The parent company of Whitney National Bank reported a $25.4 million second quarter loss, while BancorpSouth says its earnings dropped 18% when compared to the year before.
New Orleans-based Whitney blamed the loss on lower valuations on residential real estate-related credits in Florida and the Alabama Gulf Coast, as well as weaknesses in the economy overall. Last year, the bank posted $12.9 million in earnings during the second quarter. The bank says its net interest income was down slightly, from $111.1 million in the second quarter of 2008, to $110.6 million for the period ending June 30.
BancorpSouth, based in Tupelo, Miss., had quarterly earnings of $33.9 million or 41 cents per diluted share, compared with $40.1 million, or 49 cents a share in 2008. The bank saw a 1% increase in net interest income, from $109.8 million in the second quarter of last year to $110.9 million in the second quarter.
