CHAIR M AN’S Shadow s-On- The-Teche, New Iberia letter to shareholders Dear Shareholders,  IBERIABANK’s belief, commitment to excellence and internal focus on accountability for both the goals that we set and the way that we attain them, have made 2002 a very good year for our shareholders, clients, associates and communities.  Our philosophy – that continuous improvement in core operating earnings ultimately leads to an improved stock price – appears to be confirmed by the results exhibited in our stock performances over the last three years. Our stock has been a rewarding investment and stands in stark contrast to the volatile stock market during this same period of time. Not since 1933 to 1936, has our nation experienced three consecutive years of negative returns in stock prices, as measured by the Dow Jones Industrial Average. The Dow, S&P 500 and the Russell 2000 Index (of which IBERIABANK Corporation is a member) all reported substantial negative returns during each of the last three years. In contrast, our company’s stock increased 58%, 27% and 45% in 2000, 2001 and 2002, respectively. Our performance relative to the banking industry as a whole was also extremely favorable. Over the last three years, IBERIABANK Corporation’s common stock price increased 192%. Of 215 publicly traded bank holding companies in the United States with market capitalization in excess of $150 million, our company was the 4th best performer in stock price appreciation over this period. We were also the top performer of 52 publicly traded bank holding companies in the Southeast with market capitalization in excess of $150 million. Most importantly, we remain well grounded. IBERIABANK is committed to each of the markets it serves and to its focus of making local decisions. The Company strategically invests money and time to help ensure that its communities continue to be healthy and stable business environments.  I am proud of our leadership team led by Daryl Byrd and our Board of Directors for their unwavering commitment to a strategic vision that sets IBERIABANK apart from its competitors and peers. I also look forward to continuing our model of continuous improvement and appreciate you, our shareholders, for your support of our new pathways to growth that lie ahead.  Sincerely, William H. Fenstermaker Chairman of the Board of Directors 4