8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2003

IBERIABANK CORPORATION

(Exact name of Registrant as Specified in Charter)

Louisiana	0-25756	72-1280718
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

200 West Congress Street, Lafayette, Louisiana 70501

(Address of Principal Executive Offices)

(337) 521-4003

Registrant’s telephone number, including area code

NOT APPLICABLE

(Former name or former address, if changed since last report)

Item 5. Other Events and Regulation FD Disclosure

On October 22, 2003, the Registrant announced the election of O. Miles Pollard to its Board of Directors. Mr. Pollard has also been elected to the Board of Directors of IBERIABANK, the Registrant’s wholly owned commercial bank subsidiary. A copy of the related press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.

Item 12. Results of Operations and Financial Condition

On October 21, 2003, the Registrant announced its results of operations for the quarter and nine months ended September 30, 2003. A copy of the related press release is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.

The information furnished herein, including Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	IBERIABANK CORPORATION
DATE: October 22, 2003	By:	/s/    DARYL G. BYRD
		Daryl G. Byrd President and Chief Executive Officer

EXHIBIT INDEX

Exhibit Number
99.1	Press Release, dated October 22, 2003, issued by the Registrant.
99.2	Press Release, dated October 21, 2003, issued by the Registrant.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 22, 2003

Contact:

Daryl G. Byrd, President and CEO (337) 521-4003

Beth Ardoin, Director of Communications (337) 521-4701

IBERIABANK CORPORATION Announces New Director

Lafayette, LA—IBERIABANK Corporation, (NASDAQ: IBKC) the holding company of the 116-year-old IBERIABANK (http://www.iberiabank.com) is pleased to announce that O. Miles Pollard has joined its Board of Directors.

Pollard, a native of Baton Rouge, is the owner of Pollard Estates Development Corporation, specializing in real estate development and financial investments. He is known for his development of Slidell Country Club Estates more than forty years ago and continues to be recognized and revered for real estate development across Louisiana. Pollard was formerly co-owner of Troy & Nichols mortgage company headquartered in Monroe, Louisiana, which was one of the largest privately owned mortgage companies in the United States. He was also co-owner of SAS, an oil and gas exploration company.

Pollard has served on boards and executive committees of First Commerce Corporation in New Orleans and its subsidiary, City National Bank in Baton Rouge. His expertise and guidance have been in high demand as a Director of Episcopal High School in Baton Rouge, Coca-Cola Bottling Company West, United Companies Financial Corporation, Avon Old Farms School in Connecticut and the Burden Foundation, of which he is currently Chairman of the Investment Committee. Today, he is also serving chairman of the Longue Vue House and Gardens in New Orleans.

His activities also include membership to the Baton Rouge Country Club; City Club of Baton Rouge; Highlands Country Club of Highlands, North Carolina; Piedmont Driving Club of Atlanta and Boodle’s Mens’ Club in London.

“Miles Pollard is an exceptional addition to our Board,” says Daryl Byrd, President and CEO of IBERIABANK. “We are fortunate to have a man with his experience, insight and integrity associated with our organization. His involvement in our organization in this leadership role certainly helps us take advantage of opportunities across several Louisiana markets. His appreciation of North Louisiana developed through his business endeavors with Troy Nichols, as well as his unique knowledge of Baton Rouge, are also of great value to our organization.”

At June 30, 2003, IBERIABANK Corporation had assets of $2.0 billion, deposits of $1.5 billion and stockholders’ equity of $187 million, which equals 9.30% of assets. IBERIABANK operates full service offices in south central Louisiana, north Louisiana and the greater New Orleans area.

EX-99.2

Exhibit 99.2

FOR IMMEDIATE RELEASE

October 21, 2003

Contact:

Daryl G. Byrd, President and CEO (337) 521-4003

John R. Davis, Senior Executive Vice President (337) 521-4005

IBERIABANK Corporation Reports Third Quarter 2003 EPS Up 13%

LAFAYETTE, LOUISIANA—IBERIABANK Corporation (NASDAQ: IBKC), the holding company of the 116-year-old IBERIABANK (http://www.iberiabank.com), announced record quarterly earnings. For the quarter ended September 30, 2003, the Company earned $6.1 million, a 29% increase over the same period in 2002, and up 2% compared to the second quarter of 2003. On a per share basis, the Company earned $0.86 per diluted share for the quarter, up 13% from the same period in 2002. The Company’s results of $0.86 per diluted share met average analyst expectations for the quarter. For 15 consecutive quarters, the Company has achieved record results that met or exceeded average analyst estimates.

For the nine months ended September 30, 2003, net income totaled $17.3 million, up 26% compared to the same period last year. On a per share basis, the Company earned $2.54 per diluted share in the first nine months of 2003, up 14% from $2.23 per diluted share during the same nine-month period in 2002. Comparisons made in this release to periods prior to second quarter 2003 are influenced by the acquisition of Acadiana Bancshares, Inc. completed on February 28, 2003.

Highlights For The Quarter Ended September 30, 2003

• Total tax-equivalent revenues were $24.1 million, an increase of 1% compared to the second quarter of 2003 and 19% compared to the third quarter of 2002.

• Tax-equivalent net interest margin in the third quarter of 2003 was 3.68%, down from 3.90% in the second quarter of 2003. Approximately half of the reduction in the margin was attributable to a temporary spike in bond premium amortization. Given current prepayment speeds, management anticipates premium amortization in the fourth quarter to revert back to the level experienced in the second quarter of 2003.

• For the third quarter of 2003, return on average assets (“ROA”) was 1.18%, return on average equity (“ROE”) was 12.85% and return on tangible equity was 20.01% for the third quarter of 2003.

• Annualized net charge-offs as a percentage of average loans was 0.26% in the third quarter of 2003. Nonperforming assets (“NPAs”) decreased $0.6 million, or 7%, during the quarter compared to June 30, 2003. As a percentage of total assets, NPAs were 0.33% at September 30, 2003 compared to 0.37% at June 30, 2003 and 0.54% one year ago. The allowance for loan losses was 1.25% of total loans at September 30, 2003 compared to 1.26% at June 30, 2003.

• Equity-to-assets ratio was 9.06% at September 30, 2003, up 17 basis points since year-end 2002. Tier 1 leverage ratio was 7.35% at September 30, 2003, down 27 basis points since year-end 2002.

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• On September 16, 2003, the Company raised the quarterly cash dividend to $0.24 per share, an increase of 20% compared to the same quarter last year. The dividend payout ratio was 26.2% in the third quarter of 2003, up slightly from 24.3% in the second quarter of 2003.

• The Company acquired a total of 42,900 shares of the Company’s common stock during the third quarter of 2003, at a weighted average cost of $48.55 per share. These purchases completed the Company’s Supplemental Share Repurchase Program. Under the Supplemental Program, 130,000 shares were acquired at a weighted average cost of $43.87 per share. On September 17, 2003, the Company announced a new repurchase program of up to 300,000 shares. To date, no shares have been purchased under this new program.

• Total deposits climbed $62 million, or 4%, between June 30, 2003 and September 30, 2003. Strong deposit growth was exhibited in the third quarter of 2003 in transaction accounts.

• Total loans grew $64 million, or 5%, between June 30, 2003 and September 30, 2003. The Company experienced strong growth in commercial, residential mortgage and home equity loans.

• Mortgage loan origination volumes reached a record level of $128 million in the third quarter of 2003, up from the prior record of $124 million in the second quarter of 2003. The mortgage loan pipeline of loans in process was $44 million at September 30, 2003, down from $92 million at June 30, 2003.

• The Company announced on October 8, 2003 expansion plans for north Louisiana including new strategic hires and the anticipated opening of a full service office in Shreveport by early 2004.

• A multi media marketing campaign launched a new Company slogan: “Life Doesn’t Wait.” The message is designed to provide a call to action to our clients as well as reflect the expectation of continuous improvement within the organization.

Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, “The recent interest rate environment and competitive banking landscape in Louisiana presented a very interesting period for us. Generational lows in residential mortgage rates resulted in tremendous benefits to borrowers, but to the detriment of savers. We experienced record mortgage income, excellent deposit and loan growth, and exceptional asset quality.” Byrd noted, “We continue to gain market momentum and we are uniquely positioned to continue to develop our expansion opportunities in our targeted markets throughout Louisiana. We are particularly pleased with the caliber of the strategic hires that have recently joined us in our common focus on client-based, relationship banking.”

Loans And Deposits

Total loans grew $64 million between June 30, 2003 and September 30, 2003, or an increase of 5% (19% annualized rate). On the same basis, during the third quarter residential mortgage and construction loans increased $37 million, or nearly 11% (43% annualized rate), commercial loans increased $25 million, or 5% (19% annualized rate), and home equity loans and lines grew $6 million, or 4% (15% annualized rate).

The average yield on loans declined 34 basis points between the second and third quarters of 2003 as average loan volume climbed $56 million, or 4%. During this period, mortgage, consumer and commercial loan yields declined by 41, 33, and 28 basis points, respectively.

Between June 30, 2003 and September 30, 2003, total deposits grew $62 million, or over 4% (16% annualized rate). Deposit growth was concentrated in commercial and institutional segments. The Company experienced some diminution in retail certificates of deposits primarily offset by growth in NOW accounts in the commercial segment and adjustable rate public fund products. The Company’s cost of

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interest bearing deposits declined 18 basis points in the third quarter of 2003 compared to the second quarter of 2003. Average interest bearing deposits climbed nearly $45 million, or over 3% in the third quarter compared to the second quarter of 2003 (14% annualized rate). Similarly, average noninterest bearing deposit volume grew $9 million, or 5% during this period (21% annualized rate).

Investment Portfolio, Funding And Capital

The investment portfolio totaled $469 million at September 30, 2003, up $8 million, or 2%, since June 30, 2003. As a percentage of assets, the investment portfolio declined from approximately 23% at year-end 2002 and June 30, 2003 to 22.5% at September 30, 2003. Prepayment speeds continued to accelerate during the third quarter of 2003, causing additional bond premium amortization to be recognized during the quarter in excess of the level recorded during the second quarter of 2003. The primary reason for the accelerated bond premium amortization was a spike in mortgage refinancing. Bond premium amortization increased $360,000 between the first and second quarters of 2003, which lowered the portfolio yield by 32 basis points (8 basis point impact on the margin). Between the second and third quarters of 2003, the premium amortization increased another $575,000, resulting in further investment yield compression of 52 basis points due solely to this factor (12 basis point impact on the margin). The yield on the investment portfolio declined by 58 basis points between the second and third quarters of 2003, so nearly the entire bond portfolio yield decline was a result of the accelerated premium amortization. To partially offset the negative affect of this factor, the Company sold approximately $4 million in high-quality corporate bonds, whose value had appreciated as a direct result of the decline in interest rates, at a gain of $189,000.

The rapid decrease in long-term interest rates reached a low point around the middle of June 2003. Subsequently, long-term interest rates jumped dramatically, reaching a peak in early September 2003. As a result of these changes, beginning late in the third quarter, mortgage refinancing activity slowed dramatically and associated bond premium amortization decelerated rapidly as well. Based on management’s current modeling projections, the Company anticipates the $575,000 accelerated premium amortization increase in the third quarter will reverse course with a projected decrease in premium amortization of a similar amount in the fourth quarter and further decelerate into the first quarter of 2004. Mortgage origination volumes and income may be tempered in future periods as a result of these factors as well. Management’s projections are based on a number of assumptions over which the Company has little or no control. Therefore, actual results may differ materially from these projections based on changing market conditions and other uncertainties.

At September 30, 2003, the Company’s investment portfolio had a tax equivalent yield of 4.41%, a modified duration of 3.7 years, and an unrealized gain of $1.5 million. The comparable figures at June 30, 2003 were a tax-equivalent yield of 3.74%, a modified duration of 2.9 years and an unrealized gain of $6.9 million.

Capital ratios remain very strong despite completion of the supplemental share repurchase program. Shareholders’ equity increased nearly $2 million between June 30, 2003 and September 30, 2003. At September 30, 2003, shareholders’ equity was 9.06% of total assets, compared to 9.30% at June 30, 2003 and 8.89% at year-end 2002. At similar periods, the tier 1 leverage ratio was 7.35%, 7.38% and 7.62%, respectively.

Asset Quality

The ratio of net charge-offs to average loans was 0.26%, compared to 0.25% in the second quarter of 2003, and 0.30% in the same quarter one year ago. The Company’s provision for loan losses was $1.6 million in the third quarter of 2003, equal to the levels recorded in each of the prior two quarters. The provision covered net charge-offs 1.8 times in the third quarter of 2003, compared to 1.9 times in the second quarter of 2003, and 1.5 times in the first quarter. The allowance for loan losses was 1.25% at

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September 30, 2003, compared to 1.26% at June 30, 2003 and 1.25% at year-end 2002. The Company believes that it uses a conservative definition of NPAs. The Company defines NPAs as non-accruing loans, accruing loans more than 90 days past due, foreclosed assets, and Other Real Estate Owned. Non-performing assets amounted to $6.9 million at September 30, 2003, down $0.6 million compared to June 30, 2003. Nonperforming assets equated to 0.33% of total assets at September 30, 2003 compared to 0.37% at June 30, 2003 and 0.42% at year-end 2002. At the same periods, the Company’s reserve coverage of nonperforming loans was 353%, 313% and 302%, respectively.

The Company recently negotiated the sale of a large motel credit, subject to satisfaction of certain conditions. The sale is currently anticipated to be completed in the fourth quarter of 2003 with no material impact to the Company’s financial statements.

Operating Results

The Company’s tax-equivalent net interest margin declined 22 basis points in the third quarter of 2003 to 3.68%, compared to 3.90% in the second quarter of 2003. The primary cause for the margin decline was accelerated bond premium amortization (12 basis points). Tax-equivalent net interest income decreased $329,000, due to the $575,000 increase in premium amortization. Exclusive of this factor, tax-equivalent net interest income climbed $246,000, or 1%, in the third quarter of 2003 compared to the second quarter of 2003.

Noninterest income in the third quarter of 2003 climbed $0.5 million, or 9%, compared to the second quarter of 2003, and up 38% versus the same quarter last year. Mortgage loan gains totaled $1.5 million for the third quarter, up $367,000, or 32%, compared to the second quarter of 2003. The Company recorded a gain of $189,000 on the sale of corporate securities during the third quarter, approximately equal to the gain on the sale of investments and property reported in the first and second quarters of 2003.

Total noninterest expense increased 0.4% versus the second quarter of 2003, and 14.4% versus the same quarter last year. The Company continues to make infrastructure improvements while maintaining consistent expense discipline. The Company’s tax-equivalent tangible efficiency ratio (a measure of a bank’s operating efficiency) declined from 54.0% in the first quarter of 2003 to 52.8% in the second quarter of 2003, and 52.6% in the third quarter of 2003. The Company remains comfortable with the targeted ratio of 50%.

Return on average assets was 1.18% for the third quarter of 2003, down three basis points compared to the second quarter of 2003. Return on average equity for the third quarter of 2003 was 12.85%, down three basis points compared to the second quarter of 2003. Management believes traditional ROE measures penalize companies, such as IBERIABANK Corporation, that completed acquisitions using only purchase accounting treatment and not pooling of interests treatment. As a result, an alternative measure that the Company considers to “level the playing field” between purchase and pooling of interests accounting treatments is return on tangible equity. Return on tangible equity, defined as net income divided by average equity less average intangibles, was 20.01% in the third quarter of 2003, compared to 20.22% in the second quarter of 2003 and 17.41% one year ago.

The Company announced it remains comfortable with the previously stated EPS comfort range for 2003 of $3.37 to $3.42 per fully diluted share. In addition, management confirmed prior stated guidance of double-digit growth in fully diluted EPS for 2004.

Based on a closing stock price on October 21, 2003 of $52.49 per share, the Company’s common stock traded at a price-to-earnings ratio of 15.3 times current average analyst estimates of $3.42 per fully diluted EPS for 2003 and 13.8 times average analyst estimates of $3.80 per fully diluted EPS for 2004. In addition, the Company’s stock traded at 1.85 times September 30, 2003 book value per share of $28.35. On September 16, 2003, the Company declared a 9% increase in the quarterly cash dividend to $0.24 per

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share, payable to shareholders of record as of September 30, 2003. This dividend level represents a 20% increase over the same period last year and equates to an annualized dividend rate of $0.96 per share and an indicated dividend yield of 1.83%.

In association with this earnings release, the Company will host a live conference call to discuss the financial results for the quarter just completed. The telephone conference call will be held on Wednesday, October 22, 2003, beginning at 8:30 a.m. Central Daylight Time by dialing 888-273-9887. The confirmation code for the call is 699116. A replay of the call will be available until midnight Central Standard Time on October 29, 2003 by dialing 800-475-6701. The confirmation code for the replay is 699116.

IBERIABANK Corporation is one of the oldest financial institutions with continuous operations in the State of Louisiana and the third largest Louisiana-based bank holding company. The Company operates full service offices located in south central Louisiana, north Louisiana, and the greater New Orleans area. Information regarding the Company can be obtained by visiting the Company’s website at www.iberiabank.com. The Company’s common stock trades on NASDAQ under the symbol “IBKC” and Company’s market capitalization is approximately $350 million.

This press release contains financial information determined by methods other than in accordance with GAAP. The Company’s management uses these non-GAAP measures in their analysis of the Company’s performance. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.

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 actual 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 Securities and Exchange Commission.

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IBERIABANK CORPORATION

FINANCIAL HIGHLIGHTS

	For The Quarter Ended September 30,								For The Quarter Ended June 30,
	2003			2002			% Change		2003			% Change
Income Data (in thousands):
Net Interest Income	$	16,699		$	15,010		11	%	$	17,065		-2	%
Net Interest Income (TE) (1)		17,383			15,389		13	%		17,712		-2	%
Net Income		6,077			4,708		29	%		5,979		2	%
Per Share Data:
Net Income—Basic	$	0.93		$	0.83		13	%	$	0.92		1	%
Net Income—Diluted		0.86			0.76		13	%		0.85		1	%
Book Value		28.35			24.71		15	%		28.18		1	%
Tangible Book Value (2)		18.71			18.59		1	%		18.49		1	%
Cash Dividends		0.24			0.20		20	%		0.22		9	%
Key Ratios: (3)
Return on Average Assets		1.18	%		1.29	%				1.21	%
Return on Average Equity		12.85	%		12.99	%				12.88	%
Return on Average Tangible Equity (2)		20.01	%		17.41	%				20.22	%
Net Interest Margin (TE) (1)		3.68	%		4.61	%				3.90	%
Efficiency Ratio		55.7	%		57.2	%				55.8	%
Tangible Efficiency Ratio (TE) (1) (2)		52.6	%		55.3	%				52.8	%
Average Loans to Average Deposits		87.0	%		82.1	%				86.5	%
Nonperforming Assets to Total Assets (4)		0.33	%		0.54	%				0.37	%
Allowance for Loan Losses to Loans		1.25	%		1.25	%				1.26	%
Net Charge-Offs to Average Loans		0.26	%		0.30	%				0.25	%
Average Equity to Average Total Assets		9.15	%		9.95	%				9.38	%
Tier 1 Leverage Ratio		7.35	%		7.53	%				7.38	%
Dividend Payout Ratio		26.2	%		24.5	%				24.3	%
Number of Shares Outstanding:
Basic Shares (Average)		6,519,859			5,706,140					6,485,180
Diluted Shares (Average)		7,079,438			6,202,722					7,015,872
Book Value Shares (Period End) (5)		6,658,862			5,787,261					6,634,511

(1) 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%.

(2) Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

(3) All ratios are calculated on an annualized basis for the period indicated.

(4) Nonperforming assets consist of nonaccruing loans, accruing loans 90 days or more past due and repossessed assets.

(5) 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, 2003			December 31, 2002
	2003			2002			% Change
ASSETS
Cash and Due From Banks	$	50,749		$	40,256		26.1	%	$	40,441		$	36,555
Interest-Bearing Deposits in Banks		16,944			5,903		187.0	%		15,449			27,220
Total Cash and Equivalents		67,693			46,159		46.7	%		55,890			63,775
Investment Securities Available for Sale		408,526			244,213		67.3	%		392,953			309,636
Investment Securities Held to Maturity		60,378			72,875		(17.1	)%		67,615			58,486
Total Investment Securities		468,904			317,088		47.9	%		460,568			368,122
Mortgage Loans Held for Sale		4,129			7,827		(47.2	)%		18,540			8,683
Loans, Net of Unearned Income		1,397,946			1,003,103		39.4	%		1,333,705			1,044,492
Allowance for Loan Losses		(17,482	)		(12,518	)	39.7	%		(16,772	)		(13,101	)
Loans, net		1,380,464			990,585		39.4	%		1,316,933			1,031,391
Premises and Equipment		28,947			18,596		55.7	%		28,929			18,161
Goodwill and Acquisition Intangibles		64,163			35,420		81.1	%		64,276			35,401
Mortgage Servicing Rights		373			129		189.1	%		398			122
Other Assets		68,224			44,243		54.2	%		63,763			44,933
Total Assets	$	2,082,897		$	1,460,047		42.7	%	$	2,009,297		$	1,570,588
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-Bearing Deposits	$	191,257		$	151,078		26.6	%	$	190,212		$	159,005
Interest-Bearing Deposits		1,397,223			1,061,431		31.6	%		1,336,032			1,083,227
Total Deposits		1,588,480			1,212,509		31.0	%		1,526,244			1,242,232
Short-Term Borrowings		98,000			34,000		188.2	%		87,000			75,000
Securities Sold Under Agreements to Repurchase		21,273			13,296		60.0	%		22,593			21,803
Long-Term Debt		165,616			37,919		336.8	%		166,041			75,458
Other Liabilities		20,764			19,292		7.6	%		20,471			16,497
Total Liabilities		1,894,133			1,317,016		43.8	%		1,822,349			1,430,990
Total Shareholders’ Equity		188,764			143,031		32.0	%		186,948			139,598
Total Liabilities and Shareholders’ Equity	$	2,082,897		$	1,460,047		42.7	%	$	2,009,297		$	1,570,588

INCOME STATEMENT	For The Three Months Ended September 30,							For The Nine Months Ended September 30,
	2003		2002			% Change		2003		2002		% Change
Interest Income	$	24,082	$	21,720		10.9	%	$	71,401	$	65,910	8.3	%
Interest Expense		7,383		6,710		10.0	%		21,724		21,511	1.0	%
Net Interest Income		16,699		15,010		11.3	%		49,677		44,399	11.9	%
Provision for Loan Losses		1,599		1,500		6.6	%		4,748		4,498	5.6	%
Net Interest Income After Provision for Loan Losses		15,100		13,510		11.8	%		44,929		39,901	12.6	%
Service Charges		3,073		2,746		11.9	%		8,625		7,334	17.6	%
ATM Fees		448		402		11.4	%		1,380		1,189	16.1	%
Gain on Sale of Loans		1,499		610		145.7	%		3,333		1,406	137.1	%
Other Gains (Losses)		207		(38	)	(644.7	)%		472		368	28.3	%
Other Noninterest Income		1,287		1,013		27.0	%		3,572		2,965	20.5	%
Total Noninterest Income		6,514		4,733		37.6	%		17,382		13,262	31.1	%
Salaries and Employee Benefits		6,799		5,584		21.8	%		19,568		17,238	13.5	%
Occupancy and Equipment		1,653		1,364		21.2	%		4,711		4,088	15.2	%
Goodwill and Acquisition Intangible Amortization		232		67		246.3	%		564		224	151.8	%
Other Noninterest Expense		4,239		4,284		(1.1	)%		12,669		11,265	12.5	%
Total Noninterest Expense		12,923		11,299		14.4	%		37,512		32,815	14.3	%
Income Before Income Taxes		8,691		6,944		25.2	%		24,799		20,348	21.9	%
Income Taxes		2,614		2,236		16.9	%		7,525		6,612	13.8	%
Net Income	$	6,077	$	4,708		29.1	%	$	17,274	$	13,736	25.8	%
Earnings Per Share, diluted	$	0.86	$	0.76		13.1	%	$	2.54	$	2.23	13.9	%

IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands except per share data)

	For The Quarter Ended
BALANCE SHEET (Average)	September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002			September 30, 2002
ASSETS
Cash and Due From Banks	$	43,453		$	37,631		$	35,736		$	32,610		$	32,663
Interest-Bearing Deposits in Banks		18,545			29,228			25,886			14,512			9,655
Investment Securities		453,977			446,945			399,887			365,068			321,747
Mortgage Loans Held for Sale		23,034			18,796			8,274			9,059			4,643
Loans, Net of Unearned Income		1,369,468			1,313,405			1,140,216			1,017,834			989,364
Allowance for Loan Losses		(17,097	)		(16,629	)		(14,267	)		(12,695	)		(12,000	)
Other Assets		158,708			155,382			117,790			97,432			98,393
Total Assets	$	2,050,088		$	1,984,758		$	1,713,522		$	1,523,820		$	1,444,465
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-Bearing Deposits	$	193,449		$	183,952		$	166,709		$	159,027		$	146,818
Interest-Bearing Deposits		1,380,762			1,335,278			1,145,655			1,073,038			1,058,923
Total Deposits		1,574,211			1,519,230			1,312,364			1,232,065			1,205,741
Short-Term Borrowings		78,321			75,918			99,518			42,235			23,361
Securities Sold Under Agreements to Repurchase		20,942			20,828			20,115			16,756			14,054
Long-Term Debt		165,840			157,807			103,112			64,868			39,566
Other Liabilities		23,158			24,744			22,399			27,102			17,973
Total Liabilities		1,862,472			1,798,527			1,557,508			1,383,026			1,300,695
Total Shareholders’ Equity		187,616			186,231			156,014			140,794			143,770
Total Liabilities and Shareholders’ Equity	$	2,050,088		$	1,984,758		$	1,713,522		$	1,523,820		$	1,444,465

	2003									2002
INCOME STATEMENT	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Interest Income	$	24,082		$	24,707		$	22,612		$	21,642		$	21,720
Interest Expense		7,383			7,642			6,699			6,447			6,710
Net Interest Income		16,699			17,065			15,913			15,195			15,010
Provision for Loan Losses		1,599			1,574			1,575			1,699			1,500
Net Interest Income After Provision for Loan Losses		15,100			15,491			14,338			13,496			13,510
Total Noninterest Income		6,514			5,996			4,872			4,604			4,733
Total Noninterest Expense		12,923			12,867			11,722			11,217			11,299
Income Before Income Taxes		8,691			8,620			7,488			6,883			6,944
Income Taxes		2,614			2,641			2,270			2,166			2,236
Net Income	$	6,077		$	5,979		$	5,218		$	4,717		$	4,708
Earnings Per Share, basic	$	0.93		$	0.92		$	0.90		$	0.85		$	0.83
Earnings Per Share, diluted	$	0.86		$	0.85		$	0.83		$	0.79		$	0.76
Book Value Per Share	$	28.35		$	28.18		$	27.60		$	24.88		$	24.71
Return on Average Assets		1.18	%		1.21	%		1.24	%		1.23	%		1.29	%
Return on Average Equity		12.85	%		12.88	%		13.56	%		13.29	%		12.99	%
Return on Average Tangible Equity		20.01	%		20.22	%		19.10	%		17.83	%		17.41	%

IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands)

LOANS RECEIVABLE	September 30,								June 30, 2003			December 31, 2002
	2003			2002			% Change
Residential Mortgage Loans:
Residential 1-4 Family	$	341,243		$	178,589		91.1	%	$	311,036		$	207,130
Construction		39,846			15,241		161.4	%		33,119			16,470
Total Residential Mortgage Loans		381,089			193,830		96.6	%		344,155			223,600
Commercial Loans:
Real Estate		342,949			246,680		39.0	%		322,450			254,688
Business		198,925			154,777		28.5	%		194,764			157,288
Commercial Leases		1,823			2,124		(14.2	)%		1,900			2,051
Total Commercial Loans and Leases		543,697			403,581		34.7	%		519,114			414,027
Consumer Loans:
Indirect Automobile		233,675			217,829		7.3	%		234,189			219,280
Home Equity		171,327			121,831		40.6	%		165,100			122,799
Automobile		25,838			27,036		(4.4	)%		27,216			25,943
Credit Card Loans		8,802			9,406		(6.4	)%		8,984			9,432
Other		33,518			29,590		13.3	%		34,947			29,411
Total Consumer Loans		473,160			405,692		16.6	%		470,436			406,865
Total Loans Receivable		1,397,946			1,003,103		39.4	%		1,333,705			1,044,492
Allowance for Loan Losses		(17,482	)		(12,518	)				(16,772	)		(13,101	)
Loans Receivable, Net	$	1,380,464		$	990,585				$	1,316,933		$	1,031,391

ASSET QUALITY DATA	September 30,								June 30, 2003			December 31, 2002
	2003			2002			% Change
Nonaccrual Loans	$	4,056		$	2,160		87.8	%	$	3,813		$	3,257
Foreclosed Assets		36			57		(36.8	)%		88			156
Other Real Estate Owned		1,926			4,249		(54.7	)%		2,021			2,111
Accruing Loans More Than 90 Days Past Due		892			1,371		(35.0	)%		1,546			1,086
Total Nonperforming Assets (1)	$	6,910		$	7,837		(11.8	)%	$	7,468		$	6,610
Nonperforming Assets to Total Assets (1)		0.33	%		0.54	%	(38.2	)%		0.37	%		0.42	%
Nonperforming Assets to Total Loans + OREO (1)		0.49	%		0.78	%	(36.5	)%		0.56	%		0.63	%
Allowance for Loan Losses to Nonperforming Loans (1)		353.3	%		354.5	%	(0.3	)%		313.0	%		301.6	%
Allowance for Loan Losses to Nonperforming Assets (1)		253.0	%		159.7	%	58.4	%		224.6	%		198.2	%
Allowance for Loan Losses to Total Loans		1.25	%		1.25	%	0.2	%		1.26	%		1.25	%
Year to Date Charge-offs	$	3,573		$	3,499		2.1	%	$	2,509		$	4,782
Year to Date Recoveries	$	767		$	402		90.5	%	$	592		$	569

(1) 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, 2003		December 31, 2002
	2003		2002		% Change
Noninterest-Bearing DDA	$	191,257	$	151,078	26.6	%	$	190,212	$	159,005
NOW Accounts		420,581		258,520	62.7	%		336,951		281,825
Savings and Money Market Accounts		362,737		320,297	13.3	%		357,103		319,495
Certificates of Deposit		613,905		482,614	27.2	%		641,978		481,907
Total Deposits	$	1,588,480	$	1,212,509	31.0	%	$	1,526,244	$	1,242,232

4

IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Taxable Equivalent Basis

(dollars in thousands)

	For The Quarter Ended
	September 30, 2003					September 30, 2002
	Average Balance			Average Yield/Rate (%)		Average Balance			Average Yield/Rate (%)
ASSETS
Earning Assets:
Loans Receivable:
Mortgage Loans	$	368,491		5.87	%	$	193,280		7.51	%
Commercial Loans (TE) (1)		528,149		5.11	%		391,448		6.17	%
Consumer and Other Loans		470,963		6.92	%		402,472		8.14	%
Lease Financing Receivables		1,865		5.41	%		2,164		5.42	%
Total Loans		1,369,468		5.94	%		989,364		7.23	%
Mortgage Loans Held for Sale		23,034		5.92	%		4,643		6.46	%
Investment Securities (TE) (1)(2)		445,602		3.33	%		311,415		4.88	%
Other Earning Assets		36,099		1.96	%		18,093		2.89	%
Total Earning Assets		1,874,203		5.24	%		1,323,515		6.62	%
Allowance for Loan Losses		(17,097	)				(12,000	)
Nonearning Assets		192,982					132,950
Total Assets	$	2,050,088				$	1,444,465
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-Bearing Liabilities:
Deposits:
NOW Accounts	$	389,478		0.87	%	$	257,288		1.19	%
Savings and Money Market Accounts		362,865		0.73	%		316,987		1.37	%
Certificates of Deposit		628,419		2.37	%		484,648		3.30	%
Total Interest-Bearing Deposits		1,380,762		1.52	%		1,058,923		2.21	%
Short-Term Borrowings		99,263		1.15	%		37,415		1.88	%
Long-Term Debt		165,840		4.26	%		39,566		6.21	%
Total Interest-Bearing Liabilities		1,645,865		1.77	%		1,135,904		2.34	%
Noninterest-Bearing Demand Deposits		193,449					146,818
Noninterest-Bearing Liabilities		23,158					17,973
Total Liabilities		1,862,472					1,300,695
Shareholders’ Equity		187,616					143,770
Total Liabilities and Shareholders’ Equity	$	2,050,088				$	1,444,465
Net Earning Assets	$	228,338				$	187,611
Net Interest Spread	$	16,699		3.47	%	$	15,010		4.28	%
Tax-Equivalent Benefit	$	684		0.21	%	$	379		0.33	%
Net Interest Income (TE) / Net Interest Margin (TE) (1)	$	17,383		3.68	%	$	15,389		4.61	%

(1) 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%.

(2) 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, 2003					September 30, 2002
	Average Balance			Average Yield/Rate (%)		Average Balance			Average Yield/Rate (%)
ASSETS
Earning Assets:
Loans Receivable:
Mortgage Loans	$	325,478		6.21	%	$	194,559		7.70	%
Commercial Loans (TE) (1)		496,829		5.35	%		366,278		6.42	%
Consumer and Other Loans		452,017		7.25	%		400,000		8.32	%
Lease Financing Receivables		1,940		5.48	%		1,500		5.36	%
Total Loans		1,276,264		6.24	%		962,337		7.47	%
Mortgage Loans Held for Sale		16,765		5.66	%		5,169		5.96	%
Investment Securities (TE) (1)(2)		421,689		3.83	%		316,030		5.09	%
Other Earning Assets		40,514		1.92	%		40,635		1.94	%
Total Earning Assets		1,755,232		5.56	%		1,324,171		6.73	%
Allowance for Loan Losses		(16,074	)				(11,464	)
Nonearning Assets		176,613					131,696
Total Assets	$	1,915,771				$	1,444,403
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-Bearing Liabilities:
Deposits:
NOW Accounts	$	335,016		0.92	%	$	254,547		1.22	%
Savings and Money Market Accounts		353,421		0.87	%		317,691		1.42	%
Certificates of Deposit		600,714		2.55	%		503,133		3.59	%
Total Interest-Bearing Deposits		1,289,151		1.66	%		1,075,371		2.39	%
Short-Term Borrowings		105,144		1.29	%		24,199		2.01	%
Long-Term Debt		142,035		4.32	%		40,104		6.31	%
Total Interest-Bearing Liabilities		1,536,330		1.88	%		1,139,674		2.52	%
Noninterest-Bearing Demand Deposits		181,470					146,610
Noninterest-Bearing Liabilities		21,561					17,572
Total Liabilities		1,739,361					1,303,856
Shareholders’ Equity		176,410					140,547
Total Liabilities and Shareholders’ Equity	$	1,915,771				$	1,444,403
Net Earning Assets	$	218,902				$	184,497
Net Interest Spread	$	49,677		3.68	%	$	44,399		4.21	%
Tax-Equivalent Benefit	$	1,913		0.23	%	$	1,005		0.35	%
Net Interest Income (TE) / Net Interest Margin (TE) (1)	$	51,590		3.91	%	$	45,404		4.56	%

(1) 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%.

(2) Balances exclude unrealized gain or loss on securities available for sale and impact of trade date accounting.

IBERIABANK CORPORATION

RECONCILIATION TABLE

(dollars in thousands, except per share data)

	For the Three Months Ended
	9/30/2003			6/30/2003			9/30/2002
Net Interest Income	$	16,699		$	17,065		$	15,010
Effect of Tax Benefit on Interest Income		684			647			379
Net Interest Income (TE) (1)		17,383			17,712			15,389
Noninterest Income		6,514			5,996			4,733
Effect of Tax Benefit on Noninterest Income		213			211			175
Noninterest Income (TE) (1)		6,727			6,207			4,908
Total Revenues (TE) (1)	$	24,110		$	23,919		$	20,297
Total Noninterest Expense	$	12,923		$	12,867		$	11,299
Less Intangible Amortization Expense		(232	)		(248	)		(67	)
Tangible Operating Expense (2)	$	12,691		$	12,619		$	11,232
Return on Average Equity		12.85	%		12.88	%		12.99	%
Effect of Intangibles (2)		7.16			7.34			4.42
Return on Average Tangible Equity (2)		20.01	%		20.22	%		17.41	%
Efficiency Ratio		55.7	%		55.8	%		57.2	%
Effect of Tax Benefit Related to Tax Exempt Income		(2.1	)		(2.0	)		(1.5	)
Efficiency Ratio (TE) (1)		53.6	%		53.8	%		55.7	%
Effect of Amortization of Intangibles		(1.0	)		(1.0	)		(0.4	)
Tangible Efficiency Ratio (TE) (1)(2)		52.6	%		52.8	%		55.3	%

(1) 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%.

(2) Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.