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Q3 2008 Earnings Call Transcript

October 22, 2008 9:00 am ET


John Davis – Senior EVP, Director of Financial Strategy, Mortgage, & Title Insurance Companies

Daryl Byrd – President and CEO

Anthony Restel – Senior EVP, CFO and Chief Credit Officer

Michael Brown – Senior EVP and Regional Market President


Jennifer Demba – SunTrust

Bryce Rowe – Robert W. Baird

Dave Bishop – Stifel Nicolaus

Chris Marinac – FIG Partners

Matt Olney – Stephens Incorporated

Ross Haberman – Haberman Fund



Ladies and gentlemen, thank you for standing by, and welcome to the IBERIABANK Corporation third quarter earnings conference call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Instructions will be given at that time. (Operator instructions) I would now like to turn the conference over to our host, Mr. John Davis, Senior Executive Vice President. Please go ahead, sir.

John Davis

Good morning. Thanks for joining us today for this conference call. My name is John Davis, and joining me today is Daryl Byrd, our President and CEO; Michael Brown, President of our Markets; and Anthony Restel, our Chief Financial Officer and Chief Credit Officer.

I hope everyone has had an opportunity to obtain a copy of the company’s press release we issued yesterday evening. Given the significant level of financial data and trends, we have prepared a PowerPoint presentation that we may occasionally refer to during this morning’s discussion.

If you have not already obtained a copy of our press release, you may access this document from our website at www.iberiabank.com under Investor Relations and then Press Releases. The link to the PowerPoint presentation is also available on our website in the IR section under Investor Presentations. A replay of this call will be available until midnight on October 29 by dialing 1-800-475-6701 with the same confirmation code as this current call namely 959989.

Our discussion deals with both historical and forward-looking information, and as a result, I will recite our Safe Harbor disclaimer. To the extent that statements in this report relate to the plans, objectives, or future performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and the current economic environment. IBERIABANK Corporation’s actually strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties.

A discussion of factors affecting IBERIABANK Corporation’s business and prospects is contained in the company’s periodic filings with the SEC. And this morning in fairness to everyone listening to the call, we ask that you push the mute button on your telephone to limit any background noise that may occur during the conference call.

I will now turn it over to Daryl for some introductory comments. Daryl?

Daryl Byrd

John, thanks. And good morning everyone. Today I’m pleased to report very solid quarter for IBERIABANK Corporation. We reported GAAP earnings of $0.68, but when you consider the one-time charges of ANB acquisition of $0.09, our Prairieville office closure of $0.02, and hurricane related cost of $0.01, we consider adjusted EPS was around $0.80.

We also experienced a significant improvement in net interest margin for the third quarter. This move was consistent with communications and repricing schedule we provided in the last call. Most importantly, we view our credit quality as generally stable to improving.

Depending upon the metrics that you choose to focus, our historical earnings frame was not built on any of the types of lending that avail so many in our industry. Anthony will cover many of our credit metrics in a few minutes, but I’d like to note to you that the Arkansas builder portfolio topped 23% this quarter and is now down to $35 million. I’d also like to point out that we’ve completed our regulatory credit quality exams at both IBERIABANK and Pulaski Bank.

This quarter we completed our integration of the eight branches and deposits from the failed ANB. We completed all systems conversions and believe nearly all the one time expenses associated with this transaction had been incurred. We are delighted with the team we have in place in Northwest Arkansas and believe we can significantly leverage our infrastructure there and improve our relative market position over time.

Speaking of market position, we believe the teams that we now have in place in each of our markets are the strongest of any point in the development of the franchise, as evidenced by our solid loan growth we are taking class in each market. Frankly, coming off of the spring deposit campaign in the ANB acquisition, we’ve incurred some deposit run-off this quarter in certain markets. We’ve experienced the positive effects of flight to quality from a deposit perspective and we expect this dynamic to continue given the current economic circumstances.

We continue to believe that this franchise is extraordinarily well positioned given the issues concerning the industry. We intend to be strategic, but patient. As always, I appreciate the hard work of our associates. At this point, I’ll turn the conversation over to John. John?

John Davis

Thanks, Daryl. I will start with a brief summary of our financial results for the third quarter of 2008. And for those of you who may have an interest, my discussion will occasionally refer to the supplemental PowerPoint presentation beginning on slide 27. Let’s start this morning with the balance sheet changes.

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