Iberiabank (IBKC) 8-K IBERIABANK Corporation Announces Completed Acquisition Of Pulaski Investment Corporation

Exhibit 99.4

PULASKI INVESTMENT CORPORATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

AT SEPTEMBER 30, 2006 AND 2005

PULASKI INVESTMENT CORPORATION

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

	(Unaudited) September 30, 2006			December 31, 2005
ASSETS
Cash and due from banks	$	22,623		$	28,117
Investment securities
Held-to-maturity securities		150			230
Available-for-sale securities		54,741			76,245
		54,891			76,475
Loans - net		385,037			328,330
Premises and equipment, net		24,398			23,841
Accrued interest receivable		1,870			1,649
Other real estate owned		3			323
Goodwill		613			613
Title plants		6,233			6,233
Other intangible assets, net		496			568
Other assets		7,249			5,668
	$	503,413		$	471,817
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest bearing	$	68,367		$	82,183
Interest bearing		338,244			313,588
		406,611			395,771
Federal funds purchased		4,000			-0-
Other borrowed funds		45,439			26,680
Accrued interest payable		866			616
Other liabilities		5,039			8,729
Total liabilities		461,955			431,796
Shareholders’ equity:
Common stock		610			610
Additional paid-in capital		699			699
Retained earnings		40,569			39,133
Accumulated other comprehensive income		(420	)		(421	)
Total shareholders’ equity		41,458			40,021
	$	503,413		$	471,817

See notes to consolidated financial statements.

PULASKI INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(dollars in thousands)

	Nine Months Ended September 30,				Three Months Ended September 30,
	2006		2005		2006		2005
Interest income:
Loans, including fees	$	21,765	$	18,885	$	7,956	$	6,952
Investment securities:
Taxable		2,112		864		655		264
Tax–exempt		5		7		2		2
Other		442		370		158		166
		24,324		20,126		8,771		7,384
Interest expense:
Deposits		7,543		4,125		2,911		1,775
Other		1,836		1,372		763		422
		9,379		5,497		3,674		2,197
Net interest income		14,945		14,629		5,097		5,187
Provision for loan losses		299		903		299		372
Net interest income after provision for loan losses		14,646		13,726		4,798		4,815
Other income:
Income from fiduciary activities		692		650		235		221
Service charges on deposit accounts		1,665		1,178		581		450
Gain on sale of mortgage loans held for sale		6,592		7,173		2,121		2,801
Other		14,884		15,720		4,940		5,628
		23,833		24,721		7,877		9,100
Other expenses:
Salaries and employee benefits		21,538		21,007		7,227		7,443
Occupancy and equipment expense		4,796		4,497		1,619		1,647
Other		7,871		8,558		2,806		3,199
		34,205		34,062		11,652		12,289
Income before income taxes		4,274		4,385		1,023		1,626
Income taxes		1,710		1,745		450		628
Net income	$	2,564	$	2,640	$	573	$	998

See notes to consolidated financial statements.

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PULASKI INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

For the Nine Months Ended September 30, 2005 and September 30, 2006

(dollar in thousands)

	Common Stock		Capital Surplus		Retained Earnings			Accumulated Other Comprehensive Income			Total
Balance at December 31, 2004	$	610	$	699	$	34,308		$	(236	)	$	35,381
Comprehensive income
Net income						2,640						2,640
Other comprehensive income
Change in unrealized losses on available-for-sale securities, net of deferred income taxes									(140	)		(140	)
Total comprehensive income												2,500
Cash dividends declared						(1,128	)					(1,128	)
Balance at September 30, 2005	$	610	$	699	$	35,820		$	(376	)	$	36,753
Balance at December 31, 2005	$	610	$	699	$	39,133		$	(421	)	$	40,021
Comprehensive income
Net income						2,564						2,564
Other comprehensive income									1			1
Change in unrealized losses on available-for-sale securities, net of deferred income taxes
Total comprehensive income												2,565
Cash dividends declared						(1,128	)					(1,128	)
Balance at September 30, 2006	$	610	$	699	$	40,569		$	(420	)	$	41,458

See notes to consolidated financial statements.

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PULASKI INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

For the Nine Months Ended September 30, 2006 and September 30, 2005

(dollars in thousands)

	2006			2005
Operating activities:
Net income	$	2,564		$	2,640
Adjustments to reconcile net income to net cash used by operating activities:
Provision for loan losses		287			903
Depreciation and amortization		1,999			1,910
Net change in mortgage loans held for sale		(12,617	)		(15,547	)
Other operating activities, net		(5,242	)		945
Net cash used by operating activities		(13,009	)		(9,149	)
Investing activities:
Net increase in loans not held for sale		(44,377	)		(31,560	)
Purchases of premises and equipment		(5,412	)		(2,984	)
Proceeds from maturities of held-to-maturity securities		80			55
Proceeds from maturities of available-for-sale securities		21,505			9,327
Other investing activities, net		3,248			(1,024	)
Net cash used by investing activities		(24,956	)		(26,186	)
Financing activities:
Net increase in deposits		10,840			73,959
Net increase (decrease) in federal funds purchased		4,000			(5,000	)
Cash dividends paid		(1,128	)		(1,128	)
Principal payments on other borrowed funds		(61,741	)		(37,920	)
Proceeds from other borrowed funds		80,500			15,000
Net cash provided by financing activities		32,471			44,911
Cash and cash equivalents:
Net increase (decrease)		(5,494	)		9,576
Balance at January 1		28,117			18,114
Balance at September 30	$	22,623		$	27,690

See notes to consolidated financial statements.

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PULASKI INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 1: Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. These interim financial statements should be read in conjunction with the audited financial statements and note disclosures for Pulaski Investment Corporation for the years ended December 31, 2005, 2004 and 2003, included herein. The balance sheet at December 31, 2005 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the nine-month period ended September 30, 2006 are not necessarily indicative of the results that may be expected for the year ended December 31, 2006.

The consolidated financial statements include the accounts of Pulaski Investment Corporation, a bank holding company, and its wholly owned subsidiary, Pulaski Bank and Trust Company (the “Bank”) and the following wholly owned subsidiaries of the Bank: Pulaski Mortgage Company and its wholly owned subsidiary, PMC Mortgage Company, Pulaski Building, Inc., Lenders Title Company, Directors Properties, Inc., Pulaski Services, Inc. and Pulaski Insurance Agency, Inc. (collectively, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation.

All normal, recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the financial statements, have been included. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for loan losses, valuation of title plants and other intangible assets.

Note 2: Supplemental Cash Flows Information

The Company paid $9,129,000 and $5,544,000 in interest on deposits and other borrowings during the nine-month periods ended September 30, 2006 and 2005, respectively. During the nine-month periods ended September 30, 2006 and 2005, the Company made income tax payments of $2,075,000 and $1,111,000, respectively.

Note 3: Other Borrowed Funds

Other borrowed funds consisted of the following at (dollars in thousands):

	September 30, 2006		December 31, 2005
Federal Home Loan Bank advances:
Long-term, due monthly through 2010	$	17,253	$	20,494
Short-term		22,000		-0-
Junior Subordinated Debt Securities due to Pulaski Capital Trust I, 10 7/8%, due in 2030		6,186		6,186
	$	45,439	$	26,680

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PULASKI INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 4: Title Company Operations

Included in other income are the following significant categories of income from title company operations for the nine months ended September 30, 2006 and September 30, 2005:

	2006		2005
Title insurance fees	$	6,812	$	7,201
Closing fees		2,587		2,812
Search fees		751		693
Other fees		913		1,130
	$	11,063	$	11,836

Note 5: Recent Accounting Pronouncements

In February 2006, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 155,Accounting for Certain Hybrid Financial Instruments, an amendment of SFAS No. 133 and 140.SFAS No. 155 permits fair value remeasurement for any hybrid financial instrument that contains an embedded derivative that otherwise would require bifurcation, clarifies which interest-only strips and principal-only strips are not subject to the requirements of SFAS No. 133, establishes a requirement to evaluate interests in securitized financial assets to identify interests that are freestanding derivatives or that are hybrid financial instruments that contain an embedded derivative requiring bifurcation, clarifies that concentrations of credit risk in the form of subordination are not embedded derivatives and amends SFAS No. 140 to eliminate the prohibition on a qualifying special purpose entity from holding a derivative financial instrument that pertains to a beneficial interest other than another derivative financial instrument. This Statement is effective for all financial instruments acquired or issued after the beginning of an entity’s first fiscal year that begins after September 15, 2006. The Company anticipates that the adoption of SFAS No. 155 will not have a material impact on the Company’s financial position or results of operations.

In March 2006, the FASB issued SFAS No. 156,Accounting for Servicing of Financial Assets, an amendment of SFAS No. 140.SFAS No. 156 requires an entity to recognize a servicing asset or servicing liability each time it undertakes an obligation to service a financial asset by entering into a servicing contract in selected situations; requires all separately recognized servicing assets and servicing liabilities to be initially measured at fair value, if practicable; permits an entity to choose either the amortization or fair value measurement method for each class of separately recognized servicing assets and servicing liabilities; at its initial adoption, permits a one-time reclassification of available-for-sale securities to trading securities by entities with recognized servicing rights, without calling into question the treatment of other available-for-sale securities under SFAS No. 115, provided that the available-for-sale securities are identified in some manner as offsetting the entity’s exposure to changes in fair value of servicing assets or servicing liabilities that a servicer elects to subsequently measure at fair value; and requires separate presentation of servicing assets and servicing liabilities subsequently measured at fair value in the statement of financial position and additional disclosures for all separately recognized servicing assets and servicing liabilities. This Statement is effective as of the beginning of an entity’s first fiscal year that begins after September 15, 2006. The Company anticipates that the adoption of SFAS No. 156 will not have a material impact on the Company’s financial position or results of operations.

In September 2006, the FASB issued SFAS No. 157,Fair Value Measurements. SFAS No. 157 establishes a framework for measuring fair value in generally accepted accounting principles, clarifies the definition of fair value within that framework, and expands disclosures about the use of fair value measurements. This Statement is effective as of the beginning of an entity’s first fiscal year that begins after November 15, 2007. The Company

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PULASKI INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

anticipates that the adoption of SFAS No. 157 will not have a material impact on the Company’s financial position or results of operations.

Note 6: Agreement and Plan of Merger

On August 9, 2006, the Company entered into an agreement with IBERIABANK Corporation (“IBERIABANK”), Lafayette, Louisiana, for the sale of all of the Company’s outstanding stock. If the merger agreement is approved and the merger is subsequently completed, each outstanding share of Pulaski Investment Corporation common stock will be converted into (i) cash (without interest) equal to $26.6464 per share (approximately $65,000,000 in the aggregate), (ii) 0.2274 shares of IBERIABANK Corporation common stock for each share of common stock of Pulaski Investment Corporation (approximately $32,500,000 in the aggregate based upon the closing price of IBERIABANK Corporation common stock on August 8, 2006 of $58.60 per shares), and (iii) the number of shares of IBERIABANK Corporation common stock determined by the quotient obtained by dividing $13.323 by the average trading price of the IBERIABANK Corporation common stock on the 15 trading days ending one business day prior to the effective date of the merger (approximately $32,500,000 in aggregate market value). Completion of the transaction is subject to regulatory and shareholders’ approvals.

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