IberiaBank 2Q earnings slide 5 percent

LAFAYETTE — The cost of adding another Arkansas Bank to its portfolio cost IberiaBank Corp. in the second quarter. The company’s earnings from April 1 to June 30 were $9.5 million, down 5 percent from $10 million for the same period in 2007. IberiaBank President and CEO Daryl Byrd attributed the decline to $1.1 million in costs associated with the acquisition of ANB Financial, a deal that closed in May. The deal expands the company's bank presence in the Fayetteville, Ark., market. “We are pleased to report a significant improvement in our credit quality, substantial liquidity, solid loan and deposit growth, and bolstered capital position,” Byrd said. “We also believe our near term margin sacrifice will serve us very well in the second half of 2008 and thereafter.” IberiaBank reported nonperforming assets of $42 million at... [read full story]