LAFAYETTE, La., April 19, 2018 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 131-year-old
IBERIABANK (www.iberiabank.com), reported financial results for the
first quarter ended March 31, 2018.
For the quarter, the Company reported income available to common
shareholders of $60.0 million, or
$1.10 diluted earnings per common
share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues
and non-core expenses ("Core EPS") in the first quarter of 2018 was
$1.37 per common share, compared to
$1.02 in the year-ago period, an
increase of 34% (refer to press release supplemental tables for a
reconciliation of GAAP to non-GAAP metrics).
Daryl G. Byrd, President and
Chief Executive Officer, commented, "I am very pleased with our
first quarter 2018 results, as we achieved our Company's highest
quarterly Core EPS result and are well- positioned for a strong
year. More specifically, the quarter was in-line with our internal
expectations, reflective of the predictable seasonality we have
historically experienced. As such, we also wanted to
re-affirm our confidence in our previously provided 2018
guidance."
"Our results demonstrated continued franchise momentum, in
particular the asset sensitive nature of our balance sheet, focus
on core deposit growth and strong credit quality. While the results
of our fee income businesses were consistent with our expectations,
our ongoing efforts to retool the mortgage business should
accelerate its performance and bottom-line contribution going
forward. In addition, the execution of synergy opportunities
from the Sabadell and Gibraltar
transactions should help to drive operating leverage over the
balance of the year," Byrd added.
Byrd concluded, "Today, we are also releasing our 2020 Strategic
Goals, outlining financial metrics we intend to achieve over the
coming three years. Our team is committed to providing sustainable,
profitable growth and realizing outstanding returns for our
shareholders."
The Company completed its acquisition of Gibraltar Private Bank
& Trust on March 23, 2018, and
successfully and efficiently converted branch and operating systems
of Gibraltar over the weekend of
March 23-25. The acquisition of Gibraltar added $1.5
billion in loans and $1.1
billion in deposits, based on preliminary purchase
accounting adjustments. The Company incurred approximately
$16.2 million in pre-tax
merger-related expenses during the first quarter of 2018, resulting
in a $0.23 reduction to GAAP EPS.
Gibraltar operated eight offices
in total, which will be consolidated into two offices. The Company
anticipates that the operating metrics and expense savings provided
at acquisition announcement will be fully achieved in 2018.
Highlights for the first quarter of 2018 and at March 31, 2018:
For the quarter, both GAAP and Core EPS improved on a linked
quarter basis, both of which benefited from the recent enactment of
the Tax Cuts and Jobs Act in the prior quarter. Results were
also impacted by certain non-core merger-related expenses
associated with the branch and operating systems conversion of the
Gibraltar acquisition.
Return metrics improved significantly in the quarter, while our
efficiency ratio increased slightly, reflective of traditional
revenue and expense headwinds the Company experiences in the first
quarter of the year.
|
For the three
months ended
|
|
GAAP
|
|
Non-GAAP
Core
|
|
1Q18
|
4Q17
|
|
1Q18
|
4Q17
|
Earnings Per Common
Share
|
$
|
1.10
|
|
$
|
0.17
|
|
|
$
|
1.37
|
|
$
|
1.33
|
|
Return on Average
Assets
|
0.92
|
%
|
0.15
|
%
|
|
1.13
|
%
|
1.03
|
%
|
Return on Average
Common Equity
|
6.79
|
%
|
1.02
|
%
|
|
8.45
|
%
|
7.92
|
%
|
Return on Average
Tangible Common Equity
|
N/A
|
|
N/A
|
|
|
13.83
|
%
|
12.73
|
%
|
Efficiency
Ratio
|
67.9
|
%
|
63.3
|
%
|
|
61.1
|
%
|
57.5
|
%
|
Tangible Efficiency
Ratio (TE)
|
N/A
|
|
N/A
|
|
|
58.8
|
%
|
55.3
|
%
|
- First quarter 2018 results are in-line with full year 2018
guidance.
- The Company's reported net interest margin was relatively
unchanged on a linked quarter basis, while the Company's cash net
interest margin for the quarter was 3.42%, up 9 basis points from
4Q17.
- Non-interest income in 1Q18 decreased $7.8 million on a linked quarter basis, primarily
due to a seasonal decline in mortgage income and other fee income
categories.
- Non-interest expense increased $6.2
million on a linked quarter basis, largely due to merger and
compensation-related expenses from the Gibraltar acquisition. Total merger-related
expenses in 1Q18 of $16.2 million
reduced GAAP EPS by $0.23 in the
current quarter.
- As previously announced, the Company rewarded certain
associates a one-time cash bonus following the enactment of tax
reform legislation in 1Q18. These bonuses impacted both GAAP
and Core EPS by $0.03 in the current
quarter.
- The effective tax rate in 1Q18 is in line with expectations at
21.6%. The reduction in the corporate tax rate effective
January 1, 2018 benefited GAAP EPS by
approximately $0.17 in the current
quarter.
- Total loan growth was $1.6
billion, or 8%, in 1Q18, of which $1.5 billion was acquired from Gibraltar.
- Total deposits increased $1.5
billion, or 7%, in 1Q18, of which $1.1 billion was acquired from Gibraltar.
- Credit metrics remain stable; net charge-offs decreased
$5.8 million on a linked quarter
basis and equated to an annualized 9 basis points of average loans.
The provision for loan losses decreased $6.4
million, or 45%.
Table A - Summary
Financial Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2018
|
|
|
12/31/2017
|
|
%
Change
|
|
3/31/2017
|
|
%
Change
|
GAAP
BASIS:
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders
|
$
|
60,023
|
|
|
|
$
|
9,329
|
|
|
543.4
|
|
|
$
|
46,874
|
|
|
28.1
|
|
Earnings per common
share - diluted
|
1.10
|
|
|
|
0.17
|
|
|
547.1
|
|
|
1.00
|
|
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans and
leases, net of unearned income
|
$
|
20,181,390
|
|
|
|
$
|
19,941,500
|
|
|
1.2
|
|
|
$
|
15,045,755
|
|
|
34.1
|
|
Average total
deposits
|
21,777,634
|
|
|
|
21,378,122
|
|
|
1.9
|
|
|
17,511,324
|
|
|
24.4
|
|
Net interest margin
(TE) (1)
|
3.67
|
|
%
|
|
3.69
|
|
%
|
|
|
3.53
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
(2)
|
$
|
277,455
|
|
|
|
$
|
287,844
|
|
|
(3.6)
|
|
|
$
|
217,942
|
|
|
27.3
|
|
Total non-interest
expense (2)
|
188,296
|
|
|
|
182,065
|
|
|
3.4
|
|
|
138,796
|
|
|
35.7
|
|
Efficiency ratio
(2)
|
67.9
|
|
%
|
|
63.3
|
|
%
|
|
|
63.7
|
|
%
|
|
Return on average
assets
|
0.92
|
|
|
|
0.15
|
|
|
|
|
0.94
|
|
|
|
Return on average
common equity
|
6.79
|
|
|
|
1.02
|
|
|
|
|
6.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS
(3):
|
|
|
|
|
|
|
|
|
|
|
Core revenues
(2)
|
$
|
277,514
|
|
|
|
$
|
287,809
|
|
|
(3.6)
|
|
|
$
|
217,942
|
|
|
27.3
|
|
Core non-interest
expense (2)
|
169,457
|
|
|
|
165,591
|
|
|
2.3
|
|
|
137,215
|
|
|
23.5
|
|
Core earnings per
common share - diluted
|
1.37
|
|
|
|
1.33
|
|
|
3.0
|
|
|
1.02
|
|
|
34.3
|
|
Core tangible
efficiency ratio (TE) (1) (2) (5)
|
58.8
|
|
%
|
|
55.3
|
|
%
|
|
|
61.3
|
|
%
|
|
Core return on
average assets
|
1.13
|
|
|
|
1.03
|
|
|
|
|
0.96
|
|
|
|
Core return on
average common equity
|
8.45
|
|
|
|
7.92
|
|
|
|
|
6.55
|
|
|
|
Core return on
average tangible common equity (4)
|
13.83
|
|
|
|
12.73
|
|
|
|
|
8.99
|
|
|
|
Net interest margin
(TE) - cash basis (1) (4)
|
3.42
|
|
|
|
3.33
|
|
|
|
|
3.30
|
|
|
|
|
(1)
Fully taxable equivalent (TE) calculations include the tax benefit
associated with related income sources that are tax-exempt using a
rate of 35% for prior quarters and a rate of 21% for the current
quarter.
|
(2)
Certain prior period amounts have been reclassified to conform to
the net presentation requirements of ASU No. 2014-09, Revenue
from Contracts with Customers, which was adopted effective
January 1, 2018. On average, the adoption resulted in a reduction
of non-interest income and non-interest expense of approximately
$2.3 million on a quarterly basis, and had no impact on net
income.
|
(3) See Table 7 and Table 8
for GAAP to Non-GAAP reconciliations.
|
(4)
See Table 6 for adjustments related to purchase discounts on
acquired loans and related accretion.
|
(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.
|
Operating Results
The Company's reported net interest margin decreased 2 basis
points on a linked quarter basis, to 3.67%, primarily as a result
of lower accretion on the acquired loan portfolio, upward repricing
of indexed public funds deposits and promotional deposit pricing,
offset by increases in earning assets and legacy loan yields.
The Company's cash net interest margin for the quarter was 3.42%,
up 9 basis points from 4Q17, driven by a recovery of interest upon
payoff of a non-accrual loan and an improvement in loan yields,
offset by an increase in expenses on deposits and borrowings.
Net interest income decreased $2.6
million, or 1%, on a linked quarter basis. Average
loans increased $239.9 million, or
1%, and the associated taxable-equivalent yield increased 2 basis
points. All other average earning assets decreased a net of
$112.4 million, or 2%, versus the
prior quarter. The yield on interest earning assets was 4
basis points higher at 4.26% compared to 4.22% in the prior
quarter.
Average interest-bearing deposits increased $297.4 million, or 2%, and the average cost of
interest-bearing deposits rose 9 basis points to 74 basis points on
a linked quarter basis. Total average interest-bearing
liabilities remained essentially flat with the linked quarter,
while the average costs of interest-bearing liabilities rose 10
basis points to 86 basis points. The total cost of interest-bearing
liabilities rose primarily due to increased deposit pricing as
previously discussed, and a higher rate paid on long-term FHLB
advances.
The Company's provision for loan losses decreased 45% to
$8.0 million primarily due to a
decline in net charge-offs. The provision for loan losses covered
net charge-offs in 1Q18 by 186% compared to 142% in 4Q17.
In 1Q18, non-interest income decreased $7.8 million compared to 4Q17. The primary
changes in non-interest income on a linked quarter basis included a
decrease in mortgage income of $4.1
million, a result of seasonal declines in mortgage
production as well as a decrease in gains on sale of mortgage
loans, a decrease in gains on the sale of SBA loans of $1.0 million, and an unfavorable market value
adjustment on the Company's CRA mutual funds of $0.7 million. The Company is in the process of
revamping its mortgage business through recent leadership changes
and hiring of mortgage loan officers. The Company believes it
is well-positioned in the mortgage business for the remainder of
2018.
Non-interest expense increased $6.2
million on a linked quarter basis primarily due to higher
merger-related expenses incurred in 1Q18 related to the
Gibraltar acquisition. During the
quarter, the Company's non-core non-interest expense included
$16.2 million in merger and
conversion-related expenses, $1.2
million in compensation-related expenses, and $2.1 million in branch closure and other
impairment expenses.
Excluding these items, core non-interest expense increased
$3.9 million, or 2%, primarily driven
by an increase in provision for unfunded lending commitments
largely attributable to the reversal in 4Q17 of excess
hurricane-related provisioning, increased net costs of OREO of
$1.1 million related to lower gains
on sales of OREO, and $1.0 million in
higher donations and business development expenses.
The efficiency ratio increased from 63.3% to 67.9%, while the
non-GAAP core tangible efficiency ratio increased from 55.3% to
58.8%, on a linked quarter basis. 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
|
|
|
3/31/2018
|
|
12/31/2017
|
|
%
Change
|
|
3/31/2017
|
|
%
Change
|
PERIOD-END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and
leases, net of unearned income
|
$
|
21,706,090
|
|
|
|
$
|
20,078,181
|
|
|
|
8.1
|
|
|
$
|
15,132,202
|
|
|
|
43.4
|
|
|
Total
deposits
|
22,971,192
|
|
|
|
21,466,717
|
|
|
|
7.0
|
|
|
17,312,265
|
|
|
|
32.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due and still accruing as a percentage of total loans
(1)
|
0.36
|
%
|
|
|
0.31
|
%
|
|
|
|
|
0.24
|
%
|
|
|
|
|
Loans 90 days or more
past due and still accruing as a percentage of total loans
(1)
|
0.04
|
|
|
|
0.03
|
|
|
|
|
|
0.05
|
|
|
|
|
|
Non-performing assets
to total assets (1)(2)
|
0.64
|
|
|
|
0.64
|
|
|
|
|
|
1.00
|
|
|
|
|
|
Classified assets to
total assets (3)
|
1.39
|
|
|
|
1.45
|
|
|
|
|
|
1.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (4) (5)
|
8.66
|
%
|
|
|
8.61
|
%
|
|
|
|
|
12.10
|
%
|
|
|
|
|
Tier 1 leverage ratio
(6)
|
9.97
|
|
|
|
9.35
|
|
|
|
|
|
12.91
|
|
|
|
|
|
Total risk-based
capital ratio (6)
|
12.48
|
|
|
|
12.37
|
|
|
|
|
|
16.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
|
66.38
|
|
|
|
$
|
66.17
|
|
|
|
0.3
|
|
|
$
|
65.25
|
|
|
|
1.7
|
|
|
Tangible book value
(Non-GAAP) (4) (5)
|
42.91
|
|
|
|
42.56
|
|
|
|
0.8
|
|
|
50.46
|
|
|
|
(15.0)
|
|
|
Closing stock
price
|
78.00
|
|
|
|
77.50
|
|
|
|
0.6
|
|
|
79.10
|
|
|
|
(1.4)
|
|
|
Cash
dividends
|
0.38
|
|
|
|
0.37
|
|
|
|
2.7
|
|
|
0.36
|
|
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 4 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 $409 million, $404 million and $415 million at March 31, 2018,
December 31, 2017, and March 31, 2017, respectively.
|
(4)
|
See Table 7 and Table
8 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 March 31, 2018 are preliminary.
|
Loans and Other Assets
Total loans increased $1.6
billion, or 8%, to $21.7
billion at March 31, 2018,
primarily driven by $1.5 billion of
loans acquired from Gibraltar.
Excluding acquired loans, period-end loan growth during 1Q18 was
strongest in the Corporate Asset Finance division (equipment
financing business), the Energy Group (reserve-based lending) and
the New Orleans, Louisiana market.
The Company believes it is well-positioned for diversified loan
growth based on our strategic presence in the South Florida, Atlanta and Texas markets, which are expected to benefit
from favorable economic conditions.
Table C -
Period-End Loans
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
3/31/2018
|
|
12/31/2017
|
|
3/31/2017
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
3/31/2018
|
12/31/2017
|
Legacy
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial(1)
|
$
|
11,094,464
|
|
|
$
|
10,781,778
|
|
|
$
|
9,581,229
|
|
|
312,686
|
|
2.9
|
|
|
11.8
|
%
|
|
1,513,235
|
|
15.8
|
|
|
74.4
|
%
|
74.5
|
%
|
Residential
mortgage
|
1,280,580
|
|
|
1,176,365
|
|
|
901,859
|
|
|
104,215
|
|
8.9
|
|
|
35.9
|
%
|
|
378,721
|
|
42.0
|
|
|
8.6
|
%
|
8.1
|
%
|
Consumer
|
2,538,878
|
|
|
2,525,008
|
|
|
2,440,356
|
|
|
13,870
|
|
0.5
|
|
|
2.2
|
%
|
|
98,522
|
|
4.0
|
|
|
17.0
|
%
|
17.4
|
%
|
Total legacy
loans
|
14,913,922
|
|
|
14,483,151
|
|
|
12,923,444
|
|
|
430,771
|
|
3.0
|
|
|
12.1
|
%
|
|
1,990,478
|
|
15.4
|
|
|
100.0
|
%
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
5,595,030
|
|
|
5,961,939
|
|
|
2,370,047
|
|
|
(366,909)
|
|
(6.2)
|
|
|
|
|
3,224,983
|
|
136.1
|
|
|
|
|
Loans acquired during
the period
|
1,465,319
|
|
|
—
|
|
|
—
|
|
|
1,465,319
|
|
N/M
|
|
|
|
|
1,465,319
|
|
N/M
|
|
|
|
|
Net paydown
activity
|
(268,181)
|
|
|
(366,909)
|
|
|
(161,289)
|
|
|
98,728
|
|
(26.9)
|
|
|
|
|
(106,892)
|
|
66.3
|
|
|
|
|
Total acquired
loans
|
6,792,168
|
|
|
5,595,030
|
|
|
2,208,758
|
|
|
1,197,138
|
|
21.4
|
|
|
|
|
4,583,410
|
|
207.5
|
|
|
|
|
Total
loans
|
$
|
21,706,090
|
|
|
$
|
20,078,181
|
|
|
$
|
15,132,202
|
|
|
1,627,909
|
|
8.1
|
|
|
|
|
6,573,888
|
|
43.4
|
|
|
|
|
(1)
Includes equipment financing leases.
|
N/M= not
meaningful
|
On an average balance and linked quarter basis, the investment
portfolio decreased $94.5 million in
1Q18, to $4.8 billion, partly due to
unfavorable market valuation on available for sale
securities. Approximately 95% of the Company's investment
portfolio is in available-for-sale securities, which experience
unrealized losses as interest rates rise. On a period-end basis,
the investment portfolio equated to $4.8
billion, or 16% of total assets, at March 31, 2018. The investment portfolio had an
effective duration of 4.2 years and a $129.9
million unrealized loss at March 31,
2018, up from 3.7 years and a $57.2
million unrealized loss at December
31, 2017. The average yield on investment securities
increased 1 basis point to 2.38% in 1Q18. The Company holds in its
investment portfolio primarily government agency securities.
Municipal securities comprised 9% of total investments at
March 31, 2018.
Deposits and Funding
Total deposits increased $1.5
billion, or 7%, to $23.0
billion at March 31, 2018,
primarily driven by $1.1 billion of
deposits acquired from Gibraltar.
Excluding acquired deposits, deposit growth during 1Q18 was
strongest in the Lake Charles,
Louisiana, Naples, Florida
and Mobile, Alabama markets.
Table D -
Period-End Deposits
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
3/31/2018
|
|
12/31/2017
|
|
3/31/2017
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
3/31/2018
|
12/31/2017
|
Non-interest-bearing
|
$
|
6,595,495
|
|
$
|
6,209,925
|
|
$
|
5,031,583
|
|
385,570
|
|
6.2
|
|
25.1
|
%
|
|
1,563,912
|
|
31.1
|
|
|
28.7
|
%
|
28.9
|
%
|
NOW
accounts
|
4,500,181
|
|
4,348,939
|
|
3,085,720
|
|
151,242
|
|
3.5
|
|
14.2
|
%
|
|
1,414,461
|
|
45.8
|
|
|
19.6
|
%
|
20.3
|
%
|
Money market
accounts
|
8,271,969
|
|
7,674,291
|
|
6,372,855
|
|
597,678
|
|
7.8
|
|
31.6
|
%
|
|
1,899,114
|
|
29.8
|
|
|
36.0
|
%
|
35.7
|
%
|
Savings
accounts
|
874,741
|
|
846,074
|
|
813,009
|
|
28,667
|
|
3.4
|
|
13.8
|
%
|
|
61,732
|
|
7.6
|
|
|
3.8
|
%
|
4.0
|
%
|
Time
deposits
|
2,728,806
|
|
2,387,488
|
|
2,009,098
|
|
341,318
|
|
14.3
|
|
58.0
|
%
|
|
719,708
|
|
35.8
|
|
|
11.9
|
%
|
11.1
|
%
|
Total
deposits
|
$
|
22,971,192
|
|
$
|
21,466,717
|
|
$
|
17,312,265
|
|
1,504,475
|
|
7.0
|
|
28.4
|
%
|
|
5,658,927
|
|
32.7
|
|
|
100.0
|
%
|
100.0
|
%
|
Asset Quality
Non-performing assets ("NPAs") to total assets remained flat at
64 basis points on a linked quarter basis. Accruing loans past due
30 to 89 days equated to 0.36% of total loans at 1Q18, compared to
0.31% at 4Q17.
Net charge-offs totaled $4.3
million in 1Q18, down $5.8
million, or 57%, compared to 4Q17. Annualized net
charge-offs equated to 9 basis points of average loans in 1Q18, an
11 basis points decrease on a linked quarter basis.
Refer to Table 4 - Loans and Asset Quality Data for further
information.
Capital Position
At March 31, 2018, the Company
reported a non-GAAP tangible common equity ratio of 8.66%, up 5
basis points compared to December 31,
2017, and the preliminary Tier 1 leverage ratio was 9.97%,
up 62 basis points compared to December 31,
2017. The Company's preliminary calculation of its total
risk-based capital ratio at March 31,
2018, was 12.48%, up 11 basis points compared to
December 31, 2017.
At March 31, 2018, book value per
common share was $66.38, up
$0.21 per share, compared to
December 31, 2017. Tangible book
value per common share was $42.91, up
$0.35 per share, compared to
December 31, 2017. Based on the
closing stock price of the Company's common stock of $78.40 per share on April
19, 2018, this price equated to 1.18 times March 31, 2018 book value per common share and
1.83 times March 31, 2018 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 March 20,
2018, the Company declared a quarterly cash dividend of
$0.38 per common share, a 3% increase
compared to the common dividend declared in December 2017. The dividend is payable on
April 27, 2018, to shareholders of
record as of March 30, 2018.
Preferred Stock. On March 20,
2018, the Company declared a quarterly cash dividend of
$0.4125 per depositary share of
Series C Preferred Stock that is payable on May 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 first quarter of 2018. 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, South
Carolina, North Carolina,
and New York 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 $4.5
billion, based on the NASDAQ Global Select Market closing
stock price on April 19, 2018.
The following 10 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- FIG Partners, LLC
- Hovde Group, LLC
- Jefferies & Co., Inc.
- 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, April 20, 2018, beginning
at 8:30 a.m. Central Time by dialing
1-888-317-6003. The confirmation code for the call is
9690151. A replay of the call will be available until
midnight Central Time on April 27, 2018 by dialing 1-877-344-7529. The
confirmation code for the replay is 10118181. 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, 2017,
and in other documents subsequently filed by the Company with the
Securities and Exchange Commission, available at the SEC's website,
http://www.sec.gov, and the Company's website,
http://www.iberiabank.com. To the extent that statements in this
press release relate to future plans, objectives, financial results
or performance by the Company, these statements are deemed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are
generally identified by use of words such as "may," "believe,"
"expect," "anticipate," "intend," "will," "should," "plan,"
"estimate," "predict," "continue" and "potential" or the negative
of these terms or other comparable terminology.
Forward-looking statements represent management's beliefs, based
upon information available at the time the statements are made,
with regard to the matters addressed; they are not guarantees of
future performance. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties that change over time
and could cause actual results or financial condition to differ
materially from those expressed in or implied by such statements.
All information is as of the date of this press release. Except to
the extent required by applicable law or regulation, the Company
undertakes no obligation to revise or update publicly any
forward-looking statement for any reason.
Table 1 -
IBERIABANK CORPORATION
|
FINANCIAL
HIGHLIGHTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
INCOME
DATA:
|
3/31/2018
|
|
12/31/2017
|
|
%
Change
|
|
3/31/2017
|
|
%
Change
|
|
Net interest
income
|
$
|
232,889
|
|
|
|
$
|
235,502
|
|
|
|
(1.1)
|
|
|
$
|
172,818
|
|
|
|
34.8
|
|
|
Net interest income
(TE) (1)
|
234,353
|
|
|
|
238,314
|
|
|
|
(1.7)
|
|
|
175,309
|
|
|
|
33.7
|
|
|
Total revenues
(2)
|
277,455
|
|
|
|
287,844
|
|
|
|
(3.6)
|
|
|
217,942
|
|
|
|
27.3
|
|
|
Provision for loan
losses
|
7,986
|
|
|
|
14,393
|
|
|
|
(44.5)
|
|
|
6,154
|
|
|
|
29.8
|
|
|
Non-interest expense
(2)
|
188,296
|
|
|
|
182,065
|
|
|
|
3.4
|
|
|
138,796
|
|
|
|
35.7
|
|
|
Net income available
to common shareholders
|
60,023
|
|
|
|
9,329
|
|
|
|
543.4
|
|
|
46,874
|
|
|
|
28.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
|
1.11
|
|
|
|
$
|
0.17
|
|
|
|
552.9
|
|
|
$
|
1.01
|
|
|
|
9.9
|
|
|
Earnings available to
common shareholders - diluted
|
1.10
|
|
|
|
0.17
|
|
|
|
547.1
|
|
|
1.00
|
|
|
|
10.0
|
|
|
Core earnings
(Non-GAAP) (3)
|
1.37
|
|
|
|
1.33
|
|
|
|
3.0
|
|
|
1.02
|
|
|
|
34.3
|
|
|
Book value
|
66.38
|
|
|
|
66.17
|
|
|
|
0.3
|
|
|
65.25
|
|
|
|
1.7
|
|
|
Tangible book value
(Non-GAAP) (3) (4)
|
42.91
|
|
|
|
42.56
|
|
|
|
0.8
|
|
|
50.46
|
|
|
|
(15.0)
|
|
|
Closing stock
price
|
78.00
|
|
|
|
77.50
|
|
|
|
0.6
|
|
|
79.10
|
|
|
|
(1.4)
|
|
|
Cash
dividends
|
0.38
|
|
|
|
0.37
|
|
|
|
2.7
|
|
|
0.36
|
|
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND
OTHER DATA (7):
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.67
|
%
|
|
|
3.69
|
%
|
|
|
|
|
3.53
|
%
|
|
|
|
|
Efficiency ratio
(2)
|
67.9
|
|
|
|
63.3
|
|
|
|
|
|
63.7
|
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
(4)
|
58.8
|
|
|
|
55.3
|
|
|
|
|
|
61.3
|
|
|
|
|
|
Return on average
assets
|
0.92
|
|
|
|
0.15
|
|
|
|
|
|
0.94
|
|
|
|
|
|
Return on average
common equity
|
6.79
|
|
|
|
1.02
|
|
|
|
|
|
6.41
|
|
|
|
|
|
Core return on
average tangible common equity (Non-GAAP)
(3)(4)
|
13.83
|
|
|
|
12.73
|
|
|
|
|
|
8.99
|
|
|
|
|
|
Effective tax
rate
|
21.6
|
|
|
|
88.8
|
|
|
|
|
|
30.9
|
|
|
|
|
|
Full-time equivalent
employees
|
3,726
|
|
|
|
3,552
|
|
|
|
|
|
3,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (3) (4)
|
8.66
|
%
|
|
|
8.61
|
%
|
|
|
|
|
12.10
|
%
|
|
|
|
|
Tangible common
equity to risk-weighted assets (4)
|
10.27
|
|
|
|
10.20
|
|
|
|
|
|
14.48
|
|
|
|
|
|
Tier 1 leverage ratio
(5)
|
9.97
|
|
|
|
9.35
|
|
|
|
|
|
12.91
|
|
|
|
|
|
Common equity Tier 1
(CET 1) (transitional) (5)
|
N/A
|
|
|
|
10.57
|
|
|
|
|
|
14.64
|
|
|
|
|
|
Common equity Tier 1
(CET 1) (fully phased-in) (5)
|
10.77
|
|
|
|
10.53
|
|
|
|
|
|
14.60
|
|
|
|
|
|
Tier 1 capital
(transitional) (5)
|
11.32
|
|
|
|
11.16
|
|
|
|
|
|
15.38
|
|
|
|
|
|
Total risk-based
capital ratio (5)
|
12.48
|
|
|
|
12.37
|
|
|
|
|
|
16.92
|
|
|
|
|
|
Common stock dividend
payout ratio
|
36.0
|
|
|
|
213.6
|
|
|
|
|
|
39.0
|
|
|
|
|
|
Classified assets to
Tier 1 capital (8)
|
15.2
|
|
|
|
16.1
|
|
|
|
|
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (6)
|
0.64
|
%
|
|
|
0.64
|
%
|
|
|
|
|
1.00
|
%
|
|
|
|
|
ALLL to loans and
leases
|
0.67
|
|
|
|
0.70
|
|
|
|
|
|
0.96
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.09
|
|
|
|
0.20
|
|
|
|
|
|
0.16
|
|
|
|
|
|
Non-performing assets
to total loans and OREO (6)
|
0.87
|
|
|
|
0.89
|
|
|
|
|
|
1.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of 35%
for prior quarters and a rate of 21% for the current
quarter.
|
(2)
|
Certain prior period
amounts have been reclassified to conform to the net presentation
requirements of ASU No. 2014-09, Revenue from Contracts with
Customers, which was adopted effective January 1, 2018. On
average, the adoption resulted in a reduction of non-interest
income and non-interest expense of approximately $2.3 million on a
quarterly basis, and had no impact on net income.
|
(3)
|
See Table 7 and Table
8 for GAAP to Non-GAAP reconciliations.
|
(4)
|
Tangible calculations
eliminate the effect of goodwill and acquisition related intangible
assets and the corresponding amortization expense on a tax-effected
basis where applicable.
|
(5)
|
Regulatory capital
ratios as of March 31, 2018 are preliminary.
|
(6)
|
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.
|
(7)
|
All ratios are
calculated on an annualized basis for the periods
indicated.
|
(8)
|
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
|
|
3/31/2018
|
|
12/31/2017
|
|
$
|
%
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
$
|
%
|
Interest
income
|
$
|
270,543
|
|
|
$
|
269,703
|
|
|
840
|
|
0.3
|
|
|
$
|
246,972
|
|
|
$
|
204,575
|
|
|
$
|
192,533
|
|
|
78,010
|
|
40.5
|
|
Interest
expense
|
37,654
|
|
|
34,201
|
|
|
3,453
|
|
10.1
|
|
|
30,089
|
|
|
20,932
|
|
|
19,715
|
|
|
17,939
|
|
91.0
|
|
Net interest
income
|
232,889
|
|
|
235,502
|
|
|
(2,613)
|
|
(1.1)
|
|
|
216,883
|
|
|
183,643
|
|
|
172,818
|
|
|
60,071
|
|
34.8
|
|
Provision for loan
losses
|
7,986
|
|
|
14,393
|
|
|
(6,407)
|
|
(44.5)
|
|
|
18,514
|
|
|
12,050
|
|
|
6,154
|
|
|
1,832
|
|
29.8
|
|
Net interest income
after provision for loan losses
|
224,903
|
|
|
221,109
|
|
|
3,794
|
|
1.7
|
|
|
198,369
|
|
|
171,593
|
|
|
166,664
|
|
|
58,239
|
|
34.9
|
|
Mortgage
income
|
9,595
|
|
|
13,675
|
|
|
(4,080)
|
|
(29.8)
|
|
|
16,050
|
|
|
19,730
|
|
|
14,115
|
|
|
(4,520)
|
|
(32.0)
|
|
Service charges on
deposit accounts
|
12,908
|
|
|
12,581
|
|
|
327
|
|
2.6
|
|
|
12,534
|
|
|
11,410
|
|
|
11,153
|
|
|
1,755
|
|
15.7
|
|
Title
revenue
|
5,027
|
|
|
5,398
|
|
|
(371)
|
|
(6.9)
|
|
|
5,643
|
|
|
6,190
|
|
|
4,741
|
|
|
286
|
|
6.0
|
|
Broker
commissions(1)
|
2,221
|
|
|
1,958
|
|
|
263
|
|
13.4
|
|
|
2,094
|
|
|
2,562
|
|
|
2,547
|
|
|
(326)
|
|
(12.8)
|
|
ATM/debit card fee
income(1)
|
2,633
|
|
|
2,583
|
|
|
50
|
|
1.9
|
|
|
2,486
|
|
|
2,646
|
|
|
2,483
|
|
|
150
|
|
6.0
|
|
Income from bank
owned life insurance
|
1,282
|
|
|
1,267
|
|
|
15
|
|
1.2
|
|
|
1,263
|
|
|
1,241
|
|
|
1,311
|
|
|
(29)
|
|
(2.2)
|
|
(Loss) gain on sale
of available-for-sale securities
|
(59)
|
|
|
35
|
|
|
(94)
|
|
(268.6)
|
|
|
(242)
|
|
|
59
|
|
|
—
|
|
|
(59)
|
|
N/M
|
|
Other non-interest
income(1)
|
10,959
|
|
|
14,845
|
|
|
(3,886)
|
|
(26.2)
|
|
|
11,015
|
|
|
10,000
|
|
|
8,774
|
|
|
2,185
|
|
24.9
|
|
Total non-interest
income(1)
|
44,566
|
|
|
52,342
|
|
|
(7,776)
|
|
(14.9)
|
|
|
50,843
|
|
|
53,838
|
|
|
45,124
|
|
|
(558)
|
|
(1.2)
|
|
Salaries and employee
benefits
|
104,586
|
|
|
104,387
|
|
|
199
|
|
0.2
|
|
|
106,970
|
|
|
86,317
|
|
|
81,853
|
|
|
22,733
|
|
27.8
|
|
Occupancy and
equipment
|
20,047
|
|
|
19,211
|
|
|
836
|
|
4.4
|
|
|
19,139
|
|
|
16,292
|
|
|
16,021
|
|
|
4,026
|
|
25.1
|
|
Amortization of
acquisition intangibles
|
5,102
|
|
|
4,642
|
|
|
460
|
|
9.9
|
|
|
4,527
|
|
|
1,651
|
|
|
1,770
|
|
|
3,332
|
|
188.2
|
|
Data
processing(1)
|
12,393
|
|
|
11,416
|
|
|
977
|
|
8.6
|
|
|
12,300
|
|
|
6,713
|
|
|
6,362
|
|
|
6,031
|
|
94.8
|
|
Professional
services
|
7,391
|
|
|
9,441
|
|
|
(2,050)
|
|
(21.7)
|
|
|
22,550
|
|
|
11,219
|
|
|
5,335
|
|
|
2,056
|
|
38.5
|
|
Credit and other loan
related expense
|
4,618
|
|
|
3,170
|
|
|
1,448
|
|
45.7
|
|
|
7,532
|
|
|
3,780
|
|
|
4,526
|
|
|
92
|
|
2.0
|
|
Other non-interest
expense(1)
|
34,159
|
|
|
29,798
|
|
|
4,361
|
|
14.6
|
|
|
27,744
|
|
|
19,408
|
|
|
22,929
|
|
|
11,230
|
|
49.0
|
|
Total non-interest
expense(1)
|
188,296
|
|
|
182,065
|
|
|
6,231
|
|
3.4
|
|
|
200,762
|
|
|
145,380
|
|
|
138,796
|
|
|
49,500
|
|
35.7
|
|
Income before income
taxes
|
81,173
|
|
|
91,386
|
|
|
(10,213)
|
|
(11.2)
|
|
|
48,450
|
|
|
80,051
|
|
|
72,992
|
|
|
8,181
|
|
11.2
|
|
Income tax
expense
|
17,552
|
|
|
81,108
|
|
|
(63,556)
|
|
(78.4)
|
|
|
18,806
|
|
|
28,033
|
|
|
22,519
|
|
|
(4,967)
|
|
(22.1)
|
|
Net income
|
63,621
|
|
|
10,278
|
|
|
53,343
|
|
519.0
|
|
|
29,644
|
|
|
52,018
|
|
|
50,473
|
|
|
13,148
|
|
26.0
|
|
Less: Preferred stock
dividends
|
3,598
|
|
|
949
|
|
|
2,649
|
|
279.1
|
|
|
3,598
|
|
|
949
|
|
|
3,599
|
|
|
(1)
|
|
—
|
|
Net income available
to common shareholders
|
$
|
60,023
|
|
|
$
|
9,329
|
|
|
50,694
|
|
543.4
|
|
|
$
|
26,046
|
|
|
$
|
51,069
|
|
|
$
|
46,874
|
|
|
13,149
|
|
28.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
60,023
|
|
|
$
|
9,329
|
|
|
50,694
|
|
543.4
|
|
|
$
|
26,046
|
|
|
$
|
51,069
|
|
|
$
|
46,874
|
|
|
13,149
|
|
28.1
|
|
Less: Earnings
allocated to unvested restricted stock
|
639
|
|
|
101
|
|
|
538
|
|
532.7
|
|
|
283
|
|
|
361
|
|
|
346
|
|
|
293
|
|
84.7
|
|
Earnings allocated to
common shareholders
|
$
|
59,384
|
|
|
$
|
9,228
|
|
|
50,156
|
|
543.5
|
|
|
$
|
25,763
|
|
|
$
|
50,708
|
|
|
$
|
46,528
|
|
|
12,856
|
|
27.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
1.11
|
|
|
$
|
0.17
|
|
|
0.94
|
|
552.9
|
|
|
$
|
0.49
|
|
|
$
|
1.00
|
|
|
$
|
1.01
|
|
|
0.1
|
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
1.10
|
|
|
0.17
|
|
|
0.93
|
|
547.1
|
|
|
0.49
|
|
|
0.99
|
|
|
1.00
|
|
|
0.1
|
|
10.0
|
|
Impact of non-core
items (Non-GAAP) (2)
|
0.27
|
|
|
1.16
|
|
|
(0.89)
|
|
(76.7)
|
|
|
0.51
|
|
|
0.11
|
|
|
0.02
|
|
|
0.25
|
|
1,250.0
|
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(2)
|
$
|
1.37
|
|
|
$
|
1.33
|
|
|
0.04
|
|
3.0
|
|
|
$
|
1.00
|
|
|
$
|
1.10
|
|
|
$
|
1.02
|
|
|
0.35
|
|
34.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
53,616
|
|
|
53,287
|
|
|
329
|
|
0.6
|
|
|
52,424
|
|
|
50,630
|
|
|
46,123
|
|
|
7,493
|
|
16.2
|
|
Weighted average
common shares outstanding - diluted
|
53,967
|
|
|
53,621
|
|
|
346
|
|
0.6
|
|
|
52,770
|
|
|
50,984
|
|
|
46,496
|
|
|
7,471
|
|
16.1
|
|
Book value shares
(period end)
|
56,779
|
|
|
53,872
|
|
|
2,907
|
|
5.4
|
|
|
53,864
|
|
|
51,015
|
|
|
50,970
|
|
|
5,809
|
|
11.4
|
|
|
(1) Certain prior period
amounts have been reclassified to conform to the net presentation
requirements of ASU No. 2014-09, Revenue from Contracts with
Customers, which was adopted effective January 1, 2018. On
average, the adoption resulted in a reduction of non-interest
income and non-interest expense of approximately $2.3 million on a
quarterly basis, and had no impact on net income.
|
(2) See Table 7 and Table 8
for GAAP to Non-GAAP reconciliations.
|
N/M = not
meaningful
|
|
TABLE 3 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END
BALANCES
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
3/31/2018
|
|
12/31/2017
|
|
$
|
|
%
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
253,527
|
|
|
$
|
319,156
|
|
|
(65,629)
|
|
|
(20.6)
|
|
|
$
|
298,173
|
|
|
$
|
301,910
|
|
|
$
|
276,979
|
|
|
(23,452)
|
|
|
(8.5)
|
|
Interest-bearing
deposits in other banks
|
310,565
|
|
|
306,568
|
|
|
3,997
|
|
|
1.3
|
|
|
583,043
|
|
|
167,450
|
|
|
1,024,139
|
|
|
(713,574)
|
|
|
(69.7)
|
|
Total cash and cash
equivalents
|
564,092
|
|
|
625,724
|
|
|
(61,632)
|
|
|
(9.8)
|
|
|
881,216
|
|
|
469,360
|
|
|
1,301,118
|
|
|
(737,026)
|
|
|
(56.6)
|
|
Investment securities
available for sale
|
4,542,486
|
|
|
4,590,062
|
|
|
(47,576)
|
|
|
(1.0)
|
|
|
4,736,339
|
|
|
4,009,299
|
|
|
3,823,953
|
|
|
718,533
|
|
|
18.8
|
|
Investment securities
held to maturity
|
224,241
|
|
|
227,318
|
|
|
(3,077)
|
|
|
(1.4)
|
|
|
175,906
|
|
|
84,517
|
|
|
86,018
|
|
|
138,223
|
|
|
160.7
|
|
Total investment
securities
|
4,766,727
|
|
|
4,817,380
|
|
|
(50,653)
|
|
|
(1.1)
|
|
|
4,912,245
|
|
|
4,093,816
|
|
|
3,909,971
|
|
|
856,756
|
|
|
21.9
|
|
Mortgage loans held
for sale
|
110,348
|
|
|
134,916
|
|
|
(24,568)
|
|
|
(18.2)
|
|
|
141,218
|
|
|
140,959
|
|
|
122,333
|
|
|
(11,985)
|
|
|
(9.8)
|
|
Loans and leases, net
of unearned income
|
21,706,090
|
|
|
20,078,181
|
|
|
1,627,909
|
|
|
8.1
|
|
|
19,795,085
|
|
|
15,556,016
|
|
|
15,132,202
|
|
|
6,573,888
|
|
|
43.4
|
|
Allowance for loan
and lease losses
|
(144,527)
|
|
|
(140,891)
|
|
|
(3,636)
|
|
|
2.6
|
|
|
(136,628)
|
|
|
(146,225)
|
|
|
(144,890)
|
|
|
363
|
|
|
(0.3)
|
|
Loans and leases,
net
|
21,561,563
|
|
|
19,937,290
|
|
|
1,624,273
|
|
|
8.1
|
|
|
19,658,457
|
|
|
15,409,791
|
|
|
14,987,312
|
|
|
6,574,251
|
|
|
43.9
|
|
Premises and
equipment, net
|
329,454
|
|
|
331,413
|
|
|
(1,959)
|
|
|
(0.6)
|
|
|
330,800
|
|
|
318,167
|
|
|
303,978
|
|
|
25,476
|
|
|
8.4
|
|
Goodwill and other
intangible assets
|
1,338,573
|
|
|
1,277,464
|
|
|
61,109
|
|
|
4.8
|
|
|
1,281,479
|
|
|
757,025
|
|
|
758,340
|
|
|
580,233
|
|
|
76.5
|
|
Other
assets
|
801,880
|
|
|
779,942
|
|
|
21,938
|
|
|
2.8
|
|
|
771,220
|
|
|
601,609
|
|
|
625,427
|
|
|
176,453
|
|
|
28.2
|
|
Total
assets
|
$
|
29,472,637
|
|
|
$
|
27,904,129
|
|
|
1,568,508
|
|
|
5.6
|
|
|
$
|
27,976,635
|
|
|
$
|
21,790,727
|
|
|
$
|
22,008,479
|
|
|
7,464,158
|
|
|
33.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,595,495
|
|
|
$
|
6,209,925
|
|
|
385,570
|
|
|
6.2
|
|
|
$
|
5,963,943
|
|
|
$
|
5,020,195
|
|
|
$
|
5,031,583
|
|
|
1,563,912
|
|
|
31.1
|
|
NOW
accounts
|
4,500,181
|
|
|
4,348,939
|
|
|
151,242
|
|
|
3.5
|
|
|
3,547,761
|
|
|
3,089,482
|
|
|
3,085,720
|
|
|
1,414,461
|
|
|
45.8
|
|
Savings and money
market accounts
|
9,146,710
|
|
|
8,520,365
|
|
|
626,345
|
|
|
7.4
|
|
|
9,165,417
|
|
|
6,815,513
|
|
|
7,185,864
|
|
|
1,960,846
|
|
|
27.3
|
|
Certificates of
deposit
|
2,728,806
|
|
|
2,387,488
|
|
|
341,318
|
|
|
14.3
|
|
|
2,657,150
|
|
|
1,927,926
|
|
|
2,009,098
|
|
|
719,708
|
|
|
35.8
|
|
Total
deposits
|
22,971,192
|
|
|
21,466,717
|
|
|
1,504,475
|
|
|
7.0
|
|
|
21,334,271
|
|
|
16,853,116
|
|
|
17,312,265
|
|
|
5,658,927
|
|
|
32.7
|
|
Short-term
borrowings
|
375,000
|
|
|
475,000
|
|
|
(100,000)
|
|
|
(21.1)
|
|
|
975,008
|
|
|
250,000
|
|
|
80,000
|
|
|
295,000
|
|
|
368.8
|
|
Securities sold under
agreements to repurchase
|
525,496
|
|
|
516,297
|
|
|
9,199
|
|
|
1.8
|
|
|
548,696
|
|
|
333,935
|
|
|
368,696
|
|
|
156,800
|
|
|
42.5
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,329,192
|
|
|
1,375,725
|
|
|
(46,533)
|
|
|
(3.4)
|
|
|
1,007,474
|
|
|
547,133
|
|
|
507,975
|
|
|
821,217
|
|
|
161.7
|
|
Other
liabilities
|
250,740
|
|
|
253,489
|
|
|
(2,749)
|
|
|
(1.1)
|
|
|
264,302
|
|
|
183,191
|
|
|
161,458
|
|
|
89,282
|
|
|
55.3
|
|
Total
liabilities
|
25,571,730
|
|
|
24,207,338
|
|
|
1,364,392
|
|
|
5.6
|
|
|
24,249,861
|
|
|
18,287,485
|
|
|
18,550,504
|
|
|
7,021,226
|
|
|
37.8
|
|
Total shareholders'
equity
|
3,900,907
|
|
|
3,696,791
|
|
|
204,116
|
|
|
5.5
|
|
|
3,726,774
|
|
|
3,503,242
|
|
|
3,457,975
|
|
|
442,932
|
|
|
12.8
|
|
Total liabilities and
shareholders' equity
|
$
|
29,472,637
|
|
|
$
|
27,904,129
|
|
|
1,568,508
|
|
|
5.6
|
|
|
$
|
27,976,635
|
|
|
$
|
21,790,727
|
|
|
$
|
22,008,479
|
|
|
7,464,158
|
|
|
33.9
|
|
TABLE 3 Continued
- IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
3/31/2018
|
|
12/31/2017
|
|
$
|
|
%
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
308,319
|
|
|
$
|
307,328
|
|
|
991
|
|
|
0.3
|
|
|
$
|
277,968
|
|
|
$
|
277,047
|
|
|
$
|
302,585
|
|
|
5,734
|
|
|
1.9
|
|
Interest-bearing
deposits in other banks
|
486,298
|
|
|
538,733
|
|
|
(52,435)
|
|
|
(9.7)
|
|
|
615,445
|
|
|
555,431
|
|
|
1,023,688
|
|
|
(537,390)
|
|
|
(52.5)
|
|
Total cash and cash
equivalents
|
794,617
|
|
|
846,061
|
|
|
(51,444)
|
|
|
(6.1)
|
|
|
893,413
|
|
|
832,478
|
|
|
1,326,273
|
|
|
(531,656)
|
|
|
(40.1)
|
|
Investment securities
available for sale
|
4,544,836
|
|
|
4,674,496
|
|
|
(129,660)
|
|
|
(2.8)
|
|
|
4,593,798
|
|
|
3,970,021
|
|
|
3,679,817
|
|
|
865,019
|
|
|
23.5
|
|
Investment securities
held to maturity
|
226,229
|
|
|
191,067
|
|
|
35,162
|
|
|
18.4
|
|
|
114,895
|
|
|
85,516
|
|
|
87,246
|
|
|
138,983
|
|
|
159.3
|
|
Total investment
securities
|
4,771,065
|
|
|
4,865,563
|
|
|
(94,498)
|
|
|
(1.9)
|
|
|
4,708,693
|
|
|
4,055,537
|
|
|
3,767,063
|
|
|
1,004,002
|
|
|
26.7
|
|
Mortgage loans held
for sale
|
109,027
|
|
|
126,216
|
|
|
(17,189)
|
|
|
(13.6)
|
|
|
132,309
|
|
|
145,274
|
|
|
175,512
|
|
|
(66,485)
|
|
|
(37.9)
|
|
Loans and leases, net
of unearned income
|
20,181,390
|
|
|
19,941,500
|
|
|
239,890
|
|
|
1.2
|
|
|
18,341,154
|
|
|
15,284,007
|
|
|
15,045,755
|
|
|
5,135,635
|
|
|
34.1
|
|
Allowance for loan
and lease losses
|
(144,295)
|
|
|
(138,927)
|
|
|
(5,368)
|
|
|
3.9
|
|
|
(147,046)
|
|
|
(146,448)
|
|
|
(145,326)
|
|
|
1,031
|
|
|
(0.7)
|
|
Loans and leases,
net
|
20,037,095
|
|
|
19,802,573
|
|
|
234,522
|
|
|
1.2
|
|
|
18,194,108
|
|
|
15,137,559
|
|
|
14,900,429
|
|
|
5,136,666
|
|
|
34.5
|
|
Premises and
equipment, net
|
331,640
|
|
|
329,957
|
|
|
1,683
|
|
|
0.5
|
|
|
327,917
|
|
|
309,622
|
|
|
305,245
|
|
|
26,395
|
|
|
8.6
|
|
Goodwill and other
intangible assets
|
1,281,598
|
|
|
1,277,293
|
|
|
4,305
|
|
|
0.3
|
|
|
1,047,355
|
|
|
757,528
|
|
|
758,887
|
|
|
522,711
|
|
|
68.9
|
|
Other
assets
|
807,177
|
|
|
787,400
|
|
|
19,777
|
|
|
2.5
|
|
|
793,126
|
|
|
605,539
|
|
|
628,092
|
|
|
179,085
|
|
|
28.5
|
|
Total
assets
|
$
|
28,132,219
|
|
|
$
|
28,035,063
|
|
|
97,156
|
|
|
0.3
|
|
|
$
|
26,096,921
|
|
|
$
|
21,843,537
|
|
|
$
|
21,861,501
|
|
|
6,270,718
|
|
|
28.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,278,507
|
|
|
$
|
6,176,347
|
|
|
102,160
|
|
|
1.7
|
|
|
$
|
5,601,071
|
|
|
$
|
4,992,598
|
|
|
$
|
4,976,945
|
|
|
1,301,562
|
|
|
26.2
|
|
NOW
accounts
|
4,363,557
|
|
|
3,987,908
|
|
|
375,649
|
|
|
9.4
|
|
|
3,203,657
|
|
|
3,124,243
|
|
|
3,239,085
|
|
|
1,124,472
|
|
|
34.7
|
|
Savings and money
market accounts
|
8,664,085
|
|
|
8,769,464
|
|
|
(105,379)
|
|
|
(1.2)
|
|
|
8,566,873
|
|
|
7,079,773
|
|
|
7,211,545
|
|
|
1,452,540
|
|
|
20.1
|
|
Certificates of
deposit
|
2,471,485
|
|
|
2,444,403
|
|
|
27,082
|
|
|
1.1
|
|
|
2,413,727
|
|
|
1,964,234
|
|
|
2,083,749
|
|
|
387,736
|
|
|
18.6
|
|
Total
deposits
|
21,777,634
|
|
|
21,378,122
|
|
|
399,512
|
|
|
1.9
|
|
|
19,785,328
|
|
|
17,160,848
|
|
|
17,511,324
|
|
|
4,266,310
|
|
|
24.4
|
|
Short-term
borrowings
|
506,056
|
|
|
729,111
|
|
|
(223,055)
|
|
|
(30.6)
|
|
|
1,180,165
|
|
|
38,320
|
|
|
99,000
|
|
|
407,056
|
|
|
411.2
|
|
Securities sold under
agreements to repurchase
|
477,862
|
|
|
494,757
|
|
|
(16,895)
|
|
|
(3.4)
|
|
|
439,077
|
|
|
314,090
|
|
|
311,726
|
|
|
166,136
|
|
|
53.3
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,257,213
|
|
|
1,300,114
|
|
|
(42,901)
|
|
|
(3.3)
|
|
|
622,655
|
|
|
508,522
|
|
|
498,384
|
|
|
758,829
|
|
|
152.3
|
|
Other
liabilities
|
275,869
|
|
|
264,790
|
|
|
11,079
|
|
|
4.2
|
|
|
273,163
|
|
|
200,673
|
|
|
221,993
|
|
|
53,876
|
|
|
24.3
|
|
Total
liabilities
|
24,414,744
|
|
|
24,287,004
|
|
|
127,740
|
|
|
0.5
|
|
|
22,420,498
|
|
|
18,342,563
|
|
|
18,762,537
|
|
|
5,652,207
|
|
|
30.1
|
|
Total shareholders'
equity
|
3,717,475
|
|
|
3,748,059
|
|
|
(30,584)
|
|
|
(0.8)
|
|
|
3,676,423
|
|
|
3,500,974
|
|
|
3,098,964
|
|
|
618,511
|
|
|
20.0
|
|
Total liabilities and
shareholders' equity
|
$
|
28,132,219
|
|
|
$
|
28,035,063
|
|
|
97,156
|
|
|
0.3
|
|
|
$
|
26,096,921
|
|
|
$
|
21,843,537
|
|
|
$
|
21,861,501
|
|
|
6,270,718
|
|
|
28.7
|
|
Table 4 -
IBERIABANK CORPORATION
|
LOANS AND ASSET
QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
|
3/31/2018
|
|
12/31/2017
|
|
$
|
|
%
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
$
|
|
%
|
Commercial loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate-
construction
|
$
|
1,199,625
|
|
|
$
|
1,240,396
|
|
|
(40,771)
|
|
|
(3.3)
|
|
|
$
|
1,298,282
|
|
|
$
|
1,100,504
|
|
|
$
|
946,477
|
|
|
253,148
|
|
|
26.7
|
|
Real estate-
owner-occupied (1)
|
2,612,244
|
|
|
2,529,885
|
|
|
82,359
|
|
|
3.3
|
|
|
2,448,826
|
|
|
2,242,275
|
|
|
2,230,041
|
|
|
382,203
|
|
|
17.1
|
|
Real estate-
non-owner occupied
|
5,437,082
|
|
|
5,167,949
|
|
|
269,133
|
|
|
5.2
|
|
|
5,020,778
|
|
|
3,839,777
|
|
|
3,844,823
|
|
|
1,592,259
|
|
|
41.4
|
|
Commercial and
industrial (6)
|
5,325,682
|
|
|
5,135,067
|
|
|
190,615
|
|
|
3.7
|
|
|
5,016,437
|
|
|
4,195,096
|
|
|
3,975,734
|
|
|
1,349,948
|
|
|
34.0
|
|
Total
commercial loans and leases
|
14,574,633
|
|
|
14,073,297
|
|
|
501,336
|
|
|
3.6
|
|
|
13,784,323
|
|
|
11,377,652
|
|
|
10,997,075
|
|
|
3,577,558
|
|
|
32.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
3,971,067
|
|
|
3,056,352
|
|
|
914,715
|
|
|
29.9
|
|
|
3,024,970
|
|
|
1,346,467
|
|
|
1,296,358
|
|
|
2,674,709
|
|
|
206.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
2,421,186
|
|
|
2,292,275
|
|
|
128,911
|
|
|
5.6
|
|
|
2,320,233
|
|
|
2,158,948
|
|
|
2,146,796
|
|
|
274,390
|
|
|
12.8
|
|
Automobile
|
123,057
|
|
|
127,531
|
|
|
(4,474)
|
|
|
(3.5)
|
|
|
130,847
|
|
|
135,012
|
|
|
142,139
|
|
|
(19,082)
|
|
|
(13.4)
|
|
Credit
card
|
93,261
|
|
|
96,368
|
|
|
(3,107)
|
|
|
(3.2)
|
|
|
88,454
|
|
|
87,088
|
|
|
84,113
|
|
|
9,148
|
|
|
10.9
|
|
Other
|
522,886
|
|
|
432,358
|
|
|
90,528
|
|
|
20.9
|
|
|
446,258
|
|
|
450,849
|
|
|
465,721
|
|
|
57,165
|
|
|
12.3
|
|
Total
consumer loans
|
3,160,390
|
|
|
2,948,532
|
|
|
211,858
|
|
|
7.2
|
|
|
2,985,792
|
|
|
2,831,897
|
|
|
2,838,769
|
|
|
321,621
|
|
|
11.3
|
|
Total
loans and leases
|
$
|
21,706,090
|
|
|
$
|
20,078,181
|
|
|
1,627,909
|
|
|
8.1
|
|
|
$
|
19,795,085
|
|
|
$
|
15,556,016
|
|
|
$
|
15,132,202
|
|
|
6,573,888
|
|
|
43.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses (2)
|
$
|
(144,527)
|
|
|
$
|
(140,891)
|
|
|
(3,636)
|
|
|
2.6
|
|
|
$
|
(136,628)
|
|
|
$
|
(146,225)
|
|
|
$
|
(144,890)
|
|
|
363
|
|
|
(0.3)
|
|
Loans and leases,
net
|
21,561,563
|
|
|
19,937,290
|
|
|
1,624,273
|
|
|
8.1
|
|
|
19,658,457
|
|
|
15,409,791
|
|
|
14,987,312
|
|
|
6,574,251
|
|
|
43.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(13,432)
|
|
|
(13,208)
|
|
|
(224)
|
|
|
1.7
|
|
|
(21,032)
|
|
|
(10,462)
|
|
|
(11,660)
|
|
|
(1,772)
|
|
|
15.2
|
|
Allowance for credit
losses
|
(157,959)
|
|
|
(154,099)
|
|
|
(3,860)
|
|
|
2.5
|
|
|
(157,660)
|
|
|
(156,687)
|
|
|
(156,550)
|
|
|
(1,409)
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(3)
|
$
|
153,975
|
|
|
$
|
145,388
|
|
|
8,587
|
|
|
5.9
|
|
|
$
|
145,491
|
|
|
$
|
177,942
|
|
|
$
|
191,581
|
|
|
(37,606)
|
|
|
(19.6)
|
|
Other real estate
owned and foreclosed assets
|
27,117
|
|
|
26,533
|
|
|
584
|
|
|
2.2
|
|
|
28,338
|
|
|
19,718
|
|
|
20,055
|
|
|
7,062
|
|
|
35.2
|
|
Accruing loans more
than 90 days past due (3)
|
8,288
|
|
|
6,900
|
|
|
1,388
|
|
|
20.1
|
|
|
2,190
|
|
|
802
|
|
|
7,913
|
|
|
375
|
|
|
4.7
|
|
Total
non-performing
assets
(3)(4)
|
$
|
189,380
|
|
|
$
|
178,821
|
|
|
10,559
|
|
|
5.9
|
|
|
$
|
176,019
|
|
|
$
|
198,462
|
|
|
$
|
219,549
|
|
|
(30,169)
|
|
|
(13.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due (3)
|
$
|
78,293
|
|
|
$
|
61,717
|
|
|
16,576
|
|
|
26.9
|
|
|
$
|
58,327
|
|
|
$
|
50,871
|
|
|
$
|
36,104
|
|
|
42,189
|
|
|
116.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (3)(4)
|
0.64
|
%
|
|
0.64
|
%
|
|
|
|
|
|
0.63
|
%
|
|
0.91
|
%
|
|
1.00
|
%
|
|
|
|
|
Non-performing assets
to total loans and OREO (3)(4)
|
0.87
|
|
|
0.89
|
|
|
|
|
|
|
0.89
|
|
|
1.27
|
|
|
1.45
|
|
|
|
|
|
ALLL to
non-performing
loans
(3)(5)
|
89.1
|
|
|
92.5
|
|
|
|
|
|
|
92.5
|
|
|
81.8
|
|
|
72.6
|
|
|
|
|
|
ALLL to
non-performing
assets
(3)(4)
|
76.3
|
|
|
78.8
|
|
|
|
|
|
|
77.6
|
|
|
73.7
|
|
|
66.0
|
|
|
|
|
|
ALLL to total
loans
|
0.67
|
|
|
0.70
|
|
|
|
|
|
|
0.69
|
|
|
0.94
|
|
|
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
|
9,116
|
|
|
$
|
12,526
|
|
|
(3,410)
|
|
|
(27.2)
|
|
|
$
|
30,460
|
|
|
$
|
12,189
|
|
|
$
|
7,291
|
|
|
1,825
|
|
|
25.0
|
|
Quarter-to-date
recoveries
|
(4,813)
|
|
|
(2,425)
|
|
|
(2,388)
|
|
|
98.5
|
|
|
(1,644)
|
|
|
(1,289)
|
|
|
(1,235)
|
|
|
(3,578)
|
|
|
289.7
|
|
Quarter-to-date net
charge-offs
|
$
|
4,303
|
|
|
$
|
10,101
|
|
|
(5,798)
|
|
|
(57.4)
|
|
|
$
|
28,816
|
|
|
$
|
10,900
|
|
|
$
|
6,056
|
|
|
(1,753)
|
|
|
(28.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.09
|
%
|
|
0.20
|
%
|
|
|
|
|
|
0.62
|
%
|
|
0.29
|
%
|
|
0.16
|
%
|
|
|
|
|
|
|
(1)
|
Real estate-
owner-occupied is defined as loans with a "1E1" Call Report Code
(loans secured by owner-occupied non-farm non-residential
properties).
|
(2)
|
The allowance for
loan and lease losses includes impairment reserves attributable to
acquired impaired loans.
|
(3)
|
For purposes of this
table, past due and non-accrual loan amounts exclude acquired
impaired loans, even if contractually past due or if the Company
does not expect to receive payment in full, as the Company is
currently accreting interest income over the expected life of the
loans.
|
(4)
|
Non-performing assets
consist of non-accruing loans, accruing loans 90 days or more past
due and other real estate owned, including repossessed
assets.
|
(5)
|
Non-performing loans
consist of non-accruing loans and accruing loans 90 days or more
past due.
|
(6)
|
Includes equipment
financing leases.
|
TABLE 5 -
IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2018
|
|
12/31/2017
|
|
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 and
leases
|
$
|
14,087,635
|
|
$
|
164,660
|
|
4.76
|
%
|
|
$
|
13,964,340
|
|
$
|
163,974
|
|
4.70
|
%
|
|
6
|
Residential mortgage
loans
|
3,151,775
|
|
34,494
|
|
4.38
|
|
|
3,049,947
|
|
35,007
|
|
4.59
|
|
|
(21)
|
Consumer
loans
|
2,941,980
|
|
38,915
|
|
5.36
|
|
|
2,927,213
|
|
38,836
|
|
5.26
|
|
|
10
|
Total loans and leases
|
20,181,390
|
|
238,069
|
|
4.79
|
|
|
19,941,500
|
|
237,817
|
|
4.77
|
|
|
2
|
Mortgage loans held
for sale
|
109,027
|
|
1,154
|
|
4.23
|
|
|
126,216
|
|
1,251
|
|
3.96
|
|
|
27
|
Investment securities
(2)
|
4,843,448
|
|
28,094
|
|
2.38
|
|
|
4,893,538
|
|
27,714
|
|
2.37
|
|
|
1
|
Other earning
assets
|
679,902
|
|
3,226
|
|
1.92
|
|
|
725,042
|
|
2,921
|
|
1.60
|
|
|
32
|
Total earning
assets
|
25,813,767
|
|
270,543
|
|
4.26
|
|
|
25,686,296
|
|
269,703
|
|
4.22
|
|
|
4
|
Allowance for loan
and lease losses
|
(144,295)
|
|
|
|
|
(138,927)
|
|
|
|
|
|
Non-earning
assets
|
2,462,747
|
|
|
|
|
2,487,694
|
|
|
|
|
|
Total
assets
|
$
|
28,132,219
|
|
|
|
|
$
|
28,035,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,363,557
|
|
$
|
7,081
|
|
0.66
|
%
|
|
$
|
3,987,908
|
|
$
|
5,404
|
|
0.54
|
%
|
|
12
|
Savings and money
market accounts
|
8,664,085
|
|
14,579
|
|
0.68
|
|
|
8,769,464
|
|
13,345
|
|
0.60
|
|
|
8
|
Certificates of
deposit
|
2,471,485
|
|
6,584
|
|
1.08
|
|
|
2,444,403
|
|
6,115
|
|
0.99
|
|
|
9
|
Total
interest-bearing deposits (3)
|
15,499,127
|
|
28,244
|
|
0.74
|
|
|
15,201,775
|
|
24,864
|
|
0.65
|
|
|
9
|
Short-term
borrowings
|
983,918
|
|
2,524
|
|
1.04
|
|
|
1,223,868
|
|
2,901
|
|
0.94
|
|
|
10
|
Long-term
debt
|
1,377,323
|
|
6,886
|
|
2.03
|
|
|
1,420,224
|
|
6,436
|
|
1.80
|
|
|
23
|
Total interest-bearing
liabilities
|
17,860,368
|
|
37,654
|
|
0.86
|
|
|
17,845,867
|
|
34,201
|
|
0.76
|
|
|
10
|
Non-interest-bearing
deposits
|
6,278,507
|
|
|
|
|
6,176,347
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
275,869
|
|
|
|
|
264,790
|
|
|
|
|
|
Total
liabilities
|
24,414,744
|
|
|
|
|
24,287,004
|
|
|
|
|
|
Total shareholders'
equity
|
3,717,475
|
|
|
|
|
3,748,059
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
28,132,219
|
|
|
|
|
$
|
28,035,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
232,889
|
|
3.40
|
%
|
|
|
$
|
235,502
|
|
3.46
|
%
|
|
(6)
|
Taxable equivalent
benefit
|
|
1,464
|
|
0.02
|
|
|
|
2,812
|
|
0.04
|
|
|
(2)
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
234,353
|
|
3.67
|
%
|
|
|
$
|
238,314
|
|
3.69
|
%
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of 35%
for prior quarters and a rate of 21% for the current
quarter.
|
(2) Balances exclude
unrealized gain or loss on securities available for sale and the
impact of trade date accounting.
|
(3) Total deposit
costs for the three months ended March 31, 2018 and December 31,
2017 were 0.53% and 0.46%, respectively.
|
TABLE 5 Continued
- IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans and
leases
|
$
|
12,951,243
|
|
$
|
146,003
|
|
4.52
|
%
|
|
$
|
11,136,842
|
|
$
|
127,301
|
|
4.64
|
%
|
|
$
|
10,917,714
|
|
$
|
119,605
|
|
4.50
|
%
|
Residential mortgage
loans
|
2,464,348
|
|
28,645
|
|
4.65
|
|
|
1,319,207
|
|
14,345
|
|
4.35
|
|
|
1,273,069
|
|
12,848
|
|
4.04
|
|
Consumer
loans
|
2,925,563
|
|
42,240
|
|
5.73
|
|
|
2,827,958
|
|
37,619
|
|
5.34
|
|
|
2,854,972
|
|
36,524
|
|
5.19
|
|
Total loans and leases
|
18,341,154
|
|
216,888
|
|
4.73
|
|
|
15,284,007
|
|
179,265
|
|
4.74
|
|
|
15,045,755
|
|
168,977
|
|
4.59
|
|
Mortgage loans held
for sale
|
132,309
|
|
1,209
|
|
3.66
|
|
|
145,274
|
|
1,249
|
|
3.44
|
|
|
175,512
|
|
971
|
|
2.21
|
|
Investment securities
(2)
|
4,709,526
|
|
26,246
|
|
2.32
|
|
|
4,029,491
|
|
22,307
|
|
2.32
|
|
|
3,741,128
|
|
19,927
|
|
2.24
|
|
Other earning
assets
|
789,223
|
|
2,629
|
|
1.32
|
|
|
650,083
|
|
1,754
|
|
1.08
|
|
|
1,123,087
|
|
2,658
|
|
0.96
|
|
Total earning
assets
|
23,972,212
|
|
246,972
|
|
4.14
|
|
|
20,108,855
|
|
204,575
|
|
4.13
|
|
|
20,085,482
|
|
192,533
|
|
3.93
|
|
Allowance for loan
and lease losses
|
(147,046)
|
|
|
|
|
(146,448)
|
|
|
|
|
(145,326)
|
|
|
|
Non-earning
assets
|
2,271,755
|
|
|
|
|
1,881,130
|
|
|
|
|
1,921,345
|
|
|
|
Total
assets
|
$
|
26,096,921
|
|
|
|
|
$
|
21,843,537
|
|
|
|
|
$
|
21,861,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
3,203,657
|
|
$
|
4,384
|
|
0.54
|
%
|
|
$
|
3,124,243
|
|
$
|
3,507
|
|
0.45
|
%
|
|
$
|
3,239,085
|
|
$
|
3,090
|
|
0.39
|
%
|
Savings and money
market accounts
|
8,566,873
|
|
11,650
|
|
0.54
|
|
|
7,079,773
|
|
9,030
|
|
0.51
|
|
|
7,211,545
|
|
8,329
|
|
0.47
|
|
Certificates of
deposit
|
2,413,727
|
|
5,766
|
|
0.95
|
|
|
1,964,234
|
|
4,576
|
|
0.93
|
|
|
2,083,749
|
|
4,638
|
|
0.90
|
|
Total
interest-bearing deposits (3)
|
14,184,257
|
|
21,800
|
|
0.61
|
|
|
12,168,250
|
|
17,113
|
|
0.56
|
|
|
12,534,379
|
|
16,057
|
|
0.52
|
|
Short-term
borrowings
|
1,619,242
|
|
4,152
|
|
1.02
|
|
|
352,410
|
|
226
|
|
0.26
|
|
|
410,726
|
|
277
|
|
0.27
|
|
Long-term
debt
|
742,765
|
|
4,137
|
|
2.21
|
|
|
628,632
|
|
3,593
|
|
2.29
|
|
|
618,494
|
|
3,381
|
|
2.22
|
|
Total
interest-bearing liabilities
|
16,546,264
|
|
30,089
|
|
0.72
|
|
|
13,149,292
|
|
20,932
|
|
0.64
|
|
|
13,563,599
|
|
19,715
|
|
0.59
|
|
Non-interest-bearing
deposits
|
5,601,071
|
|
|
|
|
4,992,598
|
|
|
|
|
4,976,945
|
|
|
|
Non-interest-bearing
liabilities
|
273,163
|
|
|
|
|
200,673
|
|
|
|
|
221,993
|
|
|
|
Total
liabilities
|
22,420,498
|
|
|
|
|
18,342,563
|
|
|
|
|
18,762,537
|
|
|
|
Total shareholders'
equity
|
3,676,423
|
|
|
|
|
3,500,974
|
|
|
|
|
3,098,964
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
26,096,921
|
|
|
|
|
$
|
21,843,537
|
|
|
|
|
$
|
21,861,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
|
216,883
|
|
3.42
|
%
|
|
|
$
|
183,643
|
|
3.49
|
%
|
|
|
$
|
172,818
|
|
3.34
|
%
|
Taxable equivalent
benefit
|
|
2,585
|
|
0.04
|
|
|
|
2,492
|
|
0.05
|
|
|
|
2,491
|
|
0.05
|
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
219,468
|
|
3.64
|
%
|
|
|
$
|
186,135
|
|
3.71
|
%
|
|
|
$
|
175,309
|
|
3.53
|
%
|
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of 35%
for prior quarters and a rate of 21% for the current
quarter.
|
(2) Balances exclude
unrealized gain or loss on securities available for sale and the
impact of trade date accounting.
|
(3) Total deposit
costs for the three months ended September 30, 2017, June 30, 2017,
and March 31, 2017 were 0.44%, 0.40% and 0.37%,
respectively.
|
Table 6 -
IBERIABANK CORPORATION
|
LEGACY AND
ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
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
|
$
|
166
|
|
$
|
14,556
|
|
4.61
|
%
|
|
$
|
157
|
|
$
|
14,235
|
|
4.39
|
%
|
|
$
|
148
|
|
$
|
13,638
|
|
4.29
|
%
|
|
$
|
140
|
|
$
|
13,150
|
|
4.27
|
%
|
|
$
|
131
|
|
$
|
12,760
|
|
4.12
|
%
|
Acquired
loans
|
72
|
|
5,625
|
|
5.20
|
|
|
81
|
|
5,706
|
|
5.61
|
|
|
69
|
|
4,703
|
|
5.86
|
|
|
39
|
|
2,134
|
|
7.40
|
|
|
38
|
|
2,286
|
|
6.81
|
|
Total
loans
|
$
|
238
|
|
$
|
20,181
|
|
4.77
|
%
|
|
$
|
238
|
|
$
|
19,941
|
|
4.74
|
%
|
|
$
|
217
|
|
$
|
18,341
|
|
4.70
|
%
|
|
$
|
179
|
|
$
|
15,284
|
|
4.70
|
%
|
|
$
|
169
|
|
$
|
15,046
|
|
4.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
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
|
(15)
|
|
142
|
|
(1.16)
|
|
|
(21)
|
|
161
|
|
(1.60)
|
|
|
(20)
|
|
120
|
|
(1.76)
|
|
|
(12)
|
|
72
|
|
(2.46)
|
|
|
(11)
|
|
87
|
|
(2.08)
|
|
Total
loans
|
$
|
(15)
|
|
$
|
142
|
|
(0.32)
|
%
|
|
$
|
(21)
|
|
$
|
161
|
|
(0.46)
|
%
|
|
$
|
(20)
|
|
$
|
120
|
|
(0.45)
|
%
|
|
$
|
(12)
|
|
$
|
72
|
|
(0.34)
|
%
|
|
$
|
(11)
|
|
$
|
87
|
|
(0.31)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
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
|
$
|
166
|
|
$
|
14,556
|
|
4.61
|
%
|
|
$
|
157
|
|
$
|
14,235
|
|
4.39
|
%
|
|
$
|
148
|
|
$
|
13,638
|
|
4.29
|
%
|
|
$
|
140
|
|
$
|
13,150
|
|
4.27
|
%
|
|
$
|
131
|
|
$
|
12,760
|
|
4.12
|
%
|
Acquired
loans
|
57
|
|
5,767
|
|
4.04
|
|
|
60
|
|
5,867
|
|
4.01
|
|
|
49
|
|
4,823
|
|
4.10
|
|
|
27
|
|
2,206
|
|
4.94
|
|
|
27
|
|
2,373
|
|
4.73
|
|
Total
loans
|
$
|
223
|
|
$
|
20,323
|
|
4.45
|
%
|
|
$
|
217
|
|
$
|
20,102
|
|
4.28
|
%
|
|
$
|
197
|
|
$
|
18,461
|
|
4.25
|
%
|
|
$
|
167
|
|
$
|
15,356
|
|
4.36
|
%
|
|
$
|
158
|
|
$
|
15,133
|
|
4.24
|
%
|
Table 7 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
Net income
|
$
|
81,173
|
|
|
$
|
63,621
|
|
|
$
|
1.17
|
|
|
$
|
91,386
|
|
|
$
|
10,278
|
|
|
$
|
0.19
|
|
|
$
|
48,450
|
|
|
$
|
29,644
|
|
|
$
|
0.56
|
|
Less: Preferred stock
dividends
|
—
|
|
|
3,598
|
|
|
0.07
|
|
|
—
|
|
|
949
|
|
|
0.02
|
|
|
—
|
|
|
3,598
|
|
|
0.07
|
|
Income available to
common shareholders (GAAP)
|
$
|
81,173
|
|
|
$
|
60,023
|
|
|
$
|
1.10
|
|
|
$
|
91,386
|
|
|
$
|
9,329
|
|
|
$
|
0.17
|
|
|
$
|
48,450
|
|
|
$
|
26,046
|
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
59
|
|
|
44
|
|
|
—
|
|
|
(35)
|
|
|
(22)
|
|
|
—
|
|
|
242
|
|
|
157
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
16,227
|
|
|
12,517
|
|
|
0.23
|
|
|
11,373
|
|
|
8,487
|
|
|
0.16
|
|
|
28,478
|
|
|
19,255
|
|
|
0.36
|
|
Compensation-related
expense
|
1,221
|
|
|
928
|
|
|
0.02
|
|
|
1,457
|
|
|
947
|
|
|
0.01
|
|
|
1,092
|
|
|
710
|
|
|
0.02
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
2,074
|
|
|
1,576
|
|
|
0.03
|
|
|
3,177
|
|
|
2,065
|
|
|
0.04
|
|
|
3,661
|
|
|
2,380
|
|
|
0.04
|
|
Litigation
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,228
|
|
|
0.02
|
|
|
5,692
|
|
|
4,696
|
|
|
0.09
|
|
Other non-core
non-interest expense
|
(683)
|
|
|
(520)
|
|
|
(0.01)
|
|
|
467
|
|
|
358
|
|
|
0.01
|
|
|
377
|
|
|
245
|
|
|
—
|
|
Total non-interest
expense adjustments
|
18,839
|
|
|
14,501
|
|
|
0.27
|
|
|
16,474
|
|
|
13,085
|
|
|
0.24
|
|
|
39,300
|
|
|
27,286
|
|
|
0.51
|
|
Income tax expense
(benefit) - provisional impact of TCJA (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,023
|
|
|
0.94
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Income tax expense
(benefit) - other
|
—
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
(1,237)
|
|
|
(0.02)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Core earnings
(Non-GAAP)
|
100,071
|
|
|
74,741
|
|
|
1.37
|
|
|
107,825
|
|
|
72,178
|
|
|
1.33
|
|
|
87,992
|
|
|
53,489
|
|
|
1.00
|
|
Provision for loan
losses (1)
|
7,986
|
|
|
6,309
|
|
|
|
|
14,393
|
|
|
9,355
|
|
|
|
|
18,514
|
|
|
12,034
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
108,057
|
|
|
$
|
81,050
|
|
|
|
|
$
|
122,218
|
|
|
$
|
81,533
|
|
|
|
|
$
|
106,506
|
|
|
$
|
65,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
6/30/2017
|
|
3/31/2017
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$
|
80,051
|
|
|
$
|
52,018
|
|
|
$
|
1.01
|
|
|
$
|
72,992
|
|
|
$
|
50,473
|
|
|
$
|
1.08
|
|
|
|
|
|
|
|
Less: Preferred stock
dividends
|
—
|
|
|
949
|
|
|
0.02
|
|
|
—
|
|
|
3,599
|
|
|
0.08
|
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
|
80,051
|
|
|
$
|
51,069
|
|
|
$
|
0.99
|
|
|
$
|
72,992
|
|
|
$
|
46,874
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
(59)
|
|
|
(38)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
1,066
|
|
|
789
|
|
|
0.02
|
|
|
54
|
|
|
35
|
|
|
—
|
|
|
|
|
|
|
|
Compensation-related
expense
|
378
|
|
|
246
|
|
|
—
|
|
|
98
|
|
|
63
|
|
|
—
|
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
(1,306)
|
|
|
(849)
|
|
|
(0.02)
|
|
|
1,429
|
|
|
929
|
|
|
0.02
|
|
|
|
|
|
|
|
Litigation
expense
|
6,000
|
|
|
5,481
|
|
|
0.11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
6,138
|
|
|
5,667
|
|
|
0.11
|
|
|
1,581
|
|
|
1,027
|
|
|
0.02
|
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
86,130
|
|
|
56,698
|
|
|
1.10
|
|
|
74,573
|
|
|
47,901
|
|
|
1.02
|
|
|
|
|
|
|
|
Provision for loan
losses (1)
|
12,050
|
|
|
7,833
|
|
|
|
|
6,154
|
|
|
4,000
|
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
98,180
|
|
|
$
|
64,531
|
|
|
|
|
$
|
80,727
|
|
|
$
|
51,901
|
|
|
|
|
|
|
|
|
|
|
(1) Excluding
preferred stock dividends, merger-related expense, and litigation
expense, after-tax amounts are calculated using a tax rate of 24%
in 2018 and 35% in 2017, 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 8 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
Net interest income
(GAAP)
|
$
|
232,889
|
|
|
$
|
235,502
|
|
|
$
|
216,883
|
|
|
$
|
183,643
|
|
|
$
|
172,818
|
|
Taxable equivalent
benefit
|
1,464
|
|
|
2,812
|
|
|
2,585
|
|
|
2,492
|
|
|
2,491
|
|
Net interest income
(TE) (Non-GAAP) (1)
|
234,353
|
|
|
238,314
|
|
|
219,468
|
|
|
186,135
|
|
|
175,309
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP) (3)
|
44,566
|
|
|
52,342
|
|
|
50,843
|
|
|
53,838
|
|
|
45,124
|
|
Taxable equivalent
benefit
|
341
|
|
|
683
|
|
|
680
|
|
|
668
|
|
|
706
|
|
Non-interest income
(TE) (Non-GAAP) (1) (3)
|
44,907
|
|
|
53,025
|
|
|
51,523
|
|
|
54,506
|
|
|
45,830
|
|
Taxable equivalent
revenues (Non-GAAP) (1) (3)
|
279,260
|
|
|
291,339
|
|
|
270,991
|
|
|
240,641
|
|
|
221,139
|
|
Securities (gains)
losses and other non-interest income
|
59
|
|
|
(35)
|
|
|
242
|
|
|
(59)
|
|
|
—
|
|
Core taxable
equivalent revenues (Non-GAAP) (1) (3)
|
$
|
279,319
|
|
|
$
|
291,304
|
|
|
$
|
271,233
|
|
|
$
|
240,582
|
|
|
$
|
221,139
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP) (3)
|
$
|
188,296
|
|
|
$
|
182,065
|
|
|
$
|
200,762
|
|
|
$
|
145,380
|
|
|
$
|
138,796
|
|
Less: Intangible
amortization expense
|
5,102
|
|
|
4,642
|
|
|
4,527
|
|
|
1,651
|
|
|
1,770
|
|
Tangible non-interest
expense (Non-GAAP) (2) (3)
|
183,194
|
|
|
177,423
|
|
|
196,235
|
|
|
143,729
|
|
|
137,026
|
|
Less: Merger-related
expense
|
16,227
|
|
|
11,373
|
|
|
28,478
|
|
|
1,066
|
|
|
54
|
|
Compensation-related
expense
|
1,221
|
|
|
1,457
|
|
|
1,092
|
|
|
378
|
|
|
98
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
2,074
|
|
|
3,177
|
|
|
3,661
|
|
|
(1,306)
|
|
|
1,429
|
|
Litigation
expense
|
—
|
|
|
—
|
|
|
5,692
|
|
|
6,000
|
|
|
—
|
|
Other non-core
non-interest expense
|
(683)
|
|
|
467
|
|
|
377
|
|
|
—
|
|
|
—
|
|
Core tangible
non-interest expense (Non-GAAP) (2) (3)
|
$
|
164,355
|
|
|
$
|
160,949
|
|
|
$
|
156,935
|
|
|
$
|
137,591
|
|
|
$
|
135,445
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
0.92
|
%
|
|
0.15
|
%
|
|
0.45
|
%
|
|
0.96
|
%
|
|
0.94
|
%
|
Effect of non-core
revenues and expenses
|
0.21
|
|
|
0.88
|
|
|
0.42
|
|
|
0.10
|
|
|
0.02
|
|
Core return on
average assets (Non-GAAP)
|
1.13
|
%
|
|
1.03
|
%
|
|
0.87
|
%
|
|
1.06
|
%
|
|
0.96
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP) (3)
|
67.9
|
%
|
|
63.3
|
%
|
|
75.0
|
%
|
|
61.2
|
%
|
|
63.7
|
%
|
Effect of tax benefit
related to tax-exempt income (3)
|
(0.5)
|
|
|
(0.8)
|
|
|
(1.0)
|
|
|
(0.8)
|
|
|
(0.9)
|
|
Efficiency ratio (TE)
(Non-GAAP) (1) (3)
|
67.4
|
%
|
|
62.5
|
%
|
|
74.0
|
%
|
|
60.4
|
%
|
|
62.8
|
%
|
Effect of
amortization of intangibles
|
(1.8)
|
|
|
(1.6)
|
|
|
(1.7)
|
|
|
(0.7)
|
|
|
(0.8)
|
|
Effect of non-core
items
|
(6.8)
|
|
|
(5.6)
|
|
|
(14.4)
|
|
|
(2.5)
|
|
|
(0.7)
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
58.8
|
%
|
|
55.3
|
%
|
|
57.9
|
%
|
|
57.2
|
%
|
|
61.3
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
6.79
|
%
|
|
1.02
|
%
|
|
2.92
|
%
|
|
6.08
|
%
|
|
6.41
|
%
|
Effect of non-core
revenues and expenses
|
1.66
|
|
|
6.90
|
|
|
3.07
|
|
|
0.67
|
|
|
0.14
|
|
Core return on
average common equity (Non-GAAP)
|
8.45
|
%
|
|
7.92
|
%
|
|
5.99
|
%
|
|
6.75
|
%
|
|
6.55
|
%
|
Effect of intangibles
(2)
|
5.38
|
|
|
4.81
|
|
|
2.96
|
|
|
2.11
|
|
|
2.44
|
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
13.83
|
%
|
|
12.73
|
%
|
|
8.95
|
%
|
|
8.86
|
%
|
|
8.99
|
%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
3,900,907
|
|
|
$
|
3,696,791
|
|
|
$
|
3,726,774
|
|
|
$
|
3,503,242
|
|
|
$
|
3,457,975
|
|
Less: Goodwill
and other intangibles
|
1,332,672
|
|
|
1,271,807
|
|
|
1,276,241
|
|
|
752,336
|
|
|
753,991
|
|
Preferred
stock
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
Tangible common
equity (Non-GAAP) (2)
|
$
|
2,436,138
|
|
|
$
|
2,292,887
|
|
|
$
|
2,318,436
|
|
|
$
|
2,618,809
|
|
|
$
|
2,571,887
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$
|
29,472,637
|
|
|
$
|
27,904,129
|
|
|
$
|
27,976,635
|
|
|
$
|
21,790,727
|
|
|
$
|
22,008,479
|
|
Less: Goodwill
and other intangibles
|
1,332,672
|
|
|
1,271,807
|
|
|
1,276,241
|
|
|
752,336
|
|
|
753,991
|
|
Tangible assets
(Non-GAAP) (2)
|
$
|
28,139,965
|
|
|
$
|
26,632,322
|
|
|
$
|
26,700,394
|
|
|
$
|
21,038,391
|
|
|
$
|
21,254,488
|
|
Tangible common
equity ratio (Non-GAAP) (2)
|
8.66
|
%
|
|
8.61
|
%
|
|
8.68
|
%
|
|
12.45
|
%
|
|
12.10
|
%
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of 35%
for prior quarters and a rate of 21% for the current
quarter.
|
(2) Tangible
calculations eliminate the effect of goodwill and
acquisition-related intangibles and the corresponding amortization
expense on a tax-effected basis where applicable.
|
(3) Certain prior
period amounts have been reclassified to conform to the net
presentation requirements of ASU No. 2014-09, Revenue from
Contracts with Customers, which was adopted effective January 1,
2018. On average, the adoption resulted in a reduction of
non-interest income and non-interest expense of approximately $2.3
million on a quarterly basis, and had no impact on net
income.
|
View original
content:http://www.prnewswire.com/news-releases/iberiabank-corporation-reports-first-quarter-results-300633438.html
SOURCE IBERIABANK Corporation