LAFAYETTE, La., Oct. 26, 2011 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 124-year-old
IBERIABANK (www.iberiabank.com), announced the completion of its
share repurchase program authorized in August 2011 and the commencement of a new share
repurchase program. The Company also announced an update to
its strategic goals. A presentation regarding a strategic overview
and key financial goals for the Company can be found on the
Company's website under "Investor Relations" and then
"Presentations."
Completed Share Repurchase Program
On August 2, 2011, the Company
announced a share repurchase program for 900,000 shares of common
stock, or approximately 3% of common shares outstanding at the time
of announcement. That share repurchase program was completed
during the third quarter of 2011. The weighted average price
of shares purchased under that program was $45.98 per share, or an aggregate purchase price
of approximately $41 million.
The Company currently estimates the completed share
repurchase program will add $0.07 to
$0.09 to fully-diluted earnings per share on an annual
basis, based on certain assumptions.
Completed
Share Repurchase Programs
|
|
Repurchase
Program
|
Announced
|
Completed
|
Months
|
Shares
Purchased*
|
Weighted
Average
Price*
|
|
February 2000
|
2/17/00
|
12/11/00
|
10
|
375,000
|
$14.30
|
|
December 2000
|
12/12/00
|
12/17/01
|
12
|
375,000
|
22.44
|
|
December 2001
|
12/18/01
|
12/2/02
|
11
|
375,000
|
30.22
|
|
November 2002
|
11/18/02
|
9/2/03
|
9
|
162,500
|
35.10
|
|
September 2003
|
9/17/03
|
6/24/04
|
9
|
375,000
|
46.44
|
|
June 2004
|
6/25/04
|
5/4/05
|
10
|
218,750
|
47.23
|
|
May 2005
|
5/4/05
|
5/15/07
|
24
|
375,000
|
51.54
|
|
August 2011
|
8/2/11
|
9/16/11
|
2
|
900,000
|
45.98
|
|
* Adjusted for 5-for-4 stock
split paid on August 15, 2005.
|
|
|
|
|
|
|
|
Newly Authorized Share Repurchase Program
The Company announced today that the Board of Directors of the
Company authorized the repurchase of up to 900,000 shares of the
Company's outstanding common stock. This share repurchase
authorization equates to approximately 3% of total shares
outstanding. Stock repurchases under this program will be
made from time to time, on the open market or in privately
negotiated transactions, at the discretion of the management of the
Company. The timing of these repurchases will depend on
market conditions and other requirements. Consistent with
prior share repurchase programs, the Company currently anticipates
the share repurchase program will be completed within a one-year
time frame.
Daryl G. Byrd, President and
Chief Executive Officer, commented, "The recently completed share
repurchase program and the newly authorized share repurchase
program provide an excellent opportunity to enhance shareholder
value, while maintaining superior capital strength at our Company.
These share repurchase programs, in concert with our
continued organic balance sheet growth and acquisition
opportunities, provide a balanced and methodical approach to
capital management."
Strategic Overview
The Company routinely recalibrates its strategic goals every
five years and today announced an update to the strategic overview
and key financial goals for the organization. The key
financial goals are as follows:
- Return on average tangible equity of 13%-17%. Measured by
the end of the three to five year planning period and excluding
acquisition and conversion costs.
- Tangible efficiency ratio of 60% or less. Measured by the end
of the three to five year planning period and excluding acquisition
and conversion costs.
- Asset quality measures in the top 10% of our peers.
Measured as nonperforming assets as a percent of total
assets, excluding FDIC covered assets.
- Double-digit earnings per share growth. Measured on an
annual basis throughout the three to five year planning period,
excluding acquisition and conversion costs.
IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with
$11.5 billion in assets and
$1.5 billion in shareholders' equity
at September 30, 2011. The
Company has 262 combined offices, including 171 bank branch offices
in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 24 title insurance offices in
Arkansas and Louisiana, mortgage representatives in 60
locations in 12 states, six locations with representatives of
IBERIA Wealth Advisors in four
states, and one IBERIA Capital
Partners, LLC office in New
Orleans.
The Company's common stock trades on the NASDAQ Global Select
Market under the symbol "IBKC." The Company's market
capitalization was approximately $1.5
billion, based on the NASDAQ closing stock price on
October 26, 2011.
Forward Looking Statements
To the extent that statements in this press release relate to
future plans, objectives, financial results or performance of
IBERIABANK Corporation, these statements are deemed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements, which
are based on management's current information, estimates and
assumptions and the current economic environment, are generally
identified by the use of the words "plan", "believe", "expect",
"intend", "anticipate", "estimate", "project" or similar
expressions. IBERIABANK Corporation's actual strategies and results
in future periods may differ materially from those currently
expected due to various risks and uncertainties.
Actual results could differ materially because of factors
such as the current level of market volatility and our ability to
execute our growth strategy, including the availability of future
FDIC-assisted failed bank opportunities, unanticipated losses
related to the integration of, and accounting for, acquired
businesses and assets and assumed liabilities in FDIC-assisted
transactions, adjustments of fair values of acquired assets and
assumed liabilities and of deferred taxes in FDIC-assisted
acquisitions, credit risk of our customers, effects of the on-going
correction in residential real estate prices and reduced levels of
home sales, 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, reputational risk and social factors,
changes in government regulations and legislation, increases in
FDIC insurance assessments, geographic concentration of our markets
and economic conditions in these markets, rapid changes in the
financial services industry, dependence on our operational,
technological, and organizational infrastructure, hurricanes and
other adverse weather events, the volatility and low trading volume
of our common stock, and valuation of intangible assets.
These and other factors that may cause actual results to
differ materially from these forward-looking statements are
discussed in the Company's Annual Report on Form 10-K and other
filings with the Securities and Exchange Commission (the "SEC"),
available at the SEC's website, http://www.sec.gov,
and the Company's website, http://www.iberiabank.com,
under the heading "Investor Information." All information in
this release is as of the date of this release. The Company
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations.
SOURCE IBERIABANK Corporation