Iberiabank (IBKC) in Lafayette, La., eked out a profit in the first quarter despite a series of large charges.
The $12.9 billion-asset company earned $697,000, compared with $19.4 million a year earlier. Iberiabank had announced earlier this month that the adoption of a new accounting standard and an impairment charge would cut into its financial results. Those items, along with other expenses, totaled $38 million.
The special charges "and seasonal influences masked a quarter of favorable progress in further strengthening our franchise," Daryl Byrd, Iberiabank's chief executive, said in a press release.
Net interest income rose 1% from a year earlier, to $92.9 million. The net interest margin compressed 36 basis points from the first quarter of 2012, to 3.23%.
Noninterest income rose 19% from a year earlier, to $44.5 million; noninterest expense increased 45%, to $144.9 million.
Iberiabank's loan portfolio increased by 15% from the first quarter of 2012, to $8.6 billion. Net chargeoffs fell 29% from a year earlier, to $1.2 million.
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