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):  October 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 October 26, 2010, Whitney Holding Corporation issued a news release announcing its financial results for the quarter ended September 30, 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 October 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:  October 26, 2010

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EXHIBIT INDEX

Exhibit Number	Description
99.1	News Release, dated October 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	October 26, 2010
	504/299-5208
	tcarlson@whitneybank.com

WHITNEY REPORTS THIRD QUARTER 2010 FINANCIAL RESULTS

New Orleans, Louisiana.  Whitney Holding Corporation (NASDAQ—WTNY) (the “Company”) reported a net loss of $29.0 million for the third quarter of 2010 compared to net losses of $18.0 million and $30.0 million, respectively, in the second quarter of 2010 and in the third 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 $.34 for the third quarter of 2010, $.23 for the second quarter of 2010 and $.50 for the third quarter of 2009.

In addition, the Company announced today, in a separate release, it has agreed to sell approximately $180 million of nonperforming loans and will reclassify up to an additional $100 million of nonperforming loans as held for sale.   The sale, reclassification and the impact of these actions on the provision are expected to occur in the fourth quarter of 2010.  The Company expects to be in an excellent position to begin a return to consistent, quarterly profitability in the first quarter of 2011.

“Although the challenges of the most recent credit cycle continued this quarter, we have gained greater clarity and an increased confidence about where we are today,” said John C. Hope, III, Chairman and CEO.  “The issues and concerns that tempered our optimism last quarter --- the Gulf oil spill, the independent third-party risk rating review project, and the weak economic recovery and threat of another downturn in the economy --- have all eased or been addressed.  The oil leak has been capped and those impacted along the Gulf Coast are recovering, the risk-rating

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project has been completed and is reflected in our results, and today the economy is showing more signs of stabilization.  With a clearer picture of the current conditions we are taking aggressive actions to manage our credit issues through the intended sale of greater than half of our nonperforming loans.”

HIGHLIGHTS OF THIRD QUARTER FINANCIAL RESULTS

Loans and Earning Assets

Total loans at the end of the third quarter of 2010 were $7.7 billion, down $245 million, or 3%, from June 30, 2010.  The linked-quarter decline includes $80 million in gross charge-offs, approximately $37 million in proceeds from problem loan sales, $23 million in foreclosures and approximately $20 million in payoffs and paydowns of problem loans.  The majority of the remaining decline came from the Louisiana market as repayments exceeded new originations during the quarter, mainly in the commercial and industrial (C&I) portfolio.  Average loans for the third quarter of 2010 totaled $7.9 billion, down $171 million, or 2%, compared to the second quarter of 2010.  Average earning assets of $10.3 billion were up slightly from the second quarter.

Deposits and Funding

Average deposits in the third quarter of 2010 were $8.9 billion, virtually unchanged from the second quarter of 2010.  Total period-end deposits at September 30, 2010 of $8.9 billion were up approximately $47 million, or less than 1%, compared to June 30, 2010.

“Our deposit mix continues to be a core operating strength and distinguishes Whitney from many of its peers,” said Hope.  Average and period-end noninterest-bearing deposits each totaled $3.2 billion in the third quarter of 2010, and were stable compared to the second quarter of 2010.  Noninterest-bearing demand deposits comprised 36% of total average deposits and funded approximately 31% of average earning assets for the third quarter.  The percentage of earning assets funded by all noninterest-bearing sources totaled 36% for the current quarter.

Net Interest Income

Net interest income (TE) for the third quarter of 2010 decreased $1.6 million, or less than 2%, compared to the second quarter of 2010.  The net interest margin (TE) declined 10 basis points to 4.05%, while average earnings assets were up slightly.  The margin compression during the third quarter of 2010 reflected mainly reduced yields on earning assets as well as some shift in the mix of earning assets and some additional impact from nonaccrual loans.

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Provision for Credit Losses and Credit Quality

Whitney provided $70.0 million for credit losses in the third quarter of 2010, an increase of $11.0 million from the second quarter of 2010, and a decrease of $10.5 million from the third quarter of 2009.  More than half of this quarter’s provision was related to an increase in classified loans, another $11.0 million was associated with the resolution of problem credits through note sales and foreclosures and approximately $15.0 million resulted mainly from reduced values for collateral securing previously impaired loans.  The remainder of the third quarter’s provision was related mainly to charge-offs of smaller commercial and consumer credits.The provision for the second quarter of 2010 included $5 million based on an assessment of the impact of the oil spill on tourism in Gulf Coast beach communities.

Classified loans increased $236 million, net, during the third quarter, and totaled $1.1 billion at September 30, 2010.  As noted in our second quarter filings, the Company engaged an independent third-party consultant to review various credit administration and credit review processes.  As part of the project, the consultants, with expertise in risk rating policies and practices, assisted Whitney in evaluating its risk ratings for its loan portfolio.  Over the course of this engagement, the consultants provided comprehensive training to relationship officers in the application of risk rating definitions in a dynamic economic environment.

"We believe that the risk rating project was a necessary step to gain further clarity and confidence regarding the losses inherent in our portfolio in the current economic environment.  As we have noted previously, we believe that many of the newly classified loans have lower loss potential compared to the losses incurred on loans impacted by the significant real estate market issues in Florida,” said Hope.

Classified C&I loans increased a net $94 million in the third quarter of 2010 with additions in all regional markets.  This increase reflected in part prolonged stress on businesses associated with home and commercial construction.  There was little change in classified oil and gas (O&G) industry relationships, and, overall there were no significant industry concentrations within the totals for classified C&I loans at September 30, 2010.  Classified commercial real estate (CRE) loans increased a net $137 million in the third quarter of 2010, with $119 million for loans serviced from the Texas market related mainly to newly completed retail, apartment and condominium projects.

During the third quarter Whitney management and bankers continued to review credits and talk to both customers and industry experts to determine the potential impact of the BP oil spill and

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the regulatory and legislative responses to the spill on the Company’s loan portfolio.  No significant additional credits were identified as having potential direct or indirect exposure to the oil spill or downgraded as a result of the oil spill.

Nonperforming loans, a subset of classified loans, totaled $428 million at September 30, 2010, a net decrease of $23 million from June 30, 2010.  Approximately 47% of nonperforming loans came from Whitney’s Florida markets, 26% from Louisiana, 15% from Alabama/Mississippi and 12% from Texas.  Nonperforming loans individually evaluated for impairment, a subset of total nonperforming loans, totaled $334 million at September 30, 2010, a decrease of $42 million from June 30, 2010.  Cumulative charge-offs and the current impaired loss allowance on these loans represented approximately 34% of the remaining contractual principal balances on these credits.Foreclosed assets totaled $92 million at September 30, 2010, virtually unchanged from June 30, 2010.

Net loan charge-offs in the third quarter of 2010 were $76.6 million, or 3.89% of average loans on an annualized basis, compared to $53.3 million, or 2.65% of average loans in the second quarter.  Approximately $40 million of the charge-offs in the third quarter were related to losses identified and reserved for in previous quarters on impaired loans.Charge-offs of credits serviced in the Florida market were 52% of total gross charge-offs in the third quarter, mainly from loans on residential land, lots and investment properties and on recently developed CRE.  Charge-offs of credits serviced in Louisiana markets, mainly from the C&I portfolio, were approximately 20% of the total, while the Alabama/Mississippi and Texas markets accounted for 18% and 10% of total gross charge-offs, respectively.

The allowance for loan losses represented 2.89% of total loans at September 30, 2010, compared to 2.88% at June 30, 2010 and 2.81% at September 30, 2009.

Noninterest Income

Noninterest income for the third quarter of 2010 totaled $28.7 million, a decline of $3.1 million, or 10%, from the second quarter of 2010.  The earlier period included a $1.3 million insurance settlement gain related to the hurricanes in 2008 and a gain of $.8 million from the sale of surplus banking property.

Deposit service charge income decreased $.5 million compared to the second quarter of 2010 mainly as a result of the new consumer protection regulations implemented during the third quarter.  Secondary mortgage market income was up approximately $.6 million during the third

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quarter of 2010 on strong loan production that was helped by low rates and increased refinancing activity.

Other noninterest income decreased $3.0 million during the third quarter of 2010 reflecting mainly the second quarter gains noted earlier.  A loss of $.5 million was recorded in the third quarter on the early disposition of equipment and software being replaced by new technology as part of our previously announced technology upgrade project.

Noninterest Expense

Total noninterest expense for the third quarter of 2010 increased $3.0 million from the second quarter of 2010.

Total personnel expense declined slightly from the second quarter of 2010.   A decrease of $.4 million in employee compensation was related mainly to an adjustment of performance estimates for certain share-based compensation awards.  No management cash bonus was accrued during the first nine months of 2010 or during 2009.

Loan collection costs, together with foreclosed asset management expenses and provisions for valuation losses, totaled $8.5 million in the third quarter of 2010, up $2.5 million from the second quarter of 2010.

Equipment and data processing costs increased $.5 million compared to the second quarter of 2010, related mainly to our ongoing technology project.  Legal and other professional services increased $.3 million during the third quarter and included services associated with collection of problem credits, technology initiatives, and compliance and other regulatory projects.  Deposit insurance and regulatory fees declined in the third quarter, related mainly to our decision not to participate in the most recent extension of the FDIC’s Transaction Account Guarantee Program.

Capital

The Company’s tangible common equity ratio was 8.10% at September 30, 2010, compared to 8.49% at June 30, 2010.  The Company’s leverage ratio at September 30, 2010 declined to 10.09% from 10.48% at June 30, 2010.  Substantially all of the Company’s deferred tax assets have been disallowed for regulatory capital calculations.  Regulatory capital ratios continue to 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 9:00 a.m. Central Time to review third quarter 2010 results.  Analysts and investors may dial in and participate in the question/answer

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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 November 3, 2010 by dialing (800) 642-1687 or (706) 645-9291, passcode 15357845.

This earnings release, including additional financial tables and a slide presentation related to third quarter results, is posted in the Investor Relations section of the Company's website athttp://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.

-----

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 me trics in the loan portfolio and specific industry and geographic segments within the loan portfolio, future profitability, the impact of the oil spill in the Gulf on Whitney’s loan portfolio, the results and benefits of the risk-rating project, the timing and strength of the economic recovery, the loss potential for newly classified credits compared to previously classified credits, the impact of new regulations, the overall capital strength of Whitney and its ability to dispose of problem assets and the timing or actual results of such disposal on Whitney’s operations.

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)

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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
		Third			Second			Third			Nine Months Ended
		Quarter			Quarter			Quarter			September 30
(dollars in thousands, except per share data)			2010			2010			2009			2010			2009
INCOME DATA
	Net interest income	$	104,246		$	105,869		$	109,854		$	316,744		$	332,041
	Net interest income (tax-equivalent)		105,186			106,810			110,975			319,580			335,719
	Provision for credit losses		70,000			59,000			80,500			166,500			219,500
	Noninterest income		28,651			31,761			29,227			88,659			90,924
	Net securities gains in noninterest income		-			-			195			-			195
	Noninterest expense		113,118			110,147			103,596			332,971			312,251
	Net income (loss)		(29,004	)		(17,993	)		(30,024	)		(53,277	)		(62,464	)
	Net income (loss) to common shareholders		(33,071	)		(22,060	)		(34,091	)		(65,478	)		(74,623	)
QUARTER-END BALANCE SHEET DATA
	Loans	$	7,733,932		$	7,979,371		$	8,476,989		$	7,733,932		$	8,476,989
	Investment securities		2,297,338			2,076,313			2,005,881			2,297,338			2,005,881
	Earning assets		10,246,178			10,214,267			10,561,425			10,246,178			10,561,425
	Total assets		11,517,194			11,416,761			11,656,468			11,517,194			11,656,468
	Noninterest-bearing deposits		3,245,123			3,229,244			3,130,426			3,245,123			3,130,426
	Total deposits		8,865,916			8,819,051			8,880,377			8,865,916			8,880,377
	Shareholders' equity		1,638,661			1,674,166			1,465,431			1,638,661			1,465,431
AVERAGE BALANCE SHEET DATA
	Loans	$	7,881,160		$	8,051,668		$	8,661,806		$	8,046,498		$	8,890,667
	Investment securities		2,115,549			2,021,359			1,966,020			2,048,728			1,919,666
	Earning assets		10,331,541			10,314,161			10,723,215			10,375,419			10,945,607
	Total assets		11,563,331			11,503,150			11,796,108			11,574,077			12,030,560
	Noninterest-bearing deposits		3,224,881			3,255,019			3,083,404			3,246,766			3,105,176
	Total deposits		8,884,439			8,895,731			9,076,350			8,935,103			9,135,921
	Shareholders' equity		1,670,244			1,676,468			1,485,525			1,677,030			1,512,967
COMMON SHARE DATA
	Earnings (loss) per share
	Basic	$	( .34	)	$	( .23	)	$	( .50	)	$	( .68	)	$	( 1.10	)
	Diluted		( .34	)		( .23	)		( .50	)		( .68	)		( 1.10	)
	Cash dividends per share	$	.01		$	.01		$	.01		$	.03		$	.03
	Book value per share, end of period	$	13.89		$	14.29		$	17.30		$	13.89		$	17.30
	Tangible book value per share, end of period	$	9.28		$	9.65		$	10.63		$	9.28		$	10.63
	Trading data
	High sales price	$	10.04		$	15.29		$	11.27		$	15.29		$	16.16
	Low sales price		7.04			9.25			7.94			7.04			7.94
	End-of-period closing price		8.17			9.25			9.54			8.17			9.54
	Trading volume		67,483,532			75,477,402			49,059,850			210,338,830			160,264,736
RATIOS
	Return on average assets		(1.00	)%		(.63	)%		(1.01	)%		(.62	)%		(.69	)%
	Return on average common equity		(9.55	)		(6.41	)		(11.36	)		(6.34	)		(8.19	)
	Net interest margin (TE)		4.05			4.15			4.11			4.11			4.10
	Average loans to average deposits		88.71			90.51			95.43			90.05			97.32
	Efficiency ratio		84.52			79.49			73.99			81.56			73.22
	Annualized expenses to average assets		3.91			3.83			3.51			3.84			3.46
	Allowance for loan losses to loans, end of period		2.89			2.88			2.81			2.89			2.81
	Annualized net charge-offs to average loans		3.89			2.65			2.86			2.77			2.11
	Nonperforming assets to loans plus foreclosed
	assets and surplus property, end of period		6.64			6.73			5.34			6.64			5.34
	Average shareholders' equity to average total assets		14.44			14.57			12.59			14.49			12.58
	Tangible common equity to tangible assets,
	end of period		8.10			8.49			6.42			8.10			6.42
	Leverage ratio, end of period		10.09			10.48			8.99			10.09			8.99
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 HIGHLIGHTS
		Third			Second			First			Fourth			Third
		Quarter			Quarter			Quarter			Quarter			Quarter
(dollars in thousands, except per share data)			2010			2010			2010			2009			2009
INCOME DATA
	Net interest income	$	104,246		$	105,869		$	106,629		$	111,391		$	109,854
	Net interest income (tax-equivalent)		105,186			106,810			107,584			112,396			110,975
	Provision for credit losses		70,000			59,000			37,500			39,500			80,500
	Noninterest income		28,651			31,761			28,247			29,026			29,227
	Net securities gains in noninterest income		-			-			-			139			195
	Noninterest expense		113,118			110,147			109,706			104,143			103,596
	Net income (loss)		(29,004	)		(17,993	)		(6,280	)		318			(30,024	)
	Net income (loss) to common shareholders		(33,071	)		(22,060	)		(10,347	)		(3,749	)		(34,091	)
QUARTER-END BALANCE SHEET DATA
	Loans	$	7,733,932		$	7,979,371		$	8,073,498		$	8,403,443		$	8,476,989
	Investment securities		2,297,338			2,076,313			2,042,307			2,050,440			2,005,881
	Earning assets		10,246,178			10,214,267			10,395,252			10,699,847			10,561,425
	Total assets		11,517,194			11,416,761			11,580,806			11,892,141			11,656,468
	Noninterest-bearing deposits		3,245,123			3,229,244			3,298,095			3,301,354			3,130,426
	Total deposits		8,865,916			8,819,051			8,961,957			9,149,894			8,880,377
	Shareholders' equity		1,638,661			1,674,166			1,676,240			1,681,064			1,465,431
AVERAGE BALANCE SHEET DATA
	Loans	$	7,881,160		$	8,051,668		$	8,210,283		$	8,434,397		$	8,661,806
	Investment securities		2,115,549			2,021,359			2,008,095			2,025,103			1,966,020
	Earning assets		10,331,541			10,314,161			10,482,211			10,635,573			10,723,215
	Total assets		11,563,331			11,503,150			11,656,777			11,733,149			11,796,108
	Noninterest-bearing deposits		3,224,881			3,255,019			3,260,794			3,222,748			3,083,404
	Total deposits		8,884,439			8,895,731			9,026,703			9,017,220			9,076,350
	Shareholders' equity		1,670,244			1,676,468			1,684,537			1,629,312			1,485,525
COMMON SHARE DATA
	Earnings (loss) per share
	Basic	$	( .34	)	$	( .23	)	$	( .11	)	$	( .04	)	$	( .50	)
	Diluted		( .34	)		( .23	)		( .11	)		( .04	)		( .50	)
	Cash dividends per share	$	.01		$	.01		$	.01		$	.01		$	.01
	Book value per share, end of period	$	13.89		$	14.29		$	14.32		$	14.37		$	17.30
	Tangible book value per share, end of period	$	9.28		$	9.65		$	9.67		$	9.71		$	10.63
	Trading data
	High sales price	$	10.04		$	15.29		$	14.53		$	9.69		$	11.27
	Low sales price		7.04			9.25			9.05			7.78			7.94
	End-of-period closing price		8.17			9.25			13.79			9.11			9.54
	Trading volume		67,483,532			75,477,402			67,377,896			79,863,609			49,059,850
RATIOS
	Return on average assets		(1.00	)%		(.63	)%		(.22	)%		.01	%		(1.01	)%
	Return on average common equity		(9.55	)		(6.41	)		(3.02	)		(1.11	)		(11.36	)
	Net interest margin (TE)		4.05			4.15			4.15			4.20			4.11
	Average loans to average deposits		88.71			90.51			90.96			93.54			95.43
	Efficiency ratio		84.52			79.49			80.77			73.71			73.99
	Annualized expenses to average assets		3.91			3.83			3.76			3.55			3.51
	Allowance for loan losses to loans, end of period		2.89			2.88			2.77			2.66			2.81
	Annualized net charge-offs to average loans		3.89			2.65			1.81			2.59			2.86
	Nonperforming assets to loans plus foreclosed
	assets and surplus property, end of period		6.64			6.73			6.12			5.52			5.34
	Average shareholders' equity to average total assets		14.44			14.57			14.45			13.89			12.59
	Tangible common equity to tangible assets,
	end of period		8.10			8.49			8.38			8.18			6.42
	Leverage ratio, end of period		10.09			10.48			10.61			11.05			8.99
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
	Third			Second			Third			Nine Months Ended
	Quarter			Quarter			Quarter			September 30
(dollars in thousands)		2010			2010			2009			2010			2009
ASSETS
EARNING ASSETS
Loans	$	7,881,160		$	8,051,668		$	8,661,806		$	8,046,498		$	8,890,667
Investment securities
Securities available for sale		1,957,481			1,858,996			1,777,298			1,885,322			1,724,006
Securities held to maturity		158,068			162,363			188,722			163,406			195,660
Total investment securities		2,115,549			2,021,359			1,966,020			2,048,728			1,919,666
Federal funds sold and short-term investments		296,485			213,031			66,225			251,075			94,976
Loans held for sale		38,347			28,103			29,164			29,118			40,298
Total earning assets		10,331,541			10,314,161			10,723,215			10,375,419			10,945,607
NONEARNING ASSETS
Goodwill and other intangible assets		446,308			447,596			452,614			447,628			454,849
Accrued interest receivable		32,764			34,791			37,901			34,535			38,955
Other assets		983,823			941,391			822,974			950,567			800,913
Allowance for loan losses		(231,105	)		(234,789	)		(240,596	)		(234,072	)		(209,764	)
Total assets	$	11,563,331		$	11,503,150		$	11,796,108		$	11,574,077		$	12,030,560
LIABILITIES
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW account deposits	$	1,128,756		$	1,148,590		$	1,094,418		$	1,174,388		$	1,166,095
Money market investment deposits		1,811,326			1,765,839			1,801,664			1,790,722			1,604,820
Savings deposits		865,229			868,829			882,520			861,081			897,461
Other time deposits		716,245			728,121			845,684			741,817			851,841
Time deposits $100,000 and over		1,138,002			1,129,333			1,368,660			1,120,329			1,510,528
Total interest-bearing deposits		5,659,558			5,640,712			5,992,946			5,688,337			6,030,745
Short-term borrowings		707,892			624,931			908,700			659,451			1,069,831
Long-term debt		199,731			199,751			199,610			199,731			194,183
Total interest-bearing liabilities		6,567,181			6,465,394			7,101,256			6,547,519			7,294,759
NONINTEREST-BEARING LIABILITIES
Noninterest-bearing deposits		3,224,881			3,255,019			3,083,404			3,246,766			3,105,176
Accrued interest payable		11,543			8,910			18,026			10,999			18,422
Other liabilities		89,482			97,359			107,897			91,763			99,236
Total liabilities		9,893,087			9,826,682			10,310,583			9,897,047			10,517,593
SHAREHOLDERS' EQUITY
Preferred		295,770			295,454			294,500			295,457			294,187
Common		1,374,474			1,381,014			1,191,025			1,381,573			1,218,780
Total shareholders' equity		1,670,244			1,676,468			1,485,525			1,677,030			1,512,967
Total liabilities and shareholders' equity	$	11,563,331		$	11,503,150		$	11,796,108		$	11,574,077		$	12,030,560
EARNING ASSETS LESS
INTEREST-BEARING LIABILITIES	$	3,764,360		$	3,848,767		$	3,621,959		$	3,827,900		$	3,650,848

 

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10
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
		September 30			June 30			March 31			December 31			September 30
(dollars in thousands)			2010			2010			2010			2009			2009
ASSETS
	Cash and due from financial institutions	$	244,331		$	200,075		$	198,912		$	216,347		$	209,523
	Federal funds sold and short-term investments		165,746			130,113			256,505			212,219			54,729
	Loans held for sale		49,162			28,470			22,942			33,745			23,826
	Investment securities
	Securities available for sale		2,140,882			1,915,587			1,877,653			1,875,495			1,821,246
	Securities held to maturity		156,456			160,726			164,654			174,945			184,635
	Total investment securities		2,297,338			2,076,313			2,042,307			2,050,440			2,005,881
	Loans		7,733,932			7,979,371			8,073,498			8,403,443			8,476,989
	Allowance for loan losses		(223,254	)		(229,884	)		(223,890	)		(223,671	)		(238,600	)
	Net loans		7,510,678			7,749,487			7,849,608			8,179,772			8,238,389
	Bank premises and equipment		228,696			227,620			226,105			223,142			216,722
	Goodwill		435,678			435,678			435,678			435,678			435,678
	Other intangible assets		10,009			11,284			12,621			14,116			15,850
	Accrued interest receivable		30,161			29,783			33,277			32,841			34,671
	Other assets		545,395			527,938			502,851			493,841			421,199
	Total assets	$	11,517,194		$	11,416,761		$	11,580,806		$	11,892,141		$	11,656,468
LIABILITIES
	Noninterest-bearing demand deposits	$	3,245,123		$	3,229,244		$	3,298,095		$	3,301,354		$	3,130,426
	Interest-bearing deposits		5,620,793			5,589,807			5,663,862			5,848,540			5,749,951
	Total deposits		8,865,916			8,819,051			8,961,957			9,149,894			8,880,377
	Short-term borrowings		681,152			599,106			610,344			734,606			991,189
	Long-term debt		199,755			199,764			199,722			199,707			199,589
	Accrued interest payable		11,600			9,794			12,598			11,908			14,505
	Other liabilities		120,110			114,880			119,945			114,962			105,377
	Total liabilities		9,878,533			9,742,595			9,904,566			10,211,077			10,191,037
	SHAREHOLDERS' EQUITY
	Preferred stock		295,925			295,608			295,291			294,974			294,657
	Common stock		2,800			2,800			2,800			2,800			2,800
	Capital surplus		618,475			620,111			618,392			617,038			398,069
	Retained earnings		722,081			756,127			779,158			790,481			795,199
	Accumulated other comprehensive income (loss)		12,077			12,217			(6,704	)		(11,532	)		(12,597	)
	Treasury stock at cost		(12,697	)		(12,697	)		(12,697	)		(12,697	)		(12,697	)
	Total shareholders' equity		1,638,661			1,674,166			1,676,240			1,681,064			1,465,431
	Total liabilities and shareholders' equity	$	11,517,194		$	11,416,761		$	11,580,806		$	11,892,141		$	11,656,468

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11
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
	Third			Second			Third			Nine Months Ended
	Quarter			Quarter			Quarter			September 30
(dollars in thousands, except per share data)		2010			2010			2009			2010			2009
INTEREST INCOME
Interest and fees on loans	$	96,836		$	98,778		$	107,751		$	295,744		$	329,918
Interest and dividends on investments		20,002			20,076			20,803			60,580			62,156
Interest on federal funds sold and
short-term investments		195			157			103			531			485
Total interest income		117,033			119,011			128,657			356,855			392,559
INTEREST EXPENSE
Interest on deposits		9,998			10,398			15,918			31,816			50,784
Interest on short-term borrowings		294			255			387			825			2,235
Interest on long-term debt		2,495			2,489			2,498			7,470			7,499
Total interest expense		12,787			13,142			18,803			40,111			60,518
NET INTEREST INCOME		104,246			105,869			109,854			316,744			332,041
PROVISION FOR CREDIT LOSSES		70,000			59,000			80,500			166,500			219,500
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		34,246			46,869			29,354			150,244			112,541
NONINTEREST INCOME
Service charges on deposit accounts		8,208			8,662			9,390			25,352			28,622
Bank card fees		6,305			6,217			5,258			18,196			14,265
Trust service fees		2,804			3,076			2,865			8,788			9,018
Secondary mortgage market operations		2,600			2,050			2,243			6,532			7,169
Other noninterest income		8,734			11,756			9,276			29,791			31,655
Securities transactions		-			-			195			-			195
Total noninterest income		28,651			31,761			29,227			88,659			90,924
NONINTEREST EXPENSE
Employee compensation		40,277			40,719			40,356			120,040			119,816
Employee benefits		9,344			9,004			10,239			29,399			32,046
Total personnel		49,621			49,723			50,595			149,439			151,862
Net occupancy		9,922			9,706			10,137			29,573			29,419
Equipment and data processing		7,448			6,923			6,570			20,965			19,452
Legal and other professional services		9,643			9,329			4,609			24,204			13,935
Deposit insurance and regulatory fees		5,385			6,491			5,281			17,889			18,745
Telecommunication and postage		3,024			3,022			3,246			9,131			9,295
Corporate value and franchise taxes		1,720			1,588			2,094			5,006			6,867
Amortization of intangibles		1,275			1,337			2,192			4,107			7,033
Provision for valuation losses on foreclosed assets		4,372			3,479			2,092			10,939			7,892
Nonlegal loan collection and other foreclosed asset costs		4,150			2,560			2,256			9,883			5,972
Other noninterest expense		16,558			15,989			14,524			51,835			41,779
Total noninterest expense		113,118			110,147			103,596			332,971			312,251
Income (loss) before income taxes		(50,221	)		(31,517	)		(45,015	)		(94,068	)		(108,786	)
Income tax expense		(21,217	)		(13,524	)		(14,991	)		(40,791	)		(46,322	)
Net income (loss)	$	(29,004	)	$	(17,993	)	$	(30,024	)	$	(53,277	)	$	(62,464	)
Preferred stock dividends		4,067			4,067			4,067			12,201			12,159
Net income (loss) to common shareholders	$	(33,071	)	$	(22,060	)	$	(34,091	)	$	(65,478	)	$	(74,623	)
EARNINGS (LOSS) PER COMMON SHARE
Basic	$	(.34	)	$	(.23	)	$	(.50	)	$	(.68	)	$	(1.10	)
Diluted		(.34	)		(.23	)		(.50	)		(.68	)		(1.10	)
WEIGHTED-AVERAGE COMMON
SHARES OUTSTANDING
Basic		96,707,562			96,538,261			67,772,139			96,594,050			67,575,306
Diluted		96,707,562			96,538,261			67,772,139			96,594,050			67,575,306
CASH DIVIDENDS PER COMMON SHARE	$	.01		$	.01		$	.01		$	.03		$	.03

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	12
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)*
		Third			Second			Third			Nine Months Ended
		Quarter			Quarter			Quarter			September 30
			2010			2010			2009			2010		2009
EARNING ASSETS
Loans**			4.86	%		4.91	%		4.93	%		4.90	%	4.95	%
Investment securities			3.94			4.15			4.44			4.11		4.54
Federal funds sold and short-term investments			.26			.30			.62			.28		.68
Total interest-earning assets			4.54	%		4.66	%		4.81	%		4.63	%	4.84	%
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW account deposits			.30	%		.35	%		.37	%		.34	%	.37	%
Money market investment deposits			.69			.74			1.08			.75		.98
Savings deposits			.15			.15			.16			.15		.16
Other time deposits			1.26			1.31			1.80			1.32		2.14
Time deposits $100,000 and over			1.18			1.22			1.69			1.25		1.87
Total interest-bearing deposits			.70	%		.74	%		1.05	%		.75	%	1.13	%
Short-term borrowings			.16			.16			.17			.17		.28
Long-term debt			5.00			4.98			5.01			4.99		5.15
Total interest-bearing liabilities			.77	%		.81	%		1.05	%		.82	%	1.11	%
NET INTEREST SPREAD (tax-equivalent)
Yield on earning assets less cost of interest-
bearing liabilities			3.77	%		3.85	%		3.76	%		3.81	%	3.73	%
NET INTEREST MARGIN (tax-equivalent)
Net interest income (tax equivalent) as a
percentage of average earning assets			4.05	%		4.15	%		4.11	%		4.11	%	4.10	%
COST OF FUNDS
Interest expense as a percentage of average interest-
bearing liabilities plus interest-free funds			.49	%		.51	%		.70	%		.52	%	.74	%
* 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
		Third			Second			Third			Nine Months Ended
		Quarter			Quarter			Quarter			September 30
(dollars in thousands)			2010			2010			2009			2010			2009
ALLOWANCE FOR LOAN LOSSES
Allowance at beginning of period		$	229,884		$	223,890		$	219,465		$	223,671		$	161,109
Provision for credit losses			70,000			59,300			81,000			166,600			218,000
Loans charged off			(80,062	)		(57,948	)		(63,530	)		(177,997	)		(145,903	)
Recoveries on loans previously charged off			3,432			4,642			1,665			10,980			5,394
Net loans charged off			(76,630	)		(53,306	)		(61,865	)		(167,017	)		(140,509	)
Allowance at end of period		$	223,254		$	229,884		$	238,600		$	223,254		$	238,600
Allowance for loan losses as a percentage of
loans, at end of period			2.89	%		2.88	%		2.81	%		2.89	%		2.81	%
Annualized net charge-offs as a percentage
of average loans			3.89			2.65			2.86			2.77			2.11
Annualized gross charge-offs as a percentage of
average loans			4.06			2.88			2.93			2.95			2.19
Recoveries as a percentage of gross charge-offs			4.29			8.01			2.62			6.17			3.70
RESERVE FOR LOSSES ON
UNFUNDED CREDIT COMMITMENTS
Reserve at beginning of period		$	2,100		$	2,400		$	2,800		$	2,200		$	800
Provision for credit losses			-			(300	)		(500	)		(100	)		1,500
Reserve at end of period		$	2,100		$	2,100		$	2,300		$	2,100		$	2,300
		September 30			June 30			March 31			December 31			September 30
(dollars in thousands)			2010			2010			2010			2009			2009
NONPERFORMING ASSETS
Loans accounted for on a nonaccrual basis		$	428,012		$	451,405		$	436,680		$	414,075		$	405,852
Restructured loans accruing			-			-			-			-			-
Total nonperforming loans			428,012			451,405			436,680			414,075			405,852
Foreclosed assets and surplus property			91,770			91,506			60,879			52,630			49,737
Total nonperforming assets		$	519,782		$	542,911		$	497,559		$	466,705		$	455,589
Loans 90 days past due still accruing		$	28,518		$	10,539		$	17,591		$	23,386		$	15,077
Nonperforming assets as a percentage of loans
plus foreclosed assets and surplus property,
at end of period			6.64	%		6.73	%		6.12	%		5.52	%		5.34	%
Allowance for loan losses as a percentage of
nonperforming loans, at end of period			52.16			50.93			51.27			54.02			58.79
Loans 90 days past due still accruing as a
percentage of loans, at end of period			.37			.13			.22			.28			.18

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14
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO DETAIL
LOAN PORTFOLIO AT QUARTER-END
				2010									2009
(dollars in millions)				September			June			March			December			September
Commercial, financial & agricultural				$	2,846		$	2,895		$	2,869		$	3,075		$	3,064
Owner-occupied real estate					1,070			1,053			1,069			1,080			1,057
Total commercial & industrial					3,916			3,948			3,938			4,155			4,121
Commercial real estate:
Construction, land & land development					1,175			1,396			1,479			1,537			1,702
CRE - other					1,223			1,197			1,217			1,246			1,220
Total commercial real estate					2,398			2,593			2,696			2,783			2,922
Residential mortgage					994			1,007			1,015			1,035			1,011
Consumer					426			431			424			430			423
Total loans				$	7,734		$	7,979		$	8,073		$	8,403		$	8,477
GEOGRAPHIC DISTRIBUTION OF LOAN PORTFOLIO AT SEPTEMBER 30, 2010
										Alabama/						Percent
(dollars in millions)	Louisiana			Texas			Florida			Mississippi			Total			of total
Commercial, financial & agricultural	$	2,091		$	422		$	113		$	220		$	2,846			37	%
Owner-occupied real estate		650			141			185			94			1,070			14	%
Total commercial & industrial		2,741			563			298			314			3,916			51	%
Commercial real estate:
Construction, land & land development		402			360			246			167			1,175			15	%
CRE - other		591			180			311			141			1,223			16	%
Total commercial real estate		993			540			557			308			2,398			31	%
Residential mortgage		556			146			173			119			994			13	%
Consumer		291			23			67			45			426			5	%
Total	$	4,581		$	1,272		$	1,095		$	786		$	7,734			100	%
Percent of total		59	%		17	%		14	%		10	%		100	%
CLASSIFIED LOANS AT SEPTEMBER 30, 2010
																Percent
																of loan
										Alabama/						category
(dollars in millions)	Louisiana			Texas			Florida			Mississippi			Total			total
Commercial, financial & agricultural	$	86		$	44		$	13		$	43		$	186			7	%
Owner-occupied real estate		66			17			56			25			164			15	%
Total commercial & industrial		152			61			69			68			350			9	%
Commercial real estate:
Construction, land & land development		73			183			124			41			421			36	%
CRE - other		48			48			90			34			220			18	%
Total commercial real estate		121			231			214			75			641			27	%
Residential mortgage		47			8			48			15			118			12	%
Consumer		5			1			6			1			13			3	%
Total	$	325		$	301		$	337		$	159		$	1,122			15	%
Percent of regional loan total		7	%		24	%		31	%		20	%		15	%

-END-

3Q10 Supplemental Data
October 26, 2010

2

2

Commercial and Business Banking Focus

Note: Financial data as of September 30, 2010

Geographic Distribution

C&I

CRE

3

3

CRE: Construction, Land & Land Development Loans

Note: Financial data as of September 30, 2010

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total
Residential construction	$63	$45	$29	$12	$149
Land & Lots:
Residential	122	16	96	58	292
Commercial	120	86	60	45	311
Retail	10	105	4	6	125
Office Buildings	10	12	20	1	43
Hotel/motel	--	--	23	--	23
Multifamily	21	62	--	17	100
Industrial/ warehouse	13	1	2	2	18
Other	43	33	12	26	114
Total	$402	$360	$246	$167	$1,175

4

4

CRE: Other Commercial Real Estate Loans

Note: Financial data as of September 30, 2010

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total
Retail	$176	$88	$82	$37	$383
Office Buildings	105	36	59	31	231
Hotel/motel	118	4	53	23	198
Multifamily	70	38	35	30	173
Industrial/ warehouse	62	12	47	14	135
Other	60	2	35	6	103
Total	$591	$180	$311	$141	$1,223

C&I: Oil & Gas Portfolio

•Oil and gas
portfolio 10%
of total loans

5

Sector	$ Outstanding	% of Total
Exploration & Production	$262	34%
Drilling & pre-drilling	168	22%
Transportation	162	21%
Service & Supply	141	19%
Other	31	4%
Total	$764	100%

$s in millions

Note: Financial data as of September 30, 2010

6

6

Summary Credit Statistics

NCOs/avg. loans

Allowance for loan losses/loans

NPAs/loans + OREO

Reserves/NPLs

Note: Financial data as of September 30, 2010

7

7

Classified Portfolio By Geography

NPLs are included in total classified portfolio

Note: Financial data as of September 30, 2010

8

Classified To Total Loans By Geography

$s in millions	Louisiana	Texas	Florida	Alabama/ Mississippi	Total	% of Total
C&I	152	61	69	68	350	31%
% Classified to Total Loans	6%	11%	23%	22%	9%
CRE	121	231	214	75	641	57%
% Classified to Total Loans	12%	43%	38%	24%	27%
Residential Mortgage	47	8	48	15	118	11%
% Classified to Total Loans	8%	5%	28%	13%	12%
Consumer	5	1	6	1	13	1%
% Classified to Total Loans	2%	4%	9%	2%	3%
Total Classified Loans	$325	$301	$337	$159	$1,122	100%
% of Portfolio Classified	7%	24%	31%	20%	15%

Note: Financial data as of September 30, 2010

Classified loans include: Substandard and Doubtful

9

9

Construction, Land & Land Development Classified Loans

Note: Financial data as of September 30, 2010

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total	% of Portfolio Total
Residential construction	$3	$7	$10	$1	$21	14%
Land & Lots:
Residential	24	4	57	29	114	39%
Commercial	39	61	36	5	141	45%
Retail	--	62	2	2	66	53%
Office Buildings	4	7	14	--	25	58%
Hotel/motel	--	--	--	--	--	--
Multifamily	--	27	--	--	27	27%
Industrial/ warehouse	--	--	1	--	1	--
Other	3	15	4	4	26	23%
Total	$73	$183	$124	$41	$421	36%

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Other Commercial Real Estate Classified Loans

Note: Financial data as of September 30, 2010

($s in millions)	Louisiana	Texas	Florida	Alabama/ Mississippi	Total	% of Portfolio Total
Retail	$3	$23	$23	$8	$57	15%
Office Buildings	10	--	10	4	24	10%
Hotel/motel	13	4	11	--	28	14%
Multifamily	13	21	18	16	68	39%
Industrial/ warehouse	5	--	20	5	30	22%
Other	4	--	8	1	13	13%
Total	$48	$48	$90	$34	$220	18%

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•Cumulative charge-offs and the current impaired loss
allowance on the impaired loans represented
approximately 34% of the original contractual
principal balances remaining on these credits

Note: Data as of September 30, 2010

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Impaired Breakdown By State

Impaired loans ($s in millions)	Current Balance Outstanding (Book Value)	% Charged-Off To-Date of Contractual Balance	% Currently Reserved to Current Book Value
Florida	$153	36%	9%
Alabama/ Mississippi	56	29%	4%
Louisiana	81	20%	4%
Texas	44	17%	5%
Total impaired	$334	29%	7%

Note: Financial data as of September 30, 2010

Percents are not additive. Cumulative charge-offs and the current impaired loss allowance on the
total impaired portfolio represented approximately 34% of the original contractual principal
balances remaining on these credits.

	LA	TX	FL	AL/ MS
Loans	$4,581	$1,272	$1,095	$786
Reserve/NPLs	58%	64%	46%	45%
NPLs/Loans	2%	4%	19%	8%

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Geographic distribution of allowance for loan losses

Geographic distribution of NPLs

Note: Financial data as of September 30, 2010

($s in millions)

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Charge-Offs Mainly From Florida Portfolio

Gross Charge-offs by
Geography: 3Q10

Note: Financial data as of September 30, 2010

FL

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Allowance for Loan Losses Remains Solid

3Q10 Supplemental Data
October 26, 2010