In the midst of a merger with Hancock Holding Co. of Mississippi, Whitney Holding Corp. reported a net loss of $88.5 million for the fourth quarter of 2010.
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.