IberiaBank Corp. income falls 10.5% in 2nd quarter.(Public Company Reports)

IberiaBank Corp. of Lafayette, La., said second-quarter net income fell 10.5 percent to $8.5 million or 52 cents a share, compared with $9.5 million or 72 cents a share for the same period of 2008.

"Challenges in the financial services industry continue unabated," said Daryl G. Byrd, president and CEO.

During the quarter, IberiaBank changed the name of Little Rock's Pulaski Bank & Trust Co. to IberiaBank FSB to expand brand awareness and marketing efficiencies. The change carried a one-time cost of $800,000 or 3 cents a share.

The IberiaBank FSB builder construction portfolio continued to compress in the second quarter, as homes were sold, loans were paid down and foreclosed loans were moved into Other Real Estate Owned. The total volume of this portfolio declined from $22 million at March 31, 2009 to $18 million at June 30, or down 19 percent.

At June 30, the average loan size in the CRE portfolio was approximately $580,000, and loans past due 30 days or more (including nonaccruing loans) equated to 1.74 percent of the CRE loans outstanding (1.39 percent at March 31, 2009).

Approximately 59 percent of the CRE portfolio was based in southern Louisiana, 17 percent in northern Louisiana, and 24 percent in IberiaBank FSB's markets.

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