Iberiabank Corp. of Lafayette, La., reported that its second-quarter net income rose 5% from a year earlier, to $8.7 million.
Earnings per share fell 37%, to 33 cents a share, from 52 cents a share a year earlier, the $10.4 billion-asset company said Wednesday.
Iberiabank acquired three failed banks last year, which hurt earnings this year as it worked to integrate the banks. Yet Iberiabank said asset quality, capital and liquidity improved compared with the previous quarter.
The company far exceeded the regulatory minimum for well-capitalized institutions, with a total risk-based capital ratio of 21.72%, up from 19.82% on March 31.
Iberiabank had to defer some earnings because of a loss-share agreement with the Federal Deposit Insurance Corp. in acquiring the failed banks. It also took a one-time charge of $4 million in the quarter for acquiring and converting Orion Bank and Century Bank.
