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
 
January 23, 2008
 
504/299-5208
   
 
tcarlson@whitneybank.com
   

WHITNEY REPORTS FOURTH QUARTER AND ANNUAL 2007 EARNINGS

New Orleans, Louisiana.  Whitney Holding Corporation (NASDAQ—WTNY) earned $30.2 million in the quarter ended December 31, 2007, compared with net income of $33.9 million for the fourth quarter of 2006.  Earnings were $.45 per diluted share in 2007’s fourth quarter, compared to $.51 for the year-earlier period.  For the year ended December 31, 2007, Whitney earned $151.1 million, or $2.23 per diluted share, compared with net income of $144.6 million for 2006, or $2.20 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 in that period ($19.9 million after-tax, or $.29 per diluted share).
"Whitney remains a very good, strong bank," said William L. Marks, Chairman and CEO.  "We have a fortress balance sheet and a very attractive low cost core deposit base. We have a solid capital position and a disciplined, time-tested credit culture.  Our diversification into new markets over the past several years has positioned us to weather market downturns." 
    "Today’s operating environment reflects such a downturn," said John C. Hope III, President and Chief Operating Officer.  "The economic environment impacted many financial institutions’ credit quality during 2007, including Whitney’s.  However, we believe one of our core strengths is understanding and managing credit risk.  Our management of these assets employs a quick recognition of problem loans, historically yielding a low level of net charge-offs."
Whitney saw an increase in nonperforming loans and in loans criticized through its credit risk-rating process during the fourth quarter of 2007 and, based on its established methodology for
 
        -MORE-

The following information was filed by Whitney Holding Corp (WTNY) on Wednesday, January 23, 2008 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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