IberiaBank Corp. and Gulf Coast Bank & Trust both saw significant changes in their annual profits in 2010: Gulf Coast Bank saw a big increase, while IberiaBank posted a drop. Regional banker IberiaBank posted a lower fourth-quarter profit than a year ago, when the company had a big gain on acquiring other banks. For the October-through-December period, IberiaBank earned $13 million, or 48 cents per share, compared with a year-ago profit in the fourth quarter of $115.8 million, or $5.56 per share. Over the past two years, IberiaBank has made several acquisitions of failed banks, the most recent being the July 23 takeover of Sterling Bank of Lantana, Fla., with $407.9 million in assets. IberiaBank says it fully integrated Sterling Bank into its operations during the fourth quarter. During the latest quarter, IberiaBank took a loan loss provision of $11 million, up from $6 million during the third quarter of 2010. For 2010, IberiaBank posted a profit of $48.8 million, or $1.88 per share. With $238.9 million in one-time acquisition gains last year, the company earned $158.4 million, or $8.41 per share.
Gulf Coast Bank & Trust says its earnings were up 71% to $6.3 million in 2010, compared with annual profits of $3.7 million in 2009. Guy Williams, Gulf Coast Bank & Trust CEO, says the bank was being compared against a recessionary year, so the 2010 figures look especially strong. But he says the New Orleans-based bank outperformed its peers in 2009.
