WHITNEY REPORTS 2009 FOURTH QUARTER AND ANNUAL EARNINGS
New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ—WTNY) (the “Company”) reported net income of $318,000 for the fourth quarter of 2009 compared to a net loss of $30.0 million for the third quarter of 2009. Including dividends on preferred
stock, the loss to common shareholders was $3.75 million, or $.04 per diluted common share, for the fourth quarter of 2009 compared to a loss of $34.1 million, or $.50 per diluted share, for the third quarter of 2009. The Company earned $8.2 million, or $.12 per diluted common share, for the fourth quarter of 2008. For the year ended December 31, 2009, the net loss to common shareholders totaled $78.4 million, or $1.08 per diluted share, compared with earnings to common shareholders in 2008
of $58.0 million, or $.88 per diluted share.
“I am very encouraged by some of the positive signs emerging from our fourth quarter results, especially those related to credit quality,” said John C. Hope, III, Chairman and CEO. “The provision for credit losses was down over 50% from its peak in the third quarter of 2009, criticized loans declined $124 million
from September 30, 2009 and our loan portfolio outside of Florida and coastal Alabama continues to perform as expected. While 2010 will continue to be impacted by credit quality cleanup and an improving, yet still uncertain, economy, I am optimistic that the credit situation is normalizing and I am hopeful we will soon see a return to full-year profitability. We are focused on the items we can control, our strategic initiatives and related investments remain on track and we are poised to
capitalize on the opportunities ahead.”
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The following information was filed by Whitney Holding Corp (WTNY) on Tuesday, January 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-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: 0000950123-10-019298 Submitted to the SEC: Mon Mar 01 2010 4:17:35 PM EST Accepted by the SEC: Mon Mar 01 2010 Period: Thursday, December 31, 2009 Industry: National Commercial Banks