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IBERIABANK posts higher Q3 EPS, revenues

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IBERIABANK posts higher Q3 EPS, revenues

Lafayette, La.-based IBERIABANK Corp. reported third-quarter net income available to common shareholders of $96.3 million, or $1.82 per share, compared with $97.9 million, or $1.73 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.79.

Total revenues were $313.0 million in the third quarter, up 0.2% from $312.3 million a year ago.

Net interest income was $249.3 million in the third quarter, down 3.8% from the year-ago quarter's $259.2 million.

Net loans and leases amounted to $23.53 billion at the end of the third quarter, up 6.0% from $22.21 billion at the end of the year-ago quarter.

Total deposits reached $24.98 billion as of Sept. 30, up 7.7% from $23.20 billion a year ago.

Assuming three Federal funds rate decreases in 2019, with the third occurring in October, IBERIABANK updated its financial guidance for full year 2019. Forecast net interest margin for 2019 was lowered to between 3.43% and 3.47% from a range of 3.48% to 3.54% in the second quarter. Guidance for provision expense was likewise lowered to between $38 million and $43 million from a range of $41 million to $45 million in the previous quarter.