IBERIABANK Corporation Reports Record Quarter Earnings
PRNewswire-FirstCall
LAFAYETTE, La.

IBERIABANK Corporation , the holding company of the 117-year-old IBERIABANK (http://www.iberiabank.com/ ), announced record quarterly earnings of $7.0 million for the quarter ended September 30, 2004, a 16% increase over the same period in 2003, and an 8% increase compared to the second quarter of 2004. The Company earned $0.97 per diluted share for the quarter, up 13% from the same period in 2003, and up 10% compared to the second quarter of 2004. The Company's results of $0.97 per diluted share exceeded average analyst expectations for the quarter by $0.01 per share.

Total assets climbed $63 million, or 3% compared to June 30, 2004, and $332 million, or 16% compared to September 30, 2003. Total deposits declined $27 million, or 1% since June 30, 2004, and increased $177 million, or 11% compared to one year ago. Total shareholders' equity increased $9 million, or 5% compared to June 30, 2004, and increased $25 million, or 13% compared to one year ago. At September 30, 2004 the Company's equity-to-assets ratio was 8.84%, compared to 8.69% at June 30, 2004 and 9.06% one year ago. Book value per share at September 30, 2004 was $31.12, up 5% compared to $29.74 per share at June 30, 2004, and an increase of 10% compared to one year ago. Similarly, tangible book value per share increased 7% and 13%, respectively, over the same periods.

Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, "We are very pleased to report outstanding growth and profitability in the third quarter. We exhibited record earnings, earnings per share, return on tangible equity, and our total assets exceeded $2.4 billion." Byrd continued, "Our business model continues to produce very solid core results and we continued to experience success in attracting clients during the quarter. We remain very optimistic regarding our future."

  Additional Highlights For The Quarter Ended September 30, 2004
  * Tax-equivalent net interest margin was 3.58%, up five basis points
    compared to 3.53% in the second quarter of 2004 and down 10 basis points
    compared to 3.68% for the third quarter of 2003. The yield on average
    earning assets improved 10 basis points between the second and third
    quarters of 2004 (a "linked quarter basis"). Average investment yield
    improved 28 basis points over the same period, as a result of reduced
    bond premium amortization. On a linked quarter basis, average loan yield
    edged up two basis points and interest-bearing liability costs increased
    seven basis points.

  * For the third quarter of 2004, return on average assets ("ROA") was
    1.17%, return on average equity ("ROE") was 13.34% and return on average
    tangible equity was 20.23%.

  * Asset quality remained outstanding during the quarter. Annualized net
    charge-offs as a percentage of average loans were 0.17%, compared to
    0.11% in the second quarter of 2004 and 0.26% in the third quarter of
    2003. Nonperforming assets ("NPAs") as a percentage of total assets,
    edged up slightly to 0.26%, compared to 0.21% at June 30, 2004 and 0.33%
    one year ago.  The allowance for loan losses, as a percentage of total
    loans, was 1.24% at September 30, 2004, compared to 1.29% at June 30,
    2004 and 1.25% one year ago. At September 30, 2004, coverage ratios of
    nonperforming loans and nonperforming assets were 368% and 320%,
    respectively.

  * Equity increased $9 million during the quarter, due to a $10 million
    improvement in unrealized gains on investments available for sale. The
    ratio of equity-to-assets was 8.84% at September 30, 2004 compared to
    8.69% at June 30, 2004 and 9.06% one year ago.  Tier 1 leverage ratio
    was 7.50%, 7.12%, and 7.35%, respectively at the same periods. At
    September 30, 2004, the Company's Tier 1 risk-based capital ratio was
    11.00% and total risk-based capital ratio was 12.25%.

  * On September 20, 2004, the Company declared a quarterly cash dividend of
    $0.28 per share, an increase of 8% compared to the second quarter of
    2004, and up 17% from the same quarter last year. Over the last nine
    quarters, the Company increased the quarterly cash dividend by over 50%.
    The dividend payout ratio was 27.1% in the third quarter of 2004,
    compared to 27.5% in the second quarter of 2004 and 26.2% one year ago.

  * On June 25, 2004, the Company announced the successful completion of its
    stock repurchase program previously announced on September 17, 2003 and
    authorized a new share repurchase program of up to 175,000 shares. To
    date, approximately 53,000 shares have been acquired under the 175,000-
    share program at an average cost of $55.08 per share.

  * Long-term debt increased $51 million during the quarter. Included in the
    increase in long-term debt, the Company issued $10 million in trust
    preferred securities on September 20, 2004. The trust preferred
    securities were issued at a 200 basis point spread to 3-month LIBOR,
    swapped to yield 5.97% for five years. No origination fee was paid in
    association with the issuance of these securities.  The most recent
    trust preferred offering is the Company's third issuance.  Also, the
    Company increased long-term Federal Home Loan Bank advances by $25
    million, at an average rate of 2.98% and an average term of 2.4 years.

  * On September 29, 2004, the Company announced its intention to acquire
    American Horizons Bancorp, Inc. ("American Horizons"), the parent
    company for American Horizons Bank in Monroe, Louisiana. At June 30,
    2004, American Horizons had $265 million in total assets, $195 million
    in deposits, and $22 million in equity. The Company anticipates merger
    consummation during the first quarter of 2005, subject to the approvals
    of the shareholders of American Horizons and regulatory authorities.
    Exclusive of one-time merger related costs, the transaction is assumed
    to have no material impact on earnings per share of the Company in 2005.

Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, "We are very pleased to have American Horizons join the IBERIABANK family. Similar to our recent acquisitions of Acadiana Bancshares, Inc. and Alliance Bank of Baton Rouge, we expect a very smooth transition."

Loans And Deposits

Total loans grew $70 million, or 5%, between June 30, 2004 and September 30, 2004, and up 14% from one year ago. The Company experienced strong growth in commercial loans, up 7%, and total residential mortgage loans, up 4%, between period-ends. Private banking mortgages were the primary driver of residential mortgage growth during the quarter. The average yield on loans increased two basis points between the second and third quarters of 2004 as average loan volume climbed $70 million, or 5%. During this period, average commercial loan yields climbed 18 basis points, while average mortgage and consumer yields declined six basis points.

The volume of mortgage loan originations totaled $53 million in the third quarter of 2004, down 21% compared to $67 million in the second quarter of 2004, and up 11% compared to the first quarter of 2004. The pipeline of mortgage loans in process at September 30, 2004 was $57 million, up 1% compared to $56 million at June 30, 2004. During the quarter, the Company sold into the secondary market $16 million in residential mortgage loans recently released from construction that were held in the loan portfolio, up 25% compared to $13 million in the second quarter of 2004, and down 43% compared to $29 million in the first quarter of 2004. These loan sales were consistent with the Company's stated plans to accelerate the sale into the secondary market of long-maturity, recently originated, mortgage production, including mortgage loans coming out of construction.

The Company experienced strong deposit growth in the first half of 2004, with aggregate deposit growth of $204 million. Between June 30, 2004 and September 30, 2004, total deposits declined $27 million, or 1%. Decreases in public fund and retail deposits partially offset commercial deposit growth during the third quarter of 2004. The Company's cost of average interest bearing deposits increased five basis points in the third quarter of 2004 compared to the second quarter of 2004. The yield on NOW accounts increased 14 basis points and CDs increased three basis points, due to mix changes. Average interest bearing deposits decreased $7 million, or less than 1%, during the quarter. Average non-interest bearing deposit volume increased $5 million, or 2%, during this period.

Investment Portfolio And Funding

The investment portfolio totaled $582 million at September 30, 2004, down $7 million or 1% compared to June 30, 2004. As a percentage of assets, the investment portfolio declined from 25% at June 30, 2004 to 24% at September 30, 2004. Offsetting the more substantial decline in the book balance of the investment portfolio was a $10 million improvement in the unrealized gains in the available for sale portfolio that occurred during the quarter. The yield on the investment portfolio improved 28 basis points in the third quarter of 2004 compared to the second quarter, after declining 23 basis points between the second and first quarters of 2004. Bond premium amortization was $0.7 million in the third quarter of 2004, compared to $1.0 million in the second quarter of 2004, and $0.7 million in the first quarter of 2004. The decreased premium amortization accounted for the majority of the improvement in the portfolio yield during the third quarter. Given general mortgage refinancing levels, anticipated prepayment speeds, cash flows and reinvestment opportunities, management estimates premium amortization in the fourth quarter of 2004 may be at levels similar to the third quarter of 2004.

At September 30, 2004, the Company's investment portfolio had a modified duration of 3.6 years, compared to 4.2 years at June 30, 2004, 3.1 years at March 31, 2004, and 3.4 years at year-end 2003. The Company's investment portfolio has very limited extension risk. Based on modeling at September 30, 2004, a parallel and instantaneous 300 basis point increase in interest rates would extend the portfolio by only an additional one year. At current projected speeds, the portfolio is expected to generate approximately $128 million in cash flow over the next 15 months. The portfolio had an unrealized gain of $2.9 million at September 30, 2004, compared to a loss of $7.2 million at June 30, 2004, and a gain of $7.7 million at March 31, 2004.

The Company regularly reviews the influence of interest rates on the Company's profitability and earnings growth prospects. Asset/liability management modeling at September 30, 2004 indicated a 100 basis point instantaneous and parallel upward shift in interest rates is estimated to decrease net interest income over 12 months by only 0.5%. Similarly, a 100 basis point decrease in interest rates would benefit net interest income by 2.2%.

The Company's ratio of loans to deposits increased significantly during the quarter as the Company experienced $70 million in loan growth and a $27 million decrease in deposits since June 30, 2004. At September 30, 2004, the Company's loan to deposit ratio was 91%, compared to 85% at June 30, 2004 and 88% one year ago. Funding of asset growth during the quarter emanated from various sources. During the quarter ended September 30, 2004, client repurchase agreements increased $1 million, short-term borrowings increased $26 million, long-term FHLB advances increased $41 million, and the Company issued $10 million in trust preferred securities.

Asset Quality

Asset quality statistics remained exceptional compared to historical and peer levels. During the third quarter of 2004, the ratio of net charge-offs to average loans was 0.17%, up slightly from 0.11% and 0.13%, respectively, in the second and the first quarters of 2004. The Company's provision for loan losses was $0.9 million in the third quarter, compared to $0.7 million on a linked quarter basis. The provision covered net charge-offs 1.3 times in the third quarter of 2004, compared to 1.7 times on a linked quarter basis. The allowance for loan losses was 1.24% at September 30, 2004, compared to 1.29% at June 30, 2004, and 1.25% one year ago. 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. NPAs amounted to $6.2 million at September 30, 2004, compared to $5.0 million at June 30, 2004, and $6.9 million one year ago. The increase in NPAs was primarily attributable to two specific credits totaling approximately $900,000 that management believes are well secured. NPAs equated to 0.26% of total assets at September 30, 2004, compared to 0.21% of total assets at June 30, 2004, and 0.33% one year ago. At the same period ends, the Company's reserve coverage of NPAs was 320%, 397%, and 253%, respectively. Loans past due 30 days or more (including nonaccruing loans) represented 0.64% of total loans at September 30, 2004, compared to 0.68% at June 30, 2004, and 0.78% one year ago.

Operating Results

Total revenues, on a tax-equivalent basis, increased $1.2 million, or 5%, on a linked quarter basis. Tax-equivalent net interest income increased $1.1 million between the two quarters, while average earning assets increased $90 million between quarters. Approximately 78% of the growth in average earning assets was associated with growth in loans during the quarter. The Company's tax-equivalent net interest margin improved five basis points from 3.53% in the second quarter of 2004 to 3.58% in the third quarter of 2004. The yield on earning assets improved 10 basis points on a linked quarter basis. The decrease in bond premium amortization in the third quarter of 2004 positively impacted the earning asset yield and net interest margin for the quarter by approximately six basis points and net interest income by $0.4 million. The cost of interest-bearing liabilities edged up seven basis points on a linked quarter basis.

Noninterest income in the third quarter increased less than $0.1 million, or 1% compared to the second quarter of 2004. Mortgage loan gains totaled $0.6 million in both the second and third quarters of 2004. The Company recorded $0.4 million in other gains in the second quarter of 2004, which included a gain on the sale of an interest in a check cashing business that the Company acquired in association with the Acadiana Bancshares acquisition in February 2003. By contrast, no significant other gains were recorded in the third quarter of 2004. Excluding mortgage loan and other gains, noninterest income increased $0.4 million, or 8%, on a linked quarter basis. Service charge income on deposit accounts accounted for 70% of the growth during the quarter.

Expenses remained well contained, despite the strong revenue growth reported during the quarter. Total noninterest expense increased $0.2 million, or less than 2%, compared to the second quarter of 2004. Higher incentive payments were the primary drivers for this increase. The Company's tax-equivalent tangible efficiency ratio (a measure of a bank's operating efficiency) improved from 55.5% in the second quarter of 2004 to 53.8% in the third quarter of 2004.

Return on average assets was 1.17% for the third quarter of 2004, up five basis points compared to 1.12% for the second quarter. Return on average equity for the third quarter of 2004 was 13.34%, up 92 basis points compared to 12.42% on a linked quarter basis. Management believes traditional ROE measures penalize companies, such as IBERIABANK Corporation, that historically completed acquisitions using only purchase accounting treatment and not pooling of interests treatment. As a result, an alternative measure that the Company believes "levels the playing field" between purchase and pooling of interests accounting treatments is return on average tangible equity, which excludes the effects of intangible assets and related amortization expenses. Return on average tangible equity was 20.23% in the third quarter of 2004, compared to 19.07% and 18.90% in the first and second quarters of 2004, respectively.

Management of the Company announced today continued comfort with the 2004 EPS comfort range presented on May 25, 2004 of $3.75 to $3.80 per fully diluted share, though expectations are currently on the lower end of the stated range for 2004. This EPS range equates to an increase of 10% to 11% growth over 2003 fully diluted EPS of $3.42. The range of $3.75 to $3.80 compares to a current average analyst estimate for 2004 of $3.75 per fully diluted share, or a 10% increase compared to 2003 reported EPS. Management also confirmed that exclusive of one-time expenses associated with the acquisition of American Horizons Bancorp, Inc., the 2005 EPS comfort range remains $4.05 to $4.15 per share. The range of $4.05 to $4.15 compares to a current average analyst estimate for 2005 of $4.13 per fully diluted share, or a 10% increase compared to the average analyst estimate for 2004 EPS.

Based on a closing stock price on October 8, 2004 of $57.33 per share, the Company's common stock traded at a price-to-earnings ratio of 15.3 times current average analyst estimates of $3.75 per fully diluted EPS for 2004, and 13.9 times average EPS estimates of $4.13 for 2005. In addition, the Company's stock traded at 1.84 times September 30, 2004 book value per share of $31.12. On September 20, 2004, the Company declared a quarterly cash dividend of $0.28 per share, payable to shareholders of record as of September 30, 2004. This dividend level represented a 17% increase over the same period last year and equated to an annualized dividend rate of $1.12 per share and an indicated dividend yield of 1.95%.

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 Tuesday, October 12, 2004, beginning at 11:00 a.m. Central Time by dialing 1-888-470-0905. The confirmation code for the call is 747118. A replay of the call will be available until midnight Central Time on October 19, 2004 by dialing 1-800- 475-6701. The confirmation code for the replay is 747118.

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 New Orleans, Baton Rouge, Shreveport, Monroe, and the Acadiana region of Louisiana. Information regarding the Company can be obtained by visiting the Company's website at http://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.

Forward Looking Statements

To the extent that statements in this press release relate to future plans, objectives, financial results or 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, which are based on management's current information, estimates and assumptions and the current economic environment, are generally identified by the use of the words "plan", "believe", "expect", "intend", "anticipate", "estimate", "project" or similar expressions. IBERIABANK Corporation's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. Factors that may cause actual results to differ materially from these forward-looking statements include, but are not limited to, changes in market and economic conditions; changes in interest rates, deposit flows, loan demand and real estate values; competitive pressures; changes in accounting principles, policies or guidelines; changes in the Company's loan or investment portfolio; legislative or regulatory changes; changes in monetary or fiscal policies; military or terrorist activities; litigation costs and expenses; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's business activities and prospects. Factors affecting IBERIABANK Corporation are discussed in the Company's periodic and other filings with the Securities and Exchange Commission, available at the SEC's website, http://www.sec.gov/, and the Company's website, http://www.iberiabank.com/.

In connection with the proposed merger, IBERIABANK Corporation will file a Registration Statement on Form S-4 that will contain a proxy statement/prospectus. INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the proxy statement/prospectus (when it is available) and other documents containing information about IBERIABANK Corporation and American Horizons, without charge, at the SEC's web site at http://www.sec.gov/. Copies of the proxy statement/prospectus and the SEC filings that will be incorporated by reference in the proxy statement/prospectus may also be obtained for free by directing a request to: Investor Relations-12th Floor, IBERIABANK Corporation, 200 West Congress Street, Lafayette, LA, 70501, Phone: (337) 521-4788, Fax: (337) 521-4021.

This communication is not an offer to purchase shares of American Horizons common stock, nor is it an offer to sell shares of IBERIABANK Corporation common stock which may be issued in any proposed merger with American Horizons. Any issuance of IBERIABANK Corporation common stock in any proposed merger with American Horizons would have to be registered under the Securities Act of 1933, as amended, and such IBERIABANK Corporation common stock would be offered only by means of a prospectus complying with the Act.

                          IBERIABANK CORPORATION
                           FINANCIAL HIGHLIGHTS

                                      For The Quarter       For The Quarter
                                           Ended                 Ended
                                       September 30,            June 30,
                                                      %                %
                                  2004       2003   Change    2004   Change

  Income Data (in thousands):
    Net Interest Income          $19,231    $16,699   15%    $18,119    6%
    Net Interest Income
     (TE) (A)                     19,950     17,383   15%     18,801    6%
    Net Income                     7,036      6,077   16%      6,487    8%

  Per Share Data:
    Net Income - Basic             $1.05      $0.93   13%      $0.96   10%
    Net Income - Diluted            0.97       0.86   13%       0.88   10%

    Book Value                     31.12      28.35   10%      29.74    5%
    Tangible Book Value (B)        21.13      18.71   13%      19.74    7%
    Cash Dividends                  0.28       0.24   17%       0.26    8%

  Key Ratios: ©
    Return on Average Assets       1.17%      1.18%            1.12%
    Return on Average Equity      13.34%     12.85%           12.42%
    Return on Average Tangible
     Equity (B)                   20.23%     20.01%           18.90%
    Net Interest Margin
     (TE) (A)                      3.58%      3.68%            3.53%
    Efficiency Ratio               56.7%      55.7%            58.5%
    Tangible Efficiency Ratio
     (TE) (A) (B)                  53.8%      52.6%            55.5%
    Average Loans to Average
     Deposits                      88.5%      87.0%            84.5%
    Nonperforming Assets to
     Total Assets (D)              0.26%      0.33%            0.21%
    Allowance for Loan Losses
     to Loans                      1.24%      1.25%            1.29%
    Net Charge-offs to Average
     Loans                         0.17%      0.26%            0.11%
    Average Equity to Average
     Total Assets                  8.76%      9.15%            9.01%
    Tier 1 Leverage Ratio          7.50%      7.35%            7.12%
    Dividend Payout Ratio          27.1%      26.2%            27.5%

  Number of Shares Outstanding:
    Basic Shares  (Average)    6,688,470  6,519,859        6,784,770
    Diluted Shares  (Average)  7,231,401  7,079,438        7,339,858
    Book Value Shares  (Period
     End) (E)                  6,862,754  6,658,862        6,870,080

   (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)           September 30,            June 30,   December 31,
                    2004        2003    % Change       2004         2003

  ASSETS
  Cash and Due
   From Banks      $39,384     $50,749   (22.4)%      $46,360      $48,849
  Interest-bearing
   Deposits in
   Banks            13,719      16,944   (19.0)%       15,070       20,722
    Total Cash
     and
     Equivalents    53,103      67,693   (21.6)%       61,430       69,571
  Investment
   Securities
   Available
   for Sale        540,425     408,526    32.3 %      544,839      426,130
  Investment
   Securities
   Held to
   Maturity         41,756      60,378   (30.8)%       44,841       53,492
    Total
     Investment
     Securities    582,181      468,904   24.2 %      589,680      479,622
  Mortgage Loans
   Held for Sale    10,624        4,129  157.3 %        6,273        5,781
  Loans, Net of
   Unearned
   Income        1,599,609    1,397,946   14.4 %    1,529,362    1,412,349
  Allowance for
   Loan Losses     (19,885)     (17,482)  13.7 %      (19,683)     (18,230)
  Loans, net     1,579,724    1,380,464   14.4 %    1,509,679    1,394,119
  Premises and
   Equipment        37,595       28,947   29.9 %       36,728       31,992
  Goodwill and
   Acquisition
   Intangibles      68,519       64,163    6.8 %       68,665       62,786
  Mortgage
   Servicing
   Rights              199          373  (46.6)%          224          279
  Other Assets      82,991       68,224   21.6 %       79,091       71,661
    Total
     Assets     $2,414,936   $2,082,897   15.9 %   $2,351,770   $2,115,811

  LIABILITIES AND
   SHAREHOLDERS'
   EQUITY
  Noninterest-
   bearing
   Deposits       $219,339     $191,257   14.7 %     $216,111     $189,786
  Interest-bearing
   Deposits      1,546,606    1,397,223   10.7 %    1,576,580    1,399,320
    Total
     Deposits    1,765,945    1,588,480   11.2 %    1,792,691    1,589,106
  Short-term
   Borrowings      165,000       98,000   68.4 %      139,000      143,000
  Securities
   Sold Under
   Agreements
   to Repurchase    49,139       21,273  131.0 %       48,128       19,590
  Long-term Debt   206,512      165,616   24.7 %      155,500      156,291
  Other
   Liabilities      14,788       20,764  (28.8)%       12,142       12,655
    Total
     Liabilities 2,201,384    1,894,133   16.2 %    2,147,461    1,920,642
  Total
   Shareholders'
   Equity          213,552      188,764   13.1 %      204,309      195,169
    Total
     Liabilities
     and
     Shareholders'
     Equity     $2,414,936   $2,082,897   15.9 %   $2,351,770   $2,115,811


                          For The Three Months       For The Nine Months
                                 Ended                      Ended
  INCOME STATEMENT            September 30,             September 30,
                          2004     2003  % Change   2004     2003  % Change

  Interest Income        $28,047  $24,082   16.5 % $79,641  $71,401   11.5 %
  Interest Expense         8,816    7,383   19.4 %  24,325   21,724   12.0 %
   Net Interest Income    19,231   16,699   15.2 %  55,316   49,677   11.4 %
  Provision for Loan
   Losses                    857    1,599  (46.4)%   2,616    4,748  (44.9)%
   Net Interest Income
    After Provision for
    Loan Losses           18,374   15,100   21.7 %  52,700   44,929   17.3 %
  Service Charges          3,317    3,073    7.9 %   9,266    8,625    7.4 %
  ATM Fees                   523      448   16.7 %   1,474    1,380    6.8 %
  Gain on Sale of Loans      592    1,499  (60.5)%   2,059    3,333  (38.2)%
  Other Gains (Losses)        16      207  (92.3)%     530      472   12.3 %
  Other Noninterest
   Income                  1,409    1,287    9.5 %   3,909    3,572    9.4 %
   Total Noninterest
    Income                 5,857    6,514  (10.1)%  17,238   17,382   (0.8)%
  Salaries and Employee
   Benefits                7,923    6,799   16.5 %  22,557   19,568   15.3 %
  Occupancy and
   Equipment               1,720    1,653    4.1 %   5,134    4,711    9.0 %
  Amortization of
   Acquisition
   Intangibles               222      232   (4.3)%     674      564   19.5 %
  Other Noninterest
   Expense                 4,364    4,239    2.9 %  13,092   12,669    3.3 %
   Total Noninterest
    Expense               14,229   12,923   10.1 %  41,457   37,512   10.5 %
   Income Before Income
    Taxes                 10,002    8,691   15.1 %  28,481   24,799   14.8 %
  Income Taxes             2,966    2,614   13.5 %   8,467    7,525   12.5 %
   Net Income             $7,036   $6,077   15.8 % $20,014  $17,274   15.9 %

  Earnings Per Share,
   diluted                 $0.97    $0.86   13.3 %   $2.75    $2.54    8.5 %


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

  BALANCE SHEET                    For The Quarter Ended
   (Average)    Sept. 30,     June 30,   March 31,    Dec. 31,   Sept. 30,
                   2004         2004        2004        2003        2003

  ASSETS
  Cash and Due
   From Banks     $39,467      $59,721     $55,939     $49,586     $43,453
  Interest-bearing
   Deposits in
   Banks           12,921       16,295      19,348      14,949      18,545
  Investment
   Securities     599,601      586,466     515,131     476,966     453,977
  Mortgage Loans
   Held for Sale    8,488        9,375      11,493       6,479      23,034
  Loans, Net of
   Unearned
   Income       1,566,672    1,496,990   1,429,152   1,407,634   1,369,468
  Allowance for
   Loan Losses    (19,721)     (19,509)    (18,721)    (17,727)    (17,097)
  Other Assets    187,944      180,308     169,056     163,471     158,708
    Total
     Assets    $2,395,372   $2,329,646  $2,181,398  $2,101,358  $2,050,088

  LIABILITIES AND
   SHAREHOLDERS'
   EQUITY
  Noninterest-
   bearing
   Deposits      $212,931     $208,417    $190,067    $190,407    $193,449
  Interest-
   bearing
   Deposits     1,556,492    1,563,058   1,477,782   1,390,367   1,380,762
    Total
     Deposits   1,769,423    1,771,475   1,667,849   1,580,774   1,574,211
  Short-term
   Borrowings     181,658      127,380     108,698     124,375      78,321
  Securities
   Sold Under
   Agreements
   to Repurchase   45,891       42,271      24,894      19,925      20,942
  Long-term Debt  175,032      155,710     156,104     165,675     165,840
  Other
   Liabilities     13,507       22,793      19,142      18,302      23,158
   Total
    Liabilities 2,185,511    2,119,629   1,976,687   1,909,051   1,862,472
  Total
   Shareholders'
   Equity         209,861      210,017     204,711     192,307     187,616
    Total
     Liabilities
     and
     Shareholders'
     Equity    $2,395,372   $2,329,646  $2,181,398  $2,101,358  $2,050,088


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

  Interest Income $28,047      $26,192     $25,402     $25,161     $24,082
  Interest
   Expense          8,816        8,073       7,436       7,205       7,383
    Net Interest
     Income        19,231       18,119      17,966      17,956      16,699
  Provision for
   Loan Losses        857          704       1,055       1,552       1,599
    Net Interest
     Income After
     Provision for
     Loan Losses   18,374       17,415      16,911      16,404      15,100
  Total Noninterest
   Income           5,857        5,825       5,556       5,682       6,514
  Total Noninterest
   Expense         14,229       14,013      13,215      13,117      12,923
    Income Before
     Income Taxes  10,002        9,227       9,252       8,969       8,691
  Income Taxes      2,966        2,740       2,761       2,691       2,614
    Net Income     $7,036       $6,487      $6,491      $6,278      $6,077

  Earnings Per
   Share, basic     $1.05        $0.96       $0.98       $0.96       $0.93

  Earnings Per
   Share, diluted   $0.97        $0.88       $0.90       $0.88       $0.86

  Book Value Per
   Share           $31.12       $29.74      $31.02      $29.28      $28.35

  Return on Average
   Assets           1.17%        1.12%       1.20%       1.19%       1.18%
  Return on Average
   Equity          13.34%       12.42%      12.75%      12.95%      12.85%
  Return on Average
   Tangible Equity 20.23%       18.90%      19.07%      19.86%      20.01%


                          IBERIABANK CORPORATION
               CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                          (dollars in thousands)

  LOANS RECEIVABLE             September 30,          June 30,  December 31,
                      2004        2003    % Change      2004        2003

  Residential
   Mortgage Loans:
    Residential
     1-4 Family     $379,716    $341,243    11.3 %    $357,618    $338,965
    Construction      34,912      39,846   (12.4)%      39,612      50,295
      Total
       Residential
       Mortgage
       Loans         414,628     381,089     8.8 %     397,230     389,260
  Commercial Loans:
    Real Estate      397,710     342,949    16.0 %     372,084     352,031
    Business         275,390     198,925    38.4 %     256,987     199,275
    Commercial
     Leases            1,505       1,823   (17.4)%       1,586       1,745
      Total
       Commercial
       Loans and
       Leases        674,605     543,697    24.1 %     630,657     553,051
  Consumer Loans:
    Indirect
     Automobile      228,829     233,675    (2.1)%     228,183     229,636
    Home Equity      211,088     171,327    23.2 %     205,032     174,740
    Automobile        21,630      25,838   (16.3)%      22,673      24,795
    Credit Card
     Loans             8,093       8,802    (8.1)%       8,321       9,007
    Other             40,736      33,518    21.5 %      37,266      31,860
      Total Consumer
       Loans         510,376     473,160     7.9 %     501,475     470,038
      Total Loans
       Receivable  1,599,609   1,397,946    14.4 %   1,529,362   1,412,349
  Allowance for
   Loan Losses       (19,885)    (17,482)              (19,683)    (18,230)
  Loans Receivable,
   Net            $1,579,724  $1,380,464            $1,509,679  $1,394,119


  ASSET QUALITY DATA          September 30,           June 30,  December 31,
                      2004        2003    % Change      2004        2003

  Nonaccrual Loans    $4,258      $4,056     5.0 %      $3,284      $3,902
  Foreclosed Assets       30          36   (16.7)%          21          67
  Other Real
   Estate Owned          787       1,926   (59.1)%         317       2,067
  Accruing Loans
   More Than 90
   Days Past Due       1,139         892    27.7 %       1,336       1,220
  Total Nonperforming
   Assets (A)         $6,214      $6,910   (10.1)%      $4,958      $7,256

  Nonperforming
   Assets to Total
   Assets (A)          0.26%       0.33%   (22.4)%       0.21%       0.34%
  Nonperforming
   Assets to Total
   Loans + OREO (A)    0.39%       0.49%   (21.3)%       0.32%       0.51%
  Allowance for
   Loan Losses to
   Nonperforming
   Loans (A)          368.4%      353.3%     4.3 %      426.0%      355.9%
  Allowance for
   Loan Losses to
   Nonperforming
   Assets (A)         320.0%      253.0%    26.5 %      397.0%      251.2%
  Allowance for
   Loan Losses to
   Total Loans         1.24%       1.25%    (0.6)%       1.29%       1.29%
  Year to Date
   Charge-offs        $2,564      $3,573   (28.2)%      $1,330      $4,782
  Year to Date
   Recoveries         $1,017        $767    32.7 %        $438      $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                    September 30,           June 30,  December 31,
                      2004        2003     % Change     2004        2003

  Noninterest-
   bearing DDA      $219,339    $191,257    14.7 %    $216,111    $189,786
  NOW Accounts       514,189     420,581    22.3 %     535,615     449,938
  Savings and
   Money Market
   Accounts          411,606     362,737    13.5 %     410,427     350,295
  Certificates
   of Deposit        620,811     613,905     1.1 %     630,538     599,087
    Total
     Deposits     $1,765,945  $1,588,480    11.2 %  $1,792,691  $1,589,106


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

                                        For The Quarter Ended
                             September 30, 2004       September 30, 2003
                            Average      Average     Average      Average
                            Balance  Yield/Rate (%)  Balance  Yield/Rate (%)
  ASSETS
  Earning Assets:
    Loans Receivable:
      Mortgage Loans        $405,511       5.43%     $368,491        5.87%
      Commercial Loans
       (TE) (A)              654,772       4.86%      528,149        5.11%
      Consumer and Other
       Loans                 504,839       6.46%      470,963        6.92%
      Lease Financing
       Receivables             1,550       5.55%        1,865        5.41%
        Total Loans        1,566,672       5.52%    1,369,468        5.94%
    Mortgage Loans Held
     for Sale                  8,488       4.76%       23,034        5.92%
    Investment Securities
     (TE) (A)(B)             600,659       4.40%      445,602        3.33%
    Other Earning Assets      36,351       2.39%       36,099        1.96%
        Total Earning
         Assets            2,212,170       5.16%    1,874,203        5.24%
  Allowance for Loan Losses  (19,721)                 (17,097)
  Nonearning Assets          202,923                  192,982
        Total Assets      $2,395,372               $2,050,088

  LIABILITIES AND
   SHAREHOLDERS' EQUITY
  Interest-bearing
   Liabilities:
    Deposits:
      NOW Accounts          $516,417       1.15%     $389,478        0.87%
      Savings and Money
       Market Accounts       413,115       0.77%      362,865        0.73%
      Certificates of
       Deposit               626,960       2.43%      628,419        2.37%
        Total Interest-
         bearing Deposits  1,556,492       1.57%    1,380,762        1.52%
    Short-term Borrowings    227,549       1.38%       99,263        1.15%
    Long-term Debt           175,032       4.22%      165,840        4.26%
        Total Interest-
         bearing
         Liabilities       1,959,073       1.78%    1,645,865        1.77%
  Noninterest-bearing
   Demand Deposits           212,931                  193,449
  Noninterest-bearing
   Liabilities                13,507                   23,158
        Total Liabilities  2,185,511                1,862,472
  Shareholders' Equity       209,861                  187,616
        Total Liabilities
         and Shareholders'
         Equity           $2,395,372               $2,050,088


  Net Earning Assets        $253,097                 $228,338
  Net Interest Spread        $19,231       3.38%      $16,699        3.47%
  Tax-equivalent Benefit        $719       0.12%         $684        0.14%
  Net Interest Income (TE)
   / Net Interest Margin
   (TE) (A)                  $19,950       3.58%      $17,383        3.68%

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

                                        For The Nine Months Ended
                             September 30, 2004       September 30, 2003
                            Average      Average     Average      Average
                            Balance  Yield/Rate (%)  Balance  Yield/Rate (%)
  ASSETS
  Earning Assets:
    Loans Receivable:
      Mortgage Loans        $393,356       5.50%     $325,478        6.21%
      Commercial Loans
       (TE) (A)              612,251       4.79%      496,829        5.35%
      Consumer and Other
       Loans                 490,621       6.57%      452,017        7.25%
      Lease Financing
       Receivables             1,629       5.48%        1,940        5.48%
        Total Loans        1,497,857       5.56%    1,276,264        6.24%
    Mortgage Loans Held
     for Sale                  9,781       4.92%       16,765        5.66%
    Investment Securities
     (TE) (A)(B)             561,277       4.29%      421,689        3.83%
    Other Earning Assets      37,658       2.03%       40,514        1.92%
        Total Earning
         Assets            2,106,573       5.15%    1,755,232        5.56%
  Allowance for Loan Losses  (19,318)                 (16,074)
  Nonearning Assets          215,228                  176,613
        Total Assets      $2,302,483               $1,915,771

  LIABILITIES AND
   SHAREHOLDERS' EQUITY
  Interest-bearing
   Liabilities:
    Deposits:
      NOW Accounts          $506,120       1.04%     $335,016        0.92%
      Savings and Money
       Market Accounts       401,771       0.77%      353,421        0.87%
      Certificates of
       Deposit               624,640       2.38%      600,714        2.55%
        Total Interest-
         bearing Deposits  1,532,531       1.51%    1,289,151        1.66%
    Short-term Borrowings    177,116       1.24%      105,144        1.29%
    Long-term Debt           162,328       4.27%      142,035        4.32%
        Total Interest-
         bearing
         Liabilities       1,871,975       1.73%    1,536,330        1.88%
  Noninterest-bearing
   Demand Deposits           203,839                  181,470
  Noninterest-bearing
   Liabilities                18,467                   21,561
        Total Liabilities  2,094,281                1,739,361
  Shareholders' Equity       208,202                  176,410
        Total Liabilities
         and Shareholders'
         Equity           $2,302,483               $1,915,771


  Net Earning Assets        $234,598                 $218,902
  Net Interest Spread        $55,316       3.42%      $49,677        3.68%
  Tax-equivalent Benefit      $2,082       0.13%       $1,913        0.15%
  Net Interest Income (TE)
   / Net Interest Margin
   (TE) (A)                  $57,398       3.62%      $51,590        3.91%

   (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
                                       09/30/2004  06/30/2004  09/30/2003

  Net Interest Income                    $19,231     $18,119     $16,699
  Effect of Tax Benefit on Interest
   Income                                    719         682         684
    Net Interest Income (TE) (A)          19,950      18,801      17,383
  Noninterest Income                       5,857       5,825       6,514
  Effect of Tax Benefit on Noninterest
   Income                                    239         209         213
    Noninterest Income (TE) (A)            6,096       6,034       6,727
         Total Revenues (TE) (A)         $26,046     $24,835     $24,110

  Total Noninterest Expense              $14,229     $14,013     $12,923
  Less Intangible Amortization Expense      (222)       (234)       (232)
    Tangible Operating Expense (B)       $14,007     $13,779     $12,691

  Return on Average Equity                 13.34 %     12.42 %     12.85 %
    Effect of Intangibles (B)               6.89        6.48        7.16
  Return on Average Tangible Equity (B)    20.23 %     18.90 %     20.01 %

  Efficiency Ratio                          56.7 %      58.5 %      55.7 %
  Effect of Tax Benefit Related to Tax
   Exempt Income                            (2.1)       (2.1)       (2.1)
    Efficiency Ratio (TE) (A)               54.6 %      56.4 %      53.6 %
  Effect of Amortization of Intangibles     (0.8)       (0.9)       (1.0)
    Tangible Efficiency Ratio (TE) (A) (B)  53.8 %      55.5 %      52.6 %

   (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