IBERIABANK Corp. (IBKC) Reports Q1 EPS of $0.67

IBERIABANK Corp. (NASDAQ: IBKC) reported Q1 EPS of $0.67. Revenue for the quarter came in at $295 million versus the consensus estimate of $287.13 million.

Daryl G. Byrd, President and Chief Executive Officer, commented, "As we navigate the uncertain and unprecedented COVID-19 environment, the Company is highly focused on servicing the financial needs of our clients, ensuring the health and well-being of our associates, and supporting the communities in which we live and serve. Our teams have been working around the clock to assist clients with payment forbearance and other relief programs, including the SBA Paycheck Protection Program. At the same time, retail operations and branch facilities remain open and committed to serving our clients in a safe and responsible manner. This is truly a Herculean effort and our teams have made a tremendous amount of progress for our clients in a very short time period. I am very proud of the commitment of all our IBERIABANK associates."

"During the first quarter, our fundamental business model performed very well in the face of uncertain economic times. The Company was able to expand our client base, produce significant growth in our loan portfolio, increase core and non-interest bearing deposits, and grow tangible book value. The Company successfully delivered record non-interest income, held non-interest expense in check, and maintained already strong credit quality metrics. First quarter results included the adoption of CECL early in the quarter, and as a result we recorded an approximately $82 million increase in our allowance for expected credit losses and related book value write-down. As we evaluated the economic uncertainties of the current pandemic, at the end of March we recorded an additional $69 million pre-tax increase in provision and other credit-related reserves that significantly impacted our financial results."

For earnings history and earnings-related data on IBERIABANK Corp. (IBKC) click here.

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