NEW ORLEANS - Hibernia Corp. on Wednesday declared a 12 cent quarterly dividend, payable Feb. 22 to shareholders of record Feb. 7.
The dividend results in a quarterly payout ratio of 40%. Hibernia, its shares languishing on news of loan quality problems, first hiked the dividend to 12 cents from 10.5 cents on Oct. 20.
In announcing that the higher dividend had been extended, the company noted it had compounded revenue growth of 12% over the past five years; that its cash-basis net income of $195 million, excluding merger costs, was a record; and that it had regained the lead position in Louisiana deposit share, with 22.3%.
In trading Wednesday, Hibernia shares were up 62.5 cents, to $10.50.