Whitney Holding Corp. in New Orleans said its first-quarter earnings decreased 19% from a year earlier, to $29.9 million, largely as a result of an increase in its loan-loss provision.
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Still, the $11 billion-asset company's earnings of 45 cents a share beat the average of analysts polled by Thomson Financial by 3 cents.
Whitney's loss provision for the quarter was $14 million, bringing the allowance for loan losses to 1.19% of total loans. The rate climbed 13 basis points from a year earlier.
Net loan chargeoffs jumped 161% from a quarter earlier, to $10.2 million as of March 31.
Total loans increased 6% from a year earlier, to $7.7 million, mainly as business picked up in Texas and in Louisiana markets outside New Orleans.
