IBERIABANK Corporation Announces Proposed Schedule to Declare Preferred Dividends

LAFAYETTE, La., May 16, 2016 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), the holding company of the 129-year-old IBERIABANK, today announced a planned declaration schedule of cash dividends payable on its preferred shares, subject to the discretion of the Board of Directors, in an effort to facilitate the investment community's understanding of the timing and impact of the preferred dividends on the Company's results of operations in 2016.

On August 5, 2015, the Company issued an aggregate of 3,200,000 depositary shares (the "Depositary Shares"), each representing a 1/400th interest in a share of its 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B, par value $1.00 per share (the "Series B Preferred Stock"), with a liquidation preference of $10,000 per share of Series B Preferred Stock (equivalent to $25 per Depositary Share), which represents $80,000,000 in aggregate liquidation preference. When, as, and if declared by the Board of Directors, future dividend payment dates on the Series B Preferred Stock and associated Depositary Shares will be payable semi-annually, in arrears, on February 1 and August 1. The Company's Series B Preferred Stock trades on the NASDAQ Global Select Market under the symbol "IBKCP."

On May 9, 2016, the Company issued an aggregate of 2,300,000 Depositary Shares, each representing a 1/400th ownership interest in a share of the Company's 6.60% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series C, par value $1.00 per share, ("Series C Preferred Stock"), with a liquidation preference of $10,000 per share of Series C Preferred Stock (equivalent to $25 per Depositary Share), which represents $57,500,000 in aggregate liquidation preference. When, as, and if declared by the Board of Directors, future dividend payment dates on the Series C Preferred Stock and associated Depositary Shares will be payable quarterly, in arrears, on February 1, May 1, August 1 and November 1. The Company's Series C Preferred Stock trades on the NASDAQ Global Select Market under the symbol "IBKCO."

For the next four quarters, the Company projects the declaration of the preferred cash dividends referenced above would have the following quarterly reduction to net income available to common shareholders:

Anticipated Date
of Declaration

Series B Preferred
Stock

Series C Preferred
Stock*

Total Preferred
Dividends

Second Quarter 2016

$                      -

$          854,000

$        854,000

Third Quarter 2016

$        2,650,000

$          949,000

$     3,599,000

Fourth Quarter 2016

$                       -

$          949,000

$        949,000

First Quarter 2017

$        2,650,000

$          949,000

$     3,599,000

 

*Dividends on the Series C Preferred Stock declared during the second quarter of 2016 are reduced by the effect of nine days of dividends due to the issuance occurring on May 9, 2016, whereas the remaining quarters include the full impact of the quarterly dividend.

 

IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with $20.1 billion in total assets and $2.5 billion in total shareholders' equity at March 31, 2016.  The Company has 298 combined offices, including 199 bank branch offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, and Georgia, 22 title insurance offices in Arkansas and Louisiana, mortgage representatives in 65 locations in 10 states. The Company has eight locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners, LLC office in New Orleans.

The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC," its Series B Preferred Stock trades on the NASDAQ Global Select Market under the symbol "IBKCP," and its Series C Preferred Stock trades on the NASDAQ Global Select Market under the symbol "IBKCO."  The Company's common stock market capitalization was approximately $2.4 billion, based on the NASDAQ Global Select Market closing common stock price on May 16, 2016.

The following 12 investment firms currently provide equity research coverage on IBERIABANK Corporation:

  • Bank of America Merrill Lynch
  • FBR & Co.
  • FIG Partners, LLC
  • Hovde Group, LLC
  • Jefferies & Co., Inc.
  • Keefe, Bruyette & Woods, Inc.
  • Piper Jaffray & Co.
  • Raymond James & Associates, Inc.
  • Robert W. Baird & Company
  • Sandler O'Neill + Partners, L.P.
  • Stephens, Inc.
  • SunTrust Robinson-Humphrey

Caution About Forward-Looking Statements
This press release contains "forward-looking statements," which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. Due to various factors, actual results may differ materially from our forward-looking statements. Factors that could cause our actual results to differ materially from our forward-looking statements are described under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors" and "Regulation and Supervision" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website, http://www.sec.gov, and the Company's website, http://www.iberiabank.com. To the extent that statements in this press release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology.

Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance.  Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.  Factors that could cause or contribute to such differences include, but are not limited to: the level of market volatility, our ability to execute our growth strategy, including the availability of future bank acquisition opportunities, our ability to execute on our revenue and efficiency improvement initiatives, unanticipated losses related to the completion and integration of mergers and acquisitions, refinements to purchase accounting adjustments for acquired businesses and assets and assumed liabilities in these transactions, adjustments of fair values of acquired assets and assumed liabilities and of deferred taxes in acquisitions, actual results deviating from the Company's current estimates and assumptions of timing and amounts of cash flows, credit risk of our customers, resolution of assets subject to loss share agreements with the FDIC within the coverage periods, effects of the on-going correction in residential real estate prices and  levels of home sales, our ability to satisfy new capital and liquidity standards such as those imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act and those adopted by the Basel Committee on Banking Supervision and federal banking regulators, sufficiency of our allowance for loan losses, changes in interest rates, access to funding sources, reliance on the services of executive management, competition for loans, deposits and investment dollars, competition from competitors with greater financial resources than the Company, reputational risk and social factors, changes in government regulations and legislation, increases in FDIC insurance assessments, geographic concentration of our markets, economic and business conditions in our markets or nationally, including the impact of volatility of oil and gas prices, rapid changes in the financial services industry, significant litigation, cyber-security risks including dependence on our operational, technological, and organizational systems and infrastructure and those of third party providers of those services, hurricanes and other adverse weather events, and valuation of intangible assets. All information in this discussion is as of the date of this press release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

 

SOURCE IBERIABANK Corporation

For further information: Daryl G. Byrd, President and CEO (337) 521-4003; or John R. Davis, Senior Executive Vice President (337) 521-4005