LAFAYETTE, La., Oct. 22, 2014 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 127-year-old
IBERIABANK (www.iberiabank.com), reported operating results for the
third quarter ended September 30,
2014. For the quarter, the Company reported income available
to common shareholders of $29.7
million, or $0.89 per fully
diluted earnings per share. In the third quarter of 2014, the
Company incurred non-operating income and costs equal to
$5.8 million on a pre-tax basis, or
$0.11 per share on an after-tax
basis. Excluding non-operating items, EPS in the third
quarter of 2014 was $1.00 per share
on a non-GAAP operating basis, compared to $0.96 per share in the second quarter of 2014
(refer to press release supplemental table.)
The Company completed the acquisitions of Teche Holding Company
("Teche") on May 31, 2014, and First
Private Holdings, Inc. ("First Private") on June 30, 2014. Financial statements reflect the
impact of the acquisitions beginning on their respective
acquisition dates and are subject to future refinements to purchase
accounting adjustments. The conversions of branch and
operating systems for Teche were successfully completed over the
weekend of June 28-29, 2014, and for
First Private over the weekend of September
6-7, 2014. The Company incurred approximately $3.0 million in pre-tax conversion-related and
severance costs during the third quarter of 2014.
Daryl G. Byrd, President and
Chief Executive Officer, commented, "We are proud of the healthy
improvement in our operating performance in the third
quarter. We experienced strong annualized organic loan and
deposit growth equal to 16% and 13%, respectively. Our
operating leverage continued to improve as tax-equivalent operating
revenues climbed $9 million, or 6%,
while operating expenses increased $3
million, or 3%. Based on the assumptions in our current
forecasts and our third quarter results, we expect our operating
EPS for the full-year 2014 will be on the upper-end of our
previously provided EPS guidance range of $3.65 to $3.70 per share. We remain focused
on enhancing long-term shareholder value through improved operating
leverage and profitability and we are progressing well on our
strategic financial targets."
Byrd continued, "We are also particularly pleased with our
continuous focus on franchise development. Our team
has demonstrated an ability to expand our client base through
various credit and interest rate cycles over the last 15
years and we have done so in an extraordinarily high-quality
manner. Our growth has been achieved through both organic and
acquisition means. We are delighted to find strategic
partners who share our vision of exceptional client service,
franchise strength, and opportunity."
Highlights for the third quarter of 2014 and September 30, 2014:
- On October 3, 2014, the Company
announced the signing of a definitive agreement to acquire by
merger Florida Bank Group, Inc. ("Florida Bank Group") based in
Tampa, Florida. At
September 30, 2014, Florida Bank
Group had total assets of $518
million, gross loans of $324
million, and total deposits of $393
million. The Company anticipates closing the
transaction in the first quarter of 2015, subject to customary
closing conditions, including the receipt of regulatory approvals
and the approval of Florida Bank Group's shareholders.
- The Company's tangible operating efficiency ratio improved from
68.3% in the second quarter of 2014 to 66.4% in the third quarter
of 2014. Based on current estimates, the Company forecasts a
tangible efficiency ratio of approximately 67% in the fourth
quarter of 2014.
- On a linked quarter basis, operating non-interest income
decreased $2.9 million, or 6%, in the
third quarter of 2014. Mortgage income decreased $5.1 million, or 29%, title revenue increased
$0.3 million, or 6%, service charge
income increased $2.0 million, or
24%, and capital markets income decreased $0.3 million, or 9%, on a linked quarter
basis.
- Total loan growth was $181
million, or 2%, between quarter-ends, while legacy loan
growth, which excludes all assets covered under FDIC loss share
agreements and other non-covered acquired assets (collectively,
"Acquired Assets"), increased $348
million, or 4%, between quarter-ends (16% annualized rate).
The loan growth was well balanced between small business (25%),
consumer (33%), and commercial (42%).
- Total deposits increased $397
million, or 3%, between quarter-ends. Core deposits,
which excludes time deposits, increased $307
million, or 3% (12% annualized rate).
Non-interest-bearing deposits increased $110
million, or 4%, between quarter-ends (14% on an annualized
basis).
- The Company's legacy asset quality remained strong in the third
quarter of 2014. At September 30,
2014, and excluding Acquired Assets, nonperforming assets
("NPAs") equated to 0.46% of total assets, loans past due 30 days
or more equated to 0.55% of total loans, and classified assets
equated to 0.50% of total assets.
- Net charge-offs totaled $2.2
million in the third quarter of 2014, or an annualized 0.08%
of average loans. Over the past 11 quarters, net charge-offs
averaged 0.05% of average loans. The Company recorded a
$5.7 million loan loss provision,
compared to $4.7 million in the
second quarter of 2014.
- The net interest margin decreased one basis point on a linked
quarter basis to 3.47%, which was within the previously disclosed
guidance range of 3.45% to 3.50%. The Company's growth in excess
liquidity during the third quarter accounted for a one basis point
decline in the net interest margin on a linked quarter basis. Based
on interest rate risk modeling and other factors, management
stated its expectation of the net interest margin in the
fourth quarter of 2014 to be in the range of 3.40% to 3.45%.
Table A - Summary
Financial Results
|
|
|
For the Quarter
Ended:
|
|
Linked
Quarter
|
Selected Financial
Data
|
9/30/2013
|
6/30/2014
|
9/30/2014
|
%
Change
|
Net Income ($ in
thousands)
|
$
23,192
|
$
18,548
|
$
29,744
|
60%
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
Fully Diluted
Earnings
|
$
0.78
|
$
0.60
|
$
0.89
|
48%
|
Operating Earnings
(Non-GAAP)
|
0.83
|
0.96
|
1.00
|
4%
|
Pre-provision
Operating Earnings (Non-GAAP)
|
0.89
|
1.06
|
1.11
|
5%
|
Tangible Book
Value
|
37.00
|
37.41
|
37.91
|
1%
|
|
|
|
|
|
|
|
As of and for the
Quarter Ended:
|
|
Linked
Quarter
|
|
|
|
|
Basis
Point
|
Key
Ratios
|
9/30/2013
|
6/30/2014
|
9/30/2014
|
Change
|
|
|
|
|
|
|
Return on Average
Assets
|
0.71%
|
0.53%
|
0.76%
|
23
|
bps
|
Return on Average
Common Equity
|
6.08%
|
4.56%
|
6.52%
|
196
|
bps
|
Return on Average
Tangible Common Equity (Non-GAAP)
|
8.74%
|
6.62%
|
9.68%
|
306
|
bps
|
Net Interest Margin
(TE) (1)
|
3.37%
|
3.48%
|
3.47%
|
(1)
|
bps
|
Tangible Operating
Efficiency Ratio (TE) (Non-GAAP)
(1)
|
73.0%
|
68.3%
|
66.4%
|
(183)
|
bps
|
Tangible Common
Equity Ratio (Non-GAAP)
|
8.64%
|
8.46%
|
8.47%
|
1
|
bps
|
Tier 1 Leverage
Ratio
|
9.65%
|
10.03%
|
9.22%
|
(81)
|
bps
|
Tier 1 Common Ratio
(Non-GAAP)
|
10.95%
|
10.33%
|
10.34%
|
1
|
bps
|
Total Risk Based
Capital Ratio
|
13.28%
|
12.43%
|
12.42%
|
(1)
|
bps
|
Net Charge-Offs to
Average Loans (2)
|
0.02%
|
0.04%
|
0.09%
|
5
|
bps
|
Non-performing Assets
to Total Assets (2)
|
0.66%
|
0.53%
|
0.46%
|
(7)
|
bps
|
|
|
|
|
|
|
|
For the Quarter
Ended:
|
|
|
|
|
GAAP
|
|
Non-GAAP
|
|
|
Adjusted Selected
Key Ratios
|
9/30/2014
|
Adjustments(3)
|
9/30/2014
|
|
|
|
|
|
|
|
|
Return on Average
Assets
|
0.76%
|
0.10%
|
0.86%
|
|
|
Return on Average
Common Equity
|
6.52%
|
0.83%
|
7.35%
|
|
|
Return on Average
Tangible Common Equity (Non-GAAP)
|
9.68%
|
1.19%
|
10.87%
|
|
|
Tangible Efficiency
Ratio (TE)(1)(Non-GAAP)
|
70.9%
|
(4.4%)
|
66.4%
|
|
|
|
|
|
|
|
|
(1)Fully
taxable equivalent basis.
|
|
|
|
|
|
(2)Excluding FDIC Covered Assets and
Acquired Assets.
|
|
|
|
|
|
(3)Adjusted results exclude the income
statement impact of the non-operating items included in Table 11,
net of tax
|
where
applicable, without adjustment to any balance sheet
accounts.
|
Refer to press
release supplemental table for a reconciliation of GAAP and
non-GAAP measures.
|
Operating Results
On a linked quarter basis, average earning assets increased
$1.3 billion, or 10%, as average
loans increased $1.0 billion, or 10%,
average indemnification asset ("IA") declined $20 million, or 15%, average investment
securities increased $28 million, or
1%, and other earning assets increased $259
million, or 84%. Also on a linked quarter basis, the average
earning asset yield increased one basis point, and the cost of
interest-bearing liabilities increased three basis points. As
a result, the net interest spread decreased two basis points, and
the net interest margin decreased one basis point.
Tax-equivalent net interest income increased $12 million, or
11%, as average earning assets increased significantly while the
net interest margin declined slightly.
Table B -
Quarterly Average Yields/Cost (1)
|
|
|
For Quarter
Ended:
|
Linked
Quarter
|
|
|
|
|
Basis
Point
|
|
9/30/2013
|
6/30/2014
|
9/30/2014
|
Change
|
Investment
Securities
|
1.98%
|
2.24%
|
2.20%
|
(4)
|
bps
|
Covered Loans, net of
loss share receivable
|
2.88%
|
3.16%
|
3.07%
|
(9)
|
bps
|
Non-covered
Loans
|
4.39%
|
4.30%
|
4.37%
|
7
|
bps
|
Loans & Loss
Share Receivable
|
4.21%
|
4.22%
|
4.29%
|
7
|
bps
|
Mortgage Loans Held
For Sale
|
4.32%
|
4.21%
|
3.84%
|
(37)
|
bps
|
Other Earning
Assets
|
0.89%
|
0.82%
|
0.60%
|
(22)
|
bps
|
Total Earning
Assets
|
3.74%
|
3.80%
|
3.81%
|
1
|
bps
|
|
|
|
|
|
|
Interest-bearing
Deposits
|
0.40%
|
0.35%
|
0.40%
|
5
|
bps
|
Short-Term
Borrowings
|
0.14%
|
0.16%
|
0.17%
|
1
|
bps
|
Long-Term
Borrowings
|
3.37%
|
3.34%
|
2.75%
|
(59)
|
bps
|
Total
Interest-bearing Liabilities
|
0.49%
|
0.43%
|
0.46%
|
3
|
bps
|
Net Interest
Spread
|
3.25%
|
3.38%
|
3.36%
|
(2)
|
bps
|
Net Interest
Margin
|
3.37%
|
3.48%
|
3.47%
|
(1)
|
bps
|
|
|
|
|
|
|
(1)
Earning asset yields are shown on a fully taxable-equivalent
basis.
|
|
|
|
|
|
|
|
|
|
During the third quarter, the non-covered loan yield increased
seven basis points, while the net covered loan yield (net of IA
amortization) decreased nine basis points. The average
covered loan volume declined $66
million, or 11%. As a result of the reduction in yield
and volume, the associated net covered income declined $0.8 million on a linked quarter basis, which was
slightly better than management's expectations.
For the fourth quarter of 2014, the Company projects the
prospective yield on the covered loan portfolio net of the IA
amortization to approximate 3.68%, compared to 3.07% in the third
quarter. The average balance of the net covered loan
portfolio is projected to decline approximately $62 million, based on current cash flow
assumptions and estimates. Net income on the covered loan
portfolio is projected to increase approximately $0.2 million between the third and fourth
quarters of 2014. In the third quarter of 2014, the net
covered income equated to less than 4% of total net income,
compared to 11% in the full year of 2013.
On a period-end basis, the IA declined $26 million, or 21%, from $121 million at June 30,
2014, to $95 million at
September 30, 2014. During the
third quarter of 2014, the Company included an impairment charge on
its IA of $4.8 million, which is
included in non-operating expenses in Table 11. The impairment
charge was a result of a change in the timing of covered OREO sales
that were deferred to early 2015. The portion of the IA
collectible from the FDIC increased $6
million, or 27%. Approximately $5 million of the $6
million increase in FDIC-related IA is considered temporary
and will likely reverse in the fourth quarter of 2014 due to the
anticipated collection of certificate proceeds. The portion
of the IA collectible from other real estate owned ("OREO") and
customers declined $32 million, or
32%.
Aggregate non-interest income decreased $2.3 million, or 5%, on a linked quarter
basis. Excluding non-operating items, operating non-interest
income decreased $2.9 million, or
6%. The primary changes in operating non-interest income on a
linked quarter basis were:
- Decreased mortgage income of $5.1
million, or 29%;
- Decreased fees on client derivative income of $0.6 million, or 60%; and
- Decreased capital markets revenue of $0.3 million, or 9%; partially offset by
- Increased service charge income of $2.0
million, or 24%;
- Increased ATM/debit card fee income of $0.4 million, or 12%; and
- Increased title revenue of $0.3
million, or 6%.
The $5.1 million decrease in
mortgage income was primarily the result of $7 million lower market value adjustments (a
negative $4.5 million adjustment in
the third quarter of 2014 compared to a $2.5
million positive adjustment in the second quarter of
2014.) The Company experienced higher production and sales
volumes, and favorable pricing dynamics. Mortgage commission
and production incentives expense (which is included in
non-interest expense) increased $0.4
million, or 12%, on a linked quarter basis.
In the third quarter of 2014, the Company originated
$456 million in residential mortgage
loans, up $20 million, or 5%, on a
linked quarter basis. Client loan refinancing opportunities
accounted for approximately 25% of mortgage loan applications in
the third quarter of 2014, compared to 13% in the second quarter of
2014. The Company sold $488
million in mortgage loans during the third quarter of 2014,
up $93 million, or 24%, on a linked
quarter basis. The mortgage origination locked pipeline and
loans held for sale decreased $40
million, or 11% between June 30,
2014, and September 30, 2014.
At October 10, 2014, the locked
pipeline was $194 million, up
$15 million, or 8% compared to
September 30, 2014. The
mortgage loan origination business primarily focuses on retail
mortgage loans originated by the Company.
Service charge income increased $2.0
million, or 24%, on a linked quarter basis. This
revenue increase was significantly influenced by the Teche and
First Private acquisitions and seasonality differences between the
quarters.
Assets under management at IBERIA Wealth Advisors ("IWA") were
$1.2 billion at September 30, 2014. Due to seasonal influences
and other factors, revenues for IWA decreased 4% on a linked
quarter basis, and were down 3% compared to the third quarter of
2013. IBERIA Financial
Services revenues increased 4% on a linked quarter basis, and were
up 12% compared to the third quarter of 2013. IBERIA Capital Partners experienced a
$0.3 million, or 9% decline in
revenues on a linked quarter basis, due to lower investment banking
income as a result of negative market conditions, partially
offset by improved trading and research income.
Non-interest expense decreased $7.3
million, or 6%, on a linked quarter basis, while operating
expense increased $3.4 million, or
3%. The third quarter of 2014 included the operating expenses
of Teche and First Private for a full three-month period, whereas
the second quarter of 2014 included only one month of Teche's
operating expenses. The differential in operating expenses
due to the timing of the consummation of the acquisitions was
approximately $1.7 million.
Operating expense changes included the following on a
linked-quarter basis:
- Increased provision for unfunded commitments (included in
credit/loan related expense) of $1.1
million;
- Increased hospitalization expense of $1.0 million, or 26%;
- Increased occupancy and equipment expense of $0.7 million, or 5%; and
- Increased mortgage commissions of $0.4
million, or 12%; partially offset by
- Decreased other salary and benefit expenses of $1.0 million, or 2%.
Through the third quarter of 2014, the Company achieved
approximately 85% of the targeted run-rate expense savings of
$10.7 million. The Company continues
to review its operating metrics for future opportunities to improve
revenues and reduce expenses, and remains comfortable with the
targeted run-rate savings during 2014.
Loans
Total loans increased $181
million, or 2%, between June 30,
2014, and September 30,
2014. The loan portfolio covered under FDIC loss share
protection at September 30, 2014,
decreased $61 million, or 10%,
compared to June 30, 2014.
Excluding covered and Acquired Assets, total loans increased
$348 million, or 4% (16% annualized
rate), during the third quarter. Legacy commercial loans increased
$234 million, or 4% (which included
$87 million in business banking loan
growth, up 12%, or 48% annualized rate), legacy consumer loans
increased $74 million, or 4%, and
legacy mortgage loans increased $39
million, or 9%, during the quarter. Loan origination
and renewal growth during the third quarter of 2014 were strongest
in the Houston, Acadiana,
New Orleans, Dallas, and Naples markets. Funded loan origination
and renewal mix in the third quarter of 2014 was 44% fixed rate and
56% floating rate, and total loans outstanding (excluding
nonaccruals) were 49% fixed and 51% floating. Loans and
commitments originated and/or renewed during the third quarter of
2014 totaled $1.2 billion (up 26% on
a linked quarter basis). Energy-related loans outstanding
totaled $840 million at September 30, 2014, up $21
million, or 3%, compared to June 30,
2014, and equated to approximately 8% of total loans. The
Company had no student loans outstanding at September 30, 2014.
Table C -
Period-End Loans ($ in Millions)
|
|
|
Period-End
Balances ($ Millions)
|
|
|
|
|
|
|
|
|
|
% Change
(1)
|
|
Mix
|
|
9/30/13
|
6/30/14
|
9/30/14
|
|
Year/Year
|
Qtr/Qtr
|
Annualized
|
|
6/30/14
|
9/30/14
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$ 5,541
|
$ 6,387
|
$ 6,622
|
|
20%
|
4%
|
15%
|
|
59%
|
60%
|
Consumer
|
1,789
|
1,987
|
2,061
|
|
15%
|
4%
|
15%
|
|
18%
|
19%
|
Mortgage
|
390
|
458
|
497
|
|
27%
|
9%
|
34%
|
|
4%
|
4%
|
Legacy
Loans
|
$ 7,720
|
$ 8,832
|
$ 9,180
|
|
19%
|
4%
|
16%
|
|
81%
|
83%
|
Acquired
Loans
|
516
|
1,481
|
1,375
|
|
166%
|
-7%
|
-29%
|
|
14%
|
12%
|
Covered
Loans
|
807
|
585
|
524
|
|
-35%
|
-10%
|
-42%
|
|
5%
|
5%
|
Total
Loans
|
$ 9,043
|
$ 10,899
|
$ 11,079
|
|
23%
|
2%
|
7%
|
|
100%
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
Total deposits increased $397
million, or 3%, from June 30,
2014 to September 30,
2014. Non-interest-bearing deposits increased $110 million, or 4%, and equated to 26% of total
deposits at September 30, 2014.
NOW accounts decreased $39 million,
or 2%, while money market and savings account volume increased
$237 million, or 5%, between
June 30, 2014 and September 30, 2014. Time deposits increased
$89 million, or 4% between
quarter-ends. Period-end deposit growth during the third
quarter of 2014 was strongest in the Houston, New
Orleans, Little Rock,
Dallas, and Birmingham
markets.
Table D -
Period-End Deposits ($ in Millions)
|
|
|
Period-End
Balances ($ Millions)
|
|
|
|
|
|
|
|
|
|
% Change
(1)
|
|
Mix
|
|
9/30/13
|
6/30/14
|
9/30/14
|
|
Year/Year
|
Qtr/Qtr
|
Annualized
|
|
6/30/14
|
9/30/14
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
|
$ 2,529
|
$ 3,047
|
$ 3,157
|
|
25%
|
4%
|
14%
|
|
25%
|
25%
|
NOW
Accounts
|
2,137
|
2,234
|
2,195
|
|
3%
|
-2%
|
-7%
|
|
19%
|
18%
|
Savings/MMkt
|
4,421
|
4,685
|
4,922
|
|
11%
|
5%
|
20%
|
|
39%
|
40%
|
Time
Deposits
|
1,864
|
2,015
|
2,104
|
|
13%
|
4%
|
18%
|
|
17%
|
17%
|
Total
Deposits
|
$ 10,951
|
$ 11,981
|
$ 12,378
|
|
13%
|
3%
|
13%
|
|
100%
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
(1) Year
over Year growth includes the impact of
acquisitions.
|
|
On an average balance and linked quarter basis,
non-interest-bearing deposits increased $309
million, or 11%, and interest-bearing deposits increased
$842 million, or 10%. The rate
on average interest-bearing deposits in the third quarter of 2014
was 0.40%, an increase of five basis points on a linked
quarter basis.
Other Assets And Funding
Excess liquidity averaged $489
million in the third quarter of 2014, up $252 million, or 106%, on a linked quarter
basis. The investment portfolio increased $47 million, or 2%, to $2.2 billion on average in the third quarter of
2014. On a period-end basis, the investment portfolio equated
to $2.2 billion, or 14% of total
assets at September 30, 2014,
unchanged compared to June 30, 2014.
The investment portfolio had an effective duration of 3.2
years at September 30, 2014, a slight
decrease compared to June 30,
2014. The investment portfolio had a $0.6 million unrealized gain at September 30, 2014. The average yield on
investment securities decreased four basis points on a linked
quarter basis to 2.20% in the third quarter of 2014. The
Company holds in its investment portfolio primarily government
agency securities. Municipal securities comprised only 7% of
total investments at September 30,
2014. The Company holds for investment no sovereign debt,
corporate debt or equity securities, trust preferred securities, or
derivative exposure to foreign counterparties.
On a linked quarter basis, average short-term debt increased
$12 million, or 1%, and the cost of
short-term debt increased one basis point. Average long-term
debt increased $54 million, or 18%,
and the cost of debt decreased 59 basis points to 2.75%. The
cost of average interest-bearing liabilities was 0.46% in the third
quarter of 2014, an increase of three basis points on a linked
quarter basis.
Asset Quality
Legacy assets consist of assets originated by the company and
not acquired. To provide additional consistency and transparency
for financial reporting of Acquired Assets, the Company divides
Acquired Assets into these distinct categories:
- Acquired Assets that are scheduled to lose FDIC loss share
coverage on October 1, 2014;
- Acquired Assets that are scheduled to lose FDIC loss share
coverage over the next 12 months;
- Acquired Assets that will continue to be covered under FDIC
loss share coverage beyond the next 12 months;
- Acquired Assets not covered under FDIC loss share agreements
using SOP accounting treatment (in accordance with ASC Topic
310-30); and
- Acquired Assets not covered under FDIC loss share agreements
not using SOP accounting treatment.
Between June 30, 2014 and
September 30, 2014, legacy NPAs
decreased $7 million, or 11%, due to
$6 million in former bank branches
and related land that were sold out of OREO during the third
quarter of 2014. At September 30,
2014, those bank-related properties in OREO totaled
$13 million, or 21% of total
NPAs. Legacy NPAs equated to 0.46% of total assets at
September 30, 2014, and 0.37% of
total assets excluding bank-related properties. Loans past
due 30 days or more (including non-accruing loans) increased
$2 million, or 5%, and represented
0.55% of total loans at September 30,
2014, unchanged compared to June
30, 2014.
Table E – Legacy
Asset Quality Summary
|
|
Excludes the
impact of all Acquired Assets (FDIC-assisted acquisitions and other
acquisitions, impaired and not impaired)
|
|
|
|
For Quarter
Ended:
|
|
% or Basis Point
Change
|
($
thousands)
|
|
9/30/2013
|
6/30/2014
|
9/30/2014
|
|
Year/Year
|
Qtr/Qtr
|
|
|
|
|
|
|
|
|
|
|
Non-performing
Assets
|
|
$ 75,863
|
$ 69,001
|
$ 61,542
|
|
-19%
|
|
-11%
|
|
Note: NPAs excluding
Former Bank Properties
|
|
65,345
|
50,415
|
48,808
|
|
-25%
|
|
-3%
|
|
|
|
|
|
|
|
|
|
|
|
Past Due
Loans
|
|
57,662
|
48,189
|
50,505
|
|
-12%
|
|
5%
|
|
Classified
Assets
|
|
78,059
|
67,796
|
67,462
|
|
-14%
|
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing
Assets/Assets
|
|
0.66%
|
0.53%
|
0.46%
|
|
(20)
|
bps
|
(7)
|
bps
|
NPAs/(Loans +
OREO)
|
|
0.98%
|
0.78%
|
0.67%
|
|
(31)
|
bps
|
(11)
|
bps
|
Classified
Assets/Total Assets
|
|
0.66%
|
0.52%
|
0.50%
|
|
(16)
|
bps
|
(2)
|
bps
|
(Past Dues &
Non-accruals)/Loans
|
|
0.75%
|
0.55%
|
0.55%
|
|
(20)
|
bps
|
0
|
bps
|
|
|
|
|
|
|
|
|
|
|
Provision For Loan
Losses
|
|
$ 2,868
|
$ 3,004
|
$ 4,022
|
|
40%
|
|
34%
|
|
Net
Charge-Offs/(Recoveries)
|
|
303
|
759
|
2,131
|
|
604%
|
|
181%
|
|
Provision Less Net
Charge-Offs
|
|
$ 2,565
|
$ 2,245
|
$ 1,891
|
|
-26%
|
|
-16%
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-Offs/Average Loans
|
|
0.02%
|
0.04%
|
0.09%
|
|
7
|
bps
|
5
|
bps
|
Allowance For Loan
Losses/Loans
|
|
0.83%
|
0.80%
|
0.79%
|
|
(4)
|
bps
|
(1)
|
bps
|
Allowance for Credit
Losses to Total Loans
|
|
0.99%
|
0.93%
|
0.92%
|
|
(7)
|
bps
|
(1)
|
bps
|
|
|
|
|
|
|
|
|
|
|
Table F provides a breakdown of Acquired Assets under the other
five categories pertaining to Acquired Assets and the asset quality
performance measures associated with Acquired Assets in each
category.
Table F – Acquired
Assets By Portfolio Type (1)
|
All FDIC-assisted
acquisitions and other acquired loans (impaired and not
impaired)
|
|
|
Acquired FDIC
Covered Assets
|
Acquired
Non-Covered Assets
|
Total Acquired
Assets
|
|
|
Non SFR (Losing
Loss Share Coverage as of October 1, 2014)
|
Non SFR (Losing
Loss Share Coverage within next 12 months)
|
SFR (Losing Loss
Share Coverage 10 years from Acquisition)
|
SOP Assets
(2)
|
Non-SOP
Assets(2)
|
($
thousands)
|
|
|
|
|
|
|
|
Loans, net
|
$
44,880
|
$
219,930
|
$
259,379
|
$
431,244
|
$
943,824
|
$
1,899,257
|
Other Real Estate
Owned
|
2,688
|
17,947
|
11,327
|
7,946
|
-
|
39,908
|
Allowance for Loan
Losses
|
(8,661)
|
(34,581)
|
(15,855)
|
(2,327)
|
(579)
|
(62,003)
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
15,291
|
$
46,554
|
$
51,937
|
$
43,389
|
$
449
|
$
157,620
|
Foreclosed
assets
|
-
|
972
|
-
|
44
|
-
|
1,016
|
Other real estate
owned
|
2,688
|
16,975
|
11,327
|
7,902
|
-
|
38,892
|
Accruing Loans More
Than 90 Days Past Due
|
-
|
-
|
186
|
-
|
-
|
186
|
Non-performing
Assets
|
17,979
|
64,501
|
63,450
|
51,335
|
449
|
197,714
|
|
|
|
|
|
|
|
Total Past Due
Loans
|
$
15,334
|
$
48,647
|
$
54,484
|
$
46,228
|
$
4,455
|
$
169,148
|
|
|
|
|
|
|
|
Non-performing Assets
to Total Loans and OREO
|
37.80%
|
27.12%
|
23.44%
|
11.69%
|
0.05%
|
10.20%
|
Past Due and
Non-accrual Loans to Loans
|
34.17%
|
22.12%
|
21.01%
|
10.72%
|
0.47%
|
8.91%
|
|
|
|
|
|
|
|
Provision For Loan
Losses
|
$
71
|
$
1,093
|
$
703
|
$
(436)
|
$
261
|
$
1,692
|
Net
Charge-Offs/(Recoveries)
|
-
|
(75)
|
(0)
|
15
|
135
|
76
|
Provision Less Net
Charge-Offs
|
$
71
|
$
1,168
|
$
703
|
$
(451)
|
$
125
|
$
1,616
|
|
|
|
|
|
|
|
Net Charge-Offs to
Average Loans
|
0.00%
|
-0.14%
|
0.00%
|
0.01%
|
0.12%
|
0.02%
|
Allowance for Loan
Losses to Loans
|
19.30%
|
15.72%
|
6.11%
|
0.54%
|
0.06%
|
3.26%
|
Allowance for Credit
Losses to Total Loans
|
19.30%
|
15.72%
|
6.11%
|
0.54%
|
0.06%
|
3.26%
|
|
|
|
|
|
|
|
Indemnification asset
collectible from the FDIC and OREO
|
$
-
|
$
2,936
|
$
13,803
|
$
-
|
$
-
|
$
16,739
|
|
|
|
|
|
|
|
(1)
Amounts in this table are presented gross of discounts unless
otherwise noted.
|
(2) The
classification of assets acquired from Teche and First Private as
SOP or Non-SOP assets is preliminary and subject to change. At
September, 30, 2014, Teche loans of $57.9 million and $588.4
million are included in SOP and Non-SOP assets, respectively. First
Private loans of $279.8 million have been included as Non-SOP loans
at September 30, 2014.
|
Capital Position
The Company maintains favorable capital strength. At
September 30, 2014, the Company
reported a tangible common equity ratio of 8.47%, up one basis
point compared to June 30,
2014. At September 30, 2014,
the Company's preliminary Tier 1 leverage ratio was 9.22%, down 81
basis points compared to June 30,
2014 (the decline in the Tier 1 leverage capital ratio was
due to the manner in which the leverage ratio is calculated using
capital in the numerator at period-end and average total assets in
the denominator.) The Company's preliminary total risk-based
capital ratio at September 30, 2014,
was 12.42%, down one basis point compared to June 30, 2014.
Commencing in 2015, the Company will experience a 50% phase-out
of Tier 1 capital treatment for its trust preferred securities with
no commensurate change in total regulatory capital. In
addition, by year-end 2014, the Company will experience the
expiration of FDIC loss share protection on non-single family loans
associated with three FDIC-assisted transactions. The
expiration of FDIC loss share coverage on those assets will result
in increased risk weighting associated with those assets. The
influence of the phase-out of Tier 1 treatment on trust preferred
securities and the scheduled expiration of certain FDIC loss share
coverage is estimated to reduce the Company's Tier 1 leverage
ratio, Tier 1 risk based capital ratio, and total risk based
capital ratio by approximately 36, 59, and 17 basis points,
respectively, beginning in 2015.
On October 26, 2011, the Company
announced a share repurchase program totaling 900,000 shares of
common stock. No shares were repurchased under this program during
the third quarter of 2014. A total of 46,692 shares remain
under the currently authorized share repurchase program.
At September 30, 2014, book value
per share was $54.35, up $0.49 per share compared to June 30, 2014. Tangible book value per share was
$37.91, up $0.50 per share compared to June 30, 2014. Based on the closing stock
price of the Company's common stock of $63.59 per share on October 22, 2014, this price equated to 1.17
times September 30, 2014 book value
and 1.68 times September 30, 2014
tangible book value per share.
On September 16, 2014, the Company
declared a quarterly cash dividend of $0.34 per share. This dividend level equated to
an annualized dividend rate of $1.36
per share and an indicated dividend yield of 2.14%.
IBERIABANK Corporation
The Company is a financial holding company with 278 combined
offices, including 186 bank branch offices and three loan
production offices in Louisiana,
Arkansas, Tennessee, Alabama, Texas, and Florida, 22 title insurance offices in
Arkansas and Louisiana, and mortgage representatives in 58
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 market
capitalization was approximately $2.1
billion, based on the NASDAQ Global Select Market closing
stock price on October 22, 2014.
The following 11 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- FIG Partners, LLC
- Jefferies & Co., Inc.
- Keefe, Bruyette & Woods, Inc.
- Raymond James & Associates,
Inc.
- Robert W. Baird & Company
- Sandler O'Neill + Partners, L.P.
- Stephens, Inc.
- Sterne, Agee & Leach
- SunTrust Robinson-Humphrey
- Wunderlich Securities
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 Thursday, October 23, 2014,
beginning at 8:30 a.m. Central Time
by dialing 1-800-230-1096. The confirmation code for the call is
338575. A replay of the call will be available until
midnight Central Time on October 30, 2014 by dialing 1-800-475-6701. The
confirmation code for the replay is 338575. 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 "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. 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. Since
the presentation of these GAAP performance measures and their
impact differ between companies, 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 included as tables at the end of this
release. Refer to press release supplemental table for this
reconciliation.
Assumptions Regarding Projected Earnings in Future
Periods
The Company's net interest margin and operating EPS guidance for
full year 2014 were based on the following significant
assumptions:
- Recent forward interest rate curve projections;
- No significant change in credit quality;
- No significant changes to the preliminary purchase accounting
marks assumed on the Company's most recently completed
acquisitions;
- No significant cash flow or credit quality changes on Acquired
Assets;
- Achieving the $10.7 million in
recently disclosed earnings enhancement initiatives; and
- Mortgage and title insurance projections continue to reflect
the current environment and expectations.
Caution About Forward-Looking Statements
This release contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. In
general, forward-looking statements usually use 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,
including statements related to the expected timing of the closing
of the proposed merger, the expected returns and other benefits of
the proposed merger to shareholders, expected improvement in
operating efficiency resulting from the proposed merger, estimated
expense reductions resulting from the transaction and the timing of
achievement of such reductions, the impact on and timing of the
recovery of the impact on tangible book value, and the effect of
the merger on IBKC's capital ratios. 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,
and there can be no assurances that: the proposed merger will close
when expected, the expected returns and other benefits of the
proposed merger to shareholders will be achieved, the expected
operating efficiencies will result, estimated expense reductions
resulting from the transaction will occur as and when expected, the
impact on tangible book value will be recovered or as expected or
that the effect on IBKC's capital ratios will be as expected.
Factors that could cause or contribute to such differences include,
but are not limited to, the possibility that expected benefits may
not materialize in the time frames expected or at all, or may be
more costly to achieve; that the merger transaction may not be
timely completed, if at all; that prior to completion of the merger
transaction or thereafter, the parties' respective businesses may
not perform as expected due to transaction-related uncertainties or
other factors; that the parties are unable to implement successful
integration strategies; that the required regulatory, shareholder,
or other closing conditions are not satisfied in a timely manner,
or at all; reputational risks and the reaction of the parties'
customers to the merger transaction; diversion of management time
to merger-related issues; and other factors and risk influences
contained in the cautionary language included under the headings
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Risk Factors" in IBKC's Form 10-K for
the fiscal year ended December 31,
2013, and Form 10-Qs for the quarters ended March 31, 2014, June 30,
2014, and other documents subsequently filed by IBKC with
the SEC. Consequently, no forward-looking statement can be
guaranteed. Neither IBKC nor Florida Bank Group undertakes any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
For any forward-looking statements made in this press release or
any related documents, IBKC and Florida Bank Group claim protection
of the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995.
This communication is being made in respect of the proposed
merger transaction involving IBKC and Florida Bank Group. This
communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. In connection with the proposed merger, IBKC
will file with the SEC a registration statement on Form S-4 that
will include a proxy statement/prospectus for the shareholders of
Florida Bank Group. IBKC also plans to file other documents with
the SEC regarding the proposed merger transaction with Florida Bank
Group. Florida Bank Group will mail the final proxy
statement/prospectus to its shareholders. BEFORE MAKING ANY VOTING
OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY
OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED TRANSACTION. The proxy statement/prospectus, as
well as other filings containing information about IBKC and Florida
Bank Group, will be available without charge, at the SEC's Internet
site (http://www.sec.gov). Copies of the proxy statement/prospectus
and the filings with the SEC that will be incorporated by reference
in the proxy statement/prospectus can also be obtained, when
available, without charge, from IBKC's website
(http://www.iberiabank.com), under the heading "Investor
Information" and on Florida Bank Group's website, at
(www.flbank.com).
IBKC and Florida Bank Group, and certain of their respective
directors, executive officers and other members of management and
employees may be deemed to be participants in the solicitation of
proxies from the shareholders of Florida Bank Group in respect of
the proposed merger transaction. Information regarding the
directors and executive officers of IBKC is set forth in the
definitive proxy statement for IBKC's 2014 annual meeting of
shareholders, as filed with the SEC on April
7, 2014, and in Forms 3, 4 and 5 filed with the SEC by its
officers and directors. Information regarding the directors
and executive officers of Florida Bank Group who may be deemed
participants in the solicitation of the shareholders of Florida
Bank Group in connection with the proposed transaction will be
included in the proxy statement/prospectus for Florida Bank Group's
special meeting of shareholders, which will be filed by IBKC with
the SEC. Additional information regarding the interests of
such participants will be included in the proxy
statement/prospectus and other relevant documents regarding the
proposed merger transaction filed with the SEC when they become
available.
|
Table 1 -
IBERIABANK CORPORATION
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The
Quarter Ended
|
|
For The
Quarter Ended
|
|
|
|
September
30,
|
|
June
30,
|
|
|
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Data (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income
|
|
$
121,041
|
|
$
97,452
|
|
24%
|
|
$
108,979
|
|
11%
|
|
Net Interest
Income (TE) (1)
|
|
123,175
|
|
99,773
|
|
23%
|
|
111,170
|
|
11%
|
|
Net
Income
|
|
29,744
|
|
23,192
|
|
28%
|
|
18,548
|
|
60%
|
|
Earnings Available to
Common Shareholders- Basic
|
|
29,744
|
|
23,192
|
|
28%
|
|
18,548
|
|
60%
|
|
Earnings Available to
Common Shareholders- Diluted
|
|
29,296
|
|
22,767
|
|
29%
|
|
18,250
|
|
61%
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Available to
Common Shareholders - Basic
|
|
$
0.89
|
|
$
0.78
|
|
14%
|
|
$
0.60
|
|
48%
|
|
Earnings Available to
Common Shareholders - Diluted
|
|
0.89
|
|
0.78
|
|
14%
|
|
0.60
|
|
48%
|
|
Operating Earnings
(Non-GAAP)
|
|
1.00
|
|
0.83
|
|
21%
|
|
0.96
|
|
4%
|
|
Book
Value
|
|
54.35
|
|
51.30
|
|
6%
|
|
53.86
|
|
1%
|
|
Tangible Book Value
(2)
|
|
37.91
|
|
37.00
|
|
2%
|
|
37.41
|
|
1%
|
|
Cash
Dividends
|
|
0.34
|
|
0.34
|
|
-
|
|
0.34
|
|
-
|
|
Closing Stock
Price
|
|
62.51
|
|
53.61
|
|
17%
|
|
69.19
|
|
(10%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Ratios:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Assets
|
|
0.76%
|
|
0.71%
|
|
|
|
0.53%
|
|
|
|
Return on Average
Common Equity
|
|
6.52%
|
|
6.08%
|
|
|
|
4.56%
|
|
|
|
Return on Average
Tangible Common Equity (2)
|
|
9.68%
|
|
8.74%
|
|
|
|
6.62%
|
|
|
|
Net Interest
Margin (TE) (1)
|
|
3.47%
|
|
3.37%
|
|
|
|
3.48%
|
|
|
|
Efficiency
Ratio
|
|
72.0%
|
|
76.9%
|
|
|
|
81.2%
|
|
|
|
Tangible Operating
Efficiency Ratio (TE) (Non-GAAP) (1)
(2)
|
|
66.4%
|
|
73.0%
|
|
|
|
68.3%
|
|
|
|
Full-time Equivalent
Employees
|
|
2,703
|
|
2,559
|
|
|
|
2,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity Ratio (Non-GAAP)
|
|
8.47%
|
|
8.64%
|
|
|
|
8.46%
|
|
|
|
Tangible Common
Equity to Risk-Weighted Assets
|
|
10.34%
|
|
10.93%
|
|
|
|
10.33%
|
|
|
|
Tier 1 Leverage
Ratio
|
|
9.22%
|
|
9.65%
|
|
|
|
10.03%
|
|
|
|
Tier 1 Capital
Ratio
|
|
11.23%
|
|
12.02%
|
|
|
|
11.23%
|
|
|
|
Total Risk Based
Capital Ratio
|
|
12.42%
|
|
13.28%
|
|
|
|
12.43%
|
|
|
|
Common Stock Dividend
Payout Ratio
|
|
38.2%
|
|
43.6%
|
|
|
|
61.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Excluding FDIC
Covered Assets and Acquired Assets
|
|
|
|
|
|
|
|
|
|
|
Non-performing Assets
to Total Assets (4)
|
|
0.46%
|
|
0.66%
|
|
|
|
0.53%
|
|
|
|
Allowance for Loan
Losses to Loans
|
|
0.79%
|
|
0.83%
|
|
|
|
0.80%
|
|
|
|
Net Charge-offs to
Average Loans
|
|
0.09%
|
|
0.02%
|
|
|
|
0.04%
|
|
|
|
Non-performing Assets
to Total Loans and OREO (4)
|
|
0.67%
|
|
0.98%
|
|
|
|
0.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The
Quarter Ended
|
|
For The
Quarter Ended
|
|
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2013
|
Balance Sheet
Summary (in thousands):
|
|
End of
Period
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Excess Liquidity
(5)
|
|
$
410,860
|
|
$
489,221
|
|
$
237,712
|
|
$
114,621
|
|
$
204,970
|
|
Total Investment
Securities
|
|
2,224,348
|
|
2,168,345
|
|
2,120,988
|
|
2,116,166
|
|
2,131,804
|
|
Loans, Net of
Unearned Income
|
|
11,079,199
|
|
11,008,163
|
|
10,003,753
|
|
9,551,351
|
|
9,172,490
|
|
Loans, Net of
Unearned Income,
|
|
|
|
|
|
|
|
|
|
|
|
Excluding Covered Assets and Acquired Assets
|
|
9,179,942
|
|
9,019,127
|
|
8,645,109
|
|
8,324,676
|
|
7,936,271
|
|
Total
Assets
|
|
15,516,609
|
|
15,478,406
|
|
14,041,868
|
|
13,362,918
|
|
13,115,171
|
|
Total
Deposits
|
|
12,377,775
|
|
12,223,027
|
|
11,071,698
|
|
10,816,122
|
|
10,835,263
|
|
Total Shareholders'
Equity
|
|
1,817,548
|
|
1,808,719
|
|
1,632,355
|
|
1,557,006
|
|
1,535,043
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a marginal
tax rate of 35%.
|
(2)
|
Tangible calculations
eliminate the effect of goodwill and acquisition related intangible
assets and the corresponding amortization expense on a tax-effected
basis where applicable.
|
(3)
|
All ratios are
calculated on an annualized basis for the period
indicated.
|
(4)
|
Nonperforming assets
consist of nonaccruing loans, accruing loans 90 days or more past
due and other real estate owned, including repossessed
assets.
|
(5)
|
Excess Liquidity
includes interest-bearing deposits in banks and fed funds sold, but
excludes liquidity sources and uses from off-balance sheet
arrangements.
|
N/M - Comparison of
the information presented is not meaningful given the periods
presented.
|
Table 2 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET (End
of Period)
|
September
30,
|
|
June
30,
|
|
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
%
Change
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Cash and Due From
Banks
|
$
257,147
|
|
$
260,742
|
|
(1.4%)
|
|
$
286,615
|
|
(10.3%)
|
|
Interest-bearing
Deposits in Banks
|
410,860
|
|
292,706
|
|
40.4%
|
|
381,955
|
|
7.6%
|
|
Total
Cash and Equivalents
|
668,007
|
|
553,448
|
|
20.7%
|
|
668,570
|
|
(0.1%)
|
|
Investment Securities
Available for Sale
|
2,103,828
|
|
1,964,389
|
|
7.1%
|
|
2,008,953
|
|
4.7%
|
|
Investment Securities
Held to Maturity
|
120,520
|
|
155,678
|
|
(22.6%)
|
|
132,245
|
|
(8.9%)
|
|
Total
Investment Securities
|
2,224,348
|
|
2,120,067
|
|
4.9%
|
|
2,141,198
|
|
3.9%
|
|
Mortgage Loans Held
for Sale
|
148,530
|
|
108,285
|
|
37.2%
|
|
178,380
|
|
(16.7%)
|
|
Loans, Net of
Unearned Income
|
11,079,199
|
|
9,043,037
|
|
22.5%
|
|
10,898,420
|
|
1.7%
|
|
Allowance for Loan
Losses
|
(134,540)
|
|
(148,545)
|
|
(9.4%)
|
|
(133,519)
|
|
0.8%
|
|
Loans,
Net
|
10,944,659
|
|
8,894,492
|
|
23.0%
|
|
10,764,901
|
|
1.7%
|
|
Loss Share
Receivable
|
94,712
|
|
204,885
|
|
(53.8%)
|
|
120,532
|
|
(21.4%)
|
|
Premises and
Equipment
|
307,868
|
|
289,157
|
|
6.5%
|
|
307,090
|
|
0.3%
|
|
Goodwill and Other
Intangibles
|
551,611
|
|
426,384
|
|
29.4%
|
|
550,874
|
|
0.1%
|
|
Other
Assets
|
576,874
|
|
548,359
|
|
5.2%
|
|
593,496
|
|
(2.8%)
|
|
Total
Assets
|
$ 15,516,609
|
|
$ 13,145,077
|
|
18.0%
|
|
$ 15,325,041
|
|
1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
Deposits
|
$
3,157,453
|
|
$
2,529,296
|
|
24.8%
|
|
$ 3,047,349
|
|
3.6%
|
|
NOW
Accounts
|
2,194,803
|
|
2,136,624
|
|
2.7%
|
|
2,233,993
|
|
(1.8%)
|
|
Savings and Money
Market Accounts
|
4,921,510
|
|
4,420,776
|
|
11.3%
|
|
4,685,367
|
|
5.0%
|
|
Certificates of
Deposit
|
2,104,009
|
|
1,864,068
|
|
12.9%
|
|
2,014,438
|
|
4.4%
|
|
Total
Deposits
|
12,377,775
|
|
10,950,764
|
|
13.0%
|
|
11,981,147
|
|
3.3%
|
|
Short-term
Borrowings
|
553,000
|
|
-
|
|
100.0%
|
|
738,000
|
|
(25.1%)
|
|
Securities Sold Under
Agreements to Repurchase
|
259,783
|
|
258,850
|
|
0.4%
|
|
296,741
|
|
(12.5%)
|
|
Trust Preferred
Securities
|
111,862
|
|
111,862
|
|
-
|
|
111,862
|
|
-
|
|
Other Long-term
Debt
|
243,707
|
|
169,239
|
|
44.0%
|
|
253,885
|
|
(4.0%)
|
|
Other
Liabilities
|
152,934
|
|
129,094
|
|
18.5%
|
|
144,100
|
|
6.1%
|
|
Total
Liabilities
|
13,699,061
|
|
11,619,809
|
|
17.9%
|
|
13,525,735
|
|
1.3%
|
|
Total Shareholders'
Equity
|
1,817,548
|
|
1,525,268
|
|
19.2%
|
|
1,799,306
|
|
1.0%
|
|
Total
Liabilities and Shareholders' Equity
|
$ 15,516,609
|
|
$ 13,145,077
|
|
18.0%
|
|
$ 15,325,041
|
|
1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET
(Average)
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
|
2014
|
|
2014
|
|
2014
|
|
2013
|
|
2013
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Cash and Due From
Banks
|
$
229,556
|
|
$
237,631
|
|
$
234,924
|
|
$
225,527
|
|
$
219,113
|
|
Interest-bearing
Deposits in Banks
|
489,221
|
|
237,712
|
|
114,621
|
|
204,970
|
|
213,092
|
|
Investment
Securities
|
2,168,345
|
|
2,120,988
|
|
2,116,166
|
|
2,131,804
|
|
2,096,974
|
|
Mortgage Loans Held
for Sale
|
165,791
|
|
140,122
|
|
96,019
|
|
112,499
|
|
119,343
|
|
Loans, Net of
Unearned Income
|
11,008,163
|
|
10,003,753
|
|
9,551,351
|
|
9,172,490
|
|
8,975,347
|
|
Allowance for Loan
Losses
|
(133,443)
|
|
(132,049)
|
|
(139,726)
|
|
(148,030)
|
|
(160,994)
|
|
Loss Share
Receivable
|
111,383
|
|
131,375
|
|
154,634
|
|
188,932
|
|
228,047
|
|
Other
Assets
|
1,439,390
|
|
1,302,336
|
|
1,234,930
|
|
1,226,979
|
|
1,253,513
|
|
Total
Assets
|
$ 15,478,406
|
|
$ 14,041,868
|
|
$
13,362,918
|
|
$ 13,115,171
|
|
$
12,944,435
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
Deposits
|
$
3,057,513
|
|
$
2,748,468
|
|
$
2,623,075
|
|
$ 2,572,599
|
|
$
2,338,772
|
|
NOW
Accounts
|
2,228,378
|
|
2,229,264
|
|
2,230,745
|
|
2,145,036
|
|
2,257,050
|
|
Savings and Money
Market Accounts
|
4,877,051
|
|
4,372,855
|
|
4,296,360
|
|
4,329,985
|
|
4,213,765
|
|
Certificates of
Deposit
|
2,060,085
|
|
1,721,111
|
|
1,665,943
|
|
1,787,643
|
|
1,918,669
|
|
Total
Deposits
|
12,223,027
|
|
11,071,698
|
|
10,816,122
|
|
10,835,263
|
|
10,728,256
|
|
Short-term
Borrowings
|
627,192
|
|
632,778
|
|
285,383
|
|
49,946
|
|
1,630
|
|
Securities Sold Under
Agreements to Repurchase
|
292,677
|
|
274,681
|
|
299,106
|
|
285,745
|
|
288,029
|
|
Trust Preferred
Securities
|
111,862
|
|
111,862
|
|
111,862
|
|
111,862
|
|
111,862
|
|
Long-term
Debt
|
247,108
|
|
192,845
|
|
168,367
|
|
169,063
|
|
170,452
|
|
Other
Liabilities
|
167,821
|
|
125,649
|
|
125,072
|
|
128,249
|
|
130,052
|
|
Total
Liabilities
|
13,669,687
|
|
12,409,513
|
|
11,805,912
|
|
11,580,128
|
|
11,430,280
|
|
Total Shareholders'
Equity
|
1,808,719
|
|
1,632,355
|
|
1,557,006
|
|
1,535,043
|
|
1,514,155
|
|
Total
Liabilities and Shareholders' Equity
|
$ 15,478,406
|
|
$ 14,041,868
|
|
$
13,362,918
|
|
$ 13,115,171
|
|
$
12,944,435
|
|
Table 3 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
INCOME
STATEMENT
|
September
30,
|
|
June
30,
|
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
$ 133,167
|
|
$ 108,512
|
|
22.7%
|
|
$ 119,220
|
|
11.7%
|
Interest
Expense
|
12,126
|
|
11,060
|
|
9.6%
|
|
10,241
|
|
18.4%
|
Net
Interest Income
|
121,041
|
|
97,452
|
|
24.2%
|
|
108,979
|
|
11.1%
|
Provision for Loan
Losses
|
5,714
|
|
2,014
|
|
183.7%
|
|
4,748
|
|
20.3%
|
Net
Interest Income After Provision for Loan Losses
|
115,327
|
|
95,438
|
|
20.8%
|
|
104,231
|
|
10.6%
|
Service
Charges
|
10,205
|
|
7,512
|
|
35.8%
|
|
8,203
|
|
24.4%
|
ATM / Debit Card Fee
Income
|
3,287
|
|
2,476
|
|
32.8%
|
|
2,937
|
|
11.9%
|
BOLI Proceeds and
Cash Surrender Value Income
|
1,047
|
|
908
|
|
15.3%
|
|
935
|
|
11.9%
|
Mortgage
Income
|
12,814
|
|
15,202
|
|
(15.7%)
|
|
17,957
|
|
(28.6%)
|
Gain (Loss) on Sale
of Investments, Net
|
582
|
|
13
|
|
4343.2%
|
|
8
|
|
6797.3%
|
Title
Revenue
|
5,577
|
|
5,482
|
|
1.7%
|
|
5,262
|
|
6.0%
|
Broker
Commissions
|
5,297
|
|
3,950
|
|
34.1%
|
|
5,479
|
|
(3.3%)
|
Other Non-interest
Income
|
6,854
|
|
7,720
|
|
(11.2%)
|
|
7,182
|
|
(4.6%)
|
Total
Non-interest Income
|
45,663
|
|
43,263
|
|
5.5%
|
|
47,963
|
|
(4.8%)
|
Salaries and Employee
Benefits
|
64,934
|
|
59,234
|
|
9.6%
|
|
68,846
|
|
(5.7%)
|
Occupancy and
Equipment
|
14,883
|
|
14,572
|
|
2.1%
|
|
16,104
|
|
(7.6%)
|
Amortization of
Acquisition Intangibles
|
1,493
|
|
1,179
|
|
26.6%
|
|
1,244
|
|
20.1%
|
Other Non-interest
Expense
|
38,750
|
|
33,166
|
|
16.8%
|
|
41,181
|
|
(5.9%)
|
Total
Non-interest Expense
|
120,060
|
|
108,152
|
|
11.0%
|
|
127,375
|
|
(5.7%)
|
Income
Before Income Taxes
|
40,930
|
|
30,549
|
|
34.0%
|
|
24,819
|
|
64.9%
|
Income Tax
Expense
|
11,186
|
|
7,357
|
|
52.0%
|
|
6,271
|
|
78.4%
|
Net
Income
|
$ 29,744
|
|
$ 23,192
|
|
28.3%
|
|
$
18,548
|
|
60.4%
|
Preferred Stock Dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Earnings
Available to Common Shareholders - Basic
|
29,744
|
|
23,192
|
|
28.3%
|
|
18,548
|
|
60.4%
|
Earnings
Allocated to Unvested Restricted Stock
|
(448)
|
|
(425)
|
|
5.6%
|
|
(298)
|
|
50.3%
|
Earnings
Available to Common Shareholders - Diluted
|
$ 29,296
|
|
$ 22,767
|
|
28.7%
|
|
$
18,250
|
|
60.5%
|
Earnings Per Share,
Diluted
|
$
0.89
|
|
$
0.78
|
|
13.8%
|
|
$
0.60
|
|
48.0%
|
Impact of
Non-Operating Items (Non-GAAP)
|
$
0.11
|
|
$
0.05
|
|
131.3%
|
|
$
0.36
|
|
(68.4%)
|
Earnings Per Share,
Diluted, Excluding Non-operating Items (Non-GAAP)
|
$
1.00
|
|
$
0.83
|
|
20.8%
|
|
$
0.96
|
|
4.2%
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES
OUTSTANDING
|
|
|
|
|
|
|
|
|
|
Basic Shares - All
Classes (Average)
|
33,309,881
|
|
29,631,799
|
|
12.4%
|
|
30,787,520
|
|
8.2%
|
Diluted Shares -
Common Shareholders (Average)
|
32,926,969
|
|
29,147,232
|
|
13.0%
|
|
30,386,105
|
|
8.4%
|
Book Value
Shares (Period End) (1)
|
33,440,859
|
|
29,734,459
|
|
12.5%
|
|
33,410,082
|
|
0.1%
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
INCOME
STATEMENT
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
$ 133,167
|
|
$ 119,220
|
|
$ 114,232
|
|
$ 114,092
|
|
$ 108,512
|
Interest
Expense
|
12,126
|
|
10,241
|
|
9,824
|
|
10,654
|
|
11,060
|
Net
Interest Income
|
121,041
|
|
108,979
|
|
104,408
|
|
103,438
|
|
97,452
|
Provision for
Loan Losses
|
5,714
|
|
4,748
|
|
2,103
|
|
4,700
|
|
2,014
|
Net
Interest Income After Provision for Loan Losses
|
115,327
|
|
104,231
|
|
102,305
|
|
98,738
|
|
95,438
|
Total Non-interest
Income
|
45,663
|
|
47,963
|
|
35,681
|
|
38,715
|
|
43,263
|
Total Non-interest
Expense
|
120,060
|
|
127,375
|
|
107,428
|
|
102,674
|
|
108,152
|
Income
Before Income Taxes
|
40,930
|
|
24,819
|
|
30,558
|
|
34,779
|
|
30,549
|
Income Tax
Expense
|
11,186
|
|
6,271
|
|
8,163
|
|
9,175
|
|
7,357
|
Net
Income
|
$ 29,744
|
|
$ 18,548
|
|
$ 22,395
|
|
$
25,604
|
|
$
23,192
|
Preferred Stock Dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Earnings
Available to Common Shareholders - Basic
|
29,744
|
|
18,548
|
|
22,395
|
|
25,604
|
|
23,192
|
Earnings
Allocated to Unvested Restricted Stock
|
(448)
|
|
(298)
|
|
(405)
|
|
(456)
|
|
(425)
|
Earnings
Available to Common Shareholders - Diluted
|
$ 29,296
|
|
$ 18,250
|
|
$ 21,990
|
|
$
25,148
|
|
$
22,767
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share,
Basic
|
$
0.89
|
|
$
0.60
|
|
$
0.75
|
|
$
0.86
|
|
$
0.78
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share,
Diluted
|
$
0.89
|
|
$
0.60
|
|
$
0.75
|
|
$
0.86
|
|
$
0.78
|
|
|
|
|
|
|
|
|
|
|
Book Value Per Common
Share
|
$
54.35
|
|
$ 53.86
|
|
$
52.04
|
|
$
51.40
|
|
$
51.30
|
Tangible Book Value
Per Common Share
|
$
37.91
|
|
$ 37.41
|
|
$
37.59
|
|
$
37.17
|
|
$
37.00
|
|
|
|
|
|
|
|
|
|
|
Return on Average
Assets
|
0.76%
|
|
0.53%
|
|
0.68%
|
|
0.77%
|
|
0.71%
|
Return on Average
Common Equity
|
6.52%
|
|
4.56%
|
|
5.83%
|
|
6.62%
|
|
6.08%
|
Return on Average
Tangible Common Equity
|
9.68%
|
|
6.62%
|
|
8.36%
|
|
9.43%
|
|
8.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Shares used for
book value purposes exclude shares held in treasury at the end of
the period.
|
Table 4 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in
thousands except per share data)
|
|
|
|
|
|
|
|
For The Nine
Months Ended
|
INCOME
STATEMENT
|
September
30,
|
|
2014
|
|
2013
|
|
%
Change
|
|
|
|
|
|
|
Interest
Income
|
$ 366,619
|
|
$ 323,105
|
|
13.5%
|
Interest
Expense
|
32,192
|
|
36,299
|
|
(11.3%)
|
Net
Interest Income
|
334,427
|
|
286,806
|
|
16.6%
|
Provision for Loan
Losses
|
12,565
|
|
445
|
|
N/M
|
Net
Interest Income After Provision for Loan Losses
|
321,862
|
|
286,361
|
|
12.4%
|
Service
Charges
|
25,421
|
|
21,415
|
|
18.7%
|
ATM / Debit Card Fee
Income
|
8,691
|
|
7,017
|
|
23.9%
|
BOLI Proceeds and
Cash Surrender Value Income
|
4,423
|
|
2,747
|
|
61.0%
|
Mortgage
Income
|
40,903
|
|
51,841
|
|
(21.1%)
|
Gain on Sale of
Investments, net
|
609
|
|
2,315
|
|
(73.7%)
|
Title
Revenue
|
15,007
|
|
16,199
|
|
(7.4%)
|
Broker
Commissions
|
14,823
|
|
11,347
|
|
30.6%
|
Other Non-interest
Income
|
19,430
|
|
17,361
|
|
11.9%
|
Total
Non-interest Income
|
129,307
|
|
130,242
|
|
(0.7%)
|
Salaries and Employee
Benefits
|
193,641
|
|
185,578
|
|
4.3%
|
Occupancy and
Equipment
|
44,977
|
|
44,050
|
|
2.1%
|
Amortization of
Acquisition Intangibles
|
3,955
|
|
3,543
|
|
11.6%
|
Other Non-interest
Expense
|
112,290
|
|
137,239
|
|
(18.2%)
|
Total
Non-interest Expense
|
354,863
|
|
370,410
|
|
(4.2%)
|
Income
Before Income Taxes
|
96,306
|
|
46,193
|
|
108.5%
|
Income Tax
Expense
|
25,619
|
|
6,694
|
|
(282.7%)
|
Net
Income
|
$ 70,687
|
|
$ 39,499
|
|
79.0%
|
Preferred Stock Dividends
|
-
|
|
-
|
|
-
|
Earnings
Available to Common Shareholders - Basic
|
$ 70,687
|
|
$ 39,499
|
|
79.0%
|
Earnings
Allocated to Unvested Restricted Stock
|
(1,159)
|
|
(744)
|
|
55.7%
|
Earnings
Available to Common Shareholders - Diluted
|
69,528
|
|
38,755
|
|
79.4%
|
Earnings Per Share,
diluted
|
$
2.25
|
|
$
1.33
|
|
68.6%
|
Table 5 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
LOANS
|
|
September
30,
|
|
June
30,
|
|
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
%
Change
|
Residential Mortgage
Loans
|
|
$ 1,069,963
|
|
$
563,455
|
|
89.9%
|
|
$ 1,065,873
|
|
0.4%
|
Commercial
Loans:
|
|
|
|
|
|
|
|
|
|
|
Real
Estate
|
|
4,279,575
|
|
3,779,839
|
|
13.2%
|
|
4,271,669
|
|
0.2%
|
Business
|
|
3,227,332
|
|
2,684,244
|
|
20.2%
|
|
3,108,649
|
|
3.8%
|
Total Commercial
Loans
|
|
7,506,907
|
|
6,464,083
|
|
16.1%
|
|
7,380,318
|
|
1.7%
|
Consumer
Loans:
|
|
|
|
|
|
|
|
|
|
|
Indirect
Automobile
|
|
394,691
|
|
369,755
|
|
6.7%
|
|
392,355
|
|
0.6%
|
Home
Equity
|
|
1,565,878
|
|
1,281,014
|
|
22.2%
|
|
1,525,758
|
|
2.6%
|
Automobile
|
|
140,287
|
|
87,342
|
|
60.6%
|
|
125,202
|
|
12.0%
|
Credit
Card Loans
|
|
69,352
|
|
60,637
|
|
14.4%
|
|
65,892
|
|
5.3%
|
Other
|
|
332,121
|
|
216,751
|
|
53.2%
|
|
343,023
|
|
(3.2%)
|
Total Consumer
Loans
|
|
2,502,329
|
|
2,015,499
|
|
24.2%
|
|
2,452,230
|
|
2.0%
|
Total
Loans
|
|
11,079,199
|
|
9,043,037
|
|
22.5%
|
|
10,898,421
|
|
1.7%
|
Allowance for Loan
Losses
|
|
(134,540)
|
|
(148,545)
|
|
|
|
(133,519)
|
|
|
Loans,
Net
|
|
$ 10,944,659
|
|
$ 8,894,492
|
|
|
|
$ 10,764,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for Unfunded
Commitments
|
|
(12,099)
|
|
(11,959)
|
|
1.2%
|
|
(11,260)
|
|
7.4%
|
Allowance for Credit
Losses
|
|
(146,639)
|
|
(160,503)
|
|
(8.6%)
|
|
(144,778)
|
|
1.3%
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY DATA
(1)
|
|
September
30,
|
|
June
30,
|
|
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
%
Change
|
Non-accrual
Loans
|
|
$
195,680
|
|
$
341,691
|
|
(42.7%)
|
|
$
208,673
|
|
(6.2%)
|
Foreclosed
Assets
|
|
1,035
|
|
1,592
|
|
(35.0%)
|
|
1,186
|
|
(12.8%)
|
Other Real Estate
Owned
|
|
62,351
|
|
127,395
|
|
(51.1%)
|
|
83,293
|
|
(25.1%)
|
Accruing Loans More
Than 90 Days Past Due
|
|
190
|
|
10,844
|
|
(98.2%)
|
|
1,095
|
|
(82.6%)
|
Total Non-performing
Assets
|
|
$
259,256
|
|
$
481,522
|
|
(46.2%)
|
|
$
294,247
|
|
(11.9%)
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 Days Past
Due
|
|
$
23,784
|
|
$
26,445
|
|
(10.1%)
|
|
$
31,875
|
|
(25.4%)
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing Assets
to Total Assets
|
|
1.67%
|
|
3.66%
|
|
(54.4%)
|
|
1.92%
|
|
(13.1%)
|
Non-performing Assets
to Total Loans and OREO
|
|
2.32%
|
|
5.25%
|
|
(55.7%)
|
|
2.68%
|
|
(13.2%)
|
Allowance for Loan
Losses to Non-performing Loans (2)
|
|
68.8%
|
|
42.1%
|
|
63.2%
|
|
63.7%
|
|
8.0%
|
Allowance for Loan
Losses to Non-performing Assets
|
|
51.9%
|
|
30.8%
|
|
68.4%
|
|
45.4%
|
|
14.5%
|
Allowance for Loan
Losses to Total Loans
|
|
1.21%
|
|
1.64%
|
|
(26.1%)
|
|
1.23%
|
|
(0.9%)
|
Allowance for Credit
Losses to Non-performing Loans (2)
|
|
74.9%
|
|
45.5%
|
|
64.4%
|
|
69.0%
|
|
8.5%
|
Allowance for Credit
Losses to Non-performing Assets
|
|
56.6%
|
|
33.3%
|
|
69.7%
|
|
49.2%
|
|
15.0%
|
Allowance for Credit
Losses to Total Loans
|
|
1.32%
|
|
1.77%
|
|
(25.4%)
|
|
1.33%
|
|
(0.4%)
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date
Charge-offs
|
|
$
8,571
|
|
$
6,938
|
|
23.5%
|
|
$
5,311
|
|
N/M
|
Year to Date
Recoveries
|
|
(4,739)
|
|
(4,353)
|
|
8.9%
|
|
(3,686)
|
|
N/M
|
Year to Date Net
Charge-offs
|
|
$
3,832
|
|
$
2,585
|
|
48.3%
|
|
$
1,625
|
|
N/M
|
Quarter to Date Net
Charge-offs
|
|
$
2,207
|
|
$
239
|
|
825.0%
|
|
$
857
|
|
157.6%
|
Quarter to Date Net
Charge-offs to Average Loans (Annualized)
|
0.08%
|
|
0.01%
|
|
654.1%
|
|
0.03%
|
|
131.5%
|
Year to Date Net
Charge-offs to Average Loans
|
|
0.05%
|
|
0.04%
|
|
27.4%
|
|
0.03%
|
|
50.0%
|
|
|
|
|
|
|
|
|
|
|
|
(1)For
purposes of this table, non-performing assets include all loans
meeting non-performing asset criteria,
|
including assets acquired in
FDIC-assisted transactions.
|
(2)Non-performing loans consist of
non-accruing loans and accruing loans 90 days or more past
due.
|
N/M - Comparison of
the information presented is not meaningful given the periods
presented.
|
Table 6 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
LOANS (Excluding
Covered Assets and Acquired Assets)(1)
|
September
30,
|
|
June
30,
|
|
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
%
Change
|
Residential Mortgage
Loans
|
|
$
497,075
|
|
$
389,912
|
|
27.5%
|
|
$
457,991
|
|
8.5%
|
Commercial
Loans:
|
|
|
|
|
|
|
|
|
|
|
Real
Estate
|
|
3,527,612
|
|
2,951,465
|
|
19.5%
|
|
3,427,165
|
|
2.9%
|
Business
|
|
3,093,873
|
|
2,589,405
|
|
19.5%
|
|
2,960,146
|
|
4.5%
|
Total Commercial
Loans
|
|
6,621,485
|
|
5,540,870
|
|
19.5%
|
|
6,387,311
|
|
3.7%
|
Consumer
Loans:
|
|
|
|
|
|
|
|
|
|
|
Indirect
Automobile
|
|
394,078
|
|
367,308
|
|
7.3%
|
|
391,481
|
|
0.7%
|
Home
Equity
|
|
1,229,998
|
|
1,072,671
|
|
14.7%
|
|
1,172,748
|
|
4.9%
|
Automobile
|
|
123,446
|
|
86,680
|
|
42.4%
|
|
106,875
|
|
15.5%
|
Credit
Card Loans
|
|
68,731
|
|
59,936
|
|
14.7%
|
|
65,260
|
|
5.3%
|
Other
|
|
245,129
|
|
202,196
|
|
21.2%
|
|
250,281
|
|
(2.1%)
|
Total Consumer
Loans
|
|
2,061,382
|
|
1,788,791
|
|
15.2%
|
|
1,986,645
|
|
3.8%
|
Total
Loans
|
|
9,179,942
|
|
7,719,573
|
|
18.9%
|
|
8,831,947
|
|
3.9%
|
Allowance for Loan
Losses
|
|
(72,537)
|
|
(64,165)
|
|
|
|
(70,647)
|
|
|
Loans,
Net
|
|
$ 9,107,405
|
|
$ 7,655,408
|
|
|
|
$ 8,761,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for Unfunded
Commitments
|
|
(12,099)
|
|
(11,959)
|
|
1.2%
|
|
(11,260)
|
|
7.4%
|
Allowance for Credit
Losses
|
|
(84,636)
|
|
(76,124)
|
|
11.2%
|
|
(81,907)
|
|
3.3%
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY DATA
(Excluding Covered Assets and Acquired
Assets)(1)
|
|
September
30,
|
|
June
30,
|
|
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
%
Change
|
Non-accrual
Loans
|
|
$
38,060
|
|
$
43,838
|
|
(13.2%)
|
|
$
34,187
|
|
11.3%
|
Foreclosed
Assets
|
|
19
|
|
42
|
|
(55.3%)
|
|
113
|
|
(83.6%)
|
Other Real Estate
Owned
|
|
23,459
|
|
30,565
|
|
(23.2%)
|
|
34,681
|
|
(32.4%)
|
Accruing Loans More
Than 90 Days Past Due
|
|
4
|
|
1,418
|
|
(99.7%)
|
|
20
|
|
(77.8%)
|
Total Non-performing
Assets
|
|
$
61,542
|
|
$
75,863
|
|
(18.9%)
|
|
$
69,001
|
|
(10.8%)
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 Days Past
Due
|
|
$
12,441
|
|
$
12,406
|
|
0.3%
|
|
$
13,982
|
|
(11.0%)
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings (2)
|
|
3,421
|
|
19,941
|
|
(82.8%)
|
|
5,413
|
|
(36.8%)
|
Current Troubled Debt
Restructurings (3)
|
|
1,093
|
|
1,468
|
|
(25.5%)
|
|
1,189
|
|
(8.0%)
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing Assets
to Total Assets
|
|
0.46%
|
|
0.66%
|
|
(30.7%)
|
|
0.53%
|
|
(13.3%)
|
Non-performing Assets
to Total Loans and OREO
|
|
0.67%
|
|
0.98%
|
|
(31.7%)
|
|
0.78%
|
|
(14.1%)
|
Allowance for Loan
Losses to Non-performing Loans (4)
|
|
190.6%
|
|
141.8%
|
|
34.4%
|
|
206.5%
|
|
(7.7%)
|
Allowance for Loan
Losses to Non-performing Assets
|
|
117.9%
|
|
84.6%
|
|
39.4%
|
|
102.4%
|
|
15.1%
|
Allowance for Loan
Losses to Total Loans
|
|
0.79%
|
|
0.83%
|
|
(4.9%)
|
|
0.80%
|
|
(1.2%)
|
Allowance for Credit
Losses to Non-performing Loans (1) (4)
|
|
222.3%
|
|
168.2%
|
|
32.2%
|
|
239.4%
|
|
(7.1%)
|
Allowance for Credit
Losses to Non-performing Assets (1)
|
|
137.5%
|
|
100.3%
|
|
37.1%
|
|
118.7%
|
|
15.9%
|
Allowance for Credit
Losses to Total Loans (1)
|
|
0.92%
|
|
0.99%
|
|
(6.5%)
|
|
0.93%
|
|
(0.6%)
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date
Charge-offs
|
|
$
8,242
|
|
$
6,785
|
|
21.5%
|
|
$
5,198
|
|
N/M
|
Year to Date
Recoveries
|
|
(4,338)
|
|
(4,283)
|
|
1.3%
|
|
(3,425)
|
|
N/M
|
Year to Date Net
Charge-offs (Recoveries)
|
|
$
3,904
|
|
$
2,502
|
|
56.0%
|
|
$
1,773
|
|
N/M
|
Quarter to Date Net
Charge-offs (Recoveries)
|
|
$
2,131
|
|
$
303
|
|
N/M
|
|
$
759
|
|
180.8%
|
Quarter to Date Net
Charge-offs to Average Loans (Annualized)
|
0.09%
|
|
0.02%
|
|
N/M
|
|
0.04%
|
|
144.4%
|
Year to Date Net
Charge-offs to Average Loans
|
|
0.06%
|
|
0.05%
|
|
30.9%
|
|
0.04%
|
|
40.3%
|
|
|
|
|
|
|
|
|
|
|
|
(1)For
purposes of this table, loans and non-performing assets exclude all
assets acquired.
|
(2)Troubled debt restructurings meeting
past due and non-accruing criteria are included in loans past due
and non-accrual loans above.
|
(3)Current
troubled debt restructurings are defined as troubled debt
restructurings not past due or on non-accrual status for the
respective periods.
|
(4)Non-performing loans consist of
nonaccruing loans and accruing loans 90 days or more past
due.
|
N/M - Comparison of
the information presented is not meaningful given the periods
presented.
|
Table 6A -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
LOANS (Covered
Assets and Acquired Assets Only)(1)
|
|
September
30,
|
|
June
30,
|
|
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
%
Change
|
Residential Mortgage
Loans
|
|
$
572,888
|
|
$
173,543
|
|
230.1%
|
|
$
607,882
|
|
(5.8%)
|
Commercial
Loans:
|
|
|
|
|
|
|
|
|
|
|
Real
Estate
|
|
751,963
|
|
828,374
|
|
(9.2%)
|
|
844,504
|
|
(11.0%)
|
Business
|
|
133,459
|
|
94,839
|
|
40.7%
|
|
148,503
|
|
(10.1%)
|
Total Commercial
Loans
|
|
885,422
|
|
923,213
|
|
(4.1%)
|
|
993,007
|
|
(10.8%)
|
Consumer
Loans:
|
|
|
|
|
|
|
|
|
|
|
Indirect
Automobile
|
|
613
|
|
2,447
|
|
(74.9%)
|
|
874
|
|
(29.9%)
|
Home
Equity
|
|
335,880
|
|
208,343
|
|
61.2%
|
|
353,010
|
|
(4.9%)
|
Automobile
|
|
16,841
|
|
662
|
|
2443.5%
|
|
18,327
|
|
(8.1%)
|
Credit
Card Loans
|
|
621
|
|
701
|
|
(11.5%)
|
|
632
|
|
(1.8%)
|
Other
|
|
86,992
|
|
14,555
|
|
497.7%
|
|
92,742
|
|
(6.2%)
|
Total Consumer
Loans
|
|
440,947
|
|
226,708
|
|
94.5%
|
|
465,585
|
|
(5.3%)
|
Total Loans
Receivable
|
|
1,899,257
|
|
1,323,464
|
|
43.5%
|
|
2,066,474
|
|
(8.1%)
|
Allowance for Loan
Losses
|
|
(62,003)
|
|
(84,380)
|
|
|
|
(62,872)
|
|
|
Loans,
Net
|
|
$ 1,837,254
|
|
$ 1,239,084
|
|
|
|
$ 2,003,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY DATA
(Covered Assets and Acquired Assets Only)
(1)
|
|
September
30,
|
|
June
30,
|
|
|
2014
|
|
2013
|
|
%
Change
|
|
2014
|
|
%
Change
|
Non-accrual
Loans
|
|
$
157,620
|
|
$
297,853
|
|
(47.1%)
|
|
$
174,486
|
|
(9.7%)
|
Foreclosed
Assets
|
|
1,016
|
|
1,550
|
|
(34.4%)
|
|
1,073
|
|
(5.3%)
|
Other Real Estate
Owned
|
|
38,892
|
|
96,830
|
|
(59.8%)
|
|
48,612
|
|
(20.0%)
|
Accruing Loans More
Than 90 Days Past Due
|
|
186
|
|
9,426
|
|
(98.0%)
|
|
1,075
|
|
(82.7%)
|
Total Non-performing
Assets
|
|
$
197,714
|
|
$
405,659
|
|
(51.3%)
|
|
$
225,246
|
|
(12.2%)
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 Days Past
Due
|
|
$
11,343
|
|
$
14,039
|
|
(19.2%)
|
|
$
17,893
|
|
(36.6%)
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing Assets
to Total Assets
|
|
9.84%
|
|
25.19%
|
|
(60.9%)
|
|
10.23%
|
|
(3.8%)
|
Non-performing Assets
to Total Loans and OREO
|
|
10.20%
|
|
28.53%
|
|
(64.3%)
|
|
10.64%
|
|
(4.2%)
|
Allowance for Loan
Losses to Non-performing Loans (2)
|
|
39.3%
|
|
27.5%
|
|
43.1%
|
|
35.8%
|
|
9.7%
|
Allowance for Loan
Losses to Non-performing Assets
|
|
31.4%
|
|
20.8%
|
|
50.8%
|
|
27.9%
|
|
12.4%
|
Allowance for Loan
Losses to Total Loans
|
|
3.26%
|
|
6.38%
|
|
(48.8%)
|
|
3.04%
|
|
7.3%
|
|
|
|
|
|
|
|
|
|
|
|
Year to Date
Charge-offs
|
|
$
329
|
|
$
153
|
|
114.9%
|
|
$
113
|
|
N/M
|
Year to Date
Recoveries
|
|
(401)
|
|
(70)
|
|
474.6%
|
|
(261)
|
|
N/M
|
Year to Date Net
Charge-offs (Recoveries)
|
|
(72)
|
|
83
|
|
(187.2%)
|
|
(148)
|
|
N/M
|
Quarter to Date Net
Charge-offs (Recoveries)
|
|
76
|
|
(64)
|
|
218.6%
|
|
98
|
|
(22.8%)
|
Quarter to Date Net
Charge-offs to Average Loans (Annualized)
|
0.02%
|
|
-0.02%
|
|
188.6%
|
|
0.03%
|
|
(47.9%)
|
Year to Date Net
Charge-offs to Average Loans
|
|
-0.01%
|
|
0.01%
|
|
(184.9%)
|
|
-0.02%
|
|
(72.6%)
|
|
|
|
|
|
|
|
|
|
|
|
(1)For
purposes of this table, acquired loans and non-performing assets
are presented only. Non-performing assets
|
include all loans meeting
nonperforming asset criteria.
|
(2)Non-performing loans consist of
non-accruing loans and accruing loans 90 days or more past
due.
|
N/M - Comparison of
the information presented is not meaningful given the periods
presented
|
Table 7 -
Non-Covered and Net Covered Loan Portfolio Volumes And Yields ($ in
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q
2013
|
4Q
2013
|
1Q
2014
|
2Q
2014
|
3Q
2014
|
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
Average
Balance
|
Yield
|
|
|
|
|
|
|
|
|
|
|
|
Non Covered Loans,
net
|
$ 8,104
|
4.39%
|
$ 8,421
|
4.43%
|
$ 8,860
|
4.38%
|
$ 9,379
|
4.30%
|
$10,450
|
4.37%
|
|
|
|
|
|
|
|
|
|
|
|
Covered Loans,
net
|
$ 872
|
13.90%
|
$ 751
|
19.46%
|
$ 691
|
15.00%
|
$ 625
|
14.70%
|
$ 559
|
21.64%
|
FDIC Indemnification
Asset
|
228
|
-39.25%
|
189
|
-60.36%
|
155
|
-49.83%
|
131
|
-51.22%
|
111
|
-88.25%
|
Covered Loans, net of
Indemnification Asset Amortization
|
$ 1,100
|
2.88%
|
$ 940
|
3.43%
|
$ 846
|
3.18%
|
$ 756
|
3.16%
|
$ 670
|
3.07%
|
Table 8 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
|
Taxable Equivalent
Basis
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Quarter
Ended
|
|
|
September 30,
2014
|
|
June 30,
2014
|
|
September 30,
2013
|
|
|
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
|
Interest
|
|
Balance
|
|
Yield/Rate
(%)
|
|
Balance
|
|
Yield/Rate
(%)
|
|
Balance
|
|
Yield/Rate
(%)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
Receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
Loans
|
|
$
14,375
|
|
$ 1,110,718
|
|
5.18%
|
|
$
702,475
|
|
5.29%
|
|
$
545,017
|
|
5.05%
|
Commercial Loans (TE)
(1)
|
|
97,321
|
|
7,468,004
|
|
5.17%
|
|
7,113,450
|
|
4.84%
|
|
6,443,410
|
|
5.49%
|
Consumer and Other
Loans
|
|
33,150
|
|
2,429,441
|
|
5.41%
|
|
2,187,828
|
|
5.17%
|
|
1,986,920
|
|
4.84%
|
Total
Loans
|
|
144,846
|
|
11,008,163
|
|
5.22%
|
|
10,003,753
|
|
4.94%
|
|
8,975,347
|
|
5.32%
|
Loss Share
Receivable
|
|
(25,120)
|
|
111,383
|
|
-88.25%
|
|
131,375
|
|
-51.22%
|
|
228,047
|
|
-39.25%
|
Total Loans and
Loss Share Receivable
|
|
119,726
|
|
11,119,546
|
|
4.29%
|
|
10,135,128
|
|
4.22%
|
|
9,203,394
|
|
4.21%
|
Mortgage Loans Held
for Sale
|
|
1,594
|
|
165,791
|
|
3.84%
|
|
140,122
|
|
4.21%
|
|
119,343
|
|
4.32%
|
Investment
Securities (TE) (1)(2)
|
|
10,994
|
|
2,137,736
|
|
2.20%
|
|
2,109,255
|
|
2.24%
|
|
2,093,549
|
|
1.98%
|
Other Earning
Assets
|
|
853
|
|
567,895
|
|
0.60%
|
|
308,712
|
|
0.82%
|
|
258,362
|
|
0.89%
|
Total Earning
Assets
|
|
133,167
|
|
13,990,968
|
|
3.81%
|
|
12,693,217
|
|
3.80%
|
|
11,674,648
|
|
3.74%
|
Allowance for
Loan Losses
|
|
|
|
(133,443)
|
|
|
|
(132,049)
|
|
|
|
(160,994)
|
|
|
Non-earning
Assets
|
|
|
|
1,620,881
|
|
|
|
1,480,700
|
|
|
|
1,430,781
|
|
|
Total
Assets
|
|
|
|
$ 15,478,406
|
|
|
|
$ 14,041,868
|
|
|
|
$ 12,944,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
Accounts
|
|
$
1,546
|
|
$ 2,228,378
|
|
0.28%
|
|
$ 2,229,264
|
|
0.25%
|
|
$ 2,257,050
|
|
0.34%
|
Savings and Money
Market Accounts
|
|
3,588
|
|
4,877,051
|
|
0.29%
|
|
4,372,855
|
|
0.26%
|
|
4,213,764
|
|
0.25%
|
Certificates of
Deposit
|
|
4,067
|
|
2,060,085
|
|
0.78%
|
|
1,721,111
|
|
0.72%
|
|
1,918,669
|
|
0.83%
|
Total Interest-bearing Deposits
|
|
9,201
|
|
9,165,514
|
|
0.40%
|
|
8,323,230
|
|
0.35%
|
|
8,389,483
|
|
0.40%
|
Short-term Borrowings
|
|
406
|
|
919,869
|
|
0.17%
|
|
907,459
|
|
0.16%
|
|
289,659
|
|
0.14%
|
Long-term Debt
|
|
2,519
|
|
358,970
|
|
2.75%
|
|
304,707
|
|
3.34%
|
|
282,314
|
|
3.37%
|
Total Interest-bearing Liabilities
|
|
12,126
|
|
10,444,353
|
|
0.46%
|
|
9,535,396
|
|
0.43%
|
|
8,961,456
|
|
0.49%
|
Non-interest-bearing
Demand Deposits
|
|
|
|
3,057,513
|
|
|
|
2,748,468
|
|
|
|
2,338,772
|
|
|
Non-interest-bearing
Liabilities
|
|
|
|
167,821
|
|
|
|
125,649
|
|
|
|
130,052
|
|
|
Total Liabilities
|
|
|
|
13,669,687
|
|
|
|
12,409,513
|
|
|
|
11,430,280
|
|
|
Shareholders'
Equity
|
|
|
|
1,808,719
|
|
|
|
1,632,355
|
|
|
|
1,514,155
|
|
|
Total Liabilities and Shareholders' Equity
|
|
|
|
$ 15,478,406
|
|
|
|
$ 14,041,868
|
|
|
|
$ 12,944,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
|
|
|
$
121,041
|
|
3.36%
|
|
$
108,979
|
|
3.38%
|
|
$
97,452
|
|
3.25%
|
Tax-equivalent
Benefit
|
|
|
|
2,134
|
|
0.06%
|
|
2,191
|
|
0.07%
|
|
2,321
|
|
0.08%
|
Net Interest Income
(TE) / Net Interest Margin (TE) (1)
|
|
|
|
$
123,175
|
|
3.47%
|
|
$
111,170
|
|
3.48%
|
|
$
99,773
|
|
3.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Fully taxable equivalent (TE) calculations include the tax benefit
associated with related income sources that are tax-exempt
using
|
a marginal tax rate of
35%.
|
(2)
Balances exclude unrealized gain or loss on securities available
for sale and impact of trade date accounting.
|
Table 9 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
|
Taxable Equivalent
Basis
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Nine
Months Ended
|
|
|
|
|
September 30,
2014
|
|
|
|
September 30,
2013
|
|
|
|
|
Average
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
|
Interest
|
|
Balance
|
|
Yield/Rate
(%)
|
|
Interest
|
|
Balance
|
|
Yield/Rate
(%)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
Receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
Loans
|
|
$
32,438
|
|
$
804,710
|
|
5.37%
|
|
$
21,868
|
|
$
504,154
|
|
5.78%
|
Commercial Loans (TE)
(1)
|
|
268,866
|
|
7,159,481
|
|
5.03%
|
|
258,420
|
|
6,324,468
|
|
5.48%
|
Consumer and Other
Loans
|
|
87,820
|
|
2,228,904
|
|
5.27%
|
|
78,056
|
|
1,928,747
|
|
5.41%
|
Total
Loans
|
|
389,124
|
|
10,193,095
|
|
5.11%
|
|
358,344
|
|
8,757,369
|
|
5.48%
|
Loss Share
Receivable
|
|
(61,393)
|
|
132,306
|
|
-61.19%
|
|
(68,707)
|
|
293,116
|
|
-30.91%
|
Total Loans and
Loss Share Receivable
|
|
327,731
|
|
10,325,401
|
|
4.26%
|
|
289,637
|
|
9,050,485
|
|
4.30%
|
Mortgage Loans Held
for Sale
|
|
3,953
|
|
134,232
|
|
3.93%
|
|
3,965
|
|
155,900
|
|
3.39%
|
Investment
Securities (TE) (1)(2)
|
|
32,911
|
|
2,120,226
|
|
2.22%
|
|
27,323
|
|
2,065,295
|
|
1.94%
|
Other Earning
Assets
|
|
2,024
|
|
351,232
|
|
0.77%
|
|
2,180
|
|
423,775
|
|
0.69%
|
Total Earning
Assets
|
|
366,619
|
|
12,931,091
|
|
3.83%
|
|
323,105
|
|
11,695,456
|
|
3.74%
|
Allowance for
Loan Losses
|
|
|
|
(135,050)
|
|
|
|
|
|
(196,412)
|
|
|
Non-earning
Assets
|
|
|
|
1,506,110
|
|
|
|
|
|
1,467,475
|
|
|
Total
Assets
|
|
|
|
$ 14,302,151
|
|
|
|
|
|
$ 12,966,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
Accounts
|
|
$
4,480
|
|
$
2,229,454
|
|
0.27%
|
|
$
5,836
|
|
$
2,402,803
|
|
0.32%
|
Savings and Money
Market Accounts
|
|
9,108
|
|
4,517,549
|
|
0.27%
|
|
8,864
|
|
4,166,013
|
|
0.28%
|
Certificates of
Deposit
|
|
10,093
|
|
1,817,156
|
|
0.74%
|
|
13,038
|
|
2,024,369
|
|
0.86%
|
Total Interest-bearing Deposits
|
|
23,681
|
|
8,564,159
|
|
0.37%
|
|
27,738
|
|
8,593,185
|
|
0.43%
|
Short-term Borrowings
|
|
1,022
|
|
805,167
|
|
0.17%
|
|
365
|
|
292,453
|
|
0.16%
|
Long-term Debt
|
|
7,489
|
|
314,924
|
|
3.14%
|
|
8,196
|
|
328,856
|
|
3.29%
|
Total Interest-bearing Liabilities
|
|
32,192
|
|
9,684,250
|
|
0.44%
|
|
36,299
|
|
9,214,494
|
|
0.52%
|
Non-interest-bearing
Demand Deposits
|
|
|
|
2,811,276
|
|
|
|
|
|
2,097,110
|
|
|
Non-interest-bearing
Liabilities
|
|
|
|
139,669
|
|
|
|
|
|
130,368
|
|
|
Total Liabilities
|
|
|
|
12,635,195
|
|
|
|
|
|
11,441,972
|
|
|
Shareholders'
Equity
|
|
|
|
1,666,956
|
|
|
|
|
|
1,524,547
|
|
|
Total Liabilities and Shareholders' Equity
|
|
|
|
$ 14,302,151
|
|
|
|
|
|
$ 12,966,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Spread
|
|
|
|
$
334,427
|
|
3.38%
|
|
|
|
$
286,806
|
|
3.22%
|
Tax-equivalent
Benefit
|
|
|
|
6,554
|
|
0.07%
|
|
|
|
7,182
|
|
0.08%
|
Net Interest Income
(TE) / Net Interest Margin (TE) (1)
|
|
|
|
$
340,981
|
|
3.49%
|
|
|
|
$
293,988
|
|
3.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Fully taxable equivalent (TE) calculations include the tax benefit
associated with related income sources that are
|
tax-exempt
using a marginal tax rate of 35%.
|
(2)
Balances exclude unrealized gain or loss on securities available
for sale and impact of trade date accounting.
|
Table 10 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
For The Quarter
Ended
|
|
|
September 30,
2014
|
|
June 30,
2014
|
|
September 30,
2013
|
|
|
|
|
|
|
|
Net Interest Income
(GAAP)
|
$
121,041
|
|
$
108,979
|
|
$
97,452
|
Effect of Tax Benefit
on Interest Income
|
2,134
|
|
2,191
|
|
2,321
|
Net Interest Income
(TE) (Non-GAAP) (1)
|
123,175
|
|
111,170
|
|
99,773
|
Non-interest Income
(GAAP)
|
45,663
|
|
47,963
|
|
43,263
|
Effect of Tax Benefit
on Non-interest Income
|
564
|
|
503
|
|
489
|
Non-interest Income
(TE) (Non-GAAP) (1)
|
46,227
|
|
48,466
|
|
43,752
|
Taxable Equivalent
Revenues (Non-GAAP) (1)
|
169,402
|
|
159,636
|
|
143,525
|
Securities Gains and other non-interest income
|
(582)
|
|
(9)
|
|
(13)
|
Taxable Equivalent
Operating Revenues (Non-GAAP) (1)
|
$
168,820
|
|
$
159,626
|
|
$
143,512
|
|
|
|
|
|
|
Total Non-interest
Expense (GAAP)
|
$
120,060
|
|
$
127,375
|
|
$
108,152
|
Less Intangible
Amortization Expense
|
(1,493)
|
|
(1,244)
|
|
(1,179)
|
Tangible Non-interest
Expense (Non-GAAP) (2)
|
118,567
|
|
126,131
|
|
106,973
|
Merger-related
expenses
|
1,752
|
|
10,419
|
|
85
|
Severance
expenses
|
1,226
|
|
5,466
|
|
554
|
(Gain) Loss on sale
of long-lived assets, net of impairment
|
4,213
|
|
1,241
|
|
977
|
(Reversal of)
Provision for FDIC clawback liability
|
(797)
|
|
-
|
|
667
|
Other non-operating
non-interest expense
|
1
|
|
18
|
|
(36)
|
Tangible Operating
Non-interest Expense (Non-GAAP) (2)
|
$
112,172
|
|
$
108,987
|
|
$
104,725
|
|
|
|
|
|
|
Return on Average
Common Equity (GAAP)
|
6.52%
|
|
4.56%
|
|
6.08%
|
Effect of Intangibles
(2)
|
3.16%
|
|
2.06%
|
|
2.66%
|
Effect of Non
Operating Revenues and Expenses
|
1.19%
|
|
3.82%
|
|
0.52%
|
Operating Return on
Average Tangible Common Equity (Non-GAAP) (2)
|
10.87%
|
|
10.44%
|
|
9.26%
|
|
|
|
|
|
|
|
Efficiency Ratio
(GAAP)
|
72.0%
|
|
81.2%
|
|
76.9%
|
Effect of Tax Benefit Related to Tax-exempt Income
|
(1.1%)
|
|
(1.4%)
|
|
(1.5%)
|
Efficiency
Ratio (TE) (Non-GAAP) (1)
|
70.9%
|
|
79.8%
|
|
75.4%
|
Effect of Amortization of Intangibles
|
(0.9%)
|
|
(0.8%)
|
|
(0.9%)
|
Effect of Non-operating Items
|
(3.5%)
|
|
(10.7%)
|
|
(1.5%)
|
Tangible Operating
Efficiency Ratio (TE)(Non-GAAP) (1) (2)
|
66.4%
|
|
68.3%
|
|
73.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Fully taxable equivalent (TE)
calculations include the tax benefit associated with related income
sources that are tax-exempt using a marginal tax rate of
35%.
|
|
(2)
Tangible calculations eliminate the
effect of goodwill and acquisition related intangible assets and
the corresponding amortization expense on a tax-effected basis
where applicable.
|
Table 11 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(1)
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Quarter
Ended
|
|
|
September 30,
2014
|
|
June 30,
2014
|
|
September 30,
2013
|
|
|
Dollar
Amount
|
|
|
Dollar
Amount
|
|
|
Dollar
Amount
|
|
|
|
Pre-tax
|
After-tax
(2)
|
Per
share
|
|
Pre-tax
|
After-tax
(2)
|
Per
share
|
|
Pre-tax
|
After-tax
(2)
|
Per
share
|
Net Income (Loss)
(GAAP)
|
$
40,930
|
$
29,744
|
$
0.89
|
|
$
24,819
|
$
18,548
|
$
0.60
|
|
$
30,549
|
$
23,192
|
$
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments and other non-interest income
|
(582)
|
(378)
|
(0.01)
|
|
(9)
|
(6)
|
(0.00)
|
|
(13)
|
(8)
|
(0.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expenses
|
1,752
|
1,139
|
0.04
|
|
10,419
|
6,840
|
0.22
|
|
85
|
55
|
0.00
|
Severance
expenses
|
1,226
|
797
|
0.02
|
|
5,466
|
3,553
|
0.11
|
|
554
|
360
|
0.01
|
(Gain) Loss on sale
of long-lived assets, net of impairment
|
4,213
|
2,738
|
0.08
|
|
1,241
|
807
|
0.03
|
|
977
|
635
|
0.02
|
(Reversal of)
Provision for FDIC clawback liability
|
|
(797)
|
(518)
|
(0.02)
|
|
-
|
-
|
-
|
|
667
|
434
|
0.01
|
Other non-operating
non-interest expense
|
1
|
1
|
(0.00)
|
|
18
|
12
|
0.00
|
|
(36)
|
(23)
|
(0.00)
|
Operating earnings
(Non-GAAP)
|
46,743
|
33,523
|
1.00
|
|
41,954
|
29,754
|
0.96
|
|
32,783
|
24,644
|
0.83
|
Covered and acquired
(reversal of) provision for loan losses
|
1,692
|
1,100
|
0.03
|
|
1,744
|
1,134
|
0.04
|
|
(854)
|
(555)
|
(0.02)
|
Other provision for
loan losses
|
4,022
|
2,614
|
0.08
|
|
3,004
|
1,953
|
0.06
|
|
2,868
|
1,864
|
0.07
|
Pre-provision
operating earnings (Non-GAAP)
|
$
52,457
|
$
37,237
|
$
1.11
|
|
$
46,702
|
$
32,841
|
$
1.06
|
|
$
34,797
|
$
25,954
|
$
0.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Per share amounts
may not appear to foot due to rounding.
|
(2) After-tax amounts
estimated based on a 35% marginal tax rate.
|
Table 12 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(1)
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For The Nine
Months Ended
|
|
|
September 30,
2014
|
|
September 30,
2013
|
|
|
Dollar
Amount
|
|
|
Dollar
Amount
|
|
|
|
Pre-tax
|
After-tax
(2)
|
Per
share
|
|
Pre-tax
|
After-tax
(2)
|
Per
share
|
Net Income (Loss)
(GAAP)
|
$
96,306
|
$
70,687
|
$
2.25
|
|
$
46,193
|
$
39,499
|
$
1.33
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments
|
|
|
|
|
|
|
|
Gain on sale of
investments and other non-interest income
|
(2,382)
|
(2,076)
|
(0.06)
|
|
(2,315)
|
(1,505)
|
(0.05)
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments
|
|
|
|
|
|
|
|
Merger-related
expenses
|
13,138
|
8,608
|
0.27
|
|
217
|
141
|
0.00
|
Severance
expenses
|
6,812
|
4,427
|
0.14
|
|
2,321
|
1,509
|
0.05
|
(Gain) Loss on sale
of long-lived assets, net of impairment
|
5,994
|
3,896
|
0.12
|
|
37,408
|
24,315
|
0.82
|
(Reversal of)
Provision for FDIC clawback liability
|
(797)
|
(518)
|
(0.02)
|
|
797
|
518
|
0.02
|
Debt
prepayment
|
-
|
-
|
-
|
|
2,307
|
1,500
|
0.05
|
Other non-operating
non-interest expense
|
198
|
129
|
0.01
|
|
1,246
|
810
|
0.04
|
Operating earnings
(Non-GAAP)
|
119,269
|
85,153
|
2.71
|
|
88,174
|
66,787
|
2.27
|
Covered and acquired
(reversal of) provision for loan losses
|
3,544
|
2,304
|
0.07
|
|
(2,439)
|
(1,585)
|
(0.05)
|
Other (reversal of)
provision for loan losses
|
9,021
|
5,863
|
0.19
|
|
2,884
|
1,874
|
0.06
|
Pre-provision
operating earnings (Non-GAAP)
|
$
131,834
|
$
93,320
|
$
2.97
|
|
$
88,619
|
$
67,076
|
$
2.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Per share amounts
may not appear to foot due to rounding.
|
(2) After-tax amounts
estimated based on a 35% marginal tax rate.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/iberiabank-corporation-reports-continued-improvement-in-operating-results-493550586.html
SOURCE IBERIABANK Corporation