We approach the company's 124th anniversary of our founding in the same manner of strength and stability enjoyed through our very long history. The company continues to be well capitalized and profitable in the second quarter of 2023, influenced by the continued benefits and challenges of the current operating environment. Net income for the second quarter totaling $117.8 million, or $1.35 per share. Pre-provision net revenue, or PPNR*, totaled $157.8 million. Profitability continues to be a tailwind for improving capital ratios during a rather volatile economic period.
Our balance sheet remained solid with loan growth funded by both client deposit growth and cash flow from the securities portfolio. The precautionary liquidity added in March was eliminated in May, as planned, so by the end of the second quarter, we were back to normal levels of liquidity. As with other banks, we continue to see disintermediation of demand deposit funds into higher cost deposit products, driving higher deposit betas for the quarter and, in turn, higher than expected NIM compression. Credit metrics remained at relatively low levels, fee income was up during the quarter, and the increase in noninterest expense was driven by implementation of new technology and annual merit increases for our 3,700 team members. Our NIM was 3.30% and our efficiency ratio was 55.33% at the end of the second quarter of 2023.
We ended the quarter with a robust allowance for credit losses of 1.45%, saw improved capital metrics, and maintained our seasoned, stable and diversified deposit base. We have been and continue to be cognizant of the macroeconomic environment and trends that have been impacting our industry and remain confident in our ability to remain strong and stable, as we have for 124 years.
Diversity, Equity, and Inclusion (DEI)
DEI are fundamental to our purpose and essential to executing our mission. This summer, we proudly hosted a diverse class of corporate interns; of the 18 participants in our Corporate Internship Program (CIP), 13 different colleges and universities were represented from across the country. We also held a variety of diversity education events and celebrated Woman's Equality Day and Supporting Others to Succeed.
Corporate Internship Program
2023 Women's Equality Day
The interns completed a 12 week program gaining training, development and social opportunities as well as utilizing the volunteer and mentorship components.
Empowerment Influencers at a 2023 Women's Equality Day event in New Orleans offering insights on empowering women in the workplace.
Incident Readiness
Throughout our long history, our company has weathered countless hurricanes and economic cycles, continuing to be there for people and communities before, during, and after those incidents and remaining strong and stable in the aftermaths. Our thoughts are with those in Florida affected by Hurricane Idalia as associates continue to serve clients in the impacted region.
Proud to serve at your side,
John M. Hairston
President & CEO
To learn more about your company's performance, visit investors.hancockwhitney.com.
To better understand and explain our improving operating leverage and performance, management uses certain non-GAAP metrics and we refer to them in this letter. For information on reconciling non-GAAP numbers to GAAP numbers, please see our earnings release dated July 18, 2023. Certain of the statements or information included in this letter may constitute forward-looking statements. Hancock Whitney undertakes no obligation to update or revise forward-looking statements and cautions you not to place undue reliance on such forward-looking statements.
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Hancock Whitney Corporation published this content on 15 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2023 13:16:11 UTC.
Hancock Whitney Corporation is a financial services company. It provides financial services through its bank subsidiary, Hancock Whitney Bank (the Bank), a Mississippi state bank. The Bank offers a range of traditional and online banking services to commercial, small business and retail customers, providing a range of transaction and savings deposit products, treasury management services, secured and unsecured loan products (including revolving credit facilities), letters of credit and similar financial guarantees. The Banks primary lending focus is to provide commercial, consumer and real estate loans to consumers, small and middle market businesses, and corporate clients in the markets and sectors served by the Bank. The Banks investment portfolio primarily consists of United Sates agency debt securities, United Sates agency mortgage-related securities and obligations of states and municipalities classified as either available for sale or held to maturity.
HANCOCK WHITNEY CORPORATION 
