WHITNEY HOLDING CORP - FORM 8-K - EX-99.1 - WTNY 4TH QTR 2010 RESULTS PRESS RELEASE

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8-K - WTNY 4TH QTR 2010 RESULTS 8-K - WHITNEY HOLDING CORP	wtny4thqtr8k.htm

WHITNEY HOLDING CORPORATION

228 ST. CHARLES AVENUE

NEW ORLEANS, LA 70130

www.whitneybank.com

NEWS RELEASE

CONTACT:	Thomas L. Callicutt, Jr., CFO	FOR IMMEDIATE RELEASE
	Trisha Voltz Carlson, Investor Relations	January 27, 2011
	504/299-5208
	tcarlson@whitneybank.com

WHITNEY REPORTS FOURTH QUARTER 2010 FINANCIAL RESULTS

New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ—WTNY) (the “Company”) reported a net loss of $88.5 million for the fourth quarter of 2010, compared to a net loss of $29.0 million in the third quarter of 2010 and net income of $.3 million in the fourth quarter of 2009. Including the $4.1 million dividend paid each quarter to the U.S. Treasury on the preferred stock issued under TARP, the loss per diluted common share was $.96 for the fourth quarter of 2010, $.34 for the third quarter of 2010 and $.04 for the fourth quarter of 2009.

“The results for the fourth quarter were in line with our previously announced problem credit resolution strategy,” said John C. Hope, III, Chairman and CEO. “Operating results outside of credit also were in line with expectations. I continue to believe we are in a position to return to full-year profitability beginning in the first quarter of 2011, excluding any merger-related items. I also expect the Company to contribute meaningfully to the long-term success of the Hancock/Whitney combination.”

On December 21, 2010, Whitney Holding Corporation entered into a definitive agreement with Hancock Holding Company ("Hancock"), headquartered in Gulfport, Mississippi, for the Company to merge into Hancock. The transaction is expected to be completed in the second quarter of 2011, subject to customary closing conditions and shareholder and regulatory approval.

On January 24, 2011 the Company closed a bulk sale of $179 million of nonperforming loans ($163 million, net of reserves, at September 30, 2010). The previously announced bulk sale did not close as expected and a different agreement was signed with a different buyer. Proceeds

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from the new sale totaled $88 million. While the bulk sale transaction did not close until January 2011, the accounting impact of the sale is reflected in the results for the fourth quarter of 2010.

During the fourth quarter the Company also transferred $124 million of nonperforming loans ($112 million net of reserves at September 30, 2010) to held for sale. These loans were marked to a total estimated fair value of $75 million.

“While some of the components of the bulk sale and reclassification to held for sale changed slightly from our original announcement, the resulting impact on our credit metrics and provision for credit losses was in line with our expectations,” said Hope.

HIGHLIGHTS OF FOURTH QUARTER FINANCIAL RESULTS

Loans and Earning Assets

Total loans at the end of the fourth quarter of 2010 were $7.2 billion, down approximately $500 million, or 6%, from September 30, 2010. The linked-quarter decline includes $163 million (net) in loans transferred to held for sale, $161.5 million in gross charge-offs, $27 million in foreclosures and approximately $17 million in proceeds from problem loan sales. The remaining decrease of $131 million reflects payoffs and paydowns during the quarter, including some larger oil and gas credits in Louisiana and Texas and commercial real estate credits in Texas. While overall demand for credit remained weak during the fourth quarter, the Company did fund several new commercial and industrial relationships, located mainly in the Tampa market.

Average loans for the fourth quarter of 2010 totaled $7.6 billion, down $243 million, or 3%, compared to the third quarter of 2010. Average earning assets of $10.5 billion were up $150 million from the third quarter.

Deposits and Funding

Average deposits in the fourth quarter of 2010 were $9.1 billion, up $194 million, or 2%, from the third quarter of 2010. Total period-end deposits at December 31, 2010 of $9.4 billion were up $537 million, or 6%, compared to September 30, 2010. Approximately $140 million of the increase was related to seasonal public fund deposits, approximately $100 million was related to movement from sweep repurchase agreement products to demand deposits and the remainder was related in part to year-end deposits of certain commercial relationships as well as to organic growth. Compared to year-end 2009, total deposits increased $253 million, or 3%.

Average and period-end noninterest-bearing deposits totaled $3.4 billion and $3.5 billion, respectively, in the fourth quarter of 2010, up 4% and 9%, respectively, compared to the third quarter of 2010. Noninterest-bearing demand deposits comprised 37% of total average deposits and

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funded approximately 32% of average earning assets for the fourth quarter. The percentage of earning assets funded by all noninterest-bearing sources totaled 36% for the fourth quarter.

Net Interest Income

Net interest income (TE) for the fourth quarter of 2010 was virtually unchanged from the third quarter of 2010. The net interest margin (TE) declined 6 basis points to 3.99%, while average earnings assets were up 1.5% from the third quarter of 2010. This margin compression during the fourth quarter reflected both a shift in the mix of earning assets and a decline in the investment portfolio yield.

Provision for Credit Losses and Credit Quality

Whitney provided $148.5 million for credit losses in the fourth quarter of 2010, compared to $70.0 million in the third quarter of 2010, and $39.5 million in the fourth quarter of 2009. The majority of the fourth quarter’s provision, $112 million, reflects the move of loans to held for sale, as detailed in the accompanying supplemental slides. As the Company noted in the third quarter, this impact to the provision reflects the costs associated with aggressively dealing with problem credits in bulk sale transactions versus individual problem credit resolutions. Approximately $23 million of the provision was related to increases in the qualitative and quantitative loss factors which were impacted in part by the valuation of loans held for sale.

Classified loans decreased $262 million, net, during the fourth quarter, and totaled $860 million at December 31, 2010. The decrease mainly reflects the transfer of loans to held for sale. Management continues to believe that the current portfolio of classified loans has lower loss potential compared to the losses incurred on loans impacted by the significant real estate market issues in Florida.

Nonperforming loans totaled $299 million at December 31, 2010, a net decrease of $129 million from September 30, 2010. Included in the year-end total are $158 million of nonaccrual loans held for sale. Foreclosed assets totaled $88 million at December 31, 2010, down $4 million from September 30, 2010.

Net loan charge-offs in the fourth quarter of 2010 were $155 million, or 8.14% of average loans on an annualized basis, compared to $77 million, or 3.89% of average loans in the third quarter. Approximately $90 million of the gross charge-offs in the fourth quarter were related to the loans included in the bulk sale, $49 million were charge-offs on the additional loans transferred to held for sale and approximately $23 million were charge-offs on the remaining loan portfolio.

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The allowance for loan losses represented 3.00% of total loans at December 31, 2010, compared to 2.89% at September 30, 2010 and 2.66% at December 31, 2009.

Noninterest Income

Noninterest income for the fourth quarter of 2010 totaled $31.8 million, an increase of $3.2 million, or 11%, from the third quarter of 2010.

Most recurring sources of income increased, reflecting improved market conditions, the benefit of recent marketing campaigns and seasonal transaction activity. Deposit service charge income was up $.4 million, bankcard fees increased $.4 million, trust service fees increased $.3 million and secondary mortgage market income was up $.7 million during the quarter.

Other noninterest income increased $1.4 million during the fourth quarter of 2010, which included a $.6 million distribution from an investment in a local small business investment company and $.3 million in sales of grandfathered assets.

Noninterest Expense

Total noninterest expense of $130.4 million for the fourth quarter of 2010 was up $17.2 million from the third quarter of 2010. The total for the fourth quarter included $4.1 million of merger-related expenses.

Total personnel expense increased $2.9 million from the third quarter of 2010, related mainly to an increase in share-based incentive compensation and severance pay associated with the technology upgrade project. No management cash bonus was accrued during 2010 or 2009.

Loan collection costs, together with foreclosed asset management expenses, provisions for valuation losses on foreclosed assets, and legal fees associated with problem credits, totaled $20.5 million in the fourth quarter of 2010, up $9.2 million from the third quarter of 2010. The legal fees associated with problem credits totaled $3.0 million in the fourth quarter, an increase of $.2 million from the third quarter of 2010. As noted previously, many of these expenses are expected to be reduced as the Company disposes of the loans held for sale.

Legal and professional fees excluding those associated with problem credits remained at an elevated level and totaled $7.0 million for the fourth quarter of 2010. Costs associated with regulatory matters and the technology upgrade project totaled approximately $4 million. For the full-year 2010, these costs totaled approximately $12 million.

Other noninterest expense increased $1.6 million compared to the third quarter of 2010. Training expenses related to the technology upgrade project increased approximately $1.0 million.

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Capital

The Company’s tangible common equity ratio was 6.90% at December 31, 2010, compared to 8.10% at September 30, 2010. The Company’s leverage ratio at December 31, 2010 was 8.69% compared to 10.09% at September 30, 2010. The declines in the Company’s capital ratios are mainly related to the impact of the reclassification of loans to held for sale during the fourth quarter. Both the Company and Whitney National Bank remain in compliance with all regulatory capital requirements.

This earnings release, including additional financial tables and a slide presentation related to fourth quarter results, is posted in the Investor Relations section of the Company's website at http://investor.whitneybank.com/releases.cfm?ReleasesType=Earnings&Year=2011.

Whitney Holding Corporation, through its banking subsidiary Whitney National Bank, serves the five-state Gulf Coast region stretching from Houston, Texas; across southern Louisiana and the coastal region of Mississippi; to central and south Alabama; the panhandle of Florida; and the Tampa Bay metropolitan area of Florida.

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Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, and we intend such forward-looking statements to be covered by the safe harbor provisions therein and are including this statement for purposes of invoking these safe-harbor provisions. Forward-looking statements provide projections of results of operations or of financial condition or state other forward-looking information, such as expectations about future conditions and descriptions of plans and strategies for the future. The forward-looking statements made in this release include, but may not be limited to, expectations regarding credit quality metrics in the loan portfolio and specific industry and geographic segments within the loan portfolio, future profitability, the timing and strength of the economic recovery, the loss potential for currently classified credits, the overall capital strength of Whitney, its ability to dispose of, and the expense of disposing of, problem assets, the timing or actual results of such disposal on Whitney’s operations and the timing, completion and long-term success of the Hancock Holding Company/Whitney transaction.

Whitney’s ability to accurately project results or predict the effects of future plans or strategies is inherently limited. Although Whitney believes that the expectations reflected in its forward-looking statements are based on reasonable assumptions, actual results and performance could differ materially from those set forth in the forward-looking statements. Factors that could cause Whitney’s or the combined company’s actual results to differ from those expressed in Whitney’s forward-looking statements include, but are not limited to, those risk factors outlined in Whitney’s and Hancock’s public filings with the Securities and Exchange Commission, which are available at the SEC’s internet site (http://www.sec.gov), as well as the following factors, among others: the possibility that the proposed transaction does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to

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closing are not received or satisfied on a timely basis or at all; the terms of the proposed transaction may need to be modified to satisfy such approvals or conditions; the anticipated benefits from the proposed transaction such as it being accretive to earnings, expanding our geographic presence and synergies are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations (including changes to capital requirements) and their enforcement, and the degree of competition in the geographic and business areas in which the companies operate; the ability to promptly and effectively integrate the businesses of Whitney and Hancock; reputational risks and the reaction of the companies’ customers to the transaction; and diversion of management time on merger-related issues.

You are cautioned not to place undue reliance on these forward-looking statements. Whitney does not intend, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of differences in actual results, changes in assumptions or changes in other factors affecting such statements, except as required by law.

ADDITIONAL INFORMATION ABOUT THE HANCOCK HOLDING COMPANY/WHITNEY HOLDING CORPORATION TRANSACTION

Hancock Holding Company (“Hancock”) and Whitney Holding Corporation (“Whitney”) have filed a joint proxy statement/prospectus and other relevant documents concerning the merger with the United States Securities and Exchange Commission (the “SEC”). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. WE URGE INVESTORS TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

Investors will be able to obtain these documents free of charge at the SEC’s Web site (www.sec.gov). In addition, documents filed with the SEC by Hancock will be available free of charge from Paul D. Guichet, Investor Relations at (228) 563-6559. Documents filed with the SEC by Whitney will be available free of charge from Whitney by contacting Trisha Voltz Carlson, Investor Relations at (504) 299-5208.

The directors, executive officers, and certain other members of management and employees of Whitney are participants in the solicitation of proxies in favor of the merger from the shareholders of Whitney. Information about the directors and executive officers of Whitney is included in the proxy statement for its 2010 annual meeting of shareholders, which was filed with the SEC on April 14, 2010. Additional information regarding the interests of such participants will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available.

The directors, executive officers, and certain other members of management and employees of Hancock are participants in the solicitation of proxies in favor of the merger from the shareholders of Hancock. Information about the directors and executive officers of Hancock is included in the proxy statement for its 2010 annual meeting of shareholders, which was filed with the SEC on February 17, 2010. Additional information regarding the interests of such participants will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available.

(WTNY-E)

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7
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
		Fourth			Third			Fourth			Year Ended
		Quarter			Quarter			Quarter			December 31
(dollars in thousands, except per share data)			2010			2010			2009			2010			2009

INCOME DATA
	Net interest income	$	104,101		$	104,246		$	111,391		$	420,845		$	443,432
	Net interest income (tax-equivalent)		105,166			105,186			112,396			424,746			448,115
	Provision for credit losses		148,500			70,000			39,500			315,000			259,000
	Noninterest income		31,847			28,651			29,026			120,506			119,950
	Net securities gains in noninterest income		-			-			139			-			334
	Noninterest expense		130,358			113,118			104,143			463,329			416,394
	Net income (loss)		(88,489	)		(29,004	)		318			(141,766	)		(62,146	)
	Net income (loss) to common shareholders		(92,556	)		(33,071	)		(3,749	)		(158,034	)		(78,372	)

QUARTER-END BALANCE SHEET DATA
	Loans	$	7,234,726		$	7,733,932		$	8,403,443		$	7,234,726		$	8,403,443
	Investment securities		2,609,602			2,297,338			2,050,440			2,609,602			2,050,440
	Earning assets		10,488,071			10,246,178			10,699,847			10,488,071			10,699,847
	Total assets		11,798,779			11,517,194			11,892,141			11,798,779			11,892,141
	Noninterest-bearing deposits		3,523,518			3,245,123			3,301,354			3,523,518			3,301,354
	Total deposits		9,403,403			8,865,916			9,149,894			9,403,403			9,149,894
	Shareholders' equity		1,524,334			1,638,661			1,681,064			1,524,334			1,681,064

AVERAGE BALANCE SHEET DATA
	Loans	$	7,638,375		$	7,881,160		$	8,434,397		$	7,943,629		$	8,775,662
	Investment securities		2,344,312			2,115,549			2,025,103			2,123,231			1,946,241
	Earning assets		10,481,277			10,331,541			10,635,573			10,402,101			10,867,461
	Total assets		11,774,859			11,563,331			11,733,149			11,624,685			11,955,596
	Noninterest-bearing deposits		3,354,893			3,224,881			3,222,748			3,274,020			3,134,811
	Total deposits		9,078,371			8,884,439			9,017,220			8,971,214			9,106,002
	Shareholders' equity		1,649,829			1,670,244			1,629,312			1,670,174			1,542,293

COMMON SHARE DATA
	Earnings (loss) per share
	Basic	$	( .96	)	$	( .34	)	$	( .04	)	$	( 1.64	)	$	( 1.08	)
	Diluted		( .96	)		( .34	)		( .04	)		( 1.64	)		( 1.08	)
	Cash dividends per share	$	.01		$	.01		$	.01		$	.04		$	.04
	Book value per share	$	12.71		$	13.89		$	14.37		$	12.71		$	14.37
	Tangible book value per share	$	8.11		$	9.28		$	9.71		$	8.11		$	9.71
	Trading data
	High sales price	$	14.43		$	10.04		$	9.69		$	15.29		$	16.16
	Low sales price		7.84			7.04			7.78			7.04			7.78
	End-of-period closing price		14.15			8.17			9.11			14.15			9.11
	Trading volume		64,981,238			67,483,532			79,863,609			275,320,068			240,128,345

RATIOS
	Return on average assets		(2.98	)%		(1.00	)%		.01	%		(1.22	)%		(.52	)%
	Return on average common equity		(27.13	)		(9.55	)		(1.11	)		(11.50	)		(6.28	)
	Net interest margin (TE)		3.99			4.05			4.20			4.08			4.12
	Average loans to average deposits		84.14			88.71			93.54			88.55			96.37
	Efficiency ratio		95.14			84.52			73.71			84.98			73.34
	Annualized expenses to average assets		4.43			3.91			3.55			3.99			3.48
	Allowance for loan losses to loans		3.00			2.89			2.66			3.00			2.66
	Annualized net charge-offs to average loans		8.14			3.89			2.59			4.06			2.22
	Nonperforming assets to loans (including nonaccrual
	loans held for sale) plus foreclosed assets
	and surplus property		5.16			6.64			5.52			5.16			5.52
	Average shareholders' equity to average total assets		14.01			14.44			13.89			14.37			12.90
	Tangible common equity to tangible assets		6.90			8.10			8.18			6.90			8.18
	Leverage ratio		8.69			10.09			11.05			8.69			11.05
Tax-equivalent (TE) amounts are calculated using a federal income tax rate of 35%.
The efficiency ratio is noninterest expense to total net interest (TE) and noninterest income (excluding securities gains and losses).
The tangible common equity to tangible assets ratio is total shareholders' equity less preferred stock and intangible assets divided by
total assets less intangible assets.

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8
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
QUARTERLY HIGHLIGHTS
		Fourth			Third			Second			First			Fourth
		Quarter			Quarter			Quarter			Quarter			Quarter
(dollars in thousands, except per share data)			2010			2010			2010			2010			2009

INCOME DATA
	Net interest income	$	104,101		$	104,246		$	105,869		$	106,629		$	111,391
	Net interest income (tax-equivalent)		105,166			105,186			106,810			107,584			112,396
	Provision for credit losses		148,500			70,000			59,000			37,500			39,500
	Noninterest income		31,847			28,651			31,761			28,247			29,026
	Net securities gains in noninterest income		-			-			-			-			139
	Noninterest expense		130,358			113,118			110,147			109,706			104,143
	Net income (loss)		(88,489	)		(29,004	)		(17,993	)		(6,280	)		318
	Net income (loss) to common shareholders		(92,556	)		(33,071	)		(22,060	)		(10,347	)		(3,749	)

QUARTER-END BALANCE SHEET DATA
	Loans	$	7,234,726		$	7,733,932		$	7,979,371		$	8,073,498		$	8,403,443
	Investment securities		2,609,602			2,297,338			2,076,313			2,042,307			2,050,440
	Earning assets		10,488,071			10,246,178			10,214,267			10,395,252			10,699,847
	Total assets		11,798,779			11,517,194			11,416,761			11,580,806			11,892,141
	Noninterest-bearing deposits		3,523,518			3,245,123			3,229,244			3,298,095			3,301,354
	Total deposits		9,403,403			8,865,916			8,819,051			8,961,957			9,149,894
	Shareholders' equity		1,524,334			1,638,661			1,674,166			1,676,240			1,681,064

AVERAGE BALANCE SHEET DATA
	Loans	$	7,638,375		$	7,881,160		$	8,051,668		$	8,210,283		$	8,434,397
	Investment securities		2,344,312			2,115,549			2,021,359			2,008,095			2,025,103
	Earning assets		10,481,277			10,331,541			10,314,161			10,482,211			10,635,573
	Total assets		11,774,859			11,563,331			11,503,150			11,656,777			11,733,149
	Noninterest-bearing deposits		3,354,893			3,224,881			3,255,019			3,260,794			3,222,748
	Total deposits		9,078,371			8,884,439			8,895,731			9,026,703			9,017,220
	Shareholders' equity		1,649,829			1,670,244			1,676,468			1,684,537			1,629,312

COMMON SHARE DATA
	Earnings (loss) per share
	Basic	$	( .96	)	$	( .34	)	$	( .23	)	$	( .11	)	$	( .04	)
	Diluted		( .96	)		( .34	)		( .23	)		( .11	)		( .04	)
	Cash dividends per share	$	.01		$	.01		$	.01		$	.01		$	.01
	Book value per share	$	12.71		$	13.89		$	14.29		$	14.32		$	14.37
	Tangible book value per share	$	8.11		$	9.28		$	9.65		$	9.67		$	9.71
	Trading data
	High sales price	$	14.43		$	10.04		$	15.29		$	14.53		$	9.69
	Low sales price		7.84			7.04			9.25			9.05			7.78
	End-of-period closing price		14.15			8.17			9.25			13.79			9.11
	Trading volume		64,981,238			67,483,532			75,477,402			67,377,896			79,863,609

RATIOS
	Return on average assets		(2.98	)%		(1.00	)%		(.63	)%		(.22	)%		.01	%
	Return on average common shareholders' equity		(27.13	)		(9.55	)		(6.41	)		(3.02	)		(1.11	)
	Net interest margin (TE)		3.99			4.05			4.15			4.15			4.20
	Average loans to average deposits		84.14			88.71			90.51			90.96			93.54
	Efficiency ratio		95.14			84.52			79.49			80.77			73.71
	Annualized expenses to average assets		4.43			3.91			3.83			3.76			3.55
	Allowance for loan losses to loans		3.00			2.89			2.88			2.77			2.66
	Annualized net charge-offs to average loans		8.14			3.89			2.65			1.81			2.59
	Nonperforming assets to loans (including nonaccrual
	loans held for sale) plus foreclosed assets
	and surplus property		5.16			6.64			6.73			6.12			5.52
	Average shareholders' equity to average total assets		14.01			14.44			14.57			14.45			13.89
	Tangible common equity to tangible assets		6.90			8.10			8.49			8.38			8.18
	Leverage ratio		8.69			10.09			10.48			10.61			11.05
Tax-equivalent (TE) amounts are calculated using a federal income tax rate of 35%.
The efficiency ratio is noninterest expense to total net interest (TE) and noninterest income (excluding securities gains and losses).
The tangible common equity to tangible assets ratio is total shareholders' equity less preferred stock and intangible assets divided by
total assets less intangible assets.

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9
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
DAILY AVERAGE CONSOLIDATED BALANCE SHEETS
		Fourth			Third			Fourth			Year Ended
		Quarter			Quarter			Quarter			December 31
	(dollars in thousands)		2010			2010			2009			2010			2009
	ASSETS
	EARNING ASSETS
	Loans	$	7,638,375		$	7,881,160		$	8,434,397		$	7,943,629		$	8,775,662
	Investment securities
	Securities available for sale		2,047,483			1,957,481			1,846,305			1,926,195			1,754,831
	Securities held to maturity		296,829			158,068			178,798			197,036			191,410
	Total investment securities		2,344,312			2,115,549			2,025,103			2,123,231			1,946,241
	Federal funds sold and short-term investments		447,555			296,485			147,575			300,599			108,234
	Loans held for sale		51,035			38,347			28,498			34,642			37,324
	Total earning assets		10,481,277			10,331,541			10,635,573			10,402,101			10,867,461
	NONEARNING ASSETS
	Goodwill and other intangible assets		445,095			446,308			450,567			446,989			453,770
	Accrued interest receivable		32,798			32,764			37,871			34,097			38,682
	Other assets		1,044,410			983,823			843,680			974,221			811,693
	Allowance for loan losses		(228,721	)		(231,105	)		(234,542	)		(232,723	)		(216,010	)

	Total assets	$	11,774,859		$	11,563,331		$	11,733,149		$	11,624,685		$	11,955,596

	LIABILITIES
	INTEREST-BEARING LIABILITIES
	Interest-bearing deposits
	NOW account deposits	$	1,163,000		$	1,128,756		$	1,157,068		$	1,171,517		$	1,163,820
	Money market investment deposits		1,834,234			1,811,326			1,822,403			1,801,689			1,659,663
	Savings deposits		887,331			865,229			843,277			867,697			883,803
	Other time deposits		703,277			716,245			821,667			732,103			844,236
	Time deposits $100,000 and over		1,135,636			1,138,002			1,150,057			1,124,188			1,419,669
	Total interest-bearing deposits		5,723,478			5,659,558			5,794,472			5,697,194			5,971,191

	Short-term borrowings		732,669			707,892			760,881			677,906			991,958
	Long-term debt		218,499			199,731			199,687			204,462			195,571
	Total interest-bearing liabilities		6,674,646			6,567,181			6,755,040			6,579,562			7,158,720
	NONINTEREST-BEARING LIABILITIES
	Noninterest-bearing deposits		3,354,893			3,224,881			3,222,748			3,274,020			3,134,811
	Accrued interest payable		8,835			11,543			11,402			10,453			16,653
	Other liabilities		86,656			89,482			114,647			90,476			103,119
	Total liabilities		10,125,030			9,893,087			10,103,837			9,954,511			10,413,303
	SHAREHOLDERS' EQUITY
	Preferred		296,088			295,770			294,819			295,616			294,347
	Common		1,353,741			1,374,474			1,334,493			1,374,558			1,247,946
	Total shareholders' equity		1,649,829			1,670,244			1,629,312			1,670,174			1,542,293

	Total liabilities and shareholders' equity	$	11,774,859		$	11,563,331		$	11,733,149		$	11,624,685		$	11,955,596

	EARNING ASSETS LESS
	INTEREST-BEARING LIABILITIES	$	3,806,631		$	3,764,360		$	3,880,533		$	3,822,539		$	3,708,741

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10
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
		December 31			September 30			June 30			March 31			December 31
(dollars in thousands)			2010			2010			2010			2010			2009
ASSETS
	Cash and due from financial institutions	$	210,368		$	244,331		$	200,075		$	198,912		$	216,347
	Federal funds sold and short-term investments		445,392			165,746			130,113			256,505			212,219
	Loans held for sale		198,351			49,162			28,470			22,942			33,745
	Investment securities
	Securities available for sale		1,968,245			2,140,882			1,915,587			1,877,653			1,875,495
	Securities held to maturity		641,357			156,456			160,726			164,654			174,945
	Total investment securities		2,609,602			2,297,338			2,076,313			2,042,307			2,050,440
	Loans		7,234,726			7,733,932			7,979,371			8,073,498			8,403,443
	Allowance for loan losses		(216,843	)		(223,254	)		(229,884	)		(223,890	)		(223,671	)
	Net loans		7,017,883			7,510,678			7,749,487			7,849,608			8,179,772
	Bank premises and equipment		232,475			228,696			227,620			226,105			223,142
	Goodwill		435,678			435,678			435,678			435,678			435,678
	Other intangible assets		8,922			10,009			11,284			12,621			14,116
	Accrued interest receivable		29,078			30,161			29,783			33,277			32,841
	Other assets		611,030			545,395			527,938			502,851			493,841
	Total assets	$	11,798,779		$	11,517,194		$	11,416,761		$	11,580,806		$	11,892,141


LIABILITIES
	Noninterest-bearing demand deposits	$	3,523,518		$	3,245,123		$	3,229,244		$	3,298,095		$	3,301,354
	Interest-bearing deposits		5,879,885			5,620,793			5,589,807			5,663,862			5,848,540
	Total deposits		9,403,403			8,865,916			8,819,051			8,961,957			9,149,894
	Short-term borrowings		543,492			681,152			599,106			610,344			734,606
	Long-term debt		219,571			199,755			199,764			199,722			199,707
	Accrued interest payable		9,722			11,600			9,794			12,598			11,908
	Other liabilities		98,257			120,110			114,880			119,945			114,962
	Total liabilities		10,274,445			9,878,533			9,742,595			9,904,566			10,211,077
	SHAREHOLDERS' EQUITY
	Preferred stock		296,242			295,925			295,608			295,291			294,974
	Common stock		2,800			2,800			2,800			2,800			2,800
	Capital surplus		620,547			618,475			620,111			618,392			617,038
	Retained earnings		628,546			722,081			756,127			779,158			790,481
	Accumulated other comprehensive income (loss)		(11,104	)		12,077			12,217			(6,704	)		(11,532	)
	Treasury stock at cost		(12,697	)		(12,697	)		(12,697	)		(12,697	)		(12,697	)
	Total shareholders' equity		1,524,334			1,638,661			1,674,166			1,676,240			1,681,064
	Total liabilities and shareholders' equity	$	11,798,779		$	11,517,194		$	11,416,761		$	11,580,806		$	11,892,141

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11
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
	Fourth			Third			Fourth			Year Ended
	Quarter			Quarter			Quarter			December 31
(dollars in thousands, except per share data)		2010			2010			2009			2010			2009
INTEREST INCOME
Interest and fees on loans	$	95,379		$	96,836		$	105,695		$	391,123		$	435,613
Interest and dividends on investments		20,473			20,002			20,919			81,053			83,075
Interest on federal funds sold and
short-term investments		302			195			125			833			610
Total interest income		116,154			117,033			126,739			473,009			519,298
INTEREST EXPENSE
Interest on deposits		9,071			9,998			12,561			40,887			63,345
Interest on short-term borrowings		273			294			296			1,098			2,531
Interest on long-term debt		2,709			2,495			2,491			10,179			9,990
Total interest expense		12,053			12,787			15,348			52,164			75,866
NET INTEREST INCOME		104,101			104,246			111,391			420,845			443,432
PROVISION FOR CREDIT LOSSES		148,500			70,000			39,500			315,000			259,000
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		(44,399	)		34,246			71,891			105,845			184,432
NONINTEREST INCOME
Service charges on deposit accounts		8,568			8,208			9,077			33,920			37,699
Bank card fees		6,738			6,305			5,621			24,934			19,886
Trust service fees		3,080			2,804			2,966			11,868			11,984
Secondary mortgage market operations		3,317			2,600			2,237			9,849			9,406
Other noninterest income		10,144			8,734			8,986			39,935			40,641
Securities transactions		-			-			139			-			334
Total noninterest income		31,847			28,651			29,026			120,506			119,950
NONINTEREST EXPENSE
Employee compensation		43,171			40,277			38,300			163,211			158,116
Employee benefits		9,325			9,344			11,177			38,724			43,223
Total personnel		52,496			49,621			49,477			201,935			201,339
Net occupancy		9,685			9,922			9,391			39,258			38,810
Equipment and data processing		8,064			7,448			6,318			29,029			25,770
Legal and other professional services		9,986			9,643			5,621			34,190			19,556
Deposit insurance and regulatory fees		5,523			5,385			5,515			23,412			24,260
Telecommunication and postage		2,304			3,024			2,993			11,435			12,288
Corporate value and franchise taxes		1,439			1,720			1,817			6,445			8,684
Amortization of intangibles		1,087			1,275			1,734			5,194			8,767
Provision for valuation losses on foreclosed assets		14,189			4,372			3,768			25,128			11,660
Nonlegal loan collection and other foreclosed asset costs		3,342			4,150			2,446			13,225			8,418
Merger-related expense		4,086			-			-			4,086			-
Other noninterest expense		18,157			16,558			15,063			69,992			56,842
Total noninterest expense		130,358			113,118			104,143			463,329			416,394
Income (loss) before income taxes		(142,910	)		(50,221	)		(3,226	)		(236,978	)		(112,012	)
Income tax expense		(54,421	)		(21,217	)		(3,544	)		(95,212	)		(49,866	)
Net income (loss)	$	(88,489	)	$	(29,004	)	$	318		$	(141,766	)	$	(62,146	)
Preferred stock dividends		4,067			4,067			4,067			16,268			16,226
Net income (loss) to common shareholders	$	(92,556	)	$	(33,071	)	$	(3,749	)	$	(158,034	)	$	(78,372	)

EARNINGS (LOSS) PER COMMON SHARE
Basic	$	(.96	)	$	(.34	)	$	(.04	)	$	(1.64	)	$	(1.08	)
Diluted		(.96	)		(.34	)		(.04	)		(1.64	)		(1.08	)
WEIGHTED-AVERAGE COMMON
SHARES OUTSTANDING
Basic		96,724,267			96,707,562			88,402,754			96,626,872			72,824,964
Diluted		96,724,267			96,707,562			88,402,754			96,626,872			72,824,964
CASH DIVIDENDS PER COMMON SHARE	$	.01		$	.01		$	.01		$	.04		$	.04

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12
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)*
	Fourth			Third			Fourth			Year Ended
	Quarter			Quarter			Quarter			December 31
		2010			2010			2009			2010		2009

EARNING ASSETS
Loans**		4.94	%		4.86	%		4.96	%		4.91	%	4.95	%
Investment securities		3.64			3.94			4.32			3.98		4.48
Federal funds sold and short-term investments		.27			.26			.34			.28		.56
Total interest-earning assets		4.45	%		4.54	%		4.77	%		4.58	%	4.82	%

INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW account deposits		.27	%		.30	%		.36	%		.32	%	.37	%
Money market investment deposits		.59			.69			.82			.71		.94
Savings deposits		.12			.15			.15			.14		.16
Other time deposits		1.18			1.26			1.48			1.29		1.98
Time deposits $100,000 and over		1.11			1.18			1.51			1.22		1.79
Total interest-bearing deposits		.63	%		.70	%		.86	%		.72	%	1.06	%

Short-term borrowings		.15			.16			.15			.16		.26
Long-term debt		4.96			5.00			4.99			4.98		5.11
Total interest-bearing liabilities		.72	%		.77	%		.90	%		.79	%	1.06	%

NET INTEREST SPREAD (tax-equivalent)
Yield on earning assets less cost of interest-
bearing liabilities		3.73	%		3.77	%		3.87	%		3.79	%	3.76	%

NET INTEREST MARGIN (tax-equivalent)
Net interest income (tax equivalent) as a
percentage of average earning assets		3.99	%		4.05	%		4.20	%		4.08	%	4.12	%

COST OF FUNDS
Interest expense as a percentage of average interest-
bearing liabilities plus interest-free funds		.46	%		.49	%		.57	%		.50	%	.70	%


* Based on a 35% tax rate.
** Net of unearned income, before deducting the allowance for loan losses and including loans
held for sale and loans accounted for on a nonaccrual basis.

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13
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN QUALITY
	Fourth			Third			Fourth			Year Ended
	Quarter			Quarter			Quarter			December 31
(dollars in thousands)		2010			2010			2009			2010			2009

ALLOWANCE FOR LOAN LOSSES
Allowance at beginning of period	$	223,254		$	229,884		$	238,600		$	223,671		$	161,109
Provision for credit losses		149,000			70,000			39,600			315,600			257,600
Loans charged off		(161,466	)		(80,062	)		(57,699	)		(339,463	)		(203,602	)
Recoveries on loans previously charged off		6,055			3,432			3,170			17,035			8,564
Net loans charged off		(155,411	)		(76,630	)		(54,529	)		(322,428	)		(195,038	)
Allowance at end of period	$	216,843		$	223,254		$	223,671		$	216,843		$	223,671

Allowance for loan losses to loans		3.00	%		2.89	%		2.66	%		3.00	%		2.66	%

Annualized net charge-offs to average loans		8.14			3.89			2.59			4.06			2.22

Annualized gross charge-offs to average loans		8.46			4.06			2.74			4.27			2.32

Recoveries to gross charge-offs		3.75			4.29			5.49			5.02			4.21


RESERVE FOR LOSSES ON
UNFUNDED CREDIT COMMITMENTS
Reserve at beginning of period	$	2,100		$	2,100		$	2,300		$	2,200		$	800
Provision for credit losses		(500	)		-			(100	)		(600	)		1,400
Reserve at end of period	$	1,600		$	2,100		$	2,200		$	1,600		$	2,200

	December 31			September 30			June 30			March 31			December 31
(dollars in thousands)		2010			2010			2010			2010			2009

NONPERFORMING ASSETS
Nonaccrual loans:
Held for investment	$	140,519		$	428,012		$	451,405		$	436,680		$	414,075
Held for sale		158,044			-			-			-			-
Restructured loans accruing		-			-			-			-			-
Total nonperforming loans		298,563			428,012			451,405			436,680			414,075
Foreclosed assets and surplus property		87,696			91,770			91,506			60,879			52,630
Total nonperforming assets	$	386,259		$	519,782		$	542,911		$	497,559		$	466,705
Loans 90 days past due still accruing	$	14,283		$	28,518		$	10,539		$	17,591		$	23,386

Nonperforming assets to loans (including
nonaccrual loans held for sale) plus foreclosed
assets and surplus property		5.16	%		6.64	%		6.73	%		6.12	%		5.52	%

Nonaccrual loans held for investment to loans
(excluding nonaccrual loans held for sale)		1.94			5.53			5.66			5.41			4.93

Allowance for loan losses to nonperforming loans
(excluding nonaccrual loans held for sale)		154.32			52.16			50.93			51.27			54.02

Loans 90 days past due still accruing to loans		.20			.37			.13			.22			.28

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	14
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO DETAIL

LOAN PORTFOLIO AT QUARTER-END
					2010													2009
(dollars in millions)					December			September			June			March			December

Commercial, financial & agricultural					$	2,789		$	2,846		$	2,895		$	2,869		$	3,075
Owner-occupied real estate						1,003			1,070			1,053			1,069			1,080
Total commercial & industrial						3,792			3,916			3,948			3,938			4,155
Commercial real estate:
Construction, land & land development						946			1,175			1,396			1,479			1,537
CRE - other						1,123			1,223			1,197			1,217			1,246
Total commercial real estate						2,069			2,398			2,593			2,696			2,783
Residential mortgage						953			994			1,007			1,015			1,035
Consumer						421			426			431			424			430
Total loans					$	7,235		$	7,734		$	7,979		$	8,073		$	8,403

GEOGRAPHIC DISTRIBUTION OF LOAN PORTFOLIO AT DECEMBER 31, 2010
											Alabama/						Percent
(dollars in millions)		Louisiana			Texas			Florida			Mississippi			Total			of total

Commercial, financial & agricultural		$	2,055		$	390		$	124		$	220		$	2,789			38	%
Owner-occupied real estate			622			126			166			89			1,003			14	%
Total commercial & industrial			2,677			516			290			309			3,792			52	%
Commercial real estate:
Construction, land & land development			352			315			161			118			946			13	%
CRE - other			597			148			236			142			1,123			16	%
Total commercial real estate			949			463			397			260			2,069			29	%
Residential mortgage			520			155			160			118			953			13	%
Consumer			289			25			65			42			421			6	%
Total		$	4,435		$	1,159		$	912		$	729		$	7,235			100	%
Percent of total			61	%		16	%		13	%		10	%		100	%

CLASSIFIED LOANS AT DECEMBER 31, 2010
																	Percent
																	of loan
											Alabama/						category
(dollars in millions)		Louisiana			Texas			Florida			Mississippi			Total			total

Commercial, financial & agricultural		$	83		$	70		$	10		$	36		$	199			7	%
Owner-occupied real estate			55			26			27			28			136			14	%
Total commercial & industrial			138			96			37			64			335			9	%
Commercial real estate:
Construction, land & land development			38			160			58			16			272			29	%
CRE - other			43			49			25			31			148			13	%
Total commercial real estate			81			209			83			47			420			20	%
Residential mortgage			42			13			29			11			95			10	%
Consumer			2			2			5			1			10			2	%
Total		$	263		$	320		$	154		$	123		$	860			12	%
Percent of regional loan total			6	%		28	%		17	%		17	%		12	%

-END-

4Q10 Supplemental Data
January 27, 2011

Commercial and Business Banking Focus

Total Loans: $7.2B
4Q10 Average Yield: 4.94%

Note: Financial data as of December 31, 2010

Geographic Distribution

C&I

CRE

Reclassification Of Loans To Held For Sale

	($s in millions)
Loans Included in Bulk Sale Transaction*
Book Value	$179
Reserves as of 9/30/10	(16)
Net Book Value	$163
Estimated Net Proceeds	88
4Q10 Provision Impact	$75
Additional Notes Reclassified to Held For Sale
Book Value	$124
Reserves as of 9/30/10	(12)
Net Book Value	$112
Estimated Net Proceeds	$75
4Q10 Provision Impact	$37

Total direct provision impact	$112

*Bulk Sale transaction closed January 24, 2011.

Loans Held For Sale (excluding Bulk Sale loans)

Note: Financial data as of December 31, 2010

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total
Commercial, financial, agricultural	$ 1	$ 1	$ 2	$ --	$ 4
Owner-occupied real estate	10	1	6	3	20
CRE: Construction, land, land development	10	8	11	6	35
CRE - Other	4	1	3	--	8
Residential Mortgage	2	--	4	2	8
Consumer	--	--	--	--	--

Total	$ 27	$ 11	$ 26	$ 11	$ 75

CRE: Construction, Land & Land Development Loans

Note: Financial data as of December 31, 2010

Excludes loans held for sale

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total
Residential construction	$ 69	$ 47	$ 21	$ 11	$ 148
Land & Lots:
Residential	101	15	57	39	212
Commercial	84	86	36	39	245
Retail	14	87	2	4	107
Office Buildings	6	4	17	1	28
Hotel/motel	--	--	15	--	15
Multifamily	19	49	--	--	68
Industrial/ warehouse	12	5	2	2	21
Other	47	22	11	22	102
Total	$ 352	$ 315	$ 161	$ 118	$ 946

CRE: Other Commercial Real Estate Loans

Note: Financial data as of December 31, 2010

Excludes loans held for sale

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total
Retail	$ 188	$ 80	$ 58	$ 31	$ 357
Office Buildings	108	24	52	29	213
Hotel/motel	104	4	43	23	174
Multifamily	68	27	20	42	157
Industrial/ warehouse	64	12	30	10	116
Other	65	1	33	7	106
Total	$ 597	$ 148	$ 236	$ 142	$ 1,123

C&I: Oil & Gas Portfolio

• Oil and gas
portfolio 10%
of total loans

• Approximately
$40 million in
classified, no
nonaccruals

Sector	$ Outstanding	% of Total
Exploration & Production	$227	32%
Drilling & pre-drilling	173	24%
Transportation	166	23%
Service & Supply	125	18%
Other	21	3%
Total	$712	100%

$s in millions

Note: Financial data as of December 31, 2010

Summary Credit Statistics

Nonaccrual loans to loans (excluding nonaccrual loans held for sale)

Allowance for loan losses/loans

NPAs/loans + OREO (including nonaccrual loans held for sale)

Reserves/NPLs (excluding nonaccrual loans held for sale)

Note: Financial data as of December 31, 2010

Classified Portfolio By Geography

NPLs are included in total classified portfolio
Excludes loans held for sale

Note: Financial data as of December 31, 2010

Construction, Land & Land Development Classified Loans

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total	% of Portfolio Total
Residential construction	$ 3	$ 7	$ 4	$ 1	$ 15	10%
Land & Lots:
Residential	15	3	28	12	58	27%
Commercial	17	66	13	2	98	40%
Retail	--	41	--	--	41	38%
Office Buildings	--	--	12	--	12	43%
Hotel/motel	--	--	--	--	--	--
Multifamily	--	27	--	--	27	40%
Industrial/ warehouse	--	--	1	--	1	5%
Other	3	16	--	1	20	20%
Total	$ 38	$ 160	$ 58	$ 16	$ 272	29%

Note: Financial data as of December 31, 2010

Excludes loans held for sale

Other Commercial Real Estate Classified Loans

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total	% of Portfolio Total
Retail	$ 5	$ 25	$ 5	$ 7	$ 42	12%
Office Buildings	9	7	4	1	21	10%
Hotel/motel	3	4	2	--	9	5%
Multifamily	11	13	4	20	48	31%
Industrial/ warehouse	5	--	5	1	11	9%
Other	10	--	5	2	17	16%
Total	$ 43	$ 49	$ 25	$ 31	$ 148	13%

Note: Financial data as of December 31, 2010

Excludes loans held for sale

	LA	TX	FL	AL/MS
Loans	$4,435	$1,159	$912	$729
Reserve/NPLs	155%	115%	206%	120%
NPLs/Loans	1%	2%	4%	3%

Nonperforming Loans Declined 67%

Geographic distribution of allowance for loan losses

Geographic distribution of NPLs (held for investment)

($s in millions)

Note: Financial data as of December 31, 2010

NPLs exclude nonaccrual loans held for sale

Charge-Offs On Loans (excluding held for sale)

Gross Charge-offs by
Geography: 4Q10

Note: Financial data as of December 31, 2010

Classified To Total Loans By Geography

As of September 30, 2010

$s in millions	LA	TX	FL	AL/MS	Total	% of Total
C&I	$152	$61	$69	$68	$350	31
% Classified to Total Loans	6%	11%	23%	22%	9%
CRE	121	231	214	75	641	57
% Classified to Total Loans	12%	43%	38%	24%	27%
Residential Mortgage & Consumer	52	9	54	16	131	12
% Classified to Total Loans	6%	5%	23%	10%	9%
Total Classified Loans	$325	$301	$337	$159	$1,122	100
% of Total Classified Loans	29%	27%	30%	14%	100%

$s in millions	LA	TX	FL	AL/MS	Total	% of Total
C&I	$138	$96	$37	$64	$335	39
% Classified to Total Loans	5%	19%	13%	21%	9%
CRE	81	209	83	47	420	49
% Classified to Total Loans	9%	45%	21%	18%	20%
Residential Mortgage & Consumer	44	15	34	12	105	12
% Classified to Total Loans	5%	8%	15%	8%	8%
Total Classified Loans	$263	$320	$154	$123	$860	100
% of Total Classified Loans	31%	37%	18%	14%	100%

Classified loans include: Substandard and Doubtful, which are inclusive of Nonperforming/Impaired.

Excludes loans held for sale

Classified Loans Reduced 23%

As of December 31, 2010

(Classified CRE loans in Florida decreased 61%)

4Q10 Supplemental Data
January 27, 2011

WHITNEY HOLDING CORP - FORM 8-K - EX-99.1 - WTNY 4TH QTR 2010 RESULTS PRESS RELEASE - January 27, 2011

Attached files

WHITNEY HOLDING CORP Reports