United Kingdom

IBERIABANK provides updates on hurricanes Harvey and Irma, HUD lawsuit

Wednesday, 4 Oct 2017 

Oct 4 (Reuters) - IBERIABANK Corp :IBERIABANK corporation provides updates on key topics: hurricanes harvey and irma, HUD lawsuit, energy portfolio, and Sabadell United Bank acquisition-related expense.IBERIABANK suffered minimal damage and incremental expense related to its physical infrastructure as a result of storms.IBERIABANK corp - IBERIABANK expects to accrue $8.5 million of incremental provision for credit losses tied to these two named storms during Q3 of 2017.Consolidated provision for credit losses in Q3 is expected to be $19 million.Net charge-offs for Q3 are not expected to exceed $29 million.IBERIABANK corp - has negotiated settlement amount of $11.7 million that counsel for us are recommending for approval by appropriate government decision makers.