IBERIABANK Corporation Reports Record Operating Earnings

Apr 11, 2001, 01:00 ET from IBERIABANK Corporation

    NEW IBERIA, La., April 11 /PRNewswire/ --
 IBERIABANK Corporation (Nasdaq:   IBKC), the holding company of the 114-year-old
 IBERIABANK (http://www.iberiabank.com), announced record operating earnings
 for the first quarter of this year.  For the quarter ended March 31, 2001, the
 Company earned $3.5 million, an 18% increase over the same period in 2000.  On
 a per share basis, the Company earned $0.57 per diluted share, up 18% from the
 same period last year, exceeding average analyst expectations by approximately
 $0.01 per share.
     Daryl Byrd, President and CEO of IBERIABANK Corporation, remarked, "the
 financial markets experienced tremendous turmoil during the first quarter.  In
 contrast, our Company continues to experience record operating earnings.  We
 firmly believe that improvements in profitability lead to improved shareholder
 value.  Over the last 52 weeks, our stock price increased 71%, while the S&P
 500 Index dropped 24%.   We continue to be a shareholder-driven company with
 an emphasis on staying close to our clients."
     Total assets at March 31, 2001, were $1.4 billion.  Compared to year-end
 2000, non-mortgage loans increased $8 million, or approximately 4% on an
 annual basis, while deposits grew $53 million, or approximately 19% on an
 annualized basis.
     Return on average equity was 10.87% for the first quarter of 2001, down
 slightly from 10.96% for the fourth quarter of 2000, but up from 10.26% for
 the first quarter of 2000.  The net interest margin for the quarter ended
 March 31, 2001, was 3.95%, compared to 3.90% reported in both the first and
 fourth quarters of 2000.  The Company's tangible efficiency ratio improved to
 55.8% in the most recent quarter, an improvement of 550 basis points compared
 to 61.3% one-year prior.
     Nonperforming assets consisting of nonaccruing loans, accruing loans more
 than 90 days past due, and foreclosed property, amounted to $9.0 million or
 0.65% of total assets at March 31, 2001, compared to $8.0 million or 0.57% of
 total assets at December 31, 2000.  The allowance for loan losses was 1.10% of
 loans at March 31, 2001, compared to 1.09% at year-end 2000.  The allowance
 for loan losses as a percentage of nonperforming loans was 118% at
 March 31, 2001, compared to 136% at December 31, 2000.
     Book value, or shareholders' equity, per share at March 31, 2001, was
 $21.86 and tangible book value per share was $15.60.  These figures were up
 17% and 22%, respectively, from one-year prior.  The Company's Tier 1 Leverage
 Ratio was 7.07% at March 31, 2001, up from 6.67% at year-end 2000.  On
 December 13, 2000, the Company announced the completion of the
 February 17, 2000 share repurchase program for 300,000 shares of common stock.
 On that date, the Board of Directors authorized a new share repurchase
 program.  The new program authorized the repurchase of up to 300,000
 additional shares of IBERIABANK Corporation common stock.  Since the
 December 13, 2000 announcement, no shares have been purchased under the new
 program.
     IBERIABANK operates 23 offices located in south central Louisiana, 11
 offices located in northeast Louisiana, and 7 offices located in the greater
 New Orleans area.
     To the extent that statements in this report relate to the plans,
 objectives, or future performance of IBERIABANK Corporation, these statements
 are deemed to be forward-looking statements within the meaning of the Private
 Securities Litigation Reform Act of 1995.  Such statements are based on
 management's current expectations and the current economic environment.
 IBERIABANK Corporation's actual strategies and results in future periods may
 differ materially from those currently expected due to various risks and
 uncertainties.  A discussion of factors affecting IBERIABANK Corporation's
 business and prospects is contained in the Company's periodic filings with the
 Securities and Exchange Commission.
 
                           Financial Tables Attached
 
                             IBERIABANK CORPORATION
                              FINANCIAL HIGHLIGHTS
                 (Dollars in thousands, except per share data)
 
                                         For The Three Months Ended
                                                  March 31
                                            2001           2000      % Change
 
     Income Data
       Net Income                      $    3,491    $    2,955         18%
       Net Interest Income                 12,757        12,371          3%
 
     Per Share Data
       Net Income - Basic              $     0.59    $     0.48         23%
       Net Income - Diluted                  0.57          0.48         18%
       Cash Earnings - Diluted               0.67          0.59         14%
 
       Book Value (End of Period)           21.86         18.65         17%
       Tangible Book Value (End of Period)  15.60         12.09         29%
       Cash Dividends                        0.17          0.16          6%
 
     Average Balances
       Loans                           $  934,829    $  855,758          9%
       Earning Assets                   1,288,283     1,261,168          2%
       Total Assets                     1,377,952     1,354,588          2%
       Deposits                         1,160,993     1,122,490          3%
       Shareholders' Equity               130,215       115,880         12%
       Shares Outstanding
        -- Diluted (000s)                   6,126         6,100        ---
 
     Key Ratios
       Return on Average Assets              1.03%         0.88%
       Return on Average Equity             10.87%        10.26%
       Net Interest Margin
        (Tax-equivalent Basis)               3.95%         3.90%
       Net Charge-Offs to Average Loans      0.27%         0.13%
       Tangible Efficiency Ratio             55.8%         61.3%
       Average Loans to Average Deposits     80.5%         76.2%
       Nonperforming Assets to Total Assets  0.65%         0.28%
       Allowance For Loan Losses to Loans    1.10%         1.02%
       Tier 1 Leverage Ratio                 7.07%         6.48%
 
 
                               IBERIABANK CORPORATION
                    CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                               (Dollars in thousands)
 
                                           For The Three Months
     INCOME STATEMENT                         Ended March 31,
                                            2001          2000       % Change
 
     Interest Income                   $   25,787    $   24,655         4.6 %
     Interest Expense                      13,030        12,284         6.1 %
     Net Interest Income                   12,757        12,371         3.1 %
     Provision For Loan Losses                714           481        48.4 %
     Net Interest Income After Provision
      For Loan Losses                      12,043        11,890         1.3 %
     Noninterest Income                     3,223         3,159         2.0 %
     Noninterest Expense                    8,921         9,514        (6.2)%
     Goodwill Amortization                    798           828        (3.6)%
     Income Before Income Taxes             5,547         4,707        17.8 %
     Income Taxes                           2,056         1,752        17.4 %
     Net Income                        $    3,491    $    2,955        18.1 %
 
 
     BALANCE SHEET                         March 31,   December 31,
                                             2001         2000       % Change
     ASSETS
     Cash and Due From Banks           $   29,729    $   32,000        (7.1)%
     Interest-Bearing Deposits in Banks    77,700         2,541     2,957.9 %
     Investment Securities Available
      for Sale                            190,923       268,223       (28.8)%
     Investment Securities Held
      to Maturity                          82,210        76,322         7.7 %
     Federal Home Loan Bank Stock           8,108         7,997         1.4 %
     Loans Held For Sale                    6,696         3,347       100.1 %
     Loans Receivable, Net                927,390       930,286        (0.3)%
     Accrued Interest Receivable            7,026         9,142       (23.1)%
     Premises and Equipment                20,960        21,465        (2.4)%
     Goodwill and Acquisition Intangibles  37,997        38,796        (2.1)%
     Other Assets                           3,967         6,043       (34.4)%
               Total Assets            $1,392,706    $1,396,162        (0.2)%
 
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Noninterest-Bearing Deposits      $  138,887    $  129,468         7.3 %
     Interest-Bearing Deposits          1,057,374     1,013,719         4.3 %
     Short-Term Borrowings                  2,000        54,000       (96.3)%
     Repurchase Agreements                  3,797           ---         0.0 %
     Accrued Interest Payable               3,507         5,480       (36.0)%
     Long-Term Debt                        47,165        60,843       (22.5)%
     Other Liabilities                      7,297         5,610        30.1 %
               Total Liabilities        1,260,027     1,269,120        (0.7)%
     Total Shareholders' Equity           132,679       127,042         4.4 %
               Total Liabilities and
                Shareholders' Equity   $1,392,706    $1,396,162        (0.2)%
 
 
                               IBERIABANK CORPORATION
                                  LOANS RECEIVABLE
                               (Dollars in thousands)
 
                              March 31,    % of    December 31,  % of       %
                                2001       Total       2000      Total   Change
 
     Residential Mortgage Loans:
       Residential 1-4 family $270,622     28.9%     $279,193    29.7%    -3.1%
       Construction              5,118      0.5%        7,482     0.8%   -31.6%
         Total Mortgage Loans  275,740     29.4%      286,675    30.5%    -3.8%
     Commercial Loans:
       Business                 81,289      8.7%       78,986     8.4%     2.9%
       Real Estate             199,283     21.3%      196,479    20.9%     1.4%
         Total Commercial
          Loans                280,572     29.9%      275,465    29.3%     1.9%
     Consumer Loans:
       Home Equity             108,339     11.6%      108,070    11.5%     0.2%
       Automobile               25,446      2.7%       25,297     2.7%     0.6%
       Indirect Automobile     209,260     22.3%      205,143    21.8%     2.0%
       Credit Card loans         9,191      1.0%        9,559     1.0%    -3.8%
       Other                    29,174      3.1%       30,316     3.2%    -3.8%
         Total Consumer Loans  381,410     40.7%      378,385    40.2%     0.8%
         Total Loans
          Receivable           937,722    100.0%      940,525   100.0%    -0.3%
     Allowance for Loan Losses (10,332)               (10,239)
       Loans Receivable, Net  $927,390               $930,286
 
 
                                 ASSET QUALITY DATA
                               (Dollars in thousands)
 
     Total Nonperforming Assets (*)                     $8,991    $7,962
     Nonperforming Assets to Total Assets                 0.65%     0.57%
     Allowance For Loan Losses to Nonperforming Loans    118.1%    135.8%
 
     (*) Nonperforming Assets consist of nonaccruing loans, accruing loans more
         than 90 days past due and foreclosed property.
 
                                    DEPOSITS
                             (Dollars in thousands)
 
                                   March 31, % of    December 31, % of     %
                                     2001    Total       2000     Total  Change
 
     Noninterest Bearing DDA    $  138,887   11.6%   $  129,468   11.3%   7.3%
     NOW Accounts                  193,099   16.1%      182,668   16.0%   5.7%
     Money Market Deposits          79,651    6.7%       75,204    6.6%   5.9%
          Total Demand Deposits    411,637   34.4%      387,340   33.9%   6.3%
     Savings Deposits              202,317   16.9%      186,782   16.3%   8.3%
     Certificates of Deposit       582,307   48.7%      569,065   49.8%   2.3%
              Total Deposits    $1,196,261  100.0%   $1,143,187  100.0%   4.6%
 
 

SOURCE IBERIABANK Corporation
    NEW IBERIA, La., April 11 /PRNewswire/ --
 IBERIABANK Corporation (Nasdaq:   IBKC), the holding company of the 114-year-old
 IBERIABANK (http://www.iberiabank.com), announced record operating earnings
 for the first quarter of this year.  For the quarter ended March 31, 2001, the
 Company earned $3.5 million, an 18% increase over the same period in 2000.  On
 a per share basis, the Company earned $0.57 per diluted share, up 18% from the
 same period last year, exceeding average analyst expectations by approximately
 $0.01 per share.
     Daryl Byrd, President and CEO of IBERIABANK Corporation, remarked, "the
 financial markets experienced tremendous turmoil during the first quarter.  In
 contrast, our Company continues to experience record operating earnings.  We
 firmly believe that improvements in profitability lead to improved shareholder
 value.  Over the last 52 weeks, our stock price increased 71%, while the S&P
 500 Index dropped 24%.   We continue to be a shareholder-driven company with
 an emphasis on staying close to our clients."
     Total assets at March 31, 2001, were $1.4 billion.  Compared to year-end
 2000, non-mortgage loans increased $8 million, or approximately 4% on an
 annual basis, while deposits grew $53 million, or approximately 19% on an
 annualized basis.
     Return on average equity was 10.87% for the first quarter of 2001, down
 slightly from 10.96% for the fourth quarter of 2000, but up from 10.26% for
 the first quarter of 2000.  The net interest margin for the quarter ended
 March 31, 2001, was 3.95%, compared to 3.90% reported in both the first and
 fourth quarters of 2000.  The Company's tangible efficiency ratio improved to
 55.8% in the most recent quarter, an improvement of 550 basis points compared
 to 61.3% one-year prior.
     Nonperforming assets consisting of nonaccruing loans, accruing loans more
 than 90 days past due, and foreclosed property, amounted to $9.0 million or
 0.65% of total assets at March 31, 2001, compared to $8.0 million or 0.57% of
 total assets at December 31, 2000.  The allowance for loan losses was 1.10% of
 loans at March 31, 2001, compared to 1.09% at year-end 2000.  The allowance
 for loan losses as a percentage of nonperforming loans was 118% at
 March 31, 2001, compared to 136% at December 31, 2000.
     Book value, or shareholders' equity, per share at March 31, 2001, was
 $21.86 and tangible book value per share was $15.60.  These figures were up
 17% and 22%, respectively, from one-year prior.  The Company's Tier 1 Leverage
 Ratio was 7.07% at March 31, 2001, up from 6.67% at year-end 2000.  On
 December 13, 2000, the Company announced the completion of the
 February 17, 2000 share repurchase program for 300,000 shares of common stock.
 On that date, the Board of Directors authorized a new share repurchase
 program.  The new program authorized the repurchase of up to 300,000
 additional shares of IBERIABANK Corporation common stock.  Since the
 December 13, 2000 announcement, no shares have been purchased under the new
 program.
     IBERIABANK operates 23 offices located in south central Louisiana, 11
 offices located in northeast Louisiana, and 7 offices located in the greater
 New Orleans area.
     To the extent that statements in this report relate to the plans,
 objectives, or future performance of IBERIABANK Corporation, these statements
 are deemed to be forward-looking statements within the meaning of the Private
 Securities Litigation Reform Act of 1995.  Such statements are based on
 management's current expectations and the current economic environment.
 IBERIABANK Corporation's actual strategies and results in future periods may
 differ materially from those currently expected due to various risks and
 uncertainties.  A discussion of factors affecting IBERIABANK Corporation's
 business and prospects is contained in the Company's periodic filings with the
 Securities and Exchange Commission.
 
                           Financial Tables Attached
 
                             IBERIABANK CORPORATION
                              FINANCIAL HIGHLIGHTS
                 (Dollars in thousands, except per share data)
 
                                         For The Three Months Ended
                                                  March 31
                                            2001           2000      % Change
 
     Income Data
       Net Income                      $    3,491    $    2,955         18%
       Net Interest Income                 12,757        12,371          3%
 
     Per Share Data
       Net Income - Basic              $     0.59    $     0.48         23%
       Net Income - Diluted                  0.57          0.48         18%
       Cash Earnings - Diluted               0.67          0.59         14%
 
       Book Value (End of Period)           21.86         18.65         17%
       Tangible Book Value (End of Period)  15.60         12.09         29%
       Cash Dividends                        0.17          0.16          6%
 
     Average Balances
       Loans                           $  934,829    $  855,758          9%
       Earning Assets                   1,288,283     1,261,168          2%
       Total Assets                     1,377,952     1,354,588          2%
       Deposits                         1,160,993     1,122,490          3%
       Shareholders' Equity               130,215       115,880         12%
       Shares Outstanding
        -- Diluted (000s)                   6,126         6,100        ---
 
     Key Ratios
       Return on Average Assets              1.03%         0.88%
       Return on Average Equity             10.87%        10.26%
       Net Interest Margin
        (Tax-equivalent Basis)               3.95%         3.90%
       Net Charge-Offs to Average Loans      0.27%         0.13%
       Tangible Efficiency Ratio             55.8%         61.3%
       Average Loans to Average Deposits     80.5%         76.2%
       Nonperforming Assets to Total Assets  0.65%         0.28%
       Allowance For Loan Losses to Loans    1.10%         1.02%
       Tier 1 Leverage Ratio                 7.07%         6.48%
 
 
                               IBERIABANK CORPORATION
                    CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                               (Dollars in thousands)
 
                                           For The Three Months
     INCOME STATEMENT                         Ended March 31,
                                            2001          2000       % Change
 
     Interest Income                   $   25,787    $   24,655         4.6 %
     Interest Expense                      13,030        12,284         6.1 %
     Net Interest Income                   12,757        12,371         3.1 %
     Provision For Loan Losses                714           481        48.4 %
     Net Interest Income After Provision
      For Loan Losses                      12,043        11,890         1.3 %
     Noninterest Income                     3,223         3,159         2.0 %
     Noninterest Expense                    8,921         9,514        (6.2)%
     Goodwill Amortization                    798           828        (3.6)%
     Income Before Income Taxes             5,547         4,707        17.8 %
     Income Taxes                           2,056         1,752        17.4 %
     Net Income                        $    3,491    $    2,955        18.1 %
 
 
     BALANCE SHEET                         March 31,   December 31,
                                             2001         2000       % Change
     ASSETS
     Cash and Due From Banks           $   29,729    $   32,000        (7.1)%
     Interest-Bearing Deposits in Banks    77,700         2,541     2,957.9 %
     Investment Securities Available
      for Sale                            190,923       268,223       (28.8)%
     Investment Securities Held
      to Maturity                          82,210        76,322         7.7 %
     Federal Home Loan Bank Stock           8,108         7,997         1.4 %
     Loans Held For Sale                    6,696         3,347       100.1 %
     Loans Receivable, Net                927,390       930,286        (0.3)%
     Accrued Interest Receivable            7,026         9,142       (23.1)%
     Premises and Equipment                20,960        21,465        (2.4)%
     Goodwill and Acquisition Intangibles  37,997        38,796        (2.1)%
     Other Assets                           3,967         6,043       (34.4)%
               Total Assets            $1,392,706    $1,396,162        (0.2)%
 
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Noninterest-Bearing Deposits      $  138,887    $  129,468         7.3 %
     Interest-Bearing Deposits          1,057,374     1,013,719         4.3 %
     Short-Term Borrowings                  2,000        54,000       (96.3)%
     Repurchase Agreements                  3,797           ---         0.0 %
     Accrued Interest Payable               3,507         5,480       (36.0)%
     Long-Term Debt                        47,165        60,843       (22.5)%
     Other Liabilities                      7,297         5,610        30.1 %
               Total Liabilities        1,260,027     1,269,120        (0.7)%
     Total Shareholders' Equity           132,679       127,042         4.4 %
               Total Liabilities and
                Shareholders' Equity   $1,392,706    $1,396,162        (0.2)%
 
 
                               IBERIABANK CORPORATION
                                  LOANS RECEIVABLE
                               (Dollars in thousands)
 
                              March 31,    % of    December 31,  % of       %
                                2001       Total       2000      Total   Change
 
     Residential Mortgage Loans:
       Residential 1-4 family $270,622     28.9%     $279,193    29.7%    -3.1%
       Construction              5,118      0.5%        7,482     0.8%   -31.6%
         Total Mortgage Loans  275,740     29.4%      286,675    30.5%    -3.8%
     Commercial Loans:
       Business                 81,289      8.7%       78,986     8.4%     2.9%
       Real Estate             199,283     21.3%      196,479    20.9%     1.4%
         Total Commercial
          Loans                280,572     29.9%      275,465    29.3%     1.9%
     Consumer Loans:
       Home Equity             108,339     11.6%      108,070    11.5%     0.2%
       Automobile               25,446      2.7%       25,297     2.7%     0.6%
       Indirect Automobile     209,260     22.3%      205,143    21.8%     2.0%
       Credit Card loans         9,191      1.0%        9,559     1.0%    -3.8%
       Other                    29,174      3.1%       30,316     3.2%    -3.8%
         Total Consumer Loans  381,410     40.7%      378,385    40.2%     0.8%
         Total Loans
          Receivable           937,722    100.0%      940,525   100.0%    -0.3%
     Allowance for Loan Losses (10,332)               (10,239)
       Loans Receivable, Net  $927,390               $930,286
 
 
                                 ASSET QUALITY DATA
                               (Dollars in thousands)
 
     Total Nonperforming Assets (*)                     $8,991    $7,962
     Nonperforming Assets to Total Assets                 0.65%     0.57%
     Allowance For Loan Losses to Nonperforming Loans    118.1%    135.8%
 
     (*) Nonperforming Assets consist of nonaccruing loans, accruing loans more
         than 90 days past due and foreclosed property.
 
                                    DEPOSITS
                             (Dollars in thousands)
 
                                   March 31, % of    December 31, % of     %
                                     2001    Total       2000     Total  Change
 
     Noninterest Bearing DDA    $  138,887   11.6%   $  129,468   11.3%   7.3%
     NOW Accounts                  193,099   16.1%      182,668   16.0%   5.7%
     Money Market Deposits          79,651    6.7%       75,204    6.6%   5.9%
          Total Demand Deposits    411,637   34.4%      387,340   33.9%   6.3%
     Savings Deposits              202,317   16.9%      186,782   16.3%   8.3%
     Certificates of Deposit       582,307   48.7%      569,065   49.8%   2.3%
              Total Deposits    $1,196,261  100.0%   $1,143,187  100.0%   4.6%
 
 SOURCE  IBERIABANK Corporation