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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-36872

HANCOCK WHITNEY CORPORATION

(Exact name of registrant as specified in its charter)


Mississippi		64-0693170
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Hancock Whitney Plaza, 2510 14th Street, Gulfport, Mississippi		39501
(Address of principal executive offices)		(Zip Code)

(228) 868-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, par value $3.33 per share	HWC	Nasdaq
6.25% Subordinated Notes	HWCPZ	Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

81,157,968 common shares were outstanding at April 30, 2026.

Table of Contents

Hancock Whitney Corporation

Index


Part I. Financial Information		Page Number
ITEM 1.	Financial Statements	5
	Consolidated Balance Sheets (unaudited) – March 31, 2026 and December 31, 2025	5
	Consolidated Statements of Income (unaudited) – Three Months Ended March 31, 2026 and 2025	6
	Consolidated Statements of Comprehensive Income (unaudited) – Three Months Ended March 31, 2026 and 2025	7
	Consolidated Statements of Changes in Stockholders’ Equity (unaudited) – Three Months Ended March 31, 2026 and 2025	8
	Consolidated Statements of Cash Flows (unaudited) – Three Months Ended March 31, 2026 and 2025	9
	Notes to Consolidated Financial Statements (unaudited) – March 31, 2026 and 2025	10
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	39
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	62
ITEM 4.	Controls and Procedures	64
Part II. Other Information
ITEM 1.	Legal Proceedings	65
ITEM 1A.	Risk Factors	65
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65
ITEM 3.	Default on Senior Securities	N/A
ITEM 4.	Mine Safety Disclosures	N/A
ITEM 5.	Other Information	65
ITEM 6.	Exhibits	66
Signatures		67

Table of Contents

Hancock Whitney Corporation

Glossary of Defined Terms

Entities:

Hancock Whitney Corporation – a financial holding company registered with the Securities and Exchange Commission

Hancock Whitney Bank – a wholly-owned subsidiary of Hancock Whitney Corporation through which Hancock Whitney Corporation conducts its banking operations

Company – Hancock Whitney Corporation and its consolidated subsidiaries

Parent – Hancock Whitney Corporation, exclusive of its subsidiaries

Bank – Hancock Whitney Bank

Other Terms:

ACL – allowance for credit losses

AFS – available for sale securities

AI – Artificial Intelligence

ALCO – Asset Liability Management Committee

ALLL – allowance for loan and lease losses

AML – Anti-money laundering

AOCI – accumulated other comprehensive income or loss

ASC – Accounting Standards Codification

ASU – Accounting Standards Update

ATM – automated teller machine

Basel III – Basel Committee's 2010 Regulatory Capital Framework (Third Accord)

Beta – amount by which deposit or loan costs change in response to movement in short-term interest rates

BOLI – bank-owned life insurance

bp(s) – basis point(s)

C&I – commercial and industrial loans

CD – certificate of deposit

CDE – Community Development Entity

CECL – Current Expected Credit Losses

CEO – Chief Executive Officer

CFPB – Consumer Financial Protection Bureau

CFO – Chief Financial Officer

CISO – Chief Information Security Officer

CMO – collateralized mortgage obligation

Core client deposits – total deposits excluding public funds and brokered deposits

Core deposits – total deposits excluding certificates of deposits of $250,000 or more and brokered deposits

CRE – commercial real estate

CET1 – Common equity tier 1 capital as defined by Basel III capital rules

DIF – Deposit Insurance Fund

EVE – Economic Value of Equity

Excess Liquidity – deposits held at the Federal Reserve above normal levels

FASB – Financial Accounting Standards Board

FDIC – Federal Deposit Insurance Corporation

FDICIA – Federal Deposit Insurance Corporation Improvement Act of 1991

Federal Reserve Board – The 7-member Board of Governors that oversees the Federal Reserve System, establishes

monetary policy (interest rates, credit, etc.), and monitors the economic health of the country. Its members are appointed

by the President subject to Senate confirmation, and serve 14-year terms.

Federal Reserve System – The 12 Federal Reserve Banks, with each one serving member banks in its own district. This system, supervised by the Federal Reserve Board, has broad regulatory powers over the money supply and the

credit structure. They implement the policies of the Federal Reserve Board and also conduct economic research.

FFIEC – Federal Financial Institutions Examination Council

FHA – Federal Housing Administration

FHLB – Federal Home Loan Bank

GAAP – Generally Accepted Accounting Principles in the United States of America

Table of Contents

HTM – held to maturity securities

ICS – Insured cash sweep

IRR – Interest rate risk

IRS – Internal Revenue Service

IT – Information Technology

LIHTC – Low Income Housing Tax Credit

LTIP – long-term incentive plan

MBS – mortgage-backed securities

MD&A – Management’s discussion and analysis of financial condition and results of operations

MDBCF – Mississippi Department of Banking and Consumer Finance

MEFD – reportable modified loans to borrowers experiencing financial difficulty

NAICS – North American Industry Classification System

NII – net interest income

n/m – not meaningful

NSF – Non-sufficient funds

OBBBA – “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14,” more commonly referred to as the “One Big Beautiful Bill Act,” enacted on July 4, 2025

OCI – other comprehensive income or loss

OD – Overdraft

ORE – other real estate defined as foreclosed and surplus real estate

PCD – purchased credit deteriorated loans, as defined by ASC 326

Pension Plan – the Hancock Whitney Corporation Pension Plan and Trust Agreement

PPNR – Pre-provision net revenue

QSCB – Qualified School Construction Bonds

QZAB – Qualified Zone Academy Bonds

Repos – securities sold under agreements to repurchase

RSA – Restricted share awards

RSU – Restricted stock units

Sabal – Sabal Trust Company, an entity acquired May 2, 2025

SBA – Small Business Administration

SBIC – Small Business Investment Company

SEC – U.S. Securities and Exchange Commission

Securities Act – Securities Act of 1933, as amended

Short-term Investments – the sum of Interest-bearing bank deposits and Federal funds sold

SOFR – Secured Overnight Financing Rate

Supplemental disclosure items – certain highlighted items that are outside of our principal business and/or are not indicative of forward-looking trends

TBA – To Be Announced security contracts

te – taxable equivalent adjustment, or the term used to indicate that a financial measure is presented on a fully taxable equivalent basis

TSR – total shareholder return

U.S. Treasury – The United States Department of the Treasury

401(k) Plan – the Hancock Whitney Corporation 401(k) Savings Plan and Trust Agreement

Table of Contents

Part I. Financial Information

Item 1. Financial Statements

Hancock Whitney Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)


	March 31,			December 31,
(in thousands, except per share data)	2026			2025
ASSETS
Cash and due from banks	$	555,524		$	562,995
Interest-bearing bank deposits		223,494			132,037
Federal funds sold		212			229
Securities available for sale, at fair value (amortized cost of $6,287,446 and $6,341,322)		5,976,386			5,961,917
Securities held to maturity (fair value of $1,926,729 and $2,011,026)		2,051,628			2,132,882
Loans held for sale (includes $36,477 and $33,158 measured at fair value)		63,090			33,158
Loans		23,991,840			23,958,440
Less: allowance for loan losses		(311,316	)		(307,731	)
Loans, net		23,680,524			23,650,709
Property and equipment, net of accumulated depreciation of $371,743 and $370,818		260,958			261,181
Right of use assets, net of accumulated amortization of $77,077 and $73,527		104,573			102,056
Prepaid expenses		60,386			58,847
Other real estate and foreclosed assets, net		11,257			14,788
Accrued interest receivable		141,254			138,509
Goodwill		925,404			925,404
Other intangible assets, net		64,523			67,071
Life insurance contracts		804,064			798,509
Funded pension assets, net		296,537			292,437
Deferred tax asset, net		34,936			55,798
Other assets		287,376			284,235
Total assets	$	35,542,126		$	35,472,762
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	10,344,878		$	10,374,991
Interest-bearing		18,737,256			18,904,783
Total deposits		29,082,134			29,279,774
Short-term borrowings		1,360,451			1,017,292
Long-term debt		193,785			199,407
Accrued interest payable		14,557			14,485
Lease liabilities		124,287			121,505
Other liabilities		347,320			380,182
Total liabilities		31,122,534			31,012,645
Stockholders' equity:
Common stock		309,513			309,513
Capital surplus		1,393,663			1,491,219
Retained earnings		3,041,543			3,035,636
Accumulated other comprehensive loss, net		(325,127	)		(376,251	)
Total stockholders' equity		4,419,592			4,460,117
Total liabilities and stockholders' equity	$	35,542,126		$	35,472,762
Preferred shares authorized (par value of $20.00 per share)		50,000			50,000
Preferred shares issued and outstanding		—			—
Common shares authorized (par value of $3.33 per share)		350,000			350,000
Common shares issued		92,947			92,947
Common shares outstanding		81,152			82,259

See notes to unaudited consolidated financial statements.

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Hancock Whitney Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)


	Three Months Ended
	March 31,
(in thousands, except per share data)	2026			2025
Interest income:
Loans, including fees	$	331,355		$	331,488
Loans held for sale		366			341
Securities-taxable		62,125			51,899
Securities-tax exempt		3,710			4,218
Short-term investments		3,826			7,375
Total interest income		401,382			395,321
Interest expense:
Deposits		104,446			120,507
Short-term borrowings		8,889			1,845
Long-term debt		2,882			3,064
Total interest expense		116,217			125,416
Net interest income		285,165			269,905
Provision for credit losses		13,172			10,462
Net interest income after provision for credit losses		271,993			259,443
Noninterest income:
Service charges on deposit accounts		25,902			24,119
Trust fees		24,574			18,022
Bank card and ATM fees		22,126			20,714
Investment and annuity fees and insurance commissions		12,572			11,415
Secondary mortgage market operations		3,529			3,468
Securities transactions, net		(98,595	)		—
Other income		17,374			17,053
Total noninterest income		7,482			94,791
Noninterest expense:
Compensation expense		98,788			88,952
Employee benefits		28,360			25,395
Personnel expense		127,148			114,347
Net occupancy expense		13,129			13,580
Equipment expense		4,157			4,091
Data processing expense		32,796			31,250
Professional services expense		13,600			12,235
Amortization of intangible assets		2,548			2,113
Deposit insurance and regulatory fees		4,988			5,026
Other real estate and foreclosed assets expense, net		441			1,780
Other expense		21,941			20,637
Total noninterest expense		220,748			205,059
Income before income taxes		58,727			149,175
Income taxes expense		11,305			29,671
Net income	$	47,422		$	119,504
Earnings per common share-basic	$	0.58		$	1.38
Earnings per common share-diluted	$	0.57		$	1.38
Dividends paid per share	$	0.50		$	0.45
Weighted average shares outstanding-basic		81,674			86,092
Weighted average shares outstanding-diluted		82,261			86,462

See notes to unaudited consolidated financial statements.

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Hancock Whitney Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended
	March 31,
($ in thousands)	2026			2025
Net income	$	47,422		$	119,504
Other comprehensive income (loss) before income taxes:
Net change in unrealized loss on securities available for sale, cash flow hedges and equity method investment		(38,474	)		109,512
Reclassification of net loss realized and included in earnings		104,592			9,415
Valuation adjustments to employee benefit plans		(496	)		—
Amortization of unrealized net loss on securities transferred to held to maturity		413			405
Other comprehensive income before income taxes		66,035			119,332
Income tax expense		14,911			28,212
Other comprehensive income net of income taxes		51,124			91,120
Comprehensive income	$	98,546		$	210,624

See notes to unaudited consolidated financial statements.

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Hancock Whitney Corporation and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)


Three Months Ended March 31, 2026 and 2025											Accumulated
	Common Stock										Other
(in thousands, except parenthetical share data)	Shares Issued		Amount		Capital Surplus			Retained Earnings			Comprehensive Loss			Total
Balance, December 31, 2025		92,947	$	309,513	$	1,491,219		$	3,035,636		$	(376,251	)	$	4,460,117
Net income		—		—		—			47,422			—			47,422
Other comprehensive income		—		—		—			—			51,124			51,124
Comprehensive income															98,546
Dividends declared ($0.50 per common share)		—		—		—			(41,515	)		—			(41,515	)
Common stock activity, long-term incentive plans		—		—		(3,390	)		—			—			(3,390	)
Issuance of stock from dividend reinvestment and stock purchase plans		—		—		1,211			—			—			1,211
Repurchase of common stock (1,400,000 shares)		—		—		(95,377	)		—			—			(95,377	)
Balance, March 31, 2026		92,947	$	309,513	$	1,393,663		$	3,041,543		$	(325,127	)	$	4,419,592
Balance, December 31, 2024		92,947	$	309,513	$	1,719,609		$	2,704,606		$	(606,092	)	$	4,127,636
Net income		—		—		—			119,504			—			119,504
Other comprehensive income		—		—		—			—			91,120			91,120
Comprehensive income															210,624
Dividends declared ($0.45 per common share)		—		—		—			(39,460	)		—			(39,460	)
Common stock activity, long-term incentive plans		—		—		(471	)		7			—			(464	)
Issuance of stock from dividend reinvestment and stock purchase plans		—		—		1,083			—			—			1,083
Repurchase of common stock (350,000 shares)		—		—		(20,747	)		—			—			(20,747	)
Balance, March 31, 2025		92,947	$	309,513	$	1,699,474		$	2,784,657		$	(514,972	)	$	4,278,672

See notes to unaudited consolidated financial statements.

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Hancock Whitney Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended
	March 31,
($ in thousands)	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	47,422		$	119,504
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,282			7,792
Provision for credit losses		13,172			10,462
Gain on other real estate and foreclosed assets		(424	)		(446	)
Deferred tax expense		5,950			13,364
Increase cash surrender value of life insurance contracts		(7,194	)		(4,119	)
Loss on disposal of assets		143			34
Loss on securities transactions, net		98,595			—
Net increase in loans held for sale		(30,323	)		(4,703	)
Net amortization of securities premium/discount		3,482			3,405
Amortization of intangible assets		2,548			2,113
Stock-based compensation expense		5,625			5,921
Net change in derivative collateral liability		7,597			(15,482	)
Net decrease in interest payable and other liabilities		(35,995	)		(39,021	)
Net (increase) decrease in other assets		(913	)		4,164
Other, net		(1,595	)		1,194
Net cash provided by operating activities		114,372			104,182
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available for sale		1,414,258			—
Proceeds from maturities of securities available for sale		134,248			92,303
Purchases of securities available for sale		(1,596,040	)		(155,951	)
Proceeds from maturities of securities held to maturity		79,607			72,797
Proceeds from termination of fair value hedges		1,657			—
Net (increase) decrease in short-term investments		(91,440	)		98,257
Net (purchase) redemption of Federal Home Loan Bank stock		(15,239	)		2,194
Proceeds from sales of loans and leases		63,777			30,245
Net (increase) decrease in loans		(113,911	)		159,669
Purchases of property and equipment		(5,926	)		(3,951	)
Proceeds from sales of other real estate and foreclosed assets		4,821			1,362
Other, net		1,313			(5,679	)
Net cash provided by (used in) investing activities		(122,875	)		291,246
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in deposits		(197,640	)		(298,118	)
Net increase (decrease) in short-term borrowings		343,159			(96,235	)
Dividends paid		(42,072	)		(39,582	)
Payroll tax remitted on net share settlement of equity awards		(9,016	)		(6,392	)
Proceeds from dividend reinvestment and stock purchase plans		1,211			1,083
Repurchase of common stock		(94,610	)		(20,747	)
Net cash provided by (used in) financing activities		1,032			(459,991	)
NET DECREASE IN CASH AND DUE FROM BANKS		(7,471	)		(64,563	)
CASH AND DUE FROM BANKS, BEGINNING		562,995			574,910
CASH AND DUE FROM BANKS, ENDING	$	555,524		$	510,347
SUPPLEMENTAL INFORMATION FOR NON-CASH
INVESTING AND FINANCING ACTIVITIES
Assets acquired in settlement of loans	$	1,866		$	2,319

See notes to unaudited consolidated financial statements.

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HANCOCK WHITNEY CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

The consolidated financial statements include the accounts of Hancock Whitney Corporation and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to fairly state the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q (this “Report” or “report”). Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period.

Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company's financial condition or operating results.

Use of Estimates

The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Accounting Policies

There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025.

Refer to Note 16 – Recent Accounting Pronouncements for a discussion of the prospective adoption of ASU 2025-08, “Financial Instruments – Credit Losses (Topic 326): Purchased Loans,” as of January 1, 2026 and a description of changes to our acquired loan accounting policy.

2. Securities

The following tables set forth the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities classified as available for sale and held to maturity at March 31, 2026 and December 31, 2025. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $33.6 million at March 31, 2026 and $31.7 million at December 31, 2025, respectively.


	March 31, 2026								December 31, 2025
			Gross		Gross						Gross		Gross
Securities Available for Sale	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
($ in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency securities	$	279,080	$	4,562	$	1,175	$	282,467	$	266,825	$	3,705	$	1,198	$	269,332
Municipal obligations		180,786		49		692		180,143		191,754		82		508		191,328
Residential mortgage-backed securities		2,567,467		6,254		240,316		2,333,405		2,620,980		11,643		256,994		2,375,629
Commercial mortgage-backed securities		3,218,115		6,457		84,252		3,140,320		3,217,663		10,530		144,868		3,083,325
Collateralized mortgage obligations		24,998		—		1,184		23,814		27,100		—		1,154		25,946
Corporate debt securities		17,000		—		763		16,237		17,000		37		680		16,357
Total	$	6,287,446	$	17,322	$	328,382	$	5,976,386	$	6,341,322	$	25,997	$	405,402	$	5,961,917

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	March 31, 2026								December 31, 2025
			Gross		Gross						Gross		Gross
Securities Held to Maturity	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
($ in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency securities	$	368,667	$	271	$	29,171	$	339,767	$	373,605	$	248	$	30,143	$	343,710
Municipal obligations		457,346		370		11,556		446,160		511,516		708		11,455		500,769
Residential mortgage-backed securities		480,249		—		35,764		444,485		497,338		—		34,239		463,099
Commercial mortgage-backed securities		728,004		—		48,510		679,494		731,329		—		46,455		684,874
Collateralized mortgage obligations		17,362		—		539		16,823		19,094		—		520		18,574
Total	$	2,051,628	$	641	$	125,540	$	1,926,729	$	2,132,882	$	956	$	122,812	$	2,011,026

The following tables present the amortized cost and fair value of debt securities available for sale and held to maturity at March 31, 2026 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateral mortgage obligations.


Debt Securities Available for Sale	Amortized		Fair
($ in thousands)	Cost		Value
Due in one year or less	$	35,304	$	35,323
Due after one year through five years		1,382,114		1,360,911
Due after five years through ten years		2,091,263		2,020,407
Due after ten years		2,778,765		2,559,745
Total	$	6,287,446	$	5,976,386


Debt Securities Held to Maturity	Amortized		Fair
($ in thousands)	Cost		Value
Due in one year or less	$	139,208	$	138,554
Due after one year through five years		701,252		678,711
Due after five years through ten years		419,862		397,573
Due after ten years		791,306		711,891
Total	$	2,051,628	$	1,926,729

The Company held no securities classified as trading at March 31, 2026 and December 31, 2025.

In January 2026, the Company completed a restructuring of its available for sale investment securities portfolio, whereby lower-yielding securities with an amortized cost of $1.5 billion were sold and the proceeds were reinvested in higher-yielding securities. Certain securities that were sold were previously hedged in derivative instruments designated as fair value hedges of interest rate risk that were subsequently terminated. At the time of termination, the value of the swap was recorded as basis adjustment to the amortized cost of the underlying security. The basis adjustment is amortized as yield adjustment while the security is held, and affects the net gain or loss realized by the remaining unamortized basis adjustment when sold. The unamortized basis adjustment recognized in connection with this portfolio restructure reduced the net loss by approximately $50.4 million, resulting in a net realized loss of $98.6 million. Refer to Note 6 – Derivatives for a discussion of fair value hedges of interest rate risk.

The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the three months ended March 31, 2026 and 2025. Net gains or losses are reflected in the "Securities transactions, net" line item on the Consolidated Statements of Income.


	Three Months Ended March 31,
($ in thousands)	2026			2025
Proceeds	$	1,414,258		$	—
Gross gains		7			—
Gross losses		98,602			—
Net loss	$	(98,595	)	$	—

Securities with carrying values totaling approximately $3.5 billion and $3.9 billion were pledged as collateral at March 31, 2026 and December 31, 2025, respectively, primarily to secure public deposits or securities sold under agreements to repurchase.

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Credit Quality

The Company’s policy is to invest only in securities of investment grade quality. These investments are largely limited to U.S. agency securities and municipal securities. Management has concluded, based on the long history of no credit losses, that the expectation of nonpayment of the held to maturity securities carried at amortized cost is zero for securities that are backed by the full faith and credit of and/or guaranteed by the U.S. government. As such, no allowance for credit losses has been recorded for these securities. The municipal portfolio is analyzed separately for allowance for credit loss in accordance with the applicable guidance for each portfolio as noted below.

The Company evaluates credit impairment for individual securities available for sale whose fair value was below amortized cost with a more than inconsequential risk of default and where the Company had assessed whether the decline in fair value was significant enough to suggest a credit event occurred. There were no securities with a material credit loss event and, therefore, no allowance for credit loss was recorded in any period presented.

The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow.


Available for Sale
March 31, 2026	Losses < 12 months				Losses 12 months or >				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury and government agency securities	$	11,910	$	101	$	6,708	$	1,074	$	18,618	$	1,175
Municipal obligations		47,068		400		95,944		292		143,012		692
Residential mortgage-backed securities		395,000		3,778		1,283,981		236,538		1,678,981		240,316
Commercial mortgage-backed securities		1,758,136		19,383		829,335		64,869		2,587,471		84,252
Collateralized mortgage obligations		—		—		23,814		1,184		23,814		1,184
Corporate debt securities		2,989		11		13,248		752		16,237		763
Total	$	2,215,103	$	23,673	$	2,253,030	$	304,709	$	4,468,133	$	328,382


Available for Sale
December 31, 2025	Losses < 12 Months				Losses 12 Months or >				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury and government agency securities	$	17,468	$	9	$	14,677	$	1,189	$	32,145	$	1,198
Municipal obligations		—		—		124,852		508		124,852		508
Residential mortgage-backed securities		54,250		598		1,442,746		256,396		1,496,996		256,994
Commercial mortgage-backed securities		374,740		1,787		2,158,865		143,081		2,533,605		144,868
Collateralized mortgage obligations		—		—		25,946		1,154		25,946		1,154
Corporate debt securities		1,998		2		11,322		678		13,320		680
Total	$	448,456	$	2,396	$	3,778,408	$	403,006	$	4,226,864	$	405,402

At each reporting period, the Company evaluated its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The resulting credit losses, if any, were negligible and no allowance for credit loss was recorded.

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The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow.


Held to Maturity
March 31, 2026	Losses < 12 Months				Losses 12 Months or >				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury and government agency securities	$	8,563	$	24	$	313,146	$	29,147	$	321,709	$	29,171
Municipal obligations		101,661		305		171,360		11,251		273,021		11,556
Residential mortgage-backed securities		—		—		444,485		35,764		444,485		35,764
Commercial mortgage-backed securities		—		—		679,494		48,510		679,494		48,510
Collateralized mortgage obligations		—		—		16,823		539		16,823		539
Total	$	110,224	$	329	$	1,625,308	$	125,211	$	1,735,532	$	125,540


Held to Maturity
December 31, 2025	Losses < 12 Months				Losses 12 Months or >				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury and government agency securities	$	—	$	—	$	316,814	$	30,143	$	316,814	$	30,143
Municipal obligations		98,559		97		325,241		11,358		423,800		11,455
Residential mortgage-backed securities		—		—		463,099		34,239		463,099		34,239
Commercial mortgage-backed securities		—		—		684,874		46,455		684,874		46,455
Collateralized mortgage obligations		—		—		18,574		520		18,574		520
Total	$	98,559	$	97	$	1,808,602	$	122,715	$	1,907,161	$	122,812

As of March 31, 2026 and December 31, 2025, the Company had 592 and 604 securities, respectively, with market values below their cost basis. There were no material unrealized losses related to the marketability of the securities or the issuer’s ability to meet contractual obligations. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. The unrealized losses were deemed to be non-credit related at March 31, 2026 and December 31, 2025. At March 31, 2026, the Company had adequate liquidity and, therefore, neither planned nor expected to be required to liquidate these securities before recovery of the amortized cost basis.

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3. Loans and Allowance for Credit Losses

The Company generally makes loans in its market areas of southern and central Mississippi; southern and central Alabama; northwest, central and southern Louisiana; the northern, central and panhandle regions of Florida; certain areas of east and northeast Texas; and the metropolitan areas of Nashville, Tennessee and Atlanta, Georgia. In addition, and to a lesser degree, the Bank makes loans both regionally and nationally, generally through its specialty lines of business, including the equipment finance, commercial real estate and healthcare segments, often with sponsors in our market areas.

The following table presents loans at their amortized cost basis, by portfolio class at March 31, 2026 and December 31, 2025. The amortized cost basis is net of unearned income and excludes accrued interest totaling $105.8 million and $105.1 million at March 31, 2026 and December 31, 2025, respectively. Accrued interest is reflected in the accrued interest line item in the Consolidated Balance Sheets.


	March 31,		December 31,
($ in thousands)	2026		2025
Commercial non-real estate	$	9,710,891	$	9,809,011
Commercial real estate - owner occupied		3,299,867		3,270,080
Total commercial and industrial		13,010,758		13,079,091
Commercial real estate - income producing		4,382,665		4,283,168
Construction and land development		1,320,224		1,239,086
Residential mortgages		3,950,154		4,016,917
Consumer		1,328,039		1,340,178
Total loans	$	23,991,840	$	23,958,440

The following briefly describes the composition of each loan category and portfolio class.

Commercial and industrial

Commercial and industrial loans are made available to businesses for working capital (including financing of inventory and receivables), for business expansion, facilitating the acquisition of a business, and for the purchase of equipment and machinery, including equipment leasing. These loans are primarily made based on the identified cash flows of the borrower and, when secured, have the added strength of the underlying collateral.

Commercial non-real estate loans may be secured by the assets being financed or other tangible or intangible business assets such as accounts receivable, inventory, ownership, enterprise value or commodity interests, and may incorporate a personal or corporate guarantee; however, some short-term loans may be made on an unsecured basis, including a small portfolio of corporate credit cards, generally issued as a part of overall customer relationships.

Commercial real estate – owner occupied loans consist of commercial mortgages on properties where repayment is generally dependent on the cash flow from the ongoing operations and activities of the borrower. Like commercial non-real estate, these loans are primarily made based on the identified cash flows of the borrower, but also have the added strength of the value of underlying real estate collateral.

Commercial real estate – income producing

Commercial real estate – income producing loans consist of loans secured by commercial mortgages on properties where the loan is made to real estate developers or investors and repayment is dependent on the sale, refinance, or income generated from the operation of the property. Properties financed include multifamily, retail, healthcare related facilities, industrial, office, hotel/motel and restaurants, and other commercial properties.

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Construction and land development

Construction and land development loans are made to facilitate the acquisition, development, improvement and construction of both commercial and residential-purpose properties. Such loans are made to builders and investors where repayment is expected to be made from the sale, refinance or operation of the property or to businesses to be used in their business operations. This portfolio also includes residential construction loans and loans secured by raw land not yet under development.

Residential mortgages

Residential mortgages consist of closed-end loans secured by first liens on 1-4 family residential properties. The portfolio includes both fixed and adjustable rate loans, although most longer-term, fixed rate loans originated are sold in the secondary mortgage market.

Consumer

Consumer loans include second lien mortgage home loans, home equity lines of credit and nonresidential consumer purpose loans. Nonresidential consumer loans are made to finance the purchase of personal property, including automobiles, recreational vehicles and boats, and for other personal purposes (secured and unsecured), and also include deposit account secured loans. Consumer loans also include a small portfolio of credit card receivables issued on the basis of applications received through referrals from the Bank’s branches, online and other marketing efforts.

Allowance for Credit Losses

The calculation of the allowance for credit losses is performed using two primary approaches: a collective approach for pools of loans that have similar risk characteristics using a loss rate analysis, and a specific reserve analysis for credits individually evaluated. The allowance for credit losses for collectively evaluated portfolios is developed using multiple Moody’s macroeconomic forecasts applied to internally developed credit models for a two-year reasonable and supportable period. For additional information on our allowance for credit loss methodology, refer to Note 1 – Summary of Significant Accounting Policies and Recent Accounting Pronouncements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The following tables present activity in the allowance for credit losses by portfolio class for the three months ended March 31, 2026 and 2025, as well as the allowance for credit loss by primary calculation method at the end of each period.


				Commercial			Total			Commercial
	Commercial			Real Estate-			Commercial			Real Estate-			Construction
	Non-Real			Owner			and			Income			and Land			Residential
($ in thousands)	Estate			Occupied			Industrial			Producing			Development			Mortgages			Consumer			Total
	Three Months Ended March 31, 2026
Allowance for credit losses
Allowance for loan losses:
Beginning balance	$	121,439		$	40,695		$	162,134		$	60,475		$	17,450		$	42,834		$	24,838		$	307,731
Charge-offs		(8,506	)		(8	)		(8,514	)		—			(219	)		(250	)		(4,410	)		(13,393	)
Recoveries		1,123			142			1,265			3			1			71			917			2,257
Net provision for loan losses		13,433			2,901			16,334			(3,363	)		478			(1,089	)		2,361			14,721
Ending balance - allowance for loan losses	$	127,489		$	43,730		$	171,219		$	57,115		$	17,710		$	41,566		$	23,706		$	311,316
Reserve for unfunded lending commitments:
Beginning balance	$	12,639		$	371		$	13,010		$	1,005		$	17,949		$	3		$	1,961		$	33,928
Provision for losses on unfunded commitments		(1,292	)		(48	)		(1,340	)		(183	)		86			(2	)		(110	)		(1,549	)
Ending balance - reserve for unfunded lending commitments		11,347			323			11,670			822			18,035			1			1,851			32,379
Total allowance for credit losses	$	138,836		$	44,053		$	182,889		$	57,937		$	35,745		$	41,567		$	25,557		$	343,695
Allowance for credit losses:
Individually evaluated	$	10,947		$	—		$	10,947		$	—		$	—		$	234		$	52		$	11,233
Collectively evaluated	$	127,889		$	44,053		$	171,942		$	57,937		$	35,745		$	41,333		$	25,505		$	332,462

The allowance for credit losses at March 31, 2026 reflects a modest net increase in the funded reserve partially offset by a small decline in the unfunded reserve, largely driven by the commercial portfolio. In arriving at the allowance for credit losses at March 31, 2026, the Company weighted Moody’s March 2026 baseline economic forecast at 40%, and the downside mild recessionary S-2 scenario at 60%. The March 2026 baseline scenario, which Moody’s defines as the most likely outcome of where the economy is headed based on current conditions, reflects moderate GDP growth, stable unemployment, and generally stable business bankruptcy trends. The S-2 scenario assumes heightened geopolitical and trade disruptions, higher and sustained tariffs, elevated oil prices and increased global uncertainty, triggering a mild recession beginning in the second quarter of 2026, and lasting for three quarters.

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				Commercial		Total		Commercial
	Commercial			Real Estate-		Commercial		Real Estate-		Construction
	Non-Real			Owner		and		Income		and Land		Residential
($ in thousands)	Estate			Occupied		Industrial		Producing		Development		Mortgages		Consumer		Total
	Three Months Ended March 31, 2025
Allowance for credit losses
Allowance for loan losses:
Beginning balance	$	121,090		$	36,264	$	157,354	$	71,975	$	21,158	$	42,445	$	25,950	$	318,882
Charge-offs		(6,132	)		(2,741

HANCOCK WHITNEY CORP 10-Q