8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  January 26, 2010

WHITNEY HOLDING CORPORATION

(Exact Name of Registrant as Specified in Charter)

Louisiana	0-1026	72-6017893
(State or Other	(Commission	(IRS Employer
Jurisdiction of	File Number)	Identification No.)
Incorporation)

228 St. Charles Avenue, New Orleans, Louisiana 70130   

(Addresses of Principal Executive Offices, including Zip Code)

(504) 586-7272               

(Registrant’s Telephone Number, including Area Code)

___________________________

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

q	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
q	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
q	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
q	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02 Results of Operations and Financial Condition

On January 26, 2010, Whitney Holding Corporation issued a news release announcing its financial results for the quarter and year ended December 31, 2009 (the "News Release").  The News Release is attached as exhibit 99.1 to this report and incorporated herein by reference.

Item 9.01 Financial Statement and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	News Release, dated January 26, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	WHITNEY HOLDING CORPORATION
By:	/s/ Thomas L. Callicutt, Jr.
	Thomas L. Callicutt, Jr.
	Senior Executive Vice President
	and Chief Financial Officer

Date:  January 26, 2010

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EXHIBIT INDEX

Exhibit Number	Description
99.1	News Release, dated January 26, 2010

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EX-99.1

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 26, 2010
	504/299-5208
	tcarlson@whitneybank.com

WHITNEY REPORTS 2009 FOURTH QUARTER AND ANNUAL EARNINGS

New Orleans, Louisiana.  Whitney Holding Corporation (NASDAQ—WTNY) (the “Company”) reported net income of $318,000 for the fourth quarter of 2009 compared to a net loss of $30.0 million for the third quarter of 2009.  Including dividends on preferred stock, the loss to common shareholders was $3.75 million, or $.04 per diluted common share, for the fourth quarter of 2009 compared to a loss of $34.1 million, or $.50 per diluted share, for the third quarter of 2009.  The Company earned $8.2 million, or $.12 per diluted common share, for the fourth quarter of 2008.  For the year ended December 31, 2009, the net loss to common shareholders totaled $78.4 million, or $1.08 per diluted share, compared with earnings to common shareholders in 2008 of $58.0 million, or $.88 per diluted share.

“I am very encouraged by some of the positive signs emerging from our fourth quarter results, especially those related to credit quality,” said John C. Hope, III, Chairman and CEO.  “The provision for credit losses was down over 50% from its peak in the third quarter of 2009, criticized loans declined $124 million from September 30, 2009 and our loan portfolio outside of Florida and coastal Alabama continues to perform as expected.  While 2010 will continue to be impacted by credit quality cleanup and an improving, yet still uncertain, economy, I am optimistic that the credit situation is normalizing and I am hopeful we will soon see a return to full-year profitability.  We are focused on the items we can control, our strategic initiatives and related investments remain on track and we are poised to capitalize on the opportunities ahead.”

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The impact of the acquisition of Parish National Corporation (Parish) is reflected in the Company’s financial information from the November 7, 2008 acquisition date.

HIGHLIGHTS OF FOURTH QUARTER FINANCIAL RESULTS

Loans and Earning Assets

Total loans at the end of the fourth quarter of 2009 were $8.4 billion, down $74 million or less than 1% from September 30, 2009.  Included in the quarter’s decline were charge-offs of almost $58 million, foreclosures of approximately $15 million and problem loan sales of approximately $7 million.  Average loans for the fourth quarter of 2009 were down $227 million, or 3%, compared to the third quarter of 2009.  Earning assets were down less than 1% on average compared to the third quarter.

We continue to believe economic conditions will likely restrain loan demand for the first half of 2010 with slow growth expectations for the second half of 2010 as the economy begins to recover and strengthen.

Our largest industry exposure is to the oil & gas sector and loans outstanding to those customers represented $894 million, or approximately 11% of loans at December 31, 2009.  The shared national credits portfolio totaled $680 million at year-end 2009, essentially unchanged from September 30, 2009.  Approximately $247 million of the total shared national credit portfolio is related to the oil & gas sector.

 Commercial loans secured by owner-occupied real estate have been reclassified from the commercial real estate (CRE) category to the commercial and industrial (C&I) category in the loan portfolio detail.  Management evaluates the loan portfolio in this manner and believes this change will more accurately reflect the risks in that portion of the portfolio.

Deposits and Funding

Average deposits in the fourth quarter of 2009 were down $59 million, or less than 1%, compared to the third quarter of 2009.  Deposits at December 31, 2009 increased $270 million or 3% compared to September 30, 2009.  Year-end balances include seasonal commercial and public fund deposit inflows.

Noninterest-bearing deposits for the fourth quarter were up 4.5% on average and 5.5%, or $171 million, on an end-of-period basis from the third quarter of 2009.  Noninterest-bearing demand deposits comprised 36% of total average deposits and funded 30% of average earning assets for the period.  The percentage of funding from all noninterest-bearing sources totaled 36%.  

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Higher-cost interest-bearing funds, which include time deposits and borrowings, funded 28% of average earning assets in the fourth quarter of 2009, compared to 31% in the third quarter of 2009.

Net Interest Income

Net interest income (TE) for the fourth quarter of 2009 increased 1.3%, or $1.4 million, compared to the third quarter of 2009.  Although average earning assets were down slightly between these periods, the net interest margin (TE) improved 9 basis points to 4.20% from 4.11%, reflecting mainly a further reduction in the cost of funds.  Funding costs benefited from the maturity or renewal in the current low interest rate environment of higher-cost certificates of deposit from a 2008 campaign as well as rate reductions on deposits from a special money market campaign earlier in 2009.

The interest income lost on nonaccruing loans reduced the net interest margin by approximately 20 basis points in both the fourth and third quarters of 2009.  The rates on approximately 56% of the loan portfolio at December 31, 2009 vary based on LIBOR (28%) and prime (28%) rate benchmarks.  The Bank has increased the use of rate floors on its loan products and at the end of the fourth quarter of 2009 approximately 59% of its LIBOR/prime-based loans have rate floors.

Provision for Credit Losses and Credit Quality

Whitney provided $39.5 million for credit losses in the fourth quarter of 2009, down 51%, or $41 million, compared to $80.5 million in the third quarter of 2009.  Provisions related to impaired loans accounted for 75%, or almost $30 million of the quarter’s total provision for credit losses, with almost $26 million from the Florida and Alabama markets.  These provisions reflect in part the continued declines in appraised real estate values.  The remainder of the quarter’s provision for credit losses was related to residential mortgage and consumer charge-offs.

Total criticized loans declined $124 million during the fourth quarter from its peak of $1.18 billion in the third quarter of 2009.  Criticized loans in Louisiana, Florida and Texas declined $52 million, $39 million and $33 million, respectively.

Net loan charge-offs in the fourth quarter of 2009 were $54.5 million, or 2.59% of average loans on an annualized basis, compared to $61.9 million, or 2.86% of average loans, in the third quarter of 2009.  Approximately 70% of total gross charge-offs came from credits in the Florida market, mainly the Tampa Bay region.

 The allowance for loan losses represented 2.66% of total loans at year-end 2009, down from 2.81% at September 30, 2009 and up from 1.77% at December 31, 2008.

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Nonperforming loans totaled $414 million at December 31, 2009, an increase of $8 million from September 30, 2009.  At year-end 2009, loans past due 90 days or more and still accruing totaled $23 million, up from $15 million at September 30, 2009.

Noninterest Income

Noninterest income for 2009’s fourth quarter decreased less than 1%, or $.2 million, from the third quarter of 2009.  Deposit service charge income in the fourth quarter of 2009 was down 3%, or $.3 million, reflecting mainly the impact of higher balances maintained in commercial accounts subject to analysis charges and earnings credits.  There were no significant trends underlying changes in other noninterest income categories.  The increase in bankcard fee income was partly offset by the decrease in the other noninterest income category and reflected a change in the reporting of certain transactions by a new processor.

Noninterest Expense

Total noninterest expense for the fourth quarter of 2009 increased less than 1%, or $.5 million, from the third quarter of 2009.

Total personnel expense for the fourth quarter of 2009 decreased $1.1 million, or 2%, from the third quarter of 2009.   Employee compensation decreased $2.1 million mainly from reductions in both sales-based incentive plan compensation and share-based compensation on revised performance estimates.  No management cash bonus was accrued in 2009.  The cost of employee benefits increased $.9 million for the fourth quarter related mainly to retirement plans.

Loan collection costs, including legal services, foreclosed asset expenses and provisions for valuation losses, totaled $8.6 million in the fourth quarter, up $1.8 million from the third quarter of 2009.  This increase was the main factor behind the overall increase in the other noninterest expense category.

Capital

During the fourth quarter of 2009 Whitney announced and completed an underwritten public offering of the Company’s common stock.  The underwriters purchased 28.75 million shares at a public offering price of $8.00 per share.  The net proceeds to the Company after deducting offering expenses and underwriting discounts and commissions was $218 million.

As a result of the offering, the Company’s year-end 2009 tangible common equity ratio was strengthened to 8.18%, while the leverage ratio improved over 200 basis points to 11.05% compared to September 30, 2009.

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Conference Call and Additional Financial Information

Management will host a conference call today at 3:00 p.m. CST to review fourth quarter 2009 results.  Analysts and investors may dial in and participate in the question/answer session.  A live listen-only webcast of the call will be available under the Investor Relations section of our website at http://www.whitneybank.com.  To participate in the Q&A portion of the call, dial (888) 293-6979 or (719) 325-2348.

An audio archive of the conference call will be available under the Investor Relations section of our website.  A replay of the call will also be available through February 2, 2010 by dialing (888) 203-1112 or (719) 457-0820, passcode 2142057.

This earnings release, including additional financial tables and a slide presentation related to fourth quarter 2009 results, is posted in the Investor Relations section of the Company's web site at http://investor.whitneybank.com/releases.cfm?ReleasesType=Earnings&Year=2010.

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 future profitability, benefits from implementing our Strategic Plan, loan demand, economic recovery, capital strength and credit quality trends in the overall loan portfolio and specific industry or geographic segments within the portfolio.

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 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 public filings with the Securities and Exchange Commission, which are available at the SEC’s internet site (http://www.sec.gov).

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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.

(WTNY-E)

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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
	Fourth			Third			Fourth			Year Ended
	Quarter			Quarter			Quarter			December 31
(dollars in thousands, except per share data)	2009			2009			2008			2009			2008
INCOME DATA
Net interest income	$	111,391		$	109,854		$	119,540		$	443,432		$	455,645
Net interest income (tax-equivalent)		112,396			110,975			120,902			448,115			460,662
Provision for credit losses		39,500			80,500			45,000			259,000			134,000
Noninterest income		29,026			29,227			27,050			119,950			107,172
Net securities gains in noninterest income		139			195			-			334			67
Noninterest expense		104,143			103,596			92,026			416,394			351,094
Net income (loss)		318			(30,024	)		8,808			(62,146	)		58,585
Net income (loss) to common shareholders		(3,749	)		(34,091	)		8,220			(78,372	)		57,997
QUARTER-END BALANCE SHEET DATA
Loans	$	8,403,443		$	8,476,989		$	9,081,850		$	8,403,443		$	9,081,850
Investment securities		2,050,440			2,005,881			1,939,355			2,050,440			1,939,355
Earning assets		10,699,847			10,561,425			11,209,246			10,699,847			11,209,246
Total assets		11,892,141			11,656,468			12,380,501			11,892,141			12,380,501
Noninterest-bearing deposits		3,301,354			3,130,426			3,233,550			3,301,354			3,233,550
Total deposits		9,149,894			8,880,377			9,261,594			9,149,894			9,261,594
Shareholders' equity		1,681,064			1,465,431			1,525,478			1,681,064			1,525,478
AVERAGE BALANCE SHEET DATA
Loans	$	8,434,397		$	8,661,806		$	8,700,317		$	8,775,662		$	8,066,639
Investment securities		2,025,103			1,966,020			1,876,338			1,946,241			1,967,375
Earning assets		10,635,573			10,723,215			10,719,892			10,867,461			10,122,620
Total assets		11,733,149			11,796,108			11,777,922			11,955,596			11,080,342
Noninterest-bearing deposits		3,222,748			3,083,404			2,975,869			3,134,811			2,786,003
Total deposits		9,017,220			9,076,350			8,646,612			9,106,002			8,368,937
Shareholders' equity		1,629,312			1,485,525			1,264,714			1,542,293			1,225,177
COMMON SHARE DATA
Earnings (loss) per share
Basic	$	( .04	)	$	( .50	)	$	.12		$	( 1.08	)	$	.89
Diluted		( .04	)		( .50	)		.12			( 1.08	)		.88
Cash dividends per share	$	.01		$	.01		$	.20		$	.04		$	1.13
Book value per share, end of period	$	14.37		$	17.30		$	18.29		$	14.37		$	18.29
Tangible book value per share, end of period	$	9.71		$	10.63		$	11.48		$	9.71		$	11.48
Trading data
High sales price	$	9.69		$	11.27		$	26.37		$	16.16		$	33.02
Low sales price		7.78			7.94			14.14			7.78			13.96
End-of-period closing price		9.11			9.54			15.99			9.11			15.99
Trading volume		79,863,609			49,059,850			42,771,277			240,128,345			214,317,545
RATIOS
Return on average assets		.01	%		(1.01	)%		.30	%		(.52	)%		.53	%
Return on average common equity		(1.11	)		(11.36	)		2.67			(6.28	)		4.77
Net interest margin (TE)		4.20			4.11			4.49			4.12			4.55
Average loans to average deposits		93.54			95.43			100.62			96.37			96.39
Efficiency ratio		73.71			73.99			62.20			73.34			61.84
Annualized expenses to average assets		3.55			3.51			3.13			3.48			3.17
Allowance for loan losses to loans, end of period		2.66			2.81			1.77			2.66			1.77
Annualized net charge-offs to average loans		2.59			2.86			.91			2.22			.88
Nonperforming assets to loans plus foreclosed
assets and surplus property, end of period		5.52			5.34			3.61			5.52			3.61
Average shareholders' equity to average total assets		13.89			12.59			10.74			12.90			11.06
Tangible common equity to tangible assets,
end of period		8.18			6.42			6.49			8.18			6.49
Leverage ratio, end of period		11.05			8.99			9.87			11.05			9.87
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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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
QUARTERLY TRENDS
	Fourth			Third			Second			First			Fourth
	Quarter			Quarter			Quarter			Quarter			Quarter
(dollars in thousands, except per share data)	2009			2009			2009			2009			2008
INCOME DATA
Net interest income	$	111,391		$	109,854		$	110,572		$	111,615		$	119,540
Net interest income (tax-equivalent)		112,396			110,975			111,820			112,924			120,902
Provision for credit losses		39,500			80,500			74,000			65,000			45,000
Noninterest income		29,026			29,227			32,431			29,266			27,050
Net securities gains in noninterest income		139			195			-			-			-
Noninterest expense		104,143			103,596			111,807			96,848			92,026
Net income (loss)		318			(30,024	)		(21,301	)		(11,139	)		8,808
Net income (loss) to common shareholders		(3,749	)		(34,091	)		(25,368	)		(15,164	)		8,220
QUARTER-END BALANCE SHEET DATA
Loans	$	8,403,443		$	8,476,989		$	8,791,840		$	8,953,307		$	9,081,850
Investment securities		2,050,440			2,005,881			1,942,365			1,889,161			1,939,355
Earning assets		10,699,847			10,561,425			10,861,061			10,908,643			11,209,246
Total assets		11,892,141			11,656,468			11,975,082			12,020,481			12,380,501
Noninterest-bearing deposits		3,301,354			3,130,426			3,081,617			3,176,783			3,233,550
Total deposits		9,149,894			8,880,377			9,144,041			9,212,361			9,261,594
Shareholders' equity		1,681,064			1,465,431			1,487,994			1,522,085			1,525,478
AVERAGE BALANCE SHEET DATA
Loans	$	8,434,397		$	8,661,806		$	8,945,911		$	9,068,755		$	8,700,317
Investment securities		2,025,103			1,966,020			1,906,932			1,885,158			1,876,338
Earning assets		10,635,573			10,723,215			11,062,643			11,054,605			10,719,892
Total assets		11,733,149			11,796,108			12,140,311			12,159,252			11,777,922
Noninterest-bearing deposits		3,222,748			3,083,404			3,082,248			3,150,615			2,975,869
Total deposits		9,017,220			9,076,350			9,212,882			9,119,000			8,646,612
Shareholders' equity		1,629,312			1,485,525			1,520,609			1,533,293			1,264,714
COMMON SHARE DATA
Earnings (loss) per share
Basic	$	( .04	)	$	( .50	)	$	( .38	)	$	( .22	)	$	.12
Diluted		( .04	)		( .50	)		( .38	)		( .22	)		.12
Cash dividends per share	$	.01		$	.01		$	.01		$	.01		$	.20
Book value per share, end of period	$	14.37		$	17.30		$	17.63		$	18.22		$	18.29
Tangible book value per share, end of period	$	9.71		$	10.63		$	10.93		$	11.46		$	11.48
Trading data
High sales price	$	9.69		$	11.27		$	15.33		$	16.16		$	26.37
Low sales price		7.78			7.94			8.33			8.17			14.14
End-of-period closing price		9.11			9.54			9.16			11.45			15.99
Trading volume		79,863,609			49,059,850			62,308,611			48,896,275			42,771,277
RATIOS
Return on average assets		.01	%		(1.01	)%		(.70	)%		(.37	)%		.30	%
Return on average common equity		(1.11	)		(11.36	)		(8.30	)		(4.96	)		2.67
Net interest margin (TE)		4.20			4.11			4.05			4.13			4.49
Average loans to average deposits		93.54			95.43			97.10			99.45			100.62
Efficiency ratio		73.71			73.99			77.51			68.11			62.20
Annualized expenses to average assets		3.55			3.51			3.68			3.19			3.13
Allowance for loan losses to loans, end of period		2.66			2.81			2.50			2.17			1.77
Annualized net charge-offs to average loans		2.59			2.86			2.09			1.41			.91
Nonperforming assets to loans plus foreclosed
assets and surplus property, end of period		5.52			5.34			5.17			4.50			3.61
Average shareholders' equity to average total assets		13.89			12.59			12.53			12.61			10.74
Tangible common equity to tangible assets,
end of period		8.18			6.42			6.42			6.68			6.49
Leverage ratio, end of period		11.05			8.99			9.21			9.47			9.87
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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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
DAILY AVERAGE CONSOLIDATED BALANCE SHEETS
	Fourth			Third			Fourth			Year ended
	Quarter			Quarter			Quarter			December 31
(dollars in thousands)	2009			2009			2008			2009			2008
ASSETS
EARNING ASSETS
Loans	$	8,434,397		$	8,661,806		$	8,700,317		$	8,775,662		$	8,066,639
Investment securities
Securities available for sale		1,846,305			1,777,298			1,654,548			1,754,831			1,707,989
Securities held to maturity		178,798			188,722			221,790			191,410			259,386
Total investment securities		2,025,103			1,966,020			1,876,338			1,946,241			1,967,375
Federal funds sold and short-term investments		147,575			66,225			129,124			108,234			74,587
Loans held for sale		28,498			29,164			14,113			37,324			14,019
Total earning assets		10,635,573			10,723,215			10,719,892			10,867,461			10,122,620
NONEARNING ASSETS
Goodwill and other intangible assets		450,567			452,614			410,595			453,770			361,841
Accrued interest receivable		37,871			37,901			43,066			38,682			43,187
Other assets		843,680			822,974			748,820			811,693			662,205
Allowance for loan losses		(234,542	)		(240,596	)		(144,451	)		(216,010	)		(109,511	)
Total assets	$	11,733,149		$	11,796,108		$	11,777,922		$	11,955,596		$	11,080,342
LIABILITIES
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW account deposits	$	1,157,068		$	1,094,418		$	1,076,260		$	1,163,820		$	1,068,468
Money market investment deposits		1,822,403			1,801,664			1,216,300			1,659,663			1,220,312
Savings deposits		843,277			882,520			916,064			883,803			917,531
Other time deposits		821,667			845,684			834,400			844,236			774,512
Time deposits $100,000 and over		1,150,057			1,368,660			1,627,719			1,419,669			1,602,111
Total interest-bearing deposits		5,794,472			5,992,946			5,670,743			5,971,191			5,582,934
Short-term borrowings		760,881			908,700			1,570,987			991,958			1,197,869
Long-term debt		199,687			199,610			164,263			195,571			160,880
Total interest-bearing liabilities		6,755,040			7,101,256			7,405,993			7,158,720			6,941,683
NONINTEREST-BEARING LIABILITIES
Noninterest-bearing deposits		3,222,748			3,083,404			2,975,869			3,134,811			2,786,003
Accrued interest payable		11,402			18,026			18,050			16,653			20,738
Other liabilities		114,647			107,897			113,296			103,119			106,741
Total liabilities		10,103,837			10,310,583			10,513,208			10,413,303			9,855,165
SHAREHOLDERS' EQUITY
Preferred		294,819			294,500			41,496			294,347			10,431
Common		1,334,493			1,191,025			1,223,218			1,247,946			1,214,746
Total shareholders' equity		1,629,312			1,485,525			1,264,714			1,542,293			1,225,177
Total liabilities and shareholders' equity	$	11,733,149		$	11,796,108		$	11,777,922		$	11,955,596		$	11,080,342
EARNING ASSETS LESS
INTEREST-BEARING LIABILITIES	$	3,880,533		$	3,621,959		$	3,313,899		$	3,708,741		$	3,180,937

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- 10 -

WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
	December 31			September 30			December 31
(dollars in thousands)	2009			2009			2008
ASSETS
Cash and due from financial institutions	$	216,347		$	209,523		$	299,619
Federal funds sold and short-term investments		212,219			54,729			167,268
Loans held for sale		33,745			23,826			20,773
Investment securities
Securities available for sale		1,875,495			1,821,246			1,728,962
Securities held to maturity		174,945			184,635			210,393
Total investment securities		2,050,440			2,005,881			1,939,355
Loans		8,403,443			8,476,989			9,081,850
Allowance for loan losses		(223,671	)		(238,600	)		(161,109	)
Net loans		8,179,772			8,238,389			8,920,741
Bank premises and equipment		223,142			216,722			212,501
Goodwill		435,678			435,678			435,678
Other intangible assets		14,116			15,850			22,883
Accrued interest receivable		32,841			34,671			39,799
Other assets		493,841			421,199			321,884
Total assets	$	11,892,141		$	11,656,468		$	12,380,501
LIABILITIES
Noninterest-bearing demand deposits	$	3,301,354		$	3,130,426		$	3,233,550
Interest-bearing deposits		5,848,540			5,749,951			6,028,044
Total deposits		9,149,894			8,880,377			9,261,594
Short-term borrowings		734,606			991,189			1,276,636
Long-term debt		199,707			199,589			179,236
Accrued interest payable		11,908			14,505			19,789
Other liabilities		114,962			105,377			117,768
Total liabilities		10,211,077			10,191,037			10,855,023
SHAREHOLDERS' EQUITY
Preferred stock		294,974			294,657			293,706
Common stock		2,800			2,800			2,800
Capital surplus		617,038			398,069			397,703
Retained earnings		790,481			795,199			869,918
Accumulated other comprehensive income (loss)		(11,532	)		(12,597	)		(25,952	)
Treasury stock at cost		(12,697	)		(12,697	)		(12,697	)
Total shareholders' equity		1,681,064			1,465,431			1,525,478
Total liabilities and shareholders' equity	$	11,892,141		$	11,656,468		$	12,380,501

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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)	2009			2009			2008		2009			2008
INTEREST INCOME
Interest and fees on loans	$	105,695		$	107,751		$	124,036	$	435,613		$	483,009
Interest and dividends on investments		20,919			20,803			21,770		83,075			91,104
Interest on federal funds sold and
short-term investments		125			103			258		610			1,753
Total interest income		126,739			128,657			146,064		519,298			575,866
INTEREST EXPENSE
Interest on deposits		12,561			15,918			20,407		63,345			91,596
Interest on short-term borrowings		296			387			3,651		2,531			18,974
Interest on long-term debt		2,491			2,498			2,466		9,990			9,651
Total interest expense		15,348			18,803			26,524		75,866			120,221
NET INTEREST INCOME		111,391			109,854			119,540		443,432			455,645
PROVISION FOR CREDIT LOSSES		39,500			80,500			45,000		259,000			134,000
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		71,891			29,354			74,540		184,432			321,645
NONINTEREST INCOME
Service charges on deposit accounts		9,077			9,390			9,157		37,699			34,050
Bank card fees		5,621			5,258			4,646		19,886			17,670
Trust service fees		2,966			2,865			2,984		11,984			12,948
Secondary mortgage market operations		2,237			2,243			1,340		9,406			4,899
Other noninterest income		8,986			9,276			8,923		40,641			37,538
Securities transactions		139			195			-		334			67
Total noninterest income		29,026			29,227			27,050		119,950			107,172
NONINTEREST EXPENSE
Employee compensation		38,300			40,356			34,706		158,116			150,614
Employee benefits		11,177			10,239			6,261		43,223			32,808
Total personnel		49,477			50,595			40,967		201,339			183,422
Net occupancy		9,391			10,137			9,597		38,810			35,906
Equipment and data processing		6,318			6,570			6,525		25,770			25,035
Legal and other professional services		5,621			4,609			5,884		19,556			13,612
Deposit insurance and regulatory fees		5,515			5,281			1,889		24,260			5,373
Telecommunication and postage		2,993			3,246			2,982		12,288			11,118
Corporate value and franchise taxes		1,817			2,094			2,318		8,684			9,312
Amortization of intangibles		1,734			2,192			2,307		8,767			7,785
Other noninterest expense		21,277			18,872			19,557		76,920			59,531
Total noninterest expense		104,143			103,596			92,026		416,394			351,094
Income (loss) before income taxes		(3,226	)		(45,015	)		9,564		(112,012	)		77,723
Income tax expense		(3,544	)		(14,991	)		756		(49,866	)		19,138
Net income (loss)	$	318		$	(30,024	)	$	8,808	$	(62,146	)	$	58,585
Preferred stock dividends		4,067			4,067			588		16,226			588
Net income (loss) to common shareholders	$	(3,749	)	$	(34,091	)	$	8,220	$	(78,372	)	$	57,997
EARNINGS (LOSS) PER COMMON SHARE
Basic	$	(.04	)	$	(.50	)	$	.12	$	(1.08	)	$	.89
Diluted		(.04	)		(.50	)		.12		(1.08	)		.88
WEIGHTED-AVERAGE COMMON
SHARES OUTSTANDING
Basic		88,402,754			67,772,139			66,087,867		72,824,964			64,767,708
Diluted		88,402,754			67,772,139			66,278,613		72,824,964			65,087,861
CASH DIVIDENDS PER COMMON SHARE	$	.01		$	.01		$	.20	$	.04		$	1.13

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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
	2009			2009			2008			2009			2008
EARNING ASSETS
Loans**		4.96	%		4.93	%		5.67	%		4.95	%		5.98	%
Investment securities		4.32			4.44			4.89			4.48			4.87
Federal funds sold and short-term investments		.34			.62			.79			.56			2.35
Total interest-earning assets		4.77	%		4.81	%		5.48	%		4.82	%		5.74	%
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW account deposits		.36	%		.37	%		.45	%		.37	%		.61	%
Money market investment deposits		.82			1.08			.95			.94			1.13
Savings deposits		.15			.16			.31			.16			.43
Other time deposits		1.48			1.80			2.71			1.98			3.13
Time deposits $100,000 and over		1.51			1.69			2.41			1.79			2.70
Total interest-bearing deposits		.86	%		1.05	%		1.43	%		1.06	%		1.64	%
Short-term borrowings		.15			.17			.92			.26			1.58
Long-term debt		4.99			5.01			6.00			5.11			6.00
Total interest-bearing liabilities		.90	%		1.05	%		1.43	%		1.06	%		1.73	%
NET INTEREST SPREAD (tax-equivalent)
Yield on earning assets less cost of interest-
bearing liabilities		3.87	%		3.76	%		4.05	%		3.76	%		4.01	%
NET INTEREST MARGIN (tax-equivalent)
Net interest income (tax equivalent) as a
percentage of average earning assets		4.20	%		4.11	%		4.49	%		4.12	%		4.55	%
COST OF FUNDS
Interest expense as a percentage of average interest-
bearing liabilities plus interest-free funds		.57	%		.70	%		.99	%		.70	%		1.19	%
*   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)	2009			2009			2008			2009			2008
ALLOWANCE FOR LOAN LOSSES
Allowance at beginning of period	$	238,600		$	219,465		$	125,370		$	161,109		$	87,909
Allowance of acquired banks		-			-			9,971			-			9,971
Provision for credit losses		39,600			81,000			45,500			257,600			134,500
Loans charged off		(57,699	)		(63,530	)		(25,567	)		(203,602	)		(82,226	)
Recoveries on loans previously charged off		3,170			1,665			5,835			8,564			10,955
Net loans charged off		(54,529	)		(61,865	)		(19,732	)		(195,038	)		(71,271	)
Allowance at end of period	$	223,671		$	238,600		$	161,109		$	223,671		$	161,109
Allowance for loan losses as a percentage of
loans, at end of period		2.66	%		2.81	%		1.77	%		2.66	%		1.77	%
Annualized net charge-offs as a percentage
of average loans		2.59			2.86			.91			2.22			.88
Annualized gross charge-offs as a percentage of
average loans		2.74			2.93			1.18			2.32			1.02
Recoveries as a percentage of gross charge-offs		5.49			2.62			22.82			4.21			13.32
RESERVE FOR LOSSES ON
UNFUNDED CREDIT COMMITMENTS
Reserve at beginning of period	$	2,300		$	2,800		$	1,300		$	800		$	1,300
Provision for credit losses		(100	)		(500	)		(500	)		1,400			(500	)
Reserve at end of period	$	2,200		$	2,300		$	800		$	2,200		$	800
	December 31			September 30			June 30			March 31			December 31
(dollars in thousands)		2009			2009			2009			2009			2008
NONPERFORMING ASSETS
Loans accounted for on a nonaccrual basis	$	414,075		$	405,852		$	413,174		$	366,249		$	301,095
Restructured loans accruing		-			-			-			-			-
Total nonperforming loans		414,075			405,852			413,174			366,249			301,095
Foreclosed assets and surplus property		52,630			49,737			43,625			38,781			28,067
Total nonperforming assets	$	466,705		$	455,589		$	456,799		$	405,030		$	329,162
Loans 90 days past due still accruing	$	23,386		$	15,077		$	20,364		$	30,564		$	16,101
Nonperforming assets as a percentage of loans plus
foreclosed assets and surplus property, at end of period		5.52	%		5.34	%		5.17	%		4.50	%		3.61	%
Allowance for loan losses as a percentage of
nonperforming loans, at end of period		54.02			58.79			53.12			53.02			53.51
Loans 90 days past due still accruing as a
percentage of loans, at end of period		.28			.18			.23			.34			.18

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- 14 -

WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO DETAIL
LOAN PORTFOLIO AT QUARTER-END
				2009												2008
(dollars in millions)				December			September			June			March			December
Commercial, financial & agricultural				$	3,075		$	3,064		$	3,258		$	3,328		$	3,436
Owner-occupied real estate					1,080			1,057			1,077			1,041			1,015
Total commercial & industrial					4,155			4,121			4,335			4,369			4,451
Commercial real estate:
Residential construction					170			215			239			265			274
Commercial construction, land &
land development					1,367			1,487			1,540			1,615			1,614
CRE - other					1,246			1,220			1,235			1,251			1,254
Total commercial real estate					2,783			2,922			3,014			3,131			3,142
Residential mortgage					1,035			1,011			1,028			1,046			1,079
Consumer					430			423			415			407			410
Total loans				$	8,403		$	8,477		$	8,792		$	8,953		$	9,082
GEOGRAPHIC DISTRIBUTION OF LOAN PORTFOLIO AT DECEMBER 31, 2009
										Alabama/						Percent
(dollars in millions)	Louisiana			Texas			Florida			Mississippi			Total			of total
Commercial, financial & agricultural	$	2,182		$	548		$	95		$	250		$	3,075			37	%
Owner-occupied real estate		667			119			205			89			1,080			13	%
Total commercial & industrial		2,849			667			300			339			4,155			50	%
Commercial real estate:
Residential construction		61			56			35			18			170			2	%
Commercial construction, land &
land development		393			428			328			218			1,367			16	%
CRE - other		630			159			310			147			1,246			15	%
Total commercial real estate		1,084			643			673			383			2,783			33	%
Residential mortgage		564			148			196			127			1,035			12	%
Consumer		294			25			69			42			430			5	%
Total	$	4,791		$	1,483		$	1,238		$	891		$	8,403			100	%
Percent of total		57	%		18	%		15	%		10	%		100	%
CRITICIZED LOANS AT DECEMBER 31, 2009
																Percent of
										Alabama/						loan category
(dollars in millions)	Louisiana			Texas			Florida			Mississippi			Total			total
Commercial, financial & agricultural	$	71		$	107		$	8		$	30		$	216			7	%
Owner-occupied real estate		41			17			46			16			120			11	%
Total commercial & industrial		112			124			54			46			336			8	%
Commercial real estate:
Residential construction		5			15			21			-			41			24	%
Commercial construction, land &
land development		20			120			152			44			336			25	%
CRE - other		37			38			93			28			196			16	%
Total commercial real estate		62			173			266			72			573			21	%
Residential mortgage		45			6			63			19			133			13	%
Consumer		5			-			8			3			16			4	%
Total	$	224		$	303		$	391		$	140		$	1,058			13	%
Percent of regional loan total		5	%		20	%		32	%		16	%		13	%

- END -

4Q09 Supplemental Data
January 26, 2010

2

Commercial and Business Banking Focus

Loan mix

Note: Financial data as of December 31, 2009

Geographic Distribution

3

CRE by Property Type by Geography

Note: Financial data as of December 31, 2009

4

Summary Credit Statistics

NCOs/avg. loans

Reserves/NPLs

Note: Financial data as of December 31, 2009

5

•Decrease of $124 million in criticized loans during 4Q09 to $1.058B

–Decreases or stabilization in criticized loans across all geographies

Working Through Problem Credits

NPLs are included in total criticized portfolio

NPLs are included in total criticized portfolio

Note: Financial data as of December 31, 2009

6

CRE Criticized by Property Type by Geography

Note: Financial data as of December 31, 2009

-

-

-

-

7

Allowance for Loan Losses Remains Strong

8

Allowance For Loan Losses by Geography

Note: Financial data as of December 31, 2009

9

Charge-Offs

Note: Financial data as of December 31, 2009

10

Loan Portfolios Outside of FL & AL Performing As Expected

Geographic distribution of loan portfolio

Geographic distribution of NPLs

Note: Financial data as of December 31, 2009

4Q09 Supplemental Data
January 26, 2010