IberiaBank Corp. (IBKC), a banking services provider, Tuesday reported a 5% decline in second quarter earnings on lower interest income and higher non-interest expenses.
The Lafayette, Louisiana-based company's net income for the second quarter fell to $9.5 million or $0.74 per share from $10.0 million or $0.78 per share in the previous year quarter.
Recent quarter net income included a negative impact associated with the acquisition of certain assets and liabilities of ANB Financial. Excluding the impact, the company earned $10.2 million or $0.80 per share. On average, ten analysts surveyed by First Call/Thomson Financial estimated earnings of $0.84 per share.
Net interest income after provision for loan losses was $30.9 million, down from $31.3 million in the prior-year quarter. Noninterest income increased 4% to $22.68 million from $21.81 million in the year-ago quarter.
Provision for loan losses for the second quarter was $1.5 million, compared to reversal of loan losses of $595 thousand in the preceding year quarter.
Total non-performing assets at the end of the second quarter were $41.9 million or 0.79% of total assets, higher than $21.1 million or 0.45% of total assets at the end of the previous year quarter.
Total non-interest expense grew 4.1% to $40.3 million from $38.7 million in the same quarter of the earlier year. Interest expense fell to $32.6 million from $35.2 million in last year quarter.
For the six-month period, the company's net income increased to $22.9 million or $1.79 per share from $19.2 million or $1.53 per share in the corresponding period of the prior year.
Net interest income after provision for loan losses was $61.1 million, up from $58.5 million in the year-ago period. Total non-interest income grew to $49.0 million from $36.0 million in the preceding year period.
Shares of IberiaBank are currently trading at $49.22, up 91 cents or 1.88%.
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