New Orleans-based Whitney Holding Corp., which is in the midst of a merger with Hancock Holding Co. of Mississippi, reported a net loss of $88.5 million for the fourth quarter of 2010, compared to a net loss of $29 million in the third quarter and net income of $300,000 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 cents for the fourth quarter of 2010, 34 cents for the third quarter of 2010 and 4 cents 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 Dec. 21, Whitney entered into a definitive agreement with Hancock Holding of Gulfport for the company to merge into Hancock. The $1.5 billion deal is expected to be completed in the second quarter of 2011.
In other local banking news this week, IberiaBank Corp. reported fourth quarter net income of $13 million, or 48 cents per share — down 89 percent compared to the same quarter in 2010 when the company reported an $181 million gain on acquisitions. Thomson Financial analysts expected the bank to post earnings of 55 cents per share in the fourth quarter.
Another Lafayette-based bank, MidSouth Bancorp Inc. reported net income of $1.6 million for the fourth quarter of 2010, an increase of 74.8 percent compared to the $890,000 it earned for the fourth quarter of 2009.
The Louisiana Workforce Commission said Friday that initial claims rose to 2,125 from the previous week's total of 1,964. There were 2,887 initial claims during the comparable week in 2013.
Oilfield service company’s year-over-year revenues climbed 3.7 percent.
Move is part of company-wide consolidation of residential call centers.
Contentious deposition renders LOGA chief too ill to testify. Here's why.
Proposal for the upcoming legislative session would set Louisiana’s minimum wage at $10 per hour, beginning in 2015, up from the federal rate of $7.25 per hour.
Patrick Kane II recalls his mother awakening him 50 years ago to say his dad’s plane was missing.
His health affected by a contentious deposition last week, the LOGA chief says he can't testify (court will reconvene March 10).
Chair of the energy committee, Mary Landrieu (discussing the urgency of Keystone with Canadian Foreign Minister John Baird) should get the respect she deserves in Louisiana.
A fundraiser co-chaired by former U.S. attorneys from both sides of the political aisle could signal the end of Mike Harson’s long grip on the D.A.’s office.
Former W. Home Furnishings owner Rene Ward faces seven years in prison.
Stuller’s Danny Clark focuses on satisfied customers and effective employees as he settles in as the company’s president/COO.
Sterling Ford-Lincoln of Opelousas ribbon cutting and the State of the Parish address
Increases in higher-end home sales say a lot about the health of the overall market.
Who joined whom or got promoted?
World-class athlete riding high in custom bike biz.
Setting the record straight on that February story in HuffPo
Liability waivers — what you need to know before you sign
A one-man operation, Brett Gauthier is bringing the oil and gas industry into the age of digital animation.
Planning a meeting with results
Local Ad Fed’s Copywriter of the Year and recently named creative director at Russo tapped for Boston Marathon project.
Forecasts for more frigid weather drive prices to highest level in four years.
CiCi's Pizza on Johnston Street will be torn down to make way for popular bakery-café Panera Bread's first Lafayette store.
A computer services company announced Tuesday that it plans to open a new technology center in Bossier City, creating 800 new jobs and bolstering efforts to position northwest Louisiana as a center for cybersecurity work.
The four-week moving average, which is a less volatile measure of claims, decreased to 2,332 from the previous week's average of 2,566.
Auto dealership welcomes the community to celebrate