IBERIABANK Corporation Reports First Quarter 2007 Results
PRNewswire-FirstCall
LAFAYETTE, La.

IBERIABANK Corporation , the holding company of the 120-year-old IBERIABANK (http://www.iberiabank.com/ ), announced earnings of $9.2 million for the quarter ended March 31, 2007, up 14% compared to the same period in 2006. The Company reported fully diluted earnings per share ("EPS") of $0.76 for the first quarter of 2007, down 7% compared to $0.81 in the same quarter of 2006. The reported EPS of $0.76 included one-time merger related costs and the impact of recent accounting changes, which management has consistently excluded from its annual EPS guidance. The Company incurred in the first quarter of 2007 merger-related costs totaling $1.3 million on a pre-tax basis and the cost of carrying merger-related financing, the aggregate negative impact of which was $0.08 per fully diluted share on an after-tax basis. In addition, the Company incurred $0.3 million in pre-tax expense associated with SFAS 133 and SFAS 123R, or $0.02 per share on an after-tax basis. Excluding these merger-related costs and changes in accounting treatment, the adjusted EPS figure was $0.86. The consensus analyst EPS estimate for the first quarter of 2007 for the Company was $0.87 as reported by First Call.

The Company's results were significantly affected by five primary factors. First, the acquisition of Pulaski Investment Corporation, the $500 million holding company for Pulaski Bank and Trust Company based in Little Rock, Arkansas ("Pulaski"), which was completed after the close of business on January 31, 2007. The following morning, the Company completed the acquisition of Pocahontas Bancorp, Inc. ("Pocahontas"), the holding company for First Community Bank based in Jonesboro, Arkansas ("First Community") with total assets of approximately $723 million. The financial results for the first quarter of 2007 incorporate the impact of these acquisitions for only two months. Second, limited anticipated synergistic benefits were realized during the first quarter, due to the timing of the conversions of branch and operating systems. The conversion of Pulaski's operating systems and branches was completed on March 18, 2007. The system and branch operating conversion for First Community was completed on April 22, 2007. While anticipated aggregate acquisition cost savings are consistent with initial estimates, the phasing in of the savings resulted in a significant drag on earnings during the first quarter. Third, the Company incurred one-time merger related costs in the first quarter of 2007. As stated above these merger related costs had a negative $0.08 impact on EPS on an after-tax basis. Fourth, the first quarter of 2007 had two less calendar days than the preceding quarter. The incremental impact of two less calendar days decreased pre-tax revenues approximately $0.2 million, or about a $0.02 after-tax negative EPS impact. Finally, the acquisition of Pulaski introduced significant seasonal influences to the Company's earnings stream during the first quarter of 2007 associated with two business units-mortgage banking and title insurance.

The following table provides a non-GAAP reconciliation of net income and fully diluted earnings per share adjusting for the one-time merger related costs that were incurred in the most recent three quarters and the estimated financial impact of the acquisitions. Management believes this non-GAAP table provides a useful measure of operating earnings trends due to the nonrecurring nature of the one-time merger related costs.

  Non-GAAP Pro Forma Net Income And EPS            4Q 2006        1Q 2007
  (After-tax; Dollars in thousands)
  Net Income Excluding Acquisitions (Legacy IBKC)   $9,024         $8,503
  One-Time Merger Related Costs                       (109)          (873)
  Estimated Pulaski/Pocahontas Net Income Impact       ---          1,525
  Net Income As Reported                            $8,915         $9,155

  (After-tax; Per share basis)
  EPS Excluding Acquisitions (Legacy IBKC)           $0.91          $0.86
  Fully Diluted EPS As Reported                      $0.87          $0.76



   Highlights For The Quarter Ended March 31, 2007

   *  Loans.  Average loans increased $545 million, or 25%, between the
      fourth quarter of 2006 and first quarter of 2007 (a "linked quarter
      basis.")  On a period-end basis, loans increased $801 million, or 36%,
      between December 31, 2006 and March 31, 2007.

   *  Deposits.  Average deposits climbed $699 million, or 29%, on a linked
      quarter basis.  Period-end deposits increased $1.1 billion, or 44%,
      between December 31, 2006 and March 31, 2007.

   *  Asset Quality.  Annualized net charge-offs equated to 0.03% of
      average loans in the first quarter of 2007, compared to 0.01% or
      0.02% in each of the four preceding quarters in 2006.  Total
      nonperforming assets ("NPAs") increased to 0.42% of total assets at
      March 31, 2007, compared to 0.16% at December 31, 2006.  Excluding
      the acquisitions that were completed during the first quarter of
      2007, the NPA ratio was 0.18%, or an increase of 2 basis points.

   *  Branches.  The Company opened traditional branch offices in
      Covington, Louisiana and Highland Road in Baton Rouge, Louisiana
      during the first quarter of 2007.  A total of 12 new branch offices
      have been opened under the Company's branch expansion initiative.
      The estimated net after-tax cost of the branch expansion initiative
      was $0.05 per diluted share in the first quarter of 2007, compared to
      $0.06 per diluted share in the fourth quarter of 2006, and in line
      with prior estimates.  Total loans in these branches were $38 million
      at March 31, 2007, up 15% compared to year-end 2006.  Similarly,
      aggregate deposits in these branches totaled $60 million at
      March 31, 2007, up 27% compared to year-end 2006.

  Balance Sheet And Yields

Total assets climbed to $4.6 billion, loans were $3.0 billion, deposits were $3.5 billion, and shareholders' equity was $472 million at March 31, 2007; increases of 43%, 36%, 44%, and 48%, respectively, compared to December 31, 2006.

Total loan growth increased $801 million, or 36%, compared to year-end 2006. Excluding the acquisitions, the comparable figures were $37 million, or 2%, growth since year-end 2006. On this organic growth basis, commercial loans climbed $18 million, or 1%, consumer loans increased $5 million, or 1%, residential mortgage loans increased $14 million, or 3%. The loan mix remained relatively unchanged after the acquisitions. The Company's loans-to- deposits ratio declined from 92.2% at year-end 2006 to 86.9% at March 31, 2007.

             Period-End Loan Volumes And Mix ($ in thousands)

     Loans           12/31/06               3/31/07
                       IBKC        IBKC     Acquired    Total
                      Legacy      Legacy    Entities   Reported

  Commercial        $1,211,099  $1,229,238  $459,119  $1,688,357
  Consumer             546,033     551,469   225,603     777,072
  Mortgage             476,870     490,670    79,027     569,697
  Total Loans       $2,234,002  $2,271,377  $763,749  $3,035,126
       Growth                           2%       34%         36%



             Period-End Loan Volumes And Mix ($ in thousands)

    Loans              12/31/06           3/31/07
                         IBKC       IBKC    Acquired      Total
                        Legacy     Legacy   Entities    Reported

  Commercial              54%        54%      60%          55%
  Consumer                25%        24%      30%          26%
  Mortgage                21%        22%      10%          19%
  Total Loans            100%       100%     100%         100%



Construction loans accounted for only 2% of total loans at March 31, 2007, unchanged compared to year-end 2006. The reported yield on average loans increased 23 basis points on a linked quarter basis to 6.82%. Excluding the impact of the acquisitions, the average loan yield in the first quarter was 6.60%, up 14 basis points on a linked quarter basis.

Average investment portfolio volume increased $141 million, or 23%, on a linked quarter basis to $759 million at March 31, 2007. The investment portfolio equated to 19% of total assets at March 31, 2007, compared to 18% at December 31, 2006. The Company's investment portfolio lengthened during the quarter. At March 31, 2007, the portfolio had a modified duration of 2.9 years, compared to 2.6 years at December 31, 2006. The Company's investment portfolio had very limited extension risk. At current projected speeds and other assumptions, the portfolio is expected to generate approximately $348 million in cash flows, or about 41% of the portfolio, over the next 24 months. The portfolio had an unrealized loss of approximately $3 million at March 31, 2007, compared to an unrealized loss of approximately $5 million at December 31, 2006 and a loss of approximately $10 million at March 31, 2006. The average yield on investment securities increased 23 basis points on a linked quarter basis. The average earning asset yield, excluding the acquisitions, increased 16 basis points on a linked quarter basis to 6.35% in the first quarter of 2007.

           Period-End Deposit Volumes And Mix ($ in thousands)

     Deposits       12/31/06                3/31/07
                      IBKC        IBKC      Acquired     Total
                     Legacy      Legacy     Entities    Reported

  Noninterest        $354,961    $359,407    $111,360    $470,767
  NOW Accounts        628,541     656,664     197,250     853,914
  Savings/MMkt        588,202     597,368     172,171     769,539
  Time Deposits       850,878     852,674     545,300   1,397,974
  Total Loans      $2,422,582  $2,466,113  $1,026,081  $3,492,194
        Growth                         2%         42%         44%


           Period-End Deposit Volumes And Mix ($ in thousands)

     Deposits       12/31/06                  3/31/07
                     IBKC         IBKC        Acquired     Total
                    Legacy       Legacy       Entities    Reported

  Noninterest         15%          14%           11%         14%
  NOW Accounts        26%          27%           19%         24%
  Savings/MMkt        24%          24%           17%         22%
  Time Deposits       35%          35%           53%         40%
  Total Loans        100%         100%          100%        100%



Total deposits increased $1.1 billion, or 44%, compared to year-end 2006. Excluding the acquisitions, the comparable figures were $44 million growth, or 2%, since year-end 2006. On this organic growth basis, noninterest bearing deposits increased $4 million, or 1%, and interest bearing deposits increased $39 million, or 2%. The deposit mix changed slightly since year-end, due to the mix of deposits acquired in association with the acquisitions. The cost of interest bearing liabilities in the first quarter of 2007 was 3.72%, an increase of 24 basis points on a linked quarter basis. Excluding the acquisitions, the cost of interest bearing liabilities was 3.57% in the first quarter of 2007, up nine basis points on a linked quarter basis.

Operating Results

Tax-equivalent net interest income increased $5.3 million, or 23% on a linked quarter basis. The tax-equivalent margin declined five basis points on a linked quarter basis, to 3.15% in the first quarter of 2007. Excluding the acquisitions, the margin improved five basis points on a linked quarter basis to 3.25% in the first quarter of 2007.

              Average Yields/Cost (Taxable Equivalent Basis)

                             4Q06               First Quarter 2007
                             IBKC    IBKC                           Total
                            Legacy  Legacy  Pulaski  Pocahontas Consolidated


  Earning Asset Yield        6.20%  6.35%    7.12%      6.64%       6.44%
  Interest Bearing
   Liability Cost            3.48%  3.57%    4.32%      3.89%       3.72%
  Net Interest Spread        2.72%  2.78%    2.80%      2.75%       2.72%

  Net Interest Margin        3.20%  3.25%    3.31%      2.83%       3.15%



Noninterest income in the first quarter of 2007 increased $9.6 million, or 206%, on a linked quarter basis due primarily to the acquisitions and losses incurred in the fourth quarter of 2006 on the sale of investments and loans. The Pulaski acquisition included significant mortgage and title insurance operations. Excluding the acquisitions and the losses incurred in the fourth quarter of 2006, noninterest income improved $0.7 million, or 10%, on a linked quarter basis. The Company received proceeds of a bank owned life insurance policy that accounted for the majority of the increase.

Noninterest expense in the first quarter of 2007 increased $10.5 million, or 55%, on a linked quarter basis due primarily to the acquisitions. The Company incurred $1.3 million in one-time merger related costs during the first quarter of 2007 (the majority of which is accounted for in the line item "Other Noninterest Expense"), compared to $0.2 million in the fourth quarter of 2006. Excluding one-time merger related costs and the acquisitions, noninterest expense increased $1.8 million, or 10%, on a linked quarter basis. On this basis, employee compensation accounted for one-half of the increase, and the remainder was due to increased hospitalization costs, FICA tax restart, and other benefit costs. The Company has significantly accelerated cost savings efforts since completion of the acquisition conversions, the synergistic benefits of which will materialize in the second quarter of 2007 and beyond.

Net income in the first quarter of 2007 totaled $9.2 million, up from $8.0 million, or 14%, compared to one year ago and up 3% on a linked quarter basis. Return on average assets ("ROA") was 0.91% for the first quarter of 2007. Similarly, return on average equity ("ROE") was 8.88%, and return on average tangible equity was 16.40%.

Seasonal Influence On Quarterly Operating Results

The acquisition of Pulaski Mortgage Company and Lenders Title Company, Pulaski subsidiaries introduced a seasonal influence to the Company's operating results. Historically, these businesses experienced minimal earnings in the first and fourth quarters in the calendar year, with a dramatic spike in the second quarter of the calendar year (and to a lesser degree in the third quarter). Based on current projections and pipeline statistics, the Company anticipates an increase in pre-tax income in the second quarter of 2007 of approximately $1.0 million, or $0.05 per fully diluted share on an after-tax basis, associated with underlying seasonal nature of these two businesses.

Acquisition Update

At the times the pending acquisitions were announced, the Company anticipated aggregate one-time merger related costs of $18 million, on a pre-tax basis, in association with the two acquisitions. In the quarter ended March 31, 2007, the Company reported $1.3 million in pre-tax one-time merger related costs ($0.07 per fully diluted share on an after-tax basis). In addition, the Company recorded carrying costs associated with trust preferred and equity financing issued in advance of the Pulaski acquisition equal to $0.01 per fully diluted share (on an after-tax basis) during the quarter ended March 31, 2007. The Company anticipates the balance of projected one-time merger related costs in the second quarter of 2007. A portion of the remaining merger-related costs will be capitalized.

Estimated revenue enhancements and cost savings projected to result from the acquisitions are expected to remain close to management's initial projections, though the timing of these benefits will be later than initially expected. As a result of delays in the acquisition funding and the approval process, the anticipated closing and conversion dates were later than initially projected. This, in combination with management's deliberate effort to ensure minimal client disruption and a coordinated conversion process, has resulted in the recognition of synergistic benefits at a slower pace than originally projected. Expected synergies are projected to be fully realized by the fourth quarter of 2007 and to be on pace with original projections. Based on actions specifically identified, examples of projected annualized pre-tax financial improvements include $5.8 million in personnel-related savings, $0.7 million in savings on terminated contracts, $1.7 million in revenue improvements, and other benefits. The Company estimates a minimum positive impact of $0.22 on 2007 EPS, primarily in the two final quarters of the year.

The operating system and branch conversions for Pulaski were completed over the weekend of March 17-18, 2007. Similarly, the operating system and branch conversions for First Community were completed over the weekend of April 21-22, 2007. The two entities were merged on April 22, 2007. The combined financial institution is a federal stock savings bank headquartered in Little Rock, Arkansas and operating under the corporate title of "Pulaski Bank and Trust Company."

Lenders Title Company, formerly a subsidiary of Pulaski Bank and Trust Company, became a direct subsidiary of IBERIABANK Corporation on April 19, 2007. United Title of Louisiana, Inc. was acquired by IBERIABANK Corporation on April 2, 2007. Terms of the acquisition were not disclosed. United Title, with 10 offices in Louisiana, will become a subsidiary of Lenders Title Company.

EPS Expectations For 2007

On October 17, 2006, the Company stated its expectations for the full year 2007 EPS to be in the range of $4.00 to $4.15, excluding the impact of merger- related costs (including the additional cost of carrying financing incurred in advance of completion of the acquisitions), and changes in accounting treatment. As a result of delayed synergistic benefits of the acquisitions and a detailed review of financial information after completion of the acquisitions, the Company modified its current full year 2007 earnings expectations to be $3.85 to $3.90 per fully diluted share, excluding merger- related costs and changes in accounting treatment.

The EPS comfort ranges provided today are based on management's current information, estimates and assumptions. Major assumptions are the projected shape of the yield curve in 2007 as indicated in forward interest rate curves and the synergistic benefits of the recent acquisitions.

Asset Quality

The Company believes that its asset quality continues to be very strong. The Company reported net charge-offs totaling $196,000 in the first quarter of 2007 compared to $85,000 in the fourth quarter of 2006 and $76,000 in the third quarter of 2006. The ratio of net charge-offs to average loans was 0.03% in the first quarter of 2007, compared to 0.01% or 0.02% in each the preceding four quarters of 2006.

The Company believes that it uses a conservative definition of nonperforming assets ("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 $19.3 million at March 31, 2007 equal to 0.42% of total assets compared to $5.0 million, and 0.16% of total assets, at December 31, 2006. The acquired entities accounted for $13.5 million of the $14.3 million increase in NPAs during the first quarter of 2007. Loans past due 30 days or more (including nonaccruing loans) represented 1.16% of total loans, up compared to 0.37% at year-end 2006. Various segments of the Company's loan portfolio demonstrated low levels of loans past due 30 days or more, including indirect automobile (0.66% of loans), consumer (0.71%), business banking (0.05%), mortgage (1.40%), and commercial (1.84%).

In the first quarter of 2007, the Company recorded a provision for loan losses totaling $0.2 million, compared to a $3.9 million negative provision during the fourth quarter of 2006 and a $2.4 million negative provision in the third quarter of 2006. The allowance for loan losses was 1.28% at March 31, 2007, compared to 1.34% at December 31, 2006 and 1.56% at September 30, 2006. Loan loss reserve coverage of nonperforming loans and nonperforming assets at March 31, 2007 was 2.4 times and 2.0 times, respectively. The Company folded all remaining loan loss reserves associated with Katrina-related credits into the Company's general loan loss reserves at year-end 2006.

Capital Position

In October 2006, the Company issued $15 million in trust preferred securities. The following month, the Company issued and sold in a private placement to certain institutional and other accredited investors 576,923 shares of common stock, for a total purchase price of $30 million. The purpose of the trust preferred securities offering and the private placement was to provide funding for the pending Pulaski acquisition which was completed on February 1, 2007. The Company considers the carrying costs associated with these financings in advance of completion of the acquisitions to be merger- related costs. The issuance of the trust preferred securities and common equity negatively impacted first quarter 2007 EPS by approximately $0.01 on an after-tax basis.

Average shareholders' equity increased $120 million, or 40%, on a linked quarter basis. At December 31, 2006, the Company's equity-to-assets ratio was 10.31% compared to 9.98% at year-end 2006 and 9.00% at September 30, 2006. Book value per share increased $5.58, or 18%, during the quarter to $36.65 at March 31, 2007. Tangible book value per share decreased $4.18, or 20%, during the quarter to $17.25.

Tier 1 leverage ratio was 7.80% at March 31, 2007 compared to 9.01% at December 31, 2006 (which was after the trust preferred and equity issuances were completed, but before the acquisitions were completed), and 7.63% at September 30, 2006 (which was prior to the trust preferred and equity issuances).

On May 4, 2005, the Board of Directors of the Company authorized the repurchase of up to 375,000 shares (after adjusting for the five-for-four stock split in August 2005) Approximately 17,000 shares remain to be purchased as authorized under that repurchase program. To date, shares purchased under that program had a weighted average price of $51.50 on a split-adjusted basis.

               Historical Share Repurchase Program Summary

                                               Authorized
                      Date          Months To    Volume        Average Cost
  Repurchase   Announced Completed  Complete  Pre-   Post-     Pre-    Post-
   Program                                   Split   Split    Split    Split

  Feb. 2000
   Program     2/17/00    12/11/00     10  300,000   375,000  $17.87  $14.30
  Dec. 2000
   Program    12/12/00    12/17/01     12  300,000   375,000  $28.05  $22.44
  Dec. 2001
   Program    12/18/01     12/2/02     11  300,000   375,000  $37.77  $30.22
  Nov. 2002
   Program    11/18/02      9/2/03      9  130,000   162,500  $43.87  $35.10
  Sep. 2003
   Program     9/17/03     6/24/04      9  300,000   375,000  $58.05  $46.44
  Jun. 2004
   Program     6/25/04      5/4/05     10  175,000   218,750  $59.04  $47.23
  May 2005
   Program      5/4/05        ---     ---  286,360   357,950  $64.38  $51.50

    Remaining To Be Completed               13,640    17,050
    Current Authorized Program             300,000   375,000

                 Grand Total             1,791,360 2,239,200  $42.98  $34.38



On April 25, 2007, the Board of Directors of the Company authorized a new share repurchase program upon completion of the prior program. The new program authorizes the repurchase of up to 300,000 shares of the Company's outstanding common stock, or approximately 2.3% of total shares outstanding. Stock repurchases under this new program will be made from time to time, on the open market or in privately negotiated transactions, at the discretion of the management of the Company. The timing of these repurchases will depend on market conditions and other requirements. The Company currently anticipates the new share repurchase program shall be completed within approximately one year.

On March 21, 2007, the Company declared a quarterly cash dividend of $0.32 per share, an increase of 14% compared to the same quarter last year. This dividend level equated to an annualized dividend rate of $1.28 per share and an indicated dividend yield of 2.44%, based on the closing stock price of the Company on April 25, 2007 of $52.44 per share. Based on that closing stock price, the Company's common stock traded at a price-to-earnings ratio of 13.5 times current consensus analyst estimates of $3.89 per fully diluted EPS for 2007 and 11.7 times the average analyst 2008 estimate of $4.49. This price also equates to 1.43 times March 31, 2007 book value per share of $36.65.

IBERIABANK Corporation is a multi-bank financial holding company with 81 bank branch offices in Louisiana, Arkansas, Tennessee, and Oklahoma, 28 mortgage offices in eight states, and 32 title insurance offices in Arkansas and Louisiana. The Company's common stock trades on the Nasdaq Global Market under the symbol "IBKC" and the Company's market capitalization is approximately $675 million.

The following investment firms currently provide equity research coverage on IBERIABANK Corporation:

   *  FIG Partners, LLC
   *  FTN Midwest Securities Corp.
   *  Keefe, Bruyette & Woods
   *  Sidoti & Company
   *  Stanford Group Company
   *  Stephens, Inc.
   *  Sterne, Agee & Leach
   *  Stifel Nicolaus & Company
   *  SunTrust Robinson-Humphrey
   *  Howe Barnes Hoefer & Arnett, Inc.
   *  Robert W. Baird & Company

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, April 26, 2007, beginning at 8:00 a.m. Central Time by dialing 1-888-428-4480. The confirmation code for the call is 868072. A replay of the call will be available until midnight Central Time on May 3, 2007 by dialing 1-800-475- 6701. The confirmation code for the replay is 868072.

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.

Actual results could differ materially because of factors such as our ability to execute our growth strategy, risks relating to the integration of acquired companies that have previously been operated separately, credit risk of our customers, sufficiency of our allowance for loan losses, changes in interest rates, reliance on the services of executive management, competition for loans, deposits and investment dollars; changes in government regulations and legislation, geographic concentration of our markets, rapid changes in the financial services industry, and hurricanes and other adverse weather events. Other factors that may cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K 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/ . All information in this release is as of April 25, 2007. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

                          IBERIABANK CORPORATION
                           FINANCIAL HIGHLIGHTS

                              For The Quarter Ended    For The Quarter Ended
                                    March 31,                December 31,
                            2007       2006    % Change     2006    % Change

  Income Data (in
   thousands):
    Net Interest Income    $27,610    $22,420      23%     $22,421      23%
    Net Interest Income
     (TE)[A]                28,719     23,279      23%      23,390      23%
    Net Income               9,155      8,046      14%       8,915       3%

  Per Share Data:
    Net Income -- Basic      $0.79      $0.87      (9%)      $0.93     (15%)
    Net Income -- Diluted     0.76       0.81      (7%)       0.87     (13%)

    Book Value               36.65      27.70      32%       31.07      18%
    Tangible Book
     Value[B]                17.25      17.35      (1%)      21.43     (20%)
    Cash Dividends            0.32       0.28      14%        0.32      ---

  Number of Shares
   Outstanding:
    Basic Shares
     (Average)          11,556,653  9,292,156      24%   9,618,665      20%
    Diluted Shares
     (Average)          12,084,051  9,884,303      22%  10,214,019      18%
    Book Value Shares
     (Period End)[C]    12,886,128  9,692,824      33%  10,286,431      25%

  Key Ratios:[D]
    Return on Average
     Assets                  0.91%      1.13%                1.12%
    Return on Average
     Equity                  8.88%     12.17%               11.86%
    Return on Average
     Tangible Equity[B]     16.40%     19.92%               18.15%
    Net Interest Margin
     (TE)[A]                 3.15%      3.53%                3.20%
    Efficiency Ratio         70.5%      59.7%                70.0%
    Tangible Efficiency
     Ratio (TE) [A][B]       66.2%      56.4%                66.0%
    Average Loans to
     Average Deposits        88.5%      84.6%                91.6%
    Nonperforming Assets
     to Total Assets[E]      0.42%      0.23%                0.16%
    Allowance for Loan
     Losses to Loans         1.28%      1.97%                1.34%
    Net Charge-offs to
     Average Loans           0.03%      0.02%                0.02%
    Average Equity to
     Average Total Assets   10.26%      9.28%                9.47%
    Tier 1 Leverage Ratio    7.80%      7.59%                9.01%
    Dividend Payout Ratio    45.0%      33.7%                36.9%

  [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.

  [C] Shares used for book value purposes exclude shares held in treasury at
      the end of the period.

  [D] All ratios are calculated on an annualized basis for the period
      indicated.

  [E] Nonperforming assets consist of nonaccruing loans, accruing loans 90
      days or more past due and repossessed assets.



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

  BALANCE SHEET (End of Period)               March 31,         December 31,
                                   2007        2006    % Change      2006
  ASSETS
  Cash and Due From Banks        $128,688     $50,981    152.4%     $51,078
  Interest-bearing Deposits in
   Banks                           19,315      19,012      1.6%      33,827
    Total Cash and Equivalents    148,003      69,993    111.5%      84,905
  Investment Securities
   Available for Sale             778,997     640,445     21.6%     558,832
  Investment Securities Held
   to Maturity                     61,751      28,479    116.8%      22,520
    Total Investment Securities   840,748     668,924     25.7%     581,352
  Mortgage Loans Held for Sale     84,125      13,057    544.3%      54,273
  Loans, Net of Unearned
   Income                       3,035,126   1,955,961     55.2%   2,234,002
  Allowance for Loan Losses       (38,711)    (38,438)     0.7%     (29,922)
    Loans, net                  2,996,415   1,917,523     56.3%   2,204,080
  Premises and Equipment          123,487      57,961    113.1%      71,007
  Goodwill and Other
   Intangibles                    253,526     100,286    152.8%      99,070
  Mortgage Servicing Rights            34          80    (58.1%)         42
  Other Assets                    135,488      98,529     37.5%     108,307
    Total Assets               $4,581,826  $2,926,353     56.6%  $3,203,036

  LIABILITIES AND SHAREHOLDERS'
   EQUITY
  Noninterest-bearing Deposits   $470,767    $330,264     42.5%    $354,961
  Interest-bearing Deposits     3,021,327   1,995,794     51.4%   2,067,621
    Total Deposits              3,492,094   2,326,058     50.1%   2,422,582
  Short-term Borrowings           127,839         745  17066.1%     100,000
  Securities Sold Under
   Agreements to Repurchase       122,258      68,274     79.1%     102,605
  Long-term Debt                  335,417     243,962     37.5%     236,997
  Other Liabilities                31,946      18,818     69.8%      21,301
    Total Liabilities           4,109,554   2,657,857     54.6%   2,883,485
  Total Shareholders' Equity      472,272     268,496     75.9%     319,551
    Total Liabilities and
     Shareholders' Equity      $4,581,826  $2,926,353     56.6%  $3,203,036



                                            For The Three Months Ended
  INCOME STATEMENT                                   March 31,
                                            2007        2006      % Change

  Interest Income                          $57,224     $37,488       52.6%
  Interest Expense                          29,614      15,068       96.5%
    Net Interest Income                     27,610      22,420       23.1%
  Provision for Loan Losses                    211         435      (51.4%)
    Net Interest Income After Provision
     for Loan Losses                        27,399      21,985       24.6%
  Service Charges                            4,021       3,001       34.0%
  ATM / Debit Card Fee Income                  961         800       20.1%
  BOLI Proceeds and Cash Surrender Value
   Income                                    1,496         509      194.1%
  Gain (Loss) on Sale of Loans, net          2,473         393      529.5%
  Title Revenue                              2,193         ---        ---
  Broker commissions                         1,277         942       35.5%
  Other Noninterest Income                   1,796         621      189.4%
    Total Noninterest Income                14,217       6,266      126.9%
  Salaries and Employee Benefits            17,053       9,571       78.2%
  Occupancy and Equipment                    3,935       2,340       68.2%
  Amortization of Acquisition Intangibles      536         290       84.5%
  Other Noninterest Expense                  7,964       4,913       62.1%
    Total Noninterest Expense               29,488      17,114       72.3%
    Income Before Income Taxes              12,128      11,137        8.9%
  Income Taxes                               2,973       3,091        3.8%
    Net Income                              $9,155      $8,046       13.8%

  Earnings Per Share, diluted                $0.76       $0.81        6.9%



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

                                             For The Quarter Ended
  BALANCE SHEET (Average)             March 31,  December 31,  September 30,
                                        2007        2006            2006
  ASSETS
  Cash and Due From Banks              $73,357      $49,304       $49,863
  Interest-bearing Deposits
   in Banks                             42,549       18,661        11,415
  Investment Securities                755,780      608,489       619,057
  Mortgage Loans Held for Sale          55,660       22,398        17,166
  Loans, Net of Unearned Income      2,749,325    2,204,048     2,089,350
  Allowance for Loan Losses            (34,965)     (33,899)      (35,642)
  Other Assets                         434,781      279,359       271,198
    Total Assets                    $4,076,487   $3,148,360    $3,022,407

  LIABILITIES AND SHAREHOLDERS'
   EQUITY
  Noninterest-bearing Deposits        $410,605     $342,374      $334,453
  Interest-bearing Deposits          2,695,470    2,064,653     2,018,469
    Total Deposits                   3,106,075    2,407,027     2,352,922
  Short-term Borrowings                113,537       77,978        43,101
  Securities Sold Under Agreements
   to Repurchase                       110,851       98,216        96,942
  Long-term Debt                       297,614      243,573       238,058
  Other Liabilities                     30,321       23,296        17,240
    Total Liabilities                3,658,398    2,850,090     2,748,263
  Total Shareholders' Equity           418,089      298,270       274,144
    Total Liabilities and
     Shareholders' Equity           $4,076,487   $3,148,360    $3,022,407


                                                  For The Quarter Ended
  BALANCE SHEET (Average)                       June 30,         March 31,
                                                  2006              2006
  ASSETS
  Cash and Due From Banks                        $53,353           $59,721
  Interest-bearing Deposits in Banks              44,704            53,684
  Investment Securities                          648,391           616,041
  Mortgage Loans Held for Sale                    11,691             9,566
  Loans, Net of Unearned Income                1,989,875         1,931,788
  Allowance for Loan Losses                      (38,581)          (38,214)
  Other Assets                                   263,180           254,909
    Total Assets                              $2,972,613        $2,887,495

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Noninterest-bearing Deposits                  $331,272          $336,616
  Interest-bearing Deposits                    2,029,683         1,947,889
    Total Deposits                             2,360,955         2,284,505
  Short-term Borrowings                            3,399               751
  Securities Sold Under Agreements to
   Repurchase                                     76,440            66,371
  Long-term Debt                                 243,462           247,235
  Other Liabilities                               19,117            20,543
    Total Liabilities                          2,703,373         2,619,405
  Total Shareholders' Equity                     269,240           268,090
    Total Liabilities and
     Shareholders' Equity                     $2,972,613        $2,887,495



                                 2007                   2006
                                 First   Fourth    Third   Second    First
  INCOME STATEMENT              Quarter  Quarter  Quarter  Quarter  Quarter

  Interest Income               $57,224  $44,266  $43,645  $39,893  $37,488
  Interest Expense               29,614   21,845   19,719   17,138   15,068
    Net Interest Income          27,610   22,421   23,926   22,755   22,420
  Provision for Loan Losses         211   (3,947)  (2,389)  (1,902)     435
    Net Interest Income After
     Provision for Loan Losses   27,399   26,368   26,315   24,657   21,985
  Total Noninterest Income       14,217    4,651    7,275    5,258    6,266
  Total Noninterest Expense      29,488   18,960   19,591   17,462   17,114
    Income Before Income Taxes   12,128   12,059   13,999   12,453   11,137
  Income Taxes                    2,973    3,144    4,120    3,598    3,091
    Net Income                   $9,155   $8,915   $9,879   $8,855   $8,046

  Earnings Per Share, basic       $0.79    $0.93    $1.06    $0.95    $0.87

  Earnings Per Share, diluted     $0.76    $0.87    $0.99    $0.89    $0.81

  Book Value Per Share           $36.65   $31.07   $28.90   $27.56   $27.70

  Return on Average Assets        0.91%    1.12%    1.30%    1.19%    1.13%
  Return on Average Equity        8.88%   11.86%   14.30%   13.19%   12.17%
  Return on Average Tangible
   Equity                        16.40%   18.15%   22.90%   21.44%   19.92%



                          IBERIABANK CORPORATION
               CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                          (dollars in thousands)

  LOANS RECEIVABLE                          March 31,           December 31,
                                   2007        2006     % Change     2006
  Residential Mortgage Loans:
    Residential 1-4 Family       $515,425    $433,260     19.0%    $431,585
    Construction                  $54,272      25,574    112.2%      45,285
      Total Residential Mortgage
       Loans                      569,697     458,834     24.2%     476,870
  Commercial Loans:
    Real Estate                 1,163,296     580,128    100.5%     750,051
    Business                      525,061     393,293     33.5%     461,048
      Total Commercial Loans    1,688,357     973,421     73.4%   1,211,099
  Consumer Loans:
    Indirect Automobile           228,099     227,742      0.2%     228,301
    Home Equity                   395,645     224,417     76.3%     233,885
    Automobile                     32,719      22,668     44.3%      24,179
    Credit Card Loans              47,411       7,705    515.4%       8,829
    Other                          73,198      41,174     77.8%      50,839
      Total Consumer Loans        777,072     523,706     48.4%     546,033
      Total Loans Receivable    3,035,126   1,955,961     55.2%   2,234,002
  Allowance for Loan Losses       (38,711)    (38,438)              (29,922)
    Loans Receivable, Net      $2,996,415  $1,917,523            $2,204,080




  ASSET QUALITY DATA                        March 31,           December 31,
                                      2007     2006  % Change       2006
  Nonaccrual Loans                  $15,556   $4,596   238.5%      $2,701
  Foreclosed Assets                      11       95   (88.4%)          8
  Other Real Estate Owned             3,340      128  2503.6%       2,000
  Accruing Loans More Than 90
   Days Past Due                        395    1,878   (79.0%)        310
  Total Nonperforming Assets[A]     $19,302   $6,697   188.2%      $5,019

  Nonperforming Assets to
   Total Assets[A]                    0.42%    0.23%    84.1%       0.16%
  Nonperforming Assets to Total
   Loans and OREO[A]                  0.64%    0.34%    85.5%       0.22%
  Allowance for Loan Losses to
   Nonperforming Loans[A]            242.7%   593.8%   (59.1%)     993.7%
  Allowance for Loan Losses to
   Nonperforming Assets[A]           200.6%   573.9%   (65.1%)     596.2%
  Allowance for Loan Losses
   to Total Loans                     1.28%    1.97%   (35.1%)      1.34%
  Year to Date Charge-offs            $721     $716      0.8%     $2,621
  Year to Date Recoveries            $(525)   $(637)   (17.5%)   $(2,264)
  Year to Date Net Charge-offs        $196      $79    149.0%       $357
  Quarter to Date Net Charge-offs     $196      $79    149.0%        $85

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



  DEPOSITS                                     March 31,        December 31,
                                     2007        2006    %Change     2006

  Noninterest-bearing Demand
   Accounts                        $470,767    $330,264   42.5%    $354,961
  NOW Accounts                      853,814     637,408   34.0%     628,541
  Savings and Money Market
   Accounts                         769,539     573,490   34.2%     588,202
  Certificates of Deposit         1,397,974     784,896   78.1%     850,878
    Total Deposits               $3,492,094  $2,326,058   50.1%  $2,422,582



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

                                       For The Quarter Ended
                              March 31, 2007          December 31, 2006
                           Average     Average       Average     Average
                           Balance   Yield/Rate(%)   Balance   Yield/Rate(%)

  ASSETS
  Earning Assets:
    Loans Receivable:
      Mortgage Loans      $538,731        5.84%      $510,751      5.69%
      Commercial
       Loans(TE)[A]      1,515,524        6.45%     1,151,288      6.64%
      Consumer and
       Other Loans         695,070        8.41%       542,009      7.34%
        Total Loans      2,749,325        6.82%     2,204,048      6.59%
    Mortgage Loans
     Held for Sale          55,660        6.07%        22,398      6.46%
    Investment
     Securities(TE)[A][B]  759,401        5.12%       618,482      4.89%
    Other Earning Assets    73,192        5.91%        42,285      4.99%
        Total Earning
         Assets          3,637,578        6.44%     2,887,213      6.20%
   Allowance for Loan
    Losses                 (34,965)                   (33,899)
   Nonearning Assets       473,874                    295,046
        Total Assets    $4,076,487                 $3,148,360

  LIABILITIES AND
   SHAREHOLDERS' EQUITY
  Interest-bearing
   Liabilities:
    Deposits:
      NOW Accounts        $786,518        2.70%      $616,664      2.65%
      Savings and Money
       Market Accounts    $701,912        2.73%       611,171      2.52%
      Certificates of
       Deposit          $1,207,040        4.53%       836,818      4.22%
        Total Interest-
         bearing
         Deposits        2,695,470        3.53%     2,064,653      3.25%
    Short-term
     Borrowings            224,388        4.12%       176,194      4.03%
    Long-term Debt         297,614        5.20%       243,573      5.04%
        Total Interest-
         bearing
         Liabilities     3,217,472        3.72%     2,484,420      3.48%
  Noninterest-bearing
   Demand Deposits         410,605                    342,374
  Noninterest-bearing
   Liabilities              30,321                     23,296
        Total
         Liabilities     3,658,398                  2,850,090
  Shareholders' Equity     418,089                    298,270
        Total Liabilities
         and Shareholders'
         Equity         $4,076,487                 $3,148,360


  Net Interest Spread      $27,610        2.72%       $22,421      2.72%
  Tax-equivalent Benefit     1,109        0.12%           969      0.13%
  Net Interest Income
   (TE) / Net Interest
   Margin (TE)[A]          $28,719        3.15%       $23,390      3.20%


                                                   For The Quarter Ended
                                                     March 31, 2006
                                                   Average      Average
                                                   Balance    Yield/Rate(%)
  ASSETS
  Earning Assets:
    Loans Receivable:
      Mortgage Loans                              $461,280        5.43%
      Commercial Loans (TE)[A]                     941,036        6.30%
      Consumer and Other Loans                     529,472        7.03%
        Total Loans                              1,931,788        6.29%
  Mortgage Loans Held for Sale                       9,566        6.39%
  Investment Securities (TE)[A][B]                 620,103        4.59%
  Other Earning Assets                              74,420        4.48%
        Total Earning Assets                     2,635,877        5.84%
  Allowance for Loan Losses                        (38,214)
  Nonearning Assets                                289,832
        Total Assets                            $2,887,495

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Interest-bearing Liabilities:
    Deposits:
      NOW Accounts                                $611,586        2.15%
      Savings and Money Market Accounts            561,394        1.64%
      Certificates of Deposit                      774,909        3.43%
        Total Interest-bearing Deposits          1,947,889        2.51%
    Short-term Borrowings                           67,122        1.86%
    Long-term Debt                                 247,235        4.34%
        Total Interest-bearing Liabilities       2,262,246        2.69%
  Noninterest-bearing Demand Deposits              336,616
  Noninterest-bearing Liabilities                   20,543
        Total Liabilities                        2,619,405
  Shareholders' Equity                             268,090
        Total Liabilities and Shareholders'
         Equity                                 $2,887,495


  Net Interest Spread                              $22,420        3.15%
  Tax-equivalent Benefit                               859        0.13%
  Net Interest Income (TE) / Net Interest
   Margin (TE) [A]                                 $23,279        3.53%

  [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
                                          3/31/2007  12/31/2006   3/31/2006

  Net Interest Income                      $27,610     $22,421     $22,420
  Effect of Tax Benefit on Interest
   Income                                    1,109         969         859
    Net Interest Income (TE)[A]             28,719      23,390      23,279
  Noninterest Income                        14,217       4,651       6,266
  Effect of Tax Benefit on Noninterest
   Income                                      805         289         274
    Noninterest Income (TE)[A]              15,022       4,940       6,540
      Total Revenues (TE)[A]               $43,741     $28,330     $29,819

  Total Noninterest Expense                $29,488     $18,960     $17,114
  Less Intangible Amortization Expense        (536)       (269)       (290)
    Tangible Operating Expense[B]          $28,952     $18,691     $16,824

  Return on Average Equity                   8.88%      11.86%      12.17%
    Effect of Intangibles[B]                 7.52%       6.29%       7.75%
  Return on Average Tangible Equity[B]      16.40%      18.15%      19.92%

  Efficiency Ratio                           70.5%       70.0%       59.7%
  Effect of Tax Benefit Related to Tax
   Exempt Income                             (3.1%)      (3.1%)      (2.3%)
    Efficiency Ratio (TE)[A]                 67.4%       66.9%       57.4%
  Effect of Amortization of Intangibles      (1.2%)      (0.9%)      (1.0%)
    Tangible Efficiency Ratio (TE)[A][B]     66.2%       66.0%       56.4%

  [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.

First Call Analyst:
FCMN Contact: mvallot@iberiabank.com

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