LAFAYETTE, La., Nov. 5, 2018 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC) ("IBKC"), holding company of the
131-year-old IBERIABANK (www.iberiabank.com), today announced the
completion of its previously announced share repurchase plan of
approximately 2% of common shares outstanding. The Company
also announced today that the Board of Directors of the Company
authorized a new repurchase plan of up to 2,765,000 shares of the
Company's outstanding common stock. The repurchase
authorization equates to approximately 5% of the total shares
outstanding.
Daryl G. Byrd, President and
Chief Executive Officer, commented, "As we have seen recent
fluctuations in bank stock prices, and noting what we believe is
the significant undervaluation of our common stock, we completed
the May repurchase plan earlier than originally anticipated.
In addition, we are establishing a new share repurchase plan, the
eleventh in our history, which will continue to provide us the
flexibility to manage our capital as opportunities become
available. Our Company continues to show significant progress
growing earnings, containing costs, and increasing our operating
performance. These investments in our common shares provide
positive returns and are just another way to best serve our
shareholders."
The Company's recently completed share repurchase program was
announced on May 10, 2018 and
completed on November 5, 2018.
During that time, the Company purchased 1,137,500 shares of its
common stock at a weighted average price of $77.54 per
share.
The Company completed ten share repurchase programs between 2000
and 2018 totaling approximately 4.8 million common shares. At the
time of acquisition, the shares repurchased under those programs
had an aggregate investment value equal to approximately $244 million and a weighted average cost of
approximately $50.91 per common share
acquired (adjusted for the five-for-four common stock split paid on
August 15, 2005). The time required
to complete those repurchase programs ranged from six months to two
years.
Repurchase
Program
|
Announced
|
Completed
|
Months
|
Shares
Purchased
|
Weighted
Average
Price
|
February
2000
|
2/17/00
|
12/11/00
|
10
|
375,000
|
$14.34
|
December
2000
|
12/12/00
|
12/17/01
|
12
|
375,000
|
22.44
|
December
2001
|
12/18/01
|
12/2/02
|
11
|
375,000
|
30.22
|
November
2002
|
11/18/02
|
9/2/03
|
9
|
162,500
|
35.09
|
September
2003
|
9/17/03
|
6/24/04
|
9
|
375,000
|
46.44
|
June 2004
|
6/25/04
|
5/4/05
|
10
|
218,750
|
47.23
|
May 2005
|
5/4/05
|
5/15/07
|
24
|
375,000
|
51.55
|
September
2011
|
10/26/11
|
9/5/12
|
12
|
853,308
|
47.38
|
May 2016
|
5/4/16
|
5/9/18
|
24
|
537,506
|
68.94
|
May 2018
|
5/10/18
|
11/5/18
|
6
|
1,137,500
|
77.54
|
Stock repurchases under the new 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
and in accordance with the limitations set forth in Rule
10b-18 of the Securities and Exchange
Commission, approval by all applicable regulatory
agencies, and other applicable legal requirements. 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, or
earlier if the shares have been repurchased. The share repurchase
program does not obligate the Company to repurchase any dollar
amount or number of shares, and the program may be extended,
modified, suspended, or discontinued at any time.
IBERIABANK Corporation
IBERIABANK Corporation is a
regional financial holding company with offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, New
York, North Carolina, and
South Carolina, offering
commercial, private banking, consumer, small business, wealth and
trust management, retail brokerage, mortgage, and title insurance
services.
The Company's common stock trades on the NASDAQ Global Select
Market under the symbol "IBKC". The Company's Series B Preferred
Stock and Series C Preferred Stock also trade on the NASDAQ Global
Select Market under the symbols "IBKCP" and "IBKCO",
respectively. The Company's common stock market
capitalization was approximately $4.2
billion, based on the NASDAQ Global Select Market closing
stock price on November 5, 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
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.
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SOURCE IBERIABANK Corporation