Iberiabank Corp. has a market cap of $1.58 billion; its shares were traded at around $58.93 with a P/E ratio of 72.75 and P/S ratio of 2.61. The dividend yield of Iberiabank Corp. stocks is 2.31%. Iberiabank Corp. had an annual average earning growth of 10.5% over the past 10 years. GuruFocus rated Iberiabank Corp. the business predictability rank of 2.5-star.IBKC is in the portfolios of John Keeley of Keeley Fund Management, John Griffin of Blue Ridge Capital, Jim Simons of Renaissance Technologies LLC.
This is the annual revenues and earnings per share of IBKC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of IBKC.
Highlight of Business Operations:During the first quarter of 2010, the Company reported income available to common shareholders of $13.0 million, or $0.59 per common share on a diluted basis, representing a 124.4% increase compared to net income available to common shareholders of $5.8 million earned for the first quarter of 2009. On a per share basis, this represents a 64.4% increase from the $0.36 per diluted share earned for the first quarter of 2009.
Earning assets are composed of interest or dividend-earning assets, including loans, securities, short-term investments and loans held for sale. Interest income associated with earning assets is the Companys primary source of income. Earning assets averaged $9.0 billion during the quarter ended March 31, 2010, an increase of $1.5 billion, or 20.8%, from the year ended December 31, 2009 and $4.0 billion, or 80.4% from March 31, 2009.
Loans and Leases The average loan portfolio increased $667.3 million, or 13.2%, during the first three months of 2010. On a period end basis, covered loans acquired from CSB, Orion, and Century declined $109.1 million. Organic growth of $64.1 million offset the decreases on the covered assets. As a result, the total loan portfolio decreased $45.0 million, or 0.8%, during the first quarter of 2010.
The consumer loan portfolio decreased $7.8 million, or 0.7%, compared to December 31, 2009, driven primarily by the decrease in the covered consumer loan portfolio. Consumer loans covered by loss share agreements decreased $6.1 million, or 4.2%, during 2010. Consumer loan growth was also impacted by the Companys tightened underwriting standards, a response to a weakened national and regional economy. Offsetting the slight declines in consumer loan originations was an increase of $1.1 million in the Companys indirect automobile portfolio.
A $29.2 million decrease in mortgage loans to $979.1 million also contributed to the decrease for the first quarter. Of the decrease, $16.6 million, or 57.0%, was a result of a decrease in mortgage loans covered by loss share agreements. The remaining decrease was attributable to legacy assets, as loans were paid down and new mortgage loan originations slowed. The Company generally retains certain residential mortgage loans to high net worth individuals made through the private banking area. These mortgage loans traditionally have shorter durations and lower servicing costs and provide an opportunity to deepen client relationships. The Company does not originate or hold high loan to value, negative amortization, optional ARM, or other exotic mortgage loans in its portfolio.
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