ex991.htm

ex991.htm 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	October 23, 2007
	504/299-5208
	tcarlson@whitneybank.com

WHITNEY REPORTS THIRD QUARTER 2007 EARNINGS

New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ—WTNY) earned $48.8 million in the quarter ended September 30, 2007, compared with net income of $35.2 million for the third quarter of 2006. Earnings were $.71 per diluted share in 2007’s third quarter, compared to $.53 for the year-earlier period. For the nine months ended September 30, 2007, Whitney earned $120.8 million, or $1.78 per diluted share, compared with net income of $110.8 million for the comparable period in 2006, or $1.69 per diluted share.

During the third quarter of 2007, Whitney reached a settlement on insurance claims arising from the hurricanes that struck portions of its market area in the late summer of 2005. With this settlement, the Company recognized a gain of $31.3 million ($19.9 million after-tax, or $.29 per diluted share for the quarter.) This gain mainly relates to costs to replace or restore banking premises and equipment that have been or will be capitalized and that exceed the carrying value of the damaged property.

Whitney saw an increase in nonperforming loans and in loans criticized through its credit risk-rating process and, based on its established methodology for determining allowances for credit losses, made a $9.0 million provision for credit losses for the third quarter of 2007. Net charge-offs were .13% of average loans for the third quarter of 2007 and .08% year-to-date in 2007, each on an annualized basis, and the year-to-date provision for credit losses was $7.0 million.

The Company’s financial information for 2007 includes the results from the operations acquired with Signature Financial Holdings, Inc. (“Signature”), the parent of Signature Bank, headquartered in St. Petersburg, Florida, on March 2, 2007.

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HIGHLIGHTS OF THIRD QUARTER FINANCIAL RESULTS

Loans and Earning Assets

Total loans at the end of the third quarter of 2007 were up 9%, or $600 million, from the end of the third quarter of 2006, with approximately 3%, or $204 million, associated with the operations acquired with Signature. The main support for the organic loan growth over this period has come from the economic and market conditions in Texas, Alabama and Whitney’s Louisiana markets outside the metropolitan New Orleans area. Lending to traditional commercial and industrial relationships provided over half of this organic growth. Market conditions have restrained the pace of new real estate project financing in Florida and contributed to a decrease of approximately $130 million in loans serviced from Florida operations apart from those acquired with Signature.

Loans, including loans held for sale, comprised 76% of average earning assets in the third quarter of 2007 compared to 74% in the year-earlier period. There was a comparable decrease in the percentage of short-term investments in the earning-asset mix compared to the third quarter of 2006 when the Company’s liquidity was still impacted by the deposit build-up following the 2005 hurricanes.

Deposits and Funding

Total deposits at September 30, 2007 were up 2%, or $188 million, compared to a year earlier, mainly reflecting the deposits added with the Signature acquisition. Average deposits in the third quarter of 2007 were up 1%, or $81 million, compared to the third quarter of 2006 and basically stable compared to 2007’s second quarter. Average noninterest-bearing deposits funded approximately 28% of average earning assets for the third quarter of 2007, and the percentage of funding from all noninterest-bearing sources was 32% for the period. These percentages, while down from 32% and 35%, respectively, in the third quarter of 2006, are comparable to pre-storm levels. Higher-cost interest-bearing funds, which include time deposits and borrowings, funded 35% of average earning assets in 2007’s third quarter, compared to 29% in the year-earlier period, and up somewhat from pre-storm levels. This reflects a number of factors including the relative attractiveness of rates on these deposit products in response to market rates and increased use of the Company’s treasury-management deposit products by commercial customers with excess liquidity. In addition, $150 million in long-term subordinated debt was issued in late March 2007 to augment regulatory capital and enhance Whitney’s capacity for future growth.

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Net Interest Income

Whitney’s net interest income (TE) for the third quarter of 2007 decreased $3.1 million, or 3%, from the third quarter of 2006. Average earning assets increased 5% between these periods, and there was some favorable shift in the mix of assets. The net interest margin (TE) was 4.82% for the third quarter of 2007, down 35 basis points from the year-earlier period. The overall yield on earning assets increased 11 basis points from the third quarter of 2006, mainly reflecting the shift in asset mix. The cost of funds increased 46 basis points between the third quarters of 2006 and 2007, mainly in response to the shift in the funding mix toward higher-cost sources.

Net interest income (TE) for the third quarter of 2007 was stable compared to the second quarter of 2007, although an increase of approximately $1.0 million would be indicated based solely on the additional day in the current period. Average earning assets increased 1% between these periods, while the net interest margin declined by 9 basis points, largely as a result of a shift in the funding mix. The easing of market interest rates toward the end of the third quarter of 2007 had only a limited impact on the results for this period.

Provision for Credit Losses and Credit Quality

Whitney provided $9.0 million for credit losses in the third quarter of 2007, compared to no provision in the third quarter of 2006. Loan charge-offs, net of recoveries, totaled $2.4 million in 2007’s third quarter, or .13% of average loans on an annualized basis. The allowance for loan losses increased to 1.10% of total loans at September 30, 2007. Nonperforming loans increased $32 million from June 30, 2007 through the end of the third quarter of 2007, and the total of loans criticized through the Company’s credit risk-rating process increased $39 million over this same period. Approximately $19 million of the increase in nonperforming loans was from two commercial credits in unrelated industries with limited representation in Whitney’s portfolio. Another $9 million came from a number of smaller loans for residential development, investment and other residential purposes. Substantially all of these loans had been included in the Company’s criticized loan total in earlier periods, including those identified through a targeted review of residential credits in the Florida panhandle in light of difficult market conditions in this area. The Florida panhandle also produced approximately $11 million of the overall increase in criticized loans during the third quarter of 2007, and residential development credits from other parts of Whitney’s market area added approximately $20 million, including a $13 million development loan with project-specific issues not directly related to overall market conditions. Whitney has no meaningful exposure to “sub-prime” home mortgage loans.

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Noninterest Income

Excluding the insurance settlement gain noted earlier, noninterest income increased 8%, or $1.8 million, from the third quarter of 2006, with improvement noted in all recurring revenue sources. Deposit service charge income in the third quarter of 2007 was up 7%, or $.5 million, assisted by improved pricing. Bank card fees, both credit and debit cards, increased a combined 13%, or $.5 million, compared to the third quarter of 2006. Customer development efforts and generally favorable market conditions helped increase trust service fees by 13%, or $.4 million, for the third quarter of 2007. Fees from investment services and insurance brokerage operations in the third quarter of 2007 also compared favorably to the year-earlier period.

Noninterest income for the third quarter of 2007, again exclusive of the insurance settlement gain, was $.9 million lower than in the second quarter of 2007. Most recurring revenue sources again showed improved results between these periods, led by a 4%, or $.3 million, increase in deposit service fees and a 5%, or $.2 million, increase in bank card fees. Whitney recognized net gains on sales of and other revenue from foreclosed assets totaling $.4 million in the third quarter of 2007, which was down $.8 million from the total recognized in the current year’s second quarter. In addition, the Company had recognized a $.5 million gain in the second quarter of 2007 on the settlement of a pension liability from an acquired entity.

Noninterest Expense

Noninterest expense in the third quarter of 2007 decreased 1%, or $1.0 million, from 2006’s third quarter. Incremental operating costs associated with Signature totaled approximately $1.7 million in the third quarter of 2007, and the amortization of intangibles acquired in this transaction added another $.5 million to expense for the current year’s third quarter.

Whitney’s personnel expense increased 4%, or $2.1 million, in total, including $.9 million for Signature’s operations. Employee compensation was up 6%, or $2.5 million, compared to the third quarter of 2006, while the cost of employee benefits decreased by 5%, or $.4 million. Excluding the impact of acquisitions, the average full-time equivalent staff level declined slightly between these periods, as staff additions to fill openings caused by storm-related attrition were offset by reductions identified as part of the recent cost control programs. Current period compensation was negatively impacted by salary scale adjustments needed to address post-storm changes in the cost of living in impacted areas and increased competition for limited labor resources. Compensation associated with management incentive programs decreased $.4 million in the third quarter of 2007, mainly related to the cost of share-based incentives. Early in 2007, the

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Company amended its postretirement health and life insurance benefit plans to eliminate the benefit for most employees and freeze benefit levels for remaining participants. The impact of this amendment reduced employee benefits expense in the third quarter of 2007 by $.6 million compared to the year-earlier period.

The total of all other noninterest expense unrelated to personnel decreased a net $3.1 million, or 7%, compared to the third quarter of 2006, which had included a variety of nonrecurring or periodic expenses associated with the Company’s efforts to reduce its exposure to natural disasters and make its operations more resilient in the event of a disaster. These included $1.1 million for professional services and $1.5 million for contingency housing contracts. In addition, Whitney expensed costs and casualty and operating losses directly related to the 2005 storms totaling $.9 million in the third quarter of 2006 and made a $.5 million contribution to a disaster-relief fund for the Company’s employees.

Noninterest expense for the third quarter of 2007 was also down slightly from 2007’s second quarter. The recent cost control programs that are part of an ongoing strategic review process are reflected in these results and are expected to benefit expense levels in the fourth quarter of 2007.

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, comments on expected expense levels in the fourth quarter of 2007.

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
	Third			Third			Nine Months Ended
	Quarter			Quarter			September 30
(dollars in thousands, except per share data)	2007			2006			2007			2006
INCOME DATA
Net interest income	$	116,718		$	119,771		$	348,455		$	354,257
Net interest income (tax-equivalent)		118,245			121,344			353,086			358,892
Provision for credit losses		9,000			-			7,000			2,720
Noninterest income		54,455			21,348			102,601			63,767
Net securities losses in noninterest income		(1	)		-			(1	)		-
Noninterest expense		88,229			89,230			263,334			251,303
Net income		48,766			35,191			120,810			110,753

QUARTER-END BALANCE SHEET DATA
Loans	$	7,452,905		$	6,852,640		$	7,452,905		$	6,852,640
Investment securities		1,875,096			1,980,664			1,875,096			1,980,664
Earning assets		9,738,123			9,203,856			9,738,123			9,203,856
Total assets		10,604,834			10,098,175			10,604,834			10,098,175
Noninterest-bearing deposits		2,639,020			2,864,705			2,639,020			2,864,705
Total deposits		8,387,235			8,199,700			8,387,235			8,199,700
Shareholders' equity		1,253,809			1,113,111			1,253,809			1,113,111

AVERAGE BALANCE SHEET DATA
Loans	$	7,362,491		$	6,837,875		$	7,278,450		$	6,714,722
Investment securities		1,916,927			1,893,125			1,865,161			1,794,635
Earning assets		9,746,184			9,320,563			9,562,005			9,412,166
Total assets		10,633,674			10,218,601			10,443,686			10,311,510
Noninterest-bearing deposits		2,686,189			2,963,077			2,718,156			3,098,060
Total deposits		8,480,098			8,399,368			8,394,819			8,577,067
Shareholders' equity		1,224,940			1,095,628			1,193,984			1,044,540

PER SHARE DATA
Earnings per share
Basic	$	.72		$	.54		$	1.80		$	1.72
Diluted		.71			.53			1.78			1.69
Cash dividends per share	$	.29		$	.27		$	.87		$	.81
Book value per share, end of period	$	18.53		$	16.90		$	18.53		$	16.90
Trading data
High sales price	$	30.32		$	37.00		$	33.26		$	37.26
Low sales price		23.02			34.42			23.02			27.27
End-of-period closing price		26.38			35.77			26.38			35.77
Trading volume		28,674,777			10,339,045			57,966,204			38,469,336

RATIOS
Return on average assets		1.82	%		1.37	%		1.55	%		1.44	%
Return on average shareholders' equity		15.79			12.74			13.53			14.18
Net interest margin		4.82			5.17			4.93			5.10
Dividend payout ratio		40.70			50.79			49.02			47.64
Average loans as a percentage of average deposits		86.82			81.41			86.70			78.29
Efficiency ratio		51.09			62.53			57.79			59.46
Allowance for loan losses as a percentage of
loans, end of period		1.10			1.09			1.10			1.09
Annualized net charge-offs (recoveries) as a
percentage of average loans		.13			.27			.08			.39
Nonperforming assets as a percentage of loans
plus foreclosed assets and surplus
property, end of period		1.22			.80			1.22			.80
Average shareholders' equity as a percentage
of average total assets		11.52			10.72			11.43			10.13
Leverage ratio, end of period		9.19			8.35			9.19			8.35

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
QUARTERLY TRENDS
	Third			Second			First			Fourth			Third
	Quarter			Quarter			Quarter			Quarter			Quarter
(dollars in thousands, except per share data)	2007			2007			2007			2006			2006
INCOME DATA
Net interest income	$	116,718		$	116,896		$	114,841		$	116,954		$	119,771
Net interest income (tax-equivalent)		118,245			118,444			116,397			118,531			121,344
Provision for credit losses		9,000			-			(2,000	)		1,000			-
Noninterest income		54,455			24,097			24,049			21,024			21,348
Net securities losses in noninterest income		(1	)		-			-			-			-
Noninterest expense		88,229			88,661			86,444			87,170			89,230
Net income		48,766			35,052			36,992			33,892			35,191

QUARTER-END BALANCE SHEET DATA
Loans	$	7,452,905		$	7,368,404		$	7,253,581		$	7,050,416		$	6,852,640
Investment securities		1,875,096			1,910,271			1,849,425			1,886,093			1,980,664
Earning assets		9,738,123			9,697,723			9,674,585			9,277,554			9,203,856
Total assets		10,604,834			10,608,267			10,589,660			10,185,880			10,098,175
Noninterest-bearing deposits		2,639,020			2,736,966			2,757,885			2,947,997			2,864,705
Total deposits		8,387,235			8,512,778			8,524,235			8,433,308			8,199,700
Shareholders' equity		1,253,809			1,208,940			1,198,137			1,112,962			1,113,111

AVERAGE BALANCE SHEET DATA
Loans	$	7,362,491		$	7,352,171		$	7,118,002		$	6,960,981		$	6,837,875
Investment securities		1,916,927			1,848,965			1,828,618			1,913,703			1,893,125
Earning assets		9,746,184			9,665,684			9,268,902			9,162,597			9,320,563
Total assets		10,633,674			10,558,237			10,133,651			10,039,062			10,218,601
Noninterest-bearing deposits		2,686,189			2,743,566			2,725,139			2,843,820			2,963,077
Total deposits		8,480,098			8,479,666			8,221,857			8,179,884			8,399,368
Shareholders' equity		1,224,940			1,211,032			1,145,101			1,126,915			1,095,628

PER SHARE DATA
Earnings per share
Basic	$	.72		$	.52		$	.56		$	.52		$	.54
Diluted		.71			.51			.55			.51			.53
Cash dividends per share	$	.29		$	.29		$	.29		$	.27		$	.27
Book value per share, end of period	$	18.53		$	17.88		$	17.76		$	16.88		$	16.90
Trading data
High sales price	$	30.32		$	31.92		$	33.26		$	35.88		$	37.00
Low sales price		23.02			29.69			29.07			31.23			34.42
End-of-period closing price		26.38			30.10			30.58			32.62			35.77
Trading volume		28,674,777			13,035,329			16,256,098			10,932,005			10,339,045

RATIOS
Return on average assets		1.82	%		1.33	%		1.48	%		1.34	%		1.37	%
Return on average shareholders' equity		15.79			11.61			13.10			11.93			12.74
Net interest margin		4.82			4.91			5.08			5.14			5.17
Dividend payout ratio		40.70			56.23			53.16			52.79			50.79
Average loans as a percentage of average deposits		86.82			86.70			86.57			85.10			81.41
Efficiency ratio		51.09			62.20			61.55			62.46			62.53
Allowance for loan losses as a percentage of
loans, end of period		1.10			1.02			1.06			1.08			1.09
Annualized net charge-offs (recoveries) as a
percentage of average loans		.13			.13			(.01	)		(.02	)		.27
Nonperforming assets as a percentage of loans
plus foreclosed assets and surplus
property, end of period		1.22			.81			.76			.81			.80
Average shareholders' equity as a percentage
of average total assets		11.52			11.47			11.30			11.23			10.72
Leverage ratio, end of period		9.19			8.90			9.02			8.76			8.35

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
	Third			Third			Nine Months Ended
	Quarter			Quarter			September 30
(dollars in thousands)	2007			2006			2007			2006
ASSETS
EARNING ASSETS
Loans	$	7,362,491		$	6,837,875		$	7,278,450		$	6,714,722
Investment securities
Securities available for sale		1,645,979			1,649,793			1,593,250			1,562,753
Securities held to maturity		270,948			243,332			271,911			231,882
Total investment securities		1,916,927			1,893,125			1,865,161			1,794,635
Federal funds sold and short-term investments		445,225			567,766			397,579			875,093
Loans held for sale		21,541			21,797			20,815			27,716
Total earning assets		9,746,184			9,320,563			9,562,005			9,412,166
NONEARNING ASSETS
Goodwill and other intangible assets		351,965			319,924			345,850			285,488
Accrued interest receivable		49,505			47,747			48,458			47,990
Other assets		562,606			611,547			565,238			653,950
Allowance for loan losses		(76,586	)		(81,180	)		(77,865	)		(88,084	)
Total assets	$	10,633,674		$	10,218,601		$	10,443,686		$	10,311,510

LIABILITIES
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW account deposits	$	1,000,496		$	1,035,996		$	1,035,871		$	1,076,615
Money market investment deposits		1,238,855			1,190,108			1,219,333			1,163,515
Savings deposits		910,828			1,107,258			929,899			1,165,577
Other time deposits		863,651			759,924			821,240			749,178
Time deposits $100,000 and over		1,780,079			1,343,005			1,670,320			1,324,122
Total interest-bearing deposits		5,793,909			5,436,291			5,676,663			5,479,007
Short-term borrowings		631,189			581,205			606,161			549,079
Long-term debt		168,754			17,625			125,713			18,196
Total interest-bearing liabilities		6,593,852			6,035,121			6,408,537			6,046,282
NONINTEREST-BEARING LIABILITIES
Noninterest-bearing deposits		2,686,189			2,963,077			2,718,156			3,098,060
Accrued interest payable		28,923			17,513			23,922			15,549
Other liabilities		99,770			107,262			99,087			107,079
Total liabilities		9,408,734			9,122,973			9,249,702			9,266,970
SHAREHOLDERS' EQUITY		1,224,940			1,095,628			1,193,984			1,044,540
Total liabilities and shareholders' equity	$	10,633,674		$	10,218,601		$	10,443,686		$	10,311,510

EARNING ASSETS LESS
INTEREST-BEARING LIABILITIES	$	3,152,332		$	3,285,442		$	3,153,468		$	3,365,884

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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
	September 30			December 31			September 30
(dollars in thousands)	2007			2006			2006
ASSETS
Cash and due from financial institutions	$	243,327		$	318,165		$	288,834
Federal funds sold and short-term investments		391,437			314,079			346,322
Loans held for sale		18,685			26,966			24,230
Investment securities
Securities available for sale		1,601,895			1,612,513			1,733,215
Securities held to maturity		273,201			273,580			247,449
Total investment securities		1,875,096			1,886,093			1,980,664
Loans		7,452,905			7,050,416			6,852,640
Allowance for loan losses		(82,135	)		(75,927	)		(74,633	)
Net loans		7,370,770			6,974,489			6,778,007
Bank premises and equipment		186,256			175,109			173,905
Goodwill		331,295			291,876			292,526
Other intangible assets		19,247			23,327			26,072
Accrued interest receivable		50,334			48,130			47,198
Other assets		118,387			127,646			140,417
Total assets	$	10,604,834		$	10,185,880		$	10,098,175

LIABILITIES
Noninterest-bearing demand deposits	$	2,639,020		$	2,947,997		$	2,864,705
Interest-bearing deposits		5,748,215			5,485,311			5,334,995
Total deposits		8,387,235			8,433,308			8,199,700
Short-term borrowings		654,636			499,533			608,848
Long-term debt		168,683			17,394			17,550
Accrued interest payable		28,924			17,940			16,096
Other liabilities		111,547			104,743			142,870
Total liabilities		9,351,025			9,072,918			8,985,064
SHAREHOLDERS' EQUITY
Common stock, no par value		2,800			2,800			2,800
Capital surplus		403,666			343,697			340,786
Retained earnings		874,954			812,644			796,645
Accumulated other comprehensive income		(27,541	)		(41,015	)		(20,889	)
Treasury stock at cost		(70	)		(5,164	)		(6,231	)
Total shareholders' equity		1,253,809			1,112,962			1,113,111
Total liabilities and shareholders' equity	$	10,604,834		$	10,185,880		$	10,098,175

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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
	Third			Third		Nine Months Ended
	Quarter			Quarter		September 30
(dollars in thousands, except per share data)	2007			2006		2007			2006
INTEREST INCOME
Interest and fees on loans	$	141,448		$	131,230	$	415,877		$	369,390
Interest and dividends on investments		22,233			20,855		63,864			57,781
Interest on federal funds sold and
short-term investments		5,764			7,365		15,557			30,470
Total interest income		169,445			159,450		495,298			457,641
INTEREST EXPENSE
Interest on deposits		43,798			33,196		122,641			87,047
Interest on short-term borrowings		6,363			6,192		18,501			15,466
Interest on long-term debt		2,566			291		5,701			871
Total interest expense		52,727			39,679		146,843			103,384
NET INTEREST INCOME		116,718			119,771		348,455			354,257
PROVISION FOR CREDIT LOSSES		9,000			-		7,000			2,720
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		107,718			119,771		341,455			351,537
NONINTEREST INCOME
Service charges on deposit accounts		7,882			7,337		22,550			20,819
Bank card fees		4,344			3,855		12,178			11,213
Trust service fees		3,244			2,864		9,615			8,159
Secondary mortgage market operations		1,295			1,240		3,707			4,192
Other noninterest income		37,691			6,052		54,552			19,384
Securities transactions		(1	)		-		(1	)		-
Total noninterest income		54,455			21,348		102,601			63,767
NONINTEREST EXPENSE
Employee compensation		40,582			38,106		119,911			109,089
Employee benefits		8,414			8,832		25,453			26,561
Total personnel		48,996			46,938		145,364			135,650
Net occupancy		8,666			8,162		25,546			21,075
Equipment and data processing		5,710			5,778		17,200			14,976
Telecommunication and postage		3,033			2,580		9,527			7,826
Corporate value and franchise taxes		2,417			2,237		7,176			6,633
Legal and other professional services		2,712			3,601		7,678			7,865
Amortization of intangibles		2,853			2,794		8,735			7,680
Other noninterest expense		13,842			17,140		42,108			49,598
Total noninterest expense		88,229			89,230		263,334			251,303
INCOME BEFORE INCOME TAXES		73,944			51,889		180,722			164,001
INCOME TAX EXPENSE		25,178			16,698		59,912			53,248
NET INCOME	$	48,766		$	35,191	$	120,810		$	110,753
EARNINGS PER SHARE
Basic	$	.72		$	.54	$	1.80		$	1.72
Diluted		.71			.53		1.78			1.69
WEIGHTED-AVERAGE
SHARES OUTSTANDING
Basic		67,526,329			65,444,539		66,957,065			64,399,751
Diluted		68,237,485			66,591,530		67,896,650			65,589,410
CASH DIVIDENDS PER SHARE	$	.29		$	.27	$	.87		$	.81

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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)*
		Third			Second			Third			Nine Months Ended
		Quarter			Quarter			Quarter			September 30
		2007			2007			2006			2007			2006
EARNING ASSETS

	Loans**		7.62	%		7.64	%		7.61	%		7.63	%		7.34	%
	Investment securities		4.89			4.80			4.67			4.83			4.57
	Federal funds sold and short-term investments		5.14			5.29			5.15			5.23			4.66
	Total interest-earning assets		6.97	%		6.99	%		6.86	%		6.99	%		6.56	%

	INTEREST-BEARING LIABILITIES

	Interest-bearing deposits
	NOW account deposits		1.20	%		1.19	%		.88	%		1.18	%		.71	%
	Money market investment deposits		3.01			3.00			2.67			2.97			2.06
	Savings deposits		1.01			.96			1.03			.98			1.02
	Other time deposits		3.95			3.81			3.11			3.78			2.85
	Time deposits $100,000 and over		4.56			4.54			4.14			4.51			3.90
	Total interest-bearing deposits		3.00			2.91			2.42			2.89			2.12


	Short-term borrowings		4.00			4.10			4.23			4.08			3.77
	Long-term debt		6.08			6.07			6.60			6.05			6.38
	Total interest-bearing liabilities		3.17	%		3.10	%		2.61	%		3.06	%		2.29	%

	NET INTEREST SPREAD (tax-equivalent)
	Yield on earning assets less cost of interest-
	bearing liabilities		3.80	%		3.89	%		4.25	%		3.93	%		4.27	%

	NET INTEREST MARGIN (tax-equivalent)
	Net interest income (tax-equivalent) as a
	percentage of average earning assets		4.82	%		4.91	%		5.17	%		4.93	%		5.10	%

COST OF FUNDS
	Interest expense as a percentage of average interest-
	bearing liabilities plus interest-free funds		2.15	%		2.08	%		1.69	%		2.06	%		1.46	%
*	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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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN QUALITY
	Third			Third			Nine Months Ended
	Quarter			Quarter			September 30
(dollars in thousands)	2007			2006			2007			2006
ALLOWANCE FOR LOAN LOSSES
Allowance at beginning of period	$	75,099		$	80,715		$	75,927		$	90,028
Allowance of acquired banks		-			-			2,791			2,908
Provision for credit losses		9,400			(1,500	)		7,900			1,500
Loans charged off		(5,119	)		(5,263	)		(12,698	)		(22,406	)
Recoveries on loans previously charged off		2,755			681			8,215			2,603
Net loans charged off		(2,364	)		(4,582	)		(4,483	)		(19,803	)
Allowance at end of period	$	82,135		$	74,633		$	82,135		$	74,633

Annualized net charge-offs as a percentage
of average loans		.13	%		.27	%		.08	%		.39	%

Annualized gross charge-offs as a percentage of
average loans		.28	%		.31	%		.23	%		.44	%

Recoveries as a percentage of gross charge-offs		53.82	%		12.94	%		64.70	%		11.62	%

Allowance for loan losses as a percentage of
loans, at end of period		1.10	%		1.09	%		1.10	%		1.09	%

RESERVE FOR LOSSES ON
UNFUNDED CREDIT COMMITMENTS
Reserve at beginning of period	$	1,400		$	300		$	1,900		$	580
Provision for credit losses		(400	)		1,500			(900	)		1,220
Reserve at end of period	$	1,000		$	1,800		$	1,000		$	1,800

	September 30			June 30			December 31			September 30
(dollars in thousands)	2007			2007			2006			2006
NONPERFORMING ASSETS
Loans accounted for on a nonaccrual basis	$	88,580		$	56,787		$	55,992		$	54,277
Restructured loans		-			-			-			-
Total nonperforming loans		88,580			56,787			55,992			54,277
Foreclosed assets and surplus property		2,628			2,662			800			301
Total nonperforming assets	$	91,208		$	59,449		$	56,792		$	54,578

Nonperforming assets as a percentage of loans plus
foreclosed assets and surplus property, at end of period		1.22	%		.81	%		.81	%		.80	%

Allowance for loan losses as a percentage of
nonaccruing loans, at end of period		93	%		132	%		136	%		138	%

Allowance for loan losses as a percentage of
nonperforming loans, at end of period		93	%		132	%		136	%		138	%

Loans 90 days past due still accruing	$	2,967		$	6,424		$	7,574		$	8,963

Loans 90 days past due still accruing as a
percentage of loans, at end of period		.04	%		.09	%		.11	%		.13	%

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