LAFAYETTE, La., July 20, 2018 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 131-year-old
IBERIABANK (www.iberiabank.com), reported financial results for the
second quarter ended June 30, 2018.
For the quarter, the Company reported net income available to
common shareholders of $74.2 million,
or $1.30 diluted earnings per common
share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues
and non-core expenses ("Core EPS") in the second quarter of 2018
was $1.71 per common share, compared
to $1.10 in the year-ago period, an
increase of 55% (refer to press release supplemental tables for a
reconciliation of GAAP to non-GAAP metrics).
Daryl G. Byrd, President and
Chief Executive Officer, commented, "Our strong financial
performance this quarter is the result of solid franchise momentum,
growth in loans and deposits, and a pickup in our fee income
businesses. Building upon the client growth we have achieved, and
managing expenses remain our fundamental objectives and key to
successfully achieving earnings expectations for 2018 and
beyond.
We are proud of our diversified franchise, and we have the right
team and platforms in place to drive outstanding client growth
amongst favorable economic conditions. We remain laser-focused on
delivering sustainable, profitable returns for our shareholders,
and we believe that our 2018 financial performance will position us
to achieve or exceed our 2020 Strategic Goals," Byrd continued.
Highlights for the second quarter of 2018 and at June 30, 2018:
On a linked quarter basis, both GAAP and Core EPS significantly
improved, driven by increases in loan interest income as a result
of higher loan yields and a seasonal improvement in our fee income
businesses in the second quarter. Merger-related expenses, branch
closure expenses and an adjustment to provisional tax amounts
comprised the majority of the variance between GAAP and Core EPS.
Return metrics and efficiency ratios significantly improved in the
current quarter primarily as a result of revenue growth.
|
For the three
months ended
|
|
GAAP
|
|
Non-GAAP
Core
|
|
2Q18
|
1Q18
|
|
2Q18
|
1Q18
|
Earnings Per Common
Share
|
$
|
1.30
|
|
$
|
1.10
|
|
|
$
|
1.71
|
|
$
|
1.37
|
|
Return on Average
Assets
|
1.01
|
%
|
0.92
|
%
|
|
1.32
|
%
|
1.13
|
%
|
Return on Average
Common Equity
|
7.87
|
%
|
6.79
|
%
|
|
10.30
|
%
|
8.45
|
%
|
Return on Average
Tangible Common Equity
|
N/A
|
N/A
|
|
16.70
|
%
|
13.83
|
%
|
Efficiency
Ratio
|
63.5
|
%
|
67.9
|
%
|
|
56.6
|
%
|
61.1
|
%
|
Tangible Efficiency
Ratio (TE)
|
N/A
|
N/A
|
|
54.3
|
%
|
58.8
|
%
|
- Revenue growth and cost containment relative to the linked
quarter produced positive operating leverage multiples of 3.8 on a
GAAP basis and 5.4 on a Core basis.
- The Company's reported and cash net interest margins improved 9
and 7 basis points on a linked quarter basis, to 3.76% and 3.49%,
respectively, primarily driven by $7.4
million (or $0.10 impact to
EPS after-tax, 11 basis points impact to reported net interest
margin) of higher recoveries and incremental accelerated accretion
on acquired loans, as well as rising short-term interest
rates.
- Non-interest income in 2Q18 increased $9.4 million, or 21%, on a linked quarter basis,
primarily as a result of seasonal growth in the Company's fee
income businesses, including increases in mortgage income and title
revenue.
- Non-interest expense increased $8.6
million on a linked quarter basis, primarily due to
increased salary and employee benefits expenses and branch closure
expenses. 2Q18 non-interest expense included $14.3 million in pre-tax merger-related expense
($0.20 impact to EPS after-tax),
compared to $16.2 million
($0.23 impact to EPS after-tax) in
1Q18.
- Total loan growth was $369.7
million, or 1.7% (6.8% annualized rate), in 2Q18.
- Total deposits increased $459.3
million, or 2.0% (8.0% annualized rate), in 2Q18.
- Credit metrics remain stable. Net charge-offs were $11.7 million, of which $4.2 million was covered by specific reserves
recorded in prior periods.
- Income tax expense was impacted by a $6.6 million (or $0.12 impact to EPS) write-down of deferred tax
assets associated with the finalization of the accounting for the
Sabadell acquisition and the related impact of the Tax Cuts and
Jobs Act (the "Tax Act") on those adjustments.
- Integration and assimilation of both Sabadell and Gibraltar remain on track and performing
in-line with original expectations.
- On May 10, 2018, the Board of
Directors of the Company authorized the repurchase of up to
1,137,500 shares of the Company's common stock. During 2Q18, the
Company repurchased 400,000 common shares at a weighted average
price of $76.67 per common
share.
Table A - Summary
Financial Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
6/30/2018
|
|
|
3/31/2018
|
|
%
Change
|
|
6/30/2017
|
|
%
Change
|
GAAP
BASIS:
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders
|
$
|
74,175
|
|
|
|
$
|
60,023
|
|
|
23.6
|
|
|
$
|
51,069
|
|
|
45.2
|
|
Earnings per common
share - diluted
|
1.30
|
|
|
|
1.10
|
|
|
18.2
|
|
|
0.99
|
|
|
31.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans and
leases, net of unearned income
|
$
|
21,830,720
|
|
|
|
$
|
20,181,390
|
|
|
8.2
|
|
|
$
|
15,284,007
|
|
|
42.8
|
|
Average total
deposits
|
23,155,871
|
|
|
|
21,777,634
|
|
|
6.3
|
|
|
17,160,848
|
|
|
34.9
|
|
Net interest margin
(TE) (1)
|
3.76
|
|
%
|
|
3.67
|
|
%
|
|
|
3.71
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
(2)
|
$
|
310,053
|
|
|
|
$
|
277,455
|
|
|
11.7
|
|
|
$
|
237,481
|
|
|
30.6
|
|
Total non-interest
expense (2)
|
196,877
|
|
|
|
188,296
|
|
|
4.6
|
|
|
145,380
|
|
|
35.4
|
|
Efficiency ratio
(2)
|
63.5
|
|
%
|
|
67.9
|
|
%
|
|
|
61.2
|
|
%
|
|
Return on average
assets
|
1.01
|
|
|
|
0.92
|
|
|
|
|
0.96
|
|
|
|
Return on average
common equity
|
7.87
|
|
|
|
6.79
|
|
|
|
|
6.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS
(3):
|
|
|
|
|
|
|
|
|
|
|
Core revenues
(2)
|
$
|
310,050
|
|
|
|
$
|
277,514
|
|
|
11.7
|
|
|
$
|
237,422
|
|
|
30.6
|
|
Core non-interest
expense (2)
|
175,445
|
|
|
|
169,457
|
|
|
3.5
|
|
|
139,242
|
|
|
26.0
|
|
Core earnings per
common share - diluted
|
1.71
|
|
|
|
1.37
|
|
|
24.8
|
|
|
1.10
|
|
|
55.5
|
|
Core tangible
efficiency ratio (TE) (1) (2) (4)
|
54.3
|
|
%
|
|
58.8
|
|
%
|
|
|
57.2
|
|
%
|
|
Core return on
average assets
|
1.32
|
|
|
|
1.13
|
|
|
|
|
1.06
|
|
|
|
Core return on
average common equity
|
10.30
|
|
|
|
8.45
|
|
|
|
|
6.75
|
|
|
|
Core return on
average tangible common equity
|
16.70
|
|
|
|
13.83
|
|
|
|
|
8.86
|
|
|
|
Net interest margin
(TE) - cash basis (1)
|
3.49
|
|
|
|
3.42
|
|
|
|
|
3.45
|
|
|
|
|
(1)
Fully taxable equivalent (TE) calculations include the tax
benefit associated with related income sources that are tax-exempt
using a rate of 21% for 2018 and a rate of 35% for 2017.
|
(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. The adoption resulted in a reduction of
non-interest income and non-interest expense of approximately $2.1
million and had no impact on net income.
|
(3)
See Table 9 and Table 10 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.
|
Operating Results
The Company's reported and cash net interest margins increased 9
and 7 basis points on a linked quarter basis, to 3.76% and 3.49%,
respectively, primarily as a result of increased recoveries and
discount accretion on the acquired loan portfolio, as well as
rising short-term interest rates. Absent the non-recurring items
associated with the acquired loan portfolio, margin would have been
essentially flat with the linked quarter, due to a combination of
lower yields on loans acquired from Gibraltar and increased deposit costs.
Net interest income increased $23.2
million, or 10%, on a linked quarter basis. Average loans
increased $1.6 billion, or 8%, and
the associated taxable-equivalent yield increased 19 basis points.
All other average earning assets decreased by $20.2 million from the linked quarter. The yield
on total earning assets was 20 basis points higher at 4.46%
compared to 4.26% in the linked quarter.
Average interest-bearing deposits increased $860.9 million, or 6%, and the average cost of
interest-bearing deposits rose 15 basis points to 89 basis points
on a linked quarter basis. Total average interest-bearing
liabilities increased by $918.7
million, or 5%, while the average cost of interest-bearing
liabilities rose 16 basis points to 102 basis points. The total
cost of interest-bearing liabilities rose primarily due to an
upward repricing of indexed deposits, promotional deposit pricing,
and increases in the average rate paid on short-term and long-term
FHLB advances. The total cost of funding in 2Q18 was 75 basis
points, compared to 63 basis points in 1Q18.
The Company's provision for loan losses decreased 5% to
$7.6 million and covered net
charge-offs in 2Q18 by 65% compared to 186% in 1Q18. The overall
decline in provision was mainly attributable to recoveries on
acquired loans that reduced the required ALLL for that
portfolio. Net charge-offs totaled $11.7 million in 2Q18, compared to $4.3 million in 1Q18, due primarily to the
charge-off of one large legacy loan, which was specifically
reserved for in a prior period, as well as lower legacy recoveries.
Annualized net charge-offs remain at relatively low levels,
equating to 21 basis points of average loans in 2Q18.
In 2Q18, non-interest income increased $9.4 million compared to 1Q18, primarily as a
result of seasonal growth in the Company's fee income businesses,
including an increase of $4.1 million
in mortgage income and an increase of $1.8
million in title revenue. In addition, trust department
income increased by $0.8 million, or
24%, over 1Q18.
Non-interest expense increased $8.6
million on a linked quarter basis, primarily due to
increased salary and employee benefits expenses and branch closure
expenses. During 2Q18, non-interest expense included $14.3 million in merger and conversion-related
expenses, $1.8 million in
compensation-related expenses, and $5.4
million in branch closure and other impairment expenses that
are considered non-core items by management.
Excluding these items, core non-interest expense increased
$6.0 million, or 4%, primarily driven
by an increase of $1.5 million in
occupancy and equipment expenses attributable to the recently
acquired Gibraltar
locations, an increase of $1.3
million in the accrual for mortgage loan repurchase reserves
and an increase of $1.0 million in
CDI amortization resulting from the full-quarter impact of the
Gibraltar acquisition.
On a linked quarter basis, the efficiency ratio improved to
63.5% from 67.9%, while the non-GAAP core tangible efficiency ratio
improved to 54.3% from 58.8%. The Company continues to focus on
cost containment and revenue enhancement efforts to deliver
positive operating leverage in 2018. Refer to Table A for a
summary of financial results on both a GAAP and non-GAAP basis.
Income tax expense was impacted by a $6.6
million write-down of deferred tax assets associated with
the finalization of the accounting for the Sabadell acquisition and
the related adjustment to provisional amounts recorded upon
enactment of the Tax Act, resulting in an effective tax rate of
28.8% for 2Q18, compared to 21.6% in 1Q18.
Table B - Summary
Financial Condition Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
6/30/2018
|
|
3/31/2018
|
|
%
Change
|
|
6/30/2017
|
|
%
Change
|
PERIOD-END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and
leases, net of unearned income
|
$
|
22,075,783
|
|
|
|
$
|
21,706,090
|
|
|
|
1.7
|
|
|
$
|
15,556,016
|
|
|
|
41.9
|
|
|
Total
deposits
|
23,430,458
|
|
|
|
22,971,192
|
|
|
|
2.0
|
|
|
16,853,116
|
|
|
|
39.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due and still accruing as a percentage of total loans
(1)
|
0.20
|
%
|
|
|
0.36
|
%
|
|
|
|
|
0.33
|
%
|
|
|
|
|
Loans 90 days or more
past due and still accruing as a percentage of total loans
(1)
|
0.04
|
|
|
|
0.04
|
|
|
|
|
|
0.01
|
|
|
|
|
|
Non-performing assets
to total assets (1)(2)
|
0.54
|
|
|
|
0.64
|
|
|
|
|
|
0.91
|
|
|
|
|
|
Classified assets to
total assets (3)
|
1.26
|
|
|
|
1.40
|
|
|
|
|
|
1.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (4) (5)
|
8.56
|
%
|
|
|
8.66
|
%
|
|
|
|
|
12.45
|
%
|
|
|
|
|
Tier 1 leverage ratio
(6)
|
9.55
|
|
|
|
9.97
|
|
|
|
|
|
13.19
|
|
|
|
|
|
Total risk-based
capital ratio (6)
|
12.37
|
|
|
|
12.48
|
|
|
|
|
|
16.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
|
67.06
|
|
|
|
$
|
66.38
|
|
|
|
1.0
|
|
|
$
|
66.08
|
|
|
|
1.5
|
|
|
Tangible book value
(Non-GAAP) (4) (5)
|
43.75
|
|
|
|
42.91
|
|
|
|
2.0
|
|
|
51.33
|
|
|
|
(14.8)
|
|
|
Closing stock
price
|
75.80
|
|
|
|
78.00
|
|
|
|
(2.8)
|
|
|
81.50
|
|
|
|
(7.0)
|
|
|
Cash
dividends
|
0.38
|
|
|
|
0.38
|
|
|
|
—
|
|
|
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 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 $379 million, $412 million and $387 million at June 30, 2018,
March 31, 2018, and June 30, 2017, 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 June 30, 2018 are preliminary.
|
Loans and Other Assets
Total loans increased $369.7
million, or 2%, to $22.1
billion at June 30, 2018.
Period-end loan growth during 2Q18 was strongest in the Energy
Group (reserve-based lending), the Corporate Asset Finance division
(equipment financing business), and the New Orleans, Birmingham and Atlanta markets. The Company believes it is
well-positioned for diversified loan growth based on our strategic
presence in the South Florida,
Atlanta and Texas markets, as well as other significant
MSAs in the Southeastern United
States.
Table C -
Period-End Loans
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
6/30/2018
|
|
3/31/2018
|
|
6/30/2017
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
6/30/2018
|
3/31/2018
|
Legacy
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial(1)
|
$
|
11,500,907
|
|
|
$
|
11,094,464
|
|
$
|
10,055,791
|
|
406,443
|
|
3.7
|
|
|
14.7
|
%
|
|
1,445,116
|
|
14.4
|
|
|
73.7
|
%
|
74.4
|
%
|
Residential
mortgage
|
1,534,294
|
|
|
1,280,580
|
|
970,961
|
|
253,714
|
|
19.8
|
|
|
79.5
|
%
|
|
563,333
|
|
58.0
|
|
|
9.8
|
%
|
8.6
|
%
|
Consumer
|
2,574,834
|
|
|
2,538,878
|
|
2,466,658
|
|
35,956
|
|
1.4
|
|
|
5.7
|
%
|
|
108,176
|
|
4.4
|
|
|
16.5
|
%
|
17.0
|
%
|
Total legacy
loans
|
15,610,035
|
|
|
14,913,922
|
|
13,493,410
|
|
696,113
|
|
4.7
|
|
|
18.7
|
%
|
|
2,116,625
|
|
15.7
|
|
|
100.0
|
%
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
6,792,168
|
|
|
5,595,030
|
|
2,208,758
|
|
1,197,138
|
|
21.4
|
|
|
|
|
4,583,410
|
|
207.5
|
|
|
|
|
Loans acquired during
the period
|
—
|
|
|
1,465,319
|
|
—
|
|
(1,465,319)
|
|
N/M
|
|
|
|
—
|
|
—
|
|
|
|
|
Net paydown
activity
|
(326,420)
|
|
|
(268,181)
|
|
(146,152)
|
|
(58,239)
|
|
21.7
|
|
|
|
|
(180,268)
|
|
123.3
|
|
|
|
|
Total acquired
loans
|
6,465,748
|
|
|
6,792,168
|
|
2,062,606
|
|
(326,420)
|
|
(4.8)
|
|
|
|
|
4,403,142
|
|
213.5
|
|
|
|
|
Total
loans
|
$
|
22,075,783
|
|
|
$
|
21,706,090
|
|
$
|
15,556,016
|
|
369,693
|
|
1.7
|
|
|
|
|
6,519,767
|
|
41.9
|
|
|
|
|
|
(1)
Includes equipment financing leases.
|
N/M= not
meaningful
|
On an average balance and linked quarter basis, the investment
portfolio increased $80.9 million, or
2%, in 2Q18, to $4.9 billion, mainly
due to purchases of additional investment securities, partially
offset by 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 $4.9
billion, or 16% of total assets, at June 30, 2018. The investment portfolio had an
effective duration of 3.9 years at June 30,
2018, down from 4.2 years at March
31, 2018, and a $151.4 million
unrealized loss at June 30, 2018, up
from $129.9 million at March 31, 2018. The average yield on investment
securities increased 4 basis points to 2.42% in 2Q18. The Company
holds in its investment portfolio primarily government agency
securities. Municipal securities comprised 9% of total investments
at June 30, 2018.
Deposits and Funding
Total deposits increased $459.3
million, or 2%, to $23.4
billion at June 30, 2018.
Deposit growth during 2Q18 was strongest in the Energy Group
(reserve-based lending), the Dade,
Florida market, and the Virtual
Bank division (digital banking).
Table D -
Period-End Deposits
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
6/30/2018
|
|
3/31/2018
|
|
6/30/2017
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
6/30/2018
|
3/31/2018
|
Non-interest-bearing
|
$
|
6,814,441
|
|
|
$
|
6,595,495
|
|
|
$
|
5,020,195
|
|
|
218,946
|
|
3.3
|
|
13.2
|
%
|
|
1,794,246
|
|
35.7
|
|
|
29.1
|
%
|
28.7
|
%
|
NOW
accounts
|
4,453,152
|
|
|
4,500,181
|
|
|
3,089,482
|
|
|
(47,029)
|
|
(1.0)
|
|
(4.0)
|
%
|
|
1,363,670
|
|
44.1
|
|
|
19.0
|
%
|
19.6
|
%
|
Money market
accounts
|
8,467,906
|
|
|
8,271,969
|
|
|
6,017,654
|
|
|
195,937
|
|
2.4
|
|
9.6
|
%
|
|
2,450,252
|
|
40.7
|
|
|
36.1
|
%
|
36.0
|
%
|
Savings
accounts
|
850,425
|
|
|
874,741
|
|
|
797,859
|
|
|
(24,316)
|
|
(2.8)
|
|
(11.2)
|
%
|
|
52,566
|
|
6.6
|
|
|
3.6
|
%
|
3.8
|
%
|
Time
deposits
|
2,844,534
|
|
|
2,728,806
|
|
|
1,927,926
|
|
|
115,728
|
|
4.2
|
|
16.8
|
%
|
|
916,608
|
|
47.5
|
|
|
12.2
|
%
|
11.9
|
%
|
Total
deposits
|
$
|
23,430,458
|
|
|
$
|
22,971,192
|
|
|
$
|
16,853,116
|
|
|
459,266
|
|
2.0
|
|
8.0
|
%
|
|
6,577,342
|
|
39.0
|
|
|
100.0
|
%
|
100.0
|
%
|
Asset Quality
Non-performing assets ("NPAs") to total assets were 54 basis
points in 2Q18, compared to 64 basis points in 1Q18 and 91 basis
points in 2Q17, a 41% year-over-year decrease. Accruing loans past
due 30 to 89 days equated to 0.20% of total loans at June 30, 2018, compared to 0.36% at March 31, 2018.
Net charge-offs totaled $11.7
million in 2Q18, compared to $4.3
million in 1Q18, due primarily to the charge-off of one
large legacy loan in 2Q18, which was specifically reserved for in a
prior period, compared to one large legacy loan recovery in 1Q18.
Annualized net charge-offs equated to 21 basis points of average
loans in 2Q18, a 12 basis points increase on a linked quarter
basis, but remain at historically low levels.
Refer to Table 5 - Loans and Asset Quality Data for further
information.
Capital Position
At June 30, 2018, the Company
reported a non-GAAP tangible common equity ratio of 8.56%, down 10
basis points compared to March 31,
2018, and the preliminary Tier 1 leverage ratio was 9.55%,
down 42 basis points compared to March 31,
2018. The Company's preliminary calculation of its total
risk-based capital ratio at June 30,
2018, was 12.37%, down 11 basis points compared to
March 31, 2018.
At June 30, 2018, book value per
common share was $67.06, up
$0.68 per share, compared to
March 31, 2018. Tangible book value
per common share was $43.75, up
$0.84 per share, compared to
March 31, 2018. Based on the closing
stock price of the Company's common stock of $78.50 per share on July
19, 2018, this price equated to 1.17 times June 30, 2018 book value per common share and
1.79 times June 30, 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 June 19,
2018, the Company declared a quarterly cash dividend of
$0.38 per common share, consistent
with the common dividend declared in March
2018. The dividend is payable on July
27, 2018, to shareholders of record as of June 29, 2018.
Preferred Stock. On June 19,
2018, the Company declared a quarterly cash dividend of
$0.4125 per depositary share of
Series C Preferred Stock that is payable on August 1, 2018. On July 6, 2018, the Company declared a semi-annual
cash dividend of $0.8281 per
depositary share of Series B Preferred Stock that is payable on
August 1, 2018.
Common Stock Repurchase Program. On May
10, 2018, the Board of Directors of the Company authorized
the repurchase of up to 1,137,500 shares of the Company's common
stock. This repurchase authorization equates to approximately 2% of
total shares outstanding. Stock repurchases under this program will
be made from time to time, on the open market or in privately
negotiated transactions, at the discretion of the management of the
Company. The timing of these repurchases will depend on market
conditions and other requirements. The Company currently
anticipates the share repurchase program will extend over a
two-year time frame. During 2Q18, the Company repurchased 400,000
common shares, at a weighted average price of $76.67 per common share, of which 335,000 were
repurchased under a prior Board-authorized plan. At June 30, 2018, there were approximately 1,073,500
remaining shares that may be repurchased under the plan authorized
by the Board on May 10, 2018.
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 $4.4 billion, based on
the NASDAQ Global Select Market closing stock price on July 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, July 20, 2018, beginning
at 8:00 a.m. Central Time by dialing
1-888-317-6003. The confirmation code for the call is 2301786. A
replay of the call will be available until midnight Central Time on July 27, 2018 by dialing 1-877-344-7529. The
confirmation code for the replay is 10121508. 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:
|
6/30/2018
|
|
3/31/2018
|
|
%
Change
|
|
6/30/2017
|
|
%
Change
|
|
Net interest
income
|
$
|
256,113
|
|
|
|
$
|
232,889
|
|
|
|
10.0
|
|
|
$
|
183,643
|
|
|
|
39.5
|
|
|
Net interest income
(TE) (1)
|
257,562
|
|
|
|
234,353
|
|
|
|
9.9
|
|
|
186,131
|
|
|
|
38.4
|
|
|
Total revenues
(2)
|
310,053
|
|
|
|
277,455
|
|
|
|
11.7
|
|
|
237,481
|
|
|
|
30.6
|
|
|
Provision for loan
losses
|
7,595
|
|
|
|
7,986
|
|
|
|
(4.9)
|
|
|
12,050
|
|
|
|
(37.0)
|
|
|
Non-interest expense
(2)
|
196,877
|
|
|
|
188,296
|
|
|
|
4.6
|
|
|
145,380
|
|
|
|
35.4
|
|
|
Net income available
to common shareholders
|
74,175
|
|
|
|
60,023
|
|
|
|
23.6
|
|
|
51,069
|
|
|
|
45.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
|
1.31
|
|
|
|
$
|
1.11
|
|
|
|
18.0
|
|
|
$
|
1.00
|
|
|
|
31.0
|
|
|
Earnings available to
common shareholders - diluted
|
1.30
|
|
|
|
1.10
|
|
|
|
18.2
|
|
|
0.99
|
|
|
|
31.3
|
|
|
Core earnings
(Non-GAAP) (3)
|
1.71
|
|
|
|
1.37
|
|
|
|
24.8
|
|
|
1.10
|
|
|
|
55.5
|
|
|
Book value
|
67.06
|
|
|
|
66.38
|
|
|
|
1.0
|
|
|
66.08
|
|
|
|
1.5
|
|
|
Tangible book value
(Non-GAAP) (3) (4)
|
43.75
|
|
|
|
42.91
|
|
|
|
2.0
|
|
|
51.33
|
|
|
|
(14.8)
|
|
|
Closing stock
price
|
75.80
|
|
|
|
78.00
|
|
|
|
(2.8)
|
|
|
81.50
|
|
|
|
(7.0)
|
|
|
Cash
dividends
|
0.38
|
|
|
|
0.38
|
|
|
|
—
|
|
|
0.36
|
|
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND
OTHER DATA (7):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.76
|
%
|
|
|
3.67
|
%
|
|
|
|
|
3.71
|
%
|
|
|
|
|
Efficiency ratio
(2)
|
63.5
|
|
|
|
67.9
|
|
|
|
|
|
61.2
|
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
(4)
|
54.3
|
|
|
|
58.8
|
|
|
|
|
|
57.2
|
|
|
|
|
|
Return on average
assets
|
1.01
|
|
|
|
0.92
|
|
|
|
|
|
0.96
|
|
|
|
|
|
Return on average
common equity
|
7.87
|
|
|
|
6.79
|
|
|
|
|
|
6.08
|
|
|
|
|
|
Core return on
average tangible common equity (Non-GAAP)
(3)(4)
|
16.70
|
|
|
|
13.83
|
|
|
|
|
|
8.86
|
|
|
|
|
|
Effective tax
rate
|
28.8
|
|
|
|
21.6
|
|
|
|
|
|
35.0
|
|
|
|
|
|
Full-time equivalent
employees
|
3,543
|
|
|
|
3,726
|
|
|
|
|
|
3,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (3) (4)
|
8.56
|
%
|
|
|
8.66
|
%
|
|
|
|
|
12.45
|
%
|
|
|
|
|
Tangible common
equity to risk-weighted assets (4)
|
10.18
|
|
|
|
10.27
|
|
|
|
|
|
14.32
|
|
|
|
|
|
Tier 1 leverage ratio
(5)
|
9.55
|
|
|
|
9.97
|
|
|
|
|
|
13.19
|
|
|
|
|
|
Common equity Tier 1
(CET 1) ratio (5)
|
10.72
|
|
|
|
10.77
|
|
|
|
|
|
14.52
|
|
|
|
|
|
Tier 1 capital ratio
(5)
|
11.27
|
|
|
|
11.32
|
|
|
|
|
|
15.24
|
|
|
|
|
|
Total risk-based
capital ratio (5)
|
12.37
|
|
|
|
12.48
|
|
|
|
|
|
16.74
|
|
|
|
|
|
Common stock dividend
payout ratio
|
28.9
|
|
|
|
36.0
|
|
|
|
|
|
36.2
|
|
|
|
|
|
Classified assets to
Tier 1 capital (8)
|
13.9
|
|
|
|
15.3
|
|
|
|
|
|
13.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (6)
|
0.54
|
%
|
|
|
0.64
|
%
|
|
|
|
|
0.91
|
%
|
|
|
|
|
ALLL to loans and
leases
|
0.62
|
|
|
|
0.67
|
|
|
|
|
|
0.94
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.21
|
|
|
|
0.09
|
|
|
|
|
|
0.29
|
|
|
|
|
|
Non-performing assets
to total loans and OREO (6)
|
0.74
|
|
|
|
0.87
|
|
|
|
|
|
1.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of 21%
for 2018 and a rate of 35% for 2017.
|
(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. The
adoption resulted in a reduction of non-interest income and
non-interest expense of approximately $2.1 million and had no
impact on net income.
|
(3)
|
See Table 9 and Table
10 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 June 30, 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
|
|
6/30/2018
|
|
3/31/2018
|
|
$
|
%
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
$
|
%
|
Interest
income
|
$
|
303,823
|
|
|
$
|
270,543
|
|
|
33,280
|
|
12.3
|
|
|
$
|
269,703
|
|
|
$
|
246,972
|
|
|
$
|
204,575
|
|
|
99,248
|
|
48.5
|
|
Interest
expense
|
47,710
|
|
|
37,654
|
|
|
10,056
|
|
26.7
|
|
|
34,201
|
|
|
30,089
|
|
|
20,932
|
|
|
26,778
|
|
127.9
|
|
Net interest
income
|
256,113
|
|
|
232,889
|
|
|
23,224
|
|
10.0
|
|
|
235,502
|
|
|
216,883
|
|
|
183,643
|
|
|
72,470
|
|
39.5
|
|
Provision for loan
losses
|
7,595
|
|
|
7,986
|
|
|
(391)
|
|
(4.9)
|
|
|
14,393
|
|
|
18,514
|
|
|
12,050
|
|
|
(4,455)
|
|
(37.0)
|
|
Net interest income
after provision for loan losses
|
248,518
|
|
|
224,903
|
|
|
23,615
|
|
10.5
|
|
|
221,109
|
|
|
198,369
|
|
|
171,593
|
|
|
76,925
|
|
44.8
|
|
Mortgage
income
|
13,721
|
|
|
9,595
|
|
|
4,126
|
|
43.0
|
|
|
13,675
|
|
|
16,050
|
|
|
19,730
|
|
|
(6,009)
|
|
(30.5)
|
|
Service charges on
deposit accounts
|
12,950
|
|
|
12,908
|
|
|
42
|
|
0.3
|
|
|
12,581
|
|
|
12,534
|
|
|
11,410
|
|
|
1,540
|
|
13.5
|
|
Title
revenue
|
6,846
|
|
|
5,027
|
|
|
1,819
|
|
36.2
|
|
|
5,398
|
|
|
5,643
|
|
|
6,190
|
|
|
656
|
|
10.6
|
|
Broker
commissions(1)
|
2,396
|
|
|
2,221
|
|
|
175
|
|
7.9
|
|
|
1,958
|
|
|
2,094
|
|
|
2,562
|
|
|
(166)
|
|
(6.5)
|
|
ATM/debit card fee
income(1)
|
2,925
|
|
|
2,633
|
|
|
292
|
|
11.1
|
|
|
2,583
|
|
|
2,486
|
|
|
2,646
|
|
|
279
|
|
10.5
|
|
Income from bank
owned life insurance
|
1,261
|
|
|
1,282
|
|
|
(21)
|
|
(1.6)
|
|
|
1,267
|
|
|
1,263
|
|
|
1,241
|
|
|
20
|
|
1.6
|
|
Gain (loss) on sale
of available-for-sale securities
|
3
|
|
|
(59)
|
|
|
62
|
|
105.1
|
|
|
35
|
|
|
(242)
|
|
|
59
|
|
|
(56)
|
|
(94.9)
|
|
Trust department
income
|
4,243
|
|
|
3,426
|
|
|
817
|
|
23.8
|
|
|
3,081
|
|
|
2,686
|
|
|
2,026
|
|
|
2,217
|
|
109.4
|
|
Other non-interest
income(1)
|
9,595
|
|
|
7,533
|
|
|
2,062
|
|
27.4
|
|
|
11,764
|
|
|
8,329
|
|
|
7,974
|
|
|
1,621
|
|
20.3
|
|
Total non-interest
income(1)
|
53,940
|
|
|
44,566
|
|
|
9,374
|
|
21.0
|
|
|
52,342
|
|
|
50,843
|
|
|
53,838
|
|
|
102
|
|
0.2
|
|
Salaries and employee
benefits
|
107,445
|
|
|
104,586
|
|
|
2,859
|
|
2.7
|
|
|
104,387
|
|
|
106,970
|
|
|
86,317
|
|
|
21,128
|
|
24.5
|
|
Occupancy and
equipment
|
19,931
|
|
|
20,047
|
|
|
(116)
|
|
(0.6)
|
|
|
19,211
|
|
|
19,139
|
|
|
16,292
|
|
|
3,639
|
|
22.3
|
|
Amortization of
acquisition intangibles
|
6,111
|
|
|
5,102
|
|
|
1,009
|
|
19.8
|
|
|
4,642
|
|
|
4,527
|
|
|
1,651
|
|
|
4,460
|
|
270.1
|
|
Data
processing(1)
|
9,309
|
|
|
12,393
|
|
|
(3,084)
|
|
(24.9)
|
|
|
11,416
|
|
|
12,300
|
|
|
6,713
|
|
|
2,596
|
|
38.7
|
|
Professional
services
|
7,160
|
|
|
7,391
|
|
|
(231)
|
|
(3.1)
|
|
|
9,441
|
|
|
22,550
|
|
|
11,219
|
|
|
(4,059)
|
|
(36.2)
|
|
Credit and other loan
related expense
|
5,190
|
|
|
4,618
|
|
|
572
|
|
12.4
|
|
|
3,170
|
|
|
7,532
|
|
|
3,780
|
|
|
1,410
|
|
37.3
|
|
Other non-interest
expense(1)
|
41,731
|
|
|
34,159
|
|
|
7,572
|
|
22.2
|
|
|
29,798
|
|
|
27,744
|
|
|
19,408
|
|
|
22,323
|
|
115.0
|
|
Total non-interest
expense(1)
|
196,877
|
|
|
188,296
|
|
|
8,581
|
|
4.6
|
|
|
182,065
|
|
|
200,762
|
|
|
145,380
|
|
|
51,497
|
|
35.4
|
|
Income before income
taxes
|
105,581
|
|
|
81,173
|
|
|
24,408
|
|
30.1
|
|
|
91,386
|
|
|
48,450
|
|
|
80,051
|
|
|
25,530
|
|
31.9
|
|
Income tax
expense
|
30,457
|
|
|
17,552
|
|
|
12,905
|
|
73.5
|
|
|
81,108
|
|
|
18,806
|
|
|
28,033
|
|
|
2,424
|
|
8.6
|
|
Net income
|
75,124
|
|
|
63,621
|
|
|
11,503
|
|
18.1
|
|
|
10,278
|
|
|
29,644
|
|
|
52,018
|
|
|
23,106
|
|
44.4
|
|
Less: Preferred stock
dividends
|
949
|
|
|
3,598
|
|
|
(2,649)
|
|
(73.6)
|
|
|
949
|
|
|
3,598
|
|
|
949
|
|
|
—
|
|
—
|
|
Net income available
to common shareholders
|
$
|
74,175
|
|
|
$
|
60,023
|
|
|
14,152
|
|
23.6
|
|
|
$
|
9,329
|
|
|
$
|
26,046
|
|
|
$
|
51,069
|
|
|
23,106
|
|
45.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
74,175
|
|
|
$
|
60,023
|
|
|
14,152
|
|
23.6
|
|
|
$
|
9,329
|
|
|
$
|
26,046
|
|
|
$
|
51,069
|
|
|
23,106
|
|
45.2
|
|
Less: Earnings
allocated to unvested restricted stock
|
767
|
|
|
639
|
|
|
128
|
|
20.0
|
|
|
101
|
|
|
283
|
|
|
361
|
|
|
406
|
|
112.5
|
|
Earnings allocated to
common shareholders
|
$
|
73,408
|
|
|
$
|
59,384
|
|
|
14,024
|
|
23.6
|
|
|
$
|
9,228
|
|
|
$
|
25,763
|
|
|
$
|
50,708
|
|
|
22,700
|
|
44.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
1.31
|
|
|
$
|
1.11
|
|
|
0.20
|
|
18.0
|
|
|
$
|
0.17
|
|
|
$
|
0.49
|
|
|
$
|
1.00
|
|
|
0.31
|
|
31.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
1.30
|
|
|
1.10
|
|
|
0.20
|
|
18.2
|
|
|
0.17
|
|
|
0.49
|
|
|
0.99
|
|
|
0.31
|
|
31.3
|
|
Impact of non-core
items (Non-GAAP) (2)
|
0.41
|
|
|
0.27
|
|
|
0.14
|
|
51.9
|
|
|
1.16
|
|
|
0.51
|
|
|
0.11
|
|
|
0.30
|
|
272.7
|
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(2)
|
$
|
1.71
|
|
|
$
|
1.37
|
|
|
0.34
|
|
24.8
|
|
|
$
|
1.33
|
|
|
$
|
1.00
|
|
|
$
|
1.10
|
|
|
0.61
|
|
55.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
55,931
|
|
|
53,616
|
|
|
2,315
|
|
4.3
|
|
|
53,287
|
|
|
52,424
|
|
|
50,630
|
|
|
5,301
|
|
10.5
|
|
Weighted average
common shares outstanding - diluted
|
56,287
|
|
|
53,967
|
|
|
2,320
|
|
4.3
|
|
|
53,621
|
|
|
52,770
|
|
|
50,984
|
|
|
5,303
|
|
10.4
|
|
Book value shares
(period end)
|
56,390
|
|
|
56,779
|
|
|
(389)
|
|
(0.7)
|
|
|
53,872
|
|
|
53,864
|
|
|
51,015
|
|
|
5,375
|
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 Six Months
Ended
|
|
|
|
|
|
Change
|
|
6/30/2018
|
|
6/30/2017
|
|
$
|
%
|
Interest
income
|
$
|
574,366
|
|
|
$
|
397,108
|
|
|
177,258
|
|
44.6
|
|
Interest
expense
|
85,364
|
|
|
40,647
|
|
|
44,717
|
|
110.0
|
|
Net interest
income
|
489,002
|
|
|
356,461
|
|
|
132,541
|
|
37.2
|
|
Provision for loan
losses
|
15,581
|
|
|
18,204
|
|
|
(2,623)
|
|
(14.4)
|
|
Net interest income
after provision for loan losses
|
473,421
|
|
|
338,257
|
|
|
135,164
|
|
40.0
|
|
Mortgage
income
|
23,316
|
|
|
33,845
|
|
|
(10,529)
|
|
(31.1)
|
|
Service charges on
deposit accounts
|
25,858
|
|
|
22,563
|
|
|
3,295
|
|
14.6
|
|
Title
revenue
|
11,873
|
|
|
10,931
|
|
|
942
|
|
8.6
|
|
Broker commissions
(1)
|
4,617
|
|
|
5,109
|
|
|
(492)
|
|
(9.6)
|
|
ATM/debit card fee
income (1)
|
5,558
|
|
|
5,129
|
|
|
429
|
|
8.4
|
|
Income from bank
owned life insurance
|
2,543
|
|
|
2,552
|
|
|
(9)
|
|
(0.4)
|
|
(Loss) gain on sale
of available-for-sale securities
|
(56)
|
|
|
59
|
|
|
(115)
|
|
(194.9)
|
|
Trust department
income
|
7,669
|
|
|
3,939
|
|
|
3,730
|
|
94.7
|
|
Other non-interest
income (1)
|
17,128
|
|
|
14,835
|
|
|
2,293
|
|
15.5
|
|
Total non-interest
income (1)
|
98,506
|
|
|
98,962
|
|
|
(456)
|
|
(0.5)
|
|
Salaries and employee
benefits
|
212,031
|
|
|
168,170
|
|
|
43,861
|
|
26.1
|
|
Occupancy and
equipment
|
39,978
|
|
|
32,313
|
|
|
7,665
|
|
23.7
|
|
Amortization of
acquisition intangibles
|
11,213
|
|
|
3,421
|
|
|
7,792
|
|
227.8
|
|
Data processing
(1)
|
21,702
|
|
|
13,074
|
|
|
8,628
|
|
66.0
|
|
Professional
services
|
14,551
|
|
|
16,553
|
|
|
(2,002)
|
|
(12.1)
|
|
Credit and other loan
related expense
|
9,808
|
|
|
8,306
|
|
|
1,502
|
|
18.1
|
|
Other non-interest
expense (1)
|
75,890
|
|
|
42,339
|
|
|
33,551
|
|
79.2
|
|
Total non-interest
expense (1)
|
385,173
|
|
|
284,176
|
|
|
100,997
|
|
35.5
|
|
Income before income
taxes
|
186,754
|
|
|
153,043
|
|
|
33,711
|
|
22.0
|
|
Income tax
expense
|
48,009
|
|
|
50,552
|
|
|
(2,543)
|
|
(5.0)
|
|
Net income
|
138,745
|
|
|
102,491
|
|
|
36,254
|
|
35.4
|
|
Less: Preferred stock
dividends
|
4,547
|
|
|
4,548
|
|
|
(1)
|
|
—
|
|
Net income available
to common shareholders
|
$
|
134,198
|
|
|
$
|
97,943
|
|
|
36,255
|
|
37.0
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
134,198
|
|
|
$
|
97,943
|
|
|
36,255
|
|
37.0
|
|
Less: Earnings
allocated to unvested restricted stock
|
1,409
|
|
|
707
|
|
|
702
|
|
99.3
|
|
Earnings allocated to
common shareholders
|
$
|
132,789
|
|
|
$
|
97,236
|
|
|
35,553
|
|
36.6
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
2.42
|
|
|
$
|
2.01
|
|
|
0.41
|
|
20.4
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
2.41
|
|
|
1.99
|
|
|
0.42
|
|
21.1
|
|
Impact of non-core
items (Non-GAAP) (2)
|
0.68
|
|
|
0.14
|
|
|
0.54
|
|
385.7
|
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(2)
|
$
|
3.09
|
|
|
$
|
2.13
|
|
|
0.96
|
|
45.1
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
54,780
|
|
|
48,389
|
|
|
6,391
|
|
13.2
|
|
Weighted average
common shares outstanding - diluted
|
55,133
|
|
|
48,751
|
|
|
6,382
|
|
13.1
|
|
Book value shares
(period end)
|
56,390
|
|
|
51,015
|
|
|
5,375
|
|
10.5
|
|
|
|
|
|
|
|
|
(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. The adoption resulted in a reduction of
non-interest income and non-interest expense of approximately $4.4
million and had no impact on net income.
|
(2)
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
|
6/30/2018
|
|
3/31/2018
|
|
$
|
|
%
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
299,268
|
|
|
$
|
253,527
|
|
|
45,741
|
|
|
18.0
|
|
|
$
|
319,156
|
|
|
$
|
298,173
|
|
|
$
|
301,910
|
|
|
(2,642)
|
|
|
(0.9)
|
|
Interest-bearing
deposits in other banks
|
428,120
|
|
|
310,565
|
|
|
117,555
|
|
|
37.9
|
|
|
306,568
|
|
|
583,043
|
|
|
167,450
|
|
|
260,670
|
|
|
155.7
|
|
Total cash and cash
equivalents
|
727,388
|
|
|
564,092
|
|
|
163,296
|
|
|
28.9
|
|
|
625,724
|
|
|
881,216
|
|
|
469,360
|
|
|
258,028
|
|
|
55.0
|
|
Investment securities
available for sale
|
4,650,915
|
|
|
4,542,486
|
|
|
108,429
|
|
|
2.4
|
|
|
4,590,062
|
|
|
4,736,339
|
|
|
4,009,299
|
|
|
641,616
|
|
|
16.0
|
|
Investment securities
held to maturity
|
221,030
|
|
|
224,241
|
|
|
(3,211)
|
|
|
(1.4)
|
|
|
227,318
|
|
|
175,906
|
|
|
84,517
|
|
|
136,513
|
|
|
161.5
|
|
Total investment
securities
|
4,871,945
|
|
|
4,766,727
|
|
|
105,218
|
|
|
2.2
|
|
|
4,817,380
|
|
|
4,912,245
|
|
|
4,093,816
|
|
|
778,129
|
|
|
19.0
|
|
Mortgage loans held
for sale
|
78,843
|
|
|
110,348
|
|
|
(31,505)
|
|
|
(28.6)
|
|
|
134,916
|
|
|
141,218
|
|
|
140,959
|
|
|
(62,116)
|
|
|
(44.1)
|
|
Loans and leases, net
of unearned income
|
22,075,783
|
|
|
21,706,090
|
|
|
369,693
|
|
|
1.7
|
|
|
20,078,181
|
|
|
19,795,085
|
|
|
15,556,016
|
|
|
6,519,767
|
|
|
41.9
|
|
Allowance for loan
and lease losses
|
(136,576)
|
|
|
(144,527)
|
|
|
7,951
|
|
|
(5.5)
|
|
|
(140,891)
|
|
|
(136,628)
|
|
|
(146,225)
|
|
|
9,649
|
|
|
(6.6)
|
|
Loans and leases,
net
|
21,939,207
|
|
|
21,561,563
|
|
|
377,644
|
|
|
1.8
|
|
|
19,937,290
|
|
|
19,658,457
|
|
|
15,409,791
|
|
|
6,529,416
|
|
|
42.4
|
|
Premises and
equipment, net
|
326,213
|
|
|
329,454
|
|
|
(3,241)
|
|
|
(1.0)
|
|
|
331,413
|
|
|
330,800
|
|
|
318,167
|
|
|
8,046
|
|
|
2.5
|
|
Goodwill and other
intangible assets
|
1,320,664
|
|
|
1,338,573
|
|
|
(17,909)
|
|
|
(1.3)
|
|
|
1,277,464
|
|
|
1,281,479
|
|
|
757,025
|
|
|
563,639
|
|
|
74.5
|
|
Other
assets
|
861,902
|
|
|
801,880
|
|
|
60,022
|
|
|
7.5
|
|
|
779,942
|
|
|
771,220
|
|
|
601,609
|
|
|
260,293
|
|
|
43.3
|
|
Total
assets
|
$
|
30,126,162
|
|
|
$
|
29,472,637
|
|
|
653,525
|
|
|
2.2
|
|
|
$
|
27,904,129
|
|
|
$
|
27,976,635
|
|
|
$
|
21,790,727
|
|
|
8,335,435
|
|
|
38.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,814,441
|
|
|
$
|
6,595,495
|
|
|
218,946
|
|
|
3.3
|
|
|
$
|
6,209,925
|
|
|
$
|
5,963,943
|
|
|
$
|
5,020,195
|
|
|
1,794,246
|
|
|
35.7
|
|
NOW
accounts
|
4,453,152
|
|
|
4,500,181
|
|
|
(47,029)
|
|
|
(1.0)
|
|
|
4,348,939
|
|
|
3,547,761
|
|
|
3,089,482
|
|
|
1,363,670
|
|
|
44.1
|
|
Savings and money
market accounts
|
9,318,331
|
|
|
9,146,710
|
|
|
171,621
|
|
|
1.9
|
|
|
8,520,365
|
|
|
9,165,417
|
|
|
6,815,513
|
|
|
2,502,818
|
|
|
36.7
|
|
Certificates of
deposit
|
2,844,534
|
|
|
2,728,806
|
|
|
115,728
|
|
|
4.2
|
|
|
2,387,488
|
|
|
2,657,150
|
|
|
1,927,926
|
|
|
916,608
|
|
|
47.5
|
|
Total
deposits
|
23,430,458
|
|
|
22,971,192
|
|
|
459,266
|
|
|
2.0
|
|
|
21,466,717
|
|
|
21,334,271
|
|
|
16,853,116
|
|
|
6,577,342
|
|
|
39.0
|
|
Short-term
borrowings
|
595,000
|
|
|
375,000
|
|
|
220,000
|
|
|
58.7
|
|
|
475,000
|
|
|
975,008
|
|
|
250,000
|
|
|
345,000
|
|
|
138.0
|
|
Securities sold under
agreements to repurchase
|
459,213
|
|
|
525,496
|
|
|
(66,283)
|
|
|
(12.6)
|
|
|
516,297
|
|
|
548,696
|
|
|
333,935
|
|
125,278
|
|
|
37.5
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,318,504
|
|
|
1,329,192
|
|
|
(10,688)
|
|
|
(0.8)
|
|
|
1,375,725
|
|
|
1,007,474
|
|
|
547,133
|
|
|
771,371
|
|
|
141.0
|
|
Other
liabilities
|
289,468
|
|
|
250,740
|
|
|
38,728
|
|
|
15.4
|
|
|
253,489
|
|
|
264,302
|
|
|
183,191
|
|
|
106,277
|
|
|
58.0
|
|
Total
liabilities
|
26,212,753
|
|
|
25,571,730
|
|
|
641,023
|
|
|
2.5
|
|
|
24,207,338
|
|
|
24,249,861
|
|
|
18,287,485
|
|
|
7,925,268
|
|
|
43.3
|
|
Total shareholders'
equity
|
3,913,409
|
|
|
3,900,907
|
|
|
12,502
|
|
|
0.3
|
|
|
3,696,791
|
|
|
3,726,774
|
|
|
3,503,242
|
|
|
410,167
|
|
|
11.7
|
|
Total liabilities and
shareholders' equity
|
$
|
30,126,162
|
|
|
$
|
29,472,637
|
|
|
653,525
|
|
|
2.2
|
|
|
$
|
27,904,129
|
|
|
$
|
27,976,635
|
|
|
$
|
21,790,727
|
|
|
8,335,435
|
|
|
38.3
|
|
TABLE 4 Continued
- IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
6/30/2018
|
|
3/31/2018
|
|
$
|
|
%
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
296,907
|
|
|
$
|
308,319
|
|
|
(11,412)
|
|
|
(3.7)
|
|
|
$
|
307,328
|
|
|
$
|
277,968
|
|
|
$
|
277,047
|
|
|
19,860
|
|
|
7.2
|
|
Interest-bearing
deposits in other banks
|
392,906
|
|
|
486,298
|
|
|
(93,392)
|
|
|
(19.2)
|
|
|
538,733
|
|
|
615,445
|
|
|
555,431
|
|
|
(162,525)
|
|
|
(29.3)
|
|
Total cash and cash
equivalents
|
689,813
|
|
|
794,617
|
|
|
(104,804)
|
|
|
(13.2)
|
|
|
846,061
|
|
|
893,413
|
|
|
832,478
|
|
|
(142,665)
|
|
|
(17.1)
|
|
Investment securities
available for sale
|
4,629,177
|
|
|
4,544,836
|
|
|
84,341
|
|
|
1.9
|
|
|
4,674,496
|
|
|
4,593,798
|
|
|
3,970,021
|
|
|
659,156
|
|
|
16.6
|
|
Investment securities
held to maturity
|
222,764
|
|
|
226,229
|
|
|
(3,465)
|
|
|
(1.5)
|
|
|
191,067
|
|
|
114,895
|
|
|
85,516
|
|
|
137,248
|
|
|
160.5
|
|
Total investment
securities
|
4,851,941
|
|
|
4,771,065
|
|
|
80,876
|
|
|
1.7
|
|
|
4,865,563
|
|
|
4,708,693
|
|
|
4,055,537
|
|
|
796,404
|
|
|
19.6
|
|
Mortgage loans held
for sale
|
72,917
|
|
|
109,027
|
|
|
(36,110)
|
|
|
(33.1)
|
|
|
126,216
|
|
|
132,309
|
|
|
145,274
|
|
|
(72,357)
|
|
|
(49.8)
|
|
Loans and leases, net
of unearned income
|
21,830,720
|
|
|
20,181,390
|
|
|
1,649,330
|
|
|
8.2
|
|
|
19,941,500
|
|
|
18,341,154
|
|
|
15,284,007
|
|
|
6,546,713
|
|
|
42.8
|
|
Allowance for loan
and lease losses
|
(145,565)
|
|
|
(144,295)
|
|
|
(1,270)
|
|
|
0.9
|
|
|
(138,927)
|
|
|
(147,046)
|
|
|
(146,448)
|
|
|
883
|
|
|
(0.6)
|
|
Loans and leases,
net
|
21,685,155
|
|
|
20,037,095
|
|
|
1,648,060
|
|
|
8.2
|
|
|
19,802,573
|
|
|
18,194,108
|
|
|
15,137,559
|
|
|
6,547,596
|
|
|
43.3
|
|
Premises and
equipment, net
|
327,686
|
|
|
331,640
|
|
|
(3,954)
|
|
|
(1.2)
|
|
|
329,957
|
|
|
327,917
|
|
|
309,622
|
|
|
18,064
|
|
|
5.8
|
|
Goodwill and other
intangible assets
|
1,338,420
|
|
|
1,281,598
|
|
|
56,822
|
|
|
4.4
|
|
|
1,277,293
|
|
|
1,047,355
|
|
|
757,528
|
|
|
580,892
|
|
|
76.7
|
|
Other
assets
|
804,920
|
|
|
807,177
|
|
|
(2,257)
|
|
|
(0.3)
|
|
|
787,400
|
|
|
793,126
|
|
|
605,539
|
|
|
199,381
|
|
|
32.9
|
|
Total
assets
|
$
|
29,770,852
|
|
|
$
|
28,132,219
|
|
|
1,638,633
|
|
|
5.8
|
|
|
$
|
28,035,063
|
|
|
$
|
26,096,921
|
|
|
$
|
21,843,537
|
|
|
7,927,315
|
|
|
36.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,795,878
|
|
|
$
|
6,278,507
|
|
|
517,371
|
|
|
8.2
|
|
|
$
|
6,176,347
|
|
|
$
|
5,601,071
|
|
|
$
|
4,992,598
|
|
|
1,803,280
|
|
|
36.1
|
|
NOW
accounts
|
4,494,064
|
|
|
4,363,557
|
|
|
130,507
|
|
|
3.0
|
|
|
3,987,908
|
|
|
3,203,657
|
|
|
3,124,243
|
|
|
1,369,821
|
|
|
43.8
|
|
Savings and money
market accounts
|
9,146,302
|
|
|
8,664,085
|
|
|
482,217
|
|
|
5.6
|
|
|
8,769,464
|
|
|
8,566,873
|
|
|
7,079,773
|
|
|
2,066,529
|
|
|
29.2
|
|
Certificates of
deposit
|
2,719,627
|
|
|
2,471,485
|
|
|
248,142
|
|
|
10.0
|
|
|
2,444,403
|
|
|
2,413,727
|
|
|
1,964,234
|
|
|
755,393
|
|
|
38.5
|
|
Total
deposits
|
23,155,871
|
|
|
21,777,634
|
|
|
1,378,237
|
|
|
6.3
|
|
|
21,378,122
|
|
|
19,785,328
|
|
|
17,160,848
|
|
|
5,995,023
|
|
|
34.9
|
|
Short-term
borrowings
|
609,965
|
|
|
506,056
|
|
|
103,909
|
|
|
20.5
|
|
|
729,111
|
|
|
1,180,165
|
|
|
38,320
|
|
|
571,645
|
|
|
1,491.8
|
|
Securities sold under
agreements to repurchase
|
427,508
|
|
|
477,862
|
|
|
(50,354)
|
|
|
(10.5)
|
|
|
494,757
|
|
|
439,077
|
|
|
314,090
|
|
|
113,418
|
|
|
36.1
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,261,515
|
|
|
1,257,213
|
|
|
4,302
|
|
|
0.3
|
|
|
1,300,114
|
|
|
622,655
|
|
|
508,522
|
|
|
752,993
|
|
|
148.1
|
|
Other
liabilities
|
281,820
|
|
|
275,869
|
|
|
5,951
|
|
|
2.2
|
|
|
264,790
|
|
|
273,163
|
|
|
200,673
|
|
|
81,147
|
|
|
40.4
|
|
Total
liabilities
|
25,856,789
|
|
|
24,414,744
|
|
|
1,442,045
|
|
|
5.9
|
|
|
24,287,004
|
|
|
22,420,498
|
|
|
18,342,563
|
|
|
7,514,226
|
|
|
41.0
|
|
Total shareholders'
equity
|
3,914,063
|
|
|
3,717,475
|
|
|
196,588
|
|
|
5.3
|
|
|
3,748,059
|
|
|
3,676,423
|
|
|
3,500,974
|
|
|
413,089
|
|
|
11.8
|
|
Total liabilities and
shareholders' equity
|
$
|
29,770,852
|
|
|
$
|
28,132,219
|
|
|
1,638,633
|
|
|
5.8
|
|
|
$
|
28,035,063
|
|
|
$
|
26,096,921
|
|
|
$
|
21,843,537
|
|
|
7,927,315
|
|
|
36.3
|
|
Table 5 -
IBERIABANK CORPORATION
|
LOANS AND ASSET
QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
|
6/30/2018
|
|
3/31/2018
|
|
$
|
|
%
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
$
|
|
%
|
Commercial loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate-
construction
|
$
|
1,183,367
|
|
|
$
|
1,199,625
|
|
|
(16,258)
|
|
|
(1.4)
|
|
|
$
|
1,240,396
|
|
|
$
|
1,298,282
|
|
|
$
|
1,100,504
|
|
|
82,863
|
|
|
7.5
|
|
Real estate-
owner-occupied (1)
|
2,641,824
|
|
|
2,612,244
|
|
|
29,580
|
|
|
1.1
|
|
|
2,529,885
|
|
|
2,448,826
|
|
|
2,242,275
|
|
|
399,549
|
|
|
17.8
|
|
Real estate-
non-owner occupied
|
5,467,113
|
|
|
5,437,082
|
|
|
30,031
|
|
|
0.6
|
|
|
5,167,949
|
|
|
5,020,778
|
|
|
3,839,777
|
|
|
1,627,336
|
|
|
42.4
|
|
Commercial and
industrial (6)
|
5,512,416
|
|
|
5,325,682
|
|
|
186,734
|
|
|
3.5
|
|
|
5,135,067
|
|
|
5,016,437
|
|
|
4,195,096
|
|
|
1,317,320
|
|
|
31.4
|
|
Total
commercial loans and leases
|
14,804,720
|
|
|
14,574,633
|
|
|
230,087
|
|
|
1.6
|
|
|
14,073,297
|
|
|
13,784,323
|
|
|
11,377,652
|
|
|
3,427,068
|
|
|
30.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
4,124,538
|
|
|
3,971,067
|
|
|
153,471
|
|
|
3.9
|
|
|
3,056,352
|
|
|
3,024,970
|
|
|
1,346,467
|
|
|
2,778,071
|
|
|
206.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
2,410,617
|
|
|
2,421,186
|
|
|
(10,569)
|
|
|
(0.4)
|
|
|
2,292,275
|
|
|
2,320,233
|
|
|
2,158,948
|
|
|
251,669
|
|
|
11.7
|
|
Other
|
735,908
|
|
|
739,204
|
|
|
(3,296)
|
|
|
(0.4)
|
|
|
656,257
|
|
|
665,559
|
|
|
672,949
|
|
|
62,959
|
|
|
9.4
|
|
Total consumer
loans
|
3,146,525
|
|
|
3,160,390
|
|
|
(13,865)
|
|
|
(0.4)
|
|
|
2,948,532
|
|
|
2,985,792
|
|
|
2,831,897
|
|
|
314,628
|
|
|
11.1
|
|
Total loans
and leases
|
$
|
22,075,783
|
|
|
$
|
21,706,090
|
|
|
369,693
|
|
|
1.7
|
|
|
$
|
20,078,181
|
|
|
$
|
19,795,085
|
|
|
$
|
15,556,016
|
|
|
6,519,767
|
|
|
41.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses (2)
|
$
|
(136,576)
|
|
|
$
|
(144,527)
|
|
|
7,951
|
|
|
(5.5)
|
|
|
$
|
(140,891)
|
|
|
$
|
(136,628)
|
|
|
$
|
(146,225)
|
|
|
9,649
|
|
|
(6.6)
|
|
Loans and leases,
net
|
21,939,207
|
|
|
21,561,563
|
|
|
377,644
|
|
|
1.8
|
|
|
19,937,290
|
|
|
19,658,457
|
|
|
15,409,791
|
|
|
6,529,416
|
|
|
42.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(14,433)
|
|
|
(13,432)
|
|
|
(1,001)
|
|
|
7.5
|
|
|
(13,208)
|
|
|
(21,032)
|
|
|
(10,462)
|
|
|
(3,971)
|
|
|
38.0
|
|
Allowance for credit
losses
|
(151,009)
|
|
|
(157,959)
|
|
|
6,950
|
|
|
(4.4)
|
|
|
(154,099)
|
|
|
(157,660)
|
|
|
(156,687)
|
|
|
5,678
|
|
|
(3.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(3)
|
$
|
131,155
|
|
|
$
|
153,975
|
|
|
(22,820)
|
|
|
(14.8)
|
|
|
$
|
145,388
|
|
|
$
|
145,491
|
|
|
$
|
177,942
|
|
|
(46,787)
|
|
|
(26.3)
|
|
Other real estate
owned and foreclosed assets
|
22,267
|
|
|
27,117
|
|
|
(4,850)
|
|
|
(17.9)
|
|
|
26,533
|
|
|
28,338
|
|
|
19,718
|
|
|
2,549
|
|
|
12.9
|
|
Accruing loans more
than 90 days past due (3)
|
9,314
|
|
|
8,288
|
|
|
1,026
|
|
|
12.4
|
|
|
6,900
|
|
|
2,190
|
|
|
802
|
|
|
8,512
|
|
|
1,061.3
|
|
Total
non-performing
assets
(3)(4)
|
$
|
162,736
|
|
|
$
|
189,380
|
|
|
(26,644)
|
|
|
(14.1)
|
|
|
$
|
178,821
|
|
|
$
|
176,019
|
|
|
$
|
198,462
|
|
|
(35,726)
|
|
|
(18.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due (3)
|
$
|
43,159
|
|
|
$
|
78,293
|
|
|
(35,134)
|
|
|
(44.9)
|
|
|
$
|
61,717
|
|
|
$
|
58,327
|
|
|
$
|
50,871
|
|
|
(7,712)
|
|
|
(15.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (3)(4)
|
0.54
|
%
|
|
0.64
|
%
|
|
|
|
|
|
0.64
|
%
|
|
0.63
|
%
|
|
0.91
|
%
|
|
|
|
|
Non-performing assets
to total loans and OREO (3)(4)
|
0.74
|
|
|
0.87
|
|
|
|
|
|
|
0.89
|
|
|
0.89
|
|
|
1.27
|
|
|
|
|
|
ALLL to
non-performing
loans
(3)(5)
|
97.2
|
|
|
89.1
|
|
|
|
|
|
|
92.5
|
|
|
92.5
|
|
|
81.8
|
|
|
|
|
|
ALLL to
non-performing
assets
(3)(4)
|
83.9
|
|
|
76.3
|
|
|
|
|
|
|
78.8
|
|
|
77.6
|
|
|
73.7
|
|
|
|
|
|
ALLL to total
loans
|
0.62
|
|
|
0.67
|
|
|
|
|
|
|
0.70
|
|
|
0.69
|
|
|
0.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
|
13,618
|
|
|
$
|
9,116
|
|
|
4,502
|
|
|
49.4
|
|
|
$
|
12,526
|
|
|
$
|
30,460
|
|
|
$
|
12,189
|
|
|
1,429
|
|
|
11.7
|
|
Quarter-to-date
recoveries
|
(1,968)
|
|
|
(4,813)
|
|
|
2,845
|
|
|
(59.1)
|
|
|
(2,425)
|
|
|
(1,644)
|
|
|
(1,289)
|
|
|
(679)
|
|
|
52.7
|
|
Quarter-to-date net
charge-offs
|
$
|
11,650
|
|
|
$
|
4,303
|
|
|
7,347
|
|
|
170.7
|
|
|
$
|
10,101
|
|
|
$
|
28,816
|
|
|
$
|
10,900
|
|
|
750
|
|
|
6.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.21
|
%
|
|
0.09
|
%
|
|
|
|
|
|
0.20
|
%
|
|
0.62
|
%
|
|
0.29
|
%
|
|
|
|
|
|
(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 6 -
IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
6/30/2018
|
|
3/31/2018
|
|
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
|
$
|
14,631,985
|
|
$
|
178,830
|
|
4.92
|
%
|
|
$
|
14,087,635
|
|
$
|
164,660
|
|
4.76
|
%
|
|
16
|
Residential mortgage
loans
|
4,041,259
|
|
47,215
|
|
4.67
|
|
|
3,151,775
|
|
34,494
|
|
4.38
|
|
|
29
|
Consumer
loans
|
3,157,476
|
|
44,431
|
|
5.64
|
|
|
2,941,980
|
|
38,915
|
|
5.36
|
|
|
28
|
Total loans
and leases
|
21,830,720
|
|
270,476
|
|
4.98
|
|
|
20,181,390
|
|
238,069
|
|
4.79
|
|
|
19
|
Mortgage loans held
for sale
|
72,917
|
|
836
|
|
4.59
|
|
|
109,027
|
|
1,154
|
|
4.23
|
|
|
36
|
Investment securities
(2)
|
4,958,769
|
|
29,325
|
|
2.42
|
|
|
4,843,448
|
|
28,094
|
|
2.38
|
|
|
4
|
Other earning
assets
|
580,477
|
|
3,186
|
|
2.20
|
|
|
679,902
|
|
3,226
|
|
1.92
|
|
|
28
|
Total earning
assets
|
27,442,883
|
|
303,823
|
|
4.46
|
|
|
25,813,767
|
|
270,543
|
|
4.26
|
|
|
20
|
Allowance for loan
and lease losses
|
(145,565)
|
|
|
|
|
(144,295)
|
|
|
|
|
|
Non-earning
assets
|
2,473,534
|
|
|
|
|
2,462,747
|
|
|
|
|
|
Total
assets
|
$
|
29,770,852
|
|
|
|
|
$
|
28,132,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,494,064
|
|
$
|
8,620
|
|
0.77
|
%
|
|
$
|
4,363,557
|
|
$
|
7,081
|
|
0.66
|
%
|
|
11
|
Savings and money
market accounts
|
9,146,302
|
|
18,434
|
|
0.81
|
|
|
8,664,085
|
|
14,579
|
|
0.68
|
|
|
13
|
Certificates of
deposit
|
2,719,627
|
|
9,105
|
|
1.34
|
|
|
2,471,485
|
|
6,584
|
|
1.08
|
|
|
26
|
Total
interest-bearing deposits (3)
|
16,359,993
|
|
36,159
|
|
0.89
|
|
|
15,499,127
|
|
28,244
|
|
0.74
|
|
|
15
|
Short-term
borrowings
|
1,037,473
|
|
3,327
|
|
1.29
|
|
|
983,918
|
|
2,524
|
|
1.04
|
|
|
25
|
Long-term
debt
|
1,381,625
|
|
8,224
|
|
2.39
|
|
|
1,377,323
|
|
6,886
|
|
2.03
|
|
|
36
|
Total
interest-bearing liabilities
|
18,779,091
|
|
47,710
|
|
1.02
|
|
|
17,860,368
|
|
37,654
|
|
0.86
|
|
|
16
|
Non-interest-bearing
deposits
|
6,795,878
|
|
|
|
|
6,278,507
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
281,820
|
|
|
|
|
275,869
|
|
|
|
|
|
Total
liabilities
|
25,856,789
|
|
|
|
|
24,414,744
|
|
|
|
|
|
Total shareholders'
equity
|
3,914,063
|
|
|
|
|
3,717,475
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
29,770,852
|
|
|
|
|
$
|
28,132,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
256,113
|
|
3.44
|
%
|
|
|
$
|
232,889
|
|
3.40
|
%
|
|
4
|
Taxable equivalent
benefit
|
|
1,449
|
|
0.02
|
|
|
|
1,464
|
|
0.02
|
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
257,562
|
|
3.76
|
%
|
|
|
$
|
234,353
|
|
3.67
|
%
|
|
9
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of 21%
for 2018 and a rate of 35% for 2017.
|
(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, 2018 and March 31, 2018
were 0.63% and 0.53%, respectively.
|
TABLE 6 Continued
- 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
|
|
6/30/2017
|
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
|
$
|
13,964,340
|
|
$
|
163,974
|
|
4.70
|
%
|
|
$
|
12,951,243
|
|
$
|
146,003
|
|
4.52
|
%
|
|
$
|
11,136,842
|
|
$
|
127,301
|
|
4.64
|
%
|
Residential mortgage
loans
|
3,049,947
|
|
35,007
|
|
4.59
|
|
|
|
2,464,348
|
|
28,645
|
|
4.65
|
|
|
1,319,207
|
|
14,345
|
|
4.35
|
|
Consumer
loans
|
2,927,213
|
|
38,836
|
|
5.26
|
|
|
2,925,563
|
|
42,240
|
|
5.73
|
|
|
2,827,958
|
|
37,620
|
|
5.34
|
|
Total loans
and leases
|
19,941,500
|
|
237,817
|
|
4.77
|
|
|
18,341,154
|
|
216,888
|
|
4.73
|
|
|
15,284,007
|
|
179,266
|
|
4.74
|
|
Mortgage loans held
for sale
|
126,216
|
|
1,251
|
|
3.96
|
|
|
132,309
|
|
1,209
|
|
3.66
|
|
|
145,274
|
|
1,248
|
|
3.44
|
|
Investment securities
(2)
|
4,893,538
|
|
27,714
|
|
2.37
|
|
|
4,709,526
|
|
26,246
|
|
2.32
|
|
|
4,029,491
|
|
22,306
|
|
2.32
|
|
Other earning
assets
|
725,042
|
|
2,921
|
|
1.60
|
|
|
789,223
|
|
2,629
|
|
1.32
|
|
|
650,083
|
|
1,755
|
|
1.08
|
|
Total earning
assets
|
25,686,296
|
|
269,703
|
|
4.22
|
|
|
23,972,212
|
|
246,972
|
|
4.14
|
|
|
20,108,855
|
|
204,575
|
|
4.13
|
|
Allowance for loan
and lease losses
|
(138,927)
|
|
|
|
|
(147,046)
|
|
|
|
|
|
(146,448)
|
|
|
|
Non-earning
assets
|
2,487,694
|
|
|
|
|
2,271,755
|
|
|
|
|
1,881,130
|
|
|
|
Total
assets
|
$
|
28,035,063
|
|
|
|
|
$
|
26,096,921
|
|
|
|
|
$
|
21,843,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
3,987,908
|
|
$
|
5,404
|
|
0.54
|
%
|
|
$
|
3,203,657
|
|
$
|
4,384
|
|
0.54
|
%
|
|
$
|
3,124,243
|
|
$
|
3,507
|
|
0.45
|
%
|
Savings and money
market accounts
|
8,769,464
|
|
13,345
|
|
0.60
|
|
|
8,566,873
|
|
11,650
|
|
0.54
|
|
|
7,079,773
|
|
9,029
|
|
0.51
|
|
Certificates of
deposit
|
2,444,403
|
|
6,115
|
|
0.99
|
|
|
2,413,727
|
|
5,766
|
|
0.95
|
|
|
1,964,234
|
|
4,576
|
|
0.93
|
|
Total
interest-bearing deposits (3)
|
15,201,775
|
|
24,864
|
|
0.65
|
|
|
14,184,257
|
|
21,800
|
|
0.61
|
|
|
12,168,250
|
|
17,112
|
|
0.56
|
|
Short-term
borrowings
|
1,223,868
|
|
2,901
|
|
0.94
|
|
|
1,619,242
|
|
4,152
|
|
1.02
|
|
|
352,410
|
|
227
|
|
0.26
|
|
Long-term
debt
|
1,420,224
|
|
6,436
|
|
1.80
|
|
|
742,765
|
|
4,137
|
|
2.21
|
|
|
628,632
|
|
3,593
|
|
2.29
|
|
Total
interest-bearing liabilities
|
17,845,867
|
|
34,201
|
|
0.76
|
|
|
16,546,264
|
|
30,089
|
|
0.72
|
|
|
13,149,292
|
|
20,932
|
|
0.64
|
|
Non-interest-bearing
deposits
|
6,176,347
|
|
|
|
|
5,601,071
|
|
|
|
|
4,992,598
|
|
|
|
Non-interest-bearing
liabilities
|
264,790
|
|
|
|
|
273,163
|
|
|
|
|
200,673
|
|
|
|
Total
liabilities
|
24,287,004
|
|
|
|
|
22,420,498
|
|
|
|
|
18,342,563
|
|
|
|
Total shareholders'
equity
|
3,748,059
|
|
|
|
|
3,676,423
|
|
|
|
|
3,500,974
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
28,035,063
|
|
|
|
|
$
|
26,096,921
|
|
|
|
|
$
|
21,843,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
|
235,502
|
|
3.46
|
%
|
|
|
$
|
216,883
|
|
3.42
|
%
|
|
|
$
|
183,643
|
|
3.49
|
%
|
Taxable equivalent
benefit
|
|
2,812
|
|
0.04
|
|
|
|
2,585
|
|
0.04
|
|
|
|
2,488
|
|
0.05
|
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
238,314
|
|
3.69
|
%
|
|
|
$
|
219,468
|
|
3.64
|
%
|
|
|
$
|
186,131
|
|
3.71
|
%
|
|
(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 2017 and a rate of 21% for 2018.
|
(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, September 30,
2017, and June 30, 2017 were 0.46%, 0.44% and 0.40%,
respectively.
|
TABLE 7 -
IBERIABANK CORPORATION
|
YEAR-TO-DATE
AVERAGE BALANCES, NET INTEREST INCOME AND
YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
6/30/2018
|
|
6/30/2017
|
|
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 and
leases
|
$
|
14,361,314
|
|
$
|
343,490
|
|
4.84
|
%
|
|
$
|
11,027,883
|
|
$
|
246,906
|
|
4.57
|
%
|
|
27
|
Residential mortgage
loans
|
3,598,974
|
|
81,709
|
|
4.54
|
|
|
1,296,266
|
|
27,193
|
|
4.20
|
|
|
34
|
Consumer
loans
|
3,050,324
|
|
83,346
|
|
5.51
|
|
|
2,841,390
|
|
74,143
|
|
5.26
|
|
|
25
|
Total loans
and leases
|
21,010,612
|
|
508,545
|
|
4.89
|
|
|
15,165,539
|
|
348,242
|
|
4.67
|
|
|
22
|
Mortgage loans held
for sale
|
90,873
|
|
1,990
|
|
4.38
|
|
|
160,309
|
|
2,219
|
|
2.77
|
|
|
161
|
Investment securities
(2)
|
4,901,427
|
|
57,419
|
|
2.40
|
|
|
3,886,106
|
|
42,234
|
|
2.28
|
|
|
12
|
Other earning
assets
|
629,915
|
|
6,412
|
|
2.05
|
|
|
885,278
|
|
4,413
|
|
1.01
|
|
|
104
|
Total earning
assets
|
26,632,827
|
|
574,366
|
|
4.36
|
|
|
20,097,232
|
|
397,108
|
|
4.03
|
|
|
33
|
Allowance for loan
and lease losses
|
(144,934)
|
|
|
|
|
(145,890)
|
|
|
|
|
|
Non-earning
assets
|
2,468,169
|
|
|
|
|
1,901,127
|
|
|
|
|
|
Total
assets
|
$
|
28,956,062
|
|
|
|
|
$
|
21,852,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,429,171
|
|
$
|
15,701
|
|
0.71
|
%
|
|
$
|
3,181,347
|
|
$
|
6,597
|
|
0.42
|
%
|
|
29
|
Savings and money
market accounts
|
8,906,526
|
|
33,013
|
|
0.75
|
|
|
7,145,295
|
|
17,358
|
|
0.49
|
|
|
26
|
Certificates of
deposit
|
2,596,241
|
|
15,689
|
|
1.22
|
|
|
2,023,661
|
|
9,214
|
|
0.92
|
|
|
30
|
Total
interest-bearing deposits (3)
|
15,931,938
|
|
64,403
|
|
0.82
|
|
|
12,350,303
|
|
33,169
|
|
0.54
|
|
|
28
|
Short-term
borrowings
|
1,010,843
|
|
5,851
|
|
1.17
|
|
|
381,407
|
|
504
|
|
0.27
|
|
|
90
|
Long-term
debt
|
1,379,487
|
|
15,110
|
|
2.21
|
|
|
623,591
|
|
6,974
|
|
2.26
|
|
|
(5)
|
Total
interest-bearing liabilities
|
18,322,268
|
|
85,364
|
|
0.94
|
|
|
13,355,301
|
|
40,647
|
|
0.62
|
|
|
32
|
Non-interest-bearing
deposits
|
6,538,622
|
|
|
|
|
4,984,815
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
278,861
|
|
|
|
|
211,274
|
|
|
|
|
|
Total
liabilities
|
25,139,751
|
|
|
|
|
18,551,390
|
|
|
|
|
|
Total shareholders'
equity
|
3,816,311
|
|
|
|
|
3,301,079
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
28,956,062
|
|
|
|
|
$
|
21,852,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
|
|
$
|
489,002
|
|
3.42
|
%
|
|
|
$
|
356,461
|
|
3.41
|
%
|
|
1
|
Tax-equivalent
benefit
|
|
2,910
|
|
0.02
|
|
|
|
4,974
|
|
0.05
|
|
|
(3)
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
491,912
|
|
3.72
|
%
|
|
|
$
|
361,435
|
|
3.62
|
%
|
|
10
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of 21%
for 2018 and a rate of 35% for 2017.
|
(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 six months ended June 30, 2018 and 2017 were 0.58%
and 0.39%, respectively.
|
Table 8 -
IBERIABANK CORPORATION
|
LEGACY AND
ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
6/30/2018
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
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
|
$
|
179
|
|
$
|
15,217
|
|
4.73
|
%
|
|
$
|
166
|
|
$
|
14,556
|
|
4.61
|
%
|
|
$
|
157
|
|
$
|
14,235
|
|
4.39
|
%
|
|
$
|
148
|
|
$
|
13,638
|
|
4.29
|
%
|
|
$
|
140
|
|
$
|
13,150
|
|
4.27
|
%
|
Acquired
loans
|
91
|
|
6,614
|
|
5.51
|
|
|
72
|
|
5,625
|
|
5.20
|
|
|
81
|
|
5,706
|
|
5.61
|
|
|
69
|
|
4,703
|
|
5.86
|
|
|
39
|
|
2,134
|
|
7.40
|
|
Total
loans
|
$
|
270
|
|
$
|
21,831
|
|
4.97
|
%
|
|
$
|
238
|
|
$
|
20,181
|
|
4.77
|
%
|
|
$
|
238
|
|
$
|
19,941
|
|
4.74
|
%
|
|
$
|
217
|
|
$
|
18,341
|
|
4.70
|
%
|
|
$
|
179
|
|
$
|
15,284
|
|
4.70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2018
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
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
|
(16)
|
|
142
|
|
(1.12)
|
|
|
(15)
|
|
142
|
|
(1.16)
|
|
|
(21)
|
|
161
|
|
(1.60)
|
|
|
(20)
|
|
120
|
|
(1.76)
|
|
|
(12)
|
|
72
|
|
(2.46)
|
|
Total
loans
|
$
|
(16)
|
|
$
|
142
|
|
(0.34)
|
%
|
|
$
|
(15)
|
|
$
|
142
|
|
(0.32)
|
%
|
|
$
|
(21)
|
|
$
|
161
|
|
(0.46)
|
%
|
|
$
|
(20)
|
|
$
|
120
|
|
(0.45)
|
%
|
|
$
|
(12)
|
|
$
|
72
|
|
(0.34)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2018
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
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
|
$
|
179
|
|
$
|
15,217
|
|
4.73
|
%
|
|
$
|
166
|
|
$
|
14,556
|
|
4.61
|
%
|
|
$
|
157
|
|
$
|
14,235
|
|
4.39
|
%
|
|
$
|
148
|
|
$
|
13,638
|
|
4.29
|
%
|
|
$
|
140
|
|
$
|
13,150
|
|
4.27
|
%
|
Acquired
loans
|
75
|
|
6,756
|
|
4.39
|
|
|
57
|
|
5,767
|
|
4.04
|
|
|
60
|
|
5,867
|
|
4.01
|
|
|
49
|
|
4,823
|
|
4.10
|
|
|
27
|
|
2,206
|
|
4.94
|
|
Total
loans
|
$
|
254
|
|
$
|
21,973
|
|
4.63
|
%
|
|
$
|
223
|
|
$
|
20,323
|
|
4.45
|
%
|
|
$
|
217
|
|
$
|
20,102
|
|
4.28
|
%
|
|
$
|
197
|
|
$
|
18,461
|
|
4.25
|
%
|
|
$
|
167
|
|
$
|
15,356
|
|
4.36
|
%
|
Table 9 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
6/30/2018
|
|
3/31/2018
|
|
12/31/2017
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
Net income
|
$
|
105,581
|
|
|
$
|
75,124
|
|
|
$
|
1.32
|
|
|
$
|
81,173
|
|
|
$
|
63,621
|
|
|
$
|
1.17
|
|
|
$
|
91,386
|
|
|
$
|
10,278
|
|
|
$
|
0.19
|
|
Less: Preferred stock
dividends
|
—
|
|
|
949
|
|
|
0.02
|
|
|
—
|
|
|
3,598
|
|
|
0.07
|
|
|
—
|
|
|
949
|
|
|
0.02
|
|
Income available to
common shareholders (GAAP)
|
$
|
105,581
|
|
|
$
|
74,175
|
|
|
$
|
1.30
|
|
|
$
|
81,173
|
|
|
$
|
60,023
|
|
|
$
|
1.10
|
|
|
$
|
91,386
|
|
|
$
|
9,329
|
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
(3)
|
|
|
(2)
|
|
|
—
|
|
|
59
|
|
|
44
|
|
|
—
|
|
|
(35)
|
|
|
(22)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
14,333
|
|
|
11,012
|
|
|
0.20
|
|
|
16,227
|
|
|
12,517
|
|
|
0.23
|
|
|
11,373
|
|
|
8,487
|
|
|
0.16
|
|
Compensation-related
expense
|
1,781
|
|
|
1,354
|
|
|
0.02
|
|
|
1,221
|
|
|
928
|
|
|
0.02
|
|
|
1,457
|
|
|
947
|
|
|
0.01
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
5,413
|
|
|
4,114
|
|
|
0.07
|
|
|
2,074
|
|
|
1,576
|
|
|
0.03
|
|
|
3,177
|
|
|
2,065
|
|
|
0.04
|
|
Litigation
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,228
|
|
|
0.02
|
|
Other non-core
non-interest expense
|
(95)
|
|
|
(72)
|
|
|
—
|
|
|
(683)
|
|
|
(520)
|
|
|
(0.01)
|
|
|
467
|
|
|
358
|
|
|
0.01
|
|
Total non-interest
expense adjustments
|
21,432
|
|
|
16,408
|
|
|
0.29
|
|
|
18,839
|
|
|
14,501
|
|
|
0.27
|
|
|
16,474
|
|
|
13,085
|
|
|
0.24
|
|
Income tax expense
(benefit) - provisional impact of TCJA (4)
|
—
|
|
|
6,572
|
|
|
0.12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,023
|
|
|
0.94
|
|
Income tax expense
(benefit) - other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
(1,237)
|
|
|
(0.02)
|
|
Core earnings
(Non-GAAP)
|
127,010
|
|
|
97,153
|
|
|
1.71
|
|
|
100,071
|
|
|
74,741
|
|
|
1.37
|
|
|
107,825
|
|
|
72,178
|
|
|
1.33
|
|
Provision for loan
losses (1)
|
7,595
|
|
|
5,772
|
|
|
|
|
7,986
|
|
|
6,069
|
|
|
|
|
14,393
|
|
|
9,355
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
134,605
|
|
|
$
|
102,925
|
|
|
|
|
$
|
108,057
|
|
|
$
|
80,810
|
|
|
|
|
$
|
122,218
|
|
|
$
|
81,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
9/30/2017
|
|
6/30/2017
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$
|
48,450
|
|
|
$
|
29,644
|
|
|
$
|
0.56
|
|
|
$
|
80,051
|
|
|
$
|
52,018
|
|
|
$
|
1.01
|
|
|
|
|
|
|
|
Less: Preferred stock
dividends
|
—
|
|
|
3,598
|
|
|
0.07
|
|
|
—
|
|
|
949
|
|
|
0.02
|
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
|
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
|
242
|
|
|
157
|
|
|
—
|
|
|
(59)
|
|
|
(38)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
28,478
|
|
|
19,255
|
|
|
0.36
|
|
|
1,066
|
|
|
789
|
|
|
0.02
|
|
|
|
|
|
|
|
Compensation-related
expense
|
1,092
|
|
|
710
|
|
|
0.02
|
|
|
378
|
|
|
246
|
|
|
—
|
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
3,661
|
|
|
2,380
|
|
|
0.04
|
|
|
(1,306)
|
|
|
(849)
|
|
|
(0.02)
|
|
|
|
|
|
|
|
Litigation
expense
|
5,692
|
|
|
4,696
|
|
|
0.09
|
|
|
6,000
|
|
|
5,481
|
|
|
0.11
|
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
377
|
|
|
245
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
39,300
|
|
|
27,286
|
|
|
0.51
|
|
|
6,138
|
|
|
5,667
|
|
|
0.11
|
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
87,992
|
|
|
53,489
|
|
|
1.00
|
|
|
86,130
|
|
|
56,698
|
|
|
1.10
|
|
|
|
|
|
|
|
Provision for loan
losses (1)
|
18,514
|
|
|
12,034
|
|
|
|
|
12,050
|
|
|
7,833
|
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
106,506
|
|
|
$
|
65,523
|
|
|
|
|
$
|
98,180
|
|
|
$
|
64,531
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
6/30/2018
|
|
6/30/2017
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
Net income
|
$
|
186,754
|
|
|
$
|
138,745
|
|
|
$
|
2.49
|
|
|
$
|
153,043
|
|
|
$
|
102,491
|
|
|
$
|
2.08
|
|
Less: Preferred stock
dividends
|
—
|
|
|
4,547
|
|
|
0.08
|
|
|
—
|
|
|
4,548
|
|
|
0.09
|
|
Income available to
common shareholders (GAAP)
|
$
|
186,754
|
|
|
$
|
134,198
|
|
|
$
|
2.41
|
|
|
$
|
153,043
|
|
|
$
|
97,943
|
|
|
$
|
1.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
56
|
|
|
42
|
|
|
—
|
|
|
(59)
|
|
|
(38)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
30,560
|
|
|
23,529
|
|
|
0.43
|
|
|
1,120
|
|
|
824
|
|
|
0.02
|
|
Compensation-related
expense
|
3,002
|
|
|
2,282
|
|
|
0.04
|
|
|
476
|
|
|
309
|
|
|
0.01
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
7,487
|
|
|
5,690
|
|
|
0.10
|
|
|
123
|
|
|
80
|
|
|
—
|
|
Litigation
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
6,000
|
|
|
5,481
|
|
|
0.11
|
|
Other non-core
non-interest expense
|
(778)
|
|
|
(592)
|
|
|
(0.01)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total non-interest
expense adjustments
|
40,271
|
|
|
30,909
|
|
|
0.56
|
|
|
7,719
|
|
|
6,694
|
|
|
0.14
|
|
Income tax expense
(benefit) - provisional impact of TCJA (4)
|
—
|
|
|
6,572
|
|
|
0.12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Income tax expense
(benefit) - other
|
—
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Core earnings
(Non-GAAP)
|
227,081
|
|
|
171,894
|
|
|
3.09
|
|
|
160,703
|
|
|
104,599
|
|
|
2.13
|
|
Provision for loan
losses (1)
|
15,581
|
|
|
11,841
|
|
|
|
|
18,204
|
|
|
11,833
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
242,662
|
|
|
$
|
183,735
|
|
|
|
|
$
|
178,907
|
|
|
$
|
116,432
|
|
|
|
|
(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 10 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
6/30/2018
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
Net interest income
(GAAP)
|
$
|
256,113
|
|
|
$
|
232,889
|
|
|
$
|
235,502
|
|
|
$
|
216,883
|
|
|
$
|
183,643
|
|
Taxable equivalent
benefit
|
1,449
|
|
|
1,464
|
|
|
2,812
|
|
|
2,585
|
|
|
2,488
|
|
Net interest income
(TE) (Non-GAAP) (1)
|
257,562
|
|
|
234,353
|
|
|
238,314
|
|
|
219,468
|
|
|
186,131
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP) (3)
|
53,940
|
|
|
44,566
|
|
|
52,342
|
|
|
50,843
|
|
|
53,838
|
|
Taxable equivalent
benefit
|
336
|
|
|
341
|
|
|
683
|
|
|
680
|
|
|
668
|
|
Non-interest income
(TE) (Non-GAAP) (1) (3)
|
54,276
|
|
|
44,907
|
|
|
53,025
|
|
|
51,523
|
|
|
54,506
|
|
Taxable equivalent
revenues (Non-GAAP) (1) (3)
|
311,838
|
|
|
279,260
|
|
|
291,339
|
|
|
270,991
|
|
|
240,637
|
|
Securities (gains)
losses and other non-interest income
|
(3)
|
|
|
59
|
|
|
(35)
|
|
|
242
|
|
|
(59)
|
|
Core taxable
equivalent revenues (Non-GAAP) (1) (3)
|
$
|
311,835
|
|
|
$
|
279,319
|
|
|
$
|
291,304
|
|
|
$
|
271,233
|
|
|
$
|
240,578
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP) (3)
|
$
|
196,877
|
|
|
$
|
188,296
|
|
|
$
|
182,065
|
|
|
$
|
200,762
|
|
|
$
|
145,380
|
|
Less: Intangible
amortization expense
|
6,111
|
|
|
5,102
|
|
|
4,642
|
|
|
4,527
|
|
|
1,651
|
|
Tangible non-interest
expense (Non-GAAP) (2) (3)
|
190,766
|
|
|
183,194
|
|
|
177,423
|
|
|
196,235
|
|
|
143,729
|
|
Less: Merger-related
expense
|
14,333
|
|
|
16,227
|
|
|
11,373
|
|
|
28,478
|
|
|
1,066
|
|
Compensation-related expense
|
1,781
|
|
|
1,221
|
|
|
1,457
|
|
|
1,092
|
|
|
378
|
|
Impairment of long-lived assets, net of (gain) loss on
sale
|
5,413
|
|
|
2,074
|
|
|
3,177
|
|
|
3,661
|
|
|
(1,306)
|
|
Litigation
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
5,692
|
|
|
6,000
|
|
Other non-core non-interest expense
|
(95)
|
|
|
(683)
|
|
|
467
|
|
|
377
|
|
|
—
|
|
Core tangible
non-interest expense (Non-GAAP) (2) (3)
|
$
|
169,334
|
|
|
$
|
164,355
|
|
|
$
|
160,949
|
|
|
$
|
156,935
|
|
|
$
|
137,591
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
1.01
|
%
|
|
0.92
|
%
|
|
0.15
|
%
|
|
0.45
|
%
|
|
0.96
|
%
|
Effect of non-core
revenues and expenses
|
0.31
|
|
|
0.21
|
|
|
0.88
|
|
|
0.42
|
|
|
0.10
|
|
Core return on
average assets (Non-GAAP)
|
1.32
|
%
|
|
1.13
|
%
|
|
1.03
|
%
|
|
0.87
|
%
|
|
1.06
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP) (3)
|
63.5
|
%
|
|
67.9
|
%
|
|
63.3
|
%
|
|
75.0
|
%
|
|
61.2
|
%
|
Effect of tax benefit
related to tax-exempt income (3)
|
(0.4)
|
|
|
(0.5)
|
|
|
(0.8)
|
|
|
(1.0)
|
|
|
(0.8)
|
|
Efficiency ratio (TE)
(Non-GAAP) (1) (3)
|
63.1
|
%
|
|
67.4
|
%
|
|
62.5
|
%
|
|
74.0
|
%
|
|
60.4
|
%
|
Effect of
amortization of intangibles
|
(1.9)
|
|
|
(1.8)
|
|
|
(1.6)
|
|
|
(1.7)
|
|
|
(0.7)
|
|
Effect of non-core
items
|
(6.9)
|
|
|
(6.8)
|
|
|
(5.6)
|
|
|
(14.4)
|
|
|
(2.5)
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
54.3
|
%
|
|
58.8
|
%
|
|
55.3
|
%
|
|
57.9
|
%
|
|
57.2
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
7.87
|
%
|
|
6.79
|
%
|
|
1.02
|
%
|
|
2.92
|
%
|
|
6.08
|
%
|
Effect of non-core
revenues and expenses
|
2.43
|
|
|
1.66
|
|
|
6.90
|
|
|
3.07
|
|
|
0.67
|
|
Core return on
average common equity (Non-GAAP)
|
10.30
|
%
|
|
8.45
|
%
|
|
7.92
|
%
|
|
5.99
|
%
|
|
6.75
|
%
|
Effect of intangibles
(2)
|
6.40
|
|
|
5.38
|
|
|
4.81
|
|
|
2.96
|
|
|
2.11
|
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
16.70
|
%
|
|
13.83
|
%
|
|
12.73
|
%
|
|
8.95
|
%
|
|
8.86
|
%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
3,913,409
|
|
|
$
|
3,900,907
|
|
|
$
|
3,696,791
|
|
|
$
|
3,726,774
|
|
|
$
|
3,503,242
|
|
Less: Goodwill
and other intangibles
|
1,314,165
|
|
|
1,332,672
|
|
|
1,271,807
|
|
|
1,276,241
|
|
|
752,336
|
|
Preferred stock
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
Tangible common
equity (Non-GAAP) (2)
|
$
|
2,467,147
|
|
|
$
|
2,436,138
|
|
|
$
|
2,292,887
|
|
|
$
|
2,318,436
|
|
|
$
|
2,618,809
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$
|
30,126,162
|
|
|
$
|
29,472,637
|
|
|
$
|
27,904,129
|
|
|
$
|
27,976,635
|
|
|
$
|
21,790,727
|
|
Less: Goodwill
and other intangibles
|
1,314,165
|
|
|
1,332,672
|
|
|
1,271,807
|
|
|
1,276,241
|
|
|
752,336
|
|
Tangible assets
(Non-GAAP) (2)
|
$
|
28,811,997
|
|
|
$
|
28,139,965
|
|
|
$
|
26,632,322
|
|
|
$
|
26,700,394
|
|
|
$
|
21,038,391
|
|
Tangible common
equity ratio (Non-GAAP) (2)
|
8.56
|
%
|
|
8.66
|
%
|
|
8.61
|
%
|
|
8.68
|
%
|
|
12.45
|
%
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of 21%
for 2018 and a rate of 35% for 2017.
|
(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.
|
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SOURCE IBERIABANK Corporation