LAFAYETTE, La., Oct. 19, 2018 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 131-year-old
IBERIABANK (www.iberiabank.com), reported financial results for the
third quarter ended September 30,
2018. For the quarter, the Company reported net income
available to common shareholders of $97.9
million, or $1.73 diluted
earnings per common share ("EPS"). On a non-GAAP basis, EPS
excluding non-core revenues and non-core expenses ("Core EPS") in
the third quarter of 2018 was $1.74
per common share, compared to $1.00
in the year-ago period, an increase of 74% (refer to press release
supplemental tables for a reconciliation of GAAP to non-GAAP
metrics). Excluding quarters where we had bargain purchase gains,
Core EPS
was a record in the third quarter of 2018.
Daryl G. Byrd, President and
Chief Executive Officer, commented, "We are pleased to report
another quarter of solid financial performance driven by loan
growth, increased revenues, and a reduced expense base. Today, we
are providing initial financial guidance for 2019. Our focus
on delivering sustainable, profitable returns to our shareholders
is reflected in our guidance as we continue to work toward
achieving our 2020 Strategic Goals, which we expect to attain in
2019."
Highlights for the third quarter of 2018 and at September 30, 2018:
|
For the three
months ended
|
|
GAAP
|
|
Non-GAAP
Core
|
|
3Q18
|
2Q18
|
|
3Q18
|
2Q18
|
Earnings Per Common
Share
|
$
|
1.73
|
|
$
|
1.30
|
|
|
$
|
1.74
|
|
$
|
1.71
|
|
Return on Average
Assets
|
1.34
|
%
|
1.01
|
%
|
|
1.35
|
%
|
1.32
|
%
|
Return on Average
Common Equity
|
10.21
|
%
|
7.87
|
%
|
|
10.27
|
%
|
10.30
|
%
|
Return on Average
Tangible Common Equity
|
N/A
|
N/A
|
|
16.34
|
%
|
16.70
|
%
|
Efficiency
Ratio
|
54.2
|
%
|
63.5
|
%
|
|
54.0
|
%
|
56.6
|
%
|
Tangible Efficiency
Ratio (TE)
|
N/A
|
N/A
|
|
52.0
|
%
|
54.3
|
%
|
- On a linked quarter basis, both GAAP and Core EPS improved
driven by loan growth, margin stability and expense
reduction.
- Revenue growth and declining expense produced positive
operating leverage in the quarter.
- Solid returns in 3Q18 allowed the company to achieve previously
announced 2020 Strategic Goals for the second consecutive
quarter.
- The Company's reported and cash net interest margins declined 2
basis points on a linked quarter basis, to 3.74% and 3.47%,
respectively.
- Non-interest expense declined $27.5
million on a linked quarter basis. On a core basis,
non-interest expense decreased $6.8
million.
- Total loan growth was $268.1
million, or 5% annualized.
- Total deposits decreased $237.0
million, or -4% annualized. As of September, 30, 2018, total
non-interest bearing deposits represented 28% of total deposits.
Third quarter deposits were significantly influenced by several
large commercial deposit outflows, which were expected.
- Credit metrics remained stable. Classified assets are down 20%
from the same time a year ago.
- As previously announced, during 3Q18 the Company closed 22
retail branches and expects to realize $2
million in operating expense savings per quarter.
- During 3Q18, the Company repurchased 363,210 common shares at a
weighted average price of $83.63 per
common share.
- The Company announced a third quarter cash dividend equal to
$0.39 per common share, a 3% increase
compared to the common dividend declared in June 2018.
- On October 19, 2018, the Company
announced a fourth quarter cash dividend equal to $0.41 per common share, payable on January 25, 2019, to shareholders of record on
December 31, 2018. This equates
to a 5% increase to the third quarter common dividend. This
announcement marks the third common dividend increase in 2018.
4Q18 Special Items
In connection with filing its 2017 income tax returns, the
Company anticipates recognizing a non-core, permanent net income
tax benefit of approximately $55
million in the fourth quarter of 2018. This anticipated
benefit is based on the repricing of its current and deferred
income tax position associated with the Tax Cuts and Jobs Act of
2017 following the filing of the Company's remaining state income
tax returns and the receipt of written consent from the IRS on a
tax accounting method change. The Company expects these items
to be finalized in the fourth quarter of 2018.
2019 Financial Guidance
The Company is providing initial financial guidance for 2019 as
listed below:
2019
Guidance
|
Average Earning
Assets
|
$28.6B ~
$28.9B
|
Consolidated Loan
Growth
|
5% ~ 7%
|
Consolidated Deposit
Growth
|
5% ~ 7%
|
Provision
Expense
|
$35MM ~
$49MM
|
Non-Interest Income
(Core Basis)
|
$215MM ~
$225MM
|
Non-Interest Expense
(Core Basis)
|
$685MM ~
$700MM
|
Net Interest
Margin
|
3.60% ~
3.70%
|
Tax Rate
|
22.5% ~
23.5%
|
Preferred Dividend
& Unrestricted Shares
|
$12.5 ~
$13.5
|
Share Repurchase
Activity
|
$135MM ~
$150MM
|
Credit
Quality
|
Stable
|
- Guidance includes two interest rate increases in 2019.
- Impact of deployment alternatives related to the
$55 million non-core permanent tax in
2018 are not included in the guidance at this time. Once
received, management and the Board of Directors will evaluate
deployment alternatives, which may include increased dividends,
additional share repurchases, and/or balance sheet management
strategies.
Table A - Summary
Financial Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2018
|
|
|
6/30/2018
|
|
%
Change
|
|
9/30/2017
|
|
%
Change
|
GAAP
BASIS:
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders
|
$
|
97,866
|
|
|
|
$
|
74,175
|
|
|
31.9
|
|
|
$
|
26,046
|
|
|
275.7
|
|
Earnings per common
share - diluted
|
1.73
|
|
|
|
1.30
|
|
|
33.1
|
|
|
0.49
|
|
|
253.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans and
leases, net of unearned income
|
$
|
22,162,373
|
|
|
|
$
|
21,830,720
|
|
|
1.5
|
|
|
$
|
18,341,154
|
|
|
20.8
|
|
Average total
deposits
|
23,241,529
|
|
|
|
23,155,871
|
|
|
0.4
|
|
|
19,785,328
|
|
|
17.5
|
|
Net interest margin
(TE) (1)
|
3.74
|
|
%
|
|
3.76
|
|
%
|
|
|
3.64
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
(2)
|
$
|
312,312
|
|
|
|
$
|
310,053
|
|
|
0.7
|
|
|
$
|
267,726
|
|
|
16.7
|
|
Total non-interest
expense (2)
|
169,349
|
|
|
|
196,877
|
|
|
(14.0)
|
|
|
200,762
|
|
|
(15.6)
|
|
Efficiency ratio
(2)
|
54.2
|
|
%
|
|
63.5
|
|
%
|
|
|
75.0
|
|
%
|
|
Return on average
assets
|
1.34
|
|
|
|
1.01
|
|
|
|
|
0.45
|
|
|
|
Return on average
common equity
|
10.21
|
|
|
|
7.87
|
|
|
|
|
2.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS
(3):
|
|
|
|
|
|
|
|
|
|
|
Core revenues
(2)
|
$
|
312,311
|
|
|
|
$
|
310,050
|
|
|
0.7
|
|
|
$
|
267,968
|
|
|
16.5
|
|
Core non-interest
expense (2)
|
168,649
|
|
|
|
175,445
|
|
|
(3.9)
|
|
|
161,462
|
|
|
4.5
|
|
Core earnings per
common share - diluted
|
1.74
|
|
|
|
1.71
|
|
|
1.8
|
|
|
1.00
|
|
|
74.0
|
|
Core tangible
efficiency ratio (TE) (1) (2) (4)
|
52.0
|
|
%
|
|
54.3
|
|
%
|
|
|
57.9
|
|
%
|
|
Core return on
average assets
|
1.35
|
|
|
|
1.32
|
|
|
|
|
0.87
|
|
|
|
Core return on
average common equity
|
10.27
|
|
|
|
10.30
|
|
|
|
|
5.99
|
|
|
|
Core return on
average tangible common equity
|
16.34
|
|
|
|
16.70
|
|
|
|
|
8.95
|
|
|
|
Net interest margin
(TE) - cash basis (1)
|
3.47
|
|
|
|
3.49
|
|
|
|
|
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 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 $2.2 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 declined 2
basis points on a linked quarter basis, to 3.74% and 3.47%,
respectively. The Company realized $1.1
million less in recoveries on acquired impaired loans
compared to 2Q18.
Net interest income increased $3.1
million, or 1%, on a linked quarter basis. Average loans
increased $331.7 million, or 6%
annualized, and the associated taxable-equivalent yield increased
11 basis points. All other average earning assets decreased by
$52.1 million from the linked
quarter. The yield on total earning assets was 11 basis points
higher at 4.57% compared to 4.46% in the linked quarter.
Average interest-bearing deposits increased $197.2 million, or 5% annualized, and the average
cost of interest-bearing deposits rose 17 basis points to 106 basis
points on a linked quarter basis. Total average interest-bearing
liabilities increased by $355.3
million, or 8% annualized, and the average cost of
interest-bearing liabilities rose 18 basis points to 120 basis
points. The total cost of interest-bearing liabilities rose
primarily due to an upward repricing of deposits, brokered
wholesale CD issuances, and increases in the average rate paid on
short-term and long-term FHLB advances. The total cost of funding
in 3Q18 was 89 basis points, compared to 75 basis points in
2Q18.
The Company's provision for loan losses increased to
$11.1 million on a linked quarter
basis and covered net charge-offs in 3Q18 by 124%. The overall
increase in provision was mainly attributable to a $741.7 million increase in legacy loans.
In 3Q18, non-interest income decreased $0.9 million, or 2%, compared to 2Q18 primarily
as a result of seasonal declines in the Company's fee income
businesses. Non-interest income on a linked quarter basis included
a decrease of $1.0 million in
mortgage income, a decrease of $0.6
million in title revenue, and a decrease of $0.5 million in ATM/debit card fee income. These
decreases were offset by an increase of $1.1
million in client derivative activity and $0.6 million in service charges on deposit
accounts.
Non-interest expense decreased $27.5
million, or 14%, on a linked quarter basis, primarily due to
decreased merger and conversion-related expenses and reduced
salaries and employee benefits expenses. During 3Q18, non-interest
expense included $3.3 million in
branch closure and other impairment expenses, a $2.7 million gain on the early termination of
loss share agreements, $1.1 million
in compensation-related expenses, and $1.0
million in merger and conversion-related expenses that are
considered non-core items by management.
Excluding these items, core non-interest expense decreased
$6.8 million, or 4%, primarily driven
by decreases of $1.4 million in
salary and employee benefits expenses, $1.4
million in occupancy and equipment expenses, $1.3 million in the accrual for mortgage loan
repurchase reserves, $1.3 million in
professional services expenses, and $0.8
million in marketing and business development expenses.
Branch closure expenses were partially offset by gains on sales
of branches previously closed and gains on the termination of loss
share agreements acquired in the Sabadell United Bank acquisition
and made up the majority of the variance between GAAP and Core
EPS.
On a linked quarter basis, the efficiency ratio improved to
54.2% from 63.5%, while the non-GAAP core tangible efficiency ratio
improved to 52.0% from 54.3%. The Company continues to focus on
cost containment and revenue enhancement efforts to deliver
positive operating leverage. 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
|
|
|
9/30/2018
|
|
6/30/2018
|
|
%
Change
|
|
9/30/2017
|
|
%
Change
|
PERIOD-END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and
leases, net of unearned income
|
$
|
22,343,906
|
|
|
|
$
|
22,075,783
|
|
|
|
1.2
|
|
|
$
|
19,795,085
|
|
|
|
12.9
|
|
|
Total
deposits
|
23,193,446
|
|
|
|
23,430,458
|
|
|
|
(1.0)
|
|
|
21,334,271
|
|
|
|
8.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due and still accruing as a percentage of total loans
(1)
|
0.32
|
%
|
|
|
0.20
|
%
|
|
|
|
|
0.29
|
%
|
|
|
|
|
Loans 90 days or more
past due and still accruing as a percentage of total loans
(1)
|
0.06
|
|
|
|
0.04
|
|
|
|
|
|
0.01
|
|
|
|
|
|
Non-performing assets
to total assets (1)(2)
|
0.63
|
|
|
|
0.54
|
|
|
|
|
|
0.63
|
|
|
|
|
|
Classified assets to
total assets (3)
|
1.09
|
|
|
|
1.26
|
|
|
|
|
|
1.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (4) (5)
|
8.69
|
%
|
|
|
8.56
|
%
|
|
|
|
|
8.68
|
%
|
|
|
|
|
Tier 1 leverage ratio
(6)
|
9.65
|
|
|
|
9.54
|
|
|
|
|
|
10.17
|
|
|
|
|
|
Total risk-based
capital ratio (6)
|
12.42
|
|
|
|
12.37
|
|
|
|
|
|
12.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
|
68.03
|
|
|
|
$
|
67.06
|
|
|
|
1.4
|
|
|
$
|
66.74
|
|
|
|
1.9
|
|
|
Tangible book value
(Non-GAAP) (4) (5)
|
44.72
|
|
|
|
43.75
|
|
|
|
2.2
|
|
|
43.04
|
|
|
|
3.9
|
|
|
Closing stock
price
|
81.35
|
|
|
|
75.80
|
|
|
|
7.3
|
|
|
82.15
|
|
|
|
(1.0)
|
|
|
Cash
dividends
|
0.39
|
|
|
|
0.38
|
|
|
|
2.6
|
|
|
0.37
|
|
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $328
million, $379 million and $410 million at September 30, 2018, June
30, 2018, and September 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 September 30, 2018 are preliminary.
|
Loans and Other Assets
Total loans increased $268.1
million, or 5% annualized, to $22.3
billion at September 30, 2018.
Period-end loan growth during 3Q18 was strongest in the Energy
Group (reserve-based lending), South Florida Commercial, Corporate
Asset Finance Group (equipment financing business), and the
Birmingham, Tampa and Dallas markets. The Company believes it is
well-positioned for diversified loan growth based on our strategic
presence in 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
|
|
9/30/2018
|
|
6/30/2018
|
|
9/30/2017
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
9/30/2018
|
6/30/2018
|
Legacy
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial(1)
|
$
|
11,971,771
|
|
|
$
|
11,500,907
|
|
|
$
|
10,295,455
|
|
|
470,864
|
|
4.1
|
|
|
16.2
|
%
|
|
1,676,316
|
|
16.3
|
|
|
73.2
|
%
|
73.7
|
%
|
Residential
mortgage
|
1,836,119
|
|
|
1,534,294
|
|
|
1,040,990
|
|
|
301,825
|
|
19.7
|
|
|
78.0
|
%
|
|
795,129
|
|
76.4
|
|
|
11.2
|
%
|
9.8
|
%
|
Consumer
|
2,543,872
|
|
|
2,574,834
|
|
|
2,496,701
|
|
|
(30,962)
|
|
(1.2)
|
|
|
(4.8)
|
%
|
|
47,171
|
|
1.9
|
|
|
15.6
|
%
|
16.5
|
%
|
Total legacy
loans
|
16,351,762
|
|
|
15,610,035
|
|
|
13,833,146
|
|
|
741,727
|
|
4.8
|
|
|
18.9
|
%
|
|
2,518,616
|
|
18.2
|
|
|
100.0
|
%
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
6,465,748
|
|
|
6,792,168
|
|
|
2,062,606
|
|
|
(326,420)
|
|
(4.8)
|
|
|
|
|
4,403,142
|
|
213.5
|
|
|
|
|
Loans acquired during
the period
|
—
|
|
|
—
|
|
|
4,026,020
|
|
|
—
|
|
—
|
|
|
|
|
(4,026,020)
|
|
N/M
|
|
|
|
Net paydown
activity
|
(473,604)
|
|
|
(326,420)
|
|
|
(126,687)
|
|
|
(147,184)
|
|
45.1
|
|
|
|
|
(346,917)
|
|
273.8
|
|
|
|
|
Total acquired
loans
|
5,992,144
|
|
|
6,465,748
|
|
|
5,961,939
|
|
|
(473,604)
|
|
(7.3)
|
|
|
|
|
30,205
|
|
0.5
|
|
|
|
|
Total
loans
|
$
|
22,343,906
|
|
|
$
|
22,075,783
|
|
|
$
|
19,795,085
|
|
|
268,123
|
|
1.2
|
|
|
|
|
2,548,821
|
|
12.9
|
|
|
|
|
|
(1) Includes
equipment financing leases.
|
N/M= not
meaningful
|
On an average balance and linked quarter basis, the investment
portfolio increased $37.9 million, or
3% annualized, to $4.9 billion,
mainly due to purchases of additional investment securities.
Approximately 96% 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 September 30,
2018. The investment portfolio had an effective duration of
4.0 years at September 30, 2018, up
from 3.9 years at June 30, 2018, and
a $181.1 million unrealized loss at
September 30, 2018, up from an
$151.4 million loss at June 30, 2018. The average yield on investment
securities increased 1 basis point to 2.43% in 3Q18. The Company
holds in its investment portfolio primarily government agency
securities. Municipal securities comprised 8% of total investments
at September 30, 2018.
Deposits and Funding
Total deposits decreased $237.0
million, or 1%, to $23.2
billion at September 30, 2018.
Deposit growth during 3Q18 was strongest in the Dallas, Baton
Rouge and New York markets.
Third quarter deposits were significantly influenced by several
large commercial deposit outflows, which were expected. During the
quarter, the Company had continued growth in its number of
deposit
accounts, and expects positive deposit trends to resume moving
forward. Periodic lumpy inflows and outflows are not unusual given
the commercial nature of our franchise.
Table D -
Period-End Deposits
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
9/30/2018
|
|
6/30/2018
|
|
9/30/2017
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
9/30/2018
|
6/30/2018
|
Non-interest-bearing
|
$
|
6,544,926
|
|
|
$
|
6,814,441
|
|
|
$
|
5,963,943
|
|
|
(269,515)
|
|
(4.0)
|
|
(15.9)
|
%
|
|
580,983
|
|
9.7
|
|
|
28.2
|
%
|
29.1
|
%
|
NOW
accounts
|
4,247,533
|
|
|
4,453,152
|
|
|
3,547,761
|
|
|
(205,619)
|
|
(4.6)
|
|
(18.3)
|
%
|
|
699,772
|
|
19.7
|
|
|
18.3
|
%
|
19.0
|
%
|
Money market
accounts
|
8,338,682
|
|
|
8,467,906
|
|
|
8,321,755
|
|
|
(129,224)
|
|
(1.5)
|
|
(6.0)
|
%
|
|
16,927
|
|
0.2
|
|
|
36.0
|
%
|
36.1
|
%
|
Savings
accounts
|
820,354
|
|
|
850,425
|
|
|
843,662
|
|
|
(30,071)
|
|
(3.5)
|
|
(13.9)
|
%
|
|
(23,308)
|
|
(2.8)
|
|
|
3.5
|
%
|
3.6
|
%
|
Time
deposits
|
3,241,951
|
|
|
2,844,534
|
|
|
2,657,150
|
|
|
397,417
|
|
14.0
|
|
55.5
|
%
|
|
584,801
|
|
22.0
|
|
|
14.0
|
%
|
12.2
|
%
|
Total
deposits
|
$
|
23,193,446
|
|
|
$
|
23,430,458
|
|
|
$
|
21,334,271
|
|
|
(237,012)
|
|
(1.0)
|
|
(4.0)
|
%
|
|
1,859,175
|
|
8.7
|
|
|
100.0
|
%
|
100.0
|
%
|
Asset Quality
Credit quality remains stable and reflects strength in the
economy. On a linked quarter basis, classified assets
decreased $51.6 million and were down
$82.9 million, or 20%, from the same
time a year ago. The Company's classified assets to total assets
were 1.09% in 3Q18, down from 1.26% at 2Q18 and 1.47% at 3Q17.
Refer to Table 5 - Loans and Asset Quality Data for further
information.
Capital Position
At September 30, 2018, the Company
reported a non-GAAP tangible common equity ratio of 8.69%, up 13
basis points compared to June 30,
2018, and the preliminary Tier 1 leverage ratio was 9.65%,
up 11 basis points compared to June 30,
2018. The Company's preliminary calculation of its total
risk-based capital ratio at September 30,
2018, was 12.42%, up 5 basis points compared to June 30, 2018.
At September 30, 2018, book value
per common share was $68.03, up
$0.97 per share, compared to
June 30, 2018. Tangible book value
per common share was $44.72, up
$0.97 per share, compared to
June 30, 2018. Based on the closing
stock price of the Company's common stock of $75.30 per share on October 18, 2018, this price equated to 1.11
times September 30, 2018 book value
per common share and 1.68 times September
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 August 2,
2018, the Company declared a quarterly cash dividend of
$0.39 per common share, a 3% increase
compared to the common dividend declared in June 2018. The dividend is payable on
October 26, 2018, to shareholders of
record as of September 28, 2018.
On October 19, 2018, the Company
announced a quarterly cash dividend equal to $0.41 per common share, payable on January 25, 2019, to shareholders of record on
December 31, 2018. This equated
to a 5% increase to the common dividend declared in August
2018. This announcement marks the third common dividend
increase in 2018.
Preferred Stock. On July 6,
2018, the Company declared a semi-annual cash dividend of
$0.8281 per depositary share of
Series B Preferred Stock that was paid on August 1, 2018. On August
2, 2018, the Company declared a quarterly cash dividend of
$0.4125 per depositary share of
Series C Preferred Stock that is payable on November 1, 2018.
Common Stock Repurchase Program. On May
10, 2018, the Board of Directors authorized the repurchase
of up to 1,137,500 shares of the Company's common stock. This
repurchase authorization equated to approximately 2% of total
common 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 anticipates
executing an active quarterly share repurchase. During 3Q18, the
Company repurchased 363,210 common shares, at a weighted average
price of $83.63 per common share. At
September 30, 2018, there were
approximately 709,290 remaining shares that may be repurchased
under the current Board-approved plan.
IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with
locations in Louisiana,
Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South
Carolina, North Carolina,
Mississippi, Missouri, 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 $4.2 billion, based on
the NASDAQ Global Select Market closing stock price on October 18, 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, October 19, 2018,
beginning at 8:00 a.m. Central Time
by dialing 1-888-317-6003. The confirmation code for the call is
9041078. A replay of the call will be available until midnight Central Time on October 26, 2018 by dialing 1-877-344-7529. The
confirmation code for the replay is 10124103. 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, debt repayment penalties, and gains,
losses, and impairment charges on long-lived assets. 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,
https://www.sec.gov, and the Company's website,
https://www.iberiabank.com. To the extent that statements in this
press release relate to future plans, objectives, financial results
or performance by the Company, these statements are deemed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are
generally identified by use of words such as "may," "believe,"
"expect," "anticipate," "intend," "will," "should," "plan,"
"estimate," "predict," "continue" and "potential" or the negative
of these terms or other comparable terminology.
Forward-looking statements represent management's beliefs, based
upon information available at the time the statements are made,
with regard to the matters addressed; they are not guarantees of
future performance. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties that change over time
and could cause actual results or financial condition to differ
materially from those expressed in or implied by such statements.
All information is as of the date of this press release. Except to
the extent required by applicable law or regulation, the Company
undertakes no obligation to revise or update publicly any
forward-looking statement for any reason.
Table 1 -
IBERIABANK CORPORATION
|
FINANCIAL
HIGHLIGHTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
INCOME
DATA:
|
9/30/2018
|
|
6/30/2018
|
|
%
Change
|
|
9/30/2017
|
|
%
Change
|
|
Net interest
income
|
$
|
259,225
|
|
|
|
$
|
256,113
|
|
|
|
1.2
|
|
|
$
|
216,883
|
|
|
|
19.5
|
|
|
Net interest income
(TE) (1)
|
260,727
|
|
|
|
257,562
|
|
|
|
1.2
|
|
|
219,463
|
|
|
|
18.8
|
|
|
Total revenues
(2)
|
312,312
|
|
|
|
310,053
|
|
|
|
0.7
|
|
|
267,726
|
|
|
|
16.7
|
|
|
Provision for loan
losses
|
11,097
|
|
|
|
7,595
|
|
|
|
46.1
|
|
|
18,514
|
|
|
|
(40.1)
|
|
|
Non-interest expense
(2)
|
169,349
|
|
|
|
196,877
|
|
|
|
(14.0)
|
|
|
200,762
|
|
|
|
(15.6)
|
|
|
Net income available
to common shareholders
|
97,866
|
|
|
|
74,175
|
|
|
|
31.9
|
|
|
26,046
|
|
|
|
275.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
|
1.74
|
|
|
|
$
|
1.31
|
|
|
|
32.8
|
|
|
$
|
0.49
|
|
|
|
255.1
|
|
|
Earnings available to
common shareholders - diluted
|
1.73
|
|
|
|
1.30
|
|
|
|
33.1
|
|
|
0.49
|
|
|
|
253.1
|
|
|
Core earnings
(Non-GAAP) (3)
|
1.74
|
|
|
|
1.71
|
|
|
|
1.8
|
|
|
1.00
|
|
|
|
74.0
|
|
|
Book value
|
68.03
|
|
|
|
67.06
|
|
|
|
1.4
|
|
|
66.74
|
|
|
|
1.9
|
|
|
Tangible book value
(Non-GAAP) (3) (4)
|
44.72
|
|
|
|
43.75
|
|
|
|
2.2
|
|
|
43.04
|
|
|
|
3.9
|
|
|
Closing stock
price
|
81.35
|
|
|
|
75.80
|
|
|
|
7.3
|
|
|
82.15
|
|
|
|
(1.0)
|
|
|
Cash
dividends
|
0.39
|
|
|
|
0.38
|
|
|
|
2.6
|
|
|
0.37
|
|
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND
OTHER DATA (7):
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.74
|
%
|
|
|
3.76
|
%
|
|
|
|
|
3.64
|
%
|
|
|
|
|
Efficiency ratio
(2)
|
54.2
|
|
|
|
63.5
|
|
|
|
|
|
75.0
|
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
(4)
|
52.0
|
|
|
|
54.3
|
|
|
|
|
|
57.9
|
|
|
|
|
|
Return on average
assets
|
1.34
|
|
|
|
1.01
|
|
|
|
|
|
0.45
|
|
|
|
|
|
Return on average
common equity
|
10.21
|
|
|
|
7.87
|
|
|
|
|
|
2.92
|
|
|
|
|
|
Core return on
average tangible common equity (Non-GAAP)
(3)(4)
|
16.34
|
|
|
|
16.70
|
|
|
|
|
|
8.95
|
|
|
|
|
|
Effective tax
rate
|
23.1
|
|
|
|
28.8
|
|
|
|
|
|
38.8
|
|
|
|
|
|
Full-time equivalent
employees
|
3,429
|
|
|
|
3,543
|
|
|
|
|
|
3,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (3) (4)
|
8.69
|
%
|
|
|
8.56
|
%
|
|
|
|
|
8.68
|
%
|
|
|
|
|
Tangible common
equity to risk-weighted assets (4)
|
10.17
|
|
|
|
10.18
|
|
|
|
|
|
10.56
|
|
|
|
|
|
Tier 1 leverage ratio
(5)
|
9.65
|
|
|
|
9.54
|
|
|
|
|
|
10.17
|
|
|
|
|
|
Common equity Tier 1
(CET 1) ratio (5)
|
10.79
|
|
|
|
10.72
|
|
|
|
|
|
10.93
|
|
|
|
|
|
Tier 1 capital ratio
(5)
|
11.33
|
|
|
|
11.27
|
|
|
|
|
|
11.53
|
|
|
|
|
|
Total risk-based
capital ratio (5)
|
12.42
|
|
|
|
12.37
|
|
|
|
|
|
12.78
|
|
|
|
|
|
Common stock dividend
payout ratio
|
21.8
|
|
|
|
28.9
|
|
|
|
|
|
76.5
|
|
|
|
|
|
Classified assets to
Tier 1 capital (8)
|
11.7
|
|
|
|
13.9
|
|
|
|
|
|
16.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (6)
|
0.63
|
%
|
|
|
0.54
|
%
|
|
|
|
|
0.63
|
%
|
|
|
|
|
ALLL to total loans
and leases
|
0.61
|
|
|
|
0.62
|
|
|
|
|
|
0.69
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.16
|
|
|
|
0.21
|
|
|
|
|
|
0.62
|
|
|
|
|
|
Non-performing assets
to total loans and OREO (6)
|
0.84
|
|
|
|
0.74
|
|
|
|
|
|
0.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $2.2 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 September 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
|
|
9/30/2018
|
|
6/30/2018
|
|
$
|
%
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
$
|
%
|
Interest
income
|
$
|
317,067
|
|
|
$
|
303,823
|
|
|
13,244
|
|
4.4
|
|
|
$
|
270,543
|
|
|
$
|
269,703
|
|
|
$
|
246,972
|
|
|
70,095
|
|
28.4
|
|
Interest
expense
|
57,842
|
|
|
47,710
|
|
|
10,132
|
|
21.2
|
|
|
37,654
|
|
|
34,201
|
|
|
30,089
|
|
|
27,753
|
|
92.2
|
|
Net interest
income
|
259,225
|
|
|
256,113
|
|
|
3,112
|
|
1.2
|
|
|
232,889
|
|
|
235,502
|
|
|
216,883
|
|
|
42,342
|
|
19.5
|
|
Provision for loan
losses
|
11,097
|
|
|
7,595
|
|
|
3,502
|
|
46.1
|
|
|
7,986
|
|
|
14,393
|
|
|
18,514
|
|
|
(7,417)
|
|
(40.1)
|
|
Net interest income
after provision for loan losses
|
248,128
|
|
|
248,518
|
|
|
(390)
|
|
(0.2)
|
|
|
224,903
|
|
|
221,109
|
|
|
198,369
|
|
|
49,759
|
|
25.1
|
|
Mortgage
income
|
12,732
|
|
|
13,721
|
|
|
(989)
|
|
(7.2)
|
|
|
9,595
|
|
|
13,675
|
|
|
16,050
|
|
|
(3,318)
|
|
(20.7)
|
|
Service charges on
deposit accounts
|
13,520
|
|
|
12,950
|
|
|
570
|
|
4.4
|
|
|
12,908
|
|
|
12,581
|
|
|
12,534
|
|
|
986
|
|
7.9
|
|
Title
revenue
|
6,280
|
|
|
6,846
|
|
|
(566)
|
|
(8.3)
|
|
|
5,027
|
|
|
5,398
|
|
|
5,643
|
|
|
637
|
|
11.3
|
|
Broker
commissions(1)
|
2,627
|
|
|
2,396
|
|
|
231
|
|
9.6
|
|
|
2,221
|
|
|
1,958
|
|
|
2,094
|
|
|
533
|
|
25.5
|
|
ATM/debit card fee
income(1)
|
2,470
|
|
|
2,925
|
|
|
(455)
|
|
(15.6)
|
|
|
2,633
|
|
|
2,583
|
|
|
2,486
|
|
|
(16)
|
|
(0.6)
|
|
Income from bank
owned life insurance
|
1,744
|
|
|
1,261
|
|
|
483
|
|
38.3
|
|
|
1,282
|
|
|
1,267
|
|
|
1,263
|
|
|
481
|
|
38.1
|
|
Gain (loss) on sale
of available-for-sale securities
|
—
|
|
|
3
|
|
|
(3)
|
|
(100.0)
|
|
|
(59)
|
|
|
35
|
|
|
(242)
|
|
|
242
|
|
100.0
|
|
Trust department
income
|
3,993
|
|
|
4,243
|
|
|
(250)
|
|
(5.9)
|
|
|
3,426
|
|
|
3,081
|
|
|
2,686
|
|
|
1,307
|
|
48.7
|
|
Other non-interest
income(1)
|
9,721
|
|
|
9,595
|
|
|
126
|
|
1.3
|
|
|
7,533
|
|
|
11,764
|
|
|
8,329
|
|
|
1,392
|
|
16.7
|
|
Total non-interest
income(1)
|
53,087
|
|
|
53,940
|
|
|
(853)
|
|
(1.6)
|
|
|
44,566
|
|
|
52,342
|
|
|
50,843
|
|
|
2,244
|
|
4.4
|
|
Salaries and employee
benefits
|
101,159
|
|
|
107,445
|
|
|
(6,286)
|
|
(5.9)
|
|
|
104,586
|
|
|
104,387
|
|
|
106,970
|
|
|
(5,811)
|
|
(5.4)
|
|
Occupancy and
equipment
|
18,889
|
|
|
19,931
|
|
|
(1,042)
|
|
(5.2)
|
|
|
20,047
|
|
|
19,211
|
|
|
19,139
|
|
|
(250)
|
|
(1.3)
|
|
Amortization of
acquisition intangibles
|
5,382
|
|
|
6,111
|
|
|
(729)
|
|
(11.9)
|
|
|
5,102
|
|
|
4,642
|
|
|
4,527
|
|
|
855
|
|
18.9
|
|
Data
processing(1)
|
9,036
|
|
|
9,309
|
|
|
(273)
|
|
(2.9)
|
|
|
12,393
|
|
|
11,416
|
|
|
12,300
|
|
|
(3,264)
|
|
(26.5)
|
|
Professional
services
|
5,519
|
|
|
7,160
|
|
|
(1,641)
|
|
(22.9)
|
|
|
7,391
|
|
|
9,441
|
|
|
22,550
|
|
|
(17,031)
|
|
(75.5)
|
|
Credit and other loan
related expense
|
5,117
|
|
|
5,190
|
|
|
(73)
|
|
(1.4)
|
|
|
4,618
|
|
|
3,170
|
|
|
7,532
|
|
|
(2,415)
|
|
(32.1)
|
|
Other non-interest
expense(1)
|
24,247
|
|
|
41,731
|
|
|
(17,484)
|
|
(41.9)
|
|
|
34,159
|
|
|
29,798
|
|
|
27,744
|
|
|
(3,497)
|
|
(12.6)
|
|
Total non-interest
expense(1)
|
169,349
|
|
|
196,877
|
|
|
(27,528)
|
|
(14.0)
|
|
|
188,296
|
|
|
182,065
|
|
|
200,762
|
|
|
(31,413)
|
|
(15.6)
|
|
Income before income
taxes
|
131,866
|
|
|
105,581
|
|
|
26,285
|
|
24.9
|
|
|
81,173
|
|
|
91,386
|
|
|
48,450
|
|
|
83,416
|
|
172.2
|
|
Income tax
expense
|
30,401
|
|
|
30,457
|
|
|
(56)
|
|
(0.2)
|
|
|
17,552
|
|
|
81,108
|
|
|
18,806
|
|
|
11,595
|
|
61.7
|
|
Net income
|
101,465
|
|
|
75,124
|
|
|
26,341
|
|
35.1
|
|
|
63,621
|
|
|
10,278
|
|
|
29,644
|
|
|
71,821
|
|
242.3
|
|
Less: Preferred stock
dividends
|
3,599
|
|
|
949
|
|
|
2,650
|
|
279.2
|
|
|
3,598
|
|
|
949
|
|
|
3,598
|
|
|
1
|
|
—
|
|
Net income available
to common shareholders
|
$
|
97,866
|
|
|
$
|
74,175
|
|
|
23,691
|
|
31.9
|
|
|
$
|
60,023
|
|
|
$
|
9,329
|
|
|
$
|
26,046
|
|
|
71,820
|
|
275.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
97,866
|
|
|
$
|
74,175
|
|
|
23,691
|
|
31.9
|
|
|
$
|
60,023
|
|
|
$
|
9,329
|
|
|
$
|
26,046
|
|
|
71,820
|
|
275.7
|
|
Less: Earnings
allocated to unvested restricted stock
|
908
|
|
|
767
|
|
|
141
|
|
18.4
|
|
|
639
|
|
|
101
|
|
|
283
|
|
|
625
|
|
220.8
|
|
Earnings allocated to
common shareholders
|
$
|
96,958
|
|
|
$
|
73,408
|
|
|
23,550
|
|
32.1
|
|
|
$
|
59,384
|
|
|
$
|
9,228
|
|
|
$
|
25,763
|
|
|
71,195
|
|
276.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
1.74
|
|
|
$
|
1.31
|
|
|
0.43
|
|
32.8
|
|
|
$
|
1.11
|
|
|
$
|
0.17
|
|
|
$
|
0.49
|
|
|
1.25
|
|
255.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
1.73
|
|
|
1.30
|
|
|
0.43
|
|
33.1
|
|
|
1.10
|
|
|
0.17
|
|
|
0.49
|
|
|
1.24
|
|
253.1
|
|
Impact of non-core
items (Non-GAAP) (2)
|
0.01
|
|
|
0.41
|
|
|
(0.40)
|
|
(97.6)
|
|
|
0.27
|
|
|
1.16
|
|
|
0.51
|
|
|
(0.50)
|
|
(98.0)
|
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(2)
|
$
|
1.74
|
|
|
$
|
1.71
|
|
|
0.03
|
|
1.8
|
|
|
$
|
1.37
|
|
|
$
|
1.33
|
|
|
$
|
1.00
|
|
|
0.74
|
|
74.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
55,571
|
|
|
55,931
|
|
|
(360)
|
|
(0.6)
|
|
|
53,616
|
|
|
53,287
|
|
|
52,424
|
|
|
3,147
|
|
6.0
|
|
Weighted average
common shares outstanding - diluted
|
55,945
|
|
|
56,287
|
|
|
(342)
|
|
(0.6)
|
|
|
53,967
|
|
|
53,621
|
|
|
52,770
|
|
|
3,175
|
|
6.0
|
|
Book value shares
(period end)
|
56,007
|
|
|
56,390
|
|
|
(383)
|
|
(0.7)
|
|
|
56,779
|
|
|
53,872
|
|
|
53,864
|
|
|
2,143
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Nine
Months Ended
|
|
|
|
|
|
Change
|
|
9/30/2018
|
|
9/30/2017
|
|
$
|
%
|
Interest
income
|
$
|
891,433
|
|
|
$
|
644,080
|
|
|
247,353
|
|
38.4
|
|
Interest
expense
|
143,206
|
|
|
70,736
|
|
|
72,470
|
|
102.5
|
|
Net interest
income
|
748,227
|
|
|
573,344
|
|
|
174,883
|
|
30.5
|
|
Provision for loan
losses
|
26,678
|
|
|
36,718
|
|
|
(10,040)
|
|
(27.3)
|
|
Net interest income
after provision for loan losses
|
721,549
|
|
|
536,626
|
|
|
184,923
|
|
34.5
|
|
Mortgage
income
|
36,048
|
|
|
49,895
|
|
|
(13,847)
|
|
(27.8)
|
|
Service charges on
deposit accounts
|
39,378
|
|
|
35,097
|
|
|
4,281
|
|
12.2
|
|
Title
revenue
|
18,153
|
|
|
16,574
|
|
|
1,579
|
|
9.5
|
|
Broker commissions
(1)
|
7,244
|
|
|
7,203
|
|
|
41
|
|
0.6
|
|
ATM/debit card fee
income (1)
|
8,028
|
|
|
7,615
|
|
|
413
|
|
5.4
|
|
Income from bank
owned life insurance
|
4,287
|
|
|
3,815
|
|
|
472
|
|
12.4
|
|
(Loss) gain on sale
of available-for-sale securities
|
(56)
|
|
|
(183)
|
|
|
127
|
|
69.4
|
|
Trust department
income
|
11,662
|
|
|
6,625
|
|
|
5,037
|
|
76.0
|
|
Other non-interest
income (1)
|
26,849
|
|
|
23,164
|
|
|
3,685
|
|
15.9
|
|
Total non-interest
income (1)
|
151,593
|
|
|
149,805
|
|
|
1,788
|
|
1.2
|
|
Salaries and employee
benefits
|
313,190
|
|
|
275,140
|
|
|
38,050
|
|
13.8
|
|
Occupancy and
equipment
|
58,867
|
|
|
51,452
|
|
|
7,415
|
|
14.4
|
|
Amortization of
acquisition intangibles
|
16,595
|
|
|
7,948
|
|
|
8,647
|
|
108.8
|
|
Data processing
(1)
|
30,738
|
|
|
25,374
|
|
|
5,364
|
|
21.1
|
|
Professional
services
|
20,070
|
|
|
39,104
|
|
|
(19,034)
|
|
(48.7)
|
|
Credit and other loan
related expense
|
14,925
|
|
|
15,838
|
|
|
(913)
|
|
(5.8)
|
|
Other non-interest
expense (1)
|
100,137
|
|
|
70,082
|
|
|
30,055
|
|
42.9
|
|
Total non-interest
expense (1)
|
554,522
|
|
|
484,938
|
|
|
69,584
|
|
14.3
|
|
Income before income
taxes
|
318,620
|
|
|
201,493
|
|
|
117,127
|
|
58.1
|
|
Income tax
expense
|
78,410
|
|
|
69,358
|
|
|
9,052
|
|
13.1
|
|
Net income
|
240,210
|
|
|
132,135
|
|
|
108,075
|
|
81.8
|
|
Less: Preferred stock
dividends
|
8,146
|
|
|
8,146
|
|
|
—
|
|
—
|
|
Net income available
to common shareholders
|
$
|
232,064
|
|
|
$
|
123,989
|
|
|
108,075
|
|
87.2
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
232,064
|
|
|
$
|
123,989
|
|
|
108,075
|
|
87.2
|
|
Less: Earnings
allocated to unvested restricted stock
|
2,341
|
|
|
1,052
|
|
|
1,289
|
|
122.5
|
|
Earnings allocated to
common shareholders
|
$
|
229,723
|
|
|
$
|
122,937
|
|
|
106,786
|
|
86.9
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
4.17
|
|
|
$
|
2.47
|
|
|
1.70
|
|
68.8
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
4.14
|
|
|
2.45
|
|
|
1.69
|
|
68.9
|
|
Impact of non-core
items (Non-GAAP) (2)
|
0.69
|
|
|
0.68
|
|
|
0.01
|
|
1.5
|
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(2)
|
$
|
4.83
|
|
|
$
|
3.13
|
|
|
1.70
|
|
54.3
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
55,047
|
|
|
49,749
|
|
|
5,298
|
|
10.6
|
|
Weighted average
common shares outstanding - diluted
|
55,407
|
|
|
50,106
|
|
|
5,301
|
|
10.6
|
|
Book value shares
(period end)
|
56,007
|
|
|
53,864
|
|
|
2,143
|
|
4.0
|
|
|
|
|
|
|
|
|
(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 $6.6 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
|
9/30/2018
|
|
6/30/2018
|
|
$
|
|
%
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
291,083
|
|
|
$
|
299,268
|
|
|
(8,185)
|
|
|
(2.7)
|
|
|
$
|
253,527
|
|
|
$
|
319,156
|
|
|
$
|
298,173
|
|
|
(7,090)
|
|
|
(2.4)
|
|
Interest-bearing
deposits in other banks
|
184,852
|
|
|
428,120
|
|
|
(243,268)
|
|
|
(56.8)
|
|
|
310,565
|
|
|
306,568
|
|
|
583,043
|
|
|
(398,191)
|
|
|
(68.3)
|
|
Total cash and cash
equivalents
|
475,935
|
|
|
727,388
|
|
|
(251,453)
|
|
|
(34.6)
|
|
|
564,092
|
|
|
625,724
|
|
|
881,216
|
|
|
(405,281)
|
|
|
(46.0)
|
|
Investment securities
available for sale
|
4,634,124
|
|
|
4,650,915
|
|
|
(16,791)
|
|
|
(0.4)
|
|
|
4,542,486
|
|
|
4,590,062
|
|
|
4,736,339
|
|
|
(102,215)
|
|
|
(2.2)
|
|
Investment securities
held to maturity
|
213,561
|
|
|
221,030
|
|
|
(7,469)
|
|
|
(3.4)
|
|
|
224,241
|
|
|
227,318
|
|
|
175,906
|
|
|
37,655
|
|
|
21.4
|
|
Total investment
securities
|
4,847,685
|
|
|
4,871,945
|
|
|
(24,260)
|
|
|
(0.5)
|
|
|
4,766,727
|
|
|
4,817,380
|
|
|
4,912,245
|
|
|
(64,560)
|
|
|
(1.3)
|
|
Mortgage loans held
for sale
|
42,976
|
|
|
78,843
|
|
|
(35,867)
|
|
|
(45.5)
|
|
|
110,348
|
|
|
134,916
|
|
|
141,218
|
|
|
(98,242)
|
|
|
(69.6)
|
|
Loans and leases, net
of unearned income
|
22,343,906
|
|
|
22,075,783
|
|
|
268,123
|
|
|
1.2
|
|
|
21,706,090
|
|
|
20,078,181
|
|
|
19,795,085
|
|
|
2,548,821
|
|
|
12.9
|
|
Allowance for loan
and lease losses
|
(136,950)
|
|
|
(136,576)
|
|
|
(374)
|
|
|
0.3
|
|
|
(144,527)
|
|
|
(140,891)
|
|
|
(136,628)
|
|
|
(322)
|
|
|
0.2
|
|
Loans and leases,
net
|
22,206,956
|
|
|
21,939,207
|
|
|
267,749
|
|
|
1.2
|
|
|
21,561,563
|
|
|
19,937,290
|
|
|
19,658,457
|
|
|
2,548,499
|
|
|
13.0
|
|
Premises and
equipment, net
|
304,605
|
|
|
326,213
|
|
|
(21,608)
|
|
|
(6.6)
|
|
|
329,454
|
|
|
331,413
|
|
|
330,800
|
|
|
(26,195)
|
|
|
(7.9)
|
|
Goodwill and other
intangible assets
|
1,313,478
|
|
|
1,320,664
|
|
|
(7,186)
|
|
|
(0.5)
|
|
|
1,338,573
|
|
|
1,277,464
|
|
|
1,281,479
|
|
|
31,999
|
|
|
2.5
|
|
Other
assets
|
926,752
|
|
|
861,902
|
|
|
64,850
|
|
|
7.5
|
|
|
801,880
|
|
|
779,942
|
|
|
771,220
|
|
|
155,532
|
|
|
20.2
|
|
Total
assets
|
$
|
30,118,387
|
|
|
$
|
30,126,162
|
|
|
(7,775)
|
|
|
—
|
|
|
$
|
29,472,637
|
|
|
$
|
27,904,129
|
|
|
$
|
27,976,635
|
|
|
2,141,752
|
|
|
7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,544,926
|
|
|
$
|
6,814,441
|
|
|
(269,515)
|
|
|
(4.0)
|
|
|
$
|
6,595,495
|
|
|
$
|
6,209,925
|
|
|
$
|
5,963,943
|
|
|
580,983
|
|
|
9.7
|
|
NOW
accounts
|
4,247,533
|
|
|
4,453,152
|
|
|
(205,619)
|
|
|
(4.6)
|
|
|
4,500,181
|
|
|
4,348,939
|
|
|
3,547,761
|
|
|
699,772
|
|
|
19.7
|
|
Savings and money
market accounts
|
9,159,036
|
|
|
9,318,331
|
|
|
(159,295)
|
|
|
(1.7)
|
|
|
9,146,710
|
|
|
8,520,365
|
|
|
9,165,417
|
|
|
(6,381)
|
|
|
(0.1)
|
|
Time
deposits
|
3,241,951
|
|
|
2,844,534
|
|
|
397,417
|
|
|
14.0
|
|
|
2,728,806
|
|
|
2,387,488
|
|
|
2,657,150
|
|
|
584,801
|
|
|
22.0
|
|
Total
deposits
|
23,193,446
|
|
|
23,430,458
|
|
|
(237,012)
|
|
|
(1.0)
|
|
|
22,971,192
|
|
|
21,466,717
|
|
|
21,334,271
|
|
|
1,859,175
|
|
|
8.7
|
|
Short-term
borrowings
|
790,000
|
|
|
595,000
|
|
|
195,000
|
|
|
32.8
|
|
|
375,000
|
|
|
475,000
|
|
|
975,008
|
|
|
(185,008)
|
|
|
(19.0)
|
|
Securities sold under
agreements to repurchase
|
452,719
|
|
|
459,213
|
|
|
(6,494)
|
|
|
(1.4)
|
|
|
525,496
|
|
|
516,297
|
|
|
548,696
|
|
|
(95,977)
|
|
|
(17.5)
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,346,700
|
|
|
1,318,504
|
|
|
28,196
|
|
|
2.1
|
|
|
1,329,192
|
|
|
1,375,725
|
|
|
1,007,474
|
|
|
339,226
|
|
|
33.7
|
|
Other
liabilities
|
273,051
|
|
|
289,468
|
|
|
(16,417)
|
|
|
(5.7)
|
|
|
250,740
|
|
|
253,489
|
|
|
264,302
|
|
|
8,749
|
|
|
3.3
|
|
Total
liabilities
|
26,176,026
|
|
|
26,212,753
|
|
|
(36,727)
|
|
|
(0.1)
|
|
|
25,571,730
|
|
|
24,207,338
|
|
|
24,249,861
|
|
|
1,926,165
|
|
|
7.9
|
|
Total shareholders'
equity
|
3,942,361
|
|
|
3,913,409
|
|
|
28,952
|
|
|
0.7
|
|
|
3,900,907
|
|
|
3,696,791
|
|
|
3,726,774
|
|
|
215,587
|
|
|
5.8
|
|
Total liabilities and
shareholders' equity
|
$
|
30,118,387
|
|
|
$
|
30,126,162
|
|
|
(7,775)
|
|
|
—
|
|
|
$
|
29,472,637
|
|
|
$
|
27,904,129
|
|
|
$
|
27,976,635
|
|
|
2,141,752
|
|
|
7.7
|
|
TABLE 4 Continued
- IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
9/30/2018
|
|
6/30/2018
|
|
$
|
|
%
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
279,918
|
|
|
$
|
296,907
|
|
|
(16,989)
|
|
|
(5.7)
|
|
|
$
|
308,319
|
|
|
$
|
307,328
|
|
|
$
|
277,968
|
|
|
1,950
|
|
|
0.7
|
|
Interest-bearing
deposits in other banks
|
259,455
|
|
|
392,906
|
|
|
(133,451)
|
|
|
(34.0)
|
|
|
486,298
|
|
|
538,733
|
|
|
615,445
|
|
|
(355,990)
|
|
|
(57.8)
|
|
Total cash and cash
equivalents
|
539,373
|
|
|
689,813
|
|
|
(150,440)
|
|
|
(21.8)
|
|
|
794,617
|
|
|
846,061
|
|
|
893,413
|
|
|
(354,040)
|
|
|
(39.6)
|
|
Investment securities
available for sale
|
4,673,454
|
|
|
4,629,177
|
|
|
44,277
|
|
|
1.0
|
|
|
4,544,836
|
|
|
4,674,496
|
|
|
4,593,798
|
|
|
79,656
|
|
|
1.7
|
|
Investment securities
held to maturity
|
216,419
|
|
|
222,764
|
|
|
(6,345)
|
|
|
(2.8)
|
|
|
226,229
|
|
|
191,067
|
|
|
114,895
|
|
|
101,524
|
|
|
88.4
|
|
Total investment
securities
|
4,889,873
|
|
|
4,851,941
|
|
|
37,932
|
|
|
0.8
|
|
|
4,771,065
|
|
|
4,865,563
|
|
|
4,708,693
|
|
|
181,180
|
|
|
3.8
|
|
Mortgage loans held
for sale
|
87,823
|
|
|
72,917
|
|
|
14,906
|
|
|
20.4
|
|
|
109,027
|
|
|
126,216
|
|
|
132,309
|
|
|
(44,486)
|
|
|
(33.6)
|
|
Loans and leases, net
of unearned income
|
22,162,373
|
|
|
21,830,720
|
|
|
331,653
|
|
|
1.5
|
|
|
20,181,390
|
|
|
19,941,500
|
|
|
18,341,154
|
|
|
3,821,219
|
|
|
20.8
|
|
Allowance for loan
and lease losses
|
(139,075)
|
|
|
(145,565)
|
|
|
6,490
|
|
|
(4.5)
|
|
|
(144,295)
|
|
|
(138,927)
|
|
|
(147,046)
|
|
|
7,971
|
|
|
(5.4)
|
|
Loans and leases,
net
|
22,023,298
|
|
|
21,685,155
|
|
|
338,143
|
|
|
1.6
|
|
|
20,037,095
|
|
|
19,802,573
|
|
|
18,194,108
|
|
|
3,829,190
|
|
|
21.0
|
|
Premises and
equipment, net
|
315,259
|
|
|
327,686
|
|
|
(12,427)
|
|
|
(3.8)
|
|
|
331,640
|
|
|
329,957
|
|
|
327,917
|
|
|
(12,658)
|
|
|
(3.9)
|
|
Goodwill and other
intangible assets
|
1,316,527
|
|
|
1,338,420
|
|
|
(21,893)
|
|
|
(1.6)
|
|
|
1,281,598
|
|
|
1,277,293
|
|
|
1,047,355
|
|
|
269,172
|
|
|
25.7
|
|
Other
assets
|
874,078
|
|
|
804,920
|
|
|
69,158
|
|
|
8.6
|
|
|
807,177
|
|
|
787,400
|
|
|
793,126
|
|
|
80,952
|
|
|
10.2
|
|
Total
assets
|
$
|
30,046,231
|
|
|
$
|
29,770,852
|
|
|
275,379
|
|
|
0.9
|
|
|
$
|
28,132,219
|
|
|
$
|
28,035,063
|
|
|
$
|
26,096,921
|
|
|
3,949,310
|
|
|
15.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,684,343
|
|
|
$
|
6,795,878
|
|
|
(111,535)
|
|
|
(1.6)
|
|
|
$
|
6,278,507
|
|
|
$
|
6,176,347
|
|
|
$
|
5,601,071
|
|
|
1,083,272
|
|
|
19.3
|
|
NOW
accounts
|
4,296,392
|
|
|
4,494,064
|
|
|
(197,672)
|
|
|
(4.4)
|
|
|
4,363,557
|
|
|
3,987,908
|
|
|
3,203,657
|
|
|
1,092,735
|
|
|
34.1
|
|
Savings and money
market accounts
|
9,237,614
|
|
|
9,146,302
|
|
|
91,312
|
|
|
1.0
|
|
|
8,664,085
|
|
|
8,769,464
|
|
|
8,566,873
|
|
|
670,741
|
|
|
7.8
|
|
Time
deposits
|
3,023,180
|
|
|
2,719,627
|
|
|
303,553
|
|
|
11.2
|
|
|
2,471,485
|
|
|
2,444,403
|
|
|
2,413,727
|
|
|
609,453
|
|
|
25.2
|
|
Total
deposits
|
23,241,529
|
|
|
23,155,871
|
|
|
85,658
|
|
|
0.4
|
|
|
21,777,634
|
|
|
21,378,122
|
|
|
19,785,328
|
|
|
3,456,201
|
|
|
17.5
|
|
Short-term
borrowings
|
820,087
|
|
|
609,965
|
|
|
210,122
|
|
|
34.4
|
|
|
506,056
|
|
|
729,111
|
|
|
1,180,165
|
|
|
(360,078)
|
|
|
(30.5)
|
|
Securities sold under
agreements to repurchase
|
376,078
|
|
|
427,508
|
|
|
(51,430)
|
|
|
(12.0)
|
|
|
477,862
|
|
|
494,757
|
|
|
439,077
|
|
|
(62,999)
|
|
|
(14.3)
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,260,900
|
|
|
1,261,515
|
|
|
(615)
|
|
|
—
|
|
|
1,257,213
|
|
|
1,300,114
|
|
|
622,655
|
|
|
638,245
|
|
|
102.5
|
|
Other
liabilities
|
292,445
|
|
|
281,820
|
|
|
10,625
|
|
|
3.8
|
|
|
275,869
|
|
|
264,790
|
|
|
273,163
|
|
|
19,282
|
|
|
7.1
|
|
Total
liabilities
|
26,111,149
|
|
|
25,856,789
|
|
|
254,360
|
|
|
1.0
|
|
|
24,414,744
|
|
|
24,287,004
|
|
|
22,420,498
|
|
|
3,690,651
|
|
|
16.5
|
|
Total shareholders'
equity
|
3,935,082
|
|
|
3,914,063
|
|
|
21,019
|
|
|
0.5
|
|
|
3,717,475
|
|
|
3,748,059
|
|
|
3,676,423
|
|
|
258,659
|
|
|
7.0
|
|
Total liabilities and
shareholders' equity
|
$
|
30,046,231
|
|
|
$
|
29,770,852
|
|
|
275,379
|
|
|
0.9
|
|
|
$
|
28,132,219
|
|
|
$
|
28,035,063
|
|
|
$
|
26,096,921
|
|
|
3,949,310
|
|
|
15.1
|
|
Table 5 -
IBERIABANK CORPORATION
|
LOANS AND ASSET
QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
|
9/30/2018
|
|
6/30/2018
|
|
$
|
|
%
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
|
$
|
|
%
|
Commercial loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate-
construction
|
$
|
1,127,988
|
|
|
$
|
1,183,367
|
|
|
(55,379)
|
|
|
(4.7)
|
|
|
$
|
1,199,625
|
|
|
$
|
1,240,396
|
|
|
$
|
1,298,282
|
|
|
(170,294)
|
|
|
(13.1)
|
|
Real estate-
owner-occupied (1)
|
2,458,964
|
|
|
2,455,685
|
|
|
3,279
|
|
|
0.1
|
|
|
2,449,513
|
|
|
2,375,321
|
|
|
2,306,941
|
|
|
152,023
|
|
|
6.6
|
|
Real estate-
non-owner occupied
|
5,794,931
|
|
|
5,653,252
|
|
|
141,679
|
|
|
2.5
|
|
|
5,599,813
|
|
|
5,322,513
|
|
|
5,162,663
|
|
|
632,268
|
|
|
12.2
|
|
Commercial and
industrial (6)
|
5,581,040
|
|
|
5,512,416
|
|
|
68,624
|
|
|
1.2
|
|
|
5,325,682
|
|
|
5,135,067
|
|
|
5,016,437
|
|
|
564,603
|
|
|
11.3
|
|
Total commercial
loans and leases
|
14,962,923
|
|
|
14,804,720
|
|
|
158,203
|
|
|
1.1
|
|
|
14,574,633
|
|
|
14,073,297
|
|
|
13,784,323
|
|
|
1,178,600
|
|
|
8.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
4,300,163
|
|
|
4,124,538
|
|
|
175,625
|
|
|
4.3
|
|
|
3,971,067
|
|
|
3,056,352
|
|
|
3,024,970
|
|
|
1,275,193
|
|
|
42.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
2,350,176
|
|
|
2,410,617
|
|
|
(60,441)
|
|
|
(2.5)
|
|
|
2,421,186
|
|
|
2,292,275
|
|
|
2,320,233
|
|
|
29,943
|
|
|
1.3
|
|
Other
|
730,644
|
|
|
735,908
|
|
|
(5,264)
|
|
|
(0.7)
|
|
|
739,204
|
|
|
656,257
|
|
|
665,559
|
|
|
65,085
|
|
|
9.8
|
|
Total consumer
loans
|
3,080,820
|
|
|
3,146,525
|
|
|
(65,705)
|
|
|
(2.1)
|
|
|
3,160,390
|
|
|
2,948,532
|
|
|
2,985,792
|
|
|
95,028
|
|
|
3.2
|
|
Total loans and
leases
|
$
|
22,343,906
|
|
|
$
|
22,075,783
|
|
|
268,123
|
|
|
1.2
|
|
|
$
|
21,706,090
|
|
|
$
|
20,078,181
|
|
|
$
|
19,795,085
|
|
|
2,548,821
|
|
|
12.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses (2)
|
$
|
(136,950)
|
|
|
$
|
(136,576)
|
|
|
(374)
|
|
|
0.3
|
|
|
$
|
(144,527)
|
|
|
$
|
(140,891)
|
|
|
$
|
(136,628)
|
|
|
(322)
|
|
|
0.2
|
|
Loans and leases,
net
|
22,206,956
|
|
|
21,939,207
|
|
|
267,749
|
|
|
1.2
|
|
|
21,561,563
|
|
|
19,937,290
|
|
|
19,658,457
|
|
|
2,548,499
|
|
|
13.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(14,721)
|
|
|
(14,433)
|
|
|
(288)
|
|
|
2.0
|
|
|
(13,432)
|
|
|
(13,208)
|
|
|
(21,032)
|
|
|
6,311
|
|
|
(30.0)
|
|
Allowance for credit
losses
|
(151,671)
|
|
|
(151,009)
|
|
|
(662)
|
|
|
0.4
|
|
|
(157,959)
|
|
|
(154,099)
|
|
|
(157,660)
|
|
|
5,989
|
|
|
(3.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(3)
|
$
|
143,595
|
|
|
$
|
131,155
|
|
|
12,440
|
|
|
9.5
|
|
|
$
|
153,975
|
|
|
$
|
145,388
|
|
|
$
|
145,491
|
|
|
(1,896)
|
|
|
(1.3)
|
|
Other real estate
owned and foreclosed assets
|
32,418
|
|
|
22,267
|
|
|
10,151
|
|
|
45.6
|
|
|
27,117
|
|
|
26,533
|
|
|
28,338
|
|
|
4,080
|
|
|
14.4
|
|
Accruing loans more
than 90 days past due (3)
|
12,452
|
|
|
9,314
|
|
|
3,138
|
|
|
33.7
|
|
|
8,288
|
|
|
6,900
|
|
|
2,190
|
|
|
10,262
|
|
|
468.6
|
|
Total
non-performing
assets
(3)(4)
|
$
|
188,465
|
|
|
$
|
162,736
|
|
|
25,729
|
|
|
15.8
|
|
|
$
|
189,380
|
|
|
$
|
178,821
|
|
|
$
|
176,019
|
|
|
12,446
|
|
|
7.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due (3)
|
$
|
70,624
|
|
|
$
|
43,159
|
|
|
27,465
|
|
|
63.6
|
|
|
$
|
78,293
|
|
|
$
|
61,717
|
|
|
$
|
58,327
|
|
|
12,297
|
|
|
21.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (3)(4)
|
0.63
|
%
|
|
0.54
|
%
|
|
|
|
|
|
0.64
|
%
|
|
0.64
|
%
|
|
0.63
|
%
|
|
|
|
|
Non-performing assets
to total loans and OREO (3)(4)
|
0.84
|
|
|
0.74
|
|
|
|
|
|
|
0.87
|
|
|
0.89
|
|
|
0.89
|
|
|
|
|
|
ALLL to
non-performing
loans
(3)(5)
|
87.8
|
|
|
97.2
|
|
|
|
|
|
|
89.1
|
|
|
92.5
|
|
|
92.5
|
|
|
|
|
|
ALLL to
non-performing
assets
(3)(4)
|
72.7
|
|
|
83.9
|
|
|
|
|
|
|
76.3
|
|
|
78.8
|
|
|
77.6
|
|
|
|
|
|
ALLL to total loans
and leases
|
0.61
|
|
|
0.62
|
|
|
|
|
|
|
0.67
|
|
|
0.70
|
|
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
|
12,006
|
|
|
$
|
13,618
|
|
|
(1,612)
|
|
|
(11.8)
|
|
|
$
|
9,116
|
|
|
$
|
12,526
|
|
|
$
|
30,460
|
|
|
(18,454)
|
|
|
(60.6)
|
|
Quarter-to-date
recoveries
|
(3,049)
|
|
|
(1,968)
|
|
|
(1,081)
|
|
|
54.9
|
|
|
(4,813)
|
|
|
(2,425)
|
|
|
(1,644)
|
|
|
(1,405)
|
|
|
85.5
|
|
Quarter-to-date net
charge-offs
|
$
|
8,957
|
|
|
$
|
11,650
|
|
|
(2,693)
|
|
|
(23.1)
|
|
|
$
|
4,303
|
|
|
$
|
10,101
|
|
|
$
|
28,816
|
|
|
(19,859)
|
|
|
(68.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.16
|
%
|
|
0.21
|
%
|
|
|
|
|
|
0.09
|
%
|
|
0.20
|
%
|
|
0.62
|
%
|
|
|
|
|
|
(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
|
|
9/30/2018
|
|
6/30/2018
|
|
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
|
$
|
14,825,572
|
|
$
|
191,014
|
|
5.13
|
%
|
|
$
|
14,631,985
|
|
$
|
178,830
|
|
4.92
|
%
|
|
21
|
Residential mortgage
loans
|
4,230,471
|
|
48,145
|
|
4.55
|
|
|
4,041,259
|
|
47,215
|
|
4.67
|
|
|
(12)
|
Consumer
loans
|
3,106,330
|
|
43,966
|
|
5.62
|
|
|
3,157,476
|
|
44,431
|
|
5.64
|
|
|
(2)
|
Total loans and
leases
|
22,162,373
|
|
283,125
|
|
5.09
|
|
|
21,830,720
|
|
270,476
|
|
4.98
|
|
|
11
|
Mortgage loans held
for sale
|
87,823
|
|
1,037
|
|
4.72
|
|
|
72,917
|
|
836
|
|
4.59
|
|
|
13
|
Investment securities
(2)
|
5,016,163
|
|
29,793
|
|
2.43
|
|
|
4,958,769
|
|
29,325
|
|
2.42
|
|
|
1
|
Other earning
assets
|
456,120
|
|
3,112
|
|
2.71
|
|
|
580,477
|
|
3,186
|
|
2.20
|
|
|
51
|
Total earning
assets
|
27,722,479
|
|
317,067
|
|
4.57
|
|
|
27,442,883
|
|
303,823
|
|
4.46
|
|
|
11
|
Allowance for loan
and lease losses
|
(139,075)
|
|
|
|
|
(145,565)
|
|
|
|
|
|
Non-earning
assets
|
2,462,827
|
|
|
|
|
2,473,534
|
|
|
|
|
|
Total
assets
|
$
|
30,046,231
|
|
|
|
|
$
|
29,770,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,296,392
|
|
$
|
8,841
|
|
0.82
|
%
|
|
$
|
4,494,064
|
|
$
|
8,620
|
|
0.77
|
%
|
|
5
|
Savings and money
market accounts
|
9,237,614
|
|
23,076
|
|
0.99
|
|
|
9,146,302
|
|
18,434
|
|
0.81
|
|
|
18
|
Time
deposits
|
3,023,180
|
|
12,484
|
|
1.64
|
|
|
2,719,627
|
|
9,105
|
|
1.34
|
|
|
30
|
Total
interest-bearing deposits (3)
|
16,557,186
|
|
44,401
|
|
1.06
|
|
|
16,359,993
|
|
36,159
|
|
0.89
|
|
|
17
|
Short-term
borrowings
|
1,196,165
|
|
4,727
|
|
1.57
|
|
|
1,037,473
|
|
3,327
|
|
1.29
|
|
|
28
|
Long-term
debt
|
1,381,010
|
|
8,714
|
|
2.50
|
|
|
1,381,625
|
|
8,224
|
|
2.39
|
|
|
11
|
Total
interest-bearing liabilities
|
19,134,361
|
|
57,842
|
|
1.20
|
|
|
18,779,091
|
|
47,710
|
|
1.02
|
|
|
18
|
Non-interest-bearing
deposits
|
6,684,343
|
|
|
|
|
6,795,878
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
292,445
|
|
|
|
|
281,820
|
|
|
|
|
|
Total
liabilities
|
26,111,149
|
|
|
|
|
25,856,789
|
|
|
|
|
|
Total shareholders'
equity
|
3,935,082
|
|
|
|
|
3,914,063
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
30,046,231
|
|
|
|
|
$
|
29,770,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
259,225
|
|
3.37
|
%
|
|
|
$
|
256,113
|
|
3.44
|
%
|
|
(7)
|
Taxable equivalent
benefit
|
|
1,502
|
|
0.02
|
|
|
|
1,449
|
|
0.02
|
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
260,727
|
|
3.74
|
%
|
|
|
$
|
257,562
|
|
3.76
|
%
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
(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 September 30, 2018 and June 30,
2018 were 0.76% and 0.63%, respectively.
|
TABLE 6 Continued
- 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
|
|
9/30/2017
|
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
|
$
|
14,087,635
|
|
$
|
164,660
|
|
4.76
|
%
|
|
$
|
13,964,340
|
|
$
|
163,974
|
|
4.70
|
%
|
|
$
|
12,951,243
|
|
$
|
146,003
|
|
4.52
|
%
|
Residential mortgage
loans
|
3,151,775
|
|
34,494
|
|
4.38
|
|
|
3,049,947
|
|
35,007
|
|
4.59
|
|
|
2,464,348
|
|
28,645
|
|
4.65
|
|
Consumer
loans
|
2,941,980
|
|
38,915
|
|
5.36
|
|
|
2,927,213
|
|
38,836
|
|
5.26
|
|
|
2,925,563
|
|
42,240
|
|
5.73
|
|
Total loans and
leases
|
20,181,390
|
|
238,069
|
|
4.79
|
|
|
19,941,500
|
|
237,817
|
|
4.77
|
|
|
18,341,154
|
|
216,888
|
|
4.73
|
|
Mortgage loans held
for sale
|
109,027
|
|
1,154
|
|
4.23
|
|
|
126,216
|
|
1,251
|
|
3.96
|
|
|
132,309
|
|
1,209
|
|
3.66
|
|
Investment securities
(2)
|
4,843,448
|
|
28,094
|
|
2.38
|
|
|
4,893,538
|
|
27,714
|
|
2.37
|
|
|
4,709,526
|
|
26,246
|
|
2.32
|
|
Other earning
assets
|
679,902
|
|
3,226
|
|
1.92
|
|
|
725,042
|
|
2,921
|
|
1.60
|
|
|
789,223
|
|
2,629
|
|
1.32
|
|
Total earning
assets
|
25,813,767
|
|
270,543
|
|
4.26
|
|
|
25,686,296
|
|
269,703
|
|
4.22
|
|
|
23,972,212
|
|
246,972
|
|
4.14
|
|
Allowance for loan
and lease losses
|
(144,295)
|
|
|
|
|
(138,927)
|
|
|
|
|
(147,046)
|
|
|
|
Non-earning
assets
|
2,462,747
|
|
|
|
|
2,487,694
|
|
|
|
|
2,271,755
|
|
|
|
Total
assets
|
$
|
28,132,219
|
|
|
|
|
$
|
28,035,063
|
|
|
|
|
$
|
26,096,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,363,557
|
|
$
|
7,081
|
|
0.66
|
%
|
|
$
|
3,987,908
|
|
$
|
5,404
|
|
0.54
|
%
|
|
$
|
3,203,657
|
|
$
|
4,384
|
|
0.54
|
%
|
Savings and money
market accounts
|
8,664,085
|
|
14,579
|
|
0.68
|
|
|
8,769,464
|
|
13,345
|
|
0.60
|
|
|
8,566,873
|
|
11,650
|
|
0.54
|
|
Time
deposits
|
2,471,485
|
|
6,584
|
|
1.08
|
|
|
2,444,403
|
|
6,115
|
|
0.99
|
|
|
2,413,727
|
|
5,766
|
|
0.95
|
|
Total
interest-bearing deposits (3)
|
15,499,127
|
|
28,244
|
|
0.74
|
|
|
15,201,775
|
|
24,864
|
|
0.65
|
|
|
14,184,257
|
|
21,800
|
|
0.61
|
|
Short-term
borrowings
|
983,918
|
|
2,524
|
|
1.04
|
|
|
1,223,868
|
|
2,901
|
|
0.94
|
|
|
1,619,242
|
|
4,152
|
|
1.02
|
|
Long-term
debt
|
1,377,323
|
|
6,886
|
|
2.03
|
|
|
1,420,224
|
|
6,436
|
|
1.80
|
|
|
742,765
|
|
4,137
|
|
2.21
|
|
Total
interest-bearing liabilities
|
17,860,368
|
|
37,654
|
|
0.86
|
|
|
17,845,867
|
|
34,201
|
|
0.76
|
|
|
16,546,264
|
|
30,089
|
|
0.72
|
|
Non-interest-bearing
deposits
|
6,278,507
|
|
|
|
|
6,176,347
|
|
|
|
|
5,601,071
|
|
|
|
Non-interest-bearing
liabilities
|
275,869
|
|
|
|
|
264,790
|
|
|
|
|
273,163
|
|
|
|
Total
liabilities
|
24,414,744
|
|
|
|
|
24,287,004
|
|
|
|
|
22,420,498
|
|
|
|
Total shareholders'
equity
|
3,717,475
|
|
|
|
|
3,748,059
|
|
|
|
|
3,676,423
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
28,132,219
|
|
|
|
|
$
|
28,035,063
|
|
|
|
|
$
|
26,096,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
|
232,889
|
|
3.40
|
%
|
|
|
$
|
235,502
|
|
3.46
|
%
|
|
|
$
|
216,883
|
|
3.42
|
%
|
Taxable equivalent
benefit
|
|
1,464
|
|
0.02
|
|
|
|
2,808
|
|
0.04
|
|
|
|
2,580
|
|
0.04
|
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
234,353
|
|
3.67
|
%
|
|
|
$
|
238,310
|
|
3.69
|
%
|
|
|
$
|
219,463
|
|
3.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 March 31, 2018, December 31, 2017,
and September 30, 2017, were 0.53%, 0.46% and 0.44%,
respectively.
|
TABLE 7 -
IBERIABANK CORPORATION
|
YEAR-TO-DATE
AVERAGE BALANCES, NET INTEREST INCOME AND
YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
9/30/2018
|
|
9/30/2017
|
|
Basis Point
Change
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Yield/Rate
(TE)(1)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
Commercial loans and
leases
|
$
|
14,517,767
|
|
$
|
534,504
|
|
4.94
|
%
|
|
$
|
11,676,048
|
|
$
|
392,909
|
|
4.55
|
%
|
|
39
|
Residential mortgage
loans
|
3,811,786
|
|
129,854
|
|
4.54
|
|
|
1,689,905
|
|
55,838
|
|
4.41
|
|
|
13
|
Consumer
loans
|
3,069,198
|
|
127,312
|
|
5.55
|
|
|
2,869,756
|
|
116,383
|
|
5.42
|
|
|
13
|
Total loans and
leases
|
21,398,751
|
|
791,670
|
|
4.96
|
|
|
16,235,709
|
|
565,130
|
|
4.69
|
|
|
27
|
Mortgage loans held
for sale
|
89,845
|
|
3,027
|
|
4.49
|
|
|
150,873
|
|
3,429
|
|
3.03
|
|
|
146
|
Investment securities
(2)
|
4,940,093
|
|
87,212
|
|
2.41
|
|
|
4,163,596
|
|
68,480
|
|
2.30
|
|
|
11
|
Other earning
assets
|
571,346
|
|
9,524
|
|
2.23
|
|
|
852,908
|
|
7,041
|
|
1.11
|
|
|
112
|
Total earning
assets
|
27,000,035
|
|
891,433
|
|
4.43
|
|
|
21,403,086
|
|
644,080
|
|
4.07
|
|
|
36
|
Allowance for loan
and lease losses
|
(142,960)
|
|
|
|
|
(146,280)
|
|
|
|
|
|
Non-earning
assets
|
2,466,370
|
|
|
|
|
2,026,028
|
|
|
|
|
|
Total
assets
|
$
|
29,323,445
|
|
|
|
|
$
|
23,282,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,384,425
|
|
$
|
24,542
|
|
0.75
|
%
|
|
$
|
3,188,866
|
|
$
|
10,981
|
|
0.46
|
%
|
|
29
|
Savings and money
market accounts
|
9,018,101
|
|
56,089
|
|
0.83
|
|
|
7,624,362
|
|
29,009
|
|
0.51
|
|
|
32
|
Time
deposits
|
2,740,119
|
|
28,173
|
|
1.37
|
|
|
2,155,112
|
|
14,980
|
|
0.93
|
|
|
44
|
Total
interest-bearing deposits (3)
|
16,142,645
|
|
108,804
|
|
0.90
|
|
|
12,968,340
|
|
54,970
|
|
0.57
|
|
|
33
|
Short-term
borrowings
|
1,073,296
|
|
10,578
|
|
1.32
|
|
|
798,553
|
|
4,655
|
|
0.78
|
|
|
54
|
Long-term
debt
|
1,380,000
|
|
23,824
|
|
2.31
|
|
|
663,752
|
|
11,111
|
|
2.24
|
|
|
7
|
Total
interest-bearing liabilities
|
18,595,941
|
|
143,206
|
|
1.03
|
|
|
14,430,645
|
|
70,736
|
|
0.66
|
|
|
37
|
Non-interest-bearing
deposits
|
6,587,729
|
|
|
|
|
5,192,491
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
283,438
|
|
|
|
|
232,130
|
|
|
|
|
|
Total
liabilities
|
25,467,108
|
|
|
|
|
19,855,266
|
|
|
|
|
|
Total shareholders'
equity
|
3,856,337
|
|
|
|
|
3,427,568
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
29,323,445
|
|
|
|
|
$
|
23,282,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
748,227
|
|
3.40
|
%
|
|
|
$
|
573,344
|
|
3.41
|
%
|
|
(1)
|
Tax-equivalent
benefit
|
|
4,482
|
|
0.02
|
|
|
|
7,543
|
|
0.05
|
|
|
(3)
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
752,709
|
|
3.72
|
%
|
|
|
$
|
580,887
|
|
3.63
|
%
|
|
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 nine months ended September 30, 2018 and 2017 were
0.64% and 0.40%, respectively.
|
Table 8 -
IBERIABANK CORPORATION
|
LEGACY AND
ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
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
|
$
|
193
|
|
$
|
15,957
|
|
4.80
|
%
|
|
$
|
179
|
|
$
|
15,217
|
|
4.73
|
%
|
|
$
|
166
|
|
$
|
14,556
|
|
4.61
|
%
|
|
$
|
157
|
|
$
|
14,235
|
|
4.39
|
%
|
|
$
|
148
|
|
$
|
13,638
|
|
4.29
|
%
|
Acquired
loans
|
90
|
|
6,205
|
|
5.78
|
|
|
91
|
|
6,614
|
|
5.51
|
|
|
72
|
|
5,625
|
|
5.20
|
|
|
81
|
|
5,706
|
|
5.61
|
|
|
69
|
|
4,703
|
|
5.86
|
|
Total
loans
|
$
|
283
|
|
$
|
22,162
|
|
5.08
|
%
|
|
$
|
270
|
|
$
|
21,831
|
|
4.97
|
%
|
|
$
|
238
|
|
$
|
20,181
|
|
4.77
|
%
|
|
$
|
238
|
|
$
|
19,941
|
|
4.74
|
%
|
|
$
|
217
|
|
$
|
18,341
|
|
4.70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
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
|
(17)
|
|
144
|
|
(1.23)
|
|
|
(16)
|
|
142
|
|
(1.12)
|
|
|
(15)
|
|
142
|
|
(1.16)
|
|
|
(21)
|
|
161
|
|
(1.60)
|
|
|
(20)
|
|
120
|
|
(1.76)
|
|
Total
loans
|
$
|
(17)
|
|
$
|
144
|
|
(0.35)
|
%
|
|
$
|
(16)
|
|
$
|
142
|
|
(0.34)
|
%
|
|
$
|
(15)
|
|
$
|
142
|
|
(0.32)
|
%
|
|
$
|
(21)
|
|
$
|
161
|
|
(0.46)
|
%
|
|
$
|
(20)
|
|
$
|
120
|
|
(0.45)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
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
|
$
|
193
|
|
$
|
15,957
|
|
4.80
|
%
|
|
$
|
179
|
|
$
|
15,217
|
|
4.73
|
%
|
|
$
|
166
|
|
$
|
14,556
|
|
4.61
|
%
|
|
$
|
157
|
|
$
|
14,235
|
|
4.39
|
%
|
|
$
|
148
|
|
$
|
13,638
|
|
4.29
|
%
|
Acquired
loans
|
73
|
|
6,349
|
|
4.55
|
|
|
75
|
|
6,756
|
|
4.39
|
|
|
57
|
|
5,767
|
|
4.04
|
|
|
60
|
|
5,867
|
|
4.01
|
|
|
49
|
|
4,823
|
|
4.10
|
|
Total
loans
|
$
|
266
|
|
$
|
22,306
|
|
4.73
|
%
|
|
$
|
254
|
|
$
|
21,973
|
|
4.63
|
%
|
|
$
|
223
|
|
$
|
20,323
|
|
4.45
|
%
|
|
$
|
217
|
|
$
|
20,102
|
|
4.28
|
%
|
|
$
|
197
|
|
$
|
18,461
|
|
4.25
|
%
|
Table 9 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
Net income
|
$
|
131,866
|
|
|
$
|
101,465
|
|
|
$
|
1.79
|
|
|
$
|
105,581
|
|
|
$
|
75,124
|
|
|
$
|
1.32
|
|
|
$
|
81,173
|
|
|
$
|
63,621
|
|
|
$
|
1.17
|
|
Less: Preferred stock
dividends
|
—
|
|
|
3,599
|
|
|
0.06
|
|
|
—
|
|
|
949
|
|
|
0.02
|
|
|
—
|
|
|
3,598
|
|
|
0.07
|
|
Income available to
common shareholders (GAAP)
|
$
|
131,866
|
|
|
$
|
97,866
|
|
|
$
|
1.73
|
|
|
$
|
105,581
|
|
|
$
|
74,175
|
|
|
$
|
1.30
|
|
|
$
|
81,173
|
|
|
$
|
60,023
|
|
|
$
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
(3)
|
|
|
(2)
|
|
|
—
|
|
|
59
|
|
|
44
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
973
|
|
|
743
|
|
|
0.01
|
|
|
14,333
|
|
|
11,012
|
|
|
0.20
|
|
|
16,227
|
|
|
12,517
|
|
|
0.23
|
|
Compensation-related
expense
|
1,104
|
|
|
839
|
|
|
0.01
|
|
|
1,781
|
|
|
1,354
|
|
|
0.02
|
|
|
1,221
|
|
|
928
|
|
|
0.02
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
3,286
|
|
|
2,497
|
|
|
0.05
|
|
|
5,413
|
|
|
4,114
|
|
|
0.07
|
|
|
2,074
|
|
|
1,576
|
|
|
0.03
|
|
Gain on early
termination of loss share agreements
|
(2,708)
|
|
|
(2,058)
|
|
|
(0.04)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other non-core
non-interest expense
|
(1,955)
|
|
|
(1,486)
|
|
|
(0.02)
|
|
|
(95)
|
|
|
(72)
|
|
|
—
|
|
|
(683)
|
|
|
(520)
|
|
|
(0.01)
|
|
Total non-interest
expense adjustments
|
700
|
|
|
535
|
|
|
0.01
|
|
|
21,432
|
|
|
16,408
|
|
|
0.29
|
|
|
18,839
|
|
|
14,501
|
|
|
0.27
|
|
Income tax expense
(benefit) - provisional impact of TCJA (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,572
|
|
|
0.12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Income tax expense
(benefit) - other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173
|
|
|
—
|
|
Core earnings
(Non-GAAP)
|
132,565
|
|
|
98,400
|
|
|
1.74
|
|
|
127,010
|
|
|
97,153
|
|
|
1.71
|
|
|
100,071
|
|
|
74,741
|
|
|
1.37
|
|
Provision for loan
losses (1)
|
11,097
|
|
|
8,434
|
|
|
|
|
7,595
|
|
|
5,772
|
|
|
|
|
7,986
|
|
|
6,069
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
143,662
|
|
|
$
|
106,834
|
|
|
|
|
$
|
134,605
|
|
|
$
|
102,925
|
|
|
|
|
$
|
108,057
|
|
|
$
|
80,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
12/31/2017
|
|
9/30/2017
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$
|
91,386
|
|
|
$
|
10,278
|
|
|
$
|
0.19
|
|
|
$
|
48,450
|
|
|
$
|
29,644
|
|
|
$
|
0.56
|
|
|
|
|
|
|
|
Less: Preferred stock
dividends
|
—
|
|
|
949
|
|
|
0.02
|
|
|
—
|
|
|
3,598
|
|
|
0.07
|
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
|
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
|
(35)
|
|
|
(22)
|
|
|
—
|
|
|
242
|
|
|
157
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
11,373
|
|
|
8,487
|
|
|
0.16
|
|
|
28,478
|
|
|
19,255
|
|
|
0.36
|
|
|
|
|
|
|
|
Compensation-related
expense
|
1,457
|
|
|
947
|
|
|
0.01
|
|
|
1,092
|
|
|
710
|
|
|
0.02
|
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
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
|
467
|
|
|
358
|
|
|
0.01
|
|
|
377
|
|
|
245
|
|
|
—
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
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
|
—
|
|
|
(1,237)
|
|
|
(0.02)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
107,825
|
|
|
72,178
|
|
|
1.33
|
|
|
87,992
|
|
|
53,489
|
|
|
1.00
|
|
|
|
|
|
|
|
Provision for loan
losses (1)
|
14,393
|
|
|
9,355
|
|
|
|
|
18,514
|
|
|
12,034
|
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
122,218
|
|
|
$
|
81,533
|
|
|
|
|
$
|
106,506
|
|
|
$
|
65,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Nine
Months Ended
|
|
|
9/30/2018
|
|
9/30/2017
|
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Net income
|
$
|
318,620
|
|
|
$
|
240,210
|
|
|
$
|
4.29
|
|
|
$
|
201,493
|
|
|
$
|
132,135
|
|
|
$
|
2.61
|
|
|
Less: Preferred stock
dividends
|
—
|
|
|
8,146
|
|
|
0.15
|
|
|
—
|
|
|
8,146
|
|
|
0.16
|
|
|
Income available to
common shareholders (GAAP)
|
$
|
318,620
|
|
|
$
|
232,064
|
|
|
$
|
4.14
|
|
|
$
|
201,493
|
|
|
$
|
123,989
|
|
|
$
|
2.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments and other non-interest income
|
55
|
|
|
41
|
|
|
—
|
|
|
183
|
|
|
119
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
31,533
|
|
|
24,272
|
|
|
0.44
|
|
|
29,598
|
|
|
20,079
|
|
|
0.40
|
|
|
Compensation-related
expense
|
4,106
|
|
|
3,121
|
|
|
0.06
|
|
|
1,568
|
|
|
1,019
|
|
|
0.02
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
10,773
|
|
|
8,187
|
|
|
0.15
|
|
|
3,784
|
|
|
2,460
|
|
|
0.05
|
|
|
Gain on early
termination of loss share agreements
|
(2,708)
|
|
|
(2,058)
|
|
|
(0.04)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Litigation
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
11,692
|
|
|
10,177
|
|
|
0.20
|
|
|
Other non-core
non-interest expense
|
(2,733)
|
|
|
(2,078)
|
|
|
(0.04)
|
|
|
377
|
|
|
245
|
|
|
0.01
|
|
|
Total non-interest
expense adjustments
|
40,971
|
|
|
31,444
|
|
|
0.57
|
|
|
47,019
|
|
|
33,980
|
|
|
0.68
|
|
|
Income tax expense
(benefit) - provisional impact of TCJA (4)
|
—
|
|
|
6,572
|
|
|
0.12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Income tax expense
(benefit) - other
|
—
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Core earnings
(Non-GAAP)
|
359,646
|
|
|
270,294
|
|
|
4.83
|
|
|
248,695
|
|
|
158,088
|
|
|
3.13
|
|
|
Provision for loan
losses (1)
|
26,678
|
|
|
20,275
|
|
|
|
|
36,718
|
|
|
23,867
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
386,324
|
|
|
$
|
290,569
|
|
|
|
|
$
|
285,413
|
|
|
$
|
181,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
|
12/31/2017
|
|
9/30/2017
|
Net interest income
(GAAP)
|
$
|
259,225
|
|
|
$
|
256,113
|
|
|
$
|
232,889
|
|
|
$
|
235,502
|
|
|
$
|
216,883
|
|
Taxable equivalent
benefit
|
1,502
|
|
|
1,449
|
|
|
1,464
|
|
|
2,808
|
|
|
2,580
|
|
Net interest income
(TE) (Non-GAAP) (1)
|
260,727
|
|
|
257,562
|
|
|
234,353
|
|
|
238,310
|
|
|
219,463
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP) (3)
|
53,087
|
|
|
53,940
|
|
|
44,566
|
|
|
52,342
|
|
|
50,843
|
|
Taxable equivalent
benefit
|
463
|
|
|
336
|
|
|
341
|
|
|
683
|
|
|
680
|
|
Non-interest income
(TE) (Non-GAAP) (1) (3)
|
53,550
|
|
|
54,276
|
|
|
44,907
|
|
|
53,025
|
|
|
51,523
|
|
Taxable equivalent
revenues (Non-GAAP) (1) (3)
|
314,277
|
|
|
311,838
|
|
|
279,260
|
|
|
291,335
|
|
|
270,986
|
|
Securities (gains)
losses and other non-interest income
|
(1)
|
|
|
(3)
|
|
|
59
|
|
|
(35)
|
|
|
242
|
|
Core taxable
equivalent revenues (Non-GAAP) (1) (3)
|
$
|
314,276
|
|
|
$
|
311,835
|
|
|
$
|
279,319
|
|
|
$
|
291,300
|
|
|
$
|
271,228
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP) (3)
|
$
|
169,349
|
|
|
$
|
196,877
|
|
|
$
|
188,296
|
|
|
$
|
182,065
|
|
|
$
|
200,762
|
|
Less: Intangible
amortization expense
|
5,382
|
|
|
6,111
|
|
|
5,102
|
|
|
4,642
|
|
|
4,527
|
|
Tangible non-interest
expense (Non-GAAP) (2) (3)
|
163,967
|
|
|
190,766
|
|
|
183,194
|
|
|
177,423
|
|
|
196,235
|
|
Less: Merger-related
expense
|
973
|
|
|
14,333
|
|
|
16,227
|
|
|
11,373
|
|
|
28,478
|
|
Compensation-related
expense
|
1,104
|
|
|
1,781
|
|
|
1,221
|
|
|
1,457
|
|
|
1,092
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
3,286
|
|
|
5,413
|
|
|
2,074
|
|
|
3,177
|
|
|
3,661
|
|
Gain on early
termination of loss share
agreements
|
(2,708)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Litigation
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,692
|
|
Other non-core
non-interest expense
|
(1,955)
|
|
|
(95)
|
|
|
(683)
|
|
|
467
|
|
|
377
|
|
Core tangible
non-interest expense (Non-GAAP) (2) (3)
|
$
|
163,267
|
|
|
$
|
169,334
|
|
|
$
|
164,355
|
|
|
$
|
160,949
|
|
|
$
|
156,935
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
1.34
|
%
|
|
1.01
|
%
|
|
0.92
|
%
|
|
0.15
|
%
|
|
0.45
|
%
|
Effect of non-core
revenues and expenses
|
0.01
|
|
|
0.31
|
|
|
0.21
|
|
|
0.88
|
|
|
0.42
|
|
Core return on
average assets (Non-GAAP)
|
1.35
|
%
|
|
1.32
|
%
|
|
1.13
|
%
|
|
1.03
|
%
|
|
0.87
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP) (3)
|
54.2
|
%
|
|
63.5
|
%
|
|
67.9
|
%
|
|
63.3
|
%
|
|
75.0
|
%
|
Effect of tax benefit
related to tax-exempt income (3)
|
(0.3)
|
|
|
(0.4)
|
|
|
(0.5)
|
|
|
(0.8)
|
|
|
(1.0)
|
|
Efficiency ratio (TE)
(Non-GAAP) (1) (3)
|
53.9
|
%
|
|
63.1
|
%
|
|
67.4
|
%
|
|
62.5
|
%
|
|
74.0
|
%
|
Effect of
amortization of intangibles
|
(1.7)
|
|
|
(1.9)
|
|
|
(1.8)
|
|
|
(1.6)
|
|
|
(1.7)
|
|
Effect of non-core
items
|
(0.2)
|
|
|
(6.9)
|
|
|
(6.8)
|
|
|
(5.6)
|
|
|
(14.4)
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
52.0
|
%
|
|
54.3
|
%
|
|
58.8
|
%
|
|
55.3
|
%
|
|
57.9
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
10.21
|
%
|
|
7.87
|
%
|
|
6.79
|
%
|
|
1.02
|
%
|
|
2.92
|
%
|
Effect of non-core
revenues and expenses
|
0.06
|
|
|
2.43
|
|
|
1.66
|
|
|
6.90
|
|
|
3.07
|
|
Core return on
average common equity (Non-GAAP)
|
10.27
|
%
|
|
10.30
|
%
|
|
8.45
|
%
|
|
7.92
|
%
|
|
5.99
|
%
|
Effect of intangibles
(2)
|
6.07
|
|
|
6.40
|
|
|
5.38
|
|
|
4.81
|
|
|
2.96
|
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
16.34
|
%
|
|
16.70
|
%
|
|
13.83
|
%
|
|
12.73
|
%
|
|
8.95
|
%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
3,942,361
|
|
|
$
|
3,913,409
|
|
|
$
|
3,900,907
|
|
|
$
|
3,696,791
|
|
|
$
|
3,726,774
|
|
Less: Goodwill
and other intangibles
|
1,305,915
|
|
|
1,314,165
|
|
|
1,332,672
|
|
|
1,271,807
|
|
|
1,276,241
|
|
Preferred stock
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
Tangible common
equity (Non-GAAP) (2)
|
$
|
2,504,349
|
|
|
$
|
2,467,147
|
|
|
$
|
2,436,138
|
|
|
$
|
2,292,887
|
|
|
$
|
2,318,436
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$
|
30,118,387
|
|
|
$
|
30,126,162
|
|
|
$
|
29,472,637
|
|
|
$
|
27,904,129
|
|
|
$
|
27,976,635
|
|
Less: Goodwill
and other intangibles
|
1,305,915
|
|
|
1,314,165
|
|
|
1,332,672
|
|
|
1,271,807
|
|
|
1,276,241
|
|
Tangible assets
(Non-GAAP) (2)
|
$
|
28,812,472
|
|
|
$
|
28,811,997
|
|
|
$
|
28,139,965
|
|
|
$
|
26,632,322
|
|
|
$
|
26,700,394
|
|
Tangible common
equity ratio (Non-GAAP) (2)
|
8.69
|
%
|
|
8.56
|
%
|
|
8.66
|
%
|
|
8.61
|
%
|
|
8.68
|
%
|
(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