WHITNEY REPORTS THIRD QUARTER 2010 FINANCIAL RESULTS
New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ—WTNY) (the “Company”) reported a net loss of $29.0 million for the third quarter of 2010 compared to net losses of $18.0 million and $30.0 million, respectively, in the second quarter of 2010 and in the third quarter of 2009. Including the $4.1 million dividend paid each quarter to the U.S. Treasury on the preferred stock issued under TARP, the loss per diluted common share was $.34 for the third quarter of 2010, $.23 for the second quarter of 2010 and $.50 for the third quarter of 2009.
In addition, the Company announced today, in a separate release, it has agreed to sell approximately $180 million of nonperforming loans and will reclassify up to an additional $100 million of nonperforming loans as held for sale. The sale, reclassification and the impact of these actions on the provision are expected to occur in the fourth quarter of 2010. The Company expects to be in an excellent position to begin a return to consistent, quarterly profitability in the first quarter of 2011.
“Although the challenges of the most recent credit cycle continued this quarter, we have gained greater clarity and an increased confidence about where we are today,” said John C. Hope, III, Chairman and CEO. “The issues and concerns that tempered our optimism last quarter --- the Gulf oil spill, the independent third-party risk rating review project, and the weak economic recovery and threat of another downturn in the economy --- have all eased or been addressed. The oil leak has been capped and those impacted along the Gulf Coast are recovering, the risk-rating
The following information was filed by Whitney Holding Corp (WTNY) on Tuesday, October 26, 2010 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0000106926-10-000091 Submitted to the SEC: Tue Nov 09 2010 3:50:23 PM EST Accepted by the SEC: Tue Nov 09 2010 Period: Thursday, September 30, 2010 Industry: National Commercial Banks