With loan losses mounting in Florida and Alabama, Whitney Holding Corp. in New Orleans said Tuesday that its second-quarter earnings plunged 57% from a year earlier, to $12.9 million.
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The $11 billion-asset company had warned two weeks ago of rising chargeoffs and a higher provision, and its results were in line with those projections. Its earnings of 20 cents a share matched the average estimate of analysts, according to Thomson Reuters.
Net chargeoffs jumped 66% from the previous quarter, to $16.9 million, and its loan-loss provision increased 150%, to $35 million.
Whitney's shares rose 6.3% Tuesday, to $19.00.
