IberiaBank Corp.'s shares plunged Wednesday after a litany of charges cut into the banking company's second quarter earnings.
The Lafayette, La., company earned $5 million in the quarter, down 65% from the first quarter and 41% from a year earlier.
Shares fell 6.5% Wednesday to close at $53.60 a share.
The quarter included charges tied to acquisitions, settlement of two class action lawsuits and impairment of a loan pool. The loan-loss provision jumped 83% from the first quarter but fell 23% from a year earlier, to $10 million.
The $11.5 billion-asset company said the higher provision resulted from strong loan growth. The loan portfolio grew 18% from the first quarter; IberiaBank bought two banks and a trust operation during the second quarter.
