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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2004

Commission File Number 0-25756

IBERIABANK Corporation

(Exact name of registrant as specified in its charter)

(337) 521-4003

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

The registrant had 7,039,126 shares of common stock, $1.00 par value, which were issued and outstanding as of May 5, 2004.

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IBERIABANK CORPORATION AND SUBSIDIARY

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PART 1. FINANCIAL INFORMATION

IBERIABANK CORPORATION AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in thousands, except share data)

See Notes to Consolidated Financial Statements

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IBERIABANK CORPORATION AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(dollars in thousands, except per share data)

See Notes to Consolidated Financial Statements

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IBERIABANK CORPORATION AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited)

(dollars in thousands, except share and per share data)

See Notes to Consolidated Financial Statements

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IBERIABANK CORPORATION AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(dollars in thousands)

See Notes to Consolidated Financial Statements

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IBERIABANK CORPORATION AND SUBSIDIARY

Notes to Consolidated Financial Statements

(unaudited)

Note 1 – Basis of Financial Statement Presentation

The consolidated financial statements include the accounts of IBERIABANK Corporation and its wholly owned subsidiary, IBERIABANK (the “Bank”), as well as all of the Bank’s subsidiaries, Iberia Financial Services, LLC, Acadiana Holdings, LLC, Jefferson Insurance Corporation, Metro Service Corporation, Finesco, LLC and IBERIABANK Insurance Services, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. Through the Bank, the Company offers commercial and retail products and services to customers throughout the state, including south central Louisiana, north Louisiana and the greater New Orleans area.

All normal, recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of the financial statements, have been included. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. A material estimate that is susceptible to significant change in the near term is the allowance for loan losses.

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. These interim financial statements should be read in conjunction with the audited financial statements and note disclosures for the Company previously filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2003.

Note 2 – Earnings Per Share

For the three months ended March 31, 2004, basic earnings per share were based on 6,645,834 weighted average shares outstanding and diluted earnings per share were based on 7,244,386 weighted average shares outstanding. For the same period, the calculations for both basic and diluted shares outstanding exclude: (a) the weighted average unreleased shares owned by the Employee Stock Ownership Plan (“ESOP”) of 48,339; (b) the weighted average shares owned by the Recognition and Retention Plan Trust (“RRP”) of 131,076; and (c) the weighted average shares purchased in Treasury Stock of 1,635,109.

Note 3 – Recent Accounting Pronouncements

In March 2004, the Financial Accounting Standards Board (“FASB”) issued an Exposure Draft, Share-Based Payment, an Amendment of FASB Statements No. 123 and 95. The proposed change in accounting would replace existing requirements under Financial Accounting Standard (“FAS”) 123, Accounting for Stock-Based Compensation, and APB Opinion No. 25, Accounting for Stock Issued to Employees. Under this proposal, all forms of share-based payments to employees, including employee stock options, would be recognized as a cost in the income statement. The fair value of the award would be measured at grant date, as is currently being done for disclosure purposes under FAS 123. As proposed, the Statement would be effective for the Company’s 2005 fiscal year. Existing options at the date of adoption would be accounted for under the modified prospective method, whereby all outstanding options would be expensed beginning with the date of adoption. Retroactive restatement is not permitted.

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The Company is in the process of evaluating its executive and manager level compensation programs, and is evaluating the effectiveness of stock options as a continuing form of compensation, including the appropriateness of the existing option valuation models. Compensation programs include, but are not limited to, restricted stock and stock option grants, the ESOP, the 401(k) Plan and other benefits provided by the Company.

Note 4 – Compensation Cost for Stock-based Incentives

In October 1995, the FASB issued FAS 123, which requires disclosure of the compensation cost for stock-based incentives granted after January 1, 1995 based on the fair value at grant date for awards. The Company uses the intrinsic value method under APB Opinion 25 to account for stock options granted.

Applying FAS 123 would result in pro forma net income and earnings per share amounts as follows:

Note 5 – Pro Forma Statements of Acquisition

The Company completed the acquisition of Alliance Bank of Baton Rouge (“Alliance”) on February 29, 2004. This acquisition expands the Company’s presence into Baton Rouge, Louisiana.

The consolidated statements of income include the results of operations for Alliance from the acquisition date. The transaction resulted in $5.1 million of goodwill and $1.2 million of core deposit intangibles. The amount allocated to the core deposit intangible was determined by an independent valuation and is amortized over the estimated useful life of seven years using the straight line method.

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In the acquisition, shareholders of Alliance received 287,285 shares of the Company’s common stock valued at $15,496,000. The combination was accounted for as a purchase with the purchase price allocated as follows:

The results of operations of the Company subsequent to the acquisition date are included in the Company’s consolidated statements of income. The following pro forma information for the three month periods ended March 31, 2004 and March 31, 2003 reflects the Company’s estimated consolidated results of operations as if the acquisition of Alliance occurred at January 1 of the respective periods, unadjusted for potential cost savings.

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The purpose of this discussion and analysis is to focus on significant changes in the financial condition and results of operations of the Company during the first three months of the year. This discussion and analysis highlights and supplements information contained elsewhere in this quarterly report on Form 10-Q, particularly the preceding consolidated financial statements and notes. This discussion and analysis should be read in conjunction with the Company’s 2003 Annual Report on Form 10-K.

FORWARD-LOOKING STATEMENTS

This Form 10-Q may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of the Company that are subject to various factors which would cause actual results to differ materially from the estimates. These factors include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services.

FIRST QUARTER OVERVIEW

During the first quarter of 2004, the Company earned $6.5 million, or $.90 per share on a diluted basis. This is an 8% increase over the $0.83 per diluted share, or $5.2 million, earned for the first quarter of 2003. Earnings performance for the current quarter was influenced by the acquisition of Alliance on February 29, 2004, and other factors, the key components of which are summarized below. Quarterly comparatives of earnings are further influenced by the acquisition of Acadiana Bancshares, Inc. (“Acadiana”) during the first quarter of 2003.

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FINANCIAL CONDITION

Earning Assets

Earning assets are composed of interest or dividend-bearing assets, including loans, securities, short-term investments and loans held for sale. Interest income associated with earning assets is the Company’s primary source of income. For the three months ended March 31, 2004, total average earning assets of the Company amounted to $2.0 billion, an increase of $186.7 million, or 10.4%, from December 31, 2003.

Loans and Allowance for Possible Loan Losses – The loan portfolio increased $59.4 million, or 4.2%, to $1.5 billion at March 31, 2004, compared to $1.4 billion at December 31, 2003. The Company’s loan to deposit ratio at March 31, 2004 was 83.8% compared to 88.9% at December 31, 2003. The following table sets forth the composition of the Company’s loan portfolio at the dates indicated.

Table 1 – Loan Portfolio Composition

The increase in loans since year-end 2003 was due to $53.7 million of additional loans obtained through the acquisition of Alliance, as well as internal growth of $5.7 million. Commercial real estate loans increased $10.1 million, or 2.9%, and commercial business loans increased $35.7 million, or 17.9%. Growth in the commercial loan segment came primarily from traditional commercial, private banking and institutional sectors with no one customer representing a disproportionate percentage of the increase. Residential mortgage loans decreased $8.9 million, or 2.3%. The Company continues to sell the majority of conforming fixed rate mortgage loan originations and recognize the associated fee income rather than assume the rate risk associated with these longer term assets. Total consumer loans increased $22.6 million, or 4.8%, during the first three months of this year. Consumer loans are mainly comprised of indirect automobile loans collateralized by both new and used vehicles, which were down $3.6 million, or 1.6%. Growth in the consumer category was primarily due to a $22.4 million, or 12.8%, increase in home equity loans, $20.0 million of which was obtained through the acquisition of Alliance. All other consumer loans increased $3.9

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million, or 5.9%. The Company maintains a focus on loans believed to be prime, or lower risk, consumer loans. Excluding the effect of the Alliance purchase accounting transaction, total commercial loans increased $25.5 million, total residential mortgage loans decreased $8.9 million and consumer loans decreased $10.9 million.

During the first quarter, the Company announced the addition of several strategic hires, as well as the opening of new branches in Shreveport and New Orleans, Louisiana, and three loan production offices (“LPOs”) in Alexandria, Houma and Mandeville, Louisiana. The opening of the Shreveport branch is a first step to take advantage of lending opportunities in Northwest Louisiana and other markets. The New Orleans addition is aimed at strengthening and expanding key private banking relationships in New Orleans. The LPOs expand the Company’s ability to provide mortgage loan and other products to markets previously not heavily served by the Company.

The credit quality of the Company’s assets has continued to improve as management has assertively worked to enhance underwriting risk/return dynamics within the loan portfolio. Over time, management has significantly increased the allowance for loan losses, tightened underwriting guidelines and procedures, adopted more conservative consumer loan charge-off and nonaccrual guidelines, rewritten the loan policy and developed an internal loan review function. As the Company has transitioned the loan portfolio to be more representative of a commercial bank, there is recognition of a potential for higher charge-off and nonperforming levels, but also a potential higher level of return for investors. Management believes that historically it has recognized and disclosed significant problem loans quickly and taken prompt action in addressing material weaknesses in those credits. The Company will continue to monitor the risk adjusted level of return within the loan portfolio.

Nonperforming assets, defined as nonaccrual loans, accruing loans past due 90 days or more and foreclosed property, amounted to $4.8 million, or 0.21% of total assets at March 31, 2004, compared to $7.3 million, or 0.34%, of total assets at December 31, 2003. The allowance for loan losses amounted to $19.4 million, or 1.32% of total loans and 412.2% of total nonperforming loans, respectively, at March 31, 2004, compared to 1.29% and 355.9%, respectively, at December 31, 2003. The following table sets forth the composition of the Company’s nonperforming assets, including accruing loans past due 90 days or more, as of the dates indicated.

Table 2 – Nonperforming Assets and Troubled Debt Restructurings ⁽¹⁾

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The Company has shown continuing improvement in asset quality despite modest loan growth. The percentage of nonperforming assets to total loans decreased from 0.51% at the end of 2003 to 0.32% at March 31, 2004. The balance of nonperforming assets decreased $2.5 million, or 34.1%, since the end of 2003. This decrease was primarily due to the sale of one commercial real estate property for $1.8 million during the first quarter of 2004. Nonperforming loans decreased $416,000, or 8.1%, during the first quarter. Net charge-offs for the first quarter of 2004 were $477,000, or 0.13% of average loans on an annualized basis, as compared to $1.1 million, or 0.38%, for the same quarter last year.

Based on facts and circumstances available, management of the Company believes that the allowance for loan losses was adequate at March 31, 2004 to cover any potential losses in the Company’s loan portfolio. However, future adjustments to this allowance may be necessary, and the Company’s results of operations could be adversely affected if circumstances differ substantially from the assumptions used by management in determining the allowance for loan losses. Losses in the loan portfolio, net of recoveries, are charged-off against the allowance and reduce the balance. Provisions for loan losses, which are charged against income, increase the allowance.

In determining the amount of the allowance for loan losses, management uses information from its portfolio management process, relationship managers and ongoing loan review efforts to stratify the loan portfolio into asset risk classifications and assign a general or specific reserve allocation. General reserve estimated loss percentages are based on the current and historical loss experience of each loan category, regulatory guidelines for losses, the status of past due payments, and management’s judgment of economic conditions and related level of risk assumed. Specific reserves are determined on a loan-by-loan basis based on management’s evaluation of loss exposure for each credit, given current payment status of the loan and the value of any underlying collateral. Loans for which specific reserves are provided are excluded from the general reserve calculations described above to prevent duplicate reserves. Additionally, an unallocated reserve for the total loan portfolio is established to address 1) the imprecision and estimation risk inherent in the calculations of general and specific reserves, and 2) management’s evaluation of various conditions that are not directly measured by any other component of the allowance. Such components would include current general economic conditions affecting key lending areas, credit quality trends, collateral values, loan volumes and concentrations, seasoning of the loan portfolio and the findings of internal credit examinations.

Investment Securities – The Company’s investment securities available for sale increased $72.5 million, or 17.0%, to $498.6 million at March 31, 2004, compared to $426.1 million at December 31, 2003. The increase was due to securities of $11.2 million obtained through the acquisition of Alliance, purchases of securities totaling $101.6 million, and a $4.2 million increase in the market value of the portfolio, which were partially offset by sales of securities totaling $14.5 million and principal amortizations, maturities and calls of securities totaling $29.9 million.

The Company’s investment securities held to maturity decreased $5.2 million, or 9.6%, to $48.3 million at March 31, 2004, compared to $53.5 million at December 31, 2003. This decrease was due to principal amortizations, maturities and calls.

Short-term Investments – Short-term investments result from excess funds that fluctuate daily depending on the funding needs of the Company and are currently invested overnight in an interest-bearing deposit account at the Federal Home Loan Bank (“FHLB”) of Dallas, the total balance of which earns interest at the current FHLB discount rate. The balance in interest-bearing deposits at other institutions increased $7.5 million, or 36.3%, to $28.2 million at March 31, 2004, compared to $20.7 million at December 31, 2003.

Mortgage Loans Held for Sale – Loans held for sale increased $5.2 million, or 90.1%, to $11.0 million at March 31, 2004, compared to $5.8 million at December 31, 2003. Loans held for sale have primarily been fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans in this category are sold within thirty days.

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All Other Assets – Included in this category are cash and due from banks, premises and equipment, goodwill and other assets. From December 31, 2003 to March 31, 2004, cash and due from banks increased $6.1 million, or 12.4%, and premises and equipment increased $3.9 million, or 12.1%. Goodwill and acquisition intangibles increased $6.2 million, or 4.6%, as a result of the Alliance acquisition.

Funding Sources

Deposits obtained from clients in its primary market areas are the Company’s principal source of funds for use in lending and other business purposes. The Company attracts local deposit accounts by offering a wide variety of accounts, competitive interest rates and convenient branch office locations and service hours. Increasing core deposits through the development of client relationships is a continuing focus of the Company. Other funding sources include short-term and long-term borrowings, subordinated debt and shareholders’ equity. The following discussion highlights the major changes in the mix during the first three months of the year.

Deposits – Total end of period deposits increased $168.2 million, or 10.6%, to $1.8 billion at March 31, 2004, compared to $1.6 billion at December 31, 2003. The growth in deposits for the first three months of 2004 was spread across all customer deposit groups and includes $61.8 million of deposits acquired from Alliance. From December 31, 2003 to March 31, 2004, noninterest-bearing checking accounts increased $17.3 million, or 9.1%, interest-bearing checking account deposits increased $88.0 million, or 19.5%, savings and money market accounts increased $30.5 million, or 8.7%, and certificate of deposit accounts increased $32.4 million, or 5.4%. Excluding the effect of the Alliance acquisition, noninterest-bearing checking accounts would have increased $5.4 million, or 2.8%, interest-bearing checking account deposits would have increased $77.6 million, or 17.3%, savings and money market accounts would have increased $2.6 million, or 0.8%, and certificate of deposit accounts would have increased $20.8 million, or 3.5%.

During this period of low rates, the Company increased retail fixed rate certificates of deposit through more aggressive pricing on longer-term maturities and also increased overall commercial deposits through relationship development.

Short-term Borrowings – Short-term borrowings decreased $41.6 million, or 25.6%, to $121.0 million at March 31, 2004, compared to $162.6 million at December 31, 2003. The Company’s short-term borrowings at March 31, 2004 were comprised of $92.0 million in FHLB of Dallas advances with maturities of nine months or less and $29.0 million of securities sold under agreements to repurchase. The level of short-term borrowings can fluctuate significantly on a daily basis depending on funding needs and the source of funds chosen to satisfy those needs.

Long-term Borrowings – Long-term borrowings decreased $395,000, or 0.3%, to $155.9 million at March 31, 2004, compared to $156.3 million at December 31, 2003. At March 31, 2004, the Company’s long-term borrowings were comprised of $135.3 million of fixed-rate advances from the FHLB of Dallas and $20.6 million in junior subordinated debt.

Shareholders’ Equity – Shareholders’ equity provides a source of permanent funding, allows for future growth and provides the Company with a cushion to withstand unforeseen adverse developments. At March 31, 2004, shareholders’ equity totaled $217.2 million, an increase of $22.0 million, or 11.3%, compared to $195.2 million at December 31, 2003. The increase in shareholders’ equity for the first three months of the year was the result of the Company’s net income of $6.5 million, $679,000 of common stock released by the Company’s ESOP trust, $199,000 of common stock earned by participants in the Company’s RRP trust, $2.0 million from the reissuance of treasury stock for stock options exercised, $15.5 million for the issuance of common stock as a result of the purchase accounting transaction with Alliance and a $2.0 million increase in other comprehensive income. Such increases were partially offset by cash dividends declared on the Company’s common stock of $1.7 million and repurchases of $3.2 million of the Company’s common stock that were placed into treasury.

During the quarter ended March 31, 2004, the Company repurchased a total of 52,100 shares of its Common Stock in accordance with the Stock Repurchase Program announced on September 17, 2003. The following table details these purchases during the quarter.

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Table 3 – Stock Repurchases

No shares were repurchased during the quarter ended March 31, 2004, other than through publicly announced plans. Up to 300,000 shares may be repurchased through the stock repurchase program announced on September 17, 2003.

RESULTS OF OPERATIONS

The Company reported net income of $6.5 million for the three months ended March 31, 2004, compared to $5.2 million earned during the first three months of 2003, an increase of $1.3 million, or 24.4%. The Company’s interest income increased $2.8 million, interest expense increased $737,000, the provision for loan losses decreased $520,000, noninterest income increased $684,000, noninterest expense increased $1.5 million and income tax expense increased $491,000 during the three months ended March 31, 2004, compared to the first quarter of 2003. Included in earnings are the results of operations of Acadiana from the acquisition date of February 28, 2003 forward and Alliance from the acquisition date of February 29, 2004 forward.

Net Interest Income– Net interest income is the difference between interest realized on earning assets and interest paid on interest-bearing liabilities. Net interest income is also the driver of core earnings and, as such, is subject to constant scrutiny by management. The rate of return and relative risk associated with earning assets are weighed to determine the appropriateness and mix of earning assets. Additionally, the need for lower cost funding sources is weighed against relationships with clients and future growth requirements. The Company’s average interest rate spread, which is the difference between the yields earned on earning assets and the rates paid on interest-bearing liabilities, was 3.57% during the three months ended March 31, 2004, compared to 3.94% for the comparable period in 2003. The Company’s net interest margin on a taxable equivalent (TE) basis, which is net interest income (TE) as a percentage of average earning assets, was 3.75% during the three months ended March 31, 2004, compared to 4.20%, for the comparable period in 2003.

Net interest income increased $2.1 million, or 12.9%, to $18.0 million for the three months ended March 31, 2004, compared to $15.9 million for the three months ended March 31, 2003. The increase was due to a $2.8 million, or 12.3%, increase in interest income, which was partially offset by a $737,000, or 11.0%, increase in interest expense. The increase in interest income was the result of a $410.7 million, or 26.1%, increase in the average balance of earning assets, which was partially offset by a 67 basis point decrease in the yield earned on earning assets. The increase in interest expense was the result of a $399.1 million, or 29.2%, increase in the average balance of interest-bearing liabilities, which was partially offset by a 30 basis point decrease in the cost of interest-bearing liabilities.

The current low interest rate environment resulted in net interest spread and margin compression as a result of several factors. Slightly higher prepayment speeds associated with a new wave of residential mortgage loan refinancing impacted mortgage products in both the investment and loan portfolios. The current low interest rate environment also resulted in increased mortgage loan portfolio sales to reduce rate risk and take advantage of gains in these products, more aggressive pricing on longer-term certificates of deposit to lock in rates and overall lower earning asset spreads. Additionally, the Acadiana and Alliance acquisitions resulted in increased net interest income, but a reduction of the margin as a result of marking the acquired asset and liability mix to current yields. During this period of low rates, the Company repositioned $8.0

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million of the bond portfolio by buying and selling similar-type agency bonds at slightly different durations, which resulted in an immediate gain of $143,000 and a slight increase in income going forward.

Although management believes that the Company is not significantly affected by changes in interest rates over an extended period of time, a continued period of low interest rates may exert downward pressure on the net interest margin and net interest income. Under traditional measures of interest rate gap positions, the Company is slightly liability sensitive in the short-term. As of March 31, 2004, the Company’s financial model indicated that an immediate and sustained 100 basis point rise in rates over the next 12 months would approximate a 0.08% increase in net interest income, while a 100 basis point decline in rates over the same period would approximate a 1.88% increase in net interest income from an unchanged rate environment. Computations of interest rate risk do not necessarily include certain actions that management may undertake to manage this risk in response to anticipated changes in interest rates.

The Company will continue to monitor investment opportunities and weigh the associated risk/return. Volume increases in earning assets and improvements in the mix of earning assets and interest-bearing liabilities should improve net interest income, but may negatively impact the net interest margin ratio. The Company has engaged in interest rate swap transactions, which are a form of derivative financial instrument, to modify the net interest sensitivity to levels deemed to be appropriate. Through this instrument, interest rate risk is managed by hedging with an interest rate swap contract designed to pay fixed and receive floating interest. The interest rate swaps of the Company were executed to modify net interest sensitivity to levels deemed appropriate.

Table 4 presents average balance sheets, net interest income and average interest rates for the three month periods ended March 31, 2004 and 2003.

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Table 4 - Average Balances, Net Interest Income and Interest Yields / Rates

The following table sets forth, for the periods indicated, information regarding (i) the total dollar amount of interest income of the Company from earning assets and the resultant average yields; (ii) the total dollar amount of interest expense on interest-bearing liabilities and the resultant average rate; (iii) net interest income; (iv) net interest spread; and (v) net interest margin. Information is based on average daily balances during the indicated periods. Investment security market value adjustments and trade-date accounting adjustments are not considered to be earning assets and, as such, the net effect of the adjustments is included in nonearning assets. Tax equivalent (TE) yields are calculated using a marginal tax rate of 35%.