IberiaBank completes Teche acquisition _lowres

Advocate staff photo by BRYAN TUCK -- IberiaBank in Lafayette has grown to be the largest bank based in Louisiana with more than $15 billion in assets, primarily by acquiring other institutions. Its latest in-state acquisition was Teche Federal in nearby New Iberia, but its also been aggressively acquiring out-of-state banks to become a regional player in the industry.

Lafayette-based IberiaBank Corp.’s second-quarter earnings climbed to $18.5 million, or 60 cents per share, compared to $15.6 million, or 53 cents per share.

However, the holding company for IberiaBank’s said results included non-operating costs, mainly for acquisitions, of 36 cents per share. Without those costs, IberiaBank would have generated a profit of 96 cents per share.

IberiaBank completed the acquisitions of New Iberia-based Teche Holding Co. and First Private Holdings in Dallas.

IberiaBank expects operating earnings per share in the range of $3.65 to $3.70 per share, an increase of 16 percent to 18 percent, IberiaBank President and Chief Executive Officer Daryl G. Byrd said. Byrd spoke during a Thursday morning conference call with investors and analysts.

IberiaBank’s results beat Wall Street analysts’ expectations. Analysts surveyed by Zacks Investment Research had expected earnings of 89 cents per share.

Sterne Agee analyst Peyton Green said the stronger-than-expected results resulted from a rebound in mortgages, in general.

Mortgage income increased $7.8 million, or 77 percent, from the first quarter. The second-quarter results included one month of Teche’s impact and one day of First Private’s.

IberiaBank’s stock rose 80 cents, or 1.2 percent, to cose at $66.58 Thursday.