EX-99.1 2 ex991.htm EXHIBIT 99.1 - EARNINGS RELEASE Exhibit 99.1
Exhibit 99.1

WHITNEY HOLDING CORPORATION
228 ST. CHARLES AVENUE
NEW ORLEANS, LA 70130
www.whitneybank.com

NEWS RELEASE

CONTACT:
Thomas L. Callicutt, Jr.
FOR IMMEDIATE RELEASE
 
Trisha Voltz Carlson
April 24, 2007
 
504/299-5208
  
 
tcarlson@whitneybank.com
  

WHITNEY REPORTS FIRST QUARTER 2007 EARNINGS

New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ—WTNY) earned $37.0 million in the quarter ended March 31, 2007, compared with net income of $36.1 million for the first quarter of 2006. Per share earnings were $.56 per basic share and $.55 per diluted share in 2007’s first quarter, compared to $.58 and $.57, respectively, for the year-earlier period.
The Company’s financial information for the first quarter of 2007 includes the results from acquired operations since their acquisition dates. Whitney completed its acquisition of Signature Financial Holdings, Inc. (“Signature”), the parent of Signature Bank, headquartered in St. Petersburg, Florida, on March 2, 2007, in a transaction valued at approximately $61 million. Signature shareholders received $13 million in cash and the remainder in Whitney stock totaling 1.49 million shares. In April 2006, Whitney acquired First National Bancshares, Inc. of Bradenton, Florida (“Bradenton”), and its subsidiary, 1st National Bank and Trust. Each of these banks has been merged into Whitney National Bank (the “Bank”).
HIGHLIGHTS OF FIRST QUARTER FINANCIAL RESULTS
Net Interest Income
Whitney’s net interest income (TE) for the first quarter of 2007 increased $1.7 million, or 1%, compared to the first quarter of 2006. Average earning assets were stable between these periods. The net interest margin (TE) was 5.08% for the first quarter of 2007, up 6 basis points from the year-earlier period. The overall yield on earning assets increased 72 basis points from the first quarter of 2006. The main factors behind this yield improvement were the rise in benchmark rates for the large variable-rate segment of Whitney’s loan portfolio and a favorable shift in the mix

 
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of earning assets. The cost of funds increased 66 basis points between the first quarters of 2006 and 2007. This increase was driven by higher competitive market rates as well as a shift in the funding mix to higher-cost sources, as discussed below.
Net interest income (TE) for the first quarter of 2007 was down $2.1 million, or 2%, from the fourth quarter of 2006, with close to $2.0 million of this decrease related to the fewer number of days in the current period. Average earning assets increased 1% between these periods, mainly reflecting the Signature acquisition, while the net interest margin declined by 6 basis points, largely as a result of the shift in the funding mix.
Loans and Earning Assets
Average total loans for the first quarter of 2007, including loans held for sale, were up 9%, or $592 million, compared to the first quarter of 2006, with approximately 6%, or $387 million, associated with the operations acquired with Signature and Bradenton. Of the organic loan growth between these periods, approximately half was from commercial relationships, with the remainder related to both net growth in loans to finance commercial real estate and real estate construction and development activities and growth from home mortgage loan products generally targeted to the private client and higher net worth customer base. Loans comprised 77% of average earning assets in the first quarter of 2007 compared to 71% in the year-earlier period. Whitney had initially placed a significant portion of the funds from the deposit build-up following the 2005 hurricanes in short-term investments, which totaled $1.0 billion on average in the first quarter of 2006, or $700 million higher than in the first quarter of 2007.
Deposits and Funding
Average deposits in the first quarter of 2007 were down 4%, or $321 million, compared to the first quarter of 2006. The addition of $261 million in average deposits associated with the operations acquired in the interim was more than offset by an anticipated reduction in the post-storm deposit accumulation which had peaked around the end of the first quarter of 2006. Compared to the fourth quarter of 2006, average deposits increased less than 1%, or $42 million, in 2007’s first quarter, as the impact of acquired deposits was again partly offset by some further reduction in the post-storm deposit accumulation.
Noninterest-bearing deposits funded approximately 29% of average earning assets in the first quarter of 2007, and the percentage of funding from all noninterest-bearing sources was 34% for the period. These percentages, while down from their highpoints of 35% and 36%, respectively, in the first quarter of 2006, are comparable to or slightly above pre-storm levels. Higher-cost

 
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interest-bearing funds, which include time deposits and borrowings, funded 32% of average assets in 2007’s first quarter, compared to 27% in the year-earlier period. The current level of funding from higher-cost sources is up somewhat from pre-storm levels, reflecting in part the increased relative attractiveness of rates on these deposit products in response to higher market rates and increased use of the Company’s treasury-management deposit products by commercial customers with excess liquidity.
In late March 2007, Whitney Bank issued $150 million in subordinated notes to augment the Bank’s regulatory capital and enhance its capacity for future growth.
Provision for Credit Losses and Credit Quality 
Whitney made a $2.0 million negative provision for credit losses in the first quarter of 2007, compared to a $2.0 million provision in the first quarter of 2006. There was a small net recovery of loan charge-offs in 2007’s first quarter, compared to net charge-offs of $2.8 million in the first quarter of 2006, or .17% of average loans on an annualized basis. The total of loans criticized through the Company’s credit risk-rating process increased $16 million from December 31, 2006 through the end of the first quarter of 2007, although nonperforming loans decreased $2.7 million over this same period. The Signature Bank portfolio added $17 million to the criticized loan total, substantially all in the least severe classification. Signature’s allowance for loan losses at acquisition totaled $2.8 million. Whitney has no meaningful exposure to “sub-prime” home mortgage loans.
Noninterest Income
Noninterest income increased 14%, or $2.9 million, from the first quarter of 2006. Deposit service charge income in the first quarter of 2007 was up 9%, or $.6 million. Whitney’s ability to generate deposit service charges had been limited in the first quarter of 2006 by the post-storm deposit build-up and some disruption to normal customer activity. Bank card fees, both credit and debit cards, increased a combined 6%, or $.2 million, in the first quarter of 2007. The addition of trust business from acquired operations, ongoing customer development efforts and generally favorable market conditions helped increase trust service fees by 23%, or $.6 million, for the first quarter of 2007. Fee income from Whitney’s secondary mortgage market operations in the first quarter of 2007 was $.4 million, or 27%, below the level in the year-earlier period. The categories comprising other noninterest income increased a combined $1.9 million compared to the first quarter of 2006. Whitney recognized net gains on sales of and other revenue from foreclosed assets totaling $3.0 million in the first quarter of 2007, an increase of $1.7 million from the total
 
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recognized in the first quarter of 2006. Fees from investment services and insurance brokerage operations grew a combined $.4 million, or 24%, compared to the first quarter of 2006.
Compared to the fourth quarter of 2006, noninterest income increased $3.0 million in the first quarter of 2007. The most significant factor was a $2.7 million increase in gains and other revenue from foreclosed assets.
Noninterest Expense
Noninterest expense in the first quarter of 2007 increased 9%, or $7.3 million, from 2006’s first quarter. Incremental operating costs associated with the Signature and Bradenton operations totaled approximately $2.4 million in the first quarter of 2007, and the amortization of intangibles acquired in these transactions added another $.8 million to expense for the current year’s first quarter. The cost of assistance in integrating Signature Bank into Whitney’s systems in the first quarter of 2007 totaled approximately $.9 million, of which $.8 million was included in expense for legal and other professional services. 
Whitney’s personnel expense increased 6%, or $2.9 million, in total, including approximately $1.4 million for acquired staffs. During the first quarter of 2007, the Company amended its postretirement health benefit plan to eliminate the benefit for most employees and freeze benefit levels for remaining participants. A one-time credit related to this amendment reduced employee benefits expense by $.7 million compared to the first quarter of 2006, and plan expense for the remainder of 2007 is expected to be approximately $1.6 million below 2006’s level.
Net occupancy expense increased $2.2 million compared to the first quarter of 2006, with $.3 million associated with acquired operations. Initiatives implemented to reduce Whitney’s exposure to disasters and to make its disaster recovery plans and operating arrangements more resilient added approximately $.4 million of recurring expense to the first quarter of 2007. As a result of the catastrophic 2005 storm season, the Company saw the cost of its casualty insurance coverage in the current quarter increase by $.9 million compared to the first quarter of 2006. Net occupancy expense in the first quarter of 2007 also reflected a more normal level of maintenance and repair projects compared to the year-earlier period when activity was focused on the remediation of storm damage covered by insurance. 
Equipment and data processing expense increased $1.6 million, of which approximately $.9 million was associated with the initiatives to improve operational resiliency in the event of a natural disaster, including the accelerated installation of a new and upgraded mainframe computer
 
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and related software. Acquired operations added $.2 million to this expense category for the first quarter of 2007.
Whitney expensed disaster-response costs, insurance claim management fees and casualty and operating losses directly related to the 2005 storms totaling $.6 million in the first quarter of 2007 and $2.5 million for the first quarter of 2006. These charges have been reported in the total of other noninterest expense.

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. 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 about our operational resiliency in the event of natural disasters, information on deposit trends and comments on future expense levels for retirement benefits.
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 the Company’s forward-looking statements include, but are not limited to, those outlined in Whitney’s filings with the SEC, 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.
 
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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
  
FINANCIAL HIGHLIGHTS
  
   
First 
Fourth 
Third 
Second 
First 
   
Quarter 
Quarter 
Quarter 
Quarter 
Quarter 
(dollars in thousands, except per share data)
  
2007  
2006 
2006 
2006 
2006 
INCOME DATA
                               
Net interest income 
  
$
114,841
  
$
116,954
  
$
119,771
  
$
121,249
  
$
113,237
  
Net interest income (tax-equivalent) 
    
116,397
   
118,531
   
121,344
   
122,804
   
114,744
 
Provision for credit losses 
    
(2,000
)
  
1,000
   
-
   
760
   
1,960
 
Noninterest income 
    
24,049
   
21,024
   
21,348
   
21,243
   
21,176
 
     Net securities gains in noninterest income
    
-
   
-
   
-
   
-
   
-
 
Noninterest expense 
    
86,444
   
87,170
   
89,230
   
82,933
   
79,140
 
Net income 
    
36,992
   
33,892
   
35,191
   
39,413
   
36,149
 
                                 
QUARTER-END BALANCE SHEET DATA
                                
Loans 
  
$
7,253,581
  
$
7,050,416
  
$
6,852,640
  
$
6,860,746
  
$
6,488,639
  
Investment securities 
    
1,849,425
   
1,886,093
   
1,980,664
   
1,822,119
   
1,725,357
 
Earning assets 
    
9,674,585
   
9,277,554
   
9,203,856
   
9,489,364
   
9,518,326
 
Total assets 
    
10,589,660
   
10,185,880
   
10,098,175
   
10,427,716
   
10,301,742
 
Noninterest-bearing deposits 
    
2,757,885
   
2,947,997
   
2,864,705
   
3,087,502
   
3,189,552
 
Total deposits 
    
8,524,235
   
8,433,308
   
8,199,700
   
8,623,661
   
8,683,776
 
Shareholders' equity 
    
1,198,137
   
1,112,962
   
1,113,111
   
1,072,764
   
980,755
 
                                 
AVERAGE BALANCE SHEET DATA
                                
Loans 
  
$
7,118,002
  
$
6,960,981
  
$
6,837,875
  
$
6,792,224
  
$
6,510,471
  
Investment securities 
    
1,828,618
   
1,913,703
   
1,893,125
   
1,787,210
   
1,701,467
 
Earning assets 
    
9,268,902
   
9,162,597
   
9,320,563
   
9,665,927
   
9,249,232
 
Total assets 
    
10,133,651
   
10,039,062
   
10,218,601
   
10,552,631
   
10,162,685
 
Noninterest-bearing deposits 
    
2,725,139
   
2,843,820
   
2,963,077
   
3,142,496
   
3,191,113
 
Total deposits 
    
8,221,857
   
8,179,884
   
8,399,368
   
8,790,845
   
8,542,554
 
Shareholders' equity 
    
1,145,101
   
1,126,915
   
1,095,628
   
1,061,216
   
975,456
 
                                 
PER SHARE DATA
                               
Earnings per share 
                                
     Basic
  
$
.56
  
$
.52
  
$
.54
  
$
.61
  
$
.58
  
    Diluted
    
.55
   
.51
   
.53
   
.60
   
.57
 
Cash dividends per share 
  
$
.29
  
$
.27
  
$
.27
  
$
.27
  
$
.27
  
Book value per share, end of period 
  
$
17.76
  
$
16.88
  
$
16.90
  
$
16.31
  
$
15.45
  
Trading data 
                                
     High sales price
  
$
33.26
  
$
35.88
  
$
37.00
  
$
37.26
  
$
36.17
  
     Low sales price
    
29.07
   
31.23
   
34.42
   
33.80
   
27.27
 
     End-of-period closing price
    
30.58
   
32.62
   
35.77
   
35.37
   
35.46
 
     Trading volume
    
16,256,098
   
10,932,005
   
10,339,045
   
13,719,163
   
14,411,128
 
 
RATIOS
                                
Return on average assets 
    
1.48
%
  
1.34
%
  
1.37
%
  
1.50
%
  
1.44
%
Return on average shareholders' equity 
    
13.10
   
11.93
   
12.74
   
14.90
   
15.03
 
Net interest margin 
    
5.08
   
5.14
   
5.17
   
5.09
   
5.02
 
Dividend payout ratio 
    
53.16
   
52.79
   
50.79
   
45.04
   
47.41
 
Average loans as a percentage of average deposits 
    
86.57
   
85.10
   
81.41
   
77.26
   
76.21
 
Efficiency ratio 
    
61.55
   
62.46
   
62.53
   
57.57
   
58.23
 
Allowance for loan losses as a percentage of 
   loans, end of period 
    
1.06
   
1.08
   
1.09
   
1.18
   
1.37
 
Annualized net charge-offs (recoveries) as a  
   percentage of average loans 
    
(.01
)
  
(.02
)
  
.27
   
.73
   
.17
 
Nonperforming assets as a percentage of loans plus 
   foreclosed assets and surplus property, end of period 
    
.76
   
.81
   
.80
   
.83
   
1.02
 
Average shareholders' equity as a percentage  
   of average total assets 
    
11.30
   
11.23
   
10.72
   
10.06
   
9.60
 
Leverage ratio, end of period 
    
9.02
   
8.76
   
8.35
   
7.82
   
7.99
 
                                 
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).
                                 
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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
DAILY AVERAGE CONSOLIDATED BALANCE SHEETS
 
 
 First
First 
   
 Quarter
 Quarter
(dollars in thousands)
  
2007 
2006 
ASSETS
          
EARNING ASSETS
              
  Loans
  
$
7,118,002
  
$
6,510,471
  
  Investment securities
              
     Securities available for sale
    
1,555,679
   
1,474,087
 
     Securities held to maturity
    
272,939
   
227,380
 
       Total investment securities
    
1,828,618
   
1,701,467
 
  Federal funds sold and short-term investments
    
302,810
   
1,002,586
 
  Loans held for sale
    
19,472
   
34,708
 
       Total earning assets
    
9,268,902
   
9,249,232
 
NONEARNING ASSETS
          
  Goodwill and other intangible assets
    
329,408
   
229,224
 
  Accrued interest receivable
    
47,379
   
49,491
 
  Other assets
    
566,599
   
725,306
 
  Allowance for loan losses
    
(78,637
)
  
(90,568
)
               
       Total assets
  
$
10,133,651
  
$
10,162,685
  
               
LIABILITIES
              
INTEREST-BEARING LIABILITIES
              
  Interest-bearing deposits
              
     NOW account deposits
  
$
1,054,403
  
$
1,091,412
  
     Money market investment deposits
    
1,197,889
   
1,107,573
 
     Savings deposits
    
939,171
   
1,182,995
 
     Other time deposits
    
771,233
   
717,317
 
     Time deposits $100,000 and over
    
1,534,022
   
1,252,144
 
       Total interest-bearing deposits
    
5,496,718
   
5,351,441
 
               
  Short-term borrowings
    
603,541
   
514,411
 
  Long-term debt
    
38,060
   
17,244
 
       Total interest-bearing liabilities
    
6,138,319
   
5,883,096
 
NONINTEREST-BEARING LIABILITIES
              
  Noninterest-bearing deposits
    
2,725,139
   
3,191,113
 
  Accrued interest payable
    
19,783
   
12,862
 
  Other liabilities
    
105,309
   
100,158
 
       Total liabilities
    
8,988,550
   
9,187,229
 
SHAREHOLDERS' EQUITY
    
1,145,101
   
975,456
 
               
       Total liabilities and shareholders' equity
  
$
10,133,651
  
$
10,162,685
  
               
EARNING ASSETS LESS
              
    INTEREST-BEARING LIABILITIES
  
$
3,130,583
  
$
3,366,136
  
               
 
 
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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
 
 March 31
 December 31
 March 31
(dollars in thousands)
 
2007 
 2006
2006 
ASSETS
              
  Cash and due from financial institutions
  
$
263,367
  
$
318,165
  
$
305,680
  
  Federal funds sold and short-term investments
    
554,166
   
314,079
   
1,274,317
 
  Loans held for sale
    
17,413
   
26,966
   
30,013
 
  Investment securities
                    
     Securities available for sale
    
1,576,494
   
1,612,513
   
1,498,316
 
     Securities held to maturity
    
272,931
   
273,580
   
227,041
 
       Total investment securities
    
1,849,425
   
1,886,093
   
1,725,357
 
  Loans
    
7,253,581
   
7,050,416
   
6,488,639
 
     Allowance for loan losses
    
(76,912
)
  
(75,927
)
  
(89,209
)
       Net loans
    
7,176,669
   
6,974,489
   
6,399,430
 
  Bank premises and equipment
    
185,838
   
175,109
   
152,628
 
  Goodwill
    
332,418
   
291,876
   
204,089
 
  Other intangible assets
    
25,081
   
23,327
   
24,049
 
  Accrued interest receivable
    
46,604
   
48,130
   
43,256
 
  Other assets
    
138,679
   
127,646
   
142,923
 
       Total assets
  
$
10,589,660
  
$
10,185,880
  
$
10,301,742
  
                     
LIABILITIES
                    
  Noninterest-bearing demand deposits
  
$
2,757,885
  
$
2,947,997
  
$
3,189,552
  
  Interest-bearing deposits
    
5,766,350
   
5,485,311
   
5,494,224
 
       Total deposits
    
8,524,235
   
8,433,308
   
8,683,776
 
                     
  Short-term borrowings
    
573,559
   
499,533
   
502,214
 
  Long-term debt
    
168,955
   
17,394
   
17,159
 
  Accrued interest payable
    
18,374
   
17,940
   
11,616
 
  Other liabilities
    
106,400
   
104,743
   
106,222
 
       Total liabilities
    
9,391,523
   
9,072,918
   
9,320,987
 
SHAREHOLDERS' EQUITY
                    
  Common stock, no par value
    
2,800
   
2,800
   
2,800
 
  Capital surplus
    
395,872
   
343,697
   
257,751
 
  Retained earnings
    
830,693
   
812,644
   
757,666
 
  Accumulated other comprehensive income
    
(27,473
)
  
(41,015
)
  
(28,886
)
  Treasury stock at cost
    
(3,755
)
  
(5,164
)
  
(8,576
)
       Total shareholders' equity
    
1,198,137
   
1,112,962
   
980,755
 
       Total liabilities and shareholders' equity
  
$
10,589,660
  
$
10,185,880
  
$
10,301,742
  
 
 
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 9

 
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 
 
First 
First 
   
 Quarter
 Quarter
(dollars in thousands, except per share data)
  
 2007
 2006
INTEREST INCOME
            
  Interest and fees on loans
  
$
134,259
  
$
113,450
  
  Interest and dividends on investments
    
20,646
   
17,750
 
  Interest on federal funds sold and
       short-term investments
    
3,946
   
10,792
 
     Total interest income
    
158,851
   
141,992
 
INTEREST EXPENSE
              
  Interest on deposits
    
37,261
   
24,272
 
  Interest on short-term borrowings
    
6,178
   
4,231
 
  Interest on long-term debt
    
571
   
252
 
     Total interest expense
    
44,010
   
28,755
 
NET INTEREST INCOME
    
114,841
   
113,237
 
PROVISION FOR CREDIT LOSSES
    
(2,000
)
  
1,960
 
NET INTEREST INCOME AFTER PROVISION
   FOR CREDIT LOSSES
    
116,841
   
111,277
 
NONINTEREST INCOME
              
  Service charges on deposit accounts
    
7,090
   
6,517
 
  Bank card fees
    
3,700
   
3,486
 
  Trust service fees
    
3,107
   
2,520
 
  Secondary mortgage market operations
    
1,184
   
1,620
 
  Other noninterest income
    
8,968
   
7,033
 
  Securities transactions
    
-
   
-
 
     Total noninterest income
    
24,049
   
21,176
 
NONINTEREST EXPENSE
              
  Employee compensation
    
38,731
   
35,438
 
  Employee benefits
    
8,398
   
8,836
 
     Total personnel
   
47,129
   
44,274
 
  Net occupancy
    
8,147
   
5,946
 
  Equipment and data processing
    
5,862
   
4,264
 
  Telecommunication and postage
   
3,120
   
2,667
 
  Corporate value and franchise taxes
    
2,380
   
2,144
 
  Legal and other professional services
    
2,926
   
1,511
 
  Amortization of intangibles
    
2,901
   
2,255
 
  Other noninterest expense
    
13,979
   
16,079
 
     Total noninterest expense
    
86,444
   
79,140
 
INCOME BEFORE INCOME TAXES
    
54,446
   
53,313
 
INCOME TAX EXPENSE
    
17,454
   
17,164
 
               
NET INCOME
  
$
36,992
  
$
36,149
  
               
EARNINGS PER SHARE
            
  Basic
  
$
.56
  
$
.58
  
  Diluted
    
.55
   
.57
 
               
WEIGHTED-AVERAGE SHARES OUTSTANDING
              
  Basic
    
66,090,617
   
62,835,144
 
  Diluted
    
67,156,190
    
63,950,543
 
               
CASH DIVIDENDS PER SHARE
  
$
.29
  
 $
.27
 
 
 
-MORE-
 10
 

 
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)*
       
First
Fourth
First
       
Quarter
Quarter
Quarter
       
2007
2006
2006
EARNING ASSETS
          
 
      
                         
Loans**
        
7.64
%
  
7.61
%
  
7.05
%
Investment securities
        
4.79
    
4.79
    
4.46
  
Federal funds sold and short-term investments
        
5.28
    
5.28
    
4.37
  
         Total interest-earning assets
        
7.00
%
  
6.95
%
  
6.28
%
                         
INTEREST-BEARING LIABILITIES
                        
                         
Interest-bearing deposits
                        
    NOW account deposits 
        
1.14
%
  
1.00
%
  
.58
%
    Money market investment deposits 
        
2.90
    
2.85
    
1.56
  
    Savings deposits 
        
.96
    
1.00
    
1.00
  
    Other time deposits 
        
3.56
    
3.36
    
2.51
  
    Time deposits $100,000 and over 
        
4.42
    
4.29
    
3.59
  
        Total interest-bearing deposits
        
2.75
    
2.60
    
1.84
  
                         
                         
Short-term borrowings
        
4.15
    
4.19
    
3.34
  
Long-term debt
        
6.00
    
6.67
    
5.85
  
      Total interest-bearing liabilities
        
2.91
%
  
2.78
%
  
1.98
%
                         
NET INTEREST SPREAD (tax-equivalent)
                        
Yield on earning assets less cost of interest-
                        
   bearing liabilities 
        
4.09
%
  
4.17
%
  
4.30
%
                         
NET INTEREST MARGIN (tax-equivalent)
                        
Net interest income (tax-equivalent) as a
                       
    percentage of average earning assets 
        
5.08
%
  
5.14
%
  
5.02
%
                         
COST OF FUNDS
                        
Interest expense as a percentage of average interest-
                        
    bearing liabilities plus interest-free funds 
        
1.92
%
  
1.81
%
  
1.26
%
*    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-
 11

 
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES    
LOAN QUALITY    
   
 
  
First
  
First
       
   
 
  
Quarter
  
Quarter
       
(dollars in thousands)
  
 
  
 2007
  
2006
       
ALLOWANCE FOR LOAN LOSSES
                    
Allowance at beginning of period
      
$
75,927
  
$
90,028
        
Allowance of acquired banks
        
2,791
   
-
       
Provision for credit losses
        
(2,000
)
  
2,000
       
Loans charged off
       
(2,688
)
  
(3,629
)
      
Recoveries on loans previously charged off
        
2,882
   
810
       
     Net loans (charged off) recovered
       
194
   
(2,819
)
      
Allowance at end of period
      
$
76,912
  
$
89,209
        
         
             
Annualized net charge-offs (recoveries) as a percentage
     of average loans
        
(.01
)%
  
.17
%
      
                         
Annualized gross charge-offs as a percentage of
     average loans
        
.15
%
  
.22
%
      
                         
Recoveries as a percentage of gross charge-offs
        
107.22
%
  
22.32
%
      
                         
Allowance for loan losses as a percentage of
     loans, end of period
        
1.06
%
  
1.37
%
      
                         
RESERVE FOR LOSSES ON
                       
UNFUNDED CREDIT COMMITMENTS
                        
Reserve at beginning of period
      
$
1,900
  
$
580
        
Provision for credit losses
        
-
   
(40
)
      
Reserve at end of period
      
$
1,900
  
$
540
        
                         
 
 
 
 
 
March 31 
  
 December 31 
  
March 31
  
(dollars in thousands)
        
2007 
    
2006
   
2006
 
NONPERFORMING ASSETS
                        
Loans accounted for on a nonaccrual basis
      
$
53,250
  
$
55,992
  
$
65,494
  
Restructured loans
        
-
   
-
   
28
 
     Total nonperforming loans
        
53,250
   
55,992
   
65,522
 
Foreclosed assets and surplus property
        
1,737
   
800
   
652
 
     Total nonperforming assets
      
$
54,987
  
$
56,792
  
$
66,174
  
                         
Nonperforming assets as a percentage of loans plus
     foreclosed assets and surplus property, end of period
        
.76
%
  
.81
%
  
1.02
%
                         
Allowance for loan losses as a percentage of
     nonaccruing loans, end of period
        
144
%
  
136
%
  
136
%
                         
Allowance for loan losses as a percentage of
     nonperforming loans, end of period
        
144
%
  
136
%
  
136
%
                         
Loans 90 days past due still accruing
      
$
7,299
  
$
7,574
  
$
3,956
  
                         
Loans 90 days past due still accruing as a
     percentage of loans, end of period
        
.10
%
  
.11
%
  
.06
%
 
-END-