<PAGE>
November 13, 1995
Securities and Exchange Commission
450 Fifth St., N.W.
Judiciary Plaza
Washington, D.C. 20549-1004
Via Edgar Electronic Filing System
In Re: File Number 0-1026
------------------
Gentlemen:
Pursuant to regulations of the Securities and Exchange Commission,
submitted herewith for filing on behalf of Whitney Holding Corporation
(the "Company") is the Company's Report on Form 10-Q for the period ended
September 30, 1995.
This filing is being effected by direct transmission to the Commission's
EDGAR System.
Sincerely,
/s/ Edward B. Grimball
Edward B. Grimball
Executive Vice President &
Chief Financial Officer
(504) 586-7570
EBG/drm
<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____________________to___________________________
Commission file number 0-1026
WHITNEY HOLDING CORPORATION
(Exact name of registrant as specified in its charter)
Louisiana 72-6017893
--------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
228 St. Charles Avenue, New Orleans, Louisiana 70130
--------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(504) 586-7272
--------------------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding twelve months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
The Company has only one class of common stock, of which 14,847,422 shares were
outstanding on October 31, 1995.
An exhibit index appears on page 17.
Page 1 of 20 Pages
<PAGE>
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
<TABLE>
<CAPTION>
TABLE OF CONTENTS
Page
<S> <C>
Part I. Financial Information
Item 1. Financial Statements:
Consolidated Balance Sheets..................................3
Consolidated Statements of Operations........................4
Consolidated Statements of Cash Flows........................5
Notes to Financial Statements................................6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations....................................8
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K..................................17
Signature.....................................................................19
</TABLE>
Page 2 of 20 Pages
<PAGE>
<TABLE>
<CAPTION>
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
September 30, December 31,
ASSETS 1995 1994
------------- ------------
(unaudited)
<S> <C> <C>
Cash and due from financial institutions.......................................................... $175,568 $196,850
Investment in securities:
Securities available for sale (at fair value)................................................ 131,669 137,335
Securities held to maturity (fair value of $1,240,961 in 1995 and $1,350,581 in 1994)........ 1,237,348 1,395,643
Federal funds sold................................................................................ 11,300 17,600
Loans............................................................................................. 1,259,609 1,060,167
Less reserve for possible loan losses............................................................. 34,112 34,425
------------- ------------
Loans, net..................................................................................... 1,225,497 1,025,742
Bank premises and equipment, net.................................................................. 69,248 63,209
Other real estate owned, net...................................................................... 5,136 6,685
Accrued income receivable......................................................................... 29,086 31,580
Other assets...................................................................................... 53,910 38,013
------------- ------------
TOTAL ASSETS............................................................................ $2,938,762 $2,912,657
============= ============
LIABILITIES
Deposits:
Non-interest-bearing demand deposits......................................................... $791,442 $768,811
Interest-bearing deposits.................................................................... 1,633,787 1,642,252
------------- ------------
Total deposits........................................................................... 2,425,229 2,411,063
Federal funds purchased and securities sold under repurchase agreements.......................... 157,886 179,806
Dividends payable................................................................................. 2,966 2,488
Other liabilities................................................................................. 23,154 21,621
------------- ------------
TOTAL LIABILITIES....................................................................... $2,609,235 $2,614,978
------------- ------------
SHAREHOLDERS' EQUITY
Common stock, no par value: 40,000,000 shares authorized, 15,396,964 shares
issued and 14,832,410 shares outstanding in 1995, 15,242,505 shares issued
and 14,634,701 shares outstanding in 1994..................................................... $2,800 $2,800
Capital surplus................................................................................... 56,164 51,608
Retained earnings................................................................................. 278,507 256,041
Net unrealized gain (loss) on securities available for sale, net of tax effect of $(9) in.........
1995 and $2,755 in 1994....................................................................... 16 (5,118)
------------- ------------
Total................................................................................... 337,487 305,331
Treasury stock at cost, 564,554 shares in 1995 and 607,804
shares in 1994, and unearned restricted stock compensation..................................... 7,960 7,652
------------- ------------
TOTAL SHAREHOLDERS' EQUITY.............................................................. $329,527 $297,679
------------- ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY.............................................................. $2,938,762 $2,912,657
============= ============
The accompanying notes are an integral part of these financial statements.
</TABLE>
Page 3 of 20 Pages
<PAGE>
<TABLE>
<CAPTION>
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts, unaudited) FOR THE 3 MONTHS FOR THE 9 MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
1995 1994 1995 1994
---------- --------- ---------- ---------
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans................................................. $28,871 $23,198 $79,049 $61,442
Interest and dividends on investments-
U.S. Treasury and agency securities.................................. 15,484 17,642 48,222 53,596
Mortgage-backed securities........................................... 2,178 2,475 6,760 7,810
Obligations of states and political subdivisions..................... 1,614 1,612 4,901 4,790
Federal Reserve and corporate securities............................. 164 589 882 1,779
Interest on federal funds sold............................................. 1,300 494 2,271 1,978
------------------------ ------------------------
TOTAL.......................................................... $49,611 $46,010 $142,085 $131,395
------------------------ ------------------------
INTEREST EXPENSE
Interest on deposits....................................................... $14,234 $11,560 $40,055 $33,207
Interest on federal funds purchased and securities
sold under repurchase agreement...................................... 2,454 1,578 7,311 5,105
------------------------ ------------------------
TOTAL.......................................................... $16,688 $13,138 $47,366 $38,312
------------------------ ------------------------
Net interest income........................................................ $32,923 $32,872 $94,719 $93,083
Provision for possible loan losses:
Expense of providing loss reserves..................................... - - - -
Loss reserve reduction................................................. (10,000) (6,139) (10,000) (16,139)
------------------------ ------------------------
Net interest income after provision for possible loan losses............... $42,923 $39,011 $104,719 $109,222
------------------------ ------------------------
NON-INTEREST INCOME
Gain on sale of securities................................................. $ - $ - $ - $ 44
Other non-interest income.................................................. 7,539 7,651 23,653 24,974
------------------------ ------------------------
TOTAL.......................................................... $7,539 $7,651 $23,653 $25,018
------------------------ ------------------------
NON-INTEREST EXPENSE
Salaries and employee benefits............................................. $15,164 $13,526 $42,828 $39,911
Occupancy of bank premises, net............................................ 1,953 1,795 5,553 5,128
Other non-interest expenses................................................ 10,666 11,336 34,101 31,919
------------------------ ------------------------
TOTAL.......................................................... $27,783 $26,657 $82,482 $76,958
------------------------ ------------------------
Income before income taxes................................................. $22,679 $20,005 $45,890 $57,282
Income tax expense......................................................... 7,474 6,493 14,525 18,579
------------------------ ------------------------
Net income................................................................. $15,205 $13,512 $31,365 $38,703
======================== ========================
Earnings per share $1.03 $0.93 $2.12 $2.66
======================== ========================
Weighted average number of
shares outstanding...................................................... 14,813,871 14,591,963 14,761,273 14,533,596
======================== ========================
The accompanying notes are an integral part of these financial statements.
</TABLE>
Page 4 of 20 Pages
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<TABLE>
<CAPTION>
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
For the 9 Months Ended
September 30,
1995 1994
---------------------------
<S> <C> <C>
Cash flows from operating activities:
Net income........................................................................ $ 31,365 $ 38,703
Adjustments to reconcile net income to cash provided by (used in)
operating activities:
Depreciation................................................................... 5,505 4,788
Provision for (Reduction of) reserves for possible loan losses................. (10,000) (16,139)
Provision for (Reduction of reserves for)losses on OREO and other
problem assets.............................................................. 56 (1,116)
Amortization of intangible assets and unearned restricted stock
compensation................................................................ 2,604 3,280
Amortization of premiums and discounts on investment securities, net........... 10,159 10,820
Net gains on sales of OREO and other property.................................. (787) (3,186)
Gains on sales of securities................................................... - (44)
Deferred tax expense (benefit)................................................. 1,438 3,573
Increase (Decrease) in accrued income taxes.................................... 2,070 (473)
(Increase) Decrease in accrued income receivable and other assets.............. 1,185 (3,981)
Increase (Decrease) in accrued expenses and other liabilities.................. (387) 89
---------------------------
Net cash provided by (used in) operating activities............................ $ 43,208 $ 36,314
---------------------------
Cash flows from investing activities:
Proceeds from maturities of investment securities held to maturity................ $ 246,130 $ 742,341
Proceeds from maturities of investment securities available for sale.............. 13,758 37,184
Proceeds from sales of investment securities held to maturity..................... 0 10,064
Purchases of investment securities held to maturity............................... (77,867) (719,526)
Purchases of investment securities available for sale............................. (15,353) (10,100)
Net (increase) decrease in loans.................................................. (146,374) 15,010
Net (increase) decrease in federal funds sold..................................... 26,053 102,360
Proceeds from sales of OREO and other property.................................... 2,616 11,562
Capital expenditures.............................................................. (8,734) (4,025)
Net cash (paid) received in business acquisition.................................. (3,695) 35,659
Other............................................................................. 872 (38)
---------------------------
Net cash provided by (used in) investing activities............................... $ 37,406 $ 220,491
---------------------------
Cash flows from financing activities:
Net increase (decrease) in non-interest-bearing demand deposits................... $ 8,773 $ (45,933)
Net increase (decrease) in interest-bearing deposits other than
certificates of deposit........................................................ (123,890) (149,700)
Net increase (decrease) in certificates of deposit................................ 39,774 3,352
Net increase (decrease) in federal funds purchased and securities sold
under repurchase agreements.................................................... (21,920) (68,600)
Exercise of stock options......................................................... 59 213
Sale of common stock under employee savings plan and dividend
reinvestment plan.............................................................. 3,694 282
Dividends paid.................................................................... (8,386) (6,278)
---------------------------
Net cash provided by (used in) financing activities............................... $ (101,896)$ (266,664)
---------------------------
Net increase (decrease) in cash and cash equivalents................................. $ (21,282)$ (9,859)
Cash and cash equivalents at the beginning of the period............................. 196,850 187,447
---------------------------
Cash and cash equivalents at the end of the period................................... $ 175,568 $ 177,588
===========================
Interest income received............................................................. $ 145,008 $ 131,161
===========================
Interest expense paid................................................................ $ 46,002 $ 36,837
===========================
Net federal income taxes paid........................................................ $ 11,020 $ 15,448
===========================
The accompanying notes are an integral part of these financial statements.
</TABLE>
Page 5 of 20 Pages
<PAGE>
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Whitney Holding Corporation and its subsidiaries (the
"Company") follow accounting and reporting policies generally accepted within
the banking industry. The consolidated financial statements of the Company
include the accounts of Whitney Holding Corporation and its wholly-owned
subsidiaries, Whitney National Bank ("WNB") and Whitney Bank of Alabama ("WBA").
All adjustments have been made which, in the opinion of management, are
necessary to fairly state the financial results for the interim periods
presented.
Pursuant to rules and regulations of the Securities and Exchange Commission,
certain financial information and disclosures have been condensed or omitted in
preparing the consolidated financial statements presented in this quarterly
report on Form 10-Q. The Company recommends that these financial statements be
read in conjunction with the Company's annual report on Form 10-K for the year
ended December 31, 1994.
Certain balances in prior periods have been reclassified to conform with
this period's financial presentation.
(2) RESERVE FOR POSSIBLE LOAN LOSSES
Effective January 1, 1995, the Company adopted Statement of Financial
Accounting Standards ("SFAS") No. 114, "Accounting by Creditors for Impairment
of a Loan," as amended by SFAS No. 118. Under this new standard, a loan is
considered impaired when it is probable that all contractual amounts will not be
collected as they become due. The extent of impairment is measured based on a
comparison of the recorded investment in the loan with either the expected cash
flows discounted using the loan's original effective interest rate or, in the
case of certain collateral-dependent loans, the fair value of the underlying
collateral. The measure of impairment is included in the reserve for possible
loan losses.
The provisions of SFAS No. 114 were not applied by the Company to measure
impairment for large groups of similar loans with relatively small balances,
such as consumer credit line loans and consumer installment loans. As allowed
under the standard, these loans may be collectively evaluated for impairment.
The guidance in SFAS No. 114 does not represent a significant departure from
existing procedures followed by the Company in evaluating the overall adequacy
of the reserve for possible loan losses. Furthermore, loans evaluated for
impairment would also meet the criteria currently in use by the Company to
identify loans on which the accrual of interest should be discontinued. As such,
the adoption of this new standard had no significant impact on the Company's
financial position or results of operations.
For the third quarter of 1995, the recorded investment in loans identified
as impaired under SFAS No. 114 averaged approximately $4.5 million. The extent
of impairment of these loans measured in accordance with SFAS No. 114 was
approximately $0.4 million at September 30, 1995. This amount is included in the
reserve for possible loan losses.
Page 6 of 20 Pages
<PAGE>
3) MERGERS AND ACQUISITIONS
On September 29, 1995, the Company entered into an agreement and plan of
merger with First Citizens Bancstock, Inc. First Citizens is the parent company
of The First National Bank in St. Mary Parish and has total assets of
approximately $240 million, $130 million in loans, total deposits of $200
million, and shareholders' equity of $25 million. The merger is intended to
qualify as a tax-free reorganization and to be accounted for as a
pooling-of-interests. Shareholders of First Citizens will receive Whitney
Holding Corporation common stock with a maximum value of $67 million.
Consummation of the transaction is subject to approval by First Citizens'
shareholders, approval from appropriate regulatory agencies, a due diligence
review by the Company, and other customary conditions to closing. The merger is
expected to be completed during the first quarter of 1996.
On February 17, 1995, Whitney Bank of Alabama, a newly formed
state-chartered banking subsidiary of the Company, purchased the assets and
assumed the deposit liabilities of the five Mobile branch offices of The Peoples
Bank, Elba, Alabama. The fair value of the tangible assets acquired totaled
approximately $90 million, including $47 million in loans and $34 million in
investment securities and federal funds sold. WBA assumed non-interest-bearing
demand deposits of $14 million and interest-bearing transaction, savings and
time deposits totaling $76 million. The purchase price was approximately $12
million. Operating results from the date of acquisition are included in the
accompanying consolidated statements of operations for 1995.
(4) EARNINGS PER SHARE
Earnings per share is calculated using the weighted average number of shares
outstanding during each period presented. Potentially dilutive common stock
equivalents consist of stock options which have been granted to certain officers
and directors in prior periods. Incorporating these common stock equivalents
into the calculation of earnings per share using the treasury method does not
materially affect the reported results on either a primary or fully-diluted
basis.
Page 7 of 20 Pages
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SUMMARY
Whitney Holding Corporation earned $15.2 million or $1.03 per share for the
third quarter of 1995. For the third quarter of 1994, the Company earned $13.5
million or $0.93 per share. The quarterly results include the effects of
reductions in the reserve for possible loan losses of $10 million in 1995 and
$6.1 million in 1994. Year to date through September 30, 1995, the Company
earned $31.4 million or $2.12 per share as compared to $38.7 million or $2.66
per share for the comparable period in 1994, including the effects of
year-to-date reserve reductions of $10 million in 1995 and $16.1 million in
1994.
The following compares the annualized return on average total assets and the
return on average shareholders' equity for the three-month and nine-month
periods ended September 30, 1995 and 1994. Tax-effected loan loss reserve
adjustments were annualized in calculating these returns.
<TABLE>
<CAPTION>
1995 1994
------ ------
<S> <C> <C>
Return on average assets:
Third quarter -
Total return 2.03% 1.83%
Return, before effect of reserve reduction 1.16% 1.29%
Year to date -
Total return 1.43% 1.74%
Return, before effect of reserve reduction 1.13% 1.27%
Return on average shareholders' equity:
Third quarter -
Total return 18.80% 18.90%
Return, before effect of reserve reduction 10.76% 13.32%
Year to date -
Total return 13.45% 18.89%
Return, before effect of reserve reduction 10.67% 13.77%
</TABLE>
Non-performing assets continued their steady decrease of the past several
years throughout the first nine months of 1995. At September 30, 1995,
non-performing assets were $14.1 million, down $8.0 million or approximately 36%
from year end 1994, and down $10.9 million or 44% from September 30, 1994. The
reserve for possible loan losses was $34.1 million on September 30, 1995, an
amount which represented 383% of non-performing loans and 2.7% of total loans.
At year end 1994, the reserve coverage was 224% of non-performing loans and 3.3%
of total loans.
Average earning assets for the quarter ended September 30, 1995 totaled
$2.68 billion, a modest increase of $39.9 million or 1.5% from the third quarter
of 1994, which primarily reflects a temporary reduction during the 1994
quarterly period in funds available for purchase from traditional sources.
Average earning assets decreased $41.1 million from $2.68 billion for the first
nine months of 1994 to $2.64 billion for the comparable period in 1995. This
decrease reflects both the funding of an overall net deposit outflow between
these periods as well as a reduction in the availability of correspondent bank
funding sources because of both industry consolidation and a general tightening
in industry liquidity as economic conditions improved.
Average loans outstanding were $1.20 billion for the third quarter of 1995,
an increase of $47.8 million or 4.1% over the second quarter of 1995 and $209
million or 21.1% over the third quarter of 1994. This loan growth is
attributable both to strengthening loan demand in the Company's market areas as
well as to the acquisition in Mobile, which added approximately $47 million to
the Company's loan portfolios in February, 1995. At September
Page 8 of 20 Pages
<PAGE>
30, 1995, total loans outstanding were $1.26 billion, an increase of $199
million or 18.8% over the $1.06 billion of total loans outstanding at the end of
1994.
Average total deposits in the third quarter of 1995 were $2.44 billion,
which represents an increase of $28.3 million over 1995's second quarter and
essentially no change from the third quarter of 1994. Excluding the deposits
acquired in the Mobile transaction, there was a decrease in average deposits for
both the quarterly and year-to-date periods in 1995 in comparison to 1994, as
the rise in market interest rates during 1994 fostered disintermediation of some
deposit funds as depositors sought higher yielding alternative investment
instruments.
The growth in average loans outstanding in 1995 not related to acquisitions
and the net deposit outflows relative to 1994 were funded primarily from
maturities of investment securities. The Company's average investment in
securities totaled $1.39 billion for the third quarter of 1995, a decrease of
$61.6 million or 4.3% from the second quarter of 1995 and $215 million from the
third quarter of 1994. At September 30, 1995, the total investment in securities
was $1.37 billion, a decrease of $164 million or 10.7% from year end 1994.
On September 29, 1995, the Company entered into a merger agreement with
First Citizens Bancstock, Inc., the parent of The First National Bank in St.
Mary Parish ("FNB"). FNB, which will merge into WNB, operates eleven banking
locations in south Louisiana, with branches in St. Mary, East Baton Rouge and
Iberia Parishes and a loan production office in Orleans Parish. FNB has total
assets of approximately $240 million, $130 million in loans, total deposits
of $200 million, and shareholders' equity of $25 million. The merger is intended
to qualify as a tax-free reorganization and to be accounted for as a pooling
of interests. Shareholders of First Citizens will receive Whitney Holding
Corporation common stock with a maximum value of $67 million. Consumation
of the transaction is subject to approval by First Citizens' shareholders,
approval from appropriate regulatory agencies, a due diligence review by the
Company, and other customary conditions to closing. The merger is expected to
be completed during the first quarter of 1996.
On February 17, 1995, Whitney Bank of Alabama, a newly formed
state-chartered banking subsidiary of the Company, purchased the assets and
assumed the deposit liabilities of the five Mobile branch offices of The Peoples
Bank, Elba, Alabama. The fair value of the tangible assets acquired totaled
approximately $90 million, including $47 million in loans and $34 million in
investment securities and federal funds sold. WBA assumed non-interest-bearing
demand deposits of $14 million and interest-bearing transaction, savings and
time deposits totaling $76 million. The purchase price was approximately $12
million. Operating results from the date of acquisition are included in the
accompanying consolidated statements of operations for 1995.
On March 31, 1994, the Company and WNB purchased substantially all of the
assets and assumed the deposits and certain other liabilities of Baton Rouge
Bank and Trust Company. Included in the tangible assets acquired, whose fair
value totaled approximately $118 million, were cash and cash items of $41
million, investment securities and federal funds sold of $13 million, and $59
million in loans, as well as six banking offices in the Baton Rouge area. The
deposits assumed included approximately $24 million in non-interest-bearing
demand deposits and $94 million in interest-bearing transaction, savings and
time deposit accounts. As part of the acquisition price, which totaled
approximately $9 million, Whitney Holding Corporation issued 90,909 shares of
its common stock with a value of $2 million. The operating results from this
acquisition were reflected in the Company's consolidated statements of
operations beginning with the second quarter of 1994.
The Company declared cash dividends of $0.20 per share for each of the first
three quarters of 1995. This represents an increase of 18% over the $0.17 per
share dividend declared for the third and fourth quarters of 1994 and a 33%
increase over the $0.15 per share dividend in each of 1994's first two quarters.
Page 9 of 20 Pages
<PAGE>
FINANCIAL CONDITION
Loans
With improvement in economic conditions in the Company's market area, which
is primarily southern Louisiana and Mississippi and, most recently, southern
Alabama, together with a more aggressive effort to market the Banks' retail and
commercial loan products, the Company experienced growth in average loans
outstanding of $178 million or 18.4% for the first nine months of 1995 when
compared to the same period of 1994 and $209 million or 21.1% for the third
quarter of 1995 when compared to 1994's third quarter. The Baton Rouge
acquisition in March, 1994 and the Mobile acquisition in February, 1995 also
contributed to the growth in average loans.
Total loans outstanding of $1.26 billion at September 30, 1995 were $199
million above the total outstanding at year end 1994 and $222 million above the
total of a year earlier. During 1994, the Company expanded its lending
resources, market areas and loan products, and management expects to continue
these efforts throughout 1995 and 1996 as the Banks compete to place high
quality credits in the communities they serve.
Deposits and Short-Term Borrowings
As is shown in Table 1, the Company's average total deposits outstanding
were $2.44 billion in the third quarter of 1995, essentially unchanged from
the third quarter of 1994, despite the impact of the Mobile acquisition. For
the first nine months of 1995 average total deposits decreased $53.6 million
from the same period in 1994. Savings deposits and NOW and MMDA deposits
decreased $115 million between the 1994 and 1995 third quarters and $120 million
year to date. These decreases reflect a typical customer response to the
higher-rate investment alternatives that became available during the past year,
and the decreases have moderated as market rates have eased in the current year.
Average time deposits, which includes both core deposits and certificates of
deposit of $100,000 and over, increased $71.5 million for the third quarter
of 1995 and $56.2 million year to date when compared to the same periods in
1994. Core certificates of deposit of under $100,000 exhibited the most
significant growth within the time deposit category. The growth in time deposits
is generally consistent with the expected impact of the Mobile transaction.
The Company's short-term borrowings consist of purchases of federal funds
and sales of securities under repurchase agreements. Such borrowings are both a
source of funding for certain short-term lending facilities and part of the
Company's services to correspondent banks and other customers. For the third
quarter of 1995, average short-term borrowings increased $15.2 million over
1994's third quarter reflecting mainly a temporary scarcity of available funds
from traditional sources during the 1994 period. Year to date in 1995 such
borrowings have decreased $24.7 million as compared to 1994. This year-to-date
decrease can be attributed in part to improved economic conditions and a
corresponding increase in demand for funds that would otherwise be available for
sale to the Company and in part to the loss of certain correspondent
relationships to consolidation within the banking industry.
Investment in Securities
The Company's total investment in securities was $1.37 billion at September
30, 1995, a decrease of approximately $164 million or 10.7% from the December
31, 1994 total of $1.53 billion. The average total investment securities
portfolio outstanding declined $215 million for the third quarter of 1995 and
$198 million for the first nine months of the year when compared to the same
periods in 1994. Funds from maturing investments, particularly U. S. Treasury
and government agency securities and mortgage-backed securities, have been used
to satisfy increased loan demand and net deposit outflows.
The mix of period-end and average investments has remained relatively
stable, with U. S. Treasury and government agency securities, excluding
mortgage-backed issues, representing approximately 81% of the totals. The
weighted-average maturity of the overall portfolio of securities was 24.4 months
at September 30, 1995 as compared to 29.0 months at September 30, 1994. As is
shown in Table 1, the weighted-average taxable-equivalent portfolio yield was
Page 10 of 20 Pages
<PAGE>
5.83% for both the third quarter and first nine months of 1995, a modest
increase of from 8 to 11 basis points over the yields in the comparable periods
of 1994.
Asset Quality
Overall asset quality has exhibited a trend of steady improvement over the
past four years. As is shown in Table 2, this trend continued during the first
nine months of 1995. Non-performing assets totaled $14.1 million at September
30, 1995, which was $8.0 million or approximately 36% below the $22.1 million
total at year end 1994 and $10.9 million or 44% lower than the total from a year
earlier. For the first nine months of 1995, the Company recovered $10.6 million
of previously charged-off loans. For the same period, the Company identified
only $2.7 million of loans to be charged off, resulting in a net recovery of
$7.9 million year to date through September 30, 1995. The Company was in a net
recovery position of approximately $14.3 million for the first nine months of
1994, with recoveries of $17 million offset by identified charge-offs of only
$2.7 million.
The reserve for possible loan losses is maintained at a level believed by
management to be adequate to absorb potential losses in the portfolio. With the
significant recoveries in both the third quarter of 1995 and the first and third
quarters of 1994 and the improvement in overall asset quality, the Company was
able to return to income $10 million in 1995 and $16.1 million in 1994 of the
reserve for possible loan losses in the respective periods. No provision expense
was required for the third quarter of 1995 and 1994 or for the first nine months
of each year. The reserve for possible loan losses represented 383% of
non-performing loans at September 30, 1995. At year end 1994 this reserve
coverage was 224%.
Whitney National Bank has several property interests which were acquired
through routine banking transactions generally prior to 1933 and which are
recorded in its financial records at a nominal value. Management continually
investigates ways to maximize the return on these assets. The operating income
from these property interests, which include mineral rights and real estate, was
approximately $127,000 for the first nine months of 1995 and $120,000 for the
same period in 1994. No significant dispositions of these property interests
were made during the year ended December 31, 1994 or the first nine months of
1995. Future dispositions may result in the recognition of substantial gains.
Capital Adequacy
The Company's risk-based regulatory capital ratios declined slightly between
December 31, 1994 and September 30, 1995. This decline is attributable mainly to
the acquisition of intangible assets as part of the purchase of the Mobile
banking operations in February, 1995. Intangible assets generally must be
deducted from both regulatory capital and risk-weighted assets before
calculating regulatory capital ratios. Also contributing to this decrease was
the shift in the asset mix from investments to loans, and loans are generally
assigned a risk-weighting higher than investment securities in the capital ratio
calculation.
The Company's regulatory capital ratios are shown here compared to the
minimums that are currently required to be eligible for regulatory
classification as a "well capitalized" institution. The regulatory capital
ratios for the Banks were also well in excess of minimum requirements at
September 30, 1995.
<TABLE>
<CAPTION>
Required for
September 30, December 31, well-capitalized
1995 1994 institution
------------ --------------- ----------------
<S> <C> <C> <C>
Tier 1 risk-based
capital ratio 18.85% 20.70% 6.00%
Total risk-based
capital ratio 20.11% 21.97% 10.00%
Tier 1 leverage
capital ratio 10.42% 9.84% 5.00%
</TABLE>
Page 11 of 20 Pages
<PAGE>
RESULTS OF OPERATIONS
Net Interest Income
Taxable-equivalent net interest income for the third quarter of 1995 was
virtually unchanged from the same period of 1994, increasing $59,000 or 0.2%.
For the first nine months of 1995, taxable-equivalent net interest income
increased $1.7 million or 1.8% over the comparable 1994 period. The current year
taxable-equivalent net interest margin has increased over the prior year both in
the third quarter, to 5.03% from 4.80%, and for the year-to-date period, to
4.93% from 4.74%. A combination of factors contributed to these increases, the
components of which are detailed in Table 1.
Taxable-equivalent loan interest income increased $5.7 million or 24% for
the third quarter and $17.6 million or 29% for the first nine months of 1995
when compared to 1994. Approximately 64% of the year-to-date increase was driven
by the $178 million growth in average loans outstanding, with the remaining
portion driven by the rise in the effective yield on the Company's loan
portfolio. Market interest rates generally rose throughout 1994 but have
moderated somewhat during 1995, and weighted-average bank prime rates were
approximately 1.9 percentage points higher for the first nine months of 1995
when compared to the same period in 1994. The effective yield on the Company's
average loan portfolio, approximately 41% of which reprices with changes in
prime, increased approximately 0.83 of a percentage point over this same period.
Included in loan interest income and in the effective yield calculation is
interest recognized as cash payments are received on certain nonaccrual loans or
as workout efforts on nonaccrual loans yield results in excess of previous
expectations. Interest recognized on nonaccrual loans for the first nine months
of 1995 decreased $2.8 million from 1994.
Taxable-equivalent interest income on investment securities in 1995's third
quarter decreased $2.9 million or 12.5% from the third quarter of 1994. For the
first nine months of 1995, the decrease in investment interest income was $7.2
million or 10.1% from 1994. These decreases are consistent with the reductions
in the average investment in securities outstanding between 1994 and 1995, which
totalled $214 million for the quarter and $198 million for the year-to-date
period. Because of its maturity structure, the effective yield on the Company's
investment securities portfolio is not as immediately responsive to rising
or falling market rates as are its loan yields. The effective portfolio yield
was 5.83% for the third quarter of 1995 as well as for the year-to-date period,
an increase of 8 and 11 basis points, respectively, over the yields for the
comparable periods in 1994.
Interest expense increased approximately $3.6 million or 27% in 1995's third
quarter as compared to the third quarter of 1994. Year-to-date interest expense
through September 30, 1995 also increased over the comparable 1994 period, by
$9.1 million or 24%. The increased expense in 1995 came despite a decrease from
1994 in average interest-bearing liabilities outstanding of $26 million in the
third quarter and $88 million for the year-to-date period. The increases reflect
the impact of rising rates during 1994, the rate structures of the markets in
which the Company has made acquisitions since the beginning of 1994, and a shift
in the deposit mix toward core time deposits from other lower cost core deposit
categories, a shift which is also partly attributable to recent acquisitions.
The overall cost of funds rate on interest-bearing liabilities was 3.62% for the
third quarter of 1995 and 3.47% year to date. This represents increases over
1994 cost of funds rates of 81 basis points for the quarter and 79 basis points
year to date.
Other Income and Expense
Total non-interest income decreased sightly from $7.7 million in the third
quarter of 1994 to $7.5 million in 1995. Excluding the net gain recognized on
sales of OREO in 1994 of $0.3 million, non-interest income increased $0.2
million or 2.4% in 1995 over the third quarter of 1994. Excluding year-to-date
net gains on OREO sales of $0.8 million in 1995 and $3.2 million in 1994,
non-interest income for the first nine months of 1995 increased approximately
$1.1 million or 4.7%, to $22.9 million from $21.8 million for the first nine
months of 1994.
Income from service charges on deposit accounts, which accounted for more
than half of adjusted non-interest income in each of these quarterly and
year-to-date periods, decreased slightly between 1994 and 1995, largely as a
result of increases in the earnings credit rate applied to business account
balances. Fee income from credit card
Page 12 of 20 Pages
<PAGE>
related operations, automated teller services, and from services which support
the international activities of the Company's customers increased from 1994 to
1995 for both the quarterly and year-to-date periods, reflecting both economic
conditions as well as the successful marketing of existing and new banking
products and services.
Salaries and employee benefits expense totaled approximately $15.2 million
for the third quarter of 1995 compared to $13.5 million for the third quarter of
1994, an increase of $1.6 million or 12.1%. This increase is attributable to the
accrual of certain management incentives, the new banking operations acquired in
Mobile, key staff additions and regular merit increases. Year to date, there was
an increase in this expense category of $2.9 million or 7.3% for 1995, primarily
as a result of acquisitions and regular salary adjustments.
Non-interest expense, other than personnel-related expenses, decreased $0.5
million in the third quarter of 1995 when compared to 1994's third quarter. A
decrease in the premium rate schedule for FDIC deposit insurance, which was
effective for the third quarter of 1995, reduced the Company's quarterly FDIC
insurance expense by approximately $1.4 million. Excluding the impact of this
reduction, non-interest expense increased approximately $0.9 million between
these quarterly periods.
For the first nine months of 1994, non-interest expense, other than
personnel-related expenses, increased $2.6 million over the comparable prior
year period. In 1994, the Company was in a net recovery position of
approximately $1.1 million with respect to provisions for losses on OREO and
other problem assets, while in 1995 there was essentially no net provision.
Excluding the effect of the net recovery in 1994 and the FDIC insurance
reduction in 1995, the total increase in expenses between 1994 and 1995 was $2.8
million or 7.3% for the year-to-date period.
Acquisitions added approximately $0.8 million to these non-interest expenses
for the third quarter of 1995 and $2.0 million for the year-to-date period, with
the increases concentrated primarily in occupancy expense, marketing expense,
and the amortization of intangible assets. Enhancements to the Company's data
processing systems and automation capabilities as well as expansion of its ATM
network contributed to a $0.5 million increase for the first nine months of 1995
in the expense for furnishings and equipment. Taxes and insurance expense
increased approximately $0.8 million for the year-to-date period in 1995 as the
Company's earnings and increased equity were added to the assessment base used
to compute certain state ad valorem taxes. For the third quarter and first nine
months of 1995, the amortization expense related to intangible assets acquired
before 1994 decreased $0.6 million and $1.6 million, respectively, when compared
to the previous year. The net expense of maintaining and operating OREO also
decreased between 1994 and 1995 for both the third quarter and nine-month
periods, with the year-to-date decrease totaling approximately $0.7 million.
Income Taxes
Including the tax effect of reductions in the reserve for possible loan
losses, the Company provided for income taxes at an overall effective rate of
31.7% for the first nine months of 1995 compared to 32.4% for the comparable
period of 1994. The effective rates in each period differ from the statutory
rate of 35% primarily because of the tax exempt income earned on investments in
state and municipal obligations.
Accounting Changes
Effective January 1, 1995, the Company adopted Statement of Financial
Accounting Standards ("SFAS") No. 114, as amended by SFAS No. 118, which
addresses the accounting by creditors for impairment of certain loans. The
Company's reserve for possible loan losses at September 30, 1995 includes a
measure of impairment related to those loans identified for evaluation under the
new standard. This measurement is based on a comparison of the recorded
investment in each impaired loan with either the expected cash flows discounted
using the loan's original effective interest rate or, in the case of certain
collateral-dependent loans, the fair value of the underlying collateral.
Adoption of this standard did not have a material impact on the Company's
financial position or results of operations.
Page 13 of 20 Pages
<PAGE>
LIQUIDITY AND OTHER MATTERS
Liquidity
The Company, WNB and WBA manage their liquidity positions to ensure their
ability to satisfy customer demand for credit, to fund deposit withdrawals, to
meet operating and other corporate obligations, and to take advantage of
investment opportunities, all in a timely and cost-effective manner.
Traditionally, these liquidity needs have been met by maintaining a strong base
of core deposits and by carefully managing the maturity structure of the
investment portfolios. The funds provided by current operations and forecasts of
loan repayments are also considered in the liquidity management process.
The Banks enter into short-term borrowing arrangements by purchasing federal
funds and selling securities under repurchase agreements, both as a source of
funding for certain short-term lending facilities and as part of their services
to correspondent banks and certain other customers. Neither the Company nor the
Banks have accessed the long-term debt markets as part of liquidity management.
Average core deposits, defined as all deposits other than time deposits of
$100,000 or more, decreased $46 million or 2.1% to $2.16 billion in the third
quarter of 1995 from $2.21 billion in 1994's third quarter. Core deposits
comprised approximately 90% of total average deposits for both of these periods.
As of September 30, 1995, approximately $365 million or 30% of the portfolio
of investment securities held to maturity was scheduled to mature within one
year. An additional $132 million of investment securities was classified as
available for sale at the end of 1995's third quarter, although management's
determination of this classification does not derive primarily from liquidity
considerations.
The Banks had approximately $830 million in unfunded loan commitments
outstanding at September 30, 1995, an increase of $248 million from the level at
December 31, 1994. Contingent obligations under letters of credit and financial
guarantees increased moderately between these dates to a total of $83 million at
September 30, 1995. Available credit card lines were $31 million at September
30, 1995, slightly above the level at year end 1994. Draws under these financial
commitments should not place any unusual strain on the Company's liquidity
position.
Page 14 of 20 Pages
<PAGE>
<TABLE>
<CAPTION>
TABLE 1.
WHITNEY HOLDING CORPORATION
ANALYSIS OF CHANGES IN INTEREST INCOME AND INTEREST EXPENSE
(dollars in thousands, unaudited)
THIRD QUARTER ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
1995 1994 1995 1994
------------------------------------------------------ -----------------------------------------------------
Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate Balance Expense Rate Balance Expense Rate
------------------------------------------------------ -----------------------------------------------------
ASSETS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Loans (tax
equivalent)(1)(2) $1,202,190 $28,953 9.56% $993,087 $23,264 8.52% $1,141,124 $79,287 9.29% $963,469 $61,650 8.46%
------------------------------------------------------ -----------------------------------------------------
U. S. Treasury
securities $918,678 $12,520 5.41% $1,029,435 $13,898 5.36% $958,205 $38,907 5.43% $1,010,536 $40,668 5.38%
U.S. government agency
securities 198,240 2,964 5.98 260,791 3,744 5.74 210,013 9,315 5.91 315,220 12,928 5.47
Mortgage-backed
securities(3) 135,152 2,178 6.44 151,061 2,475 6.44 136,850 6,760 6.59 162,522 7,810 6.41
State and municipal
securities (tax
equivalent) (1) 120,605 2,474 8.21 121,545 2,480 8.16 122,072 7,499 8.19 119,935 7,370 8.19
Corporate bonds and
other securities 13,704 164 4.79 38,331 589 6.15 21,476 882 5.47 38,392 1,779 6.18
------------------------------------------------------ -----------------------------------------------------
Total investment in
securities $1,386,379 $20,300 5.83% $1,601,163 $23,186 5.75% $1,448,616 $63,363 5.83% $1,646,605 $70,555 5.72%
------------------------------------------------------ -----------------------------------------------------
Federal funds sold...... 87,822 1,300 5.87% 42,201 494 4.64% 51,444 2,271 5.90% 72,166 1,978 3.67%
------------------------------------------------------ -----------------------------------------------------
Total interest-
earning assets $2,676,391 $50,553 7.51% $2,636,451 $46,944 6.78% $2,641,184 $144,921 7.32% $2,682,240 $134,183 6.65%
------------------------------------------------------ -----------------------------------------------------
Cash and due from
financial
institutions 176,567 181,924 177,432 188,294
Bank premises and
equipment, net 68,435 63,205 66,861 62,041
Other real estate
owned, net 5,931 7,220 6,538 11,838
Other assets............. 79,442 75,148 79,034 72,660
Reserve for possible
loan losses (40,323) (42,141) (38,099) (42,859)
----------- ----------- ----------- -----------
Total assets..........$2,966,443 $2,921,807 $2,932,950 $2,974,214
=========== =========== =========== ===========
LIABILITIES
Savings deposits......... $463,740 $3,139 2.69% $534,859 $3,629 2.69% $471,243 $9,453 2.68% $550,723 $11,124 2.70%
NOW and MMDA deposits.... 527,909 2,563 1.93 571,550 2,596 1.80 547,720 7,812 1.91 587,914 7,909 1.80
Time deposits............ 653,427 8,532 5.18 581,961 5,335 3.64 620,214 22,790 4.91 563,974 14,174 3.36
------------------------------------------------------ -----------------------------------------------------
Total interest-bearing
deposits $1,645,076 $14,234 3.43% $1,688,370 $11,560 2.72% $1,639,177 $40,055 3.27% $1,702,611 $33,207 2.61%
------------------------------------------------------ -----------------------------------------------------
Federal funds purchased
and repurchase
agreements.. 183,269 2,454 5.31% 168,020 1,578 3.73% 185,232 7,311 5.28% 209,978 5,105 3.25%
------------------------------------------------------ -----------------------------------------------------
Total interest-
bearing liabilities $1,829,945 $16,688 3.62% $1,856,390 $13,138 2.81% $1,824,409 $47,366 3.47% $1,912,589 $38,312 2.68%
------------------------------------------------------ -----------------------------------------------------
Demand deposits, non-
interest-bearing 793,151 755,361 771,213 761,358
Other liabilities........ 24,086 26,351 25,652 26,367
Shareholders' equity..... 320,861 283,705 311,676 273,900
----------- ----------- ----------- -----------
Total liabilities and
shareholder's equity..$2,966,443 $2,921,807 $2,932,950 $2,974,214
=========== =========== =========== ===========
Net interest
income/margin
(tax equivalent)(1) $33,865 5.03% $33,806 4.80% $97,555 4.93% $95,871 4.74%
======= ===== ======= ===== ======= ===== ======= =====
<FN>
(1) Tax equivalent amounts are calculated using a marginal federal income tax rate of 35%.
(2) Average balance includes nonaccruing loans of $9,829 and $21,570 for the third quarters and $12,481 and $25,621 for the nine
month periods in 1995 and 1994, respectively.
(3) Average balance includes unrealized gain (loss) on securities available for sale of ($85) and ($2,610) for the third quarters
and ($2,638) and $167 for the nine month periods in 1995 and 1994, respectively.
</FN>
</TABLE>
Page 15 of 20 Pages
<PAGE>
<TABLE>
<CAPTION>
TABLE 2.
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
RESERVE FOR POSSIBLE LOAN LOSSES
(by quarter, in millions, unaudited)
1995 1994
----------------------------- ----------------------------------------
3rd 2nd 1st 4th 3rd 2nd 1st
----------------------------- ----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Reserve, beginning of quarter.................... $39.3 $37.5 $34.4 $42.7 $41.4 $39.4 $44.5
Balance acquired through acquisition............. - - 1.8 - - - -
Provision for possible loan losses:
Expense of providing loss reserves........... - - - - - - -
Reduction of loss reserves................... (10.0) - - (10.0) (6.1) - (10.0)
Loans charged off................................ (0.4) (1.0) (1.3) (0.9) (0.9) (0.3) (1.5)
Recoveries....................................... 5.2 2.8 2.6 2.6 8.3 2.3 6.4
----------------------------- ----------------------------------------
Reserve, end of quarter.......................... $34.1 $39.3 $37.5 $34.4 $42.7 $41.4 $39.4
============================= ========================================
</TABLE>
<TABLE>
<CAPTION>
TABLE 3.
WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
NON-PERFORMING ASSETS AND OTHER SELECTED DATA
(end of quarter, dollars in millions, unaudited)
1995 1994
----------------------------- ----------------------------------------
3rd 2nd 1st 4th 3rd 2nd 1st
----------------------------- ----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Non-performing loans................................. $8.9 $13.5 $14.2 $15.4 $17.5 $22.0 $26.4
Other real estate owned, net......................... 5.2 6.0 7.0 6.7 7.4 7.4 13.4
Other foreclosed assets.............................. - - - - 0.1 - -
----------------------------- ----------------------------------------
Total non-performing assets.......................... $14.1 $19.5 $21.3 $22.1 $25.0 $29.4 $39.8
============================= ========================================
Net gain on sales of OREO............................ - $0.5 $0.3 $0.1 $0.3 $1.1 $1.8
============================= ========================================
Reserve for possible
loan losses as a percent of:
Total non-performing loans........................ 383% 292% 264% 224% 243% 188% 149%
Total loans....................................... 2.7% 3.3% 3.4% 3.3% 4.1% 4.2% 4.0%
Non-performing loans as a percent of
total loans....................................... 0.71% 1.12% 1.27% 1.45% 1.69% 2.22% 2.70%
Non-performing assets as a percent of
total assets...................................... 0.48% 0.66% 0.72% 0.80% 0.87% 1.01% 1.28%
</TABLE>
Page 16 of 20 Pages
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(a) (3) Exhibits:
Exhibit 3.1 - Copy of Composite Charter, incorporated by
reference to the Company's March 31, 1993 Form 10-Q
Exhibit 3.2 - Copy of Bylaws, as amended, incorporated by
reference to the Company's March 31, 1993 Form 10-Q
Exhibit 10.1 - Stock Option Agreement between Whitney Holding
Corporation and William L. Marks, incorporated by reference to
the Company's 1990 Form 10-K
Exhibit 10.2 - Executive agreement between Whitney Holding
Corporation, Whitney National Bank and William L. Marks,
incorporated by reference to the Company's June 30, 1993 Form
10- Q
Exhibit 10.3 - Executive agreement between Whitney Holding
Corporation, Whitney National Bank and R. King Milling,
incorporated by reference to the Company's June 30, 1993 Form
10-Q
Exhibit 10.4 - Executive agreement between Whitney Holding
Corporation, Whitney National Bank and Edward B. Grimball,
incorporated by reference to the Company's June 30, 1993 Form
10-Q
Exhibit 10.5 - Executive agreement between Whitney Holding
Corporation, Whitney National Bank and Kenneth A. Lawder, Jr.,
incorporated by reference to the Company's June 30, 1993 Form
10-Q
Exhibit 10.6 - Executive agreement between Whitney Holding
Corporation, Whitney National Bank and G. Blair Ferguson,
incorporated by reference to the Company's September 30, 1993
From 10-Q
Exhibit 10.7 - Executive agreement between Whitney Holding
Corporation, Whitney National Bank and Joseph W. May,
effective December 13, 1993, incorporated by reference to the
Company's 1993 Form 10-K
Exhibit 10.8 - Executive agreement between Whitney Holding
Corporation, Whitney National Bank and John C. Hope, III,
effective October 28, 1994, incorporated by reference to the
Company's 1994 Form 10-K
Exhibit 10.9 - Executive agreement between Whitney Holding
Corporation, Whitney National Bank and Robert C. Baird, Jr.,
effective July 26, 1995
Exhibit 10.10 - Long-term incentive program, incorporated by
reference to the Company's 1991 Form 10-K
Exhibit 10.11 - Executive compensation plan, incorporated by
reference to the Company's 1991 Form 10-K
Exhibit 10.12 - Form of restricted stock agreement between
Whitney Holding Corporation and certain of its officers,
incorporated by reference to the Company's June 30, 1992 Form
10-Q
Page 17 of 20 Pages
<PAGE>
Exhibit 10.13 - Form of stock option agreement between Whitney
Holding Corporation and certain of its officers, incorporated
by reference to the Company's June 30, 1992 Form 10-Q
Exhibit 10.14 - Directors' Compensation Plan, incorporated by
reference to the Company's Proxy Statement dated March 24,
1994
Exhibit 27 - Financial Data Schedule
(b) No report on Form 8-K was required to be filed by the Registrant during the
third quarter of 1995.
Page 18 of 20 Pages
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of
1934 the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
WHITNEY HOLDING CORPORATION
(Registrant)
Date: November 13, 1995 By:/s/ Edward B. Grimball
------------------------ --------------------------------------
Edward B. Grimball
Executive Vice President &
Chief Financial Officer
Page 19 of 20 Pages
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 175,568
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 11,300
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 131,669
<INVESTMENTS-CARRYING> 1,237,348
<INVESTMENTS-MARKET> 1,240,961
<LOANS> 1,259,609
<ALLOWANCE> 34,112
<TOTAL-ASSETS> 2,938,762
<DEPOSITS> 2,425,229
<SHORT-TERM> 157,886
<LIABILITIES-OTHER> 26,120
<LONG-TERM> 0
<COMMON> 2,800
0
0
<OTHER-SE> 326,727
<TOTAL-LIABILITIES-AND-EQUITY> 2,938,762
<INTEREST-LOAN> 79,049
<INTEREST-INVEST> 60,765
<INTEREST-OTHER> 2,271
<INTEREST-TOTAL> 142,085
<INTEREST-DEPOSIT> 40,055
<INTEREST-EXPENSE> 47,366
<INTEREST-INCOME-NET> 94,719
<LOAN-LOSSES> 10,000
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 82,482
<INCOME-PRETAX> 45,890
<INCOME-PRE-EXTRAORDINARY> 45,890
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 31,365
<EPS-PRIMARY> 2.12
<EPS-DILUTED> 2.12
<YIELD-ACTUAL> 7.32
<LOANS-NON> 8,916
<LOANS-PAST> 132
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 34,425
<CHARGE-OFFS> 2,800
<RECOVERIES> 10,664
<ALLOWANCE-CLOSE> 34,112
<ALLOWANCE-DOMESTIC> 29,371
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 4,741
</TABLE>
