IBERIABANK Corporation Continues Pace of Record Earnings
PRNewswire-FirstCall
LAFAYETTE, La.

IBERIABANK Corporation , the holding company of the 117-year-old IBERIABANK (http://www.iberiabank.com/ ), announced record quarterly earnings for the quarter ended March 31, 2004. The Company earned $6.5 million, a 24% increase over the same period in 2003, and up 3% compared to the fourth quarter of 2003. The Company earned $0.90 per diluted share for the quarter, up 8% from the same period in 2003, and up 2% compared to the fourth quarter of 2003. The Company's results of $0.90 per diluted share exceeded average analyst expectations for the quarter by $0.01 per share. For 17 consecutive quarters, the Company has achieved record results that have met or exceeded average analyst estimates.

Total assets climbed $155 million, or 7% compared to December 31, 2003. Similarly, deposits grew $168 million, or 11% over the same period. Total shareholders' equity increased $22 million, or 11% since year-end 2003, resulting in an equity-to-assets ratio of 9.57% at March 31, 2004. Book value per share escalated $1.74 per share, or 6%, since year-end 2003, to $31.02 per share.

Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, "I'm pleased with the growth we have achieved so far this year and am particularly excited about our new presence in the Baton Rouge market. On February 29th, we completed the acquisition of Alliance Bank of Baton Rouge. The systems conversion is proceeding well and will be completed in the second quarter of 2004. We are delighted to have the associates and shareholders of Alliance Bank as members of the IBERIABANK family."

  Additional Highlights For The Quarter Ended March 31, 2004

   --  The acquisition of Alliance Bank of Baton Rouge ("Alliance Bank") was
       completed on February 29, 2004 using the purchase accounting method
       under generally accepted accounting principles ("GAAP").  Under this
       method of accounting, the financial statements of the Company were
       not restated prior to February 29, 2004.  As such, period-end
       balances incorporate the impact of the acquisition, including
       goodwill of $5.1 million, while average balances and income-related
       items were impacted for approximately one-third of the quarter just
       completed.

   --  The Company issued 287,285 shares of IBERIABANK Corporation common
       stock in association with the acquisition of Alliance Bank.  The
       acquisition had an immaterial impact on reported fully diluted
       earnings per share ("EPS") for the first quarter of 2004.

   --  Tax-equivalent net interest margin was 3.75% in the first quarter of
       2004, down 10 basis points from 3.85% for the fourth quarter of 2003.
       The yield on earning assets declined eight basis points between the
       fourth quarter of 2003 and the first quarter of 2004 (a "linked
       quarter basis").  Average investment yield improved 23 basis points,
       but the improvement was more than offset by the 12 basis points
       decline in average loan yield during the quarter.  Interest-bearing
       liability costs increased one basis point on a linked quarter basis.

   --  For the first quarter of 2004, return on average assets ("ROA") was
       1.20%, return on average equity ("ROE") was 12.75% and return on
       average tangible equity was 19.07%.

   --  Asset quality improved dramatically during the quarter.  Annualized
       net charge-offs as a percentage of average loans were 0.13% in the
       first quarter of 2004.  Nonperforming assets ("NPAs") decreased
       $2.5 million, or 34%, during the quarter compared to
       December 31, 2003.  As a percentage of total assets, NPAs were 0.21%
       at March 31, 2004, compared to 0.34% at December 31, 2003 and 0.42%
       at December 31, 2002.  The allowance for loan losses was 1.32% at
       March 31, 2004, compared to 1.29% of total loans at December 31, 2003
       and 1.25% at December 31, 2002.

   --  Equity-to-assets ratio was 9.57% at March 31, 2004, up 35 basis
       points from 9.22% at year-end 2003 and 8.89% at December 31, 2002.
       Tier 1 leverage ratio was 7.86%, up 36 basis points compared to 7.50%
       at year-end 2003 and 7.62% at year-end 2002.

   --  On March 16, 2004, the Company declared a quarterly cash dividend of
       $0.24 per share, an increase of 20% compared to the same quarter last
       year.  The dividend payout ratio was 25.5% in the first quarter of
       2004, compared to 25.7% in the fourth quarter of 2003.

   --  On September 17, 2003, the Company announced a repurchase program of
       up to 300,000 shares.  The Company acquired 52,100 shares of the
       Company's common stock during the first quarter of 2004, at a
       weighted average cost of $60.81 per share.  No additional shares were
       acquired since the middle of March 2004.  In aggregate, the Company
       purchased 83,800 shares at an average cost of $59.13 per share, or
       approximately 28% of the authorized share amount.

   --  During the quarter, the Company opened a full service office in
       downtown Shreveport and a private banking office in the Uptown
       section of New Orleans.  In addition, the Company recently opened
       mortgage loan production offices in Houma, Alexandria, and
       Mandeville.

Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, "We started 2004 on a very positive note. We delivered solid financial results and continued our long-term expansion activities despite the challenging interest rate environment. We expect some of the interest rate challenges to persist into the second quarter as well. Asset quality improved dramatically during the quarter, resulting in credit statistics that were the best we have achieved over the last four years. Based on current results and favorable loan and deposit pipeline levels, I am very pleased with the efforts of our associates and the extraordinary pace that we have established."

Loans And Deposits

The volume of mortgage loan originations totaled $48 million in the first quarter of 2004, down 15% from $56 million in the fourth quarter of 2003 and $128 million in the third quarter of 2003. The pipeline of mortgage loans in process was $60 million at March 31, 2004, up 73% from $34 million at year-end 2003. During the quarter, the Company sold into the secondary market $29 million in residential mortgage loans and construction mortgage loans recently released from construction that were held in the loan portfolio. The Company decided to take advantage of the rapidly falling mortgage interest rates that occurred during the latter half of the quarter. These loan sales were consistent with the Company's stated plans to accelerate the sale of long-maturity, recently originated, mortgage production into the secondary market, including mortgage loans coming out of construction.

Total loans grew $59 million between March 31, 2004 and year-end 2003, or an increase of 4%. The acquisition of Alliance Bank accounts increased total loans by $54 million, while the aforementioned mortgage loan sales decreased loans by $29 million. Exclusive of these two factors, organic loan growth was approximately $34 million, or 2% (10% annualized rate).

The average yield on loans declined 12 basis points between the fourth quarter of 2003 and the first quarter of 2004 as average loan volume climbed $22 million, or 2%. During this period, mortgage, consumer and commercial loan yields declined by 9, 10, and 14 basis points, respectively.

Between December 31, 2003 and March 31, 2004, total deposits grew $168 million, or 11%. The Alliance Bank acquisition accounted for $62 million, or 37% of the growth. The Company placed greater emphasis on deposit growth beginning in the fall of 2003. As a result of those efforts, the Company experienced strong deposit growth in all segments -- retail, commercial, and public funds. The Company's cost of interest bearing deposits increased four basis points in the first quarter of 2004 compared to the fourth quarter of 2003. Average interest bearing deposits climbed $87 million, or 6%, during the quarter. Average non-interest bearing deposit volume remained stable during this period.

Investment Portfolio, Funding And Capital

The investment portfolio totaled $547 million at March 31, 2004, up 14% compared to December 31, 2003. As a percentage of assets, the investment portfolio edged up slightly from 23% at year-end 2003 and September 30, 2003 to 24% at March 31, 2004. The yield on the investment portfolio improved 23 basis points between the fourth quarter of 2003 and the first quarter of 2004, after improving 79 basis points between the third and fourth quarters of 2003. During the first quarter of 2004, the Company sold approximately $8 million in agency bonds and purchased an equivalent amount, recognizing a gain of $0.1 million on the sale. The trade was anticipated to have a positive impact on earnings on an ongoing basis as a result of an increase in yield and an increase in duration of the new bonds of approximately one year.

Bond premium amortization was $0.7 million in the first quarter of 2004, compared to $1.1 million in the fourth quarter of 2003, and $2.0 million in the third quarter of 2003. Given anticipated prepayment speeds, cash flows and reinvestment opportunities, management estimates premium amortization to be at a slightly higher level in the second quarter of 2004 compared to the quarter just completed. Management anticipates higher interest income may offset the negative impact of higher premium amortization levels during the second quarter.

At March 31, 2004, the Company's investment portfolio had a modified duration of 3.1 years, compared to 3.4 years at year-end 2003 and 3.7 years at September 30, 2003. The portfolio had an unrealized gain of $7.7 million at March 31, 2004, compared to $3.1 million at year-end 2003 and $1.5 million at September 30, 2003.

Capital ratios increased significantly during the first quarter of 2004. Shareholders' equity increased $22 million between December 31, 2003 and March 31, 2004. Shareholders' equity was 9.57% of total assets at March 31, 2004 compared to 9.22% at year-end 2003 and 9.06% at September 30, 2003. At these period ends, the tier 1 leverage ratio was 7.86%, 7.50%, and 7.35%, respectively.

Asset Quality

The Company experienced a significant improvement in asset quality during the quarter, driven in part by the previously disclosed resolution of a large motel credit. The ratio of net charge-offs to average loans dropped to 0.13% during the first quarter of 2004, compared to 0.23% on a linked quarter basis. This charge-off level is the lowest level in 15 consecutive quarters. The Company's provision for loan losses was $1.1 million in the first quarter of 2004, down from $1.6 million recorded in each of the prior four quarters. The provision covered net charge-offs 2.2 times, compared to 1.9 times in the fourth quarter of 2003, and 1.8 times in the third quarter of 2003. The allowance for loan losses was 1.32% at March 31, 2004, up from 1.29% at year- end 2003, and 1.25% at September 30, 2003. The Company believes that it uses a conservative definition of NPAs. The Company defines NPAs as non-accruing loans, accruing loans more than 90 days past due, foreclosed assets, and Other Real Estate Owned. Non-performing assets amounted to $4.8 million at March 31, 2004, down 34% compared to $7.3 million at December 31, 2003. NPAs equated to 0.21% of total assets at March 31, 2004, down from 0.34% at year- end 2003, and 0.33% at September 30, 2003. At the same period ends, the Company's reserve coverage of NPAs was 406%, 251% and 253%, respectively. The reserve-to-loans ratio and reserve coverage of NPAs ratio were at their most favorable levels in over 20 consecutive quarters.

Operating Results

The Company's tax-equivalent net interest margin declined 10 basis points from 3.85% in the fourth quarter of 2003 to 3.75% in first quarter of 2004. Tax-equivalent net interest income was essentially stable between the two quarters, while average earning assets increased $62 million between quarters. The growth in average earnings assets was split 43% due to loans and loans held for sale and 49% due to investment security portfolio growth. The yield on earning assets declined eight basis points as a result of the impact of refinancing on certain loan segments. The cost of interest-bearing liabilities was essentially flat on a linked quarter basis. Total revenues declined $0.1 million, a decrease of less than 1% compared to the fourth quarter of 2003. Total tax-equivalent revenues were $24.4 million, a decrease of less than 1% compared to the fourth quarter of 2003.

Noninterest income in the first quarter of 2004 declined $0.1 million, or 2%, compared to the fourth quarter of 2003. Mortgage loan gains totaled $0.9 million in both the first quarter of 2004 and in the fourth quarter of 2003. The Company recorded $0.1 million in gains on asset sales in both the first quarter of 2004 and in the fourth quarter of 2003. Service charges on deposit accounts declined $0.2 million on a linked quarter basis. All other noninterest revenue was essentially unchanged between the fourth quarter of 2003 and the first quarter of 2004.

Total noninterest expense increased $0.1 million, or less than 1%, versus the fourth quarter of 2003. In December 2003, the Company recorded a $0.2 million penalty on the prepayment of $8 million in Federal Home Loan Bank advances. Exclusive of the prepayment penalty, expenses increased $0.3 million, or 3%. The primary causes for the expense increase were share tax expense increase of $0.2 million and payroll tax and ESOP expense increase of $0.2 million. The Company's tax-equivalent tangible efficiency ratio (a measure of a bank's operating efficiency) increased from 52.5% in the fourth quarter of 2003 to 53.2% in the first quarter of 2004. The Company remains comfortable with the targeted ratio of 50%.

Return on average assets was 1.20% for the first quarter of 2004, up one basis point compared to the fourth quarter of 2003. Return on average equity for the first quarter of 2004 was 12.75%, down 20 basis points compared to the fourth quarter of 2003, due primarily to a $12 million increase in average equity. Management believes traditional ROE measures penalize companies, such as IBERIABANK Corporation, that completed acquisitions using only purchase accounting treatment and not pooling of interests treatment. As a result, an alternative measure that the Company considers to "level the playing field" between purchase and pooling of interests accounting treatments is return on average tangible equity. Return on average tangible equity, which excludes the effects of intangible assets and related amortization expenses was 19.07% in the first quarter of 2004, compared to 19.86% in the fourth quarter of 2003. The return on average tangible equity ratio declined on a linked quarter basis due to a $12 million increase in average tangible equity.

Management of the Company announced today continued comfort with the previously disclosed EPS comfort range for 2004 of $3.75 to $3.85 per fully diluted share. This EPS range equates to an increase of 10% to 13% growth over 2003 fully diluted EPS of $3.42. The range of $3.75 to $3.85 compares to a current average analyst estimate for 2004 of $3.82 per fully diluted share. For the year 2005, management stated comfort with double-digit growth in fully diluted EPS over estimated 2004 guidance.

Based on a closing stock price on April 22, 2004 of $56.14 per share, the Company's common stock traded at a price-to-earnings ratio of 14.7 times current average analyst estimates of $3.82 per fully diluted EPS for 2004 and 13.1 times average analyst estimates of $4.30 per fully diluted EPS for 2005. In addition, the Company's stock traded at 1.81 times March 31, 2004 book value per share of $31.02. On March 16, 2004, the Company declared a quarterly cash dividend of $0.24 per share, payable to shareholders of record as of March 31, 2004. This dividend level represented a 20% increase over the same period last year and equated to an annualized dividend rate of $0.96 per share and an indicated dividend yield of 1.71%.

In association with this earnings release, the Company will host a live conference call to discuss the financial results for the quarter just completed. The telephone conference call will be held on Friday, April 23, 2004, beginning at 7:30 a.m. Central Daylight Time by dialing 1-888-273-9887. The confirmation code for the call is 725441. A replay of the call will be available until midnight Central Daylight Time on April 30, 2004 by dialing 1-800-475-6701. The confirmation code for the replay is 725441.

IBERIABANK Corporation is one of the oldest financial institutions with continuous operations in the State of Louisiana and the third largest Louisiana-based bank holding company. The Company operates 42 full service offices located in south central Louisiana, north Louisiana, and the greater New Orleans area. Information regarding the Company can be obtained by visiting the Company's website at www.iberiabank.com . The Company's common stock trades on NASDAQ under the symbol "IBKC" and the Company's market capitalization is approximately $400 million.

This press release contains financial information determined by methods other than in accordance with GAAP. The Company's management uses these non- GAAP measures in their analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies.

To the extent that statements in this report relate to the plans, objectives, or future performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and the current economic environment. IBERIABANK Corporation's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. A discussion of factors affecting IBERIABANK Corporation's business and prospects is contained in the Company's periodic filings with the Securities and Exchange Commission.

                            IBERIABANK CORPORATION
                             FINANCIAL HIGHLIGHTS

                                                                 For The
                                      For The Quarter Ended   Quarter Ended
                                             March 31,         December 31,
                                     2004       2003  %Change  2003  %Change

  Income Data (in thousands):
    Net Interest Income            $17,966    $15,913   13%   $17,956   0%
    Net Interest Income (TE)(A)     18,648     16,495   13%    18,647   0%
    Net Income                       6,491      5,218   24%     6,278   3%

  Per Share Data:
    Net Income - Basic               $0.98      $0.90    9%     $0.96   2%
    Net Income - Diluted              0.90       0.83    8%      0.88   2%

    Book Value                       31.02      27.60   12%     29.28   6%
    Tangible Book Value (B)          21.19      18.00   18%     19.86   7%
    Cash Dividends                    0.24       0.20   20%      0.24   0%

  Key Ratios: ©
    Return on Average Assets         1.20%      1.24%           1.19%
    Return on Average Equity        12.75%     13.56%          12.95%
    Return on Average Tangible
     Equity (B)                     19.07%     19.10%          19.86%
    Net Interest Margin (TE)(A)      3.75%      4.20%           3.85%
    Efficiency Ratio                 56.2%      56.4%           55.5%
    Tangible Efficiency Ratio
     (TE) (A) (B)                    53.2%      54.0%           52.5%
    Average Loans to Average
     Deposits                        85.7%      86.9%           89.0%
    Nonperforming Assets to
     Total Assets (D)                0.21%      0.31%           0.34%
    Allowance for Loan Losses to
     Loans                           1.32%      1.23%           1.29%
    Net Charge-Offs to Average
     Loans                           0.13%      0.38%           0.23%
    Average Equity to Average
     Total Assets                    9.38%      9.10%           9.15%
    Tier 1 Leverage Ratio            7.86%      7.81%           7.50%
    Dividend Payout Ratio            25.5%      25.3%           25.7%

  Number of Shares Outstanding:
    Basic Shares (Average)       6,645,834  5,822,158       6,536,879
    Diluted Shares (Average)     7,244,386  6,305,583       7,130,108
    Book Value Shares (Period
     End) (E)                    7,002,283  6,606,436       6,664,498

   (A)  Fully taxable equivalent (TE) calculations include the tax benefit
        associated with related income sources that are tax-exempt using a
        marginal tax rate of 35%.

   (B)  Tangible calculations eliminate the effect of goodwill and
        acquisition related intangible assets and the corresponding
        amortization expense on a tax-effected basis where applicable.

   ©  All ratios are calculated on an annualized basis for the period
        indicated.

   (D)  Nonperforming assets consist of nonaccruing loans, accruing loans
        90 days or more past due and repossessed assets.

   (E)  Shares used for book value purposes exclude shares held in treasury
        and unreleased shares held by the Employee Stock Ownership Plan at
        the end of the period.


                            IBERIABANK CORPORATION
                 CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                 (dollars in thousands except per share data)

  BALANCE SHEET (End of Period)                 March 31,           Dec. 31,
                                      2004        2003   % Change     2003
  ASSETS
  Cash and Due From Banks           $54,910     $48,817   12.5 %    $48,849
  Interest-Bearing Deposits in
   Banks                             28,244      45,504  (37.9)%     20,722
    Total Cash and Equivalents       83,154      94,321  (11.8)%     69,571
  Investment Securities
   Available for Sale               498,611     351,228   42.0 %    426,130
  Investment Securities Held to
   Maturity                          48,339      74,789  (35.4)%     53,492
    Total Investment Securities     546,950     426,017   28.4 %    479,622
  Mortgage Loans Held for Sale       10,991      11,795   (6.8)%      5,781
  Loans, Net of Unearned Income   1,471,747   1,307,810   12.5 %  1,412,349
  Allowance for Loan Losses         (19,394)    (16,089)  20.5 %    (18,230)
    Loans, net                    1,452,353   1,291,721   12.4 %  1,394,119
  Premises and Equipment             35,850      27,798   29.0 %     31,992
  Goodwill and Acquisition
   Intangibles                       68,815      63,417    8.5 %     62,786
  Mortgage Servicing Rights             251         423  (40.7)%        279
  Other Assets                       72,088      61,712   16.8 %     71,661
    Total Assets                 $2,270,452  $1,977,204   14.8 % $2,115,811

  LIABILITIES AND SHAREHOLDERS'
   EQUITY
  Noninterest-Bearing Deposits     $207,048    $188,859    9.6 %   $189,786
  Interest-Bearing Deposits       1,550,231   1,300,948   19.2 %  1,399,320
    Total Deposits                1,757,279   1,489,807   18.0 %  1,589,106
  Short-Term Borrowings              92,000     105,600  (12.9)%    143,000
  Securities Sold Under
   Agreements to Repurchase          29,014      21,443   35.3 %     19,590
  Long-Term Debt                    155,896     156,463   (0.4)%    156,291
  Other Liabilities                  19,083      21,573  (11.5)%     12,655
    Total Liabilities             2,053,272   1,794,886   14.4 %  1,920,642
  Total Shareholders' Equity        217,180     182,318   19.1 %    195,169
    Total Liabilities and
     Shareholders' Equity        $2,270,452  $1,977,204   14.8 % $2,115,811


                                               For The Three Months Ended
  INCOME STATEMENT                                     March 31,
                                             2004        2003     % Change

  Interest Income                          $25,402     $22,612      12.3 %
  Interest Expense                           7,436       6,699      11.0 %
    Net Interest Income                     17,966      15,913      12.9 %
  Provision for Loan Losses                  1,055       1,575     (33.0)%
    Net Interest Income After Provision
     for Loan Losses                        16,911      14,338      17.9 %
  Service Charges                            2,906       2,598      11.9 %
  ATM Fees                                     432         428       0.9 %
  Gain on Sale of Loans                        862         702      22.8 %
  Other Gains (Losses)                         153         101      51.7 %
  Other Noninterest Income                   1,203       1,043      15.3 %
    Total Noninterest Income                 5,556       4,872      14.0 %
  Salaries and Employee Benefits             7,113       6,051      17.5 %
  Occupancy and Equipment                    1,701       1,431      18.9 %
  Core Deposit Intangible Amortization         218          84     159.3 %
  Other Noninterest Expense                  4,183       4,156       0.7 %
    Total Noninterest Expense               13,215      11,722      12.7 %
    Income Before Income Taxes               9,252       7,488      23.6 %
  Income Taxes                               2,761       2,270      21.6 %
    Net Income                              $6,491      $5,218      24.4 %

  Earnings Per Share, diluted                $0.90       $0.83       8.3 %


                          IBERIABANK CORPORATION
               CONDENSED CONSOLIDATED FINANCIAL INFORMATION
               (dollars in thousands except per share data)

  BALANCE SHEET (Average)            For The Quarter Ended
                    March 31,    Dec. 31,   Sept. 30,   June 30,   March 31,
                      2004        2003        2003        2003        2003
  ASSETS
  Cash and Due
   From Banks       $55,939     $49,586     $43,453     $37,631     $35,736
  Interest-Bearing
   Deposits in Banks 19,348      14,949      18,545      29,228      25,886
  Investment
   Securities       515,131     476,966     453,977     446,945     399,887
  Mortgage Loans
   Held for Sale     11,493       6,479      23,034      18,796       8,274
  Loans, Net of
   Unearned
   Income         1,429,152   1,407,634   1,369,468   1,313,405   1,140,216
  Allowance for
   Loan Losses      (18,721)    (17,727)    (17,097)    (16,629)    (14,267)
  Other Assets      169,056     163,471     158,708     155,382     117,790
    Total Assets $2,181,398  $2,101,358  $2,050,088  $1,984,758  $1,713,522

  LIABILITIES AND
   SHAREHOLDERS'
   EQUITY
  Noninterest-Bearing
   Deposits        $190,067    $190,407    $193,449    $183,952    $166,709
  Interest-Bearing
   Deposits       1,477,782   1,390,367   1,380,762   1,335,278   1,145,655
    Total
     Deposits     1,667,849   1,580,774   1,574,211   1,519,230   1,312,364
  Short-Term
   Borrowings       108,698     124,375      78,321      75,918      99,518
  Securities Sold
   Under Agreements
   to Repurchase     24,894      19,925      20,942      20,828      20,115
  Long-Term Debt    156,104     165,675     165,840     157,807     103,112
  Other Liabilities  19,142      18,302      23,158      24,744      22,399
    Total
     Liabilities  1,976,687   1,909,051   1,862,472   1,798,527   1,557,508
  Total
   Shareholders'
   Equity           204,711     192,307     187,616     186,231     156,014
    Total
     Liabilities and
     Shareholders'
     Equity      $2,181,398  $2,101,358  $2,050,088  $1,984,758  $1,713,522


                                 2004                   2003
                                 First   Fourth    Third   Second    First
  INCOME STATEMENT              Quarter  Quarter  Quarter  Quarter  Quarter

  Interest Income               $25,402  $25,161  $24,082  $24,707  $22,612
  Interest Expense                7,436    7,205    7,383    7,642    6,699
    Net Interest Income          17,966   17,956   16,699   17,065   15,913
  Provision for Loan Losses       1,055    1,552    1,599    1,574    1,575
    Net Interest Income After
     Provision for Loan Losses   16,911   16,404   15,100   15,491   14,338
  Total Noninterest Income        5,556    5,682    6,514    5,996    4,872
  Total Noninterest Expense      13,215   13,117   12,923   12,867   11,722
    Income Before Income Taxes    9,252    8,969    8,691    8,620    7,488
  Income Taxes                    2,761    2,691    2,614    2,641    2,270
    Net Income                   $6,491   $6,278   $6,077   $5,979   $5,218

  Earnings Per Share, basic       $0.98    $0.96    $0.93    $0.92    $0.90
  Earnings Per Share, diluted     $0.90    $0.88    $0.86    $0.85    $0.83
  Book Value Per Share           $31.02   $29.28   $28.35   $28.18   $27.60

  Return on Average Assets        1.20%    1.19%    1.18%    1.21%    1.24%
  Return on Average Equity       12.75%   12.95%   12.85%   12.88%   13.56%
  Return on Average Tangible
   Equity                        19.07%   19.86%   20.01%   20.22%   19.10%


                            IBERIABANK CORPORATION
                 CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                            (dollars in thousands)

  LOANS RECEIVABLE                             March 31,           Dec. 31,
                                     2004        2003   % Change     2003
  Residential Mortgage Loans:
   Residential 1-4 Family          $329,900    $320,855    2.8 %   $338,965
   Construction                      50,459      23,625  113.6 %     50,295
     Total Residential Mortgage
      Loans                         380,359     344,480   10.4 %    389,260
  Commercial Loans:
   Real Estate                      362,136     321,504   12.6 %    352,031
   Business                         234,929     189,175   24.2 %    199,275
   Commercial Leases                  1,666       1,976  (15.7)%      1,745
     Total Commercial Loans and
      Leases                        598,731     512,655   16.8 %    553,051
  Consumer Loans:
   Indirect Automobile              226,020     228,069   (0.9)%    229,636
   Home Equity                      197,092     147,209   33.9 %    174,740
   Automobile                        23,533      29,526  (20.3)%     24,795
   Credit Card Loans                  8,207       8,727   (6.0)%      9,007
   Other                             37,805      37,144    1.8 %     31,860
     Total Consumer Loans           492,657     450,675    9.3 %    470,038
     Total Loans Receivable       1,471,747   1,307,810   12.5 %  1,412,349
  Allowance for Loan Losses         (19,394)    (16,089)            (18,230)
   Loans Receivable, Net         $1,452,353  $1,291,721          $1,394,119


  ASSET QUALITY DATA                            March 31,         Dec. 31,
                                         2004     2003   % Change   2003

  Nonaccrual Loans                      $3,844   $3,420    12.4 %  $3,902
  Foreclosed Assets                         36       72   (50.0)%      67
  Other Real Estate Owned                   39    2,075   (98.1)%   2,067
  Accruing Loans More Than 90 Days
   Past Due                                862      573    50.4 %   1,220
  Total Nonperforming Assets (A)        $4,781   $6,140   (22.1)%  $7,256

  Nonperforming Assets to Total
   Assets (A)                            0.21%    0.31%   (32.2)%   0.34%
  Nonperforming Assets to Total Loans
   + OREO (A)                            0.32%    0.47%   (30.7)%   0.51%
  Allowance for Loan Losses to
   Nonperforming Loans (A)              412.2%   402.9%     2.3 %  355.9%
  Allowance for Loan Losses to
   Nonperforming Assets (A)             405.7%   262.0%    54.8 %  251.2%
  Allowance for Loan Losses to Total
   Loans                                 1.32%    1.23%     7.1 %   1.29%
  Year to Date Charge-offs                $666   $1,411   (52.8)%  $4,782
  Year to Date Recoveries                 $189     $329   (42.4)%  $1,172

   (A)  Nonperforming loans consist of nonaccruing loans and accruing
        loans 90 days or more past due.  Nonperforming assets consist of
        nonperforming loans and repossessed assets.


  DEPOSITS                                       March 31,          Dec. 31,
                                       2004        2003  % Change    2003

  Noninterest-Bearing DDA           $207,048    $188,859   9.6 %   $189,786
  NOW Accounts                       537,898     307,866  74.7 %    449,938
  Savings and Money Market Accounts  380,804     366,903   3.8 %    350,295
  Certificates of Deposit            631,529     626,179   0.9 %    599,087
    Total Deposits                $1,757,279  $1,489,807  18.0 % $1,589,106


                         IBERIABANK CORPORATION
              CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                        Taxable Equivalent Basis
                         (dollars in thousands)

                                             For The Quarter Ended
                                      March 31, 2004       March 31, 2003
                                              Average              Average
                                     Average   Yield/     Average   Yield/
                                     Balance  Rate (%)    Balance  Rate (%)
  ASSETS
  Earning Assets:
    Loans Receivable:
      Mortgage Loans                $385,826   5.59%     $265,090   6.62%
      Commercial Loans (TE) (A)      565,859   4.85%      450,401   5.62%
      Consumer and Other Loans       475,758   6.71%      422,708   7.64%
      Lease Financing Receivables      1,709   5.56%        2,017   5.55%
        Total Loans                1,429,152   5.67%    1,140,216   6.60%
    Mortgage Loans Held for Sale      11,493   4.56%        8,274   5.66%
    Investment Securities (TE)(A)(B) 503,730   4.35%      386,099   4.34%
    Other Earning Assets              39,848   1.81%       38,971   1.88%
        Total Earning Assets       1,984,223   5.25%    1,573,560   5.92%
  Allowance for Loan Losses          (18,721)             (14,267)
  Nonearning Assets                  215,896              154,229
        Total Assets              $2,181,398           $1,713,522

  LIABILITIES AND SHAREHOLDERS'
   EQUITY
  Interest-Bearing Liabilities:
    Deposits:
      NOW Accounts                  $486,845   0.94%     $291,242   0.98%
      Savings and Money Market
       Accounts                      376,099   0.75%      332,913   0.99%
      Certificates of Deposit        614,838   2.31%      521,500   2.78%
        Total Interest-Bearing
         Deposits                  1,477,782   1.46%    1,145,655   1.80%
    Short-Term Borrowings            133,592   1.14%      119,633   1.38%
    Long-Term Debt                   156,104   4.29%      103,112   4.63%
        Total Interest-Bearing
         Liabilities               1,767,478   1.68%    1,368,400   1.98%
  Noninterest-Bearing Demand
   Deposits                          190,067              166,709
  Noninterest-Bearing Liabilities     19,142               22,399
        Total Liabilities          1,976,687            1,557,508
  Shareholders' Equity               204,711              156,014
        Total Liabilities and
         Shareholders' Equity     $2,181,398           $1,713,522

  Net Earning Assets                $216,745             $205,160
  Net Interest Spread                $17,966   3.57%      $15,913   3.94%
  Tax-Equivalent Benefit                $682   0.14%         $582   0.14%
  Net Interest Income (TE) / Net
   Interest Margin (TE) (A)          $18,648   3.75%      $16,495   4.20%

   (A)  Fully taxable equivalent (TE) calculations include the tax benefit
        associated with related income sources that are tax-exempt using a
        marginal tax rate of 35%.

   (B)  Balances exclude unrealized gain or loss on securities available for
        sale and impact of trade date accounting.


                           IBERIABANK CORPORATION
                            RECONCILIATION TABLE
                (dollars in thousands, except per share data)

                                           For the Three Months Ended
                                       03/31/2004  12/31/2003  03/31/2003

  Net Interest Income                    $17,966     $17,956     $15,913
  Effect of Tax Benefit on Interest
   Income                                    682         691         582
    Net Interest Income (TE) (A)          18,648      18,647      16,495
  Noninterest Income                       5,556       5,682       4,872
  Effect of Tax Benefit on Noninterest
   Income                                    203         220         175
    Noninterest Income (TE) (A)            5,759       5,902       5,047
         Total Revenues (TE) (A)         $24,407     $24,549     $21,542

  Total Noninterest Expense              $13,215     $13,117     $11,722
  Less Intangible Amortization Expense      (218)       (217)        (84)
    Tangible Operating Expense (B)       $12,997     $12,900     $11,638

  Return on Average Equity                 12.75 %     12.95 %     13.56 %
    Effect of Intangibles (B)               6.32        6.91        5.54
  Return on Average Tangible Equity (B)    19.07 %     19.86 %     19.10 %

  Efficiency Ratio                          56.2 %      55.5 %      56.4 %
  Effect of Tax Benefit Related to Tax
   Exempt Income                            (2.1)       (2.1)       (2.0)
    Efficiency Ratio (TE) (A)               54.1 %      53.4 %      54.4 %
  Effect of Amortization of Intangibles     (0.9)       (0.9)       (0.4)
    Tangible Efficiency Ratio (TE) (A)(B)   53.2 %      52.5 %      54.0 %

   (A)  Fully taxable equivalent (TE) calculations include the tax benefit
        associated with related income sources that are tax-exempt using a
        marginal tax rate of 35%.

   (B)  Tangible calculations eliminate the effect of goodwill and
        acquisition related intangible assets and the corresponding
        amortization expense on a tax-effected basis where applicable.

SOURCE: IBERIABANK Corporation

CONTACT: Daryl G. Byrd, President and CEO, +1-337-521-4003, or John R.
Davis, Senior Executive Vice President, +1-337-521-4005, both of IBERIABANK
Corporation