IBERIABANK Corporation Reports Fourth Quarter Results

LAFAYETTE, La., Jan. 24, 2020 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 132-year-old IBERIABANK (www.iberiabank.com), reported financial results for the fourth quarter ended December 31, 2019. For the quarter, the Company reported net income available to common shareholders of $78.1 million, or $1.48 diluted earnings per common share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the fourth quarter of 2019 was $1.59 per common share, compared to $1.86 in the same quarter of 2018 (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics).

Daryl G. Byrd, President and Chief Executive Officer, commented, "We delivered a solid fourth quarter and a very successful 2019, continuing to execute on our strategic initiatives, grow our business and deliver a superior client experience throughout our franchise. During the fourth quarter, we incurred several items, both core and non-core that were merger-related expenses. Excluding these items, and assuming we had continued share repurchases as guided, Core EPS would have been in line with consensus analyst estimates. As we begin 2020, our Company continues to generate new opportunities in our markets, growing our loan and deposit base and increasing our fee revenues.  We are seeing great business momentum with attractive client growth, new relationship managers joining the Company, and a strong lending pipeline."

Byrd continued, "We are extremely pleased with the teamwork and tangible progress made in the initial months of our merger planning process.  Both institutions have similar cultures, bring significant experience to the transaction, and we have full confidence in our abilities to achieve targeted synergies. Our employees remain fully engaged and committed to creating a top tier regional banking institution. We are excited about the opportunities for clients and associates while increasing shareholder value, and look forward to all we can accomplish together as a combined franchise."

Fourth Quarter and Full Year 2019 Highlights


For the three months ended


For the years ended December 31,


GAAP


Non-GAAP Core


GAAP


Non-GAAP Core


4Q19

3Q19


4Q19

3Q19


2019

2018


2019

2018

Diluted Earnings Per Common Share

$

1.48


$

1.82



$

1.59


$

1.82



$

6.92


$

6.46



$

7.01


$

6.69


Return on Average Assets

1.03

%

1.26

%


1.10

%

1.26

%


1.22

%

1.25

%


1.24

%

1.30

%

Return on Average Common Equity

7.58

%

9.46

%


8.13

%

9.46

%


9.22

%

9.63

%


9.33

%

9.97

%

Return on Average Tangible Common Equity

N/A


N/A



12.39

%

14.48

%


N/A


N/A



14.35

%

16.01

%

Efficiency Ratio

61.8

%

55.2

%


58.0

%

55.2

%


55.8

%

62.0

%


55.0

%

55.9

%

Tangible Efficiency Ratio (TE)

N/A


N/A



56.2

%

53.4

%


N/A


N/A



53.2

%

53.7

%

 

  • Total loan growth of $345.0 million on a linked quarter basis, or 6% annualized. Total loan growth on a year-to-date basis was $1.5 billion, or 7%. The Company continues to see good loan growth throughout its footprint.

  • Total deposits increased $242.1 million compared to the prior quarter, or 4% annualized. Total deposit growth on a year-to-date basis was $1.5 billion, or 6%. In the fourth quarter, the Company paid off short-term borrowings of $275.0 million and reduced its balance of brokered deposits by $362.2 million.

  • The investment portfolio decreased $306.8 million to $4.1 billion as a result of normal cash flow activity. At December 31, 2019, investment securities were 13% of total assets, down from 16% at December 31, 2018.

  • Non-interest income decreased $4.3 million, or 7%, on a linked quarter basis. The decrease was primarily driven by a $2.1 million decrease in mortgage income and the third quarter $3.2 million gain on sale of non-mortgage loans. In the fourth quarter of 2019, the Company recorded $4.3 million in swap income, a record quarter.

  • On a year-to-date basis, non-interest income was up $81.8 million, or 54%, primarily from lower losses on sales of securities during the year and a $16.6 million increase in mortgage income.
    • The locked mortgage pipeline at January 21, 2020 was $214.4 million, up 53% from the similar period a year ago. The Company continues to see strength in its mortgage originations.

  • Non-interest expense increased $9.1 million, or 5%, on a linked quarter basis, primarily as a result of a $9.9 million increase in professional services and a $3.7 million increase in salaries and employee benefits expense, partially offset by a $1.6 million decrease in credit and other loan-related expense.
    • Non-interest expense included $16.5 million in merger-related expense, of which $11.3 million was considered non-core and $5.2 million core. Core merger-related expense included $2.5 million in benefits, $2.4 million in compensation, and $0.3 million in marketing. Total core non-interest expense decreased $2.3 million, or 1%, on a linked quarter basis.

  • For the full-year 2019, non-interest expense decreased $40.1 million, or 6%, primarily as a result of branch closure and merger-related expense in 2018. On a core basis, non-interest expense was down $5.5 million, or 1%.

  • The Company's reported and cash net interest margins were down 23 and 16 basis points from the prior quarter at 3.21% and 3.08%, respectively. For the full-year 2019, net interest margin was 3.45% on a reported basis, and 3.28% on a cash basis.

  • Provision for credit losses totaled $8.2 million, compared to $9.0 million in the prior quarter. Asset quality measures remain strong and continue to improve.

  • Net charge-offs to average loans on an annualized basis decreased three basis points to 0.11% compared to the prior quarter. Non-performing assets to total assets were 0.54% compared to 0.58% in the prior quarter.

  • Capital ratios remain strong and grew during the quarter. There were no share repurchases in the fourth quarter of 2019 due to the pending merger with First Horizon National Corporation.

  • The Company will adopt CECL as of January 1, 2020 and expects to have an allowance for expected credit losses to loans of 0.90% to 1.05%. The final CECL allowance coverage ratio will depend on finalization of the methods and assumptions (including economic forecasts) used to derive the estimate of expected credit losses.

 

2019 Guidance Results


2019 Guidance

Actual

Results

Average Earning Assets

$28.7B ~ $29.0B

$28.8B

Consolidated Loan Growth %

6.50% ~ 7.25%

6.67%

Consolidated Deposit Growth %

6.50% ~ 7.25%

6.13%

x

Provision Expense

$38MM ~ $43MM

$42MM

Non-Interest Income (Non-GAAP Core)

$230MM ~ $235MM

$235MM

Non-Interest Expense (Non-GAAP Core)

$667MM ~ $673MM

$674MM

x

Net Interest Margin

3.43% ~ 3.47%

3.45%

Tax Rate (Non-GAAP Core)

23.5% ~ 24.0%

23.7%

Preferred Dividend and Unrestricted Shares

$16.0MM ~ $17.0MM

$16.2MM

Share Repurchase Activity

$235MM ~ $240MM

$205MM

x

Credit Quality

Stable

Improved

Guidance Notes

  • Deposit Growth: Consolidated deposit growth was slightly under guidance due to a reduction in brokered deposit balances of $362.2 million during the fourth quarter of 2019. Excluding this reduction, deposit growth would have been above the 2019 guidance range.
  • Core Non-Interest Expense: Slightly above the guidance range. However, excluding the $5.2 million of certain merger-related core expense, total core non-interest expense would have been at the bottom end of the guidance range.
  • Share Repurchases: There were no share repurchases in the fourth quarter of 2019 due to the pending merger with First Horizon National Corporation.

                                                                        

Table A - Summary Financial Results

(Dollars in thousands, except per share data)













For the Three Months Ended


12/31/2019



9/30/2019


% Change


12/31/2018


% Change

GAAP BASIS:











Income available to common shareholders

$

78,120




$

96,251



(18.8)



$

129,090



(39.5)


Earnings per common share - diluted

1.48




1.82



(18.7)



2.32



(36.2)













Average loans and leases, net of unearned income

$

23,830,962




$

23,522,892



1.3



$

22,364,188



6.6


Average total deposits

25,227,462




24,588,346



2.6



23,484,576



7.4


Net interest margin (TE) (1)

3.21

%



3.44

%




3.81

%














Total revenues

$

293,842




$

313,007



(6.1)



$

265,990



10.5


Total non-interest expense

181,723




172,662



5.2



168,989



7.5


Efficiency ratio

61.8

%



55.2

%




63.5

%



Return on average assets

1.03




1.26





1.70




Return on average common equity

7.58




9.46





13.38















NON-GAAP BASIS (2):











Core revenues

$

293,828




$

313,007



(6.1)



$

316,249



(7.1)


Core non-interest expense

170,380




172,662



(1.3)



166,379



2.4


Core earnings per common share - diluted

1.59




1.82



(12.6)



1.86



(14.5)


Core tangible efficiency ratio (TE) (1) (3)

56.2

%



53.4

%




50.7

%



Core return on average assets

1.10




1.26





1.37




Core return on average common equity

8.13




9.46





10.75




Core return on average tangible common equity

12.39




14.48





16.98




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

3.08




3.24





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 21%.

(2)  See Table 9 and Table 10 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.

Operating Results

Net interest income decreased $14.8 million, or 6%, on a linked quarter basis. The decrease in net interest income reflects a 23 basis point decline in the net interest margin to 3.21% compared to 3.44% in the prior quarter. The lower net interest margin was primarily the result of a 30 basis point decrease in loan yield somewhat offset by an 8 basis point decline in the cost of interest-bearing liabilities. The decrease in loan yield was primarily attributable to the repricing of variable rate loans, as well as origination rates below portfolio rates, as a result of recent cuts to the targeted federal funds rate and the corresponding impact to LIBOR. Additionally, the loan yield was impacted by lower pay-offs and related recoveries in the acquired loan portfolio during the fourth quarter. The decline in the cost of interest-bearing liabilities was primarily attributable to recent interest rate cuts.

The provision for credit losses totaled $8.2 million compared to $9.0 million in the prior quarter. Net charge-offs to average loans on an annualized basis decreased 3 basis points to 0.11% compared to the prior quarter. At December 31, 2019, the allowance for loan and lease losses to total loans and leases was 0.61% compared to 0.62% in the prior quarter and covered 103% of non-performing loans.

Non-interest income decreased $4.3 million, or 7%, on a linked quarter basis, primarily the result of a $2.1 million decrease in mortgage income in the current quarter and a $3.2 million gain on non-mortgage loan sales that occurred in the third quarter. These decreases were partially offset by a $0.7 million increase in swap income.

Non-interest expense increased $9.1 million, or 5%, compared to the linked quarter, primarily as a result of a $9.9 million increase in professional services expense and a $3.7 million increase in salaries and employee benefits expense. These increases were partially offset by a $1.6 million decrease in credit and other loan-related expense. Non-interest expense included $16.5 million in merger-related expense, of which $11.3 million was considered non-core and $5.2 million core. Core merger-related expense included $2.5 million in benefits, $2.4 million in compensation, and $0.3 million in marketing. Total core non-interest expense decreased $2.3 million, or 1%, on a linked quarter basis.

On a linked quarter basis, the efficiency ratio increased to 61.8% from 55.2%, primarily due to the decrease in net interest income and the impact of merger-related expense, while the non-GAAP core tangible efficiency ratio increased to 56.2% compared to 53.4%. Refer to Table A for a summary of financial results on both a GAAP and non-GAAP basis.

Table B - Summary Financial Condition Results

(Dollars in thousands, except per share data)

















As of and For the Three Months Ended



12/31/2019


9/30/2019


%
Change


12/31/2018


%
Change

PERIOD-END BALANCES:














Total loans and leases, net of unearned income

$

24,021,499




$

23,676,537




1.5



$

22,519,815




6.7



Total deposits

25,219,349




24,977,285




1.0



23,763,431




6.1
















ASSET QUALITY RATIOS:














Loans 30-89 days past due and still accruing as a percentage of total loans (1)

0.28

%



0.23

%





0.25

%





Loans 90 days or more past due and still accruing as a percentage of total loans (1)

0.01




0.02






0.01






Non-performing assets to total assets (1)(2)

0.54




0.58






0.55






Classified assets to total assets (3)

0.84




0.89






0.98



















CAPITAL RATIOS:














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

9.24

%



9.05

%





8.84

%





Tier 1 leverage ratio (6)

9.90




9.78






9.63






Total risk-based capital ratio (6)

12.43




12.34






12.33



















PER COMMON SHARE DATA:














Book value

$

78.37




$

77.58




1.0



$

71.61




9.4



Tangible book value (Non-GAAP) (4) (5)

53.63




52.68




1.8



47.61




12.6



Closing stock price

74.83




75.54




(0.9)



64.28




16.4



Cash dividends

0.45




0.45






0.41




9.8




(1)

Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the 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. Refer to Table 5 for further detail.

(3)

Classified assets include loans rated substandard or worse, non-performing mortgage and consumer loans, and OREO and foreclosed property and include acquired impaired loans accounted for under ASC 310-30. Classified assets were $265 million, $283 million and $302 million at December 31, 2019, September 30, 2019, and December 31, 2018, respectively.

(4)

See Table 9 and Table 10 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.

(6)

Regulatory capital ratios as of December 31, 2019 are preliminary.

Loans and Leases

On a linked quarter basis, total loans and leases increased $345.0 million, or 6% annualized, to $24.0 billion at December 31, 2019. Growth during the fourth quarter of 2019 was strongest in the Birmingham, Houston, Atlanta, and New York markets. The Company believes it is well-positioned for diversified loan growth based on our strategic presence in significant MSAs in the Southeastern United States.

Table C - Period-End Loans and Leases

(Dollars in thousands)



















As of and For the Three Months Ended








Linked Qtr Change


Year/Year
Change


Mix


12/31/2019


9/30/2019


12/31/2018


$

%


Annualized


$

%


12/31/2019

9/30/2019

Commercial loans and leases

$

16,611,633



$

16,299,881



$

15,125,322



311,752


1.9



7.6

%


1,486,311


9.8



69.2

%

68.9

%

Residential mortgage loans

4,739,075



4,649,745



4,359,156



89,330


1.9



7.6

%


379,919


8.7



19.7

%

19.6

%

Consumer and other loans

2,670,791



2,726,911



3,035,337



(56,120)


(2.1)



(8.2)

%


(364,546)


(12.0)



11.1

%

11.5

%

Total loans and leases

$

24,021,499



$

23,676,537



$

22,519,815



344,962


1.5



5.8

%


1,501,684


6.7



100.0

%

100.0

%

Investment Securities

On a linked quarter basis, the investment portfolio decreased $306.8 million, or 28% annualized, to $4.1 billion, as a result of normal cash flow activity. At December 31, 2019, approximately 96% of the investment portfolio was in available-for-sale securities, which experience unrealized gains as interest rates fall. The investment portfolio had an effective duration of 2.7 years at December 31, 2019, up from 2.5 years at September 30, 2019, and a $57.8 million unrealized gain at December 31, 2019, down from $70.1 million at September 30, 2019. The average yield on investment securities decreased 20 basis points to 2.51% in the fourth quarter of 2019. The investment portfolio primarily consists of government agency securities. Municipal securities comprised 8% of total investments at December 31, 2019.

Deposits

Total deposits increased $242.1 million, or 4% annualized, to $25.2 billion at December 31, 2019. Growth during the fourth quarter of 2019 was strongest in the New Orleans, Acadiana, and Miami-Dade markets. Deposit growth during the quarter was partially offset by a $362.2 million reduction in brokered time deposits.

Table D - Period-End Deposits

(Dollars in thousands)








Linked Qtr Change


Year/Year Change


Mix


12/31/2019


9/30/2019


12/31/2018


$

%

Annualized


$

%


12/31/2019

9/30/2019

Non-interest-bearing

$

6,319,806



$

6,518,783



$

6,542,490



(198,977)


(3.1)


(12.1)

%


(222,684)


(3.4)



25.1

%

26.1

%

NOW accounts

4,821,252



4,503,353



4,514,113



317,899


7.1


28.0

%


307,139


6.8



19.1

%

18.0

%

Money market accounts

9,121,283



8,654,605



8,237,291



466,678


5.4


21.4

%


883,992


10.7



36.2

%

34.7

%

Savings accounts

683,366



671,156



828,914



12,210


1.8


7.2

%


(145,548)


(17.6)



2.7

%

2.7

%

Time deposits

4,273,642



4,629,388



3,640,623



(355,746)


(7.7)


(30.5)

%


633,019


17.4



16.9

%

18.5

%

Total deposits

$

25,219,349



$

24,977,285



$

23,763,431



242,064


1.0


3.8

%


1,455,918


6.1



100.0

%

100.0

%

Asset Quality

Credit quality remained strong and continued to improve. Classified assets decreased $17.4 million, or 6%, from September 30, 2019 and were 0.84% of total assets compared to 0.89% in the prior quarter and 0.98% in the prior year. Non-performing assets to total assets were 0.54% at December 31, 2019 compared to 0.58% in the prior quarter and 0.55% in the prior year. Loans 30-89 days past due and still accruing represented 0.28% of total loans and leases compared to 0.23% in the prior quarter and 0.25% one year ago. As a percentage of average loans and leases, annualized net charge-offs for the quarter decreased three basis points on a linked quarter basis to 0.11% and year-to-date net charge-offs decreased to 0.13%, down two basis points from the prior year.

The allowance for loan and lease losses was $146.6 million and represented 0.61% of total loans and leases compared to 0.62% as of September 30, 2019.

Refer to Table 5 - Loans and Asset Quality Data for further information.

Capital Position

At December 31, 2019, the non-GAAP tangible common equity ratio was 9.24%, up 19 basis points compared to September 30, 2019, and the preliminary Tier 1 leverage ratio was 9.90%, up 12 basis points compared to September 30, 2019. The preliminary calculation of the total risk-based capital ratio at December 31, 2019, was 12.43%, up 9 basis points compared to September 30, 2019.

At December 31, 2019, book value per common share was $78.37, up $0.79 per share, compared to September 30, 2019. Tangible book value per common share was $53.63, up $0.95 per share, compared to September 30, 2019. Based on the closing stock price of the Company's common stock of $77.05 per share on January 23, 2020, this price equated to 0.98 times December 31, 2019 book value per common share and 1.44 times December 31, 2019 tangible book value per common share.

Dividends On Capital Stock The declaration of dividends is at the discretion of the Board of Directors. Recent dividend declarations include the following:

Common Stock On December 19, 2019, the Company announced a quarterly cash dividend of $0.45 per common share, consistent with the common dividend declared in July. The dividend is payable on January 24, 2020 to shareholders of record as of December 31, 2019.

Preferred Stock On January 6, 2020, the Company announced a semi-annual cash dividend of $0.8281 per depositary share of Series B Preferred Stock that is payable on February 3, 2020 to shareholders of record as of January 17, 2020. On January 6, 2020 the Company also announced a quarterly cash dividend of $0.4125 per depositary share of Series C Preferred Stock that is payable on February 3, 2020 to shareholders of record as of January 17, 2020.

Common Stock Repurchase Program On July 17, 2019, the Board of Directors authorized the repurchase of up to 1,600,000 shares of the Company's common stock. This repurchase authorization equated to approximately 3% of total common shares outstanding. At December 31, 2019, the Company had approximately 1,165,000 remaining shares that may be repurchased under the current Board-approved plan. During the fourth quarter of 2019, the Company did not repurchase any common shares. No further stock repurchases are expected due to the pending merger with First Horizon National Corporation.

IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company with locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York offering commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, mortgage, commercial leasing and equipment financing, and title insurance services.

The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC". The Company's Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock also trade on the NASDAQ Global Select Market under the symbols "IBKCP", "IBKCO", and "IBKCN", respectively. The Company's common stock market capitalization was approximately $4.0 billion, based on the closing stock price on January 23, 2020.

The following 9 investment firms currently provide equity research coverage on the Company:

  • Bank of America Merrill Lynch
  • Janney Montgomery Scott, LLC
  • Hovde Group, LLC
  • Jefferies & Co., Inc.
  • Keefe, Bruyette & Woods, Inc.
  • Raymond James & Associates, Inc.
  • Piper Sandler
  • Stephens, Inc.
  • SunTrust Robinson-Humphrey

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, debt repayment penalties, and gains, losses, and impairment charges on long-lived assets. 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, 2018, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website, www.sec.gov, and the Company's website, 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. 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:

12/31/2019


9/30/2019


%
Change


12/31/2018


%
Change


Net interest income

$

234,490




$

249,333




(6.0)



$

265,021




(11.5)



Net interest income (TE) (1)

235,858




250,653




(5.9)



266,448




(11.5)



Total revenues

293,842




313,007




(6.1)



265,990




10.5



Provision for credit losses

8,153




8,986




(9.3)



13,094




(37.7)



Non-interest expense

181,723




172,662




5.2



168,989




7.5



Net income available to common shareholders

78,120




96,251




(18.8)



129,090




(39.5)
















PER COMMON SHARE DATA:














Earnings available to common shareholders - basic

$

1.49




$

1.83




(18.6)



$

2.33




(36.1)



Earnings available to common shareholders - diluted

1.48




1.82




(18.7)



2.32




(36.2)



Core earnings (Non-GAAP) (2)

1.59




1.82




(12.6)



1.86




(14.5)



Book value

78.37




77.58




1.0



71.61




9.4



Tangible book value (Non-GAAP) (2) (3)

53.63




52.68




1.8



47.61




12.6



Closing stock price

74.83




75.54




(0.9)



64.28




16.4



Cash dividends

0.45




0.45






0.41




9.8
















KEY RATIOS AND OTHER DATA (6):










Net interest margin (TE) (1)

3.21

%



3.44

%





3.81

%





Efficiency ratio

61.8




55.2






63.5






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

56.2




53.4






50.7






Return on average assets

1.03




1.26






1.70






Return on average common equity

7.58




9.46






13.38






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

12.39




14.48






16.98






Effective tax rate

20.6




24.0






(55.0)






Full-time equivalent employees

3,401




3,397






3,403



















CAPITAL RATIOS:














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

9.24

%



9.05

%





8.84

%





Tangible common equity to risk-weighted assets (3)

10.59




10.51






10.43






Tier 1 leverage ratio (4)

9.90




9.78






9.63






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

10.52




10.41






10.72






Tier 1 capital ratio (4)

11.38




11.28






11.25






Total risk-based capital ratio (4)

12.43




12.34






12.33






Common stock dividend payout ratio

30.2




24.4






17.8






Classified assets to Tier 1 capital (7)

8.8




9.6






10.7



















ASSET QUALITY RATIOS:










Non-performing assets to total assets (5)

0.54

%



0.58

%





0.55

%





ALLL to total loans and leases

0.61




0.62






0.62






Net charge-offs to average loans (annualized)

0.11




0.14






0.14






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

0.71




0.78






0.75







(1)

Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

(2)

See Table 9 and Table 10 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)

Regulatory capital ratios as of December 31, 2019 are preliminary.

(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. For purposes of this table, past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.

(6)

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

(7)

Classified assets include loans rated substandard or worse, non-performing mortgage and consumer loans, and OREO and foreclosed property and include acquired impaired loans accounted for under ASC 310-30.

 

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


12/31/2019


9/30/2019


$

%


6/30/2019


3/31/2019


12/31/2018


$

%

Interest income

$

314,779



$

333,178



(18,399)


(5.5)



$

335,967



$

326,084



$

330,196



(15,417)


(4.7)


Interest expense

80,289



83,845



(3,556)


(4.2)



80,628



75,600



65,175



15,114


23.2


Net interest income

234,490



249,333



(14,843)


(6.0)



255,339



250,484



265,021



(30,531)


(11.5)


Provision for credit losses

8,153



8,986



(833)


(9.3)



10,755



13,763



13,094



(4,941)


(37.7)


Net interest income after provision for credit losses

226,337



240,347



(14,010)


(5.8)



244,584



236,721



251,927



(25,590)


(10.2)


Mortgage income

15,305



17,432



(2,127)


(12.2)



18,444



11,849



10,379



4,926


47.5


Service charges on deposit accounts

12,970



13,209



(239)


(1.8)



12,847



12,810



13,425



(455)


(3.4)


Title revenue

6,638



7,170



(532)


(7.4)



6,895



5,225



5,996



642


10.7


Broker commissions

2,483



1,800



683


37.9



2,044



1,953



1,951



532


27.3


ATM/debit card fee income

3,309



2,948



361


12.2



3,032



2,582



2,267



1,042


46.0


Income from bank owned life insurance

1,887



1,760



127


7.2



1,750



1,797



2,023



(136)


(6.7)


Gain (loss) on sale of available-for-sale securities

8



27



(19)


(70.4)



(1,014)





(49,844)



49,852


NM


Trust department income

4,222



4,281



(59)


(1.4)



4,388



4,167



4,319



(97)


(2.2)


Other non-interest income

12,530



15,047



(2,517)


(16.7)



10,439



12,126



10,453



2,077


19.9


Total non-interest income

59,352



63,674



(4,322)


(6.8)



58,825



52,509



969



58,383


NM


Salaries and employee benefits

106,941



103,257



3,684


3.6



103,375



98,296



101,551



5,390


5.3


Occupancy and equipment

20,894



21,316



(422)


(2.0)



18,999



18,564



18,379



2,515


13.7


Amortization of acquisition intangibles

4,259



4,410



(151)


(3.4)



4,786



5,009



5,083



(824)


(16.2)


Computer services expense

9,930



9,638



292


3.0



9,383



9,157



8,942



988


11.0


Professional services

16,267



6,323



9,944


157.3



6,244



4,450



8,628



7,639


88.5


Credit and other loan-related expense

2,916



4,532



(1,616)


(35.7)



4,141



2,859



4,776



(1,860)


(38.9)


Other non-interest expense

20,516



23,186



(2,670)


(11.5)



22,690



20,418



21,630



(1,114)


(5.2)


Total non-interest expense

181,723



172,662



9,061


5.2



169,618



158,753



168,989



12,734


7.5


Income before income taxes

103,966



131,359



(27,393)


(20.9)



133,791



130,477



83,907



20,059


23.9


Income tax expense (benefit)

21,390



31,509



(10,119)


(32.1)



32,193



30,346



(46,132)



67,522


146.4


Net income

82,576



99,850



(17,274)


(17.3)



101,598



100,131



130,039



(47,463)


(36.5)


Less: Preferred stock dividends

4,456



3,599



857


23.8



949



3,598



949



3,507


369.5


Net income available to common shareholders

$

78,120



$

96,251



(18,131)


(18.8)



$

100,649



$

96,533



$

129,090



(50,970)


(39.5)


















Income available to common shareholders - basic

$

78,120



$

96,251



(18,131)


(18.8)



$

100,649



$

96,533



$

129,090



(50,970)


(39.5)


Less: Earnings allocated to unvested restricted stock

752



874



(122)


(14.0)



999



933



1,214



(462)


(38.1)


Earnings allocated to common shareholders

$

77,368



$

95,377



(18,009)


(18.9)



$

99,650



$

95,600



$

127,876



(50,508)


(39.5)


















Earnings per common share - basic

$

1.49



$

1.83



(0.34)


(18.6)



$

1.87



$

1.76



$

2.33



(0.84)


(36.1)


















Earnings per common share - diluted

1.48



1.82



(0.34)


(18.7)



1.86



1.75



2.32



(0.84)


(36.2)


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

0.11





0.11


100.0



0.01



(0.03)



(0.46)



0.57


123.9


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

$

1.59



$

1.82



(0.23)


(12.6)



$

1.87



$

1.72



$

1.86



(0.27)


(14.5)


















NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
















Weighted average common shares outstanding - basic

51,835



51,984



(149)


(0.3)



53,345



54,177



54,892



(3,057)


(5.6)


Weighted average common shares outstanding - diluted

52,142



52,292



(150)


(0.3)



53,674



54,539



55,215



(3,073)


(5.6)


Book value shares (period end)

52,420



52,266



154


0.3



52,805



54,551



54,796



(2,376)


(4.3)




(1)  See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.

NM - not meaningful

 

Table 3 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Dollars in thousands, except per share data)









For the Years Ended






Change


12/31/2019


12/31/2018


$

%

Interest income

$

1,310,008



$

1,221,629



88,379


7.2


Interest expense

320,362



208,381



111,981


53.7


Net interest income

989,646



1,013,248



(23,602)


(2.3)


Provision for credit losses

41,657



40,385



1,272


3.1


Net interest income after provision for credit losses

947,989



972,863



(24,874)


(2.6)


Mortgage income

63,030



46,424



16,606


35.8


Service charges on deposit accounts

51,836



52,803



(967)


(1.8)


Title revenue

25,928



24,149



1,779


7.4


Broker commissions

8,280



9,195



(915)


(10.0)


ATM/debit card fee income

11,871



10,295



1,576


15.3


Income from bank owned life insurance

7,194



6,310



884


14.0


Loss on sale of available-for-sale securities

(979)



(49,900)



48,921


NM


Trust department income

17,058



15,981



1,077


6.7


Other non-interest income

50,142



37,305



12,837


34.4


Total non-interest income

234,360



152,562



81,798


53.6


Salaries and employee benefits

411,869



414,741



(2,872)


(0.7)


Occupancy and equipment

79,773



77,246



2,527


3.3


Amortization of acquisition intangibles

18,464



21,678



(3,214)


(14.8)


Computer services expense

38,108



39,680



(1,572)


(4.0)


Professional services

33,284



28,698



4,586


16.0


Credit and other loan-related expense

14,448



19,088



(4,640)


(24.3)


Other non-interest expense

86,810



121,767



(34,957)


(28.7)


Total non-interest expense

682,756



722,898



(40,142)


(5.6)


Income before income taxes

499,593



402,527



97,066


24.1


Income tax expense

115,438



32,278



83,160


257.6


Net income

384,155



370,249



13,906


3.8


Less: Preferred stock dividends

12,602



9,095



3,507


38.6


Net income available to common shareholders

$

371,553



$

361,154



10,399


2.9









Income available to common shareholders - basic

$

371,553



$

361,154



10,399


2.9


Less: Earnings allocated to unvested restricted stock

3,559



3,583



(24)


(0.7)


Earnings allocated to common shareholders

$

367,994



$

357,571



10,423


2.9









Earnings per common share - basic

$

6.97



$

6.50



0.47


7.2









Earnings per common share - diluted

6.92



6.46



0.46


7.1


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

0.09



0.23



(0.14)


(60.9)


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

$

7.01



$

6.69



0.32


4.8









NUMBER OF COMMON SHARES OUTSTANDING (in thousands)







Weighted average common shares outstanding - basic

52,826



55,008



(2,182)


(4.0)


Weighted average common shares outstanding - diluted

53,153



55,360



(2,207)


(4.0)


Book value shares (period end)

52,420



54,796



(2,376)


(4.3)




(1)See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.

NM - not meaningful

 

TABLE 4 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)
















PERIOD-END BALANCES




Linked Qtr Change








Year/Year Change

ASSETS

12/31/2019


9/30/2019


$


%


6/30/2019


3/31/2019


12/31/2018


$


%

Cash and due from banks

$

289,794



$

353,346



(63,552)



(18.0)



$

289,502



$

280,680



$

294,186



(4,392)



(1.5)


Interest-bearing deposits in other banks

604,929



577,587



27,342



4.7



499,813



391,217



396,267



208,662



52.7


Total cash and cash equivalents

894,723



930,933



(36,210)



(3.9)



789,315



671,897



690,453



204,270



29.6


Investment securities available for sale

3,933,360



4,238,082



(304,722)



(7.2)



4,455,308



4,873,778



4,783,579



(850,219)



(17.8)


Investment securities held to maturity

182,961



185,007



(2,046)



(1.1)



192,917



198,958



207,446



(24,485)



(11.8)


Total investment securities

4,116,321



4,423,089



(306,768)



(6.9)



4,648,225



5,072,736



4,991,025



(874,704)



(17.5)


Mortgage loans held for sale

213,357



255,276



(41,919)



(16.4)



187,987



128,451



107,734



105,623



98.0


Loans and leases, net of unearned income

24,021,499



23,676,537



344,962



1.5



23,355,311



22,968,295



22,519,815



1,501,684



6.7


Allowance for loan and lease losses

(146,588)



(146,235)



353



0.2



(146,386)



(142,966)



(140,571)



6,017



4.3


Loans and leases, net

23,874,911



23,530,302



344,609



1.5



23,208,925



22,825,329



22,379,244



1,495,667



6.7


Premises and equipment, net

296,688



298,309



(1,621)



(0.5)



295,897



297,342



300,507



(3,819)



(1.3)


Goodwill and other intangible assets

1,312,701



1,314,676



(1,975)



(0.2)



1,317,151



1,319,992



1,324,269



(11,568)



(0.9)


Other assets

1,004,749



982,013



22,736



2.3



999,032



944,442



1,039,783



(35,034)



(3.4)


Total assets

$

31,713,450



$

31,734,598



(21,148)



(0.1)



$

31,446,532



$

31,260,189



$

30,833,015



880,435



2.9




















LIABILITIES AND SHAREHOLDERS' EQUITY













Non-interest-bearing deposits

$

6,319,806



$

6,518,783



(198,977)



(3.1)



$

6,474,394



$

6,448,613



$

6,542,490



(222,684)



(3.4)


NOW accounts

4,821,252



4,503,353



317,899



7.1



4,610,577



4,452,966



4,514,113



307,139



6.8


Savings and money market accounts

9,804,649



9,325,761



478,888



5.1



8,895,463



9,119,263



9,066,205



738,444



8.1


Time deposits

4,273,642



4,629,388



(355,746)



(7.7)



4,314,897



4,071,220



3,640,623



633,019



17.4


Total deposits

25,219,349



24,977,285



242,064



1.0



24,295,331



24,092,062



23,763,431



1,455,918



6.1


Short-term borrowings



275,000



(275,000)



(100.0)



813,000



845,000



1,167,000



(1,167,000)



(100.0)


Securities sold under agreements to repurchase

204,208



223,049



(18,841)



(8.4)



184,507



261,131



315,882



(111,674)



(35.4)


Trust preferred securities

120,110



120,110







120,110



120,110



120,110






Other long-term debt

1,223,577



1,274,092



(50,515)



(4.0)



1,254,649



1,355,345



1,046,041



177,536



17.0


Other liabilities

609,472



581,762



27,710



4.8



540,935



444,710



364,274



245,198



67.3


Total liabilities

27,376,716



27,451,298



(74,582)



(0.3)



27,208,532



27,118,358



26,776,738



599,978



2.2


Total shareholders' equity

4,336,734



4,283,300



53,434



1.2



4,238,000



4,141,831



4,056,277



280,457



6.9


Total liabilities and shareholders' equity

$

31,713,450



$

31,734,598



(21,148)



(0.1)



$

31,446,532



$

31,260,189



$

30,833,015



880,435



2.9


 

TABLE 4 Continued - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)



















AVERAGE BALANCES


Linked Qtr Change








Year/Year Change

ASSETS

12/31/2019


9/30/2019


$


%


6/30/2019


3/31/2019


12/31/2018


$


%

Cash and due from banks

$

294,487



$

272,273



22,214



8.2



$

275,917



$

291,659



$

281,509



12,978



4.6


Interest-bearing deposits in other banks

756,223



531,665



224,558



42.2



436,948



332,638



385,619



370,604



96.1


Total cash and cash equivalents

1,050,710



803,938



246,772



30.7



712,865



624,297



667,128



383,582



57.5


Investment securities available for sale

4,095,950



4,365,558



(269,608)



(6.2)



4,650,757



4,816,855



4,567,564



(471,614)



(10.3)


Investment securities held to maturity

184,272



189,400



(5,128)



(2.7)



195,639



202,601



211,333



(27,061)



(12.8)


Total investment securities

4,280,222



4,554,958



(274,736)



(6.0)



4,846,396



5,019,456



4,778,897



(498,675)



(10.4)


Mortgage loans held for sale

239,346



209,778



29,568



14.1



159,931



95,588



63,033



176,313



279.7


Loans and leases, net of unearned income

23,830,962



23,522,892



308,070



1.3



23,120,689



22,599,686



22,364,188



1,466,774



6.6


Allowance for loan and lease losses

(147,641)



(148,203)



562



(0.4)



(145,854)



(140,915)



(138,675)



(8,966)



6.5


Loans and leases, net

23,683,321



23,374,689



308,632



1.3



22,974,835



22,458,771



22,225,513



1,457,808



6.6


Premises and equipment, net

299,607



298,055



1,552



0.5



298,119



299,741



302,956



(3,349)



(1.1)


Goodwill and other intangible assets

1,313,169



1,315,359



(2,190)



(0.2)



1,318,182



1,322,288



1,318,200



(5,031)



(0.4)


Other assets

971,873



997,514



(25,641)



(2.6)



961,494



1,013,359



977,740



(5,867)



(0.6)


Total assets

$

31,838,248



$

31,554,291



283,957



0.9



$

31,271,822



$

30,833,500



$

30,333,467



1,504,781



5.0




















LIABILITIES AND SHAREHOLDERS' EQUITY













Non-interest-bearing deposits

$

6,501,529



$

6,425,026



76,503



1.2



$

6,442,217



$

6,271,313



$

6,646,071



(144,542)



(2.2)


NOW accounts

4,526,694



4,451,579



75,115



1.7



4,488,691



4,458,634



4,212,304



314,390



7.5


Savings and money market accounts

9,708,541



9,188,186



520,355



5.7



9,014,822



9,089,099



9,169,184



539,357



5.9


Time deposits

4,490,698



4,523,555



(32,857)



(0.7)



4,156,974



3,859,354



3,457,017



1,033,681



29.9


Total deposits

25,227,462



24,588,346



639,116



2.6



24,102,704



23,678,400



23,484,576



1,742,886



7.4


Short-term borrowings

118,557



606,739



(488,182)



(80.5)



782,516



859,576



602,593



(484,036)



(80.3)


Securities sold under agreements to repurchase

207,478



187,305



20,173



10.8



214,090



291,643



386,563



(179,085)



(46.3)


Trust preferred securities

120,110



120,110







120,110



120,110



120,110






Other long-term debt

1,265,077



1,240,382



24,695



2.0



1,345,575



1,343,752



1,308,086



(43,009)



(3.3)


Other liabilities

582,643



545,838



36,805



6.7



463,803



434,516



470,501



112,142



23.8


Total liabilities

27,521,327



27,288,720



232,607



0.9



27,028,798



26,727,997



26,372,429



1,148,898



4.4


Total shareholders' equity

4,316,921



4,265,571



51,350



1.2



4,243,024



4,105,503



3,961,038



355,883



9.0


Total liabilities and shareholders' equity

$

31,838,248



$

31,554,291



283,957



0.9



$

31,271,822



$

30,833,500



$

30,333,467



1,504,781



5.0


 

Table 5 - IBERIABANK CORPORATION

LOANS AND ASSET QUALITY DATA

(Dollars in thousands)














Linked Qtr

Change








Year/Year Change

LOANS

12/31/2019


9/30/2019


$


%


6/30/2019


3/31/2019


12/31/2018


$


%

Commercial loans and leases:


















Real estate- construction

$

1,321,663



$

1,330,014



(8,351)



(0.6)



$

1,342,984



$

1,219,647



$

1,196,366



125,297



10.5


Real estate- owner-occupied (1)

2,475,326



2,468,061



7,265



0.3



2,373,143



2,408,079



2,395,822



79,504



3.3


Real estate- non-owner occupied

6,267,106



6,011,681



255,425



4.2



6,102,143



6,147,864



5,796,117



470,989



8.1


Commercial and industrial (6)

6,547,538



6,490,125



57,413



0.9



6,161,759



5,852,568



5,737,017



810,521



14.1


Total commercial loans and leases

16,611,633



16,299,881



311,752



1.9



15,980,029



15,628,158



15,125,322



1,486,311



9.8




















Residential mortgage loans

4,739,075



4,649,745



89,330



1.9



4,538,194



4,415,267



4,359,156



379,919



8.7




















Consumer and other loans:


















Home equity

1,987,336



2,053,588



(66,252)



(3.2)



2,147,897



2,220,648



2,304,694



(317,358)



(13.8)


Other

683,455



673,323



10,132



1.5



689,191



704,222



730,643



(47,188)



(6.5)


Total consumer and other loans

2,670,791



2,726,911



(56,120)



(2.1)



2,837,088



2,924,870



3,035,337



(364,546)



(12.0)


Total loans and leases

$

24,021,499



$

23,676,537



344,962



1.5



$

23,355,311



$

22,968,295



$

22,519,815



1,501,684



6.7















Allowance for loan and lease losses (2)

$

(146,588)



$

(146,235)



353



0.2



$

(146,386)



$

(142,966)



$

(140,571)



6,017



4.3


Loans and leases, net

23,874,911



23,530,302



344,609



1.5



23,208,925



22,825,329



22,379,244



1,495,667



6.7




















Reserve for unfunded commitments

(16,637)



(16,144)



493



3.1



(15,281)



(15,981)



(14,830)



1,807



12.2


Allowance for credit losses

(163,225)



(162,379)



846



0.5



(161,667)



(158,947)



(155,401)



7,824



5.0




















ASSET QUALITY DATA

















Non-accrual loans (3)

$

138,905



$

153,113



(14,208)



(9.3)



$

158,992



$

148,056



$

137,184



1,721



1.3


Other real estate owned and foreclosed assets

27,985



27,075



910



3.4



28,106



30,606



30,394



(2,409)



(7.9)


Accruing loans more than 90 days past due (3)

3,257



4,790



(1,533)



(32.0)



851



4,111



2,128



1,129



53.1


Total non-performing

assets (3)(4)

$

170,147



$

184,978



(14,831)



(8.0)



$

187,949



$

182,773



$

169,706



441



0.3




















Loans 30-89 days past due (3)

$

68,204



$

54,618



13,586



24.9



$

43,021



$

45,334



$

57,332



10,872



19.0




















Non-performing assets to total

assets (3)(4)

0.54

%


0.58

%






0.60

%


0.58

%


0.55

%





Non-performing assets to total loans and OREO (3)(4)

0.71



0.78







0.80



0.79



0.75






ALLL to non-performing

loans (3)(5)

103.1



92.6







91.6



94.0



100.9






ALLL to non-performing

assets (3)(4)

86.2



79.1







77.9



78.2



82.8






ALLL to total loans and leases

0.61



0.62







0.63



0.62



0.62
























Quarter-to-date charge-offs

$

8,398



$

10,777



(2,379)



(22.1)



$

10,275



$

8,918



$

10,806



(2,408)



(22.3)


Quarter-to-date recoveries

(1,683)



(2,336)



(653)



(28.0)



(2,218)



(1,586)



(3,097)



(1,414)



(45.7)


Quarter-to-date net charge-offs

$

6,715



$

8,441



(1,726)



(20.4)



$

8,057



$

7,332



$

7,709



(994)



(12.9)




















Net charge-offs to average loans (annualized)

0.11

%


0.14

%






0.14

%


0.13

%


0.14

%







(1) Real estate- owner-occupied is defined as loans with a "1E1" call report code (loans secured by owner-occupied non-farm non-residential properties).

(2) The allowance for loan and lease losses includes impairment reserves attributable to acquired impaired loans.

(3) For purposes of this table, past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.

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

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

(6) Includes equipment financing leases.

 

TABLE 6 - IBERIABANK CORPORATION

QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES

(Dollars in thousands)












For the Three Months Ended


12/31/2019


9/30/2019


Basis Point
Change

ASSETS

Average
Balance

Interest

Income/Expense

Yield/Rate
(TE)(1)


Average
Balance

Interest

Income/Expense

Yield/Rate
(TE)(1)


Yield/Rate
(TE)(1)

Earning assets:










Commercial loans and leases

$

16,441,658


$

195,487


4.74

%


$

16,155,962


$

205,350


5.06

%


(32)

Residential mortgage loans

4,706,745


50,879


4.32



4,588,549


50,939


4.44



(12)

Consumer and other loans

2,682,559


36,198


5.35



2,778,381


40,501


5.78



(43)

Total loans and leases

23,830,962


282,564


4.73



23,522,892


296,790


5.03



(30)

Mortgage loans held for sale

239,346


2,132


3.56



209,778


1,936


3.69



(13)

Investment securities (2)

4,218,720


25,926


2.51



4,493,789


29,932


2.71



(20)

Other earning assets

937,076


4,157


1.76



733,305


4,520


2.44



(68)

Total earning assets

29,226,104


314,779


4.30



28,959,764


333,178


4.59



(29)

Allowance for loan and lease losses

(147,641)





(148,203)






Non-earning assets

2,759,785





2,742,730






Total assets

$

31,838,248





$

31,554,291
















LIABILITIES AND SHAREHOLDERS' EQUITY









Interest-bearing liabilities:










NOW accounts

$

4,526,694


$

10,091


0.88

%


$

4,451,579


$

11,305


1.01

%


(13)

Savings and money market accounts

9,708,541


34,422


1.41



9,188,186


32,959


1.42



(1)

Time deposits

4,490,698


25,860


2.28



4,523,555


26,489


2.32



(4)

Total interest-bearing deposits (3)

18,725,933


70,373


1.49



18,163,320


70,753


1.55



(6)

Short-term borrowings

326,035


946


1.15



794,044


3,880


1.94



(79)

Long-term debt

1,385,187


8,970


2.57



1,360,492


9,212


2.69



(12)

Total interest-bearing liabilities

20,437,155


80,289


1.56



20,317,856


83,845


1.64



(8)

Non-interest-bearing deposits

6,501,529





6,425,026






Non-interest-bearing liabilities

582,643





545,838






Total liabilities

27,521,327





27,288,720






Total shareholders' equity

4,316,921





4,265,571






Total liabilities and shareholders' equity

$

31,838,248





$

31,554,291
















Net interest income/Net interest spread

$

234,490


2.74

%



$

249,333


2.95

%


(21)

Taxable equivalent benefit


1,368


0.02




1,320


0.02



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


$

235,858


3.21

%



$

250,653


3.44

%


(23)



(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

(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, 2019 and September 30, 2019 were 1.11% and 1.14%, respectively.

 

TABLE 6 Continued - IBERIABANK CORPORATION

QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES

(Dollars in thousands)














For the Three Months Ended


6/30/2019


3/31/2019


12/31/2018

ASSETS

Average
Balance

Interest
Income/Expense

Yield/Rate
(TE)(1)


Average
Balance

Interest
Income/Expense

Yield/Rate

(TE)(1)


Average
Balance

Interest
Income/Expense

Yield/Rate
(TE)(1)

Earning assets:












Commercial loans and leases

$

15,766,423


$

205,093


5.24

%


$

15,253,655


$

194,510


5.19

%


$

14,978,169


$

196,881


5.24

%

Residential mortgage loans

4,482,150


49,388


4.41



4,385,634


47,829


4.36



4,345,811


53,836


4.96


Consumer and other loans

2,872,116


42,205


5.89



2,960,397


42,540


5.83



3,040,208


44,275


5.78


Total loans and leases

23,120,689


296,686


5.16



22,599,686


284,879


5.11



22,364,188


294,992


5.26


Mortgage loans held for sale

159,931


1,588


3.97



95,588


1,054


4.41



63,033


721


4.58


Investment securities (2)

4,853,858


33,803


2.83



5,052,922


36,125


2.90



4,782,844


30,559


2.61


Other earning assets

639,232


3,890


2.44



533,745


4,026


3.06



581,673


3,924


2.68


Total earning assets

28,773,710


335,967


4.70



28,281,941


326,084


4.68



27,791,738


330,196


4.74


Allowance for loan and lease losses

(145,854)





(140,915)





(138,675)




Non-earning assets

2,643,966





2,692,474





2,680,404




Total assets

$

31,271,822





$

30,833,500





$

30,333,467
















LIABILITIES AND SHAREHOLDERS' EQUITY











Interest-bearing liabilities:












NOW accounts

$

4,488,691


$

11,623


1.04

%


$

4,458,634


$

11,396


1.04

%


$

4,212,304


$

9,420


0.89

%

Savings and money market accounts

9,014,822


30,845


1.37



9,089,099


28,762


1.28



9,169,184


26,062


1.13


Time deposits

4,156,974


23,398


2.26



3,859,354


20,077


2.11



3,457,017


16,666


1.91


Total interest-bearing deposits (3)

17,660,487


65,866


1.50



17,407,087


60,235


1.40



16,838,505


52,148


1.23


Short-term borrowings

996,606


5,197


2.09



1,151,219


5,716


2.01



989,156


4,104


1.65


Long-term debt

1,465,685


9,565


2.62



1,463,862


9,649


2.67



1,428,196


8,923


2.48


Total interest-bearing liabilities

20,122,778


80,628


1.61



20,022,168


75,600


1.53



19,255,857


65,175


1.34


Non-interest-bearing deposits

6,442,217





6,271,313





6,646,071




Non-interest-bearing liabilities

463,803





434,516





470,501




Total liabilities

27,028,798





26,727,997





26,372,429




Total shareholders' equity

4,243,024





4,105,503





3,961,038




Total liabilities and shareholders' equity

$

31,271,822





$

30,833,500





$

30,333,467
















Net interest income/Net interest spread


$

255,339


3.09

%



$

250,484


3.15

%



$

265,021


3.40

%

Taxable equivalent benefit


1,338


0.02




1,349


0.02




1,427


0.02


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


$

256,677


3.57

%



$

251,833


3.59

%



$

266,448


3.81

%



(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

(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, 2019, March 31, 2019, and December 31, 2018, were 1.10%, 1.03% and 0.88%, respectively.

 

TABLE 7 - IBERIABANK CORPORATION

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

(Dollars in thousands)












For the Years Ended


12/31/2019


12/31/2018


Basis Point
Change

ASSETS

Average
Balance

Interest
Income/Expense

Yield/Rate
(TE)(1)


Average
Balance

Interest
Income/Expense

Yield/Rate
(TE)(1)


Yield/Rate
(TE)(1)

Earning assets:










Commercial loans and leases

$

15,908,368


$

800,440


5.05

%


$

14,633,814


$

731,385


5.02

%


3

Residential mortgage loans

4,541,780


199,035


4.38



3,946,390


183,690


4.65



(27)

Consumer and other loans

2,822,479


161,444


5.72



3,061,891


171,587


5.60



12

Total loans and leases

23,272,627


1,160,919


5.00



21,642,095


1,086,662


5.04



(4)

Mortgage loans held for sale

176,647


6,710


3.80



83,087


3,748


4.51



(71)

Investment securities (2)

4,652,096


125,786


2.75



4,900,457


117,771


2.46



29

Other earning assets

712,006


16,593


2.33



573,949


13,448


2.34



(1)

Total earning assets

28,813,376


1,310,008


4.57



27,199,588


1,221,629


4.51



6

Allowance for loan and lease losses

(145,679)





(141,880)






Non-earning assets

2,710,171





2,520,318






Total assets

$

31,377,868





$

29,578,026
















LIABILITIES AND SHAREHOLDERS' EQUITY









Interest-bearing liabilities:










NOW accounts

$

4,481,504


$

44,415


0.99

%


$

4,341,041


$

33,962


0.78

%


21

Savings and money market accounts

9,251,689


126,988


1.37



9,056,182


82,151


0.91



46

Time deposits

4,260,104


95,824


2.25



2,920,817


44,839


1.54



71

Total interest-bearing deposits (3)

17,993,297


267,227


1.49



16,318,040


160,952


0.99



50

Short-term borrowings

814,653


15,739


1.93



1,052,088


14,682


1.40



53

Long-term debt

1,418,431


37,396


2.64



1,392,148


32,747


2.35



29

Total interest-bearing liabilities

20,226,381


320,362


1.58



18,762,276


208,381


1.11



47

Non-interest-bearing deposits

6,410,693





6,602,434






Non-interest-bearing liabilities

507,213





330,588






Total liabilities

27,144,287





25,695,298






Total shareholders' equity

4,233,581





3,882,728






Total liabilities and shareholders' equity

$

31,377,868





$

29,578,026
















Net interest income/Net interest spread

$

989,646


2.99

%



$

1,013,248


3.40

%


(41)

Tax-equivalent benefit


5,517


0.02




5,760


0.02



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


$

995,163


3.45

%



$

1,019,008


3.75

%


(30)



(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

(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 years ended December 31, 2019 and 2018 were 1.10% and 0.70%, respectively.

 

Table 8 - IBERIABANK CORPORATION

LEGACY AND ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS

(Dollars in millions)






















For the Three Months Ended


12/31/2019


9/30/2019


6/30/2019


3/31/2019


12/31/2018

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 and leases, net

$

225


$

19,374


4.60

%


$

229


$

18,721


4.86

%


$

225


$

17,984


5.00

%


$

213


$

17,192


5.02

%


$

209


$

16,616


4.99

%

Acquired loans

58


4,457


5.18



68


4,802


5.62



72


5,137


5.64



72


5,408


5.35



86


5,748


5.97


Total loans and leases

$

283


$

23,831


4.71

%


$

297


$

23,523


5.01

%


$

297


$

23,121


5.14

%


$

285


$

22,600


5.10

%


$

295


$

22,364


5.24

%






















12/31/2019


9/30/2019


6/30/2019


3/31/2019


12/31/2018

ADJUSTMENTS

Income

Average
Balance

Yield


Income

Average

Balance

Yield


Income

Average
Balance

Yield


Income

Average
Balance

Yield


Income

Average

Balance

Yield

Legacy loans and leases, net

$


$


%


$


$


%


$


$


%


$


$


%


$


$


%

Acquired loans

(9)


97


(0.90)



(14)


111


(1.24)



(14)


124


(1.15)



(11)


136


(0.92)



(19)


144


(1.46)


Total loans and leases

$

(9)


$

97


(0.17)

%


$

(14)


$

111


(0.25)

%


$

(14)


$

124


(0.25)

%


$

(11)


$

136


(0.22)

%


$

(19)


$

144


(0.38)

%






















12/31/2019


9/30/2019


6/30/2019


3/31/2019


12/31/2018

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 and leases, net

$

225


$

19,374


4.60

%


$

229


$

18,721


4.86

%


$

225


$

17,984


5.00

%


$

213


$

17,192


5.02

%


$

209


$

16,616


4.99

%

Acquired loans

49


4,554


4.28



54


4,913


4.38



58


5,261


4.49



61


5,544


4.43



67


5,892


4.51


Total loans and leases

$

274


$

23,928


4.54

%


$

283


$

23,634


4.76

%


$

283


$

23,245


4.89

%


$

274


$

22,736


4.88

%


$

276


$

22,508


4.86

%

 

Table 9 - IBERIABANK CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Dollars in thousands, except per share amounts)




















For the Three Months Ended


12/31/2019


9/30/2019


6/30/2019


Pre-tax


After-tax


Per share(2)


Pre-tax


After-tax


Per share(2)


Pre-tax


After-tax


Per share(2)

Net income

$

103,966



$

82,576



$

1.57



$

131,359



$

99,850



$

1.89



$

133,791



$

101,598



$

1.88


Less: Preferred stock dividends



4,456



0.09





3,599



0.07





949



0.02


Income available to common shareholders (GAAP)

$

103,966



$

78,120



$

1.48



$

131,359



$

96,251



$

1.82



$

133,791



$

100,649



$

1.86




















Non-interest income adjustments (1)(3):















(Gain) loss on sale of investments

(14)



(11)











1,012



769



0.01




















Non-interest expense adjustments (1)(3):















Merger-related expense

11,321



10,828



0.21









(10)



(7)




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

30



23











(22)



(17)




Other non-core non-interest expense

(8)



(6)











107



81




Total non-interest expense adjustments

11,343



10,845



0.21









75



57




Income tax benefit - other



(5,209)



(0.10)














Core earnings (Non-GAAP)

115,295



83,745



1.59



131,359



96,251



1.82



134,878



101,475



1.87


Provision for credit losses(1)

8,153



6,196





8,986



6,829





10,755



8,174




Pre-provision earnings, as adjusted (Non-GAAP) (3)

$

123,448



$

89,941





$

140,345



$

103,080





$

145,633



$

109,649



























































For the Three Months Ended








3/31/2019


12/31/2018








Pre-tax


After-tax


Per share(2)


Pre-tax


After-tax


Per share(2)







Net income

$

130,477



$

100,131



$

1.82



$

83,907



$

130,039



$

2.34








Less: Preferred stock dividends



3,598



0.07





949



0.02








Income available to common shareholders (GAAP)

$

130,477



$

96,533



$

1.75



$

83,907



$

129,090



$

2.32


























Non-interest income adjustments (1)(3):















(Gain) loss on sale of investments







49,844



37,882



0.68








Other non-core non-interest income







415



316










Total non-interest income adjustments







50,259



38,198



0.68


























Non-interest expense adjustments (1)(3):















Merger-related expense

(334)



(254)





(238)



(353)










Compensation-related expense

(9)



(7)





184



140










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

986



749



0.01



64



49










Other non-core non-interest expense

(3,129)



(2,378)



(0.04)



2,600



1,976



0.04








Total non-interest expense adjustments

(2,486)



(1,890)



(0.03)



2,610



1,812



0.04








Income tax benefit - impact of the Tax Cuts and Jobs Act









(65,317)



(1.18)








Core earnings (Non-GAAP)

127,991



94,643



1.72



136,776



103,783



1.86








Provision for credit losses (1)

13,763



10,460





13,094



9,951










Pre-provision earnings, as adjusted (Non-GAAP) (3)

$

141,754



$

105,103





$

149,870



$

113,734












(1) Excluding preferred stock dividends and merger-related expense, after-tax amounts are calculated using a tax rate of 24%, which approximates the marginal tax rate.

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

(3) Adjustments to GAAP results include certain significant activities or transactions that, in management's opinion, can distort period-to-period comparisons of the Company's performance. These adjustments include, but are not limited to, realized gains or losses on the sale of investment securities, merger-related expenses, realized or unrealized gains or losses on former bank-owned real estate, and gains, losses, and impairment charges on long-lived assets.



For the Year Ended


12/31/2019


12/31/2018


Pre-tax


After-tax


Per share (2)


Pre-tax


After-tax


Per share (2)

Net income

$

499,593



$

384,155



$

7.16



$

402,527



$

370,249



$

6.63


Less: Preferred stock dividends



12,602



0.24





9,095



0.17


Income available to common shareholders (GAAP)

$

499,593



$

371,553



$

6.92



$

402,527



$

361,154



$

6.46














Non-interest income adjustments (1)(3):










Loss on sale of investments

998



758



0.01



49,899



37,923



0.68


Other non-core non-interest income







415



316




Total non-interest income adjustments

998



758



0.01



50,314



38,239



0.68














Non-interest expense adjustments (1)(3):










Merger-related expense

10,977



10,567



0.20



31,295



23,919



0.44


Compensation-related expense

(9)



(7)





4,290



3,261



0.05


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

994



755



0.01



10,837



8,236



0.15


Gain on early termination of loss share agreements







(2,708)



(2,058)



(0.04)


Other non-core non-interest expense

(3,030)



(2,303)



(0.04)



(133)



(102)



0.01


Total non-interest expense adjustments

8,932



9,012



0.17



43,581



33,256



0.61


Income tax benefit - impact of the Tax Cuts and Jobs Act









(58,745)



(1.06)


Income tax expense (benefit) - other



(5,209)



(0.09)





173




Core earnings (Non-GAAP)

509,523



376,114



7.01



496,422



374,077



6.69


Provision for credit losses (1)

41,657



31,659





40,385



30,692




Pre-provision earnings, as adjusted (Non-GAAP) (3)

$

551,180



$

407,773





$

536,807



$

404,769






(1) Excluding preferred stock dividends and merger-related expense, after-tax amounts are calculated using a tax rate of 24% , which approximates the marginal tax rate.

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

(3) Adjustments to GAAP results include certain significant activities or transactions that, in management's opinion, can distort period-to-period comparisons of the Company's performance. These adjustments include, but are not limited to, realized gains or losses on the sale of investment securities, merger-related expenses, realized and unrealized gains or losses on former bank-owned real estate, and gains, losses, and impairment charges on long-lived assets.

 

Table 10 - IBERIABANK CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Dollars in thousands)












For the Three Months Ended


12/31/2019


9/30/2019


6/30/2019


3/31/2019


12/31/2018

Net interest income (GAAP)

$

234,490



$

249,333



$

255,339



$

250,484



$

265,021


Taxable equivalent benefit

1,368



1,320



1,338



1,349



1,427


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

235,858



250,653



256,677



251,833



266,448












Non-interest income (GAAP)

59,352



63,674



58,825



52,509



969


Taxable equivalent benefit

502



468



465



478



539


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

59,854



64,142



59,290



52,987



1,508


Taxable equivalent revenues (Non-GAAP) (1)

295,712



314,795



315,967



304,820



267,956


Securities (gains) losses and other non-interest income

(14)





1,012





50,259


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

$

295,698



$

314,795



$

316,979



$

304,820



$

318,215












Total non-interest expense (GAAP)

$

181,723



$

172,662



$

169,618



$

158,753



$

168,989


Less: Intangible amortization expense

4,259



4,410



4,786



5,009



5,083


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

177,464



168,252



164,832



153,744



163,906


Less: Merger-related expense

11,321





(10)



(334)



(238)


         Compensation-related expense







(9)



184


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

30





(22)



986



64


         Other non-core non-interest expense

(8)





107



(3,129)



2,600


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

$

166,121



$

168,252



$

164,757



$

156,230



$

161,296












Return on average assets (GAAP)

1.03

%


1.26

%


1.30

%


1.32

%


1.70

%

Effect of non-core revenues and expenses

0.07





0.01



(0.03)



(0.33)


Core return on average assets (Non-GAAP)

1.10

%


1.26

%


1.31

%


1.29

%


1.37

%











Efficiency ratio (GAAP)

61.8

%


55.2

%


54.0

%


52.4

%


63.5

%

Effect of tax benefit related to tax-exempt income

(0.3)



(0.3)



(0.3)



(0.3)



(0.4)


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

61.5

%


54.9

%


53.7

%


52.1

%


63.1

%

Effect of amortization of intangibles

(1.5)



(1.5)



(1.5)



(1.6)



(1.9)


Effect of non-core items

(3.8)





(0.2)



0.8



(10.5)


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

56.2

%


53.4

%


52.0

%


51.3

%


50.7

%











Return on average common equity (GAAP)

7.58

%


9.46

%


10.05

%


9.85

%


13.38

%

Effect of non-core revenues and expenses

0.55





0.08



(0.19)



(2.63)


Core return on average common equity (Non-GAAP)

8.13

%


9.46

%


10.13

%


9.66

%


10.75

%

Effect of intangibles (2)

4.26



5.02



5.45



5.37



6.23


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

12.39

%


14.48

%


15.58

%


15.03

%


16.98

%











Total shareholders' equity (GAAP)

$

4,336,734



$

4,283,300



$

4,238,000



$

4,141,831



$

4,056,277


Less:  Goodwill and other intangibles

1,297,095



1,301,348



1,305,752



1,310,458



1,315,462


           Preferred stock

228,485



228,485



228,485



132,097



132,097


Tangible common equity (Non-GAAP) (2)

$

2,811,154



$

2,753,467



$

2,703,763



$

2,699,276



$

2,608,718












Total assets (GAAP)

$

31,713,450



$

31,734,598



$

31,446,532



$

31,260,189



$

30,833,015


Less:  Goodwill and other intangibles

1,297,095



1,301,348



1,305,752



1,310,458



1,315,462


Tangible assets (Non-GAAP) (2)

$

30,416,355



$

30,433,250



$

30,140,780



$

29,949,731



$

29,517,553


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

9.24

%


9.05

%


8.97

%


9.01

%


8.84

%



(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

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



For the Years Ended


12/31/2019


12/31/2018

Net interest income (GAAP)

$

989,646



$

1,013,248


Taxable equivalent benefit

5,375



5,760


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

995,021



1,019,008






Non-interest income (GAAP)

234,360



152,562


Taxable equivalent benefit

1,913



1,677


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

236,273



154,239


Taxable equivalent revenues (Non-GAAP) (1)

1,231,294



1,173,247


Securities losses and other non-interest income

998



50,314


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

$

1,232,292



$

1,223,561






Total non-interest expense (GAAP)

$

682,756



$

722,898


Less: Intangible amortization expense

18,464



21,678


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

664,292



701,220


Less: Merger-related expense

10,977



31,295


         Compensation-related expense

(9)



4,290


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

994



10,837


        Gain on early termination of loss share agreements



(2,708)


         Other non-core non-interest expense

(3,030)



(133)


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

$

655,360



$

657,639






Return on average assets (GAAP)

1.22

%


1.25

%

Effect of non-core revenues and expenses

0.02



0.05


Core return on average assets (Non-GAAP)

1.24

%


1.30

%





Efficiency ratio (GAAP)

55.8

%


62.0

%

Effect of tax benefit related to tax-exempt income

(0.3)



(0.4)


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

55.5

%


61.6

%

Effect of amortization of intangibles

(1.5)



(1.9)


Effect of non-core items

(0.8)



(6.0)


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

53.2

%


53.7

%





Return on average common equity (GAAP)

9.22

%


9.63

%

Effect of non-core revenues and expenses

0.11



0.34


Core return on average common equity (Non-GAAP)

9.33

%


9.97

%

Effect of intangibles (2)

5.02



6.04


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

14.35

%


16.01

%





Total shareholders' equity (GAAP)

$

4,336,734



$

4,056,277


Less:  Goodwill and other intangibles

1,297,095



1,315,462


     Preferred stock

228,485



132,097


Tangible common equity (Non-GAAP) (2)

$

2,811,154



$

2,608,718






Total assets (GAAP)

$

31,713,450



$

30,833,015


Less:  Goodwill and other intangibles

1,297,095



1,315,462


Tangible assets (Non-GAAP) (2)

$

30,416,355



$

29,517,553


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

9.24

%


8.84

%



(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

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

 

(PRNewsfoto/IBERIABANK Corporation)

 

SOURCE IBERIABANK Corporation

For further information: Daryl G. Byrd, President and CEO (337) 521-4003, Jefferson G. Parker, Vice Chairman, Director of Capital Markets, Energy Lending and Investor Relations (504) 310-7314