IberiaBank Corp. in Lafayette reported first-quarter net income of $25.1 million, up from $22.3 million a year ago.
Per-share earnings amounted to 75 cents.
IberiaBank said it incurred non-operating expenses of $10 million on a pre-tax basis. Excluding those items, first-quarter income would have been 95 cents per share.
Daryl G. Byrd, president and CEO, said “a few ‘timing-related’ items masked the true strength of the quarter’s operating results ….”
He said those include enhancing reserves for energy credits and related markets to buffer against potential losses given current oil and gas industry conditions. There also were some non-recurring benefit expenses, and FDIC recovery expenses — "all of which we consider to be operating in nature,” Byrd said.