Iberiabank Corp. (IBKC) of Lafayette, La., reported higher quarterly earnings due to improved credit quality.
The $13.4 billion-asset company's fourth-quarter net income rose 10% from a year earlier, to $25.6 million. At 86 cents, Iberiabank's earnings per share beat the average estimate of analysts polled by Bloomberg by 2 cents.
Nonperforming assets, excluding acquired assets, made up 0.61% of total assets at Dec. 31. Loans past due 30 days or more made up just 0.8% of total loans. The loan-loss provision decreased by 3% from a year earlier, to $4.7 million. Net chargeoffs totaled $1.4 million in the fourth quarter.
In a press release Wednesday, Iberiabank Chief Executive Daryl Byrd also touted the company's deposit mix as a reason for success. Iberiabank's net interest income rose 3% from a year earlier, to $103.4 million. The net interest margin compressed by 3 basis points from a year earlier, to 3.52%.
Noninterest income fell 23% from the fourth quarter of 2012, to $38.7 million. Noninterest expense declined 10% from a year earlier, to $102.7 million.
Iberiabank's earnings close a busy month of January for the company. On Jan. 13, Iberiabank announced plans to buy the $857 million-asset Teche Holding (TSH) in New Iberia, La. Iberiabank expects to complete the acquisition by June 30.