MidSouth, Home Bank report lower 1Q earnings; IberiaBank up 12.6 percent
Two out of three leading Lafayette banks that made headlines recently for their timely acquisitions are reporting decreased first-quarter earnings.
MidSouth Bank reported the largest drop in earnings, down 61 percent to a $442,000 profit from January to March, according to an Associated Press report published on The Houston Chronicle’s website. A year ago, the company posted first-quarter gains of $1.1 million:
MidSouth blamed the drop on $450,000 increase in a set-aside provision for possible bad loans — and a $711,000 decrease in service charges. The company said service charges fell primarily because of fewer bad-check charges.
Home Bank’s $795,000 in earnings for the first-quarter is down $670,000 from the fourth quarter of last year and is a decrease of $51,000 from the company’s first-quarter earnings report a year ago.
A queue of acquisitions for the three Lafayette-based banks started in February when IberiaBank announced its plans to purchase Metairie-based Omni Bank. The announcement came weeks after IberiaBank lost its bid to acquire Whitney Bank, which is merging with Mississippi-based Hancock Bank, and less than three weeks before IberiaBank came back with another press release stating its plans to buy Cameron State Bank of Lake Charles. Amid the two big in-state acquisitions, IberiaBank also revealed it is taking on “certain assets” of Florida Trust Co., a Bank of Florida subsidiary.
Home Bank’s plans to acquire Guaranty Savings of New Orleans were announced March 31. The $26.4 million cash buy will allow the 102-year-old Lafayette bank to expand into Orleans and Jefferson parishes and add six branches.
Four days after Home Bank publicly stated its plans, MidSouth reported it will buy five branches of Jefferson Bank in the Dallas/Fort Worth area.
Frank’s Casing Crew, now doing business as Frank’s International, will make its final appearance on ABiz’s list of the Top 50 Privately Held Companies in Acadiana this year, and once again, it will likely be at the top with more than $1 billion in annual revenues. The 75-year-old company specializing in tubular fabrication and installation services to the oil and gas industry plans to go public this year.
The defeat, or rather highjacking of House Bill 420 in the final days of this year's Legislative Session, say Reps. Vincent Pierre and Terry Landry, is the result of the propaganda spread by one unidentified local media outlet and an unnamed former state Representative, but nothing to do with the original legislation's lack of checks, balances or details.
He’s a singer. A songwriter. A piano man. A family man. He’s even got his own Wikipedia entry. He’s David Egan. And he knows ancient secrets about the monolithic stones of Stonehenge that he’s not willing to share.