WHITNEY HOLDING CORP - FORM 8-K - EX-99.1 - WHITNEY HOLDING CORPORATION 1ST QTR 2011 EARNINGS RELEASE

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8-K - WHITNEY HOLDING CORPORATION 1ST QTR 2011 8-K - WHITNEY HOLDING CORP	wtny1q20118k.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	April 21, 2011
	504/299-5208
	tcarlson@whitneybank.com

WHITNEY REPORTS FIRST QUARTER 2011 PROFIT

New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ—WTNY) (the “Company” or “Whitney”) reported net income of $17.2 million for the first quarter of 2011, compared to net losses of $88.5 million and $6.3 million in the fourth and first quarters of 2010, respectively. Including the $4.1 million dividend paid each quarter to the U.S. Treasury on the preferred stock issued under TARP, earnings per diluted common share for the first quarter of 2011 was $.13 compared to losses per common share of $.96 and $.11 for the fourth and first quarters of 2010, respectively.

During the first quarter of 2011, Whitney recovered $5.8 million on a charge-off related to Hurricane Katrina taken in 2006. Based on its current assessment of the impact of the BP oil spill on the Company’s loan customers in the first quarter of 2011, management reversed the $5.0 million allowance established in the second quarter of 2010 to cover estimated losses from this event.

“Late last year, the Company announced an expected return to core operating profitability in the first quarter of 2011”, said John C. Hope, III, Chairman and CEO. “I am proud of the continued hard work and dedication of our employees that allowed us to meet those expectations, even without the noncore items relating to Hurricane Katrina and the BP oil spill.”

In the fourth quarter of 2010, Whitney reclassified $303 million of problem loans as held for sale and recognized charge-offs of $139 million to record these loans at the lower of cost or fair value. The reclassification had a direct impact of approximately $112 million on the Company’s

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provision for loan losses for the fourth quarter of 2010, reflecting the cost associated with aggressively dealing with problem credits through note sales versus individual resolutions. The carrying value of these problem loans at December 31, 2010 was $158 million. In the first quarter of 2011, Whitney sold approximately $95 million in carrying value of nonperforming loans held for sale, including the previously announced $83 million bulk sale completed in January 2011.

On December 21, 2010, Whitney entered into a definitive agreement with Hancock Holding Company ("Hancock"), headquartered in Gulfport, Mississippi, for the Company to merge with and 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.

HIGHLIGHTS OF FIRST QUARTER FINANCIAL RESULTS

Loans and Earning Assets

Total loans at the end of the first quarter of 2011 were $7.0 billion, down $241 million, or 3%, from December 31, 2010. The linked-quarter decline included $16.1 million in gross charge-offs and approximately $5.5 million in foreclosures. The remaining decrease reflected payoffs and paydowns during the quarter, including some larger oil and gas credits, several commercial real estate credits in Louisiana, Alabama and Texas and certain commercial and industrial (C&I) customers with seasonal borrowing patterns. Overall demand for credit remained limited during the first quarter.

Average loans for the first quarter of 2011 totaled $7.1 billion, down $508 million, or 7%, compared to the fourth quarter of 2010. The decline in average loans held for investment reflected in part a full quarter’s impact of the reclassification of problem loans as held for sale late in the fourth quarter of 2010.

Average earning assets of $10.2 billion in the first quarter of 2011 were down $244 million, or 2%, from the fourth quarter of 2010, including the impact of the bulk sale of problem loans in January 2011 and the significant charge-offs taken in the fourth quarter of 2010 on the loans reclassified as held for sale.

Deposits and Funding

Average deposits in the first quarter of 2011 were $9.2 billion, up $122 million, or 1%, from the fourth quarter of 2010. Total period-end deposits at March 31, 2011 of $9.2 billion were down $222 million, or 2%, compared to December 31, 2010. Deposits at year-end 2010 included seasonal public funds and year-end deposits of certain commercial relationships.

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Average and period-end noninterest-bearing deposits totaled $3.5 billion and $3.6 billion, respectively, in the first quarter of 2011, up 5% and 3%, respectively, compared to the fourth quarter of 2010. Noninterest-bearing demand deposits comprised 38% of total average deposits for the first quarter of 2011 and funded approximately 34% of average earning assets. The percentage of earning assets funded by all noninterest-bearing sources totaled 37% for the first quarter of 2011.

Net Interest Income

Net interest income (TE) for the first quarter of 2011 was $101 million, down $4.3 million, or 4%, from the fourth quarter of 2010, with fewer days in the current period accounting for approximately $1.6 million of the decrease. Average earning assets decreased 2% linked-quarter, while the net interest margin (TE) was basically stable, declining only 1 basis point to 3.98%. The stability of the margin reflected a continued unfavorable shift in the mix of earning assets and decline in investment portfolio yields, offset by a favorable shift in funding sources, further reductions in deposit rates and a decrease in nonaccrual loans included in earning asset totals.

Provision for Credit Losses and Credit Quality

As noted earlier, a significant portion of the nonperforming loan portfolio was reclassified as held for sale with significant charge-offs during the fourth quarter of 2010. These loans consisted primarily of the type of real estate-related credits from certain Whitney market areas that have been the main driver of the provision for loan losses over the past two years. These actions, the previously-mentioned large recovery on a Hurricane Katrina related charge-off and the reversal of the BP oil spill loss allowance in the first quarter of 2011 are reflected in management’s evaluation of the adequacy of the allowance for credit losses and decision to make no provision for credit losses in the current period. Whitney provided $148.5 million for credit losses in the fourth quarter of 2010 and $37.5 million in the first quarter of 2010. As noted earlier, the majority of the fourth quarter’s provision, $112 million, was a reflection of the impact of the reclassification of problem loans as held for sale.

Classified loans, excluding loans held for sale, increased $18 million, net, during the first quarter, and totaled $878 million at March 31, 2011. During the first quarter, classified loans from Whitney’s Texas market declined, mainly in commercial real estate credits. Classified C&I loans increased in total, mainly in Louisiana. Overall, there continued to be no significant industry concentrations in the classified total. Management continues to believe that the current portfolio of classified loans has lower loss potential compared to the level of losses that has been recognized on loans impacted by the significant real estate market issues in Florida.

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Nonperforming loans totaled $239 million at March 31, 2011, a net decrease of $60 million from year-end 2010. Included in the total are $57 million of nonaccrual loans held for sale and $7 million for restructured problem loans that are accruing. Whitney’s Louisiana market accounted for $80 million of the $174 million total nonaccrual loans held for investment at March 31, 2011, with another $43 million from Florida, $27 million from Texas and $24 million from Alabama/Mississippi. Foreclosed assets totaled $78 million at March 31, 2011, down $10 million from year-end 2010.

Net loan charge-offs in the first quarter of 2011 were $2.7 million, or .15% of average loans on an annualized basis, compared to $155.4 million, or 8.14%, of average loans in the fourth quarter of 2010. Approximately half of the $16 million in gross charge-offs in the first quarter of 2011 were from Whitney’s Florida markets. Approximately $90 million of the gross charge-offs in the fourth quarter were related to loans included in the bulk sale, $49 million were charge-offs on additional loans transferred to held for sale and approximately $23 million were charge-offs on the remaining loan portfolio.

The allowance for loan losses represented 3.06% of total loans held for investment at March 31, 2011, compared to 3.00% at December 31, 2010 and 2.77% at March 31, 2010.

Noninterest Income

Noninterest income for the first quarter of 2011 totaled $30.4 million, a decrease of $1.4 million, or 4%, from the fourth quarter of 2010.

Certain recurring sources of income showed seasonal declines in the first quarter of 2011. Secondary mortgage market income was down $1.4 million on lower production levels related in part to less refinancing activity compared to prior periods.

Other noninterest income increased $.8 million. The first quarter of 2011 included $1.7 million of gains on sales of grandfathered assets and other revenue from these assets. The fourth quarter of 2010 included a $.6 million distribution from an investment in a local small business investment company and $.3 million from sales of grandfathered assets.

Noninterest Expense

Total noninterest expense of $108.1 million for the first quarter of 2011 was down $22.2 million from the fourth quarter of 2010. Expenses associated with the pending merger with Hancock totaled $1.2 million in the first quarter of 2011 and $4.1 million in the fourth quarter of 2010.

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Loan collection costs, together with foreclosed asset management expenses, provisions for valuation losses on foreclosed assets and legal fees associated with problem credits totaled $8.8 million in the first quarter of 2011, down $11.7 million from the fourth quarter of 2010. As noted previously, problem loan resolution expenses were expected to be lower as the Company disposed of the loans held for sale.

Legal and professional fees, excluding those associated with problem credits, declined $1.7 million to a total of $5.3 million for the first quarter of 2011. This decrease was related mainly to costs associated with Whitney’s major technology upgrade project which has been suspended in anticipation of the merger with Hancock. Costs associated with regulatory matters totaled approximately $2.5 million for the first quarter of 2011.

Other noninterest expense decreased $4.4 million compared to the fourth quarter of 2010, including a reduction of approximately $1.0 million in training expenses related to the technology upgrade project.

Capital

The Company’s tangible common equity ratio was 7.22% at March 31, 2011, up from 6.90% at December 31, 2010. The Company’s leverage ratio at March 31, 2011 was 9.09% compared to 8.69% at December 31, 2010. Both the Company and Whitney National Bank remain in compliance with all regulatory capital requirements.

This earnings release, including additional financial tables and supplemental slides related to first 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 Hancock/Whitney transaction does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to 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

In connection with the proposed merger, Whitney filed a definitive proxy statement with the Securities and Exchange Commission (SEC) on April 4, 2011, which was included in the registration statement on Form S-4, as amended, filed by Hancock with the SEC on March 31, 2011 (Registration No. 333-171882). 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 DEFINITIVE PROXY STATEMENT AND THE REGISTRATION STATEMENT AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN

CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE DEFINITIVE PROXY STATEMENT AND THE REGISTRATION STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THOSE DOCUMENTS DO AND WILL CONTAIN IMPORTANT INFORMATION.

Free copies of the proxy statement, as well as other documents relating to this transaction that Whitney and/or Hancock file with the SEC, are and will be available at:

·	The SEC's website at www.sec.gov.

·	Whitney's website at www.whitneybank.com, in the Investor Relations section and then under the “SEC Filings” heading.

·	Hancock's website at www.hancockbank.com, in the Investor Relations section and then under the “SEC Filings” heading.

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.

Under SEC rules, the directors, executive officers, other members of management, and employees of Whitney and Hancock may be deemed to be participants in the solicitation of proxies of Whitney's shareholders in connection with the proposed merger. Information regarding the persons who may be considered participants under SEC rules in the solicitation of shareholders in connection with the merger is contained in the proxy statement. Information about Whitney's executive officers and directors is in its Form 10-K/A filed with the SEC on April 18, 2011. Information about Hancock's executive officers and directors is in its Form 10-K filed with the SEC on February 28, 2011. Free copies of these documents are available on the websites listed above.

(WTNY-E)

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8
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
	QUARTERLY HIGHLIGHTS
			First			Fourth			Third			Second			First
			Quarter			Quarter			Quarter			Quarter			Quarter
(dollars in thousands, except per share data)				2011			2010			2010			2010			2010

INCOME DATA
		Net interest income	$	99,872		$	104,101		$	104,246		$	105,869		$	106,629
		Net interest income (tax-equivalent)		100,868			105,166			105,186			106,810			107,584
		Provision for credit losses		-			148,500			70,000			59,000			37,500
		Noninterest income		30,438			31,847			28,651			31,761			28,247
		Net securities gains in noninterest income		-			-			-			-			-
		Noninterest expense		108,128			130,358			113,118			110,147			109,706
		Net income (loss)		17,155			(88,489	)		(29,004	)		(17,993	)		(6,280	)
		Net income (loss) to common shareholders		13,088			(92,556	)		(33,071	)		(22,060	)		(10,347	)

QUARTER-END BALANCE SHEET DATA
		Loans	$	6,993,353		$	7,234,726		$	7,733,932		$	7,979,371		$	8,073,498
		Investment securities		2,685,792			2,609,602			2,297,338			2,076,313			2,042,307
		Earning assets		10,180,576			10,488,071			10,246,178			10,214,267			10,395,252
		Total assets		11,496,074			11,798,779			11,517,194			11,416,761			11,580,806
		Noninterest-bearing deposits		3,625,043			3,523,518			3,245,123			3,229,244			3,298,095
		Total deposits		9,181,820			9,403,403			8,865,916			8,819,051			8,961,957
		Shareholders' equity		1,538,613			1,524,334			1,638,661			1,674,166			1,676,240

AVERAGE BALANCE SHEET DATA
		Loans	$	7,130,806		$	7,638,375		$	7,881,160		$	8,051,668		$	8,210,283
		Investment securities		2,672,697			2,344,312			2,115,549			2,021,359			2,008,095
		Earning assets		10,237,174			10,481,277			10,331,541			10,314,161			10,482,211
		Total assets		11,585,440			11,774,859			11,563,331			11,503,150			11,656,777
		Noninterest-bearing deposits		3,519,240			3,354,893			3,224,881			3,255,019			3,260,794
		Total deposits		9,200,238			9,078,371			8,884,439			8,895,731			9,026,703
		Shareholders' equity		1,529,831			1,649,829			1,670,244			1,676,468			1,684,537

COMMON SHARE DATA
		Earnings (loss) per share
		Basic	$	.13		$	( .96	)	$	( .34	)	$	( .23	)	$	( .11	)
		Diluted	$	.13			( .96	)		( .34	)		( .23	)		( .11	)
		Cash dividends per share	$	.01		$	.01		$	.01		$	.01		$	.01
		Book value per share	$	12.85		$	12.71		$	13.89		$	14.29		$	14.32
		Tangible book value per share	$	8.26		$	8.11		$	9.28		$	9.65		$	9.67
		Trading data
		High sales price	$	14.50		$	14.43		$	10.04		$	15.29		$	14.53
		Low sales price		12.47			7.84			7.04			9.25			9.05
		End-of-period closing price		13.62			14.15			8.17			9.25			13.79
		Trading volume		54,125,200			64,981,238			67,483,532			75,477,402			67,377,896

RATIOS
		Return on average assets		.60	%		(2.98	)%		(1.00	)%		(.63	)%		(.22	)%
		Return on average common shareholders' equity		4.30			(27.13	)		(9.55	)		(6.41	)		(3.02	)
		Net interest margin (TE)		3.98			3.99			4.05			4.15			4.15
		Average loans to average deposits		77.51			84.14			88.71			90.51			90.96
		Efficiency ratio		82.35			95.14			84.52			79.49			80.77
		Annualized expenses to average assets		3.73			4.43			3.91			3.83			3.76
		Allowance for loan losses to loans		3.06			3.00			2.89			2.88			2.77
		Annualized net charge-offs to average loans		.15			8.14			3.89			2.65			1.81
		Nonperforming assets to loans (including nonaccrual
		loans held for sale) plus foreclosed assets
		and surplus property		4.45			5.16			6.64			6.73			6.12
		Average shareholders' equity to average total assets		13.20			14.01			14.44			14.57			14.45
		Tangible common equity to tangible assets		7.22			6.90			8.10			8.49			8.38
		Leverage ratio		9.09			8.69			10.09			10.48			10.61
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.

9
	WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
	DAILY AVERAGE CONSOLIDATED BALANCE SHEETS
			First			Fourth			Third			Second			First
			Quarter			Quarter			Quarter			Quarter			Quarter
		(dollars in thousands)		2011			2010			2010			2010			2010
		ASSETS
		EARNING ASSETS
		Loans	$	7,130,806		$	7,638,375		$	7,881,160		$	8,051,668		$	8,210,283
		Investment securities
		Securities available for sale		2,001,587			2,047,483			1,957,481			1,858,996			1,838,179
		Securities held to maturity		671,110			296,829			158,068			162,363			169,916
		Total investment securities		2,672,697			2,344,312			2,115,549			2,021,359			2,008,095
		Federal funds sold and short-term investments		337,452			447,555			296,485			213,031			243,123
		Loans held for sale		96,219			51,035			38,347			28,103			20,710
		Total earning assets		10,237,174			10,481,277			10,331,541			10,314,161			10,482,211
		NONEARNING ASSETS
		Goodwill and other intangible assets		444,113			445,095			446,308			447,596			449,009
		Accrued interest receivable		31,868			32,798			32,764			34,791			36,086
		Other assets		1,092,371			1,044,410			983,823			941,391			925,851
		Allowance for loan losses		(220,086	)		(228,721	)		(231,105	)		(234,789	)		(236,380	)

		Total assets	$	11,585,440		$	11,774,859		$	11,563,331		$	11,503,150		$	11,656,777

		LIABILITIES
		INTEREST-BEARING LIABILITIES
		Interest-bearing deposits
		NOW account deposits	$	1,208,317		$	1,163,000		$	1,128,756		$	1,148,590		$	1,247,118
		Money market investment deposits		1,823,639			1,834,234			1,811,326			1,765,839			1,794,820
		Savings deposits		916,749			887,331			865,229			868,829			849,006
		Other time deposits		673,057			703,277			716,245			728,121			781,806
		Time deposits $100,000 and over		1,059,236			1,135,636			1,138,002			1,129,333			1,093,159
		Total interest-bearing deposits		5,680,998			5,723,478			5,659,558			5,640,712			5,765,909

		Short-term borrowings		531,037			732,669			707,892			624,931			644,838
		Long-term debt		219,596			218,499			199,731			199,751			199,711
		Total interest-bearing liabilities		6,431,631			6,674,646			6,567,181			6,465,394			6,610,458
		NONINTEREST-BEARING LIABILITIES
		Noninterest-bearing deposits		3,519,240			3,354,893			3,224,881			3,255,019			3,260,794
		Accrued interest payable		10,073			8,835			11,543			8,910			12,554
		Other liabilities		94,665			86,656			89,482			97,359			88,434
		Total liabilities		10,055,609			10,125,030			9,893,087			9,826,682			9,972,240
		SHAREHOLDERS' EQUITY
		Preferred		296,404			296,088			295,770			295,454			295,140
		Common		1,233,427			1,353,741			1,374,474			1,381,014			1,389,397
		Total shareholders' equity		1,529,831			1,649,829			1,670,244			1,676,468			1,684,537

		Total liabilities and shareholders' equity	$	11,585,440		$	11,774,859		$	11,563,331		$	11,503,150		$	11,656,777

		EARNING ASSETS LESS
		INTEREST-BEARING LIABILITIES	$	3,805,543		$	3,806,631		$	3,764,360		$	3,848,767		$	3,871,753

10
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
		March 31			December 31			September 30			June 30			March 31
(dollars in thousands)			2011			2010			2010			2010			2010
ASSETS
	Cash and due from financial institutions	$	264,233		$	210,368		$	244,331		$	200,075		$	198,912
	Federal funds sold and short-term investments		432,432			445,392			165,746			130,113			256,505
	Loans held for sale		68,999			198,351			49,162			28,470			22,942
	Investment securities
	Securities available for sale		2,008,911			1,968,245			2,140,882			1,915,587			1,877,653
	Securities held to maturity		676,881			641,357			156,456			160,726			164,654
	Total investment securities		2,685,792			2,609,602			2,297,338			2,076,313			2,042,307
	Loans		6,993,353			7,234,726			7,733,932			7,979,371			8,073,498
	Allowance for loan losses		(214,186	)		(216,843	)		(223,254	)		(229,884	)		(223,890	)
	Net loans		6,779,167			7,017,883			7,510,678			7,749,487			7,849,608
	Bank premises and equipment		232,591			232,475			228,696			227,620			226,105
	Goodwill		435,678			435,678			435,678			435,678			435,678
	Other intangible assets		7,976			8,922			10,009			11,284			12,621
	Accrued interest receivable		29,022			29,078			30,161			29,783			33,277
	Other assets		560,184			611,030			545,395			527,938			502,851
	Total assets	$	11,496,074		$	11,798,779		$	11,517,194		$	11,416,761		$	11,580,806


LIABILITIES
	Noninterest-bearing demand deposits	$	3,625,043		$	3,523,518		$	3,245,123		$	3,229,244		$	3,298,095
	Interest-bearing deposits		5,556,777			5,879,885			5,620,793			5,589,807			5,663,862
	Total deposits		9,181,820			9,403,403			8,865,916			8,819,051			8,961,957
	Short-term borrowings		468,628			543,492			681,152			599,106			610,344
	Long-term debt		219,612			219,571			199,755			199,764			199,722
	Accrued interest payable		10,372			9,722			11,600			9,794			12,598
	Other liabilities		77,029			98,257			120,110			114,880			119,945
	Total liabilities		9,957,461			10,274,445			9,878,533			9,742,595			9,904,566
	SHAREHOLDERS' EQUITY
	Preferred stock		296,559			296,242			295,925			295,608			295,291
	Common stock		2,800			2,800			2,800			2,800			2,800
	Capital surplus		621,803			620,547			618,475			620,111			618,392
	Retained earnings		640,654			628,546			722,081			756,127			779,158
	Accumulated other comprehensive income (loss)		(10,506	)		(11,104	)		12,077			12,217			(6,704	)
	Treasury stock at cost		(12,697	)		(12,697	)		(12,697	)		(12,697	)		(12,697	)
	Total shareholders' equity		1,538,613			1,524,334			1,638,661			1,674,166			1,676,240
	Total liabilities and shareholders' equity	$	11,496,074		$	11,798,779		$	11,517,194		$	11,416,761		$	11,580,806

11
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
	First		Fourth			Third			Second			First
	Quarter		Quarter			Quarter			Quarter			Quarter
(dollars in thousands, except per share data)		2011		2010			2010			2010			2010
INTEREST INCOME
Interest and fees on loans	$	86,446	$	95,379		$	96,836		$	98,778		$	100,130
Interest and dividends on investments		22,886		20,473			20,002			20,076			20,502
Interest on federal funds sold and
short-term investments		233		302			195			157			179
Total interest income		109,565		116,154			117,033			119,011			120,811
INTEREST EXPENSE
Interest on deposits		6,759		9,071			9,998			10,398			11,420
Interest on short-term borrowings		173		273			294			255			276
Interest on long-term debt		2,761		2,709			2,495			2,489			2,486
Total interest expense		9,693		12,053			12,787			13,142			14,182
NET INTEREST INCOME		99,872		104,101			104,246			105,869			106,629
PROVISION FOR CREDIT LOSSES		-		148,500			70,000			59,000			37,500
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		99,872		(44,399	)		34,246			46,869			69,129
NONINTEREST INCOME
Service charges on deposit accounts		7,962		8,568			8,208			8,662			8,482
Bank card fees		6,553		6,738			6,305			6,217			5,674
Trust service fees		3,055		3,080			2,804			3,076			2,908
Secondary mortgage market operations		1,882		3,317			2,600			2,050			1,882
Other noninterest income		10,986		10,144			8,734			11,756			9,301
Securities transactions		-		-			-			-			-
Total noninterest income		30,438		31,847			28,651			31,761			28,247
NONINTEREST EXPENSE
Employee compensation		40,930		43,171			40,277			40,719			39,044
Employee benefits		10,493		9,325			9,344			9,004			11,051
Total personnel		51,423		52,496			49,621			49,723			50,095
Net occupancy		9,424		9,685			9,922			9,706			9,945
Equipment and data processing		7,433		8,064			7,448			6,923			6,594
Legal and other professional services		7,140		9,986			9,643			9,329			5,232
Deposit insurance and regulatory fees		5,658		5,523			5,385			6,491			6,013
Telecommunication and postage		2,808		2,304			3,024			3,022			3,085
Corporate value and franchise taxes		1,404		1,439			1,720			1,588			1,698
Amortization of intangibles		946		1,087			1,275			1,337			1,495
Provision for valuation losses on foreclosed assets		5,631		14,189			4,372			3,479			3,088
Nonlegal loan collection and other foreclosed asset costs		1,329		3,342			4,150			2,560			3,173
Merger-related expense		1,166		4,086			-			-			-
Other noninterest expense		13,766		18,157			16,558			15,989			19,288
Total noninterest expense		108,128		130,358			113,118			110,147			109,706
Income (loss) before income taxes		22,182		(142,910	)		(50,221	)		(31,517	)		(12,330	)
Income tax expense		5,027		(54,421	)		(21,217	)		(13,524	)		(6,050	)
Net income (loss)	$	17,155	$	(88,489	)	$	(29,004	)	$	(17,993	)	$	(6,280	)
Preferred stock dividends		4,067		4,067			4,067			4,067			4,067
Net income (loss) to common shareholders	$	13,088	$	(92,556	)	$	(33,071	)	$	(22,060	)	$	(10,347	)

EARNINGS (LOSS) PER COMMON SHARE
Basic	$	.13	$	(.96	)	$	(.34	)	$	(.23	)	$	(.11	)
Diluted		.13		(.96	)		(.34	)		(.23	)		(.11	)
WEIGHTED-AVERAGE COMMON
SHARES OUTSTANDING
Basic		96,728,115		96,724,267			96,707,562			96,538,261			96,534,425
Diluted		96,728,115		96,724,267			96,707,562			96,538,261			96,534,425
CASH DIVIDENDS PER COMMON SHARE	$	.01	$	.01		$	.01		$	.01		$	.01

12
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)*
	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
		2011			2010			2010			2010			2010

EARNING ASSETS
Loans**		4.86	%		4.94	%		4.86	%		4.91	%		4.93	%
Investment securities		3.54			3.64			3.94			4.15			4.26
Federal funds sold and short-term investments		.28			.27			.26			.30			.30
Total interest-earning assets		4.36	%		4.45	%		4.54	%		4.66	%		4.70	%

INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW account deposits		.22	%		.27	%		.30	%		.35	%		.36	%
Money market investment deposits		.36			.59			.69			.74			.82
Savings deposits		.09			.12			.15			.15			.15
Other time deposits		1.04			1.18			1.26			1.31			1.39
Time deposits $100,000 and over		.99			1.11			1.18			1.22			1.37
Total interest-bearing deposits		.48	%		.63	%		.70	%		.74	%		.80	%

Short-term borrowings		.13			.15			.16			.16			.17
Long-term debt		5.03			4.96			5.00			4.98			4.98
Total interest-bearing liabilities		.61	%		.72	%		.77	%		.81	%		.87	%

NET INTEREST SPREAD (tax-equivalent)
Yield on earning assets less cost of interest-
bearing liabilities		3.75	%		3.73	%		3.77	%		3.85	%		3.83	%

NET INTEREST MARGIN (tax-equivalent)
Net interest income (tax equivalent) as a
percentage of average earning assets		3.98	%		3.99	%		4.05	%		4.15	%		4.15	%

COST OF FUNDS
Interest expense as a percentage of average interest-
bearing liabilities plus interest-free funds		.38	%		.46	%		.49	%		.51	%		.55	%


* 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.

	13
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN QUALITY
		First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter
(dollars in thousands)			2011			2010			2010			2010			2010

ALLOWANCE FOR LOAN LOSSES
Allowance at beginning of period		$	216,843		$	223,254		$	229,884		$	223,890		$	223,671
Provision for credit losses			-			149,000			70,000			59,300			37,300
Loans charged off			(16,107	)		(161,466	)		(80,062	)		(57,948	)		(39,987	)
Recoveries on loans previously charged off			13,450			6,055			3,432			4,642			2,906
Net loans charged off			(2,657	)		(155,411	)		(76,630	)		(53,306	)		(37,081	)
Allowance at end of period		$	214,186		$	216,843		$	223,254		$	229,884		$	223,890

Allowance for loan losses to loans			3.06	%		3.00	%		2.89	%		2.88	%		2.77	%

Annualized net charge-offs to average loans			.15			8.14			3.89			2.65			1.81

Annualized gross charge-offs to average loans			.90			8.46			4.06			2.88			1.95

Recoveries to gross charge-offs			83.50			3.75			4.29			8.01			7.27


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

		March 31			December 31			September 30			June 30			March 31
(dollars in thousands)			2011			2010			2010			2010			2010

NONPERFORMING ASSETS
Nonaccrual loans:
Held for investment		$	174,484		$	140,519		$	428,012		$	451,405		$	436,680
Held for sale			57,218			158,044			-			-			-
Restructured loans accruing			7,330			-			-			-			-
Total nonperforming loans			239,032			298,563			428,012			451,405			436,680
Foreclosed assets and surplus property			78,155			87,696			91,770			91,506			60,879
Total nonperforming assets		$	317,187		$	386,259		$	519,782		$	542,911		$	497,559
Loans 90 days past due still accruing		$	10,235		$	14,283		$	28,518		$	10,539		$	17,591

Nonperforming assets to loans (including
nonaccrual loans held for sale) plus foreclosed
assets and surplus property			4.45	%		5.16	%		6.64	%		6.73	%		6.12	%

Nonaccrual loans held for investment to loans
(excluding nonaccrual loans held for sale)			2.49			1.94			5.53			5.66			5.41

Allowance for loan losses to nonperforming loans
(excluding nonaccrual loans held for sale)			117.81			154.32			52.16			50.93			51.27

Loans 90 days past due still accruing to loans			.15			.20			.37			.13			.22

	14
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO DETAIL

LOAN PORTFOLIO AT QUARTER-END
			2011	2010
(dollars in millions)			March	December	September	June	March

Commercial & industrial			$2,644	$2,789	$2,846	$2,895	$2,869
Owner-occupied real estate			1,062	1,003	1,070	1,053	1,069
Total commercial & industrial			3,706	3,792	3,916	3,948	3,938
Construction, land & land development			879	946	1,175	1,396	1,479
Other commercial real estate			1,017	1,123	1,223	1,197	1,217
Total commercial real estate			1,896	2,069	2,398	2,593	2,696
Residential mortgage			979	953	994	1,007	1,015
Consumer			412	421	426	431	424
Total loans			$6,993	$7,235	$7,734	$7,979	$8,073

GEOGRAPHIC DISTRIBUTION OF LOAN PORTFOLIO AT MARCH 31, 2011
					Alabama/		Percent
(dollars in millions)		Louisiana	Texas	Florida	Mississippi	Total	of total

Commercial & industrial		$1,930	$382	$124	$208	$2,644	38%
Owner-occupied real estate		681	125	174	82	1,062	15%
Total commercial & industrial		2,611	507	298	290	3,706	53%
Construction, land & land development		295	312	157	115	879	13%
Other commercial real estate		552	120	219	126	1,017	14%
Total commercial real estate		847	432	376	241	1,896	27%
Residential mortgage		530	167	160	122	979	14%
Consumer		282	25	64	41	412	6%
Total loans		$4,270	$1,131	$898	$694	$6,993	100%
Percent of total		61%	16%	13%	10%	100%

CLASSIFIED LOANS AT MARCH 31, 2011
							Percent
							of loan
					Alabama/		category
(dollars in millions)		Louisiana	Texas	Florida	Mississippi	Total	total

Commercial & industrial		$ 108	$ 64	$ 8	$ 35	$ 215	8%
Owner-occupied real estate		63	25	28	29	145	14%
Total commercial & industrial		171	89	36	64	360	10%
Construction, land & land development		47	144	56	31	278	32%
Other commercial real estate		38	28	40	29	135	13%
Total commercial real estate		85	172	96	60	413	22%
Residential mortgage		43	13	27	13	96	10%
Consumer		2	1	5	1	9	2%
Total loans		$ 301	$275	$164	$138	$ 878	13%
Percent of regional loan total		7%	24%	18%	20%	13%

1Q11 Supplemental Data
April 21, 2011

Commercial and Business Banking Focus

Note: Financial data as of March 31, 2011

Geographic Distribution

C&I

CRE

Nonperforming Loans Held For Sale

Note: Financial data as of March 31, 2011

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total
Commercial & industrial	$ 1	$ 1	$ 1	$ --	$ 3
Owner-occupied real estate	10	1	3	3	17
CRE: Construction, land, land development	7	3	7	6	23
CRE - Other	3	1	3	--	7
Residential Mortgage	2	--	4	1	7
Consumer	--	--	--	--	--

Total	$ 23	$ 6	$ 18	$ 10	$ 57

CRE: Construction, Land & Land Development Loans

Note: Financial data as of March 31, 2011

Excludes loans held for sale

*Includes agricultural land.

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total
Residential construction	$ 61	$ 47	$ 24	$ 11	$ 143
Land & Lots:
Residential	96	13	53	36	198
Commercial	82	87	35	40	244
Retail	15	86	2	4	107
Office Buildings	4	6	17	1	28
Hotel/motel	--	--	15	--	15
Multifamily	1	51	--	--	52
Industrial/ warehouse	14	3	2	2	21
Other*	22	19	9	21	71
Total	$ 295	$ 312	$ 157	$ 115	$ 879

CRE: Other Commercial Real Estate Loans

Note: Financial data as of March 31, 2011

Excludes loans held for sale

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total
Retail	$ 199	$ 66	$ 62	$ 30	$ 357
Office Buildings	109	24	51	20	204
Hotel/motel	97	3	43	20	163
Multifamily	66	14	19	42	141
Industrial/ warehouse	62	11	29	10	112
Other	19	2	15	4	40
Total	$ 552	$ 120	$ 219	$ 126	$ 1,017

C&I: Oil & Gas Portfolio

• Oil and gas
portfolio 9% of
total loans

• Approximately
$50 million in
classified

• Nonaccruals
total less than
$1 million

Sector	$ Outstanding	% of Total
Exploration & Production	$217	34%
Drilling & pre-drilling	156	24%
Transportation	134	21%
Service & Supply	113	18%
Other	19	3%
Total	$639	100%

$s in millions

Note: Financial data as of March 31, 2011

Classified Portfolio By Geography

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

Note: Financial data as of March 31, 2011

Construction, Land & Land Development Classified Loans

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total	% of Portfolio Total
Residential construction	$ 4	$ 4	$ 5	$ 1	$ 14	10%
Land & Lots:
Residential	17	4	25	11	57	29%
Commercial	20	60	13	4	97	40%
Retail	--	39	--	--	39	36%
Office Buildings	--	--	12	--	12	43%
Multifamily	--	23	--	--	23	44%
Other*	6	14	1	15	36	51%
Total	$ 47	$ 144	$ 56	$ 31	$ 278	32%

Note: Financial data as of March 31, 2011

Excludes loans held for sale

*Includes agricultural land.

Other Commercial Real Estate Classified Loans

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total	% of Portfolio Total
Retail	$ 5	$ 18	$ 5	$ 7	$ 35	10%
Office Buildings	11	7	11	1	30	15%
Hotel/motel	3	3	7	--	13	8%
Multifamily	11	--	3	20	34	24%
Industrial/ warehouse	6	--	10	1	17	15%
Other	2	--	4	--	6	15%
Total	$ 38	$ 28	$ 40	$ 29	$ 135	13%

Note: Financial data as of March 31, 2011

Excludes loans held for sale

Geographic Distribution Of Allowance, Nonperforming Loans

Geographic distribution of allowance for loan losses

Geographic distribution of NPLs (held for investment)

Note: Financial data as of March 31, 2011

NPLs exclude nonaccrual loans held for sale and restructured loans accruing

Charge-Offs On Loans

Gross Charge-offs by
Geography: 1Q11

Note: Financial data as of March 31, 2011

1Q11 Supplemental Data
April 21, 2011

WHITNEY HOLDING CORP - FORM 8-K - EX-99.1 - WHITNEY HOLDING CORPORATION 1ST QTR 2011 EARNINGS RELEASE - April 21, 2011

Attached files

WHITNEY HOLDING CORP Reports