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Whitney Holding Corp – ‘8-K’ for 6/30/10 – EX-99.1

On:  Tuesday, 7/27/10, at 2:01pm ET   ·   For:  6/30/10   ·   Accession #:  106926-10-61   ·   File #:  0-01026

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  As Of                Filer                Filing    For·On·As Docs:Size

 7/27/10  Whitney Holding Corp              8-K:2       6/30/10    2:2.8M

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Whitney Holding Corp. 2nd Qtr 2010 8-K              HTML     20K 
 2: EX-99.1     Whitney Holding Corporation 2nd Qtr. 2010 Results   HTML    731K 


EX-99.1   —   Whitney Holding Corporation 2nd Qtr. 2010 Results


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WHITNEY HOLDING CORPORATION
228 ST. CHARLES AVENUE
NEW ORLEANS, LA  70130
www.whitneybank.com

NEWS RELEASE

CONTACT:
Thomas L. Callicutt, Jr., CFO
 
FOR IMMEDIATE RELEASE
 
Trisha Voltz Carlson, Investor Relations
 
 
504/299-5208
   
     

WHITNEY REPORTS SECOND QUARTER 2010 FINANCIAL RESULTS

New Orleans, Louisiana.  Whitney Holding Corporation (NASDAQ—WTNY) (the “Company”) reported a net loss of $18.0 million for the second quarter of 2010 compared to net losses of $6.3 million and $21.3 million, respectively, in the first quarter of 2010 and in the second 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 $.23 for the second quarter of 2010, $.11 for the first quarter of 2010 and $.38 for the second quarter of 2009.
"We are disappointed that the economy remained sluggish during the second quarter and did not show the signs of improvement we were expecting," said John C. Hope, III, Chairman and CEO.  "It has become increasingly difficult to predict the timing of a solid economic recovery, and this, coupled with the impact the Gulf oil spill appears to be having on business activity in our markets, has tempered our optimism for the remainder of 2010.  The continued good performance from our core businesses, and the traction we are gaining as we implement the initiatives in our Strategic Plan, are being overshadowed by the impact of current economic conditions on our credit metrics.  However, our long-term earnings capacity, the underlying strengths of our franchise and our capital position all remain strong."
 
 
 

 

 
 
2

HIGHLIGHTS OF SECOND QUARTER FINANCIAL RESULTS
Loans and Earning Assets
Total loans at the end of the second quarter of 2010 were $8.0 billion, down $94 million, or 1%, from March 31, 2010.  Funding of new relationships, mainly in Louisiana markets, and stability in the existing loan portfolio helped partially offset the decline from gross charge-offs, foreclosures and problem loan sales.
Average loans for the second quarter of 2010 totaled $8.1 billion, down $159 million, or 2%, compared to the first quarter of 2010.  Average earning assets of $10.3 billion were also down 2%.
Deposits and Funding
Average deposits in the second quarter of 2010 were $8.9 billion, down $131 million, or less than 2%, from the first quarter of 2010.  Total period-end deposits at June 30, 2010 of $8.8 billion were also down less than 2% compared to March 31, 2010.
Noninterest-bearing deposits of $3.2 billion at June 30, 2010 were down $69 million, or 2%, from the end of the first quarter of 2010, while average noninterest-bearing deposits were virtually unchanged between these periods.  Noninterest-bearing demand deposits comprised almost 37% of total average deposits and funded approximately 32% of average earning assets for the quarter.  The percentage of funding from all noninterest-bearing sources totaled 37%.  Higher-cost interest-bearing funds, which include time deposits and borrowings, funded 26% of average earning assets in the second quarter of 2010 unchanged from the first quarter of 2010.
Net Interest Income
The lower level of earning assets was the main factor behind a decrease of $.8 million, or less than 1%, in net interest income (TE) for the second quarter of 2010 compared to the first quarter of 2010. The net interest margin (TE) of 4.15% was unchanged from the first quarter, with both asset yields and funding costs declining moderately between these periods.
Provision for Credit Losses and Credit Quality
Whitney provided $59.0 million for credit losses in the second quarter of 2010, an increase of $21.5 million from the first quarter of 2010, and down $15.0 million from the second quarter of 2009.  As was the case in the past several quarters, the majority of the current quarter’s provision, $35 million, or 60%, came from the Florida portfolio and was predominantly related to real estate credits individually evaluated for impairment.  Approximately $6 million of the Florida provision was related to problem note sales.

 
 

 
 
 
3
 

 
The second quarter provision also included $5 million based on an assessment of the impact of the recent oil spill on tourism in Gulf Coast beach communities.  An increase in the level of criticized loans in Texas contributed to most of the remainder of the provision in the second quarter.
 Net loan charge-offs in the second quarter of 2010 were $53.3 million, or 2.65% of average loans on an annualized basis, compared to $37.1 million, or 1.81% of average loans, in the first quarter of 2010.  Approximately 63% of total gross charge-offs came from credits serviced in the Florida market, mainly commercial and residential-related real estate.
 The allowance for loan losses represented 2.88% of total loans at June 30, 2010, up from 2.77% at March 31, 2010 and 2.50% at June 30, 2009.
Classified loans – identified as having a well-defined weakness – totaled $886 million at June 30, 2010, virtually unchanged from March 31, 2010.  Special mention loans – deserving close attention because of a potential weakness – totaled $266 million, a net increase of approximately $75 million from the first quarter of 2010.  The Company’s criticized loan portfolio is the total of classified and special mention loans.  As noted in our pre-release on July 13, 2010, and as discussed in prior quarters, the sluggish economic environment continues to impact various types of credits across our footprint.  During the second quarter, classified loans serviced from Louisiana markets increased $27 million, while those serviced from Texas increased $24 million. The majority of the increase in Louisiana was related to commercial and industrial (C&I) credits, while the majority of the increase in Texas was related to commercial real estate (CRE) credits.  Classified loans decreased $38 million in Florida and $19 million in Alabama from the first quarter of 2010, reflecting mainly charge-offs, foreclosures and note sales.
Management continues to believe that many of the newly classified and special mention credits have lower loss potential compared to the losses incurred on credits impacted by the real estate market problems in Florida.
Nonperforming loans, a subset of classified loans, totaled $451 million at June 30, 2010, a net increase of $15 million from March 31, 2010.  Slightly over 50% of nonperforming loans came from Whitney’s Florida markets, with 21% from Louisiana, 16% from Texas and 11% from Alabama/Mississippi.  Nonperforming loans individually evaluated for impairment, a subset of total nonperforming loans, totaled $376 million at June 30, 2010.  Cumulative charge-offs and the current impaired loss allowance on these loans represented approximately 37% of the contractual principal balances on these credits.  Foreclosed assets totaled $92 million at June 30, 2010, a net increase of approximately $31 million from March 31, 2010.
 
 

4
 
 
Impact of the Gulf Coast Oil Spill
On April 20, 2010 the Deepwater Horizon drilling rig, which was operating in the deep waters of the Gulf of Mexico, exploded and sank, resulting in a substantial oil leak from the wellhead.  The spill has caused, and continues to cause, significant disruption to the Gulf’s fishing and tourism industries.  In addition, a six-month drilling moratorium on deepwater rigs was imposed by the U.S. Government, directly impacting 33 rigs and indirectly impacting numerous others.  The owner of the well, BP p.l.c., has committed to compensate those impacted by the oil spill and has established a fund to pay claims.
Whitney management and bankers continue to review credits and talk to both customers and industry experts to determine the potential impact of the spill on the Company’s loan portfolio.  This review focused initially on three areas: (1) identifying and evaluating our direct exposure to fishing, seafood processing and marinas, (2) assessing the short-term and long-term impact on oil and gas (O&G) industry companies, including the impact of the moratorium, and (3) evaluating the impact on our customers in coastal communities that rely heavily on summer tourism.
The Bank’s direct exposure to the fishing, seafood processing and marina industries totaled approximately $35 million in outstanding at June 30, 2010 and management currently expects minimal impact to the businesses of our customers within this sector.
Loans outstanding to the O&G sector totaled $762 million, or approximately 10% of total loans at June 30, 2010.  Based on discussions with customers in this industry, and currently available information, management expects minimal near-term impact to their business operations and to the performance of our loans in this portfolio sector.  Management’s current assessment could change depending upon the length of the moratorium on deepwater drilling in the Gulf and the ultimate impact of this disaster on the cost of drilling operations in the future.
 Management has identified approximately $270 million in loans outstanding that could be directly and indirectly impacted by a downturn in tourism, and management is closely monitoring this portion of the loan portfolio.  As noted earlier, the provision for credit losses in the second quarter of 2010 included $5 million based on the assessment of the estimated impact of the oil spill on tourism-related businesses in these Gulf Coast beach communities.
Noninterest Income
Noninterest income for the second quarter of 2010 was up $3.5 million, or 12%, from the first quarter of 2010.

 
 

 
 
 
5
Most recurring sources of income registered increases, reflecting increased activity and the benefit of recent marketing campaigns.  Deposit service charge income was up 2%, or $.2 million, bankcard fees increased 10%, or $.5 million, and secondary mortgage market income was up 9%, or approximately $.2 million, during the quarter.  Management expects that the new consumer protection regulations that are being implemented in the third quarter of 2010 and the expiration of the federal tax credit for new homebuyers could result in modestly lower levels of fee income for the remainder of 2010.
Other noninterest income for the second quarter was up $2.5 million compared to the first quarter, including a $1.3 million insurance settlement gain related to the hurricanes in 2008 and a gain of $.8 million from the sale of surplus banking property.
Noninterest Expense
Total noninterest expense for the second quarter of 2010 increased less than 1%, or $.4 million, from the first quarter of 2010.
Total personnel expense for the second quarter of 2010 decreased $.4 million, or less than 1%, from the first quarter of 2010.   Employee compensation increased $1.7 million mainly as a result of the company-wide annual merit increase and final adjustments to 2009 annual sales-based incentive plan compensation in the first quarter of 2010.  No management cash bonus was accrued during the first half of 2010 or during all of 2009.  Employee benefits declined $2.0 million during the second quarter on reductions in the annual cost of retirement benefit plans and a normal decrease in payroll taxes from beginning of year levels.
Loan collection costs, together with foreclosed asset management expenses and provisions for valuation losses, totaled $6.0 million in the second quarter of 2010, down from $6.3 million in the first quarter of 2010.  Legal and other professional services were up $4.1 million during the second quarter and included services associated with collection of problem credits, technology initiatives, and compliance and other regulatory projects.
Other noninterest expense was down $3.3 million in the second quarter of 2010.  The first quarter of 2010 included an estimated $4.5 million loss resulting from repurchase obligations on certain mortgage loans originated and sold by a recently acquired entity.  The second quarter of 2010 included $.4 million for the value of the annual directors’ stock award and an additional $.5 million in deposit insurance assessments.

 
 

 
 
6

 
Capital
“We believe our strong capital base will allow us to remain opportunistic in disposing of problem assets,” said Hope.  The Company’s tangible common equity ratio increased to 8.49% at June 30, 2010, compared to 8.38% at March 31, 2010.  The Company’s leverage ratio at June 30, 2010 declined to 10.48% compared to 10.61% at March 31, 2010.  The slight decline was mainly related to an adjustment in the amount of deferred tax assets disallowed for regulatory capital calculations.  Regulatory capital ratios remain above those required for the Company and Whitney National Bank to be considered well-capitalized institutions.

Conference Call and Additional Financial Information
Management will host a conference call today at 3:00 p.m. CST to review second quarter 2010 results.  Analysts and investors may dial in and participate in the question/answer session.  A live listen-only webcast of the call will be available under the Investor Relations section of our website at http://www.whitneybank.com.  To participate in the Q&A portion of the call, dial (877) 354-4079 or (408) 427-3700.
An audio archive of the conference call will be available under the Investor Relations section of our website.  A replay of the call will also be available through August 3, 2010 by dialing (800) 642-1687 or (706) 645-9291, passcode 86132986.
This earnings release, including additional financial tables and a slide presentation related to second quarter results, is posted in the Investor Relations section of the Company's website at http://investor.whitneybank.com/releases.cfm?ReleasesType=Earnings&Year=2010.
 
Whitney Holding Corporation, through its banking subsidiary Whitney National Bank, serves the five-state Gulf Coast region stretching from Houston, Texas; across southern Louisiana and the coastal region of Mississippi; to central and south Alabama; the panhandle of Florida; and the Tampa Bay metropolitan area of Florida.
 
-----

 
Forward-Looking Statements
 
This news release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, and we intend such forward-looking statements to be covered by the safe harbor provisions therein and are including this statement for purposes of invoking these safe-harbor provisions.  Forward-looking statements
 
 

 
 
 

 
 
 
7
provide projections of results of operations or of financial condition or state other forward-looking information, such as expectations about future conditions and descriptions of plans and strategies for the future.  The forward-looking statements made in this release include, but may not be limited to, expectations regarding credit quality metrics in the loan portfolio and specific industry and geographic segments within the loan portfolio, future profitability, the impact of the oil spill in the Gulf on Whitney’s loan portfolio, the timing and strength of any economic recovery, impact from new regulations, the overall capital strength of Whitney and its ability to dispose of problem assets.
Whitney’s ability to accurately project results or predict the effects of future plans or strategies is inherently limited.  Although Whitney believes that the expectations reflected in its forward-looking statements are based on reasonable assumptions, actual results and performance could differ materially from those set forth in the forward-looking statements.  Factors that could cause actual results to differ from those expressed in Whitney’s forward-looking statements include, but are not limited to, those risk factors outlined in Whitney’s public filings with the Securities and Exchange Commission, which are available at the SEC’s internet site (http://www.sec.gov).
You are cautioned not to place undue reliance on these forward-looking statements.  Whitney does not intend, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of differences in actual results, changes in assumptions or changes in other factors affecting such statements, except as required by law.

(WTNY-E)

 
 

 
 

 8
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
   
Second
   
First
   
Second
   
Six Months Ended
 
   
Quarter
   
Quarter
   
Quarter
   
June 30
 
(dollars in thousands, except per share data)
 
2010
   
2010
   
2009
   
2010
   
2009
 
                               
INCOME DATA
                             
Net interest income
  $ 105,869     $ 106,629     $ 110,572     $ 212,498     $ 222,187  
  Net interest income (tax-equivalent)
    106,810       107,584       111,820       214,394       224,744  
  Provision for credit losses
    59,000       37,500       74,000       96,500       139,000  
 Noninterest income
    31,761       28,247       32,431       60,008       61,697  
      Net securities gains in noninterest income
    -       -       -       -       -  
 Noninterest expense
    110,147       109,706       111,807       219,853       208,655  
 Net income (loss)
    (17,993 )     (6,280 )     (21,301 )     (24,273 )     (32,440 )
  Net income (loss) to common shareholders
    (22,060 )     (10,347 )     (25,368 )     (32,407 )     (40,532 )
                                         
QUARTER-END BALANCE SHEET DATA
                                 
Loans
  $ 7,979,371     $ 8,073,498     $ 8,791,840     $ 7,979,371     $ 8,791,840  
Investment securities
    2,076,313       2,042,307       1,942,365       2,076,313       1,942,365  
Earning assets
    10,214,267       10,395,252       10,861,061       10,214,267       10,861,061  
Total assets
    11,416,761       11,580,806       11,975,082       11,416,761       11,975,082  
  Noninterest-bearing deposits
    3,229,244       3,298,095       3,081,617       3,229,244       3,081,617  
Total deposits
    8,819,051       8,961,957       9,144,041       8,819,051       9,144,041  
Shareholders' equity
    1,674,166       1,676,240       1,487,994       1,674,166       1,487,994  
                                         
AVERAGE BALANCE SHEET DATA
                                       
Loans
  $ 8,051,668     $ 8,210,283     $ 8,945,911     $ 8,130,537     $ 9,006,994  
Investment securities
    2,021,359       2,008,095       1,906,932       2,014,764       1,896,105  
Earning assets
    10,314,161       10,482,211       11,062,643       10,397,722       11,058,646  
Total assets
    11,503,150       11,656,777       12,140,311       11,579,539       12,149,729  
  Noninterest-bearing deposits
    3,255,019       3,260,794       3,082,248       3,257,891       3,116,242  
Total deposits
    8,895,731       9,026,703       9,212,882       8,960,855       9,166,202  
Shareholders' equity
    1,676,468       1,684,537       1,520,609       1,680,480       1,526,916  
                                         
COMMON SHARE DATA
                                       
 Earnings (loss) per share
                                       
     Basic
  $ ( .23 )   $ ( .11 )   $ ( .38 )   $ ( .34 )   $ ( .60 )
     Diluted
    ( .23 )     ( .11 )     ( .38 )     ( .34 )     ( .60 )
 Cash dividends per share
  $ .01     $ .01     $ .01     $ .02     $ .02  
 Book value per share, end of period
  $ 14.29     $ 14.32     $ 17.63     $ 14.29     $ 17.63  
 Tangible book value per share, end of period
  $ 9.65     $ 9.67     $ 10.93     $ 9.65     $ 10.93  
Trading data
                                       
     High sales price
  $ 15.29     $ 14.53     $ 15.33     $ 15.29     $ 16.16  
     Low sales price
    9.25       9.05       8.33       9.05       8.17  
      End-of-period closing price
    9.25       13.79       9.16       9.25       9.16  
     Trading volume
    75,477,402       67,377,896       62,308,611       142,855,298       111,204,886  
                                         
RATIOS
                                       
 Return on average assets
    (.63 )%     (.22 )%     (.70 )%     (.42 )%     (.54 )%
 Return on average common equity
    (6.41 )     (3.02 )     (8.30 )     (4.72 )     (6.63 )
 Net interest margin (TE)
    4.15       4.15       4.05       4.15       4.09  
 Average loans to average deposits
    90.51       90.96       97.10       90.73       98.26  
Efficiency ratio
    79.49       80.77       77.51       80.12       72.84  
 Annualized expenses to average assets
    3.83       3.76       3.68       3.80       3.43  
 Allowance for loan losses to loans, end of period
    2.88       2.77       2.50       2.88       2.50  
 Annualized net charge-offs to average loans
    2.65       1.81       2.09       2.22       1.75  
  Nonperforming assets to loans plus foreclosed
                                 
   assets and surplus property, end of period
    6.73       6.12       5.17       6.73       5.17  
 Average shareholders' equity to average total assets
    14.57       14.45       12.53       14.51       12.57  
 Tangible common equity to tangible assets,
                                       
    end of period
    8.49       8.38       6.42       8.49       6.42  
 Leverage ratio, end of period
    10.48       10.61       9.21       10.48       9.21  
Tax-equivalent (TE) amounts are calculated using a federal income tax rate of 35%.
                 
The efficiency ratio is noninterest expense to total net interest (TE) and noninterest income (excluding securities gains and losses).
 
The tangible common equity to tangible assets ratio is total shareholders' equity less preferred stock and intangible assets divided by
 
  total assets less intangible assets.
                                       

 
 

 
 
 


9
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
QUARTERLY HIGHLIGHTS
   
Second
   
First
   
Fourth
   
Third
   
Second
 
   
Quarter
   
Quarter
   
Quarter
   
Quarter
   
Quarter
 
(dollars in thousands, except per share data)
 
2010
   
2010
   
2009
   
2009
   
2009
 
                               
INCOME DATA
                             
Net interest income
  $ 105,869     $ 106,629     $ 111,391     $ 109,854     $ 110,572  
 Net interest income (tax-equivalent)
    106,810       107,584       112,396       110,975       111,820  
 Provision for credit losses
    59,000       37,500       39,500       80,500       74,000  
Noninterest income
    31,761       28,247       29,026       29,227       32,431  
      Net securities gains in noninterest income
    -       -       139       195       -  
Noninterest expense
    110,147       109,706       104,143       103,596       111,807  
Net income (loss)
    (17,993 )     (6,280 )     318       (30,024 )     (21,301 )
 Net income (loss) to common shareholders
    (22,060 )     (10,347 )     (3,749 )     (34,091 )     (25,368 )
                                         
QUARTER-END BALANCE SHEET DATA
                                 
Loans
  $ 7,979,371     $ 8,073,498     $ 8,403,443     $ 8,476,989     $ 8,791,840  
Investment securities
    2,076,313       2,042,307       2,050,440       2,005,881       1,942,365  
Earning assets
    10,214,267       10,395,252       10,699,847       10,561,425       10,861,061  
Total assets
    11,416,761       11,580,806       11,892,141       11,656,468       11,975,082  
 Noninterest-bearing deposits
    3,229,244       3,298,095       3,301,354       3,130,426       3,081,617  
Total deposits
    8,819,051       8,961,957       9,149,894       8,880,377       9,144,041  
Shareholders' equity
    1,674,166       1,676,240       1,681,064       1,465,431       1,487,994  
                                         
AVERAGE BALANCE SHEET DATA
                                       
Loans
  $ 8,051,668     $ 8,210,283     $ 8,434,397     $ 8,661,806     $ 8,945,911  
Investment securities
    2,021,359       2,008,095       2,025,103       1,966,020       1,906,932  
Earning assets
    10,314,161       10,482,211       10,635,573       10,723,215       11,062,643  
Total assets
    11,503,150       11,656,777       11,733,149       11,796,108       12,140,311  
 Noninterest-bearing deposits
    3,255,019       3,260,794       3,222,748       3,083,404       3,082,248  
Total deposits
    8,895,731       9,026,703       9,017,220       9,076,350       9,212,882  
Shareholders' equity
    1,676,468       1,684,537       1,629,312       1,485,525       1,520,609  
                                         
COMMON SHARE DATA
                                       
 Earnings (loss) per share
                                       
     Basic
  $ ( .23 )   $ ( .11 )   $ ( .04 )   $ ( .50 )   $ ( .38 )
     Diluted
    ( .23 )     ( .11 )     ( .04 )     ( .50 )     ( .38 )
 Cash dividends per share
  $ .01     $ .01     $ .01     $ .01     $ .01  
 Book value per share, end of period
  $ 14.29     $ 14.32     $ 14.37     $ 17.30     $ 17.63  
 Tangible book value per share, end of period
  $ 9.65     $ 9.67     $ 9.71     $ 10.63     $ 10.93  
Trading data
                                       
     High sales price
  $ 15.29     $ 14.53     $ 9.69     $ 11.27     $ 15.33  
     Low sales price
    9.25       9.05       7.78       7.94       8.33  
      End-of-period closing price
    9.25       13.79       9.11       9.54       9.16  
    Trading volume
    75,477,402       67,377,896       79,863,609       49,059,850       62,308,611  
                                         
RATIOS
                                       
 Return on average assets
    (.63 )%     (.22 )%     .01 %     (1.01 )%     (.70 )%
 Return on average common equity
    (6.41 )     (3.02 )     (1.11 )     (11.36 )     (8.30 )
 Net interest margin (TE)
    4.15       4.15       4.20       4.11       4.05  
 Average loans to average deposits
    90.51       90.96       93.54       95.43       97.10  
Efficiency ratio
    79.49       80.77       73.71       73.99       77.51  
 Annualized expenses to average assets
    3.83       3.76       3.55       3.51       3.68  
 Allowance for loan losses to loans, end of period
    2.88       2.77       2.66       2.81       2.50  
 Annualized net charge-offs to average loans
    2.65       1.81       2.59       2.86       2.09  
  Nonperforming assets to loans plus foreclosed
                                 
     assets and surplus property, end of period
    6.73       6.12       5.52       5.34       5.17  
 Average shareholders' equity to average total assets
    14.57       14.45       13.89       12.59       12.53  
 Tangible common equity to tangible assets,
                                       
   end of period
    8.49       8.38       8.18       6.42       6.42  
 Leverage ratio, end of period
    10.48       10.61       11.05       8.99       9.21  
Tax-equivalent (TE) amounts are calculated using a federal income tax rate of 35%.
                 
The efficiency ratio is noninterest expense to total net interest (TE) and noninterest income (excluding securities gains and losses).
 
The tangible common equity to tangible assets ratio is total shareholders' equity less preferred stock and intangible assets divided by
 
  total assets less intangible assets.
                                       


 
 

 
 
 
 
10
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
DAILY AVERAGE CONSOLIDATED BALANCE SHEETS
   
Second
   
First
   
Second
   
Six Months Ended
 
   
Quarter
   
Quarter
   
Quarter
   
June 30
 
(dollars in thousands)
 
2010
   
2010
   
2009
   
2010
   
2009
 
ASSETS
                             
EARNING ASSETS
                             
  Loans
  $ 8,051,668     $ 8,210,283     $ 8,945,911     $ 8,130,537     $ 9,006,994  
  Investment securities
                                       
     Securities available for sale
    1,858,996       1,838,179       1,712,510       1,848,645       1,696,919  
     Securities held to maturity
    162,363       169,916       194,422       166,119       199,186  
        Total investment securities
    2,021,359       2,008,095       1,906,932       2,014,764       1,896,105  
  Federal funds sold and short-term investments
    213,031       243,123       151,325       227,994       109,589  
  Loans held for sale
    28,103       20,710       58,475       24,427       45,958  
        Total earning assets
    10,314,161       10,482,211       11,062,643       10,397,722       11,058,646  
NONEARNING ASSETS
                                       
  Goodwill and other intangible assets
    447,596       449,009       454,799       448,298       455,985  
  Accrued interest receivable
    34,791       36,086       38,562       35,435       39,490  
  Other assets
    941,391       925,851       797,389       933,664       789,701  
  Allowance for loan losses
    (234,789 )     (236,380 )     (213,082 )     (235,580 )     (194,093 )
                                         
        Total assets
  $ 11,503,150     $ 11,656,777     $ 12,140,311     $ 11,579,539     $ 12,149,729  
                                         
LIABILITIES
                                       
INTEREST-BEARING LIABILITIES
                                       
  Interest-bearing deposits
                                       
     NOW account deposits
  $ 1,148,590     $ 1,247,118     $ 1,149,259     $ 1,197,582     $ 1,202,528  
     Money market investment deposits
    1,765,839       1,794,820       1,693,473       1,780,249       1,504,768  
     Savings deposits
    868,829       849,006       901,962       858,972       905,055  
     Other time deposits
    728,121       781,806       839,565       754,815       854,971  
     Time deposits $100,000 and over
    1,129,333       1,093,159       1,546,375       1,111,346       1,582,638  
        Total interest-bearing deposits
    5,640,712       5,765,909       6,130,634       5,702,964       6,049,960  
                                         
  Short-term borrowings
    624,931       644,838       1,100,222       634,830       1,151,731  
  Long-term debt
    199,751       199,711       199,449       199,731       191,425  
        Total interest-bearing liabilities
    6,465,394       6,610,458       7,430,305       6,537,525       7,393,116  
NONINTEREST-BEARING LIABILITIES
                                 
  Noninterest-bearing deposits
    3,255,019       3,260,794       3,082,248       3,257,891       3,116,242  
  Accrued interest payable
    8,910       12,554       16,596       10,722       18,623  
  Other liabilities
    97,359       88,434       90,553       92,921       94,832  
        Total liabilities
    9,826,682       9,972,240       10,619,702       9,899,059       10,622,813  
SHAREHOLDERS' EQUITY
                                       
  Preferred
    295,454       295,140       294,186       295,298       294,029  
  Common
    1,381,014       1,389,397       1,226,423       1,385,182       1,232,887  
      Total shareholders' equity
    1,676,468       1,684,537       1,520,609       1,680,480       1,526,916  
                                         
        Total liabilities and shareholders' equity
  $ 11,503,150     $ 11,656,777     $ 12,140,311     $ 11,579,539     $ 12,149,729  
                                         
EARNING ASSETS LESS
                                       
    INTEREST-BEARING LIABILITIES
  $ 3,848,767     $ 3,871,753     $ 3,632,338     $ 3,860,197     $ 3,665,530  
 

 

 
 

 
 
 
 
 
11
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
       
June 30
 
March 31
 
December 31
 
September 30
 
June 30
 
(dollars in thousands)
 
2010
 
2010
 
2009
 
2009
 
2009
 
ASSETS
                       
 
Cash and due from financial institutions
   $
        200,075
   $
        198,912
   $
        216,347
   $
       209,523
   $
        228,452
 
 
Federal funds sold and short-term investments
          130,113
 
          256,505
 
          212,219
 
            54,729
 
            58,026
 
 
Loans held for sale
   
            28,470
 
            22,942
 
            33,745
 
            23,826
 
            68,830
 
 
Investment securities
                       
 
    Securities available for sale
 
       1,915,587
 
       1,877,653
 
       1,875,495
 
       1,821,246
 
       1,749,338
 
 
    Securities held to maturity
 
          160,726
 
          164,654
 
          174,945
 
          184,635
 
          193,027
 
 
          Total investment securities
 
       2,076,313
 
       2,042,307
 
       2,050,440
 
       2,005,881
 
       1,942,365
 
 
Loans
   
       7,979,371
 
       8,073,498
 
       8,403,443
 
       8,476,989
 
       8,791,840
 
 
   Allowance for loan losses
 
        (229,884
        (223,890
        (223,671
        (238,600
        (219,465
 
       Net loans
   
       7,749,487
 
       7,849,608
 
       8,179,772
 
       8,238,389
 
       8,572,375
 
 
Bank premises and equipment
 
          227,620
 
          226,105
 
          223,142
 
          216,722
 
          213,227
 
 
Goodwill
   
          435,678
 
          435,678
 
          435,678
 
          435,678
 
          435,678
 
 
Other intangible assets
 
            11,284
 
            12,621
 
            14,116
 
            15,850
 
            18,042
 
 
Accrued interest receivable
 
            29,783
 
            33,277
 
            32,841
 
            34,671
 
            34,085
 
 
Other assets
   
          527,938
 
          502,851
 
          493,841
 
          421,199
 
          404,002
 
 
      Total assets
     $
   11,416,761
   $
   11,580,806
   $
 $ 11,892,141
  $
  11,656,468
   $
   11,975,082
 
                           
                           
LIABILITIES
                       
 
Noninterest-bearing demand deposits
   $
     3,229,244
   $
     3,298,095
   $
     3,301,354
   $
 $  3,130,426
   $
     3,081,617
 
 
Interest-bearing deposits
 
       5,589,807
 
       5,663,862
 
       5,848,540
 
       5,749,951
 
       6,062,424
 
 
      Total deposits
   
       8,819,051
 
       8,961,957
 
       9,149,894
 
       8,880,377
 
       9,144,041
 
 
Short-term borrowings
 
          599,106
 
          610,344
 
          734,606
 
          991,189
 
       1,014,940
 
 
Long-term debt
   
          199,764
 
          199,722
 
          199,707
 
          199,589
 
          199,626
 
 
Accrued interest payable
 
              9,794
 
            12,598
 
            11,908
 
            14,505
 
            16,886
 
 
Other liabilities
   
          114,880
 
          119,945
 
          114,962
 
          105,377
 
          111,595
 
 
      Total liabilities
   
       9,742,595
 
       9,904,566
 
     10,211,077
 
     10,191,037
 
     10,487,088
 
 
SHAREHOLDERS' EQUITY
                     
 
Preferred stock
   
          295,608
 
          295,291
 
          294,974
 
          294,657
 
          294,340
 
 
Common stock
   
              2,800
 
              2,800
 
              2,800
 
              2,800
 
              2,800
 
 
Capital surplus
   
          620,111
 
          618,392
 
          617,038
 
          398,069
 
          396,629
 
 
Retained earnings
   
          756,127
 
          779,158
 
          790,481
 
          795,199
 
          829,976
 
 
Accumulated other comprehensive income (loss)
            12,217
 
            (6,704
          (11,532
          (12,597
          (23,054
 
Treasury stock at cost
 
          (12,697
          (12,697
          (12,697
          (12,697
          (12,697
 
      Total shareholders' equity
 
       1,674,166
 
       1,676,240
 
       1,681,064
 
       1,465,431
 
       1,487,994
 
 
      Total liabilities and shareholders' equity               $
   11,416,761
   $
   11,580,806
   $
 $  11,892,141
   $
 $  11,656,468
   $
 $  11,975,082
 

 
 

 

 
 
12
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
   
Second
   
First
   
Second
   
Six Months Ended
 
   
Quarter
   
Quarter
   
Quarter
   
June 30
 
(dollars in thousands, except per share data)
 
2010
   
2010
   
2009
   
2010
   
2009
 
INTEREST INCOME
                             
  Interest and fees on loans
  $ 98,778     $ 100,130     $ 110,353     $ 198,908     $ 222,167  
  Interest and dividends on investments
    20,076       20,502       20,457       40,578       41,353  
  Interest on federal funds sold and
                                       
     short-term investments
    157       179       204       336       382  
    Total interest income
    119,011       120,811       131,014       239,822       263,902  
INTEREST EXPENSE
                                       
  Interest on deposits
    10,398       11,420       17,360       21,818       34,866  
  Interest on short-term borrowings
    255       276       570       531       1,848  
  Interest on long-term debt
    2,489       2,486       2,512       4,975       5,001  
    Total interest expense
    13,142       14,182       20,442       27,324       41,715  
NET INTEREST INCOME
    105,869       106,629       110,572       212,498       222,187  
PROVISION FOR CREDIT LOSSES
    59,000       37,500       74,000       96,500       139,000  
NET INTEREST INCOME AFTER PROVISION
                                 
  FOR CREDIT LOSSES
    46,869       69,129       36,572       115,998       83,187  
NONINTEREST INCOME
                                       
  Service charges on deposit accounts
    8,662       8,482       9,396       17,144       19,232  
  Bank card fees
    6,217       5,674       4,620       11,891       9,007  
  Trust service fees
    3,076       2,908       3,187       5,984       6,153  
  Secondary mortgage market operations
    2,050       1,882       3,091       3,932       4,926  
  Other noninterest income
    11,756       9,301       12,137       21,057       22,379  
  Securities transactions
    -       -       -       -       -  
    Total noninterest income
    31,761       28,247       32,431       60,008       61,697  
NONINTEREST EXPENSE
                                       
  Employee compensation
    40,719       39,044       40,868       79,763       79,460  
  Employee benefits
    9,004       11,051       10,485       20,055       21,807  
    Total personnel
    49,723       50,095       51,353       99,818       101,267  
  Net occupancy
    9,706       9,945       9,606       19,651       19,282  
  Equipment and data processing
    6,923       6,594       6,528       13,517       12,882  
  Legal and other professional services
    9,329       5,232       4,639       14,561       9,326  
  Deposit insurance and regulatory fees
    6,491       6,013       9,879       12,504       13,464  
  Telecommunication and postage
    3,022       3,085       2,952       6,107       6,049  
  Corporate value and franchise taxes
    1,588       1,698       2,402       3,286       4,773  
  Amortization of intangibles
    1,337       1,495       2,251       2,832       4,841  
  Provision for valuation losses on foreclosed assets
    3,479       3,088       5,083       6,567       5,800  
  Nonlegal loan collection and other foreclosed asset costs
    2,560       3,173       2,457       5,733       3,716  
  Other noninterest expense
    15,989       19,288       14,657       35,277       27,255  
    Total noninterest expense
    110,147       109,706       111,807       219,853       208,655  
Income (loss) before income taxes
    (31,517 )     (12,330 )     (42,804 )     (43,847 )     (63,771 )
Income tax expense
    (13,524 )     (6,050 )     (21,503 )     (19,574 )     (31,331 )
Net income (loss)
  $ (17,993 )   $ (6,280 )   $ (21,301 )   $ (24,273 )   $ (32,440 )
Preferred stock dividends
    4,067       4,067       4,067       8,134       8,092  
Net income (loss) to common shareholders
  $ (22,060 )   $ (10,347 )   $ (25,368 )   $ (32,407 )   $ (40,532 )
                                         
EARNINGS (LOSS) PER COMMON SHARE
                                 
  Basic
  $ (.23 )   $ (.11 )   $ (.38 )   $ (.34 )   $ (.60 )
  Diluted
    (.23 )     (.11 )     (.38 )     (.34 )     (.60 )
WEIGHTED-AVERAGE COMMON
                                       
    SHARES OUTSTANDING
                                       
    Basic
    96,538,261       96,534,425       67,484,913       96,563,354       67,475,259  
    Diluted
    96,538,261       96,534,425       67,484,913       96,563,354       67,475,259  
CASH DIVIDENDS PER COMMON SHARE
  $ .01     $ .01     $ .01     $ .02     $ .02  

 
 

 
 
 

 
13
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)*
   
Second
   
First
   
Second
   
Six Months Ended
 
   
Quarter
   
Quarter
   
Quarter
   
June 30
 
   
2010
   
2010
   
2009
   
2010
   
2009
 
                               
EARNING ASSETS
                             
Loans**
    4.91 %     4.93 %     4.92 %     4.92 %     4.96 %
Investment securities
    4.15       4.26       4.51       4.20       4.59  
Federal funds sold and short-term investments
    .30       .30       .54       .30       .70  
            Total interest-earning assets
    4.66 %     4.70 %     4.79 %     4.68 %     4.85 %
                                         
INTEREST-BEARING LIABILITIES
                                       
Interest-bearing deposits
                                       
     NOW account deposits
    .35 %     .36 %     .37 %     .36 %     .37 %
     Money market investment deposits
    .74       .82       1.10       .78       .92  
     Savings deposits
    .15       .15       .16       .15       .16  
     Other time deposits
    1.31       1.39       2.14       1.35       2.31  
     Time deposits $100,000 and over
    1.22       1.37       1.77       1.29       1.94  
            Total interest-bearing deposits
    .74 %     .80 %     1.14 %     .77 %     1.16 %
                                         
Short-term borrowings
    .16       .17       .21       .17       .32  
Long-term debt
    4.98       4.98       5.04       4.98       5.23  
            Total interest-bearing liabilities
    .81 %     .87 %     1.10 %     .84 %     1.14 %
                                         
NET INTEREST SPREAD (tax-equivalent)
                                       
Yield on earning assets less cost of interest-
                                       
    bearing liabilities
    3.85 %     3.83 %     3.69 %     3.84 %     3.71 %
                                         
NET INTEREST MARGIN (tax-equivalent)
                                       
Net interest income (tax equivalent) as a
                                       
    percentage of average earning assets
    4.15 %     4.15 %     4.05 %     4.15 %     4.09 %
                                         
COST OF FUNDS
                                       
Interest expense as a percentage of average interest-
                                       
    bearing liabilities plus interest-free funds
    .51 %     .55 %     .74 %     .53 %     .76 %
                                         
                                         
*   Based on a 35% tax rate.
                                       
** Net of unearned income, before deducting the allowance for loan losses and including loans
                 
     held for sale and loans accounted for on a nonaccrual basis.
                                 

 
 

 

 
 
14
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN QUALITY
   
Second
   
First
   
Second
   
Six Months Ended
   
Quarter
   
Quarter
   
Quarter
   
June 30
(dollars in thousands)
 
2010
   
2010
   
2009
   
2010
   
2009
 
                               
ALLOWANCE FOR LOAN LOSSES                                              
                         
Allowance at beginning of period
  $ 223,890     $ 223,671     $ 194,179     $ 223,671     $ 161,109  
Provision for credit losses
    59,300       37,300       72,000       96,600       137,000  
Loans charged off
    (57,948 )     (39,987 )     (48,544 )     (97,935 )     (82,373 )
Recoveries on loans previously charged off
    4,642       2,906       1,830       7,548       3,729  
     Net loans charged off
    (53,306 )     (37,081 )     (46,714 )     (90,387 )     (78,644 )
Allowance at end of period
  $ 229,884     $ 223,890     $ 219,465     $ 229,884     $ 219,465  
                                         
Allowance for loan losses as a percentage of
                                       
    loans, at end of period
    2.88 %     2.77 %     2.50 %     2.88 %     2.50 %
                                         
Annualized net charge-offs as a percentage
                                 
    of average loans
    2.65       1.81       2.09       2.22       1.75  
                                         
Annualized gross charge-offs as a percentage of
                                 
    average loans
    2.88       1.95       2.17       2.41       1.83  
                                         
Recoveries as a percentage of gross charge-offs
    8.01       7.27       3.77       7.71       4.53  
                                         
                                         
RESERVE FOR LOSSES ON
                                       
    UNFUNDED CREDIT COMMITMENTS                                  
                                 
Reserve at beginning of period
  $ 2,400     $ 2,200     $ 800     $ 2,200     $ 800  
Provision for credit losses
    (300 )     200       2,000       (100 )     2,000  
Reserve at end of period
  $ 2,100     $ 2,400     $ 2,800     $ 2,100     $ 2,800  
                                         
                                         
                                         
                                         
                                         
   
June 30
 
March 31
 
December 31
 
September 30
 
June 30
(dollars in thousands)
   2010    2010    2009    2009    2009
                                         
NONPERFORMING ASSETS                                                          
                                       
Loans accounted for on a nonaccrual basis
  $ 451,405     $ 436,680     $ 414,075     $ 405,852     $ 413,174  
Restructured loans accruing
    -       -       -       -       -  
     Total nonperforming loans
    451,405       436,680       414,075       405,852       413,174  
Foreclosed assets and surplus property
    91,506       60,879       52,630       49,737       43,625  
     Total nonperforming assets
  $ 542,911     $ 497,559     $ 466,705     $ 455,589     $ 456,799  
Loans 90 days past due still accruing
  $ 10,539     $ 17,591     $ 23,386     $ 15,077     $ 20,364  
                                         
Nonperforming assets as a percentage of loans
                                 
plus foreclosed assets and surplus property,
                                 
   at end of period
    6.73 %     6.12 %     5.52 %     5.34 %     5.17 %
                                         
Allowance for loan losses as a percentage of
                                 
   nonperforming loans, at end of period
    50.93       51.27       54.02       58.79       53.12  
                                         
Loans 90 days past due still accruing as a
                                 
   percentage of loans, at end of period
    .13       .22       .28       .18       .23  

 
 

 

 
 
15
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO DETAIL
                           
LOAN PORTFOLIO AT QUARTER-END
               
         
2010
 
2009
(dollars in millions)
   
June
 
March
 
December
 
September
 
June
                           
Commercial, financial & agricultural
   
$2,895
 
$2,869
 
$3,075
 
$3,064
 
$3,258
Owner-occupied real estate
   
      1,053
 
      1,069
 
       1,080
 
       1,057
 
      1,077
      Total commercial & industrial
   
      3,948
 
      3,938
 
       4,155
 
       4,121
 
      4,335
Commercial real estate:
                     
    Construction, land & land development
   
      1,396
 
      1,479
 
       1,537
 
       1,702
 
      1,779
    CRE - other
     
      1,197
 
      1,217
 
       1,246
 
       1,220
 
      1,235
        Total commercial real estate
   
      2,593
 
      2,696
 
       2,783
 
       2,922
 
      3,014
Residential mortgage
   
      1,007
 
      1,015
 
       1,035
 
       1,011
 
      1,028
Consumer
     
         431
 
         424
 
          430
 
          423
 
         415
   Total loans
     
$7,979
 
$8,073
 
$8,403
 
$8,477
 
$8,792
         
 
 
 
 
 
 
 
 
 
GEOGRAPHIC DISTRIBUTION OF LOAN PORTFOLIO AT JUNE 30, 2010
       
                 
    Alabama/                                     
 
Percent
(dollars in millions)
Louisiana
Texas
 
Florida
 
Mississippi
 
Total
 
 of total
                           
Commercial, financial & agricultural
$2,150
 
$410
 
$113
 
$222
 
$2,895
 
36%
Owner-occupied real estate
       654
 
         121
 
         189
 
            89
 
       1,053
 
13%
      Total commercial & industrial
    2,804
 
         531
 
         302
 
          311
 
       3,948
 
49%
Commercial real estate:
                     
    Construction, land & land development
       446
 
         440
 
         298
 
          212
 
       1,396
 
18%
    CRE - other
 
       585
 
         154
 
         324
 
          134
 
       1,197
 
15%
        Total commercial real estate
    1,031
 
         594
 
         622
 
          346
 
       2,593
 
33%
Residential mortgage
       555
 
         149
 
         178
 
          125
 
       1,007
 
13%
Consumer
 
       296
 
           21
 
           70
 
            44
 
          431
 
5%
   Total
   
$4,686
 
$1,295
 
$1,172
 
$826
 
$7,979
 
100%
Percent of total
 
59%
 
16%
 
15%
 
10%
 
100%
   
     
 
 
 
 
 
 
 
 
 
   
CLASSIFIED LOANS AT JUNE 30, 2010
                   
                         
Percent
                         
of loan
                 
    Alabama/                                      
 
category
(dollars in millions)
Louisiana
Texas
 
Florida
 
Mississippi
 
Total
 
total
                           
Commercial, financial & agricultural
$   72
 
$   29
 
$   11
 
$   14
 
$   126
 
4%
Owner-occupied real estate
         53
 
           15
 
           43
 
            19
 
          130
 
12%
      Total commercial & industrial
       125
 
           44
 
           54
 
            33
 
          256
 
6%
Commercial real estate:
                     
    Construction, land & land development
         32
 
         111
 
         121
 
            38
 
          302
 
22%
    CRE - other
 
         41
 
           39
 
           98
 
            24
 
          202
 
17%
        Total commercial real estate
         73
 
         150
 
         219
 
            62
 
          504
 
19%
Residential mortgage
         40
 
             7
 
           50
 
            17
 
          114
 
11%
Consumer
 
           4
 
             1
 
             5
 
              2
 
            12
 
3%
   Total
   
$242
 
$202
 
$328
 
$114
 
$886
 
11%
Percent of regional loan total
5%
 
16%
 
28%
 
14%
 
11%
   
 
 
 
 
 
 

 
 
 
 

2Q10 Supplemental Data
July 27, 2010
 
 

 
2
2
Commercial and Business Banking Focus
Loan mix
Note: Financial data as of June 30, 2010
Geographic Distribution
C&I
CRE
 
 

 
3
3
CRE: Construction, Land & Land Development Loans
Note: Financial data as of June 30, 2010
($s in millions)
Louisiana
Texas
Florida
Alabama/
Mississippi
Total
Residential
construction
$ 68
$ 52
$ 30
$ 17
$ 167
Land & Lots:
 Residential
145
24
115
69
353
 Commercial
118
83
62
52
315
Retail
28
134
13
17
192
Office Buildings
12
35
23
1
71
Hotel/motel
--
--
28
--
28
Multifamily
22
72
--
21
115
Industrial/
warehouse
13
7
2
5
27
Other
40
33
25
30
128
Total
$ 446
$ 440
$ 298
$ 212
$ 1,396
 
 

 
4
4
CRE: Other Commercial Real Estate Loans
Note: Financial data as of June 30, 2010
($s in millions)
Louisiana
Texas
Florida
Alabama/
Mississippi
Total
Retail
$ 174
$ 76
$ 86
$ 34
$ 370
Office Buildings
104
19
60
30
213
Hotel/motel
122
4
53
23
202
Multifamily
71
38
40
27
176
Industrial/
warehouse
57
14
52
13
136
Other
57
3
33
7
100
Total
$ 585
$ 154
$ 324
$ 134
$ 1,197
 
 

 
C&I: Oil & Gas Portfolio
 Oil and gas
 portfolio 10%
 of total loans
 Currently
 expect
 minimal near-
 term impact
 from oil spill
 in the Gulf
5
Sector
$ Outstanding
% of
Total
Exploration &
Production
$262
34%
Drilling & Pre-drilling
$165
22%
Transportation
$152
20%
Service & Supply
$151
20%
Other
$32
4%
Total
$762
100%
$s in millions
Note: Financial data as of June 30, 2010
 
 

 
6
6
Summary Credit Statistics
NCOs/avg. loans
Allowance for loan losses/loans
NPAs/loans + OREO
Reserves/NPLs
Note: Financial data as of June 30, 2010
 
 

 
7
7
Classified Portfolio By Geograaphy
NPLs are included in total classified portfolio
Note: Financial data as of June 30, 2010
 
 

 
8
Classified To Total Loans By Geography
$s in millions
Louisiana
Texas
Florida
Alabama/
Mississippi
Total
% of Total
C&I
125
44
54
33
256
29%
% Classified to Total Loans
4%
8%
18%
11%
7%
CRE
73
150
219
62
504
57%
% Classified to Total Loans
7%
25%
35%
18%
19%
Residential Mortgage
40
7
50
17
114
13%
% Classified to Total Loans
7%
5%
28%
14%
11%
Consumer
4
1
5
2
12
1%
% Classified to Total Loans
1%
5%
7%
5%
3%
Total Classified Loans
$242
$202
$328
$114
$886
100%
% of Portfolio Classified
5%
16%
28%
14%
11%
Note: Financial data as of June 30, 2010
Classified loans include: Substandard and Doubtful
 
 

 
9
Special Mention (OAEM) To Total Loans By Geography
$s in millions
Louisiana
Texas
Florida
Alabama/
Mississippi
Total
% of Total
C&I
13
32
18
2
65
25%
% OAEM to Total Loans
--%
6%
6%
1%
2%
CRE
6
102
56
19
183
69%
% OAEM to Total Loans
1%
17%
9%
6%
7%
Residential Mortgage
5
2
6
2
15
6%
% OAEM to Total Loans
1%
1%
3%
1%
1%
Consumer
3
-
-
-
3
-%
% OAEM to Total Loans
1%
-%
-%
-%
1%
Total OAEM Loans
$27
$136
$80
$23
$266
100%
% of Portfolio OAEM
1%
10%
7%
3%
3%
Note: Financial data as of June 30, 2010
 
 

 
10
10
Construction, Land & Land Development Classified Loans
Note: Financial data as of June 30, 2010
($s in millions)
Louisiana
Texas
Florida
Alabama/
Mississippi
Total
% of
Portfolio
Total
Residential
construction
$ 4
$ 11
$ 14
$ 1
$ 30
18%
Land & Lots:
 Residential
16
15
54
24
109
31%
 Commercial
8
31
32
5
76
24%
Retail
--
30
7
--
37
19%
Office
Buildings
4
7
6
--
17
24%
Hotel/motel
--
--
--
--
--
--
Multifamily
--
15
--
--
15
13%
Industrial/
warehouse
--
--
--
--
--
--
Other
2
--
7
7
16
12%
Total
$ 34
$ 111
$ 120
$ 37
$ 302
21%
 
 

 
11
11
Other Commercial Real Estate Classified Loans
Note: Financial data as of June 30, 2010
($s in millions)
Louisiana
Texas
Florida
Alabama/
Mississippi
Total
% of
Portfolio
Total
Retail
$ 3
$ 18
$ 22
$ 12
$ 55
15%
Office
Buildings
4
--
8
4
16
8%
Hotel/motel
16
--
17
--
33
16%
Multifamily
12
21
24
3
60
34%
Industrial/
warehouse
5
--
24
5
34
25%
Other
--
--
4
--
4
4%
Total
$ 40
$ 39
$ 99
$ 24
$ 202
17%
 
 

 
12
 Cumulative charge-offs and the current impaired loss
 allowance on the impaired loans represented
 approximately 37% of the original contractual
 principal balances on these credits
Note: Data as of June 30, 2010
 
 

 
13
Impaired Breakdown By State
Impaired loans
($s in millions)
Current
Balance
Outstanding
(Book Value)
% Charged-Off
To-Date of
Contractual
Balance
% Currently
Reserved to
Current Book
Value
Florida
$198
37%
14%
Alabama/
Mississippi
40
29%
11%
Louisiana
70
13%
11%
Texas
68
9%
10%
Total impaired
$376
28%
12%
Note: Financial data as of June 30, 2010
Percents are not additive. Cumulative charge-offs and the current impaired loss allowance on the
total impaired portfolio represented approximately 37% of the original contractual principal
balances on these credits.
 
 

 
LA
TX
FL
AL/
MS
Loans
$4,686
$1,296
$1,172
$826
Nonperforming
Loans (NPLs)
$ 93
$ 73
$ 235
$ 50
NPLs/Loans
2%
6%
20%
6%
14
14
Performing As Expected In Current Economic Conditions
Geographic distribution of loan portfolio
Geographic distribution of NPLs
Note: Financial data as of June 30, 2010
($s in millions)
 
 

 
15
15
ALLL Mainly For Florida Portfolio
Note: Financial data as of June 30, 2010
 
 

 
16
16
Charge-Offs Mainly From Florida Portfolio
Gross Charge-offs by
Geography: 2Q10
Note: Financial data as of June 30, 2010
FL
 
 

 
17
17
Allowance for Loan Losses Remains Solid
 
 

 
2Q10 Supplemental Data
July 27, 2010
 
 

 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
8/3/10
Filed on:7/27/10
7/13/104,  8-K
For Period End:6/30/1010-Q,  10-Q/A,  4
4/20/10
3/31/1010-Q
6/30/0910-Q,  4,  4/A
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