IBERIABANK CORP - 10-Q Quarterly Report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2002

Commission File Number 0-25756

IBERIABANK Corporation

(Exact name of registrant as specified in its charter)

Louisiana		72-1280718

(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

1101 East Admiral Doyle Drive
New Iberia, Louisiana		70560

(Address of principal executive office)		(Zip Code)

(337) 521-4003

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

The Registrant had 5,791,600 shares of common stock, $1.00 par value, which were issued and outstanding as of November 7, 2002.

IBERIABANK CORPORATION AND SUBSIDIARY

TABLE OF CONTENTS

		Page

Part I.	Financial Information

Item 1.	Financial Statements

	Consolidated Balance Sheets (As of September 30, 2002 and December 31, 2001)	2

	Consolidated Statements of Income (For the three and nine months ended September 30, 2002 and 2001)	3

	Consolidated Statements of Shareholders’ Equity (For the nine months ended September 30, 2002 and 2001)	4

	Consolidated Statements of Cash Flows (For the nine months ended September 30, 2002 and 2001)	5

	Notes to Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	17

Item 4.	Controls and Procedures	17


Part II.	Other Information

Item 1.	Legal Proceedings	18

Item 2.	Changes in Securities and Use of Proceeds	18

Item 3.	Defaults Upon Senior Securities	18

Item 4.	Submission of Matters to a Vote of Security Holders	18

Item 5.	Other Information	18

Item 6.	Exhibits and Reports on Form 8-K	19

Signatures		20

Certifications		21

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

IBERIABANK CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in thousands)

			September 30, 2002			December 31, 2001

Assets
Cash and due from banks			$	40,256		$	35,945
Interest-bearing deposits in banks				5,903			15,736

		Total cash and cash equivalents		46,159			51,681
Investment securities:
	Available for sale, at fair value			244,213			219,825
	Held to maturity, fair values of $75,184 and $102,116, respectively			72,875			102,082
Mortgage loans held for sale				7,827			15,867
Loans, net of unearned income				1,003,103			956,015
Allowance for loan losses				(12,518	)		(11,117	)

		Loans, net		990,585			944,898
Premises and equipment, net				18,596			19,455
Goodwill				35,401			35,401
Other assets				44,391			37,616

Total Assets			$	1,460,047		$	1,426,825

Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
	Noninterest-bearing		$	151,078		$	154,580
	Interest-bearing			1,061,431			1,082,814

		Total deposits		1,212,509			1,237,394
Short-term borrowings				47,296			12,339
Long-term debt				37,919			31,437
Other liabilities				19,292			11,238

Total Liabilities				1,317,016			1,292,408

Shareholders’ Equity:
Preferred stock, $1 par value - 5,000,000 shares authorized				—			—
Common stock, $1 par value - 25,000,000 shares authorized; 7,380,671 shares issued				7,381			7,381
Additional paid-in-capital				71,739			70,477
Retained earnings				98,783			88,306
Unearned compensation				(2,937	)		(3,683	)
Accumulated other comprehensive income				1,534			739
Treasury stock at cost - 1,479,787 and 1,392,626 shares				(33,469	)		(28,803	)

Total Shareholders’ Equity				143,031			134,417

Total Liabilities and Shareholders’ Equity			$	1,460,047		$	1,426,825

See Notes to Consolidated Financial Statements

IBERIABANK CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(dollars in thousands, except per share data)

			For the Three Months Ended September 30,					For the Nine Months Ended September 30,

			2002			2001		2002			2001

Interest and Dividend Income:
	Loans, including fees		$	17,858		$	19,808	$	53,456		$	60,322
	Mortgage loans held for sale, including fees			75			224		231			485
	Investment securities:
		Taxable interest		3,383			4,188		10,843			13,472
		Tax-exempt interest		272			119		791			234
	Dividends on investments			85			51		169			235
	Interest-bearing demand deposits			47			832		420			2,060

Total interest and dividend income				21,720			25,222		65,910			76,808

Interest Expense:
	Deposits			5,902			10,722		19,225			33,902
	Short-term borrowings			180			98		368			511
	Long-term debt			628			806		1,918			2,557

Total interest expense				6,710			11,626		21,511			36,970

Net interest income				15,010			13,596		44,399			39,838
Provision for loan losses				1,500			1,088		4,498			2,698

Net interest income after provision for loan losses				13,510			12,508		39,901			37,140

Noninterest Income:
	Service charges on deposit accounts			2,746			1,981		7,334			6,005
	ATM fee income			402			371		1,189			1,094
	Gain on sale of mortgage loans, net			610			530		1,406			1,421
	Gain on sale of assets			8			50		409			50
	Gain (loss) on sale of investments, net			(46	)		3		(41	)		118
	Other income			1,013			738		2,965			1,977

Total noninterest income				4,733			3,673		13,262			10,665

Noninterest Expense:
	Salaries and employee benefits			5,584			5,371		17,238			15,627
	Occupancy and equipment			1,364			1,341		4,088			4,118
	Amortization of acquisition intangibles			67			784		224			2,374
	Franchise and shares tax			476			366		1,222			1,012
	Communication and delivery			633			641		1,894			1,882
	Marketing and business development

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