Full year net income was up almost 3% and earnings per share beat the consensus estimate In what is the final full-year earnings report for the 132-year-old Lafayette, La.-based IberiaBank Corp.
2019 net income was $371.553 million, up 2.87% compared to the $361.154 million in 2018. Earnings per share of $6.92 was better than the consensus estimate of $6.78. Full year revenue was $1.182 billion, better than the $1.125 billion in 2018, but below the consensus of $1.21 billion.
Fourth quarter net income was $78.12 million, well below the $129.09 million in the same period of 2018. Earnings per share of $1.48 was below the $1.56 consensus estimate. Excluding one time charges related to merger expenses, earnings per share would have totaled $1.59. Fourth quarter revenue totaled $293.842 million, better than the $265.99 million.
“We delivered a solid fourth quarter and a very successful 2019, continuing to execute on our strategic initiatives, grow our business and deliver a superior client experience throughout our franchise. During the fourth quarter, we incurred several items, both core and non-core that were merger-related expenses,” Daryl Byrd, IberiaBank president and CEO, said in the earnings report. “As we begin 2020, our Company continues to generate new opportunities in our markets, growing our loan and deposit base and increasing our fee revenues. We are seeing great business momentum with attractive client growth, new relationship managers joining the Company, and a strong lending pipeline.”
Memphis-based First Horizon National Corp. and IberiaBank announced in November a $9 billion all-stock deal to merge the operations and create a financial company with $75 billion in assets, $57 billion in deposits, and $55 billion in loans. The combined holding company and bank will operate under the First Horizon name and will be based in Memphis. The deal is expected to close in the second quarter.
As of now, IberiaBank Corp. is a financial holding company with 319 combined locations, including 191 bank branch offices and three loan production offices, in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri and New York, 28 title insurance offices in Arkansas, Tennessee and Louisiana, and mortgage representatives in 82 locations in 12 states. IberiaBank has 16 Arkansas banking locations.
Following are other items in the IberiaBank earnings report posted Jan. 24.
• Total assets as of Dec. 31 were $31.713 billion, up from $30.833 billion at the end of 2018.
• Total deposits as of Dec. 31 were $25.219 billion, up from $23.763 billion at the end of 2018.
• Return on assets as of Dec. 31 was 1.22%, down from 1.25% at the end of 2018.
• Return on equity as of Dec. 31 was 9.22%, down from 9.63% at the end of 2018.
IberiaBank shares (NASDAQ: IBKC) closed Monday at $73.87, down $1.06. During the past 52 weeks the share price has ranged between $81.86 and $66.55.