Hancock Whitney Closes One Florida Bank Deal

The Tip Desk · November 8, 2026 · 3 min read

GAAP EPS fell to $1.36 from $1.55 after a $30.4 million OFB charge, while adjusted EPS rose to $1.66 and net interest income (TE) reached $314.9 million.

Hancock Whitney Corporation (HWC), a regional bank with offices across Mississippi, Alabama, Florida, Louisiana and Texas, closed its acquisition of OFB Bancshares, Inc., parent of One Florida Bank, on August 1, 2026, and booked a pretax charge of $30.4 million, or $0.30 a share, of supplemental disclosure items related to the deal in the third quarter.

Net income was $110.1 million, or $1.36 a diluted share, compared with $127.0 million, or $1.55 a share, in the second quarter. Excluding the supplemental items, EPS would have been $1.66, up $0.11 from the prior quarter. There were no supplemental disclosure items in the second quarter.

The deal lifted the balance sheet. Period-end loans rose $2.0 billion, or 8%, to $26.5 billion at September 30, 2026, including $1.7 billion acquired from OFB, after a $588 million, or 2%, increase in the second quarter. Average loans were $25.8 billion, up $1.4 billion, or 6%, from the second quarter. The company said loan growth also included a legacy and post-acquisition increase in commercial real estate across multiple products and continued growth in equipment finance.

Deposits increased $2.5 billion, or 9%, to $32.2 billion, including $1.9 billion acquired from OFB. Average deposits were $30.9 billion, up $2.1 billion, or 7%. Interest-bearing transaction and savings deposits were $15.5 billion, up $2.5 billion, or 19%, including $1.2 billion from OFB. Noninterest-bearing deposits were $10.6 billion, or 33% of period-end deposits. Interest-bearing public fund deposits were $2.6 billion.

Net interest income (TE) rose $19.7 million, or 7%, to $314.9 million from $295.2 million in the second quarter, after a $7.7 million, or 3%, increase in the second quarter. The net interest margin (TE) expanded 5 bps to 3.61% from 3.56%, after a 1 bp increase in the second quarter. The company attributed the third-quarter move to OFB purchase-accounting accretion (+4 bps), other borrowings (+1 bps), and earning-asset yield and mix (+8 bps), offset by higher deposit costs (-8 bps). Average earning assets were $34.8 billion.

Adjusted pre-provision net revenue totaled $189.3 million, up $11.2 million, or 6%, from the prior quarter. Noninterest income was $107.0 million, down $1.4 million from $108.4 million in the second quarter. Fees from secondary mortgage operations were $2.9 million, down $1.2 million, or 30%, which the company tied to the current rate environment.

Noninterest expense was $262.0 million, up $36.6 million, or 16%, including $29.4 million of OFB supplemental items and $5.8 million of post-acquisition expense. The efficiency ratio improved to 54.46% from 55.31%. Personnel expense was $144.8 million; the company said the remaining increase after OFB items was primarily related to new hires associated with its organic growth plan.

The provision for credit losses was $16.1 million, including a $1.0 million OFB unfunded-commitment item, compared with $13.8 million in the second quarter. Net charge-offs were $10.2 million, or 0.16% of average loans annualized. ACL coverage remained at 1.42% of period-end loans; the ACL balance was $375.8 million, including $21.9 million of OFB purchase accounting. Criticized commercial loans were $485.3 million, or 2.29% of commercial loans. Nonaccrual loans were $133.3 million, or 0.50% of total loans.

Capital ratios fell with the acquisition. The CET1 ratio was estimated at 11.53%, down 166 bps from 13.19% at June 30, after a 12 bp decline in the second quarter. The tangible common equity ratio was 8.05%, down 173 bps. Common stockholders’ equity was $4.2 billion. The company repurchased one million shares at an average $77.91 under a buyback authorizing up to about 4.1 million shares through December 31, 2026. Cash dividends were $0.50 a share.