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

IBERIABANK Corporation , the holding company of the 118-year-old IBERIABANK (http://www.iberiabank.com/ ), announced details regarding one-time costs associated with hurricane-related activities, the financial results for the quarter ended September 30, 2005, and a progress update regarding significant expansion initiatives. Overall, the Company believes issues associated with Hurricanes Katrina and Rita have been fully analyzed and addressed. All but one of the Company's 43 offices are fully operational, and all associates are actively serving clients. Exclusive of one-time hurricane-related charges, the Company reported record earnings and fully diluted earnings per share ("EPS") for the quarter ended September 30, 2005 and improved asset quality during the third quarter compared to the second quarter of 2005 ("linked quarter basis"). At September 30, 2005, total loan and deposit volumes were at record high levels. The Company's opportunistic expansion initiative remains on track with management's expectations, with a roll-out of new facilities staged over the next two quarters.

Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, "The actions we demonstrated over the last seven weeks reflect critical elements of our mission statement: exceptional value-based client service, a great place to work, growth consistent with high performance, shareholder-focus, and a strong sense of community. Immediately after the storms passed, we secured our people and their families, ensured a safe working environment for our associates and focused our entire organization on serving our clients' needs. Our organization worked relentlessly to assist our clients and communities in the rebuilding process. We proactively communicated with the investment community and shareholders as to our situation and we implemented an opportunistic expansion initiative. I am very proud of our associates in the exceptional teamwork and care they demonstrated during this period."

Byrd continued, "The southeastern part of the United States is no stranger to severe and indiscriminate storm activity. As indicated below, hurricanes and tropical storms are quite common in the entire region. What made the situations unique with Hurricanes Katrina and Rita were the widespread nature and extreme severity of the storms, the punishing aftermath to our local region, the impact on the national economic infrastructure, and the enormous magnitude of the reconstruction process. Never has such a widespread area faced dislocation, destruction, and an historic opportunity for rebirth. The unique culture of our region provides a strong mortar to bond the foundation blocks of the rebuilding process. The most powerful storms on record are no match for the determination of the people of Louisiana."

% of Atlantic Ocean Hurricane And Tropical Storm Impacts By State 1994-2005

         Florida  N.C.  Texas  Alabama  Miss.  Louisiana  Other  Atlantic
  Total    18%     9%     6%     6%      6%       6%       19%      30%

   Note: Hurricanes and tropical storm impacts per www.wunderground.com
         maps.  Some storms had multiple state impacts.


On August 29, 2005, Hurricane Katrina, a category 4 storm, made landfall in southeastern Louisiana and the coast of Mississippi. Hurricane Katrina, and its destructive aftermath, is considered to have been the most devastating and costly storm in our nation's history. Near-term estimates placed the cost of rebuilding at $200 billion, and final cost estimates approximate $300 billion. The near-term estimate of $200 billion is 13 times greater than the rebuilding cost of Hurricane Andrew in 1992 and over 16 times greater than aggregate rebuilding efforts for the multiple hurricanes that ravaged sections of Florida in 2004. The devastation caused by this storm is without precedent and, according to President George W. Bush, rebuilding is considered to constitute "the largest reconstruction effort the world has ever seen."

The Company has eight offices in the affected New Orleans area. All but one of the eight offices are fully functional and operating under normal conditions. Within one week of the storm's passing, all 71 associates in the New Orleans market were secured, and shortly thereafter, the majority of these associates were assisting clients. Access to client accounts was unaffected by the storm. During the third quarter of 2005, the Company incurred approximately $1.1 million in net charge-offs associated with Hurricane Katrina, $100,000 in costs associated with insurance deductibles and facility repair in the New Orleans region, and $150,000 in other hurricane-related expenses. The Company incurred a $12.8 million special provision for loan losses associated with Hurricane Katrina. The Company estimates NSF service charge income and ATM fee income were negatively impacted by approximately $66,000 on a pre-tax basis immediately following Hurricane Katrina.

On September 23, 2005, Hurricane Rita, a category 3 storm, made landfall in southwestern Louisiana and southeastern Texas. This storm caused significant wind damage primarily in the area near Beaumont, Texas and Lake Charles, Louisiana. The Company has no operations in that area. The storm also caused flooding in five parishes in Louisiana, including Vermilon Parish, in which the Company has clients that experienced business disruption and property flooding.

The Company has 22 offices in the Acadiana region in south-central Louisiana. All 22 offices are fully functional and operating under normal conditions. Access to client accounts was unaffected by the storm. In the third quarter of 2005, the Company incurred no net charge-offs related to Hurricane Rita and approximately $100,000 in hurricane-related expenses. The Company recorded a $1.6 million special provision for loan losses associated with Hurricane Rita. NSF and ATM income were not materially impacted by Hurricane Rita.

Loan Loss Reserve Methodology

The Company's ability to reconnect with associates and clients rapidly afforded an opportunity to estimate potential credit issues associated with the storms, and assist in meeting clients' needs. All commercial, private banking, and institutional clients and 97% of small business clients affected by Hurricane Katrina have been contacted by the Company. Similarly, the majority of commercial, private banking, institutional, and small business clients affected by Hurricane Rita have been contacted as well.

Immediately after each storm passed, the Company's credit team began intense analysis of affected portfolios, client flood and property and casualty insurance coverage, impacts on sources of repayment and underlying collateral, and client payment probability. Flood mapping technology, physical inspection, and client conversations provided valuable assistance in the analytical work.

The framework for the analysis involved first determining which clients were in the affected areas. Second, clients were grouped by segment type (commercial, private banking, mortgage, indirect automobile, etc.). Third, segmented clients were analyzed in detail and parsed into three risk categories -- low, medium and high. Low risk clients had no impact, or relatively insignificant impact as a result of the storm. Medium risk clients had some impact on their primary or secondary sources of repayment, but had adequate liquidity to satisfy their obligations. Finally, high risk clients had potentially significant problems that affected both primary and secondary sources of repayment. Reserve levels were then placed against particular credits based on estimated default levels and loss expectations. For example, for residential mortgage loans, a 50% default rate was assumed for high risk clients on the gross loan balance outstanding (not net of estimated insurance proceeds), and a 40% loss rate was assumed. Medium risk residential mortgage clients were assumed to have a 35% default rate and a loss rate of 20%. Low risk clients were assumed to have a 20% default rate and a 10% loss rate. Similar methodologies were used for other segments and risk categories, though default rates and loss expectation levels differed between various segments and categories.

While the Company is comfortable with the framework utilized and reserves incurred, actual default and loss rates may differ materially from levels assumed by the Company. No material consideration was given for any federal assistance and private mortgage insurance ("PMI"), and only minimal land values were assumed. Federal and/or state assistance may be forthcoming, but the outcome is uncertain at this stage. PMI exists for 6% and 11% of residential mortgage loans affected by Hurricanes Katrina and Rita, respectively. Given limited real estate transaction closings since Hurricane Katrina, no determination can be made regarding land values at this stage. However, the Company decided a conservative approach was warranted in the abundance of caution and collateral uncertainty. The risk classifications and reserve allocation methodology are subject to change as particular situations continue to evolve.

Branch Expansion Initiative

The most severe elements of Hurricane Katrina passed to the east of the Company's operations and headquarters, and Hurricane Rita to the west. The Company was uniquely positioned geographically among large Louisiana-based bank holding companies in southern Louisiana. The Company's associates remained in continuous contact with clients, and clients had uninterrupted access to their accounts. While some of the Company's offices were affected by the storms, all but one of the Company's affected offices were restored within days after the storms passed.

The Company announced a branch expansion initiative on September 16, 2005, that was a result of the Company's unique strategic position, client dislocation, recruitment opportunities, and facility and site availability. The Company purchased 12 modular facilities and has purchased, or executed purchase contracts on, 10 branch sites in Lafayette (River Ranch), Broussard (near Highways 90 and 182), Baton Rouge area (Coursey Boulevard, Highland Road, Prairieville, and Dutchtown), Covington (Highway 21), Slidell (Gause Boulevard), Houma (St. Charles Street), Laplace (Belle Terre Boulevard), and New Orleans (Elmwood). Site preparations are underway in many locations, and branch roll-out is expected to be staged over the next six months. Many branches are expected to be fully operational before the end of 2005. Some locations are expected to be converted to traditional "brick and mortar" offices, while many may remain modular units for the foreseeable future.

The total cost for the 12 fully furnished modular units was $1.4 million. Related equipment, including platform systems, PCs, signage, ATMs and other equipment was $3.4 million. The cost of land purchases was $5.0 million. The Company believes modular branch facilities cost approximately one-third the cost of traditional "brick and mortar" structures, thus providing a very cost-effective distribution system. This approach also substantially reduces the risk of branch expansion, given the relatively mobile nature of the modular units. Essentially, the Company is able to cater to the geographic needs of its client base.

Financial Results

Due to the impact of the hurricanes, the Company reported a net loss of $1.3 million for the quarter ended September 30, 2005 or a $0.15 loss per share. The Company incurred, on a pre-tax basis, an aggregate one-time loan loss provision of $14.4 million, one-time expenses of $346,000, and approximately $66,000 in reduced NSF/ATM revenues during the third quarter of 2005 in association with these storms. Excluding this one-time hurricane-related pre-tax impact of $14.8 million ($9.6 million on an after-tax basis), net income for the third quarter was $8.2 million, a 17% increase over the same period in 2004, and a 1% increase compared to the second quarter of 2005. On this same basis, the Company earned $0.84 per diluted share for the quarter, up 8% from the same period in 2004, and up 2% on a linked quarter basis.

The Company believes the presentation of financial results excluding the impact of one-time hurricane-related costs and lost revenues and one-time merger related costs associated with the acquisition of American Horizons Bancorp, Inc. provides a fair representation of the underlying performance of the Company's core operations during 2005, which may be useful for comparison purposes.

  Additional Highlights For The Quarter Ended September 30, 2005

   * Total assets were $2.8 billion at September 30, 2005, up 15% compared
     to one year ago.  Similarly, total deposits were a record $2.1 billion,
     up 19% compared to one year ago and total loans were a record
     $1.9 billion, up 18%.

   * Tax-equivalent net interest margin was 3.47%, down seven basis points
     compared to 3.54% in the second quarter of 2005.  The margin
     compression during the third quarter was the result of temporary excess
     cash reserves associated with the storms (two of the seven basis point
     decline) and higher liability pricing.  The higher liability costs were
     the result of client migration into higher-yielding deposit accounts,
     higher CD repricing, and escalated overnight borrowing costs.  The
     yield on average earning assets grew 10 basis points, and the cost of
     interest-bearing liabilities increased 21 basis points.  Average non
     interest bearing demand deposits increased 7% on a linked quarter
     basis.

   * Exclusive of one-time hurricane related provision and expenses, return
     on average assets ("ROA") was 1.19% for the third quarter of 2005,
     return on average equity ("ROE") was 12.27% and return on average
     tangible equity was 20.26%.

   * Nonperforming assets ("NPAs") decreased by $2.0 million, or 27%,
     between June 30, 2005 and September 30, 2005.  NPAs as a percentage of
     total assets were 0.20% at September 30, 2005 compared to 0.27% at
     June 30, 2005, and 0.26% one year ago. Exclusive of hurricane-related
     provisions, coverage ratios of nonperforming loans and nonperforming
     assets at September 30, 2005 were 488% and 435%, respectively.

   * During the third quarter of 2005, the Company recorded no security
     gains or losses and mortgage loan gains of $0.6 million.

   * Tier 1 leverage ratio was 7.45% at September 30, 2005, down 16 basis
     points from 7.61% at June 30, 2005, and down five basis points compared
     to one year ago. At September 30, 2005, the Company's Tier 1 risk-based
     capital ratio was 10.56%, and total risk-based capital ratio was
     11.82%.

   * The Company paid a 5-for-4 stock split in the form of a stock dividend
     on August 15, 2005 to shareholders of record on August 1, 2005.  All
     per share figures in this release have been adjusted for the stock
     split.

   * On September 19, 2005, the Company declared a quarterly cash dividend
     of $0.26 per share, an increase of 16% compared to the same quarter
     last year and an 8% increase on a linked quarter basis. Over the last
     thirteen quarters, the Company has increased the quarterly cash
     dividend by 81%.

Total shareholders' equity decreased $6 million, or 2%, at September 30, 2005 compared to June 30, 2005, and increased $45 million, or 21% compared to one year ago. At September 30, 2005 the Company's equity-to-assets ratio was 9.29%, compared to 9.74% at June 30, 2005 and 8.84% one year ago. Book value per share at September 30, 2005 was $27.26, down $0.74 per share or 3% compared to June 30, 2005 and up 10% compared to one year ago. Tangible book value per share was $16.60, a decrease of 4% compared to June 30, 2005 and 2% compared to one year ago.

Loans And Deposits

Total loans increased $49 million, or 3%, between June 30, 2005 and September 30, 2005, and up 18% compared to one year ago. The Company's commercial loan pipeline remains extremely strong. Period-end loan volume increased $28 million, or 3% between June 30, 2005 and September 30, 2005. The yield on average commercial loans climbed 15 basis points on a linked quarter basis to yield 5.81%.

Residential mortgage loans increased $15 million, or 3% compared to June 30, 2005. The average yield on mortgage loans increased seven basis points on a linked quarter basis. Residential loans are comprised of construction loans, private banking mortgages, and retail permanent mortgage loans. Construction loans totaled $31 million, up 13% compared to June 30, 2005, and down 12% since one year ago. Construction loans account for less than 2% of total loans. The Company believes the current low level of construction and land development loans allows the Company to expand this segment of the portfolio, in association with the rebuilding process for Hurricanes Katrina and Rita, and maintain effective risk diversification. Private banking mortgages increased $18 million, or 13%, during the quarter. At September 30, 2005, the private banking mortgage portfolio had a weighted average coupon of 5.25% and a weighted average maturity of 16.4 years. The retail mortgage portfolio totals $276 million, with 5.51% weighted average coupon, 17.3 weighted average maturity, and an average loan-to-value of 51%. Approximately half of the retail mortgage portfolio is comprised of adjustable rate mortgages ("ARMs"). The Company holds no option-ARMs, negative amortization ARMs or interest-only ARMs in its retail mortgage loan portfolio.

The volume of mortgage loan originations totaled $65 million in the third quarter of 2005, down 3% compared to the second quarter of 2005. The pipeline of mortgage loans in process at September 30, 2005 was $66 million compared to $67 million at June 30, 2005. During the third quarter of 2005, the Company sold into the secondary market $6 million in residential mortgage loans recently released from construction that were held in the loan portfolio compared to $7 million in the second quarter of 2005 and $13 million in the first quarter of 2005. These loan sales were part of the Company's stated plans to sell into the secondary market recently originated, mortgage production, including permanent mortgage loans coming out of construction. Residential mortgage loan sale gains were up 5% on a linked quarter basis to $0.6 million.

Indirect loan volume increased $5 million in the third quarter of 2005, up 2% on a linked quarter basis. In the quarter ended September 30, 2005, the yield on the indirect loan portfolio climbed eight basis points on a linked quarter basis to 6.14%.

The Company experienced strong deposit growth in the third quarter of 2005, after a fairly soft second quarter of 2005. At September 30, 2005, noninterest bearing deposits climbed $53 million, or 20% and interest bearing deposits grew $25 million, or 1% on a linked quarter basis. The Company's liability cost structure increased during the quarter as some clients migrated out of lower cost deposits into higher yielding accounts. Additionally, $130 million in time deposits repriced at higher rates during the third quarter of 2005. The cost of average interest-bearing deposits increased 21 basis points on a linked quarter basis. The yield on average NOW accounts climbed 19 basis points, savings and money market products increased 24 basis points and the yield on average CDs increased 21 basis points.

Investment Portfolio And Funding

The investment portfolio totaled $551 million at September 30, 2005, a decline of $29 million or 5% compared to June 30, 2005. As a percentage of assets, the investment portfolio declined to 20% at September 30, 2005, compared to 21% at June 30, 2005, and 24% one year ago. The book yield on the investment portfolio remained unchanged on a linked quarter basis. Bond premium amortization in the third quarter of 2005 was unchanged from the prior two quarters at $0.6 million. Given general mortgage refinancing levels and anticipated prepayment speeds, management estimates premium amortization in the third quarter of 2005 may be at levels similar to the last four quarters.

The Company's investment portfolio lengthened slightly during the quarter. At September 30, 2005, the portfolio had a modified duration of 3.4 years compared to 3.1 years at June 30, 2005 and 3.6 years one year ago. The Company's investment portfolio has very limited extension risk. Based on modeling at September 30, 2005, a parallel and instantaneous 300 basis point increase in interest rates would extend the portfolio by only 0.8 years. At current projected speeds, the portfolio is expected to generate approximately $103 million in cash flows over the next 15 months. The portfolio had an unrealized loss of $5.1 million at September 30, 2005 compared to a $0.5 million loss at June 30, 2005, and an unrealized gain of $2.9 million one year ago.

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, 2005 indicated the Company's interest rate risk position is fairly balanced. A 100 basis point instantaneous and parallel upward shift in interest rates would be estimated to increase net interest income over 12 months by 1.2%. Similarly, a 100 basis point decrease in interest rates would be expected to increase net interest income by 0.6%. The influence of a flattening yield curve, using the forward curve as a guide, would have an anticipated negative impact on net interest income of 0.6% compared to the base case scenario of no change in interest rates.

Asset Quality

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 $5.4 million at September 30, 2005, down $2.0 million, or 27%, compared to June 30, 2005. NPAs equated to 0.20% of total assets compared to 0.27% of total assets at June 30, 2005. The allowance for loan losses was 2.03% at September 30, 2005 and equated to 700% of NPAs. Excluding hurricane-related provisions, the Company's reserve coverage of NPAs was 455% at September 30, 2005 up from 339% at June 30, 2005. Loans past due 30 days or more (including nonaccruing loans) represented 0.72% of total loans at September 30, 2005 a significant improvement over 0.82% at June 30, 2005.

On September 8, 2005, the Company sold nearly $4 million in nonperforming loans to a third party with a resulting gain of $290,000, a recovery of $65,000 and a reduction of goodwill of $348,000. This loan sale was contemplated well in advance of storm-related activity.

The ratio of net charge-offs to average loans was 0.39% in the third quarter of 2005 compared to 0.14% in the second quarter of 2005. The Company recorded net charge-offs of $1.1 million in the third quarter in association with seven credits in the New Orleans market. Excluding this special $1.1 million charge-off, the ratio of net charge-offs to average loans was 0.16% in the third quarter of 2005. During the third quarter, the Company charged off approximately $0.4 million associated with a commercial credit in the New Orleans market prior to Hurricane Katrina. The charge-off of this credit and associated loan loss provision were not included in the special hurricane provisions described earlier.

Operating Results

The Company's tax-equivalent net interest margin declined seven basis points on a linked quarter basis, two basis points of which were the result of excess cash temporarily retained in association with the hurricanes. Average earning assets increased less than $10 million on a linked quarter basis, as average loan growth of $19 million was offset by a $21 million decline in average investments. Total tax-equivalent revenues declined $0.3 million, or 1%, on a linked quarter basis. Tax-equivalent net interest income decreased $0.2 million, or 1%, between the two linked quarters.

Noninterest income in the third quarter of 2005 decreased $0.1 million, or 2% on a linked quarter basis. Service charge income on deposit accounts decreased approximately $0.1 million, or 3%, on a linked quarter basis, primarily due to the waivers on NSF charges in the New Orleans market. ATM fee income declined 9%, as a result of foreign ATM surcharge waivers for New Orleans clients using non-IBERIABANK ATMs. The Company's previously disclosed sale of nonperforming assets at September 8, 2005 also impacted noninterest income during the quarter.

Noninterest expenses decreased $0.3 million, or 2% on a linked quarter basis. Excluding one-time hurricane-related costs, the comparable figures were declines of $0.6 million and 4%, respectively. The Company's tax-equivalent tangible efficiency ratio (a measure of a bank's operating efficiency) improved from 54.1% in the second quarter of 2005 to 53.7% in the third quarter of 2005. Excluding one-time hurricane-related costs, the tangible efficiency ratio in the third quarter of 2005 was 52.5%.

Through September 30, 2005, the branch expansion initiative had an insignificant impact on the financial results of the Company. Fourth quarter of 2005 will be negatively impacted as a result of costs such as depreciation, staffing, and marketing associated with branch expansion initiative are incurred, with limited initial revenue until loans and deposits associated with the branches are booked. The Company currently estimates the branch initiative will have a $0.04 negative impact on EPS in the fourth quarter of 2005.

Management stated today that, exclusive of costs associated with the branch expansion initiative, the Company expects EPS in the fourth quarter of 2005 to be in the range of $0.80 to $0.85 per fully diluted share. This EPS comfort range is based on management's current information, estimates and assumptions. One fundamental assumption is the projected continuing flattening of the yield curve in 2005 as presented in current forward interest rate curves and immaterial additional hurricane-related costs. Turmoil in the banking market in Louisiana has presented significant recruiting opportunities for the Company. The Company anticipates a material expense associated with strategic recruits in the fourth quarter of 2005 that will be offset by a gain on the sale of excess land in northeast Louisiana.

For the full year of 2005, the Company expects EPS to be in the range of $2.18 to $2.23. On an adjusted basis that excludes one-time merger related costs associated with the acquisition of American Horizons (approximately $0.04 per share in the first quarter of 2005), one-time hurricane-related impact (approximately $0.99 per share in the third quarter of 2005), and costs associated with the branch expansion initiative (approximately $0.04 per share in the fourth quarter of 2005), the 2005 annual EPS would be $3.25 to $3.30, or equivalent to $4.06 to $4.13 per share on a pre-split basis. The adjusted figures are consistent with prior management guidance.

Based on a closing stock price on October 19, 2005 of $50.02 per share, the Company's common stock traded at a price-to-earnings ratio of 13.9 times current average analyst estimates of $3.61 per fully diluted EPS for 2006, and 1.83 times September 30, 2005 book value per share of $27.26. On September 19, 2005, the Company declared a quarterly cash dividend of $0.26 per share, payable to shareholders of record as of September 30, 2005. This dividend level represented a 16% increase over the same period last year and equated to an annualized dividend rate of $1.04 per share and an indicated dividend yield of 2.08%.

In association with this earnings release, 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, October 20, 2005, beginning at 8:00 a.m. Central Time by dialing 1-800-288-8975. The confirmation code for the call is 797147. A replay of the call will be available until midnight Central Time on October 27, 2005 by dialing 1-800-475-6701. The confirmation code for the replay is 797147. A supplemental PowerPoint presentation is available on the Company's website at www.iberiabank.com/invest.cfm?page=invest_relations_redirect.cfm .

IBERIABANK Corporation is one of the oldest financial institutions with continuous operations in the State of Louisiana and soon to be the second largest Louisiana-based bank holding company. The Company operates 43 offices located in New Orleans, Baton Rouge, Shreveport, Northeast Louisiana, and the Acadiana region of Louisiana. The Company's common stock trades on NASDAQ under the symbol "IBKC" and the Company's market capitalization is approximately $470 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 certain one-time events and 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, including current forward interest rate curves; 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, www.sec.gov, and the Company's website, www.iberiabank.com .

                          IBERIABANK CORPORATION
                           FINANCIAL HIGHLIGHTS

                                         For The Quarter Ended
                                             September 30,

                            Reported  Impact of  Adjusted               %
                               2005   Hurricanes   2005      2004    Change

  Income Data (in thousands):
    Net Interest Income        $21,042     ---    $21,042    $19,231     9%
    Net Interest Income
     (TE) (A)                   21,870     ---     21,870     19,950    10%
    Net Income (Loss)           (1,341)  9,587      8,246      7,036    17%

  Per Share Data:
    Net Income (Loss) -
     Basic                      $(0.15)  $1.05      $0.90      $0.84     7%
    Net Income (Loss) -
     Diluted                     (0.15)   0.99       0.84       0.78     8%
    Book Value                   27.26    1.01      28.27      24.89    14%
    Tangible Book Value (B)      16.60    1.01      17.61      16.91     4%
    Cash Dividends                0.26     ---       0.26       0.22    16%

  Number of Shares
   Outstanding:
    Basic Shares (Average)   9,176,517          9,176,517  8,360,589    10%
    Diluted Shares
     (Average)               9,176,517          9,855,266  9,039,252     9%
    Book Value Shares
     (Period End) (E)        9,469,544          9,469,544  8,578,443    10%

  Key Ratios: ©
    Return on Average Assets    (0.19%)  1.38%      1.19%      1.17%
    Return on Average Equity    (2.00%) 14.27%     12.27%     13.34%
    Return on Average
     Tangible Equity (B)        (2.74%) 23.00%     20.26%     20.23%
    Net Interest Margin
     (TE) (A)                    3.47%     ---      3.47%      3.58%
    Efficiency Ratio             57.0%   (1.3%)     55.7%      56.7%
    Tangible Efficiency
     Ratio (TE) (A) (B)          53.7%   (1.2%)     52.5%      53.8%
    Average Loans to Average
     Deposits                    89.8%     ---      89.8%      88.5%
    Nonperforming Assets to
     Total Assets (D)            0.20%  (0.01%)     0.19%      0.26%
    Allowance for Loan
     Losses to Loans             2.03%  (0.71%)     1.32%      1.24%
    Net Charge-offs to
     Average Loans               0.39%  (0.23%)     0.16%      0.17%
    Average Equity to
     Average Total Assets        9.74%     ---      9.74%      8.76%
    Tier 1 Leverage Ratio        7.45%   0.37%      7.82%      7.50%
    Dividend Payout Ratio          ---     ---      30.3%      27.2%


                          IBERIABANK CORPORATION
                     FINANCIAL HIGHLIGHTS (Continued)

                                                   For The Quarter Ended
                                                          June 30,
                                                   2005            % Change

  Income Data (in thousands):
      Net Interest Income                         $21,275              (1%)
      Net Interest Income (TE) (A)                 22,080              (1%)
      Net Income (Loss)                             8,128               1%

  Per Share Data:
      Net Income (Loss) - Basic                     $0.88               2%
      Net Income (Loss) - Diluted                    0.82               2%
      Book Value                                    28.00               1%
      Tangible Book Value (B)                       17.23               2%
      Cash Dividends                                 0.24               8%

  Number of Shares Outstanding:
      Basic Shares  (Average)                   9,233,918              (1%)
      Diluted Shares  (Average)                 9,860,666            (0.1%)
      Book Value Shares  (Period End) (E)       9,422,454             0.5%

  Key Ratios: ©
      Return on Average Assets                      1.20%
      Return on Average Equity                     12.22%
      Return on Average Tangible Equity (B)        20.26%
      Net Interest Margin (TE) (A)                  3.54%
      Efficiency Ratio                              57.3%
      Tangible Efficiency Ratio (TE) (A) (B)        54.1%
      Average Loans to Average Deposits             90.4%
      Nonperforming Assets to Total
       Assets (D)                                   0.27%
      Allowance for Loan Losses to Loans            1.37%
      Net Charge-offs to Average Loans              0.14%
      Average Equity to Average Total Assets        9.80%
      Tier 1 Leverage Ratio                         7.61%
      Dividend Payout Ratio                         27.8%

   (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,
                    2005        2004       % Change      2005        2004
  ASSETS
  Cash and Due
   From Banks     $50,901      $39,396        29.2%     $48,528     $33,940
  Interest-bearing
   Deposits in
   Banks           65,330       13,719       376.2%      13,615      19,325
    Total Cash and
     Equivalents  116,231       53,115       118.8%      62,143      53,265
  Investment
   Securities
   Available for
   Sale           521,104      540,425        (3.6%)    548,972     526,933
  Investment
   Securities Held
   to Maturity     30,008       41,756       (28.1%)     31,226      40,022
    Total
     Investment
     Securities   551,112      582,181        (5.3%)    580,198     566,955
  Mortgage Loans
   Held for Sale   15,581       10,624        46.7%      16,546       8,109
  Loans, Net of
   Unearned
   Income       1,879,304    1,599,609        17.5%   1,830,070   1,650,626
  Allowance for
   Loan Losses    (38,078)     (19,885)       91.5%     (25,102)    (20,116)
    Loans, net  1,841,226    1,579,724        16.6%   1,804,968   1,630,510
  Premises and
   Equipment       50,866       37,595        35.3%      47,548      39,557
  Goodwill and
   Acquisition
   Intangibles    100,948       68,519        47.3%     101,436      68,310
  Mortgage
   Servicing
   Rights             113          199       (43.0%)        133         176
  Other Assets    101,115       82,979        21.9%      95,734      81,720
     Total
      Assets   $2,777,192   $2,414,936        15.0%  $2,708,706  $2,448,602


  LIABILITIES AND
   SHAREHOLDERS'
   EQUITY
  Noninterest-
   bearing
   Deposits      $317,665     $219,339        44.8%    $264,439    $218,859
  Interest-
   bearing
   Deposits     1,785,046    1,546,606        15.4%   1,760,201   1,554,630
    Total
     Deposits   2,102,711    1,765,945        19.1%   2,024,640   1,773,489
  Short-term
   Borrowings      90,745      165,000       (45.0%)    119,500     192,000
  Securities
   Sold Under
   Agreements to
   Repurchase      52,459       49,139         6.8%      41,850      44,453
  Long-term Debt  258,580      206,512        25.2%     243,652     206,089
  Other
   Liabilities     14,565       14,788        (1.5%)     15,256      12,409
   Total
    Liabilities 2,519,060    2,201,384        14.4%   2,444,898   2,228,440
  Total
   Shareholders'
   Equity         258,132      213,552        20.9%     263,808     220,162
    Total
     Liabilities
     and
     Shareholders'
     Equity    $2,777,192   $2,414,936        15.0%  $2,708,706  $2,448,602


                     For The Three Months Ended   For The Nine Months Ended
  INCOME STATEMENT           September 30,             September 30,
                      2005      2004   % Change   2005      2004   % Change

  Interest Income    $34,541   $28,047   23.2%   $99,543   $79,641   25.0%
  Interest Expense    13,499     8,816   53.1%    36,678    24,325   50.8%
    Net Interest
     Income           21,042    19,231    9.4%    62,865    55,316   13.6%
  Provision for
   Loan Losses        15,164       857 1669.7%    16,444     2,616  528.5%
    Net Interest
     Income After
     Provision for
     Loan Losses       5,878    18,374  (68.0%)   46,421    52,700  (11.9%)
  Service Charges      3,576     3,317    7.8%    10,400     9,266   12.2%
  ATM / Debit Card
   Fee Income            633       523   21.1%     1,933     1,474   31.1%
  BOLI Cash Surrender
   Value Income          510       443   15.2%     1,471     1,210   21.6%
  Gain on Sale of
   Loans, net            864       592   45.9%     1,971     2,059   (4.3%)
  Other Gains (Losses)    10        16  (34.9%)      234       530  (55.9%)
  Other Noninterest
   Income              1,047       966    8.3%     3,458     2,699   28.1%
    Total Noninterest
     Income            6,640     5,857   13.4%    19,467    17,238   12.9%
  Salaries and
   Employee Benefits   7,995     7,923    0.9%    24,466    22,557    8.5%
  Occupancy and
   Equipment           2,145     1,720   24.7%     6,068     5,134   18.2%
  Amortization of
   Acquisition
   Intangibles           307       222   38.4%       908       674   34.7%
  Other Noninterest
   Expense             5,326     4,364   22.1%    16,053    13,092   22.6%
    Total Noninterest
     Expense          15,773    14,229   10.8%    47,495    41,457   14.6%
    Income (Loss)
     Before Income
     Taxes            (3,255)   10,002 (132.5%)   18,393    28,481  (35.4%)
  Income Taxes        (1,914)    2,966 (164.5%)    4,306     8,467  (49.1%)
    Net Income
     (Loss)          $(1,341)   $7,036 (119.1%)  $14,087   $20,014  (29.6%)

  Earnings (Loss)
   Per Share,
   diluted            $(0.15)    $0.78 (119.3%)    $1.44     $2.20  (34.7%)



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

                                     For The Quarter Ended
  BALANCE SHEET
   (Average)    Sept. 30,    June 30,     March 31,    Dec. 31,   Sept. 30,
                   2005         2005         2005        2004        2004
  ASSETS
  Cash and Due
   From Banks     $53,087      $47,302      $47,631     $39,342     $39,305
  Interest-bearing
   Deposits in
   Banks           25,384       16,326       21,648      22,207      12,921
  Investment
   Securities     568,356      590,950      575,846     574,843     599,601
  Mortgage Loans
   Held for Sale   15,621       12,436       10,360      12,209       8,488
  Loans, Net of
   Unearned
   Income       1,854,951    1,836,362    1,771,488   1,627,276   1,566,672
  Allowance for
   Loan Losses    (25,184)     (25,104)     (23,142)    (19,994)    (19,722)
  Other Assets    246,144      245,432      223,068     189,577     188,195
    Total
     Assets    $2,738,358   $2,723,704   $2,626,899  $2,445,460  $2,395,461


  LIABILITIES
   AND SHAREHOLDERS'
   EQUITY
  Noninterest-
   bearing
   Deposits      $286,959     $267,004     $243,738    $223,921    $212,931
  Interest-
   bearing
   Deposits     1,778,336    1,763,875    1,693,723   1,556,184   1,556,492
    Total
     Deposits   2,065,295    2,030,879    1,937,461   1,780,105   1,769,423
  Short-term
   Borrowings      86,902      120,138      141,020     171,522     181,658
  Securities
   Sold Under
   Agreements to
   Repurchase      46,786       51,805       50,550      51,240      45,891
  Long-term Debt  258,090      240,637      228,035     206,317     175,032
  Other
   Liabilities     14,693       13,430       17,943      18,194      13,596
   Total
    Liabilities 2,471,766    2,456,889    2,375,009   2,227,378   2,185,600
  Total
   Shareholders'
   Equity         266,592      266,815      251,890     218,082     209,861
    Total
     Liabilities
     and
     Shareholders'
     Equity    $2,738,358   $2,723,704   $2,626,899  $2,445,460  $2,395,461


                                 2005                           2004
  INCOME           Third        Second       First       Fourth      Third
   STATEMENT      Quarter      Quarter      Quarter     Quarter     Quarter

  Interest Income $34,541      $33,549      $31,454     $28,969     $28,047
  Interest Expense 13,499       12,274       10,905       9,657       8,816
    Net Interest
     Income        21,042       21,275       20,549      19,312      19,231
  Provision for
   Loan Losses     15,164          630          650       1,425         857
    Net Interest
     Income After
     Provision for
     Loan Losses    5,878       20,645       19,899      17,887      18,374
  Total Noninterest
   Income           6,640        6,745        6,081       5,979       5,857
  Total Noninterest
   Expense         15,773       16,047       15,676      13,440      14,229
    Income (Loss)
     Before Income
     Taxes         (3,255)      11,343       10,304      10,426      10,002
  Income Taxes     (1,914)       3,215        3,004       3,101       2,966
    Net Income
     (Loss)       $(1,341)      $8,128       $7,300      $7,325      $7,036

  Earnings (Loss)
   Per Share,
   basic           $(0.15)       $0.88        $0.81       $0.88       $0.84

  Earnings (Loss)
   Per Share,
   diluted         $(0.15)       $0.82        $0.75       $0.80       $0.78

  Book Value Per
   Share           $27.26       $28.00       $27.64      $25.62      $24.89

  Return on Average
   Assets          (0.19%)       1.20%        1.13%       1.19%       1.17%
  Return on Average
   Equity          (2.00%)      12.22%       11.75%      13.36%      13.34%
  Return on Average
   Tangible Equity (2.74%)      20.26%       18.70%      19.84%      20.23%



                          IBERIABANK CORPORATION
               CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                          (dollars in thousands)

  LOANS RECEIVABLE               September 30,        June 30,  December 31,
                         2005        2004   % Change     2005       2004

  Residential Mortgage
   Loans:
    Residential 1-4
     Family            $419,357    $379,730   10.4%    $407,726   $387,085
    Construction         30,805      34,912  (11.8%)     27,329     33,031
      Total
       Residential
       Mortgage Loans   450,162     414,642    8.6%     435,055    420,116
  Commercial Loans:
    Real Estate         530,678     397,710   33.4%     516,378    419,427
    Business            346,741     276,895   25.2%     332,602    307,614
      Total Commercial
       Loans            877,419     674,605   30.1%     848,980    727,041
  Consumer Loans:
    Indirect
     Automobile         235,353     228,829    2.9%     229,910    222,481
    Home Equity         239,834     211,088   13.6%     239,770    213,533
    Automobile           23,114      21,630    6.9%      23,711     20,064
    Credit Card Loans     8,191       8,093    1.2%       8,123      8,743
    Other                45,231      40,722   11.1%      44,521     38,648
      Total Consumer
       Loans            551,723     510,362    8.1%     546,035     503,469
      Total Loans
       Receivable     1,879,304   1,599,609   17.5%   1,830,070   1,650,626
  Allowance for
   Loan Losses          (38,078)    (19,885)            (25,102)    (20,116)
    Loans
     Receivable,
     Net             $1,841,226  $1,579,724          $1,804,968  $1,630,510


  ASSET QUALITY DATA             September 30,         June 30, December 31,
                         2005        2004   % Change     2005        2004

  Nonaccrual Loans       $3,465      $4,258  (18.6%)     $6,558      $4,455
  Foreclosed Assets           5          30  (81.7%)         60           9
  Other Real Estate
   Owned                    365         787  (53.7%)        240         483
  Accruing Loans More
   Than 90 Days Past
   Due                    1,605       1,139   40.9%         540       1,209
  Total Nonperforming
   Assets (A)            $5,440      $6,214  (12.5%)     $7,398      $6,156

  Nonperforming Assets
   to Total Assets (A)    0.20%       0.26%  (23.9%)      0.27%       0.25%
  Nonperforming Assets
   to Total Loans +
   OREO (A)               0.29%       0.39%  (25.5%)      0.40%       0.37%
  Allowance for Loan
   Losses to Nonperforming
   Loans (A)             751.1%      368.4%  103.9%      353.6%      355.2%
  Allowance for Loan
   Losses to
   Nonperforming
   Assets (A)            700.0%      320.0%  118.7%      339.3%      326.8%
  Allowance for Loan
   Losses to Total Loans  2.03%       1.24%   63.0%       1.37%       1.22%
  Year to Date
   Charge-offs           $4,432      $2,564   72.8%      $2,036      $4,112
  Year to Date
   Recoveries            $1,407      $1,017   38.4%        $849      $1,370

   (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,
                         2005        2004   % Change     2005        2004
  Noninterest-bearing
   Demand Accounts     $317,665    $219,339   44.8%    $264,439    $218,859
  NOW Accounts          546,017     514,189    6.2%     546,859     532,584
  Savings and Money
   Market Accounts      502,479     411,606   22.1%     483,057     393,772
  Certificates of
   Deposit              736,550     620,811   18.6%     730,285     628,274
    Total Deposits   $2,102,711  $1,765,945   19.1%  $2,024,640  $1,773,489



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

                                            For The Quarter Ended
                                    September 30, 2005    September 30, 2004
                                                 Average            Average
                                   Average        Yield/   Average   Yield/
                                   Balance       Rate (%)  Balance  Rate (%)
  ASSETS
  Earning Assets:
  Loans Receivable:
  Mortgage Loans                    $443,644       5.39%    $405,524  5.43%
  Commercial Loans (TE) (A)          862,834       5.81%     656,323  4.86%
  Consumer and Other Loans           548,473       6.86%     504,825  6.46%
  Total Loans                      1,854,951       6.02%   1,566,672  5.52%
  Mortgage Loans Held for Sale        15,621       5.68%       8,488  4.76%
  Investment Securities (TE)
   (A)(B)                            571,725       4.42%     600,659  4.40%
  Other Earning Assets                52,421       4.16%      36,351  2.39%
  Total Earning Assets             2,494,718       5.61%   2,212,170  5.16%
   Allowance for Loan Losses         (25,184)                (19,722)
   Nonearning Assets                 268,824                 203,013
  Total Assets                    $2,738,358              $2,395,461

  LIABILITIES AND SHAREHOLDERS'
   EQUITY
  Interest-bearing Liabilities:
     Deposits:
        NOW Accounts                $542,518       1.76%    $516,417  1.15%
        Savings and Money Market
         Accounts                    501,449       1.44%     413,115  0.77%
        Certificates of Deposit      734,369       3.00%     626,960  2.43%
           Total Interest-bearing
            Deposits               1,778,336       2.18%   1,556,492  1.57%
     Short-term Borrowings           133,688       2.74%     227,549  1.38%
     Long-term Debt                  258,090       4.21%     175,032  4.22%
           Total Interest-bearing
            Liabilities            2,170,114       2.46%   1,959,073  1.78%
  Noninterest-bearing Demand
   Deposits                          286,959                 212,931
  Noninterest-bearing Liabilities     14,693                  13,596
           Total Liabilities       2,471,766               2,185,600
  Shareholders' Equity               266,592                 209,861
           Total Liabilities and
            Shareholders' Equity  $2,738,358              $2,395,461


  Net Earning Assets                $324,604                $253,097
  Net Interest Spread                $21,042       3.15%     $19,231  3.38%
  Tax-equivalent Benefit                 828       0.13%         719  0.12%
  Net Interest Income (TE) / Net
   Interest Margin (TE) (A)          $21,870       3.47%     $19,950  3.58%

   (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, 2005    September 30, 2004
                                                 Average            Average
                                   Average        Yield/   Average   Yield/
                                   Balance       Rate (%)  Balance  Rate (%)
  ASSETS
  Earning Assets:
  Loans Receivable:
  Mortgage Loans                    $433,568       5.35%    $393,369  5.50%
  Commercial Loans (TE) (A)          850,346       5.64%     613,880  4.79%
  Consumer and Other Loans           537,325       6.76%     490,608  6.57%
  Total Loans                      1,821,239       5.90%   1,497,857  5.56%
  Mortgage Loans Held for Sale        12,825       5.40%       9,781  4.93%
  Investment Securities (TE)
   (A)(B)                            578,080       4.43%     561,277  4.29%
  Other Earning Assets                48,213       3.64%      37,658  2.03%
  Total Earning Assets             2,460,357       5.51%   2,106,573  5.15%
   Allowance for Loan Losses         (24,484)                (19,319)
   Nonearning Assets                 260,856                 215,259
  Total Assets                    $2,696,729              $2,302,513

  LIABILITIES AND SHAREHOLDERS'
   EQUITY
  Interest-bearing Liabilities:
     Deposits:
        NOW Accounts                $559,124       1.60%    $506,120  1.04%
        Savings and Money Market
         Accounts                    465,805       1.20%     401,771  0.77%
        Certificates of Deposit      720,692       2.80%     624,640  2.38%
           Total Interest-bearing
            Deposits               1,745,621       1.99%   1,532,531  1.51%
     Short-term Borrowings           165,522       2.37%     177,116  1.24%
     Long-term Debt                  242,364       4.19%     162,328  4.27%
           Total Interest-bearing
            Liabilities            2,153,507       2.27%   1,871,975  1.73%
  Noninterest-bearing Demand
   Deposits                          266,059                 203,839
  Noninterest-bearing Liabilities     15,343                  18,497
           Total Liabilities       2,434,909               2,094,311
  Shareholders' Equity               261,820                 208,202
           Total Liabilities and
            Shareholders' Equity  $2,696,729              $2,302,513


  Net Earning Assets                $306,850                $234,598
  Net Interest Spread                $62,865       3.24%     $55,316  3.42%
  Tax-equivalent Benefit               2,421       0.13%       2,082  0.13%
  Net Interest Income (TE) / Net
   Interest Margin (TE) (A)          $65,286       3.52%     $57,398  3.62%

   (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)

                                            For The Three Months Ended
                                         9/30/2005   6/30/2005   9/30/2004

  Net Interest Income                      $21,042     $21,275     $19,231
  Effect of Tax Benefit on Interest
   Income                                      828         805         719
  Net Interest Income (TE) (A)              21,870      22,080      19,950
  Noninterest Income                         6,640       6,745       5,857
  Effect of Tax Benefit on Noninterest
   Income                                      275         272         239
  Noninterest Income (TE) (A)                6,915       7,017       6,096
  Total Revenues (TE) (A)                  $28,785     $29,097     $26,046

  Total Noninterest Expense                $15,773     $16,047     $14,229
  Less Intangible Amortization Expense        (307)       (316)       (222)
  Tangible Operating Expense (B)           $15,466     $15,731     $14,007

  Return on Average Equity                  (2.00%)     12.22%      13.34%
  Effect of Intangibles (B)                 (0.74%)      8.04%       6.89%
  Return on Average Tangible Equity (B)     (2.74%)     20.26%      20.23%

  Efficiency Ratio                           57.0%       57.3%       56.7%
  Effect of Tax Benefit Related to Tax
   Exempt Income                             (2.2%)      (2.1%)      (2.1%)
  Efficiency Ratio (TE) (A)                  54.8%       55.2%       54.6%
  Effect of Amortization of Intangibles      (1.1%)      (1.1%)      (0.8%)
  Tangible Efficiency Ratio (TE) (A) (B)     53.7%       54.1%       53.8%

   (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