Oct 27, 2010 9:40 PM by Alison Haynes
LAFAYETTE, La. (AP) - Iberiabank Corp. said it posted a drop in third-quarter earnings from a year ago when the company had a one-time gain for acquiring a failed banking company in Alabama.
For the three months ending Sept. 30, Iberiabank earned $13.9 million, or 52 cents, per share, compared with year-ago earnings in the third quarter of $25 million, or $1.22 per share.
In 2009, Iberiabank included an after-tax gain of $1.75 for its acquisition of the assets and liabilities of CapitalSouth Bank of Birmingham, Ala., which was closed by regulators.
The latest results were a shade below Wall Street forecasts. Analysts polled by Thomson Financial, on average, had forecast per-share earnings of 53 cents for the latest quarter.
During the third quarter, Iberiabank completed its federally assisted acquisition of some assets and liabilities of Florida-based Sterling Bank, which was shut by regulators. The company said loss-share provisions with the Federal Deposit Insurance Corp. would limit its loss exposure to Sterling loans.
Iberiabank picked up $54 million in investment securities, $151 million in discounted loans and $287 million from Sterling Bank on July 23.
Outside of the acquisitions, Iberiabank recorded $5 million in third-quarter charge-offs, down from $6 million in the second quarter. The company dropped its loan-loss provision 60 percent to $5 million.
The results were released after financial markets closed Tuesday. In Wednesday trading, Iberiabank shares fell 94 cents to close at $52.20. The shares have traded in a 52-week range of $41.76 to $64.09.
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