Whitney Holding Corp. on Wednesday reported third-
The $5 billion-asset banking company said a merger-related charge and
Consensus earnings estimates had put Whitney's earnings at 71 cents per
The charge was related to Whitney's acquisitions of Louisiana National
Whitney earned $14.9 million, or 64 cents per diluted share, in last
Trading in its stock was halted at 4:12 p.m. pending the announcement.
- Tania Padgett
The first-quarter increase stemmed from higher interest rates, partial charge-offs and certain problem loans, many involving commercial real estate, executives at the Dallas bank say. Further CRE deterioration is anticipated.
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
