Iberiabank Corp. in Lafayette, La., has reported that fourth-quarter earnings fell 89% from a year earlier, to $13 million, largely due to the costs of consolidating two units and the purchase of a failed bank.
The $10 billion-asset company said late Tuesday that it incurred $2 million in one-time costs in the quarter after buying Sterling Bank in Lantana, Fla., from the Federal Deposit Insurance Corp. Iberiabank also consolidated Iberiabank FSB into its primary bank. The comparison also included a $181 million gain a year earlier on other FDIC-assisted deals.
Earnings of 48 cents a share missed the average of analysts' estimates by 8 cents, according to Thomson Reuters.
The loan-loss provision rose 21.2% from a year earlier, to $11.2 million. Nonperforming assets fell 7.2%, to $939 million, though most of these are covered by loss-sharing agreements with the FDIC.