Acadiana Business

IberiaBank 1Q earnings up

by Heather Miller

The Lafayette-based bank reported first-quarter revenues of $19 million, up almost $5 million from the first quarter of last year.

Lafayette-based IberiaBank reported $19 million (66 cents a share) in earnings for the first quarter of 2012, marking an increase of almost $5 million as compared to the first quarter of last year.

"We are extremely pleased with our continued loan and core deposit growth across our geographic footprint," IberiaBank President and CEO Daryl Byrd says in a press release. "The high-quality market share growth will be of significant benefit to our shareholders once interest rates return to historically normalized levels.  Our asset quality and capital measures remain exceptional compared to peers and the banking industry in general, and position us well for client acquisition opportunities in the future."

IberiaBank has seen rapid growth in its out-of-state footprint in recent years, though last year IberiaBank landed two big in-state buys when it bought Cameron State Bank of Lake Charles, which added 22 branches and $706 million in assets to IberiaBank's portfolio, and Metairie-based Omni Bank, a $40 million stock deal that carried IberiaBank into the top 5 ranking in the New Orleans area.

According to a release from Iberia, the company incurred roughly $1 million in acquisition costs this quarter related to the bank's purchase of Cameron Bank.

The bank announced in March its plans to purchase Florida Gulf Bank's eight branches in the Fort Meyers-Cape Coral market, a deal worth $43.7 million.

IberiaBank has 173 banking offices in six states and mortgage reps in 12 states.