Whitney loses $88 million in fourth quarter

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 agreed to be purchased by Gulfport-based Hancock in $1.5 billion deal expected to close in the second quarter of this year. — Walter Pierce

To post a comment, please log into your IND account. If you do not have an account, click the "register" button to create one. Facebook comments can be used as an alternative to creating an account at theIND.com.

Loading
Chart
ABiz Stock Watch
o Home Bancorp 22.75 ▲0.25 (1.11%)
o Frank's International 20.30 ▼0.08 (-0.39%)
o IberiaBank Corp 67.07 ▼0.08 (-0.12%)
o LHC Group 23.66 ▼0.11 (-0.46%)
o MidSouth Bancorp 18.71 ▲0.21 (1.14%)
o Petroquest Energy 4.39 ▲0.18 (4.28%)
o PHI Inc. 41.06 0.00 (0.00%)
o Superior Energy 25.82 ▲0.75 (2.99%)
o Stone Energy 23.56 ▲0.98 (4.34%)
o Facebook Inc. 74.00 ▲0.40 (0.54%)
o Twitter Inc. 40.11 ▲0.30 (0.75%)
o Gannett 31.40 ▼0.18 (-0.57%)
NYSE:HBCP

Home Bancorp

Company ID [NYSE:HBCP] Last trade:22.75 Trade time:11:00AM EST Value change:▲0.25 (1.11%)
NYSE:FI

Frank's International

Company ID [NYSE:FI] Last trade:20.30 Trade time:11:26AM EST Value change:▼0.08 (-0.39%)
NYSE:IBKC

IberiaBank Corp

Company ID [NYSE:IBKC] Last trade:67.07 Trade time:11:18AM EST Value change:▼0.08 (-0.12%)
NYSE:LHCG

LHC Group

Company ID [NYSE:LHCG] Last trade:23.66 Trade time:11:27AM EST Value change:▼0.11 (-0.46%)
NYSE:MSL

MidSouth Bancorp

Company ID [NYSE:MSL] Last trade:18.71 Trade time:11:27AM EST Value change:▲0.21 (1.14%)
NYSE:PQ

Petroquest Energy

Company ID [NYSE:PQ] Last trade:4.39 Trade time:11:27AM EST Value change:▲0.18 (4.28%)
NYSE:PHII

PHI Inc.

Company ID [NYSE:PHII] Last trade:41.06 Trade time:1:32PM EST Value change:0.00 (0.00%)
NYSE:SPN

Superior Energy

Company ID [NYSE:SPN] Last trade:25.82 Trade time:11:27AM EST Value change:▲0.75 (2.99%)
NYSE:SGY

Stone Energy

Company ID [NYSE:SGY] Last trade:23.56 Trade time:11:27AM EST Value change:▲0.98 (4.34%)
NYSE:FB

Facebook Inc.

Company ID [NYSE:FB] Last trade:74.00 Trade time:11:27AM EST Value change:▲0.40 (0.54%)
NYSE:TWTR

Twitter Inc.

Company ID [NYSE:TWTR] Last trade:40.11 Trade time:11:27AM EST Value change:▲0.30 (0.75%)
NYSE:GCI

Gannett

Company ID [NYSE:GCI] Last trade:31.40 Trade time:11:27AM EST Value change:▼0.18 (-0.57%)
Advertisement

Read the Flipping Paper!

Click Here for the Entire Print Version of
ABiz
 
Advertisement
Advertisement