Iberiabank in Lafayette, La., reported higher quarterly earnings as loan growth offset a decline in fee income.
The $21.8 billion-asset company reported late Thursday that its second-quarter profit rose by 2.2% from a year earlier to $51.1 million, or 99 cents a share.
Net interest income increased by 12.8% to $183.6 million. Total loans rose by 6% to $15.6 billion, while the net interest margin expanded by 6 basis points to 3.71%.
The loan-loss provision increased by increased 1.6% to $12.1 million. The energy portfolio shrank by 17% to $552 million, and the company noted that it has had just $19 million in energy-related net chargeoffs since December 2014.
Noninterest income fell 14% to $56 million. Broker commissions decreased by 26% to $2.7 million and mortgage income fell by 24% to $19.7 million.
Noninterest expenses rose by 6% to $147.5 million.
The company is on track to complete its purchase of Sabadell United Bank in early August, CEO Daryl Byrd said in the release.
