Iberiabank in Lafayette, La., reported higher quarterly profit that reflected cost control and a lift from short-term interest rates.
The $22 billion-asset company said in a press release late Thursday that its first-quarter earnings rose 17% from a year earlier to $46.9 million.
Revenue rose 1.3% to $220.2 million.
Net interest income rose 7% to $173 million. Total loans increased by 5% to $15.1 billion, while the net interest margin compressed by 15 basis points to 3.53%.
Noninterest income fell by 15% to $47.4 million. Mortgage income decreased by 29%.
Noninterest expense rose by 2.6% to $141 million. Salaries and employee benefits increased by just 1.4%.
The loan-loss provision fell by 59% to $6.2 million.
"Asset quality statistics associated with our energy-related loans continued to show significant improvements this quarter, and energy-related loans grew slightly during the first quarter,” Daryl Byrd, Iberiabank’s president and CEO, said in the release.
“We are well-positioned for rising short-term interest rates, and the Federal Reserve's short-term rate increases … resulted in a rebound in our margin and significant improvement in net interest income," he added.
