New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ—WTNY) (the “Company” or “Whitney”) reported net income of $17.2 million for the first quarter of 2011, compared to net losses of $88.5 million and $6.3 million in the fourth and first quarters of 2010, respectively. Including the $4.1 million dividend paid each quarter to the U.S. Treasury on the preferred stock issued under TARP, earnings per diluted common share for the first quarter of 2011 was $.13 compared to losses per common share of $.96 and $.11 for the fourth and first quarters of 2010, respectively.
During the first quarter of 2011, Whitney recovered $5.8 million on a charge-off related to Hurricane Katrina taken in 2006. Based on its current assessment of the impact of the BP oil spill on the Company’s loan customers in the first quarter of 2011, management reversed the $5.0 million allowance established in the second quarter of 2010 to cover estimated losses from this event.
“Late last year, the Company announced an expected return to core operating profitability in the first quarter of 2011”, said John C. Hope, III, Chairman and CEO. “I am proud of the continued hard work and dedication of our employees that allowed us to meet those expectations, even without the noncore items relating to Hurricane Katrina and the BP oil spill.”
In the fourth quarter of 2010, Whitney reclassified $303 million of problem loans as held for sale and recognized charge-offs of $139 million to record these loans at the lower of cost or fair value. The reclassification had a direct impact of approximately $112 million on the Company’s
The following information was filed by Whitney Holding Corp (WTNY) on Thursday, April 21, 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-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: 0000106926-11-000030 Submitted to the SEC: Tue May 10 2011 12:43:28 PM EST Accepted by the SEC: Tue May 10 2011 Period: Thursday, March 31, 2011 Industry: National Commercial Banks