Hancock Whitney Corporation (NASDAQ:HWC) Q4 2018 Earnings Conference Call Transcript
Jan 17, 2019 • 09:30 am ET
and investment and annuity income was down related to market conditions. We kept a handle on operating expenses with only a slight overall increase. A full quarter's impact of the trust and asset management acquisition, especially related to personnel expense, was offset by other items. As we previously indicated, we implemented some tax reform strategies in the quarter that lowered our effective tax rate to 8%. This compared to our original guidance early in the year for 15% in the fourth quarter. We expect the rate will return to a more normal level of between 17% and 19% in the first quarter.
As John mentioned, TCE topped 8% this quarter and we are happy to be back above that target. We did buy back 200,000 shares during the quarter as we chose to remain focused on building capital. Our outlook today is to remain opportunistic on buybacks and to continue to manage capital in the best interest of our shareholders.
I will now turn the call back over to John.
Thanks, Mike. And with that let's just open the call for questions.