Whitney Reports Second Quarter 2008 Earnings

NEW ORLEANS, July 22, 2008 (PRIME NEWSWIRE) -- Whitney Holding Corporation
(Nasdaq:WTNY) earned $12.9 million in the quarter ended June 30, 2008, compared
with net income of $29.9 million for the first quarter of 2008 and $35.1 million
for 2007's second quarter. Earnings were $.20 per diluted share for the second
quarter of 2008, $.45 for the current year's first quarter and $.51 for the
second quarter of 2007.

"Earnings for the quarter reflected stable core results that were overshadowed
by credit," said John C. Hope, III, Chairman and CEO. "As we announced earlier
this month the quarter was impacted by a few commercial and industrial (C&I)
credits mainly in Louisiana that had been part of our watch process for a number
of quarters, as well as continued pressures in the Florida and coastal Alabama
markets. The C&I issues are not systemic, but unfortunately they happened at a
time when another part of our portfolio was experiencing pressures. The
combination of these two events led to what we believe are appropriately higher
allowance, provision and charge-off ratios given current market conditions."

HIGHLIGHTS OF SECOND QUARTER FINANCIAL RESULTS

Loans and Earning Assets

Loans totaled $8.0 billion at the end of the second quarter of 2008, which was
up 8%, or $594 million, from June 30, 2007, and up 3%, or $239 million, from the
end of 2008's first quarter. Loans comprised 79% of average earning assets in
the second quarter of 2008, up from 76% in the year-earlier period and 77% in
the first quarter of 2008. Loan demand from the metropolitan New Orleans area,
primarily in C&I lending, was the major contributor to the loan growth from the
first quarter of 2008, with smaller contributions from Texas and Whitney's
Louisiana markets outside New Orleans.

Deposits and Funding

Total deposits at June 30, 2008 were relatively stable compared to March 31,
2008 and 3% below the total at the end of 2007's second quarter. Average
deposits in the second quarter of 2008 were down 2% from the first quarter of
2008 and 3% from the year-earlier period. The decreases in deposits were mainly
from higher-cost time deposits, including deposits held in certain
treasury-management products used mainly by commercial customers.

Noninterest-bearing deposits comprised 33% of average total deposits in the
second quarter of 2008. These demand deposits funded approximately 28% of
average earning assets for the period and the percentage of funding from all
noninterest-bearing sources totaled 32% in the second quarter of 2008, which was
little-changed from both 2008's first quarter and the second quarter of 2007.
Higher-cost interest-bearing funds, which include time deposits and borrowings,
funded 36% of average earning assets in 2008's second quarter, up from 35% in
the first quarter of 2008 and 34% in the year-earlier period.

Net Interest Income

Whitney's net interest income (TE) for the second quarter of 2008 decreased $6.1
million, or 5%, compared to the second quarter of 2007. Average earning assets
were up 3%, or $264 million, between these periods. The net interest margin (TE)
was 4.54% for the second quarter of 2008, down 37 basis points from the
year-earlier period. The overall yield on earning assets decreased 129 basis
points from the second quarter of 2007, mainly reflecting the steep reduction in
benchmark rates for the large variable-rate segment of Whitney's loan portfolio
toward the end of 2007 and continuing into 2008. The rates on approximately 30%,
or $2.4 billion, of the loan portfolio at June 30, 2008 were tied to changes in
Libor benchmarks, with another 24%, or $1.9 billion, tied to prime. The cost of
funds decreased 92 basis points between the second quarters of 2007 and 2008 as
the impact of a shift toward higher-cost funding sources between these periods
was offset by reductions in funding rates as market rates fell.

Net interest income (TE) for the second quarter of 2008 was down $2.5 million,
or 2%, compared to the first quarter of 2008. Average earning assets were
relatively stable between these periods, while the net interest margin declined
by 10 basis points. Earning assets yielded 48 basis points less in the second
quarter of 2008, while the cost of funds decreased 38 basis points. The funding
mix was little changed between these periods as a reduction in higher-cost
deposit funding was replaced with short-term borrowings.

Provision for Credit Losses and Credit Quality

Whitney made a $35.0 million provision for credit losses in the second quarter
of 2008, compared to $14.0 million in 2008's first quarter and no provision in
the second quarter of 2007. Net loan charge-offs in 2008's second quarter were
$16.9 million or .86% of average loans on an annualized basis, compared to $10.2
million in the first quarter of 2008 and $2.3 million in the second quarter of
2007. The allowance for loan losses increased $18.1 million during the current
quarter and represented 1.38% of total loans at June 30, 2008, up from 1.19% at
the end of 2008's first quarter and 1.02% a year earlier.

As noted earlier, there was deterioration in a few C&I credits that added
approximately $11 million to the provision for the second quarter of 2008 and
accounted for approximately $10 million of charge-offs for the period.
Continuing weaknesses in the real estate markets in Florida and coastal Alabama
led to a provision of approximately $14 million and approximately $4.5 million
of charge-offs for the second quarter of 2008, mainly related to loans for
residential development. Management also added approximately $4 million to the
allowance and provision based on its regular assessment of current economic
conditions and other qualitative factors. The quarterly provision also included
approximately $5 million related to charge-offs on consumer and other smaller
credits and $1 million associated with loan growth.

The total of loans criticized through the Company's credit risk-rating process
was $465 million at June 30, 2008, which represented 6% of total loans and a net
increase of $73 million from March 31, 2008. The increase was concentrated in
loans for residential development in the Florida and Alabama markets. Included
in the criticized loan total at June 30, 2008 was $147 million of nonperforming
loans, up a net $8.0 million from March 31, 2008. Total foreclosed assets and
surplus property increased to $14.5 million at June 30, 2008, up from $12.0
million at March 31, 2008, mainly related to residential development and
investment properties.

Noninterest Income

Noninterest income increased $2.1 million from the second quarter of 2007.
Deposit service charge income in the second quarter of 2008 was up 13%, or $1.0
million, aided mainly by reduced earnings credits allowed on certain commercial
deposit accounts. Bank card fees, both credit and debit cards, increased a
combined 9%, or $.4 million, compared to the second quarter of 2007 on higher
transaction volume. Trust service fees increased moderately and fee income from
Whitney's secondary mortgage market operations grew 13% despite difficult
financial and housing market conditions. The categories comprising other
noninterest income increased a combined $.5 million compared to the second
quarter of 2007, with positive contributions from most all recurring revenue
sources.

The decline in noninterest income compared to 2008's first quarter reflected
certain nonrecurring or occasional revenue items recognized in the earlier
period. In the first quarter of 2008, Whitney recognized a $2.3 million gain
from the mandatory redemption of a portion of its Visa shares in connection with
Visa's restructuring and initial public offering (IPO). Net gains on sales of
and other revenue from foreclosed assets totaled $.8 million in the second
quarter of 2008, but this was down $1.8 million from the total recognized in the
first quarter of 2008, substantially all related to grandfathered property
interests. Noninterest income from recurring revenue sources for the second
quarter of 2008 was up approximately $2.3 million compared to current year's
first quarter.

Noninterest Expense

Noninterest expense in the second quarter of 2008 decreased 3%, or $3.1 million,
from 2007's second quarter. Whitney's personnel expense decreased 4%, or $2.2
million, between the periods, with employee compensation down 6%, or $2.5
million, and the cost of employee benefits up 4%, or $.3 million. The
compensation added for normal salary adjustments was more than offset by a
decrease in compensation associated with management incentive programs and the
impact of a 3% reduction in the average full-time equivalent staff level between
these periods. The increase in the cost of employee benefits resulted mainly
from expected increases for health and retirement benefits.

Net occupancy expense decreased 3%, or $.2 million, compared to the second
quarter of 2007. Reductions in the cost of insurance and in nonrecurring or
periodic facility repairs offset increased expenses related to de novo branch
expansion and higher energy costs. Equipment and data processing expense
increased 11%, or $.6 million, driven in part by the cost of new
customer-oriented applications associated with strategic initiatives and by
branch expansion. The $.7 million reduction in telecommunication and postage
expense mainly reflected the elimination of some redundant communication
services used during an upgrade project in 2007. Legal and other professional
fees increased $.5 million from the second quarter of 2007, primarily associated
with the implementation of strategic initiatives.

Upon Visa's IPO in the first quarter of 2008, the Company reversed a $1.0
million liability it had previously recorded for its obligation to share in
certain of Visa's litigation losses. Normalized for the impact of the reversal
of the Visa litigation liability, noninterest expense for 2008's second quarter
was up less than 1%, or $.7 million, compared to the first quarter of 2008.
Deposit insurance expense increased as the one-time credit granted on the change
to the new assessment system was fully utilized, and higher costs were incurred
in the second quarter of 2008 on loan collection efforts and for professional
services related to strategic initiatives.

Capital

Regulatory capital ratios at June 30, 2008 remained well above those required
for the Company and Whitney National Bank to be considered well-capitalized
institutions. A decline in Whitney's capital-to-asset ratios in the second
quarter of 2008 mainly reflected asset growth, the completion of a share
repurchase program as discussed below and a dividend payout in excess of
earnings for the quarter. The Company's tangible common equity ratio decreased
to 7.86% at the end of 2008's second quarter from 8.34% at June 30, 2007 and
8.32% March 31, 2008. The Company's regulatory leverage ratio was 8.27% at June
30, 2008 compared to 8.90% a year earlier and 8.45% at the end of the first
quarter of 2008.

During the second quarter of 2008, Whitney repurchased 409,023 shares of its
common stock at an average cost of $23.32 per share. This completed the share
repurchase program announced in November 2007. Under this program Whitney
repurchased a total of 3,934,879 shares at an average cost of $25.41 per share.

Conference Call and Additional Financial Information

Management will host a conference call today at 3:30 p.m. CT to review second
quarter 2008 results. Analysts and investors may dial in and participate in the
question/answer session. A live listen-only webcast of the call will be
available under the Investor Relations section of our website at
http://www.whitneybank.com. To participate in the Q&A portion of the call, dial
(877) 675-4757 or (719) 325-4876. An audio archive of the conference call will
be available under the Investor Relations section of our website. A replay of
the call will also be available through July 27, 2008 by dialing (888) 203-1112
or (719) 457-0820, passcode 6654860.

This earnings release, including additional financial tables related to second
quarter 2008 results, is posted in the Investor Relations section of the
Company's web site at
http://investor.whitneybank.com/releases.cfm?ReleasesType=Earnings&Year=2008.

Whitney Holding Corporation, through its banking subsidiary Whitney National
Bank, serves the five-state Gulf Coast region stretching from Houston, Texas;
across southern Louisiana and the coastal region of Mississippi; to central and
south Alabama; the panhandle of Florida; and the Tampa Bay metropolitan area of
Florida.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of
section 27A of the Securities Act of 1933, as amended, and section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements provide
projections of results of operations or of financial condition or state other
forward-looking information, such as expectations about future conditions and
descriptions of plans and strategies for the future. The forward-looking
statements made in this release include, but may not be limited to, comments
about trends in credit quality in certain sectors of the loan portfolio and on
the Company's plans to reduce expenses as part of strategic initiatives.

Whitney's ability to accurately project results or predict the effects of future
plans or strategies is inherently limited. Although Whitney believes that the
expectations reflected in its forward-looking statements are based on reasonable
assumptions, actual results and performance could differ materially from those
set forth in the forward-looking statements. Factors that could cause actual
results to differ from those expressed in the Company's forward-looking
statements include, but are not limited to, those outlined in Whitney's filings
with the SEC, which are available at the SEC's internet site
(http://www.sec.gov).

You are cautioned not to place undue reliance on these forward-looking
statements. Whitney does not intend, and undertakes no obligation, to update or
revise any forward-looking statements, whether as a result of differences in
actual results, changes in assumptions or changes in other factors affecting
such statements, except as required by law.

(WTNY-E)

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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
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FINANCIAL HIGHLIGHTS
---------------------------------------------------------------------
Second Second Six Months Ended
Quarter Quarter June 30
(dollars in thousands,
except per share data) 2008 2007 2008 2007
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INCOME DATA
Net interest income $ 111,125 $ 116,896 $ 224,670 $ 231,737
Net interest income
(tax-equivalent) 112,344 118,444 227,159 234,841
Provision for credit
losses 35,000 -- 49,000 (2,000)
Noninterest income 26,174 24,097 54,650 48,146
Net securities
gains in
noninterest income -- -- -- --
Noninterest expense 85,590 88,661 169,519 175,105
Net income 12,874 35,052 42,729 72,044
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QUARTER-END BALANCE
SHEET DATA
Loans $ 7,962,543 $ 7,368,404 $ 7,962,543 $ 7,368,404
Investment
securities 1,955,692 1,910,271 1,955,692 1,910,271
Earning assets 9,955,091 9,697,723 9,955,091 9,697,723
Total assets 11,016,323 10,608,267 11,016,323 10,608,267
Noninterest-bearing
deposits 2,773,086 2,736,966 2,773,086 2,736,966
Total deposits 8,266,880 8,512,778 8,266,880 8,512,778
Shareholders' equity 1,183,078 1,208,940 1,183,078 1,208,940
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AVERAGE BALANCE
SHEET DATA
Loans $ 7,866,942 $ 7,352,171 $ 7,776,211 $ 7,235,734
Investment
securities 2,025,397 1,848,965 2,070,915 1,838,847
Earning assets 9,929,683 9,665,684 9,937,197 9,468,389
Total assets 10,838,912 10,558,237 10,817,704 10,347,117
Noninterest-bearing
deposits 2,747,125 2,743,566 2,697,560 2,734,404
Total deposits 8,220,223 8,479,666 8,298,682 8,351,475
Shareholders' equity 1,213,461 1,211,032 1,221,691 1,178,249
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PER SHARE DATA
Earnings per share
Basic $ .20 $ .52 $ .66 $ 1.08
Diluted .20 .51 .65 1.06
Cash dividends per
share $ .31 $ .29 $ .62 $ .58
Book value per
share,end of
period $ 18.51 $ 17.88 $ 18.51 $ 17.88
Trading data
High sales price $ 26.32 $ 31.92 $ 27.49 $ 33.26
Low sales price 17.85 29.69 17.85 29.07
End-of-period
closing price 18.30 30.10 18.30 30.10
Trading volume 53,522,061 13,035,329 99,005,552 29,291,427
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RATIOS
Return on average
assets .48% 1.33% .79% 1.40%
Return on average
shareholders'
equity 4.27 11.61 7.03 12.33
Net interest margin 4.54 4.91 4.59 4.99
Dividend payout
ratio 155.49 56.23 93.83 54.65
Average loans as a
percentage of
average deposits 95.70 86.70 93.70 86.64
Efficiency ratio 61.79 62.20 60.15 61.88
Allowance for loan
losses as a
percentage of
loans, end of
period 1.38 1.02 1.38 1.02
Annualized net
charge-offs
(recoveries) as a
percentage of
average loans .86 .13 .70 .06
Nonperforming assets
as a percentage of
loans plus
foreclosed assets
and surplus
property, end of
period 2.03 .81 2.03 .81
Average shareholders'
equity as a
percentage of
average total assets 11.20 11.47 11.29 11.39
Tangible common
equity as a
percentage of
tangible assets,
end of period 7.86 8.34 7.86 8.34
Leverage ratio, end
of period 8.27 8.90 8.27 8.90
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Tax-equivalent (TE) amounts are calculated using a federal income tax
rate of 35%
The efficiency ratio is noninterest expense to total net interest (TE)
and noninterest income (excluding securities gains and losses)

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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
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QUARTERLY TRENDS
---------------------------------------------------------------------
Second First
Quarter Quarter
(dollars in thousands, except per share data) 2008 2008
---------------------------------------------------------------------
INCOME DATA
Net interest income $ 111,125 $ 113,545
Net interest income (tax-equivalent) 112,344 114,815
Provision for credit losses 35,000 14,000
Noninterest income 26,174 28,476
Net securities gains in noninterest income -- --
Noninterest expense 85,590 83,929
Net income 12,874 29,855
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QUARTER-END BALANCE SHEET DATA
Loans $ 7,962,543 $ 7,723,508
Investment securities 1,955,692 2,131,446
Earning assets 9,955,091 9,882,369
Total assets 11,016,323 10,781,912
Noninterest-bearing deposits 2,773,086 2,724,396
Total deposits 8,266,880 8,295,298
Shareholders' equity 1,183,078 1,214,425
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AVERAGE BALANCE SHEET DATA
Loans $ 7,866,942 $ 7,685,478
Investment securities 2,025,397 2,116,433
Earning assets 9,929,683 9,944,709
Total assets 10,838,912 10,796,496
Noninterest-bearing deposits 2,747,125 2,647,995
Total deposits 8,220,223 8,377,141
Shareholders' equity 1,213,461 1,229,921
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PER SHARE DATA
Earnings per share
Basic $ .20 $ .46
Diluted .20 .45
Cash dividends per share $ .31 $ .31
Book value per share, end of period $ 18.51 $ 18.90
Trading data
High sales price $ 26.32 $ 27.49
Low sales price 17.85 21.12
End-of-period closing price 18.30 24.79
Trading volume 53,522,061 45,483,491
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RATIOS
Return on average assets .48% 1.11%
Return on average shareholders' equity 4.27 9.76
Net interest margin 4.54 4.64
Dividend payout ratio 155.49 67.23
Average loans as a percentage of average
deposits 95.70 91.74
Efficiency ratio 61.79 58.57
Allowance for loan losses as a percentage of
loans, end of period 1.38 1.19
Annualized net charge-offs (recoveries) as a
percentage of average loans .86 .53
Nonperforming assets as a percentage of loans
plus foreclosed assets and surplus
property, end of period 2.03 1.96
Average shareholders' equity as a percentage
of average total assets 11.20 11.39
Tangible common equity as a percentage of
tangible assets, end of period 7.86 8.32
Leverage ratio, end of period 8.27 8.45
---------------------------------------------------------------------
Tax-equivalent (TE) amounts are calculated using a federal income tax
rate of 35%
The efficiency ratio is noninterest expense to total net interest (TE)
and noninterest income (excluding securities gains and losses)

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WHITNEY HOLDING CORPORATION AND SUBSIDIARIES
---------------------------------------------------------------------
QUARTERLY TRENDS
---------------------------------------------------------------------

Fourth Third Second
Quarter Quarter Quarter
(dollars in thousands, except
per share data) 2007 2007 2007
---------------------------------------------------------------------
INCOME DATA
Net interest income $ 116,336 $ 116,718 $ 116,896
Net interest income
(tax-equivalent) 117,782 118,245 118,444
Provision for credit losses 10,000 9,000 --
Noninterest income 24,080 54,455 24,097
Net securities gains in
noninterest income -- (1) --
Noninterest expense 85,774 88,229 88,661
Net income 30,244 48,766 35,052
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QUARTER-END BALANCE SHEET DATA
Loans $ 7,585,701 $ 7,452,905 $ 7,368,404
Investment securities 1,985,237 1,875,096 1,910,271
Earning assets 10,122,071 9,738,123 9,697,723
Total assets 11,027,264 10,604,834 10,608,267
Noninterest-bearing deposits 2,740,019 2,639,020 2,736,966
Total deposits 8,583,789 8,387,235 8,512,778
Shareholders' equity 1,228,736 1,253,809 1,208,940
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AVERAGE BALANCE SHEET DATA
Loans $ 7,542,040 $ 7,362,491 $ 7,352,171
Investment securities 1,979,044 1,916,927 1,848,965
Earning assets 9,857,897 9,746,184 9,665,684
Total assets 10,716,391 10,633,674 10,558,237
Noninterest-bearing deposits 2,679,261 2,686,189 2,743,566
Total deposits 8,406,547 8,480,098 8,479,666
Shareholders' equity 1,257,220 1,224,940 1,211,032
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PER SHARE DATA
Earnings per share
Basic $ .45 $ .72 $ .52
Diluted .45 .71 .51
Cash dividends per share $ .29 $ .29 $ .29
Book value per share, end
of period $ 18.67 $ 18.53 $ 17.88
Trading data
High sales price $ 28.35 $ 30.32 $ 31.92
Low sales price 22.46 23.02 29.69
End-of-period closing price 26.15 26.38 30.10
Trading volume 30,514,264 28,674,777 13,035,329
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RATIOS
Return on average assets 1.12% 1.82% 1.33%
Return on average
shareholders' equity 9.54 15.79 11.61
Net interest margin 4.75 4.82 4.91
Dividend payout ratio 64.16 40.70 56.23
Average loans as a
percentage of average
deposits 89.72 86.82 86.70
Efficiency ratio 60.46 51.09 62.20
Allowance for loan losses
as a percentage of loans,
end of period 1.16 1.10 1.02
Annualized net charge-offs
(recoveries) as a
percentage of average loans .21 .13 .13
Nonperforming assets as a
percentage of loans plus
foreclosed assets and
surplus property, end of
period 1.64 1.22 .81
Average shareholders' equity
as a percentage of average
total assets 11.73 11.52 11.47
Tangible common equity as a
percentage of tangible
assets, end of period 8.24 8.81 8.34
Leverage ratio, end of period 8.79 9.19 8.90
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Tax-equivalent (TE) amounts are calculated using a federal income tax
rate of 35%
The efficiency ratio is noninterest expense to total net interest (TE)
and noninterest income (excluding securities gains and losses)
-0-
CONTACT: Whitney Holding Corporation
Thomas L. Callicutt, Jr.
Trisha Voltz Carlson
504/299-5208
tcarlson@whitneybank.com