LAFAYETTE, La., Jan. 25, 2018 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 130-year-old
IBERIABANK (www.iberiabank.com), reported financial results for the
fourth quarter ended December 31,
2017. For the quarter, the Company reported income available
to common shareholders of $9.3
million, or $0.17 diluted
earnings per common share ("EPS"). On a non-GAAP basis, EPS
excluding non-core revenues and non-core expenses ("Core EPS") in
the fourth quarter of 2017 was $1.33
per common share vs. $1.16 per common
share in the year-ago period, an increase of 15% (refer to press
release supplemental tables for a reconciliation of GAAP to
non-GAAP metrics).
Daryl G. Byrd, President and
Chief Executive Officer, commented, "We delivered solid core
earnings during the fourth quarter of 2017, achieving our Company's
highest quarterly Core EPS result and providing a glimpse into the
strong underlying earnings power of the franchise. Our team's
focus and strategic positioning drove significant improvement over
the prior quarter as we continue to reap the benefits of our asset
sensitive balance sheet and start to realize the synergies from the
Sabadell acquisition following the conversion in mid-October.
Similar to many other banks, our GAAP metrics were materially
impacted by one-time charges - the most significant of which was a
write-down of deferred tax assets resulting from the enactment of
the Tax Cuts and Jobs Act on December 22,
2017. Despite the one-time DTA adjustment in the quarter, we
expect this tax change will significantly benefit our net income in
future periods."
Byrd continued, "We are proud of the results we have achieved in
the fourth quarter of 2017 and recognize the opportunity to build
on current momentum in delivering improved financial results.
In December, we provided financial guidance for our 2018 earnings
and we continue to work towards achieving those goals to provide
outstanding returns for our shareholders. During the first
quarter of 2018, we will be providing our three-year goals, which
we will refer to as our 2020 Goals."
Highlights for the fourth quarter of 2017 and at December 31, 2017:
While GAAP EPS and returns were negatively impacted by one-time
items, the Company reported solid improvement in Core EPS driven by
a strong core operating leverage multiple of 4.7, GAAP and cash
margin expansion, cost containment and balance sheet growth during
the quarter.
|
For the three
months ended
|
|
GAAP
|
|
Non-GAAP
Core
|
|
4Q17
|
3Q17
|
|
4Q17
|
3Q17
|
Earnings Per Common
Share
|
$ 0.17
|
|
$ 0.49
|
|
|
$ 1.33
|
|
$ 1.00
|
|
Return on Average
Assets
|
0.15
|
%
|
0.45
|
%
|
|
1.03
|
%
|
0.87
|
%
|
Return on Average
Common Equity
|
1.02
|
%
|
2.92
|
%
|
|
7.92
|
%
|
5.99
|
%
|
Return on Average
Tangible Common Equity
|
—
|
|
—
|
|
|
12.73
|
%
|
8.95
|
%
|
Efficiency
Ratio
|
63.5
|
%
|
75.2
|
%
|
|
57.9
|
%
|
60.6
|
%
|
Tangible Efficiency
Ratio (TE)
|
—
|
|
—
|
|
|
55.6
|
%
|
58.2
|
%
|
- The Company's reported and cash net interest margins increased
5 and 4 basis points on a linked quarter basis, to 3.69% and 3.33%,
respectively, primarily as a result of increases in average
earning assets and higher loan yields, offset by smaller increases
in average interest-bearing liabilities and costs of deposits.
- 4Q17 results include a $51.0
million estimated net impact of the Tax Cuts and Jobs Act
enacted on December 22, 2017
($0.94 per share decrease in
earnings), subject to refinement in future periods as further
information becomes available.
- The effective tax rate in 2018 is expected to be 21% - 22%,
which revises our previous guidance of 32.5% - 33.5% disclosed
prior to the passing of tax reform.
- Total loan growth was $0.3
billion, or 1.4% (5.6% annualized rate), in 4Q17, driven by
originations in New Orleans,
Atlanta and Tampa.
- Total deposits increased $0.1
billion, or 0.6% (2.4% annualized rate), in 4Q17, driven by
growth in the Houston, Acadiana,
New Orleans and Baton Rouge markets.
- Net charge-offs decreased $18.7
million on a linked quarter basis, and equated to an
annualized 0.20% of average loans. The provision for loan losses
decreased $4.1 million, or 22%.
- The Company successfully completed the conversion of branch and
operating systems associated with the Sabadell acquisition
over the weekend of October 13 - 15,
2017. The Company incurred $11.4
million of pre-tax merger-related expense in 4Q17
($0.16 per share decrease in
earnings).
- On October 19, 2017, the Company
entered into a Merger Agreement with Gibraltar Private Bank &
Trust Company ("Gibraltar"). The
Merger Agreement has been approved by the boards of directors of
each company and is expected to close in the first quarter of 2018,
subject to the required approval of Gibraltar's shareholders, the receipt of
required regulatory approvals, and other customary closing
conditions.
Table A - Summary
Financial Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
12/31/2017
|
|
|
9/30/2017
|
|
%
Change
|
|
12/31/2016
|
|
%
Change
|
GAAP
BASIS:
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders
|
$
|
9,329
|
|
|
|
$
|
26,046
|
|
|
(64.2)
|
|
|
$
|
44,173
|
|
|
(78.9)
|
|
Earnings per common
share - diluted
|
0.17
|
|
|
|
0.49
|
|
|
(65.3)
|
|
|
1.04
|
|
|
(83.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans, net of
unearned income
|
$
|
19,941,500
|
|
|
|
$
|
18,341,154
|
|
|
8.7
|
|
|
$
|
14,912,350
|
|
|
33.7
|
|
Average total
deposits
|
21,378,122
|
|
|
|
19,785,328
|
|
|
8.1
|
|
|
16,893,643
|
|
|
26.5
|
|
Net interest margin
(TE) (1)
|
3.69
|
|
%
|
|
3.64
|
|
%
|
|
|
3.38
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
|
290,163
|
|
|
|
$
|
269,950
|
|
|
7.5
|
|
|
$
|
214,903
|
|
|
35.0
|
|
Total non-interest
expense
|
184,384
|
|
|
|
202,986
|
|
|
(9.2)
|
|
|
151,570
|
|
|
21.6
|
|
Efficiency
ratio
|
63.5
|
|
%
|
|
75.2
|
|
%
|
|
|
70.5
|
|
%
|
|
Return on average
assets
|
0.15
|
|
|
|
0.45
|
|
|
|
|
0.85
|
|
|
|
Return on average
common equity
|
1.02
|
|
|
|
2.92
|
|
|
|
|
6.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS
(2):
|
|
|
|
|
|
|
|
|
|
|
Core
revenues
|
$
|
290,128
|
|
|
|
$
|
270,192
|
|
|
7.4
|
|
|
$
|
214,898
|
|
|
35.0
|
|
Core non-interest
expense
|
167,910
|
|
|
|
163,686
|
|
|
2.6
|
|
|
133,562
|
|
|
25.7
|
|
Core earnings per
common share - diluted
|
1.33
|
|
|
|
1.00
|
|
|
33.0
|
|
|
1.16
|
|
|
14.7
|
|
Core tangible
efficiency ratio (TE) (1) (4)
|
55.6
|
|
%
|
|
58.2
|
|
%
|
|
|
60.3
|
|
%
|
|
Core return on
average assets
|
1.03
|
|
|
|
0.87
|
|
|
|
|
0.94
|
|
|
|
Core return on
average common equity
|
7.92
|
|
|
|
5.99
|
|
|
|
|
7.44
|
|
|
|
Core return on
average tangible common equity (4)
|
12.73
|
|
|
|
8.95
|
|
|
|
|
10.75
|
|
|
|
Net interest margin
(TE) - cash basis (1) (3)
|
3.33
|
|
|
|
3.29
|
|
|
|
|
3.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 9 and Table 10 for GAAP to Non-GAAP
reconciliations.
|
(3)
See Table 8 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
Net interest income increased 9% on a linked quarter
basis. Average loans increased $1.6
billion, or 9%, and the associated taxable-equivalent yield
increased 4 basis points. All other average earning assets
increased a net of $113.7 million, or
2%, versus the prior quarter. The yield on interest earning
assets was 8 basis points higher at 4.22% compared to 4.14% in the
prior quarter. The average cost of interest-bearing deposits rose 4
basis points to 65 basis points compared to 61 basis points in the
prior quarter.
The increase in average earning assets and higher loan yields,
offset by increases in average interest-bearing liabilities and
costs of deposits, resulted in net increases on a linked quarter
basis to the Company's reported and cash net interest margins of 5
and 4 basis points to 3.69% and 3.33%, respectively.
The Company's provision for loan losses decreased 22% to
$14.4 million primarily due to a
decline in net charge-offs. The provision for loan losses covered
net charge-offs in 4Q17 by 142% compared to 64% in 3Q17.
In the fourth quarter of 2017, non-interest income increased
$1.6 million compared to the third
quarter of 2017. The primary changes in non-interest income on a
linked quarter basis were increased treasury management and
customer swap commission income of $1.2
million, or 18%, increased deferred COLI income of
$1.0 million, or 351%, and decreased
mortgage income of $2.4 million, or
15%, of which $1.5 million was
volume/mix-related and $0.9 million
was margin-related.
Non-interest expense decreased $18.6
million on a linked quarter basis primarily due to higher
merger-related and professional services expenses incurred in 3Q17
related to the Sabadell acquisition and the Department of Housing
and Urban Development ("HUD") lawsuit. The HUD lawsuit was settled
on December 11, 2017, in the amount
of $11.7 million, which was
previously provided for in the second ($6.0
million) and third ($5.7
million) quarters of 2017.
Non-interest expense in 4Q17 included $11.4 million in merger and conversion-related
expenses, $1.5 million in
compensation-related expense, $3.2
million in branch closure and other impairment expense, and
$0.5 million in tax penalties and
interest and storm-related expenses. Excluding these items, core
non-interest expense increased $4.2
million, or 3%, primarily related to a full quarter of
Sabadell expenses.
The efficiency ratio improved to 63.5% from 75.2% on a linked
quarter basis, while the non-GAAP core tangible efficiency ratio
decreased to 55.6% from 58.2%, over the same period. Refer to Table
A for a summary of financial results on both a GAAP and non-GAAP
basis.
Table B - Summary
Financial Condition Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
12/31/2017
|
|
9/30/2017
|
|
%
Change
|
|
12/31/2016
|
|
%
Change
|
PERIOD-END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans, net of
unearned income
|
$
|
20,078,181
|
|
|
|
$
|
19,795,085
|
|
|
|
1.4
|
|
|
$
|
15,064,971
|
|
|
|
33.3
|
|
|
Total
deposits
|
21,466,717
|
|
|
|
21,334,271
|
|
|
|
0.6
|
|
|
17,408,283
|
|
|
|
23.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due and still accruing as a percentage of total loans
(1)
|
0.31
|
%
|
|
|
0.30
|
%
|
|
|
|
|
0.19
|
%
|
|
|
|
|
Loans 90 days or more
past due and still accruing as a percentage of total loans
(1)
|
0.03
|
|
|
|
0.01
|
|
|
|
|
|
0.01
|
|
|
|
|
|
Non-performing assets
to total assets (1)(2)
|
0.64
|
|
|
|
0.63
|
|
|
|
|
|
1.16
|
|
|
|
|
|
Classified assets to
total assets (3)
|
1.45
|
|
|
|
1.47
|
|
|
|
|
|
2.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (4) (5)
|
8.61
|
%
|
|
|
8.68
|
%
|
|
|
|
|
9.82
|
%
|
|
|
|
|
Tier 1 leverage ratio
(6)
|
9.36
|
|
|
|
10.17
|
|
|
|
|
|
10.86
|
|
|
|
|
|
Total risk-based
capital ratio (6)
|
12.37
|
|
|
|
12.77
|
|
|
|
|
|
14.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
|
66.17
|
|
|
|
$
|
66.74
|
|
|
|
(0.9)
|
|
|
$
|
62.68
|
|
|
|
5.6
|
|
|
Tangible book value
(Non-GAAP) (4) (5)
|
42.56
|
|
|
|
43.04
|
|
|
|
(1.1)
|
|
|
45.80
|
|
|
|
(7.1)
|
|
|
Closing stock
price
|
77.50
|
|
|
|
82.15
|
|
|
|
(5.7)
|
|
|
83.75
|
|
|
|
(7.5)
|
|
|
Cash
dividends
|
0.37
|
|
|
|
0.37
|
|
|
|
—
|
|
|
0.36
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Past due and
non-accrual loan amounts exclude acquired impaired loans, even if
contractually past due or if the Company does not expect to receive
payment in full, as the Company is currently accreting interest
income over the expected life of the loans.
|
(2)
|
Non-performing assets
consist of non-accruing loans, accruing loans 90 days or more past
due and other real estate owned, including repossessed assets.
Refer to Table 5 for further detail.
|
(3)
|
Classified assets
include commercial loans rated substandard or worse and
non-performing mortgage and consumer loans and include acquired
impaired loans accounted for under ASC 310-30. Classified assets
were $404 million, $410 million and $487 million at December 31,
2017, September 30, 2017, and December 31, 2016,
respectively.
|
(4)
|
See Table 9 and Table
10 for GAAP to Non-GAAP reconciliations.
|
(5)
|
Tangible calculations
eliminate the effect of goodwill and acquisition-related intangible
assets and the corresponding amortization expense on a tax-effected
basis where applicable.
|
(6)
|
Regulatory capital
ratios as of December 31, 2017 are preliminary.
|
Loans and Other Assets
Total loans increased $283.1
million, or 1.4% (5.6% annualized rate), to $20.1 billion at December
31, 2017. Period-end loan growth during 4Q17 was strongest
in the New Orleans, Atlanta and Tampa markets.
Table C -
Period-End Loans
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
12/31/2017
|
|
9/30/2017
|
|
12/31/2016
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
12/31/2017
|
9/30/2017
|
Legacy
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$
|
10,781,778
|
|
|
$
|
10,295,455
|
|
|
$
|
9,377,399
|
|
|
486,323
|
|
4.7
|
|
|
18.7
|
%
|
|
1,404,379
|
|
15.0
|
|
|
74.5
|
%
|
74.4
|
%
|
Residential
mortgage
|
1,176,365
|
|
|
1,040,990
|
|
|
854,216
|
|
|
135,375
|
|
13.0
|
|
|
51.6
|
%
|
|
322,149
|
|
37.7
|
|
|
8.1
|
%
|
7.5
|
%
|
Consumer
|
2,525,008
|
|
|
2,496,701
|
|
|
2,463,309
|
|
|
28,307
|
|
1.1
|
|
|
4.5
|
%
|
|
61,699
|
|
2.5
|
|
|
17.4
|
%
|
18.1
|
%
|
Total legacy
loans
|
14,483,151
|
|
|
13,833,146
|
|
|
12,694,924
|
|
|
650,005
|
|
4.7
|
|
|
18.6
|
%
|
|
1,788,227
|
|
14.1
|
|
|
100.0
|
%
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
5,961,939
|
|
|
2,062,606
|
|
|
2,511,129
|
|
|
3,899,333
|
|
189.0
|
|
|
|
|
3,450,810
|
|
137.4
|
|
|
|
|
Loans acquired during
the period
|
—
|
|
|
4,026,020
|
|
|
—
|
|
|
(4,026,020)
|
|
(100.0)
|
|
|
|
|
—
|
|
—
|
|
|
|
|
Net paydown
activity
|
(366,909)
|
|
|
(126,687)
|
|
|
(141,082)
|
|
|
(240,222)
|
|
189.6
|
|
|
|
|
(225,827)
|
|
160.1
|
|
|
|
|
Total acquired
loans
|
5,595,030
|
|
|
5,961,939
|
|
|
2,370,047
|
|
|
(366,909)
|
|
(6.2)
|
|
|
|
|
3,224,983
|
|
136.1
|
|
|
|
|
Total
loans
|
$
|
20,078,181
|
|
|
$
|
19,795,085
|
|
|
$
|
15,064,971
|
|
|
283,096
|
|
1.4
|
|
|
|
|
5,013,210
|
|
33.3
|
|
|
|
|
On an average balance and linked quarter basis, the investment
portfolio increased $184.0 million in
4Q17, to $4.9 billion. On a
period-end basis, the investment portfolio equated to $4.8 billion, or 17% of total assets, at
December 31, 2017, compared to
$4.9 billion, or 18% of total assets,
at September 30, 2017. The investment
portfolio had an effective duration of 3.7 years at December 31, 2017, up from 3.5 years at
September 30, 2017. The investment
portfolio had a $57.2 million
unrealized loss at December 31, 2017,
up from an $18.4 million unrealized
loss at September 30, 2017. The
average yield on investment securities increased 5 basis points to
2.37% in 4Q17. The Company holds in its investment portfolio
primarily government agency securities. Municipal securities
comprised 9% of total investments at December 31, 2017.
Deposits and Funding
Total deposits increased $132.4
million, or 0.6% (2.4% annualized rate), to $21.5 billion at December
31, 2017. Deposit growth during 4Q17 was strongest in the
Houston, Acadiana, New Orleans and Baton Rouge markets. Quarterly fluctuations in
NOW and money market accounts were caused by conversion-related
mapping changes.
Table D -
Period-End Deposits
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
12/31/2017
|
|
9/30/2017
|
|
12/31/2016
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
12/31/2017
|
9/30/2017
|
Non-interest-bearing
|
$
|
6,209,925
|
|
|
$
|
5,963,943
|
|
|
$
|
4,928,878
|
|
|
245,982
|
|
4.1
|
|
16.3
|
%
|
|
1,281,047
|
|
26.0
|
|
|
28.9
|
%
|
28.0
|
%
|
NOW
accounts
|
4,348,939
|
|
|
3,547,761
|
|
|
3,314,281
|
|
|
801,178
|
|
22.6
|
|
89.7
|
%
|
|
1,034,658
|
|
31.2
|
|
|
20.3
|
%
|
16.6
|
%
|
Money market
accounts
|
7,674,291
|
|
|
8,321,755
|
|
|
6,219,532
|
|
|
(647,464)
|
|
(7.8)
|
|
(30.9)
|
%
|
|
1,454,759
|
|
23.4
|
|
|
35.7
|
%
|
39.0
|
%
|
Savings
accounts
|
846,074
|
|
|
843,662
|
|
|
814,385
|
|
|
2,412
|
|
0.3
|
|
1.2
|
%
|
|
31,689
|
|
3.9
|
|
|
4.0
|
%
|
4.0
|
%
|
Time
deposits
|
2,387,488
|
|
|
2,657,150
|
|
|
2,131,207
|
|
|
(269,662)
|
|
(10.1)
|
|
(40.1)
|
%
|
|
256,281
|
|
12.0
|
|
|
11.1
|
%
|
12.4
|
%
|
Total
deposits
|
$
|
21,466,717
|
|
|
$
|
21,334,271
|
|
|
$
|
17,408,283
|
|
|
132,446
|
|
0.6
|
|
2.4
|
%
|
|
4,058,434
|
|
23.3
|
|
|
100.0
|
%
|
100.0
|
%
|
On an average balance and linked quarter basis, both
non-interest-bearing deposits and interest-bearing deposits
increased. The rate on average interest-bearing deposits in 4Q17
was 0.65%, while the cost of total deposits (including non-interest
bearing deposits) was 0.46%, increases of 4 basis points and 2
basis points, respectively, compared to 3Q17. The increase in the
cost of interest-bearing deposits was primarily driven by
interest-rate sensitive money market deposits. Cycle-to-date
deposit beta is 22% through December 31,
2017.
On a linked quarter basis, average borrowings increased
$282.1 million, or 12%, and the cost
of average borrowings was unchanged between periods. The cost of
average total interest-bearing liabilities was 0.76% in 4Q17, an
increase of 4 basis points over the linked quarter, primarily
driven by the costs of deposits. Total funding costs, inclusive of
non-interest-bearing deposits was 57 basis points in 4Q17, compared
to 54 basis points in 3Q17.
Asset Quality
Non-performing assets ("NPAs") to total assets remained
relatively flat at 64 basis points at December 31, 2017 compared to 63 basis points at
the linked quarter-end. Accruing loans past due 30 to 89 days
equated to 0.31% of total loans at December
31, 2017, compared to 0.30% at September 30, 2017.
Net charge-offs totaled $10.1
million in 4Q17, down $18.7
million, or 65%, compared to 3Q17. Annualized net
charge-offs equated to 0.20% of average loans in 4Q17, a 42 basis
point decrease on a linked quarter basis.
Capital Position
At December 31, 2017, the Company
reported a non-GAAP tangible common equity ratio of 8.61%, down 7
basis points compared to September 30,
2017, and the preliminary Tier 1 leverage ratio was 9.36%,
down 81 basis points compared to September
30, 2017. The Company's preliminary calculation of its total
risk-based capital ratio at December 31,
2017, was 12.37%, down 40 basis points compared to
September 30, 2017. The write-down of
deferred tax assets in conjunction with the Tax Cuts and Jobs Act
in December 2017 resulted in a 23
basis points decline in risk-based capital ratios.
At December 31, 2017, book value
per common share was $66.17, down
$0.57 per share, compared to
September 30, 2017. Tangible book
value per common share was $42.56,
down $0.48 per share, compared to
September 30, 2017. The 4Q17
write-down of deferred tax assets negatively impacted both book
value and tangible book value by $0.95 per common share compared to the linked
quarter. Based on the closing stock price of the Company's common
stock of $82.05 per share on
January 25, 2018, this price equated
to 1.24 times December 31, 2017 book
value per common share and 1.93 times December 31, 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 December
19, 2017, the Company declared a quarterly cash dividend of
$0.37 per common share, consistent
with the common dividend declared in September 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 December 18, 2017, of $79.25 per common share, the indicated dividend
yield was 1.87% per common share. The dividend is payable on
January 26, 2018, to shareholders of
record as of December 29, 2017.
Preferred Stock. On December 19,
2017, the Company declared a quarterly cash dividend of
$0.4125 per depositary share of
Series C preferred stock that is payable on February 1, 2018. On January 5, 2018, the Company declared a
semi-annual cash dividend of $0.8281
per depositary share of Series B preferred stock that is payable on
February 1, 2018.
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 fourth 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 $4.4
billion, based on the NASDAQ Global Select Market closing
stock price on January 25, 2018.
The following 11 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.
- 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, January 26, 2018,
beginning at 8:30 a.m. Central Time
by dialing 1-888-317-6003. The confirmation code for the call is
6105557. A replay of the call will be available until
midnight Central Time on February 2, 2018 by dialing 1-877-344-7529. The
confirmation code for the replay is 10115138. 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.
Important Additional Information and Where to Find It
This communication is being made in respect of the proposed
merger transaction involving IBERIABANK Corporation ("IBKC"),
IBERIABANK and Gibraltar Private Bank & Trust Company
("Gibraltar"). In connection with
the proposed merger, IBKC filed a registration statement on Form
S-4 (Registration No. 333-222200) with the Securities and Exchange
Commission (the "SEC"), which included a preliminary proxy
statement of Gibraltar and a
preliminary prospectus of IBKC. The Form S-4, as amended, was
declared effective by the SEC on January 19,
2018 and the definitive Proxy Statement/Prospectus was first
mailed to stockholders of Gibraltar on or about January 22, 2018. 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 regarding the merger and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to these documents, because they do and will contain
important information about the proposed transaction.
A copy of the definitive Proxy Statement/Prospectus is, and
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 can be obtained without charge from IBKC's website at
http://www.iberiabank.com.
Table 1 -
IBERIABANK CORPORATION
|
FINANCIAL
HIGHLIGHTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
INCOME
DATA:
|
12/31/2017
|
|
9/30/2017
|
|
%
Change
|
|
12/31/2016
|
|
%
Change
|
|
Net interest
income
|
$
|
235,502
|
|
|
|
$
|
216,883
|
|
|
|
8.6
|
|
|
$
|
161,665
|
|
|
|
45.7
|
|
|
Net interest income
(TE) (1)
|
238,314
|
|
|
|
219,468
|
|
|
|
8.6
|
|
|
164,005
|
|
|
|
45.3
|
|
|
Total
revenues
|
290,163
|
|
|
|
269,950
|
|
|
|
7.5
|
|
|
214,903
|
|
|
|
35.0
|
|
|
Provision for loan
losses
|
14,393
|
|
|
|
18,514
|
|
|
|
(22.3)
|
|
|
5,169
|
|
|
|
178.4
|
|
|
Non-interest
expense
|
184,384
|
|
|
|
202,986
|
|
|
|
(9.2)
|
|
|
151,570
|
|
|
|
21.6
|
|
|
Net income available
to common shareholders
|
9,329
|
|
|
|
26,046
|
|
|
|
(64.2)
|
|
|
44,173
|
|
|
|
(78.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
|
0.17
|
|
|
|
$
|
0.49
|
|
|
|
(65.3)
|
|
|
$
|
1.05
|
|
|
|
(83.8)
|
|
|
Earnings available to
common shareholders - diluted
|
0.17
|
|
|
|
0.49
|
|
|
|
(65.3)
|
|
|
1.04
|
|
|
|
(83.7)
|
|
|
Core earnings
(Non-GAAP) (2)
|
1.33
|
|
|
|
1.00
|
|
|
|
33.0
|
|
|
1.16
|
|
|
|
14.7
|
|
|
Book value
|
66.17
|
|
|
|
66.74
|
|
|
|
(0.9)
|
|
|
62.68
|
|
|
|
5.6
|
|
|
Tangible book value
(Non-GAAP) (2) (3)
|
42.56
|
|
|
|
43.04
|
|
|
|
(1.1)
|
|
|
45.80
|
|
|
|
(7.1)
|
|
|
Closing stock
price
|
77.50
|
|
|
|
82.15
|
|
|
|
(5.7)
|
|
|
83.75
|
|
|
|
(7.5)
|
|
|
Cash
dividends
|
0.37
|
|
|
|
0.37
|
|
|
|
—
|
|
|
0.36
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND
OTHER DATA (6):
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.69
|
%
|
|
|
3.64
|
%
|
|
|
|
|
3.38
|
%
|
|
|
|
|
Efficiency
ratio
|
63.5
|
|
|
|
75.2
|
|
|
|
|
|
70.5
|
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
55.6
|
|
|
|
58.2
|
|
|
|
|
|
60.3
|
|
|
|
|
|
Return on average
assets
|
0.15
|
|
|
|
0.45
|
|
|
|
|
|
0.85
|
|
|
|
|
|
Return on average
common equity
|
1.02
|
|
|
|
2.92
|
|
|
|
|
|
6.70
|
|
|
|
|
|
Core return on
average tangible common equity (Non-GAAP)
(2)(3)
|
12.73
|
|
|
|
8.95
|
|
|
|
|
|
10.75
|
|
|
|
|
|
Effective tax
rate
|
88.8
|
|
|
|
38.8
|
|
|
|
|
|
22.4
|
|
|
|
|
|
Full-time equivalent
employees
|
3,552
|
|
|
|
3,646
|
|
|
|
|
|
3,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (2) (3)
|
8.61
|
%
|
|
|
8.68
|
%
|
|
|
|
|
9.82
|
%
|
|
|
|
|
Tangible common
equity to risk-weighted assets (3)
|
10.20
|
|
|
|
10.56
|
|
|
|
|
|
11.62
|
|
|
|
|
|
Tier 1 leverage ratio
(4)
|
9.36
|
|
|
|
10.17
|
|
|
|
|
|
10.86
|
|
|
|
|
|
Common equity Tier 1
(CET 1) (transitional) (4)
|
10.58
|
|
|
|
10.93
|
|
|
|
|
|
11.84
|
|
|
|
|
|
Common equity Tier 1
(CET 1) (fully phased-in) (4)
|
10.53
|
|
|
|
10.86
|
|
|
|
|
|
11.77
|
|
|
|
|
|
Tier 1 capital
(transitional) (4)
|
11.17
|
|
|
|
11.53
|
|
|
|
|
|
12.59
|
|
|
|
|
|
Total risk-based
capital ratio (4)
|
12.37
|
|
|
|
12.77
|
|
|
|
|
|
14.13
|
|
|
|
|
|
Common stock dividend
payout ratio
|
213.6
|
|
|
|
76.5
|
|
|
|
|
|
36.4
|
|
|
|
|
|
Classified assets to
Tier 1 capital (7)
|
16.1
|
|
|
|
16.2
|
|
|
|
|
|
21.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (5)
|
0.64
|
%
|
|
|
0.63
|
%
|
|
|
|
|
1.16
|
%
|
|
|
|
|
Allowance for loan
losses to loans
|
0.70
|
|
|
|
0.69
|
|
|
|
|
|
0.96
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.20
|
|
|
|
0.62
|
|
|
|
|
|
0.21
|
|
|
|
|
|
Non-performing assets
to total loans and OREO (5)
|
0.89
|
|
|
|
0.89
|
|
|
|
|
|
1.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 9 and Table
10 for GAAP to Non-GAAP reconciliations.
|
(3)
|
Tangible calculations
eliminate the effect of goodwill and acquisition related intangible
assets and the corresponding amortization expense on a tax-effected
basis where applicable.
|
(4)
|
Regulatory capital
ratios as of December 31, 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. For
purposes of this table, past due and non-accrual loan amounts
exclude acquired impaired loans, even if contractually past due or
if the Company does not expect to receive payment in full, as the
Company is currently accreting interest income over the expected
life of the loans.
|
(6)
|
All ratios are
calculated on an annualized basis for the periods
indicated.
|
(7)
|
Classified assets
include 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
|
|
12/31/2017
|
|
9/30/2017
|
|
$
|
%
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
$
|
%
|
Interest
income
|
$
|
269,703
|
|
|
$
|
246,972
|
|
|
22,731
|
|
9.2
|
|
|
$
|
204,575
|
|
|
$
|
192,533
|
|
|
$
|
180,805
|
|
|
88,898
|
|
49.2
|
|
Interest
expense
|
34,201
|
|
|
30,089
|
|
|
4,112
|
|
13.7
|
|
|
20,932
|
|
|
19,715
|
|
|
19,140
|
|
|
15,061
|
|
78.7
|
|
Net interest
income
|
235,502
|
|
|
216,883
|
|
|
18,619
|
|
8.6
|
|
|
183,643
|
|
|
172,818
|
|
|
161,665
|
|
|
73,837
|
|
45.7
|
|
Provision for loan
losses
|
14,393
|
|
|
18,514
|
|
|
(4,121)
|
|
(22.3)
|
|
|
12,050
|
|
|
6,154
|
|
|
5,169
|
|
|
9,224
|
|
178.4
|
|
Net interest income
after provision for loan losses
|
221,109
|
|
|
198,369
|
|
|
22,740
|
|
11.5
|
|
|
171,593
|
|
|
166,664
|
|
|
156,496
|
|
|
64,613
|
|
41.3
|
|
Mortgage
income
|
13,675
|
|
|
16,050
|
|
|
(2,375)
|
|
(14.8)
|
|
|
19,730
|
|
|
14,115
|
|
|
16,115
|
|
|
(2,440)
|
|
(15.1)
|
|
Service charges on
deposit accounts
|
12,581
|
|
|
12,534
|
|
|
47
|
|
0.4
|
|
|
11,410
|
|
|
11,153
|
|
|
11,178
|
|
|
1,403
|
|
12.6
|
|
Title
revenue
|
5,398
|
|
|
5,643
|
|
|
(245)
|
|
(4.3)
|
|
|
6,190
|
|
|
4,741
|
|
|
5,332
|
|
|
66
|
|
1.2
|
|
Broker
commissions
|
2,151
|
|
|
2,269
|
|
|
(118)
|
|
(5.2)
|
|
|
2,744
|
|
|
2,738
|
|
|
4,006
|
|
|
(1,855)
|
|
(46.3)
|
|
ATM/debit card fee
income
|
3,779
|
|
|
3,658
|
|
|
121
|
|
3.3
|
|
|
3,800
|
|
|
3,585
|
|
|
3,604
|
|
|
175
|
|
4.9
|
|
Income from bank
owned life insurance
|
1,267
|
|
|
1,263
|
|
|
4
|
|
0.3
|
|
|
1,241
|
|
|
1,311
|
|
|
1,323
|
|
|
(56)
|
|
(4.2)
|
|
Gain (loss) on sale
of available-for-sale securities
|
35
|
|
|
(242)
|
|
|
277
|
|
114.5
|
|
|
59
|
|
|
—
|
|
|
4
|
|
|
31
|
|
775.0
|
|
Other non-interest
income
|
15,775
|
|
|
11,892
|
|
|
3,883
|
|
32.7
|
|
|
10,792
|
|
|
9,703
|
|
|
11,676
|
|
|
4,099
|
|
35.1
|
|
Total non-interest
income
|
54,661
|
|
|
53,067
|
|
|
1,594
|
|
3.0
|
|
|
55,966
|
|
|
47,346
|
|
|
53,238
|
|
|
1,423
|
|
2.7
|
|
Salaries and employee
benefits
|
104,387
|
|
|
106,970
|
|
|
(2,583)
|
|
(2.4)
|
|
|
86,317
|
|
|
81,853
|
|
|
80,811
|
|
|
23,576
|
|
29.2
|
|
Occupancy and
equipment
|
19,211
|
|
|
19,139
|
|
|
72
|
|
0.4
|
|
|
16,292
|
|
|
16,021
|
|
|
15,551
|
|
|
3,660
|
|
23.5
|
|
Loss on early
termination of loss share agreements
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,798
|
|
|
(17,798)
|
|
(100.0)
|
|
Amortization of
acquisition intangibles
|
4,642
|
|
|
4,527
|
|
|
115
|
|
2.5
|
|
|
1,651
|
|
|
1,770
|
|
|
2,087
|
|
|
2,555
|
|
122.4
|
|
Data
processing
|
12,030
|
|
|
12,899
|
|
|
(869)
|
|
(6.7)
|
|
|
7,306
|
|
|
6,941
|
|
|
6,996
|
|
|
5,034
|
|
72.0
|
|
Professional
services
|
9,441
|
|
|
22,550
|
|
|
(13,109)
|
|
(58.1)
|
|
|
11,219
|
|
|
5,335
|
|
|
4,881
|
|
|
4,560
|
|
93.4
|
|
Credit and other loan
related expense
|
3,170
|
|
|
7,532
|
|
|
(4,362)
|
|
(57.9)
|
|
|
3,780
|
|
|
4,526
|
|
|
3,407
|
|
|
(237)
|
|
(7.0)
|
|
Other non-interest
expense
|
31,503
|
|
|
29,369
|
|
|
2,134
|
|
7.3
|
|
|
20,943
|
|
|
24,572
|
|
|
20,039
|
|
|
11,464
|
|
57.2
|
|
Total non-interest
expense
|
184,384
|
|
|
202,986
|
|
|
(18,602)
|
|
(9.2)
|
|
|
147,508
|
|
|
141,018
|
|
|
151,570
|
|
|
32,814
|
|
21.6
|
|
Income before income
taxes
|
91,386
|
|
|
48,450
|
|
|
42,936
|
|
88.6
|
|
|
80,051
|
|
|
72,992
|
|
|
58,164
|
|
|
33,222
|
|
57.1
|
|
Income tax
expense
|
81,108
|
|
|
18,806
|
|
|
62,302
|
|
331.3
|
|
|
28,033
|
|
|
22,519
|
|
|
13,034
|
|
|
68,074
|
|
522.3
|
|
Net income
|
10,278
|
|
|
29,644
|
|
|
(19,366)
|
|
(65.3)
|
|
|
52,018
|
|
|
50,473
|
|
|
45,130
|
|
|
(34,852)
|
|
(77.2)
|
|
Less: Preferred stock
dividends
|
949
|
|
|
3,598
|
|
|
(2,649)
|
|
(73.6)
|
|
|
949
|
|
|
3,599
|
|
|
957
|
|
|
(8)
|
|
(0.8)
|
|
Net income available
to common shareholders
|
$
|
9,329
|
|
|
$
|
26,046
|
|
|
(16,717)
|
|
(64.2)
|
|
|
$
|
51,069
|
|
|
$
|
46,874
|
|
|
$
|
44,173
|
|
|
(34,844)
|
|
(78.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
9,329
|
|
|
$
|
26,046
|
|
|
(16,717)
|
|
(64.2)
|
|
|
$
|
51,069
|
|
|
$
|
46,874
|
|
|
$
|
44,173
|
|
|
(34,844)
|
|
(78.9)
|
|
Less: Earnings
allocated to unvested restricted stock
|
101
|
|
|
283
|
|
|
(182)
|
|
(64.3)
|
|
|
361
|
|
|
346
|
|
|
414
|
|
|
(313)
|
|
(75.6)
|
|
Earnings allocated to
common shareholders
|
$
|
9,228
|
|
|
$
|
25,763
|
|
|
(16,535)
|
|
(64.2)
|
|
|
$
|
50,708
|
|
|
$
|
46,528
|
|
|
$
|
43,759
|
|
|
(34,531)
|
|
(78.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
0.17
|
|
|
$
|
0.49
|
|
|
(0.32)
|
|
(65.3)
|
|
|
$
|
1.00
|
|
|
$
|
1.01
|
|
|
$
|
1.05
|
|
|
(0.88)
|
|
(83.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
0.17
|
|
|
0.49
|
|
|
(0.32)
|
|
(65.3)
|
|
|
0.99
|
|
|
1.00
|
|
|
1.04
|
|
|
(0.87)
|
|
(83.7)
|
|
Impact of non-core
items (Non-GAAP) (1)
|
1.16
|
|
|
0.51
|
|
|
0.65
|
|
127.5
|
|
|
0.11
|
|
|
0.02
|
|
|
0.12
|
|
|
1.04
|
|
866.7
|
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
|
1.33
|
|
|
$
|
1.00
|
|
|
0.33
|
|
33.0
|
|
|
$
|
1.10
|
|
|
$
|
1.02
|
|
|
$
|
1.16
|
|
|
0.17
|
|
14.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
53,287
|
|
|
52,424
|
|
|
863
|
|
1.6
|
|
|
50,630
|
|
|
46,123
|
|
|
41,688
|
|
|
11,599
|
|
27.8
|
|
Weighted average
common shares outstanding - diluted
|
53,621
|
|
|
52,770
|
|
|
851
|
|
1.6
|
|
|
50,984
|
|
|
46,496
|
|
|
41,950
|
|
|
11,671
|
|
27.8
|
|
Book value shares
(period end)
|
53,872
|
|
|
53,864
|
|
|
8
|
|
—
|
|
|
51,015
|
|
|
50,970
|
|
|
44,795
|
|
|
9,077
|
|
20.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
See Table 9 and Table 10 for GAAP to Non-GAAP
reconciliations.
|
Table 3 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
For the Years
Ended
|
|
|
|
|
|
Year/Year
Change
|
|
12/31/2017
|
|
12/31/2016
|
|
$
|
%
|
Interest
income
|
$
|
913,783
|
|
|
$
|
716,939
|
|
|
196,844
|
|
27.5
|
|
Interest
expense
|
104,937
|
|
|
67,701
|
|
|
37,236
|
|
55.0
|
|
Net interest
income
|
808,846
|
|
|
649,238
|
|
|
159,608
|
|
24.6
|
|
Provision for loan
losses
|
51,111
|
|
|
44,424
|
|
|
6,687
|
|
15.1
|
|
Net interest income
after provision for loan losses
|
757,735
|
|
|
604,814
|
|
|
152,921
|
|
25.3
|
|
Mortgage
income
|
63,570
|
|
|
83,853
|
|
|
(20,283)
|
|
(24.2)
|
|
Service charges on
deposit accounts
|
47,678
|
|
|
44,135
|
|
|
3,543
|
|
8.0
|
|
Title
revenue
|
21,972
|
|
|
22,213
|
|
|
(241)
|
|
(1.1)
|
|
Broker
commissions
|
9,902
|
|
|
15,338
|
|
|
(5,436)
|
|
(35.4)
|
|
ATM/debit card fee
income
|
14,822
|
|
|
14,240
|
|
|
582
|
|
4.1
|
|
Income from bank
owned life insurance
|
5,082
|
|
|
5,241
|
|
|
(159)
|
|
(3.0)
|
|
Gain (loss) on sale
of available-for-sale securities
|
(148)
|
|
|
2,001
|
|
|
(2,149)
|
|
(107.4)
|
|
Other non-interest
income
|
48,162
|
|
|
46,800
|
|
|
1,362
|
|
2.9
|
|
Total non-interest
income
|
211,040
|
|
|
233,821
|
|
|
(22,781)
|
|
(9.7)
|
|
Salaries and employee
benefits
|
379,527
|
|
|
331,686
|
|
|
47,841
|
|
14.4
|
|
Occupancy and
equipment
|
70,663
|
|
|
65,797
|
|
|
4,866
|
|
7.4
|
|
Loss on early
termination of loss share agreements
|
—
|
|
|
17,798
|
|
|
(17,798)
|
|
(100.0)
|
|
Amortization of
acquisition intangibles
|
12,590
|
|
|
8,415
|
|
|
4,175
|
|
49.6
|
|
Data
processing
|
39,176
|
|
|
25,091
|
|
|
14,085
|
|
56.1
|
|
Professional
services
|
48,545
|
|
|
19,153
|
|
|
29,392
|
|
153.5
|
|
Credit and other loan
related expense
|
19,008
|
|
|
10,937
|
|
|
8,071
|
|
73.8
|
|
Other non-interest
expense
|
106,387
|
|
|
87,788
|
|
|
18,599
|
|
21.2
|
|
Total non-interest
expense
|
675,896
|
|
|
566,665
|
|
|
109,231
|
|
19.3
|
|
Income before income
taxes
|
292,879
|
|
|
271,970
|
|
|
20,909
|
|
7.7
|
|
Income tax
expense
|
150,466
|
|
|
85,193
|
|
|
65,273
|
|
76.6
|
|
Net income
|
142,413
|
|
|
186,777
|
|
|
(44,364)
|
|
(23.8)
|
|
Less: Preferred stock
dividends
|
9,095
|
|
|
7,977
|
|
|
1,118
|
|
14.0
|
|
Net income available
to common shareholders
|
$
|
133,318
|
|
|
$
|
178,800
|
|
|
(45,482)
|
|
(25.4)
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
133,318
|
|
|
$
|
178,800
|
|
|
(45,482)
|
|
(25.4)
|
|
Less: Earnings
allocated to unvested restricted stock
|
1,210
|
|
|
1,872
|
|
|
(662)
|
|
(35.4)
|
|
Earnings allocated to
common shareholders
|
$
|
132,108
|
|
|
$
|
176,928
|
|
|
(44,820)
|
|
(25.3)
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
2.61
|
|
|
$
|
4.32
|
|
|
(1.71)
|
|
(39.6)
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
2.59
|
|
|
4.30
|
|
|
(1.71)
|
|
(39.8)
|
|
Impact of non-core
items (Non-GAAP) (1)
|
1.88
|
|
|
0.13
|
|
|
1.75
|
|
1,346.2
|
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
|
4.47
|
|
|
$
|
4.43
|
|
|
0.04
|
|
0.9
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
50,640
|
|
|
41,396
|
|
|
9,244
|
|
22.3
|
|
Weighted average
common shares outstanding - diluted
|
50,992
|
|
|
41,106
|
|
|
9,886
|
|
24.1
|
|
Book value shares
(period end)
|
53,872
|
|
|
44,795
|
|
|
9,077
|
|
20.3
|
|
|
|
|
|
|
|
|
(1)
See Table 9 and Table 10 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
|
12/31/2017
|
|
9/30/2017
|
|
$
|
|
%
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
319,156
|
|
|
$
|
298,173
|
|
|
20,983
|
|
|
7.0
|
|
|
$
|
301,910
|
|
|
$
|
276,979
|
|
|
$
|
295,896
|
|
|
23,260
|
|
|
7.9
|
|
Interest-bearing
deposits in other banks
|
306,568
|
|
|
583,043
|
|
|
(276,475)
|
|
|
(47.4)
|
|
|
167,450
|
|
|
1,024,139
|
|
|
1,066,230
|
|
|
(759,662)
|
|
|
(71.2)
|
|
Total cash and cash
equivalents
|
625,724
|
|
|
881,216
|
|
|
(255,492)
|
|
|
(29.0)
|
|
|
469,360
|
|
|
1,301,118
|
|
|
1,362,126
|
|
|
(736,402)
|
|
|
(54.1)
|
|
Investment securities
available for sale
|
4,590,062
|
|
|
4,736,339
|
|
|
(146,277)
|
|
|
(3.1)
|
|
|
4,009,299
|
|
|
3,823,953
|
|
|
3,446,097
|
|
|
1,143,965
|
|
|
33.2
|
|
Investment securities
held to maturity
|
227,318
|
|
|
175,906
|
|
|
51,412
|
|
|
29.2
|
|
|
84,517
|
|
|
86,018
|
|
|
89,216
|
|
|
138,102
|
|
|
154.8
|
|
Total investment
securities
|
4,817,380
|
|
|
4,912,245
|
|
|
(94,865)
|
|
|
(1.9)
|
|
|
4,093,816
|
|
|
3,909,971
|
|
|
3,535,313
|
|
|
1,282,067
|
|
|
36.3
|
|
Mortgage loans held
for sale
|
134,916
|
|
|
141,218
|
|
|
(6,302)
|
|
|
(4.5)
|
|
|
140,959
|
|
|
122,333
|
|
|
157,041
|
|
|
(22,125)
|
|
|
(14.1)
|
|
Loans, net of
unearned income
|
20,078,181
|
|
|
19,795,085
|
|
|
283,096
|
|
|
1.4
|
|
|
15,556,016
|
|
|
15,132,202
|
|
|
15,064,971
|
|
|
5,013,210
|
|
|
33.3
|
|
Allowance for loan
losses
|
(140,891)
|
|
|
(136,628)
|
|
|
(4,263)
|
|
|
3.1
|
|
|
(146,225)
|
|
|
(144,890)
|
|
|
(144,719)
|
|
|
3,828
|
|
|
(2.6)
|
|
Loans, net
|
19,937,290
|
|
|
19,658,457
|
|
|
278,833
|
|
|
1.4
|
|
|
15,409,791
|
|
|
14,987,312
|
|
|
14,920,252
|
|
|
5,017,038
|
|
|
33.6
|
|
Loss share
receivable
|
8,622
|
|
|
9,780
|
|
|
(1,158)
|
|
|
(11.8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,622
|
|
|
N/M
|
|
Premises and
equipment
|
331,413
|
|
|
330,800
|
|
|
613
|
|
|
0.2
|
|
|
318,167
|
|
|
303,978
|
|
|
306,373
|
|
|
25,040
|
|
|
8.2
|
|
Goodwill and other
intangible assets
|
1,277,464
|
|
|
1,281,479
|
|
|
(4,015)
|
|
|
(0.3)
|
|
|
757,025
|
|
|
758,340
|
|
|
759,823
|
|
|
517,641
|
|
|
68.1
|
|
Other
assets
|
771,320
|
|
|
761,440
|
|
|
9,880
|
|
|
1.3
|
|
|
601,609
|
|
|
625,427
|
|
|
618,262
|
|
|
153,058
|
|
|
24.8
|
|
Total
assets
|
$
|
27,904,129
|
|
|
$
|
27,976,635
|
|
|
(72,506)
|
|
|
(0.3)
|
|
|
$
|
21,790,727
|
|
|
$
|
22,008,479
|
|
|
$
|
21,659,190
|
|
|
6,244,939
|
|
|
28.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,209,925
|
|
|
$
|
5,963,943
|
|
|
245,982
|
|
|
4.1
|
|
|
$
|
5,020,195
|
|
|
$
|
5,031,583
|
|
|
$
|
4,928,878
|
|
|
1,281,047
|
|
|
26.0
|
|
NOW
accounts
|
4,348,939
|
|
|
3,547,761
|
|
|
801,178
|
|
|
22.6
|
|
|
3,089,482
|
|
|
3,085,720
|
|
|
3,314,281
|
|
|
1,034,658
|
|
|
31.2
|
|
Savings and money
market accounts
|
8,520,365
|
|
|
9,165,417
|
|
|
(645,052)
|
|
|
(7.0)
|
|
|
6,815,513
|
|
|
7,185,864
|
|
|
7,033,917
|
|
|
1,486,448
|
|
|
21.1
|
|
Certificates of
deposit
|
2,387,488
|
|
|
2,657,150
|
|
|
(269,662)
|
|
|
(10.1)
|
|
|
1,927,926
|
|
|
2,009,098
|
|
|
2,131,207
|
|
|
256,281
|
|
|
12.0
|
|
Total
deposits
|
21,466,717
|
|
|
21,334,271
|
|
|
132,446
|
|
|
0.6
|
|
|
16,853,116
|
|
|
17,312,265
|
|
|
17,408,283
|
|
|
4,058,434
|
|
|
23.3
|
|
Short-term
borrowings
|
475,000
|
|
|
975,008
|
|
|
(500,008)
|
|
|
(51.3)
|
|
|
250,000
|
|
|
80,000
|
|
|
175,000
|
|
|
300,000
|
|
|
171.4
|
|
Securities sold under
agreements to repurchase
|
516,297
|
|
|
548,696
|
|
|
(32,399)
|
|
|
(5.9)
|
|
|
333,935
|
|
|
368,696
|
|
|
334,136
|
|
|
182,161
|
|
|
54.5
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,375,725
|
|
|
1,007,474
|
|
|
368,251
|
|
|
36.6
|
|
|
547,133
|
|
|
507,975
|
|
|
508,843
|
|
|
866,882
|
|
|
170.4
|
|
Other
liabilities
|
253,489
|
|
|
264,302
|
|
|
(10,813)
|
|
|
(4.1)
|
|
|
183,191
|
|
|
161,458
|
|
|
173,124
|
|
|
80,365
|
|
|
46.4
|
|
Total
liabilities
|
24,207,338
|
|
|
24,249,861
|
|
|
(42,523)
|
|
|
(0.2)
|
|
|
18,287,485
|
|
|
18,550,504
|
|
|
18,719,496
|
|
|
5,487,842
|
|
|
29.3
|
|
Total shareholders'
equity
|
3,696,791
|
|
|
3,726,774
|
|
|
(29,983)
|
|
|
(0.8)
|
|
|
3,503,242
|
|
|
3,457,975
|
|
|
2,939,694
|
|
|
757,097
|
|
|
25.8
|
|
Total liabilities and
shareholders' equity
|
$
|
27,904,129
|
|
|
$
|
27,976,635
|
|
|
(72,506)
|
|
|
(0.3)
|
|
|
$
|
21,790,727
|
|
|
$
|
22,008,479
|
|
|
$
|
21,659,190
|
|
|
6,244,939
|
|
|
28.8
|
|
|
N/M = not
meaningful
|
TABLE 4 Continued
- IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
12/31/2017
|
|
9/30/2017
|
|
$
|
|
%
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
307,328
|
|
|
$
|
277,968
|
|
|
29,360
|
|
|
10.6
|
|
|
$
|
277,047
|
|
|
$
|
302,585
|
|
|
$
|
310,132
|
|
|
(2,804)
|
|
|
(0.9)
|
|
Interest-bearing
deposits in other banks
|
538,733
|
|
|
615,445
|
|
|
(76,712)
|
|
|
(12.5)
|
|
|
555,431
|
|
|
1,023,688
|
|
|
930,524
|
|
|
(391,791)
|
|
|
(42.1)
|
|
Total cash and cash
equivalents
|
846,061
|
|
|
893,413
|
|
|
(47,352)
|
|
|
(5.3)
|
|
|
832,478
|
|
|
1,326,273
|
|
|
1,240,656
|
|
|
(394,595)
|
|
|
(31.8)
|
|
Investment securities
available for sale
|
4,674,496
|
|
|
4,593,798
|
|
|
80,698
|
|
|
1.8
|
|
|
3,970,021
|
|
|
3,679,817
|
|
|
3,192,040
|
|
|
1,482,456
|
|
|
46.4
|
|
Investment securities
held to maturity
|
191,067
|
|
|
114,895
|
|
|
76,172
|
|
|
66.3
|
|
|
85,516
|
|
|
87,246
|
|
|
90,161
|
|
|
100,906
|
|
|
111.9
|
|
Total investment
securities
|
4,865,563
|
|
|
4,708,693
|
|
|
156,870
|
|
|
3.3
|
|
|
4,055,537
|
|
|
3,767,063
|
|
|
3,282,201
|
|
|
1,583,362
|
|
|
48.2
|
|
Mortgage loans held
for sale
|
126,216
|
|
|
132,309
|
|
|
(6,093)
|
|
|
(4.6)
|
|
|
145,274
|
|
|
175,512
|
|
|
226,565
|
|
|
(100,349)
|
|
|
(44.3)
|
|
Loans, net of
unearned income
|
19,941,500
|
|
|
18,341,154
|
|
|
1,600,346
|
|
|
8.7
|
|
|
15,284,007
|
|
|
15,045,755
|
|
|
14,912,350
|
|
|
5,029,150
|
|
|
33.7
|
|
Allowance for loan
losses
|
(138,927)
|
|
|
(147,046)
|
|
|
8,119
|
|
|
(5.5)
|
|
|
(146,448)
|
|
|
(145,326)
|
|
|
(150,499)
|
|
|
11,572
|
|
|
(7.7)
|
|
Loans, net
|
19,802,573
|
|
|
18,194,108
|
|
|
1,608,465
|
|
|
8.8
|
|
|
15,137,559
|
|
|
14,900,429
|
|
|
14,761,851
|
|
|
5,040,722
|
|
|
34.1
|
|
Loss share
receivable
|
9,295
|
|
|
21,042
|
|
|
(11,747)
|
|
|
(55.8)
|
|
|
—
|
|
|
—
|
|
|
20,456
|
|
|
(11,161)
|
|
|
(54.6)
|
|
Premises and
equipment
|
329,957
|
|
|
327,917
|
|
|
2,040
|
|
|
0.6
|
|
|
309,622
|
|
|
305,245
|
|
|
308,861
|
|
|
21,096
|
|
|
6.8
|
|
Goodwill and other
intangible assets
|
1,277,293
|
|
|
1,047,355
|
|
|
229,938
|
|
|
22.0
|
|
|
757,528
|
|
|
758,887
|
|
|
760,003
|
|
|
517,290
|
|
|
68.1
|
|
Other
assets
|
778,105
|
|
|
772,084
|
|
|
6,021
|
|
|
0.8
|
|
|
605,539
|
|
|
628,092
|
|
|
615,666
|
|
|
162,439
|
|
|
26.4
|
|
Total
assets
|
$
|
28,035,063
|
|
|
$
|
26,096,921
|
|
|
1,938,142
|
|
|
7.4
|
|
|
$
|
21,843,537
|
|
|
$
|
21,861,501
|
|
|
$
|
21,216,259
|
|
|
6,818,804
|
|
|
32.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,176,347
|
|
|
$
|
5,601,071
|
|
|
575,276
|
|
|
10.3
|
|
|
$
|
4,992,598
|
|
|
$
|
4,976,945
|
|
|
$
|
4,869,095
|
|
|
1,307,252
|
|
|
26.8
|
|
NOW
accounts
|
3,987,908
|
|
|
3,203,657
|
|
|
784,251
|
|
|
24.5
|
|
|
3,124,243
|
|
|
3,239,085
|
|
|
2,981,967
|
|
|
1,005,941
|
|
|
33.7
|
|
Savings and money
market accounts
|
8,769,464
|
|
|
8,566,873
|
|
|
202,591
|
|
|
2.4
|
|
|
7,079,773
|
|
|
7,211,545
|
|
|
6,869,614
|
|
|
1,899,850
|
|
|
27.7
|
|
Certificates of
deposit
|
2,444,403
|
|
|
2,413,727
|
|
|
30,676
|
|
|
1.3
|
|
|
1,964,234
|
|
|
2,083,749
|
|
|
2,172,967
|
|
|
271,436
|
|
|
12.5
|
|
Total
deposits
|
21,378,122
|
|
|
19,785,328
|
|
|
1,592,794
|
|
|
8.1
|
|
|
17,160,848
|
|
|
17,511,324
|
|
|
16,893,643
|
|
|
4,484,479
|
|
|
26.5
|
|
Short-term
borrowings
|
729,111
|
|
|
1,180,165
|
|
|
(451,054)
|
|
|
(38.2)
|
|
|
38,320
|
|
|
99,000
|
|
|
260,730
|
|
|
468,381
|
|
|
179.6
|
|
Securities sold under
agreements to repurchase
|
494,757
|
|
|
439,077
|
|
|
55,680
|
|
|
12.7
|
|
|
314,090
|
|
|
311,726
|
|
|
342,953
|
|
|
151,804
|
|
|
44.3
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,300,114
|
|
|
622,655
|
|
|
677,459
|
|
|
108.8
|
|
|
508,522
|
|
|
498,384
|
|
|
544,353
|
|
|
755,761
|
|
|
138.8
|
|
Other
liabilities
|
264,790
|
|
|
273,163
|
|
|
(8,373)
|
|
|
(3.1)
|
|
|
200,673
|
|
|
221,993
|
|
|
300,768
|
|
|
(35,978)
|
|
|
(12.0)
|
|
Total
liabilities
|
24,287,004
|
|
|
22,420,498
|
|
|
1,866,506
|
|
|
8.3
|
|
|
18,342,563
|
|
|
18,762,537
|
|
|
18,462,557
|
|
|
5,824,447
|
|
|
31.5
|
|
Total shareholders'
equity
|
3,748,059
|
|
|
3,676,423
|
|
|
71,636
|
|
|
1.9
|
|
|
3,500,974
|
|
|
3,098,964
|
|
|
2,753,702
|
|
|
994,357
|
|
|
36.1
|
|
Total liabilities and
shareholders' equity
|
$
|
28,035,063
|
|
|
$
|
26,096,921
|
|
|
1,938,142
|
|
|
7.4
|
|
|
$
|
21,843,537
|
|
|
$
|
21,861,501
|
|
|
$
|
21,216,259
|
|
|
6,818,804
|
|
|
32.1
|
|
Table 5 -
IBERIABANK CORPORATION
|
TOTAL LOANS AND
ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
|
12/31/2017
|
|
9/30/2017
|
|
$
|
|
%
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate-
construction
|
$
|
1,240,396
|
|
|
$
|
1,298,282
|
|
|
(57,886)
|
|
|
(4.5)
|
|
|
$
|
1,100,504
|
|
|
$
|
946,477
|
|
|
$
|
802,242
|
|
|
438,154
|
|
|
54.6
|
|
Real estate-
owner-occupied (1)
|
2,529,885
|
|
|
2,448,826
|
|
|
81,059
|
|
|
3.3
|
|
|
2,242,275
|
|
|
2,230,041
|
|
|
2,277,749
|
|
|
252,136
|
|
|
11.1
|
|
Real estate-
non-owner occupied
|
5,167,949
|
|
|
5,020,778
|
|
|
147,171
|
|
|
2.9
|
|
|
3,839,777
|
|
|
3,844,823
|
|
|
3,766,558
|
|
|
1,401,391
|
|
|
37.2
|
|
Commercial and
industrial
|
5,135,067
|
|
|
5,016,437
|
|
|
118,630
|
|
|
2.4
|
|
|
4,195,096
|
|
|
3,975,734
|
|
|
4,060,032
|
|
|
1,075,035
|
|
|
26.5
|
|
Total
commercial loans
|
14,073,297
|
|
|
13,784,323
|
|
|
288,974
|
|
|
2.1
|
|
|
11,377,652
|
|
|
10,997,075
|
|
|
10,906,581
|
|
|
3,166,716
|
|
|
29.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
3,056,352
|
|
|
3,024,970
|
|
|
31,382
|
|
|
1.0
|
|
|
1,346,467
|
|
|
1,296,358
|
|
|
1,267,400
|
|
|
1,788,952
|
|
|
141.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
2,292,275
|
|
|
2,320,233
|
|
|
(27,958)
|
|
|
(1.2)
|
|
|
2,158,948
|
|
|
2,146,796
|
|
|
2,155,926
|
|
|
136,349
|
|
|
6.3
|
|
Automobile
|
127,531
|
|
|
130,847
|
|
|
(3,316)
|
|
|
(2.5)
|
|
|
135,012
|
|
|
142,139
|
|
|
147,662
|
|
|
(20,131)
|
|
|
(13.6)
|
|
Credit
card
|
96,368
|
|
|
88,454
|
|
|
7,914
|
|
|
8.9
|
|
|
87,088
|
|
|
84,113
|
|
|
82,992
|
|
|
13,376
|
|
|
16.1
|
|
Other
|
432,358
|
|
|
446,258
|
|
|
(13,900)
|
|
|
(3.1)
|
|
|
450,849
|
|
|
465,721
|
|
|
504,410
|
|
|
(72,052)
|
|
|
(14.3)
|
|
Total consumer
loans
|
2,948,532
|
|
|
2,985,792
|
|
|
(37,260)
|
|
|
(1.2)
|
|
|
2,831,897
|
|
|
2,838,769
|
|
|
2,890,990
|
|
|
57,542
|
|
|
2.0
|
|
Total
loans
|
$
|
20,078,181
|
|
|
$
|
19,795,085
|
|
|
283,096
|
|
|
1.4
|
|
|
$
|
15,556,016
|
|
|
$
|
15,132,202
|
|
|
$
|
15,064,971
|
|
|
5,013,210
|
|
|
33.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses (2)
|
$
|
(140,891)
|
|
|
$
|
(136,628)
|
|
|
(4,263)
|
|
|
3.1
|
|
|
$
|
(146,225)
|
|
|
$
|
(144,890)
|
|
|
$
|
(144,719)
|
|
|
3,828
|
|
|
(2.6)
|
|
Loans, net
|
19,937,290
|
|
|
19,658,457
|
|
|
278,833
|
|
|
1.4
|
|
|
15,409,791
|
|
|
14,987,312
|
|
|
14,920,252
|
|
|
5,017,038
|
|
|
33.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(13,208)
|
|
|
(21,032)
|
|
|
7,824
|
|
|
(37.2)
|
|
|
(10,462)
|
|
|
(11,660)
|
|
|
(11,241)
|
|
|
(1,967)
|
|
|
17.5
|
|
Allowance for credit
losses
|
(154,099)
|
|
|
(157,660)
|
|
|
3,561
|
|
|
(2.3)
|
|
|
(156,687)
|
|
|
(156,550)
|
|
|
(155,960)
|
|
|
1,861
|
|
|
(1.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(3)
|
$
|
145,390
|
|
|
$
|
145,422
|
|
|
(32)
|
|
|
—
|
|
|
$
|
177,956
|
|
|
$
|
191,582
|
|
|
$
|
228,501
|
|
|
(83,111)
|
|
|
(36.4)
|
|
Other real estate
owned and foreclosed assets
|
26,533
|
|
|
28,338
|
|
|
(1,805)
|
|
|
(6.4)
|
|
|
19,718
|
|
|
20,055
|
|
|
21,199
|
|
|
5,334
|
|
|
25.2
|
|
Accruing loans more
than 90 days past due (3)
|
6,901
|
|
|
2,193
|
|
|
4,708
|
|
|
214.7
|
|
|
802
|
|
|
7,980
|
|
|
1,386
|
|
|
5,515
|
|
|
397.9
|
|
Total
non-performing
assets
(3)(4)
|
$
|
178,824
|
|
|
$
|
175,953
|
|
|
2,871
|
|
|
1.6
|
|
|
$
|
198,476
|
|
|
$
|
219,617
|
|
|
$
|
251,086
|
|
|
(72,262)
|
|
|
(28.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due (3)
|
$
|
61,809
|
|
|
$
|
58,773
|
|
|
3,036
|
|
|
5.2
|
|
|
$
|
50,840
|
|
|
$
|
36,172
|
|
|
$
|
28,869
|
|
|
32,940
|
|
|
114.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (3)(4)
|
0.64
|
%
|
|
0.63
|
%
|
|
|
|
|
|
0.91
|
%
|
|
1.00
|
%
|
|
1.16
|
%
|
|
|
|
|
Non-performing assets
to total loans and OREO (3)(4)
|
0.89
|
|
|
0.89
|
|
|
|
|
|
|
1.27
|
|
|
1.45
|
|
|
1.66
|
|
|
|
|
|
Allowance for loan
losses to non-performing loans (3)(5)
|
92.5
|
|
|
92.6
|
|
|
|
|
|
|
81.8
|
|
|
72.6
|
|
|
63.0
|
|
|
|
|
|
Allowance for loan
losses to non-performing assets (3)(4)
|
78.8
|
|
|
77.7
|
|
|
|
|
|
|
73.7
|
|
|
66.0
|
|
|
57.6
|
|
|
|
|
|
Allowance for loan
losses to total loans
|
0.70
|
|
|
0.69
|
|
|
|
|
|
|
0.94
|
|
|
0.96
|
|
|
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
|
12,526
|
|
|
$
|
30,460
|
|
|
(17,934)
|
|
|
(58.9)
|
|
|
$
|
12,189
|
|
|
$
|
7,291
|
|
|
$
|
9,785
|
|
|
2,741
|
|
|
28.0
|
|
Quarter-to-date
recoveries
|
(2,425)
|
|
|
(1,644)
|
|
|
(781)
|
|
|
47.5
|
|
|
(1,289)
|
|
|
(1,235)
|
|
|
(2,135)
|
|
|
(290)
|
|
|
13.6
|
|
Quarter-to-date net
charge-offs
|
$
|
10,101
|
|
|
$
|
28,816
|
|
|
(18,715)
|
|
|
(64.9)
|
|
|
$
|
10,900
|
|
|
$
|
6,056
|
|
|
$
|
7,650
|
|
|
2,451
|
|
|
32.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.20
|
%
|
|
0.62
|
%
|
|
|
|
|
|
0.29
|
%
|
|
0.16
|
%
|
|
0.21
|
%
|
|
|
|
|
|
|
(1) Real estate-
owner-occupied is defined as loans with a "1E1" Call Report Code
(loans secured by owner-occupied non-farm non-residential
properties).
|
(2) The allowance for
loan losses includes impairment reserves attributable to acquired
impaired loans.
|
(3) For purposes of
this table, past due and non-accrual loan amounts exclude acquired
impaired loans, even if contractually past due or if the Company
does not expect to receive payment in full, as the Company is
currently accreting interest income over the expected life of the
loans.
|
(4) Non-performing
assets consist of non-accruing loans, accruing loans 90 days or
more past due and other real estate owned, including repossessed
assets.
|
(5) Non-performing
loans consist of non-accruing loans and accruing loans 90 days or
more past due.
|
TABLE 6 -
IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
12/31/2017
|
|
9/30/2017
|
|
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
|
$
|
13,964,340
|
|
$
|
163,974
|
|
4.70
|
%
|
|
$
|
12,951,243
|
|
$
|
146,003
|
|
4.52
|
%
|
|
18
|
Residential mortgage
loans
|
3,049,947
|
|
35,007
|
|
4.59
|
|
|
2,464,348
|
|
28,645
|
|
4.65
|
|
|
(6)
|
Consumer
loans
|
2,927,213
|
|
38,836
|
|
5.26
|
|
|
2,925,563
|
|
42,240
|
|
5.73
|
|
|
(47)
|
Total
loans
|
19,941,500
|
|
237,817
|
|
4.77
|
|
|
18,341,154
|
|
216,888
|
|
4.73
|
|
|
4
|
Loss share
receivable
|
9,295
|
|
—
|
|
—
|
|
|
21,042
|
|
—
|
|
—
|
|
|
—
|
Total loans
and loss share receivable
|
19,950,795
|
|
237,817
|
|
4.77
|
|
|
18,362,196
|
|
216,888
|
|
4.72
|
|
|
5
|
Mortgage loans held
for sale
|
126,216
|
|
1,251
|
|
3.96
|
|
|
132,309
|
|
1,209
|
|
3.66
|
|
|
30
|
Investment securities
(2)
|
4,893,538
|
|
27,714
|
|
2.37
|
|
|
4,709,526
|
|
26,246
|
|
2.32
|
|
|
5
|
Other earning
assets
|
715,747
|
|
2,921
|
|
1.62
|
|
|
768,181
|
|
2,629
|
|
1.36
|
|
|
26
|
Total earning
assets
|
25,686,296
|
|
269,703
|
|
4.22
|
|
|
23,972,212
|
|
246,972
|
|
4.14
|
|
|
8
|
Allowance for loan
losses
|
(138,927)
|
|
|
|
|
(147,046)
|
|
|
|
|
|
Non-earning
assets
|
2,487,694
|
|
|
|
|
2,271,755
|
|
|
|
|
|
Total
assets
|
$
|
28,035,063
|
|
|
|
|
$
|
26,096,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
3,987,908
|
|
$
|
5,404
|
|
0.54
|
%
|
|
$
|
3,203,657
|
|
$
|
4,384
|
|
0.54
|
%
|
|
—
|
Savings and money
market accounts
|
8,769,464
|
|
13,345
|
|
0.60
|
|
|
8,566,873
|
|
11,650
|
|
0.54
|
|
|
6
|
Certificates of
deposit
|
2,444,403
|
|
6,115
|
|
0.99
|
|
|
2,413,727
|
|
5,766
|
|
0.95
|
|
|
4
|
Total
interest-bearing deposits (3)
|
15,201,775
|
|
24,864
|
|
0.65
|
|
|
14,184,257
|
|
21,800
|
|
0.61
|
|
|
4
|
Short-term
borrowings
|
1,223,868
|
|
2,901
|
|
0.94
|
|
|
1,619,242
|
|
4,152
|
|
1.02
|
|
|
(8)
|
Long-term
debt
|
1,420,224
|
|
6,436
|
|
1.80
|
|
|
742,765
|
|
4,137
|
|
2.21
|
|
|
(41)
|
Total
interest-bearing liabilities
|
17,845,867
|
|
34,201
|
|
0.76
|
|
|
16,546,264
|
|
30,089
|
|
0.72
|
|
|
4
|
Non-interest-bearing
deposits
|
6,176,347
|
|
|
|
|
5,601,071
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
264,790
|
|
|
|
|
273,163
|
|
|
|
|
|
Total
liabilities
|
24,287,004
|
|
|
|
|
22,420,498
|
|
|
|
|
|
Total shareholders'
equity
|
3,748,059
|
|
|
|
|
3,676,423
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
28,035,063
|
|
|
|
|
$
|
26,096,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
235,502
|
|
3.46
|
%
|
|
|
$
|
216,883
|
|
3.42
|
%
|
|
4
|
Taxable equivalent
benefit
|
|
2,812
|
|
0.04
|
|
|
|
2,585
|
|
0.04
|
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
238,314
|
|
3.69
|
%
|
|
|
$
|
219,468
|
|
3.64
|
%
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
35%, which approximates the marginal tax rate.
|
(2) Balances exclude
unrealized gain or loss on securities available for sale and the
impact of trade date accounting.
|
(3) Total deposit
costs for the three months ended December 31, 2017 and September
30, 2017 were 0.46% and 0.44%, respectively.
|
TABLE 6 Continued
- IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
|
11,136,842
|
|
$
|
127,301
|
|
4.64
|
%
|
|
$
|
10,917,714
|
|
$
|
119,605
|
|
4.50
|
%
|
|
$
|
10,759,264
|
|
$
|
114,694
|
|
4.29
|
%
|
Residential mortgage
loans
|
1,319,207
|
|
14,345
|
|
4.35
|
|
|
1,273,069
|
|
12,848
|
|
4.04
|
|
|
1,267,413
|
|
14,038
|
|
4.43
|
|
Consumer
loans
|
2,827,958
|
|
37,619
|
|
5.34
|
|
|
2,854,972
|
|
36,524
|
|
5.19
|
|
|
2,885,673
|
|
36,960
|
|
5.10
|
|
Total
loans
|
15,284,007
|
|
179,265
|
|
4.74
|
|
|
15,045,755
|
|
168,977
|
|
4.59
|
|
|
14,912,350
|
|
165,692
|
|
4.46
|
|
Loss share
receivable
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
20,456
|
|
(3,539)
|
|
(68.83)
|
|
Total loans
and loss share receivable
|
15,284,007
|
|
179,265
|
|
4.74
|
|
|
15,045,755
|
|
168,977
|
|
4.59
|
|
|
14,932,806
|
|
162,153
|
|
4.36
|
|
Mortgage loans held
for sale
|
145,274
|
|
1,249
|
|
3.44
|
|
|
175,512
|
|
971
|
|
2.21
|
|
|
226,565
|
|
1,539
|
|
2.72
|
|
Investment securities
(2)
|
4,029,491
|
|
22,307
|
|
2.32
|
|
|
3,741,128
|
|
19,927
|
|
2.24
|
|
|
3,154,252
|
|
15,464
|
|
2.09
|
|
Other earning
assets
|
650,083
|
|
1,754
|
|
1.08
|
|
|
1,123,087
|
|
2,658
|
|
0.96
|
|
|
1,034,980
|
|
1,649
|
|
0.63
|
|
Total earning
assets
|
20,108,855
|
|
204,575
|
|
4.13
|
|
|
20,085,482
|
|
192,533
|
|
3.93
|
|
|
19,348,603
|
|
180,805
|
|
3.77
|
|
Allowance for loan
losses
|
(146,448)
|
|
|
|
|
(145,326)
|
|
|
|
|
(150,499)
|
|
|
|
Non-earning
assets
|
1,881,130
|
|
|
|
|
1,921,345
|
|
|
|
|
2,018,155
|
|
|
|
Total
assets
|
$
|
21,843,537
|
|
|
|
|
$
|
21,861,501
|
|
|
|
|
$
|
21,216,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
3,124,243
|
|
$
|
3,507
|
|
0.45
|
%
|
|
$
|
3,239,085
|
|
$
|
3,090
|
|
0.39
|
%
|
|
$
|
2,981,967
|
|
$
|
2,483
|
|
0.33
|
%
|
Savings and money
market accounts
|
7,079,773
|
|
9,030
|
|
0.51
|
|
|
7,211,545
|
|
8,329
|
|
0.47
|
|
|
6,869,614
|
|
7,732
|
|
0.45
|
|
Certificates of
deposit
|
1,964,234
|
|
4,576
|
|
0.93
|
|
|
2,083,749
|
|
4,638
|
|
0.90
|
|
|
2,172,967
|
|
4,785
|
|
0.88
|
|
Total
interest-bearing deposits (3)
|
12,168,250
|
|
17,113
|
|
0.56
|
|
|
12,534,379
|
|
16,057
|
|
0.52
|
|
|
12,024,548
|
|
15,000
|
|
0.50
|
|
Short-term
borrowings
|
352,410
|
|
226
|
|
0.26
|
|
|
410,726
|
|
277
|
|
0.27
|
|
|
603,683
|
|
552
|
|
0.36
|
|
Long-term
debt
|
628,632
|
|
3,593
|
|
2.29
|
|
|
618,494
|
|
3,381
|
|
2.22
|
|
|
664,463
|
|
3,588
|
|
2.15
|
|
Total
interest-bearing liabilities
|
13,149,292
|
|
20,932
|
|
0.64
|
|
|
13,563,599
|
|
19,715
|
|
0.59
|
|
|
13,292,694
|
|
19,140
|
|
0.57
|
|
Non-interest-bearing
deposits
|
4,992,598
|
|
|
|
|
4,976,945
|
|
|
|
|
4,869,095
|
|
|
|
Non-interest-bearing
liabilities
|
200,673
|
|
|
|
|
221,993
|
|
|
|
|
300,768
|
|
|
|
Total
liabilities
|
18,342,563
|
|
|
|
|
18,762,537
|
|
|
|
|
18,462,557
|
|
|
|
Total shareholders'
equity
|
3,500,974
|
|
|
|
|
3,098,964
|
|
|
|
|
2,753,702
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
21,843,537
|
|
|
|
|
$
|
21,861,501
|
|
|
|
|
$
|
21,216,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
|
183,643
|
|
3.49
|
%
|
|
|
$
|
172,818
|
|
3.34
|
%
|
|
|
$
|
161,665
|
|
3.20
|
%
|
Taxable equivalent
benefit
|
|
2,492
|
|
0.05
|
|
|
|
2,491
|
|
0.05
|
|
|
|
2,340
|
|
0.05
|
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
186,135
|
|
3.71
|
%
|
|
|
$
|
175,309
|
|
3.53
|
%
|
|
|
$
|
164,005
|
|
3.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
35%, which approximates the marginal tax rate.
|
(2) Balances exclude
unrealized gain or loss on securities available for sale and the
impact of trade date accounting.
|
(3) Total deposit
costs for the three months ended June 30, 2017, March 31, 2017, and
December 31, 2016 were 0.40%, 0.37% and 0.35%,
respectively.
|
TABLE 7 -
IBERIABANK CORPORATION
|
YEAR-TO-DATE
AVERAGE BALANCES, NET INTEREST INCOME AND
YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Years
Ended
|
|
12/31/2017
|
|
12/31/2016
|
|
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
|
$
|
12,252,823
|
|
$
|
556,883
|
|
4.59
|
%
|
|
$
|
10,529,830
|
|
$
|
459,352
|
|
4.42
|
%
|
|
17
|
Residential mortgage
loans
|
2,032,710
|
|
90,845
|
|
4.47
|
|
|
1,236,640
|
|
54,966
|
|
4.44
|
|
|
3
|
Consumer
loans
|
2,884,239
|
|
155,219
|
|
5.38
|
|
|
2,894,584
|
|
148,718
|
|
5.14
|
|
|
24
|
Total
loans
|
17,169,772
|
|
802,947
|
|
4.71
|
|
|
14,661,054
|
|
663,036
|
|
4.56
|
|
|
15
|
Loss share
receivable
|
7,646
|
|
—
|
|
—
|
|
|
29,396
|
|
(16,023)
|
|
(54.51)
|
|
|
5,451
|
Total loans
and loss share receivable
|
17,177,418
|
|
802,947
|
|
4.71
|
|
|
14,690,450
|
|
647,013
|
|
4.44
|
|
|
27
|
Mortgage loans held
for sale
|
144,658
|
|
4,679
|
|
3.23
|
|
|
204,669
|
|
6,564
|
|
3.21
|
|
|
2
|
Investment securities
(2)
|
4,347,581
|
|
96,194
|
|
2.31
|
|
|
2,927,588
|
|
59,154
|
|
2.14
|
|
|
17
|
Other earning
assets
|
813,032
|
|
9,963
|
|
1.23
|
|
|
654,357
|
|
4,208
|
|
0.64
|
|
|
59
|
Total earning
assets
|
22,482,689
|
|
913,783
|
|
4.11
|
|
|
18,477,064
|
|
716,939
|
|
3.93
|
|
|
18
|
Allowance for loan
losses
|
(144,426)
|
|
|
|
|
(147,520)
|
|
|
|
|
|
Non-earning
assets
|
2,142,393
|
|
|
|
|
1,991,690
|
|
|
|
|
|
Total
assets
|
$
|
24,480,656
|
|
|
|
|
$
|
20,321,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
3,390,268
|
|
$
|
16,385
|
|
0.48
|
%
|
|
$
|
2,922,587
|
|
$
|
8,816
|
|
0.30
|
%
|
|
18
|
Savings and money
market accounts
|
7,912,990
|
|
42,353
|
|
0.54
|
|
|
6,578,622
|
|
24,725
|
|
0.38
|
|
|
16
|
Certificates of
deposit
|
2,228,029
|
|
21,095
|
|
0.95
|
|
|
2,141,399
|
|
18,040
|
|
0.84
|
|
|
11
|
Total
interest-bearing deposits (3)
|
13,531,287
|
|
79,833
|
|
0.59
|
|
|
11,642,608
|
|
51,581
|
|
0.44
|
|
|
15
|
Short-term
borrowings
|
905,755
|
|
7,557
|
|
0.83
|
|
|
614,073
|
|
2,452
|
|
0.40
|
|
|
43
|
Long-term
debt
|
854,425
|
|
17,547
|
|
2.05
|
|
|
616,309
|
|
13,668
|
|
2.22
|
|
|
(17)
|
Total
interest-bearing liabilities
|
15,291,467
|
|
104,937
|
|
0.69
|
|
|
12,872,990
|
|
67,701
|
|
0.53
|
|
|
16
|
Non-interest-bearing
deposits
|
5,440,477
|
|
|
|
|
4,582,533
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
240,362
|
|
|
|
|
228,117
|
|
|
|
|
|
Total
liabilities
|
20,972,306
|
|
|
|
|
17,683,640
|
|
|
|
|
|
Total shareholders'
equity
|
3,508,350
|
|
|
|
|
2,637,594
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
24,480,656
|
|
|
|
|
$
|
20,321,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
808,846
|
|
3.42
|
%
|
|
|
$
|
649,238
|
|
3.40
|
%
|
|
2
|
Tax-equivalent
benefit
|
|
10,261
|
|
0.05
|
|
|
|
9,201
|
|
0.05
|
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
819,107
|
|
3.64
|
%
|
|
|
$
|
658,439
|
|
3.56
|
%
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
(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 years ended December 31, 2017 and 2016 were 0.42% and
0.32%, respectively.
|
Table 8 -
IBERIABANK CORPORATION
|
LEGACY AND
ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
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
|
$
|
157
|
|
$
|
14,235
|
|
4.39
|
%
|
|
$
|
148
|
|
$
|
13,638
|
|
4.29
|
%
|
|
$
|
140
|
|
$
|
13,150
|
|
4.27
|
%
|
|
$
|
131
|
|
$
|
12,760
|
|
4.12
|
%
|
|
$
|
125
|
|
$
|
12,481
|
|
3.97
|
%
|
Acquired loans
(1)
|
81
|
|
5,706
|
|
5.61
|
|
|
69
|
|
4,703
|
|
5.86
|
|
|
39
|
|
2,134
|
|
7.40
|
|
|
38
|
|
2,286
|
|
6.81
|
|
|
37
|
|
2,452
|
|
5.99
|
|
Total
loans
|
$
|
238
|
|
$
|
19,941
|
|
4.74
|
%
|
|
$
|
217
|
|
$
|
18,341
|
|
4.70
|
%
|
|
$
|
179
|
|
$
|
15,284
|
|
4.70
|
%
|
|
$
|
169
|
|
$
|
15,046
|
|
4.55
|
%
|
|
$
|
162
|
|
$
|
14,933
|
|
4.30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
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)
|
(21)
|
|
161
|
|
(1.60)
|
|
|
(20)
|
|
120
|
|
(1.76)
|
|
|
(12)
|
|
72
|
|
(2.46)
|
|
|
(11)
|
|
87
|
|
(2.08)
|
|
|
(8)
|
|
73
|
|
(1.43)
|
|
Total
loans
|
$
|
(21)
|
|
$
|
161
|
|
(0.46)
|
%
|
|
$
|
(20)
|
|
$
|
120
|
|
(0.45)
|
%
|
|
$
|
(12)
|
|
$
|
72
|
|
(0.34)
|
%
|
|
$
|
(11)
|
|
$
|
87
|
|
(0.31)
|
%
|
|
$
|
(8)
|
|
$
|
73
|
|
(0.23)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
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
|
$
|
157
|
|
$
|
14,235
|
|
4.39
|
%
|
|
$
|
148
|
|
$
|
13,638
|
|
4.29
|
%
|
|
$
|
140
|
|
$
|
13,150
|
|
4.27
|
%
|
|
$
|
131
|
|
$
|
12,760
|
|
4.12
|
%
|
|
$
|
125
|
|
$
|
12,481
|
|
3.97
|
%
|
Acquired loans
(1)
|
60
|
|
5,867
|
|
4.01
|
|
|
49
|
|
4,823
|
|
4.10
|
|
|
27
|
|
2,206
|
|
4.94
|
|
|
27
|
|
2,373
|
|
4.73
|
|
|
29
|
|
2,525
|
|
4.56
|
|
Total
loans
|
$
|
217
|
|
$
|
20,102
|
|
4.28
|
%
|
|
$
|
197
|
|
$
|
18,461
|
|
4.25
|
%
|
|
$
|
167
|
|
$
|
15,356
|
|
4.36
|
%
|
|
$
|
158
|
|
$
|
15,133
|
|
4.24
|
%
|
|
$
|
154
|
|
$
|
15,006
|
|
4.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Acquired loans
include the impact of the FDIC Indemnification Asset in periods
prior to loss share termination in December 2016.
|
|
|
|
|
|
Table 9 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
Net income
|
$
|
91,386
|
|
|
$
|
10,278
|
|
|
$
|
0.19
|
|
|
$
|
48,450
|
|
|
$
|
29,644
|
|
|
$
|
0.56
|
|
|
$
|
80,051
|
|
|
$
|
52,018
|
|
|
$
|
1.01
|
|
Less: Preferred stock
dividends
|
—
|
|
|
949
|
|
|
0.02
|
|
|
—
|
|
|
3,598
|
|
|
0.07
|
|
|
—
|
|
|
949
|
|
|
0.02
|
|
Income available to
common shareholders (GAAP)
|
$
|
91,386
|
|
|
$
|
9,329
|
|
|
$
|
0.17
|
|
|
$
|
48,450
|
|
|
$
|
26,046
|
|
|
$
|
0.49
|
|
|
$
|
80,051
|
|
|
$
|
51,069
|
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
(35)
|
|
|
(22)
|
|
|
—
|
|
|
242
|
|
|
157
|
|
|
—
|
|
|
(59)
|
|
|
(38)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
11,373
|
|
|
8,487
|
|
|
0.16
|
|
|
28,478
|
|
|
19,255
|
|
|
0.36
|
|
|
1,066
|
|
|
789
|
|
|
0.02
|
|
Compensation-related
expense
|
1,457
|
|
|
947
|
|
|
0.01
|
|
|
1,092
|
|
|
710
|
|
|
0.02
|
|
|
378
|
|
|
246
|
|
|
—
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
3,177
|
|
|
2,065
|
|
|
0.04
|
|
|
3,661
|
|
|
2,380
|
|
|
0.04
|
|
|
(1,306)
|
|
|
(849)
|
|
|
(0.02)
|
|
Litigation
expense
|
—
|
|
|
1,228
|
|
|
0.02
|
|
|
5,692
|
|
|
4,696
|
|
|
0.09
|
|
|
6,000
|
|
|
5,481
|
|
|
0.11
|
|
Other non-core
non-interest expense
|
467
|
|
|
358
|
|
|
0.01
|
|
|
377
|
|
|
245
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total non-interest
expense adjustments
|
16,474
|
|
|
13,085
|
|
|
0.24
|
|
|
39,300
|
|
|
27,286
|
|
|
0.51
|
|
|
6,138
|
|
|
5,667
|
|
|
0.11
|
|
Income tax expense
(benefit) - provisional impact of TCJA (4)
|
—
|
|
|
51,023
|
|
|
0.94
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Income tax expense
(benefit) - other
|
—
|
|
|
(1,237)
|
|
|
(0.02)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Core earnings
(Non-GAAP)
|
107,825
|
|
|
72,178
|
|
|
1.33
|
|
|
87,992
|
|
|
53,489
|
|
|
1.00
|
|
|
86,130
|
|
|
56,698
|
|
|
1.10
|
|
Provision for loan
losses (1)
|
14,393
|
|
|
9,355
|
|
|
|
|
18,514
|
|
|
12,034
|
|
|
|
|
12,050
|
|
|
7,833
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
122,218
|
|
|
$
|
81,533
|
|
|
|
|
$
|
106,506
|
|
|
$
|
65,523
|
|
|
|
|
$
|
98,180
|
|
|
$
|
64,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
3/31/2017
|
|
12/31/2016
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$
|
72,992
|
|
|
$
|
50,473
|
|
|
$
|
1.08
|
|
|
$
|
58,164
|
|
|
$
|
45,130
|
|
|
$
|
1.06
|
|
|
|
|
|
|
|
Less: Preferred stock
dividends
|
—
|
|
|
3,599
|
|
|
0.08
|
|
|
—
|
|
|
957
|
|
|
0.02
|
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
|
72,992
|
|
|
$
|
46,874
|
|
|
$
|
1.00
|
|
|
$
|
58,164
|
|
|
$
|
44,173
|
|
|
$
|
1.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
—
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
(3)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
54
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Compensation-related
expense
|
98
|
|
|
63
|
|
|
—
|
|
|
188
|
|
|
122
|
|
|
—
|
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
1,429
|
|
|
929
|
|
|
0.02
|
|
|
(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
|
1,581
|
|
|
1,027
|
|
|
0.02
|
|
|
18,008
|
|
|
11,705
|
|
|
0.28
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,836)
|
|
|
(0.16)
|
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
74,573
|
|
|
47,901
|
|
|
1.02
|
|
|
76,168
|
|
|
49,039
|
|
|
1.16
|
|
|
|
|
|
|
|
Provision for loan
losses (1)
|
6,154
|
|
|
4,000
|
|
|
|
|
5,169
|
|
|
3,360
|
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
80,727
|
|
|
$
|
51,901
|
|
|
|
|
$
|
81,337
|
|
|
$
|
52,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
(4) Estimated net
impact of the Tax Cuts and Jobs Act ("TCJA") enacted on December
22, 2017 is subject to refinement in future periods as further
information becomes available.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years
Ended
|
|
|
|
|
|
|
|
12/31/2017
|
|
12/31/2016
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$
|
292,879
|
|
|
$
|
142,413
|
|
|
$
|
2.77
|
|
|
$
|
271,970
|
|
|
$
|
186,777
|
|
|
$
|
4.49
|
|
|
|
|
|
|
|
Less: Preferred stock
dividends
|
—
|
|
|
9,095
|
|
|
0.18
|
|
|
—
|
|
|
7,977
|
|
|
0.19
|
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
|
292,879
|
|
|
$
|
133,318
|
|
|
$
|
2.59
|
|
|
$
|
271,970
|
|
|
$
|
178,800
|
|
|
$
|
4.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
148
|
|
|
97
|
|
|
—
|
|
|
(2,001)
|
|
|
(1,301)
|
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
40,971
|
|
|
28,566
|
|
|
0.55
|
|
|
3
|
|
|
2
|
|
|
—
|
|
|
|
|
|
|
|
Compensation-related
expense
|
3,025
|
|
|
1,966
|
|
|
0.04
|
|
|
782
|
|
|
508
|
|
|
0.01
|
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
6,961
|
|
|
4,525
|
|
|
0.09
|
|
|
(674)
|
|
|
(437)
|
|
|
(0.01)
|
|
|
|
|
|
|
|
Litigation
expense
|
11,692
|
|
|
11,405
|
|
|
0.22
|
|
|
17,798
|
|
|
11,569
|
|
|
0.28
|
|
|
|
|
|
|
|
Loss on early
termination of loss share agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
844
|
|
|
603
|
|
|
0.01
|
|
|
2,752
|
|
|
1,788
|
|
|
0.04
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
63,493
|
|
|
47,065
|
|
|
0.91
|
|
|
20,661
|
|
|
13,430
|
|
|
0.32
|
|
|
|
|
|
|
|
Income tax expense
(benefit) - provisional impact of TCJA (4)
|
—
|
|
|
51,023
|
|
|
0.99
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Income tax expense
(benefit) - other
|
—
|
|
|
(1,237)
|
|
|
(0.02)
|
|
|
—
|
|
|
(6,836)
|
|
|
(0.16)
|
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
356,520
|
|
|
230,266
|
|
|
4.47
|
|
|
290,630
|
|
|
184,093
|
|
|
4.43
|
|
|
|
|
|
|
|
Provision for loan
losses (1)
|
51,111
|
|
|
33,222
|
|
|
|
|
44,424
|
|
|
28,875
|
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP)
|
$
|
407,631
|
|
|
$
|
263,488
|
|
|
|
|
$
|
335,054
|
|
|
$
|
212,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
(4) Estimated net
impact of the Tax Cuts and Jobs Act ("TCJA") enacted on December
22, 2017 is subject to refinement in future periods as further
information becomes available.
|
Table 10 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
Net interest income
(GAAP)
|
$
|
235,502
|
|
|
$
|
216,883
|
|
|
$
|
183,643
|
|
|
$
|
172,818
|
|
|
$
|
161,665
|
|
Taxable equivalent
benefit
|
2,812
|
|
|
2,585
|
|
|
2,492
|
|
|
2,491
|
|
|
2,340
|
|
Net interest income
(TE) (Non-GAAP) (1)
|
238,314
|
|
|
219,468
|
|
|
186,135
|
|
|
175,309
|
|
|
164,005
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
54,661
|
|
|
53,067
|
|
|
55,966
|
|
|
47,346
|
|
|
53,238
|
|
Taxable equivalent
benefit
|
683
|
|
|
680
|
|
|
668
|
|
|
706
|
|
|
713
|
|
Non-interest income
(TE) (Non-GAAP) (1)
|
55,344
|
|
|
53,747
|
|
|
56,634
|
|
|
48,052
|
|
|
53,951
|
|
Taxable equivalent
revenues (Non-GAAP) (1)
|
293,658
|
|
|
273,215
|
|
|
242,769
|
|
|
223,361
|
|
|
217,956
|
|
Securities (gains)
losses and other non-interest income
|
(35)
|
|
|
242
|
|
|
(59)
|
|
|
—
|
|
|
(4)
|
|
Core taxable
equivalent revenues (Non-GAAP) (1)
|
$
|
293,623
|
|
|
$
|
273,457
|
|
|
$
|
242,710
|
|
|
$
|
223,361
|
|
|
$
|
217,952
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP)
|
$
|
184,384
|
|
|
$
|
202,986
|
|
|
$
|
147,508
|
|
|
$
|
141,018
|
|
|
$
|
151,570
|
|
Less: Intangible
amortization expense
|
4,642
|
|
|
4,527
|
|
|
1,651
|
|
|
1,770
|
|
|
2,087
|
|
Tangible non-interest
expense (Non-GAAP) (2)
|
179,742
|
|
|
198,459
|
|
|
145,857
|
|
|
139,248
|
|
|
149,483
|
|
Less: Merger-related
expense
|
11,373
|
|
|
28,478
|
|
|
1,066
|
|
|
54
|
|
|
—
|
|
Compensation-related expense
|
1,457
|
|
|
1,092
|
|
|
378
|
|
|
98
|
|
|
188
|
|
Impairment of long-lived assets, net of (gain) loss on
sale
|
3,177
|
|
|
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
|
467
|
|
|
377
|
|
|
—
|
|
|
—
|
|
|
484
|
|
Core tangible
non-interest expense (Non-GAAP) (2)
|
$
|
163,268
|
|
|
$
|
159,159
|
|
|
$
|
139,719
|
|
|
$
|
137,667
|
|
|
$
|
131,475
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
0.15
|
%
|
|
0.45
|
%
|
|
0.96
|
%
|
|
0.94
|
%
|
|
0.85
|
%
|
Effect of non-core
revenues and expenses
|
0.88
|
|
|
0.42
|
|
|
0.10
|
|
|
0.02
|
|
|
0.09
|
|
Core return on
average assets (Non-GAAP)
|
1.03
|
%
|
|
0.87
|
%
|
|
1.06
|
%
|
|
0.96
|
%
|
|
0.94
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
63.5
|
%
|
|
75.2
|
%
|
|
61.6
|
%
|
|
64.1
|
%
|
|
70.5
|
%
|
Effect of tax benefit
related to tax-exempt income
|
(0.7)
|
|
|
(0.9)
|
|
|
(0.8)
|
|
|
(1.0)
|
|
|
(1.0)
|
|
Efficiency ratio (TE)
(Non-GAAP) (1)
|
62.8
|
%
|
|
74.3
|
%
|
|
60.8
|
%
|
|
63.1
|
%
|
|
69.5
|
%
|
Effect of
amortization of intangibles
|
(1.6)
|
|
|
(1.7)
|
|
|
(0.7)
|
|
|
(0.8)
|
|
|
(1.0)
|
|
Effect of non-core
items
|
(5.6)
|
|
|
(14.4)
|
|
|
(2.5)
|
|
|
(0.7)
|
|
|
(8.2)
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2)
|
55.6
|
%
|
|
58.2
|
%
|
|
57.6
|
%
|
|
61.6
|
%
|
|
60.3
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
1.02
|
%
|
|
2.92
|
%
|
|
6.08
|
%
|
|
6.41
|
%
|
|
6.70
|
%
|
Effect of non-core
revenues and expenses
|
6.90
|
|
|
3.07
|
|
|
0.67
|
|
|
0.14
|
|
|
0.74
|
|
Core return on
average common equity (Non-GAAP)
|
7.92
|
%
|
|
5.99
|
%
|
|
6.75
|
%
|
|
6.55
|
%
|
|
7.44
|
%
|
Effect of intangibles
(2)
|
4.81
|
|
|
2.96
|
|
|
2.11
|
|
|
2.44
|
|
|
3.31
|
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
12.73
|
%
|
|
8.95
|
%
|
|
8.86
|
%
|
|
8.99
|
%
|
|
10.75
|
%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
3,696,791
|
|
|
$
|
3,726,774
|
|
|
$
|
3,503,242
|
|
|
$
|
3,457,975
|
|
|
$
|
2,939,694
|
|
Less: Goodwill
and other intangibles
|
1,271,807
|
|
|
1,276,241
|
|
|
752,336
|
|
|
753,991
|
|
|
755,765
|
|
Preferred stock
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
Tangible common
equity (Non-GAAP) (2)
|
$
|
2,292,887
|
|
|
$
|
2,318,436
|
|
|
$
|
2,618,809
|
|
|
$
|
2,571,887
|
|
|
$
|
2,051,832
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$
|
27,904,129
|
|
|
$
|
27,976,635
|
|
|
$
|
21,790,727
|
|
|
$
|
22,008,479
|
|
|
$
|
21,659,190
|
|
Less: Goodwill
and other intangibles
|
1,271,807
|
|
|
1,276,241
|
|
|
752,336
|
|
|
753,991
|
|
|
755,765
|
|
Tangible assets
(Non-GAAP) (2)
|
$
|
26,632,322
|
|
|
$
|
26,700,394
|
|
|
$
|
21,038,391
|
|
|
$
|
21,254,488
|
|
|
$
|
20,903,425
|
|
Tangible common
equity ratio (Non-GAAP) (2)
|
8.61
|
%
|
|
8.68
|
%
|
|
12.45
|
%
|
|
12.10
|
%
|
|
9.82
|
%
|
|
(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.
|
View original
content:http://www.prnewswire.com/news-releases/iberiabank-corporation-reports-fourth-quarter-results-300588626.html
SOURCE IBERIABANK Corporation