LAFAYETTE, La., Dec. 19, 2017 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 130-year-old
IBERIABANK (www.iberiabank.com), announced financial guidance for
expected full-year 2018 results.
Daryl G. Byrd, President and
Chief Executive Officer, commented, "As we prepare for a new year,
we are refining key strategies to take advantage of our greatest
opportunities. We remain committed to attracting and retaining
exceptional clients and making changes necessary to continue to
improve the long-term operating efficiencies and financial
performance of our Company. We believe providing management's
expectations for 2018 can assist the investment community in
translating these actions into next year's financial results."
Anthony Restel, Chief Financial
Officer, added, "The guidance we are providing for 2018 excludes
any anticipated changes in interest rates and the impact of
potential corporate tax reform. Our guidance does include the
realization of the full run-rate of non-interest expense reductions
for 2018 related to our acquisition of Sabadell United Bank, N.A.;
continued headwinds in our mortgage business with impact to both
non-interest income and non-interest expense as operational aspects
of the business are streamlined; and the impact of our previously
announced $10 million expense
initiative, which is assumed to be completed by the end of March
2018. Also, we expect to see an increase in average earning
assets of approximately 15% between the end of the third quarter of
2017 and the end of 2018, which includes our assumption that the
pending acquisition of Gibraltar Private Bank & Trust, Co., is
completed by the end of the first quarter of 2018. Although
excluded from our 2018 guidance, we estimate that the forward
curve, as of December 15,
2017, would increase the net
interest margin guidance range provided by six basis points."
The following table provides assumptions critical
to the financial guidance quoted above:
2018
Guidance
|
Average Earning
Assets
|
$27.3B ~
$27.7B
|
Consolidated Loan
Growth %
|
15% ~ 17%
|
Consolidated Deposit
Growth %
|
17% ~ 21%
|
Provision
Expense
|
$37MM ~
$42MM
|
Non-Interest Income (Core
Basis)
|
$210MM ~
$220MM
|
Non-Interest Expense
(Core Basis)
|
$695MM ~
$705MM
|
Tax Rate
|
32.5% ~
33.5%
|
Net Interest
Margin
|
3.55% ~
3.63%
|
Pre–tax One time
Charges
|
$28MM ~
$31MM
|
Credit
Quality
|
Stable
|
Impact of 12/15/2017
Forward Curve
|
+6bps to NIM
Range
|
As of September 30, 2017,
IBERIABANK Corporation had total assets equal to $28.0 billion, total loans of $19.8 billion and total deposits equal to
$21.3 billion. The Company
reported $3.7 billion in total
shareholders' equity at quarter-end and reported a Common Equity
Tier 1 (CET 1) ratio equal to 10.93%.
As previously announced, IBERIABANK Corporation will release
fourth quarter 2017 earnings results on January 25, 2018 with an investor's conference
call scheduled for the morning of January
26, 2018.
About 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.
IBERIABANK Corporation's common stock trades on the NASDAQ
Global Select Market under the symbol "IBKC". IBERIABANK
Corporation's Series B Preferred Stock and Series C Preferred Stock
trade on the NASDAQ Global Select Market under the symbols "IBKCP"
and "IBKCO", respectively. IBKC's common stock market
capitalization was approximately $4.3
billion, based on the NASDAQ Global Select Market closing
stock price on December 19, 2017.
Caution About Forward-Looking Statements
To the extent that statements in this press release relate to
future plans, projections, objectives, financial results or
performance of IBKC, these statements are deemed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements, which
are based on management's current information, estimates and
assumptions and the current economic environment, are generally
identified by the use of the words "plan", "believe", "expect",
"intend", "anticipate", "estimate", "project" or similar
expressions. In addition, such forward-looking statements include
statements about the projected impact and benefits of the pending
transaction involving IBKC and Gibraltar, including future financial and
operating results, IBKC's plans, objectives, expectations and
intentions, and other statements that are not historical
facts, along with certain financial metrics and assumptions about
future performance, including GAAP EPS accretion, tangible book
value per share earn-back period and dilution, internal rate of
return, synergy assumptions, estimated future pre-tax expenses,
sizing of equity issuances, purchase accounting, tax rate,
intangibles, pro forma capital ratios and pro forma balance sheet
and income statement. IBKC's actual strategies, results and
financial condition in future periods may differ materially from
those currently expected due to various risks and uncertainties.
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.
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.
Consequently, no forward-looking statement can be guaranteed.
Except to the extent required by
applicable law or regulation, IBKC undertakes no obligation to
revise or update publicly any forward-looking statement for any
reason.
In addition to the factors previously disclosed in IBKC's
filings with the SEC, the following factors, among others, could
cause actual results to differ materially from forward looking
statements or historical performance: the possibility that
regulatory and other approvals and conditions to the pending
Gibraltar transaction are not
received or satisfied on a timely basis or at all; the possibility
that modifications to the terms of the transaction may be required
in order to obtain or satisfy such approvals or conditions;
changes in the anticipated timing for closing the transaction;
difficulties and delays in integrating IBKC's and Gibraltar's businesses or fully realizing
projected cost savings and other projected benefits of the
transaction; business disruption during the pendency of or
following the transaction; the inability to sustain revenue and
earnings growth; changes in interest rates and capital markets;
diversion of management time on transaction-related issues;
reputational risks and the reaction of customers and counterparties
to the transaction; and changes in asset quality and credit risk as
a result of the transaction.
Important Additional Information and Where to Find It
This communication is being made in respect of the proposed
merger transaction involving IBKC, IBERIABANK and Gibraltar. In connection with the proposed
merger, IBKC intends to file a registration statement on Form S-4
with the SEC, which will include a proxy statement of Gibraltar and a prospectus of IBKC. IBKC
also plans to file other documents regarding the proposed merger
transaction with the SEC. A definitive proxy
statement/prospectus will also be sent to Gibraltar's shareholders seeking any required
shareholder approval. This communication does not constitute
an offer to sell or the solicitation of an offer to buy any
securities or a solicitation of any vote or approval.
Before making any voting or investment decision, investors and
securityholders of Gibraltar are
urged to carefully read the entire registration statement and proxy
statement/prospectus, when they become available, and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to these documents, because they will contain important
information about the proposed transaction. These documents, as
well as other filings containing information about IBKC and
Gibraltar, will be available
without charge at the SEC's website at http://www.sec.gov.
Alternatively, these documents, when available, can be obtained
without charge from IBKC's website at
http://www.iberiabank.com.
IBKC and Gibraltar, and certain
of their respective directors, executive officers and other members
of management and employees may be deemed to be participants in the
solicitation of proxies from the shareholders of Gibraltar in respect of the proposed merger
transaction. Information regarding the directors and executive
officers of IBKC is contained in IBKC's Annual Report on Form 10-K
for the year ended December 31, 2016
and its Proxy Statement on Schedule 14A, as filed with the SEC on
April 7, 2017. Information regarding
the directors and executive officers of Gibraltar who may be deemed participants in
the solicitation of the shareholders of Gibraltar in connection with the proposed
transaction will be included in the proxy statement/prospectus for
Gibraltar's special meeting of
shareholders, which will be filed by IBKC with the SEC. Additional
information regarding the interests of those participants and other
persons who may be deemed participants in the transaction may be
obtained by reading the registration statement and the proxy
statement/prospectus when they become available. Free copies of
these documents may be obtained as described in the preceding
paragraph.
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SOURCE IBERIABANK Corporation