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## INDEPENDENT AUDITORS' REPORT 

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Charles E. Castaing, CPA, Retired Roger E. Hussey, CPA, Retired 

## To the Board of Directors IBERIABANK Corporation 

Samuel R. Lolan, CPA Lori D. Percle, CPA Debbie B. Taylor, CPA Katherine H. Armentor, CPA 

Robin G. Freyou, CPA Dawn K. Gonsoulin, CPA Shalee M. Landry, CPA 

We have audited the accompanying consolidated balance sheets of IBERIABANK Corporation and Subsidiaries as of December 31, 2002 and 2001, and the related consolidated statements of income, shareholders' equity, and cash flows for each of the three years in the period ended December 31, 2002. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. 

We conducted our audits in accordance with U. S. generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of IBERIABANK Corporation and Subsidiaries as of December 31, 2002 and 2001, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2002, in conformity with U. S. generally accepted accounting principles. 

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New Iberia, Louisiana February 6, 2003, except for Note 2 as to which the date is February 28, 2003. 

525 Weeks Street • P.O. Box 14240 • New Iberia, Louisiana 70562-4240 Ph.: 337-364-7221 • Fax: 337-364-7235 • email: info@chlcpa.com 

Members of American Institute of Certified Public Accountants • Society of Louisiana Certified Public Accountants 

