Lafayette-based IberiaBank Corp. reported a third-quarter profit of $26 million, or 49 cents per share, compared with $44.5 million, or $1.08 per share, a year ago.
However, the company said when non-core revenues and expenses were excluded, its earnings per share were $1.
IberiaBank issued a notice almost two weeks ago, warning that its third-quarter numbers would be affected by hurricanes Harvey and Irma, a HUD lawsuit, energy-related loans and expenses from its acquisition of Sabadell United Bank, which has 28 branches, mainly in metro Miami.
“These one-off expenses do not overshadow our excitement about the growth prospects, synergies and diversifications that we expect from the Sabadell United merger,” said Daryl G. Byrd, president and chief executive officer of IberiaBank.
The bank reported revenue of nearly $270 million, up from the $223.2 million in revenue it posted during third-quarter 2016. Total non-interest expenses were $203 million, up from the $138.1 million the bank incurred in the third quarter.