SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): April 11, 2001
IBERIABANK CORPORATION
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(Exact name of Registrant as Specified in Charter)
Louisiana 0-25756 72-1280718
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1101 East Admiral Doyle Drive, New Iberia, Louisiana 70560
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(Address of Principal Executive Offices)
(337) 365-2361
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Registrant's telephone number, including area code
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
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On April 11, 2001, the Registrant issued a press release announcing
earnings of $3.5 million for the first quarter ended March 31, 2001. A copy of
the press release, including unaudited financial information released as a part
thereof, is attached as Exhibit 99.1 to this Current Report on Form 8-K and
incorporated by reference in Item 5.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit 99.1 Press Release dated April 11, 2001, with respect
to the Registrant's unaudited financial results for
the first quarter ended March 31, 2001.
Item 9. Regulation FD Disclosure
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On April 11, 2001, the Registrant confirmed comfort with its previously
stated range of $2.36 to $2.41 per share for 2001 fully diluted EPS.
The Registrant announced that during the first quarter of 2001, a favorable
rate environment provided the opportunity to reduce market risk by selling
securities totaling $76 million from the Registrant's portfolio at a minimal
loss of $6,000. A portion of the funds generated through these sales were used
to reduce borrowings and purchase municipal and short-term corporate securities.
Excess funds are invested overnight and will be used to fund future loan growth
and additional purchases of securities. The Registrant will continue to monitor
market conditions for additional opportunities.
The Registrant also disclosed that total nonperforming assets (nonaccrual,
90 plus days past due and OREO) at March 3l, 2001, were $9.0 million, compared
to $8.0 million at December 31, 2000. The higher level of nonperforming loans
was due entirely to an increase in debt to a single credit relationship, which
has been nonperforming and is in bankruptcy. The additional loan was structured
as debtor-in-possession financing and was made to finance the purchase of a
building to improve the Registrant's collateral position on the existing
obligation. If the property is not sold by a date set by the court, the
Registrant will take the property over through the foreclosure process and
pursue its sale directly. Without consideration of this nonperforming loan,
total nonperforming assets would have declined during the quarter.
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, thereunto duly authorized.
IBERIABANK CORPORATION
DATE: April 11, 2001 By:/s/ Daryl G. Byrd
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Daryl G. Byrd
President and Chief Executive
Officer