IBERIABANK (IBKC) has reported an 18.01 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $50.47 million, or $1 a share in the quarter, compared with $42.77 million, or $0.97 a share for the same period last year.

Revenue during the quarter grew 5.77 percent to $214.01 million from $202.34 million in the previous year period. Net interest income for the quarter rose 7.07 percent over the prior year period to $172.82 million. Non-interest income for the quarter fell 15.22 percent over the last year period to $47.35 million.

IBERIABANK has made provision of $6.15 million for loan losses during the quarter, down 58.71 percent from $14.90 million in the same period last year.

Net interest margin contracted 15 basis points to 3.53 percent in the quarter from 3.68 percent in the last year period. Efficiency ratio for the quarter deteriorated to 64.10 percent from 63.30 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

Daryl G. Byrd, president and chief executive officer, commented, "Many events transpired this quarter as we expected and as we communicated to our investors last quarter. First, 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. Second, we are well-positioned for rising short-term interest rates, and the Federal Reserve's short-term rate increases in December 2016 and March 2017 resulted in a rebound in our margin and significant improvement in net interest income this quarter. We expect these benefits to continue into future quarters as well. Third, we anticipated our loan growth would slow during the first quarter, due in part to typical seasonal trends, and we expected a portion of the massive inflow of deposits that we experienced in the final quarter of 2016 would begin to flow out during the first quarter of 2017."

Total assets stood at $22,008.48 million as on Mar. 31, 2017, up 978.39 percent compared with $2,040.86 million on Mar. 31, 2016.

Deposits stood at $17,312.26 million as on Mar. 31, 2017, up 6.47 percent compared with $16,260.57 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $5,031.58 million or 29.06 percent of total deposits on Mar. 31, 2017, compared with $4,484.02 million or 27.58 percent of total deposits on Mar. 31, 2016.

Investments stood at $3,909.97 million as on Mar. 31, 2017, up 37.12 percent or $1,058.43 million from year-ago. Shareholders equity stood at $3,457.98 million as on Mar. 31, 2017, up 39.94 percent or $986.88 million from year-ago.

Return on average assets moved up 7 basis points to 0.94 percent in the quarter from 0.87 percent in the last year period. At the same time, return on average equity decreased 18 basis points to 6.41 percent in the quarter from 6.59 percent in the last year period.

IBERIABANK witnessed a deterioration in credit quality during the quarter. Nonperforming assets moved up 68.44 percent or $89.23 million to $219.62 million on Mar. 31, 2017 from $130.38 million on Mar. 31, 2016. Nonperforming assets to total loans was 1.52 percent in the quarter, up from 0.96 percent in the last year period. Meanwhile, nonperforming assets to total assets was 0.99 percent in the quarter, up from 0.65 percent in the last year period.

Tier-1 leverage ratio stood at 12.91 percent for the quarter, up from 9.41 percent for the previous year quarter. Book value per share was $65.25 for the quarter, up 8.88 percent or $5.32 compared to $59.93 for the same period last year.