whc1stq20108k.htm

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IEXRRPNJhRQpFjktGxlY12F3C1QDj1B6rJZ3mdxADJdwK99d5sgLZCZ06FAlsQwC cs8oBwG2nMe2ldefoEmtRQ== 0000106926-10-000023.txt : 20100427 0000106926-10-000023.hdr.sgml : 20100427 20100427140557 ACCESSION NUMBER: 0000106926-10-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 19 CONFORMED PERIOD OF REPORT: 20100427 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20100427 DATE AS OF CHANGE: 20100427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WHITNEY HOLDING CORP CENTRAL INDEX KEY: 0000106926 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 726017893 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01026 FILM NUMBER: 10772877 BUSINESS ADDRESS: STREET 1: 228 ST CHARLES AVE CITY: NEW ORLEANS STATE: LA ZIP: 70130 BUSINESS PHONE: 5045867272 MAIL ADDRESS: STREET 1: 228 ST CHARLES AVE CITY: NEW ORLEANS STATE: LA ZIP: 70130 8-K 1 whc1stq20108k.htm WHC 1ST QTR 2010 8-K whc1stq20108k.htm

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): April 27, 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))

- 1 - -

Item 2.02

Results of Operations and Financial Condition

On April 27, 2010, Whitney Holding Corporation issued a news release announcing its financial results for the quarter ended March 31, 2010 (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 April 27, 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: April 27, 2010

- 2 - -

EXHIBIT INDEX


Exhibit Number		Description

99.1		News Release, dated April 27, 2010

- 3 - -

EX-99.1 2 whc1stq2010results.htm WHC 1ST QTR 2010 RESULTS whc1stq2010results.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 27, 2010
	504/299-5208
	tcarlson@whitneybank.com

WHITNEY REPORTS FIRST QUARTER 2010 FINANCIAL RESULTS

New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ—WTNY) (the “Company”) reported a net loss of $6.3 million for the first quarter of 2010 compared to net income of $318,000 in the fourth quarter of 2009 and a net loss of $11.1 million in the first 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 $.11 for the first quarter of 2010 and $.04 and $.22 for the fourth quarter and first quarter of 2009, respectively.

"The results for the first quarter were in line with our expectations," said John C. Hope, III, Chairman and CEO. "Credit metrics, while still showing signs of stress in some areas, did support our view that credit likely turned the corner last quarter, and we now expect the loan portfolio to perform as it typically would in a historical recessionary environment. The most severe real estate-related issues in Florida, which have impacted credit for over a year now, appear to be subsiding as does the need for outsized loan loss provisions. The Company’s revenue results for this quarter reflect the reduced level of economic activity in our markets that we, along with others in the industry, noted last quarter. Overall demand for credit remains weak, which led to a decline in both our loans outstanding and net interest income. While we continue to focus on credit issues, we remain equally as focused on revenue generation and have recently made several strategic hires and have successfully introduced some updated products to our customers. We remain encouraged by the prospect of an improving economy, the strong foundation we are creating and the traction we

- MORE -

are gaining from our strategic initiatives. We hope to soon see a return to consistent quarterly profitability."

HIGHLIGHTS OF FIRST QUARTER FINANCIAL RESULTS

Loans and Earning Assets

Total loans at the end of the first quarter of 2010 were $8.1 billion, down $330 million, or 4%, from December 31, 2009. Included in the quarter’s decline were charge-offs of $40 million, foreclosures of approximately $19 million and problem loan sales of approximately $5 million. In addition, $65 million of criticized oil and gas industry credits paid off during the first quarter of 2010. There were also approximately $50 million of repayments on some seasonal commercial and industrial (C&I) credits during the quarter. The remainder of the decline reflects scheduled repayments and the impact of weak loan demand.

Average loans for the first quarter of 2010 totaled $8.2 billion, down $224 million, or 3%, compared to the fourth quarter of 2009. Average earning assets of $10.5 billion were down almost 1.5% compared to the fourth quarter of 2009.

Management continues to believe economic conditions will restrain loan demand through the first half of 2010, with slow growth expectations for the second half of 2010 as the economy begins to recover and strengthen.

Deposits and Funding

Average deposits in the first quarter of 2010 were $9.0 billion, relatively unchanged from the fourth quarter of 2009. Total period-end deposits at March 31, 2010 of $9.0 billion were down $188 million, or 2%, compared to December 31, 2009. Year-end balances included seasonal commercial and public fund deposit inflows.

Noninterest-bearing deposits of $3.3 billion at March 31, 2010 were unchanged from year-end 2009. Noninterest-bearing demand deposits comprised 36% of total average deposits and funded 31% of average earning assets for the quarter. The percentage of funding from all noninterest-bearing sources totaled 37%. Higher-cost interest-bearing funds, which include time deposits and borrowings, funded 26% of average earning assets in the first quarter of 2010 compared to 28% in the fourth quarter of 2009.

Net Interest Income

The lower level of earning assets, largely a result of weak loan demand, was the main factor behind a decrease of $4.8 million, or 4%, in net interest income (TE) for the first quarter of 2010

- MORE -

compared to the fourth quarter of 2009, although having fewer days in the current quarter accounted for almost $2 million of the decrease. The net interest margin (TE) of 4.15% contracted 5 basis points from the fourth quarter reflecting mainly the reduced level of loans in the earning asset mix. Funding costs and loan yields were relatively stable between the quarters. The rates on approximately 56% of the loan portfolio at March 31, 2010 varied 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 first quarter of 2010 approximately 62% of its LIBOR/prime-based loans have rate floors.

Provision for Credit Losses and Credit Quality

Whitney provided $37.5 million for credit losses in the first quarter of 2010, down $2.0 million, or 5%, from $39.5 million in the fourth quarter of 2009, and down $27.5 million, or 42%, from the first quarter of 2009. As was the case throughout 2009, the majority of this quarter’s provision, approximately $30 million, or 80%, came from the Florida and Alabama portfolios and was predominantly real estate-related. As previously noted, the Louisiana and Texas portfolios are performing as expected in a recessionary environment and, while remaining under stress, have not had as significant an impact on the Company’s overall provision and charge-offs.

Net loan charge-offs in the first quarter of 2010 were $37.1 million, or 1.81% of average loans on an annualized basis, compared to $54.5 million, or 2.59% of average loans, in the fourth quarter of 2009. Approximately 80% of total gross charge-offs came from real estate-related credits from Florida and Alabama markets.

The allowance for loan losses represented 2.77% of total loans at March 31, 2010, up from 2.66% at December 31, 2009 and 2.17% at March 31, 2009.

The current recessionary environment continues to impact various types of credits across our footprint. The total criticized loan portfolio increased $23 million, net, during the first quarter of 2010. Criticized loans in Louisiana and Florida were up $14 million and $22 million, respectively, while Texas balances declined $13 million. Total criticized construction, land and land development loans increased $70 million, net, during the first quarter, with almost 80% of the increase coming from loans serviced in the Texas market. General economic and market conditions are delaying the successful completion of various retail and other income-producing commercial real estate (CRE) projects and stretching the financial capacity of the developers. These newly criticized credits do not appear to be impacted by the severe declines in collateral values that impacted residential-related real estate credits in Florida and Alabama and do not exhibit other

- MORE -

characteristics that led to larger levels of provision expense in 2009. Our bankers have been working proactively with customers to develop strategies to deal with the current difficult conditions and only $23 million of construction and development loans from the Texas market were considered nonperforming at March 31, 2010. Overall, we believe these credits have lower loss expectations and do not require outsized loss provision.

Nonperforming loans, a subset of criticized loans, totaled $437 million at March 31, 2010, a net increase of $23 million from year-end 2009. Approximately 75% of the nonperforming loan total came from Whitney’s Florida and Alabama markets. Nonperforming loans individually evaluated for impairment totaled $363 million, and cumulative charge-offs and the current impaired loss allowance on these loans represented approximately 38% of the original contractual principal balances on these credits.

As noted last quarter, some of the Company’s credit measures may fluctuate as we continue to work through the credit workout process this year and the economy improves.

Noninterest Income

Noninterest income for the first quarter of 2010 decreased $.8 million, or 3%, from the fourth quarter of 2009.

Deposit service charge income was down 7%, or $.6 million, in the first quarter, primarily from reduced account analysis and NSF/OD activity. We expect NSF/OD fees to trend lower in light of the new consumer protection regulations that will be implemented in the third quarter of 2010.

Secondary mortgage market income was down approximately $.4 million, or 16%, on lower levels of production during the quarter.

There were no significant trends underlying changes in other noninterest income categories.

Noninterest Expense

Total noninterest expense for the first quarter of 2010 increased 5%, or $5.6 million, from the fourth quarter of 2009. The increase is mainly related to an estimated $4.5 million loss resulting from repurchase obligations on certain mortgage loans originated and sold by a recently acquired entity.

Total personnel expense for the first quarter of 2010 increased $.6 million, or 1%, from the fourth quarter of 2009. Employee compensation increased $.7 million during the first quarter mainly as a result of revised estimates to 2009 annual sales-based incentive plan compensation in

- MORE -

the fourth quarter of 2009. No management cash bonus was accrued during the first quarter of 2010 or during all of 2009. Employee benefits declined $.1 million during the first quarter.

Loan collection costs, including legal services, and foreclosed asset management expenses and provisions for valuation losses totaled $8.5 million in the first quarter 2010, relatively unchanged from the fourth quarter of 2009.

Capital

The Company’s tangible common equity ratio strengthened to 8.38% at March 31, 2010, up from 8.18% at year-end 2009. The Company’s leverage ratio at March 31, 2010 was 10.61% compared to 11.05% at December 31, 2009. This decline related to an adjustment in the amount of deferred tax assets disallowed for regulatory capital calculations. Regulatory capital ratios remain above those required for the Company and Whitney National Bank to be considered well-capitalized institutions.

Conference Call and Additional Financial Information

Management will host a conference call today at 3:00 p.m. CST to review first quarter 2010 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 (877) 354-4079 or (408) 427-3700.

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 May 4, 2010 by dialing (800) 642-1687 or (706) 645-9291, passcode 67354266.

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.

-----

- MORE -

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, applicable and new regulations, capital strength and credit quality trends in the overall loan portfolio and specific industry or geographic segments within the loan 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).

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)

- MORE -

7
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
QUARTERLY HIGHLIGHTS
		First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter
(dollars in thousands, except per share data)			2010			2009			2009			2009			2009

INCOME DATA
	Net interest income	$	106,629		$	111,391		$	109,854		$	110,572		$	111,615
	Net interest income (tax-equivalent)		107,584			112,396			110,975			111,820			112,924
	Provision for credit losses		37,500			39,500			80,500			74,000			65,000
	Noninterest income		28,247			29,026			29,227			32,431			29,266
	Net securities gains in noninterest income		-			139			195			-			-
	Noninterest expense		109,706			104,143			103,596			111,807			96,848
	Net income (loss)		(6,280	)		318			(30,024	)		(21,301	)		(11,139	)
	Net income (loss) to common shareholders		(10,347	)		(3,749	)		(34,091	)		(25,368	)		(15,164	)

QUARTER-END BALANCE SHEET DATA
	Loans	$	8,073,498		$	8,403,443		$	8,476,989		$	8,791,840		$	8,953,307
	Investment securities		2,042,307			2,050,440			2,005,881			1,942,365			1,889,161
	Earning assets		10,395,252			10,699,847			10,561,425			10,861,061			10,908,643
	Total assets		11,580,806			11,892,141			11,656,468			11,975,082			12,020,481
	Noninterest-bearing deposits		3,298,095			3,301,354			3,130,426			3,081,617			3,176,783
	Total deposits		8,961,957			9,149,894			8,880,377			9,144,041			9,212,361
	Shareholders' equity		1,676,240			1,681,064			1,465,431			1,487,994			1,522,085

AVERAGE BALANCE SHEET DATA
	Loans	$	8,210,283		$	8,434,397		$	8,661,806		$	8,945,911		$	9,068,755
	Investment securities		2,008,095			2,025,103			1,966,020			1,906,932			1,885,158
	Earning assets		10,482,211			10,635,573			10,723,215			11,062,643			11,054,605
	Total assets		11,656,777			11,733,149			11,796,108			12,140,311			12,159,252
	Noninterest-bearing deposits		3,260,794			3,222,748			3,083,404			3,082,248			3,150,615
	Total deposits		9,026,703			9,017,220			9,076,350			9,212,882			9,119,000
	Shareholders' equity		1,684,537			1,629,312			1,485,525			1,520,609			1,533,293

COMMON SHARE DATA
	Earnings (loss) per share
	Basic	$	( .11	)	$	( .04	)	$	( .50	)	$	( .38	)	$	( .22	)
	Diluted		( .11	)		( .04	)		( .50	)		( .38	)		( .22	)
	Cash dividends per share	$	.01		$	.01		$	.01		$	.01		$	.01
	Book value per share, end of period	$	14.32		$	14.37		$	17.30		$	17.63		$	18.22
	Tangible book value per share, end of period	$	9.67		$	9.71		$	10.63		$	10.93		$	11.46
	Trading data
	High sales price	$	14.53		$	9.69		$	11.27		$	15.33		$	16.16
	Low sales price		9.05			7.78			7.94			8.33			8.17
	End-of-period closing price		13.79			9.11			9.54			9.16			11.45
	Trading volume		67,377,896			79,863,609			49,059,850			62,308,611			48,896,275

RATIOS
	Return on average assets		(.22	)%		.01	%		(1.01	)%		(.70	)%		(.37	)%
	Return on average common equity		(3.02	)		(1.11	)		(11.36	)		(8.30	)		(4.96	)
	Net interest margin (TE)		4.15			4.20			4.11			4.05			4.13
	Average loans to average deposits		90.96			93.54			95.43			97.10			99.45
	Efficiency ratio		80.77			73.71			73.99			77.51			68.11
	Annualized expenses to average assets		3.76			3.55			3.51			3.68			3.19
	Allowance for loan losses to loans, end of period		2.77			2.66			2.81			2.50			2.17
	Annualized net charge-offs to average loans		1.81			2.59			2.86			2.09			1.41
	Nonperforming assets to loans plus foreclosed
	assets and surplus property, end of period		6.12			5.52			5.34			5.17			4.50
	Average shareholders' equity to average total assets		14.45			13.89			12.59			12.53			12.61
	Tangible common equity to tangible assets,
	end of period		8.38			8.18			6.42			6.42			6.68
	Leverage ratio, end of period		10.61			11.05			8.99			9.21			9.47
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.

- MORE -

8
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
DAILY AVERAGE CONSOLIDATED BALANCE SHEETS
	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
(dollars in thousands)	2010			2009			2009			2009			2009
ASSETS
EARNING ASSETS
Loans	$	8,210,283		$	8,434,397		$	8,661,806		$	8,945,911		$	9,068,755
Investment securities
Securities available for sale		1,838,179			1,846,305			1,777,298			1,712,510			1,681,155
Securities held to maturity		169,916			178,798			188,722			194,422			204,003
Total investment securities		2,008,095			2,025,103			1,966,020			1,906,932			1,885,158
Federal funds sold and short-term investments		243,123			147,575			66,225			151,325			67,391
Loans held for sale		20,710			28,498			29,164			58,475			33,301
Total earning assets		10,482,211			10,635,573			10,723,215			11,062,643			11,054,605
NONEARNING ASSETS
Goodwill and other intangible assets		449,009			450,567			452,614			454,799			457,185
Accrued interest receivable		36,086			37,871			37,901			38,562			40,429
Other assets		925,851			843,680			822,974			797,389			781,926
Allowance for loan losses		(236,380	)		(234,542	)		(240,596	)		(213,082	)		(174,893	)

Total assets	$	11,656,777		$	11,733,149		$	11,796,108		$	12,140,311		$	12,159,252

LIABILITIES
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW account deposits	$	1,247,118		$	1,157,068		$	1,094,418		$	1,149,259		$	1,256,389
Money market investment deposits		1,794,820			1,822,403			1,801,664			1,693,473			1,313,965
Savings deposits		849,006			843,277			882,520			901,962			908,182
Other time deposits		781,806			821,667			845,684			839,565			870,547
Time deposits $100,000 and over		1,093,159			1,150,057			1,368,660			1,546,375			1,619,302
Total interest-bearing deposits		5,765,909			5,794,472			5,992,946			6,130,634			5,968,385

Short-term borrowings		644,838			760,881			908,700			1,100,222			1,203,813
Long-term debt		199,711			199,687			199,610			199,449			183,311
Total interest-bearing liabilities		6,610,458			6,755,040			7,101,256			7,430,305			7,355,509
NONINTEREST-BEARING LIABILITIES
Noninterest-bearing deposits		3,260,794			3,222,748			3,083,404			3,082,248			3,150,615
Accrued interest payable		12,554			11,402			18,026			16,596			20,673
Other liabilities		88,434			114,647			107,897			90,553			99,162
Total liabilities		9,972,240			10,103,837			10,310,583			10,619,702			10,625,959
SHAREHOLDERS' EQUITY
Preferred		295,140			294,819			294,500			294,186			293,870
Common		1,389,397			1,334,493			1,191,025			1,226,423			1,239,423
Total shareholders' equity		1,684,537			1,629,312			1,485,525			1,520,609			1,533,293

Total liabilities and shareholders' equity	$	11,656,777		$	11,733,149		$	11,796,108		$	12,140,311		$	12,159,252

EARNING ASSETS LESS
INTEREST-BEARING LIABILITIES	$	3,871,753		$	3,880,533		$	3,621,959		$	3,632,338		$	3,699,096

- MORE -

9
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
	March 31			December 31			September 30			June 30			March 31
(dollars in thousands)		2010			2009			2009			2009			2009
ASSETS
Cash and due from financial institutions	$	198,912		$	216,347		$	209,523		$	228,452		$	234,982
Federal funds sold and short-term investments		256,505			212,219			54,729			58,026			27,251
Loans held for sale		22,942			33,745			23,826			68,830			38,924
Investment securities
Securities available for sale		1,877,653			1,875,495			1,821,246			1,749,338			1,687,791
Securities held to maturity		164,654			174,945			184,635			193,027			201,370
Total investment securities		2,042,307			2,050,440			2,005,881			1,942,365			1,889,161
Loans		8,073,498			8,403,443			8,476,989			8,791,840			8,953,307
Allowance for loan losses		(223,890	)		(223,671	)		(238,600	)		(219,465	)		(194,179	)
Net loans		7,849,608			8,179,772			8,238,389			8,572,375			8,759,128
Bank premises and equipment		226,105			223,142			216,722			213,227			211,987
Goodwill		435,678			435,678			435,678			435,678			435,678
Other intangible assets		12,621			14,116			15,850			18,042			20,294
Accrued interest receivable		33,277			32,841			34,671			34,085			35,318
Other assets		502,851			493,841			421,199			404,002			367,758
Total assets	$	11,580,806		$	11,892,141		$	11,656,468		$	11,975,082		$	12,020,481


LIABILITIES
Noninterest-bearing demand deposits	$	3,298,095		$	3,301,354		$	3,130,426		$	3,081,617		$	3,176,783
Interest-bearing deposits		5,663,862			5,848,540			5,749,951			6,062,424			6,035,578
Total deposits		8,961,957			9,149,894			8,880,377			9,144,041			9,212,361
Short-term borrowings		610,344			734,606			991,189			1,014,940			908,246
Long-term debt		199,722			199,707			199,589			199,626			190,663
Accrued interest payable		12,598			11,908			14,505			16,886			20,082
Other liabilities		119,945			114,962			105,377			111,595			167,044
Total liabilities		9,904,566			10,211,077			10,191,037			10,487,088			10,498,396
SHAREHOLDERS' EQUITY
Preferred stock		295,291			294,974			294,657			294,340			294,023
Common stock		2,800			2,800			2,800			2,800			2,800
Capital surplus		618,392			617,038			398,069			396,629			398,767
Retained earnings		779,158			790,481			795,199			829,976			856,021
Accumulated other comprehensive income (loss)		(6,704	)		(11,532	)		(12,597	)		(23,054	)		(16,829	)
Treasury stock at cost		(12,697	)		(12,697	)		(12,697	)		(12,697	)		(12,697	)
Total shareholders' equity		1,676,240			1,681,064			1,465,431			1,487,994			1,522,085
Total liabilities and shareholders' equity	$	11,580,806		$	11,892,141		$	11,656,468		$	11,975,082		$	12,020,481

- MORE - -

10
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)		2010			2009			2009			2009			2009
INTEREST INCOME
Interest and fees on loans	$	100,130		$	105,695		$	107,751		$	110,353		$	111,814
Interest and dividends on investments		20,502			20,919			20,803			20,457			20,896
Interest on federal funds sold and
short-term investments		179			125			103			204			178
Total interest income		120,811			126,739			128,657			131,014			132,888
INTEREST EXPENSE
Interest on deposits		11,420			12,561			15,918			17,360			17,506
Interest on short-term borrowings		276			296			387			570			1,278
Interest on long-term debt		2,486			2,491			2,498			2,512			2,489
Total interest expense		14,182			15,348			18,803			20,442			21,273
NET INTEREST INCOME		106,629			111,391			109,854			110,572			111,615
PROVISION FOR CREDIT LOSSES		37,500			39,500			80,500			74,000			65,000
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		69,129			71,891			29,354			36,572			46,615
NONINTEREST INCOME
Service charges on deposit accounts		8,482			9,077			9,390			9,396			9,836
Bank card fees		5,674			5,621			5,258			4,620			4,387
Trust service fees		2,908			2,966			2,865			3,187			2,966
Secondary mortgage market operations		1,882			2,237			2,243			3,091			1,835
Other noninterest income		9,301			8,986			9,276			12,137			10,242
Securities transactions		-			139			195			-			-
Total noninterest income		28,247			29,026			29,227			32,431			29,266
NONINTEREST EXPENSE
Employee compensation		39,044			38,300			40,356			40,868			38,592
Employee benefits		11,051			11,177			10,239			10,485			11,322
Total personnel		50,095			49,477			50,595			51,353			49,914
Net occupancy		9,945			9,391			10,137			9,606			9,676
Equipment and data processing		6,594			6,318			6,570			6,528			6,354
Legal and other professional services		5,232			5,621			4,609			4,639			4,687
Deposit insurance and regulatory fees		6,013			5,515			5,281			9,879			3,585
Telecommunication and postage		3,085			2,993			3,246			2,952			3,097
Corporate value and franchise taxes		1,698			1,817			2,094			2,402			2,371
Amortization of intangibles		1,495			1,734			2,192			2,251			2,590
Provision for valuation losses on foreclosed assets		3,088			3,768			2,092			5,083			717
Nonlegal loan collection and other foreclosed asset costs		3,173			2,446			2,256			2,457			1,259
Other noninterest expense		19,288			15,063			14,524			14,657			12,598
Total noninterest expense		109,706			104,143			103,596			111,807			96,848
Income (loss) before income taxes		(12,330	)		(3,226	)		(45,015	)		(42,804	)		(20,967	)
Income tax expense		(6,050	)		(3,544	)		(14,991	)		(21,503	)		(9,828	)
Net income (loss)	$	(6,280	)	$	318		$	(30,024	)	$	(21,301	)	$	(11,139	)
Preferred stock dividends		4,067			4,067			4,067			4,067			4,025
Net income (loss) to common shareholders	$	(10,347	)	$	(3,749	)	$	(34,091	)	$	(25,368	)	$	(15,164	)

EARNINGS (LOSS) PER COMMON SHARE
Basic	$	(.11	)	$	(.04	)	$	(.50	)	$	(.38	)	$	(.22	)
Diluted		(.11	)		(.04	)		(.50	)		(.38	)		(.22	)
WEIGHTED-AVERAGE COMMON
SHARES OUTSTANDING
Basic		96,534,425			88,402,754			67,772,139			67,484,913			67,465,497
Diluted		96,534,425			88,402,754			67,772,139			67,484,913			67,465,497
CASH DIVIDENDS PER COMMON SHARE	$	.01		$	.01		$	.01		$	.01		$	.01

- MORE -

11
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)*
	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
		2010			2009			2009			2009			2009

EARNING ASSETS
Loans**		4.93	%		4.96	%		4.93	%		4.92	%		4.99	%
Investment securities		4.26			4.32			4.44			4.51			4.67
Federal funds sold and short-term investments		.30			.34			.62			.54			1.07
Total interest-earning assets		4.70	%		4.77	%		4.81	%		4.79	%		4.91	%

INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW account deposits		.36	%		.36	%		.37	%		.37	%		.38	%
Money market investment deposits		.82			.82			1.08			1.10			.68
Savings deposits		.15			.15			.16			.16			.16
Other time deposits		1.39			1.48			1.80			2.14			2.48
Time deposits $100,000 and over		1.37			1.51			1.69			1.77			2.12
Total interest-bearing deposits		.80	%		.86	%		1.05	%		1.14	%		1.19	%

Short-term borrowings		.17			.15			.17			.21			.43
Long-term debt		4.98			4.99			5.01			5.04			5.43
Total interest-bearing liabilities		.87	%		.90	%		1.05	%		1.10	%		1.17	%

NET INTEREST SPREAD (tax-equivalent)
Yield on earning assets less cost of interest-
bearing liabilities		3.83	%		3.87	%		3.76	%		3.69	%		3.74	%

NET INTEREST MARGIN (tax-equivalent)
Net interest income (tax equivalent) as a
percentage of average earning assets		4.15	%		4.20	%		4.11	%		4.05	%		4.13	%

COST OF FUNDS
Interest expense as a percentage of average interest-
bearing liabilities plus interest-free funds		.55	%		.57	%		.70	%		.74	%		.78	%


* 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.

- MORE -

	12
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN QUALITY
		First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter
(dollars in thousands)			2010			2009			2009			2009			2009

ALLOWANCE FOR LOAN LOSSES
Allowance at beginning of period		$	223,671		$	238,600		$	219,465		$	194,179		$	161,109
Provision for credit losses			37,300			39,600			81,000			72,000			65,000
Loans charged off			(39,987	)		(57,699	)		(63,530	)		(48,544	)		(33,829	)
Recoveries on loans previously charged off			2,906			3,170			1,665			1,830			1,899
Net loans charged off			(37,081	)		(54,529	)		(61,865	)		(46,714	)		(31,930	)
Allowance at end of period		$	223,890		$	223,671		$	238,600		$	219,465		$	194,179

Allowance for loan losses as a percentage of
loans, at end of period			2.77	%		2.66	%		2.81	%		2.50	%		2.17	%

Annualized net charge-offs as a percentage
of average loans			1.81			2.59			2.86			2.09			1.41

Annualized gross charge-offs as a percentage of
average loans			1.95			2.74			2.93			2.17			1.49

Recoveries as a percentage of gross charge-offs			7.27			5.49			2.62			3.77			5.61


RESERVE FOR LOSSES ON
UNFUNDED CREDIT COMMITMENTS
Reserve at beginning of period		$	2,200		$	2,300		$	2,800		$	800		$	800
Provision for credit losses			200			(100	)		(500	)		2,000			-
Reserve at end of period		$	2,400		$	2,200		$	2,300		$	2,800		$	800


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

NONPERFORMING ASSETS
Loans accounted for on a nonaccrual basis		$	436,680		$	414,075		$	405,852		$	413,174		$	366,249
Restructured loans accruing			-			-			-			-			-
Total nonperforming loans			436,680			414,075			405,852			413,174			366,249
Foreclosed assets and surplus property			60,879			52,630			49,737			43,625			38,781
Total nonperforming assets		$	497,559		$	466,705		$	455,589		$	456,799		$	405,030
Loans 90 days past due still accruing		$	17,591		$	23,386		$	15,077		$	20,364		$	30,564

Nonperforming assets as a percentage of loans
plus foreclosed assets and surplus property,
at end of period			6.12	%		5.52	%		5.34	%		5.17	%		4.50	%

Allowance for loan losses as a percentage of
nonperforming loans, at end of period			51.27			54.02			58.79			53.12			53.02

Loans 90 days past due still accruing as a
percentage of loans, at end of period			.22			.28			.18			.23			.34

- MORE -

13
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO DETAIL

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

Commercial, financial & agricultural				$	2,869		$	3,075		$	3,064		$	3,258		$	3,328
Owner-occupied real estate					1,069			1,080			1,057			1,077			1,041
Total commercial & industrial					3,938			4,155			4,121			4,335			4,369
Commercial real estate:
Construction, land & land development					1,479			1,537			1,702			1,779			1,880
CRE - other					1,217			1,246			1,220			1,235			1,251
Total commercial real estate					2,696			2,783			2,922			3,014			3,131
Residential mortgage					1,015			1,035			1,011			1,028			1,046
Consumer					424			430			423			415			407
Total loans				$	8,073		$	8,403		$	8,477		$	8,792		$	8,953

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

Commercial, financial & agricultural	$	2,114		$	422		$	98		$	235		$	2,869			36	%
Owner-occupied real estate		662			117			201			89			1,069			13	%
Total commercial & industrial		2,776			539			299			324			3,938			49	%
Commercial real estate:
Construction, land & land development		434			478			346			221			1,479			18	%
CRE - other		598			148			323			148			1,217			15	%
Total commercial real estate		1,032			626			669			369			2,696			33	%
Residential mortgage		548			151			191			125			1,015			13	%
Consumer		290			22			69			43			424			5	%
Total	$	4,646		$	1,338		$	1,228		$	861		$	8,073			100	%
Percent of total		57	%		17	%		15	%		11	%		100	%

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

Commercial, financial & agricultural	$	70		$	43		$	8		$	23		$	144			5	%
Owner-occupied real estate		44			19			50			15			128			12	%
Total commercial & industrial		114			62			58			38			272			7	%
Commercial real estate:
Construction, land & land development		33			190			183			41			447			30	%
CRE - other		43			30			110			39			222			18	%
Total commercial real estate		76			220			293			80			669			25	%
Residential mortgage		44			8			55			19			126			12	%
Consumer		4			-			7			3			14			3	%
Total	$	238		$	290		$	413		$	140		$	1,081			13	%
Percent of regional loan total		5	%		22	%		34	%		16	%		13	%

- END -

1Q10 Supplemental Data
April 27, 2010