Iberiabank's quarterly profits jumped due to growth in the Lafayette, La., company's loan portfolio.
The $15 billion-asset company's second-quarter net income rose 19% from a year earlier, to $18.5 million. Earnings of 60 cents a share beating the average estimate of analysts polled by Bloomberg by 5 cents.
Net interest income rose 13%, to $109 million. Total loans increased 22%, to $10.9 billion. The net interest margin widened by 9 basis points, to 3.48%.
The company attributed the increase, in part, to its purchase of the $861 million-asset Teche Holding in May. The company also closed on its purchase of the $358 million-asset First Private Holdings at the end of the quarter.
Meanwhile, the loan-loss provision more than doubled, to $4.7 million. Net chargeoffs fell by 25%, to $857,000.
Noninterest income jumped 13%, to $48 million, from mortgage fees and loan sales.
Revenue gains offset a rise in noninterest expenses, which increased 9%, to $127 million.