8-K
1
fourthquarterearnings.txt
WHC 4TH QUARTER 2004 8K


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 8-K
                                 CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  January 19, 2005
                                                  ------------------------------


                           WHITNEY HOLDING CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)
Louisiana                         0-1026                           72-6017893
--------------------------------------------------------------------------------
(State or other jurisdiction      (Commission                  (IRS Employer
    of incorporation)             File Number)               Identification No.)


              228 St. Charles Avenue, New Orleans, Louisiana 70130
--------------------------------------------------------------------------------
                (Address of principal executive offices)    (Zip Code)


Registrant's telephone number, including area code:   (504) 586-7272
                                                    ----------------------------


Check the appropriate box below if the form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230-.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))



Item 2.02         Results of Operations and Financial Condition.

         On January 19, 2005, Whitney Holding Corporation issued a news release
announcing its financial results for the quarter ended December 31, 2004 (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.

         (c) Exhibits

                  99.1 News Release dated January 19, 2005


                                    SIGNATURE

         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.
                                                     Executive Vice President
                                                     and Chief Financial Officer


                                                     Date: January 19, 2005
                                                          ----------------------


                                  EXHIBIT INDEX


Exhibit
Number                                       Description
------                                       -----------

99.1                               News Release dated January 19, 2005


Exhibit 99.1

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

                                  NEWS RELEASE

CONTACT: Thomas L. Callicutt, Jr.                         FOR IMMEDIATE RELEASE
         504/552-4591                                     January 19, 2005

                  WHITNEY REPORTS FOURTH QUARTER 2004 EARNINGS

         New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ-WTNY)
earned $27.0 million for the quarter ended December 31, 2004, a 13% increase
compared to net income of $23.8 million reported for the fourth quarter of 2003.
Per share earnings were $.65 per basic share and $.64 per diluted share in
2004's fourth quarter, up 10% and 8%, respectively, from $.59 per share, both
basic and diluted, in the year-earlier period. Whitney's annual earnings were
$97.1 million in 2004, or 1% below the $98.5 million earned in 2003. Annual per
share earnings were $2.38 per basic share and $2.35 per diluted share, each
approximately 4% lower than in 2003.
         During the fourth quarter of 2004, Whitney repurchased 707,878 shares
of its common stock at an average cost of $44.46 per share under a program
announced in October 2004. A total of 1.75 million shares can be repurchased
under this program which extends through October 2005.
        Selected fourth quarter highlights follow:
        o  Whitney's net interest income (TE) increased $11.6 million,  or 15%,
           compared to the fourth quarter of 2003, driven by both the 10% growth
           in average  earning  assets and a widening  net interest  margin.
           The net interest  margin (TE) was a healthy  4.63% for the fourth
           quarter of 2004, up 20 basis points from the year-earlier  period,
           and up 17 basis points from 2004's third  quarter. The overall yield
           on earning assets  increased 31 basis points from the fourth quarter
           of 2003, and has improved 24 basis points from the third quarter of
           2004,  reflecting both rising benchmark rates for the  significant
           variable-rate segment of Whitney's  loan  portfolio  and an increase
           in the  percentage  of loans in the earning asset mix.  Funding costs
           for the  current  year's  fourth  quarter  were up 11 basis

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                                        2
           points from the fourth quarter of 2003 and 7 basis points from 2004's
           third quarter. Whitney  maintained a favorable mix of funding sources
           over  this period, with  help from  sustained  demand for deposit
           products, which limited the impact of the upward pressure on funding
           rates that has been building in 2004.
        o  Average earning assets for the quarter were up 10%,  or $710 million,
           compared to the fourth  quarter of 2003.  Average  total  loans  were
           up 16%,  or $774  million,  in the fourth  quarter of 2004.  The loan
           portfolio has grown consistently  throughout 2004,  reflecting both
           new customer development and demand  from  Whitney's  established
           customer  base.  Commercial,  commercial real estate and real estate
           construction  lending has accounted for most of the increase.  The
           Madison Bank acquisition in the Tampa Bay metropolitan  area market
           in August 2004 added  approximately  $190 million to average loans
           for the fourth quarter. Average investment securities were relatively
           stable from the fourth quarter of 2003 to 2004's fourth quarter.
        o  The growth in earning  assets  compared to the fourth  quarter of
           2003 was mainly  funded by deposit  growth.  Total  lower-cost
           deposits  were on average 8%, or $367 million,  higher in the fourth
           quarter of 2004 compared to 2003's fourth quarter,  with noninterest-
           bearing demand deposits up 13%, or $235 million, and deposits in
           lower-cost  interest-bearing products  up 5%.  Higher-cost time
           deposits  increased 12%,  or $171 million,  mainly through the
           addition of competitively  bid short-term  public funds,  temporary
           excess funds of certain  larger  commercial  customers,  and the
           deposits from recent  acquisitions.  In total,  average  deposits
           were up 9%,  or $538  million,  in the  fourth  quarter  of  2004,
           including approximately $180 million related to the Tampa acquisition
           and a branch acquisition in 2004's second quarter.  Whitney  borrowed
           an  additional  $146  million on  average in the fourth  quarter of
           2004 to support  earning  asset  growth,  mainly in the form of
           short-term  advances from the Federal Home Loan  Bank.  Substantially
           all of Whitney's borrowings are overnight or short-term.
        o  Whitney  provided $2 million for loan losses in the fourth  quarter
           of 2004.  There was no  provision  in the fourth quarter of 2003. Net
           charge-offs  totaled $2.3 million in 2004's fourth quarter and $1.9
           million in the year-earlier  period,  or .16% of average loans on an
           annualized basis in each period.  There was no significant  shift in
           Whitney's  overall credit risk posture during the fourth quarter of
           2004,  as is reflected in continued



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                                        3

           favorable credit quality statistics.  Collections and charge-offs led
           to a $2.1 million net reduction  in total  nonperforming loans from
           the end of 2004's third quarter.  There was little change during
           2004's fourth quarter in the total of loans  criticized  through the
           internal credit risk classification process or in the classification
           mix.
        o  Noninterest  income  decreased 5%, or $1.2 million,  from the fourth
           quarter of 2003. Fee income generated by Whitney's secondary mortgage
           market operations in the fourth quarter of 2004 was down $1.0 million
           to a level  approximately  half that generated in the  year-earlier
           period.  The rate  environment  for home loans during 2004, though
           still low from a historical  perspective,  was unable to stimulate
           refinancing activity at the levels seen in recent years. The earnings
           credit allowed  against  service  charges on certain business deposit
           accounts has increased with rising short-term  market rates,
           contributing to a 10%, or $1.0  million,  decrease in deposit service
           charge  income  compared to the fourth  quarter of 2003.  Bank card
           fees, both credit and debit cards,  increased a combined 21%, or $.5
           million,  compared to 2003's fourth quarter,  reflecting both higher
           transaction  volumes and improvement in the  effective fee rates
           realized. Trust service fees increased 12%, or $.2 million,  compared
           to the fourth quarter of 2003 from new business and some improvement
           in equity market valuations  relative to the year-earlier period.
        o  Noninterest  expense  in the  fourth  quarter of 2004  increased  7%,
           or $4.1  million,  from  2003's  fourth quarter.  Incremental  costs
           associated with the acquired Tampa operations  totaled  approximately
           $1.3 million  in the  fourth  quarter  of 2004.  Personnel  expense
           was up 8%,  or $3.0  million,  in total, including $.7 million for
           the Tampa operations.  Base pay and compensation  earned under sales-
           based and other employee incentive programs increased a combined 7%,
           or $1.8 million.  Compensation  expense under management  incentive
           programs was up 20%, or $.6 million,  with stock-based  compensation
           driving this increase.  Stock-based  compensation  will vary with
           changes in Whitney's stock price,  which was up 15% on average in the
           fourth  quarter of 2004 from a year  earlier.  The rising  cost of
           providing  current health  benefits  accounted  for  approximately
           half of the 10%, or $.6  million,  increase in employee benefits.



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                                        4

         Whitney expects to complete its acquisition of Destin Bancshares, Inc.
in the second quarter of 2005. Destin Bancshares is the parent company of Destin
Bank, which has approximately $500 million in total assets and operates 10
banking centers in the Destin, Fort Walton Beach and Pensacola areas of the
Florida panhandle.
         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.
                                      -----

                  This news release may include "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 contain projections of results of
         operations or of financial condition or state other forward-looking
         information, such as expectations about future conditions and
         descriptions of future plans and strategies.
                  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 such
         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
         and performance to differ from those expressed in our forward-looking
         statements include, but are not limited to:
                  o   Changes in economic and business conditions, including
                      those caused by natural disasters or by acts of war or
                      terrorism, that directly or indirectly affect the
                      financial health of Whitney's customer base.
                  o   Changes in interest rates that affect the pricing of
                      Whitney's financial products, the demand for its financial
                      services and the valuation of its financial assets and
                      liabilities.
                  o   Changes in laws and regulations that significantly affect
                      the activities of the banking industry and the industry's
                      competitive position relative to other financial service
                      providers.
                  o   Technological changes affecting the nature or delivery of
                      financial products or services and the cost of providing
                      them.
                  o   Management's ability to develop and execute plans for
                      Whitney to effectively respond to unexpected changes.
                  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.



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5 ----------------------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ----------------------------------------------------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS ----------------------------------------------------------------------------------------------------------------------------- Fourth Fourth Year Ended Quarter Quarter December 31 (dollars in thousands, except per share data) 2004 2003 2004 2003 --------------------------------------------------------- -------------------------------- -------------------------------- INCOME DATA Net interest income $ 86,355 $ 74,961 $ 320,090 $ 294,560 Net interest income (tax-equivalent) 87,972 76,346 326,237 300,115 Provision for loan losses 2,000 - 2,000 (3,500) Noninterest income 20,172 21,345 82,523 89,504 Net securities gains (losses) in noninterest income - - 68 863 Noninterest expense 65,719 61,652 260,278 242,923 Net income 26,998 23,820 97,137 98,542 --------------------------------------------------------- -------------------------------- -------------------------------- --------------------------------------------------------- -------------------------------- -------------------------------- AVERAGE BALANCE SHEET DATA Loans $ 5,506,923 $ 4,733,236 $ 5,179,734 $ 4,595,868 Investment securities 2,036,438 2,069,396 2,120,594 2,004,245 Earning assets 7,568,194 6,858,134 7,327,233 6,717,863 Total assets 8,170,990 7,389,183 7,890,183 7,238,022 Deposits 6,577,154 6,039,349 6,347,503 5,913,186 Shareholders' equity 925,176 835,924 881,477 823,698 --------------------------------------------------------- -------------------------------- -------------------------------- --------------------------------------------------------- -------------------------------- -------------------------------- PER SHARE DATA Earnings per share Basic $ .65 $ .59 $ 2.38 $ 2.47 Diluted .64 .59 2.35 2.44 Cash dividends per share $ .35 $ .33 $ 1.34 $ 1.23 Book value per share, end of period $ 21.85 $ 20.78 $ 21.85 $ 20.78 Trading data High price $ 46.24 $ 41.32 $ 46.24 $ 41.32 Low price 41.21 33.88 39.52 30.75 End-of-period closing price 44.99 40.99 44.99 40.99 Trading volume 6,795,612 3,077,088 18,441,501 22,924,257 --------------------------------------------------------- -------------------------------- -------------------------------- --------------------------------------------------------- -------------------------------- -------------------------------- RATIOS Return on average assets 1.31% 1.28% 1.23% 1.36% Return on average shareholders' equity 11.61 11.31 11.02 11.96 Net interest margin 4.63 4.43 4.45 4.47 Dividend payout ratio 54.24 56.02 56.99 50.32 Average loans as a percentage of average deposits 83.73 78.37 81.60 77.72 Efficiency ratio 60.77 63.11 63.69 62.49 Allowance for loan losses as a percentage of loans, at end of period .97 1.22 .97 1.22 Nonperforming assets as a percentage of loans plus foreclosed assets and surplus property, at end of period .46 .62 .46 .62 Average shareholders' equity as a percentage of average total assets 11.32 11.31 11.17 11.38 Leverage ratio, at end of period 9.56 10.13 9.56 10.13 --------------------------------------------------------- -------------------------------- -------------------------------- 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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6 ----------------------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ----------------------------------------------------------------------------------------------------------------------------- DAILY AVERAGE CONSOLIDATED BALANCE SHEETS ----------------------------------------------------------------------------------------------------------------------------- Fourth Fourth Year Ended Quarter Quarter December 31 (dollars in thousands) 2004 2003 2004 2003 ------------------------------------------------------------------------------------------- ---------------------------- ASSETS --------------------------------------------------------------- EARNING ASSETS Loans $5,506,923 $4,733,236 $5,179,734 $4,595,868 Investment securities Securities available for sale 1,810,177 1,880,187 1,903,571 1,805,410 Securities held to maturity 226,261 189,209 217,023 198,835 ----------------------------- ---------------------------- Total investment securities 2,036,438 2,069,396 2,120,594 2,004,245 ----------------------------- ---------------------------- Federal funds sold and short-term investments 13,205 37,551 13,926 66,528 Loans held for sale 11,628 17,951 12,979 51,222 ----------------------------- ---------------------------- Total earning assets 7,568,194 6,858,134 7,327,233 6,717,863 ------------------------------------------------------------------------------------------- ---------------------------- NONEARNING ASSETS Accrued interest receivable 31,439 30,117 30,064 29,937 Goodwill and other intangible assets 140,838 93,275 109,713 95,217 Other assets 484,747 469,178 480,216 460,522 Allowance for loan losses (54,228) (61,521) (57,043) (65,517) ------------------------------------------------------------------------------------------- ---------------------------- Total assets $8,170,990 $7,389,183 $7,890,183 $7,238,022 ------------------------------------------------------------------------------------------- ---------------------------- ------------------------------------------------------------------------------------------- ---------------------------- LIABILITIES --------------------------------------------------------------- INTEREST-BEARING LIABILITIES Interest-bearing deposits NOW account deposits $ 842,536 $ 744,553 $ 810,074 $ 709,508 Money market investment deposits 1,342,641 1,435,926 1,371,419 1,409,491 Savings deposits 702,667 575,905 652,689 557,178 Other time deposits 714,222 757,140 726,482 798,626 Time deposits $100,000 and over 883,398 669,322 809,324 678,969 ----------------------------- ---------------------------- Total interest-bearing deposits 4,485,464 4,182,846 4,369,988 4,153,772 ----------------------------- ---------------------------- Short-term and other borrowings 599,527 453,268 601,427 439,869 ----------------------------- ---------------------------- Total interest-bearing liabilities 5,084,991 4,636,114 4,971,415 4,593,641 ------------------------------------------------------------------------------------------- ---------------------------- NONINTEREST-BEARING LIABILITIES Noninterest-bearing deposits 2,091,690 1,856,503 1,977,515 1,759,414 Accrued interest payable 5,511 4,974 5,222 6,732 Other liabilities 63,622 55,668 54,554 54,537 ----------------------------- ---------------------------- Total liabilities 7,245,814 6,553,259 7,008,706 6,414,324 ------------------------------------------------------------------------------------------- ---------------------------- SHAREHOLDERS' EQUITY 925,176 835,924 881,477 823,698 ------------------------------------------------------------------------------------------- ---------------------------- Total liabilities and shareholders' equity $8,170,990 $7,389,183 $7,890,183 $7,238,022 ------------------------------------------------------------------------------------------- ---------------------------- ------------------------------------------------------------------------------------------- ---------------------------- EARNING ASSETS LESS INTEREST-BEARING LIABILITIES $2,483,203 $2,222,020 $2,355,818 $2,124,222 ------------------------------------------------------------------------------------------- ----------------------------
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7 ----------------------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ----------------------------------------------------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEETS ----------------------------------------------------------------------------------------------------------------------------- December 31 December 31 (dollars in thousands) 2004 2003 ----------------------------------------------------------------------------------------------------------------------------- ASSETS -------------------------------------------------------------------------------- Cash and due from financial institutions $ 213,751 $ 270,387 Federal funds sold and short-term investments 22,424 14,385 Loans held for sale 8,796 15,309 Investment securities Securities available for sale 1,763,774 2,090,870 Securities held to maturity 227,470 190,535 --------------------------------------------- Total investment securities 1,991,244 2,281,405 Loans 5,626,276 4,882,610 Allowance for loan losses (54,345) (59,475) --------------------------------------------- Net loans 5,571,931 4,823,135 --------------------------------------------- Bank premises and equipment 156,602 148,259 Accrued interest receivable 28,985 27,305 Goodwill 115,771 69,164 Other intangible assets 24,240 23,475 Other assets 88,880 82,158 ----------------------------------------------------------------------------------------------------------------------------- Total assets $8,222,624 $7,754,982 ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- LIABILITIES -------------------------------------------------------------------------------- Noninterest-bearing demand deposits $2,111,703 $1,943,248 Interest-bearing deposits 4,500,904 4,215,334 --------------------------------------------- Total deposits 6,612,607 6,158,582 --------------------------------------------- Short-term and other borrowings 634,259 600,053 Accrued interest payable 5,032 4,493 Other liabilities 65,961 151,541 --------------------------------------------- Total liabilities 7,317,859 6,914,669 ----------------------------------------------------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY -------------------------------------------------------------------------------- Common stock, no par value 2,800 2,800 Capital surplus 250,793 183,624 Retained earnings 697,977 656,195 Accumulated other comprehensive income (2,963) 8,438 Treasury stock at cost (31,475) (30) Unearned restricted stock compensation (12,367) (10,714) --------------------------------------------- Total shareholders' equity 904,765 840,313 ----------------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $8,222,624 $7,754,982 -----------------------------------------------------------------------------------------------------------------------------
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8 ----------------------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ----------------------------------------------------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF INCOME ----------------------------------------------------------------------------------------------------------------------------- Fourth Fourth Year Ended Quarter Quarter December 31 (dollars in thousands, except per share data) 2004 2003 2004 2003 ------------------------------------------------------------------------------------------- --------------------------- INTEREST INCOME Interest and fees on loans $ 76,860 $ 62,085 $ 272,460 $ 252,611 Interest and dividends on investments 21,171 21,608 88,131 84,708 Interest on federal funds sold and short-term investments 64 98 181 750 ------------------------------------------------------------------------------------------- ---------------------------- Total interest income 98,095 83,791 360,772 338,069 ------------------------------------------------------------------------------------------- ---------------------------- INTEREST EXPENSE Interest on deposits 9,606 8,124 34,665 40,693 Interest on short-term and other borrowings 2,134 706 6,017 2,816 ------------------------------------------------------------------------------------------- ---------------------------- Total interest expense 11,740 8,830 40,682 43,509 ------------------------------------------------------------------------------------------- ---------------------------- NET INTEREST INCOME 86,355 74,961 320,090 294,560 PROVISION FOR LOAN LOSSES 2,000 - 2,000 (3,500) ------------------------------------------------------------------------------------------- ---------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 84,355 74,961 318,090 298,060 ------------------------------------------------------------------------------------------- ---------------------------- NONINTEREST INCOME Service charges on deposit accounts 8,988 9,984 37,148 38,309 Bank card fees 2,760 2,272 10,319 9,193 Trust service fees 2,263 2,022 8,959 8,126 Secondary mortgage market operations 1,140 2,151 4,925 11,248 Other noninterest income 5,021 4,916 21,104 21,765 Securities transactions - - 68 863 ------------------------------------------------------------------------------------------- ---------------------------- Total noninterest income 20,172 21,345 82,523 89,504 ------------------------------------------------------------------------------------------- ---------------------------- NONINTEREST EXPENSE Employee compensation 31,127 28,768 119,713 113,994 Employee benefits 7,284 6,643 29,644 27,377 ----------------------------- ---------------------------- Total personnel expense 38,411 35,411 149,357 141,371 Net occupancy expense 5,382 4,971 20,461 19,521 Equipment and data processing expense 4,550 4,297 17,636 17,264 Telecommunication and postage 2,124 2,248 8,846 8,614 Corporate value and franchise taxes 1,732 1,826 7,496 7,079 Legal and professional fees 1,581 1,525 5,943 6,029 Amortization of intangibles 1,631 1,290 5,657 5,332 Other noninterest expense 10,308 10,084 44,882 37,713 ------------------------------------------------------------------------------------------- ---------------------------- Total noninterest expense 65,719 61,652 260,278 242,923 ------------------------------------------------------------------------------------------- ---------------------------- INCOME BEFORE INCOME TAXES 38,808 34,654 140,335 144,641 INCOME TAX EXPENSE 11,810 10,834 43,198 46,099 ------------------------------------------------------------------------------------------- ---------------------------- NET INCOME $ 26,998 $ 23,820 $ 97,137 $ 98,542 ------------------------------------------------------------------------------------------- ---------------------------- ------------------------------------------------------------------------------------------- ---------------------------- EARNINGS PER SHARE Basic $ .65 $ .59 $ 2.38 $ 2.47 Diluted .64 .59 2.35 2.44 ------------------------------------------------------------------------------------------- ---------------------------- ------------------------------------------------------------------------------------------- ---------------------------- WEIGHTED-AVERAGE SHARES OUTSTANDING Basic 41,516,835 40,067,684 40,748,387 39,929,431 Diluted 42,153,707 40,620,758 41,388,695 40,396,134 ----------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------- ---------------------------- CASH DIVIDENDS PER SHARE $ .35 $ .33 $ 1.34 $ 1.23 ------------------------------------------------------------------------------------------- ----------------------------
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9 ----------------------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ----------------------------------------------------------------------------------------------------------------------------- SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)* ----------------------------------------------------------------------------------------------------------------------------- Fourth Third Fourth Year Ended Quarter Quarter Quarter December 31 2004 2004 2003 2004 2003 -------------------------------------------------------------------------------------------------- ------------------------ EARNING ASSETS --------------------------------------------------------------- Loans** 5.55 % 5.25 % 5.20 % 5.26 % 5.46 % Investment securities 4.44 4.44 4.40 4.41 4.46 Federal funds sold and short-term investments 1.93 1.39 1.04 1.30 1.13 ----------------------------------- ----------------------- Total interest-earning assets 5.25 % 5.01 % 4.94 % 5.01 % 5.12 % ----------------------------------- ------------------------ -------------------------------------------------------------------------------------------------- ------------------------ INTEREST-BEARING LIABILITIES --------------------------------------------------------------- Interest-bearing deposits NOW account deposits .39 % .38 % .31 % .37 % .40 % Money market investment deposits .65 .66 .65 .65 .81 Savings deposits .39 .37 .28 .34 .39 Other time deposits 1.29 1.32 1.40 1.31 1.76 Time deposits $100,000 and over 1.62 1.35 1.25 1.36 1.50 ----------------------------------- ------------------------ Total interest-bearing deposits .85 .81 .77 .79 .98 ----------------------------------- ------------------------ Short-term and other borrowings 1.42 1.00 .62 1.00 .64 ----------------------------------- ------------------------ Total interest-bearing liabilities .92 % .83 % .76 % .82 % .95 % ----------------------------------- ------------------------ -------------------------------------------------------------------------------------------------- ------------------------ NET INTEREST SPREAD (tax-equivalent) --------------------------------------------------------------- Yield on earning assets less cost of interest- bearing liabilities 4.33 % 4.18 % 4.18 % 4.19 % 4.17 % ----------------------------------- ------------------------ -------------------------------------------------------------------------------------------------- ------------------------ NET INTEREST MARGIN (tax-equivalent) --------------------------------------------------------------- Net interest income (tax-equivalent) as a percentage of average earning assets 4.63 % 4.46 % 4.43 % 4.45 % 4.47 % ----------------------------------- ------------------------ -------------------------------------------------------------------------------------------------- ------------------------ COST OF FUNDS --------------------------------------------------------------- Interest expense as a percentage of average interest- bearing liabilities plus interest-free funds .62 % .55 % .51 % .56 % .65 % -------------------------------------------------------------------------------------------------- ------------------------ * 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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10 ------------------------------------------------------------------------------------------------------------------------------------ WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ------------------------------------------------------------------------------------------------------------------------------------ LOAN QUALITY ------------------------------------------------------------------------------------------------------------------------------------ Fourth Fourth Year Ended Quarter Quarter December 31 (dollars in thousands) 2004 2003 2004 2003 ------------------------------------------------------------------------------------------------------------------------------------ ALLOWANCE FOR LOAN LOSSES --------------------------------------------------------------- Allowance for loan losses at beginning of period $54,611 $61,401 $59,475 $66,115 Allowance of acquired banks - - 2,461 - Provision for loan losses 2,000 - 2,000 (3,500) Loans charged off (3,221) (3,650) (14,030) (12,934) Recoveries on loans previously charged off 955 1,724 4,439 9,794 --------------------------------------------------------------------- Net loans charged off (2,266) (1,926) (9,591) (3,140) --------------------------------------------------------------------- Allowance for loan losses at end of period $54,345 $59,475 $54,345 $59,475 --------------------------------------------------------------------- Annualized net charge-offs as a percentage of average loans .16 % .16 % .19 % .07 % Annualized gross charge-offs as a percentage of average loans .23 % .31 % .27 % .28 % Recoveries as a percentage of gross charge-offs 29.65 % 47.23 % 31.64 % 75.72 % Allowance for loan losses as a percentage of loans, at end of period .97 % 1.22 % .97 % 1.22 % --------------------------------------------------------------------- -------------------------------------------------- December 31 September 30 December 31 2004 2004 2003 ----------------------------------------------------------------------------------------------------------------- NONPERFORMING ASSETS --------------------------------------------------------------- Loans accounted for on a nonaccrual basis $23,597 $25,659 $26,776 Restructured loans 49 61 114 -------------------------------------------------- Total nonperforming loans 23,646 25,720 26,890 Foreclosed assets and surplus property 2,454 2,950 3,490 -------------------------------------------------- Total nonperforming assets $26,100 $28,670 $30,380 ------------------------------------------------- Nonperforming assets as a percentage of loans plus foreclosed assets and surplus property, at end of period .46 % .53 % .62 % Allowance for loan losses as a percentage of nonaccruing loans, at end of period 230.30 % 212.83 % 222.12 % Allowance for loan losses as a percentage of nonperforming loans, at end of period 229.83 % 212.33 % 221.18 % Loans 90 days past due still accruing $ 3,533 $ 4,814 $ 3,385 Loans 90 days past due still accruing as a percentage of loans, at end of period .06 % .09 % .07 % ------------------------------------------------------------------------------------------------------------------
-END-

The following information was filed by Whitney Holding Corp (WTNY) on Wednesday, January 19, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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