IBERIABANK Corporation Reports Record Operating Earnings
PRNewswire
NEW IBERIA, La.

IBERIABANK Corporation , the holding company of the 114-year-old IBERIABANK (http://www.iberiabank.com), announced record operating earnings for the first quarter of this year. For the quarter ended March 31, 2001, the Company earned $3.5 million, an 18% increase over the same period in 2000. On a per share basis, the Company earned $0.57 per diluted share, up 18% from the same period last year, exceeding average analyst expectations by approximately $0.01 per share.

Daryl Byrd, President and CEO of IBERIABANK Corporation, remarked, "the financial markets experienced tremendous turmoil during the first quarter. In contrast, our Company continues to experience record operating earnings. We firmly believe that improvements in profitability lead to improved shareholder value. Over the last 52 weeks, our stock price increased 71%, while the S&P 500 Index dropped 24%. We continue to be a shareholder-driven company with an emphasis on staying close to our clients."

Total assets at March 31, 2001, were $1.4 billion. Compared to year-end 2000, non-mortgage loans increased $8 million, or approximately 4% on an annual basis, while deposits grew $53 million, or approximately 19% on an annualized basis.

Return on average equity was 10.87% for the first quarter of 2001, down slightly from 10.96% for the fourth quarter of 2000, but up from 10.26% for the first quarter of 2000. The net interest margin for the quarter ended March 31, 2001, was 3.95%, compared to 3.90% reported in both the first and fourth quarters of 2000. The Company's tangible efficiency ratio improved to 55.8% in the most recent quarter, an improvement of 550 basis points compared to 61.3% one-year prior.

Nonperforming assets consisting of nonaccruing loans, accruing loans more than 90 days past due, and foreclosed property, amounted to $9.0 million or 0.65% of total assets at March 31, 2001, compared to $8.0 million or 0.57% of total assets at December 31, 2000. The allowance for loan losses was 1.10% of loans at March 31, 2001, compared to 1.09% at year-end 2000. The allowance for loan losses as a percentage of nonperforming loans was 118% at March 31, 2001, compared to 136% at December 31, 2000.

Book value, or shareholders' equity, per share at March 31, 2001, was $21.86 and tangible book value per share was $15.60. These figures were up 17% and 22%, respectively, from one-year prior. The Company's Tier 1 Leverage Ratio was 7.07% at March 31, 2001, up from 6.67% at year-end 2000. On December 13, 2000, the Company announced the completion of the February 17, 2000 share repurchase program for 300,000 shares of common stock. On that date, the Board of Directors authorized a new share repurchase program. The new program authorized the repurchase of up to 300,000 additional shares of IBERIABANK Corporation common stock. Since the December 13, 2000 announcement, no shares have been purchased under the new program.

IBERIABANK operates 23 offices located in south central Louisiana, 11 offices located in northeast Louisiana, and 7 offices located in the greater New Orleans area.

To the extent that statements in this report relate to the plans, objectives, or future performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and the current economic environment. IBERIABANK Corporation's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. A discussion of factors affecting IBERIABANK Corporation's business and prospects is contained in the Company's periodic filings with the Securities and Exchange Commission.

 

Financial Tables Attached
Financial Tables Attached

FINANCIAL HIGHLIGHTS
(Dollars in thousands except per share data)
For the Three Months
Ended March 31
2001 2000 % Chnage
Income Data
Net Income
$3,491 $2,955 18%
Net Interest Income $12,757 $12,371 3%
Per Share Data
Net Income - Basic
$0.59 $0.48 23%
Net Income - Diluted $0.57 $0.48 18%
Cash Earnings - Diluted $0.67 $0.59 14%

Book Value (End of Period)
$21.86 $18.65 17%
Tangible Book Value (End of Period) $15.60 $12.09 29%
Cash Dividends $0.17 $0.16 6%
Average Balance Sheet Data
Loans
$934,829 $855,758 9%
Earning Assets $1,288,283 $1,261,168 2%
Total Assets $1,377,952 $1,354,588 2%
Deposits $1,160,993 $1,122,490 3%
Shareholders' Equity $130,215 $115,880 12%
-- Diluted (000s) $6,126 $6,100 ---
Key Ratios
Return on Average Assets
1.03% 0.88% %
Return on Average Equity 10.87% 10.26% %
Net Interest Margin (Tax- equivalent Basis) 3.95% 3.90% %
Net Charge-Offs to Average Loans 0.27% 0.13% %
Tangible Efficiency Ratio 55.8% 61.3% %
Average Loans to Average Deposits 80.5% 76.2% %
Nonperforming Assets to Total Assets 0.65% 0.28% %
Allowance For Loan Losses to Loans 1.10% 1.02%   %
Tier 1 Leverage Ratio 7.07% 6.48% %

IBERIABANK CORPORATION CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(Dollars in thousands)

 

INCOME STATEMENT For The Three Months Ended March 31,
2001 2000 % Change
Interest Income $25,787 $24,655 4.6%
Interest Expense $13,030 $12,284 6.1%
Net Interest Income $12,757 $12,371 3.1%
Provision For Loan Losses $714 $481 48.4%
Net Interest Income After Provision For Loan Losses $12,043 11,890 1.3%
Noninterest Income $3,223 $3,159 2.0%
Noninterest Expense $8,921 $9,514 (6.2)%
Goodwill Amortization $798 $828 (3.6)%
Income Before Income Taxes $5,547 $4,707 17.8%
Income Taxes $2,056 $1,752 17.4%
Net Income $3,491 $2,955 18.1%
BALANCE SHEET March 31, 2001 December 31, 2000 % Change
Assets
Cash and Due From Banks
$29,729 $32,000 (7.1)%
Interest-Bearing Deposits in Banks $77,700 $2,541 2,957%
Investment Securities Available for Sale $190,923 $268.223 (28.8)%
Investment Securities Held to Maturit $82,210 $76,322 7.7%
Federal Home Loan Bank Stock $8,108 $7,997 1.4%
Loans Held For Sale $6,696 $3,347 100.1%
Loans Receivable, Net $927,390 $930,286 (0.3)%
Accrued Interest Receivable $7,026 $9,142 (23.1)%
Premises and Equipment $20,960 $21,465 (2.4)%
Goodwill and Acquisition Intangibles $37,997 $38,796 (2.1)%
Other Assets $3,967 $6,043 (34.4)%
Total Assets $1,392,706 $1,396,162 (0.2)%
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-Bearing Deposits $138,887 $129,468 7.3%
Interest-Bearing Deposits $1,057,374 $1,013,719 4.3%
Short-Term Borrowings $2,000 $54,000 (96.3)%
Repurchase Agreements $3,797 $--- 0.0%
Accrued Interest Payable $3,507 $5,480 (36.0)%
Long-Term Debt $47,165 $60,843 (22.5)%
Other Liabilities $7,297 $5,610 30.1%
Total Liabilities $1,260,027 $1,269,120 (0.7)%
Total Shareholders' Equity $132,679 $127,042 4.4%
Total Liabilities and Shareholders' Equity $1,392,706 $1,396,162 (0.2)%

IBERIABANK CORPORATION

LOANS RECEIVABLE

(Dollars in thousands)

 

March 31, 2001 % of Total December 31, 2000 % of Total % change
Residential Mortgage Loans:
Residential 1-4 family
$270,622 28.9% $279,193 29.7% -3.1%
Construction $5,118 0.5% $7,482 0.8% -31.6%
Total Mortgage Loans $275,740 29.4% $286,675 30.5% -3.8%
Commercial Loans:
Business
$81,289 8.7% $78,986 8.4% 2.9%
Real Estate $199,283 21.3% $196,479 20.9% 1.4%
Total Commercial Loans $280,572 29.9% $275,465 29.3% 1.9%
Consumer Loans:
Home Equity
$108,339 11.6% $108,070 11.5% .2%
Automobile $25,446 2.7% $25,297 2.7% 0.6%
Indirect Automobile $209,260 22.3% $205,143 21.8% 2.0%
Credit Card Loans $9,191 1.0% $9559 1.0% -3.8%
Other $29,174 3.1% $30,316 3.2% -3.8%
Total Consumer Loans $381,410 40.7% $378,385 40.2% 0.8%
Total Loans Receivable $937,722 100.0% $940,525 100.0% -0.3%
Allowance for Loan Losses $(10,332) % $(10,239) % %
Loans Receivable, Net $927,390 % $930,286 % %

ASSET QUALITY DATA

(Dollars in thousands)

 

Total Nonperforming Assets 1 $8,991 $7,962
Nonperforming Assets to Total Assets 0.65% 0.57%
Allowance For Loan Losses to Nonperforming Loans 118.1% 135.8%
  1. Nonperforming Assets consist of nonaccruing loans, accruing loans more than 90 days past due and foreclosed property. Nonperforming Assets consist of nonaccruing loans, accruing loans more than 90 days past due and foreclosed property.

DEPOSITS

(Dollars in thousands)

 

March 31, 2001 % of Total December 31, 2000 % of Total % of Change
Noninterest Bearing DDA $138,887 11.6% $129,468 11.3% 7.3%
NOW Accounts $193,099 16.1% $182,668 16.0% 5.7%
Money Market Deposits $79,651 6.7% $75,204 6.6% 5.9%
Total Demand Deposits $411,637 34.4% $387,340 33.9% 6.3%
Savings Deposits $202,317 16.9% $186,782 16.3% 8.3%
Certificates of Deposit $582,307 48.7% $569,065 49.8% 2.3%
Total Deposits $1,196 100.0% $1,143,187 100.0% 4.6%

SOURCE: IBERIABANK Corporation

Contact: Daryl G. Byrd, President and CEO, 337-267-4458, ext. 4708, or
John R. Davis, Senior Executive Vice President, 919-676-7641, both of
IBERIABANK Corporation