Home » NEWS » Banking & Finance » Whitney Holding posts quarterly loss of $92.5M

Whitney Holding posts quarterly loss of $92.5M

NEW ORLEANS — Regional banker Whitney Holding Corp., in line to be acquired by one of its Gulf Coast rivals, posted a $92.6-million loss in the fourth quarter as it moved to unload problem loans, the company reported yesterday.

The per-share loss totaled 96 cents. In the year-ago fourth quarter, Whitney lost $3.7 million, or 4 cents per share.

On Dec. 21, Gulfport-based Hancock Holding Co. said it would buy Whitney in a stock-for-stock transaction valued at about $1.5 billion. The acquisition, which needs approval by shareholders of both companies and banking regulators, is scheduled to be completed in the second quarter.

Whitney said it sold $179 million of nonperforming loans for $88 million and also marked another $124 million in nonperforming loans as being for sale with an estimated value of $75 million.

Total loans dropped to $7.23 billion from the year-ago figure of $8.43 billion. Interest income fell to $104.1 million from $111.4 million, while noninterest income — the product of fees — rose to $31.8 million from $28.7 million a year ago.

Whitney chief executive John Hope III said with the exclusion of possible merger expenses, he expected the company to have a profitable first quarter and for Whitney “to contribute meaningfully to the long-term success of the Hancock-Whitney combination.”

For 2010, Whitney lost $158 million, or $1.64 per share, deeper than a 2009 loss of $78.4 million, or $1.08 per share.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *

*