Whitney Reports First Quarter 2001 Earnings

Apr 19, 2001, 01:00 ET from Whitney Holding Corporation

    NEW ORLEANS, April 19 /PRNewswire/ --
 Whitney Holding Corporation (Nasdaq: WTNY) earned $.77 per share, or
 $20.3 million, in the first quarter of 2001, an 8% increase over the $.71 per
 share, or $18.1 million, reported for the first quarter of 2000.  Including
 the impact of tax-effected merger-related items, first quarter 2001 net income
 was $.71 per share, or $18.6 million.  Non-interest income for the first
 quarter of 2001 includes approximately $2.4 million of net gains on
 dispositions of banking facilities and pre-1933 assets.  Similar net gains
 totaled $.4 million in 2000's first quarter.
     In January 2001, Whitney completed its acquisition of American Bank in
 Houston, Texas, and Prattville Financial Services Corporation, the parent of
 Bank of Prattville in the Montgomery, Alabama area.  Whitney issued a combined
 2,875,127 shares of common stock in these transactions, each of which has been
 accounted for as a pooling of interests.  Prior period financial information
 has been restated accordingly.
     Whitney's two business acquisitions in 2000 were accounted for as
 purchases.  Excluding the after-tax effect of the amortization of purchased
 intangibles acquired in these and other earlier transactions, Whitney earned
 $.82 per share in the first quarter of 2001, again before tax-effected merger-
 related items, compared to $.74 per share in 2000's first quarter, an increase
 of 11%.  Other comparative performance measurements excluding the impact of
 purchased intangibles are presented in the accompanying Financial Highlights
 table.
 
     Selected highlights from the first quarter's results follow:
     --  Net interest income (TE) increased 5%, or $3.0 million, from the first
         quarter of 2000, fueled primarily by loan growth between these
         periods.  The net interest margin was 4.58% for the first quarter of
         2001, a 29 basis point decrease from the 4.87% margin for the year-
         earlier quarter, but down only 4 basis points from the fourth quarter
         of 2000.  Several factors were behind this moderate margin
         compression, the most important of which was the increase in the
         proportion of higher-cost sources of funds supporting the growing base
         of earning assets coupled with the lingering impact of the higher rate
         environment in 2000 on the cost of term deposits.  The first quarter
         of 2001 has also seen an increase in overall liquidity that, in the
         absence of strong loan demand, has flowed to investment vehicles with
         a smaller spread to the cost of funds.
     --  Excluding merger-related items totaling approximately $1.1 million and
         the net gains mentioned earlier, non-interest income in the first
         quarter of 2001 was 17%, or $3.1 million, higher than in 2000's first
         quarter.  Income from secondary mortgage market operations was up
         $.6 million, or more than double the level in the first quarter of
         2000.  Investment service income grew 41% mainly on increased demand
         for fixed income securities.  Trust service fees also improved, by
         10%, over the first quarter of 2000, and fees from credit and debit
         card activity grew 6%.  During the first quarter of 2001, management
         decided to shorten the holding period for student loans and the
         resulting sale of a significant portion of the existing portfolio
         generated gains of approximately $.9 million.  The base operations of
         banks purchased during 2000 contributed approximately $.4 million to
         the overall increase in non-interest income in 2001's first quarter.
     --  Non-interest expense before merger-related costs of $4.9 million was
         up 8%, or $4.3 million, compared to the first quarter of 2000.
         Personnel expense increased 7%, or $2.0 million, with the 2000
         acquisitions contributing approximately $.7 million of the total
         increase.  The remaining 5% increase reflects regular merit raises and
         incentive pay plan increases, a small rise in the full-time equivalent
         employee base related to increased overall business, and increases in
         the cost of medical and retirement benefit programs.  The 2000
         acquisitions also added $.7 million to the amortization of purchased
         intangibles in the first quarter of 2001 and impacted virtually all
         non-interest expense comparisons.
     --  Whitney provided $2.5 million for possible loan losses in the first
         quarter of 2001, compared to a $2.6 million provision in 2000's first
         quarter.  Non-performing assets were $29.2 million at March 31, 2001,
         or .65% of loans plus foreclosed assets and surplus bank property,
         compared to $27.4 million, or .68%, at March 31, 2000.  Over half of
         this increase is in surplus bank property that is already under
         contract for sale.  Net charge-offs were $1.0 million in the first
         quarter of 2001 compared to a small net recovery in the year-earlier
         quarter.  The reserve for possible loan losses was 1.37% of total
         loans at March 31, 2001, compared to 1.29% a year earlier.
 
     Average loans in the first quarter of 2001 were 14%, or $560 million,
 higher than the same period in 2000.  Lending activity was strong throughout
 2000, particularly in the commercial arena, and Whitney's entry into the
 Houston market in early 2000 produced good results.  The rate of loan growth
 slowed in the first quarter of 2001, with average loans up 1% over the fourth
 quarter of 2000, excluding the impact of the sale of a $40 million student
 loan portfolio in January.  This anticipated slowing was most evident in the
 commercial real estate lending area as developers took advantage of favorable
 permanent financing opportunities and the pace of new project development
 moderated.
     Average deposits were up 13%, or $598 million, in the first quarter of
 2001 compared to the first quarter of 2000.  Excluding the impact of deposits
 associated with bank operations acquired in 2000, the increase was
 approximately 9%.  First quarter 2001 deposits were up 5%, or $273 million,
 from the fourth quarter of 2000.  With the growth in deposits, average short-
 term borrowings in the first quarter of 2001 were 27%, or $195 million, below
 the level in the fourth quarter of 2000.
     At March 31, 2001, Whitney continued to show capital strength with a
 regulatory Tier 1 capital ratio of 11.56%, a total capital ratio of 12.77%,
 and a leverage ratio of 8.97%.
     Whitney Holding Corporation, through its banking subsidiaries Whitney
 National Bank and Bank of Prattville, has 128 banking locations in the five-
 state Gulf Coast region stretching from Houston, Texas; across southern
 Louisiana and the coastal region of Mississippi; to central and south Alabama;
 and into the panhandle of Florida.
     To the extent that this press release contains statements that are not
 historical facts, they should be considered forward-looking statements.
 Various important factors that might cause future results to differ from such
 forward-looking statements are described in more detail in Whitney's filings
 with the Securities and Exchange Commission.
 
 
                  WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                              FINANCIAL HIGHLIGHTS
 
     (dollars in        First       Fourth       Third     Second       First
      thousands,       Quarter     Quarter      Quarter    Quarter     Quarter
      except per        2001         2000        2000       2000        2000
      share data)
     INCOME DATA
     Net interest
      income        $   67,939  $   68,387  $   67,114  $   66,948  $   64,631
     Net interest
      income (tax-
      equivalent)   $   69,331  $   69,827  $   68,562  $   68,470  $   66,316
     Provision for
      possible loan
      losses        $    2,500  $    4,898  $    2,598  $    2,597  $    2,597
     Non-interest
      income (excluding
      securities
      transactions and
      merger-related
      items)        $   22,857  $   19,663  $   18,703  $   18,031  $   17,873
     Securities
      transactions  $       37  $      850  $      (13) $      ---  $       13
     Non-interest expense
      (excluding
      merger-related
      items)        $   57,962  $   57,005  $   55,929  $   55,490  $   53,653
     Merger-related
      items (net
      expense)      $    3,825  $    1,102  $      ---  $      ---  $      ---
     Net income     $   18,566  $   17,425  $   18,898  $   18,459  $   18,060
     Earnings before
      tax-effected
      merger-related
      items         $   20,266  $   18,141  $   18,898  $   18,459  $   18,060
 
     AVERAGE BALANCE SHEET DATA
     Loans          $4,531,536  $4,511,194  $4,320,926  $4,134,891  $3,971,271
     Investment in
      securities    $1,462,082  $1,480,551  $1,501,931  $1,490,137  $1,441,534
     Earning assets $6,108,016  $6,028,512  $5,888,185  $5,694,479  $5,469,730
     Total assets   $6,649,303  $6,548,409  $6,397,590  $6,209,152  $5,968,830
     Deposits       $5,366,320  $5,093,451  $4,914,591  $4,930,712  $4,768,396
     Shareholders'
      equity        $  674,556  $  651,614  $  623,932  $  611,714  $  603,669
 
     PER SHARE DATA
     Basic          $      .71  $      .67  $      .74  $      .72  $      .71
     Basic, before
      tax-effected
      merger-related
      items         $      .77  $      .70  $      .74  $      .72  $      .71
     Diluted        $      .70  $      .67  $      .74  $      .72  $      .71
     Diluted, before
      tax-effected
      merger-related
      items         $      .77  $      .70  $      .74  $      .72  $      .71
     Cash dividends
      per share     $      .38  $      .36  $      .36  $      .36  $      .36
     Book value
      per share,end
      of period     $    25.99  $    25.38  $    24.64  $    24.09  $    23.73
     Trading data
       High closing
        price       $    41.38  $    41.69  $    37.19  $    39.13  $    36.66
       Low closing
        price       $    36.00  $    33.13  $    33.38  $    31.75  $    31.50
       End-of-period
        closing
        price       $    39.56  $    36.31  $    36.31  $    34.19  $    32.63
       Trading
        volume       2,299,875   1,891,381   1,306,004   1,609,130   2,237,876
 
     RATIOS
     Return on
      average assets      1.13%       1.06%       1.18%       1.20%       1.22%
     Return on average
      assets before
      tax-effected
      merger-related
      items               1.24%       1.10%       1.18%       1.20%       1.22%
     Return on average
      shareholders'
      equity             11.16%      10.64%      12.05%      12.14%      12.03%
     Return on average
      shareholders' equity
      before tax-effected
      merger-related
      items              12.18%      11.08%      12.05%      12.14%      12.03%
     Net interest margin  4.58%       4.62%       4.64%       4.83%       4.87%
     Dividend payout
      ratio              54.84%      53.93%      48.15%      49.26%      49.06%
     Average loans as a
      percentage of
      average deposits   84.44%      88.57%      87.92%      83.86%      83.28%
     Efficiency ratio,
      before merger-
      related items      62.87%      63.70%      64.09%      64.15%      63.73%
     Non-interest income
      (excluding securities
      transactions and
      merger-related
      items) as a
      percentage of
      total revenue      24.79%      21.97%      21.43%       20.84%     21.23%
     Reserve for possible
      loan losses as a
      percentage of loans,
      at end of period    1.37%       1.33%       1.27%        1.25%      1.29%
     Non-performing assets
      as a percentage of
      loans plus foreclosed
      assets and surplus
      property, at end
      of period            .65%        .54%         .51%        .58%       .68%
     Average shareholders'
      equity as a
      percentage of
      average total
      assets             10.14%       9.95%        9.75%       9.85%     10.11%
     Leverage ratio,
      at end of period    8.97%       8.93%        8.82%       8.93%      9.07%
 
     OTHER PERFORMANCE MEASURES
     Earnings before
      tax-effected
      merger-related
      items          $  20,266   $  18,141    $  18,898   $  18,459  $  18,060
     Purchased
      intangibles
      amortization,
      net of tax         1,405       1,329        1,192       1,184        840
     Earnings before
      tax-effected
      merger related
      items and
      purchased
      intangibles
      amortization   $  21,671   $  19,470    $  20,090   $  19,643  $  18,900
 
     Earnings per
      share before
      tax-effected
      merger related
      items and
      purchased
      intangibles
      amortization:
       Basic           $   .82      $  .75       $  .79      $  .77     $  .74
       Diluted         $   .82      $  .75       $  .78      $  .77     $  .74
 
     Ratios before
      tax-effected
      merger related
      items and
      purchased
      intangibles
      amortization
      and balances:
       Return on average
        assets            1.34%       1.20%        1.26%       1.29%      1.28%
       Return on average
        shareholders'
        equity           13.03%      11.89%       12.81%      12.92%     12.59%
       Efficiency ratio  60.90%      61.77%       62.29%      62.35%     62.34%
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
 
                    WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                     DAILY AVERAGE CONSOLIDATED BALANCE SHEETS
 
 
     First           First
                                                      Quarter         Quarter
     (dollars in thousands)
     2001            2000
                  ASSETS
     EARNING ASSETS
       Loans                                      $  4,531,536    $  3,971,271
       Investment in securities
          Securities available for sale              1,081,774         358,274
          Securities held to maturity                  380,308       1,083,260
             Total investment in securities          1,462,082       1,441,534
       Federal funds sold and short-term investments   114,398          56,925
             Total earning assets                        6,108,016
     5,469,730
     NON-EARNING ASSETS
       Accrued interest receivable                      43,147          38,972
       Intangible assets                                86,074          52,039
       Other assets                                    474,054         457,952
       Reserve for possible loan losses                (61,988)        (49,863)
 
             Total assets                         $  6,649,303    $  5,968,830
 
                 LIABILITIES
     INTEREST-BEARING LIABILITIES
       Interest-bearing deposits
          NOW account deposits                    $    609,523    $    554,069
          Money market investment deposits             893,258         808,943
          Savings deposits                             449,913         467,036
          Other time deposits                        1,142,756         913,783
          Time deposits $100,000 and over              886,649         701,115
             Total interest-bearing deposits         3,982,099       3,444,946
 
       Short-term borrowings                           537,878         545,391
             Total interest-bearing liabilities      4,519,977       3,990,337
 
          NON-INTEREST-BEARING LIABILITIES
       Non-interest-bearing deposits                 1,384,221       1,323,450
       Accrued interest payable                         27,632          16,512
       Other liabilities                                42,917          34,862
             Total liabilities                       5,974,747       5,365,161
 
                 SHAREHOLDERS' EQUITY                  674,556         603,669
 
             Total liabilities and shareholders'
              equity                              $  6,649,303    $  5,968,830
 
     EARNING ASSETS LESS
      INTEREST-BEARING LIABILITIES                $  1,588,039    $  1,479,393
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
 
                    WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEETS
 
                                         March 31     December 31     March 31
     (dollars in thousands)                2001          2000           2000
                ASSETS
       Cash and due from financial
        institutions                $    220,319   $    273,121   $    224,360
       Investment in securities
          Securities available
           for sale                    1,077,027        537,262        428,743
          Securities held to maturity    348,563        924,927      1,058,784
             Total investment
              in securities            1,425,590      1,462,189      1,487,527
       Federal funds sold
        and short-term investments       315,257         15,270         63,218
       Loans                           4,513,617      4,601,492      4,023,667
          Reserve for possible
           loan losses                   (61,846)       (61,017)       (51,709)
             Net loans                 4,451,771      4,540,475      3,971,958
       Bank premises and equipment       170,637        174,450        179,049
       Accrued interest receivable        41,115         44,203         39,120
       Intangible assets                  85,196         87,017         76,455
       Other assets                       60,074         53,540         58,619
             Total assets           $  6,769,959   $  6,650,265   $  6,100,306
 
               LIABILITIES
       Non-interest-bearing
        demand deposits             $  1,409,675   $  1,473,432   $  1,367,148
       Interest-bearing deposits       4,053,848      3,859,042      3,571,570
             Total deposits            5,463,523      5,332,474      4,938,718
 
       Short-term borrowings             544,195        586,477        497,661
       Accrued interest payable           27,141         23,492         16,403
       Accounts payable
        and other accrued liabilities     52,434         42,058         43,387
             Total liabilities         6,087,293      5,984,501      5,496,169
 
           SHAREHOLDERS'  EQUITY
       Common stock, no par value          2,800          2,800          2,800
       Capital surplus                   146,469        158,083        157,928
       Retained earnings                 529,605        521,220        494,029
       Accumulated other
        comprehensive income               8,440          1,657         (6,616)
       Treasury stock at cost                ---        (13,680)       (40,883)
       Unearned restricted
        stock compensation                (4,648)        (4,316)        (3,121)
             Total shareholders' equity  682,666        665,764        604,137
             Total liabilities and
              shareholders' equity  $  6,769,959   $  6,650,265   $  6,100,306
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
 
                    WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                         CONSOLIDATED STATEMENTS OF INCOME
 
                                                          First        First
                                                         Quarter      Quarter
     (dollars in thousands, except per share data)        2001         2000
     INTEREST INCOME
       Interest and fees on loans                   $    93,495   $    81,401
       Interest and dividends on investments             21,811        21,110
       Interest on federal funds sold and
          short-term investments                          1,515           794
         Total interest income                          116,821       103,305
 
     INTEREST EXPENSE
       Interest on deposits                              42,813        32,406
       Interest on short-term borrowings                  6,069         6,268
         Total interest expense                          48,882        38,674
 
     NET INTEREST INCOME                                 67,939        64,631
     PROVISION FOR POSSIBLE LOAN LOSSES                   2,500         2,597
 
     NET INTEREST INCOME AFTER PROVISION
      FOR POSSIBLE LOAN LOSSES                           65,439        62,034
 
     NON-INTEREST INCOME
       Service charges on deposit accounts                7,821         7,267
       Credit card income                                 3,926         3,705
       Trust service fees                                 2,461         2,243
       Other non-interest income                          9,736         4,658
       Securities transactions                               37            13
         Total non-interest income                       23,981        17,886
 
     NON-INTEREST EXPENSE
       Employee compensation                             26,366        22,823
       Employee benefits                                  4,927         4,471
         Total personnel expense                         31,293        27,294
       Equipment and data processing expense              6,914         5,837
       Net occupancy expense                              5,170         4,651
       Legal and professional fees                        3,091           988
       Credit card processing services                    2,544         2,627
       Telecommunication and postage                      2,152         2,127
       Amortization of intangibles                        1,820         1,168
       Ad valorem taxes                                   1,764         1,688
       Other non-interest expense                         8,126         7,273
         Total non-interest expense                      62,874        53,653
 
     INCOME BEFORE INCOME TAXES                          26,546        26,267
     INCOME TAX EXPENSE                                   7,980         8,207
 
     NET INCOME                                     $    18,566   $    18,060
 
     EARNINGS PER SHARE
       Basic                                           $    .71      $    .71
       Diluted                                         $    .70      $    .71
 
     WEIGHTED-AVERAGE SHARES
      OUTSTANDING
       Basic                                         26,275,067    25,485,895
       Diluted                                       26,353,693    25,544,257
 
     CASH DIVIDENDS PER SHARE                          $    .38      $    .36
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
 
                    WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                    SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)*
 
                                                                First    First
                                                               Quarter  Quarter
                                                                 2001     2000
                   EARNING ASSETS
 
          Loans**                                                 8.38%   8.27%
          Investment in securities                                6.28    6.26
          Federal funds sold and short-term investments           5.37    5.61
                  Total interest-earning assets                   7.82%   7.71%
 
             INTEREST-BEARING LIABILITIES
 
          Interest-bearing deposits
              NOW account deposits                                1.54%   1.49%
              Money market investment deposits                    3.92    3.81
              Savings deposits                                    1.99    2.03
              Other time deposits                                 5.88    4.88
              Time deposits $100,000 and over                     5.98    5.30
                  Total interest-bearing deposits                 4.36    3.78
 
          Short-term borrowings                                   4.58    4.62
                  Total interest-bearing liabilities              4.39%   3.90%
 
          NET INTEREST SPREAD (tax-equivalent)
          Yield on earning assets less cost of interest-
           bearing liabilities                                    3.43%   3.81%
 
          NET INTEREST MARGIN (tax-equivalent)
          Net interest income (tax-equivalent) as a
           percentage of average earning assets                   4.58%   4.87%
 
                     COST OF FUNDS
          Interest expense as a percentage of average interest-
           bearing liabilities plus interest-free funds           3.24%   2.84%
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
          * Based on a 35% tax rate.
         ** Net of unearned income, before deducting the reserve for possible
            loan losses and including loans accounted for on a non-accrual
            basis.
 
 
                    WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                                    LOAN QUALITY
 
                                                          First         First
                                                         Quarter       Quarter
     (dollars in thousands)                               2001          2000
             RESERVE FOR POSSIBLE LOAN LOSSES
 
     Reserve for possible loan losses
      at beginning of period                        $    61,017    $   47,543
     Reserves acquired in bank purchase                     ---         1,461
     Reserves on loans transferred to held for sale        (630)          ---
     Provision for possible loan losses                   2,500         2,597
     Loans charged off during period                     (2,506)       (1,612)
     Recoveries on loans previously charged off           1,465         1,720
          Net loans (charged off) recovered
           during period                                 (1,041)          108
     Reserve for possible loan losses
      at end of period                              $    61,846    $   51,709
 
     Net annualized charge-offs (recoveries)
      as a percentage of average loans                      .09%         (.01)%
 
     Gross annualized charge-offs as a percentage of
      average loans                                         .22%          .16 %
 
     Recoveries as a percentage of gross charge-offs      58.46%       106.70 %
 
     Reserve for possible loan losses as a percentage of
      loans, at end of period                              1.37%         1.29 %
 
 
                                                         March 31    March 31
                                                           2001        2000
               NON-PERFORMING ASSETS
 
     Loans accounted for on a non-accrual basis     $    26,084    $  25,348
     Restructured loans                                     453          507
          Total non-performing loans                     26,537       25,855
     Foreclosed assets and surplus property               2,644        1,554
          Total non-performing assets               $    29,181    $  27,409
 
     Non-performing assets as a percentage
      of loans plus foreclosed assets and surplus
      property, at end of period                            .65%         .68%
 
     Reserve for possible loan losses as a percentage of
      non-accruing loans, at end of period               237.10%      204.00%
 
     Reserve for possible loan losses as a percentage of
      non-performing loans, at end of period             233.06%      200.00%
 
     Loans 90 days past due still accruing          $     3,500    $   3,340
 
     Loans 90 days past due still accruing as a
      percentage of loans, at end of period                 .08%         .08%
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
 

SOURCE Whitney Holding Corporation
    NEW ORLEANS, April 19 /PRNewswire/ --
 Whitney Holding Corporation (Nasdaq: WTNY) earned $.77 per share, or
 $20.3 million, in the first quarter of 2001, an 8% increase over the $.71 per
 share, or $18.1 million, reported for the first quarter of 2000.  Including
 the impact of tax-effected merger-related items, first quarter 2001 net income
 was $.71 per share, or $18.6 million.  Non-interest income for the first
 quarter of 2001 includes approximately $2.4 million of net gains on
 dispositions of banking facilities and pre-1933 assets.  Similar net gains
 totaled $.4 million in 2000's first quarter.
     In January 2001, Whitney completed its acquisition of American Bank in
 Houston, Texas, and Prattville Financial Services Corporation, the parent of
 Bank of Prattville in the Montgomery, Alabama area.  Whitney issued a combined
 2,875,127 shares of common stock in these transactions, each of which has been
 accounted for as a pooling of interests.  Prior period financial information
 has been restated accordingly.
     Whitney's two business acquisitions in 2000 were accounted for as
 purchases.  Excluding the after-tax effect of the amortization of purchased
 intangibles acquired in these and other earlier transactions, Whitney earned
 $.82 per share in the first quarter of 2001, again before tax-effected merger-
 related items, compared to $.74 per share in 2000's first quarter, an increase
 of 11%.  Other comparative performance measurements excluding the impact of
 purchased intangibles are presented in the accompanying Financial Highlights
 table.
 
     Selected highlights from the first quarter's results follow:
     --  Net interest income (TE) increased 5%, or $3.0 million, from the first
         quarter of 2000, fueled primarily by loan growth between these
         periods.  The net interest margin was 4.58% for the first quarter of
         2001, a 29 basis point decrease from the 4.87% margin for the year-
         earlier quarter, but down only 4 basis points from the fourth quarter
         of 2000.  Several factors were behind this moderate margin
         compression, the most important of which was the increase in the
         proportion of higher-cost sources of funds supporting the growing base
         of earning assets coupled with the lingering impact of the higher rate
         environment in 2000 on the cost of term deposits.  The first quarter
         of 2001 has also seen an increase in overall liquidity that, in the
         absence of strong loan demand, has flowed to investment vehicles with
         a smaller spread to the cost of funds.
     --  Excluding merger-related items totaling approximately $1.1 million and
         the net gains mentioned earlier, non-interest income in the first
         quarter of 2001 was 17%, or $3.1 million, higher than in 2000's first
         quarter.  Income from secondary mortgage market operations was up
         $.6 million, or more than double the level in the first quarter of
         2000.  Investment service income grew 41% mainly on increased demand
         for fixed income securities.  Trust service fees also improved, by
         10%, over the first quarter of 2000, and fees from credit and debit
         card activity grew 6%.  During the first quarter of 2001, management
         decided to shorten the holding period for student loans and the
         resulting sale of a significant portion of the existing portfolio
         generated gains of approximately $.9 million.  The base operations of
         banks purchased during 2000 contributed approximately $.4 million to
         the overall increase in non-interest income in 2001's first quarter.
     --  Non-interest expense before merger-related costs of $4.9 million was
         up 8%, or $4.3 million, compared to the first quarter of 2000.
         Personnel expense increased 7%, or $2.0 million, with the 2000
         acquisitions contributing approximately $.7 million of the total
         increase.  The remaining 5% increase reflects regular merit raises and
         incentive pay plan increases, a small rise in the full-time equivalent
         employee base related to increased overall business, and increases in
         the cost of medical and retirement benefit programs.  The 2000
         acquisitions also added $.7 million to the amortization of purchased
         intangibles in the first quarter of 2001 and impacted virtually all
         non-interest expense comparisons.
     --  Whitney provided $2.5 million for possible loan losses in the first
         quarter of 2001, compared to a $2.6 million provision in 2000's first
         quarter.  Non-performing assets were $29.2 million at March 31, 2001,
         or .65% of loans plus foreclosed assets and surplus bank property,
         compared to $27.4 million, or .68%, at March 31, 2000.  Over half of
         this increase is in surplus bank property that is already under
         contract for sale.  Net charge-offs were $1.0 million in the first
         quarter of 2001 compared to a small net recovery in the year-earlier
         quarter.  The reserve for possible loan losses was 1.37% of total
         loans at March 31, 2001, compared to 1.29% a year earlier.
 
     Average loans in the first quarter of 2001 were 14%, or $560 million,
 higher than the same period in 2000.  Lending activity was strong throughout
 2000, particularly in the commercial arena, and Whitney's entry into the
 Houston market in early 2000 produced good results.  The rate of loan growth
 slowed in the first quarter of 2001, with average loans up 1% over the fourth
 quarter of 2000, excluding the impact of the sale of a $40 million student
 loan portfolio in January.  This anticipated slowing was most evident in the
 commercial real estate lending area as developers took advantage of favorable
 permanent financing opportunities and the pace of new project development
 moderated.
     Average deposits were up 13%, or $598 million, in the first quarter of
 2001 compared to the first quarter of 2000.  Excluding the impact of deposits
 associated with bank operations acquired in 2000, the increase was
 approximately 9%.  First quarter 2001 deposits were up 5%, or $273 million,
 from the fourth quarter of 2000.  With the growth in deposits, average short-
 term borrowings in the first quarter of 2001 were 27%, or $195 million, below
 the level in the fourth quarter of 2000.
     At March 31, 2001, Whitney continued to show capital strength with a
 regulatory Tier 1 capital ratio of 11.56%, a total capital ratio of 12.77%,
 and a leverage ratio of 8.97%.
     Whitney Holding Corporation, through its banking subsidiaries Whitney
 National Bank and Bank of Prattville, has 128 banking locations in the five-
 state Gulf Coast region stretching from Houston, Texas; across southern
 Louisiana and the coastal region of Mississippi; to central and south Alabama;
 and into the panhandle of Florida.
     To the extent that this press release contains statements that are not
 historical facts, they should be considered forward-looking statements.
 Various important factors that might cause future results to differ from such
 forward-looking statements are described in more detail in Whitney's filings
 with the Securities and Exchange Commission.
 
 
                  WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                              FINANCIAL HIGHLIGHTS
 
     (dollars in        First       Fourth       Third     Second       First
      thousands,       Quarter     Quarter      Quarter    Quarter     Quarter
      except per        2001         2000        2000       2000        2000
      share data)
     INCOME DATA
     Net interest
      income        $   67,939  $   68,387  $   67,114  $   66,948  $   64,631
     Net interest
      income (tax-
      equivalent)   $   69,331  $   69,827  $   68,562  $   68,470  $   66,316
     Provision for
      possible loan
      losses        $    2,500  $    4,898  $    2,598  $    2,597  $    2,597
     Non-interest
      income (excluding
      securities
      transactions and
      merger-related
      items)        $   22,857  $   19,663  $   18,703  $   18,031  $   17,873
     Securities
      transactions  $       37  $      850  $      (13) $      ---  $       13
     Non-interest expense
      (excluding
      merger-related
      items)        $   57,962  $   57,005  $   55,929  $   55,490  $   53,653
     Merger-related
      items (net
      expense)      $    3,825  $    1,102  $      ---  $      ---  $      ---
     Net income     $   18,566  $   17,425  $   18,898  $   18,459  $   18,060
     Earnings before
      tax-effected
      merger-related
      items         $   20,266  $   18,141  $   18,898  $   18,459  $   18,060
 
     AVERAGE BALANCE SHEET DATA
     Loans          $4,531,536  $4,511,194  $4,320,926  $4,134,891  $3,971,271
     Investment in
      securities    $1,462,082  $1,480,551  $1,501,931  $1,490,137  $1,441,534
     Earning assets $6,108,016  $6,028,512  $5,888,185  $5,694,479  $5,469,730
     Total assets   $6,649,303  $6,548,409  $6,397,590  $6,209,152  $5,968,830
     Deposits       $5,366,320  $5,093,451  $4,914,591  $4,930,712  $4,768,396
     Shareholders'
      equity        $  674,556  $  651,614  $  623,932  $  611,714  $  603,669
 
     PER SHARE DATA
     Basic          $      .71  $      .67  $      .74  $      .72  $      .71
     Basic, before
      tax-effected
      merger-related
      items         $      .77  $      .70  $      .74  $      .72  $      .71
     Diluted        $      .70  $      .67  $      .74  $      .72  $      .71
     Diluted, before
      tax-effected
      merger-related
      items         $      .77  $      .70  $      .74  $      .72  $      .71
     Cash dividends
      per share     $      .38  $      .36  $      .36  $      .36  $      .36
     Book value
      per share,end
      of period     $    25.99  $    25.38  $    24.64  $    24.09  $    23.73
     Trading data
       High closing
        price       $    41.38  $    41.69  $    37.19  $    39.13  $    36.66
       Low closing
        price       $    36.00  $    33.13  $    33.38  $    31.75  $    31.50
       End-of-period
        closing
        price       $    39.56  $    36.31  $    36.31  $    34.19  $    32.63
       Trading
        volume       2,299,875   1,891,381   1,306,004   1,609,130   2,237,876
 
     RATIOS
     Return on
      average assets      1.13%       1.06%       1.18%       1.20%       1.22%
     Return on average
      assets before
      tax-effected
      merger-related
      items               1.24%       1.10%       1.18%       1.20%       1.22%
     Return on average
      shareholders'
      equity             11.16%      10.64%      12.05%      12.14%      12.03%
     Return on average
      shareholders' equity
      before tax-effected
      merger-related
      items              12.18%      11.08%      12.05%      12.14%      12.03%
     Net interest margin  4.58%       4.62%       4.64%       4.83%       4.87%
     Dividend payout
      ratio              54.84%      53.93%      48.15%      49.26%      49.06%
     Average loans as a
      percentage of
      average deposits   84.44%      88.57%      87.92%      83.86%      83.28%
     Efficiency ratio,
      before merger-
      related items      62.87%      63.70%      64.09%      64.15%      63.73%
     Non-interest income
      (excluding securities
      transactions and
      merger-related
      items) as a
      percentage of
      total revenue      24.79%      21.97%      21.43%       20.84%     21.23%
     Reserve for possible
      loan losses as a
      percentage of loans,
      at end of period    1.37%       1.33%       1.27%        1.25%      1.29%
     Non-performing assets
      as a percentage of
      loans plus foreclosed
      assets and surplus
      property, at end
      of period            .65%        .54%         .51%        .58%       .68%
     Average shareholders'
      equity as a
      percentage of
      average total
      assets             10.14%       9.95%        9.75%       9.85%     10.11%
     Leverage ratio,
      at end of period    8.97%       8.93%        8.82%       8.93%      9.07%
 
     OTHER PERFORMANCE MEASURES
     Earnings before
      tax-effected
      merger-related
      items          $  20,266   $  18,141    $  18,898   $  18,459  $  18,060
     Purchased
      intangibles
      amortization,
      net of tax         1,405       1,329        1,192       1,184        840
     Earnings before
      tax-effected
      merger related
      items and
      purchased
      intangibles
      amortization   $  21,671   $  19,470    $  20,090   $  19,643  $  18,900
 
     Earnings per
      share before
      tax-effected
      merger related
      items and
      purchased
      intangibles
      amortization:
       Basic           $   .82      $  .75       $  .79      $  .77     $  .74
       Diluted         $   .82      $  .75       $  .78      $  .77     $  .74
 
     Ratios before
      tax-effected
      merger related
      items and
      purchased
      intangibles
      amortization
      and balances:
       Return on average
        assets            1.34%       1.20%        1.26%       1.29%      1.28%
       Return on average
        shareholders'
        equity           13.03%      11.89%       12.81%      12.92%     12.59%
       Efficiency ratio  60.90%      61.77%       62.29%      62.35%     62.34%
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
 
                    WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                     DAILY AVERAGE CONSOLIDATED BALANCE SHEETS
 
 
     First           First
                                                      Quarter         Quarter
     (dollars in thousands)
     2001            2000
                  ASSETS
     EARNING ASSETS
       Loans                                      $  4,531,536    $  3,971,271
       Investment in securities
          Securities available for sale              1,081,774         358,274
          Securities held to maturity                  380,308       1,083,260
             Total investment in securities          1,462,082       1,441,534
       Federal funds sold and short-term investments   114,398          56,925
             Total earning assets                        6,108,016
     5,469,730
     NON-EARNING ASSETS
       Accrued interest receivable                      43,147          38,972
       Intangible assets                                86,074          52,039
       Other assets                                    474,054         457,952
       Reserve for possible loan losses                (61,988)        (49,863)
 
             Total assets                         $  6,649,303    $  5,968,830
 
                 LIABILITIES
     INTEREST-BEARING LIABILITIES
       Interest-bearing deposits
          NOW account deposits                    $    609,523    $    554,069
          Money market investment deposits             893,258         808,943
          Savings deposits                             449,913         467,036
          Other time deposits                        1,142,756         913,783
          Time deposits $100,000 and over              886,649         701,115
             Total interest-bearing deposits         3,982,099       3,444,946
 
       Short-term borrowings                           537,878         545,391
             Total interest-bearing liabilities      4,519,977       3,990,337
 
          NON-INTEREST-BEARING LIABILITIES
       Non-interest-bearing deposits                 1,384,221       1,323,450
       Accrued interest payable                         27,632          16,512
       Other liabilities                                42,917          34,862
             Total liabilities                       5,974,747       5,365,161
 
                 SHAREHOLDERS' EQUITY                  674,556         603,669
 
             Total liabilities and shareholders'
              equity                              $  6,649,303    $  5,968,830
 
     EARNING ASSETS LESS
      INTEREST-BEARING LIABILITIES                $  1,588,039    $  1,479,393
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
 
                    WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEETS
 
                                         March 31     December 31     March 31
     (dollars in thousands)                2001          2000           2000
                ASSETS
       Cash and due from financial
        institutions                $    220,319   $    273,121   $    224,360
       Investment in securities
          Securities available
           for sale                    1,077,027        537,262        428,743
          Securities held to maturity    348,563        924,927      1,058,784
             Total investment
              in securities            1,425,590      1,462,189      1,487,527
       Federal funds sold
        and short-term investments       315,257         15,270         63,218
       Loans                           4,513,617      4,601,492      4,023,667
          Reserve for possible
           loan losses                   (61,846)       (61,017)       (51,709)
             Net loans                 4,451,771      4,540,475      3,971,958
       Bank premises and equipment       170,637        174,450        179,049
       Accrued interest receivable        41,115         44,203         39,120
       Intangible assets                  85,196         87,017         76,455
       Other assets                       60,074         53,540         58,619
             Total assets           $  6,769,959   $  6,650,265   $  6,100,306
 
               LIABILITIES
       Non-interest-bearing
        demand deposits             $  1,409,675   $  1,473,432   $  1,367,148
       Interest-bearing deposits       4,053,848      3,859,042      3,571,570
             Total deposits            5,463,523      5,332,474      4,938,718
 
       Short-term borrowings             544,195        586,477        497,661
       Accrued interest payable           27,141         23,492         16,403
       Accounts payable
        and other accrued liabilities     52,434         42,058         43,387
             Total liabilities         6,087,293      5,984,501      5,496,169
 
           SHAREHOLDERS'  EQUITY
       Common stock, no par value          2,800          2,800          2,800
       Capital surplus                   146,469        158,083        157,928
       Retained earnings                 529,605        521,220        494,029
       Accumulated other
        comprehensive income               8,440          1,657         (6,616)
       Treasury stock at cost                ---        (13,680)       (40,883)
       Unearned restricted
        stock compensation                (4,648)        (4,316)        (3,121)
             Total shareholders' equity  682,666        665,764        604,137
             Total liabilities and
              shareholders' equity  $  6,769,959   $  6,650,265   $  6,100,306
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
 
                    WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                         CONSOLIDATED STATEMENTS OF INCOME
 
                                                          First        First
                                                         Quarter      Quarter
     (dollars in thousands, except per share data)        2001         2000
     INTEREST INCOME
       Interest and fees on loans                   $    93,495   $    81,401
       Interest and dividends on investments             21,811        21,110
       Interest on federal funds sold and
          short-term investments                          1,515           794
         Total interest income                          116,821       103,305
 
     INTEREST EXPENSE
       Interest on deposits                              42,813        32,406
       Interest on short-term borrowings                  6,069         6,268
         Total interest expense                          48,882        38,674
 
     NET INTEREST INCOME                                 67,939        64,631
     PROVISION FOR POSSIBLE LOAN LOSSES                   2,500         2,597
 
     NET INTEREST INCOME AFTER PROVISION
      FOR POSSIBLE LOAN LOSSES                           65,439        62,034
 
     NON-INTEREST INCOME
       Service charges on deposit accounts                7,821         7,267
       Credit card income                                 3,926         3,705
       Trust service fees                                 2,461         2,243
       Other non-interest income                          9,736         4,658
       Securities transactions                               37            13
         Total non-interest income                       23,981        17,886
 
     NON-INTEREST EXPENSE
       Employee compensation                             26,366        22,823
       Employee benefits                                  4,927         4,471
         Total personnel expense                         31,293        27,294
       Equipment and data processing expense              6,914         5,837
       Net occupancy expense                              5,170         4,651
       Legal and professional fees                        3,091           988
       Credit card processing services                    2,544         2,627
       Telecommunication and postage                      2,152         2,127
       Amortization of intangibles                        1,820         1,168
       Ad valorem taxes                                   1,764         1,688
       Other non-interest expense                         8,126         7,273
         Total non-interest expense                      62,874        53,653
 
     INCOME BEFORE INCOME TAXES                          26,546        26,267
     INCOME TAX EXPENSE                                   7,980         8,207
 
     NET INCOME                                     $    18,566   $    18,060
 
     EARNINGS PER SHARE
       Basic                                           $    .71      $    .71
       Diluted                                         $    .70      $    .71
 
     WEIGHTED-AVERAGE SHARES
      OUTSTANDING
       Basic                                         26,275,067    25,485,895
       Diluted                                       26,353,693    25,544,257
 
     CASH DIVIDENDS PER SHARE                          $    .38      $    .36
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
 
                    WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                    SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)*
 
                                                                First    First
                                                               Quarter  Quarter
                                                                 2001     2000
                   EARNING ASSETS
 
          Loans**                                                 8.38%   8.27%
          Investment in securities                                6.28    6.26
          Federal funds sold and short-term investments           5.37    5.61
                  Total interest-earning assets                   7.82%   7.71%
 
             INTEREST-BEARING LIABILITIES
 
          Interest-bearing deposits
              NOW account deposits                                1.54%   1.49%
              Money market investment deposits                    3.92    3.81
              Savings deposits                                    1.99    2.03
              Other time deposits                                 5.88    4.88
              Time deposits $100,000 and over                     5.98    5.30
                  Total interest-bearing deposits                 4.36    3.78
 
          Short-term borrowings                                   4.58    4.62
                  Total interest-bearing liabilities              4.39%   3.90%
 
          NET INTEREST SPREAD (tax-equivalent)
          Yield on earning assets less cost of interest-
           bearing liabilities                                    3.43%   3.81%
 
          NET INTEREST MARGIN (tax-equivalent)
          Net interest income (tax-equivalent) as a
           percentage of average earning assets                   4.58%   4.87%
 
                     COST OF FUNDS
          Interest expense as a percentage of average interest-
           bearing liabilities plus interest-free funds           3.24%   2.84%
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
          * Based on a 35% tax rate.
         ** Net of unearned income, before deducting the reserve for possible
            loan losses and including loans accounted for on a non-accrual
            basis.
 
 
                    WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
                                    LOAN QUALITY
 
                                                          First         First
                                                         Quarter       Quarter
     (dollars in thousands)                               2001          2000
             RESERVE FOR POSSIBLE LOAN LOSSES
 
     Reserve for possible loan losses
      at beginning of period                        $    61,017    $   47,543
     Reserves acquired in bank purchase                     ---         1,461
     Reserves on loans transferred to held for sale        (630)          ---
     Provision for possible loan losses                   2,500         2,597
     Loans charged off during period                     (2,506)       (1,612)
     Recoveries on loans previously charged off           1,465         1,720
          Net loans (charged off) recovered
           during period                                 (1,041)          108
     Reserve for possible loan losses
      at end of period                              $    61,846    $   51,709
 
     Net annualized charge-offs (recoveries)
      as a percentage of average loans                      .09%         (.01)%
 
     Gross annualized charge-offs as a percentage of
      average loans                                         .22%          .16 %
 
     Recoveries as a percentage of gross charge-offs      58.46%       106.70 %
 
     Reserve for possible loan losses as a percentage of
      loans, at end of period                              1.37%         1.29 %
 
 
                                                         March 31    March 31
                                                           2001        2000
               NON-PERFORMING ASSETS
 
     Loans accounted for on a non-accrual basis     $    26,084    $  25,348
     Restructured loans                                     453          507
          Total non-performing loans                     26,537       25,855
     Foreclosed assets and surplus property               2,644        1,554
          Total non-performing assets               $    29,181    $  27,409
 
     Non-performing assets as a percentage
      of loans plus foreclosed assets and surplus
      property, at end of period                            .65%         .68%
 
     Reserve for possible loan losses as a percentage of
      non-accruing loans, at end of period               237.10%      204.00%
 
     Reserve for possible loan losses as a percentage of
      non-performing loans, at end of period             233.06%      200.00%
 
     Loans 90 days past due still accruing          $     3,500    $   3,340
 
     Loans 90 days past due still accruing as a
      percentage of loans, at end of period                 .08%         .08%
 
     Note:  Prior period information has been restated to give effect to
 mergers accounted for as poolings of interests.
 
 SOURCE  Whitney Holding Corporation