IBERIABANK Corporation Reports Second Quarter Results

LAFAYETTE, La., July 27, 2016 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 129-year-old IBERIABANK (www.iberiabank.com), reported financial results for the second quarter ended June 30, 2016.  For the quarter, the Company reported income available to common shareholders of $50.0 million, or $1.21 fully diluted earnings per common share ("EPS").  On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the second quarter of 2016 was $1.18 per common share (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics).  Both EPS and Core EPS in the second quarter of 2016 were within management's guidance range and exceeded consensus analyst expectations.

Daryl G. Byrd, President and Chief Executive Officer, commented, "We are very pleased to report solid bottom-line financial performance in the second quarter and continued progress toward achieving our strategic goals. During the second quarter, our energy exposure declined materially. In addition, stabilization of credit conditions resulted in a lower provision on a linked quarter basis. We experienced strong loan growth and seasonably strong fee income expansion.  Good revenue growth combined with continued cost containment efforts resulted in improved operating leverage. During this quarter, we also bolstered our capital position through the completion of our second preferred stock offering and bought back common shares in conjunction with our recently authorized buyback program. We believe it was a very active and dynamic quarter."

Byrd continued, "As a result of these actions we saw tremendous momentum on multiple strategic fronts. This progress included hitting the 1.00% mark on return on average assets on an annualized basis, growing tangible book value per share by 3%, bringing the dividend payout ratio to 28%, attaining our non-GAAP core tangible efficiency goal of 60%, progressing on our energy-related loans, and continuing to strengthen our balance sheet. We believe our unique business model creates long-term shareholder value by generating high-quality client growth, while maintaining strong diversification and favorable financial performance. We believe these efforts were evident in our financial and operating results this quarter."

Highlights for the Second Quarter of 2016 and at June 30, 2016:

  • During the second quarter, the Company continued to reduce energy-related exposures as a result of reduced commitments, increased levels of loan pay-downs, and charge-offs of specific energy-related credits. Energy-related loans ("energy loans") decreased $70 million, or 10%, between March 31, 2016 and June 30, 2016, and at June 30, 2016, equated to 4.5% of total loans. At June 30, 2016, the Company had approximately $35 million in aggregate reserves for energy loans and unfunded commitments, a decrease of $4 million, or 10%, since March 31, 2016. At quarter-end, energy-related reserves equated to 5.3% of energy loans outstanding.
  • The Company's net interest margin declined three basis points on a linked quarter basis to 3.61%, which approximated management's expectations. The Company's cash margin declined seven basis points on a linked quarter basis.
  • On a linked quarter basis, the Company's revenues increased $10.4 million, or 5%, and non-GAAP core revenues increased $8.8 million, or 4%. Over the same period, expenses increased $2.1 million, or 1%, and non-GAAP core expenses increased $4.6 million, or 3%. The efficiency ratio improved from 63.3% to 61.3%, while non-GAAP core tangible efficiency ratio improved from 60.3% to 60.0% on a linked quarter basis.
  • Total loan growth was $271 million, or 2%, between March 31, 2016 and June 30, 2016. Legacy loan growth, which excludes all assets covered under FDIC loss share agreements and other non-covered acquired assets (collectively, "Acquired Assets"), increased $456 million, or 4% (16% annualized rate), on a period-end basis and $418 million, or 4% (15% annualized rate), on an average balance basis.
  • Total deposits decreased $399 million, or 2%, between quarter-ends, and increased $34 million, or less than 1%, on an average balance basis.  Non-interest-bearing deposits increased $55 million, or 1%, between quarter-ends and increased $76 million, or 2%, on an average balance basis.

 

Table A - Summary Financial Results

 

(Dollars in thousands, except per share data)

 
                       
 

For the Three Months Ended

 
 

6/30/2016

   

3/31/2016

 

% Change

 

6/30/2015

 

% Change

 

GAAP BASIS:

                     

Net income available to common shareholders

$        49,956

   

$        40,193

 

24.3

 

$        30,836

 

62.0

 

Earnings per common share - diluted

1.21

   

0.97

 

24.7

 

0.79

 

53.2

 
                       

Average gross loans and leases

$ 14,570,945

   

$ 14,354,410

 

1.5

 

$ 13,297,724

 

9.6

 

Average total deposits

15,979,391

   

15,945,069

 

0.2

 

15,132,197

 

5.6

 

Net interest margin (TE)(1)

3.61

%

 

3.64

%

   

3.52

%

   
                       

Total revenues

$      227,670

   

$      217,248

 

4.8

 

$      207,190

 

9.9

 

Total non-interest expense

139,504

   

137,452

 

1.5

 

153,209

 

(8.9)

 

Efficiency ratio (TE) (1)

61.3

%

 

63.3

%

   

73.9

%

   

Return on average assets

1.00

   

0.82

     

0.67

     

Return on average common equity

8.05

   

6.59

     

5.54

     
                       

NON-GAAP BASIS (2):

                     

Core revenues

$      225,881

   

$      217,052

 

4.1

 

$      205,924

 

9.7

 

Core non-interest expense

139,443

   

134,860

 

3.4

 

136,450

 

2.2

 

Core earnings per common share - diluted

1.18

   

1.01

 

16.8

 

1.05

 

12.4

 

Core tangible efficiency ratio (TE) (1) (4)

60.0

%

 

60.3

%

   

64.4

%

   

Core return on average assets

0.98

   

0.85

     

0.89

     

Core return on average tangible common equity (4)

11.64

   

10.26

     

11.14

     

Net interest margin (TE) - cash basis(1)(3)

3.41

   

3.48

     

3.29

     
 

(1)  Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

(2)  See Table 12 and Table 13 for GAAP to Non-GAAP reconciliations.

(3)  See Table 11 for adjustments related to purchase discounts on acquired loans and related accretion and the impact of the FDIC indemnification asset.

(4)  Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

 

Operating Results

On a linked quarter basis, average loan volume (including the FDIC loss share receivable) increased $211 million, or 1%, and the associated tax-equivalent yield decreased two basis points.  Over that period, average legacy loans increased $418 million, or 4%, with a decrease in yield of two basis points, and average Acquired Assets (including the FDIC loss share receivable) decreased $207 million, or 7%, and the yield increased 17 basis points.  All other average earning assets, including investment securities, mortgage loans held for sale, and interest-bearing deposits in other institutions, increased a total of $70 million, or 2%.

On a linked quarter basis, average earning assets increased $282 million, or 2%, and the average earning asset yield decreased two basis points. Average interest-bearing liabilities increased $158 million, or 1%, and the cost of interest-bearing liabilities increased one basis point.  As a result, the net interest spread and margin each declined three basis points.  On a linked quarter basis, tax-equivalent net interest income increased $1.3 million, or 1%.

In the second quarter of 2016, non-interest income increased $9.1 million, or 16%, compared to the first quarter of 2016.  Non-core non-interest income totaled $1.8 million in the second quarter of 2016, as a result of gains on the sale of investment securities sold under favorable temporary market conditions.  Core non-interest income increased $7.5 million, or 13%, on a linked quarter basis.  The primary changes in core non-interest income on a linked quarter basis included:

  • Increased mortgage income of $6.1 million, or 30%; and
  • Increased title revenues of $1.4 million, or 29%.

In the second quarter of 2016, the Company originated $709 million in residential mortgage loans, up $193 million, or 37%, on a linked quarter basis.  Client loan refinancing opportunities accounted for approximately 16% of mortgage loan applications in the second quarter of 2016, compared to 23% on a linked quarter basis.  The Company sold $673 million in mortgage loans during the second quarter of 2016, up $185 million, or 38%, on a linked quarter basis.  Loans held for sale increased from $193 million at March 31, 2016, to $230 million at June 30, 2016.  The mortgage origination locked pipeline remained steady at $345 million between quarter-ends, and was up $16 million, or 5%, over the comparable period last year.  At July 22, 2016, the locked pipeline was $357 million, up slightly compared to June 30, 2016.  The improvement in mortgage income on a linked quarter basis was primarily the result of seasonal demand leading to higher volumes of mortgage loan originations and a stable mortgage locked pipeline.

Non-interest expense increased $2.1 million, or 1%, on a linked quarter basis, while non-core expense decreased $2.5 million and core expense increased $4.6 million, or 3%.  Core expense changes included the following on a linked-quarter basis:

  • Increased mortgage commission expenses of $2.7 million as a result of higher mortgage loan origination volumes;
  • Increased annual incentives expense of $1.7 million;
  • Increased other salaries and benefits expense of $0.3 million; and
  • Increased professional services expense of $0.6 million; partially offset by
  • Decreased travel and entertainment expenses of $0.4 million.

The Company's core tangible efficiency ratio in the second quarter of 2016 was 60.0%, down from 60.3% in the first quarter of 2016.  The Company continues to focus on expense containment and revenue enhancement strategies intended to further improve its targeted core tangible efficiency ratio.  

 

Table B - Summary Financial Condition Results

(Dollars in thousands, except per share data)

                           
   

As of and For the Three Months Ended

   

6/30/2016

   

3/31/2016

   

% Change

 

6/30/2015

   

% Change

PERIOD-END BALANCES:

                       
 

Total loans and leases

$ 14,722,561

   

$ 14,451,244

   

1.9

 

$ 13,950,563

   

5.5

 

Legacy loans and leases

11,984,849

   

11,528,697

   

4.0

 

10,395,553

   

15.3

 

Total deposits

15,862,027

   

16,260,566

   

(2.5)

 

16,119,541

   

(1.6)

                           

ASSET QUALITY RATIOS (LEGACY):

                       
 

Past due loans to total loans (1)

1.18

%

 

1.18

%

     

0.78

%

   
 

Non-performing assets to total assets (2)

0.63

   

0.65

       

0.55

     
 

Classified assets to total assets (3)

2.09

   

2.21

       

0.84

     
                           

CAPITAL RATIOS:

                       
 

Tangible common equity ratio (Non-GAAP) (4) (5)

9.00

%

 

8.83

%

     

8.68

%

   
 

Tier 1 leverage ratio

9.70

   

9.41

       

9.24

     
 

Total risk-based capital ratio

12.44

   

12.21

       

11.49

     
                           

PER COMMON SHARE DATA:

                       
 

Book value

$          61.05

   

$          59.93

   

1.9

 

$          57.53

   

6.1

 

Tangible book value (4) (5)

42.53

   

41.38

   

2.8

 

39.00

   

9.1

 

Closing stock price

59.73

   

51.27

   

16.5

 

68.23

   

(12.5)

 

Cash dividends

0.34

   

0.34

   

 

0.34

   

   

(1)

Past due loans include non-accruing loans.

(2)

Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.

(3)

Classified assets consist of $364 million, $378 million and $131 million at June 30, 2016, March 31, 2016, and June 30, 2015, respectively.

(4)

See Table 12 and Table 13 for GAAP to Non-GAAP reconciliations.

(5)

Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

 

Loans

Total loans increased $271 million, or 2%, between March 31, 2016, and June 30, 2016.  Over that period, Acquired Assets decreased $185 million, or 6%, and legacy loans increased $456 million, or 4% (16% annualized rate), including a decrease in total energy loans of $70 million, or 10%, and a decline in indirect automobile loans of $31 million, or 15%.  During the second quarter of 2016, legacy commercial loans increased $358 million, or 4% (which included $52 million in small business loan growth, up 5%, or 18% annualized rate), legacy consumer loans increased $34 million, or 1%, and legacy mortgage loans increased $64 million, or 9% (35% annualized rate).  Period-end loan growth during the second quarter of 2016 was strongest in the Memphis, New Orleans, Orlando, Southeast Florida, and Tampa markets.  Funded loan origination and renewal mix in the second quarter of 2016 was 36% fixed rate and 64% floating rate, and total loans outstanding (excluding non-accruals) were 44% fixed and 56% floating.  Commitments originated and/or renewed during the second quarter of 2016 were a record level of $1.6 billion (up 17% on a linked quarter basis).  Loans originated and/or renewed during the second quarter of 2016 totaled $1.0 billion (up 14% on a linked quarter basis).  At June 30, 2016, the Company's commercial loan pipeline was approximately $1.0 billion.

 

Table C - Period-End Loans

(Dollars in thousands, except per share data)

                                 
 

As of and For the Three Months Ended

             

Linked Qtr Change

 

Year/Year Change

 

Mix

 

6/30/2016

 

3/31/2016

 

6/30/2015

 

$

%

 

Annualized

 

$

%

 

6/30/2016

3/31/2016

Legacy loans:

                               

Commercial

$   8,784,789

 

$   8,427,154

 

$   7,538,703

 

357,635

4.2

 

16.8 %

 

1,246,086

16.5

 

73.3 %

73.1 %

Residential mortgage

794,701

 

730,621

 

616,497

 

64,080

8.8

 

35.2 %

 

178,204

28.9

 

6.6 %

6.3 %

Consumer

2,405,359

 

2,370,922

 

2,240,353

 

34,437

1.5

 

6.0 %

 

165,006

7.4

 

20.1 %

20.6 %

Total legacy loans

11,984,849

 

11,528,697

 

10,395,553

 

456,152

4.0

 

16.0 %

 

1,589,296

15.3

 

100.0 %

100.0 %

                                 

Acquired loans:

                               

Balance at beginning of period

2,922,547

 

3,136,908

 

2,978,592

 

(214,361)

(6.8)

     

(56,045)

(1.9)

     

Loans acquired during the period

 

 

801,126

 

     

(801,126)

(100.0)

     

Net paydown activity

(184,835)

 

(214,361)

 

(224,708)

 

29,526

(13.8)

     

39,873

(17.7)

     

Total acquired loans

2,737,712

 

2,922,547

 

3,555,010

 

(184,835)

(6.3)

     

(817,298)

(23.0)

     

Total loans

$ 14,722,561

 

$ 14,451,244

 

$ 13,950,563

 

271,317

1.9

     

771,998

5.5

     

 

Energy loans outstanding totaled $662 million at June 30, 2016, down $70 million, or 10%, compared to March 31, 2016, and equated to approximately 4.5% of total loans (down from 5.1% at March 31, 2016).  Energy-related commitments totaled $1.1 billion at June 30, 2016, down $144 million, or 12%, compared to March 31, 2016. Loans to exploration and production companies accounted for 49% of energy loans outstanding and 53% of energy loan commitments at June 30, 2016.  Midstream companies accounted for 19% of each energy loans and energy loan commitments, and service companies accounted for 32% of energy loans and 28% of energy loan commitments.  At June 30, 2016, $61 million in energy loans were on non-accrual status (compared to $46 million at March 31, 2016), and $3 million in energy loans were past due greater than 30 days at quarter-end.  At June 30, 2016,  approximately 37% of energy loans were classified and 47% were criticized, compared to 39% and 49%, respectively at March 31, 2016.  To date, the Company has experienced $8 million in energy-related charge-offs.  Additional information regarding the Company's energy loan and commitment exposure is provided in Table 8 of this press release and in the supplemental investor presentation.

At June 30, 2016, the Company's indirect automobile lending business had approximately $182 million in loans outstanding, down $31 million, or 15%, compared to March 31, 2016 (1.2% of total loans outstanding compared to 1.5% at March 31, 2016).

Deposits

Total deposits decreased $399 million, or 2%, between March 31, 2016 and June 30, 2016.  Over that period, non-interest-bearing deposits increased $55 million, or 1%, and equated to 29% of total deposits at June 30, 2016.  Similarly, NOW accounts increased $25 million, or  less than 1%, savings deposits increased $25 million, or 3%, and time deposits increased $69 million, or 3%. Between March 31, 2016 and June 30, 2016, money market accounts decreased $573 million, or 10%.  The decline in money market deposit balances was primarily the result of movement in a few large commercial client balances due to seasonal and specific deployment opportunities. Deposit growth during the second quarter of 2016 was strongest in the Tampa, Birmingham, and Baton Rouge markets.  

 

Table D - Period-End Deposits

(Dollars in thousands)

             

Linked Qtr Change

 

Year/Year Change

 

Mix

 

6/30/2016

 

3/31/2016

 

6/30/2015

 

$

%

Annualized

 

$

%

 

6/30/2016

3/31/2016

Non-interest-bearing

$   4,539,254

 

$   4,484,024

 

$   4,166,850

 

55,230

1.2

4.9 %

 

372,404

8.9

 

28.6 %

27.6 %

NOW accounts

2,985,284

 

2,960,562

 

2,623,697

 

24,722

0.8

3.3 %

 

361,587

13.8

 

18.8 %

18.2 %

Money market accounts

5,391,390

 

5,964,029

 

6,199,405

 

(572,639)

(9.6)

(38.4)%

 

(808,015)

(13.0)

 

34.0 %

36.7 %

Savings accounts

796,855

 

772,117

 

725,633

 

24,738

3.2

12.8 %

 

71,222

9.8

 

5.0 %

4.7 %

Time deposits

2,149,244

 

2,079,834

 

2,403,956

 

69,410

3.3

13.3 %

 

(254,712)

(10.6)

 

13.6 %

12.8 %

Total deposits

$ 15,862,027

 

$ 16,260,566

 

$ 16,119,541

 

(398,539)

(2.5)

(9.8)%

 

(257,514)

(1.6)

 

100.0 %

100.0 %

 

On an average balance and linked quarter basis, non-interest-bearing deposits increased $76 million, or 2%, and interest-bearing deposits decreased $41 million, or less than 1%.  The rate on average interest-bearing deposits in the second quarter of 2016 was 0.42%, unchanged on a linked quarter basis.

Other Assets And Funding

On an average balance and linked quarter basis, the investment portfolio was stable at $2.9 billion in the second quarter of 2016.  On a period-end basis, the investment portfolio equated to $2.9 billion, or 14% of total assets at June 30, 2016, unchanged compared to March 31, 2016.  The investment portfolio had an effective duration of 2.7 years at June 30, 2016, compared to 2.8 years at March 31, 2016.  The investment portfolio had a $52 million unrealized gain at June 30, 2016, up from $39 million at March 31, 2016.  The average yield on investment securities decreased seven basis points on a linked quarter basis, to 2.18% in the second quarter of 2016.  The Company holds in its investment portfolio primarily government agency securities.  Municipal securities comprised 11% of total investments at June 30, 2016.  The Company holds for investment no sovereign debt, equity securities, trust preferred securities, or derivative exposure to foreign counterparties.

On a linked quarter basis, average short-term borrowings (including repurchase agreements) increased $130 million, or 26%, and the cost of short-term borrowings increased three basis points.  At June 30, 2016, short-term borrowings (including repurchase agreements) increased $267 million, or 54%, compared to March 31, 2016.  On a linked quarter basis, average long-term debt increased $70 million, or 13%, and the cost of long-term debt decreased 11 basis points to 2.24%.  The cost of average interest-bearing liabilities was 0.50% in the second quarter of 2016, up one basis point on a linked quarter basis.

Asset Quality

Between March 31, 2016 and June 30, 2016, legacy non-performing assets ("NPAs") decreased $1 million, or 1%.  At June 30, 2016, NPAs included $8 million in former bank branches and related real estate, a decrease of 28% compared to March 31, 2016.  At June 30, 2016, legacy NPAs equated to 0.63% of total assets, down from 0.65% at March 31, 2016, and 0.59% of total assets excluding bank-related properties, unchanged from March 31, 2016.

Legacy loans past due 30 days or more (excluding non-accruing loans) increased $4 million, or 9%, and represented 0.39% of total legacy loans at June 30, 2016, compared to 0.37% at March 31, 2016.

Net charge-offs totaled $11.9 million in the second quarter of 2016, up $7.9 million compared to the first quarter of 2016.  Annualized net charge-offs equated to 0.33% of average loans in the second quarter of 2016, up 22 basis points on a linked quarter basis.  Energy loans accounted for approximately 65% of the net charge-offs incurred during the second quarter of 2016.  The energy-related net charge-offs were covered through specific reserves accrued in prior quarters.  The Company's provision for loan losses decreased $3.0 million, or 20%, on a linked quarter basis to $11.9 million.

Capital Position

At June 30, 2016, the Company reported a non-GAAP tangible common equity ratio of 9.00%, up 17 basis points compared to March 31, 2016, and the preliminary Tier 1 leverage ratio was 9.70%, up 29 basis points compared to March 31, 2016. The Company's preliminary calculation of its total risk-based capital ratio at June 30, 2016, was 12.44%, up 23 basis points compared to March 31, 2016.

At June 30, 2016, book value per common share was $61.05, up $1.12 per share, or 2%, compared to March 31, 2016. Tangible book value per common share was $42.53, up $1.15 per share, or 3%, compared to March 31, 2016.  Based on the closing stock price of the Company's common stock of $63.38 per share on July 27, 2016, this price equated to 1.04 times June 30, 2016 book value per common share and 1.49 times June 30, 2016 tangible book value per common share.

Cash Dividends On Common Stock.  On June 20, 2016, the Company declared a quarterly cash dividend of $0.34 per common share. This common dividend level equated to an annualized dividend rate of $1.36 per common share.  Based on the Company's closing common stock price on July 27, 2016, the indicated dividend yield was 2.15% per common share. The payment of dividends is at the discretion of the Board of Directors.

Series B Preferred Stock.  On August 5, 2015, the Company sold 3.2 million depositary shares, each representing a 1/400th interest in a share of non-cumulative perpetual preferred stock. The Series B preferred stock has an initial coupon equal to 6.625% for a period of 10 years, and thereafter floats at a rate of LIBOR plus 426.2 basis points. The Company raised approximately $80 million in gross proceeds from the transaction.  On July 5, 2016, the Company declared a semi-annual cash dividend of $0.828 per depositary share that is payable on August 1, 2016.

Series C Preferred Stock.  On May 9, 2016, the Company sold 2.3 million depositary shares, each representing a 1/400th interest in a share of non-cumulative perpetual preferred stock. The Series C preferred stock has an initial coupon equal to 6.60% for a period of 10 years, and thereafter floats at a rate of LIBOR plus 492 basis points. The Company raised approximately $57.5 million in gross proceeds from the transaction.  On June 27, 2016, the Company declared a quarterly cash dividend of $0.37 per depositary share that is payable on August 1, 2016.

Common Stock Repurchase Program.  On May 4, 2016, the Board of Directors of the Company authorized the repurchase of up to 950,000 shares of the Company's common stock. During the second quarter of 2016, the Company repurchased 202,506 common shares at a weighted average price of $57.61 per common share.

IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company with 299 combined offices, including 199 bank branch offices and three loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, and Georgia, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 64 locations in 10 states.  The Company has eight locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners L.L.C. office in New Orleans.

The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC". The Company's Series B Preferred Stock and Series C Preferred Stock trade on the NASDAQ Global Select Market under the symbols "IBKCP" and "IBKCO", respectively.  The Company's common stock market capitalization was approximately $2.6 billion, based on the NASDAQ Global Select Market closing stock price on July 27, 2016.

The following 12 investment firms currently provide equity research coverage on the Company:

  • 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

Conference Call

In association with this earnings release, the Company will host a live conference call to discuss the financial results for the quarter just completed. The telephone conference call will be held on Thursday, July 28, 2016, beginning at 8:30 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 8824131.  A replay of the call will be available until midnight Central Time on August 4, 2016 by dialing 1-877-344-7529. The confirmation code for the replay is 10089124.  The Company has prepared a PowerPoint presentation that supplements information contained in this press release.  The PowerPoint presentation may be accessed on the Company's web site, www.iberiabank.com, under "Investor Relations" and then "Financial Information" and "Presentations."

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with GAAP. The Company's management uses these non-GAAP financial measures in their analysis of the Company's performance. Non-GAAP measures in this press release include but are not limited to descriptions such as core, tangible, and pre-tax pre-provision. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that in management's opinion can distort period-to-period comparisons of the Company's performance. Transactions that are typically excluded from non-GAAP performance measures include realized and unrealized gains/losses on former bank owned real estate, realized gains/losses on securities, income tax gains/losses, merger related charges and recoveries, litigation charges and recoveries, and debt repayment penalties. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.  Reconciliations of GAAP to non-GAAP disclosures are presented in the supplemental tables at the end of this release.  Please refer to the supplemental tables for these reconciliations.

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, utilization of non-GAAP financial measures, 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, compliance with laws and regulations, 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 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.  

 

Table 1 - IBERIABANK CORPORATION

 

FINANCIAL HIGHLIGHTS

 

(Dollars in thousands, except per share data)

 
                             
   

As of and For the Three Months Ended

 

INCOME DATA:

6/30/2016

   

3/31/2016

   

% Change

 

6/30/2015

   

% Change

 
 

Net interest income

$  162,753

   

$  161,403

   

0.8

 

$  145,677

   

11.7

 
 

Net interest income (TE) (1)

165,085

   

163,764

   

0.8

 

147,673

   

11.8

 
 

Total revenues

227,670

   

217,248

   

4.8

 

207,190

   

9.9

 
 

Provision for loan losses

11,866

   

14,905

   

(20.4)

 

8,790

   

35.0

 
 

Non-interest expense

139,504

   

137,452

   

1.5

 

153,209

   

(8.9)

 
 

Net income available to common shareholders

49,956

   

40,193

   

24.3

 

30,836

   

62.0

 
                             

PER COMMON SHARE DATA:

                       
 

Earnings available to common shareholders - basic

$        1.21

   

$        0.98

   

23.5

 

$        0.79

   

53.2

 
 

Earnings available to common shareholders - diluted

1.21

   

0.97

   

24.7

 

0.79

   

53.2

 
 

Core earnings (Non-GAAP) (2)

1.18

   

1.01

   

16.8

 

1.05

   

12.4

 
 

Book value

61.05

   

59.93

   

1.9

 

57.53

   

6.1

 
 

Tangible book value(2)(3)

42.53

   

41.38

   

2.8

 

39.00

   

9.1

 
 

Closing stock price

59.73

   

51.27

   

16.5

 

68.23

   

(12.5)

 
 

Cash dividends

0.34

   

0.34

   

 

0.34

   

 
                             

KEY RATIOS AND OTHER DATA (6):

                         
 

Net interest margin (TE) (1)

3.61

%

 

3.64

%

     

3.52

%

     
 

Efficiency ratio

61.3

   

63.3

       

73.9

       
 

Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) (3)

60.0

   

60.3

       

64.4

       
 

Return on average assets

1.00

   

0.82

       

0.67

       
 

Return on average common equity

8.05

   

6.59

       

5.54

       
 

Core return on average tangible common equity (Non-GAAP) (2)(3)

11.64

   

10.26

       

11.14

       
 

Effective tax rate

33.4

   

34.1

       

31.8

       
 

Full-time equivalent employees

3,122

   

3,112

       

3,215

       
                             

CAPITAL RATIOS:

                         
 

Tangible common equity ratio (Non-GAAP)(2) (3)

9.00

%

 

8.83

%

     

8.68

%

     
 

Tangible common equity to risk-weighted assets (3)

10.14

   

10.14

       

9.89

       
 

Tier 1 leverage ratio (4)

9.70

   

9.41

       

9.24

       
 

Common equity Tier 1 (CET 1) (transitional) (4)

10.06

   

10.11

       

9.97

       
 

Common equity Tier 1 (CET 1) (fully phased-in) (4)

9.99

   

10.02

       

9.71

       
 

Tier 1 capital (transitional) (4)

10.83

   

10.56

       

10.06

       
 

Total risk-based capital ratio(4)

12.44

   

12.21

       

11.49

       
 

Common stock dividend payout ratio

28.0

   

34.9

       

45.3

       
 

Classified assets to Tier 1 capital

25.1

   

28.4

       

20.0

       
                             

ASSET QUALITY RATIOS (LEGACY):

                         
 

Non-performing assets to total assets (5)

0.63

%

 

0.65

%

     

0.55

%

     
 

Allowance for loan losses to loans

0.89

   

0.92

       

0.81

       
 

Net charge-offs to average loans (annualized)

0.38

   

0.15

       

0.14

       
 

Non-performing assets to total loans and OREO (5)

0.92

   

0.96

       

0.83

       
   

(1)

Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

(2)

See Table 12 and Table 13 for GAAP to Non-GAAP reconciliations.

(3)

Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

(4)

Capital ratios as of June 30, 2016 are estimated.

(5)

Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.

(6)

All ratios are calculated on an annualized basis for the periods indicated.

 

Table 2 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Dollars in thousands, except per share data)

                               
 

For the Three Months Ended

         

Linked Qtr Change

             

Year/Year Change

 

6/30/2016

 

3/31/2016

 

$

%

 

12/31/2015

 

9/30/2015

 

6/30/2015

 

$

%

Interest income

$ 178,694

 

$ 176,936

 

1,758

1.0

 

$ 176,651

 

$ 171,077

 

$ 160,545

 

18,149

11.3

Interest expense

15,941

 

15,533

 

408

2.6

 

15,491

 

15,960

 

14,868

 

1,073

7.2

Net interest income

162,753

 

161,403

 

1,350

0.8

 

161,160

 

155,117

 

145,677

 

17,076

11.7

Provision for loan losses

11,866

 

14,905

 

(3,039)

(20.4)

 

11,711

 

5,062

 

8,790

 

3,076

35.0

Net interest income after provision for loan losses

150,887

 

146,498

 

4,389

3.0

 

149,449

 

150,055

 

136,887

 

14,000

10.2

Mortgage income

25,991

 

19,940

 

6,051

30.3

 

16,765

 

20,628

 

25,246

 

745

3.0

Service charges on deposit accounts

10,940

 

10,951

 

(11)

(0.1)

 

11,431

 

11,342

 

10,162

 

778

7.7

Title revenue

6,135

 

4,745

 

1,390

29.3

 

5,435

 

6,627

 

6,146

 

(11)

(0.2)

Broker commissions

3,712

 

3,823

 

(111)

(2.9)

 

4,130

 

3,839

 

5,461

 

(1,749)

(32.0)

ATM/debit card fee income

3,650

 

3,503

 

147

4.2

 

3,569

 

3,562

 

3,583

 

67

1.9

Income from bank owned life insurance

1,411

 

1,202

 

209

17.4

 

1,096

 

1,093

 

1,075

 

336

31.3

Gain on sale of available-for-sale securities

1,789

 

196

 

1,593

812.8

 

6

 

280

 

903

 

886

98.1

Other non-interest income

11,289

 

11,485

 

(196)

(1.7)

 

10,071

 

10,107

 

8,937

 

2,352

26.3

Total non-interest income

64,917

 

55,845

 

9,072

16.2

 

52,503

 

57,478

 

61,513

 

3,404

5.5

Salaries and employee benefits

85,105

 

80,742

 

4,363

5.4

 

83,455

 

82,416

 

84,019

 

1,086

1.3

Occupancy and equipment

16,813

 

16,907

 

(94)

(0.6)

 

16,928

 

17,987

 

17,366

 

(553)

(3.2)

Amortization of acquisition intangibles

2,109

 

2,113

 

(4)

(0.2)

 

1,795

 

2,338

 

2,155

 

(46)

(2.1)

Other non-interest expense

35,477

 

37,690

 

(2,213)

(5.9)

 

36,797

 

42,227

 

49,669

 

(14,192)

(28.6)

Total non-interest expense

139,504

 

137,452

 

2,052

1.5

 

138,975

 

144,968

 

153,209

 

(13,705)

(8.9)

Income before income taxes

76,300

 

64,891

 

11,409

17.6

 

62,977

 

62,565

 

45,191

 

31,109

68.8

Income tax expense

25,490

 

22,122

 

3,368

15.2

 

18,570

 

20,090

 

14,355

 

11,135

77.6

Net income

50,810

 

42,769

 

8,041

18.8

 

44,407

 

42,475

 

30,836

 

19,974

64.8

Preferred stock dividends

854

 

2,576

 

(1,722)

(66.8)

 

 

 

 

854

Net income available to common shareholders

$   49,956

 

$   40,193

 

9,763

24.3

 

$   44,407

 

$   42,475

 

$   30,836

 

19,120

62.0

                               

Income available to common shareholders - basic

$   49,956

 

$   40,193

 

9,763

24.3

 

$   44,407

 

$   42,475

 

$   30,836

 

19,120

62.0

Earnings allocated to unvested restricted stock

(540)

 

(460)

 

(80)

17.4

 

(505)

 

(492)

 

(355)

 

(185)

52.1

Income allocated to common shareholders

$   49,416

 

$   39,733

 

9,683

24.4

 

$   43,902

 

$   41,983

 

$   30,481

 

18,935

62.1

                               

Earnings per common share - basic

$       1.21

 

$       0.98

 

0.23

23.5

 

$       1.08

 

$       1.04

 

$       0.79

 

0.42

53.2

                               

Earnings per common share - diluted

1.21

 

0.97

 

0.24

24.7

 

1.08

 

1.03

 

0.79

 

0.42

53.2

Impact of non-core items (Non-GAAP) (1)

(0.03)

 

0.04

 

(0.07)

(175.0)

 

0.03

 

0.04

 

0.26

 

(0.29)

(111.5)

Earnings per share - diluted, excluding non-core items (Non-GAAP) (1)

$       1.18

 

$       1.01

 

0.17

16.8

 

$       1.11

 

$       1.07

 

$       1.05

 

0.13

12.4

                               

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)

                             

Weighted average common shares outstanding - basic

41,232

 

41,186

 

46

0.1

 

40,996

 

40,995

 

39,015

 

2,217

5.7

Weighted average common shares outstanding - diluted

40,908

 

40,765

 

143

0.4

 

40,597

 

40,614

 

38,667

 

2,241

5.8

Book value shares (period end) 

41,039

 

41,232

 

(193)

(0.5)

 

41,140

 

41,129

 

41,117

 

(78)

(0.2)

 

(1)  See Table 12 and Table 13 for GAAP to Non-GAAP reconciliations.

 

Table 3 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Dollars in thousands, except per share data)

             
 

For the Six Months Ended

 

6/30/2016

 

6/30/2015

 

$ Change

% Change

Interest income

$ 355,630

 

$ 299,130

 

56,500

18.9

Interest expense

31,474

 

27,649

 

3,825

13.8

Net interest income

324,156

 

271,481

 

52,675

19.4

Provision for loan losses

26,771

 

14,135

 

12,636

89.4

Net interest income after provision for loan losses

297,385

 

257,346

 

40,039

15.6

Mortgage income

45,931

 

43,269

 

2,662

6.2

Service charges on deposit accounts

21,891

 

19,424

 

2,467

12.7

Title revenue

10,880

 

10,775

 

105

1.0

Broker commissions

7,535

 

9,623

 

(2,088)

(21.7)

ATM/debit card fee income

7,153

 

6,858

 

295

4.3

Income from bank owned life insurance

2,613

 

2,167

 

446

20.6

Gain on sale of available-for-sale securities

1,985

 

1,289

 

696

54.0

Other non-interest income

22,774

 

17,007

 

5,767

33.9

Total non-interest income

120,762

 

110,412

 

10,350

9.4

Salaries and employee benefits

165,847

 

156,715

 

9,132

5.8

Occupancy and equipment

33,720

 

33,626

 

94

0.3

Amortization of acquisition intangibles

4,222

 

3,678

 

544

14.8

Other non-interest expense

73,167

 

92,343

 

(19,176)

(20.8)

Total non-interest expense

276,956

 

286,362

 

(9,406)

(3.3)

Income before income taxes

141,191

 

81,396

 

59,795

73.5

Income tax expense

47,612

 

25,434

 

22,178

87.2

Net income

93,579

 

55,962

 

37,617

67.2

Preferred stock dividends

3,430

 

 

3,430

Net income available to common shareholders

$   90,149

 

$   55,962

 

34,187

61.1

             

Income available to common shareholders - basic

$   90,149

 

$   55,962

 

34,187

61.1

Earnings allocated to unvested restricted stock

(1,003)

 

(675)

 

(328)

48.6

Income allocated to common shareholders

$   89,146

 

$   55,287

 

33,859

61.2

             

Earnings per common share - basic

$       2.19

 

$       1.54

 

0.65

42.2

             

Earnings per common share - diluted

$       2.18

 

$       1.54

 

0.64

41.6

Impact of non-core items (Non-GAAP) (1)

0.01

 

0.46

 

(0.45)

(97.8)

Earnings per share - diluted, excluding non-core items (Non-GAAP) (1)

$       2.19

 

$       2.00

 

0.19

9.5

             

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)

           

Weighted average common shares outstanding - basic

41,209

 

36,352

 

4,857

13.4

Weighted average common shares outstanding - diluted

40,836

 

35,966

 

4,870

13.5

Book value shares (period end) 

41,039

 

41,117

 

(78)

(0.2)

 

(1)  See Table 12 and Table 13 for GAAP to Non-GAAP reconciliations.

 

TABLE 4 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

                                   

PERIOD-END BALANCES

       

Linked Qtr Change

             

Year/Year Change

ASSETS

6/30/2016

 

3/31/2016

 

$

 

%

 

12/31/2015

 

9/30/2015

 

6/30/2015

 

$

 

%

Cash and due from banks

$      288,141

 

$      300,207

 

(12,066)

 

(4.0)

 

$      241,650

 

$      370,657

 

$      300,257

 

(12,116)

 

(4.0)

Interest-bearing deposits in other banks

417,157

 

696,448

 

(279,291)

 

(40.1)

 

268,617

 

311,615

 

591,018

 

(173,861)

 

(29.4)

Total cash and cash equivalents

705,298

 

996,655

 

(291,357)

 

(29.2)

 

510,267

 

682,272

 

891,275

 

(185,977)

 

(20.9)

Investment securities available for sale

2,776,015

 

2,755,425

 

20,590

 

0.7

 

2,800,286

 

2,827,805

 

2,413,158

 

362,857

 

15.0

Investment securities held to maturity

92,904

 

96,117

 

(3,213)

 

(3.3)

 

98,928

 

98,330

 

101,475

 

(8,571)

 

(8.4)

Total investment securities

2,868,919

 

2,851,542

 

17,377

 

0.6

 

2,899,214

 

2,926,135

 

2,514,633

 

354,286

 

14.1

Mortgage loans held for sale

229,653

 

192,545

 

37,108

 

19.3

 

166,247

 

202,168

 

220,765

 

8,888

 

4.0

Loans, net of unearned income

14,722,561

 

14,451,244

 

271,317

 

1.9

 

14,327,428

 

14,117,019

 

13,950,563

 

771,998

 

5.5

Allowance for loan losses

(147,452)

 

(146,557)

 

(895)

 

0.6

 

(138,378)

 

(130,254)

 

(128,149)

 

(19,303)

 

15.1

Loans, net

14,575,109

 

14,304,687

 

270,422

 

1.9

 

14,189,050

 

13,986,765

 

13,822,414

 

752,695

 

5.4

Loss share receivable

29,224

 

33,564

 

(4,340)

 

(12.9)

 

39,878

 

43,443

 

50,452

 

(21,228)

 

(42.1)

Premises and equipment

311,173

 

314,615

 

(3,442)

 

(1.1)

 

323,902

 

333,273

 

342,949

 

(31,776)

 

(9.3)

Goodwill and other intangibles

763,387

 

768,235

 

(4,848)

 

(0.6)

 

765,655

 

766,589

 

765,813

 

(2,426)

 

(0.3)

Other assets

678,092

 

630,720

 

47,372

 

7.5

 

609,855

 

593,580

 

630,627

 

47,465

 

7.5

Total assets

$ 20,160,855

 

$ 20,092,563

 

68,292

 

0.3

 

$ 19,504,068

 

$ 19,534,225

 

$ 19,238,928

 

921,927

 

4.8

                                   

LIABILITIES AND SHAREHOLDERS' EQUITY

                       

Non-interest-bearing deposits

$   4,539,254

 

$   4,484,024

 

55,230

 

1.2

 

$   4,352,229

 

$   4,392,808

 

$   4,166,850

 

372,404

 

8.9

NOW accounts

2,985,284

 

2,960,562

 

24,722

 

0.8

 

2,974,176

 

2,635,021

 

2,623,697

 

361,587

 

13.8

Savings and money market accounts

6,188,245

 

6,736,146

 

(547,901)

 

(8.1)

 

6,727,720

 

6,999,863

 

6,925,038

 

(736,793)

 

(10.6)

Certificates of deposit

2,149,244

 

2,079,834

 

69,410

 

3.3

 

2,124,623

 

2,275,373

 

2,403,956

 

(254,712)

 

(10.6)

Total deposits

15,862,027

 

16,260,566

 

(398,539)

 

(2.5)

 

16,178,748

 

16,303,065

 

16,119,541

 

(257,514)

 

(1.6)

Short-term borrowings

477,620

 

195,000

 

282,620

 

144.9

 

110,000

 

10,000

 

59,300

 

418,320

 

705.4

Securities sold under agreements to repurchase

288,017

 

303,238

 

(15,221)

 

(5.0)

 

216,617

 

212,460

 

209,004

 

79,013

 

37.8

Trust preferred securities

120,110

 

120,110

 

 

 

120,110

 

120,110

 

120,110

 

 

Other long-term debt

567,326

 

478,814

 

88,512

 

18.5

 

220,337

 

221,863

 

222,202

 

345,124

 

155.3

Other liabilities

208,158

 

186,926

 

21,232

 

11.4

 

159,421

 

183,526

 

143,487

 

64,671

 

45.1

Total liabilities

17,523,258

 

17,544,654

 

(21,396)

 

(0.1)

 

17,005,233

 

17,051,024

 

16,873,644

 

649,614

 

3.8

Total shareholders' equity

2,637,597

 

2,547,909

 

89,688

 

3.5

 

2,498,835

 

2,483,201

 

2,365,284

 

272,313

 

11.5

Total liabilities and shareholders' equity

$ 20,160,855

 

$ 20,092,563

 

68,292

 

0.3

 

$ 19,504,068

 

$ 19,534,225

 

$ 19,238,928

 

921,927

 

4.8

 

TABLE 4 Continued - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

                                   

AVERAGE BALANCES

       

Linked Qtr Change

             

Year/Year Change

ASSETS

6/30/2016

 

3/31/2016

 

$

 

%

 

12/31/2015

 

9/30/2015

 

6/30/2015

 

$

 

%

Cash and due from banks

$      304,304

 

$      292,476

 

11,828

 

4.0

 

$      352,854

 

$      327,370

 

$      263,844

 

40,460

 

15.3

Interest-bearing deposits in other banks

386,139

 

365,709

 

20,430

 

5.6

 

319,302

 

682,764

 

582,032

 

(195,893)

 

(33.7)

Total cash and cash equivalents

690,443

 

658,185

 

32,258

 

4.9

 

672,156

 

1,010,134

 

845,876

 

(155,433)

 

(18.4)

Investment securities available for sale

2,823,292

 

2,797,320

 

25,972

 

0.9

 

2,829,825

 

2,660,423

 

2,417,002

 

406,290

 

16.8

Investment securities held to maturity

94,609

 

97,391

 

(2,782)

 

(2.9)

 

100,113

 

99,864

 

106,871

 

(12,262)

 

(11.5)

Total investment securities

2,917,901

 

2,894,711

 

23,190

 

0.8

 

2,929,938

 

2,760,287

 

2,523,873

 

394,028

 

15.6

Mortgage loans held for sale

211,468

 

160,873

 

50,595

 

31.5

 

169,616

 

200,895

 

202,691

 

8,777

 

4.3

Loans, net of unearned income

14,570,945

 

14,354,410

 

216,535

 

1.5

 

14,185,150

 

14,009,601

 

13,297,724

 

1,273,221

 

9.6

Allowance for loan losses

(149,037)

 

(141,393)

 

(7,644)

 

5.4

 

(135,209)

 

(130,367)

 

(129,069)

 

(19,968)

 

15.5

Loans, net

14,421,908

 

14,213,017

 

208,891

 

1.5

 

14,049,941

 

13,879,234

 

13,168,655

 

1,253,253

 

9.5

Loss share receivable

32,189

 

37,360

 

(5,171)

 

(13.8)

 

41,205

 

47,190

 

55,751

 

(23,562)

 

(42.3)

Premises and equipment

313,862

 

322,086

 

(8,224)

 

(2.6)

 

329,604

 

339,860

 

341,829

 

(27,967)

 

(8.2)

Goodwill and other intangibles

764,818

 

765,898

 

(1,080)

 

(0.1)

 

766,664

 

766,712

 

708,085

 

56,733

 

8.0

Other assets

651,328

 

609,181

 

42,147

 

6.9

 

592,042

 

599,758

 

598,526

 

52,802

 

8.8

Total assets

$ 20,003,917

 

$ 19,661,311

 

342,606

 

1.7

 

$ 19,551,166

 

$ 19,604,070

 

$ 18,445,286

 

1,558,631

 

8.5

                                   

LIABILITIES AND SHAREHOLDERS' EQUITY

                           

Non-interest-bearing deposits

$   4,463,928

 

$   4,388,259

 

75,669

 

1.7

 

$   4,459,980

 

$   4,265,912

 

$   3,933,468

 

530,460

 

13.5

NOW accounts

2,911,510

 

2,859,940

 

51,570

 

1.8

 

2,720,128

 

2,655,069

 

2,639,140

 

272,370

 

10.3

Savings and money market accounts

6,486,242

 

6,598,838

 

(112,596)

 

(1.7)

 

6,899,090

 

7,104,789

 

6,228,052

 

258,190

 

4.1

Certificates of deposit

2,117,711

 

2,098,032

 

19,679

 

0.9

 

2,213,557

 

2,343,794

 

2,331,537

 

(213,826)

 

(9.2)

Total deposits

15,979,391

 

15,945,069

 

34,322

 

0.2

 

16,292,755

 

16,369,564

 

15,132,197

 

847,194

 

5.6

Short-term borrowings

358,837

 

277,374

 

81,463

 

29.4

 

16,109

 

41,033

 

225,437

 

133,400

 

59.2

Securities sold under agreements to repurchase

265,465

 

217,296

 

48,169

 

22.2

 

224,255

 

221,217

 

236,305

 

29,160

 

12.3

Trust preferred securities

120,110

 

120,110

 

 

 

120,110

 

120,110

 

114,581

 

5,529

 

4.8

Other long-term debt

473,195

 

403,393

 

69,802

 

17.3

 

220,913

 

222,906

 

332,167

 

141,028

 

42.5

Other liabilities

203,050

 

167,810

 

35,240

 

21.0

 

186,382

 

206,030

 

172,473

 

30,577

 

17.7

Total liabilities

17,400,048

 

17,131,052

 

268,996

 

1.6

 

17,060,524

 

17,180,860

 

16,213,160

 

1,186,888

 

7.3

Total shareholders' equity

2,603,869

 

2,530,259

 

73,610

 

2.9

 

2,490,642

 

2,423,210

 

2,232,126

 

371,743

 

16.7

Total liabilities and shareholders' equity

$ 20,003,917

 

$ 19,661,311

 

342,606

 

1.7

 

$ 19,551,166

 

$ 19,604,070

 

$ 18,445,286

 

1,558,631

 

8.5

 

Table 5 - IBERIABANK CORPORATION

TOTAL LOANS AND ASSET QUALITY DATA

(Dollars in thousands)

                                   
         

Linked Qtr Change

             

Year/Year Change

LOANS

6/30/2016

 

3/31/2016

 

$

 

%

 

12/31/2015

 

9/30/2015

 

6/30/2015

 

$

 

%

Commercial loans:

                                 

Real estate

$   6,472,001

 

$   6,230,628

 

241,373

 

3.9

 

$   6,073,511

 

$   5,979,751

 

$   5,853,751

 

618,250

 

10.6

Commercial and Industrial

3,435,809

 

3,374,382

 

61,427

 

1.8

 

3,444,578

 

3,302,971

 

3,216,906

 

218,903

 

6.8

Energy-related (Real Estate and Commercial and Industrial) (1)

662,034

 

731,662

 

(69,628)

 

(9.5)

 

680,766

 

719,456

 

787,568

 

(125,534)

 

(15.9)

  Total commercial loans

10,569,844

 

10,336,672

 

233,172

 

2.3

 

10,198,855

 

10,002,178

 

9,858,225

 

711,619

 

7.2

                                   

Residential mortgage loans

1,249,062

 

1,208,391

 

40,671

 

3.4

 

1,195,319

 

1,189,941

 

1,169,608

 

79,454

 

6.8

                                   

Consumer loans:

                                 

Home equity

2,129,812

 

2,091,514

 

38,298

 

1.8

 

2,066,167

 

2,015,687

 

1,971,073

 

158,739

 

8.1

Indirect automobile

182,223

 

213,179

 

(30,956)

 

(14.5)

 

246,298

 

281,649

 

322,958

 

(140,735)

 

(43.6)

Automobile

156,597

 

164,868

 

(8,271)

 

(5.0)

 

169,571

 

172,947

 

173,924

 

(17,327)

 

(10.0)

Credit card

78,552

 

76,756

 

1,796

 

2.3

 

77,843

 

77,284

 

74,314

 

4,238

 

5.7

Other

356,471

 

359,864

 

(3,393)

 

(0.9)

 

373,375

 

377,333

 

380,461

 

(23,990)

 

(6.3)

  Total consumer loans

2,903,655

 

2,906,181

 

(2,526)

 

(0.1)

 

2,933,254

 

2,924,900

 

2,922,730

 

(19,075)

 

(0.7)

  Total loans

$ 14,722,561

 

$ 14,451,244

 

271,317

 

1.9

 

$ 14,327,428

 

$ 14,117,019

 

$ 13,950,563

 

771,998

 

5.5

                                   

Allowance for loan losses

$    (147,452)

 

$    (146,557)

 

(895)

 

0.6

 

$    (138,378)

 

$    (130,254)

 

$     (128,149)

 

(19,303)

 

15.1

Loans, net

14,575,109

 

14,304,687

 

270,422

 

1.9

 

14,189,050

 

13,986,765

 

13,822,414

 

752,695

 

5.4

                                   

Reserve for unfunded commitments

(13,826)

 

(14,033)

 

207

 

(1.5)

 

(14,145)

 

(14,525)

 

(13,244)

 

(582)

 

4.4

Allowance for credit losses

(161,278)

 

(160,590)

 

(688)

 

0.4

 

(152,523)

 

(144,779)

 

(141,393)

 

(19,885)

 

14.1

                                   

ASSET QUALITY DATA (2)

                               

Non-accrual loans

$      173,312

 

$      182,757

 

(9,445)

 

(5.2)

 

$      154,425

 

$      165,022

 

$      192,385

 

(19,073)

 

(9.9)

Other real estate owned and foreclosed assets

27,220

 

31,411

 

(4,191)

 

(13.3)

 

34,131

 

40,450

 

49,929

 

(22,709)

 

(45.5)

Accruing loans more than 90 days past due

1,580

 

1,068

 

512

 

47.9

 

1,970

 

2,994

 

4,607

 

(3,027)

 

(65.7)

Total non-performing assets

$      202,112

 

$      215,236

 

(13,124)

 

(6.1)

 

$      190,526

 

$      208,466

 

$      246,921

 

(44,809)

 

(18.1)

                                   
                                   

Loans 30-89 days past due

$        58,852

 

$        59,074

 

(222)

 

(0.4)

 

$        35,579

 

$        25,306

 

$        39,005

 

19,847

 

50.9

                                   

Non-performing assets to total assets

1.00 %

 

1.07 %

         

0.98 %

 

1.07 %

 

1.28 %

       

Non-performing assets to total loans and OREO

1.37

 

1.49

         

1.33

 

1.47

 

1.76

       

Allowance for loan losses to non-performing loans (3)

84.3

 

79.7

         

88.5

 

77.5

 

65.1

       

Allowance for loan losses to non-performing assets

73.0

 

68.1

         

72.6

 

62.5

 

51.9

       

Allowance for loan losses to total loans

1.00

 

1.01

         

0.97

 

0.92

 

0.92

       
                                   

Quarter-to-date charge-offs

$       12,994

 

$         5,560

 

7,434

 

133.7

 

$         4,277

 

$         5,245

 

$         4,808

 

8,186

 

170.3

Quarter-to-date recoveries

(1,071)

 

(1,551)

 

480

 

(30.9)

 

(1,358)

 

(2,790)

 

(1,034)

 

(37)

 

3.6

Quarter-to-date net charge-offs

$        11,923

 

$          4,009

 

7,914

 

197.4

 

$          2,919

 

$          2,455

 

$          3,774

 

8,149

 

215.9

                                   

Net charge-offs to average loans (annualized)

0.33 %

 

0.11 %

         

0.08 %

 

0.07 %

 

0.11 %

       
 

(1) For purposes of this table, energy-related loans generally include loans with specific NAICS codes that relate to the Oil and Gas E&P, Services or Midstream industries.

(2) For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria, including assets acquired in FDIC-assisted transactions.

(3) Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past due.

 

Table 6 - IBERIABANK CORPORATION

LEGACY LOANS AND LEGACY ASSET QUALITY DATA

(Dollars in thousands)

                                   
         

Linked Qtr Change

             

Year/Year Change

LEGACY LOANS

6/30/2016

 

3/31/2016

 

$

 

%

 

12/31/2015

 

9/30/2015

 

6/30/2015

 

$

 

%

Commercial loans:

                                 

Real estate

$   5,097,689

 

$   4,771,690

 

325,999

 

6.8

 

$   4,504,062

 

$   4,321,723

 

$   4,105,592

 

992,097

 

24.2

Commercial and Industrial

3,027,590

 

2,926,686

 

100,904

 

3.4

 

2,952,102

 

2,779,503

 

2,650,799

 

376,791

 

14.2

Energy-related (Real Estate and Commercial and Industrial) (1)

659,510

 

728,778

 

(69,268)

 

(9.5)

 

677,177

 

713,935

 

782,312

 

(122,802)

 

(15.7)

  Total commercial loans

8,784,789

 

8,427,154

 

357,635

 

4.2

 

8,133,341

 

7,815,161

 

7,538,703

 

1,246,086

 

16.5

                                   

Residential mortgage loans

794,701

 

730,621

 

64,080

 

8.8

 

694,023

 

660,543

 

616,497

 

178,204

 

28.9

                                   

Consumer loans:

                                 

Home equity

1,695,113

 

1,625,812

 

69,301

 

4.3

 

1,575,643

 

1,488,796

 

1,399,005

 

296,108

 

21.2

Indirect automobile

182,199

 

213,141

 

(30,942)

 

(14.5)

 

246,214

 

281,522

 

322,767

 

(140,568)

 

(43.6)

Automobile

146,394

 

153,732

 

(7,338)

 

(4.8)

 

157,579

 

159,928

 

159,778

 

(13,384)

 

(8.4)

Credit card

78,044

 

76,247

 

1,797

 

2.4

 

77,261

 

76,716

 

73,726

 

4,318

 

5.9

Other

303,609

 

301,990

 

1,619

 

0.5

 

306,459

 

296,592

 

285,077

 

18,532

 

6.5

  Total consumer loans

2,405,359

 

2,370,922

 

34,437

 

1.5

 

2,363,156

 

2,303,554

 

2,240,353

 

165,006

 

7.4

  Total loans

$ 11,984,849

 

$ 11,528,697

 

456,152

 

4.0

 

$ 11,190,520

 

$ 10,779,258

 

$ 10,395,553

 

1,589,296

 

15.3

                                   

Allowance for loan losses

$    (106,861)

 

$    (105,574)

 

(1,287)

 

1.2

 

$      (93,808)

 

$      (86,400)

 

$      (83,723)

 

(23,138)

 

27.6

Loans, net

11,877,988

 

11,423,123

 

454,865

 

4.0

 

11,096,712

 

10,692,858

 

10,311,830

 

1,566,158

 

15.2

                                   

Reserve for unfunded commitments

(13,826)

 

(14,033)

 

207

 

(1.5)

 

(14,145)

 

(14,525)

 

(13,244)

 

(582)

 

4.4

Allowance for credit losses

(120,687)

 

(119,607)

 

(1,080)

 

0.9

 

(107,953)

 

(100,925)

 

(96,967)

 

(23,720)

 

24.5

                                   

ASSET QUALITY DATA (2)

                               

Non-accrual loans

$        95,096

 

$        93,429

 

1,667

 

1.8

 

$        50,928

 

$        51,274

 

$        62,739

 

32,357

 

51.6

Other real estate owned and foreclosed assets

14,478

 

17,662

 

(3,184)

 

(18.0)

 

16,491

 

17,062

 

20,028

 

(5,550)

 

(27.7)

Accruing loans more than 90 days past due

353

 

125

 

228

 

182.4

 

624

 

1,521

 

3,584

 

(3,231)

 

(90.2)

Total non-performing assets

$      109,927

 

$      111,216

 

(1,289)

 

(1.2)

 

$        68,043

 

$        69,857

 

$        86,351

 

23,576

 

27.3

                                   

Loans 30-89 days past due

$        45,906

 

$        42,454

 

3,452

 

8.1

 

$        20,109

 

$        15,718

 

$        14,985

 

30,921

 

206.3

                                   

Non-performing assets to total assets

0.63 %

 

0.65 %

         

0.42 %

 

0.43 %

 

0.55 %

       

Non-performing assets to total loans and OREO

0.92

 

0.96

         

0.61

 

0.65

 

0.83

       

Allowance for loan losses to non-performing loans (3)

112.0

 

112.9

         

182.0

 

163.7

 

126.2

       

Allowance for loan losses to non-performing assets

97.2

 

94.9

         

137.9

 

123.7

 

97.0

       

Allowance for loan losses to total loans

0.89

 

0.92

         

0.84

 

0.80

 

0.81

       
                                   

Quarter-to-date charge-offs

$        11,969

 

$          5,389

 

6,580

 

122.1

 

$          3,705

 

$          4,958

 

$          4,446

 

7,523

 

169.2

Quarter-to-date recoveries

(775)

 

(1,247)

 

472

 

(37.9)

 

(1,145)

 

(2,524)

 

(941)

 

166

 

(17.6)

Quarter-to-date net charge-offs

$        11,194

 

$          4,142

 

7,052

 

170.3

 

$          2,560

 

$          2,434

 

$          3,505

 

7,689

 

219.4

Net charge-offs to average loans (annualized)

0.38 %

 

0.15 %

         

0.09 %

 

0.09 %

 

0.14 %

       
 

(1) For purposes of this table, energy-related loans generally include loans with specific NAICS codes that relate to the Oil and Gas E&P, Services or Midstream industries.

(2) For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria.

(3) Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past due.

 

Table 7 - IBERIABANK CORPORATION

ACQUIRED LOANS AND ACQUIRED ASSET QUALITY DATA

(Dollars in thousands)

                                   
         

Linked Qtr Change

             

Year/Year Change

ACQUIRED LOANS(1)

6/30/2016

 

3/31/2016

 

$

 

%

 

12/31/2015

 

9/30/2015

 

6/30/2015

 

$

 

%

Commercial loans:

                                 

Real estate

$ 1,374,312

 

$ 1,458,938

 

(84,626)

 

(5.8)

 

$ 1,569,449

 

$ 1,658,028

 

$ 1,748,159

 

(373,847)

 

(21.4)

Commercial and Industrial

408,219

 

447,696

 

(39,477)

 

(8.8)

 

492,476

 

523,468

 

566,107

 

(157,888)

 

(27.9)

Energy-related (Real Estate and Commercial and Industrial)(2)

2,524

 

2,884

 

(360)

 

(12.5)

 

3,589

 

5,521

 

5,256

 

(2,732)

 

(52.0)

  Total commercial loans

1,785,055

 

1,909,518

 

(124,463)

 

(6.5)

 

2,065,514

 

2,187,017

 

2,319,522

 

(534,467)

 

(23.0)

                                   

Residential mortgage loans

454,361

 

477,770

 

(23,409)

 

(4.9)

 

501,296

 

529,398

 

553,111

 

(98,750)

 

(17.9)

                                   

Consumer loans:

                                 

Home equity

434,699

 

465,702

 

(31,003)

 

(6.7)

 

490,524

 

526,891

 

572,068

 

(137,369)

 

(24.0)

Indirect automobile

24

 

38

 

(14)

 

(36.8)

 

84

 

127

 

191

 

(167)

 

(87.4)

Automobile

10,203

 

11,136

 

(933)

 

(8.4)

 

11,992

 

13,019

 

14,146

 

(3,943)

 

(27.9)

Credit card

508

 

509

 

(1)

 

(0.2)

 

582

 

568

 

588

 

(80)

 

(13.6)

Other

52,862

 

57,874

 

(5,012)

 

(8.7)

 

66,916

 

80,741

 

95,384

 

(42,522)

 

(44.6)

  Total consumer loans

498,296

 

535,259

 

(36,963)

 

(6.9)

 

570,098

 

621,346

 

682,377

 

(184,081)

 

(27.0)

  Total loans

$ 2,737,712

 

$ 2,922,547

 

(184,835)

 

(6.3)

 

$ 3,136,908

 

$ 3,337,761

 

$ 3,555,010

 

(817,298)

 

(23.0)

                                   

Allowance for loan losses

$    (40,591)

 

$    (40,983)

 

392

 

(1.0)

 

$    (44,570)

 

$    (43,854)

 

$    (44,426)

 

3,835

 

(8.6)

Loans, net

2,697,121

 

2,881,564

 

(184,443)

 

(6.4)

 

3,092,338

 

3,293,907

 

3,510,584

 

(813,463)

 

(23.2)

                                   

ACQUIRED ASSET QUALITY DATA (1) (3)

                             

Non-accrual loans

$      78,216

 

$      89,328

 

(11,112)

 

(12.4)

 

$    103,497

 

$    113,748

 

$    129,646

 

(51,430)

 

(39.7)

Other real estate owned and foreclosed assets

12,742

 

13,749

 

(1,007)

 

(7.3)

 

17,640

 

23,388

 

29,901

 

(17,159)

 

(57.4)

Accruing loans more than 90 days past due

1,227

 

943

 

284

 

30.1

 

1,346

 

1,473

 

1,023

 

204

 

19.9

Total non-performing assets

$      92,185

 

$    104,020

 

(11,835)

 

(11.4)

 

$    122,483

 

$    138,609

 

$    160,570

 

(68,385)

 

(42.6)

                                   

Loans 30-89 days past due

$      12,946

 

$      16,620

 

(3,674)

 

(22.1)

 

$      15,470

 

$        9,588

 

$      24,020

 

(11,074)

 

(46.1)

                                   

Non-performing assets to total assets

3.35 %

 

3.50 %

         

3.84 %

 

4.07 %

 

4.42 %

       

Non-performing assets to total loans and OREO

3.35

 

3.54

         

3.88

 

4.12

 

4.48

       

Allowance for loan losses to non-performing loans

51.1

 

45.4

         

42.5

 

38.1

 

34.0

       

Allowance for loan losses to non-performing assets

44.0

 

39.4

         

36.4

 

31.6

 

27.7

       

Allowance for loan losses to total loans

1.48

 

1.40

         

1.42

 

1.31

 

1.25

       
                                   

Quarter-to-date charge-offs

$        1,025

 

$           171

 

854

 

499.4

 

$           572

 

$           287

 

$           362

 

663

 

183.1

Quarter-to-date recoveries

(296)

 

(304)

 

8

 

(2.6)

 

(213)

 

(266)

 

(93)

 

(203)

 

218.3

Quarter-to-date net charge-offs/(recoveries)

$           729

 

$         (133)

 

862

 

(648.1)

 

$           359

 

$             21

 

$           269

 

460

 

171.0

                                   

Net charge-offs/(recoveries) to average loans (annualized)

0.10 %

 

(0.02)%

         

0.04 %

 

0.00%

 

0.03 %

       
 

(1) For purposes of this table, acquired loans and acquired non-performing assets are presented only. Non-performing assets include all loans meeting non-performing asset criteria.

(2) For purposes of this table, energy-related loans generally include loans with specific NAICS codes that relate to the Oil and Gas E&P, Services or Midstream industries.

(3) For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria, including assets acquired in FDIC-assisted transactions.

 

Table 8 - IBERIABANK CORPORATION

ENERGY-RELATED LOANS AND ASSET QUALITY DATA

(Dollars in thousands)

                                   
         

Linked Qtr Change

             

Year/Year Change

ENERGY-RELATED LOANS (1)

6/30/2016

 

3/31/2016

 

$

 

%

 

12/31/2015

 

9/30/2015

 

6/30/2015

 

$

 

%

E&P

$      328,066

 

$      369,725

 

(41,659)

 

(11.3)

 

$      314,381

 

$      335,837

 

$      380,462

 

(52,396)

 

(13.8)

Midstream

123,687

 

130,556

 

(6,869)

 

(5.3)

 

116,623

 

122,863

 

143,985

 

(20,298)

 

(14.1)

Service

210,281

 

231,381

 

(21,100)

 

(9.1)

 

249,762

 

260,756

 

263,121

 

(52,840)

 

(20.1)

Total loans

$      662,034

 

$      731,662

 

(69,628)

 

(9.5)

 

$      680,766

 

$      719,456

 

$      787,568

 

(125,534)

 

(15.9)

                                   

E&P

$      572,267

 

$      677,258

 

(104,991)

 

(15.5)

 

$      717,109

 

$      753,505

 

$      800,035

 

(227,768)

 

(28.5)

Midstream

201,555

 

206,504

 

(4,949)

 

(2.4)

 

204,326

 

200,893

 

244,086

 

(42,531)

 

(17.4)

Service

295,591

 

329,282

 

(33,691)

 

(10.2)

 

369,751

 

422,324

 

454,708

 

(159,117)

 

(35.0)

Total commitments

$   1,069,413

 

$   1,213,044

 

(143,631)

 

(11.8)

 

$   1,291,186

 

$   1,376,722

 

$   1,498,829

 

(429,416)

 

(28.7)

                                   

Total loans

$ 14,722,561

 

$ 14,451,244

 

271,317

 

1.9

 

$ 14,327,428

 

$ 14,117,019

 

$ 13,950,563

 

771,998

 

5.5

Energy outstandings as a % of total loans

4.5 %

 

5.1 %

         

4.8 %

 

5.1 %

 

5.6 %

       

Energy commitments as a % of total commitments

5.4 %

 

6.3 %

         

6.8 %

 

7.4 %

 

8.1 %

       
                                   

Allowance for loan losses

$      (33,040)

 

$      (38,495)

 

5,455

 

(14.2)

 

$      (23,987)

 

$      (15,335)

 

$      (12,177)

 

(20,863)

 

171.3

Reserve for unfunded commitments

(2,223)

 

(903)

 

(1,320)

 

146.2

 

(2,666)

 

(3,633)

 

(2,905)

 

682

 

(23.5)

Allowance for credit losses

(35,263)

 

(39,398)

 

4,135

 

(10.5)

 

(26,653)

 

(18,968)

 

(15,082)

 

(20,181)

 

133.8

                                   

 ASSET QUALITY DATA (2)

                               

Non-accrual loans

$        60,814

 

$        46,233

 

14,581

 

31.5

 

$          8,449

 

$          4,870

 

$          1,329

 

59,485

 

N/M

Other real estate owned and foreclosed assets

 

 

 

 

 

 

 

 

Accruing loans more than 90 days past due

 

 

 

 

 

 

3,434

 

(3,434)

 

(100.0)

Total non-performing assets

$        60,814

 

$        46,233

 

14,581

 

31.5

 

$          8,449

 

$          4,870

 

$          4,763

 

56,051

 

N/M

                                   

Loans 30-89 days past due

$          3,055

 

$               —

 

3,055

 

100.0

 

$               15

 

$             477

 

$               —

 

3,055

 

100.0

                                   

Non-performing assets to total loans and OREO

9.19 %

 

6.32 %

         

1.24 %

 

0.68 %

 

0.60 %

       

Allowance for loan losses to non-performing loans (3)

54.3

 

83.3

         

283.9

 

314.9

 

255.7

       

Allowance for loan losses to non-performing assets

54.3

 

83.3

         

283.9

 

314.9

 

255.7

       

Allowance for loan losses to total loans

4.99

 

5.26

         

3.52

 

2.13

 

1.55

       
                                   

Quarter-to-date charge-offs

$          7,715

 

$               —

         

$               —

 

$               —

 

$               —

       

Quarter-to-date recoveries

 

         

 

 

       

Quarter-to-date net charge-offs

$          7,715

 

$               —

         

$               —

 

$               —

 

$               —

       

Net charge-offs to average loans (annualized)

4.44 %

 

0.00%

         

0.00%

 

0.00%

 

0.00%

       
     

(1) For purposes of this table, energy-related loans generally include loans with specific NAICS codes.

(2) For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria.

(3) Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past due.

 

N/M = not meaningful

 

TABLE 9 - IBERIABANK CORPORATION

QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES

(Dollars in thousands)

                   
 

For the Three Months Ended

 

6/30/2016

 

3/31/2016

 

Basis Point Change

ASSETS

Average Balance

Interest Income/ Expense

Yield/Rate

 

Average Balance

Interest Income/ Expense

Yield/Rate

 

Yield/Rate

Earning assets:

                 

Commercial loans (TE) (1)

$ 10,458,822

$                114,588

4.39 %

 

$ 10,250,555

$             113,417

4.43 %

 

(4)

Residential mortgage loans

1,221,254

13,781

4.51

 

1,202,692

13,429

4.47

 

4

Consumer loans

2,890,869

37,200

5.18

 

2,901,163

37,145

5.15

 

3

  Total loans (TE) (1)

14,570,945

165,569

4.55

 

14,354,410

163,991

4.58

 

(3)

Loss share receivable

32,189

(4,163)

(51.16)

 

37,360

(4,386)

(46.44)

 

(472)

  Total loans and loss share receivable

14,603,134

161,406

4.43

 

14,391,770

159,605

4.45

 

(2)

Mortgage loans held for sale

211,468

1,850

3.50

 

160,873

1,401

3.48

 

2

Investment securities (2)

2,856,805

14,663

2.18

 

2,866,974

15,212

2.25

 

(7)

Other earning assets

483,597

775

0.64

 

453,737

718

0.64

 

Total earning assets

18,155,004

178,694

3.97

 

17,873,354

176,936

3.99

 

(2)

Allowance for loan losses

(149,037)

     

(141,393)

       

Non-earning assets

1,997,950

     

1,929,350

       

Total assets

$ 20,003,917

     

$ 19,661,311

       
                   

LIABILITIES AND SHAREHOLDERS' EQUITY

               

Interest-bearing liabilities:

                 

NOW accounts

$   2,911,510

$                    2,080

0.29

 

$   2,859,940

$                 1,940

0.27

 

2

Savings and money market accounts

6,486,242

5,527

0.34

 

6,598,838

5,640

0.34

 

Certificates of deposit

2,117,711

4,309

0.82

 

2,098,032

4,354

0.83

 

(1)

Total interest-bearing deposits (3)

11,515,463

11,916

0.42

 

11,556,810

11,934

0.42

 

Short-term borrowings

624,302

662

0.42

 

494,670

485

0.39

 

3

Long-term debt

593,305

3,363

2.24

 

523,503

3,114

2.35

 

(11)

  Total interest-bearing liabilities

12,733,070

15,941

0.50

 

12,574,983

15,533

0.49

 

1

Non-interest-bearing deposits

4,463,928

     

4,388,259

       

Non-interest-bearing liabilities

203,050

     

167,810

       

Total liabilities

17,400,048

     

17,131,052

       

Total shareholders' equity

2,603,869

     

2,530,259

       

Total liabilities and shareholders' equity

$ 20,003,917

     

$ 19,661,311

       
                   

Net interest income/Net interest spread

 

$                162,753

3.47 %

   

$             161,403

3.50 %

 

(3)

Tax-equivalent benefit

 

2,332

0.05

   

2,361

0.05

 

Net interest income (TE)/Net interest margin (TE) (1)

 

$                165,085

3.61 %

   

$             163,764

3.64 %

 

(3)

 

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.

(3) Total deposit costs for the three months ended June 30, 2016 and March 31, 2016 total 0.30% for both periods.

 

TABLE 9 Continued - IBERIABANK CORPORATION

QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES

(Dollars in thousands)

                       
 

For the Three Months Ended

 

12/31/2015

 

9/30/2015

 

6/30/2015

ASSETS

Average Balance

Interest Income/ Expense

Yield/Rate

 

Average Balance

Interest Income/ Expense

Yield/Rate

 

Average Balance

Interest Income/ Expense

Yield/Rate

Earning assets:

                     

Commercial loans (TE)(1)

$ 10,062,680

$             114,153

4.50%

 

$          9,915,593

$             110,282

4.41 %

 

$          9,277,141

$             103,272

4.46 %

Residential mortgage loans

1,193,488

12,819

4.30

 

1,180,725

13,156

4.46

 

1,187,166

14,379

4.84

Consumer loans

2,928,982

36,553

4.95

 

2,913,283

36,477

4.97

 

2,833,417

35,684

5.05

  Total loans (TE) (1)

14,185,150

163,525

4.57

 

14,009,601

159,915

4.53

 

13,297,724

153,335

4.62

Loss share receivable

41,205

(4,490)

(42.63)

 

47,190

(5,600)

(46.43)

 

55,751

(7,398)

(52.50)

  Total loans and loss share receivable

14,226,355

159,035

4.44

 

14,056,791

154,315

4.36

 

13,353,475

145,937

4.38

Mortgage loans held for sale

169,616

1,422

3.35

 

200,895

1,847

3.68

 

202,691

1,380

2.72

Investment securities (2)

2,901,388

15,149

2.21

 

2,697,617

13,729

2.16

 

2,469,050

12,191

2.08

Other earning assets

390,571

1,045

1.06

 

756,277

1,186

0.62

 

663,071

1,037

0.63

Total earning assets

17,687,930

176,651

3.99

 

17,711,580

171,077

3.86

 

16,688,287

160,545

3.87

Allowance for loan losses

(135,209)

     

(130,367)

     

(129,069)

   

Non-earning assets

1,998,445

     

2,022,857

     

1,886,068

   

Total assets

$ 19,551,166

     

$        19,604,070

     

$        18,445,286

   
                       

LIABILITIES AND SHAREHOLDERS' EQUITY

                   

Interest-bearing liabilities:

                     

NOW accounts

$   2,720,128

1,861

0.27

 

$          2,655,069

1,725

0.26

 

$          2,639,140

1,765

0.27

Savings and money market accounts

6,899,090

6,172

0.35

 

7,104,789

6,459

0.36

 

6,228,052

5,058

0.33

Certificates of deposit

2,213,557

4,727

0.85

 

2,343,794

5,040

0.85

 

2,331,537

4,959

0.85

Total interest-bearing deposits (3)

11,832,775

12,760

0.43

 

12,103,652

13,224

0.43

 

11,198,729

11,782

0.42

Short-term borrowings

240,365

98

0.16

 

262,250

116

0.17

 

461,742

220

0.19

Long-term debt

341,022

2,633

3.02

 

343,016

2,620

2.99

 

446,748

2,866

2.54

  Total interest-bearing liabilities

12,414,162

15,491

0.49

 

12,708,918

15,960

0.50

 

12,107,219

14,868

0.49

Non-interest-bearing deposits

4,459,980

     

4,265,912

     

3,933,468

   

Non-interest-bearing liabilities

186,382

     

206,030

     

172,473

   

Total liabilities

17,060,524

     

17,180,860

     

16,213,160

   

Total shareholders' equity

2,490,642

     

2,423,210

     

2,232,126

   

Total liabilities and shareholders' equity

$ 19,551,166

     

$        19,604,070

     

$        18,445,286

   
                       

Net interest income/Net interest spread

 

$             161,160

3.50 %

   

$             155,117

3.36 %

   

$             145,677

3.38 %

Tax-equivalent benefit

 

2,384

0.05

   

2,185

0.05

   

1,996

0.05

Net interest income (TE)/Net interest margin (TE) (1)

 

$             163,544

3.64 %

   

$             157,302

3.50 %

   

$             147,673

3.52 %

 

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.

(3) Total deposit costs for the three months ended December 31, 2015, September 30, 2015, and June 30, 2015 total 0.31%, 0.32% and 0.31%, respectively.

 

TABLE 10 - IBERIABANK CORPORATION

YEAR-TO-DATE AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES

(Dollars in thousands)

                   
 

For the Six Months Ended

 

6/30/2016

 

6/30/2015

 

Basis Point Change

ASSETS

Average Balance

Interest Income/ Expense

Yield/Rate

 

Average Balance

Interest Income/ Expense

Yield/Rate

 

Yield/Rate

Earning assets:

                 

Commercial loans (TE) (1)

$        10,354,688

$            228,005

4.41 %

 

$          8,583,814

$            186,916

4.39 %

 

2

Residential mortgage loans

1,211,973

27,210

4.49

 

1,143,584

27,974

4.89

 

(40)

Consumer loans

2,896,016

74,345

5.16

 

2,708,227

68,636

5.11

 

5

Total loans (TE) (1)

14,462,677

329,560

4.57

 

12,435,625

283,526

4.59

 

(2)

Loss share receivable

34,775

(8,549)

(48.63)

 

60,929

(13,411)

(43.78)

 

(485)

Total loans and loss share receivable

14,497,452

321,011

4.44

 

12,496,554

270,115

4.36

 

8

Mortgage loans held for sale

186,170

3,251

3.49

 

168,189

2,895

3.44

 

5

Investment securities (2)

2,861,890

29,875

2.21

 

2,388,733

24,287

2.15

 

6

Other earning assets

468,667

1,493

0.64

 

533,505

1,833

0.69

 

(5)

Total earning assets

18,014,179

355,630

3.98

 

15,586,981

299,130

3.88

 

10

Allowance for loan losses

(145,215)

     

(128,795)

       

Non-earning assets

1,963,650

     

1,750,135

       

Total assets

$        19,832,614

     

$        17,208,321

       
                   

LIABILITIES AND SHAREHOLDERS' EQUITY

               

Interest-bearing liabilities:

                 

NOW accounts

$          2,885,726

$                4,021

0.28

 

$          2,552,431

$                3,317

0.26

 

2

Savings and money market accounts

6,542,540

11,166

0.34

 

5,534,999

8,432

0.31

 

3

Certificates of deposit

2,107,871

8,663

0.83

 

2,241,492

9,371

0.84

 

(1)

Total interest-bearing deposits (3)

11,536,137

23,850

0.42

 

10,328,922

21,120

0.41

 

1

Short-term borrowings

559,486

1,147

0.41

 

603,612

583

0.19

 

22

Long-term debt

558,404

6,477

2.29

 

435,186

5,946

2.72

 

(43)

Total interest-bearing liabilities

12,654,027

31,474

0.50

 

11,367,720

27,649

0.49

 

1

Non-interest-bearing deposits

4,426,093

     

3,624,628

       

Non-interest-bearing liabilities

185,430

     

154,077

       

Total liabilities

17,265,550

     

15,146,425

       

Total shareholders' equity

2,567,064

     

2,061,896

       

Total liabilities and shareholders' equity

$        19,832,614

     

$        17,208,321

       
                   

Net interest income/Net interest spread

 

$            324,156

3.48 %

   

$            271,481

3.39 %

 

9

Tax-equivalent benefit

 

4,692

0.05

   

4,036

0.05

 

Net interest income (TE)/Net interest margin (TE) (1)

 

$            328,848

3.63 %

   

$            275,517

3.53 %

 

10

 

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.

(3) Total deposit costs for the six months ended June 30, 2016 and 2015 total 0.30% and 0.31%, respectively.

 

Table 11 - IBERIABANK CORPORATION

LEGACY AND ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS

(Dollars in millions)

                                       
 

For the Three Months Ended

 

6/30/2016

 

3/31/2016

 

12/31/2015

 

9/30/2015

 

6/30/2015

AS REPORTED (US GAAP)

Income

Average Balance

Yield

 

Income

Average Balance

Yield

 

Income

Average Balance

Yield

 

Income

Average Balance

Yield

 

Income

Average Balance

Yield

Legacy loans, net

$   118

$ 11,737

4.00 %

 

$   115

$ 11,319

4.02 %

 

$   109

$ 10,949

3.92 %

 

$   105

$ 10,571

3.90 %

 

$     99

$ 10,147

3.88 %

Acquired loans (1)

43

2,866

6.01

 

45

3,073

5.84

 

50

3,277

5.97

 

49

3,486

5.59

 

47

3,206

5.82

Total loans

$   161

$ 14,603

4.45 %

 

$   160

$ 14,392

4.46 %

 

$   159

$ 14,226

4.44 %

 

$   154

$ 14,057

4.36 %

 

$   146

$ 13,353

4.38 %

                                       
 

6/30/2016

 

3/31/2016

 

12/31/2015

 

9/30/2015

 

6/30/2015

ADJUSTMENTS

Income

Average Balance

Yield

 

Income

Average Balance

Yield

 

Income

Average Balance

Yield

 

Income

Average Balance

Yield

 

Income

Average Balance

Yield

Legacy loans, net

$     —

$        —

0.00%

 

$     —

$        —

0.00%

 

$     —

$        —

0.00%

 

$     —

$        —

0.00%

 

$     —

$        —

0.00%

Acquired loans (1)

(9)

84

(1.33)

 

(7)

86

(1.04)

 

(11)

87

(1.41)

 

(8)

92

(0.90)

 

(9)

85

(1.23)

Total loans

$     (9)

$        84

(0.26)%

 

$     (7)

$        86

(0.21)%

 

$   (11)

$        87

(0.33)%

 

$     (8)

$        92

(0.24)%

 

$     (9)

$        85

(0.30)%

                                       
 

6/30/2016

 

3/31/2016

 

12/31/2015

 

9/30/2015

 

6/30/2015

AS ADJUSTED (CASH YIELD, NON-GAAP)

Income

Average Balance

Yield

 

Income

Average Balance

Yield

 

Income

Average Balance

Yield

 

Income

Average Balance

Yield

 

Income

Average Balance

Yield

Legacy loans, net

$   118

$ 11,737

4.00 %

 

$   115

$ 11,319

4.02 %

 

$   109

$ 10,949

3.92 %

 

$   105

$ 10,571

3.90 %

 

$     99

$ 10,147

3.88 %

Acquired loans (1)

34

2,950

4.68

 

38

3,159

4.80

 

39

3,364

4.56

 

41

3,578

4.69

 

38

3,291

4.58

Total loans

$   152

$ 14,687

4.19 %

 

$   153

$ 14,478

4.25 %

 

$   148

$ 14,313

4.11 %

 

$   146

$ 14,149

4.12 %

 

$   137

$ 13,438

4.08 %

 

(1) Acquired loans include the impact of the FDIC Indemnification Asset.

 

Table 12 - IBERIABANK CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Dollars in thousands)

                                   
 

For the Three Months Ended

 

6/30/2016

 

3/31/2016

 

12/31/2015

 

Pre-tax

 

After-tax (1)

 

Per share (2)

 

Pre-tax

 

After-tax (1)

 

Per share (2)

 

Pre-tax

 

After-tax (1)

 

Per share (2)

Net income available to common shareholders (GAAP)

$   76,300

 

$      49,956

 

$            1.21

 

$   64,891

 

$      40,193

 

$            0.97

 

$ 62,977

 

$      44,407

 

$            1.08

                                   

Non-interest income adjustments:

                                 

Gain on sale of investments and other non-interest income

(1,789)

 

(1,163)

 

(0.03)

 

(196)

 

(127)

 

 

(157)

 

(102)

 

                                   

Non-interest expense adjustments:

                                 

Merger-related expense

 

 

 

3

 

2

 

 

(166)

 

(108)

 

Severance expense

140

 

91

 

 

454

 

295

 

0.01

 

1,842

 

1,197

 

0.03

Impairment of long-lived assets, net of (gain) loss on sale

(1,256)

 

(816)

 

(0.02)

 

1,044

 

679

 

0.01

 

3,396

 

2,207

 

0.05

Other non-core non-interest expense

1,177

 

765

 

0.02

 

1,091

 

709

 

0.02

 

(208)

 

(135)

 

Total non-interest expense adjustments

61

 

40

 

 

2,592

 

1,685

 

0.04

 

4,864

 

3,161

 

0.08

Income tax benefits

 

 

 

 

 

 

 

(2,041)

 

(0.05)

Core earnings (Non-GAAP)

74,572

 

48,833

 

1.18

 

67,287

 

41,751

 

1.01

 

67,684

 

45,425

 

1.11

Provision for loan losses

11,866

 

7,712

 

0.19

 

14,905

 

9,688

 

0.24

 

11,711

 

7,612

 

0.19

Core pre-provision earnings (Non-GAAP)

$   86,438

 

$      56,545

 

$            1.37

 

$   82,192

 

$      51,439

 

$            1.25

 

$ 79,395

 

$      53,037

 

$            1.30

                                   
 

For the Three Months Ended

           
 

9/30/2015

 

6/30/2015

           
 

Pre-tax

 

After-tax (1)

 

Per share (2)

 

Pre-tax

 

After-tax (1)

 

Per share (2)

           

Net income available to common shareholders (GAAP)

$   62,565

 

$      42,475

 

$            1.03

 

$   45,191

 

$      30,836

 

$            0.79

           
                                   

Non-interest income adjustments:

                                 

Gain on sale of investments and other non-interest income

(2,221)

 

(1,444)

 

(0.04)

 

(1,266)

 

(823)

 

(0.02)

           
                                   

Non-interest expense adjustments:

                                 

Merger-related expense

2,212

 

1,438

 

0.04

 

12,732

 

8,392

 

0.22

           

Severance expense

304

 

198

 

 

406

 

264

 

0.01

           

Impairment of long-lived assets, net of (gain) loss on sale

1,713

 

1,113

 

0.03

 

1,571

 

1,021

 

0.03

           

Other non-core non-interest expense

242

 

157

 

 

2,050

 

1,333

 

0.03

           

Total non-interest expense adjustments

4,471

 

2,906

 

0.07

 

16,759

 

11,010

 

0.29

           

Income tax benefits

 

 

 

 

 

           

Core earnings (Non-GAAP)

64,815

 

43,937

 

1.07

 

60,684

 

41,023

 

1.05

           

Provision for loan losses

5,062

 

3,291

 

0.08

 

8,790

 

5,713

 

0.15

           

Core pre-provision earnings (Non-GAAP)

$   69,877

 

$      47,228

 

$            1.15

 

$   69,474

 

$      46,736

 

$            1.20

           
                                   
                                   
 

For the Six Months Ended

           
 

6/30/2016

 

6/30/2015

           
 

Pre-tax

 

After-tax (1)

 

Per share (2)

 

Pre-tax

 

After-tax (1)

 

Per share (2)

           

Net income available to common shareholders (GAAP)

$ 141,191

 

$      90,149

 

$            2.18

 

$   81,396

 

$      55,962

 

$            1.54

           
                                   

Non-interest income adjustments:

                                 

Gain on sale of investments and other non-interest income

(1,985)

 

(1,290)

 

(0.03)

 

(1,655)

 

(1,075)

 

(0.03)

           
                                   

Non-interest expense adjustments:

                                 

Merger-related expense

3

 

2

 

 

22,028

 

14,531

 

0.40

           

Severance expense

594

 

386

 

0.01

 

447

 

291

 

0.01

           

Impairment of long-lived assets, net of (gain) loss on sale

(212)

 

(137)

 

(0.01)

 

2,150

 

1,397

 

0.04

           

Other non-core non-interest expense

2,268

 

1,474

 

0.04

 

2,500

 

1,625

 

0.05

           

Total non-interest expense adjustments

2,653

 

1,725

 

0.04

 

27,125

 

17,844

 

0.50

           

Income tax benefits

 

 

 

 

 

           

Core earnings (Non-GAAP)

141,859

 

90,584

 

2.19

 

106,866

 

72,731

 

2.00

           

Provision for loan losses

26,771

 

17,400

 

0.43

 

14,135

 

9,188

 

0.26

           

Core pre-provision earnings (Non-GAAP)

$ 168,630

 

$    107,984

 

$            2.62

 

$ 121,001

 

$      81,919

 

$            2.26

           
 

(1) After-tax amounts calculated using a tax rate of 35%, which approximates the marginal tax rate.

(2)Diluted per share amounts may not appear to foot due to rounding.

 

Table 13 - IBERIABANK CORPORATION

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

 

(Dollars in thousands)

 
                     
 

For the Three Months Ended

 
 

6/30/2016

 

3/31/2016

 

12/31/2015

 

9/30/2015

 

6/30/2015

 

Net interest income (GAAP)

$      162,753

 

$      161,403

 

$      161,160

 

$      155,117

 

$      145,677

 

Add: Effect of tax benefit on interest income

2,332

 

2,361

 

2,384

 

2,185

 

1,996

 

Net interest income (TE) (Non-GAAP) (1)

165,085

 

163,764

 

163,544

 

157,302

 

147,673

 
                     

Non-interest income (GAAP)

64,917

 

55,845

 

52,503

 

57,478

 

61,513

 

Add: Effect of tax benefit on non-interest income

760

 

647

 

590

 

589

 

579

 

Non-interest income (TE) (Non-GAAP) (1)

65,677

 

56,492

 

53,093

 

58,067

 

62,092

 

Taxable equivalent revenues (Non-GAAP) (1)

230,762

 

220,256

 

216,637

 

215,369

 

209,765

 

Securities gains and other non-interest income

(1,789)

 

(196)

 

(157)

 

(2,221)

 

(1,266)

 

Core taxable equivalent revenues (Non-GAAP)(1)

$      228,973

 

$      220,060

 

$      216,480

 

$      213,148

 

$      208,499

 
                     

Total non-interest expense (GAAP)

$      139,504

 

$      137,452

 

$      138,975

 

$      144,968

 

$      153,209

 

Less: Intangible amortization expense

2,109

 

2,113

 

1,795

 

2,338

 

2,155

 

Tangible non-interest expense (Non-GAAP) (2)

137,395

 

135,339

 

137,180

 

142,630

 

151,054

 

Less: Merger-related expense

 

3

 

(166)

 

2,212

 

12,732

 

Severance expense

140

 

454

 

1,842

 

304

 

406

 

(Gain) Loss on sale of long-lived assets, net of impairment

(1,256)

 

1,044

 

3,396

 

1,713

 

1,571

 

Other non-core non-interest expense

1,177

 

1,091

 

(208)

 

242

 

2,050

 

Core tangible non-interest expense (Non-GAAP) (2)

$      137,334

 

$      132,747

 

$      132,316

 

$      138,159

 

$      134,295

 
                     

Return on average assets (GAAP)

1.00 %

 

0.82 %

 

0.90 %

 

0.86 %

 

0.67 %

 

Effect of non-core revenues and expenses

(0.02)

 

0.03

 

0.02

 

0.03

 

0.22

 

Core return on average assets (Non-GAAP)

0.98 %

 

0.85 %

 

0.92 %

 

0.89 %

 

0.89 %

 
                     

Efficiency ratio (GAAP)

61.3 %

 

63.3 %

 

65.0 %

 

68.2 %

 

73.9 %

 

Effect of tax benefit related to tax-exempt income

(0.8)

 

(0.9)

 

(0.8)

 

(0.9)

 

(0.9)

 

Efficiency ratio (TE) (Non-GAAP) (1)

60.5 %

 

62.4 %

 

64.2 %

 

67.3 %

 

73.0 %

 

Effect of amortization of intangibles

(0.9)

 

(1.0)

 

(0.8)

 

(1.1)

 

(1.0)

 

Effect of non-core items

0.4

 

(1.1)

 

(2.3)

 

(1.4)

 

(7.6)

 

Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2)

60.0 %

 

60.3 %

 

61.1 %

 

64.8 %

 

64.4 %

 
                     

Return on average common equity (GAAP)

8.05 %

 

6.59 %

 

7.30 %

 

7.09 %

 

5.54 %

 

Effect of intangibles (2)

3.85

 

3.30

 

3.65

 

3.73

 

2.93

 

Effect of non-core revenues and expenses

(0.26)

 

0.37

 

0.25

 

0.36

 

2.67

 

Core return on average tangible common equity (Non-GAAP) (2)

11.64 %

 

10.26 %

 

11.20 %

 

11.18 %

 

11.14 %

 
                     

Total shareholders' equity (GAAP)

$   2,637,597

 

$   2,547,909

 

$   2,498,835

 

$   2,483,201

 

$   2,365,284

 

Less:  Goodwill and other intangibles

759,966

 

764,730

 

761,871

 

762,500

 

761,809

 

Preferred stock

132,098

 

76,812

 

76,812

 

77,463

 

 

Tangible common equity (Non-GAAP) (2)

$   1,745,533

 

$   1,706,367

 

$   1,660,152

 

$   1,643,238

 

$   1,603,475

 
                     

Total assets (GAAP)

$ 20,160,855

 

$ 20,092,563

 

$ 19,504,068

 

$ 19,534,225

 

$ 19,238,928

 

Less:  Goodwill and other intangibles

759,966

 

764,730

 

761,871

 

762,500

 

761,809

 

Tangible assets (Non-GAAP) (2)

$ 19,400,889

 

$ 19,327,833

 

$ 18,742,197

 

$ 18,771,725

 

$ 18,477,119

 

Tangible common equity ratio (Non-GAAP) (2)

9.00 %

 

8.83 %

 

8.86 %

 

8.75 %

 

8.68 %

 
 

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

(2) Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis where applicable.

 

 

 

 

 

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