8-K
1
wtny012606.txt
WHITNEY HOLDING CORPORATION EARNINGS RELEASE

                                 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 25, 2006
                                                -------------------------------

                          WHITNEY HOLDING CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

Louisiana                         0-1026                    72-6017893
--------------------------------------------------------------------------------
(State of                 (Commission File Number)        (IRS Employer
incorporation)                                           Identification No.)

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

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


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 25, 2006, Whitney Holding Corporation issued a news release
announcing its financial results for the quarter ended December 31, 2005 (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 25, 2006




                                   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 25, 2006
                                                          ----------------------


                                 EXHIBIT INDEX

Exhibit
Number                                                  Description
----------                                  ------------------------------------
99.1                                        News Release dated January 25, 2006


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 25, 2006

                  WHITNEY REPORTS FOURTH QUARTER 2005 EARNINGS

         New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ--WTNY)
earned $35.1 million in the quarter ended December 31, 2005, a 30% increase
compared to net income of $27.0 million reported for the fourth quarter of 2004.
Per share earnings were $.56 per basic share and $.55 per diluted share in
2005's fourth quarter, up 30% and 28%, respectively, from $.43 per share, both
basic and diluted, in the year-earlier period. Whitney's annual earnings of
$102.3 million in 2005 were 5% above the $97.1 million earned in 2004. Annual
per share earnings were $1.65 per basic share and $1.63 per diluted share. These
were each approximately 4% higher than 2004's per share earnings. All share and
per share data in this news release reflect the three-for-two split of Whitney's
common stock that was effective May 25, 2005.
CONTINUED IMPACT OF NATURAL DISASTERS
         During the fourth quarter of 2005, Whitney continued to deal with the
impact of hurricanes that caused widespread property damage and population
dislocation in the greater New Orleans area and along the Mississippi gulf coast
in late August and significantly impacted southwest Louisiana toward the end of
September. The following sections summarize the more significant financial
repercussions of these natural disasters for the Company and its major
subsidiary, Whitney National Bank (the Bank).
Credit Quality and Allowance for Loan Losses
         As of the end of the third quarter of 2005, management had increased
the allowance for loan losses to $91 million compared to $54 million at year-end
2004. The allowance at September 30, 2005 incorporated management's best
estimate, based on available information, of inherent losses as

                                    - MORE -

                                       2

a result of the impact of the storms. During the fourth quarter of 2005, loan
officers performed extensive reviews of the storms' impact on borrowers, and the
results of these reviews were factored into the determination of the allowance
for loan losses at December 31, 2005. Although these reviews indicated a lower
level of storm-related credit risk than initially estimated, the consideration
of other credit quality issues identified in the fourth quarter of 2005, as
discussed elsewhere in this release, led management to maintain the allowance
for loan losses at $90 million at year-end 2005. As management acquires
additional information on overall economic prospects in the storm-affected areas
and the performance of consumer credits that had been under payment deferral
programs and obtains further assessments of individual borrowers, the loss
estimate will be revised as needed.
Disaster Response Costs, Casualty Losses, Business Interruption and Related
  Insurance
         To operate in disaster response mode, the Bank incurred expenses for,
among other things, the use of pre-designated back-up data processing centers,
the lease of temporary equipment and facilities, lodging and other expenses for
relocated personnel, and emergency communications with customers regarding the
status of Bank operations. Emergency changes to the Bank's normal processing and
collection of cash items caused recurring delays in funds availability that had
a negative impact on net interest income. In addition, a number of the Bank's
facilities and their contents were damaged by the storms and the rental income
from excess office space and a parking facility was temporarily disrupted.
Sixteen banking facilities will require replacement, relocation or major
renovation.
         Whitney maintains insurance for casualty losses as well as for
reasonable and necessary disaster response costs and certain revenue lost
through business interruption. Management believes, based on its understanding
of the coverage, that collection of receivables established for insurance claims
is probable. Certain additional disaster response costs and the bulk of repair
and replacement costs will be incurred in the first quarter of 2006 and beyond,
and these will be included in the insurance claims as appropriate. Management
projects that current and future claims will be within policy limits, and it is
probable that gains will be recognized with respect to casualty claims in future
periods, but this is contingent upon reaching agreement with the insurance
carriers.

                                    - MORE -

                                       3

Deposit Growth and Liquidity Management

         The Bank experienced a rapid accumulation of deposits in the months
following the storms. Total deposits at December 31, 2005 were up $1.44 billion,
or 20%, from June 30, 2005. The most significant increase was in
noninterest-bearing demand deposits, which grew 24%, or $632 million, during the
fourth quarter of 2005 following growth of 16%, or $367 million, in 2005s' third
quarter. A number of storm-related factors contributed to this accumulation.
Customers avoided larger recurring expenditures through payment deferral
programs and service disruptions, and many customers likely took a more
conservative approach to discretionary spending and increased credit purchases
to conserve liquidity. At the same time, a significant amount of disaster-relief
funds was available to residents in the affected areas, and a large number
either remained employed or received salary continuation payments. Many
residents and businesses have also received insurance settlements, although use
of these funds has often been delayed because of fundamental uncertainties
pertaining to the rebuilding process and insufficient resources to meet demand,
and government-sponsored disaster-recovery contracts have provided additional
liquidity to some commercial accounts.
         Although management expects the balances accumulated by deposit
customers in the storm-affected areas to reduce over time, it is difficult to
predict when and to what degree, and there may be some further growth as
remaining insurance claims are resolved and additional disaster-recovery funds
are distributed. Funds from the deposit build-up were first used to reduce
short-term wholesale borrowings, with the remainder mainly invested in
short-term liquidity management securities pending better information on the
volatility of these funds. A portion of the deposit growth also helped fund the
increase in the balances of cash and cash items that resulted from storm-forced
changes to the Bank's normal processing and collection of cash items and to its
strategies for managing cash on hand in these unusual circumstances. Balances of
cash on hand, cash items in process of collection and balances at financial
institutions increased a combined $279 million on average during the fourth
quarter of 2005 compared to 2004's fourth quarter. Some of this increase will
continue into 2006 as the Bank completes its response to certain permanent
changes in its operating environment.

                                    - MORE -

                                       4

Tax Relief
         Federal legislation passed in December 2005 provided for a tax credit
to businesses in the storm-affected areas based on salaries paid to dislocated
employees through the end of 2005. Application of this provision reduced
Whitney's income tax expense for the fourth quarter of 2005 by $1.9 million.

HIGHLIGHTS OF FINANCIAL RESULTS
     o        Whitney's net interest  income (TE) for the fourth quarter of 2005
              increased  $19.9  million,  or 23%,  compared to the fourth
              quarter of 2004, driven by both the 13% increase in average
              earning  assets and a wider net interest  margin.  The net
              interest  margin (TE) was 5.03% for the fourth  quarter of 2005,
              up 40 basis points from the  year-earlier  period.  The overall
              yield on earning assets  increased 92 basis points from the fourth
              quarter of 2004,  reflecting  both the rise in rates that serve as
              benchmarks for the large variable-rate  segment of Whitney's  loan
              portfolio and an increase in the percentage of loans in the
              earning asset mix.  Rising loan rates also drove a 21-basis  point
              improvement in the overall asset yield from the third  quarter of
              2005,  even  though the  percentage of short-term  investments in
              the asset mix increased  in response to the rapid  build-up of the
              deposit base as discussed  earlier.  The impact of this  favorable
              shift in deposit  mix is also  evident in the one  basis-point
              increase  in funding  costs  between the third and fourth quarters
              of 2005 and a 52  basis-point  increase  from the fourth  quarter
              of 2004.  In  addition,  Whitney  continued to manage the rate
              structures for its different  deposit  products in an effort to
              control the impact of the upward pressure on funding rates that
              has been building since 2004.
     o        Average  total loans for the quarter,  including  loans held for
              sale, were up 19%, or $1.0 billion, compared to the fourth quarter
              of 2004, with approximately 7%, or $400 million, associated with
              the Destin Bank acquisition in April 2005. Although some recent
              growth can be attributed to disaster-recovery work in the
              storm-affected areas and increased economic activity in evacuee
              relocation areas served by Whitney, the most significant
              rebuilding efforts have not yet begun and associated demand for
              credit will likely be spread over a number of years. Average
              investment securities decreased 18%, or $367 million, from the
              fourth quarter of 2004 to 2005's fourth quarter, with proceeds
              supporting loan growth. As noted earlier, Whitney invested some of
              the funds from the

                                    - MORE -

                                       5

              rapid post-storm build-up of deposits in liquidity
              management securities in 2005's fourth quarter, and average
              short-term investments for the period increased by $275
              million compared to the fourth quarter of 2004. Total average
              earning assets for the quarter were up a net 13%, or $956 million,
              compared to the fourth quarter of 2004.
     o        Average deposits in the fourth quarter of 2005 were up 21%, or
              $1.40 billion, compared to the fourth quarter of 2004, with
              approximately 5% related to acquisitions. As noted earlier,
              noninterest-bearing demand deposits jumped sharply following the
              storms and, on average, were up 41%, or $863 million, in 2005's
              fourth quarter compared to the year-earlier period, with only a
              relatively small contribution from acquired operations.
     o        Whitney  made no provision  for loan losses in the fourth  quarter
              of 2005, compared to a $2 million provision in the fourth quarter
              of 2004. In 2005's third quarter, Whitney had provided $34 million
              for loan losses, mostly reflecting management's initial estimate
              of the storms' ultimate impact on credit quality. As noted
              earlier, extensive reviews of the storms' impact on borrowers were
              performed during the fourth quarter of 2005, and the results,
              which indicated a lower level of storm-related credit risk than
              initially estimated, were factored into the determination of the
              allowance at December 31, 2005. There was a $22 million net
              increase in total nonperforming loans from the end of 2005's third
              quarter, mainly from increased concerns unrelated to the storms
              about one commercial customer in an industry to which the Bank has
              no other significant exposure. The total of loans criticized
              through the internal credit risk classification process increased
              by $35 million during this period and the corresponding allowance
              increased $5.6 million. Net-charge offs totaled $.9 million in
              2005's fourth quarter, compared to net charge-offs of $2.3 million
              in the fourth quarter of 2004.
     o        Noninterest  income decreased 9%, or $1.8 million, from the fourth
              quarter of 2004. Deposit service charge income decreased 31%, or
              $2.8 million, compared to the fourth quarter of 2004. The
              accumulation of deposit balances after the storms served to reduce
              revenue from charges related to these deposit accounts. Another
              important factor was the earnings credit allowed against service
              charges on certain business deposit accounts that has grown with
              the rise in short-term market rates. Improvements were noted in a
              number of income categories, reflecting both internal growth and
              contributions from acquired operations. Bank card fees, both
              credit and debit cards, increased a combined

                                    - MORE -

                                       6

              26%, or $.7 million, compared to 2004's fourth quarter, mainly
              reflecting higher transaction volumes. Fee income generated by
              Whitney's secondary mortgage market operations was up 24%, or $.3
              million, compared to 2004's fourth quarter, mainly on the
              contribution from Destin Bank's mortgage operations. Mortgage loan
              production rebounded in the fourth quarter of 2005 after an
              initial sharp drop immediately after the storms. The categories
              comprising other noninterest income decreased a net $.1 million in
              the fourth quarter of 2005. The Destin acquisition added $.5
              million in fees from investment and insurance brokerage services
              to 2005's fourth quarter, and fees earned on unused credit lines
              and letters of credit increased $.2 million. These and other
              improvements to other noninterest income for the fourth quarter of
              2005 were substantially offset by storm-related waivers of ATM
              transaction fees and the loss of revenue during the temporary
              closure of the main office parking facility in New Orleans.
     o        Noninterest  expense in the fourth quarter of 2005 increased 17%,
              or $10.9 million, from 2004's fourth quarter. Incremental
              operating costs associated with Destin Bank totaled approximately
              $2.4 million in the fourth quarter of 2005, and the amortization
              of intangibles acquired in these transactions added $.7 million to
              expense for the current year's period. Personnel expense increased
              11%, or $4.3 million, in total. Base pay and compensation earned
              under sales-based and other employee incentive programs increased
              a combined 8%, or $2.2 million, including approximately $1.2
              million for the staff of acquired operations. Compensation expense
              under management incentive programs increased by $1.2 million in
              the fourth quarter of 2005 compared to the year-earlier period.
              Higher costs of providing pension and retiree health benefits
              accounted for $.5 million out of the total $.9 million, or 12%,
              increase in employee benefits in the fourth quarter of 2005, while
              acquired operations contributed $.2 million. The cost of acquired
              operations and the storm-related loss of office rental revenue
              were the main factors behind the 12%, or $.6 million, increase in
              net occupancy expense in 2005's fourth quarter. Through the end of
              2005, Whitney expensed $4.4 million of storm-related disaster
              response costs and casualty losses, of which $3.3 million was
              included in the fourth quarter. These costs together with a $.5
              million fourth quarter contribution to a disaster assistance fund
              for Whitney's employees are reported in the total of other

                                    - MORE -

                                       7

              noninterest expense, as is the accrual of a $.6 million loss
              contingency related to unfunded loan commitments.
         In July 2005, Whitney announced a definitive agreement to acquire
First National Bancshares, Inc. of Bradenton, Florida and its subsidiary, 1st
National Bank & Trust. 1st National Bank & Trust operates in the Tampa Bay
metropolitan area of Florida and had approximately $378 million in total assets
at December 31, 2005. Subject to the receipt of approvals from First National's
shareholders and appropriate regulatory agencies and satisfaction of certain
other customary closing conditions, this acquisition is expected to be completed
in the second quarter of 2006.
         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 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 future
         plans and strategies.
                  There is pervasive uncertainty surrounding the future economic
         conditions that will emerge in the portions of Whitney's service area
         that were impacted by the two hurricanes. As a result, management's
         estimates of the financial impact of these disasters on Whitney are
         subject to a greater degree of possible imprecision than is inherent in
         other forward-looking statements. The more significant estimates relate
         to credit quality and the allowance for loan losses and to disaster
         response costs and casualty and business interruption losses and the
         related insurance coverage.
                  Although Whitney believes that the expectations reflected in
         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 the actual pace and
         magnitude of economic recovery in the regions impacted by the two
         hurricanes that struck portions of Whitney's service area during the
         third quarter of 2005 compared to management's current views on
         recovery.
                  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.

                                    - MORE -

8 ------------------------------------------------------------------------------------------------------------------------------------ WHITNEY HOLDING CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS ------------------------------------------------------------------------------------------------------------------------------------ Fourth Fourth Year Ended Quarter Quarter December 31 (dollars in thousands, except per share data) 2005 2004 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ INCOME DATA Net interest income $ 106,426 $ 86,355 $ 387,099 $ 320,090 Net interest income (tax-equivalent) 107,907 87,972 392,979 326,237 Provision for loan losses - 2,000 37,000 2,000 Noninterest income 18,328 20,172 82,235 82,523 Net securities gains in noninterest income - - 68 68 Noninterest expense 76,657 65,719 286,978 260,278 Net income 35,149 26,998 102,349 97,137 ------------------------------------------------------------------------------------------------------------------------------------ AVERAGE BALANCE SHEET DATA Loans $6,512,421 $5,506,923 $6,137,676 $5,179,734 Investment securities 1,669,861 2,036,438 1,836,228 2,120,594 Earning assets 8,524,522 7,568,194 8,098,998 7,327,233 Total assets 9,539,789 8,170,990 8,903,321 7,890,183 Deposits 7,973,830 6,577,154 7,224,426 6,347,503 Shareholders' equity 952,579 925,176 935,362 881,477 ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA Earnings per share Basic $ .56 $ .43 $ 1.65 $ 1.59 Diluted .55 .43 1.63 1.56 Cash dividends per share $ .25 $ .23 $ .98 $ .89 Book value per share, end of period $15.17 $14.57 $15.17 $14.57 Trading data High sales price $29.93 $30.83 $33.69 $30.83 Low sales price 24.14 27.47 24.14 26.35 End-of-period closing price 27.56 29.99 27.56 29.99 Trading volume 16,175,745 10,193,418 50,434,066 27,662,252 ------------------------------------------------------------------------------------------------------------------------------------ RATIOS Return on average assets 1.46% 1.31% 1.15% 1.23% Return on average shareholders' equity 14.64 11.61 10.94 11.02 Net interest margin 5.03 4.63 4.85 4.45 Dividend payout ratio 45.05 54.24 60.26 56.99 Average loans as a percentage of average deposits 81.67 83.73 84.96 81.60 Efficiency ratio 60.73 60.77 60.40 63.69 Allowance for loan losses as a percentage of loans, at end of period 1.37 .97 1.37 .97 Nonperforming assets as a percentage of loans plus foreclosed assets and surplus property, at end of period 1.03 .46 1.03 .46 Average shareholders' equity as a percentage of average total assets 9.99 11.32 10.51 11.17 Leverage ratio, at end of period 8.21 9.56 8.21 9.56 ------------------------------------------------------------------------------------------------------------------------------------ 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). -MORE-
9 ---------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES DAILY AVERAGE CONSOLIDATED BALANCE SHEETS ---------------------------------------------------------------------------------------------------------------- Fourth Fourth Year Ended Quarter Quarter December 31 (dollars in thousands) 2005 2004 2005 2004 ---------------------------------------------------------------------------------------------------------------- ASSETS -------------------------------------------------- EARNING ASSETS Loans $6,512,421 $5,506,923 $6,137,676 $5,179,734 Investment securities Securities available for sale 1,441,405 1,810,177 1,608,391 1,903,571 Securities held to maturity 228,456 226,261 227,837 217,023 -------------------------------------------------------- Total investment securities 1,669,861 2,036,438 1,836,228 2,120,594 -------------------------------------------------------- Federal funds sold and short-term investments 288,420 13,205 87,798 13,926 Loans held for sale 53,820 11,628 37,296 12,979 -------------------------------------------------------- Total earning assets 8,524,522 7,568,194 8,098,998 7,327,233 ---------------------------------------------------------------------------------------------------------------- NONEARNING ASSETS Goodwill and other intangible assets 231,504 140,838 204,729 109,713 Accrued interest receivable 52,464 31,439 39,750 30,064 Other assets 823,425 484,747 625,968 480,216 Allowance for loan losses (92,126) (54,228) (66,124) (57,043) ---------------------------------------------------------------------------------------------------------------- Total assets $9,539,789 $8,170,990 $8,903,321 $7,890,183 ---------------------------------------------------------------------------------------------------------------- LIABILITIES -------------------------------------------------- INTEREST-BEARING LIABILITIES Interest-bearing deposits NOW account deposits $ 972,215 $ 842,536 $ 919,722 $ 810,074 Money market investment deposits 1,134,159 1,342,641 1,191,736 1,371,419 Savings deposits 971,406 702,667 829,777 652,689 Other time deposits 722,449 714,222 723,396 726,482 Time deposits $100,000 and over 1,219,056 883,398 1,120,566 809,324 -------------------------------------------------------- Total interest-bearing deposits 5,019,285 4,485,464 4,785,197 4,369,988 -------------------------------------------------------- Short-term and other borrowings 507,708 599,527 661,682 601,427 -------------------------------------------------------- Total interest-bearing liabilities 5,526,993 5,084,991 5,446,879 4,971,415 ---------------------------------------------------------------------------------------------------------------- NONINTEREST-BEARING LIABILITIES -------------------------------------------------- Noninterest-bearing deposits 2,954,545 2,091,690 2,439,229 1,977,515 Accrued interest payable 11,028 5,511 8,474 5,222 Other liabilities 94,644 63,622 73,377 54,554 -------------------------------------------------------- Total liabilities 8,587,210 7,245,814 7,967,959 7,008,706 ---------------------------------------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY 952,579 925,176 935,362 881,477 ---------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $9,539,789 $ 8,170,990 $8,903,321 $7,890,183 ---------------------------------------------------------------------------------------------------------------- EARNING ASSETS LESS INTEREST-BEARING LIABILITIES $2,997,529 $2,483,203 $2,652,119 $2,355,818 ---------------------------------------------------------------------------------------------------------------- - MORE -
10 --------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS --------------------------------------------------------------------------------------------------------- December 31 December 31 (dollars in thousands) 2005 2004 --------------------------------------------------------------------------------------------------------- ASSETS ------------------------------------------------------------------- Cash and due from financial institutions $ 554,827 $ 213,751 Federal funds sold and short-term investments 805,758 22,424 Loans held for sale 46,678 8,796 Investment securities Securities available for sale 1,413,763 1,763,774 Securities held to maturity 227,688 227,470 -------------------------------------- Total investment securities 1,641,451 1,991,244 Loans 6,560,597 5,626,276 Allowance for loan losses (90,028) (54,345) -------------------------------------- Net loans 6,470,569 5,571,931 -------------------------------------- Bank premises and equipment 151,978 156,602 Goodwill 204,089 115,771 Other intangible assets 26,304 24,240 Accrued interest receivable 52,808 28,985 Other assets 154,544 88,880 --------------------------------------------------------------------------------------------------------- Total assets $10,109,006 $8,222,624 --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- LIABILITIES ------------------------------------------------------------------- Noninterest-bearing demand deposits $ 3,301,227 $2,111,703 Interest-bearing deposits 5,303,609 4,500,904 -------------------------------------- Total deposits 8,604,836 6,612,607 -------------------------------------- Short-term and other borrowings 433,350 634,259 Accrued interest payable 10,538 5,032 Other liabilities 99,239 65,961 -------------------------------------- Total liabilities 9,147,963 7,317,859 --------------------------------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY ------------------------------------------------------------------- Common stock, no par value 2,800 2,800 Capital surplus 261,318 250,793 Retained earnings 738,655 697,977 Accumulated other comprehensive income (21,223) (2,963) Treasury stock at cost (9,363) (31,475) Unearned restricted stock compensation (11,144) (12,367) -------------------------------------- Total shareholders' equity 961,043 904,765 --------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $10,109,006 $8,222,624 --------------------------------------------------------------------------------------------------------- - MORE -
11 -------------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME -------------------------------------------------------------------------------------------------------------------- Fourth Fourth Year Ended Quarter Quarter December 31 (dollars in thousands, except per share data) 2005 2004 2005 2004 --------------------------------------------------------------------------------- --------------------------------- INTEREST INCOME Interest and fees on loans $ 110,995 $ 76,860 $ 390,058 $ 272,460 Interest and dividends on investments 17,023 21,171 74,606 88,131 Interest on federal funds sold and short-term investments 2,965 64 3,421 181 --------------------------------------------------------------------------------- --------------------------------- Total interest income 130,983 98,095 468,085 360,772 --------------------------------------------------------------------------------- --------------------------------- INTEREST EXPENSE Interest on deposits 20,700 9,606 64,452 34,665 Interest on short-term and other borrowings 3,857 2,134 16,534 6,017 --------------------------------------------------------------------------------- --------------------------------- Total interest expense 24,557 11,740 80,986 40,682 --------------------------------------------------------------------------------- --------------------------------- NET INTEREST INCOME 106,426 86,355 387,099 320,090 PROVISION FOR LOAN LOSSES - 2,000 37,000 2,000 --------------------------------------------------------------------------------- --------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 106,426 84,355 350,099 318,090 --------------------------------------------------------------------------------- --------------------------------- NONINTEREST INCOME Service charges on deposit accounts 6,183 8,988 30,579 37,148 Bank card fees 3,470 2,760 11,972 10,319 Trust service fees 2,357 2,263 9,483 8,959 Secondary mortgage market operations 1,413 1,140 5,022 4,925 Other noninterest income 4,905 5,021 25,111 21,104 Securities transactions - - 68 68 --------------------------------------------------------------------------------- --------------------------------- Total noninterest income 18,328 20,172 82,235 82,523 --------------------------------------------------------------------------------- --------------------------------- NONINTEREST EXPENSE Employee compensation 34,541 31,127 132,488 119,713 Employee benefits 8,203 7,284 33,020 29,644 ----------------------------- --------------------------------- Total personnel 42,744 38,411 165,508 149,357 Net occupancy 6,026 5,382 22,846 20,461 Equipment and data processing 4,077 4,550 17,344 17,636 Telecommunication and postage 2,578 2,124 9,154 8,846 Corporate value and franchise taxes 1,968 1,732 7,824 7,496 Legal and other professional services 1,357 1,581 6,091 5,943 Amortization of intangibles 2,255 1,631 8,261 5,657 Other noninterest expense 15,652 10,308 49,950 44,882 --------------------------------------------------------------------------------- --------------------------------- Total noninterest expense 76,657 65,719 286,978 260,278 --------------------------------------------------------------------------------- --------------------------------- INCOME BEFORE INCOME TAXES 48,097 38,808 145,356 140,335 INCOME TAX EXPENSE 12,948 11,810 43,007 43,198 --------------------------------------------------------------------------------- --------------------------------- NET INCOME $ 35,149 $ 26,998 $ 102,349 $ 97,137 --------------------------------------------------------------------------------- --------------------------------- --------------------------------------------------------------------------------- --------------------------------- EARNINGS PER SHARE Basic $ .56 $ .43 $ 1.65 $ 1.59 Diluted .55 .43 1.63 1.56 --------------------------------------------------------------------------------- --------------------------------- --------------------------------------------------------------------------------- --------------------------------- WEIGHTED-AVERAGE SHARES OUTSTANDING Basic 62,729,336 62,275,253 62,008,004 61,122,581 Diluted 63,533,521 63,230,561 62,953,293 62,083,043 -------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------- --------------------------------- CASH DIVIDENDS PER SHARE $ .25 $ .23 $ .98 $ .89 --------------------------------------------------------------------------------- --------------------------------- - MORE -
12 ----------------------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)* ----------------------------------------------------------------------------------------------------------------------------- Fourth Third Fourth Year Ended Quarter Quarter Quarter December 31 2005 2005 2004 2005 2004 ------------------------------------------------------------------------------------------------------ ------------------- EARNING ASSETS ----------------------------------------------------------------- Loans** 6.72% 6.42% 5.55% 6.33% 5.26% Investment securities 4.37 4.29 4.44 4.34 4.41 Federal funds sold and short-term investments 4.08 3.61 1.93 3.90 1.30 ------------------------------------- ------------------- Total interest-earning assets 6.17% 5.96% 5.25% 5.85% 5.01% ------------------------------------- ------------------- ------------------------------------------------------------------------------------------------------ ------------------- INTEREST-BEARING LIABILITIES ----------------------------------------------------------------- Interest-bearing deposits NOW account deposits .55% .56% .39% .52% .37% Money market investment deposits 1.22 1.08 .65 1.00 .65 Savings deposits .90 .84 .39 .72 .34 Other time deposits 2.12 1.87 1.29 1.76 1.31 Time deposits $100,000 and over 3.19 2.74 1.62 2.59 1.36 ------------------------------------- ------------------- Total interest-bearing deposits 1.64 1.47 .85 1.35 .79 ------------------------------------- ------------------- Short-term and other borrowings 3.01 2.89 1.42 2.50 1.00 ------------------------------------- ------------------- Total interest-bearing liabilities 1.76% 1.66% .92% 1.49% .82% ------------------------------------- ------------------- ------------------------------------------------------------------------------------------------------ ------------------- NET INTEREST SPREAD (tax-equivalent) ----------------------------------------------------------------- Yield on earning assets less cost of interest- bearing liabilities 4.41% 4.30% 4.33% 4.36% 4.19% ------------------------------------- ------------------- ------------------------------------------------------------------------------------------------------ ------------------- NET INTEREST MARGIN (tax-equivalent) ----------------------------------------------------------------- Net interest income (tax-equivalent) as a percentage of average earning assets 5.03% 4.83% 4.63% 4.85% 4.45% ------------------------------------- ------------------- ------------------------------------------------------------------------------------------------------ ------------------- COST OF FUNDS ----------------------------------------------------------------- Interest expense as a percentage of average interest- bearing liabilities plus interest-free funds 1.14% 1.13% .62% 1.00% .56% ------------------------------------------------------------------------------------------------------ ------------------- * 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 -
13 ---------------------------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES LOAN QUALITY ---------------------------------------------------------------------------------------------------------------------------------- Fourth Fourth Year Ended Quarter Quarter December 31 (dollars in thousands) 2005 2004 2005 2004 ---------------------------------------------------------------------------------------------------------------------------------- ALLOWANCE FOR LOAN LOSSES ------------------------------------------------------- Allowance for loan losses at beginning of period $ 90,946 $ 54,611 $ 54,345 $ 59,475 Allowance of acquired banks - - 3,648 2,461 Provision for loan losses - 2,000 37,000 2,000 Loans charged off (1,817) (3,221) (10,656) (14,030) Recoveries on loans previously charged off 899 955 5,691 4,439 --------------------------------------------------------------------------- Net loans charged off (918) (2,266) (4,965) (9,591) --------------------------------------------------------------------------- Allowance for loan losses at end of period $ 90,028 $ 54,345 $ 90,028 $ 54,345 --------------------------------------------------------------------------- Annualized net charge-offs as a percentage of average loans .06 % .16 % .08 % .19 % Annualized gross charge-offs as a percentage of average loans .11 % .23 % .17 % .27 % Recoveries as a percentage of gross charge-offs 49.48 % 29.65 % 53.41 % 31.64 % Allowance for loan losses as a percentage of loans, at end of period 1.37 % .97 % 1.37 % .97 % ---------------------------------------------------------------------------
------------------------------------------------------------ December 31 September 30 December 31 2005 2005 2004 ------------------------------------------------------------------------------------------------------------------- NONPERFORMING ASSETS ------------------------------------------------------- Loans accounted for on a nonaccrual basis $ 65,565 $ 43,763 $ 23,597 Restructured loans 30 30 49 ------------------------------------------------------------ Total nonperforming loans 65,595 43,793 23,646 Foreclosed assets and surplus property 1,708 794 2,454 ------------------------------------------------------------ Total nonperforming assets $ 67,303 $ 44,587 $ 26,100 ------------------------------------------------------------ Nonperforming assets as a percentage of loans plus foreclosed assets and surplus property, at end of period 1.03 % .69 % .46 % Allowance for loan losses as a percentage of nonaccruing loans, at end of period 137 % 208 % 230 % Allowance for loan losses as a percentage of nonperforming loans, at end of period 137 % 208 % 230 % Loans 90 days past due still accruing $ 13,728 $ 5,358 $ 3,533 Loans 90 days past due still accruing as a percentage of loans, at end of period .21 % .08 % .06 % ------------------------------------------------------------------------------------------------------------------- - END -

The following information was filed by Whitney Holding Corp (WTNY) on Wednesday, January 25, 2006 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.

View differences made from one year to another to evaluate Whitney Holding Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Whitney Holding Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account