portfolio increased $132 million linked-quarter, and is comprised of credits to both the exploration and production (E&P) sector and the support services sector. The growth was primarily in E&P and midstream, as we continue our focus on shifting the mix between subsectors. Payoffs and paydowns of $45 million and charge-offs of $16 million were offset by $193 million in fundings.

Average loans totaled $19.8 billion for the fourth quarter of 2018, up $353 million, or 2%, linked-quarter.

Deposits

Total deposits at December 31, 2018 were $23.2 billion, up $732 million, or 3%, from September 30, 2018. Average deposits for the fourth quarter of 2018 were $22.5 billion, up $477 million, or 2%, linked-quarter.

Noninterest-bearing demand deposits (DDAs) totaled $8.5 billion at December 31, 2018, up $358 million, or 4%, from September 30, 2018. DDAs comprised 37% of total period-end deposits at December 31, 2018.

Interest-bearing transaction and savings deposits totaled $8.0 billion at the end of the fourth quarter of 2018, up $28 million, or less than 1%, from September 30, 2018.Time deposits of $3.6 billion were down $46 million, or 1%, while interest-bearing public fund deposits increased $393 million, or 15%, to $3.0 billion at December 31, 2018. The net decrease in time deposits reflects a decline in brokered CDs of $168 million, partly offset by an increase of $121 million in retail CDs. The increase in public funds is seasonal and primarily related to year-end tax payments collected by local municipalities.

Asset Quality

Nonperforming assets (NPAs) totaled $352.6 million at December 31, 2018, down $38.7 million, or 10%, from September 30, 2018. During the fourth quarter of 2018, total nonperforming loans decreased approximately $37.5 million, while foreclosed and surplus real estate (ORE) and other foreclosed assets decreased approximately $1.2 million. Nonperforming assets as a percent of total loans, ORE and other foreclosed assets was 1.76% at December 31, 2018, down 24 bps from September 30, 2018.

The total allowance for loan losses (ALLL) was $194.5 million at December 31, 2018, down $20.0 million, or 9%, from September 30, 2018.  The allowance for credits in the energy portfolio totaled $33.2 million, or 3.1% of energy loans, at December 31, 2018, as compared to $50.2 million, or 5.4% of energy loans, at September 30, 2018. The allowance for credits in the nonenergy portfolio totaled $161.3 million, or 0.85% of nonenergy loans, at December 31, 2018, as compared to $164.3 million, or 0.88% of nonenergy loans, at September 30, 2018.The ratio of the allowance for loan losses to period-end loans was 0.97% at December 31, 2018, down 13 bps from 1.10% at September 30, 2018.

Net charge-offs were $28.1 million, or 0.56% of average total loans on an annualized basis in the fourth quarter of 2018, up from $6.9 million, or 0.14% of average total loans in the third quarter of 2018. Included in the total were $15.8 million of energy charge-offs. Approximately $21 million of net charge-offs were related to 2 credits, (one energy, one nonenergy), and had been largely reserved for in prior periods. During the fourth quarter of 2018, the company recorded a total provision for loan losses of $8.1 million, up from $6.9 million in the third quarter of 2018.

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Net Interest Income and Net Interest Margin (NIM)

Net interest income (TE) for the fourth quarter of 2018 was $221.5 million, up $3.2 million from the third quarter of 2018. The increase is primarily due to higher level of average earning assets in the quarter, an improvement in deposit betas along with a shift in our funding mix and the portfolio restructuring implemented during the fourth quarter.

In late the fourth quarter the company sold 192,000 shares of VISA-B stock for a net gain of $33.2 million. The VISA-B shares net gain offset losses associated with selling $481 million of lower yielding bonds and $116 million of lower yielding municipal loans. Proceeds from the sales were used to purchase $260 million of higher yielding bonds and to pay down $346 million of FHLB advances. The VISA-B trade and related restructuring improves the company’s yields on investment securities and loans, while also improving the company’s funding mix.

Average earning assets were $26.0 billion for the fourth quarter of 2018, up $178.8 million, or less than 1%, from the third quarter of 2018. The net interest margin (TE) was 3.39% for the fourth quarter of 2018, up 3 bps from the third quarter of 2018. The increase in the margin reflects a positive impact from a 10 bp increase in the average earning asset yield (an 8 bp increase in loan yield and a 7 bp increase in yield on the securities portfolio), partially offset by a 7 bp increase in the cost of funds. The portfolio restructuring noted above added 2 bps to the margin, while changes in the funding mix also contributed positively.

Noninterest Income

Noninterest income totaled $74.5 million for the fourth quarter of 2018, down $1.0 million, or 1%, from the third quarter of 2018. Included in the total is $0.6 million in net gains related to the portfolio restructuring noted above.

Service charges on deposits totaled $21.5 million for the fourth quarter of 2018, up $0.1 million, or less than 1%, from the third quarter of 2018. Bank card and ATM fees totaled $15.7 million, up $0.8 million, or 5%, from the third quarter of 2018. The increase from the third quarter is primarily due to seasonality.

Trust fees totaled $15.8 million, down $1.0 million, or 6% linked-quarter. The net decline from the third quarter is mainly related to market conditions.

Investment and annuity income and insurance fees totaled $6.3 million, down $0.3 million, or 5%, linked-quarter primarily due to market conditions. Fees from secondary mortgage operations totaled $3.9 million for the fourth quarter of 2018, down $0.4 million, or 9%, linked-quarter, mainly due to market interest rates. Other noninterest income totaled $10.8 million, down $0.7 million, or 6%, from the third quarter of 2018.

Noninterest Expense & Taxes

Noninterest expense for the fourth quarter of 2018 totaled $179.4 million, down $1.8 million, or 1%, from the third quarter of 2018. Included in the fourth quarter total was $2.5 million of nonoperating expense related to the trust and asset management acquisition, expenses from Hurricane Michael and the move of the New Orleans main office. There was $4.8million of nonoperating expense in the third quarter of 2018. Excluding nonoperating items, operating expense for the fourth quarter of 2018 totaled $176.9 million, up $0.5 million, or less than 1% linked-quarter. The discussion below excludes nonoperating items.

Total personnel expense was $104.9 million in the fourth quarter of 2018, up $3.7 million, or 4%, from the third quarter of 2018. This increase is mainly related to incentive pay and a full quarter of the recently acquired trust and asset management business.

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Occupancy and equipment expense totaled $16.0 million in the fourth quarter of 2018, up $0.5 million, or 3%, from the third quarter of 2018.

Amortization of intangibles totaled $5.5 million for the fourth quarter of 2018, down $0.2 million or 3% linked-quarter.

Other operating expense totaled $50.6 million in the fourth quarter of 2018, down $3.5 million, or 7%, from the third quarter of 2018.

The effective income tax rate for the fourth quarter of 2018 was 8%. Management expects the tax rate in the first quarter of 2019 to approximate 17-19%. The lower tax rate in fourth quarter reflects tax reform related strategies and the impact of stock award vesting. The effective income tax rate continues to be less than the statutory rate due primarily to tax-exempt income and tax credits.

Capital

Common shareholders’ equity at December 31, 2018 totaled $3.1 billion, up $102 million, or 3%, from third quarter 2018. The tangible common equity (TCE) ratio was 8.02%, up 35 bps from September 30, 2018. We repurchased 200,000 shares of common stock during the quarter. Additional capital ratios are included in the financial tables.

Conference Call and Slide Presentation

Management will host a conference call for analysts and investors at 8:30 a.m. Central Time on Thursday, January 17, 2019 to review the results. A live listen-only webcast of the call will be available under the Investor Relations section of Hancock Whitney’s website at www.hancockwhitney.com/investors. A link to the release with additional financial tables, and a link to a slide presentation related to fourth quarter results are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial (877) 564-1219 or (973) 638-3429. 

An audio archive of the conference call will be available under the Investor Relations section of our website. A replay of the call will also be available through January 24, 2019 by dialing (855) 859-2056 or (404) 537-3406, passcode 4594604. 

About Hancock Whitney

Since the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Hancock Whitney offices and financial centers in Mississippi, Alabama, Florida, Louisiana, and Texas offer comprehensive financial products and services, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; healthcare banking; certain insurance services; and mortgage services. The company also operates a loan production office in Nashville, Tennessee, as well as trust and asset management offices in New Jersey and New York. BauerFinancial, Inc., the nation’s leading independent bank rating and analysis firm, consistently recommends Hancock Whitney as one of America’s most financially sound banks. More information is available at www.hancockwhitney.com.

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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 Securities and Exchange Commission Industry Guide 3, the company presents net interest income, net interest margin and efficiency ratios on a fully taxable equivalent (“TE”) basis. The TE basis adjusts for the tax-favored status of net interest income from certain loans and investments using the statutory federal tax rate to increase tax-exempt interest income to a taxable equivalent basis. The company believes this measure to be the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources.

The company presents certain additional non-GAAP financial measures to assist the reader with a better understanding of the company’s performance period over period, as well as to provide investors with assistance in understanding the success management has experienced in executing its strategic initiatives. These non-GAAP measures may reference the concepts “core” or “operating.” The company uses the term “core” to describe a financial measure that excludes income or expense arising from accretion or amortization of fair value adjustments recorded as part of purchase accounting. The company uses the term “operating” to describe a financial measure that excludes income or expense considered to be nonoperating in nature. Items identified as nonoperating are those that, when excluded from a reported financial measure, provide management or the reader with a measure that may be more indicative of forward-looking trends in the company’s business.

We define Core Net Interest Income as net interest income (TE) excluding net purchase accounting accretion and amortization. We define Core Net Interest Margin as core net interest income expressed as a percentage of average earning assets. A reconciliation of reported net interest income to core net interest income and reported net interest margin to core net interest margin is included in Appendix A.

We define Operating Revenue as net interest income (TE) and noninterest income less nonoperating revenue.  We define Operating Pre-Provision Net Revenue as operating revenue (TE) less noninterest expense, excluding nonoperating items. Management believes that operating pre-provision net revenue is a useful financial measure because it enables investors and others to assess the company’s ability to generate capital to cover credit losses through a credit cycle. A reconciliation of reported net interest income to operating pre-provision net revenue is included in Appendix A.

We define Operating Earnings as reported net income excluding nonoperating items net of income tax.  We define Operating Earnings per Share as operating earnings expressed as an amount available to each common shareholder on a diluted basis. A reconciliation of reported net income to operating earnings is presented in the Income Statement table and a reconciliation of reported earnings per share – diluted to operating earnings per share – diluted is presented in Appendix A. 

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Important Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended.Forward-looking statements that we may make include statements regarding balance sheet and revenue growth, the provision for loans losses, loan growth expectations, management’s predictions about charge-offs for loans, including energy-related credits, the impact of changes in oil and gas prices on our energy portfolio, the impact of the transaction with Capital One on our performance and financial condition, including our ability to successfully integrate the business, deposit trends, credit quality trends, net interest margin trends, future expense levels, success of revenue-generating initiatives, projected tax rates, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts such as accretion levels, increased cybersecurity risks, including potential business disruptions or financial losses, and the financial impact of regulatory requirements and tax reform legislation. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “forecast,” “goals,” “targets,” “initiatives,” “focus,” “potentially,” “probably,” “projects,” “outlook”, or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events.

Forward-looking statements are subject to significant risks and uncertainties. Any forward-looking statement made in this release is subject to the safe harbor protections set forth in the Private Securities Litigation Reform Act of 1995. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward looking statements. Additional factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017 and in other periodic reports that we file with the SEC.

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HANCOCK WHITNEY CORPORATION
FINANCIAL HIGHLIGHTS
(Unaudited)
	Three Months Ended									Twelve Months Ended
(dollars and common share data in thousands, except per share amounts)	12/31/2018			9/30/2018			12/31/2017			12/31/2018			12/31/2017
NET INCOME
Net interest income	$	217,433		$	214,194		$	208,047		$	848,838		$	792,312
Net interest income (TE) (a)		221,471			218,289			216,996			865,015			826,702
Provision for loan losses		8,100			6,872			14,986			36,116			58,968
Noninterest income		74,538			75,518			69,688			285,140			267,781
Noninterest expense		179,366			181,187			168,063			715,746			692,691
Income tax expense		8,265			17,775			39,237			58,346			92,802
Net income	$	96,240		$	83,878		$	55,449		$	323,770		$	215,632
Earnings excluding nonoperating items
Net income	$	96,240		$	83,878		$	55,449		$	323,770		$	215,632
Nonoperating items, net of income tax benefit		1,465			3,813			—			23,546			15,679
Income tax resulting from re-measurement of deferred tax asset		—			—			19,520			—			19,520
Operating earnings	$	97,705		$	87,691		$	74,969		$	347,316		$	250,831
PERIOD-END BALANCE SHEET DATA
Loans	$	20,026,411		$	19,543,717		$	19,004,163		$	20,026,411		$	19,004,163
Securities		5,670,584			5,987,447			5,888,380			5,670,584			5,888,380
Earning assets		25,836,239			25,668,281			25,024,792			25,836,239			25,024,792
Total assets		28,235,907			28,098,175			27,336,086			28,235,907			27,336,086
Noninterest-bearing deposits		8,499,027			8,140,530			8,307,497			8,499,027			8,307,497
Total deposits		23,150,185			22,417,807			22,253,202			23,150,185			22,253,202
Common shareholders' equity		3,081,340			2,978,878			2,884,949			3,081,340			2,884,949
AVERAGE BALANCE SHEET DATA
Loans	$	19,817,729		$	19,464,639		$	18,839,537		$	19,378,428		$	18,280,885
Securities (b)		5,965,461			6,186,410			5,801,451			6,020,947			5,442,829
Earning assets		26,011,183			25,832,372			24,812,676			25,588,372			24,108,711
Total assets		28,259,963			28,026,923			26,973,507			27,755,808			26,240,751
Noninterest-bearing deposits		8,260,487			8,017,353			8,095,563			8,095,256			7,777,652
Total deposits		22,498,145			22,021,559			21,762,757			22,166,998			20,831,582
Common shareholders' equity		2,993,265			2,952,431			2,867,475			2,932,263			2,806,868
COMMON SHARE DATA
Earnings per share - diluted	$	1.10		$	0.96		$	0.64		$	3.72		$	2.48
Cash dividends per share		0.27			0.27			0.24			1.02			0.96
Book value per share (period-end)		35.98			34.90			33.86			35.98			33.86
Tangible book value per share (period-end)		25.62			24.44			24.05			25.62			24.05
Weighted average number of shares - diluted		85,677			85,539			85,303			85,521			84,963
Period-end number of shares		85,643			85,364			85,200			85,643			85,200
Market data
High sales price	$	49.22		$	53.00		$	53.35		$	56.40		$	53.35
Low sales price		32.59			46.05			46.18			32.59			41.05
Period-end closing price		34.77			47.55			49.50			34.77			49.50
Trading volume		33,269			28,332			29,308			132,677			146,705
PERFORMANCE RATIOS
Return on average assets		1.35	%		1.19	%		0.82	%		1.17	%		0.82	%
Return on average common equity		12.76	%		11.27	%		7.67	%		11.04	%		7.68	%
Return on average tangible common equity		18.15	%		16.11	%		10.81	%		15.62	%		10.78	%
Tangible common equity ratio (c)		8.02	%		7.67	%		7.73	%		8.02	%		7.73	%
Net interest margin (TE) (d)		3.39	%		3.36	%		3.48	%		3.38	%		3.43	%
Average loan/deposit ratio		88.09	%		88.39	%		86.57	%		87.42	%		87.76	%
Allowance for loan losses as a percentage of period-end loans		0.97	%		1.10	%		1.14	%		0.97	%		1.14	%
Annualized net charge-offs to average loans		0.56	%		0.14	%		0.44	%		0.27	%		0.38	%
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due		58.60	%		55.25	%		54.18	%		58.60	%		54.18	%
Select performance measures excluding nonoperating items
Operating earnings per share - diluted (d)	$	1.12		$	1.01		$	0.86		$	3.99		$	2.89
Return on average assets - operating		1.37	%		1.24	%		1.10	%		1.25	%		0.96	%
Return on average common equity - operating		12.95	%		11.78	%		10.37	%		11.84	%		8.94	%
Return on average tangible common equity - operating		18.43	%		16.84	%		14.62	%		16.76	%		12.54	%
Efficiency ratio (e)		58.03	%		58.11	%		56.57	%		57.77	%		58.87	%
Noninterest income as a percent of total revenue (TE) - operating		25.03	%		25.70	%		24.31	%		24.83	%		24.16	%
FTE headcount		3,933			3,858			3,887			3,933			3,887
(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three and twelve months ended December 31, 2018 and the three months ended September 30, 2018, and 35% for the three and twelve months ended December 31, 2017.
(b) Average securities does not include unrealized holding gains/losses on available for sale securities.

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(c) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets.

(d) Refer to Appendix A for reconciliation of this non-GAAP measure.

(e) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating items.

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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)	12/31/2018			9/30/2018			6/30/2018			3/31/2018			12/31/2017
NET INCOME
Net interest income	$	217,433		$	214,194		$	211,547		$	205,664		$	208,047
Net interest income (TE) (a)		221,471			218,289			215,628			209,627			216,996
Provision for loan losses		8,100			6,872			8,891			12,253			14,986
Noninterest income		74,538			75,518			68,832			66,252			69,688
Noninterest expense		179,366			181,187			184,402			170,791			168,063
Income tax expense		8,265			17,775			15,909			16,397			39,237
Net income	$	96,240		$	83,878		$	71,177		$	72,475		$	55,449
Earnings excluding nonoperating items
Net income	$	96,240		$	83,878		$	71,177		$	72,475		$	55,449
Nonoperating items, net of income tax benefit		1,465			3,813			12,486			5,782			—
Income tax resulting from re-measurement of deferred tax asset		—			—			—			—			19,520
Operating earnings	$	97,705		$	87,691		$	83,663		$	78,257		$	74,969
PERIOD-END BALANCE SHEET DATA
Loans	$	20,026,411		$	19,543,717		$	19,370,917		$	19,092,504		$	19,004,163
Securities		5,670,584			5,987,447			6,113,873			5,930,076			5,888,380
Earning assets		25,836,239			25,668,281			25,625,047			25,105,948			25,024,792
Total assets		28,235,907			28,098,175			27,925,447			27,297,337			27,336,086
Noninterest-bearing deposits		8,499,027			8,140,530			8,165,796			8,230,060			8,307,497
Total deposits		23,150,185			22,417,807			22,235,338			22,485,722			22,253,202
Common shareholders' equity		3,081,340			2,978,878			2,929,555			2,896,038			2,884,949
AVERAGE BALANCE SHEET DATA
Loans	$	19,817,729		$	19,464,639		$	19,193,234		$	19,028,490		$	18,839,537
Securities (b)		5,965,461			6,186,410			6,032,058			5,897,290			5,801,451
Earning assets		26,011,183			25,832,372			25,391,025			25,106,283			24,812,676
Total assets		28,259,963			28,026,923			27,485,052			27,237,077			26,973,507
Noninterest-bearing deposits		8,260,487			8,017,353			8,149,521			7,951,121			8,095,563
Total deposits		22,498,145			22,021,559			22,101,474			22,043,419			21,762,757
Common shareholders' equity		2,993,265			2,952,431			2,908,997			2,872,813			2,867,475
COMMON SHARE DATA
Earnings per share - diluted	$	1.10		$	0.96		$	0.82		$	0.83		$	0.64
Cash dividends per share		0.27			0.27			0.24			0.24			0.24
Book value per share (period-end)		35.98			34.90			34.33			33.96			33.86
Tangible book value per share (period-end)		25.62			24.44			24.66			24.22			24.05
Weighted average number of shares - diluted		85,677			85,539			85,483			85,423			85,303
Period-end number of shares		85,643			85,364			85,335			85,285			85,200
Market data
High sales price	$	49.22		$	53.00		$	55.00		$	56.40		$	53.35
Low sales price		32.59			46.05			45.76			49.48			46.18
Period-end closing price		34.77			47.55			46.65			51.70			49.50
Trading volume		33,269			28,332			35,705			35,370			29,308
PERFORMANCE RATIOS
Return on average assets		1.35	%		1.19	%		1.04	%		1.08	%		0.82	%
Return on average common equity		12.76	%		11.27	%		9.81	%		10.23	%		7.67	%
Return on average tangible common equity		18.15	%		16.11	%		13.72	%		14.41	%		10.81	%
Tangible common equity ratio (c)		8.02	%		7.67	%		7.76	%		7.80	%		7.73	%
Net interest margin (TE) (d)		3.39	%		3.36	%		3.40	%		3.37	%		3.48	%
Average loan/deposit ratio		88.09	%		88.39	%		86.84	%		86.32	%		86.57	%
Allowance for loan losses as a percent of period-end loans		0.97	%		1.10	%		1.11	%		1.10	%		1.14	%
Annualized net charge-offs to average loans		0.56	%		0.14	%		0.11	%		0.26	%		0.44	%
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due		58.60	%		55.25	%		53.35	%		46.37	%		54.18	%
Select performance measures excluding nonoperating items
Operating earnings per share - diluted (d)	$	1.12		$	1.01		$	0.96		$	0.90		$	0.86
Return on average assets - operating		1.37	%		1.24	%		1.22	%		1.17	%		1.10	%
Return on average common equity - operating		12.95	%		11.78	%		11.54	%		11.05	%		10.37	%
Return on average tangible common equity - operating		18.43	%		16.84	%		16.12	%		15.56	%		14.62	%
Efficiency ratio (e)		58.03	%		58.11	%		57.40	%		57.51	%		56.57	%
Noninterest income as a percent of total revenue (TE) - operating		25.03	%		25.70	%		24.20	%		24.33	%		24.31	%
FTE headcount		3,933			3,858			3,780			3,775			3,887
(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three months ended December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, and 35% for the three months ended December 31, 2017.
(b) Average securities does not include unrealized holding gains/losses on available for sale securities.

9

(c) The tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets.

(d) Refer to Appendix A for reconciliation of this non-GAAP measure.

(e) The efficiency ratio is noninterest expense to total net interest income (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperating items.

10

HANCOCK WHITNEY CORPORATION
INCOME STATEMENT
(Unaudited)
	Three Months Ended						Twelve Months Ended
(dollars in thousands, except per share data)	12/31/2018		9/30/2018		12/31/2017		12/31/2018		12/31/2017
NET INCOME
Interest income	$	271,357	$	263,212	$	239,173	$	1,028,268	$	900,581
Interest income (TE) (f)		275,395		267,307		248,122		1,044,445		934,971
Interest expense		53,924		49,018		31,126		179,430		108,269
Net interest income (TE)		221,471		218,289		216,996		865,015		826,702
Provision for loan losses		8,100		6,872		14,986		36,116		58,968
Noninterest income		74,538		75,518		69,688		285,140		267,781
Noninterest expense		179,366		181,187		168,063		715,746		692,691
Income before income taxes		104,505		101,653		94,686		382,116		308,434
Income tax expense		8,265		17,775		39,237		58,346		92,802
Net income	$	96,240	$	83,878	$	55,449	$	323,770	$	215,632
Earnings excluding nonoperating items
Net income	$	96,240	$	83,878	$	55,449	$	323,770	$	215,632
Nonoperating income		(604)		—		—		541		(4,352)
Nonoperating expense		2,458		4,827		—		28,943		28,473
Income tax benefit		(389)		(1,014)		—		(5,938)		(8,442)
Income tax resulting from re-measurement of deferred tax asset		—		—		19,520		—		19,520
Nonoperating items, net of applicable income tax benefit		1,465		3,813		19,520		23,546		35,199
Operating earnings	$	97,705	$	87,691	$	74,969	$	347,316	$	250,831
NONINTEREST INCOME
Service charges on deposit accounts	$	21,466	$	21,377	$	22,455	$	85,272	$	83,166
Trust fees		15,762		16,738		11,079		55,488		44,538
Bank card and ATM fees		15,656		14,862		14,234		60,440		53,779
Insurance and investment commissions, and annuity fees		6,307		6,652		5,802		25,348		23,741
Secondary mortgage market operations		3,933		4,333		3,244		15,632		15,209
Amortization of FDIC loss share receivable		—		—		—		—		(2,427)
Other income		10,810		11,556		12,874		43,501		45,423
Total operating noninterest income		73,934		75,518		69,688		285,681		263,429
Nonoperating income		604		—		—		(541)		4,352
Total noninterest income	$	74,538	$	75,518	$	69,688	$	285,140	$	267,781
NONINTEREST EXPENSE
Personnel expense (g)	$	104,908	$	101,173	$	99,558	$	399,282	$	388,251
Net occupancy and equipment expense		15,980		15,452		14,968		61,208		61,935
Other operating expense (g)		50,548		54,097		47,652		204,263		191,615
Amortization of intangibles		5,472		5,638		5,885		22,050		22,417
Total operating expense		176,908		176,360		168,063		686,803		664,218
Nonoperating expense		2,458		4,827		—		28,943		28,473
Total noninterest expense	$	179,366	$	181,187	$	168,063	$	715,746	$	692,691
COMMON SHARE DATA
Earnings per share:
Basic	$	1.11	$	0.96	$	0.64	$	3.72	$	2.49
Diluted		1.10		0.96		0.64		3.72		2.48
Operating earnings per share:
Diluted (h)	$	1.12	$	1.01	$	0.86	$	3.99	$	2.89
(f) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three and twelve months ended December 31, 2018 and the three months ended September 30, 2018, and 35% for the three and twelve months ended December 31, 2017.
(g) Prior period presentation reflects a reclassification of certain pension related costs between personnel expense and other noninterest expense in accordance with ASU 2017-07.
(h) Refer to Appendix A for reconciliation of this non-GAAP measure.

11

HANCOCK WHITNEY CORPORATION
INCOME STATEMENT
(Unaudited)
		Three Months Ended
(dollars in thousands, except per share data)	12/31/2018		9/30/2018		6/30/2018		3/31/2018		12/31/2017
NET INCOME
Interest income	$	271,357	$	263,212	$	252,304	$	241,395	$	239,173
Interest income (TE) (f)		275,395		267,307		256,385		245,358		248,122
Interest expense		53,924		49,018		40,757		35,731		31,126
Net interest income (TE)		221,471		218,289		215,628		209,627		216,996
Provision for loan losses		8,100		6,872		8,891		12,253		14,986
Noninterest income		74,538		75,518		68,832		66,252		69,688
Noninterest expense		179,366		181,187		184,402		170,791		168,063
Income before income taxes		104,505		101,653		87,086		88,872		94,686
Income tax expense		8,265		17,775		15,909		16,397		39,237
Net income	$	96,240	$	83,878	$	71,177	$	72,475	$	55,449
Earnings excluding nonoperating items
Net income	$	96,240	$	83,878	$	71,177	$	72,475	$	55,449
Nonoperating income		(604)		—		—		1,145		—
Nonoperating expense		2,458		4,827		15,805		5,853		—
Income tax benefit		(389)		(1,014)		(3,319)		(1,216)		—
Income tax resulting from re-measurement of deferred tax asset		—		—		—		—		19,520
Nonoperating items, net of applicable income tax benefit		1,465		3,813		12,486		5,782		19,520
Operating earnings	$	97,705	$	87,691	$	83,663	$	78,257	$	74,969
NONINTEREST INCOME
Service charges on deposit accounts	$	21,466	$	21,377	$	20,981	$	21,448	$	22,455
Trust fees		15,762		16,738		11,653		11,335		11,079
Bank card and ATM fees		15,656		14,862		15,464		14,458		14,234
Investment and insurance commissions, and annuity fees		6,307		6,652		6,264		6,125		5,802
Secondary mortgage market operations		3,933		4,333		3,965		3,401		3,244
Other income		10,810		11,556		10,505		10,630		12,874
Total operating noninterest income		73,934		75,518		68,832		67,397		69,688
Nonoperating income		604		—		—		(1,145)		—
Total noninterest income	$	74,538	$	75,518	$	68,832	$	66,252	$	69,688
NONINTEREST EXPENSE
Personnel expense (g)	$	104,908	$	101,173	$	96,835	$	96,366	$	99,558
Net occupancy and equipment expense		15,980		15,452		15,340		14,436		14,968
Other operating expense (g)		50,548		54,097		51,100		48,518		47,652
Amortization of intangibles		5,472		5,638		5,322		5,618		5,885
Total operating expense		176,908		176,360		168,597		164,938		168,063
Nonoperating expense		2,458		4,827		15,805		5,853		—
Total noninterest expense	$	179,366	$	181,187	$	184,402	$	170,791	$	168,063
COMMON SHARE DATA
Earnings per share:
Basic	$	1.11	$	0.96	$	0.82	$	0.83	$	0.64
Diluted		1.10		0.96		0.82		0.83		0.64
Operating earnings per share:
Diluted (h)	$	1.12	$	1.01	$	0.96	$	0.90	$	0.86
(f) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three months ended December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, and 35% for the three months ended December 31, 2017.
(g) Prior period presentation reflects a reclassification of certain pension related costs between personnel expense and other noninterest expense in accordance with ASU 2017-07.
(h) Refer to Appendix A for reconciliation of this non-GAAP measure.

12

HANCOCK WHITNEY CORPORATION
PERIOD-END BALANCE SHEET
(Unaudited)
(dollars in thousands)	12/31/2018				9/30/2018					6/30/2018			3/31/2018			12/31/2017
ASSETS
Commercial non-real estate loans	$	8,620,601		$		8,438,884		$	8,410,961			$		8,336,222			$	8,297,937
Commercial real estate - owner occupied		2,457,748				2,300,271			2,233,794					2,185,543				2,142,439
Total commercial and industrial loans		11,078,349				10,739,155			10,644,755					10,521,765				10,440,376
Commercial real estate - income producing		2,341,779				2,311,699			2,342,192					2,394,862				2,384,599
Construction and land development loans		1,548,335				1,523,419			1,515,233					1,413,878				1,373,421
Residential mortgage loans		2,910,081				2,846,916			2,780,359					2,732,821				2,690,472
Consumer loans		2,147,867				2,122,528			2,088,378					2,029,178				2,115,295
Total loans		20,026,411				19,543,717			19,370,917					19,092,504				19,004,163
Loans held for sale		28,150				29,043			36,047					21,827				39,865
Securities		5,670,584				5,987,447			6,113,873					5,930,076				5,888,380
Short-term investments		111,094				108,074			104,210					61,541				92,384
Earning assets		25,836,239				25,668,281			25,625,047					25,105,948				25,024,792
Allowance for loan losses		(194,514)				(214,550)			(214,530)					(210,713)				(217,308)
Goodwill and other intangible assets		887,123				892,595			825,223					830,544				836,163
Other assets		1,707,059				1,751,849			1,689,707					1,571,558				1,692,439
Total assets	$	28,235,907		$		28,098,175		$	27,925,447			$		27,297,337			$	27,336,086
LIABILITIES
Noninterest-bearing deposits	$	8,499,027		$		8,140,530		$	8,165,796			$		8,230,060			$	8,307,497
Interest-bearing transaction and savings deposits		8,000,093				7,972,417			7,711,542					8,058,793				8,181,554
Interest-bearing public fund deposits		3,006,516				2,613,858			2,854,839					3,108,008				3,040,318
Time deposits		3,644,549				3,691,002			3,503,161					3,088,861				2,723,833
Total interest-bearing deposits		14,651,158				14,277,277			14,069,542					14,255,662				13,945,705
Total deposits		23,150,185				22,417,807			22,235,338					22,485,722				22,253,202
Short-term borrowings		1,589,128				2,276,647			2,314,190					1,452,097				1,703,890
Long-term debt		224,993				215,912			266,009					300,443				305,513
Other liabilities		190,261				208,931			180,355					163,037				188,532
Total liabilities		25,154,567				25,119,297			24,995,892					24,401,299				24,451,137
COMMON SHAREHOLDERS' EQUITY
Common stock net of treasury and capital surplus		2,018,457				2,028,160			2,022,258					2,016,405				2,010,833
Retained earnings		1,243,592				1,170,897			1,110,506					1,060,182				1,008,518
Accumulated other comprehensive income		(180,709)				(220,179)			(203,209)					(180,549)				(134,402)
Total common shareholders' equity		3,081,340				2,978,878			2,929,555					2,896,038				2,884,949
Total liabilities & shareholders' equity	$	28,235,907		$		28,098,175		$	27,925,447			$		27,297,337			$	27,336,086
CAPITAL RATIOS
Tangible common equity	$	2,194,217		$		2,086,283		$	2,104,332			$		2,065,494			$	2,048,787
Tier 1 capital (i)		2,392,308				2,323,845			2,324,691					2,261,741				2,214,723
Common equity (period-end) as a percent of total assets (period-end)		10.91	%			10.60	%		10.49		%			10.61	%			10.55	%
Tangible common equity ratio		8.02	%			7.67	%		7.76		%			7.80	%			7.73	%
Leverage (Tier 1) ratio (i)		8.67	%			8.50	%		8.66		%			8.51	%			8.43	%
Tier 1 risk-based capital ratio (i)		10.51	%			10.36	%		10.48		%			10.35	%			10.21	%
Total risk-based capital ratio (i)		12.02	%			11.98	%		12.12		%			12.00	%			11.90	%
(i) Estimated for most recent period-end.

13

HANCOCK WHITNEY CORPORATION
AVERAGE BALANCE SHEET
(Unaudited)
	Three Months Ended						Twelve Months Ended
(dollars in thousands)	12/31/2018		9/30/2018		12/31/2017		12/31/2018			12/31/2017
ASSETS
Commercial non-real estate loans	$	8,580,415	$	8,403,921	$	8,171,016	$	8,407,218	$		8,048,128
Commercial real estate - owner occupied		2,376,338		2,228,631		2,102,635		2,243,806			2,041,631
Total commercial and industrial loans		10,956,753		10,632,552		10,273,651		10,651,024			10,089,759
Commercial real estate - income producing		2,339,078		2,364,839		2,451,823		2,360,575			2,380,012
Construction and land development loans		1,499,044		1,544,890		1,370,617		1,475,736			1,281,251
Residential mortgage loans		2,888,261		2,816,151		2,642,308		2,794,804			2,445,787
Consumer loans		2,134,593		2,106,207		2,101,138		2,096,289			2,084,076
Total loans		19,817,729		19,464,639		18,839,537		19,378,428			18,280,885
Loans held for sale		22,187		25,992		22,231		25,710			21,920
Securities (j)		5,965,461		6,186,410		5,801,451		6,020,947			5,442,829
Short-term investments		205,806		155,331		149,457		163,287			363,077
Earning assets		26,011,183		25,832,372		24,812,676		25,588,372			24,108,711
Allowance for loan losses		(213,902)		(214,376)		(225,769)		(214,452)			(223,416)
Goodwill and other intangible assets		889,820		886,226		833,162		859,498			806,900
Other assets		1,572,862		1,522,701		1,553,438		1,522,390			1,548,556
Total assets	$	28,259,963	$	28,026,923	$	26,973,507	$	27,755,808	$		26,240,751
LIABILITIES AND COMMON SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	8,260,487	$	8,017,353	$	8,095,563	$	8,095,256	$		7,777,652
Interest-bearing transaction and savings deposits		7,940,670		7,944,349		7,927,250		7,946,765			7,746,220
Interest-bearing public fund deposits		2,680,837		2,682,269		2,803,547		2,849,297			2,664,929
Time deposits		3,616,151		3,377,588		2,936,397		3,275,680			2,642,781
Total interest-bearing deposits		14,237,658		14,004,206		13,667,194		14,071,742			13,053,930
Total deposits		22,498,145		22,021,559		21,762,757		22,166,998			20,831,582
Short-term borrowings		2,330,280		2,610,176		1,763,189		2,190,772			2,006,896
Long-term debt		222,339		241,517		312,719		266,870			384,127
Other liabilities		215,934		201,240		267,367		198,905			211,278
Common shareholders' equity		2,993,265		2,952,431		2,867,475		2,932,263			2,806,868
Total liabilities & shareholders' equity	$	28,259,963	$	28,026,923	$	26,973,507	$	27,755,808	$		26,240,751
(j) Average securities does not include unrealized holding gains/losses on available for sale securities.

14

HANCOCK WHITNEY CORPORATION
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY
(Unaudited)
	Three Months Ended
	12/31/2018						9/30/2018						12/31/2017
(dollars in millions)	Average Balance		Interest		Rate		Average Balance		Interest		Rate			Average Balance		Interest		Rate
AVERAGE EARNING ASSETS
Commercial & real estate loans (TE) (k)	$	14,794.9	$	172.8	4.64	%	$	14,542.3	$	168.9	4.61	%		$	14,096.1	$	154.5	4.35	%
Residential mortgage loans		2,888.2		29.2	4.04	%		2,816.2		29.4	4.17	%			2,642.3		26.3	3.99	%
Consumer loans		2,134.6		32.5	6.04	%		2,106.2		28.6	5.39	%			2,101.1		29.8	5.63	%
Loan fees & late charges		—		0.6	0.00	%		—		—	0.00	%			—		0.6	0.00	%
Total loans (TE) (l)		19,817.7		235.1	4.71	%		19,464.7		226.9	4.63	%			18,839.5		211.2	4.46	%
Loans held for sale		22.2		0.2	2.91	%		26.0		0.3	3.60	%			22.2		0.2	3.28	%
US Treasury and government agency securities		131.8		0.8	2.23	%		144.7		0.8	2.21	%			144.5		0.8	2.21	%
CMOs and mortgage backed securities		4,896.2		30.9	2.53	%		5,092.4		31.1	2.44	%			4,682.2		26.2	2.24	%
Municipals (TE)		933.9		7.4	3.17	%		945.7		7.5	3.19	%			971.1		9.3	3.82	%
Other securities		3.6		—	2.77	%		3.6		—	2.81	%			3.7		0.0	2.03	%
Total securities (TE) (m)		5,965.5		39.1	2.62	%		6,186.4		39.4	2.55	%			5,801.5		36.3	2.50	%
Total short-term investments		205.8		1.0	2.01	%		155.3		0.7	1.71	%			149.5		0.4	1.07	%
Average earning assets yield (TE)	$	26,011.2	$	275.4	4.21	%	$	25,832.4	$	267.3	4.11	%		$	24,812.7		248.1	3.98	%
INTEREST-BEARING LIABILITIES
Interest-bearing transaction and savings deposits	$	7,940.7		12.4	0.62	%	$	7,944.3		10.9	0.54	%		$	7,927.3		8.3	0.42	%
Time deposits		3,616.2		16.6	1.82	%		3,377.6		14.1	1.66	%			2,936.4		8.7	1.17	%
Public funds		2,680.8		10.7	1.58	%		2,682.3		9.2	1.36	%			2,803.5		6.6	0.93	%
Total interest-bearing deposits		14,237.7		39.7	1.11	%		14,004.2		34.2	0.97	%			13,667.2		23.6	0.68	%
Short-term borrowings		2,330.3		11.5	1.98	%		2,610.2		11.8	1.81	%			1,763.2		4.1	0.92	%
Long-term debt		222.3		2.7	4.82	%		241.5		3.0	5.05	%			312.7		3.4	4.37	%
Total borrowings		2,552.6		14.2	2.21	%		2,851.7		14.8	2.07	%			2,075.9		7.5	1.45	%
Total interest-bearing liabilities cost		16,790.3		53.9	1.27	%		16,855.9		49.0	1.15	%			15,743.1		31.1	0.79	%
Net interest-free funding sources		9,220.9						8,976.5							9,069.6
Total cost of funds		26,011.2		53.9	0.82	%		25,832.4		49.0	0.75	%			24,812.7		31.1	0.50	%
Net Interest Spread (TE)			$	221.5	2.94	%			$	218.3	2.96	%				$	217.0	3.19	%
Net Interest Margin (TE)	$	26,011.2	$	221.5	3.39	%	$	25,832.4	$	218.3	3.36	%		$	24,812.7	$	217.0	3.48	%
(k) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three months ended December 31, 2018 and September 30, 2018, and 35% for the three months ended December 31, 2017.
(l) Includes nonaccrual loans.
(m) Average securities does not include unrealized holding gains/losses on available for sale securities.

15

HANCOCK WHITNEY CORPORATION
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY
(Unaudited)
	Twelve Months Ended
	12/31/2018						12/31/2017
(dollars in millions)	Average Balance		Interest		Rate		Average Balance		Interest		Rate
AVERAGE EARNING ASSETS
Commercial & real estate loans (TE) (k)	$	14,487.3	$	655.0	4.52	%	$	13,751.0	$	584.6	4.25	%
Residential mortgage loans		2,794.8		114.5	4.10	%		2,445.8		95.0	3.89	%
Consumer loans		2,096.3		117.4	5.60	%		2,084.1		115.1	5.52	%
Loan fees & late charges		—		1.3	0.00	%		—		(0.4)	0.00	%
Total loans (TE) (l)		19,378.4		888.2	4.58	%		18,280.9		794.3	4.35	%
Loans held for sale		25.7		0.9	3.68	%		21.9		0.9	3.88	%
US Treasury and government agency securities		142.6		3.2	2.22	%		128.1		2.7	2.11	%
CMOs and mortgage backed securities		4,927.2		119.1	2.42	%		4,327.8		96.2	2.22	%
Municipals (TE)		947.6		30.1	3.18	%		968.1		37.0	3.82	%
Other securities		3.6		0.1	2.62	%		18.8		0.4	1.92	%
Total securities (TE) (m)		6,021.0		152.5	2.53	%		5,442.8		136.3	2.50	%
Total short-term investments		163.3		2.8	1.70	%		363.1		3.5	0.95	%
Average earning assets yield (TE)	$	25,588.4	$	1,044.4	4.08	%	$	24,108.7		935.0	3.88	%
INTEREST-BEARING LIABILITIES
Interest-bearing transaction and savings deposits	$	7,946.8	$	41.7	0.52	%	$	7,746.2		29.4	0.38	%
Time deposits		3,275.7		51.9	1.59	%		2,642.8		28.0	1.06	%
Public funds		2,849.3		37.1	1.30	%		2,664.9		19.2	0.72	%
Total interest-bearing deposits		14,071.8		130.7	0.93	%		13,053.9		76.6	0.59	%
Short-term borrowings		2,190.8		36.1	1.65	%		2,006.9		15.7	0.78	%
Long-term debt		266.9		12.6	4.73	%		384.1		16.0	4.16	%
Total borrowings		2,457.7		48.7	1.98	%		2,391.0		31.7	1.33	%
Total interest-bearing liabilities cost		16,529.5		179.4	1.09	%		15,444.9		108.3	0.70	%
Net interest-free funding sources		9,058.9						8,663.8
Total cost of funds		25,588.4		179.4	0.70	%		24,108.7		108.3	0.45	%
Net Interest Spread (TE)			$	865.0	3.00	%			$	826.7	3.18	%
Net Interest Margin (TE)	$	25,588.4	$	865.0	3.38	%	$	24,108.7	$	826.7	3.43	%
(k) Taxable equivalent (TE) amounts are calculated using a marginal federal tax rate of 21% for the twelve months ended December 31, 2018 and 35% for the twelve months ended December 31, 2017.
(l) Includes nonaccrual loans.
(m) Average securities does not include unrealized holding gains/losses on available for sale securities.

16

HANCOCK WHITNEY CORPORATION
ASSET QUALITY INFORMATION
(Unaudited)
	Three Months Ended									Twelve Months Ended
(dollars in thousands)	12/31/2018			9/30/2018			12/31/2017			12/31/2018			12/31/2017
Nonaccrual loans (n)	$	187,295		$	201,646		$	252,800		$	187,295		$	252,800
Restructured loans - still accruing		139,042			162,189			120,493			139,042			120,493
Total nonperforming loans		326,337			363,835			373,293			326,337			373,293
ORE and foreclosed assets		26,270			27,475			27,542			26,270			27,542
Total nonperforming assets	$	352,607		$	391,310		$	400,835		$	352,607		$	400,835
Nonperforming assets as a percent of loans, ORE and foreclosed assets		1.76	%		2.00	%		2.11	%		1.76	%		2.11	%
Accruing loans 90 days past due (o)	$	5,589		$	24,460		$	27,766		$	5,589		$	27,766
Accruing loans 90 days past due as a percent of loans (o)		0.03	%		0.13	%		0.15	%		0.03	%		0.15	%
Nonperforming assets + accruing loans 90 days past due to loans, ORE and foreclosed assets		1.79	%		2.12	%		2.25	%		1.79	%		2.25	%
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	214,550		$	214,530		$	223,122		$	217,308		$	229,418
Provision for loan losses		8,100			6,872			14,986			36,116			58,968
Decrease in allowance as a result of sale of subsidiary		—			—			—			(6,648)			—
Decrease in FDIC loss share receivable		—			—			—			—			(2,526)
Charge-offs		(30,809)			(9,878)			(25,328)			(74,622)			(87,261)
Recoveries		2,673			3,026			4,528			22,360			18,709
Net charge-offs		(28,136)			(6,852)			(20,550)			(52,262)			(68,552)
Ending Balance	$	194,514		$	214,550		$	217,308		$	194,514		$	217,308
Allowance for loan losses as a percent of period-end loans		0.97	%		1.10	%		1.14	%		0.97	%		1.14	%
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due		58.60	%		55.25	%		54.18	%		58.60	%		54.18	%
NET CHARGE-OFF INFORMATION
Net charge-offs (recoveries)
Commercial & real estate loans	$	24,253		$	3,205		$	14,017		$	35,077		$	41,877
Residential mortgage loans		(296)			(1,055)			(371)			(1,565)			2,041
Consumer loans		4,179			4,702			7,154			18,750			24,634
Total net charge-offs	$	28,136		$	6,852		$	20,800		$	52,262		$	68,552
Net charge-offs (recoveries) as a percentage of average loans
Commercial & real estate loans		0.65	%		0.09	%		0.39	%		0.24	%		0.30	%
Residential mortgage loans		(0.04)	%		(0.15)	%		(0.06)	%		(0.06)	%		0.08	%
Consumer loans		0.78	%		0.89	%		1.35	%		0.89	%		1.18	%
Total net charge-offs as a percentage of average loans		0.56	%		0.14	%		0.44	%		0.27	%		0.37	%
(n) Included in nonaccrual loans are nonaccruing restructured loans totaling $85.5 million, $92.7 million and $99.2 million at 12/31/2018, 9/30/2018 and 12/31/2017, respectively. Nonaccrual loans and accruing loans past due 90 days or more do not include purchased credit impaired loans which were written down to fair value upon acquisition and accrete interest income over the remaining life of the loan.
(o) Excludes 90+ accruing troubled debt restructured loans already reflected in total nonperforming loans of $8.7 million and $6.1 million as of December 31, 2018 and September 30, 2018, respectively.

17

HANCOCK WHITNEY CORPORATION
ASSET QUALITY INFORMATION
(Unaudited)
	Three Months Ended
(dollars in thousands)	12/31/2018			9/30/2018				6/30/2018				3/31/2018				12/31/2017
Nonaccrual loans (n)	$	187,295			$	201,646			$	241,681			$	275,179			$	252,800
Restructured loans - still accruing		139,042				162,189				152,507				166,520				120,493
Total nonperforming loans		326,337				363,835				394,188				441,699				373,293
ORE and foreclosed assets		26,270				27,475				22,342				26,630				27,542
Total nonperforming assets	$	352,607			$	391,310			$	416,530			$	468,329			$	400,835
Nonperforming assets as a percent of loans, ORE and foreclosed assets		1.76	%			2.00	%			2.15	%			2.45	%			2.11	%
Accruing loans 90 days past due (o)	$	5,589			$	24,460			$	7,941			$	12,724			$	27,766
Accruing loans 90 days past due as a percent of loans		0.03	%			0.13	%			0.04	%			0.07	%			0.15	%
Nonperforming assets + accruing loans 90 days past due to loans, ORE and foreclosed assets		1.79	%			2.12	%			2.19	%			2.52	%			2.25	%
Allowance for loan losses	$	194,514			$	214,550			$	214,530			$	210,713			$	217,308
Allowance for loan losses as a percentage of period-end loans		0.97	%			1.10	%			1.11	%			1.10	%			1.14	%
Allowance for loan losses to nonperforming loans + accruing loans 90 days past due		58.60	%			55.25	%			53.35	%			46.37	%			54.18	%
Provision for loan losses		8,100				6,872			$	8,891			$	12,253			$	14,986
NET CHARGE-OFF INFORMATION
Net charge-offs (recoveries)
Commercial & real estate loans	$	24,253			$	3,205			$	1,749			$	5,870			$	14,017
Residential mortgage loans		(296)				(1,055)				(290)				76				(371)
Consumer loans		4,179				4,702				3,615				6,254				7,154
Total net charge-offs	$	28,136			$	6,852			$	5,074			$	12,200			$	20,800
Net charge-offs (recoveries) as a percentage of average loans
Commercial & real estate loans		0.65	%			0.09	%			0.05	%			0.17	%			0.39	%
Residential mortgage loans		(0.04)	%			(0.15)	%			(0.04)	%			0.01	%			(0.06)	%
Consumer loans		0.78	%			0.89	%			0.70	%			1.22	%			1.35	%
Total net charge-offs as a percentage of average loans		0.56	%			0.14	%			0.11	%			0.26	%			0.44	%
AVERAGE LOANS
Commercial & real estate loans	$	14,794,875			$	14,542,281			$	14,380,941			$	14,224,370			$	14,096,091
Residential mortgage loans		2,888,261				2,816,151				2,754,292				2,718,413				2,642,308
Consumer loans		2,134,593				2,106,207				2,058,001				2,085,707				2,101,138
Total average loans	$	19,817,729			$	19,464,639			$	19,193,234			$	19,028,490			$	18,839,537
(n) Included in nonaccrual loans are nonaccruing restructured loans totaling $85.5 million, $92.7 million, $98.8 million, $118.0 million and $99.2million at 12/31/2018, 9/30/2018, 6/30/2018, 3/31/18 and 12/31/17, respectively. Nonaccrual loans and accruing loans past due 90 days or more do not include purchased credit impaired loans which were written down to fair value upon acquisition and accrete interest income over the remaining life of the loan.
(o) Excludes 90+ accruing troubled debt restructured loans already reflected in total nonperforming loans of $8.7 million, $6.1 million, $1.9 million, and $13.7 million as of December 31, 2018, September 30, 2018, June 30, 2018, and March 31, 2018 respectively.

18

HANCOCK WHITNEY CORPORATION
Appendix A To the Earnings Release
Reconciliation of Non-GAAP Measures
CORE NET INTEREST INCOME (TE) AND CORE NET INTEREST MARGIN (TE)
	Three Months Ended															Twelve Months Ended
(dollars in thousands)	12/31/2018			9/30/2018			6/30/2018			3/31/2018			12/31/2017			12/31/2018			12/31/2017
Net interest income	$	217,433		$	214,194		$	211,547		$	205,664		$	208,047		$	848,838		$	792,312
Taxable equivalent adjustment (p)		4,038			4,095			4,081			3,963			8,949			16,177			34,390
Net interest income (TE)		221,471			218,289			215,628			209,627			216,996			865,015			826,702
Purchase accounting adjustments:
Net loan discount accretion (q)		5,196			5,415			6,376			7,108			8,280			24,095			29,809
Net investment premium amortization (r)		(190)			(221)			(259)			(315)			(320)			(985)			(1,536)
Net purchase accounting accretion		5,006			5,194			6,117			6,793			7,960			23,110			28,273
Net interest income (TE) - core	$	216,465		$	213,095		$	209,511		$	202,834		$	209,036		$	841,905		$	798,429
Average earning assets	$	26,011,183		$	25,832,372		$	25,391,025		$	25,106,283		$	24,812,676		$	25,588,372		$	24,108,711
Net interest margin (TE)		3.39	%		3.36	%		3.40	%		3.37	%		3.48	%		3.38	%		3.43
Net purchase accounting adjustments		0.08	%		0.08	%		0.09	%		0.11	%		0.13	%		0.09	%		0.12
Net interest margin (TE) - core		3.31	%		3.28	%		3.31	%		3.26	%		3.35	%		3.29	%		3.31
OPERATING REVENUE (TE) AND OPERATING PRE-PROVISION NET REVENUE (TE)
	Three Months Ended															Twelve Months Ended
(dollars in thousands)	12/31/2018			9/30/2018			6/30/2018			3/31/2018			12/31/2017			12/31/2018			12/31/2017
Net interest income	$	217,433		$	214,194		$	211,547		$	205,664		$	208,047		$	848,838		$	792,312
Noninterest income		74,538			75,518			68,832			66,252			69,688			285,140			267,781
Total revenue	$	291,971		$	289,712		$	280,379		$	271,916		$	277,735		$	1,133,978		$	1,060,093
Taxable equivalent adjustment		4,038			4,095			4,081			3,963			8,949			16,177			34,390
Nonoperating revenue		(604)			—			—			1,145			—			541			(4,352)
Operating revenue (TE)	$	295,405		$	293,807		$	284,460		$	277,024		$	286,684		$	1,150,696		$	1,090,131
Noninterest expense		(179,366)			(181,187)			(184,402)			(170,791)			(168,063)			(715,746)			(692,691)
Nonoperating expense		2,458			4,827			15,805			5,853			—			28,943			28,473
Operating pre-provision net revenue (TE)	$	118,497		$	117,447		$	115,863		$	112,086		$	118,621		$	463,893		$	425,913
OPERATING EARNINGS PER SHARE - DILUTED
		Three Months Ended														Twelve Months Ended
(in thousands, except per share amounts)	12/31/2018			9/30/2018			6/30/2018			3/31/2018			12/31/2017			12/31/2018			12/31/2017
Net Income	$	96,240		$	83,878		$	71,177		$	72,475		$	55,449		$	323,770		$	215,632
Net income allocated to participating securities		(1,691)			(1,544)			(1,328)			(1,366)			(1,104)			(5,929)			(4,670)
Net income available to common shareholders		94,549			82,334			69,849			71,109			54,345			317,841			210,962
Nonoperating items, net of applicable income tax		1,465			3,813			12,486			5,782			—			23,546			15,679
Income tax resulting from re-measurement of deferred tax asset		—			—			—			—			19,520			—			19,520
Nonoperating items allocated to participating securities		(26)			(71)			(233)			(109)			(390)			(439)			(731)
Operating earnings available to common shareholders	$	95,988		$	86,076		$	82,102		$	76,782		$	73,475		$	340,948		$	245,430
Weighted average common shares - diluted		85,677			85,539			85,483			85,423			85,303			85,521			84,963
Earnings per share - diluted	$	1.10		$	0.96		$	0.82		$	0.83		$	0.64		$	3.72		$	2.48
Operating earnings per share - diluted	$	1.12		$	1.01		$	0.96		$	0.90		$	0.86		$	3.99		$	2.89
(p) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three and twelve months ended December 31, 2018 and the three months ended September 30, 2018, June 30, 2018 and March 31, 2018, and 35% for the three and twelve months ended December 31, 2017.
(q) Includes net loan discount accretion arising from business combinations.
(r) Includes net investment premium amortization arising from business combinations.

19

EX-99.2

Exhibit 99.2

Fourth Quarter 2018Earnings Conference Call 1/17/2019

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 balance sheet and revenue growth, the provision for loans losses, loan growth expectations, management’s predictions about charge-offs for loans, including energy-related credits, the impact of changes in oil and gas prices on our energy portfolio, the impact of the transaction with Capital One on our performance and financial condition, including our ability to successfully integrate the business, deposit trends, credit quality trends, net interest margin trends, future expense levels, success of revenue-generating initiatives, projected tax rates, future profitability, improvements in expense to revenue (efficiency) ratio, purchase accounting impacts such as accretion levels, increased cybersecurity risks, including potential business disruptions or financial losses, and the financial impact of regulatory requirements and tax reform legislation. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “forecast,” “goals,” “targets,” “initiatives,” “focus,” “potentially,” “probably,” “projects,” “outlook", or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update thereasonswhyactualresultscoulddifferfrom thosecontainedinsuch  statements in light of new information or future events.Forward-lookingstatementsaresubjecttosignificantrisksanduncertainties.Anyforward-lookingstatement madeinthisreleaseissubjecttothesafeharborprotectionssetforthinthePrivateSecuritiesLitigationReform Actof1995.Investorsarecautionedagainstplacingunduerelianceonsuchstatements.Actualresultsmay differmateriallyfromthosesetforthintheforwardlookingstatements.Additionalfactorsthatcouldcause actualresultstodiffermateriallyfromthosedescribedintheforward-lookingstatementscanbefoundinPartI, “Item1A.RiskFactors”inourAnnualReportonForm10-KfortheyearendedDecember31,2017andinother periodicreportsthatwefilewiththeSEC.

Non-GAAP Reconciliations & Glossary of TermsThroughout this presentation we may use non-GAAP numbers to supplementtheevaluationofourperformance.Theitemsnotedbelowwithanasterisk,"*",areconsiderednon-GAAP.Thesenon-GAAPfinancialmeasuresshouldnotbeconsideredalternatives  to GAAP-basisfinancialstatements,andotherbankholdingcompaniesmaydefineorcalculatethesenon-GAAPmeasuresorsimilarmeasuresdifferently.Reconciliationsofthose  non-GAAPmeasurestothecomparableGAAPmeasureareincludedintheappendixtothispresentation.Theearningsrelease,financialtablesandsupportingslidepresentationcanbefoundonthecompany’sInvestorRelationswebsiteathancockwhitney.com/investors.1Q19–First Quarter of 20192Q18–Second Quarter of 20183Q18–Third Quarter of 20184Q17–Fourth Quarter of 20174Q18–Fourth Quarter of 2018AFS–Available for sale securitiesALLL–Allowance for loan and lease lossesAnnualized–Calculated to reflect a rate based on a full yearBOLI–Bank-owned life insuranceCDI–Core Deposit IntangibleCECL–Current Expected Credit Losses (new accounting standard set for 2020)*Core–Excluding purchase accounting items and nonoperatingitems*Core NIM –Reported net interest income (TE) excluding total net purchase accounting adjustments, annualized, as a percent of average earning assets*Core Revenue –Net interest income (TE) plus noninterest income excluding purchase accounting adjustments and nonoperatingitems for both categoriesCSO–Corporate strategic objectiveCurrent Energy Cycle–Refers to the energy cycle beginning in November of 2014 through the most recent quarter endDDA–Noninterest-bearing demand deposit accountsDTA–Deferred Tax AssetE&P–Exploration and Production (Oil & Gas)Efficiency ratio –noninterest expense to total net interest (TE) and noninterest income, excluding amortization of purchased intangibles and nonoperatingitemsEOP–End of periodEPS–Earnings per shareFTE–Full time equivalentHTM–Held to maturity securitiesIRR–Interest rate riskLinked-quarter (LQ)–current quarter compared to previous quarterLoan Mark–Fair value discount on loans acquired in a business combinationLOB–Line of BusinessLPO –Loan production officeLQA–Linked-quarter annualizedM&A –Mergers and acquisitionsMM–Dollars in millionsNII –Net interest incomeNIM–Net interest margin (TE)NPA –Nonperforming assetsO&G–Oil and gas*Operating–Financial measure excluding nonoperatingitems*Operating Leverage –Operating revenue (TE) less operating expenseORE–Other real estatePAA–Purchase accounting adjustments from business combinations; including loan accretion, offset by any amortization of a bond portfolio premium, amortization of an indemnification asset and amortization of intangiblesPPNR–Pre-provision net revenueRBL–Reserve-based lendingROA–Return on average assetsRR–Risk ratingSBIC–Small Business Investment CompanySNC–Shared National CreditTCE –Tangible common equity ratio (common shareholders’ equity less intangible assets divided by total assets less intangible assets)TCJA–Tax Cuts and Jobs ActTDR–Troubled Debt RestructuringTE–Taxable equivalent (calculated using the current statutory federal tax rate)Trust and Asset Management acquisition –business acquired from Capital One on July 13, 2018Y-o-Y–Year over year

Corporate Profile (as of December 31, 2018)$28.2 billion in Total Assets$20.0 billion in Total Loans$23.2 billion in Total DepositsTangible Common Equity (TCE) ratio 8.02%Nearly 200 banking locations and 270 ATMs across our footprintApproximately 3,900 (FTE) employees corporate-wideRated among the strongest, safest financial institutions in the country by BauerFinancial, Inc. for 117 consecutive quartersEarned top customer service marks with Greenwich Excellence AwardsMoody’s long-term issuer rating: Baa3S&P long-term issuer rating: BBBIncludes trust offices in NY, NJ, TX, and MS

YTD 2018 Highlights(compared to YTD 2017)($s in millions; except per share data)20182017Net Income$323.8$215.6Earnings Per Share –diluted$3.72$2.48Return on Assets (%) (ROA)1.170.82Return on Tangible Common Equity (%) (ROTCE)15.6210.78Net Interest Margin (%)3.383.43Net Charge-offs (%)0.270.38Tangible Common Equity (%)8.027.73Results Excluding NonoperatingItems (operating)*NonoperatingItems (pre-tax)DTA re-measurement charge$29.5--$24.1$19.5Operating Income$347.3$250.8Earnings Per Share –diluted$3.99$2.89Pre-Provision Net Revenue (TE)$463.9$425.9ROA (%)1.250.96ROTCE (%)16.7612.54Efficiency Ratio (%)57.858.9*Non-GAAP measure. See appendix for non-GAAP reconciliation.Net income improved by 50%, up $108 million, to $324 millionEPS increased $1.24, or 50%, to $3.72; excluding nonoperatingitems, EPS increased $1.10 to $3.99Operating leverage increased approximately $38 million; revenue up $61 million, operating expense up $23 millionLoan growth of $1 billion, or 5%, surpassing $20 billion in total loans funded mostly by growth in total deposits of $897 million, or 4%Criticized commercial loans declined $451 million, or 42%; $270 million energy, $181 million nonenergy; nonperforming loans declined by $47 million, or 13%; $17 million energy; $30 million nonenergyDivested Harrison Finance March 9, 2018; purchased Capital One Trust and Asset Management business July 13, 2018

Portfolio Restructuring Improves NIM OutlookIn late 4Q18 the company sold 192k shares of VISA-B stock for a net gain of $33.2 millionVISA-B shares net gain offset losses associated with selling $481 million of lower yielding bonds and $116 million of lower yielding municipal loansProceeds of sales used to purchase $260 million of higher yielding bonds and to pay down $346 million of FHLB advancesVISA-B trade and related restructuring improves company’s yields on investment securities and loans, while improving our funding mixSpecifically, we expect the following impacts in 2019 from the trade and restructuring:•Loan yield +2 bps•Yield on investment portfolio +10 bps•NIM +7 bps•EPS +$.05ActionAsset/LiabilityTrade Size ($s in millions)Book YieldGain(Loss)($s in millions)SALEVISA-B sharesn/a$33.2SALEInvestments$4811.97%($25.5)SALELoans$1162.02%($7.2)PurchaseInvestments$2603.59%n/aPaydownFHLB Advances$3462.37%n/an/a=not applicable.

Growth Diversified Across Footprint and Many Lines of BusinessLoans grew to over $20.0 billion at quarter-end, an increase of $483 million, or 10% LQA•Loan portfolio 52% variable-57% of variable loans are LIBOR-based (30% of total loan portfolio)•97% of the LIBOR loans are tied to 1mo L•3% of the LIBOR loans are tied to 3mo L-31% tied to Wall Street Journal Prime.Expect EOP loan growth for 1Q19 in the range of $200-$250 million3Q18 East Region (MS AL & FL) Central Region (SE LA) West Region (TX & SW LA) Nashville Healthcare Indirect Equipment Finance Mortgage Energy Loan Sale 4Q18 $19,200 $19,400 $19,600 $19,800 $20,000 $20,200 $19,544 $20,026 $142 $101 $138 $47 $63 $132 $5 $20 $116 Millions

Growth Related to Shifting Mix Within The Energy PortfolioEnergy loans totaled $1.1 billion, or 5.3% of total loans, up $132 million linked-quarter and virtually unchanged compared to a year earlier.Growth primarily in RBL and midstream.Increase in portfolio outstandingsmainly related to efforts to change the mix between RBL and support services•Linked-quarter change reflects $45 million in net reductions and $16 million of charge-offs, offset by $193 million in fundingsSupport Drilling 11% Support Nondrilling 36% Energy Loan Portfolio Mix $1,059 million 12/31/18 Upstream (RBL) 43% Midstream 10% Making Progress Towards a Balanced Energy Portfolio 38% 6% 56% 43% 10% 47% 0% 10% 20% 30% 40% 50% 60% Upstream (RBL) Midstream Total Support Services 12/31/2014 12/31/2018 Energy Portfolio as a % of Total Loans 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 5% Strategic Goal

Criticized Commercial Loans Down 25% Linked-QuarterTotal criticized loans%of total commercial loans$1,0767.58%$1,0847.56%$8976.18%$8345.72%$6264.18%Criticized –Nonenergy% of total commercial loans$5263.70%$5613.91%$4893.37%$4773.27%$3462.31%Criticized –energy% of total commercial loans$5503.87%$5233.65%$4082.81%$3572.45%$2791.86%.Criticized commercial loans totaled $626 million at December 31, 2018, down $208 million, or 25%, from September 30, 2018•Criticized energy loans totaled $279 million at December 31, 2018, down $78 million, or 22%, linked-quarter•Criticized nonenergyloans totaled $346 million at December 31, 2018, down $131 million, or 27%, linked-quarter

Nonperforming Loans Down 10% Linked-QuarterTotal nonperforming loans%of total loans$3731.96%$4422.31%$3942.03%$3641.86%$3261.63%Nonperformingloans–nonenergy% of total loans$1590.84%$1630.85%$1570.81%$1440.74%$1300.65%Nonperformingloans–energy% of total loans$2141.13%$2791.46%$2371.22%$2201.13%$1970.98%.NPA ratio 1.76%, down 24 bps linked-quarter.Nonperforming assets totaled $353 million, down $39 million, or 10%, from September 30, 2018•Nonperforming energy loans totaled $197 million at December 31, 2018, down $23 million, or 10%,linked-quarter (includes accruing energy TDRs of $137 million)•Nonperforming nonenergyloans totaled $130 million at December 31, 2018, down $15 million, or 10%1.00% 1.50% 2.00% 2.50% 3.00% $0 $100 $200 $300 $400 $500 4Q171Q182Q183Q184Q18 % of total loans $s in millions Nonperforming – energy Nonperforming-nonenergy Total nonperforming % of total loans

Adequately Reserved For Both Energy and NonenergyAllowance for loan losses (ALLL) $194.5million in 4Q18, down $20.0 million linked-quarter•ALLL for energy credits $33.2 million at December31, 2018, down $17.0million, or 34%, from September30, 2018; energy charge-offs totaled $16 million in 4Q18•NonenergyALLL $161.3 million as of December 31, 2018, down $3.0million from September 30, 2018.Provision for loan losses was $8.1 million; net charge-offs totaled $28.1 million, or 56 bps•Approximately $21 million of charge-offs specifically reserved for in prior periods; 2 credits (one energy, one nonenergy)•Net charge-offs to-date for the current energy cycle (Nov ‘14 –Dec ‘18) total $95 million.Decrease in allowance consistent with improved credit quality as reflected in $208 million, or 25%, reduction in criticized loans4Q18NonenergyEnergyTotalGeneral Reserves$147.9MM$31.0MM$178.9MMImpaired Reserves$2.7MM$2.2MM$4.9MMPCI Reserves$10.7MM--$10.7MMTotal Allowance for Credit Losses$161.3MM$33.2MM$194.5MMLoans$18,967MM$1,059MM$20,026MMCoverage Ratio at 12-31-180.85%3.13%0.97%Coverage Ratio at 9-30-180.88%5.42%1.10%

NIM Up 3 Basis Points Linked-QuarterBetas1Q182Q183Q184Q184Q15-4Q18Total Loans47%44%42%40%46%Total DepositsTotal depositsexcludingbrokered CDs and acquired trust deposits29%23%17%14%35%20%31%20%24%19%Net interest margin (NIM) of 3.39%, up 3 bps linked-quarter; net interest income up $3.2 million •Loan yield up 8bps •Yield on securities portfolio up 7bps •Cost of funds up 7bps •Cost of deposits up 8 bps ▸No net interest recoveries/reversals in 4Q18 ▸Core NIM of 3.31% up 3 bps linked-quarter 3.36% 3.39% 0.02% 0.02% 0.02% 0.01% 0.02% 3.00% 3.05% 3.10% 3.15% 3.20% 3.25% 3.30% 3.35% 3.40% 3.45% 3.50% 3Q18 NIM (TE) 3Q18 Interest recoveries Portfolio Restructuring Favorable Funding Mix Favorable Earning Asset Mix Other 4Q18 NIM (TE) 2.50% 2.46% 2.50% 2.55% 2.62% 0.50% 0.58%0.64% 0.75% 0.82% 3.48% 3.37% 3.40% 3.36%3.39% 0.00% 1.50% 3.00% 4.50% 4Q17 1Q18 2Q18 3Q18 4Q18 Loan Yield – reported Securities Yield – reported Cost of Funds – reported NIM 4.46% 4.43% 4.55% 4.63% 4.71%

Portfolio totaled $5.7billion, down$317million, or 5%, linked-quarter; reflects portfolio restructuring detailed on slide 7.Yield 2.62%, up 7 bps linked-quarter.Premium amortization down$0.8 million linked-quarter.Unrealized net loss of $64.8million on AFS compared to $130.7million at September 30, 2018.52% HTM, 48% AFS.Duration 4.67 years compared to 4.90 years at September 30, 2018CMO $1,407 25% U.S. Agencies and other $128 2% MBS $3,266 57% Munis $935 16% Securities Portfolio Mix 12/31/18 $s in millions 3.1% 5.9% 8.3% 10.6% 3.8% 7.0% 9.6% 11.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% +100 shock +200 shock +300 shock +400 shock IRR Scenarios Year 1 Year 2

.Total deposits $23.2 billion, up $732 million, or 3%, linked-quarter•Noninterest-bearing demand deposits (DDA) increased $358 million•Interest-bearing transaction and savings deposits increased $28 million•Time deposits (retail) increased $121 million; time deposits (brokered) declined by $168 million•Interest-bearing public fund deposits increased $393 million•DDA comprised 37% of total period-end deposits•Cost of deposits up 8bps to 70 bps•Average loan/deposit ratio 88%Time Deposits (retail) $2,416 10% Time Deposits (brokered) $1,228 5% Interest-bearing public funds $3,007 13% Noninterest bearing $8,499 37% Interest-bearing transaction & savings $8,000 35% Total Deposits 12/31/18 $s in millions 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Avg Qtrly Deposits $18.7 $18.9 $19.2 $20.9 $21.3$21.8 $22.0 $22.1 $22.0 $22.5 LQA EOP growth 1% 11% 10% 31% 2% 13% 4% -4% 3% 13% $14.0 $15.0 $16.0 $17.0 $18.0 $19.0 $20.0 $21.0 $22.0 $23.0 $s in billions

Seasonality and Market Conditions Drive Changes in FeesNoninterest income totaled $74.5 million, down $1.0 million, or 1% linked-quarter•Includes $0.6 million in net gains on sale of securities (see slide 7).YTD operating noninterest income totaled $285.7 million, up $22.3 million or 8%.Linked-quarter changes noted below adjusted for nonoperatingitems (securities transactions)Mainly related to market conditionsMainly related to market conditionsMainly related to seasonalityDue to rate volatility $66 $68 $70 $72 $74 $76 $78 3Q18 Noninterest Income Service Charges on Deposit Accounts Bank Card & ATM Fees Investment & Annuity Income and Insurance Trust Fees Secondary Mortgage Fees Other4Q18 Noninterest Income (excluding nonoperating items) $s in millions Service Charges on Deposit $21.5 29% Investment & Annuity and Insurance $6.3 9% Trust Fees $15.8 21% Bankcard & ATM Fees $15.7 21% Secondary Mortgage Fees $3.9 5% Other $11.4 15% Noninterest Income Mix 4Q18 12/31/18 $s in millions $75.5 $73.9 $0.1 $0.8 $0.3 $1.0 $0.4 $0.8

Managing Expenses in Line with GuidanceOperating expense (noninterest expense excluding nonoperatingitems) totaled $176.9 million, up $0.5 million, or less than 1% linked-quarter.Nonoperatingexpenses totaled $2.5 million in 4Q18 and $4.8 million in 3Q18.YTD operating expenses totaled $686.8 million, up $22.6 million, or 3%.Linked-quarter changes noted below adjusted for nonoperatingitemsRelated to incentive payand full quarter of acquired trust and asset management businessData processing, professional services, regulatory and business developmentPersonnel $104.9 59% Occupancy $12.2 7% Equipment $3.8 2% Other (inc. ORE) $50.5 29% Amortization of intangibles $5.5 3% Operating Expense Mix 4Q18 12/31/18 $s in millions $160 $170 $180 $190 3Q18 Operating Expense Personnel Expense Occupancy & Equipment Revenue-generating Expenses Amortization of Intangibles Other 4Q18 Operating Expense $176.4 $176.9 $3.7 $0.5 $0.2 $0.2 $3.7

Managing Capital In The Best Interests of All StakeholdersTCE ratio 8.02%, up 35bps linked-quarter•Growth in tangible assets-4bps•Tangible net earnings +37bps•OCI +14bps; mostly related to lower unrealized loss on the AFS securities portfolio netted with pension plan losses•Dividends -9 bps•Stock-based comp activity & other -3bps.Bought back 200,000 shares of common stock in late October 2018 at an average price of $41.30per share.Will continue to manage capital in the best interests of the Company and our shareholders; priorities are:•Organic growth•Dividend payout ratio targeted between 30-40% of net income•Opportunistic buybacks•Opportunisticinfill M&A; no large or strategic transactions anticipatedTangible Common Equity RatioLeverage (Tier1) RatioTier 1 Risked-Based Capital RatioTotal Risk-Based Capital RatioDecember 31, 20188.02%8.67%(e)10.51%(e)12.02%(e)September 30, 20187.67%8.50%10.36%11.98%June 30, 20187.76%8.66%10.48%12.12%March 31, 20187.80%8.51%10.35%12.00%December 31, 20177.73%8.43%10.21%11.90%(e) Estimated for most recent period-end5% 10% 15% 4Q17 1Q18 2Q18 3Q18 4Q18(e) Capital Ratios TCE Tier 1 Risk-Based Capital Total Risk-Based Capital

Near-Term Outlook4Q18 ActualYTD ActualItems to note2019 OutlookLoans (EOP)+$483 million or 10% LQA; +up $1 billion or 5% Y-o-YNet of sale of $116 million in low yield municipal loans during 4Q18Expect net loan growth of $200-$250 million for 1Q19 due to typical seasonality; expect full year average growthfor 2019 in mid single digitsNetInterest Margin (NIM)3.39%up 3 bps LQNo interest recoveries/reversalsin 4Q18Seeslide 7 for details of portfolio restructuring in 4Q18Expect 4-6 bps increase in NIM in 1Q19; driverswill be funding mix, market rates and impact of portfolio restructuringNoninterest Income (operating)$73.9millionExcludes $.6 million in net gains from portfolio restructuring(see slide7)Expect operating noninterest income to increase 5%-7% for the year compared to 2018; inclusiveof partial year impact from the trust and asset management acquisition; 1Q19 flat to slightly down relatedto seasonality, majority of growth in 2H19Loan Loss Provision$8.1 millionExpected range of $8-$9 million in first quarter of 2019Operating expense$176.9 millionExcludes $2.5 million of nonoperatingitems related to the trust & asset management acquisition, Hurricane Michael expenses and New Orleans main office relocation expensesExpect operating expense to increase 4%-5% for the year compared to 2018; inclusive of partial year impact from the trust and asset management acquisition; 1Q19 willreflect seasonally higher payroll expensesEffective Tax Rate8%Related to impact of tax reform strategies in 4Q18; will return to a more typical level in 1Q19Expect the effective tax rate to approximate 17%-19% both on a quarterly and full year basis for 2019

Long-Term Outlook –Goal to Achieve Objectives by 4Q20 2019/2020 Corporate Strategic Objectives (CSOs) Quarterly ObjectiveEarnings (EPS)/quarter (excluding nonoperatingitems)$1.20 -$1.25ROA (operating)1.40% -1.45%TCE>8%ROTCE (operating)>15%Efficiency Ratio<56%.Goal is to achieve CSOs by the 4thquarter of 2020.Does not include changes in interest rates or M&A

Appendix and Non-GAAP Reconciliations

Operating Earnings See slides 26-29 for non-GAAP reconciliations4Q171Q182Q183Q184Q18Operating Earnings ($000)74,96978,25783,66387,69197,705Operating EPS$0.86$0.90$0.96$1.01$1.12Net Interest Income (TE) ($000)216,996209,627215,628218,289221,471Noninterest Inc excl non-op ($000)69,68867,39768,83275,51873,934Operating Expense exclnon-op ($000)168,063164,938168,597176,360176,908Provision ($000)14,98612,2538,8916,8728,10074,969 78,257 83,663 87,691 97,705 60,000 80,000 100,000 120,000 4Q17 1Q18 2Q18 3Q18 4Q18 Operating Earnings ($000) $0.86 $0.90 $0.96 $1.01 $1.12 $0.70 $0.90 $1.10 $1.30 4Q17 1Q18 2Q18 3Q18 4Q18 Operating EPS 216,996 209,627 215,628 218,289 221,471 180,000 200,000 220,000 240,000 4Q17 1Q18 2Q18 3Q18 4Q18 Net Interest Income TE ($000) 69,688 67,397 68,832 75,518 73,934 60,000 65,000 70,000 75,000 80,000 4Q17 1Q18 2Q18 3Q18 4Q18 Non Interest Inc (excl non op) ($000) 168,063 164,938 168,597 176,360 176,908 160,000 170,000 180,000 190,000 4Q17 1Q18 2Q18 3Q18 4Q18 Operating Exp (excl non op) ($000) 14,986 12,253 8,891 6,872 8,100 5,000 10,000 15,000 20,000 4Q17 1Q18 2Q18 3Q18 4Q18

Key Operating RatiosSee slides 26-29 for non-GAAP reconciliations4Q171Q182Q183Q184Q18Operating Return on Assets1.10%1.17%1.22%1.24%1.37%Operating Return on Equity10.37%11.05%11.54%11.78%12.95%Operating Return on TCE14.62%15.56%16.12%16.84%18.43%Tangible Common Equity Ratio7.73%7.80%7.76%7.67%8.02%Net Interest Margin (TE)3.48%3.37%3.40%3.36%3.39%Operating Efficiency Ratio56.57%57.51%57.40%58.11%58.03%1.10% 1.17% 1.22% 1.24% 1.37% 0.90% 1.10% 1.30% 1.50% 4Q17 1Q18 2Q18 3Q18 4Q18 Operating Return on Assets 10.37% 11.05% 11.54% 11.78% 12.95% 8.00% 10.00% 12.00% 14.00% 4Q17 1Q18 2Q18 3Q18 4Q18 Operating Return on Equity 14.62% 15.56% 16.12% 16.84% 18.43% 14.00% 16.00% 18.00% 20.00% 4Q17 1Q18 2Q18 3Q18 4Q18 Operating Return on TCE 7.73% 7.80% 7.76% 7.67% 8.02% 7.00% 7.50% 8.00% 8.50% 4Q17 1Q182Q18 3Q18 4Q18 Tangible Common Equity Ratio 3.48% 3.37% 3.40% 3.36% 3.39% 3.20% 3.35% 3.50% 3.65% 4Q17 1Q18 2Q18 3Q18 4Q18 Net Interest Margin 56.57% 57.51% 57.40% 58.11% 58.03% 54.00% 56.00% 58.00% 60.00% 4Q17 1Q18 2Q18 3Q18 4Q18

Balance Sheet Summary4Q171Q182Q183Q184Q18Average Loans ($MM)18,84019,02819,19319,46519,818Average Total Securities ($MM)5,8015,8976,0326,1865,965Average Deposits ($MM)21,76322,04322,10122,02222,498Loan Yield (TE)4.46%4.43%4.55%4.63%4.71%Securities Yield (TE)2.50%2.46%2.50%2.55%2.62%Cost of Interest Bearing Dep0.68%0.78%0.86%0.97%1.11%18,840 19,028 19,193 19,465 19,818 16,000 18,000 20,000 22,000 4Q17 1Q18 2Q18 3Q18 4Q18 Average Loans ($MM) 5,801 5,897 6,032 6,186 5,965 4,000 5,000 6,000 7,000 4Q17 1Q18 2Q18 3Q18 4Q18 Average Total Securities ($MM) 21,763 22,043 22,101 22,022 22,498 18,000 20,000 22,000 24,000 4Q17 1Q18 2Q18 3Q18 4Q18 Average Deposits ($MM) 4.46% 4.43% 4.55% 4.63% 4.71% 4.20% 4.40% 4.60% 4.80% 4Q17 1Q18 2Q18 3Q18 4Q18 Loan Yield (TE)2.50% 2.46% 2.50% 2.55% 2.62% 2.40% 2.50% 2.60% 2.70% 4Q17 1Q18 2Q18 3Q18 4Q18 Securities Yield (TE)0.68% 0.78% 0.86% 0.97% 1.11% 0.60% 0.80% 1.00% 1.20% 4Q17 1Q18 2Q18 3Q18 4Q18 Cost of Interest Bearing Deposits

Well-Diversified Loan PortfolioC&I $8,621 43% Owner-occupied CRE $2,458 12% C&D $1,548 8% Income-producing CRE $2,342 12% Mortgage $2,910 14% Consumer $2,148 11% Total Loans $20,026 million 12/31/18 East Region (MS AL & FL) $4,688 23% Central Region (SE LA) $4,967 25% West Region (TX & SW LA) $3,424 17% Nashville Healthcare $581 3% Indirect $596 3% Total Loans by Market/LOB $20,026 million 12/31/18 Other $1,198 6% Mortgage $2,910 15% Energy $1,059 5% Equipment Finance $603 3%

Operating Earnings & Operating EPS ReconciliationsThree Months EndedTwelve Months Ended(in thousands, except per share amounts)12/31/20189/30/20186/30/20183/31/201812/31/201712/31/201812/31/2017Net Income$96,240$83,878$71,177$72,475$55,449$323,770$215,632Net income allocated to participating securities(1,691)(1,544)(1,328)(1,366)(1,104)(5,929)(4,670)Net income available to common shareholders$94,549$82,334$69,849$71,109$54,345$317,841$210,962Nonoperating items, net of applicable income tax1,4653,81312,4865,782--23,54615,679Nonoperatingincome allocated to participating securities(26)(71)(233)(109)(390)(439)(731)Income tax from remeasurementof deferred tax asset--------19,520--19,520Operating net income available to common shareholders$95,988$86,076$82,102$76,782$73,475$340,948$245,430Weighted average common shares -diluted85,67785,53985,48385,42385,30385,52184,963Earnings per share -diluted$1.10$0.96$0.82$0.83$0.64$3.72$2.48Operating earnings per share -diluted$1.12$1.01$0.96$0.90$0.86$3.99$2.89

Operating ROA, ROE & ROTCE ReconciliationsThree Months EndedTwelve Months Ended(dollars in thousands)12/31/20189/30/20186/30/20183/31/201812/31/201712/31/201812/31/2017Net Income$96,240$83,878$71,177$72,475$55,449$323,770$215,632Nonoperatingitems, net of income tax benefit1,4653,81312,4865,782---23,54615,679Income tax resulting from re-measurement of deferred tax asset------------19,520---19,520Operating earnings$97,705$87,691$83,663$78,257$74,969$347,316$250,831Average Assets$28,259,963$28,026,923$27,485,052$27,237,077$26,973,507$27,755,808$26,240,751Average Equity$2,993,265$2,952,431$2,908,997$2,872,813$2,867,475$2,932,263$2,806,868Average Tangible Common Equity$2,103,445$2,066,205$2,081,237$2,039,544$2,034,313$2,072,765$1,999,968Return on average assets -operating1.37%1.24%1.22%1.17%1.10%1.25%0.96%Return on average equity -operating12.95%11.78%11.54%11.05%10.37%11.84%8.94%Return on average tangible common equity -operating18.43%16.84%16.12%15.56%14.62%16.76%12.54%

Operating Revenue (TE) & Operating PPNR (TE) ReconciliationsThree Months EndedTwelve Months Ended(dollars in thousands)12/31/20189/30/20186/30/20183/31/201812/31/201712/31/201812/31/2017Net interest income$217,433$214,194$211,547$205,664$208,047$848,838$792,312Noninterest income74,53875,51868,83266,25269,688285,140267,781Total revenue$291,971$289,712$280,379$271,916$277,735$1,133,978$1,060,093Taxable equivalent adjustment4,0384,0954,0813,9638,94916,17734,390Nonoperatingrevenue(604)——1,145—541(4,352)Operating revenue (TE)$295,405$293,807$284,460$277,024$286,684$1,150,696$1,090,131Noninterest expense(179,366)(181,187)(184,402)(170,791)(168,063)(715,746)(692,691)Nonoperating expense2,4584,82715,8055,853—28,94328,473Operating pre-provision net revenue (TE)$118,497$117,447$115,863$112,086$118,621$463,893$425,913Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three and twelve months ended December 31, 2018 and the three months ended September 30, 2018, June 30,2018, and March 31, 2018, and 35% for the three and twelve months ended December 31, 2017.

Core NII (TE) & Core NIM (TE) ReconciliationThree Months EndedTwelve Months Ended(dollars in thousands)12/31/20189/30/20186/30/20183/31/201812/31/201712/31/201812/31/2017Net interest income$217,433$214,194$211,547$205,664$208,047$848,838$792,312Taxable equivalent adjustment (a)4,0384,0954,0813,9638,94916,17734,390Net interest income (TE)$221,471$218,289$215,628$209,627$216,996$865,015$826,702Purchase accounting adjustments:Net loan discount accretion (b)5,1965,4156,3767,1088,28024,09529,809Net investment premium amortization (c)(190)(221)(259)(315)(320)(985)(1,536)Net purchase accounting accretion5,0065,1946,1176,7937,96023,11028,273Net interest income (TE) -core$216,465$213,095$209,511$202,834$209,036$841,905$798,429Average earning assets$26,011,183$25,832,372$25,391,025$25,106,283$24,812,676$25,588,372$24,108,711Net interest margin (TE) -reported3.39%3.36%3.40%3.37%3.48%3.38%3.43%Net purchase accounting adjustments0.08%0.08%0.09%0.11%0.13%0.09%0.12%Net interest margin (TE) -core3.31%3.28%3.31%3.26%3.35%3.29%3.31%(a) Taxable equivalent (TE) amounts are calculated using a federal income tax rate of 21% for the three and twelve months ended December 31, 2018 and the three months ended September 30, 2018, June 30, 2018, and March 31, 2018, and 35% for the three and twelve months ended December 31, 2017.(b) Includes net loan discount accretion arising from business combinations.(c) Includes net investment premium amortization arising from business combinations.

Fourth Quarter 2018Earnings Conference Call1/17/2019