Whitney Holding (WTNY) Posts Q3 Loss of 34c, Misses Views; Announces Sale of $180M in Nonperforming Loans

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Whitney Holding (Nasdaq: WTNY) reports Q3 loss of $0.34, versus the analyst estimate of ($0.18).

In addition, the Company announced today, in a separate release, it has agreed to sell approximately $180 million of nonperforming loans and will reclassify up to an additional $100 million of nonperforming loans as held for sale. The sale, reclassification and the impact of these actions on the provision are expected to occur in the fourth quarter of 2010. The Company expects to be in an excellent position to begin a return to consistent, quarterly profitability in the first quarter of 2011.

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