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Whitney Holding Corp. of New Orleans said its second-quarter earnings dropped 11% from a year earlier, to $35.1 million.
Earnings of 51 cents a share missed the average of analysts' estimates by 2 cents, according to Thomson Financial. William L. Marks, the $10.6 billion-asset Whitney's chairman and CEO, blamed the drop on deposit runoff.
"Last year at this time earnings were favorably impacted by the high level of lower-cost deposit balances that we held in the months following Hurricanes Katrina and Rita," Mr. Marks said in a press release.
Though it added roughly $210 million of deposits by acquiring Signature Financial Holdings of St. Petersburg, Fla., in March, Whitney's total no-interest deposits fell 11%, to $2.7 billion, and its cost of funds increased 63 basis points, to 2.08%.
