New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ—WTNY) (the “Company”) reported a net loss of $88.5 million for the fourth quarter of 2010, compared to a net loss of $29.0 million in the third quarter of 2010 and net income of $.3 million in the fourth 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 $.96 for the fourth quarter of 2010, $.34 for the third quarter of 2010 and $.04 for the fourth quarter of 2009.
“The results for the fourth quarter were in line with our previously announced problem credit resolution strategy,” said John C. Hope, III, Chairman and CEO. “Operating results outside of credit also were in line with expectations. I continue to believe we are in a position to return to full-year profitability beginning in the first quarter of 2011, excluding any merger-related items. I also expect the Company to contribute meaningfully to the long-term success of the Hancock/Whitney combination.”
On December 21, 2010, Whitney Holding Corporation entered into a definitive agreement with Hancock Holding Company ("Hancock"), headquartered in Gulfport, Mississippi, for the Company to merge into Hancock. The transaction is expected to be completed in the second quarter of 2011, subject to customary closing conditions and shareholder and regulatory approval.
On January 24, 2011 the Company closed a bulk sale of $179 million of nonperforming loans ($163 million, net of reserves, at September 30, 2010). The previously announced bulk sale did not close as expected and a different agreement was signed with a different buyer. Proceeds
The following information was filed by Whitney Holding Corp (WTNY) on Thursday, January 27, 2011 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: 0000106926-11-000014 Submitted to the SEC: Tue Mar 01 2011 4:34:34 PM EST Accepted by the SEC: Tue Mar 01 2011 Period: Friday, December 31, 2010 Industry: National Commercial Banks