Less than a month after confirming that it is being bought by IberiaBank, Teche Holding Co. announced its first earnings decrease in five years.
Less than a month after confirming that it is being bought by IberiaBank, Teche Holding Co. announced its first earnings decrease in five years.
IberiaBank's Daryl Byrd discusses the bank's acquisition of Teche Federal on Jan. 13.
In a press release issued Tuesday, Teche Holding - the holding company for Teche Federal Bank - reported earnings of $2.4 million, or $1.15 per share, for the first three months of the company's first quarter of the 2014 fiscal year, which ended Dec. 31. That's a $700,000 drop from the $3.1 million, or $1.49 per share, reported during the first quarter of the 2013 fiscal year.
"We had solid earnings this quarter on top of record earnings per share for the past five fiscal years," says Teche Holding President and CEO Patrick Little in a prepared statement. "We had solid growth in the commercial, consumer and mortgage loan categories."
Tuesday's earnings report comes on the heels of last month's announcement that IberiaBank is in the process of acquiring Teche, a deal valued at $162 million. Read more about that here.
In other banking news, IberiaBank reported $25.1 million, or 86 cents per share, in its most recent earnings report for the fourth quarter ending Dec. 31, an increase from the $23.2 million, or 78 cents per share, reported during the same quarter a year ago.
MidSouth Bancorp also reported a fourth quarter earnings increase. For the three months ending Dec. 31, MidSouth's earnings totaled $3.4 million, or 29 cents per share, compared to the $1.3 million, or 12 cents per share, reported during the same quarter of 2012.
Hancock Holding Co., the holding company for Whitney Bank, experienced a decrease in its fourth quarter compared to the same period last year. Hancock reported $34.7 million in earnings, or 55 cents per share, a decrease of 26.2 percent from the comparable quarter a year earlier.
Home Bank's earnings also decreased in the company's fourth quarter ending Dec. 31 compared to the same period last year, dropping $619,000 to finish the last quarter of 2013 with $1.7 million in net income, or 25 cents per share.