Whitney Holding posts quarterly loss of $92.5M
Published: January 28,2011
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.
To sign up for Mississippi Business Daily Updates, click here.
Mississippi Economic Council
Mississippi Chambers of Commerce
Mississippi State Legislature
Mississippi Development Authority
Mississippi Economic Development Council
North Mississippi News
Social Security Disability Lawyer
Auto Accidents Lawyer
Top Posts & Pages
- Shale oil: market correction or longterm direction?
- Aluminum company rumored for Columbus: 'clock' is for website, not plant site
- MBJ exclusive: Jackson’s new airport CEO fulfills desire to taking on the top job
- J.McLaughlin to open in Highland Village next spring
- Hyatt-Place is Columbus’ newest hotel option
- New Mississippi state highway map is available for the public
- DAVID DALLAS: Who in the Hell are We?
- Analysts hail BancorpSouth stock buyback as ‘handsome’ reward for shareholders
- Tanger Outlets involved in Southaven project