Whitney Holding Corp. of New Orleans announced Wednesday that its third-quarter earnings fell 19.6% from a year earlier, to $22.1 million.
Diluted earnings per share fell 22%, to 53 cents. Earnings for the nine months that ended Sept. 30 fell 6%, to $70.1 million. Diluted earnings per share for the nine months fell 8%, to $1.71.
The $8 billion-asset company attributed the declines to hurricane damage, a loss on leases it could not break when it moved offices in Houston, and costs to convert the systems of Madison Bancshares Inc. of Palm Harbor, Fla., which Whitney bought in August.
Net interest income rose 2%, to $80.1 million, and noninterest income dropped 15%, to $20 million, primarily because mortgage refinancing fell, Whitney said. Noninterest expenses rose 11%, to $68 million, mainly because of the Madison integration and higher personnel costs from the acquisition.
