In the news release, IBERIABANK Corporation Reports First
Quarter Results, issued 27-Apr-2017
by IBERIABANK Corporation over PR Newswire, we are advised by the
company that the "Highlights for the first quarter of 2017 and at
March 31, 2017:" bulleted section, in
the second sentence of the first bullet, should read "...cash net
interest margins of 15 and 11 basis points, respectively." rather
than "...cash net interest margins of 15 and 14 basis points,
respectively." as originally issued inadvertently. The complete,
corrected release follows:
IBERIABANK Corporation Reports First Quarter Results
LAFAYETTE, La., April 27,
2017 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding
company of the 130-year-old IBERIABANK (www.iberiabank.com),
reported financial results for the quarter ended March 31, 2017. For the quarter, the
Company reported income available to common shareholders of
$46.9 million, or $1.00 fully diluted earnings per common share
("EPS"). On a non-GAAP basis, EPS excluding non-core revenues
and non-core expenses ("Core EPS") in the first quarter of 2017 was
$1.02 per common share (refer to
press release supplemental tables for a reconciliation of GAAP to
non-GAAP metrics), which exceeded consensus analyst
expectations.
Daryl G. Byrd, President and
Chief Executive Officer, commented, "Many events transpired this
quarter as we expected and as we communicated to our investors last
quarter. First, asset quality statistics associated with our
energy-related loans continued to show significant improvements
this quarter, and energy-related loans grew slightly during the
first quarter. Second, we are well-positioned for rising
short-term interest rates, and the Federal Reserve's short-term
rate increases in December 2016 and
March 2017 resulted in a rebound in
our margin and significant improvement in net interest income this
quarter. We expect these benefits to continue into future quarters
as well. Third, we anticipated our loan growth would slow
during the first quarter, due in part to typical seasonal trends,
and we expected a portion of the massive inflow of deposits that we
experienced in the final quarter of 2016 would begin to flow out
during the first quarter of 2017. While some deposit outflow
occurred as expected, we maintained a considerable amount of excess
liquidity throughout the quarter. Finally, in December 2016, we issued and sold common equity
with the expectation we would find an excellent investment
opportunity in which we could deploy that capital. With our
recently signed agreement to acquire Sabadell United Bank, we now
have an excellent opportunity in which to deploy that capital, as
well as capital raised in March 2017
when we issued and sold additional common shares. We are very
excited to partner with the team at Sabadell United and double the
size of our Florida
franchise."
Byrd continued, "Our financial performance in the first quarter
of 2017 has started off well this year. During the first quarter,
we experienced favorable average earning asset growth and a
tremendous improvement in the net interest margin. We achieved our
strongest first quarter EPS in nine years, and we achieved record
first quarter core EPS. Those results were achieved despite the
11-cent negative EPS carrying cost in
this quarter associated with the two common stock sales. Our core
return on average assets was 0.96% in the first quarter, an
improvement of six basis points compared to the same quarter
last year, and despite the traditional seasonal slowness in our fee
income businesses. We are still carrying a significant amount of
capital and liquidity, which once deployed, should further enhance
our financial performance."
Highlights for the first quarter of 2017 and at March 31, 2017:
- The Company remains very asset sensitive from an interest rate
risk position. Primarily as a result of recent increases in
short-term interest rates combined with a two basis point increase
in total deposit costs during the first quarter of 2017 resulted in
improvements on a linked quarter basis in the Company's reported
and cash net interest margins of 15 and 11 basis points,
respectively. The yield on average earning assets increased 16
basis points and the cost of total interest bearing liabilities
increased two basis points.
- Primarily as a result of the improvement in the net interest
margin and a 4% increase in average earning assets, tax equivalent
net interest income increased $11.3
million, or 7%, on a linked quarter basis.
- Non-interest income declined $5.9
million, or 11%, on a linked quarter basis, primarily as a
result of seasonal declines in the Company's fee income
businesses.
- Energy-related loans ("energy loans") increased slightly and
equated to 3.7% of total loans at March 31,
2017, unchanged from year-end 2016. Classified energy loans
and non-performing assets each decreased 23% during the first
quarter of 2017.
- On February 28, 2017, the Company
announced an agreement to acquire Sabadell United Bank,
headquartered in Miami, Florida.
In association with the pending acquisition, on March 7, 2017, the Company issued and sold
approximately 6.1 million shares of common stock at $83.00 per common share, resulting in net
proceeds of $485 million.
Table A - Summary
Financial Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2017
|
|
|
12/31/2016
|
|
%
Change
|
|
3/31/2016
|
|
%
Change
|
GAAP
BASIS:
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders
|
$
46,874
|
|
|
$
44,173
|
|
6.1
|
|
$
40,193
|
|
16.6
|
Earnings per common
share - diluted
|
1.00
|
|
|
1.04
|
|
(3.8)
|
|
0.97
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
Average loans, net of
unearned income
|
$15,045,755
|
|
|
$14,912,350
|
|
0.9
|
|
$14,354,410
|
|
4.8
|
Average total
deposits
|
17,511,324
|
|
|
16,893,643
|
|
3.7
|
|
15,945,069
|
|
9.8
|
Net interest margin
(TE) (1)
|
3.53
|
%
|
|
3.38
|
%
|
|
|
3.68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
220,164
|
|
|
$
214,903
|
|
2.4
|
|
$
217,248
|
|
1.3
|
Total non-interest
expense
|
141,018
|
|
|
151,570
|
|
(7.0)
|
|
137,452
|
|
2.6
|
Efficiency
ratio
|
64.1
|
%
|
|
70.5
|
%
|
|
|
63.3
|
%
|
|
Return on average
assets
|
0.94
|
|
|
0.85
|
|
|
|
0.87
|
|
|
Return on average
common equity
|
6.41
|
|
|
6.70
|
|
|
|
6.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS
(2):
|
|
|
|
|
|
|
|
|
|
|
Core
revenues
|
$
220,163
|
|
|
$
214,898
|
|
2.4
|
|
$
217,052
|
|
1.4
|
Core non-interest
expense
|
139,437
|
|
|
133,562
|
|
4.4
|
|
134,860
|
|
3.4
|
Core earnings per
common share - diluted
|
1.02
|
|
|
1.16
|
|
(12.1)
|
|
1.01
|
|
1.0
|
Core tangible
efficiency ratio (TE) (1) (4)
|
61.6
|
%
|
|
60.3
|
%
|
|
|
60.3
|
%
|
|
Core return on
average assets
|
0.96
|
|
|
0.94
|
|
|
|
0.90
|
|
|
Core return on
average tangible common equity (4)
|
8.99
|
|
|
10.75
|
|
|
|
10.26
|
|
|
Net interest margin
(TE) - cash basis (1) (3)
|
3.30
|
|
|
3.19
|
|
|
|
3.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
35%, which approximates the marginal tax rate.
|
(2) See Table 10 and
Table 11 for GAAP to Non-GAAP reconciliations.
|
(3) See Table 9 for
adjustments related to purchase discounts on acquired loans and
related accretion and the impact of the FDIC indemnification
asset.
|
(4) Tangible
calculations eliminate the effect of goodwill and acquisition
related intangible assets and the corresponding amortization
expense on a tax-effected basis where applicable.
|
Operating Results
On a linked quarter basis, average loan volume (including the
FDIC loss share receivable) increased $113
million, or 1%, and the associated tax-equivalent yield
increased 23 basis points. Over that period, average legacy
loans increased $279 million, or 2%,
with an increase in yield of 15 basis points, and average acquired
loans (including the FDIC loss share receivable) decreased
$166 million, or 7%, and the yield
increased 82 basis points. All other average earning assets,
including investment securities, mortgage loans held for sale, and
interest-bearing deposits in other institutions, increased a net of
$624 million, or 14%.
Primarily as a result of rising short-term interest rates and
lower levels of balance sheet liquidity, the Company's reported and
cash net interest margins increased 15 and 11 basis points,
respectively, on a linked quarter basis.
On a linked quarter basis, average earning assets increased
$737 million, or 4%, and the average
earning asset yield increased 16 basis points. Average
interest-bearing liabilities increased $271
million, or 2%, and the cost of interest-bearing liabilities
increased two basis points. On a linked quarter basis,
tax-equivalent net interest income increased $11.3 million, or
7%.
The Company's provision for loan losses increased $1.0 million, or 19%, on a linked quarter basis
to $6.2 million. The provision for
loan losses covered net charge-offs in the first quarter of 2017 by
102% compared to 68% in the fourth quarter of 2016.
In the first quarter of 2017, non-interest income on a GAAP and
non-core basis decreased $5.9
million, or 11%, compared to the fourth quarter of
2016. The primary changes in non-interest income on a linked
quarter basis included:
- Decreased mortgage income of $2.0
million, or 12%;
- Decreased capital markets and brokerage commission of
$1.3 million, or 32%;
- Decreased gains on the sale of SBA loans of $1.3 million;
- Decreased title revenues of $0.6
million, or 11%; and
- Decreased client derivative income of $0.2 million.
In the first quarter of 2017, the Company originated
$384 million in residential mortgage
loans, down $154 million, or 29%, on
a linked quarter basis. Client loan refinancing opportunities
accounted for approximately 21% of mortgage loan applications in
the first quarter of 2017, compared to 30% on a linked quarter
basis. The Company sold $427
million in mortgage loans during the first quarter of 2017,
down $156 million, or 27%, on a
linked quarter basis. Loans held for sale decreased from
$157 million at December 31, 2016, to $122
million at March 31,
2017. The mortgage origination locked pipeline was
$240 million at March 31, 2017, up $74
million, or 46%, between quarter-ends, and was down 30%
compared to one year ago. At April 24,
2017, the locked mortgage pipeline was $266 million, up 27% compared to March 31, 2017.
Non-interest expense decreased $10.6
million, or 7%, on a linked quarter basis. The decrease in
non-interest expense was significantly influenced by the
$17.8 million loss on the early
termination of FDIC loss share agreements in the fourth quarter of
2016 and $1.4 million net impairment
of long-lived assets in the first quarter of 2017. Excluding those
non-core expenses, core non-interest expense increased $5.9 million, or 4%, and was comprised of the
following items on a linked-quarter basis:
- Increased salary and benefits cost of $1.1 million, or 1%, which included:
-
- Increased payroll tax expense of $2.2
million;
- Increased health care costs of $2.0
million;
- Increased compensation expense of $0.8
million; partially offset by
- Decreased mortgage commission expenses of $1.9 million; and
- Decreased phantom stock incentives expense of $1.6 million; partially offset by
- Increased provision for unfunded commitments of $1.2 million;
- Increased marketing expense of $0.9
million;
- Increased FDIC insurance premium expense of $0.7 million;
- Increased legal and professional expense of $0.5 million; and
- Increased occupancy and equipment expense of $0.5 million.
On a linked quarter basis, the Company's revenues and non-GAAP
core revenues each increased $5.3
million, or 2%. Over the same period, GAAP expenses
decreased $10.6 million, or 7%, and
non-GAAP core expenses increased $5.9
million, or 4%. The efficiency ratio decreased from 70.5% to
64.1%, while the non-GAAP core tangible efficiency ratio increased
from 60.3% to 61.6% on a linked quarter basis. The Company
continues to focus on expense containment and revenue enhancement
strategies intended to further improve its core tangible efficiency
ratio.
Due to a recent change in accounting principle, the effective
tax rate for the first quarter of 2017 was 30.9% and was favorably
impacted by a $1.8 million decrease
in income tax expense associated with restricted stock vesting
during the quarter. Absent any future exercises or vesting, the
Company expects the effective tax rate in the remaining three
quarters of 2017 to be approximately 33.5%. Vesting and exercise of
share-based compensation is expected to have an impact on tax
expense in the first quarter of future years as well.
Table B - Summary
Financial Condition Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
3/31/2017
|
|
12/31/2016
|
|
%
Change
|
|
3/31/2016
|
|
%
Change
|
PERIOD-END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
Total loans, net of
unearned income
|
$15,132,202
|
|
$15,064,971
|
|
0.4
|
|
$14,451,244
|
|
4.7
|
|
Legacy loans, net of
unearned income
|
12,923,444
|
|
12,694,924
|
|
1.8
|
|
11,528,697
|
|
12.1
|
|
Total
deposits
|
17,312,265
|
|
17,408,283
|
|
(0.6)
|
|
16,260,566
|
|
6.5
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS (LEGACY):
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due and still accruing as a percentage of total loans
|
0.25%
|
|
0.20%
|
|
|
|
0.37%
|
|
|
|
Loans 90 days or more
past due and still accruing as a percentage of total
loans
|
0.02
|
|
0.01
|
|
|
|
0.00
|
|
|
|
Non-performing assets
to total assets (1)
|
0.99
|
|
1.20
|
|
|
|
0.65
|
|
|
|
Classified assets to
total assets (2)
|
1.60
|
|
1.94
|
|
|
|
2.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP)(3) (4)
|
12.10%
|
|
9.82%
|
|
|
|
8.83%
|
|
|
|
Tier 1 leverage ratio
(5)
|
12.91
|
|
10.86
|
|
|
|
9.41
|
|
|
|
Total risk-based
capital ratio (5)
|
16.92
|
|
14.13
|
|
|
|
12.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
65.25
|
|
$
62.68
|
|
4.1
|
|
$
59.93
|
|
8.9
|
|
Tangible book value
(Non-GAAP) (3) (4)
|
50.46
|
|
45.80
|
|
10.2
|
|
41.38
|
|
21.9
|
|
Closing stock
price
|
79.10
|
|
83.75
|
|
(5.6)
|
|
51.27
|
|
54.3
|
|
Cash
dividends
|
0.36
|
|
0.36
|
|
—
|
|
0.34
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Non-performing assets
consist of non-accruing loans, accruing loans 90 days or more past
due and other real estate owned, including repossessed
assets.
|
(2)
|
Classified assets
include commercial loans rated substandard or worse and
non-performing mortgage and consumer loans, and were $316 million,
$373 million and $378 million at March 31, 2017, December 31, 2016,
and March 31, 2016, respectively.
|
(3)
|
See Table 10 and
Table 11 for GAAP to Non-GAAP reconciliations.
|
(4)
|
Tangible calculations
eliminate the effect of goodwill and acquisition related intangible
assets and the corresponding amortization expense on a tax-effected
basis where applicable.
|
(5)
|
Regulatory capital
ratios as of March 31, 2017 are preliminary.
|
Loans
Total loans increased $67 million,
or less than 1%, between December 31,
2016, and March 31,
2017. Over that period, acquired loans decreased $161 million, or 7%, and legacy loans increased
$229 million, or 2% (7% annualized
rate), including an increase in total energy loans of $2 million, or less than 1%, and a decline in
indirect automobile loans of $21
million, or 16%. During the first quarter of 2017,
legacy commercial loans increased $204
million, or 2%, legacy consumer loans decreased $23 million, or 1%, and legacy mortgage loans
increased $48 million, or 6%.
Period-end loan growth during the first quarter of 2017 was
strongest in the Atlanta,
Tampa, Mobile, Orlando, and southeast Florida markets. Funded loan origination
and renewal mix in the first quarter of 2017 was 39% fixed rate and
61% floating rate, and total loans outstanding (excluding
non-accruals) were 43% fixed and 57% floating.
Commitments originated and/or renewed during the first quarter of
2017 were $1.3 billion (down 7% on a
linked quarter basis). Loans originated and/or renewed during
the first quarter of 2017 totaled $847
million (down 10% on a linked quarter basis). At
March 31, 2017, the Company's
probably-weighted commercial loan pipeline was approximately
$600 million.
Table C -
Period-End Loans
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
3/31/2017
|
|
12/31/2016
|
|
3/31/2016
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
3/31/2017
|
12/31/2016
|
Legacy
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$
9,581,229
|
|
$
9,377,399
|
|
$
8,427,154
|
|
203,830
|
2.2
|
|
8.7%
|
|
1,154,075
|
13.7
|
|
74.1%
|
73.9%
|
Residential
mortgage
|
901,859
|
|
854,216
|
|
730,621
|
|
47,643
|
5.6
|
|
22.3%
|
|
171,238
|
23.4
|
|
7.0%
|
6.7%
|
Consumer
|
2,440,356
|
|
2,463,309
|
|
2,370,922
|
|
(22,953)
|
(0.9)
|
|
(3.7)%
|
|
69,434
|
2.9
|
|
18.9%
|
19.4%
|
Total legacy
loans
|
12,923,444
|
|
12,694,924
|
|
11,528,697
|
|
228,520
|
1.8
|
|
7.2%
|
|
1,394,747
|
12.1
|
|
100.0%
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
2,370,047
|
|
2,511,129
|
|
3,136,908
|
|
(141,082)
|
(5.6)
|
|
|
|
(766,861)
|
(24.4)
|
|
|
|
Loans acquired during
the period
|
—
|
|
—
|
|
—
|
|
—
|
—
|
|
|
|
—
|
—
|
|
|
|
Net paydown
activity
|
(161,289)
|
|
(141,082)
|
|
(214,361)
|
|
(20,207)
|
14.3
|
|
|
|
53,072
|
(24.8)
|
|
|
|
Total acquired
loans
|
2,208,758
|
|
2,370,047
|
|
2,922,547
|
|
(161,289)
|
(6.8)
|
|
|
|
(713,789)
|
(24.4)
|
|
|
|
Total
loans
|
$15,132,202
|
|
$15,064,971
|
|
$14,451,244
|
|
67,231
|
0.4
|
|
|
|
680,958
|
4.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy loans outstanding totaled $564
million at March 31, 2017, up
$2 million, or less than 1%, compared
to year-end 2016, and equated to approximately 3.7% of total loans
(unchanged compared to year-end 2016). Energy-related
commitments totaled $1.0 billion at
March 31, 2017, up $56 million, or 6%, compared to December 31, 2016. The increase in energy loans
and commitments during the quarter was primarily due to
increases at exploration and production ("E&P") and midstream
companies. E&P companies accounted for 47% of energy loans
outstanding and 53% of energy loan commitments, midstream companies
accounted for 22% of energy loans and 23% of energy loan
commitments, and service companies accounted for 31% of energy
loans and 24% of energy loan commitments.
At March 31, 2017, $113 million in energy loans were on non-accrual
status (down $37 million compared to
December 31, 2016), and $2.3 million in energy loans (excluding
non-accruing loans) were past due greater than 30 days at
quarter-end. Classified energy loans decreased $55 million, or 23%, and criticized energy loans
decreased $70 million, or 22%,
between quarter-ends. At March 31,
2017, approximately 32% of energy loans were classified and
44% were criticized, compared to 42% and 57%, respectively, at
December 31, 2016. To date, the
Company has experienced $19 million
in energy-related net charge-offs. Additional information
regarding the Company's energy loan and energy-related commitment
exposure is provided in Table 7 of this press release and in the
supplemental investor presentation.
At March 31, 2017, the Company's
indirect automobile lending business had approximately $110 million in loans outstanding, down
$21 million, or 16%, compared to
year-end 2016 (0.7% of total loans outstanding compared to 0.9% at
December 31, 2016).
Deposits
Total deposits decreased $96
million, or 1%, between December 31,
2016 and March 31, 2017.
Over that period, non-interest-bearing deposits increased
$103 million, or 2%, and equated to
29% of total deposits at March 31,
2017. Money market accounts increased $153 million, or 2%, NOW accounts decreased
$229 million, or 7%, time deposits
decreased $122 million, or 6%, and
savings deposits declined $1 million,
or less than 1%. Deposit growth during the first quarter of 2017
was strongest in the New Orleans,
southwest Louisiana, Mobile,
Birmingham, and Little Rock
markets.
Table D -
Period-End Deposits
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
3/31/2017
|
|
12/31/2016
|
|
3/31/2016
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
3/31/2017
|
12/31/2016
|
Non-interest-bearing
|
$
5,031,583
|
|
$
4,928,878
|
|
$
4,484,024
|
|
102,705
|
2.1
|
8.3%
|
|
547,559
|
12.2
|
|
29.1%
|
28.3%
|
NOW
accounts
|
3,085,720
|
|
3,314,281
|
|
2,960,562
|
|
(228,561)
|
(6.9)
|
(27.6)%
|
|
125,158
|
4.2
|
|
17.8%
|
19.0%
|
Money market
accounts
|
6,372,855
|
|
6,219,532
|
|
5,964,029
|
|
153,323
|
2.5
|
9.9%
|
|
408,826
|
6.9
|
|
36.8%
|
35.7%
|
Savings
accounts
|
813,009
|
|
814,385
|
|
772,117
|
|
(1,376)
|
(0.2)
|
(0.7)%
|
|
40,892
|
5.3
|
|
4.7%
|
4.7%
|
Time
deposits
|
2,009,098
|
|
2,131,207
|
|
2,079,834
|
|
(122,109)
|
(5.7)
|
(22.9)%
|
|
(70,736)
|
(3.4)
|
|
11.6%
|
12.3%
|
Total
deposits
|
$17,312,265
|
|
$17,408,283
|
|
$16,260,566
|
|
(96,018)
|
(0.6)
|
(2.2)%
|
|
1,051,699
|
6.5
|
|
100.0%
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On an average balance and linked quarter basis,
non-interest-bearing deposits increased $108
million, or 2%, and interest-bearing deposits increased
$510 million, or 4%. The rate
on average interest-bearing deposits in the first quarter of 2017
was 0.52%, up two basis points on a linked quarter basis. The
increase in the cost of interest-bearing deposits was primarily the
result of a less favorable change in the mix of deposits during the
first quarter of 2017. Marginal deposit rates remained stable
throughout the first quarter of 2017.
Other Assets And Funding
On an average balance and linked quarter basis, the investment
portfolio increased $587 million, or
19%, in the first quarter of 2017, to $3.7
billion. On a period-end basis, the investment
portfolio equated to $3.9 billion, or
18% of total assets at March 31,
2017, up $375 million, or 11%,
compared to December 31, 2016.
The investment portfolio had an effective duration of 3.8 years at
March 31, 2017, unchanged compared to
year-end 2016. The investment portfolio had a $32 million unrealized loss at March 31, 2017, an improvement from a
$39 million unrealized loss at
year-end 2016. The average yield on investment securities
increased 15 basis points on a linked quarter basis to 2.24% in the
first quarter of 2017. The Company holds in its investment
portfolio primarily government agency securities. Municipal
securities comprised 9% of total investments at March 31, 2017.
On a linked quarter basis, average short-term borrowings
(including repurchase agreements) decreased $193 million, or 32%, and the cost of short-term
borrowings decreased nine basis points. At March 31, 2017, short-term borrowings (including
repurchase agreements) decreased $60
million, or 12%, compared to December
31, 2016. On a linked quarter basis, average long-term
debt decreased $46 million, or 7%,
and the cost of long-term debt increased seven basis points to
2.22%. The cost of average interest-bearing liabilities was
0.59% in the first quarter of 2017, up two basis points on a linked
quarter basis.
Asset Quality
Non-performing assets ("NPAs") decreased $31 million, or 13%, to $220 million at March
31, 2017. Acquired NPAs increased $4 million, while legacy NPAs, which include
energy and non-energy loans, decreased $36
million, or 15%, and equated to 0.99% of total assets.
Energy-related NPAs (which are included in legacy loans) decreased
by $35 million, or 23%, and accounted
for the decrease in the Company's total NPAs during the first
quarter of 2017. At March 31,
2017, non-energy-related NPAs increased $3 million, or 3%, and equated to 0.49% of total
assets, up slightly compared to 0.48% at year-end 2016.
Aggregate loans past due 30 to 89 days increased $7 million, or 25%, and equated to 0.24% of total
loans at March 31, 2017, compared to
0.19% at year-end 2016.
Net charge-offs totaled $6.1
million in the first quarter of 2017, down $1.6 million, or 21%, compared to the fourth
quarter of 2016. Annualized net charge-offs equated to 0.16%
of average loans in the first quarter of 2017, a five basis point
improvement on a linked quarter basis. Energy loans accounted
for approximately 47% of the net charge-offs incurred during the
first quarter of 2017.
Capital Position
At March 31, 2017, the Company
reported a non-GAAP tangible common equity ratio of 12.10%, up 228
basis points compared to December 31,
2016, and the preliminary Tier 1 leverage ratio was 12.91%,
up 205 basis points compared to December 31,
2016. The Company's preliminary calculation of its total
risk-based capital ratio at March 31,
2017, was 16.92%, up 279 basis points compared to
December 31, 2016.
At March 31, 2017, book value per
common share was $65.25, up
$2.57 per share, or 4%, compared to
year-end 2016. Tangible book value per common share was
$50.46, up $4.66 per share, or 10%, compared to year-end
2016. Based on the closing stock price of the Company's
common stock of $79.35 per share on
April 27, 2017, this price equated to
1.22 times March 31, 2017 book value
per common share and 1.57 times March 31,
2017 tangible book value per common share.
Cash Dividends On Common Stock. On March 20, 2017, the Company declared a quarterly
cash dividend of $0.36 per common
share, a 6% increase compared to the same quarter in the prior
year. This common dividend level equated to an annualized dividend
rate of $1.44 per common share.
Based on the Company's closing common stock price on April 27, 2017, the indicated dividend yield was
1.81% per common share. The payment of dividends on the common
stock is at the discretion of the Board of Directors.
Common Stock Repurchase Program. On May 4, 2016, the Board of Directors of the
Company authorized the repurchase of up to 950,000 shares of the
Company's common stock. The Company did not repurchase common
shares under the authorized program during the first quarter of
2017. The Company has approximately 747,000 shares of common stock
remaining that may be purchased under the currently authorized
program.
Series B Preferred Stock. On August
5, 2015, the Company sold 3.2 million depositary shares,
each representing a 1/400th interest in a share of non-cumulative
perpetual preferred stock. The Series B preferred stock has an
initial coupon equal to 6.625% for a period of 10 years, and
thereafter floats at a rate of LIBOR plus 426.2 basis points. The
Company raised approximately $80
million in gross proceeds from the transaction. On
January 4, 2017, the Company declared
a semi-annual cash dividend of $0.8281 per depositary share that was paid on
February 1, 2017.
Series C Preferred Stock. On May 9,
2016, the Company sold 2.3 million depositary shares, each
representing a 1/400th interest in a share of non-cumulative
perpetual preferred stock. The Series C preferred stock has an
initial coupon equal to 6.60% for a period of 10 years, and
thereafter floats at a rate of LIBOR plus 492 basis points. The
Company raised approximately $57.5
million in gross proceeds from the transaction. On
March 20, 2017, the Company declared
a quarterly cash dividend of $0.4125
per depositary share that is payable on May
1, 2017.
Common Stock. On December 7,
2016, the Company issued and sold 3.6 million shares of
common stock at a price of $81.50 per
common share. After deducting underwriting discounts and
commissions and other related expenses, net proceeds of the sale
were approximately $279
million. On March 7,
2017, the Company issued and sold 6.1 million shares of
common stock at a price of $83.00 per
common share. After deducting underwriting discounts and
commissions and other related expenses, net proceeds of the sale
were approximately $485 million. The
estimated dilutive impact of carrying the excess capital associated
with these two common stock offerings was approximately
$0.11 per common share during the
first quarter of 2017, and will be approximately $0.06 per month on an ongoing basis until the
capital is fully deployed.
IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with 300
combined offices, including 202 bank branch offices and two
loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South
Carolina, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 64
locations in 10 states. The Company has eight locations with
representatives of IBERIA Wealth
Advisors in four states, and one IBERIA Capital Partners L.L.C. office in
New Orleans.
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 trade on the NASDAQ Global
Select Market under the symbols "IBKCP" and "IBKCO",
respectively. The Company's common stock market
capitalization was approximately $4.0
billion, based on the NASDAQ Global Select Market closing
stock price on April 27, 2017.
The following 13 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- FBR & Co.
- FIG Partners, LLC
- Hovde Group, LLC
- Jefferies & Co., Inc.
- JMP Securities LLC
- Keefe, Bruyette & Woods, Inc.
- Piper Jaffray & Co.
- Raymond James & Associates,
Inc.
- Robert W. Baird & Company
- Sandler O'Neill + Partners, L.P.
- Stephens, Inc.
- SunTrust Robinson-Humphrey
Conference Call
In association with this earnings release, the Company will host
a live conference call to discuss the financial results for the
quarter just completed. The telephone conference call will be held
on Friday, April 28, 2017, beginning
at 8:30 a.m. Central Time by dialing
1-888-317-6003. The confirmation code for the call is
3978156. A replay of the call will be available until
midnight Central Time on May 5, 2017 by dialing 1-877-344-7529. The
confirmation code for the replay is 10104130. The Company has
prepared a PowerPoint presentation that supplements information
contained in this press release. The PowerPoint presentation
may be accessed on the Company's web site, www.iberiabank.com,
under "Investor Relations" and then "Financial Information" and
"Presentations."
Non-GAAP Financial Measures
This press release contains financial information determined by
methods other than in accordance with GAAP. The Company's
management uses these non-GAAP financial measures in their analysis
of the Company's performance. Non-GAAP measures in this press
release include, but are not limited to, descriptions such as core,
tangible, and pre-tax pre-provision. These measures typically
adjust GAAP performance measures to exclude the effects of the
amortization of intangibles and include the tax benefit associated
with revenue items that are tax-exempt, as well as adjust income
available to common shareholders for certain significant activities
or transactions that in management's opinion can distort
period-to-period comparisons of the Company's performance.
Transactions that are typically excluded from non-GAAP performance
measures include realized and unrealized gains/losses on former
bank owned real estate, realized gains/losses on securities, income
tax gains/losses, merger-related charges and recoveries, litigation
charges and recoveries, and debt repayment penalties. Management
believes presentations of these non-GAAP financial measures provide
useful supplemental information that is essential to a proper
understanding of the operating results of the Company's core
businesses. These non-GAAP disclosures should not be viewed as a
substitute for operating results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies.
Reconciliations of GAAP to non-GAAP disclosures are presented in
the supplemental tables at the end of this release. Please
refer to the supplemental tables for these reconciliations.
Caution About Forward-Looking Statements
This press release contains "forward-looking statements," which
may include forecasts of our financial results and condition,
expectations for our operations and businesses, and our assumptions
for those forecasts and expectations. Do not place undue reliance
on forward-looking statements. Due to various factors, actual
results may differ materially from our forward-looking statements.
Factors that could cause our actual results to differ materially
from our forward-looking statements are described under
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," "Risk Factors" and "Regulation and
Supervision" in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2016,
and in other documents subsequently filed by the Company with the
Securities and Exchange Commission, available at the SEC's website,
http://www.sec.gov, and the Company's website,
http://www.iberiabank.com. To the extent that statements in this
press release relate to future plans, objectives, financial results
or performance by the Company, these statements are deemed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are
generally identified by use of words such as "may," "believe,"
"expect," "anticipate," "intend," "will," "should," "plan,"
"estimate," "predict," "continue" and "potential" or the negative
of these terms or other comparable terminology.
Forward-looking statements represent management's beliefs, based
upon information available at the time the statements are made,
with regard to the matters addressed; they are not guarantees of
future performance. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties that change over time
and could cause actual results or financial condition to differ
materially from those expressed in or implied by such
statements. Factors that could cause or contribute to such
differences include, but are not limited to: the level of market
volatility, our ability to execute our growth strategy, including
the availability of future bank acquisition opportunities, our
ability to execute on our revenue and efficiency improvement
initiatives, unanticipated losses related to the completion and
integration of mergers and acquisitions, refinements to purchase
accounting adjustments for acquired businesses and assets and
assumed liabilities in these transactions, adjustments of fair
values of acquired assets and assumed liabilities and of deferred
taxes in acquisitions, actual results deviating from the Company's
current estimates and assumptions of timing and amounts of cash
flows, utilization of non-GAAP financial measures, credit risk of
our customers, resolution of assets formerly subject to loss share
agreements with the FDIC, effects of the on-going correction in
residential real estate prices and levels of home sales, our
ability to satisfy capital and liquidity standards such as those
imposed by the Dodd-Frank Wall Street Reform and Consumer
Protection Act and those adopted by the Basel Committee on Banking
Supervision and federal banking regulators, sufficiency of our
allowance for loan losses, changes in interest rates, access to
funding sources, reliance on the services of executive management,
competition for loans, deposits and investment dollars, competition
from competitors with greater financial resources than the Company,
reputational risk and social factors, compliance with laws and
regulations, increases in FDIC insurance assessments, geographic
concentration of our markets, economic and business conditions in
our markets or nationally, including the impact of volatility of
oil and gas prices, rapid changes in the financial services
industry, significant litigation, cyber-security risks including
dependence on our operational, technological, and organizational
systems and infrastructure and those of third party providers of
those services, hurricanes and other adverse weather events, and
valuation of intangible assets. All information is as of the date
of this press release. Except to the extent required by applicable
law or regulation, the Company undertakes no obligation to revise
or update publicly any forward-looking statement for any
reason.
Table 1 -
IBERIABANK CORPORATION
|
FINANCIAL
HIGHLIGHTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
INCOME
DATA:
|
3/31/2017
|
|
12/31/2016
|
|
%
Change
|
|
3/31/2016
|
%
Change
|
|
Net interest
income
|
$
172,818
|
|
|
$161,665
|
|
|
6.9
|
|
$161,403
|
|
|
7.1
|
|
Net interest income
(TE) (1)
|
175,309
|
|
|
164,005
|
|
|
6.9
|
|
163,728
|
|
|
7.1
|
|
Total
revenues
|
220,164
|
|
|
214,903
|
|
|
2.4
|
|
217,248
|
|
|
1.3
|
|
Provision for loan
losses
|
6,154
|
|
|
5,169
|
|
|
19.1
|
|
14,905
|
|
|
(58.7)
|
|
Non-interest
expense
|
141,018
|
|
|
151,570
|
|
|
(7.0)
|
|
137,452
|
|
|
2.6
|
|
Net income available
to common shareholders
|
46,874
|
|
|
44,173
|
|
|
6.1
|
|
40,193
|
|
|
16.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
1.01
|
|
|
$
1.05
|
|
|
(3.8)
|
|
$
0.98
|
|
|
3.1
|
|
Earnings available to
common shareholders - diluted
|
1.00
|
|
|
1.04
|
|
|
(3.8)
|
|
0.97
|
|
|
3.1
|
|
Core earnings
(Non-GAAP)(2)
|
1.02
|
|
|
1.16
|
|
|
(12.1)
|
|
1.01
|
|
|
1.0
|
|
Book value
|
65.25
|
|
|
62.68
|
|
|
4.1
|
|
59.93
|
|
|
8.9
|
|
Tangible book value
(Non-GAAP) (2) (3)
|
50.46
|
|
|
45.80
|
|
|
10.2
|
|
41.38
|
|
|
21.9
|
|
Closing stock
price
|
79.10
|
|
|
83.75
|
|
|
(5.6)
|
|
51.27
|
|
|
54.3
|
|
Cash
dividends
|
0.36
|
|
|
0.36
|
|
|
—
|
|
0.34
|
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND
OTHER DATA (6):
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.53%
|
|
|
3.38%
|
|
|
|
|
3.68%
|
|
|
|
|
Efficiency
ratio
|
64.1
|
|
|
70.5
|
|
|
|
|
63.3
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
61.6
|
|
|
60.3
|
|
|
|
|
60.3
|
|
|
|
|
Return on average
assets
|
0.94
|
|
|
0.85
|
|
|
|
|
0.87
|
|
|
|
|
Return on average
common equity
|
6.41
|
|
|
6.70
|
|
|
|
|
6.59
|
|
|
|
|
Core return on
average tangible common equity
(Non-GAAP)(2)(3)
|
8.99
|
|
|
10.75
|
|
|
|
|
10.26
|
|
|
|
|
Effective tax
rate
|
30.9
|
|
|
22.4
|
|
|
|
|
34.1
|
|
|
|
|
Full-time equivalent
employees
|
3,161
|
|
|
3,100
|
|
|
|
|
3,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (2) (3)
|
12.10%
|
|
|
9.82%
|
|
|
|
|
8.83%
|
|
|
|
|
Tangible common
equity to risk-weighted assets (3)
|
14.48
|
|
|
11.62
|
|
|
|
|
10.14
|
|
|
|
|
Tier 1 leverage ratio
(4)
|
12.91
|
|
|
10.86
|
|
|
|
|
9.41
|
|
|
|
|
Common equity Tier 1
(CET 1) (transitional) (4)
|
14.64
|
|
|
11.84
|
|
|
|
|
10.11
|
|
|
|
|
Common equity Tier 1
(CET 1) (fully phased-in) (4)
|
14.60
|
|
|
11.77
|
|
|
|
|
10.02
|
|
|
|
|
Tier 1 capital
(transitional) (4)
|
15.38
|
|
|
12.59
|
|
|
|
|
10.56
|
|
|
|
|
Total risk-based
capital ratio (4)
|
16.92
|
|
|
14.13
|
|
|
|
|
12.21
|
|
|
|
|
Common stock dividend
payout ratio
|
39.0
|
|
|
36.4
|
|
|
|
|
34.9
|
|
|
|
|
Classified assets to
Tier 1 capital (7)
|
15.2
|
|
|
21.9
|
|
|
|
|
28.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS (LEGACY):
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (5)
|
0.99%
|
|
|
1.20%
|
|
|
|
|
0.65%
|
|
|
|
|
Allowance for loan
losses to loans
|
0.82
|
|
|
0.83
|
|
|
|
|
0.92
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.20
|
|
|
0.24
|
|
|
|
|
0.15
|
|
|
|
|
Non-performing assets
to total loans and OREO (5)
|
1.52
|
|
|
1.83
|
|
|
|
|
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
35%, which approximates the marginal tax rate.
|
(2)
|
See Table 10 and
Table 11 for GAAP to Non-GAAP reconciliations.
|
(3)
|
Tangible calculations
eliminate the effect of goodwill and acquisition related intangible
assets and the corresponding amortization expense on a tax-effected
basis where applicable.
|
(4)
|
Regulatory capital
ratios as of March 31, 2017 are preliminary.
|
(5)
|
Non-performing assets
consist of non-accruing loans, accruing loans 90 days or more past
due and other real estate owned, including repossessed
assets.
|
(6)
|
All ratios are
calculated on an annualized basis for the periods
indicated.
|
(7)
|
Classified assets
include commercial loans rated substandard or worse and
non-performing mortgage and consumer loans and include acquired
impaired loans accounted for under ASC 310-30.
|
Table 2 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
|
3/31/2017
|
|
12/31/2016
|
|
$
|
%
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
$
|
%
|
Interest
income
|
$192,533
|
|
$ 180,805
|
|
11,728
|
6.5
|
|
$180,504
|
|
$178,694
|
|
$176,936
|
|
15,597
|
8.8
|
Interest
expense
|
19,715
|
|
19,140
|
|
575
|
3.0
|
|
17,087
|
|
15,941
|
|
15,533
|
|
4,182
|
26.9
|
Net interest
income
|
172,818
|
|
161,665
|
|
11,153
|
6.9
|
|
163,417
|
|
162,753
|
|
161,403
|
|
11,415
|
7.1
|
Provision for loan
losses
|
6,154
|
|
5,169
|
|
985
|
19.1
|
|
12,484
|
|
11,866
|
|
14,905
|
|
(8,751)
|
(58.7)
|
Net interest income
after provision for loan losses
|
166,664
|
|
156,496
|
|
10,168
|
6.5
|
|
150,933
|
|
150,887
|
|
146,498
|
|
20,166
|
13.8
|
Mortgage
income
|
14,115
|
|
16,115
|
|
(2,000)
|
(12.4)
|
|
21,807
|
|
25,991
|
|
19,940
|
|
(5,825)
|
(29.2)
|
Service charges on
deposit accounts
|
11,153
|
|
11,178
|
|
(25)
|
(0.2)
|
|
11,066
|
|
10,940
|
|
10,951
|
|
202
|
1.8
|
Title
revenue
|
4,741
|
|
5,332
|
|
(591)
|
(11.1)
|
|
6,001
|
|
6,135
|
|
4,745
|
|
(4)
|
(0.1)
|
Broker
commissions
|
2,738
|
|
4,006
|
|
(1,268)
|
(31.7)
|
|
3,797
|
|
3,712
|
|
3,823
|
|
(1,085)
|
(28.4)
|
ATM/debit card fee
income
|
3,585
|
|
3,604
|
|
(19)
|
(0.5)
|
|
3,483
|
|
3,650
|
|
3,503
|
|
82
|
2.3
|
Income from bank
owned life insurance
|
1,311
|
|
1,323
|
|
(12)
|
(0.9)
|
|
1,305
|
|
1,411
|
|
1,202
|
|
109
|
9.1
|
Gain on sale of
available-for-sale securities
|
—
|
|
4
|
|
(4)
|
(100.0)
|
|
12
|
|
1,789
|
|
196
|
|
(196)
|
(100.0)
|
Other non-interest
income
|
9,703
|
|
11,676
|
|
(1,973)
|
(16.9)
|
|
12,350
|
|
11,289
|
|
11,485
|
|
(1,782)
|
(15.5)
|
Total non-interest
income
|
47,346
|
|
53,238
|
|
(5,892)
|
(11.1)
|
|
59,821
|
|
64,917
|
|
55,845
|
|
(8,499)
|
(15.2)
|
Salaries and employee
benefits
|
81,853
|
|
80,811
|
|
1,042
|
1.3
|
|
85,028
|
|
85,105
|
|
80,742
|
|
1,111
|
1.4
|
Occupancy and
equipment
|
16,021
|
|
15,551
|
|
470
|
3.0
|
|
16,526
|
|
16,813
|
|
16,907
|
|
(886)
|
(5.2)
|
Loss on early
termination of loss share agreements
|
—
|
|
17,798
|
|
(17,798)
|
(100.0)
|
|
—
|
|
—
|
|
—
|
|
—
|
N/M
|
Amortization of
acquisition intangibles
|
1,770
|
|
2,087
|
|
(317)
|
(15.2)
|
|
2,106
|
|
2,109
|
|
2,113
|
|
(343)
|
(16.2)
|
Other non-interest
expense
|
41,374
|
|
35,323
|
|
6,051
|
17.1
|
|
34,479
|
|
35,477
|
|
37,690
|
|
3,684
|
9.8
|
Total non-interest
expense
|
141,018
|
|
151,570
|
|
(10,552)
|
(7.0)
|
|
138,139
|
|
139,504
|
|
137,452
|
|
3,566
|
2.6
|
Income before income
taxes
|
72,992
|
|
58,164
|
|
14,828
|
25.5
|
|
72,615
|
|
76,300
|
|
64,891
|
|
8,101
|
12.5
|
Income tax
expense
|
22,519
|
|
13,034
|
|
9,485
|
72.8
|
|
24,547
|
|
25,490
|
|
22,122
|
|
397
|
1.8
|
Net income
|
50,473
|
|
45,130
|
|
5,343
|
11.8
|
|
48,068
|
|
50,810
|
|
42,769
|
|
7,704
|
18.0
|
Preferred stock
dividends
|
(3,599)
|
|
(957)
|
|
(2,642)
|
(276.1)
|
|
(3,590)
|
|
(854)
|
|
(2,576)
|
|
(1,023)
|
39.7
|
Net income available
to common shareholders
|
$
46,874
|
|
$
44,173
|
|
2,701
|
6.1
|
|
$
44,478
|
|
$
49,956
|
|
$
40,193
|
|
6,681
|
16.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
46,874
|
|
$
44,173
|
|
2,701
|
6.1
|
|
$
44,478
|
|
$
49,956
|
|
$
40,193
|
|
6,681
|
16.6
|
Earnings allocated to
unvested restricted stock
|
(346)
|
|
(414)
|
|
68
|
(16.4)
|
|
(462)
|
|
(540)
|
|
(460)
|
|
114
|
(24.8)
|
Earnings allocated to
common shareholders
|
$
46,528
|
|
$
43,759
|
|
2,769
|
6.3
|
|
$
44,016
|
|
$
49,416
|
|
$
39,733
|
|
6,795
|
17.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
1.01
|
|
$
1.05
|
|
(0.04)
|
(3.8)
|
|
$
1.08
|
|
$
1.21
|
|
$
0.98
|
|
0.03
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
1.00
|
|
1.04
|
|
(0.04)
|
(3.8)
|
|
1.08
|
|
1.21
|
|
0.97
|
|
0.03
|
3.1
|
Impact of non-core
items (Non-GAAP) (1)
|
0.02
|
|
0.12
|
|
(0.10)
|
(83.3)
|
|
—
|
|
(0.03)
|
|
0.04
|
|
(0.02)
|
(50.0)
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
1.02
|
|
$
1.16
|
|
(0.14)
|
(12.1)
|
|
$
1.08
|
|
$
1.18
|
|
$
1.01
|
|
0.01
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
46,123
|
|
42,109
|
|
4,014
|
9.5
|
|
41,052
|
|
41,232
|
|
41,186
|
|
4,937
|
12.0
|
Weighted average
common shares outstanding - diluted
|
46,496
|
|
41,950
|
|
4,546
|
10.8
|
|
40,811
|
|
40,908
|
|
40,765
|
|
5,731
|
14.1
|
Book value shares
(period end)
|
50,970
|
|
44,795
|
|
6,175
|
13.8
|
|
41,082
|
|
41,039
|
|
41,232
|
|
9,738
|
23.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Table 10 and
Table 11 for GAAP to Non-GAAP reconciliations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 3 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END
BALANCES
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
3/31/2017
|
|
12/31/2016
|
|
$
|
|
%
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
$
|
|
%
|
Cash and due from
banks
|
$
276,979
|
|
$
295,896
|
|
(18,917)
|
|
(6.4)
|
|
$
327,799
|
|
$
288,141
|
|
$
300,207
|
|
(23,228)
|
|
(7.7)
|
Interest-bearing
deposits in other banks
|
1,024,139
|
|
1,066,230
|
|
(42,091)
|
|
(3.9)
|
|
773,454
|
|
417,157
|
|
696,448
|
|
327,691
|
|
47.1
|
Total cash and cash
equivalents
|
1,301,118
|
|
1,362,126
|
|
(61,008)
|
|
(4.5)
|
|
1,101,253
|
|
705,298
|
|
996,655
|
|
304,463
|
|
30.5
|
Investment securities
available for sale
|
3,823,953
|
|
3,446,097
|
|
377,856
|
|
11.0
|
|
2,885,413
|
|
2,776,015
|
|
2,755,425
|
|
1,068,528
|
|
38.8
|
Investment securities
held to maturity
|
86,018
|
|
89,216
|
|
(3,198)
|
|
(3.6)
|
|
90,653
|
|
92,904
|
|
96,117
|
|
(10,099)
|
|
(10.5)
|
Total investment
securities
|
3,909,971
|
|
3,535,313
|
|
374,658
|
|
10.6
|
|
2,976,066
|
|
2,868,919
|
|
2,851,542
|
|
1,058,429
|
|
37.1
|
Mortgage loans held
for sale
|
122,333
|
|
157,041
|
|
(34,708)
|
|
(22.1)
|
|
210,866
|
|
229,653
|
|
192,545
|
|
(70,212)
|
|
(36.5)
|
Loans, net of
unearned income
|
15,132,202
|
|
15,064,971
|
|
67,231
|
|
0.4
|
|
14,924,499
|
|
14,722,561
|
|
14,451,244
|
|
680,958
|
|
4.7
|
Allowance for loan
losses
|
(144,890)
|
|
(144,719)
|
|
(171)
|
|
0.1
|
|
(148,193)
|
|
(147,452)
|
|
(146,557)
|
|
1,667
|
|
(1.1)
|
Loans, net
|
14,987,312
|
|
14,920,252
|
|
67,060
|
|
0.4
|
|
14,776,306
|
|
14,575,109
|
|
14,304,687
|
|
682,625
|
|
4.8
|
Loss share
receivable
|
—
|
|
—
|
|
—
|
|
—
|
|
24,406
|
|
29,224
|
|
33,564
|
|
(33,564)
|
|
(100.0)
|
Premises and
equipment
|
303,978
|
|
306,373
|
|
(2,395)
|
|
(0.8)
|
|
308,932
|
|
311,173
|
|
314,615
|
|
(10,637)
|
|
(3.4)
|
Goodwill and other
intangibles
|
758,340
|
|
759,823
|
|
(1,483)
|
|
(0.2)
|
|
761,206
|
|
763,387
|
|
768,235
|
|
(9,895)
|
|
(1.3)
|
Other
assets
|
625,427
|
|
618,262
|
|
7,165
|
|
1.2
|
|
629,531
|
|
678,092
|
|
630,720
|
|
(5,293)
|
|
(0.8)
|
Total
assets
|
$22,008,479
|
|
$21,659,190
|
|
349,289
|
|
1.6
|
|
$20,788,566
|
|
$20,160,855
|
|
$20,092,563
|
|
1,915,916
|
|
9.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
5,031,583
|
|
$
4,928,878
|
|
102,705
|
|
2.1
|
|
$
4,787,485
|
|
$
4,539,254
|
|
$
4,484,024
|
|
547,559
|
|
12.2
|
NOW
accounts
|
3,085,720
|
|
3,314,281
|
|
(228,561)
|
|
(6.9)
|
|
2,904,835
|
|
2,985,284
|
|
2,960,562
|
|
125,158
|
|
4.2
|
Savings and money
market accounts
|
7,185,864
|
|
7,033,917
|
|
151,947
|
|
2.2
|
|
6,646,694
|
|
6,188,245
|
|
6,736,146
|
|
449,718
|
|
6.7
|
Certificates of
deposit
|
2,009,098
|
|
2,131,207
|
|
(122,109)
|
|
(5.7)
|
|
2,183,503
|
|
2,149,244
|
|
2,079,834
|
|
(70,736)
|
|
(3.4)
|
Total
deposits
|
17,312,265
|
|
17,408,283
|
|
(96,018)
|
|
(0.6)
|
|
16,522,517
|
|
15,862,027
|
|
16,260,566
|
|
1,051,699
|
|
6.5
|
Short-term
borrowings
|
80,000
|
|
175,000
|
|
(95,000)
|
|
(54.3)
|
|
360,000
|
|
477,620
|
|
195,000
|
|
(115,000)
|
|
(59.0)
|
Securities sold under
agreements to repurchase
|
368,696
|
|
334,136
|
|
34,560
|
|
10.3
|
|
353,272
|
|
288,017
|
|
303,238
|
|
65,458
|
|
21.6
|
Trust preferred
securities
|
120,110
|
|
120,110
|
|
—
|
|
—
|
|
120,110
|
|
120,110
|
|
120,110
|
|
—
|
|
—
|
Other long-term
debt
|
507,975
|
|
508,843
|
|
(868)
|
|
(0.2)
|
|
552,328
|
|
567,326
|
|
478,814
|
|
29,161
|
|
6.1
|
Other
liabilities
|
161,458
|
|
173,124
|
|
(11,666)
|
|
(6.7)
|
|
213,229
|
|
208,158
|
|
186,926
|
|
(25,468)
|
|
(13.6)
|
Total
liabilities
|
18,550,504
|
|
18,719,496
|
|
(168,992)
|
|
(0.9)
|
|
18,121,456
|
|
17,523,258
|
|
17,544,654
|
|
1,005,850
|
|
5.7
|
Total shareholders'
equity
|
3,457,975
|
|
2,939,694
|
|
518,281
|
|
17.6
|
|
2,667,110
|
|
2,637,597
|
|
2,547,909
|
|
910,066
|
|
35.7
|
Total liabilities and
shareholders' equity
|
$22,008,479
|
|
$21,659,190
|
|
349,289
|
|
1.6
|
|
$20,788,566
|
|
$20,160,855
|
|
$20,092,563
|
|
1,915,916
|
|
9.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 3 Continued
- IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
3/31/2017
|
|
12/31/2016
|
|
$
|
|
%
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
$
|
|
%
|
Cash and due from
banks
|
$
302,585
|
|
$
310,132
|
|
(7,547)
|
|
(2.4)
|
|
$
299,445
|
|
$
304,304
|
|
$
292,476
|
|
10,109
|
|
3.5
|
Interest-bearing
deposits in other banks
|
1,023,688
|
|
930,524
|
|
93,164
|
|
10.0
|
|
536,741
|
|
386,139
|
|
365,709
|
|
657,979
|
|
179.9
|
Total cash and cash
equivalents
|
1,326,273
|
|
1,240,656
|
|
85,617
|
|
6.9
|
|
836,186
|
|
690,443
|
|
658,185
|
|
668,088
|
|
101.5
|
Investment securities
available for sale
|
3,679,817
|
|
3,192,040
|
|
487,777
|
|
15.3
|
|
2,825,030
|
|
2,823,292
|
|
2,797,320
|
|
882,497
|
|
31.5
|
Investment securities
held to maturity
|
87,246
|
|
90,161
|
|
(2,915)
|
|
(3.2)
|
|
92,006
|
|
94,609
|
|
97,391
|
|
(10,145)
|
|
(10.4)
|
Total investment
securities
|
3,767,063
|
|
3,282,201
|
|
484,862
|
|
14.8
|
|
2,917,036
|
|
2,917,901
|
|
2,894,711
|
|
872,352
|
|
30.1
|
Mortgage loans held
for sale
|
175,512
|
|
226,565
|
|
(51,053)
|
|
(22.5)
|
|
219,369
|
|
211,468
|
|
160,873
|
|
14,639
|
|
9.1
|
Loans, net of
unearned income
|
15,045,755
|
|
14,912,350
|
|
133,405
|
|
0.9
|
|
14,802,199
|
|
14,570,945
|
|
14,354,410
|
|
691,345
|
|
4.8
|
Allowance for loan
losses
|
(145,326)
|
|
(150,499)
|
|
5,173
|
|
(3.4)
|
|
(149,101)
|
|
(149,037)
|
|
(141,393)
|
|
(3,933)
|
|
2.8
|
Loans, net
|
14,900,429
|
|
14,761,851
|
|
138,578
|
|
0.9
|
|
14,653,098
|
|
14,421,908
|
|
14,213,017
|
|
687,412
|
|
4.8
|
Loss share
receivable
|
—
|
|
20,456
|
|
(20,456)
|
|
(100.0)
|
|
27,694
|
|
32,189
|
|
37,360
|
|
(37,360)
|
|
(100.0)
|
Premises and
equipment
|
305,245
|
|
308,861
|
|
(3,616)
|
|
(1.2)
|
|
310,592
|
|
313,862
|
|
322,086
|
|
(16,841)
|
|
(5.2)
|
Goodwill and other
intangibles
|
758,887
|
|
760,003
|
|
(1,116)
|
|
(0.1)
|
|
762,196
|
|
764,818
|
|
765,898
|
|
(7,011)
|
|
(0.9)
|
Other
assets
|
628,092
|
|
615,666
|
|
12,426
|
|
2.0
|
|
666,657
|
|
651,328
|
|
609,181
|
|
18,911
|
|
3.1
|
Total
assets
|
$21,861,501
|
|
$21,216,259
|
|
645,242
|
|
3.0
|
|
$20,392,828
|
|
$20,003,917
|
|
$19,661,311
|
|
2,200,190
|
|
11.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
4,976,945
|
|
$
4,869,095
|
|
107,850
|
|
2.2
|
|
$
4,605,447
|
|
$
4,463,928
|
|
$
4,388,259
|
|
588,686
|
|
13.4
|
NOW
accounts
|
3,239,085
|
|
2,981,967
|
|
257,118
|
|
8.6
|
|
2,936,130
|
|
2,911,510
|
|
2,859,940
|
|
379,145
|
|
13.3
|
Savings and money
market accounts
|
7,211,545
|
|
6,869,614
|
|
341,931
|
|
5.0
|
|
6,359,006
|
|
6,486,242
|
|
6,598,838
|
|
612,707
|
|
9.3
|
Certificates of
deposit
|
2,083,749
|
|
2,172,967
|
|
(89,218)
|
|
(4.1)
|
|
2,176,159
|
|
2,117,711
|
|
2,098,032
|
|
(14,283)
|
|
(0.7)
|
Total
deposits
|
17,511,324
|
|
16,893,643
|
|
617,681
|
|
3.7
|
|
16,076,742
|
|
15,979,391
|
|
15,945,069
|
|
1,566,255
|
|
9.8
|
Short-term
borrowings
|
99,000
|
|
260,730
|
|
(161,730)
|
|
(62.0)
|
|
430,332
|
|
358,837
|
|
277,374
|
|
(178,374)
|
|
(64.3)
|
Securities sold under
agreements to repurchase
|
311,726
|
|
342,953
|
|
(31,227)
|
|
(9.1)
|
|
302,119
|
|
265,465
|
|
217,296
|
|
94,430
|
|
43.5
|
Trust preferred
securities
|
120,110
|
|
120,110
|
|
—
|
|
—
|
|
120,110
|
|
120,110
|
|
120,110
|
|
—
|
|
—
|
Other long-term
debt
|
498,384
|
|
544,353
|
|
(45,969)
|
|
(8.4)
|
|
562,598
|
|
473,195
|
|
403,393
|
|
94,991
|
|
23.5
|
Other
liabilities
|
221,993
|
|
300,768
|
|
(78,775)
|
|
(26.2)
|
|
239,911
|
|
203,050
|
|
167,810
|
|
54,183
|
|
32.3
|
Total
liabilities
|
18,762,537
|
|
18,462,557
|
|
299,980
|
|
1.6
|
|
17,731,812
|
|
17,400,048
|
|
17,131,052
|
|
1,631,485
|
|
9.5
|
Total shareholders'
equity
|
3,098,964
|
|
2,753,702
|
|
345,262
|
|
12.5
|
|
2,661,016
|
|
2,603,869
|
|
2,530,259
|
|
568,705
|
|
22.5
|
Total liabilities and
shareholders' equity
|
$21,861,501
|
|
$21,216,259
|
|
645,242
|
|
3.0
|
|
$20,392,828
|
|
$20,003,917
|
|
$19,661,311
|
|
2,200,190
|
|
11.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4 -
IBERIABANK CORPORATION
|
|
TOTAL LOANS AND
ASSET QUALITY DATA
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
|
3/31/2017
|
|
12/31/2016
|
|
$
|
|
%
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate
|
$
6,977,874
|
|
$
6,802,266
|
|
175,608
|
|
2.6
|
|
$
6,681,215
|
|
$
6,472,001
|
|
$
6,230,628
|
|
747,246
|
|
12.0
|
Commercial and
Industrial
|
3,455,578
|
|
3,543,122
|
|
(87,544)
|
|
(2.5)
|
|
3,462,997
|
|
3,435,809
|
|
3,374,382
|
|
81,196
|
|
2.4
|
Energy (Real
Estate and Commercial and Industrial) (1)
|
563,623
|
|
561,193
|
|
2,430
|
|
0.4
|
|
599,641
|
|
662,034
|
|
731,662
|
|
(168,039)
|
|
(23.0)
|
Total commercial
loans
|
10,997,075
|
|
10,906,581
|
|
90,494
|
|
0.8
|
|
10,743,853
|
|
10,569,844
|
|
10,336,672
|
|
660,403
|
|
6.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
1,296,358
|
|
1,267,400
|
|
28,958
|
|
2.3
|
|
1,270,530
|
|
1,249,062
|
|
1,208,391
|
|
87,967
|
|
7.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
2,146,796
|
|
2,155,926
|
|
(9,130)
|
|
(0.4)
|
|
2,151,130
|
|
2,129,812
|
|
2,091,514
|
|
55,282
|
|
2.6
|
Indirect
automobile
|
110,200
|
|
131,052
|
|
(20,852)
|
|
(15.9)
|
|
153,913
|
|
182,223
|
|
213,179
|
|
(102,979)
|
|
(48.3)
|
Automobile
|
142,139
|
|
147,662
|
|
(5,523)
|
|
(3.7)
|
|
152,972
|
|
156,597
|
|
164,868
|
|
(22,729)
|
|
(13.8)
|
Credit
card
|
84,113
|
|
82,992
|
|
1,121
|
|
1.4
|
|
80,959
|
|
78,552
|
|
76,756
|
|
7,357
|
|
9.6
|
Other
|
355,521
|
|
373,358
|
|
(17,837)
|
|
(4.8)
|
|
371,142
|
|
356,471
|
|
359,864
|
|
(4,343)
|
|
(1.2)
|
Total consumer
loans
|
2,838,769
|
|
2,890,990
|
|
(52,221)
|
|
(1.8)
|
|
2,910,116
|
|
2,903,655
|
|
2,906,181
|
|
(67,412)
|
|
(2.3)
|
Total
loans
|
$15,132,202
|
|
$15,064,971
|
|
67,231
|
|
0.4
|
|
$14,924,499
|
|
$14,722,561
|
|
$14,451,244
|
|
680,958
|
|
4.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses (2)
|
$
(144,890)
|
|
$
(144,719)
|
|
(171)
|
|
0.1
|
|
$
(148,193)
|
|
$
(147,452)
|
|
$
(146,557)
|
|
1,667
|
|
(1.1)
|
Loans, net
|
14,987,312
|
|
14,920,252
|
|
67,060
|
|
0.4
|
|
14,776,306
|
|
14,575,109
|
|
14,304,687
|
|
682,625
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(11,660)
|
|
(11,241)
|
|
(419)
|
|
3.7
|
|
(11,990)
|
|
(13,826)
|
|
(14,033)
|
|
2,373
|
|
(16.9)
|
Allowance for credit
losses
|
(156,550)
|
|
(155,960)
|
|
(590)
|
|
0.4
|
|
(160,183)
|
|
(161,278)
|
|
(160,590)
|
|
4,040
|
|
(2.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(3)
|
$
191,582
|
|
$
228,501
|
|
(36,919)
|
|
(16.2)
|
|
$
235,521
|
|
$
101,738
|
|
$
98,588
|
|
92,994
|
|
94.3
|
Other real estate
owned and foreclosed assets
|
20,055
|
|
21,199
|
|
(1,144)
|
|
(5.4)
|
|
22,085
|
|
27,220
|
|
31,411
|
|
(11,356)
|
|
(36.2)
|
Accruing loans more
than 90 days past due(3)
|
7,980
|
|
1,386
|
|
6,594
|
|
475.8
|
|
5,233
|
|
751
|
|
385
|
|
7,595
|
|
1,972.7
|
Total non-performing
assets
|
$
219,617
|
|
$
251,086
|
|
(31,469)
|
|
(12.5)
|
|
$
262,839
|
|
$
129,709
|
|
$
130,384
|
|
89,233
|
|
68.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
36,172
|
|
$
28,869
|
|
7,303
|
|
25.3
|
|
$
45,125
|
|
$
50,592
|
|
$
49,071
|
|
(12,899)
|
|
(26.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
1.00%
|
|
1.16%
|
|
|
|
|
|
1.26%
|
|
0.64%
|
|
0.65%
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
1.45
|
|
1.66
|
|
|
|
|
|
1.76
|
|
0.88
|
|
0.90
|
|
|
|
|
Allowance for loan
losses to non-performing loans (4)
|
72.6
|
|
63.0
|
|
|
|
|
|
61.6
|
|
143.9
|
|
148.1
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
66.0
|
|
57.6
|
|
|
|
|
|
56.4
|
|
113.7
|
|
112.4
|
|
|
|
|
Allowance for loan
losses to total loans
|
0.96
|
|
0.96
|
|
|
|
|
|
0.99
|
|
1.00
|
|
1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
7,291
|
|
$
9,785
|
|
(2,494)
|
|
(25.5)
|
|
$
11,500
|
|
$
12,994
|
|
$
5,560
|
|
1,731
|
|
31.1
|
Quarter-to-date
recoveries
|
(1,235)
|
|
(2,135)
|
|
900
|
|
(42.2)
|
|
(1,277)
|
|
(1,071)
|
|
(1,551)
|
|
316
|
|
(20.4)
|
Quarter-to-date net
charge-offs
|
$
6,056
|
|
$
7,650
|
|
(1,594)
|
|
(20.8)
|
|
$
10,223
|
|
$
11,923
|
|
$
4,009
|
|
2,047
|
|
51.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.16%
|
|
0.21%
|
|
|
|
|
|
0.28%
|
|
0.33%
|
|
0.11%
|
|
|
|
|
|
|
(1) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
(2) The allowance for
loan losses includes impairment reserves attributable to acquired
impaired loans.
|
(3) For purposes of
this table, non-accrual and past due loans exclude acquired
impaired loans accounted for under ASC 310-30 that are currently
accruing income.
|
(4) Non-performing
loans consist of non-accruing loans and accruing loans 90 days or
more past due.
|
Table 5 -
IBERIABANK CORPORATION
|
LEGACY LOANS AND
LEGACY ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LEGACY
LOANS
|
3/31/2017
|
|
12/31/2016
|
|
$
|
|
%
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate
|
$
5,878,509
|
|
$
5,623,314
|
|
255,195
|
|
4.5
|
|
$
5,419,483
|
|
$
5,097,689
|
|
$
4,771,690
|
|
1,106,819
|
|
23.2
|
Commercial and
Industrial
|
3,140,205
|
|
3,194,796
|
|
(54,591)
|
|
(1.7)
|
|
3,101,472
|
|
3,027,590
|
|
2,926,686
|
|
213,519
|
|
7.3
|
Energy (Real Estate
and Commercial and Industrial) (1)
|
562,515
|
|
559,289
|
|
3,226
|
|
0.6
|
|
598,279
|
|
659,510
|
|
728,778
|
|
(166,263)
|
|
(22.8)
|
Total commercial
loans
|
9,581,229
|
|
9,377,399
|
|
203,830
|
|
2.2
|
|
9,119,234
|
|
8,784,789
|
|
8,427,154
|
|
1,154,075
|
|
13.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
901,859
|
|
854,216
|
|
47,643
|
|
5.6
|
|
840,082
|
|
794,701
|
|
730,621
|
|
171,238
|
|
23.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
1,797,123
|
|
1,783,421
|
|
13,702
|
|
0.8
|
|
1,755,295
|
|
1,695,113
|
|
1,625,812
|
|
171,311
|
|
10.5
|
Indirect
automobile
|
110,174
|
|
131,048
|
|
(20,874)
|
|
(15.9)
|
|
153,904
|
|
182,199
|
|
213,141
|
|
(102,967)
|
|
(48.3)
|
Automobile
|
133,852
|
|
138,638
|
|
(4,786)
|
|
(3.5)
|
|
143,355
|
|
146,394
|
|
153,732
|
|
(19,880)
|
|
(12.9)
|
Credit
card
|
83,612
|
|
82,524
|
|
1,088
|
|
1.3
|
|
80,452
|
|
78,044
|
|
76,247
|
|
7,365
|
|
9.7
|
Other
|
315,595
|
|
327,678
|
|
(12,083)
|
|
(3.7)
|
|
321,048
|
|
303,609
|
|
301,990
|
|
13,605
|
|
4.5
|
Total consumer
loans
|
2,440,356
|
|
2,463,309
|
|
(22,953)
|
|
(0.9)
|
|
2,454,054
|
|
2,405,359
|
|
2,370,922
|
|
69,434
|
|
2.9
|
Total
loans
|
$12,923,444
|
|
$12,694,924
|
|
228,520
|
|
1.8
|
|
$12,413,370
|
|
$11,984,849
|
|
$11,528,697
|
|
1,394,747
|
|
12.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
(105,813)
|
|
$
(105,569)
|
|
(244)
|
|
0.2
|
|
$
(108,889)
|
|
$
(106,861)
|
|
$
(105,574)
|
|
(239)
|
|
0.2
|
Loans, net
|
12,817,631
|
|
12,589,355
|
|
228,276
|
|
1.8
|
|
12,304,481
|
|
11,877,988
|
|
11,423,123
|
|
1,394,508
|
|
12.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(11,660)
|
|
(11,241)
|
|
(419)
|
|
3.7
|
|
(11,990)
|
|
(13,826)
|
|
(14,033)
|
|
2,373
|
|
(16.9)
|
Allowance for credit
losses
|
(117,473)
|
|
(116,810)
|
|
(663)
|
|
0.6
|
|
(120,879)
|
|
(120,687)
|
|
(119,607)
|
|
2,134
|
|
(1.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
185,078
|
|
$
221,543
|
|
(36,465)
|
|
(16.5)
|
|
$
227,122
|
|
$
95,096
|
|
$
93,429
|
|
91,649
|
|
98.1
|
Other real estate
owned and foreclosed assets
|
8,217
|
|
9,264
|
|
(1,047)
|
|
(11.3)
|
|
11,538
|
|
14,478
|
|
17,662
|
|
(9,445)
|
|
(53.5)
|
Accruing loans more
than 90 days past due
|
3,100
|
|
1,104
|
|
1,996
|
|
180.8
|
|
4,936
|
|
353
|
|
125
|
|
2,975
|
|
2,380.0
|
Total non-performing
assets
|
$
196,395
|
|
$
231,911
|
|
(35,516)
|
|
(15.3)
|
|
$
243,596
|
|
$
109,927
|
|
$
111,216
|
|
85,179
|
|
76.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
32,286
|
|
$
24,902
|
|
7,384
|
|
29.7
|
|
$
41,157
|
|
$
45,906
|
|
$
42,454
|
|
(10,168)
|
|
(24.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
0.99%
|
|
1.20%
|
|
|
|
|
|
1.33%
|
|
0.63%
|
|
0.65%
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
1.52
|
|
1.83
|
|
|
|
|
|
1.96
|
|
0.92
|
|
0.96
|
|
|
|
Allowance for loan
losses to non-performing loans (2)
|
56.2
|
|
47.4
|
|
|
|
|
|
46.9
|
|
112.0
|
|
112.9
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
53.9
|
|
45.5
|
|
|
|
|
|
44.7
|
|
97.2
|
|
94.9
|
|
|
|
|
Allowance for loan
losses to total loans
|
0.82
|
|
0.83
|
|
|
|
|
|
0.88
|
|
0.89
|
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
7,202
|
|
$
9,496
|
|
(2,294)
|
|
(24.2)
|
|
$
11,201
|
|
$
11,969
|
|
$
5,389
|
|
1,813
|
|
33.6
|
Quarter-to-date
recoveries
|
(880)
|
|
(1,910)
|
|
1,030
|
|
(53.9)
|
|
(1,102)
|
|
(775)
|
|
(1,247)
|
|
367
|
|
(29.4)
|
Quarter-to-date net
charge-offs
|
$
6,322
|
|
$
7,586
|
|
(1,264)
|
|
(16.7)
|
|
$
10,099
|
|
$
11,194
|
|
$
4,142
|
|
2,180
|
|
52.6
|
Net charge-offs to
average loans (annualized)
|
0.20%
|
|
0.24%
|
|
|
|
|
|
0.33%
|
|
0.38%
|
|
0.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
(2) Non-performing
loans consist of non-accruing loans and accruing loans 90 days or
more past due.
|
Table 6 -
IBERIABANK CORPORATION
|
ACQUIRED LOANS AND
ACQUIRED ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ACQUIRED
LOANS
|
3/31/2017
|
|
12/31/2016
|
|
$
|
|
%
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate
|
$1,099,365
|
|
$1,178,952
|
|
(79,587)
|
|
(6.8)
|
|
$1,261,732
|
|
$1,374,312
|
|
$1,458,938
|
|
(359,573)
|
|
(24.6)
|
Commercial and
Industrial
|
315,373
|
|
348,326
|
|
(32,953)
|
|
(9.5)
|
|
361,525
|
|
408,219
|
|
447,696
|
|
(132,323)
|
|
(29.6)
|
Energy (Real Estate
and Commercial and Industrial) (1)
|
1,108
|
|
1,904
|
|
(796)
|
|
(41.8)
|
|
1,362
|
|
2,524
|
|
2,884
|
|
(1,776)
|
|
(61.6)
|
Total commercial
loans
|
1,415,846
|
|
1,529,182
|
|
(113,336)
|
|
(7.4)
|
|
1,624,619
|
|
1,785,055
|
|
1,909,518
|
|
(493,672)
|
|
(25.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
394,499
|
|
413,184
|
|
(18,685)
|
|
(4.5)
|
|
430,448
|
|
454,361
|
|
477,770
|
|
(83,271)
|
|
(17.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
349,673
|
|
372,505
|
|
(22,832)
|
|
(6.1)
|
|
395,835
|
|
434,699
|
|
465,702
|
|
(116,029)
|
|
(24.9)
|
Indirect
automobile
|
26
|
|
4
|
|
22
|
|
550.0
|
|
9
|
|
24
|
|
38
|
|
(12)
|
|
(31.6)
|
Automobile
|
8,287
|
|
9,024
|
|
(737)
|
|
(8.2)
|
|
9,617
|
|
10,203
|
|
11,136
|
|
(2,849)
|
|
(25.6)
|
Credit
card
|
501
|
|
468
|
|
33
|
|
7.1
|
|
507
|
|
508
|
|
509
|
|
(8)
|
|
(1.6)
|
Other
|
39,926
|
|
45,680
|
|
(5,754)
|
|
(12.6)
|
|
50,094
|
|
52,862
|
|
57,874
|
|
(17,948)
|
|
(31.0)
|
Total consumer
loans
|
398,413
|
|
427,681
|
|
(29,268)
|
|
(6.8)
|
|
456,062
|
|
498,296
|
|
535,259
|
|
(136,846)
|
|
(25.6)
|
Total
loans
|
$2,208,758
|
|
$2,370,047
|
|
(161,289)
|
|
(6.8)
|
|
$2,511,129
|
|
$2,737,712
|
|
$2,922,547
|
|
(713,789)
|
|
(24.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses (2)
|
$
(39,077)
|
|
$
(39,150)
|
|
73
|
|
(0.2)
|
|
$
(39,304)
|
|
$
(40,591)
|
|
$
(40,983)
|
|
1,906
|
|
(4.7)
|
Loans, net
|
2,169,681
|
|
2,330,897
|
|
(161,216)
|
|
(6.9)
|
|
2,471,825
|
|
2,697,121
|
|
2,881,564
|
|
(711,883)
|
|
(24.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED ASSET
QUALITY DATA(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
6,504
|
|
$
6,958
|
|
(454)
|
|
(6.5)
|
|
$
8,399
|
|
$
6,642
|
|
$
5,159
|
|
1,345
|
|
26.1
|
Other real estate
owned and foreclosed assets
|
11,838
|
|
11,935
|
|
(97)
|
|
(0.8)
|
|
10,547
|
|
12,742
|
|
13,749
|
|
(1,911)
|
|
(13.9)
|
Accruing loans more
than 90 days past due
|
4,880
|
|
282
|
|
4,598
|
|
1,630.5
|
|
297
|
|
398
|
|
260
|
|
4,620
|
|
1,776.9
|
Total non-performing
assets
|
$
23,222
|
|
$
19,175
|
|
4,047
|
|
21.1
|
|
$
19,243
|
|
$
19,782
|
|
$
19,168
|
|
4,054
|
|
21.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
3,886
|
|
$
3,967
|
|
(81)
|
|
(2.0)
|
|
$
3,968
|
|
$
4,686
|
|
$
6,617
|
|
(2,731)
|
|
(41.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
1.06%
|
|
0.81%
|
|
|
|
|
|
0.76%
|
|
0.72%
|
|
0.65%
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
1.05
|
|
0.81
|
|
|
|
|
|
0.76
|
|
0.72
|
|
0.65
|
|
|
|
|
Allowance for loan
losses to non-performing loans
|
343.3
|
|
540.7
|
|
|
|
|
|
452.0
|
|
576.6
|
|
756.3
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
168.3
|
|
204.2
|
|
|
|
|
|
204.3
|
|
205.2
|
|
213.8
|
|
|
|
|
Allowance for loan
losses to total loans
|
1.77
|
|
1.65
|
|
|
|
|
|
1.57
|
|
1.48
|
|
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
89
|
|
$
289
|
|
(200)
|
|
(69.2)
|
|
$
299
|
|
$
1,025
|
|
$
171
|
|
(82)
|
|
(48.0)
|
Quarter-to-date
recoveries
|
(355)
|
|
(225)
|
|
(130)
|
|
57.8
|
|
(175)
|
|
(296)
|
|
(304)
|
|
(51)
|
|
16.8
|
Quarter-to-date net
charge-offs/(recoveries)
|
$
(266)
|
|
$
64
|
|
(330)
|
|
(515.6)
|
|
$
124
|
|
$
729
|
|
$
(133)
|
|
(133)
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans (annualized)
|
(0.05)%
|
|
0.01%
|
|
|
|
|
|
0.02%
|
|
0.10%
|
|
(0.02)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
(2) The allowance for
loan losses includes impairment reserves attributable to acquired
impaired loans.
|
(3) Acquired
non-performing loans 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.
|
Table 7 -
IBERIABANK CORPORATION
|
ENERGY LOANS,
ENERGY-RELATED COMMITMENTS AND ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY
LOANS:(1)
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
3/31/2017
|
|
12/31/2016
|
|
$
|
|
%
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
$
|
|
%
|
E&P
|
$
265,696
|
|
$
290,711
|
|
(25,015)
|
|
(8.6)
|
|
$
301,223
|
|
$
328,066
|
|
$
369,725
|
|
(104,029)
|
|
(28.1)
|
Midstream
|
123,436
|
|
90,120
|
|
33,316
|
|
37.0
|
|
110,821
|
|
123,687
|
|
130,556
|
|
(7,120)
|
|
(5.5)
|
Service
|
174,491
|
|
180,362
|
|
(5,871)
|
|
(3.3)
|
|
187,597
|
|
210,281
|
|
231,381
|
|
(56,890)
|
|
(24.6)
|
Total energy
loans
|
$
563,623
|
|
$
561,193
|
|
2,430
|
|
0.4
|
|
$
599,641
|
|
$
662,034
|
|
$
731,662
|
|
(168,039)
|
|
(23.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
COMMITMENTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E&P
|
$
543,689
|
|
$
545,061
|
|
(1,372)
|
|
(0.3)
|
|
$
545,383
|
|
$
572,267
|
|
$
677,258
|
|
(133,569)
|
|
(19.7)
|
Midstream
|
238,186
|
|
182,998
|
|
55,188
|
|
30.2
|
|
198,618
|
|
201,555
|
|
206,504
|
|
31,682
|
|
15.3
|
Service
|
243,991
|
|
241,740
|
|
2,251
|
|
0.9
|
|
261,450
|
|
295,591
|
|
329,282
|
|
(85,291)
|
|
(25.9)
|
Total energy-related
commitments
|
$
1,025,866
|
|
$
969,799
|
|
56,067
|
|
5.8
|
|
$
1,005,451
|
|
$
1,069,413
|
|
$
1,213,044
|
|
(187,178)
|
|
(15.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans net of
unearned income
|
$15,132,202
|
|
$15,064,971
|
|
67,231
|
|
0.4
|
|
$14,924,499
|
|
$14,722,561
|
|
$14,451,244
|
|
680,958
|
|
4.7
|
Energy loan
outstandings as a % of total loans
|
3.7%
|
|
3.7%
|
|
|
|
|
|
4.0%
|
|
4.5%
|
|
5.1%
|
|
|
|
|
Energy-related
commitments as a % of total commitments
|
5.2%
|
|
4.8%
|
|
|
|
|
|
5.1%
|
|
5.4%
|
|
6.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
(20,144)
|
|
$
(22,524)
|
|
2,380
|
|
(10.6)
|
|
$
(28,215)
|
|
$
(33,040)
|
|
$
(38,495)
|
|
18,351
|
|
(47.7)
|
Reserve for unfunded
commitments
|
(203)
|
|
(1,003)
|
|
800
|
|
(79.8)
|
|
(953)
|
|
(2,223)
|
|
(903)
|
|
700
|
|
(77.5)
|
Allowance for credit
losses
|
(20,347)
|
|
(23,527)
|
|
3,180
|
|
(13.5)
|
|
(29,168)
|
|
(35,263)
|
|
(39,398)
|
|
19,051
|
|
(48.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
113,212
|
|
$
150,329
|
|
(37,117)
|
|
(24.7)
|
|
$
153,620
|
|
$
60,814
|
|
$
46,223
|
|
66,989
|
|
144.9
|
Other real estate
owned and foreclosed assets
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Accruing loans more
than 90 days past due
|
2,175
|
|
—
|
|
2,175
|
|
N/M
|
|
—
|
|
—
|
|
—
|
|
2,175
|
|
N/M
|
Total non-performing
assets
|
$
115,387
|
|
$
150,329
|
|
(34,942)
|
|
(23.2)
|
|
$
153,620
|
|
$
60,814
|
|
$
46,223
|
|
69,164
|
|
149.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
157
|
|
$
1,526
|
|
(1,369)
|
|
(89.7)
|
|
$
-
|
|
$
3,055
|
|
$
-
|
|
157
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total energy loans and OREO
|
20.47%
|
|
26.79%
|
|
|
|
|
|
25.62%
|
|
9.19%
|
|
6.32%
|
|
|
|
|
Allowance for loan
losses to non-performing loans (2)
|
17.5
|
|
15.0
|
|
|
|
|
|
18.4
|
|
54.3
|
|
83.3
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
17.5
|
|
15.0
|
|
|
|
|
|
18.4
|
|
54.3
|
|
83.3
|
|
|
|
|
Allowance for loan
losses to total energy loans
|
3.57
|
|
4.01
|
|
|
|
|
|
4.71
|
|
4.99
|
|
5.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
2,845
|
|
$
2,321
|
|
|
|
|
|
$
6,957
|
|
$
7,715
|
|
$
-
|
|
|
|
|
Quarter-to-date
recoveries
|
—
|
|
(840)
|
|
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|
Quarter-to-date net
charge-offs
|
$
2,845
|
|
$
1,481
|
|
|
|
|
|
$
6,957
|
|
$
7,715
|
|
$
-
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
2.05%
|
|
1.02%
|
|
|
|
|
|
4.39%
|
|
4.44%
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
(2) Non-performing
loans consist of non-accruing loans and accruing loans 90 days or
more past due.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M - Not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 8 -
IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2017
|
|
12/31/2016
|
|
Basis Point
Change
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)
|
|
Yield/Rate
(TE)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
10,917,714
|
$
119,605
|
4.50%
|
|
$
10,759,264
|
$
114,694
|
4.29%
|
|
21
|
Residential mortgage
loans
|
1,273,069
|
12,848
|
4.04
|
|
1,267,413
|
14,038
|
4.43
|
|
(39)
|
Consumer
loans
|
2,854,972
|
36,524
|
5.19
|
|
2,885,673
|
36,960
|
5.10
|
|
9
|
Total
loans
|
15,045,755
|
168,977
|
4.59
|
|
14,912,350
|
165,692
|
4.46
|
|
13
|
Loss share
receivable
|
—
|
—
|
0.00
|
|
20,456
|
(3,539)
|
(68.83)
|
|
6,883
|
Total loans and loss
share receivable
|
15,045,755
|
168,977
|
4.59
|
|
14,932,806
|
162,153
|
4.36
|
|
23
|
Mortgage loans held
for sale
|
175,512
|
971
|
2.21
|
|
226,565
|
1,539
|
2.72
|
|
(51)
|
Investment securities
(2)
|
3,741,128
|
19,927
|
2.24
|
|
3,154,252
|
15,464
|
2.09
|
|
15
|
Other earning
assets
|
1,123,087
|
2,658
|
0.96
|
|
1,034,980
|
1,649
|
0.63
|
|
33
|
Total earning
assets
|
20,085,482
|
192,533
|
3.93
|
|
19,348,603
|
180,805
|
3.77
|
|
16
|
Allowance for loan
losses
|
(145,326)
|
|
|
|
(150,499)
|
|
|
|
|
Non-earning
assets
|
1,921,345
|
|
|
|
2,018,155
|
|
|
|
|
Total
assets
|
$
21,861,501
|
|
|
|
$
21,216,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
3,239,085
|
$
3,090
|
0.39%
|
|
$
2,981,967
|
$
2,483
|
0.33%
|
|
6
|
Savings and money
market accounts
|
7,211,545
|
8,329
|
0.47
|
|
6,869,614
|
7,732
|
0.45
|
|
2
|
Certificates of
deposit
|
2,083,749
|
4,638
|
0.90
|
|
2,172,967
|
4,785
|
0.88
|
|
2
|
Total
interest-bearing deposits (3)
|
12,534,379
|
16,057
|
0.52
|
|
12,024,548
|
15,000
|
0.50
|
|
2
|
Short-term
borrowings
|
410,726
|
277
|
0.27
|
|
603,683
|
552
|
0.36
|
|
(9)
|
Long-term
debt
|
618,494
|
3,381
|
2.22
|
|
664,463
|
3,588
|
2.15
|
|
7
|
Total
interest-bearing liabilities
|
13,563,599
|
19,715
|
0.59
|
|
13,292,694
|
19,140
|
0.57
|
|
2
|
Non-interest-bearing
deposits
|
4,976,945
|
|
|
|
4,869,095
|
|
|
|
|
Non-interest-bearing
liabilities
|
221,993
|
|
|
|
300,768
|
|
|
|
|
Total
liabilities
|
18,762,537
|
|
|
|
18,462,557
|
|
|
|
|
Total shareholders'
equity
|
3,098,964
|
|
|
|
2,753,702
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
21,861,501
|
|
|
|
$
21,216,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
172,818
|
3.34%
|
|
|
$
161,665
|
3.20%
|
|
14
|
Tax-equivalent
benefit
|
|
2,491
|
0.05
|
|
|
2,340
|
0.05
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
175,309
|
3.53%
|
|
|
$
164,005
|
3.38%
|
|
15
|
|
|
|
|
|
|
|
|
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
35%, which approximates the marginal tax rate.
|
(2) Balances exclude
unrealized gain or loss on securities available for sale and the
impact of trade date accounting.
|
(3) Total deposit
costs for the three months ended March 31, 2017 and December 31,
2016 total 0.37% and 0.35%, respectively.
|
TABLE 8 Continued
- IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
10,646,874
|
$
116,653
|
4.41%
|
|
$
10,458,822
|
$
114,588
|
4.46%
|
|
$
10,250,555
|
$
113,417
|
4.51%
|
Residential mortgage
loans
|
1,254,665
|
13,718
|
4.37
|
|
1,221,254
|
13,781
|
4.51
|
|
1,202,692
|
13,429
|
4.47
|
Consumer
loans
|
2,900,660
|
37,413
|
5.13
|
|
2,890,869
|
37,200
|
5.18
|
|
2,901,163
|
37,145
|
5.15
|
Total
loans
|
14,802,199
|
167,784
|
4.55
|
|
14,570,945
|
165,569
|
4.61
|
|
14,354,410
|
163,991
|
4.63
|
Loss share
receivable
|
27,694
|
(3,935)
|
(56.53)
|
|
32,189
|
(4,163)
|
(52.01)
|
|
37,360
|
(4,386)
|
(47.22)
|
Total loans and loss
share receivable
|
14,829,893
|
163,849
|
4.44
|
|
14,603,134
|
161,406
|
4.48
|
|
14,391,770
|
159,605
|
4.49
|
Mortgage loans held
for sale
|
219,369
|
1,774
|
3.24
|
|
211,468
|
1,850
|
3.50
|
|
160,873
|
1,401
|
3.48
|
Investment securities
(2)
|
2,830,892
|
13,815
|
2.08
|
|
2,856,805
|
14,663
|
2.17
|
|
2,866,974
|
15,212
|
2.24
|
Other earning
assets
|
641,080
|
1,066
|
0.66
|
|
483,597
|
775
|
0.64
|
|
453,737
|
718
|
0.64
|
Total earning
assets
|
18,521,234
|
180,504
|
3.93
|
|
18,155,004
|
178,694
|
4.01
|
|
17,873,354
|
176,936
|
4.03
|
Allowance for loan
losses
|
(149,101)
|
|
|
|
(149,037)
|
|
|
|
(141,393)
|
|
|
Non-earning
assets
|
2,020,695
|
|
|
|
1,997,950
|
|
|
|
1,929,350
|
|
|
Total
assets
|
$
20,392,828
|
|
|
|
$
20,003,917
|
|
|
|
$
19,661,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
2,936,130
|
$
2,313
|
0.31%
|
|
$
2,911,510
|
$
2,080
|
0.29%
|
|
$
2,859,940
|
$
1,940
|
0.27%
|
Savings and money
market accounts
|
6,359,006
|
5,826
|
0.36
|
|
6,486,242
|
5,527
|
0.34
|
|
6,598,838
|
5,640
|
0.34
|
Certificates of
deposit
|
2,176,159
|
4,592
|
0.84
|
|
2,117,711
|
4,309
|
0.82
|
|
2,098,032
|
4,354
|
0.83
|
Total
interest-bearing deposits(3)
|
11,471,295
|
12,731
|
0.44
|
|
11,515,463
|
11,916
|
0.42
|
|
11,556,810
|
11,934
|
0.42
|
Short-term
borrowings
|
732,451
|
753
|
0.41
|
|
624,302
|
662
|
0.43
|
|
494,670
|
485
|
0.39
|
Long-term
debt
|
682,708
|
3,603
|
2.10
|
|
593,305
|
3,363
|
2.28
|
|
523,503
|
3,114
|
2.39
|
Total
interest-bearing liabilities
|
12,886,454
|
17,087
|
0.53
|
|
12,733,070
|
15,941
|
0.51
|
|
12,574,983
|
15,533
|
0.50
|
Non-interest-bearing
deposits
|
4,605,447
|
|
|
|
4,463,928
|
|
|
|
4,388,259
|
|
|
Non-interest-bearing
liabilities
|
239,911
|
|
|
|
203,050
|
|
|
|
167,810
|
|
|
Total
liabilities
|
17,731,812
|
|
|
|
17,400,048
|
|
|
|
17,131,052
|
|
|
Total shareholders'
equity
|
2,661,016
|
|
|
|
2,603,869
|
|
|
|
2,530,259
|
|
|
Total liabilities and
shareholders' equity
|
$
20,392,828
|
|
|
|
$
20,003,917
|
|
|
|
$
19,661,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
163,417
|
3.40%
|
|
|
$
162,753
|
3.50%
|
|
|
$
161,403
|
3.53%
|
Tax-equivalent
benefit
|
|
2,330
|
0.05
|
|
|
2,290
|
0.05
|
|
|
2,325
|
0.05
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
165,747
|
3.56%
|
|
|
$
165,043
|
3.65%
|
|
|
$
163,728
|
3.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
35%, which approximates the marginal tax rate.
|
(2) Balances exclude
unrealized gain or loss on securities available for sale and the
impact of trade date accounting.
|
(3) Total deposit
costs for the three months ended September 30, 2016, June 30, 2016
and March 31, 2016 total 0.32%, 0.30% and 0.30%,
respectively.
|
Table 9 -
IBERIABANK CORPORATION
|
LEGACY AND
ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
AS REPORTED (US
GAAP)
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
Legacy loans,
net
|
$
131
|
$
12,760
|
4.12%
|
|
$
125
|
$
12,481
|
3.97%
|
|
$
123
|
$
12,183
|
4.00%
|
|
$
118
|
$
11,737
|
4.04%
|
|
$
115
|
$
11,319
|
4.05%
|
Acquired loans
(1)
|
38
|
2,286
|
6.81
|
|
37
|
2,452
|
5.99
|
|
41
|
2,647
|
6.16
|
|
43
|
2,866
|
6.07
|
|
45
|
3,073
|
5.90
|
Total
loans
|
$
169
|
$
15,046
|
4.55%
|
|
$
162
|
$
14,933
|
4.30%
|
|
$
164
|
$
14,830
|
4.38%
|
|
$
161
|
$
14,603
|
4.43%
|
|
$
160
|
$
14,392
|
4.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
ADJUSTMENTS
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
Legacy loans,
net
|
$
-
|
$
-
|
0.00%
|
|
$
-
|
$
-
|
0.00%
|
|
$
-
|
$
-
|
0.00%
|
|
$
-
|
$
-
|
0.00%
|
|
$
-
|
$
-
|
0.00%
|
Acquired loans
(1)
|
(11)
|
87
|
(2.08)
|
|
(8)
|
73
|
(1.43)
|
|
(9)
|
76
|
(1.49)
|
|
(9)
|
84
|
(1.41)
|
|
(7)
|
86
|
(1.05)
|
Total
loans
|
$
(11)
|
$
87
|
(0.31)%
|
|
$
(8)
|
$
73
|
(0.23)%
|
|
$
(9)
|
$
76
|
(0.26)%
|
|
$
(9)
|
$
84
|
(0.27)%
|
|
$
(7)
|
$
86
|
(0.22)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
AS ADJUSTED (CASH
YIELD, NON-GAAP)
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
Legacy loans,
net
|
$
131
|
$
12,760
|
4.12%
|
|
$
125
|
$
12,481
|
3.97%
|
|
$
123
|
$
12,183
|
4.00%
|
|
$
118
|
$
11,737
|
4.04%
|
|
$
115
|
$
11,319
|
4.05%
|
Acquired loans
(1)
|
27
|
2,373
|
4.73
|
|
29
|
2,525
|
4.56
|
|
32
|
2,723
|
4.67
|
|
34
|
2,950
|
4.67
|
|
38
|
3,159
|
4.85
|
Total
loans
|
$
158
|
$
15,133
|
4.24%
|
|
$
154
|
$
15,006
|
4.07%
|
|
$
155
|
$
14,906
|
4.12%
|
|
$
152
|
$
14,687
|
4.16%
|
|
$
153
|
$
14,478
|
4.23%
|
(1) Acquired loans
include the impact of the FDIC Indemnification Asset in periods
prior to loss share termination in December 2016.
|
Table 10 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax(1)
|
|
Per share
(2)
|
Net income
|
$72,992
|
|
$
50,473
|
|
$
1.08
|
|
$58,164
|
|
$
45,130
|
|
$
1.06
|
|
$72,615
|
|
$
48,068
|
|
$
1.17
|
Preferred stock
dividends
|
—
|
|
(3,599)
|
|
(0.08)
|
|
—
|
|
(957)
|
|
(0.02)
|
|
—
|
|
(3,590)
|
|
(0.09)
|
Income available to
common shareholders (GAAP)
|
$72,992
|
|
$
46,874
|
|
$
1.00
|
|
$58,164
|
|
$
44,173
|
|
$
1.04
|
|
$72,615
|
|
$
44,478
|
|
$
1.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments and other non-interest income
|
(1)
|
|
—
|
|
—
|
|
(5)
|
|
(3)
|
|
—
|
|
(12)
|
|
(8)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
54
|
|
35
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Severance
expense
|
98
|
|
63
|
|
—
|
|
188
|
|
122
|
|
—
|
|
—
|
|
—
|
|
—
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
1,429
|
|
929
|
|
0.02
|
|
(462)
|
|
(300)
|
|
(0.01)
|
|
—
|
|
—
|
|
—
|
Loss on early
termination of loss share agreements
|
—
|
|
—
|
|
—
|
|
17,798
|
|
11,569
|
|
0.28
|
|
—
|
|
—
|
|
—
|
Other non-core
non-interest expense
|
—
|
|
—
|
|
—
|
|
484
|
|
314
|
|
0.01
|
|
—
|
|
—
|
|
—
|
Total non-interest
expense adjustments
|
1,581
|
|
1,027
|
|
0.02
|
|
18,008
|
|
11,705
|
|
0.28
|
|
—
|
|
—
|
|
—
|
Income tax
benefits
|
—
|
|
—
|
|
—
|
|
—
|
|
(6,836)
|
|
(0.16)
|
|
—
|
|
—
|
|
—
|
Core earnings
(Non-GAAP)
|
74,572
|
|
47,901
|
|
1.02
|
|
76,167
|
|
49,039
|
|
1.16
|
|
72,603
|
|
44,470
|
|
1.08
|
Provision for loan
losses
|
6,154
|
|
4,000
|
|
0.09
|
|
5,169
|
|
3,360
|
|
0.08
|
|
12,484
|
|
8,115
|
|
0.2
|
Core pre-provision
earnings (Non-GAAP)
|
$80,726
|
|
$
51,901
|
|
$
1.11
|
|
$81,336
|
|
$
52,399
|
|
$
1.24
|
|
$85,087
|
|
$
52,585
|
|
$
1.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
6/30/2016
|
|
3/31/2016
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$76,300
|
|
$
50,810
|
|
$
1.23
|
|
$64,891
|
|
$
42,769
|
|
$
1.03
|
|
|
|
|
|
|
Preferred stock
dividends
|
—
|
|
(854)
|
|
(0.02)
|
|
—
|
|
(2,576)
|
|
(0.06)
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$76,300
|
|
$
49,956
|
|
$
1.21
|
|
$64,891
|
|
$
40,193
|
|
$
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments and other non-interest income
|
(1,789)
|
|
(1,163)
|
|
(0.03)
|
|
(196)
|
|
(127)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
—
|
|
—
|
|
—
|
|
3
|
|
2
|
|
—
|
|
|
|
|
|
|
Severance
expense
|
140
|
|
91
|
|
—
|
|
454
|
|
295
|
|
0.01
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
(1,256)
|
|
(816)
|
|
(0.02)
|
|
1,044
|
|
679
|
|
0.01
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
1,177
|
|
765
|
|
0.02
|
|
1,091
|
|
709
|
|
0.02
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
61
|
|
40
|
|
—
|
|
2,592
|
|
1,685
|
|
0.04
|
|
|
|
|
|
|
Income tax
benefits
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
74,572
|
|
48,833
|
|
1.18
|
|
67,287
|
|
41,751
|
|
1.01
|
|
|
|
|
|
|
Provision for loan
losses
|
11,866
|
|
7,712
|
|
0.19
|
|
14,905
|
|
9,688
|
|
0.24
|
|
|
|
|
|
|
Core pre-provision
earnings (Non-GAAP)
|
$86,438
|
|
$
56,545
|
|
$
1.37
|
|
$82,192
|
|
$
51,439
|
|
$
1.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) After-tax
amounts, excluding preferred stock dividends, are calculated using
a tax rate of 35%, which approximates the marginal tax
rate.
|
(2) Diluted per share
amounts may not appear to foot due to rounding.
|
Table 11 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
Net interest income
(GAAP)
|
$
172,818
|
|
$
161,665
|
|
$
163,417
|
|
$
162,753
|
|
$
161,403
|
Add: Effect of tax
benefit on interest income
|
2,491
|
|
2,340
|
|
2,330
|
|
2,290
|
|
2,325
|
Net interest income
(TE) (Non-GAAP) (1)
|
175,309
|
|
164,005
|
|
165,747
|
|
165,043
|
|
163,728
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
47,346
|
|
53,238
|
|
59,821
|
|
64,917
|
|
55,845
|
Add: Effect of tax
benefit on non-interest income
|
706
|
|
713
|
|
703
|
|
760
|
|
647
|
Non-interest income
(TE) (Non-GAAP) (1)
|
48,052
|
|
53,951
|
|
60,524
|
|
65,677
|
|
56,492
|
Taxable equivalent
revenues (Non-GAAP) (1)
|
223,361
|
|
217,956
|
|
226,271
|
|
230,720
|
|
220,220
|
Securities gains and
other non-interest income
|
(1)
|
|
(5)
|
|
(12)
|
|
(1,789)
|
|
(196)
|
Core taxable
equivalent revenues (Non-GAAP) (1)
|
$
223,360
|
|
$
217,951
|
|
$
226,259
|
|
$
228,931
|
|
$
220,024
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP)
|
$
141,018
|
|
$
151,570
|
|
$
138,139
|
|
$
139,504
|
|
$
137,452
|
Less: Intangible
amortization expense
|
1,770
|
|
2,087
|
|
2,106
|
|
2,109
|
|
2,113
|
Tangible non-interest
expense (Non-GAAP) (2)
|
139,248
|
|
149,483
|
|
136,033
|
|
137,395
|
|
135,339
|
Less: Merger-related
expense
|
54
|
|
—
|
|
—
|
|
—
|
|
3
|
Severance
expense
|
98
|
|
188
|
|
—
|
|
140
|
|
454
|
(Gain) Loss on sale
of long-lived assets, net of impairment
|
1,429
|
|
(462)
|
|
—
|
|
(1,256)
|
|
1,044
|
Loss on early
termination of loss share agreements
|
—
|
|
17,798
|
|
—
|
|
—
|
|
—
|
Other non-core
non-interest expense
|
—
|
|
484
|
|
—
|
|
1,177
|
|
1,091
|
Core tangible
non-interest expense (Non-GAAP) (2)
|
$
137,667
|
|
$
131,475
|
|
$
136,033
|
|
$
137,334
|
|
$
132,747
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
0.94%
|
|
0.85%
|
|
0.94%
|
|
1.02%
|
|
0.87%
|
Effect of non-core
revenues and expenses
|
0.02
|
|
0.09
|
|
0.00
|
|
(0.02)
|
|
0.03
|
Core return on
average assets (Non-GAAP)
|
0.96%
|
|
0.94%
|
|
0.94%
|
|
1.00%
|
|
0.90%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
64.1%
|
|
70.5%
|
|
61.9%
|
|
61.3%
|
|
63.3%
|
Effect of tax benefit
related to tax-exempt income
|
(1.0)
|
|
(1.0)
|
|
(0.9)
|
|
(0.8)
|
|
(0.9)
|
Efficiency ratio (TE)
(Non-GAAP) (1)
|
63.1%
|
|
69.5%
|
|
61.0%
|
|
60.5%
|
|
62.4%
|
Effect of
amortization of intangibles
|
(0.8)
|
|
(1.0)
|
|
(0.9)
|
|
(0.9)
|
|
(1.0)
|
Effect of non-core
items
|
(0.7)
|
|
(8.2)
|
|
0.0
|
|
0.4
|
|
(1.1)
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2)
|
61.6%
|
|
60.3%
|
|
60.1%
|
|
60.0%
|
|
60.3%
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
6.41%
|
|
6.70%
|
|
7.00%
|
|
8.05%
|
|
6.59%
|
Effect of
intangibles(2)
|
2.39
|
|
3.01
|
|
3.30
|
|
3.85
|
|
3.30
|
Effect of non-core
revenues and expenses
|
0.19
|
|
1.04
|
|
0.00
|
|
(0.26)
|
|
0.37
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
8.99%
|
|
10.75%
|
|
10.30%
|
|
11.64%
|
|
10.26%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
3,457,975
|
|
$
2,939,694
|
|
$
2,667,110
|
|
$
2,637,597
|
|
$
2,547,909
|
Less: Goodwill and
other intangibles
|
753,991
|
|
755,765
|
|
757,856
|
|
759,966
|
|
764,730
|
Preferred
stock
|
132,097
|
|
132,097
|
|
132,097
|
|
132,098
|
|
76,812
|
Tangible common
equity (Non-GAAP) (2)
|
$
2,571,887
|
|
$
2,051,832
|
|
$
1,777,157
|
|
$
1,745,533
|
|
$
1,706,367
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$22,008,479
|
|
$21,659,190
|
|
$20,788,566
|
|
$20,160,855
|
|
$20,092,563
|
Less: Goodwill and
other intangibles
|
753,991
|
|
755,765
|
|
757,856
|
|
759,966
|
|
764,730
|
Tangible assets
(Non-GAAP) (2)
|
$21,254,488
|
|
$20,903,425
|
|
$20,030,710
|
|
$19,400,889
|
|
$19,327,833
|
Tangible common
equity ratio (Non-GAAP) (2)
|
12.10%
|
|
9.82%
|
|
8.87%
|
|
9.00%
|
|
8.83%
|
|
|
|
|
|
|
|
|
|
|
(1) Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
35%, which approximates the marginal tax rate.
|
(2) Tangible
calculations eliminate the effect of goodwill and
acquisition-related intangibles and the corresponding amortization
expense on a tax-effected basis where applicable.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/iberiabank-corporation-reports-first-quarter-results-300447694.html
SOURCE IBERIABANK Corporation