Acadiana Business

Iberia, Home Bank earnings up

by Heather Miller

IberiaBank and Home Bank both reported an increase in third quarter earnings as compared to the same period last year. Two of Acadiana's four publicly traded banks are reporting increased third quarter earnings as compared to the third quarter of 2011.

According to a release from IberiaBank, the company posted third quarter income of $21 million (73 cents per share), up $5 million over the third quarter of last year and up 71 percent compared to the second quarter of 2012.

IberiaBank notes that it incurred $5 million in costs after completing its acquisition of Florida Gulf Bank July 31.

"Our financial results for the third quarter demonstrate our significant progress in improving the long-term value of our franchise," says IberiaBank President and CEO Daryl Byrd. "We experienced exceptional client growth in loans and deposits, a stable margin, and record results in our mortgage and title insurance businesses. Our operating leverage improved significantly in the third quarter as revenues grew $8 million and expenses were fairly flat. Our investments in new markets and lines of business are exhibiting great promise. Our process improvement initiatives are proceeding on target, though by no means complete."

Home Bank, meanwhile, reports third quarter earnings of $3.1, an increase of $1.3 million, or 74 percent, as compared to the second quarter of this year. The company's third quarter income is up $2.1 million as compared to the third quarter of 2011, though the company notes that last year's third quarter earnings factored in $1.4 million in pre-tax expenses tied to Home Bank's acquisition of GS Financial Corp.

Third quarter loans total $670.7 million for Home Bank, a decrease of $9.1 million over the second quarter of this year and an increase of $17 million as compared to the third quarter of 2011.

"The extended period of low interest rates, the lack of confidence in the national economy and the uncertainty of the upcoming elections make for a challenging environment," says Home Bank President and CEO John Bordelon. "Despite these challenges, we will remain true to our conservative risk management philosophies. Our bankers continue to do an outstanding job working with our customers to ensure Home Bank adds value to their businesses."

MidSouth Bank's third quarter earnings have not been publicly reported yet.