LAFAYETTE, La., Oct. 19, 2017 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 130-year-old
IBERIABANK (www.iberiabank.com), reported financial results for the
quarter ended September 30,
2017. For the quarter, the Company reported income available
to common shareholders of $26.0
million, or $0.49 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 third quarter of 2017 was $1.00 per common share (refer to press release
supplemental tables for a reconciliation of GAAP to non-GAAP
metrics).
The Company completed the acquisition of Sabadell United Bank,
N.A. ("Sabadell United") from Banco de Sabadell, S.A. on
July 31, 2017. The acquisition
added $4.0 billion in loans and
$4.4 billion in deposits. Financial
statements reflect the impact of the acquisition beginning on the
acquisition date and are subject to future refinements to purchase
accounting adjustments. The Company incurred approximately
$33.2 million in pre-tax acquisition
and conversion-related expenses, including compensation-related and
branch closure expenses, during the third quarter of 2017.
Sabadell United had 25 offices serving the Miami metropolitan area and three offices in
Naples, Sarasota and Tampa,
Florida.
Daryl G. Byrd, President and
Chief Executive Officer, commented, "We welcome the former clients
and associates of Sabadell United to our Company. We believe our
combined franchise is well-positioned to experience significant
long-term growth in Southeast
Florida and enhance our strategic progress. I'm particularly
proud of the tremendous effort and teamwork on the part of our
legacy associates and our newest team members to successfully
complete and convert the combination in a high-quality manner."
Byrd continued, "As previously announced, third quarter results
were impacted by merger and conversion-related expenses,
hurricane-related and energy-related provisioning and an additional
accrual for the HUD legal matter. These one-off expenses do not
overshadow our excitement about the growth prospects, synergies and
diversifications that we expect from the Sabadell United merger, in
addition to our solid legacy business where we saw annualized
legacy loan growth of 10% during the quarter."
Highlights for the third quarter of 2017 and at September 30, 2017:
- The Company's reported and cash net interest margins declined 7
and 16 basis points on a linked quarter basis, to 3.64% and 3.29%,
respectively, primarily as a result of the impact of the Sabadell
United acquisition, which included lower acquired loan yields and
higher acquired deposit costs compared to the Company's legacy
business.
- Non-interest income decreased $2.9
million, or 5.2%, on a linked quarter basis, primarily as a
result of a decline in mortgage income.
- Total loan growth was $4.2
billion, or 27%, between June 30,
2017 and September 30, 2017.
Consolidated loans, excluding the loans acquired from Sabadell
United, grew $213.0 million, or 1.4% (5% annualized rate), on
a period-end basis. Legacy loan growth was $333.5 million, or 2.5% (10% annualized rate) on
a period-end basis.
- Energy-related loans (or "energy loans") increased $59.6 million and equated to 3.1% of total loans
at September 30, 2017, compared to
3.5% at June 30, 2017. Classified
energy-related loans decreased 22%, and non-performing
energy-related assets decreased 34% during the third quarter of
2017, primarily related to one large charge-off and one large
pay-down.
- Total deposits increased $4.5
billion, or 27%, between quarter-ends, and increased
$98.1 million, or 0.58% (2%
annualized rate), excluding acquired Sabadell United deposits.
- Net charge-offs increased $17.9
million on a linked quarter basis, primarily related to two
credits, one of which was energy-related, and equated to an
annualized 0.62% of average loans. The provision for loan losses
increased $6.5 million, or 54%.
- The Company successfully completed the conversion of branch and
operating systems associated with the Sabadell United acquisition
over the weekend of October 13 - 15,
2017.
Updates previously reported in press release dated
October 4, 2017:
- The Company made significant progress on the resolution of
non-accruals in the energy portfolio during the third quarter of
2017. Several of the energy companies with non-accrual loans
outstanding were successful in negotiating pre-packaged
bankruptcies. As a result of these pre-packaged bankruptcies,
$17.0 million of energy-related loan
net charge-offs occurred during the third quarter of 2017. Of the
$17.0 million, $7.8 million had been previously provided for in
prior quarters with $9.2 million
provided for during the third quarter.
- During the third quarter of 2017, the Company recorded an
additional $5.7 million settlement
accrual associated with the previously disclosed U.S. Department of
Housing and Urban Development ("HUD") lawsuit, which negatively
impacted earnings by $0.09 per share
after-tax. The Company has recently negotiated a settlement amount
of $11.7 million that counsel for
the United States are recommending
for approval by the appropriate decision makers, which remains
subject to review and approval by the Department of Justice. The
Company hopes to resolve this matter by the end of October 2017.
- The Company acquired Sabadell United on July 31, 2017, and incurred approximately
$33.2 million, or $0.42 per share after-tax, in acquisition,
conversion, branch closure and compensation-related non-core
expenses during the third quarter of 2017.
- During the third quarter of 2017 the Company accrued
$8.5 million, or $0.10 per share after-tax, of incremental
provision for credit losses associated with Hurricanes Harvey and
Irma. Both storms occurred during the third quarter. The Company
incurred minimal damage and incremental expense related to its
physical infrastructure as a result of these storms.
Table A - Summary
Financial Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2017
|
|
|
6/30/2017
|
|
%
Change
|
|
9/30/2016
|
|
%
Change
|
GAAP
BASIS:
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders
|
$
26,046
|
|
|
$
51,069
|
|
(49.0)
|
|
$
44,478
|
|
(41.4)
|
Earnings per common
share - diluted
|
0.49
|
|
|
0.99
|
|
(50.5)
|
|
1.08
|
|
(54.6)
|
|
|
|
|
|
|
|
|
|
|
|
Average loans, net of
unearned income
|
$18,341,138
|
|
|
$15,284,007
|
|
20.0
|
|
$14,802,199
|
|
23.9
|
Average total
deposits
|
19,783,182
|
|
|
17,160,848
|
|
15.3
|
|
16,076,742
|
|
23.1
|
Net interest margin
(TE) (1)
|
3.64
|
%
|
|
3.71
|
%
|
|
|
3.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
269,950
|
|
|
$
239,609
|
|
12.7
|
|
$
223,238
|
|
20.9
|
Total non-interest
expense
|
202,986
|
|
|
147,508
|
|
37.6
|
|
138,139
|
|
46.9
|
Efficiency
ratio
|
75.2
|
%
|
|
61.6
|
%
|
|
|
61.9
|
%
|
|
Return on average
assets
|
0.45
|
|
|
0.96
|
|
|
|
0.94
|
|
|
Return on average
common equity
|
2.92
|
|
|
6.08
|
|
|
|
7.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS
(2):
|
|
|
|
|
|
|
|
|
|
|
Core
revenues
|
$
270,192
|
|
|
$
239,550
|
|
12.8
|
|
$
223,226
|
|
21.0
|
Core non-interest
expense
|
163,686
|
|
|
141,370
|
|
15.8
|
|
138,139
|
|
18.5
|
Core earnings per
common share - diluted
|
1.00
|
|
|
1.10
|
|
(9.1)
|
|
1.08
|
|
(7.4)
|
Core tangible
efficiency ratio (TE) (1) (4)
|
58.2
|
%
|
|
57.6
|
%
|
|
|
60.1
|
%
|
|
Core return on
average assets
|
0.87
|
|
|
1.06
|
|
|
|
0.94
|
|
|
Core return on
average tangible common equity (4)
|
8.95
|
|
|
8.86
|
|
|
|
10.30
|
|
|
Net interest margin
(TE) - cash basis (1) (3)
|
3.29
|
|
|
3.45
|
|
|
|
3.31
|
|
|
|
(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 loans increased $3.1 billion, or 20%, and the associated
taxable-equivalent yield decreased 1 basis point. Over that
period, average legacy loans increased $487.8 million, or 4%, with an increase in yield
of 2 basis points, while average acquired loans increased
$2.6 billion, or 120%, and the
acquired loan yield decreased 154 basis points, as a result of the
Sabadell United acquisition. All other average earning assets,
including investment securities, mortgage loans held for sale, and
interest-bearing deposits in other institutions, increased a net of
$785.0 million, or 16%, versus the
prior quarter.
Primarily as a result of lower yields on acquired loans and an
increase in the cost of interest-bearing deposits, the Company's
reported and cash net interest margins decreased 7 and 16 basis
points on a linked quarter basis to 3.64% and 3.29%, respectively.
During the third quarter of 2017, the average yield on legacy loans
was 4.29%, compared to a yield of 3.68% on Sabadell United acquired
loans, and the average total costs of consolidated
deposits less Sabadell United was 42 basis points compared to
56 basis points for Sabadell United acquired deposits.
Overall, taxable-equivalent net interest income increased by
$33.3 million, or 18%, on a linked
quarter basis. The primarily volume-driven increase in net interest
income included a $3.9 billion, or
19%, increase in average earning assets and a 1 basis point
increase in earning asset yield, offset by a $3.4 billion, or 26%, increase in average
interest-bearing liabilities and an 8 basis point increase in
associated costs.
The Company's provision for loan losses increased $6.5 million, or 54%, on a linked quarter basis
to $18.5 million due primarily to
hurricane and energy-related provisioning. The provision for loan
losses covered net charge-offs in the third quarter of 2017 by 64%
compared to 111% in the second quarter of 2017.
In the third quarter of 2017, non-interest income on a GAAP
basis decreased $2.9 million, or 5%,
and decreased $2.6 million, or 5%, on
a non-core basis, each compared to the second quarter of 2017. The
primary changes in non-interest income on a linked quarter basis
were:
- Decreased mortgage income of $3.7
million, or 19%;
- Decreased title revenues of $0.5
million, or 9%;
- Decreased broker commissions of $0.5
million, or 17%;
- Loss on sale of available-for-sale securities of $0.3 million; partially offset by
- Increased deposit service charge income of $1.1 million, or 10%; and
- Increased trust fee income of $0.7
million, or 33%.
In the third quarter of 2017, the Company originated
$528 million in residential mortgage
loans, down $18 million, or 3%, on a
linked quarter basis. Client loan refinancing opportunities
accounted for approximately 22% of mortgage loan applications in
the third quarter of 2017, compared to 17% on a linked quarter
basis. The Company sold $509
million in mortgage loans during the third quarter of 2017,
up $1 million, or less than 1%, on a
linked quarter basis. Loans held for sale of $141.2 million at September 30, 2017, was consistent with the
balance at June 30, 2017. The
mortgage origination locked pipeline was $188 million at September
30, 2017, down $61 million, or
24%, between quarter-ends, and was down 33% compared to one year
ago. At October 16, 2017, the locked
mortgage pipeline was $204 million,
up 9% compared to September 30,
2017.
Non-interest expense increased $55.5
million, or 38%, on a linked quarter basis and included
$1.5 million related to inclusion of
two months of Sabadell United expenses. During the third quarter of
2017, the Company's non-core non-interest expense included
$28.5 million in merger and
conversion-related expenses, $1.1
million in compensation-related expense, $5.7 million in litigation expense, $3.7 million in branch closure and other
impairment expense, and $0.4 million
in storm-related expense.
Excluding non-core expenses, core non-interest expense increased
$22.3 million, or 16%, and was
comprised of the following items on a linked-quarter basis:
- Increased salary and benefits cost of $9.6 million, or 11%, which included:
-
- Increased regular compensation expenses of $7.5 million, including $5.8 million for Sabadell United associates;
- Increased incentives and other benefit expenses of $1.9 million; partially offset by
- Decreased deferred compensation of $0.4
million;
- Increased provision for unfunded lending commitments of
$4.1 million;
- Increased occupancy and equipment expenses of $2.6 million, primarily from the addition of
South Florida locations related to
the Sabadell United acquisition;
- Intangible amortization increased $2.9
million, or 174%, due to increases from the Sabadell United
acquisition; and
- Insurance expense increased $1.8
million, or 40%, primarily related to FDIC insurance on
Sabadell United acquired deposits.
On a linked quarter basis, the Company's revenues and non-GAAP
core revenues increased $30.3
million, or 13%, and increased $30.6
million, or 13%, respectively. Over the same period, GAAP
expenses increased $55.5 million, or
38%, and non-GAAP core expenses increased $22.3 million, or 16%. The efficiency ratio
increased from 61.6% to 75.2%, while the non-GAAP core tangible
efficiency ratio increased from 57.6% to 58.2%, on a linked quarter
basis.
Table B - Summary
Financial Condition Results
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
9/30/2017
|
|
6/30/2017
|
|
%
Change
|
|
9/30/2016
|
|
%
Change
|
PERIOD-END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans, net of
unearned income
|
$19,795,085
|
|
|
$15,556,016
|
|
|
27.3
|
|
$14,924,499
|
|
|
32.6
|
|
Legacy loans, net of
unearned income
|
13,826,904
|
|
|
13,493,410
|
|
|
2.5
|
|
12,413,370
|
|
|
11.4
|
|
Total
deposits
|
21,334,271
|
|
|
16,853,116
|
|
|
26.6
|
|
16,522,517
|
|
|
29.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS (LEGACY):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due and still accruing as a percentage of total loans
|
0.26%
|
|
|
0.30%
|
|
|
|
|
0.33%
|
|
|
|
|
Loans 90 days or more
past due and still accruing as a percentage of total
loans
|
0.01
|
|
|
0.00
|
|
|
|
|
0.04
|
|
|
|
|
Non-performing assets
to total assets (1)
|
0.64
|
|
|
0.87
|
|
|
|
|
1.33
|
|
|
|
|
Classified assets to
total assets (2)
|
1.21
|
|
|
1.43
|
|
|
|
|
2.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (3) (4)
|
8.68%
|
|
|
12.45%
|
|
|
|
|
8.87%
|
|
|
|
|
Tier 1 leverage ratio
(5)
|
10.17
|
|
|
13.19
|
|
|
|
|
9.70
|
|
|
|
|
Total risk-based
capital ratio (5)
|
12.78
|
|
|
16.74
|
|
|
|
|
12.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
66.74
|
|
|
$
66.08
|
|
|
1.0
|
|
$
61.71
|
|
|
8.2
|
|
Tangible book value
(Non-GAAP) (3) (4)
|
43.04
|
|
|
51.33
|
|
|
(16.2)
|
|
43.26
|
|
|
(0.5)
|
|
Closing stock
price
|
82.15
|
|
|
81.50
|
|
|
0.8
|
|
67.12
|
|
|
22.4
|
|
Cash
dividends
|
0.37
|
|
|
0.36
|
|
|
2.8
|
|
0.36
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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
Tables 5-8 for further detail.
|
(2)
Classified assets include commercial
loans rated substandard or worse and non-performing mortgage and
consumer loans, and were $259 million, $283 million and $398
million at September 30, 2017, June 30, 2017, and September 30,
2016, respectively.
|
(3)
See Table 12 and Table 13 for GAAP to
Non-GAAP reconciliations.
|
(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.
|
(5)
Regulatory capital ratios as of September
30, 2017 are preliminary.
|
Loans
Total loans increased $4.2
billion, or 27%, to $19.8
billion at September 30, 2017,
from $15.6 billion at June 30, 2017. Over that period, acquired
loans increased $3.9 billion, or
189%, as a result of the Sabadell United acquisition, and legacy
loans increased $333.5 million, or 2%
(10% annualized rate). During the third quarter of 2017,
legacy commercial loans increased $239.7
million, or 2% (including an increase in energy loans of
$60.4 million, or 11%), legacy
consumer loans increased $23.8
million, or 1% (including a decline in indirect automobile
loans of $15.9 million, or 17%), and
legacy mortgage loans increased $70.0
million, or 7%. Excluding acquired loans from Sabadell
United, period-end loan growth during the third quarter of 2017 was
strongest in the Atlanta,
Tampa, Baton Rouge and Palm
Beach/Broward markets. Funded loan origination
and renewal mix in the third quarter of 2017 was 35% fixed rate and
65% floating rate, and total loans outstanding (excluding
non-accruals) were 41% fixed and 59% floating. Commitments
originated and/or renewed during the third quarter of 2017 were
$1.7 billion (up 5% on a linked
quarter basis). Loans originated and/or renewed during the
third quarter of 2017 totaled $1.1
billion (up 4% on a linked quarter basis). At
September 30, 2017, the Company's
probability-weighted commercial loan pipeline was approximately
$1.2 billion.
Table C -
Period-End Loans
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
9/30/2017
|
|
6/30/2017
|
|
9/30/2016
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
9/30/2017
|
6/30/2017
|
Legacy
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$10,295,455
|
|
$10,055,791
|
|
$
9,119,234
|
|
239,664
|
2.4
|
|
9.5%
|
|
1,176,221
|
12.9
|
|
74.5%
|
74.5%
|
Residential mortgage
|
1,040,990
|
|
970,961
|
|
840,082
|
|
70,029
|
7.2
|
|
28.6%
|
|
200,908
|
23.9
|
|
7.5%
|
7.2%
|
Consumer
|
2,490,459
|
|
2,466,658
|
|
2,454,054
|
|
23,801
|
1.0
|
|
3.8%
|
|
36,405
|
1.5
|
|
18.0%
|
18.3%
|
Total legacy
loans
|
13,826,904
|
|
13,493,410
|
|
12,413,370
|
|
333,494
|
2.5
|
|
9.8%
|
|
1,413,534
|
11.4
|
|
100.0%
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of period
|
2,062,606
|
|
2,208,758
|
|
2,737,712
|
|
(146,152)
|
(6.6)
|
|
|
|
(675,106)
|
(24.7)
|
|
|
|
Loans
acquired during the period
|
4,026,020
|
|
-
|
|
-
|
|
4,026,020
|
100.0
|
|
|
|
4,026,020
|
100.0
|
|
|
|
Net
paydown activity
|
(120,445)
|
|
(146,152)
|
|
(226,583)
|
|
25,707
|
(17.6)
|
|
|
|
106,138
|
(46.8)
|
|
|
|
Total acquired
loans
|
5,968,181
|
|
2,062,606
|
|
2,511,129
|
|
3,905,575
|
189.4
|
|
|
|
3,457,052
|
137.7
|
|
|
|
Total
loans
|
$19,795,085
|
|
$15,556,016
|
|
$14,924,499
|
|
4,239,069
|
27.3
|
|
|
|
4,870,586
|
32.6
|
|
|
|
As previously announced, the Company made significant progress
on the resolution of non-accruals in the energy portfolio during
the third quarter of 2017. Several of the energy companies with
non-accrual loans outstanding were successful in negotiating
pre-packaged bankruptcies. As a result of these pre-packaged
bankruptcies, $17.0 million of
energy-related loan net charge-offs occurred during the third
quarter of 2017. Of the $17.0
million, $7.8 million had been
previously provided for in prior quarters with $9.2 million provided for during the third
quarter.
Energy loans outstanding totaled $611.6
million at September 30, 2017,
up $59.6 million, or 11% compared to
June 30, 2017, and equated to
approximately 3.1% of total loans (compared to 3.5% at June 30, 2017). Energy-related commitments
totaled $1.2 billion at September 30, 2017, up $146.8 million, or 14%, compared to June 30, 2017. E&P companies accounted for
54% of energy loans outstanding and 59% of energy loan commitments,
midstream companies accounted for 21% of energy loans and 22% of
energy loan commitments, and service companies accounted for 25% of
energy loans and 19% of energy loan commitments.
At September 30, 2017,
$62.4 million in energy-related loans
were on non-accrual status (down $32.1
million, or 34%, compared to June 30,
2017), and $2.3 million in
energy-related loans (excluding non-accruing loans) were past due
greater than 30 days at quarter-end. Classified energy loans
decreased $28 million, or 22%, and
criticized energy loans decreased $26
million, or 14%, between quarter-ends. At September 30, 2017, approximately 16% of
energy loans were classified and 25% were criticized, compared to
approximately 23% and 32%, respectively, at June 30, 2017. Since December 2014, the Company has experienced
$36 million in energy-related net
charge-offs. Additional information regarding the Company's energy
loan and energy-related commitment exposure is provided in Table 8
of this press release and in the supplemental investor
presentation.
Deposits
Total deposits increased $4.5
billion, or 27%, between June 30,
2017 and September 30, 2017
primarily driven by $4.4 billion
deposits acquired from Sabadell United. Non-interest-bearing
deposits increased $943.7 million, or
19%, and equated to 28% of total deposits at September 30, 2017. Money market accounts
increased $2.3 billion, or 38%, time
deposits increased $729.2 million, or
38%, NOW accounts increased $458.3
million, or 15%, and savings deposits increased $45.8 million, or 6%. Excluding acquired deposits
from Sabadell United, deposit growth during the third quarter of
2017 was strongest in the Dallas,
Birmingham, New Orleans and
Palm Beach/Broward markets.
Table D -
Period-End Deposits
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
9/30/2017
|
|
6/30/2017
|
|
9/30/2016
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
9/30/2017
|
6/30/2017
|
Non-interest-bearing
|
$
5,963,943
|
|
$
5,020,195
|
|
$
4,787,485
|
|
943,748
|
18.8
|
74.5%
|
|
1,176,458
|
24.6
|
|
28.0%
|
29.8%
|
NOW
accounts
|
3,547,761
|
|
3,089,482
|
|
2,904,835
|
|
458,279
|
14.8
|
58.8%
|
|
642,926
|
22.1
|
|
16.6%
|
18.3%
|
Money market
accounts
|
8,321,755
|
|
6,017,654
|
|
5,847,913
|
|
2,304,101
|
38.3
|
151.9%
|
|
2,473,842
|
42.3
|
|
39.0%
|
35.7%
|
Savings
accounts
|
843,662
|
|
797,859
|
|
798,781
|
|
45,803
|
5.7
|
22.8%
|
|
44,881
|
5.6
|
|
4.0%
|
4.8%
|
Time
deposits
|
2,657,150
|
|
1,927,926
|
|
2,183,503
|
|
729,224
|
37.8
|
150.1%
|
|
473,647
|
21.7
|
|
12.4%
|
11.4%
|
Total
deposits
|
$21,334,271
|
|
$16,853,116
|
|
$16,522,517
|
|
4,481,155
|
26.6
|
105.5%
|
|
4,811,754
|
29.1
|
|
100.0%
|
100.0%
|
On an average balance and linked quarter basis,
non-interest-bearing deposits increased $608.5 million, or 12%, and interest-bearing
deposits increased $2.0 billion, or
17%. The rate on average interest-bearing deposits in the third
quarter of 2017 was 0.61%, up five basis points on a linked quarter
basis, while the cost of total deposits (including non-interest
bearing deposits) was 0.44%, up four basis points. The increase in
the cost of interest-bearing deposits was primarily driven by
the deposits acquired from Sabadell United during the third
quarter of 2017 as well as interest-rate sensitive brokered
money market deposits.
Other Assets And Funding
On an average balance and linked quarter basis, the investment
portfolio increased $679.9 million,
or 17%, in the third quarter of 2017, to $4.7 billion. On a period-end basis, the
investment portfolio equated to $4.9
billion, or 18% of total assets at September 30, 2017, up $818.4 million, or 20%, compared to June 30, 2017. The investment portfolio had
an effective duration of 3.5 years at both September 30, 2017 and June 30, 2017.
The investment portfolio had an $18.2
million unrealized loss at September
30, 2017, an improvement from a $19.3
million unrealized loss at June
30, 2017. The average yield on investment securities
remained at 2.32% in the third quarter of 2017. The Company holds
in its investment portfolio primarily government agency
securities. Municipal securities comprised 8% of total
investments at September 30,
2017.
On a linked quarter basis, average short-term borrowings
(including repurchase agreements) increased $1.3 billion, or 359%, and the cost of short-term
borrowings increased seventy-six basis points. On a linked quarter
basis, average long-term debt increased $114.1 million, or 18%, and the cost of long-term
debt decreased eight basis points to 2.21%. The cost of
average interest-bearing liabilities was 0.72% in the third quarter
of 2017, up eight basis points on a linked quarter basis, primarily
due to the costs associated with Sabadell United acquired deposits
and other liabilities.
The acquisition of Sabadell United resulted in $431.8 million of goodwill and $96.6 million of core deposit intangible assets,
based on preliminary fair value estimates.
Asset Quality
Non-performing assets ("NPAs") decreased $22.5 million, or 11%, to $176.0 million at September 30, 2017. Acquired NPAs increased
$10.6 million, while legacy NPAs,
which include energy and non-energy loans, decreased $33.1 million, or 19%, and equated to 0.64% of
total legacy assets (down from 0.87% at June
30, 2017). Energy-related NPAs (which are included in legacy
loans) decreased by $32.1 million, or
34%, and accounted for nearly all of the decline in the Company's
legacy NPAs during the third quarter of 2017. At September 30, 2017, non-energy-related NPAs
decreased to 0.41% of non-energy-related assets from 0.49% at
June 30, 2017.
Aggregate accruing loans past due 30 to 89 days increased
$7.9 million, or 16%, and equated to
0.30% of total loans at September 30,
2017, compared to 0.33% at June 30,
2017.
Net charge-offs totaled $28.8
million in the third quarter of 2017, up $17.9 million, or 164%, compared to the second
quarter of 2017. Annualized net charge-offs equated to 0.62%
of average loans in the third quarter of 2017, a 33 basis point
increase on a linked quarter basis, primarily related to two
credits, one of which was energy-related. The Company believes
these events are not indicative of a change in asset quality trends
or general deterioration in the loan portfolio.
Capital Position
At September 30, 2017, the Company
reported a non-GAAP tangible common equity ratio of 8.68%, down 377
basis points compared to June 30,
2017, and the preliminary Tier 1 leverage ratio was 10.17%,
down 302 basis points compared to June
30, 2017. The Company's preliminary calculation of its
total risk-based capital ratio at September
30, 2017, was 12.78%, down 396 basis points compared to
June 30, 2017.
At September 30, 2017, book value
per common share was $66.74, up
$0.66 per share, or 1%, compared to
June 30, 2017. Tangible book value
per common share was $43.04, down
$8.29 per share, or 16%, compared to
June 30, 2017. Based on the
closing stock price of the Company's common stock of $80.15 per share on October 19, 2017, this price equated to 1.20
times September 30, 2017 book value
per common share and 1.86 times September
30, 2017 tangible book value per common share.
Dividends On Capital Stock. The declaration of dividends is at
the discretion of the Board of Directors. The following details the
recent dividend declarations:
Common Stock. On September 19,
2017, the Company declared a quarterly cash dividend of
$0.37 per common share, a 3% increase
compared to the common dividend declared in June 2017. This common dividend level equated to
an annualized dividend rate of $1.48
per common share. Based on the Company's closing common stock
price on September 18, 2017, the indicated dividend yield was
1.95% per common share. The dividend is payable on October 27, 2017, to shareholders of record as of
September 29, 2017.
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 7, 2017, the Company declared a
semi-annual cash dividend of $0.8281
per depositary share that was payable on August 1, 2017.
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
September 19, 2017, the Company
declared a quarterly cash dividend of $0.4125 per depositary share that is payable on
November 1, 2017, to the shareholders
of record as of the close of business on October 17, 2017.
Sale and Issuance of Common Stock. On December 7, 2016, the Company issued and sold 3.6
million shares of common stock at a price of $81.50 per common share. After deducting
underwriting discounts and commissions and other related expenses,
net proceeds of the sale were approximately $279 million. On March 7, 2017, the Company issued and sold 6.1
million shares of common stock at a price of $83.00 per common share. After deducting
underwriting discounts and commissions and other related expenses,
net proceeds of the sale were approximately $485 million. These issuances were used to
finance the acquisition of Sabadell United. The acquisition, which
closed on July 31, 2017, provided for
Banco de Sabadell, S.A. to receive 2,610,304 shares of the
Company's common stock ($211.0
million based on the Company's closing stock price of
$80.85 on that date) and $809.2 million in cash. Banco de Sabadell, S.A.
sold the 2.6 million shares received as part of acquisition
proceeds early in the fourth quarter of 2017.
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. The Company did not repurchase common
shares under the authorized program during the third quarter of
2017. The Company has approximately 747,000 shares of common stock
remaining that may be purchased under the currently authorized
program.
IBERIABANK Corporation
IBERIABANK Corporation is a regional financial holding company
with offices in Louisiana,
Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South
Carolina, offering commercial, private banking, consumer,
small business, wealth and trust management, retail brokerage,
mortgage, 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 and Series C Preferred Stock also trade on the NASDAQ Global
Select Market under the symbols "IBKCP" and "IBKCO",
respectively. The Company's common stock market
capitalization was approximately $4.3
billion, based on the NASDAQ Global Select Market closing
stock price on October 19, 2017.
The following 12 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- FIG Partners, LLC
- Hovde Group, LLC
- Jefferies & Co., Inc.
- JMP Securities LLC
- 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 Friday, October 20, 2017,
beginning at 8:30 a.m. Central Time
by dialing 1-888-317-6003. The confirmation code for the call is
4690812. A replay of the call will be available until
midnight Central Time on October 27, 2017 by dialing 1-877-344-7529. The
confirmation code for the replay is 10112272. 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, 2016,
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.
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:
|
9/30/2017
|
|
6/30/2017
|
|
%
Change
|
|
9/30/2016
|
|
%
Change
|
|
Net interest
income
|
$216,883
|
|
|
$183,643
|
|
|
18.1
|
|
$163,417
|
|
|
32.7
|
|
Net interest income
(TE) (1)
|
219,468
|
|
|
186,135
|
|
|
17.9
|
|
165,747
|
|
|
32.4
|
|
Total
revenues
|
269,950
|
|
|
239,609
|
|
|
12.7
|
|
223,238
|
|
|
20.9
|
|
Provision for loan
losses
|
18,514
|
|
|
12,050
|
|
|
53.6
|
|
12,484
|
|
|
48.3
|
|
Non-interest
expense
|
202,986
|
|
|
147,508
|
|
|
37.6
|
|
138,139
|
|
|
46.9
|
|
Net income available
to common shareholders
|
26,046
|
|
|
51,069
|
|
|
(49.0)
|
|
44,478
|
|
|
(41.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
0.49
|
|
|
$
1.00
|
|
|
(51.0)
|
|
$
1.08
|
|
|
(54.6)
|
|
Earnings available to
common shareholders - diluted
|
0.49
|
|
|
0.99
|
|
|
(50.5)
|
|
1.08
|
|
|
(54.6)
|
|
Core earnings
(Non-GAAP) (2)
|
1.00
|
|
|
1.10
|
|
|
(9.1)
|
|
1.08
|
|
|
(7.4)
|
|
Book value
|
66.74
|
|
|
66.08
|
|
|
1.0
|
|
61.71
|
|
|
8.2
|
|
Tangible book value
(Non-GAAP) (2) (3)
|
43.04
|
|
|
51.33
|
|
|
(16.2)
|
|
43.26
|
|
|
(0.5)
|
|
Closing stock
price
|
82.15
|
|
|
81.50
|
|
|
0.8
|
|
67.12
|
|
|
22.4
|
|
Cash
dividends
|
0.37
|
|
|
0.36
|
|
|
2.8
|
|
0.36
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND
OTHER DATA (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.64%
|
|
|
3.71%
|
|
|
|
|
3.56%
|
|
|
|
|
Efficiency
ratio
|
75.2
|
|
|
61.6
|
|
|
|
|
61.9
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
58.2
|
|
|
57.6
|
|
|
|
|
60.1
|
|
|
|
|
Return on average
assets
|
0.45
|
|
|
0.96
|
|
|
|
|
0.94
|
|
|
|
|
Return on average
common equity
|
2.92
|
|
|
6.08
|
|
|
|
|
7.00
|
|
|
|
|
Core return on
average tangible common equity (Non-GAAP)
(2)(3)
|
8.95
|
|
|
8.86
|
|
|
|
|
10.30
|
|
|
|
|
Effective tax
rate
|
38.8
|
|
|
35.0
|
|
|
|
|
33.8
|
|
|
|
|
Full-time equivalent
employees
|
3,646
|
|
|
3,190
|
|
|
|
|
3,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (2) (3)
|
8.68%
|
|
|
12.45%
|
|
|
|
|
8.87%
|
|
|
|
|
Tangible common
equity to risk-weighted assets (3)
|
10.56
|
|
|
14.32
|
|
|
|
|
10.17
|
|
|
|
|
Tier 1 leverage ratio
(4)
|
10.17
|
|
|
13.19
|
|
|
|
|
9.70
|
|
|
|
|
Common equity Tier 1
(CET 1) (transitional) (4)
|
10.93
|
|
|
14.52
|
|
|
|
|
10.13
|
|
|
|
|
Common equity Tier 1
(CET 1) (fully phased-in) (4)
|
10.86
|
|
|
14.50
|
|
|
|
|
10.07
|
|
|
|
|
Tier 1 capital
(transitional) (4)
|
11.53
|
|
|
15.24
|
|
|
|
|
10.89
|
|
|
|
|
Total risk-based
capital ratio (4)
|
12.78
|
|
|
16.74
|
|
|
|
|
12.47
|
|
|
|
|
Common stock dividend
payout ratio
|
76.5
|
|
|
36.2
|
|
|
|
|
33.3
|
|
|
|
|
Classified assets to
Tier 1 capital (7)
|
16.2
|
|
|
13.4
|
|
|
|
|
26.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS (LEGACY):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (5)
|
0.64%
|
|
|
0.87%
|
|
|
|
|
1.33%
|
|
|
|
|
Allowance for loan
losses to loans
|
0.72
|
|
|
0.80
|
|
|
|
|
0.88
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.81
|
|
|
0.30
|
|
|
|
|
0.33
|
|
|
|
|
Non-performing assets
to total loans and OREO (5)
|
1.00
|
|
|
1.27
|
|
|
|
|
1.96
|
|
|
|
|
|
(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)
Regulatory capital ratios as of September
30, 2017 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.
|
(6)
All ratios are calculated on an
annualized basis for the periods indicated.
|
(7)
Classified assets include commercial
loans rated substandard or worse and non-performing mortgage and
consumer loans 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
|
|
9/30/2017
|
|
6/30/2017
|
|
$
|
%
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
$
|
%
|
Interest
income
|
$
246,972
|
|
$
204,575
|
|
42,397
|
20.7
|
|
$
192,533
|
|
$
180,805
|
|
$
180,504
|
|
66,468
|
36.8
|
Interest
expense
|
30,089
|
|
20,932
|
|
9,157
|
43.7
|
|
19,715
|
|
19,140
|
|
17,087
|
|
13,002
|
76.1
|
Net
interest income
|
216,883
|
|
183,643
|
|
33,240
|
18.1
|
|
172,818
|
|
161,665
|
|
163,417
|
|
53,466
|
32.7
|
Provision for loan
losses
|
18,514
|
|
12,050
|
|
6,464
|
53.6
|
|
6,154
|
|
5,169
|
|
12,484
|
|
6,030
|
48.3
|
Net
interest income after provision for loan losses
|
198,369
|
|
171,593
|
|
26,776
|
15.6
|
|
166,664
|
|
156,496
|
|
150,933
|
|
47,436
|
31.4
|
Mortgage
income
|
16,050
|
|
19,730
|
|
(3,680)
|
(18.7)
|
|
14,115
|
|
16,115
|
|
21,807
|
|
(5,757)
|
(26.4)
|
Service charges on
deposit accounts
|
12,534
|
|
11,410
|
|
1,124
|
9.9
|
|
11,153
|
|
11,178
|
|
11,066
|
|
1,468
|
13.3
|
Title
revenue
|
5,643
|
|
6,190
|
|
(547)
|
(8.8)
|
|
4,741
|
|
5,332
|
|
6,001
|
|
(358)
|
(6.0)
|
Broker
commissions
|
2,269
|
|
2,744
|
|
(475)
|
(17.3)
|
|
2,738
|
|
4,006
|
|
3,797
|
|
(1,528)
|
(40.2)
|
ATM/debit card fee
income
|
3,658
|
|
3,800
|
|
(142)
|
(3.7)
|
|
3,585
|
|
3,604
|
|
3,483
|
|
175
|
5.0
|
Income from bank
owned life insurance
|
1,263
|
|
1,241
|
|
22
|
1.8
|
|
1,311
|
|
1,323
|
|
1,305
|
|
(42)
|
(3.2)
|
Gain (loss) on sale
of available-for-sale securities
|
(242)
|
|
59
|
|
(301)
|
(510.2)
|
|
-
|
|
4
|
|
12
|
|
(254)
|
(2,116.7)
|
Other non-interest
income
|
11,892
|
|
10,792
|
|
1,100
|
10.2
|
|
9,703
|
|
11,676
|
|
12,350
|
|
(458)
|
(3.7)
|
Total
non-interest income
|
53,067
|
|
55,966
|
|
(2,899)
|
(5.2)
|
|
47,346
|
|
53,238
|
|
59,821
|
|
(6,754)
|
(11.3)
|
Salaries and employee
benefits
|
106,970
|
|
86,317
|
|
20,653
|
23.9
|
|
81,853
|
|
80,811
|
|
85,028
|
|
21,942
|
25.8
|
Occupancy and
equipment
|
19,139
|
|
16,292
|
|
2,847
|
17.5
|
|
16,021
|
|
15,551
|
|
16,526
|
|
2,613
|
15.8
|
Loss on early
termination of loss share agreements
|
-
|
|
-
|
|
-
|
-
|
|
-
|
|
17,798
|
|
-
|
|
-
|
-
|
Amortization of
acquisition intangibles
|
4,527
|
|
1,651
|
|
2,876
|
174.2
|
|
1,770
|
|
2,087
|
|
2,106
|
|
2,421
|
115.0
|
Data
processing
|
12,899
|
|
7,306
|
|
5,593
|
76.6
|
|
6,941
|
|
6,996
|
|
6,076
|
|
6,823
|
112.3
|
Professional
services
|
22,550
|
|
11,219
|
|
11,331
|
101.0
|
|
5,335
|
|
4,881
|
|
5,553
|
|
16,997
|
306.1
|
Credit and other loan
related expense
|
7,532
|
|
3,780
|
|
3,752
|
99.3
|
|
4,526
|
|
3,407
|
|
1,928
|
|
5,604
|
290.7
|
Other non-interest
expense
|
29,369
|
|
20,943
|
|
8,426
|
40.2
|
|
24,572
|
|
20,039
|
|
20,922
|
|
8,447
|
40.4
|
Total
non-interest expense
|
202,986
|
|
147,508
|
|
55,478
|
37.6
|
|
141,018
|
|
151,570
|
|
138,139
|
|
64,847
|
46.9
|
Income before income
taxes
|
48,450
|
|
80,051
|
|
(31,601)
|
(39.5)
|
|
72,992
|
|
58,164
|
|
72,615
|
|
(24,165)
|
(33.3)
|
Income tax
expense
|
18,806
|
|
28,033
|
|
(9,227)
|
(32.9)
|
|
22,519
|
|
13,034
|
|
24,547
|
|
(5,741)
|
(23.4)
|
Net
income
|
29,644
|
|
52,018
|
|
(22,374)
|
(43.0)
|
|
50,473
|
|
45,130
|
|
48,068
|
|
(18,424)
|
(38.3)
|
Less: Preferred stock
dividends
|
3,598
|
|
949
|
|
2,649
|
279.1
|
|
3,599
|
|
957
|
|
3,590
|
|
8
|
0.2
|
Net income available
to common shareholders
|
$
26,046
|
|
$
51,069
|
|
(25,023)
|
(49.0)
|
|
$
46,874
|
|
$
44,173
|
|
$
44,478
|
|
(18,432)
|
(41.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
26,046
|
|
$
51,069
|
|
(25,023)
|
(49.0)
|
|
$
46,874
|
|
$
44,173
|
|
$
44,478
|
|
(18,432)
|
(41.4)
|
Less: Earnings
allocated to unvested restricted stock
|
283
|
|
361
|
|
(78)
|
(21.6)
|
|
346
|
|
414
|
|
462
|
|
(179)
|
(38.7)
|
Earnings allocated to
common shareholders
|
$
25,763
|
|
$
50,708
|
|
(24,945)
|
(49.2)
|
|
$
46,528
|
|
$
43,759
|
|
$
44,016
|
|
(18,253)
|
(41.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
0.49
|
|
$
1.00
|
|
(0.51)
|
(51.0)
|
|
$
1.01
|
|
$
1.05
|
|
$
1.08
|
|
(0.59)
|
(54.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
0.49
|
|
0.99
|
|
(0.50)
|
(50.5)
|
|
1.00
|
|
1.04
|
|
1.08
|
|
(0.59)
|
(54.6)
|
Impact of non-core
items (Non-GAAP) (1)
|
0.51
|
|
0.11
|
|
0.40
|
363.6
|
|
0.02
|
|
0.12
|
|
-
|
|
0.51
|
N/M
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
1.00
|
|
$
1.10
|
|
(0.10)
|
(9.1)
|
|
$
1.02
|
|
$
1.16
|
|
$
1.08
|
|
(0.08)
|
(7.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
52,424
|
|
50,630
|
|
1,794
|
3.5
|
|
46,123
|
|
41,688
|
|
40,618
|
|
11,806
|
29.1
|
Weighted average
common shares outstanding - diluted
|
52,770
|
|
50,984
|
|
1,786
|
3.5
|
|
46,496
|
|
41,950
|
|
40,811
|
|
11,959
|
29.3
|
Book value shares
(period end)
|
53,864
|
|
51,015
|
|
2,849
|
5.6
|
|
50,970
|
|
44,795
|
|
41,082
|
|
12,782
|
31.1
|
|
(1)
See Table 12 and Table 13 for GAAP to Non-GAAP
reconciliations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = not
meaningful
|
Table 3 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(Dollars in
thousands, except per share data)
|
|
|
For the Nine
Months Ended
|
|
|
|
|
|
Linked Qtr
Change
|
|
9/30/2017
|
|
9/30/2016
|
|
$
|
%
|
Interest
income
|
$
644,080
|
|
$
536,134
|
|
107,946
|
20.1
|
Interest
expense
|
70,736
|
|
48,561
|
|
22,175
|
45.7
|
Net
interest income
|
573,344
|
|
487,573
|
|
85,771
|
17.6
|
Provision for loan
losses
|
36,718
|
|
39,255
|
|
(2,537)
|
(6.5)
|
Net
interest income after provision for loan losses
|
536,626
|
|
448,318
|
|
88,308
|
19.7
|
Mortgage
income
|
49,895
|
|
67,738
|
|
(17,843)
|
(26.3)
|
Service charges on
deposit accounts
|
35,097
|
|
32,957
|
|
2,140
|
6.5
|
Title
revenue
|
16,574
|
|
16,881
|
|
(307)
|
(1.8)
|
Broker
commissions
|
7,751
|
|
11,332
|
|
(3,581)
|
(31.6)
|
ATM/debit card fee
income
|
11,043
|
|
10,636
|
|
407
|
3.8
|
Income from bank
owned life insurance
|
3,815
|
|
3,918
|
|
(103)
|
(2.6)
|
Gain (loss) on sale
of available-for-sale securities
|
(183)
|
|
1,997
|
|
(2,180)
|
(109.2)
|
Other non-interest
income
|
32,387
|
|
35,124
|
|
(2,737)
|
(7.8)
|
Total
non-interest income
|
156,379
|
|
180,583
|
|
(24,204)
|
(13.4)
|
Salaries and employee
benefits
|
275,140
|
|
250,875
|
|
24,265
|
9.7
|
Occupancy and
equipment
|
51,452
|
|
50,246
|
|
1,206
|
2.4
|
Amortization of
acquisition intangibles
|
7,948
|
|
6,328
|
|
1,620
|
25.6
|
Data
processing
|
27,146
|
|
18,095
|
|
9,051
|
50.0
|
Professional
services
|
39,104
|
|
14,272
|
|
24,832
|
174.0
|
Credit and other loan
related expense
|
15,838
|
|
7,530
|
|
8,308
|
110.3
|
Other non-interest
expense
|
74,884
|
|
67,749
|
|
7,135
|
10.5
|
Total
non-interest expense
|
491,512
|
|
415,095
|
|
76,417
|
18.4
|
Income before income
taxes
|
201,493
|
|
213,806
|
|
(12,313)
|
(5.8)
|
Income tax
expense
|
69,358
|
|
72,159
|
|
(2,801)
|
(3.9)
|
Net
income
|
132,135
|
|
141,647
|
|
(9,512)
|
(6.7)
|
Less: Preferred stock
dividends
|
8,146
|
|
7,020
|
|
1,126
|
16.0
|
Net income available
to common shareholders
|
$
123,989
|
|
$
134,627
|
|
(10,638)
|
(7.9)
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
123,989
|
|
$
134,627
|
|
(10,638)
|
(7.9)
|
Less: Earnings
allocated to unvested restricted stock
|
1,052
|
|
1,464
|
|
(412)
|
(28.1)
|
Earnings allocated to
common shareholders
|
$
122,937
|
|
$
133,163
|
|
(10,226)
|
(7.7)
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
2.47
|
|
$
3.27
|
|
(0.80)
|
(24.5)
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
2.45
|
|
3.26
|
|
(0.81)
|
(24.8)
|
Impact of non-core
items (Non-GAAP) (1)
|
0.68
|
|
0.01
|
|
0.67
|
6,700.0
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
3.13
|
|
$
3.27
|
|
(0.14)
|
(4.3)
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
49,749
|
|
41,156
|
|
8,593
|
20.9
|
Weighted average
common shares outstanding - diluted
|
50,106
|
|
40,818
|
|
9,288
|
22.8
|
Book value shares
(period end)
|
53,864
|
|
41,082
|
|
12,782
|
31.1
|
|
|
|
|
|
|
|
(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
|
9/30/2017
|
|
6/30/2017
|
|
$
|
|
%
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
$
|
|
%
|
Cash and due from
banks
|
$
298,173
|
|
$
301,910
|
|
(3,737)
|
|
(1.2)
|
|
$
276,979
|
|
$
295,896
|
|
$
327,799
|
|
(29,626)
|
|
(9.0)
|
Interest-bearing
deposits in other banks
|
583,043
|
|
167,450
|
|
415,593
|
|
248.2
|
|
1,024,139
|
|
1,066,230
|
|
773,454
|
|
(190,411)
|
|
(24.6)
|
Total cash and cash
equivalents
|
881,216
|
|
469,360
|
|
411,856
|
|
87.7
|
|
1,301,118
|
|
1,362,126
|
|
1,101,253
|
|
(220,037)
|
|
(20.0)
|
Investment securities
available for sale
|
4,736,339
|
|
4,009,299
|
|
727,040
|
|
18.1
|
|
3,823,953
|
|
3,446,097
|
|
2,885,413
|
|
1,850,926
|
|
64.1
|
Investment securities
held to maturity
|
175,906
|
|
84,517
|
|
91,389
|
|
108.1
|
|
86,018
|
|
89,216
|
|
90,653
|
|
85,253
|
|
94.0
|
Total investment
securities
|
4,912,245
|
|
4,093,816
|
|
818,429
|
|
20.0
|
|
3,909,971
|
|
3,535,313
|
|
2,976,066
|
|
1,936,179
|
|
65.1
|
Mortgage loans held
for sale
|
141,218
|
|
140,959
|
|
259
|
|
0.2
|
|
122,333
|
|
157,041
|
|
210,866
|
|
(69,648)
|
|
(33.0)
|
Loans, net of
unearned income
|
19,795,085
|
|
15,556,016
|
|
4,239,069
|
|
27.3
|
|
15,132,202
|
|
15,064,971
|
|
14,924,499
|
|
4,870,586
|
|
32.6
|
Allowance for loan
losses
|
(136,628)
|
|
(146,225)
|
|
9,597
|
|
(6.6)
|
|
(144,890)
|
|
(144,719)
|
|
(148,193)
|
|
11,565
|
|
(7.8)
|
Loans, net
|
19,658,457
|
|
15,409,791
|
|
4,248,666
|
|
27.6
|
|
14,987,312
|
|
14,920,252
|
|
14,776,306
|
|
4,882,151
|
|
33.0
|
Loss share
receivable
|
9,780
|
|
-
|
|
9,780
|
|
100.0
|
|
-
|
|
-
|
|
24,406
|
|
(14,626)
|
|
(59.9)
|
Premises and
equipment
|
330,800
|
|
318,167
|
|
12,633
|
|
4.0
|
|
303,978
|
|
306,373
|
|
308,932
|
|
21,868
|
|
7.1
|
Goodwill and other
intangibles
|
1,281,479
|
|
757,025
|
|
524,454
|
|
69.3
|
|
758,340
|
|
759,823
|
|
761,206
|
|
520,273
|
|
68.3
|
Other
assets
|
761,440
|
|
601,609
|
|
159,831
|
|
26.6
|
|
625,427
|
|
618,262
|
|
629,531
|
|
131,909
|
|
21.0
|
Total
assets
|
$27,976,635
|
|
$21,790,727
|
|
6,185,908
|
|
28.4
|
|
$22,008,479
|
|
$21,659,190
|
|
$20,788,566
|
|
7,188,069
|
|
34.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
5,963,943
|
|
$
5,020,195
|
|
943,748
|
|
18.8
|
|
$
5,031,583
|
|
$
4,928,878
|
|
$
4,787,485
|
|
1,176,458
|
|
24.6
|
NOW
accounts
|
3,547,761
|
|
3,089,482
|
|
458,279
|
|
14.8
|
|
3,085,720
|
|
3,314,281
|
|
2,904,835
|
|
642,926
|
|
22.1
|
Savings and money
market accounts
|
9,165,417
|
|
6,815,513
|
|
2,349,904
|
|
34.5
|
|
7,185,864
|
|
7,033,917
|
|
6,646,694
|
|
2,518,723
|
|
37.9
|
Certificates of
deposit
|
2,657,150
|
|
1,927,926
|
|
729,224
|
|
37.8
|
|
2,009,098
|
|
2,131,207
|
|
2,183,503
|
|
473,647
|
|
21.7
|
Total
deposits
|
21,334,271
|
|
16,853,116
|
|
4,481,155
|
|
26.6
|
|
17,312,265
|
|
17,408,283
|
|
16,522,517
|
|
4,811,754
|
|
29.1
|
Short-term
borrowings
|
975,008
|
|
250,000
|
|
725,008
|
|
290.0
|
|
80,000
|
|
175,000
|
|
360,000
|
|
615,008
|
|
170.8
|
Securities sold under
agreements to repurchase
|
548,696
|
|
333,935
|
|
214,761
|
|
64.3
|
|
368,696
|
|
334,136
|
|
353,272
|
|
195,424
|
|
55.3
|
Trust preferred
securities
|
120,110
|
|
120,110
|
|
-
|
|
-
|
|
120,110
|
|
120,110
|
|
120,110
|
|
-
|
|
-
|
Other long-term
debt
|
1,007,474
|
|
547,133
|
|
460,341
|
|
84.1
|
|
507,975
|
|
508,843
|
|
552,328
|
|
455,146
|
|
82.4
|
Other
liabilities
|
264,302
|
|
183,191
|
|
81,111
|
|
44.3
|
|
161,458
|
|
173,124
|
|
213,229
|
|
51,073
|
|
24.0
|
Total
liabilities
|
24,249,861
|
|
18,287,485
|
|
5,962,376
|
|
32.6
|
|
18,550,504
|
|
18,719,496
|
|
18,121,456
|
|
6,128,405
|
|
33.8
|
Total shareholders'
equity
|
3,726,774
|
|
3,503,242
|
|
223,532
|
|
6.4
|
|
3,457,975
|
|
2,939,694
|
|
2,667,110
|
|
1,059,664
|
|
39.7
|
Total liabilities and
shareholders' equity
|
$27,976,635
|
|
$21,790,727
|
|
6,185,908
|
|
28.4
|
|
$22,008,479
|
|
$21,659,190
|
|
$20,788,566
|
|
7,188,069
|
|
34.6
|
TABLE 4 Continued
- IBERIABANK CORPORATION
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
9/30/2017
|
|
6/30/2017
|
|
$
|
|
%
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
$
|
|
%
|
Cash and due from
banks
|
$
277,968
|
|
$
277,047
|
|
921
|
|
0.3
|
|
$
302,585
|
|
$
310,132
|
|
$
299,445
|
|
(21,477)
|
|
(7.2)
|
Interest-bearing
deposits in other banks
|
615,445
|
|
555,431
|
|
60,014
|
|
10.8
|
|
1,023,688
|
|
930,524
|
|
536,741
|
|
78,704
|
|
14.7
|
Total cash and cash
equivalents
|
893,413
|
|
832,478
|
|
60,935
|
|
7.3
|
|
1,326,273
|
|
1,240,656
|
|
836,186
|
|
57,227
|
|
6.8
|
Investment securities
available for sale
|
4,593,798
|
|
3,970,021
|
|
623,777
|
|
15.7
|
|
3,679,817
|
|
3,192,040
|
|
2,825,030
|
|
1,768,768
|
|
62.6
|
Investment securities
held to maturity
|
114,895
|
|
85,516
|
|
29,379
|
|
34.4
|
|
87,246
|
|
90,161
|
|
92,006
|
|
22,889
|
|
24.9
|
Total investment
securities
|
4,708,693
|
|
4,055,537
|
|
653,156
|
|
16.1
|
|
3,767,063
|
|
3,282,201
|
|
2,917,036
|
|
1,791,657
|
|
61.4
|
Mortgage loans held
for sale
|
132,309
|
|
145,274
|
|
(12,965)
|
|
(8.9)
|
|
175,512
|
|
226,565
|
|
219,369
|
|
(87,060)
|
|
(39.7)
|
Loans, net of
unearned income
|
18,341,138
|
|
15,284,007
|
|
3,057,131
|
|
20.0
|
|
15,045,755
|
|
14,912,350
|
|
14,802,199
|
|
3,538,939
|
|
23.9
|
Allowance for loan
losses
|
(147,046)
|
|
(146,448)
|
|
(598)
|
|
0.4
|
|
(145,326)
|
|
(150,499)
|
|
(149,101)
|
|
2,055
|
|
(1.4)
|
Loans, net
|
18,194,092
|
|
15,137,559
|
|
3,056,533
|
|
20.2
|
|
14,900,429
|
|
14,761,851
|
|
14,653,098
|
|
3,540,994
|
|
24.2
|
Loss share
receivable
|
21,040
|
|
-
|
|
21,040
|
|
100.0
|
|
-
|
|
20,456
|
|
27,694
|
|
(6,654)
|
|
(24.0)
|
Premises and
equipment
|
327,681
|
|
309,622
|
|
18,059
|
|
5.8
|
|
305,245
|
|
308,861
|
|
310,592
|
|
17,089
|
|
5.5
|
Goodwill and other
intangibles
|
1,048,804
|
|
757,528
|
|
291,276
|
|
38.5
|
|
758,887
|
|
760,003
|
|
762,196
|
|
286,608
|
|
37.6
|
Other
assets
|
768,743
|
|
605,539
|
|
163,204
|
|
27.0
|
|
628,092
|
|
615,666
|
|
666,657
|
|
102,086
|
|
15.3
|
Total
assets
|
$26,094,775
|
|
$21,843,537
|
|
4,251,238
|
|
19.5
|
|
$21,861,501
|
|
$21,216,259
|
|
$20,392,828
|
|
5,701,947
|
|
28.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
5,601,071
|
|
$
4,992,598
|
|
608,473
|
|
12.2
|
|
$
4,976,945
|
|
$
4,869,095
|
|
$
4,605,447
|
|
995,624
|
|
21.6
|
NOW
accounts
|
3,201,511
|
|
3,124,243
|
|
77,268
|
|
2.5
|
|
3,239,085
|
|
2,981,967
|
|
2,936,130
|
|
265,381
|
|
9.0
|
Savings and money
market accounts
|
8,566,873
|
|
7,079,773
|
|
1,487,100
|
|
21.0
|
|
7,211,545
|
|
6,869,614
|
|
6,359,006
|
|
2,207,867
|
|
34.7
|
Certificates of
deposit
|
2,413,727
|
|
1,964,234
|
|
449,493
|
|
22.9
|
|
2,083,749
|
|
2,172,967
|
|
2,176,159
|
|
237,568
|
|
10.9
|
Total
deposits
|
19,783,182
|
|
17,160,848
|
|
2,622,334
|
|
15.3
|
|
17,511,324
|
|
16,893,643
|
|
16,076,742
|
|
3,706,440
|
|
23.1
|
Short-term
borrowings
|
1,180,165
|
|
38,320
|
|
1,141,845
|
|
2,979.8
|
|
99,000
|
|
260,730
|
|
430,332
|
|
749,833
|
|
174.2
|
Securities sold under
agreements to repurchase
|
439,077
|
|
314,090
|
|
124,987
|
|
39.8
|
|
311,726
|
|
342,953
|
|
302,119
|
|
136,958
|
|
45.3
|
Trust preferred
securities
|
120,110
|
|
120,110
|
|
-
|
|
-
|
|
120,110
|
|
120,110
|
|
120,110
|
|
-
|
|
-
|
Other long-term
debt
|
622,655
|
|
508,522
|
|
114,133
|
|
22.4
|
|
498,384
|
|
544,353
|
|
562,598
|
|
60,057
|
|
10.7
|
Other
liabilities
|
273,163
|
|
200,673
|
|
72,490
|
|
36.1
|
|
221,993
|
|
300,768
|
|
239,911
|
|
33,252
|
|
13.9
|
Total
liabilities
|
22,418,352
|
|
18,342,563
|
|
4,075,789
|
|
22.2
|
|
18,762,537
|
|
18,462,557
|
|
17,731,812
|
|
4,686,540
|
|
26.4
|
Total shareholders'
equity
|
3,676,423
|
|
3,500,974
|
|
175,449
|
|
5.0
|
|
3,098,964
|
|
2,753,702
|
|
2,661,016
|
|
1,015,407
|
|
38.2
|
Total liabilities and
shareholders' equity
|
$26,094,775
|
|
$21,843,537
|
|
4,251,238
|
|
19.5
|
|
$21,861,501
|
|
$21,216,259
|
|
$20,392,828
|
|
5,701,947
|
|
28.0
|
Table 5 -
IBERIABANK CORPORATION
|
|
TOTAL LOANS AND
ASSET QUALITY DATA
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
|
9/30/2017
|
|
6/30/2017
|
|
$
|
|
%
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate- owner occupied (1)
|
$
2,417,407
|
|
$
2,205,408
|
|
211,999
|
|
9.6
|
|
$
2,187,406
|
|
$
2,234,636
|
|
$
2,163,541
|
|
253,866
|
|
11.7
|
Real
estate- non-owner occupied
|
6,312,218
|
|
4,936,195
|
|
1,376,023
|
|
27.9
|
|
4,790,468
|
|
4,567,630
|
|
4,517,674
|
|
1,794,544
|
|
39.7
|
Commercial and industrial
|
4,443,085
|
|
3,684,081
|
|
759,004
|
|
20.6
|
|
3,455,578
|
|
3,543,122
|
|
3,462,997
|
|
980,088
|
|
28.3
|
Energy
(real estate and commercial and industrial)
(2)
|
611,613
|
|
551,968
|
|
59,645
|
|
10.8
|
|
563,623
|
|
561,193
|
|
599,641
|
|
11,972
|
|
2.0
|
Total commercial
loans
|
13,784,323
|
|
11,377,652
|
|
2,406,671
|
|
21.2
|
|
10,997,075
|
|
10,906,581
|
|
10,743,853
|
|
3,040,470
|
|
28.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
3,024,970
|
|
1,346,467
|
|
1,678,503
|
|
124.7
|
|
1,296,358
|
|
1,267,400
|
|
1,270,530
|
|
1,754,440
|
|
138.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
2,320,233
|
|
2,158,948
|
|
161,285
|
|
7.5
|
|
2,146,796
|
|
2,155,926
|
|
2,151,130
|
|
169,103
|
|
7.9
|
Indirect
automobile
|
76,189
|
|
92,130
|
|
(15,941)
|
|
(17.3)
|
|
110,200
|
|
131,052
|
|
153,913
|
|
(77,724)
|
|
(50.5)
|
Automobile
|
130,847
|
|
135,012
|
|
(4,165)
|
|
(3.1)
|
|
142,139
|
|
147,662
|
|
152,972
|
|
(22,125)
|
|
(14.5)
|
Credit
card
|
88,454
|
|
87,088
|
|
1,366
|
|
1.6
|
|
84,113
|
|
82,992
|
|
80,959
|
|
7,495
|
|
9.3
|
Other
|
370,069
|
|
358,719
|
|
11,350
|
|
3.2
|
|
355,521
|
|
373,358
|
|
371,142
|
|
(1,073)
|
|
(0.3)
|
Total consumer
loans
|
2,985,792
|
|
2,831,897
|
|
153,895
|
|
5.4
|
|
2,838,769
|
|
2,890,990
|
|
2,910,116
|
|
75,676
|
|
2.6
|
Total loans
|
$19,795,085
|
|
$15,556,016
|
|
4,239,069
|
|
27.3
|
|
$15,132,202
|
|
$15,064,971
|
|
$14,924,499
|
|
4,870,586
|
|
32.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses (3)
|
$
(136,628)
|
|
$
(146,225)
|
|
9,597
|
|
(6.6)
|
|
$
(144,890)
|
|
$
(144,719)
|
|
$
(148,193)
|
|
11,565
|
|
(7.8)
|
Loans,
net
|
19,658,457
|
|
15,409,791
|
|
4,248,666
|
|
27.6
|
|
14,987,312
|
|
14,920,252
|
|
14,776,306
|
|
4,882,151
|
|
33.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(21,032)
|
|
(10,462)
|
|
(10,570)
|
|
101.0
|
|
(11,660)
|
|
(11,241)
|
|
(11,990)
|
|
(9,042)
|
|
75.4
|
Allowance for credit
losses
|
(157,660)
|
|
(156,687)
|
|
(973)
|
|
0.6
|
|
(156,550)
|
|
(155,960)
|
|
(160,183)
|
|
2,523
|
|
(1.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(4)
|
$
145,422
|
|
$
177,956
|
|
(32,534)
|
|
(18.3)
|
|
$
191,582
|
|
$
228,501
|
|
$
235,521
|
|
(90,099)
|
|
(38.3)
|
Other real estate
owned and foreclosed assets
|
28,338
|
|
19,718
|
|
8,620
|
|
43.7
|
|
20,055
|
|
21,199
|
|
22,085
|
|
6,253
|
|
28.3
|
Accruing loans more
than 90 days past due (4)
|
2,193
|
|
802
|
|
1,391
|
|
173.4
|
|
7,980
|
|
1,386
|
|
5,233
|
|
(3,040)
|
|
(58.1)
|
Total non-performing
assets
|
$
175,953
|
|
$
198,476
|
|
(22,523)
|
|
(11.3)
|
|
$
219,617
|
|
$
251,086
|
|
$
262,839
|
|
(86,886)
|
|
(33.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due (4)
|
$
58,773
|
|
$
50,840
|
|
7,933
|
|
15.6
|
|
$
36,172
|
|
$
28,869
|
|
$
45,125
|
|
13,648
|
|
30.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
0.63%
|
|
0.91%
|
|
|
|
|
|
1.00%
|
|
1.16%
|
|
1.26%
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
0.89
|
|
1.27
|
|
|
|
|
|
1.45
|
|
1.66
|
|
1.76
|
|
|
|
|
Allowance for loan
losses to non-performing loans (5)
|
92.6
|
|
81.8
|
|
|
|
|
|
72.6
|
|
63.0
|
|
61.6
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
77.7
|
|
73.7
|
|
|
|
|
|
66.0
|
|
57.6
|
|
56.4
|
|
|
|
|
Allowance for loan
losses to total loans
|
0.69
|
|
0.94
|
|
|
|
|
|
0.96
|
|
0.96
|
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
30,460
|
|
$
12,189
|
|
18,271
|
|
149.9
|
|
$
7,291
|
|
$
9,785
|
|
$
11,500
|
|
18,960
|
|
164.9
|
Quarter-to-date
recoveries
|
(1,644)
|
|
(1,289)
|
|
(355)
|
|
27.5
|
|
(1,235)
|
|
(2,135)
|
|
(1,277)
|
|
(367)
|
|
28.7
|
Quarter-to-date net
charge-offs
|
$
28,816
|
|
$
10,900
|
|
17,916
|
|
164.4
|
|
$
6,056
|
|
$
7,650
|
|
$
10,223
|
|
18,593
|
|
181.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.62%
|
|
0.29%
|
|
|
|
|
|
0.16%
|
|
0.21%
|
|
0.28%
|
|
|
|
|
|
(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) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
(3) The allowance for
loan losses includes impairment reserves attributable to acquired
impaired loans.
|
(4) For purposes of
this table, non-accrual and past due loans exclude acquired
impaired loans accounted for under ASC 310-30 that are currently
accruing income.
|
(5) 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
|
9/30/2017
|
|
6/30/2017
|
|
$
|
|
%
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate- owner occupied (1)
|
$
1,807,670
|
|
$
1,815,167
|
|
(7,497)
|
|
(0.4)
|
|
$
1,769,153
|
|
$
1,784,624
|
|
$
1,683,557
|
|
124,113
|
|
7.4
|
Real
estate- non-owner occupied
|
4,379,801
|
|
4,299,763
|
|
80,038
|
|
1.9
|
|
4,109,356
|
|
3,838,690
|
|
3,735,926
|
|
643,875
|
|
17.2
|
Commercial and industrial
|
3,497,374
|
|
3,390,699
|
|
106,675
|
|
3.1
|
|
3,140,205
|
|
3,194,796
|
|
3,101,472
|
|
395,902
|
|
12.8
|
Energy
(real estate and commercial and industrial)
(2)
|
610,610
|
|
550,162
|
|
60,448
|
|
11.0
|
|
562,515
|
|
559,289
|
|
598,279
|
|
12,331
|
|
2.1
|
Total commercial
loans
|
10,295,455
|
|
10,055,791
|
|
239,664
|
|
2.4
|
|
9,581,229
|
|
9,377,399
|
|
9,119,234
|
|
1,176,221
|
|
12.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
1,040,990
|
|
970,961
|
|
70,029
|
|
7.2
|
|
901,859
|
|
854,216
|
|
840,082
|
|
200,908
|
|
23.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
1,885,226
|
|
1,838,841
|
|
46,385
|
|
2.5
|
|
1,797,123
|
|
1,783,421
|
|
1,755,295
|
|
129,931
|
|
7.4
|
Indirect
automobile
|
76,165
|
|
92,106
|
|
(15,941)
|
|
(17.3)
|
|
110,174
|
|
131,048
|
|
153,904
|
|
(77,739)
|
|
(50.5)
|
Automobile
|
123,900
|
|
127,265
|
|
(3,365)
|
|
(2.6)
|
|
133,852
|
|
138,638
|
|
143,355
|
|
(19,455)
|
|
(13.6)
|
Credit
card
|
87,954
|
|
86,587
|
|
1,367
|
|
1.6
|
|
83,612
|
|
82,524
|
|
80,452
|
|
7,502
|
|
9.3
|
Other
|
317,214
|
|
321,859
|
|
(4,645)
|
|
(1.4)
|
|
315,595
|
|
327,678
|
|
321,048
|
|
(3,834)
|
|
(1.2)
|
Total consumer
loans
|
2,490,459
|
|
2,466,658
|
|
23,801
|
|
1.0
|
|
2,440,356
|
|
2,463,309
|
|
2,454,054
|
|
36,405
|
|
1.5
|
Total loans
|
$13,826,904
|
|
$13,493,410
|
|
333,494
|
|
2.5
|
|
$12,923,444
|
|
$12,694,924
|
|
$12,413,370
|
|
1,413,534
|
|
11.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
(99,346)
|
|
$
(107,610)
|
|
8,264
|
|
(7.7)
|
|
$
(105,813)
|
|
$
(105,569)
|
|
$
(108,889)
|
|
9,543
|
|
(8.8)
|
Loans,
net
|
13,727,558
|
|
13,385,800
|
|
341,758
|
|
2.6
|
|
12,817,631
|
|
12,589,355
|
|
12,304,481
|
|
1,423,077
|
|
11.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(21,032)
|
|
(10,462)
|
|
(10,570)
|
|
101.0
|
|
(11,660)
|
|
(11,241)
|
|
(11,990)
|
|
(9,042)
|
|
75.4
|
Allowance for credit
losses
|
(120,378)
|
|
(118,072)
|
|
(2,306)
|
|
2.0
|
|
(117,473)
|
|
(116,810)
|
|
(120,879)
|
|
501
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
129,316
|
|
$
163,748
|
|
(34,432)
|
|
(21.0)
|
|
$
185,078
|
|
$
221,543
|
|
$
227,122
|
|
(97,806)
|
|
(43.1)
|
Other real estate
owned and foreclosed assets
|
7,058
|
|
7,106
|
|
(48)
|
|
(0.7)
|
|
8,217
|
|
9,264
|
|
11,538
|
|
(4,480)
|
|
(38.8)
|
Accruing loans more
than 90 days past due
|
1,991
|
|
610
|
|
1,381
|
|
226.4
|
|
3,100
|
|
1,104
|
|
4,936
|
|
(2,945)
|
|
(59.7)
|
Total non-performing
assets
|
$
138,365
|
|
$
171,464
|
|
(33,099)
|
|
(19.3)
|
|
$
196,395
|
|
$
231,911
|
|
$
243,596
|
|
(105,231)
|
|
(43.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
36,131
|
|
$
40,882
|
|
(4,751)
|
|
(11.6)
|
|
$
32,286
|
|
$
24,902
|
|
$
41,157
|
|
(5,026)
|
|
(12.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
0.64%
|
|
0.87%
|
|
|
|
|
|
0.99%
|
|
1.20%
|
|
1.33%
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
1.00
|
|
1.27
|
|
|
|
|
|
1.52
|
|
1.83
|
|
1.96
|
|
|
|
|
Allowance for loan
losses to non-performing loans (3)
|
75.7
|
|
65.5
|
|
|
|
|
|
56.2
|
|
47.4
|
|
46.9
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
71.8
|
|
62.8
|
|
|
|
|
|
53.9
|
|
45.5
|
|
44.7
|
|
|
|
|
Allowance for loan
losses to total loans
|
0.72
|
|
0.80
|
|
|
|
|
|
0.82
|
|
0.83
|
|
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
29,002
|
|
$
10,896
|
|
18,106
|
|
166.2
|
|
$
7,202
|
|
$
9,496
|
|
$
11,201
|
|
17,801
|
|
158.9
|
Quarter-to-date
recoveries
|
(1,218)
|
|
(944)
|
|
(274)
|
|
29.0
|
|
(880)
|
|
(1,910)
|
|
(1,102)
|
|
(116)
|
|
10.5
|
Quarter-to-date net
charge-offs
|
$
27,784
|
|
$
9,952
|
|
17,832
|
|
179.2
|
|
$
6,322
|
|
$
7,586
|
|
$
10,099
|
|
17,685
|
|
175.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.81%
|
|
0.30%
|
|
|
|
|
|
0.20%
|
|
0.24%
|
|
0.33%
|
|
|
|
|
|
(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) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
(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
|
9/30/2017
|
|
6/30/2017
|
|
$
|
|
%
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate- owner occupied (1)
|
$
609,737
|
|
$
390,241
|
|
219,496
|
|
56.2
|
|
$
418,254
|
|
$
450,012
|
|
$
479,984
|
|
129,753
|
|
27.0
|
Real
estate- non-owner occupied
|
1,932,417
|
|
636,432
|
|
1,295,985
|
|
203.6
|
|
681,111
|
|
728,940
|
|
781,748
|
|
1,150,669
|
|
147.2
|
Commercial and
industrial
|
945,711
|
|
293,382
|
|
652,329
|
|
222.3
|
|
315,373
|
|
348,326
|
|
361,525
|
|
584,186
|
|
161.6
|
Energy
(real estate and commercial and industrial)
(2)
|
1,003
|
|
1,806
|
|
(803)
|
|
(44.5)
|
|
1,108
|
|
1,904
|
|
1,362
|
|
(359)
|
|
(26.4)
|
Total commercial
loans
|
3,488,868
|
|
1,321,861
|
|
2,167,007
|
|
163.9
|
|
1,415,846
|
|
1,529,182
|
|
1,624,619
|
|
1,864,249
|
|
114.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
1,983,980
|
|
375,506
|
|
1,608,474
|
|
428.3
|
|
394,499
|
|
413,184
|
|
430,448
|
|
1,553,532
|
|
360.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
435,007
|
|
320,107
|
|
114,900
|
|
35.9
|
|
349,673
|
|
372,505
|
|
395,835
|
|
39,172
|
|
9.9
|
Indirect
automobile
|
24
|
|
24
|
|
-
|
|
-
|
|
26
|
|
4
|
|
9
|
|
15
|
|
166.7
|
Automobile
|
6,947
|
|
7,747
|
|
(800)
|
|
(10.3)
|
|
8,287
|
|
9,024
|
|
9,617
|
|
(2,670)
|
|
(27.8)
|
Credit
card
|
500
|
|
501
|
|
(1)
|
|
-
|
|
501
|
|
468
|
|
507
|
|
(7)
|
|
(1.4)
|
Other
|
52,855
|
|
36,860
|
|
15,995
|
|
43.4
|
|
39,926
|
|
45,680
|
|
50,094
|
|
2,761
|
|
5.5
|
Total consumer
loans
|
495,333
|
|
365,239
|
|
130,094
|
|
35.6
|
|
398,413
|
|
427,681
|
|
456,062
|
|
39,271
|
|
8.6
|
Total loans
|
$5,968,181
|
|
$2,062,606
|
|
3,905,575
|
|
189.4
|
|
$2,208,758
|
|
$
2,370,047
|
|
$2,511,129
|
|
3,457,052
|
|
137.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses (3)
|
$
(37,282)
|
|
$
(38,615)
|
|
1,333
|
|
(3.5)
|
|
$
(39,077)
|
|
$
(39,150)
|
|
$
(39,304)
|
|
2,022
|
|
(5.1)
|
Loans,
net
|
5,930,899
|
|
2,023,991
|
|
3,906,908
|
|
193.0
|
|
2,169,681
|
|
2,330,897
|
|
2,471,825
|
|
3,459,074
|
|
139.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED ASSET
QUALITY DATA (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
16,106
|
|
$
14,208
|
|
1,898
|
|
13.4
|
|
$
6,504
|
|
$
6,958
|
|
$
8,399
|
|
7,707
|
|
91.8
|
Other real estate
owned and foreclosed assets
|
21,280
|
|
12,612
|
|
8,668
|
|
68.7
|
|
11,838
|
|
11,935
|
|
10,547
|
|
10,733
|
|
101.8
|
Accruing loans more
than 90 days past due
|
202
|
|
192
|
|
10
|
|
5.2
|
|
4,880
|
|
282
|
|
297
|
|
(95)
|
|
(32.0)
|
Total non-performing
assets
|
$
37,588
|
|
$
27,012
|
|
10,576
|
|
39.2
|
|
$
23,222
|
|
$
19,175
|
|
$
19,243
|
|
18,345
|
|
95.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
22,642
|
|
$
9,958
|
|
12,684
|
|
127.4
|
|
$
3,886
|
|
$
3,967
|
|
$
3,968
|
|
18,674
|
|
470.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
0.58%
|
|
1.32%
|
|
|
|
|
|
1.06%
|
|
0.81%
|
|
0.76%
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
0.63
|
|
1.30
|
|
|
|
|
|
1.05
|
|
0.81
|
|
0.76
|
|
|
|
|
Allowance for loan
losses to non-performing loans
|
228.6
|
|
268.2
|
|
|
|
|
|
343.3
|
|
540.7
|
|
452.0
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
99.2
|
|
143.0
|
|
|
|
|
|
168.3
|
|
204.2
|
|
204.3
|
|
|
|
|
Allowance for loan
losses to total loans
|
0.62
|
|
1.87
|
|
|
|
|
|
1.77
|
|
1.65
|
|
1.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
1,458
|
|
$
1,293
|
|
165
|
|
12.8
|
|
$
89
|
|
$
289
|
|
$
299
|
|
1,159
|
|
387.6
|
Quarter-to-date
recoveries
|
(426)
|
|
(345)
|
|
(81)
|
|
23.5
|
|
(355)
|
|
(225)
|
|
(175)
|
|
(251)
|
|
143.4
|
Quarter-to-date net
charge-offs/(recoveries)
|
$
1,032
|
|
$
948
|
|
84
|
|
8.9
|
|
$
(266)
|
|
$
64
|
|
$
124
|
|
908
|
|
732.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans (annualized)
|
0.09%
|
|
0.18%
|
|
|
|
|
|
(0.05)%
|
|
0.01%
|
|
0.02%
|
|
|
|
|
|
(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) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
(3) The allowance for
loan losses includes impairment reserves attributable to acquired
impaired loans.
|
(4) Acquired
non-performing loans 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.
|
Table 8 -
IBERIABANK CORPORATION
|
ENERGY LOANS,
ENERGY-RELATED COMMITMENTS AND ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ENERGY LOANS:
(1)
|
9/30/2017
|
|
6/30/2017
|
|
$
|
|
%
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
$
|
|
%
|
E&P
|
$
330,608
|
|
$
264,336
|
|
66,272
|
|
25.1
|
|
$
265,696
|
|
$
290,711
|
|
$
301,223
|
|
29,385
|
|
9.8
|
Midstream
|
125,867
|
|
106,999
|
|
18,868
|
|
17.6
|
|
123,436
|
|
90,120
|
|
110,821
|
|
15,046
|
|
13.6
|
Service
|
155,138
|
|
180,633
|
|
(25,495)
|
|
(14.1)
|
|
174,491
|
|
180,362
|
|
187,597
|
|
(32,459)
|
|
(17.3)
|
Total energy
loans
|
$
611,613
|
|
$
551,968
|
|
59,645
|
|
10.8
|
|
$
563,623
|
|
$
561,193
|
|
$
599,641
|
|
11,972
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
COMMITMENTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E&P
|
$
691,984
|
|
$
571,964
|
|
120,020
|
|
21.0
|
|
$
543,689
|
|
$
545,061
|
|
$
545,383
|
|
146,601
|
|
26.9
|
Midstream
|
264,401
|
|
213,273
|
|
51,128
|
|
24.0
|
|
238,186
|
|
182,998
|
|
198,618
|
|
65,783
|
|
33.1
|
Service
|
219,913
|
|
244,267
|
|
(24,354)
|
|
(10.0)
|
|
243,991
|
|
241,740
|
|
261,450
|
|
(41,537)
|
|
(15.9)
|
Total energy-related
commitments
|
$
1,176,298
|
|
$
1,029,504
|
|
146,794
|
|
14.3
|
|
$
1,025,866
|
|
$
969,799
|
|
$
1,005,451
|
|
170,847
|
|
17.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans net of
unearned income
|
$19,795,085
|
|
$15,556,016
|
|
4,239,069
|
|
27.3
|
|
$15,132,202
|
|
$15,064,971
|
|
$14,924,499
|
|
4,870,586
|
|
32.6
|
Energy loan
outstandings as a % of total loans
|
3.1%
|
|
3.5%
|
|
|
|
|
|
3.7%
|
|
3.7%
|
|
4.0%
|
|
|
|
|
Energy-related
commitments as a % of total commitments
|
4.6%
|
|
5.1%
|
|
|
|
|
|
5.2%
|
|
4.8%
|
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
(13,260)
|
|
$
(23,046)
|
|
9,786
|
|
(42.5)
|
|
$
(20,144)
|
|
$
(22,524)
|
|
$
(28,215)
|
|
14,955
|
|
(53.0)
|
Reserve for unfunded
commitments
|
(1,272)
|
|
(147)
|
|
(1,125)
|
|
765.3
|
|
(203)
|
|
(1,003)
|
|
(953)
|
|
(319)
|
|
33.5
|
Allowance for credit
losses
|
(14,532)
|
|
(23,193)
|
|
8,661
|
|
(37.3)
|
|
(20,347)
|
|
(23,527)
|
|
(29,168)
|
|
14,636
|
|
(50.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
62,429
|
|
$
94,565
|
|
(32,136)
|
|
(34.0)
|
|
$
113,212
|
|
$
150,329
|
|
$
153,620
|
|
(91,191)
|
|
(59.4)
|
Other real estate
owned and foreclosed assets
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Accruing loans more
than 90 days past due
|
-
|
|
-
|
|
-
|
|
-
|
|
2,175
|
|
-
|
|
-
|
|
-
|
|
-
|
Total non-performing
assets
|
$
62,429
|
|
$
94,565
|
|
(32,136)
|
|
(34.0)
|
|
$
115,387
|
|
$
150,329
|
|
$
153,620
|
|
(91,191)
|
|
(59.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
2,323
|
|
$
2,392
|
|
(69)
|
|
(2.9)
|
|
$
157
|
|
$
1,526
|
|
$
-
|
|
2,323
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total energy loans and OREO
|
10.21%
|
|
17.13%
|
|
|
|
|
|
20.47%
|
|
26.79%
|
|
25.62%
|
|
|
|
|
Allowance for loan
losses to non-performing loans (2)
|
21.2
|
|
24.4
|
|
|
|
|
|
17.5
|
|
15.0
|
|
18.4
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
21.2
|
|
24.4
|
|
|
|
|
|
17.5
|
|
15.0
|
|
18.4
|
|
|
|
|
Allowance for loan
losses to total energy loans
|
2.17
|
|
4.18
|
|
|
|
|
|
3.57
|
|
4.01
|
|
4.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
16,956
|
|
$
-
|
|
|
|
|
|
$
2,845
|
|
$
2,321
|
|
$
6,957
|
|
|
|
|
Quarter-to-date
recoveries
|
-
|
|
-
|
|
|
|
|
|
-
|
|
(840)
|
|
-
|
|
|
|
|
Quarter-to-date net
charge-offs
|
$
16,956
|
|
$
-
|
|
|
|
|
|
$
2,845
|
|
$
1,481
|
|
$
6,957
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
11.56%
|
|
0.00%
|
|
|
|
|
|
2.05%
|
|
1.02%
|
|
4.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
(2) Non-performing
loans consist of non-accruing loans and accruing loans 90 days or
more past due.
|
TABLE 9 -
IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2017
|
|
6/30/2017
|
|
Basis Point
Change
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)
|
|
Yield/Rate
(TE)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
Commercial loans
|
$12,951,243
|
$
146,003
|
4.52%
|
|
$11,136,842
|
$
127,301
|
4.64%
|
|
(12)
|
Residential mortgage loans
|
2,464,348
|
28,645
|
4.65
|
|
1,319,207
|
14,345
|
4.35
|
|
30
|
Consumer
loans
|
2,925,547
|
42,240
|
5.73
|
|
2,827,958
|
37,619
|
5.34
|
|
39
|
Total loans
|
18,341,138
|
216,888
|
4.73
|
|
15,284,007
|
179,265
|
4.74
|
|
(1)
|
Loss
share receivable
|
21,040
|
-
|
-
|
|
-
|
-
|
-
|
|
-
|
Total loans and loss
share receivable
|
18,362,178
|
216,888
|
4.72
|
|
15,284,007
|
179,265
|
4.74
|
|
(2)
|
Mortgage loans held
for sale
|
132,309
|
1,209
|
3.66
|
|
145,274
|
1,249
|
3.44
|
|
22
|
Investment
securities(2)
|
4,709,391
|
26,246
|
2.32
|
|
4,029,491
|
22,307
|
2.32
|
|
-
|
Other earning
assets
|
768,181
|
2,629
|
1.36
|
|
650,083
|
1,754
|
1.08
|
|
28
|
Total
earning assets
|
23,972,059
|
246,972
|
4.14
|
|
20,108,855
|
204,575
|
4.13
|
|
1
|
Allowance for loan
losses
|
(147,046)
|
|
|
|
(146,448)
|
|
|
|
|
Non-earning
assets
|
2,269,762
|
|
|
|
1,881,130
|
|
|
|
|
Total
assets
|
$26,094,775
|
|
|
|
$21,843,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
3,201,511
|
$
4,384
|
0.54%
|
|
$
3,124,243
|
$
3,507
|
0.45%
|
|
9
|
Savings
and money market accounts
|
8,566,873
|
11,650
|
0.54
|
|
7,079,773
|
9,030
|
0.51
|
|
3
|
Certificates of deposit
|
2,413,727
|
5,766
|
0.95
|
|
1,964,234
|
4,576
|
0.93
|
|
2
|
Total
interest-bearing deposits(3)
|
14,182,111
|
21,800
|
0.61
|
|
12,168,250
|
17,113
|
0.56
|
|
5
|
Short-term borrowings
|
1,619,242
|
4,152
|
1.02
|
|
352,410
|
226
|
0.26
|
|
76
|
Long-term debt
|
742,765
|
4,137
|
2.21
|
|
628,632
|
3,593
|
2.29
|
|
(8)
|
Total interest-bearing
liabilities
|
16,544,118
|
30,089
|
0.72
|
|
13,149,292
|
20,932
|
0.64
|
|
8
|
Non-interest-bearing
deposits
|
5,601,071
|
|
|
|
4,992,598
|
|
|
|
|
Non-interest-bearing
liabilities
|
273,163
|
|
|
|
200,673
|
|
|
|
|
Total
liabilities
|
22,418,352
|
|
|
|
18,342,563
|
|
|
|
|
Total shareholders'
equity
|
3,676,423
|
|
|
|
3,500,974
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$26,094,775
|
|
|
|
$21,843,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
216,883
|
3.42%
|
|
|
$
183,643
|
3.49%
|
|
(7)
|
Taxable equivalent
benefit
|
|
2,585
|
0.04
|
|
|
2,492
|
0.05
|
|
(1)
|
Net interest income
(TE)/Net interest margin (TE)(1)
|
|
$
219,468
|
3.64%
|
|
|
$
186,135
|
3.71%
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
(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 September 30, 2017 and June 30,
2017 were 0.44% and 0.40%, respectively.
|
TABLE 9 Continued
- IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans
|
$10,917,714
|
$
119,605
|
4.50%
|
|
$10,759,264
|
$
114,694
|
4.29%
|
|
$10,646,874
|
$
116,653
|
4.41%
|
Residential mortgage loans
|
1,273,069
|
12,848
|
4.04
|
|
1,267,413
|
14,038
|
4.43
|
|
1,254,665
|
13,718
|
4.37
|
Consumer
loans
|
2,854,972
|
36,524
|
5.19
|
|
2,885,673
|
36,960
|
5.10
|
|
2,900,660
|
37,413
|
5.13
|
Total loans
|
15,045,755
|
168,977
|
4.59
|
|
14,912,350
|
165,692
|
4.46
|
|
14,802,199
|
167,784
|
4.55
|
Loss share
receivable
|
-
|
-
|
-
|
|
20,456
|
(3,539)
|
(68.83)
|
|
27,694
|
(3,935)
|
(56.53)
|
Total loans and loss
share receivable
|
15,045,755
|
168,977
|
4.59
|
|
14,932,806
|
162,153
|
4.36
|
|
14,829,893
|
163,849
|
4.44
|
Mortgage loans held
for sale
|
175,512
|
971
|
2.21
|
|
226,565
|
1,539
|
2.72
|
|
219,369
|
1,774
|
3.24
|
Investment
securities(2)
|
3,741,128
|
19,927
|
2.24
|
|
3,154,252
|
15,464
|
2.09
|
|
2,830,892
|
13,815
|
2.08
|
Other earning
assets
|
1,123,087
|
2,658
|
0.96
|
|
1,034,980
|
1,649
|
0.63
|
|
641,080
|
1,066
|
0.66
|
Total earning
assets
|
20,085,482
|
192,533
|
3.93
|
|
19,348,603
|
180,805
|
3.77
|
|
18,521,234
|
180,504
|
3.93
|
Allowance for loan
losses
|
(145,326)
|
|
|
|
(150,499)
|
|
|
|
(149,101)
|
|
|
Non-earning
assets
|
1,921,345
|
|
|
|
2,018,155
|
|
|
|
2,020,695
|
|
|
Total
assets
|
$21,861,501
|
|
|
|
$21,216,259
|
|
|
|
$20,392,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
3,239,085
|
3,090
|
0.39%
|
|
$
2,981,967
|
2,483
|
0.33%
|
|
$
2,936,130
|
2,313
|
0.31%
|
Savings
and money market accounts
|
7,211,545
|
8,329
|
0.47
|
|
6,869,614
|
7,732
|
0.45
|
|
6,359,006
|
5,826
|
0.36
|
Certificates of deposit
|
2,083,749
|
4,638
|
0.90
|
|
2,172,967
|
4,785
|
0.88
|
|
2,176,159
|
4,592
|
0.84
|
Total
interest-bearing deposits(3)
|
12,534,379
|
16,057
|
0.52
|
|
12,024,548
|
15,000
|
0.50
|
|
11,471,295
|
12,731
|
0.44
|
Short-term borrowings
|
410,726
|
277
|
0.27
|
|
603,683
|
552
|
0.36
|
|
732,451
|
753
|
0.41
|
Long-term debt
|
618,494
|
3,381
|
2.22
|
|
664,463
|
3,588
|
2.15
|
|
682,708
|
3,603
|
2.10
|
Total interest-bearing
liabilities
|
13,563,599
|
19,715
|
0.59
|
|
13,292,694
|
19,140
|
0.57
|
|
12,886,454
|
17,087
|
0.53
|
Non-interest-bearing
deposits
|
4,976,945
|
|
|
|
4,869,095
|
|
|
|
4,605,447
|
|
|
Non-interest-bearing
liabilities
|
221,993
|
|
|
|
300,768
|
|
|
|
239,911
|
|
|
Total
liabilities
|
18,762,537
|
|
|
|
18,462,557
|
|
|
|
17,731,812
|
|
|
Total shareholders'
equity
|
3,098,964
|
|
|
|
2,753,702
|
|
|
|
2,661,016
|
|
|
Total
liabilities and shareholders' equity
|
$21,861,501
|
|
|
|
$21,216,259
|
|
|
|
$20,392,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
172,818
|
3.34%
|
|
|
$
161,665
|
3.20%
|
|
|
$
163,417
|
3.40%
|
Taxable equivalent
benefit
|
|
2,491
|
0.05
|
|
|
2,340
|
0.05
|
|
|
2,330
|
0.05
|
Net interest income
(TE)/Net interest margin (TE)(1)
|
|
$
175,309
|
3.53%
|
|
|
$
164,005
|
3.38%
|
|
|
$
165,747
|
3.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 March 31, 2017, December 31, 2016,
and September 30, 2016 were 0.37%, 0.35% and 0.32%,
respectively.
|
TABLE 10 -
IBERIABANK CORPORATION
|
YEAR-TO-DATE
AVERAGE BALANCES, NET INTEREST INCOME AND
YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
9/30/2017
|
|
9/30/2016
|
|
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
|
$11,676,048
|
$
392,909
|
4.55%
|
|
$10,452,794
|
$
344,658
|
4.46%
|
|
9
|
Residential mortgage loans
|
1,689,905
|
55,838
|
4.41
|
|
1,226,307
|
40,928
|
4.45
|
|
(4)
|
Consumer
loans
|
2,869,751
|
116,383
|
5.42
|
|
2,897,576
|
111,758
|
5.15
|
|
27
|
Total loans
|
16,235,704
|
565,130
|
4.69
|
|
14,576,677
|
497,344
|
4.60
|
|
9
|
Loss
share receivable
|
7,090
|
-
|
-
|
|
32,398
|
(12,484)
|
(51.47)
|
|
5,147
|
Total loans and loss
share receivable
|
16,242,794
|
565,130
|
4.69
|
|
14,609,075
|
484,860
|
4.47
|
|
22
|
Mortgage loans held
for sale
|
150,873
|
3,429
|
3.03
|
|
197,317
|
5,025
|
3.40
|
|
(37)
|
Investment
securities(2)
|
4,163,550
|
68,480
|
2.30
|
|
2,851,482
|
43,691
|
2.17
|
|
13
|
Other earning
assets
|
845,817
|
7,041
|
1.11
|
|
526,557
|
2,558
|
0.65
|
|
46
|
Total
earning assets
|
21,403,034
|
644,080
|
4.07
|
|
18,184,431
|
536,134
|
3.99
|
|
8
|
Allowance for loan
losses
|
(146,280)
|
|
|
|
(146,520)
|
|
|
|
|
Non-earning
assets
|
2,025,356
|
|
|
|
1,982,804
|
|
|
|
|
Total
assets
|
$23,282,110
|
|
|
|
$20,020,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
3,188,142
|
$
10,981
|
0.46%
|
|
$
2,902,649
|
$
6,334
|
0.29%
|
|
17
|
Savings
and money market accounts
|
7,624,362
|
29,009
|
0.51
|
|
6,480,916
|
16,992
|
0.35
|
|
16
|
Certificates of deposit
|
2,155,112
|
14,980
|
0.93
|
|
2,130,800
|
13,255
|
0.83
|
|
10
|
Total
interest-bearing deposits(3)
|
12,967,616
|
54,970
|
0.57
|
|
11,514,365
|
36,581
|
0.42
|
|
15
|
Short-term borrowings
|
798,553
|
4,655
|
0.78
|
|
617,562
|
1,900
|
0.41
|
|
37
|
Long-term debt
|
663,752
|
11,111
|
2.24
|
|
600,141
|
10,080
|
2.24
|
|
-
|
Total interest-bearing
liabilities
|
14,429,921
|
70,736
|
0.66
|
|
12,732,068
|
48,561
|
0.51
|
|
15
|
Non-interest-bearing
deposits
|
5,192,491
|
|
|
|
4,486,314
|
|
|
|
|
Non-interest-bearing
liabilities
|
232,130
|
|
|
|
203,723
|
|
|
|
|
Total
liabilities
|
19,854,542
|
|
|
|
17,422,105
|
|
|
|
|
Total shareholders'
equity
|
3,427,568
|
|
|
|
2,598,610
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$23,282,110
|
|
|
|
$20,020,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
573,344
|
3.41%
|
|
|
$
487,573
|
3.47%
|
|
(6)
|
Tax-equivalent
benefit
|
|
7,506
|
0.05%
|
|
|
6,884
|
0.05%
|
|
-
|
Net interest income
(TE)/Net interest margin (TE)(1)
|
|
$
580,850
|
3.63%
|
|
|
$
494,457
|
3.63%
|
|
-
|
|
|
|
|
|
|
|
|
|
|
(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 nine months ended September 30, 2017 and 2016 were
0.40% and 0.30%, respectively.
|
Table 11 -
IBERIABANK CORPORATION
|
LEGACY AND
ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
09/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
09/30/2016
|
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
|
$
148
|
$
13,638
|
4.29%
|
|
$
140
|
$13,150
|
4.27%
|
|
$
131
|
$
12,760
|
4.12%
|
|
$
125
|
$12,481
|
3.97%
|
|
$
123
|
$12,183
|
4.00%
|
Acquired
loans(1)
|
69
|
4,703
|
5.86
|
|
39
|
2,134
|
7.40
|
|
38
|
2,286
|
6.81
|
|
37
|
2,452
|
5.99
|
|
41
|
2,647
|
6.16
|
Total
loans
|
$
217
|
$
18,341
|
4.70%
|
|
$
179
|
$15,284
|
4.70%
|
|
$
169
|
$
15,046
|
4.55%
|
|
$
162
|
$14,933
|
4.30%
|
|
$
164
|
$14,830
|
4.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2017
|
|
06/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
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)
|
(20)
|
120
|
(1.76)
|
|
(12)
|
72
|
(2.46)
|
|
(11)
|
87
|
(2.08)
|
|
(8)
|
73
|
(1.43)
|
|
(9)
|
76
|
(1.49)
|
Total
loans
|
$
(20)
|
$
120
|
(0.45%)
|
|
$
(12)
|
$
72
|
(0.34%)
|
|
$
(11)
|
$
87
|
(0.31%)
|
|
$
(8)
|
$
73
|
(0.23%)
|
|
$
(9)
|
$
76
|
(0.26%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2017
|
|
06/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
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
|
$
148
|
$
13,638
|
4.29%
|
|
$
140
|
$13,150
|
4.27%
|
|
$
131
|
$
12,760
|
4.12%
|
|
$
125
|
$12,481
|
3.97%
|
|
$
123
|
$12,183
|
4.00%
|
Acquired
loans(1)
|
49
|
4,823
|
4.10
|
|
27
|
2,206
|
4.94
|
|
27
|
2,373
|
4.73
|
|
29
|
2,525
|
4.56
|
|
32
|
2,723
|
4.67
|
Total
loans
|
$
197
|
$
18,461
|
4.25%
|
|
$
167
|
$15,356
|
4.36%
|
|
$
158
|
$
15,133
|
4.24%
|
|
$
154
|
$15,006
|
4.07%
|
|
$
155
|
$14,906
|
4.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Acquired loans
include the impact of the FDIC Indemnification Asset in periods
prior to loss share termination in December 2016.
|
Table 12 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
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
|
$
48,450
|
|
$
29,644
|
|
$
0.56
|
|
$
80,051
|
|
$
52,018
|
|
$
1.01
|
|
$72,992
|
|
$
50,473
|
|
$
1.08
|
Less: Preferred stock
dividends
|
-
|
|
3,598
|
|
0.07
|
|
-
|
|
949
|
|
0.02
|
|
-
|
|
3,599
|
|
0.08
|
Income available to
common shareholders (GAAP)
|
$
48,450
|
|
$
26,046
|
|
$
0.49
|
|
$
80,051
|
|
$
51,069
|
|
$
0.99
|
|
$72,992
|
|
$
46,874
|
|
$
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
242
|
|
157
|
|
-
|
|
(59)
|
|
(38)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
28,478
|
|
19,255
|
|
0.36
|
|
1,066
|
|
789
|
|
0.02
|
|
54
|
|
35
|
|
-
|
Compensation-related
expense
|
1,092
|
|
710
|
|
0.02
|
|
378
|
|
246
|
|
-
|
|
98
|
|
63
|
|
-
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
3,661
|
|
2,380
|
|
0.04
|
|
(1,306)
|
|
(849)
|
|
(0.02)
|
|
1,429
|
|
929
|
|
0.02
|
Litigation
expense
|
5,692
|
|
4,696
|
|
0.09
|
|
6,000
|
|
5,481
|
|
0.11
|
|
-
|
|
-
|
|
-
|
Other non-core
non-interest expense
|
377
|
|
245
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total non-interest
expense adjustments
|
39,300
|
|
27,286
|
|
0.51
|
|
6,138
|
|
5,667
|
|
0.11
|
|
1,581
|
|
1,027
|
|
0.02
|
Core earnings
(Non-GAAP)
|
87,992
|
|
53,489
|
|
1.00
|
|
86,130
|
|
56,698
|
|
1.10
|
|
74,573
|
|
47,901
|
|
1.02
|
Provision for loan
losses
|
18,514
|
|
12,034
|
|
|
|
12,050
|
|
7,833
|
|
|
|
6,154
|
|
4,000
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP)(3)
|
$106,506
|
|
$
65,523
|
|
|
|
$
98,180
|
|
$
64,531
|
|
|
|
$80,727
|
|
$
51,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
12/31/2016
|
|
9/30/2016
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$
58,164
|
|
$
45,130
|
|
$
1.06
|
|
$
72,615
|
|
$
48,068
|
|
$
1.17
|
|
|
|
|
|
|
Less: Preferred stock
dividends
|
-
|
|
957
|
|
0.02
|
|
-
|
|
3,590
|
|
0.09
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
58,164
|
|
$
44,173
|
|
$
1.04
|
|
$
72,615
|
|
$
44,478
|
|
$
1.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
(4)
|
|
(3)
|
|
-
|
|
(12)
|
|
(8)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation-related
expense
|
188
|
|
122
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
(462)
|
|
(300)
|
|
(0.01)
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Loss on early
termination of loss share agreements
|
17,798
|
|
11,569
|
|
0.28
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
484
|
|
314
|
|
0.01
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
18,008
|
|
11,705
|
|
0.28
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
-
|
|
(6,836)
|
|
(0.16)
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
76,168
|
|
49,039
|
|
1.16
|
|
72,603
|
|
44,470
|
|
1.08
|
|
|
|
|
|
|
Provision for loan
losses
|
5,169
|
|
3,360
|
|
|
|
12,484
|
|
8,115
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP)(3)
|
$
81,337
|
|
$
52,399
|
|
|
|
$
85,087
|
|
$
52,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excluding
preferred stock dividends, merger-related expense and litigation
expense, after-tax amounts are 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.
|
(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 and unrealized gains or
losses on former bank-owned real estate, realized gains or losses
on the sale of investment securities, merger-related expenses,
litigation charges and recoveries, debt prepayment penalties, and
gains, losses, and impairment charges on long-lived
assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
|
|
|
|
|
|
9/30/2017
|
|
9/30/2016
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$201,493
|
|
$
132,135
|
|
$
2.61
|
|
$213,806
|
|
$
141,647
|
|
$
3.43
|
|
|
|
|
|
|
Less: Preferred stock
dividends
|
-
|
|
8,146
|
|
0.16
|
|
-
|
|
7,020
|
|
0.17
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$201,493
|
|
$
123,989
|
|
$
2.45
|
|
$213,806
|
|
$
134,627
|
|
$
3.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
183
|
|
119
|
|
-
|
|
(1,997)
|
|
(1,298)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
29,598
|
|
20,079
|
|
0.40
|
|
3
|
|
2
|
|
-
|
|
|
|
|
|
|
Compensation-related
expense
|
1,568
|
|
1,019
|
|
0.02
|
|
594
|
|
386
|
|
0.01
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
3,784
|
|
2,460
|
|
0.05
|
|
(212)
|
|
(137)
|
|
(0.01)
|
|
|
|
|
|
|
Litigation
expense
|
11,692
|
|
10,177
|
|
0.20
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
377
|
|
245
|
|
0.01
|
|
2,268
|
|
1,474
|
|
0.04
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
47,019
|
|
33,980
|
|
0.68
|
|
2,653
|
|
1,725
|
|
0.04
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
248,695
|
|
158,088
|
|
3.13
|
|
214,462
|
|
135,054
|
|
3.27
|
|
|
|
|
|
|
Provision for loan
losses
|
36,718
|
|
23,867
|
|
|
|
39,255
|
|
25,516
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP)(3)
|
$285,413
|
|
$
181,955
|
|
|
|
$253,717
|
|
$
160,570
|
|
|
|
|
|
|
|
|
|
(1) Excluding
preferred stock dividends, merger-related expense and litigation
expense, after-tax amounts are 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.
|
(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 and unrealized gains or
losses on former bank-owned real estate, realized gains or losses
on the sale of investment securities, merger-related expenses,
litigation charges and recoveries, debt prepayment penalties, and
gains, losses, and impairment charges on long-lived
assets.
|
Table 13 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
Net interest income
(GAAP)
|
$
216,883
|
|
$
183,643
|
|
$
172,818
|
|
$
161,665
|
|
$
163,417
|
Taxable equivalent
benefit
|
2,585
|
|
2,492
|
|
2,491
|
|
2,340
|
|
2,330
|
Net interest income
(TE) (Non-GAAP) (1)
|
219,468
|
|
186,135
|
|
175,309
|
|
164,005
|
|
165,747
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
53,067
|
|
55,966
|
|
47,346
|
|
53,238
|
|
59,821
|
Taxable equivalent
benefit
|
680
|
|
668
|
|
706
|
|
713
|
|
703
|
Non-interest income
(TE) (Non-GAAP) (1)
|
53,747
|
|
56,634
|
|
48,052
|
|
53,951
|
|
60,524
|
Taxable equivalent
revenues (Non-GAAP) (1)
|
273,215
|
|
242,769
|
|
223,361
|
|
217,956
|
|
226,271
|
Securities (gains)
losses and other non-interest income
|
242
|
|
(59)
|
|
-
|
|
(4)
|
|
(12)
|
Core taxable
equivalent revenues (Non-GAAP) (1)
|
$
273,457
|
|
$
242,710
|
|
$
223,361
|
|
$
217,952
|
|
$
226,259
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP)
|
$
202,986
|
|
$
147,508
|
|
$
141,018
|
|
$
151,570
|
|
$
138,139
|
Less: Intangible
amortization expense
|
4,527
|
|
1,651
|
|
1,770
|
|
2,087
|
|
2,106
|
Tangible non-interest
expense (Non-GAAP) (2)
|
198,459
|
|
145,857
|
|
139,248
|
|
149,483
|
|
136,033
|
Less: Merger-related
expense
|
28,478
|
|
1,066
|
|
54
|
|
-
|
|
-
|
Compensation-related expense
|
1,092
|
|
378
|
|
98
|
|
188
|
|
-
|
Impairment of long-lived assets, net of (gain) loss on
sale
|
3,661
|
|
(1,306)
|
|
1,429
|
|
(462)
|
|
-
|
Litigation expense
|
5,692
|
|
6,000
|
|
-
|
|
-
|
|
-
|
Loss on
early termination of loss share agreements
|
-
|
|
-
|
|
-
|
|
17,798
|
|
-
|
Other
non-core non-interest expense
|
377
|
|
-
|
|
-
|
|
484
|
|
-
|
Core tangible
non-interest expense (Non-GAAP) (2)
|
$
159,159
|
|
$
139,719
|
|
$
137,667
|
|
$
131,475
|
|
$
136,033
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
0.45%
|
|
0.96%
|
|
0.94%
|
|
0.85%
|
|
0.94%
|
Effect of non-core
revenues and expenses
|
0.42
|
|
0.10
|
|
0.02
|
|
0.09
|
|
0.00
|
Core return on
average assets (Non-GAAP)
|
0.87%
|
|
1.06%
|
|
0.96%
|
|
0.94%
|
|
0.94%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
75.2%
|
|
61.6%
|
|
64.1%
|
|
70.5%
|
|
61.9%
|
Effect of tax benefit
related to tax-exempt income
|
(0.9)
|
|
(0.8)
|
|
(1.0)
|
|
(1.0)
|
|
(0.9)
|
Efficiency ratio (TE)
(Non-GAAP) (1)
|
74.3%
|
|
60.8%
|
|
63.1%
|
|
69.5%
|
|
61.0%
|
Effect of
amortization of intangibles
|
(1.7)
|
|
(0.7)
|
|
(0.8)
|
|
(1.0)
|
|
(0.9)
|
Effect of non-core
items
|
(14.4)
|
|
(2.5)
|
|
(0.7)
|
|
(8.2)
|
|
0.0
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2)
|
58.2%
|
|
57.6%
|
|
61.6%
|
|
60.3%
|
|
60.1%
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
2.92%
|
|
6.08%
|
|
6.41%
|
|
6.70%
|
|
7.00%
|
Effect of intangibles
(2)
|
1.68
|
|
1.92
|
|
2.39
|
|
3.01
|
|
3.30
|
Effect of non-core
revenues and expenses
|
4.35
|
|
0.86
|
|
0.19
|
|
1.04
|
|
0.00
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
8.95%
|
|
8.86%
|
|
8.99%
|
|
10.75%
|
|
10.30%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
3,726,774
|
|
$
3,503,242
|
|
$
3,457,975
|
|
$
2,939,694
|
|
$
2,667,110
|
Less: Goodwill
and other intangibles
|
1,276,241
|
|
752,336
|
|
753,991
|
|
755,765
|
|
757,856
|
Preferred stock
|
132,097
|
|
132,097
|
|
132,097
|
|
132,097
|
|
132,097
|
Tangible common
equity (Non-GAAP) (2)
|
$
2,318,436
|
|
$
2,618,809
|
|
$
2,571,887
|
|
$
2,051,832
|
|
$
1,777,157
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$27,976,635
|
|
$21,790,727
|
|
$22,008,479
|
|
$21,659,190
|
|
$20,788,566
|
Less: Goodwill
and other intangibles
|
1,276,241
|
|
752,336
|
|
753,991
|
|
755,765
|
|
757,856
|
Tangible assets
(Non-GAAP) (2)
|
$26,700,394
|
|
$21,038,391
|
|
$21,254,488
|
|
$20,903,425
|
|
$20,030,710
|
Tangible common
equity ratio (Non-GAAP) (2)
|
8.68%
|
|
12.45%
|
|
12.10%
|
|
9.82%
|
|
8.87%
|
|
(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.
|
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SOURCE IBERIABANK Corporation