Whitney Holding Corporation, the parent company of Whitney National Bank, says it lost $15.2 million in the first quarter, due to reduced loan demand and compressed net interest margins. The New Orleans-based bank says the losses, which included dividends on preferred stock, came to 22 cents per share. Whitney earned $29.9 million in the first quarter of 2008, or 45 cents per share.
Teche Federal Bank earned $1.7 million for the quarter, compared with a record $2.2 million in earnings for the same period in 2008. That comes to 78 cents per share, compared with earnings of $1 per share in 2008. Officials with New Iberia-based Teche say the bank has avoided many of the practices that have plagued the industry during the current financial crisis and has no credit card loans.
