Pursuant to new disclosure regulations, IBERIABANK Corporation
A $4.5 million commercial real estate loan has been placed on non-accrual status. The loan was underwritten in the second quarter of 1999. At the end of the third quarter 2000, the loan was current. Issues have arisen recently, which have caused bank management to reevaluate the status of the loan. After evaluation, IBERIABANK Corporation began foreclosure proceedings on the loan. The loan was also placed on non-accrual status.
Current information available to IBERIABANK Corporation Management indicates that issues relative to this loan are isolated to this loan and do not reflect a broad deterioration in the loan portfolio.
IBERIABANK Corporation remains comfortable with previous earnings estimates provided by management for years 2000 and 2001. Management's stated comfort ranges for annual EPS were $2.10 to $2.15 for year 2000 and $2.35 to $2.45 for year 2001.
A live Conference Call is scheduled at 3:30 p.m. Central Time today by dialing (800) 946-0783. The confirmation code for the call is 587654. A replay of the call will be available until November 16th by dialing (888) 203-1112 with a confirmation code of 587654.
SOURCE: IBERIABANK Corporation
Contact: Daryl G. Byrd, President and CEO, 337-365-2361, or Michael
Brown, Executive Vice President and Chief Credit Officer, 504-363-7840, both
of IBERIABANK Corporation