IberiaBank earnings rise on acquisition
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Lafayette-based IberiaBank Corp., the holding company of IberiaBank, reported its third-quarter income jumped to $24.3 million, or $1.22 per share, compared with $8.5 million, or 66 cents per share, a year ago.
Earnings were well above Wall Street analysts’ forecasts, which averaged 45 cents per share, according to the Thomson Financial Network.
However, the holding company’s recent acquisition of CapitalSouth Bank buoyed its results. That merger resulted in an after-tax gain of $1.75 per share. Acquisition-related expenses were 2 cents per share.
IberiaBank Corp. also wrote off $23 million in loans during the third quarter. Nonperforming loans totaled $151 million, which included $97 million in CapitalSouth assets. The nonperforming assets made up 2.3 percent of the holding company’s portfolio in the third quarter, compared to 0.81 percent a year earlier.
IberiaBank Corp. also recorded a loan-loss provision of $25 million, mainly because of the write-offs, the company said. The cost associated with the loan-loss provision was about 80 cents per share on an after-tax basis.
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