Iberiabank in Lafayette, La., reported higher third-quarter earnings on loan growth and because of an acquisition.
The $19.5 billion-asset company said net income rose 38% to $42.5 million, from a year earlier. Earnings per share rose 12% to $1.03, missing the average estimate of analysts polled by Bloomberg by 1 cent.
Net interest income rose 6.5% to $155.1 million. Total loans rose 27% to $14.1 billion. The net interest margin widened 1 basis point to 3.50%.
Noninterest income rose 22% to $57.5 million, on higher mortgage banking and title revenue.
Noninterest expense rose 21% to $145 million, on increased salaries and occupancy expense. The efficiency ratio improved 2.9 percentage points to 68.2%.
Iberiabank in June closed its acquisition of Georgia Commerce Bancshares in Atlanta.