Iberiabank (IBKC) in Lafayette, La., reported a jump in fourth-quarter profit thanks to higher fee income and lower interest expenses.
The $13.1 billion-asset company said its net income for the quarter rose 33%, to $23.2 million, compared with the fourth quarter of 2011. The bank's per-share earnings of 79 cents were in line with the estimates of analysts polled by Bloomberg.
Iberiabank's noninterest income rose 42%, to $50.4 million, due mainly to a 72% rise in mortgage income. Income from service charges, card fees and broker commissions also increased.
Iberiabank's net interest income rose 8%, to $100 million, as interest expense declined 23%, to $14.7 million. Its net interest margin contracted by 7 basis points, to 3.55%.
The company's loan-loss provision rose 14%, to $4.8 million, and its chargeoffs declined to $91,000, from $4.6 million in the year-prior period.
Iberiabank, which has worked to organically expand its balance sheet in recent years, had a 19%, or $1.1 billion, increase in its loan portfolio over 2012.
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