IBERIABANK Corporation Finishes Year With 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 $7.3 million for the quarter ended December 31, 2004, a 17% increase over the same period in 2003, and a 4% increase compared to the third quarter of 2004 ("linked quarter basis"). The Company earned $1.01 per diluted share for the quarter, up 14% from the same period in 2003, and up 3% on a linked quarter basis. The Company's results of $1.01 per diluted share exceeded average analyst expectations for the quarter by $0.01 per share.

For the year ended December 31, 2004, the Company reported net income of $27.3 million, up 16% compared to the year ended December 31, 2003. Fully diluted earnings per share ("EPS") for 2004 were $3.76, up 10% compared to 2003.

Total assets climbed $34 million, or nearly 1.4% compared to September 30, 2004, and $333 million, or 16% compared to December 31, 2003. Total deposits increased $8 million, or less than 1% since September 30, 2004, and increased $184 million, or 12% compared to one year ago. Total shareholders' equity increased $7 million, or 3% compared to September 30, 2004, and increased $25 million, or 13% compared to one year ago. At December 31, 2004 the Company's equity-to-assets ratio was 8.99%, compared to 8.84% at September 30, 2004 and 9.22% one year ago. Book value per share at December 31, 2004 was $32.03, up 3% compared to $31.12 per share at September 30, 2004, and an increase of 9% compared to one year ago. Similarly, tangible book value per share increased 5% and 11%, respectively, over the same periods.

Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, "I am very pleased with the progress we have made integrating our Alliance Bank acquisition in Baton Rouge, expanding our full service operations in Shreveport, and continuing our growth in New Orleans, Monroe and Acadiana." Byrd continued, "Once again our team has delivered outstanding results for our shareholders and clients."

  Additional Highlights For The Quarter And Year Ended December 31, 2004

   *  On a linked quarter basis, tax-equivalent net interest margin was
      3.54%, down four basis points, the yield on average earning assets
      improved seven basis points and interest-bearing liability costs
      increased 14 basis points.

   *  For the fourth quarter of 2004, return on average assets ("ROA") was
      1.19%, return on average equity ("ROE") was 13.36% and return on
      average tangible equity was 19.84%.

   *  Asset quality remained outstanding at year end.  Nonperforming assets
      ("NPAs") declined both in absolute terms as well as a percentage of
      total assets.  NPAs as a percentage of total assets were 0.25% at
      year-end 2004, compared to 0.26% at September 30, 2004 and 0.34% one
      year ago.  At December 31, 2004, coverage ratios of nonperforming
      loans and nonperforming assets were 355% and 327%, respectively.
      During the fourth quarter of 2004, the provision for loan losses
      covered net charge-offs by 1.2 times.

   *  During the fourth quarter of 2004, the Company charged off a
      commercial credit totaling approximately $0.6 million.  The negative
      earnings impact associated with the resolution of this credit was
      offset by two factors.  First, the Company recorded a gain of
      $0.3 million associated with an investment security trade that is
      expected to have no marginal earnings impact in the future.  Second,
      the executive management team elected to forgo their annual bonus for
      the year just completed.

   *  Shareholders' equity increased nearly $7 million during the quarter.
      Tier 1 leverage ratio was 7.63% at December 31, 2004, up 13 basis
      points compared to 7.50% at September 30, 2004 and one year ago.  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 December 21, 2004, the Company declared a quarterly cash dividend
      of $0.28 per share, an increase of 17% compared to the same quarter
      last year.  Over the last ten quarters, the Company increased the
      quarterly cash dividend by over 50%.  The dividend payout ratio was
      26.1% in the fourth quarter of 2004, compared to 27.1% in the third
      quarter of 2004 and 25.7% one year ago.

   *  To date, approximately 58,000 shares have been acquired under the
      175,000-share program announced on June 25, 2004 at an average cost of
      $55.38 per share.  During the fourth quarter of 2004, the Company
      purchased 5,200 shares at an average cost of $58.41 per share.

   *  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.  The marginal impact on the earnings of the Company
      associated with this issuance was approximately $0.1 million before
      tax in the fourth quarter of 2004, or nearly $0.01 per share, when
      compared to average overnight funding costs.

   *  On September 29, 2004, the Company announced its agreement to acquire
      American Horizons Bancorp, Inc. ("American Horizons"), the parent
      company for American Horizons Bank in Monroe, Louisiana.  At
      December 31, 2004, American Horizons had $251 million in total assets,
      $193 million in deposits, and $23 million in shareholders' equity.
      Shareholders of American Horizons overwhelmingly approved the
      acquisition on January 18, 2005.  The Company received the approval of
      the Federal Reserve and anticipates consummating the acquisition on
      January 31, 2005.

   *  Exclusive of one-time merger related costs, the American Horizons
      transaction is estimated to have no material impact on earnings per
      share of the Company in 2005.  The Company currently estimates a one-
      time merger-related charge of approximately $0.9 million to be
      incurred in the first quarter of 2005.  This merger-related charge is
      associated with lease termination costs, employee severance, and other
      one-time costs.

Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, "We are excited to be bringing together two wonderful bank franchises, creating one of the most convenient bank distribution systems in northeast Louisiana. Both companies are very client and shareholder focused. We anticipate a very smooth transition."

Loans And Deposits

Total loans grew $51 million, or 3%, between September 30, 2004 and December 31, 2004, and up 17% from one year ago. Commercial loans accounted for nearly all of the loan growth during the fourth quarter of 2004. Indirect automobile loans declined $6 million, or 3%, between September 30, 2004 and December 31, 2004, offsetting growth of similar amount in private banking mortgages. The average yield on loans increased seven basis points between the third and fourth quarters of 2004 as average loan volume climbed $61 million, or 4%. During this period, average commercial and consumer loan yields climbed 14 and 12 basis points, respectively, while average mortgage yields declined five basis points.

The volume of mortgage loan originations totaled $53 million in each the third and fourth quarters of 2004. The pipeline of mortgage loans in process at December 31, 2004 was $41 million, compared to $57 million at September 30, 2004. During the quarter, the Company sold into the secondary market $13 million in residential mortgage loans recently released from construction that were held in the loan portfolio, compared to $16 million in the third quarter of 2004. These loan sales were part of the Company's stated plans to sell into the secondary market recently originated, mortgage production, including mortgage loans coming out of construction.

The Company experienced modest deposit growth in the fourth quarter of 2004. Between September 30, 2004 and December 31, 2004, total deposits increased $8 million, or less than 1%. While noninterest-bearing deposits remained essentially stable on December 31, 2004 compared to September 30, 2004, this deposit category, on a quarterly average balance basis, increased $11 million in the fourth quarter of 2004, or 5%, compared to the third quarter of 2004. The Company's cost of average interest-bearing deposits increased eight basis points on a linked quarter basis. The yield on average NOW accounts increased 12 basis points, and the yield on average CDs increased 10 basis points. Average interest-bearing deposits remained stable on a linked quarter basis.

Investment Portfolio And Funding

The investment portfolio totaled $567 million at year-end 2004, down $15 million or 3% compared to September 30, 2004. As a percentage of assets, the investment portfolio declined from 25% at June 30, 2004 to 24% at September 30, 2004 and to 23% at December 31, 2004. The yield on the investment portfolio improved three basis points on a linked quarter basis. Bond premium amortization was $0.6 million in the fourth quarter of 2004, compared to $0.7 million and $1.0 million in the third and second quarters of 2004, respectively. Given general mortgage refinancing levels and anticipated prepayment speeds, management estimates premium amortization in the first quarter of 2005 may be at levels similar to the fourth quarter of 2004.

The Company's investment portfolio had a modified duration of 3.6 years at both December 31, 2004 and September 30, 2004. The Company's investment portfolio has very limited extension risk. Based on modeling at December 31, 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 $95 million in cash flow during 2005 and an additional $78 million in 2006. The portfolio had an unrealized gain of $2.1 million at December 31, 2004, compared to $2.9 million unrealized gain at September 30, 2004 and an unrealized loss of $7.2 million at June 30, 2004.

The Company executed on an opportunistic investment trade in early November, 2004. The Company bought and sold securities of nearly identical durations, weighted average lives, yields, and price change characteristics. The sale and purchase of these securities is expected to have no material impact on earnings of the Company going forward, and a gain of $0.3 million was recorded in the fourth quarter of 2004.

The Company regularly reviews the influence of interest rates on the Company's profitability and earnings growth prospects. Asset/liability management modeling at December 31, 2004 indicated the Company's interest rate risk position is fairly balanced. A 100 basis point instantaneous and parallel upward shift in interest rates is estimated to decrease net interest income over 12 months by only 0.2%. Similarly, a 100 basis point decrease in interest rates would benefit net interest income by 1.7%. The influence of a flattening yield curve, using the forward curve as a guide, has a negative impact on net interest income of 1.3%.

The Company's ratio of loans to deposits increased significantly during the quarter as the Company experienced $51 million in loan growth funded in part with an $8 million increase in deposits since September 30, 2004. At December 31, 2004, the Company's loan to deposit ratio was 93%, compared to 91% at September 30, 2004 and 89% one year ago. The Company has placed greater emphasis on deposit generation efforts for 2005.

Asset Quality

Asset quality statistics remained exceptional compared to historical and peer levels. The Company believes that it uses a conservative definition of NPAs. The Company considers NPAs to include nonaccruing loans, accruing loans more than 90 days past due, foreclosed assets, and Other Real Estate Owned. NPAs amounted to $6.2 million at both September 30, 2004 and December 31, 2004, down 15% compared to one year ago. NPAs equated to 0.25% of total assets, compared to 0.26% at September 30, 2004, and 0.34% one year ago. The allowance for loan losses was 1.22% at year-end 2004, compared to 1.24% at September 30, 2004, and 1.29% one year ago. At the same period ends, the Company's reserve coverage of NPAs was 327%, 320%, and 251%, respectively. Loans past due 30 days or more (including nonaccruing loans) represented 0.60% of total loans at December 31, 2004, compared to 0.64% of total loans at September 30, 2004, and 0.78% one year ago.

The ratio of net charge-offs to average loans was 0.29% in the fourth quarter of 2004, up 12 basis points compared to 0.17% in the third quarter of 2004. During the fourth quarter of 2004, the Company charged off a commercial credit in the Acadiana market totaling approximately $0.6 million. This problem credit is considered an isolated event and is not indicative of any portfolio concerns. On a pro forma basis excluding the problem credit, the ratio of net charge-offs to average loans would have been 0.14%. The Company's provision for loan losses was $1.4 million in the fourth quarter compared to $0.9 million on a linked quarter basis. The provision covered net charge-offs 1.2 times in the fourth quarter of 2004, compared to 1.3 times in the third quarter of 2004.

Operating Results

Total tax-equivalent revenues increased $0.3 million, or 1%, on a linked quarter basis. Tax-equivalent net interest income increased $0.1 million between the two quarters, while average earning assets increased $43 million between quarters. Average loans grew $61 million during the quarter, while average investment securities declined $31 million. The Company's tax- equivalent net interest margin declined four basis points from 3.58% in the third quarter of 2004 to 3.54% in the fourth quarter of 2004. On a linked quarter basis, the yield on earning assets improved seven basis points and the cost of interest-bearing liabilities increased 14 basis points.

Noninterest income in the fourth quarter increased $0.1 million, or 2% on a linked quarter basis. Mortgage loan gains totaled $0.7 million in the fourth quarter, compared to $0.6 million in both the second and third quarters of 2004. In the fourth quarter of 2004, the Company recorded gains on the sale of investments totaling $0.3 million, compared to no significant gains in the third quarter of 2004. Service charge income on deposit accounts declined $0.3 million, or 8%, on a linked quarter basis.

Expenses declined during the fourth quarter of 2004. Total noninterest expense decreased $0.8 million, or 6%, compared to the third quarter of 2004. Salaries and benefits declined $0.6 million, or 8% on a linked quarter basis. A portion of the decrease was a result of executive management's decision to forego its annual bonus for the year just completed. This decision was based on management's desire to fully address the aforementioned problem credit. Byrd stated, "We believe this decision to forgo our bonus exemplifies our continued commitment to, and alignment with, our shareholder base. We hold a fundamental belief that credit issues should be addressed with honesty and without hesitation. Simply put, we believe these actions were the right things to do." The Company's tax-equivalent tangible efficiency ratio (a measure of a bank's operating efficiency) improved from 53.8% in the third quarter of 2004 to 50.3% in the fourth quarter of 2004.

Return on average assets was 1.19% for the fourth quarter of 2004, up two basis points compared to 1.17% for the third quarter. Return on average equity for the fourth quarter of 2004 was 13.36%, up two basis points compared to 13.34% 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. 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 19.84% in the fourth quarter of 2004, compared to 20.23%, 18.90% and 19.07% in the three prior quarters of 2004, respectively.

The 2004 EPS reported today was within the previously disclosed 2004 EPS comfort range presented on May 25, 2004 of $3.75 to $3.80 per fully diluted share. Management also confirmed today that, exclusive of one-time expenses associated with the acquisition of American Horizons and the impact of potential costs associated with expensing stock options, the 2005 EPS comfort range for the Company remains $4.05 to $4.15 per share. This EPS comfort range incorporates many assumptions. One fundamental assumption is the projected flattening of the yield curve in 2005 as presented in current forward interest rate curves. The range of $4.05 to $4.15 compares to a current average analyst estimate for 2005 of $4.12 per fully diluted share, or a 10% increase compared to the 2004 EPS results announced today.

  Percentage Change in Year-End Stock Price Compared to Prior Year-End

                            12/31/00  12/31/01  12/31/02  12/31/03  12/31/04
   IBERIABANK
    Corporation              +58.2%    +27.4%    +44.9%    +46.9%    +12.5%
   Dow Jones
    Industrial Average        (6.2%)    (7.1%)   (16.8%)   +25.3%     +3.2%
   S&P 500 Index             (10.1%)   (13.0%)   (23.4%)   +26.4%     +9.0%
   Russell 2000
    Index Fin. Services      +14.7%     +8.7%     (0.3%)   +35.0%    +17.3%
   KBW Bank Index            +17.1%     (4.6%)   (13.0%)   +30.3%     +6.8%

The Company's stock price has consistently outperformed broader market indices over the last five years. Based on a closing stock price on January 19, 2005 of $61.20 per share, the Company's common stock traded at a price-to-earnings ratio of 14.9 times current average analyst estimates of $4.12 per fully diluted EPS for 2005, and 13.4 times average EPS estimates of $4.56 for 2006. In addition, the Company's stock traded at 1.91 times December 31, 2004 book value per share of $32.03. On December 21, 2004, the Company declared a quarterly cash dividend of $0.28 per share, payable to shareholders of record as of December 31, 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 1.83%.

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 Thursday, January 20, 2005, beginning at 9:00 a.m. Central Time by dialing 1-866-205-3916. The confirmation code for the call is 765085. A replay of the call will be available until midnight Central Time on January 27, 2005 by dialing 1-800-475-6701. The confirmation code for the replay is 765085.

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 $420 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 that 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/ .

                          IBERIABANK CORPORATION
                           FINANCIAL HIGHLIGHTS

                                         For The Quarter     For The Quarter
                                              Ended               Ended
                                           December 31,        September 30,
                                    2004       2003  %Change   2004  %Change

  Income Data (in thousands):
    Net Interest Income           $19,312    $17,956    8%    $19,231   0%
    Net Interest Income (TE) (A)   20,091     18,647    8%     19,950   1%
    Net Income                      7,325      6,278   17%      7,036   4%

  Per Share Data:
    Net Income - Basic              $1.09      $0.96   14%      $1.05   4%
    Net Income - Diluted             1.01       0.88   14%       0.97   3%

    Book Value                      32.03      29.28    9%      31.12   3%
    Tangible Book Value (B)         22.09      19.86   11%      21.13   5%
    Cash Dividends                   0.28       0.24   17%       0.28   0%

  Key Ratios: ©
    Return on Average Assets         1.19%      1.19%            1.17%
    Return on Average Equity        13.36%     12.95%           13.34%
    Return on Average Tangible
     Equity (B)                     19.84%     19.86%           20.23%
    Net Interest Margin (TE) (A)     3.54%      3.85%            3.58%
    Efficiency Ratio                 53.1%      55.5%            56.7%
    Tangible Efficiency Ratio
     (TE) (A) (B)                    50.3%      52.5%            53.8%
    Average Loans to Average
     Deposits                        91.4%      89.0%            88.5%
    Nonperforming Assets to
     Total Assets (D)                0.25%      0.34%            0.26%
    Allowance for Loan Losses to
     Loans                           1.22%      1.29%            1.24%
    Net Charge-offs to Average
     Loans                           0.29%      0.23%            0.17%
    Average Equity to Average
     Total Assets                    8.92%      9.15%            8.76%
    Tier 1 Leverage Ratio            7.63%      7.50%            7.50%
    Dividend Payout Ratio            26.1%      25.7%            27.1%

  Number of Shares Outstanding:
    Basic Shares  (Average)     6,687,650  6,536,879        6,688,470
    Diluted Shares  (Average)   7,281,996  7,130,108        7,231,401
    Book Value Shares (Period
     End) (E)                   6,874,119  6,664,498        6,862,754


   (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)              December 31,         Sept. 30,
                                     2004        2003  % Change     2004
  ASSETS
  Cash and Due From Banks          $33,927     $48,849  (30.5)%    $39,384
  Interest-bearing Deposits in
   Banks                            19,325      20,722   (6.7)%     13,719
    Total Cash and Equivalents      53,252      69,571  (23.5)%     53,103
  Investment Securities
   Available for Sale              526,933     426,130   23.7 %    540,425
  Investment Securities Held to
   Maturity                         40,022      53,492  (25.2)%     41,756
    Total Investment Securities    566,955     479,622   18.2 %    582,181
  Mortgage Loans Held for Sale       8,109       5,781   40.3 %     10,624
  Loans, Net of Unearned Income  1,650,626   1,412,349   16.9 %  1,599,609
  Allowance for Loan Losses        (20,116)    (18,230)  10.3 %    (19,885)
    Loans, net                   1,630,510   1,394,119   17.0 %  1,579,724
  Premises and Equipment            39,557      31,992   23.6 %     37,595
  Goodwill and Acquisition
   Intangibles                      68,310      62,786    8.8 %     68,519
  Mortgage Servicing Rights            176         279  (36.9)%        199
  Other Assets                      81,733      71,661   14.1 %     82,991
    Total Assets                $2,448,602  $2,115,811   15.7 % $2,414,936

  LIABILITIES AND SHAREHOLDERS'
   EQUITY
  Noninterest-bearing Deposits    $218,859    $189,786   15.3 %   $219,339
  Interest-bearing Deposits      1,554,630   1,399,320   11.1 %  1,546,606
    Total Deposits               1,773,489   1,589,106   11.6 %  1,765,945
  Short-term Borrowings            192,000     143,000   34.3 %    165,000
  Securities Sold Under
   Agreements to Repurchase         44,453      19,590  126.9 %     49,139
  Long-term Debt                   206,089     156,291   31.9 %    206,512
  Other Liabilities                 12,409      12,655   (1.9)%     14,788
    Total Liabilities            2,228,440   1,920,642   16.0 %  2,201,384
  Total Shareholders' Equity       220,162     195,169   12.8 %    213,552
    Total Liabilities and
     Shareholders' Equity       $2,448,602  $2,115,811   15.7 % $2,414,936



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

  Interest Income       $28,969  $25,161   15.1 % $108,610  $96,562   12.5 %
  Interest Expense        9,657    7,205   34.0 %   33,982   28,929   17.5 %
   Net Interest Income   19,312   17,956    7.6 %   74,628   67,633   10.3 %
  Provision for Loan
   Losses                 1,425    1,552   (8.2)%    4,041    6,300  (35.9)%
   Net Interest Income
    After Provision for
    Loan Losses          17,887   16,404    9.0 %   70,587   61,333   15.1 %
  Service Charges         3,051    3,058   (0.2)%   12,317   11,683    5.4 %
  ATM Fees                  538      430   25.1 %    2,012    1,810   11.2 %
  Gain on Sale of Loans     735      866  (15.1)%    2,794    4,199  (33.5)%
  Other Gains (Losses)      388      129  200.8 %      918      601   52.7 %
  Other Noninterest
   Income                 1,267    1,199    5.7 %    5,176    4,771    8.5 %
   Total Noninterest
    Income                5,979    5,682    5.2 %   23,217   23,064    0.7 %
  Salaries and Employee
   Benefits               7,289    7,017    3.9 %   29,846   26,585   12.3 %
  Occupancy and
   Equipment              1,700    1,562    8.8 %    6,834    6,273    8.9 %
  Amortization of
   Acquisition
   Intangibles              211      217   (2.8)%      885      781   13.3 %
  Other Noninterest
   Expense                4,240    4,321   (1.9)%   17,332   16,990    2.0 %
   Total Noninterest
    Expense              13,440   13,117    2.5 %   54,897   50,629    8.4 %
   Income Before Income
    Taxes                10,426    8,969   16.2 %   38,907   33,768   15.2 %
  Income Taxes            3,101    2,691   15.2 %   11,568   10,216   13.2 %
   Net Income            $7,325   $6,278   16.7 %  $27,339  $23,552   16.1 %

  Earnings Per Share,
   diluted                $1.01    $0.88   14.2 %    $3.76    $3.42    9.9 %



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

  BALANCE SHEET                       For The Quarter Ended
  (Average)         Dec. 31,    Sept. 30,   June 30,    March 31,   Dec. 31,
                      2004        2004        2004        2004        2003
  ASSETS
  Cash and Due
   From Banks       $39,343     $39,467     $59,721     $55,939     $49,586
  Interest-bearing
   Deposits in Banks 22,207      12,921      16,295      19,348      14,949
  Investment
   Securities       574,843     599,601     586,466     515,131     476,966
  Mortgage Loans
   Held for Sale     12,209       8,488       9,375      11,493       6,479
  Loans, Net of
   Unearned
   Income         1,627,276   1,566,672   1,496,990   1,429,152   1,407,634
  Allowance for
   Loan Losses      (19,994)    (19,721)    (19,509)    (18,721)    (17,727)
  Other Assets      189,576     187,944     180,308     169,056     163,471
    Total Assets $2,445,460  $2,395,372  $2,329,646  $2,181,398  $2,101,358


  LIABILITIES AND
   SHAREHOLDERS' EQUITY
  Noninterest-bearing
   Deposits        $223,921    $212,931    $208,417    $190,067    $190,407
  Interest-bearing
   Deposits       1,556,184   1,556,492   1,563,058   1,477,782   1,390,367
    Total
     Deposits     1,780,105   1,769,423   1,771,475   1,667,849   1,580,774
  Short-term
   Borrowings       171,522     181,658     127,380     108,698     124,375
  Securities Sold
   Under Agreements
   to Repurchase     51,240      45,891      42,271      24,894      19,925
  Long-term Debt    206,317     175,032     155,710     156,104     165,675
  Other Liabilities  18,194      13,507      22,793      19,142      18,302
    Total
     Liabilities  2,227,378   2,185,511   2,119,629   1,976,687   1,909,051
  Total Shareholders'
   Equity           218,082     209,861     210,017     204,711     192,307
    Total Liabilities
     and Shareholders'
     Equity      $2,445,460  $2,395,372  $2,329,646  $2,181,398  $2,101,358



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

  Interest Income               $28,969  $28,047  $26,192  $25,402  $25,161
  Interest Expense                9,657    8,816    8,073    7,436    7,205
    Net Interest Income          19,312   19,231   18,119   17,966   17,956
  Provision for Loan Losses       1,425      857      704    1,055    1,552
    Net Interest Income After
     Provision for Loan Losses   17,887   18,374   17,415   16,911   16,404
  Total Noninterest Income        5,979    5,857    5,825    5,556    5,682
  Total Noninterest Expense      13,440   14,229   14,013   13,215   13,117
    Income Before Income Taxes   10,426   10,002    9,227    9,252    8,969
  Income Taxes                    3,101    2,966    2,740    2,761    2,691
    Net Income                   $7,325   $7,036   $6,487   $6,491   $6,278

  Earnings Per Share, basic       $1.09    $1.05    $0.96    $0.98    $0.96
  Earnings Per Share, diluted     $1.01    $0.97    $0.88    $0.90    $0.88
  Book Value Per Share           $32.03   $31.12   $29.74   $31.02   $29.28
  Return on Average Assets        1.19%    1.17%    1.12%    1.20%    1.19%
  Return on Average Equity       13.36%   13.34%   12.42%   12.75%   12.95%
  Return on Average Tangible
   Equity                        19.84%   20.23%   18.90%   19.07%   19.86%



                          IBERIABANK CORPORATION
               CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                          (dollars in thousands)

  LOANS RECEIVABLE                          December 31,           Sept. 30,
                                    2004        2003     % Change    2004
  Residential Mortgage Loans:
    Residential 1-4 Family        $387,079    $338,965    14.2 %   $379,716
    Construction                    33,031      50,295   (34.3)%     34,912
      Total Residential Mortgage
       Loans                       420,110     389,260     7.9 %    414,628
  Commercial Loans:
    Real Estate                    419,427     352,031    19.1 %    397,710
    Business                       306,191     199,275    53.7 %    275,390
    Commercial Leases                1,423       1,745   (18.5)%      1,505
      Total Commercial Loans
       and Leases                  727,041     553,051    31.5 %    674,605
  Consumer Loans:
    Indirect Automobile            222,480     229,636    (3.1)%    228,829
    Home Equity                    213,533     174,740    22.2 %    211,088
    Automobile                      20,064      24,795   (19.1)%     21,630
    Credit Card Loans                8,743       9,007    (2.9)%      8,093
    Other                           38,655      31,860    21.3 %     40,736
      Total Consumer Loans         503,475     470,038     7.1 %    510,376
      Total Loans Receivable     1,650,626   1,412,349    16.9 %  1,599,609
  Allowance for Loan Losses        (20,116)    (18,230)             (19,885)
    Loans Receivable, Net       $1,630,510  $1,394,119           $1,579,724



  ASSET QUALITY DATA                         December 31,          Sept. 30,
                                     2004        2003   % Change      2004

  Nonaccrual Loans                  $4,455      $3,902    14.2 %     $4,258
  Foreclosed Assets                      9          67   (86.6)%         30
  Other Real Estate Owned              483       2,067   (76.6)%        787
  Accruing Loans More Than
   90 Days Past Due                  1,209       1,220    (0.9)%      1,139
  Total Nonperforming Assets (A)    $6,156      $7,256   (15.2)%     $6,214
  Nonperforming Assets to
   Total Assets (A)                   0.25%       0.34%  (26.7)%       0.26%
  Nonperforming Assets to
   Total Loans + OREO (A)             0.37%       0.51%  (27.3)%       0.39%
  Allowance for Loan Losses
   to Nonperforming Loans (A)        355.2%      355.9%   (0.2)%      368.4%
  Allowance for Loan Losses to
   Nonperforming Assets (A)          326.8%      251.2%   30.1 %      320.0%
  Allowance for Loan Losses
   to Total Loans                     1.22%       1.29%   (5.6)%       1.24%
  Year to Date Charge-offs          $4,112      $4,782   (14.0)%     $2,564
  Year to Date Recoveries           $1,370      $1,172    16.9 %     $1,017

   (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                                  December 31,           Sept. 30,
                                    2004        2003     % Change    2004

  Noninterest-bearing DDA         $218,859    $189,786    15.3 %   $219,339
  NOW Accounts                     532,584     449,938    18.4 %    514,189
  Savings and Money Market
   Accounts                        393,772     350,295    12.4 %    411,606
  Certificates of Deposit          628,274     599,087     4.9 %    620,811
    Total Deposits              $1,773,489  $1,589,106    11.6 % $1,765,945




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

                                                For The Quarter Ended
                                        December 31, 2004  December 31, 2003
                                                 Average            Average
                                         Average  Yield/   Average   Yield/
                                         Balance  Rate(%)  Balance   Rate(%)
  ASSETS
  Earning Assets:
    Loans Receivable:
      Mortgage Loans                    $418,521  5.38%    $386,021   5.68%
      Commercial Loans (TE) (A)          701,842  5.00%     548,968   4.99%
      Consumer and Other Loans           505,446  6.58%     470,858   6.81%
      Lease Financing Receivables          1,467  5.33%       1,787   5.47%
        Total Loans                    1,627,276  5.59%   1,407,634   5.79%
    Mortgage Loans Held for Sale          12,209  5.18%       6,479  11.17%
    Investment Securities (TE) (A)(B)    569,209  4.43%     473,572   4.12%
    Other Earning Assets                  46,917  2.65%      34,979   2.31%
        Total Earning Assets           2,255,611  5.23%   1,922,664   5.33%
  Allowance for Loan Losses              (19,994)           (17,727)
  Nonearning Assets                      209,843            196,421
        Total Assets                  $2,445,460         $2,101,358



  LIABILITIES AND SHAREHOLDERS' EQUITY
  Interest-bearing Liabilities:
    Deposits:
      NOW Accounts                      $522,299  1.27%    $427,501   0.88%
      Savings and Money Market Accounts  407,978  0.79%     359,674   0.70%
      Certificates of Deposit            625,907  2.53%     603,192   2.24%
        Total Interest-bearing
         Deposits                      1,556,184  1.65%   1,390,367   1.42%
    Short-term Borrowings                222,762  1.70%     144,300   1.08%
    Long-term Debt                       206,317  4.22%     165,675   4.29%
        Total Interest-bearing
         Liabilities                   1,985,263  1.92%   1,700,342   1.67%
  Noninterest-bearing Demand Deposits    223,921            190,407
  Noninterest-bearing Liabilities         18,194             18,302
        Total Liabilities              2,227,378          1,909,051
  Shareholders' Equity                   218,082            192,307
        Total Liabilities and
         Shareholders' Equity         $2,445,460         $2,101,358


  Net Earning Assets                    $270,348           $222,322
  Net Interest Spread                    $19,312  3.31%     $17,956   3.66%
  Tax-equivalent Benefit                    $779  0.14%        $691   0.14%
  Net Interest Income (TE) / Net
   Interest Margin (TE) (A)              $20,091  3.54%     $18,647   3.85%


   (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 Twelve Months Ended
                                        December 31, 2004  December 31, 2003
                                                 Average            Average
                                         Average  Yield/    Average  Yield/
                                         Balance  Rate(%)   Balance  Rate(%)
  ASSETS
  Earning Assets:
    Loans Receivable:
      Mortgage Loans                     $399,681  5.47%    $340,738  6.05%
      Commercial Loans (TE) (A)           634,771  4.85%     509,732  5.25%
      Consumer and Other Loans            494,348  6.57%     456,766  7.14%
      Lease Financing Receivables           1,588  5.45%       1,902  5.44%
        Total Loans                     1,530,388  5.57%   1,309,138  6.12%
    Mortgage Loans Held for Sale           10,391  5.00%      14,172  6.30%
    Investment Securities (TE) (A)(B)     563,271  4.32%     434,767  3.91%
    Other Earning Assets                   39,986  2.21%      39,440  1.99%
        Total Earning  Assets           2,144,036  5.18%   1,797,517  5.50%
  Allowance for Loan Losses               (19,488)           (16,491)
  Nonearning Assets                       213,598            183,669
        Total Assets                   $2,338,146         $1,964,695



  LIABILITIES AND SHAREHOLDERS' EQUITY
  Interest-bearing Liabilities:
    Deposits:
      NOW Accounts                       $510,187  1.10%    $358,327  0.91%
      Savings and Money Market Accounts   403,331  0.77%     354,997  0.82%
      Certificates of Deposit             624,959  2.42%     601,339  2.47%
        Total Interest-bearing Deposits 1,538,477  1.55%   1,314,663  1.60%
    Short-term Borrowings                 188,589  1.38%     115,014  1.22%
    Long-term Debt                        173,386  4.26%     148,841  4.29%
        Total Interest-bearing
         Liabilities                    1,900,452  1.78%   1,578,518  1.83%
  Noninterest-bearing Demand Deposits     208,887            183,478
  Noninterest-bearing Liabilities          18,121             22,282
        Total Liabilities               2,127,460          1,784,278
  Shareholders' Equity                    210,686            180,417
        Total Liabilities and
         Shareholders' Equity          $2,338,146         $1,964,695


  Net Earning Assets                     $243,584           $218,999
  Net Interest Spread                     $74,628  3.40%     $67,633  3.67%
  Tax-equivalent Benefit                   $2,862  0.13%      $2,603  0.14%
  Net Interest Income (TE) / Net
   Interest Margin (TE) (A)               $77,490  3.60%     $70,236  3.89%


   (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
                                       12/31/2004  09/30/2004  12/31/2003

  Net Interest Income                    $19,312     $19,231     $17,956
  Effect of Tax Benefit on Interest
   Income                                    779         719         691
    Net Interest Income (TE) (A)          20,091      19,950      18,647
  Noninterest Income                       5,979       5,857       5,682
  Effect of Tax Benefit on Noninterest
   Income                                    244         239         220
    Noninterest Income (TE) (A)            6,223       6,096       5,902
         Total Revenues (TE) (A)         $26,314     $26,046     $24,549

  Total Noninterest Expense              $13,440     $14,229     $13,117
  Less Intangible Amortization Expense      (211)       (222)       (217)
    Tangible Operating Expense (B)       $13,229     $14,007     $12,900

  Return on Average Equity                 13.36 %     13.34 %     12.95 %
    Effect of Intangibles (B)               6.48        6.89        6.91
  Return on Average Tangible Equity (B)    19.84 %     20.23 %     19.86 %

  Efficiency Ratio                          53.1 %      56.7 %      55.5 %
  Effect of Tax Benefit Related to Tax
   Exempt Income                            (2.0)       (2.1)       (2.1)
    Efficiency Ratio (TE) (A)               51.1 %      54.6 %      53.4 %
  Effect of Amortization of Intangibles     (0.8)       (0.8)       (0.9)
    Tangible Efficiency Ratio (TE) (A)(B)   50.3 %      53.8 %      52.5 %


   (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