REPORTS ANNUAL AND FOURTH QUARTER 2006 EARNINGS
Orleans, Louisiana. Whitney Holding Corporation (NASDAQ—WTNY) earned
$145 million for the year ended December 31, 2006, compared with annual net
income of $102 million for 2005. Per share earnings were $2.24 per basic share
and $2.20 per diluted share in 2006, compared to $1.65 and $1.63, respectively,
in 2005. Whitney saw a rapid build-up of deposits following the late-summer
hurricanes of 2005 that impacted parts of Whitney’s market area, and the funds
retained from these deposits during 2006 were a major factor behind the
significant growth in average earning assets and net interest income compared
2005. Annual average deposits in 2006 were up 17%, or $1.3 billion, from 2005.
The results for 2006 included approximately $16 million in expenses associated
with the storms. This total included both the cost to implement initiatives
that reduced the exposure of the Company’s operations to future disasters and
improved operational resilience as well as certain increased operating costs
additional expenditures and charges directly related to the 2005 storms.
Approximately $5 million of storm-related expenses were recognized in
2005. Management’s initial assessment of the storms’ impact on credit
quality was the main factor in the $38 million annual provision for loan losses
earned $33.9 million in the quarter ended December 31, 2006, compared with
income of $35.1 million for the fourth quarter of 2005. Per share earnings
$.52 per basic share and $.51 per diluted share in 2006’s fourth quarter,
compared to $.56 and $.55, respectively, for the year-earlier period. The
results for the fourth quarter of 2006 included approximately $4.9 million
expenses associated with the 2005 hurricanes. The components of these expenses
are discussed in more detail below. The current quarter’s results were also
affected by a reduction in average
The following information was filed by Whitney Holding Corp (WTNY) on Thursday, January 25, 2007 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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Ticker: WTNY CIK: 106926 Form Type:10-K Annual Report Accession Number: 0000106926-07-000025 Submitted to the SEC: Thu Mar 01 2007 5:08:35 PM EST Accepted by the SEC: Thu Mar 01 2007 Period: Sunday, December 31, 2006 Industry: National Commercial Banks