Whitney posts 1Q loss, works through Alabama real estate loan problems

NEW ORLEANS (AP) — Regional banker Whitney Holding Corp. posted a first-quarter loss Tuesday as the company continued to work through real estate loan problems in Alabama and Florida.

For the three months ending March 31, New Orleans-based Whitney lost $10.3 million, or 11 cents per share. In the first quarter of 2008, the company lost $15.2 million, or 22 cents per share.

The latest results included the quarterly $4.1 million dividend paid to the U.S. Treasury on Whitney preferred stock issued for the company to participate in a federal program to provide more money for lending.

Analysts polled by Thomson Financial, on average, had forecast a per-share loss of 6 cents for the latest quarter.

Copyright 2010 The Associated Press.