Hancock Whitney Corporation (NASDAQ:HWC) Q4 2019 Earnings Conference Call - Final Transcript

Jan 16, 2020 • 09:30 am ET

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Hancock Whitney Corporation (NASDAQ:HWC) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Executive
Michael M. Achary

income. For the year, however, fees were up $30 million partly driven by those specialty lines. Operating expenses were up linked quarter as expected, a full quarter's impact [Phonetic] from MidSouth added $8 million in operating expense with about $3.5 million of that total related to personnel expense. As noted earlier, all MSL related cost saves were achieved in the fourth quarter.

As John noted earlier, capital remains strong with TCE ending the year at 8.45%A. The decrease from third quarter was related to the stock buyback we announced in October. As a reminder, we entered into an agreement on October 21 to repurchase about 5 million shares of our common stock through an accelerated share repurchase program or ASR. On day one, we received 3.6 million shares, which is included in our fourth quarter's EPS calculation. We expect to receive the balance of shares by mid-year, with the number of shares dependent on our stock price over that period. The ASR allows us to essentially buy back a similar number of shares as the number issued for the MidSouth acquisition, basically changing it from a stock to cash transaction and improving the profitability of the deal.

And finally, Slide 22 includes forward guidance consisting the both our near-term outlook and longer-term goals for our CSOs.

I'll now turn the call back to John.

Executive
John M. Hairston

Thank you, Mike and let's open the call for questions.