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IberiaBank earnings rise 46 percent in first quarter Thursday, Apr 24, 2008 Arkansas News Bureau LITTLE ROCK - IberiaBank Corp., the holding company for Pulaski Bank and Trust of Little Rock and Pocahontas Bancorp. of Jonesboro, reported first-quarter earnings of $13.4 million, up 46 percent since the comparable period last year. Two one-time items related to its stake in Pulaski Bank affected the company's first-quarter earnings. A previously disclosed pre-tax gain of $6.9 million on the sale of approximately $30 million in credit card receivables at Pulaski Bank was recorded in the first quarter. Pulaski also reported an elevated provision for loan losses associated with the residential builder construction portfolio, officials said. The company's builder construction portfolio continued to compress as homes were sold and loans continued to be paid down during the first quarter, the company said. The portfolio declined from $113 million prior to the Pulaski acquisition to $53 million at March 31. The builder construction loan portfolio in Northwest Arkansas and Memphis improved slightly in the first quarter of 2008 despite continued softness in the spring home selling season, bank officials noted. |
