LAFAYETTE, La., Oct. 26, 2016 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 129-year-old
IBERIABANK (www.iberiabank.com), reported financial results for the
third quarter ended September 30,
2016. For the quarter, the Company reported income available
to common shareholders of $44.5
million, or $1.08 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 third quarter of 2016 was also $1.08 per common share (refer to press release
supplemental tables for a reconciliation of GAAP to non-GAAP
metrics).
Daryl G. Byrd, President and
Chief Executive Officer, commented, "We continue to make great
strides toward identifying and reducing our risk exposures and
resolving our energy-related matters. The resolution process has
generally progressed as we expected; however, the 'conveyor belt'
on which these matters get resolved accelerated during the third
quarter. That acceleration caused us to report higher levels
of energy-related non-performing assets, interest accrual
reversals, and net charge-offs than in prior quarters. While
these energy-related items and other notable expenses suppressed
our financial results in the third quarter of 2016, we believe some
of these items may diminish or reverse in future periods. We also
believe this accelerated process has brought us to the point at
which our energy concerns have crested."
Byrd continued, "Our top-line revenues in the third quarter
benefited from good loan growth and exceptional deposit growth,
while margin compression and lower mortgage income partially offset
the benefits of favorable client growth. The loan loss
provision has likely crested as a result of the accelerated timing
of energy-related asset resolution. Our stable tangible core
efficiency ratio of 60% confirms our continued focus on cost
control. We remain optimistic regarding our relative growth
prospects, favorable risk position, and the competitive dynamics
within the banking industry."
Highlights for the third quarter of 2016 and at September 30, 2016:
- The Company continued to reduce energy-related exposures as
energy-related loans ("energy loans") decreased $62 million, or 9%, between June 30, 2016 and September 30, 2016, and at September 30, 2016, equated to 4.0% of total
loans. At September 30, 2016, the
Company had approximately $29 million
in reserves for energy loans and unfunded commitments (which
equated to 4.9% of energy loans outstanding). Energy-related
non-performing assets increased $93
million, or 153%, between quarter-ends as the problem asset
resolution process continued.
- The Company's reported and cash net interest margins declined
eight and 10 basis points, respectively, on a linked quarter basis.
The declines in the reported and cash margins were primarily the
result of interest accrual reversals for loans moved to non-accrual
status during the third quarter of 2016, accelerated bond premium
amortization, and additional balance sheet liquidity.
- On a linked quarter basis, the Company's revenues decreased
$4.4 million, or 2%, and non-GAAP
core revenues decreased $2.7 million,
or 1%. Over the same period, GAAP expenses decreased $1.4 million, or 1%, and non-GAAP core expenses
decreased $1.3 million, or 1%. The
efficiency ratio increased from 61.3% to 61.9%, while the non-GAAP
core tangible efficiency ratio increased from 60.0% to 60.1% on a
linked quarter basis.
- Total loan growth was $202
million, or 1%, between June 30,
2016 and September 30, 2016.
Legacy loan growth, which excludes all assets covered under FDIC
loss share agreements and other non-covered acquired assets
(collectively, "Acquired Assets"), increased $429 million, or 4% (14% annualized rate), on a
period-end basis and $446 million, or
4% (15% annualized rate), on an average balance basis.
- Total deposits increased $660
million, or 4%, between quarter-ends, and increased
$97 million, or 1%, on an average
balance basis. Non-interest-bearing deposits increased $248 million, or 5%, between quarter-ends and
increased $142 million, or 3%, on an
average balance basis.
Table A - Summary
Financial Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2016
|
|
|
6/30/2016
|
|
%
Change
|
|
9/30/2015
|
|
%
Change
|
GAAP
BASIS:
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
44,478
|
|
|
$
49,956
|
|
(11.0)
|
|
$
42,475
|
|
4.7
|
Earnings per common
share - diluted
|
1.08
|
|
|
1.21
|
|
(10.7)
|
|
1.03
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
Average gross loans
and leases
|
$
14,802,199
|
|
|
$
14,570,945
|
|
1.6
|
|
$
14,009,601
|
|
5.7
|
Average total
deposits
|
16,076,742
|
|
|
15,979,391
|
|
0.6
|
|
16,369,564
|
|
(1.8)
|
Net interest margin
(TE)(1)
|
3.53
|
%
|
|
3.61
|
%
|
|
|
3.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
223,238
|
|
|
$
227,670
|
|
(1.9)
|
|
$
212,595
|
|
5.0
|
Total non-interest
expense
|
138,139
|
|
|
139,504
|
|
(1.0)
|
|
144,968
|
|
(4.7)
|
Efficiency
ratio
|
61.9
|
%
|
|
61.3
|
%
|
|
|
68.2
|
%
|
|
Return on average
assets
|
0.94
|
|
|
1.02
|
|
|
|
0.86
|
|
|
Return on average
common equity
|
7.00
|
|
|
8.05
|
|
|
|
7.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS
(2):
|
|
|
|
|
|
|
|
|
|
|
Core
revenues
|
$
223,226
|
|
|
$
225,881
|
|
(1.2)
|
|
$
210,374
|
|
6.1
|
Core non-interest
expense
|
138,139
|
|
|
139,443
|
|
(0.9)
|
|
140,497
|
|
(1.7)
|
Core earnings per
common share - diluted
|
1.08
|
|
|
1.18
|
|
(8.5)
|
|
1.07
|
|
0.9
|
Core tangible
efficiency ratio (TE) (1) (4)
|
60.1
|
%
|
|
60.0
|
%
|
|
|
64.8
|
%
|
|
Core return on
average assets
|
0.94
|
|
|
1.00
|
|
|
|
0.89
|
|
|
Core return on
average tangible common equity(4)
|
10.30
|
|
|
11.64
|
|
|
|
11.18
|
|
|
Net interest margin
(TE) - cash basis(1)(3)
|
3.31
|
|
|
3.41
|
|
|
|
3.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 12 and Table 13 for GAAP to Non-GAAP
reconciliations.
|
(3)
See Table 11 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 $227
million, or 2%, and the associated tax-equivalent yield
decreased four basis points. Over that period, average legacy
loans increased $446 million, or 4%,
with a decrease in yield of three basis points, and average
Acquired Assets (including the FDIC loss share receivable)
decreased $219 million, or 8%, and
the yield increased nine 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 $139 million, or
4%.
On a linked quarter basis, average earning assets increased
$366 million, or 2%, and the average
earning asset yield decreased eight basis points. Average
interest-bearing liabilities increased $153
million, or 1%, and the cost of interest-bearing liabilities
increased three basis points. As a result, the net interest
spread declined 11 basis points and the net interest margin
declined eight basis points. On a linked quarter basis,
tax-equivalent net interest income increased $0.7 million, or
less than 1%.
In the third quarter of 2016, non-interest income decreased
$5.1 million, or 8%, compared to the
second quarter of 2016. As a result of gains on the sale of
investment securities in the second quarter of 2016, core
non-interest income decreased $3.3
million, or 5%, on a linked quarter basis. The primary
changes in core non-interest income on a linked quarter basis
included:
- Decreased mortgage income of $4.2
million, or 16% (which included a $1.1 million negative fair value adjustment to
move certain mortgage loans to held for investment); and
- Decreased title revenues of $0.1
million, or 2%; partially offset by
- Increased credit card income of $0.8
million; and
- Increased treasury management income of $0.3 million.
In the third quarter of 2016, the Company originated
$699 million in residential mortgage
loans, down $10 million, or 1%, on a
linked quarter basis. Client loan refinancing opportunities
accounted for approximately 26% of mortgage loan applications in
the third quarter of 2016, compared to 16% on a linked quarter
basis. The Company sold $706
million in mortgage loans during the third quarter of 2016,
up $33 million, or 5%, on a linked
quarter basis. Loans held for sale decreased from
$230 million at June 30, 2016, to $211
million at September 30,
2016. The mortgage origination locked pipeline was
$282 million at September 30, 2016, down $63 million, or 18%, between quarter-ends, and
was down slightly compared to one year ago. At October 21, 2016, the locked pipeline was
$283 million, up slightly compared to
September 30, 2016.
Non-interest expense decreased $1.4
million, or 1%, on a linked quarter basis, while core
expense decreased $1.3 million, or
1%. Core expense changes included the following on a
linked-quarter basis:
- Increased health care costs of $1.3
million;
- Increased professional services expense of $1.2 million;
- Increased franchise and share tax of $0.7 million; and
- Increased FDIC insurance premiums of $0.4 million; partially offset by
- Decreased annual incentives expense of $1.7 million;
- Decreased credit and loan-related expenses of $1.0 million;
- Decreased payroll taxes of $1.0
million;
- Decreased OREO expense of $0.8
million; and
- Decreased mortgage commission expenses of $0.4 million.
The Company's core tangible efficiency ratio in the third
quarter of 2016 was 60.1%, up slightly from 60.0% in the second
quarter of 2016. The Company continues to focus on expense
containment and revenue enhancement strategies intended to further
improve its targeted core tangible efficiency ratio.
The Company anticipates it will record a reduced income
tax expense of approximately $6
million upon filing its 2015 tax return in the fourth
quarter of 2016. The after-tax non-core EPS benefit of this lower
tax expense is estimated to be approximately 15 cents per common share in the fourth quarter
of 2016.
Table B - Summary
Financial Condition Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
9/30/2016
|
|
|
6/30/2016
|
|
|
%
Change
|
|
9/30/2015
|
|
|
%
Change
|
PERIOD-END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and
leases
|
$
14,924,499
|
|
|
$
14,722,561
|
|
|
1.4
|
|
$
14,117,019
|
|
|
5.7
|
|
Legacy loans and
leases
|
12,413,370
|
|
|
11,984,849
|
|
|
3.6
|
|
10,779,258
|
|
|
15.2
|
|
Total
deposits
|
16,522,517
|
|
|
15,862,027
|
|
|
4.2
|
|
16,303,065
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS (LEGACY):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans to
total loans (1)
|
2.20
|
%
|
|
1.18
|
%
|
|
|
|
0.64
|
%
|
|
|
|
Non-performing assets
to total assets (2)
|
1.33
|
|
|
0.63
|
|
|
|
|
0.43
|
|
|
|
|
Classified assets to
total assets (3)
|
2.18
|
|
|
2.09
|
|
|
|
|
0.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (4) (5)
|
8.87
|
%
|
|
9.00
|
%
|
|
|
|
8.75
|
%
|
|
|
|
Tier 1 leverage
ratio
|
9.70
|
|
|
9.70
|
|
|
|
|
9.33
|
|
|
|
|
Total risk-based
capital ratio
|
12.47
|
|
|
12.46
|
|
|
|
|
12.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
61.71
|
|
|
$
61.05
|
|
|
1.1
|
|
$
58.49
|
|
|
5.5
|
|
Tangible book value
(Non-GAAP) (4) (5)
|
43.26
|
|
|
42.53
|
|
|
1.7
|
|
39.95
|
|
|
8.3
|
|
Closing stock
price
|
67.12
|
|
|
59.73
|
|
|
12.4
|
|
58.21
|
|
|
15.3
|
|
Cash
dividends
|
0.36
|
|
|
0.34
|
|
|
5.9
|
|
0.34
|
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Past due loans
include non-accruing loans.
|
(2)
|
Non-performing assets
consist of non-accruing loans, accruing loans 90 days or more past
due and other real estate owned, including repossessed
assets.
|
(3)
|
Classified assets
consist of $398 million, $364 million and $133 million at September
30, 2016, June 30, 2016, and September 30, 2015,
respectively.
|
(4)
|
See Table 12 and
Table 13 for GAAP to Non-GAAP reconciliations.
|
(5)
|
Tangible calculations
eliminate the effect of goodwill and acquisition related intangible
assets and the corresponding amortization expense on a tax-effected
basis where applicable.
|
Loans
Total loans increased $202
million, or 1%, between June 30,
2016, and September 30,
2016. Over that period, Acquired Assets decreased
$227 million, or 8%, and legacy loans
increased $429 million, or 4% (14%
annualized rate), including a decrease in total energy loans of
$62 million, or 9%, and a decline in
indirect automobile loans of $28
million, or 16%. During the third quarter of 2016,
legacy commercial loans increased $344
million, or 4% (which included $42
million in small business loan growth, up 4%, or 14%
annualized rate), legacy consumer loans increased $49 million, or 2%, and legacy mortgage loans
increased $45 million, or 6%.
Period-end loan growth during the third quarter of 2016 was
strongest in the Atlanta,
Birmingham, and Tampa
markets. Funded loan origination and renewal mix in the third
quarter of 2016 was 35% fixed rate and 65% floating rate, and total
loans outstanding (excluding non-accruals) were 44% fixed and 56%
floating. Commitments originated and/or renewed during
the third quarter of 2016 were $1.4
billion (down 18% on a linked quarter basis). Loans
originated and/or renewed during the third quarter of 2016 totaled
$1.0 billion (down 1% on a linked
quarter basis). At September 30,
2016, the Company's commercial loan pipeline was
approximately $630 million.
Table C -
Period-End Loans
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
9/30/2016
|
|
6/30/2016
|
|
9/30/2015
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
9/30/2016
|
6/30/2016
|
Legacy
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$
9,119,234
|
|
$
8,784,789
|
|
$
7,815,161
|
|
334,445
|
3.8
|
|
15.2
%
|
|
1,304,073
|
16.7
|
|
73.4 %
|
73.3 %
|
Residential
mortgage
|
840,082
|
|
794,701
|
|
660,543
|
|
45,381
|
5.7
|
|
22.8
%
|
|
179,539
|
27.2
|
|
6.8 %
|
6.6 %
|
Consumer
|
2,454,054
|
|
2,405,359
|
|
2,303,554
|
|
48,695
|
2.0
|
|
8.0
%
|
|
150,500
|
6.5
|
|
19.8 %
|
20.1 %
|
Total legacy
loans
|
12,413,370
|
|
11,984,849
|
|
10,779,258
|
|
428,521
|
3.6
|
|
14.3
%
|
|
1,634,112
|
15.2
|
|
100.0 %
|
100.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
2,737,712
|
|
2,922,547
|
|
3,555,010
|
|
(184,835)
|
(6.3)
|
|
|
|
(817,298)
|
(23.0)
|
|
|
|
Loans acquired during
the period
|
—
|
|
—
|
|
—
|
|
—
|
—
|
|
|
|
—
|
—
|
|
|
|
Net paydown
activity
|
(226,583)
|
|
(184,835)
|
|
(217,249)
|
|
(41,748)
|
22.6
|
|
|
|
(9,334)
|
4.3
|
|
|
|
Total acquired
loans
|
2,511,129
|
|
2,737,712
|
|
3,337,761
|
|
(226,583)
|
(8.3)
|
|
|
|
(826,632)
|
(24.8)
|
|
|
|
Total
loans
|
$
14,924,499
|
|
$
14,722,561
|
|
$
14,117,019
|
|
201,938
|
1.4
|
|
|
|
807,480
|
5.7
|
|
|
|
Energy loans outstanding totaled $600
million at September 30, 2016,
down $62 million, or 9%, compared to
June 30, 2016, and equated to
approximately 4.0% of total loans (down from 4.5% at June 30, 2016). Energy-related commitments
totaled $1.0 billion at September 30, 2016, down $64 million, or 6%, compared to June 30, 2016. Loans to exploration and
production companies accounted for 50% of energy loans outstanding
and 54% of energy loan commitments at September 30, 2016. Midstream companies
accounted for 19% of energy loans and 20% of energy loan
commitments, and service companies accounted for 31% of energy
loans and 26% of energy loan commitments. At September 30, 2016, $154
million in energy loans were on non-accrual status (compared
to $61 million at June 30, 2016), and no energy loans (excluding
non-accruing loans) were past due greater than 30 days at
quarter-end. At September 30,
2016, approximately 42% of energy loans were classified and
53% were criticized, compared to 37% and 47%, respectively at
June 30, 2016. To date, the
Company has experienced $15 million
in energy-related charge-offs. Additional information
regarding the Company's energy loan and commitment exposure is
provided in Table 8 of this press release and in the supplemental
investor presentation.
At September 30, 2016, the
Company's indirect automobile lending business had approximately
$154 million in loans outstanding,
down $28 million, or 16%, compared to
June 30, 2016 (1.0% of total loans
outstanding compared to 1.2% at June 30,
2016).
Deposits
Total deposits increased $660
million, or 4%, between June 30,
2016 and September 30,
2016. Over that period, non-interest-bearing deposits
increased $248 million, or 5%, and
equated to 29% of total deposits at September 30, 2016. NOW accounts decreased
$80 million, or 3%, savings deposits
edged up $2 million, or less than 1%,
and time deposits increased $34
million, or 2%. Between June 30,
2016 and September 30, 2016,
money market accounts increased $457
million, or 8%. Deposit growth during the third quarter of
2016 was strongest in the Houston,
Orlando, Tampa, New
Orleans, and Mobile markets.
Table D -
Period-End Deposits
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
9/30/2016
|
|
6/30/2016
|
|
9/30/2015
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
9/30/2016
|
6/30/2016
|
Non-interest-bearing
|
$
4,787,485
|
|
$
4,539,254
|
|
$
4,392,808
|
|
248,231
|
5.5
|
21.9
%
|
|
394,677
|
9.0
|
|
29.0 %
|
28.6 %
|
NOW
accounts
|
2,904,835
|
|
2,985,284
|
|
2,635,021
|
|
(80,449)
|
(2.7)
|
(10.8)%
|
|
269,814
|
10.2
|
|
17.6 %
|
18.8 %
|
Money market
accounts
|
5,847,913
|
|
5,391,390
|
|
6,274,428
|
|
456,523
|
8.5
|
33.9
%
|
|
(426,515)
|
(6.8)
|
|
35.4 %
|
34.0 %
|
Savings
accounts
|
798,781
|
|
796,855
|
|
725,435
|
|
1,926
|
0.2
|
1.0
%
|
|
73,346
|
10.1
|
|
4.8 %
|
5.0 %
|
Time
deposits
|
2,183,503
|
|
2,149,244
|
|
2,275,373
|
|
34,259
|
1.6
|
6.4
%
|
|
(91,870)
|
(4.0)
|
|
13.2 %
|
13.6 %
|
Total
deposits
|
$
16,522,517
|
|
$
15,862,027
|
|
$
16,303,065
|
|
660,490
|
4.2
|
16.7
%
|
|
219,452
|
1.3
|
|
100.0 %
|
100.0 %
|
On an average balance and linked quarter basis,
non-interest-bearing deposits increased $142
million, or 3%, and interest-bearing deposits decreased
$44 million, or less than 1%.
The rate on average interest-bearing deposits in the third quarter
of 2016 was 0.44%, up two basis points on a linked quarter
basis.
Other Assets And Funding
On an average balance and linked quarter basis, the investment
portfolio decreased $26 million, or
1%, to $2.8 billion in the third
quarter of 2016. On a period-end basis, the investment
portfolio equated to $3.0 billion, or
14% of total assets at September 30,
2016, up $107 million, or 4%,
compared to June 30, 2016. The
investment portfolio had an effective duration of 3.0 years at
September 30, 2016, compared to 2.7
years at June 30, 2016. The
investment portfolio had a $42
million unrealized gain at September
30, 2016, down from $52
million at June 30,
2016. The average yield on investment securities decreased
nine basis points on a linked quarter basis, to 2.09% in the third
quarter of 2016. Accelerated bond premium amortization
totaled approximately $0.7 million
and caused a five-basis point decline in the investment portfolio
yield. The Company holds in its investment portfolio primarily
government agency securities. Municipal securities comprised
10% of total investments at September
30, 2016. The Company holds for investment no
sovereign debt, equity securities, trust preferred securities, or
derivative exposure to foreign counterparties.
On a linked quarter basis, average short-term borrowings
(including repurchase agreements) increased $108 million, or 17%, and the cost of short-term
borrowings decreased two basis points. At September 30, 2016, short-term borrowings
(including repurchase agreements) decreased $52 million, or 7%, compared to June 30, 2016. On a linked quarter basis,
average long-term debt increased $89
million, or 15%, and the cost of long-term debt decreased 18
basis points to 2.06%. The cost of average interest-bearing
liabilities was 0.53% in the third quarter of 2016, up three basis
points on a linked quarter basis.
Asset Quality
Net charge-offs totaled $10.2
million in the third quarter of 2016, down $1.7 million, or 14%, compared to the second
quarter of 2016. Annualized net charge-offs equated to 0.27%
of average loans in the third quarter of 2016, a six-basis point
improvement on a linked quarter basis. Energy loans accounted
for approximately 68% of the net charge-offs incurred during the
third quarter of 2016. The Company's provision for loan losses
increased $0.6 million, or 5%, on a
linked quarter basis to $12.5
million. The provision for loan losses covered net
charge-offs in the third quarter of 2016 by 122% compared to 100%
in the second quarter of 2016. The Company's reserve for unfunded
commitments, which is included in credit and loan related expense
in non-interest expense, declined $1.8
million during the third quarter of 2016 to $12.0 million at September
30, 2016 ($1.0 million of
which were energy-related).
Aggregate loans past due 30 to 89 days decreased $9 million, or 15%, and equated to 0.34% of total
loans at September 30, 2016, compared
to 0.40% at June 30, 2016.
Primarily as a result of an acceleration in the
resolution of troubled energy loans, non-performing assets ("NPAs")
increased $126 million, or 62%, to $328
million at September 30, 2016.
Acquired NPAs declined $7 million, or
8%, while legacy NPAs, which include energy and non-energy loans,
increased $134 million, or 122%, and
equated to 1.33% of total assets. Energy-related NPAs (which are
included in legacy loans) increased by $93
million, or 153%, and accounted for 74% of the increase in
the Company's total NPAs during the third quarter of 2016. At
September 30, 2016,
non-energy-related legacy NPAs increased $41
million, or 83%, and equated to 0.51% of total assets, up
from 0.29% at June 30, 2016.
Capital Position
At September 30, 2016, the Company
reported a non-GAAP tangible common equity ratio of 8.87%, down 13
basis points compared to June 30,
2016, and the preliminary Tier 1 leverage ratio was 9.70%,
unchanged compared to June 30, 2016.
The Company's preliminary calculation of its total risk-based
capital ratio at September 30, 2016,
was 12.47%, up one basis point compared to June 30, 2016.
At September 30, 2016, book value
per common share was $61.71, up
$0.66 per share, or 1%, compared to
June 30, 2016. Tangible book value
per common share was $43.26, up
$0.73 per share, or 2%, compared to
June 30, 2016. Based on the
closing stock price of the Company's common stock of $69.95 per share on October 26, 2016, this price equated to 1.13
times September 30, 2016 book value
per common share and 1.62 times September
30, 2016 tangible book value per common share.
Cash Dividends On Common Stock. On September 12, 2016, the Company declared a
quarterly cash dividend of $0.36 per
common share, a 6% increase on a linked quarter basis. 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 October 26, 2016, the indicated dividend yield
was 2.06% per common share. The payment of dividends is at the
discretion of the Board of Directors.
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
July 5, 2016, the Company declared a
semi-annual cash dividend of $0.828
per depositary share that was payable on August 1, 2016.
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
September 12, 2016, the Company
declared a quarterly cash dividend of $0.41 per depositary share that is payable on
November 1, 2016.
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 third quarter of
2016.
IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with 304
combined offices, including 199 bank branch offices and three loan
production offices in Louisiana,
Arkansas, Tennessee, Alabama, Texas, Florida, and Georgia, 24 title insurance offices in
Arkansas and Louisiana, and mortgage representatives in 69
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 $2.9
billion, based on the NASDAQ Global Select Market closing
stock price on October 26, 2016.
The following 12 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.
- 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 Thursday, October 27, 2016,
beginning at 8:30 a.m. Central Time
by dialing 1-888-317-6003. The confirmation code for the call is
9650180. A replay of the call will be available until
midnight Central Time on November 3, 2016 by dialing 1-877-344-7529. The
confirmation code for the replay is 10093373. 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, 2015,
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 subject to loss share
agreements with the FDIC within the coverage periods, effects of
the on-going correction in residential real estate prices and
levels of home sales, our ability to satisfy new 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:
|
9/30/2016
|
|
|
6/30/2016
|
|
|
%
Change
|
|
9/30/2015
|
|
|
%
Change
|
|
Net interest
income
|
$
163,417
|
|
|
$
162,753
|
|
|
0.4
|
|
$ 155,117
|
|
|
5.4
|
|
Net interest income
(TE) (1)
|
165,795
|
|
|
165,085
|
|
|
0.4
|
|
157,302
|
|
|
5.4
|
|
Total
revenues
|
223,238
|
|
|
227,670
|
|
|
(1.9)
|
|
212,595
|
|
|
5.0
|
|
Provision for loan
losses
|
12,484
|
|
|
11,866
|
|
|
5.2
|
|
5,062
|
|
|
146.6
|
|
Non-interest
expense
|
138,139
|
|
|
139,504
|
|
|
(1.0)
|
|
144,968
|
|
|
(4.7)
|
|
Net income available
to common shareholders
|
44,478
|
|
|
49,956
|
|
|
(11.0)
|
|
42,475
|
|
|
4.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
1.08
|
|
|
$
1.21
|
|
|
(10.7)
|
|
$
1.04
|
|
|
3.8
|
|
Earnings available to
common shareholders - diluted
|
1.08
|
|
|
1.21
|
|
|
(10.7)
|
|
1.03
|
|
|
4.9
|
|
Core earnings
(Non-GAAP) (2)
|
1.08
|
|
|
1.18
|
|
|
(8.5)
|
|
1.07
|
|
|
0.9
|
|
Book value
|
61.71
|
|
|
61.05
|
|
|
1.1
|
|
58.49
|
|
|
5.5
|
|
Tangible book value
(Non-GAAP)(2) (3)
|
43.26
|
|
|
42.53
|
|
|
1.7
|
|
39.95
|
|
|
8.3
|
|
Closing stock
price
|
67.12
|
|
|
59.73
|
|
|
12.4
|
|
58.21
|
|
|
15.3
|
|
Cash
dividends
|
0.36
|
|
|
0.34
|
|
|
5.9
|
|
0.34
|
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND
OTHER DATA (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.53
|
%
|
|
3.61
|
%
|
|
|
|
3.50
|
%
|
|
|
|
Efficiency
ratio
|
61.9
|
|
|
61.3
|
|
|
|
|
68.2
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
60.1
|
|
|
60.0
|
|
|
|
|
64.8
|
|
|
|
|
Return on average
assets
|
0.94
|
|
|
1.02
|
|
|
|
|
0.86
|
|
|
|
|
Return on average
common equity
|
7.00
|
|
|
8.05
|
|
|
|
|
7.09
|
|
|
|
|
Core return on
average tangible common equity (Non-GAAP)
(2)(3)
|
10.30
|
|
|
11.64
|
|
|
|
|
11.18
|
|
|
|
|
Effective tax
rate
|
33.8
|
|
|
33.4
|
|
|
|
|
32.1
|
|
|
|
|
Full-time equivalent
employees
|
3,129
|
|
|
3,122
|
|
|
|
|
3,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP)(2) (3)
|
8.87
|
%
|
|
9.00
|
%
|
|
|
|
8.75
|
%
|
|
|
|
Tangible common
equity to risk-weighted assets (3)
|
10.17
|
|
|
10.14
|
|
|
|
|
10.02
|
|
|
|
|
Tier 1 leverage ratio
(4)
|
9.70
|
|
|
9.70
|
|
|
|
|
9.33
|
|
|
|
|
Common equity Tier 1
(CET 1) (transitional) (4)
|
10.13
|
|
|
10.07
|
|
|
|
|
10.08
|
|
|
|
|
Common equity Tier 1
(CET 1) (fully phased-in) (4)
|
10.07
|
|
|
9.99
|
|
|
|
|
9.92
|
|
|
|
|
Tier 1 capital
(transitional) (4)
|
10.89
|
|
|
10.84
|
|
|
|
|
10.73
|
|
|
|
|
Total risk-based
capital ratio(4)
|
12.47
|
|
|
12.46
|
|
|
|
|
12.15
|
|
|
|
|
Common stock dividend
payout ratio
|
33.3
|
|
|
28.0
|
|
|
|
|
32.9
|
|
|
|
|
Classified assets to
Tier 1 capital
|
26.1
|
|
|
25.1
|
|
|
|
|
17.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS (LEGACY):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (5)
|
1.33
|
%
|
|
0.63
|
%
|
|
|
|
0.43
|
%
|
|
|
|
Allowance for loan
losses to loans
|
0.88
|
|
|
0.89
|
|
|
|
|
0.80
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.33
|
|
|
0.38
|
|
|
|
|
0.09
|
|
|
|
|
Non-performing assets
to total loans and OREO (5)
|
1.96
|
|
|
0.92
|
|
|
|
|
0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 12 and
Table 13 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)
|
Capital ratios as of
September 30, 2016 are estimated.
|
(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.
|
Table 2 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
|
9/30/2016
|
|
6/30/2016
|
|
$
|
%
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
$
|
%
|
Interest
income
|
$ 180,504
|
|
$ 178,694
|
|
1,810
|
1.0
|
|
$ 176,936
|
|
$ 176,651
|
|
$ 171,077
|
|
9,427
|
5.5
|
Interest
expense
|
17,087
|
|
15,941
|
|
1,146
|
7.2
|
|
15,533
|
|
15,491
|
|
15,960
|
|
1,127
|
7.1
|
Net interest
income
|
163,417
|
|
162,753
|
|
664
|
0.4
|
|
161,403
|
|
161,160
|
|
155,117
|
|
8,300
|
5.4
|
Provision for loan
losses
|
12,484
|
|
11,866
|
|
618
|
5.2
|
|
14,905
|
|
11,711
|
|
5,062
|
|
7,422
|
146.6
|
Net interest
income after provision for
loan losses
|
150,933
|
|
150,887
|
|
46
|
—
|
|
146,498
|
|
149,449
|
|
150,055
|
|
878
|
0.6
|
Mortgage
income
|
21,807
|
|
25,991
|
|
(4,184)
|
(16.1)
|
|
19,940
|
|
16,765
|
|
20,628
|
|
1,179
|
5.7
|
Service charges on
deposit accounts
|
11,066
|
|
10,940
|
|
126
|
1.2
|
|
10,951
|
|
11,431
|
|
11,342
|
|
(276)
|
(2.4)
|
Title
revenue
|
6,001
|
|
6,135
|
|
(134)
|
(2.2)
|
|
4,745
|
|
5,435
|
|
6,627
|
|
(626)
|
(9.4)
|
Broker
commissions
|
3,797
|
|
3,712
|
|
85
|
2.3
|
|
3,823
|
|
4,130
|
|
3,839
|
|
(42)
|
(1.1)
|
ATM/debit card fee
income
|
3,483
|
|
3,650
|
|
(167)
|
(4.6)
|
|
3,503
|
|
3,569
|
|
3,562
|
|
(79)
|
(2.2)
|
Income from bank
owned life insurance
|
1,305
|
|
1,411
|
|
(106)
|
(7.5)
|
|
1,202
|
|
1,096
|
|
1,093
|
|
212
|
19.4
|
Gain on sale of
available-for-sale securities
|
12
|
|
1,789
|
|
(1,777)
|
(99.3)
|
|
196
|
|
6
|
|
280
|
|
(268)
|
(95.7)
|
Other non-interest
income
|
12,350
|
|
11,289
|
|
1,061
|
9.4
|
|
11,485
|
|
10,071
|
|
10,107
|
|
2,243
|
22.2
|
Total
non-interest income
|
59,821
|
|
64,917
|
|
(5,096)
|
(7.9)
|
|
55,845
|
|
52,503
|
|
57,478
|
|
2,343
|
4.1
|
Salaries and employee
benefits
|
85,028
|
|
85,105
|
|
(77)
|
(0.1)
|
|
80,742
|
|
83,455
|
|
82,416
|
|
2,612
|
3.2
|
Occupancy and
equipment
|
16,526
|
|
16,813
|
|
(287)
|
(1.7)
|
|
16,907
|
|
16,928
|
|
17,987
|
|
(1,461)
|
(8.1)
|
Amortization of
acquisition intangibles
|
2,106
|
|
2,109
|
|
(3)
|
(0.1)
|
|
2,113
|
|
1,795
|
|
2,338
|
|
(232)
|
(9.9)
|
Other non-interest
expense
|
34,479
|
|
35,477
|
|
(998)
|
(2.8)
|
|
37,690
|
|
36,797
|
|
42,227
|
|
(7,748)
|
(18.3)
|
Total
non-interest expense
|
138,139
|
|
139,504
|
|
(1,365)
|
(1.0)
|
|
137,452
|
|
138,975
|
|
144,968
|
|
(6,829)
|
(4.7)
|
Income before income
taxes
|
72,615
|
|
76,300
|
|
(3,685)
|
(4.8)
|
|
64,891
|
|
62,977
|
|
62,565
|
|
10,050
|
16.1
|
Income tax
expense
|
24,547
|
|
25,490
|
|
(943)
|
(3.7)
|
|
22,122
|
|
18,570
|
|
20,090
|
|
4,457
|
22.2
|
Net
income
|
48,068
|
|
50,810
|
|
(2,742)
|
(5.4)
|
|
42,769
|
|
44,407
|
|
42,475
|
|
5,593
|
13.2
|
Preferred stock
dividends
|
(3,590)
|
|
(854)
|
|
(2,736)
|
(320.4)
|
|
(2,576)
|
|
—
|
|
—
|
|
(3,590)
|
N/M
|
Net income available
to common shareholders
|
$
44,478
|
|
$
49,956
|
|
(5,478)
|
(11.0)
|
|
$
40,193
|
|
$
44,407
|
|
$
42,475
|
|
2,003
|
4.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
44,478
|
|
$
49,956
|
|
(5,478)
|
(11.0)
|
|
$
40,193
|
|
$
44,407
|
|
$
42,475
|
|
2,003
|
4.7
|
Earnings allocated to
unvested restricted stock
|
(462)
|
|
(540)
|
|
78
|
(14.4)
|
|
(460)
|
|
(505)
|
|
(492)
|
|
30
|
(6.1)
|
Income allocated to
common shareholders
|
$
44,016
|
|
$
49,416
|
|
(5,400)
|
(10.9)
|
|
$
39,733
|
|
$
43,902
|
|
$
41,983
|
|
2,033
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
1.08
|
|
$
1.21
|
|
(0.13)
|
(10.7)
|
|
$
0.98
|
|
$
1.08
|
|
$
1.04
|
|
0.04
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
1.08
|
|
1.21
|
|
(0.13)
|
(10.7)
|
|
0.97
|
|
1.08
|
|
1.03
|
|
0.05
|
4.9
|
Impact of non-core
items (Non-GAAP) (1)
|
—
|
|
(0.03)
|
|
0.03
|
(100.0)
|
|
0.04
|
|
0.03
|
|
0.04
|
|
(0.04)
|
(100.0)
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
1.08
|
|
$
1.18
|
|
(0.10)
|
(8.5)
|
|
$
1.01
|
|
$
1.11
|
|
$
1.07
|
|
0.01
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
41,052
|
|
41,232
|
|
(180)
|
(0.4)
|
|
41,186
|
|
40,996
|
|
40,995
|
|
57
|
0.1
|
Weighted average
common shares outstanding - diluted
|
40,811
|
|
40,908
|
|
(97)
|
(0.2)
|
|
40,765
|
|
40,597
|
|
40,614
|
|
197
|
0.5
|
Book value shares
(period end)
|
41,082
|
|
41,039
|
|
43
|
0.1
|
|
41,232
|
|
41,140
|
|
41,129
|
|
(47)
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
See Table 12 and Table 13 for GAAP to Non-GAAP
reconciliations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
9/30/2016
|
|
9/30/2015
|
|
$
Change
|
%
Change
|
Interest
income
|
$ 536,134
|
|
$ 470,207
|
|
65,927
|
14.0
|
Interest
expense
|
48,561
|
|
43,609
|
|
4,952
|
11.4
|
Net interest
income
|
487,573
|
|
426,598
|
|
60,975
|
14.3
|
Provision for loan
losses
|
39,255
|
|
19,197
|
|
20,058
|
104.5
|
Net interest
income after provision for loan losses
|
448,318
|
|
407,401
|
|
40,917
|
10.0
|
Mortgage
income
|
67,738
|
|
63,897
|
|
3,841
|
6.0
|
Service charges on
deposit accounts
|
32,957
|
|
30,766
|
|
2,191
|
7.1
|
Title
revenue
|
16,881
|
|
17,402
|
|
(521)
|
(3.0)
|
Broker
commissions
|
11,332
|
|
13,462
|
|
(2,130)
|
(15.8)
|
ATM/debit card fee
income
|
10,636
|
|
10,420
|
|
216
|
2.1
|
Income from bank
owned life insurance
|
3,918
|
|
3,260
|
|
658
|
20.2
|
Gain on sale of
available-for-sale securities
|
1,997
|
|
1,569
|
|
428
|
27.3
|
Other non-interest
income
|
35,124
|
|
27,114
|
|
8,010
|
29.5
|
Total non-interest
income
|
180,583
|
|
167,890
|
|
12,693
|
7.6
|
Salaries and employee
benefits
|
250,875
|
|
239,131
|
|
11,744
|
4.9
|
Occupancy and
equipment
|
50,246
|
|
51,613
|
|
(1,367)
|
(2.6)
|
Amortization of
acquisition intangibles
|
6,328
|
|
6,016
|
|
312
|
5.2
|
Other non-interest
expense
|
107,646
|
|
134,570
|
|
(26,924)
|
(20.0)
|
Total non-interest
expense
|
415,095
|
|
431,330
|
|
(16,235)
|
(3.8)
|
Income before income
taxes
|
213,806
|
|
143,961
|
|
69,845
|
48.5
|
Income tax
expense
|
72,159
|
|
45,524
|
|
26,635
|
58.5
|
Net income
|
141,647
|
|
98,437
|
|
43,210
|
43.9
|
Preferred stock
dividends
|
(7,020)
|
|
—
|
|
(7,020)
|
N/M
|
Net income available
to common shareholders
|
$ 134,627
|
|
$
98,437
|
|
36,190
|
36.8
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$ 134,627
|
|
$
98,437
|
|
36,190
|
36.8
|
Earnings allocated to
unvested restricted stock
|
(1,464)
|
|
(1,171)
|
|
(293)
|
25.0
|
Income allocated to
common shareholders
|
$ 133,163
|
|
$
97,266
|
|
35,897
|
36.9
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
3.27
|
|
$
2.60
|
|
0.67
|
25.8
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
3.26
|
|
2.59
|
|
0.67
|
25.9
|
Impact of non-core
items (Non-GAAP) (1)
|
0.01
|
|
0.48
|
|
(0.47)
|
(97.9)
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
3.27
|
|
$
3.07
|
|
0.20
|
6.5
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
41,156
|
|
37,917
|
|
3,239
|
8.5
|
Weighted average
common shares outstanding - diluted
|
40,818
|
|
37,532
|
|
3,286
|
8.8
|
Book value shares
(period end)
|
41,082
|
|
41,129
|
|
(47)
|
(0.1)
|
|
|
|
|
|
|
|
(1)
See Table 12 and Table 13 for GAAP to Non-GAAP
reconciliations.
|
|
|
|
|
|
|
|
N/M = not
meaningful
|
|
|
|
|
|
|
TABLE 4 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END
BALANCES
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
$
|
|
%
|
Cash and due from
banks
|
$
327,799
|
|
$
288,141
|
|
39,658
|
|
13.8
|
|
$
300,207
|
|
$
241,650
|
|
$
370,657
|
|
(42,858)
|
|
(11.6)
|
Interest-bearing
deposits in other banks
|
773,454
|
|
417,157
|
|
356,297
|
|
85.4
|
|
696,448
|
|
268,617
|
|
311,615
|
|
461,839
|
|
148.2
|
Total cash and cash
equivalents
|
1,101,253
|
|
705,298
|
|
395,955
|
|
56.1
|
|
996,655
|
|
510,267
|
|
682,272
|
|
418,981
|
|
61.4
|
Investment securities
available for sale
|
2,885,413
|
|
2,776,015
|
|
109,398
|
|
3.9
|
|
2,755,425
|
|
2,800,286
|
|
2,827,805
|
|
57,608
|
|
2.0
|
Investment securities
held to maturity
|
90,653
|
|
92,904
|
|
(2,251)
|
|
(2.4)
|
|
96,117
|
|
98,928
|
|
98,330
|
|
(7,677)
|
|
(7.8)
|
Total investment
securities
|
2,976,066
|
|
2,868,919
|
|
107,147
|
|
3.7
|
|
2,851,542
|
|
2,899,214
|
|
2,926,135
|
|
49,931
|
|
1.7
|
Mortgage loans held
for sale
|
210,866
|
|
229,653
|
|
(18,787)
|
|
(8.2)
|
|
192,545
|
|
166,247
|
|
202,168
|
|
8,698
|
|
4.3
|
Loans, net of
unearned income
|
14,924,499
|
|
14,722,561
|
|
201,938
|
|
1.4
|
|
14,451,244
|
|
14,327,428
|
|
14,117,019
|
|
807,480
|
|
5.7
|
Allowance for loan
losses
|
(148,193)
|
|
(147,452)
|
|
(741)
|
|
0.5
|
|
(146,557)
|
|
(138,378)
|
|
(130,254)
|
|
(17,939)
|
|
13.8
|
Loans, net
|
14,776,306
|
|
14,575,109
|
|
201,197
|
|
1.4
|
|
14,304,687
|
|
14,189,050
|
|
13,986,765
|
|
789,541
|
|
5.6
|
Loss share
receivable
|
24,406
|
|
29,224
|
|
(4,818)
|
|
(16.5)
|
|
33,564
|
|
39,878
|
|
43,443
|
|
(19,037)
|
|
(43.8)
|
Premises and
equipment
|
308,932
|
|
311,173
|
|
(2,241)
|
|
(0.7)
|
|
314,615
|
|
323,902
|
|
333,273
|
|
(24,341)
|
|
(7.3)
|
Goodwill and other
intangibles
|
761,206
|
|
763,387
|
|
(2,181)
|
|
(0.3)
|
|
768,235
|
|
765,655
|
|
766,589
|
|
(5,383)
|
|
(0.7)
|
Other
assets
|
629,531
|
|
678,092
|
|
(48,561)
|
|
(7.2)
|
|
630,720
|
|
609,855
|
|
593,580
|
|
35,951
|
|
6.1
|
Total
assets
|
$
20,788,566
|
|
$
20,160,855
|
|
627,711
|
|
3.1
|
|
$
20,092,563
|
|
$
19,504,068
|
|
$
19,534,225
|
|
1,254,341
|
|
6.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
4,787,485
|
|
$
4,539,254
|
|
248,231
|
|
5.5
|
|
$
4,484,024
|
|
$
4,352,229
|
|
$
4,392,808
|
|
394,677
|
|
9.0
|
NOW
accounts
|
2,904,835
|
|
2,985,284
|
|
(80,449)
|
|
(2.7)
|
|
2,960,562
|
|
2,974,176
|
|
2,635,021
|
|
269,814
|
|
10.2
|
Savings and money
market accounts
|
6,646,694
|
|
6,188,245
|
|
458,449
|
|
7.4
|
|
6,736,146
|
|
6,727,720
|
|
6,999,863
|
|
(353,169)
|
|
(5.0)
|
Certificates of
deposit
|
2,183,503
|
|
2,149,244
|
|
34,259
|
|
1.6
|
|
2,079,834
|
|
2,124,623
|
|
2,275,373
|
|
(91,870)
|
|
(4.0)
|
Total
deposits
|
16,522,517
|
|
15,862,027
|
|
660,490
|
|
4.2
|
|
16,260,566
|
|
16,178,748
|
|
16,303,065
|
|
219,452
|
|
1.3
|
Short-term
borrowings
|
360,000
|
|
477,620
|
|
(117,620)
|
|
(24.6)
|
|
195,000
|
|
110,000
|
|
10,000
|
|
350,000
|
|
3,500.0
|
Securities sold under
agreements to repurchase
|
353,272
|
|
288,017
|
|
65,255
|
|
22.7
|
|
303,238
|
|
216,617
|
|
212,460
|
|
140,812
|
|
66.3
|
Trust preferred
securities
|
120,110
|
|
120,110
|
|
—
|
|
—
|
|
120,110
|
|
120,110
|
|
120,110
|
|
—
|
|
—
|
Other long-term
debt
|
552,328
|
|
567,326
|
|
(14,998)
|
|
(2.6)
|
|
478,814
|
|
220,337
|
|
221,863
|
|
330,465
|
|
149.0
|
Other
liabilities
|
213,229
|
|
208,158
|
|
5,071
|
|
2.4
|
|
186,926
|
|
159,421
|
|
183,526
|
|
29,703
|
|
16.2
|
Total
liabilities
|
18,121,456
|
|
17,523,258
|
|
598,198
|
|
3.4
|
|
17,544,654
|
|
17,005,233
|
|
17,051,024
|
|
1,070,432
|
|
6.3
|
Total shareholders'
equity
|
2,667,110
|
|
2,637,597
|
|
29,513
|
|
1.1
|
|
2,547,909
|
|
2,498,835
|
|
2,483,201
|
|
183,909
|
|
7.4
|
Total liabilities and
shareholders' equity
|
$
20,788,566
|
|
$
20,160,855
|
|
627,711
|
|
3.1
|
|
$
20,092,563
|
|
$
19,504,068
|
|
$
19,534,225
|
|
1,254,341
|
|
6.4
|
TABLE 4 Continued
- IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
$
|
|
%
|
Cash and due from
banks
|
$
299,445
|
|
$
304,304
|
|
(4,859)
|
|
(1.6)
|
|
$
292,476
|
|
$
352,854
|
|
$
327,370
|
|
(27,925)
|
|
(8.5)
|
Interest-bearing
deposits in other banks
|
536,741
|
|
386,139
|
|
150,602
|
|
39.0
|
|
365,709
|
|
319,302
|
|
682,764
|
|
(146,023)
|
|
(21.4)
|
Total cash and cash
equivalents
|
836,186
|
|
690,443
|
|
145,743
|
|
21.1
|
|
658,185
|
|
672,156
|
|
1,010,134
|
|
(173,948)
|
|
(17.2)
|
Investment securities
available for sale
|
2,825,030
|
|
2,823,292
|
|
1,738
|
|
0.1
|
|
2,797,320
|
|
2,829,825
|
|
2,660,423
|
|
164,607
|
|
6.2
|
Investment securities
held to maturity
|
92,006
|
|
94,609
|
|
(2,603)
|
|
(2.8)
|
|
97,391
|
|
100,113
|
|
99,864
|
|
(7,858)
|
|
(7.9)
|
Total investment
securities
|
2,917,036
|
|
2,917,901
|
|
(865)
|
|
0.0
|
|
2,894,711
|
|
2,929,938
|
|
2,760,287
|
|
156,749
|
|
5.7
|
Mortgage loans held
for sale
|
219,369
|
|
211,468
|
|
7,901
|
|
3.7
|
|
160,873
|
|
169,616
|
|
200,895
|
|
18,474
|
|
9.2
|
Loans, net of
unearned income
|
14,802,199
|
|
14,570,945
|
|
231,254
|
|
1.6
|
|
14,354,410
|
|
14,185,150
|
|
14,009,601
|
|
792,598
|
|
5.7
|
Allowance for loan
losses
|
(149,101)
|
|
(149,037)
|
|
(64)
|
|
0.0
|
|
(141,393)
|
|
(135,209)
|
|
(130,367)
|
|
(18,734)
|
|
14.4
|
Loans, net
|
14,653,098
|
|
14,421,908
|
|
231,190
|
|
1.6
|
|
14,213,017
|
|
14,049,941
|
|
13,879,234
|
|
773,864
|
|
5.6
|
Loss share
receivable
|
27,694
|
|
32,189
|
|
(4,495)
|
|
(14.0)
|
|
37,360
|
|
41,205
|
|
47,190
|
|
(19,496)
|
|
(41.3)
|
Premises and
equipment
|
310,592
|
|
313,862
|
|
(3,270)
|
|
(1.0)
|
|
322,086
|
|
329,604
|
|
339,860
|
|
(29,268)
|
|
(8.6)
|
Goodwill and other
intangibles
|
762,196
|
|
764,818
|
|
(2,622)
|
|
(0.3)
|
|
765,898
|
|
766,664
|
|
766,712
|
|
(4,516)
|
|
(0.6)
|
Other
assets
|
666,657
|
|
651,328
|
|
15,329
|
|
2.4
|
|
609,181
|
|
592,042
|
|
599,758
|
|
66,899
|
|
11.2
|
Total
assets
|
$
20,392,828
|
|
$
20,003,917
|
|
388,911
|
|
1.9
|
|
$
19,661,311
|
|
$
19,551,166
|
|
$
19,604,070
|
|
788,758
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
4,605,447
|
|
$
4,463,928
|
|
141,519
|
|
3.2
|
|
$
4,388,259
|
|
$
4,459,980
|
|
$
4,265,912
|
|
339,535
|
|
8.0
|
NOW
accounts
|
2,936,130
|
|
2,911,510
|
|
24,620
|
|
0.8
|
|
2,859,940
|
|
2,720,128
|
|
2,655,069
|
|
281,061
|
|
10.6
|
Savings and money
market accounts
|
6,359,006
|
|
6,486,242
|
|
(127,236)
|
|
(2.0)
|
|
6,598,838
|
|
6,899,090
|
|
7,104,789
|
|
(745,783)
|
|
(10.5)
|
Certificates of
deposit
|
2,176,159
|
|
2,117,711
|
|
58,448
|
|
2.8
|
|
2,098,032
|
|
2,213,557
|
|
2,343,794
|
|
(167,635)
|
|
(7.2)
|
Total
deposits
|
16,076,742
|
|
15,979,391
|
|
97,351
|
|
0.6
|
|
15,945,069
|
|
16,292,755
|
|
16,369,564
|
|
(292,822)
|
|
(1.8)
|
Short-term
borrowings
|
430,332
|
|
358,837
|
|
71,495
|
|
19.9
|
|
277,374
|
|
16,109
|
|
41,033
|
|
389,299
|
|
948.7
|
Securities sold under
agreements to repurchase
|
302,119
|
|
265,465
|
|
36,654
|
|
13.8
|
|
217,296
|
|
224,255
|
|
221,217
|
|
80,902
|
|
36.6
|
Trust preferred
securities
|
120,110
|
|
120,110
|
|
—
|
|
—
|
|
120,110
|
|
120,110
|
|
120,110
|
|
—
|
|
—
|
Other long-term
debt
|
562,598
|
|
473,195
|
|
89,403
|
|
18.9
|
|
403,393
|
|
220,913
|
|
222,906
|
|
339,692
|
|
152.4
|
Other
liabilities
|
239,911
|
|
203,050
|
|
36,861
|
|
18.2
|
|
167,810
|
|
186,382
|
|
206,030
|
|
33,881
|
|
16.4
|
Total
liabilities
|
17,731,812
|
|
17,400,048
|
|
331,764
|
|
1.9
|
|
17,131,052
|
|
17,060,524
|
|
17,180,860
|
|
550,952
|
|
3.2
|
Total shareholders'
equity
|
2,661,016
|
|
2,603,869
|
|
57,147
|
|
2.2
|
|
2,530,259
|
|
2,490,642
|
|
2,423,210
|
|
237,806
|
|
9.8
|
Total liabilities and
shareholders' equity
|
$
20,392,828
|
|
$
20,003,917
|
|
388,911
|
|
1.9
|
|
$
19,661,311
|
|
$
19,551,166
|
|
$
19,604,070
|
|
788,758
|
|
4.0
|
Table 5 -
IBERIABANK CORPORATION
|
TOTAL LOANS AND
ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate
|
$
6,681,215
|
|
$
6,472,001
|
|
209,214
|
|
3.2
|
|
$
6,230,628
|
|
$
6,073,511
|
|
$
5,979,751
|
|
701,464
|
|
11.7
|
Commercial and
Industrial
|
3,462,997
|
|
3,435,809
|
|
27,188
|
|
0.8
|
|
3,374,382
|
|
3,444,578
|
|
3,302,971
|
|
160,026
|
|
4.8
|
Energy-related
(Real Estate and Commercial and Industrial)
(1)
|
599,641
|
|
662,034
|
|
(62,393)
|
|
(9.4)
|
|
731,662
|
|
680,766
|
|
719,456
|
|
(119,815)
|
|
(16.7)
|
Total commercial
loans
|
10,743,853
|
|
10,569,844
|
|
174,009
|
|
1.6
|
|
10,336,672
|
|
10,198,855
|
|
10,002,178
|
|
741,675
|
|
7.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
1,270,530
|
|
1,249,062
|
|
21,468
|
|
1.7
|
|
1,208,391
|
|
1,195,319
|
|
1,189,941
|
|
80,589
|
|
6.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
2,151,130
|
|
2,129,812
|
|
21,318
|
|
1.0
|
|
2,091,514
|
|
2,066,167
|
|
2,015,687
|
|
135,443
|
|
6.7
|
Indirect
automobile
|
153,913
|
|
182,223
|
|
(28,310)
|
|
(15.5)
|
|
213,179
|
|
246,298
|
|
281,649
|
|
(127,736)
|
|
(45.4)
|
Automobile
|
152,972
|
|
156,597
|
|
(3,625)
|
|
(2.3)
|
|
164,868
|
|
169,571
|
|
172,947
|
|
(19,975)
|
|
(11.5)
|
Credit
card
|
80,959
|
|
78,552
|
|
2,407
|
|
3.1
|
|
76,756
|
|
77,843
|
|
77,284
|
|
3,675
|
|
4.8
|
Other
|
371,142
|
|
356,471
|
|
14,671
|
|
4.1
|
|
359,864
|
|
373,375
|
|
377,333
|
|
(6,191)
|
|
(1.6)
|
Total consumer
loans
|
2,910,116
|
|
2,903,655
|
|
6,461
|
|
0.2
|
|
2,906,181
|
|
2,933,254
|
|
2,924,900
|
|
(14,784)
|
|
(0.5)
|
Total loans
|
$
14,924,499
|
|
$
14,722,561
|
|
201,938
|
|
1.4
|
|
$
14,451,244
|
|
$
14,327,428
|
|
$
14,117,019
|
|
807,480
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
(148,193)
|
|
$
(147,452)
|
|
(741)
|
|
0.5
|
|
$
(146,557)
|
|
$
(138,378)
|
|
$
(130,254)
|
|
(17,939)
|
|
13.8
|
Loans,
net
|
14,776,306
|
|
14,575,109
|
|
201,197
|
|
1.4
|
|
14,304,687
|
|
14,189,050
|
|
13,986,765
|
|
789,541
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(11,990)
|
|
(13,826)
|
|
1,836
|
|
(13.3)
|
|
(14,033)
|
|
(14,145)
|
|
(14,525)
|
|
2,535
|
|
(17.5)
|
Allowance for credit
losses
|
(160,183)
|
|
(161,278)
|
|
1,095
|
|
(0.7)
|
|
(160,590)
|
|
(152,523)
|
|
(144,779)
|
|
(15,404)
|
|
10.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY DATA
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(3)
|
$
300,978
|
|
$
173,312
|
|
127,666
|
|
73.7
|
|
$
182,757
|
|
$
154,425
|
|
$
165,022
|
|
135,956
|
|
82.4
|
Other real estate
owned and foreclosed assets
|
22,085
|
|
27,220
|
|
(5,135)
|
|
(18.9)
|
|
31,411
|
|
34,131
|
|
40,450
|
|
(18,365)
|
|
(45.4)
|
Accruing loans more
than 90 days past due
|
5,233
|
|
1,580
|
|
3,653
|
|
231.2
|
|
1,068
|
|
1,970
|
|
2,994
|
|
2,239
|
|
74.8
|
Total non-performing
assets
|
$
328,296
|
|
$
202,112
|
|
126,184
|
|
62.4
|
|
$
215,236
|
|
$
190,526
|
|
$
208,466
|
|
119,830
|
|
57.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
50,181
|
|
$
58,852
|
|
(8,671)
|
|
(14.7)
|
|
$
59,074
|
|
$
35,579
|
|
$
25,306
|
|
24,875
|
|
98.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
1.58 %
|
|
1.00 %
|
|
|
|
|
|
1.07 %
|
|
0.98 %
|
|
1.07 %
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
2.20
|
|
1.37
|
|
|
|
|
|
1.49
|
|
1.33
|
|
1.47
|
|
|
|
|
Allowance for loan
losses to non-performing loans (4)
|
48.4
|
|
84.3
|
|
|
|
|
|
79.7
|
|
88.5
|
|
77.5
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
45.1
|
|
73.0
|
|
|
|
|
|
68.1
|
|
72.6
|
|
62.5
|
|
|
|
|
Allowance for loan
losses to total loans
|
0.99
|
|
1.00
|
|
|
|
|
|
1.01
|
|
0.97
|
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
11,500
|
|
$
12,994
|
|
(1,494)
|
|
(11.5)
|
|
$
5,560
|
|
$
4,277
|
|
$
5,245
|
|
6,255
|
|
119.3
|
Quarter-to-date
recoveries
|
(1,277)
|
|
(1,071)
|
|
(206)
|
|
19.2
|
|
(1,551)
|
|
(1,358)
|
|
(2,790)
|
|
1,513
|
|
(54.2)
|
Quarter-to-date net
charge-offs
|
$
10,223
|
|
$
11,923
|
|
(1,700)
|
|
(14.3)
|
|
$
4,009
|
|
$
2,919
|
|
$
2,455
|
|
7,768
|
|
316.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.27 %
|
|
0.33 %
|
|
|
|
|
|
0.11 %
|
|
0.08 %
|
|
0.07 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For purposes of
this table, energy-related loans generally include loans with
specific NAICS codes that relate to the Oil and Gas E&P,
Services or Midstream industries.
|
(2) For purposes of
this table, non-performing assets include all loans meeting
non-performing asset criteria, including assets acquired in
FDIC-assisted transactions.
|
(3) For purposes of
this table, non-accrual loans may include acquired 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 6 -
IBERIABANK CORPORATION
|
LEGACY LOANS AND
LEGACY ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LEGACY
LOANS
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate
|
$
5,419,483
|
|
$
5,097,689
|
|
321,794
|
|
6.3
|
|
$
4,771,690
|
|
$
4,504,062
|
|
$
4,321,723
|
|
1,097,760
|
|
25.4
|
Commercial and
Industrial
|
3,101,472
|
|
3,027,590
|
|
73,882
|
|
2.4
|
|
2,926,686
|
|
2,952,102
|
|
2,779,503
|
|
321,969
|
|
11.6
|
Energy-related
(Real Estate and Commercial and Industrial)
(1)
|
598,279
|
|
659,510
|
|
(61,231)
|
|
(9.3)
|
|
728,778
|
|
677,177
|
|
713,935
|
|
(115,656)
|
|
(16.2)
|
Total commercial
loans
|
9,119,234
|
|
8,784,789
|
|
334,445
|
|
3.8
|
|
8,427,154
|
|
8,133,341
|
|
7,815,161
|
|
1,304,073
|
|
16.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
840,082
|
|
794,701
|
|
45,381
|
|
5.7
|
|
730,621
|
|
694,023
|
|
660,543
|
|
179,539
|
|
27.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
1,755,295
|
|
1,695,113
|
|
60,182
|
|
3.6
|
|
1,625,812
|
|
1,575,643
|
|
1,488,796
|
|
266,499
|
|
17.9
|
Indirect
automobile
|
153,904
|
|
182,199
|
|
(28,295)
|
|
(15.5)
|
|
213,141
|
|
246,214
|
|
281,522
|
|
(127,618)
|
|
(45.3)
|
Automobile
|
143,355
|
|
146,394
|
|
(3,039)
|
|
(2.1)
|
|
153,732
|
|
157,579
|
|
159,928
|
|
(16,573)
|
|
(10.4)
|
Credit
card
|
80,452
|
|
78,044
|
|
2,408
|
|
3.1
|
|
76,247
|
|
77,261
|
|
76,716
|
|
3,736
|
|
4.9
|
Other
|
321,048
|
|
303,609
|
|
17,439
|
|
5.7
|
|
301,990
|
|
306,459
|
|
296,592
|
|
24,456
|
|
8.2
|
Total consumer
loans
|
2,454,054
|
|
2,405,359
|
|
48,695
|
|
2.0
|
|
2,370,922
|
|
2,363,156
|
|
2,303,554
|
|
150,500
|
|
6.5
|
Total loans
|
$
12,413,370
|
|
$
11,984,849
|
|
428,521
|
|
3.6
|
|
$
11,528,697
|
|
$
11,190,520
|
|
$
10,779,258
|
|
1,634,112
|
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
(108,889)
|
|
$
(106,861)
|
|
(2,028)
|
|
1.9
|
|
$
(105,574)
|
|
$
(93,808)
|
|
$
(86,400)
|
|
(22,489)
|
|
26.0
|
Loans,
net
|
12,304,481
|
|
11,877,988
|
|
426,493
|
|
3.6
|
|
11,423,123
|
|
11,096,712
|
|
10,692,858
|
|
1,611,623
|
|
15.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(11,990)
|
|
(13,826)
|
|
1,836
|
|
(13.3)
|
|
(14,033)
|
|
(14,145)
|
|
(14,525)
|
|
2,535
|
|
(17.5)
|
Allowance for credit
losses
|
(120,879)
|
|
(120,687)
|
|
(192)
|
|
0.2
|
|
(119,607)
|
|
(107,953)
|
|
(100,925)
|
|
(19,954)
|
|
19.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY DATA
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
227,122
|
|
$
95,096
|
|
132,026
|
|
138.8
|
|
$
93,429
|
|
$
50,928
|
|
$
51,274
|
|
175,848
|
|
343.0
|
Other real estate
owned and foreclosed assets
|
11,538
|
|
14,478
|
|
(2,940)
|
|
(20.3)
|
|
17,662
|
|
16,491
|
|
17,062
|
|
(5,524)
|
|
(32.4)
|
Accruing loans more
than 90 days past due
|
4,936
|
|
353
|
|
4,583
|
|
1,298.3
|
|
125
|
|
624
|
|
1,521
|
|
3,415
|
|
224.5
|
Total non-performing
assets
|
$
243,596
|
|
$
109,927
|
|
133,669
|
|
121.6
|
|
$
111,216
|
|
$
68,043
|
|
$
69,857
|
|
173,739
|
|
248.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
41,157
|
|
$
45,906
|
|
(4,749)
|
|
(10.3)
|
|
$
42,454
|
|
$
20,109
|
|
$
15,718
|
|
25,439
|
|
161.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
1.33 %
|
|
0.63 %
|
|
|
|
|
|
0.65 %
|
|
0.42 %
|
|
0.43 %
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
1.96
|
|
0.92
|
|
|
|
|
|
0.96
|
|
0.61
|
|
0.65
|
|
|
|
|
Allowance for loan
losses to non-performing loans (3)
|
46.9
|
|
112.0
|
|
|
|
|
|
112.9
|
|
182.0
|
|
163.7
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
44.7
|
|
97.2
|
|
|
|
|
|
94.9
|
|
137.9
|
|
123.7
|
|
|
|
|
Allowance for loan
losses to total loans
|
0.88
|
|
0.89
|
|
|
|
|
|
0.92
|
|
0.84
|
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
11,201
|
|
$
11,969
|
|
(768)
|
|
(6.4)
|
|
$
5,389
|
|
$
3,705
|
|
$
4,958
|
|
6,243
|
|
125.9
|
Quarter-to-date
recoveries
|
(1,102)
|
|
(775)
|
|
(327)
|
|
42.2
|
|
(1,247)
|
|
(1,145)
|
|
(2,524)
|
|
1,422
|
|
(56.3)
|
Quarter-to-date net
charge-offs
|
$
10,099
|
|
$
11,194
|
|
(1,095)
|
|
(9.8)
|
|
$
4,142
|
|
$
2,560
|
|
$
2,434
|
|
7,665
|
|
314.9
|
Net charge-offs to
average loans (annualized)
|
0.33 %
|
|
0.38 %
|
|
|
|
|
|
0.15 %
|
|
0.09 %
|
|
0.09 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For purposes of
this table, energy-related loans generally include loans with
specific NAICS codes that relate to the Oil and Gas E&P,
Services or Midstream industries.
|
(2) For purposes of
this table, non-performing assets include all loans meeting
non-performing asset criteria.
|
(3) Non-performing
loans consist of non-accruing loans and accruing loans 90 days or
more past due.
|
Table 7 -
IBERIABANK CORPORATION
|
ACQUIRED LOANS AND
ACQUIRED ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ACQUIRED
LOANS(1)
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate
|
$
1,261,732
|
|
$
1,374,312
|
|
(112,580)
|
|
(8.2)
|
|
$
1,458,938
|
|
$
1,569,449
|
|
$
1,658,028
|
|
(396,296)
|
|
(23.9)
|
Commercial and
Industrial
|
361,525
|
|
408,219
|
|
(46,694)
|
|
(11.4)
|
|
447,696
|
|
492,476
|
|
523,468
|
|
(161,943)
|
|
(30.9)
|
Energy-related
(Real Estate and Commercial and
Industrial)(2)
|
1,362
|
|
2,524
|
|
(1,162)
|
|
(46.0)
|
|
2,884
|
|
3,589
|
|
5,521
|
|
(4,159)
|
|
(75.3)
|
Total commercial
loans
|
1,624,619
|
|
1,785,055
|
|
(160,436)
|
|
(9.0)
|
|
1,909,518
|
|
2,065,514
|
|
2,187,017
|
|
(562,398)
|
|
(25.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
430,448
|
|
454,361
|
|
(23,913)
|
|
(5.3)
|
|
477,770
|
|
501,296
|
|
529,398
|
|
(98,950)
|
|
(18.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
395,835
|
|
434,699
|
|
(38,864)
|
|
(8.9)
|
|
465,702
|
|
490,524
|
|
526,891
|
|
(131,056)
|
|
(24.9)
|
Indirect
automobile
|
9
|
|
24
|
|
(15)
|
|
(62.5)
|
|
38
|
|
84
|
|
127
|
|
(118)
|
|
(92.9)
|
Automobile
|
9,617
|
|
10,203
|
|
(586)
|
|
(5.7)
|
|
11,136
|
|
11,992
|
|
13,019
|
|
(3,402)
|
|
(26.1)
|
Credit
card
|
507
|
|
508
|
|
(1)
|
|
(0.2)
|
|
509
|
|
582
|
|
568
|
|
(61)
|
|
(10.7)
|
Other
|
50,094
|
|
52,862
|
|
(2,768)
|
|
(5.2)
|
|
57,874
|
|
66,916
|
|
80,741
|
|
(30,647)
|
|
(38.0)
|
Total consumer
loans
|
456,062
|
|
498,296
|
|
(42,234)
|
|
(8.5)
|
|
535,259
|
|
570,098
|
|
621,346
|
|
(165,284)
|
|
(26.6)
|
Total loans
|
$
2,511,129
|
|
$
2,737,712
|
|
(226,583)
|
|
(8.3)
|
|
$
2,922,547
|
|
$
3,136,908
|
|
$
3,337,761
|
|
(826,632)
|
|
(24.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
(39,304)
|
|
$
(40,591)
|
|
1,287
|
|
(3.2)
|
|
$
(40,983)
|
|
$
(44,570)
|
|
$
(43,854)
|
|
4,550
|
|
(10.4)
|
Loans,
net
|
2,471,825
|
|
2,697,121
|
|
(225,296)
|
|
(8.4)
|
|
2,881,564
|
|
3,092,338
|
|
3,293,907
|
|
(822,082)
|
|
(25.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED ASSET
QUALITY DATA (1) (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(4)
|
$
73,856
|
|
$
78,216
|
|
(4,360)
|
|
(5.6)
|
|
$
89,328
|
|
$
103,497
|
|
$
113,748
|
|
(39,892)
|
|
(35.1)
|
Other real estate
owned and foreclosed assets
|
10,547
|
|
12,742
|
|
(2,195)
|
|
(17.2)
|
|
13,749
|
|
17,640
|
|
23,388
|
|
(12,841)
|
|
(54.9)
|
Accruing loans more
than 90 days past due
|
297
|
|
1,227
|
|
(930)
|
|
(75.8)
|
|
943
|
|
1,346
|
|
1,473
|
|
(1,176)
|
|
(79.8)
|
Total non-performing
assets
|
$
84,700
|
|
$
92,185
|
|
(7,485)
|
|
(8.1)
|
|
$
104,020
|
|
$
122,483
|
|
$
138,609
|
|
(53,909)
|
|
(38.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
9,024
|
|
$
12,946
|
|
(3,922)
|
|
(30.3)
|
|
$
16,620
|
|
$
15,470
|
|
$
9,588
|
|
(564)
|
|
(5.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
3.36 %
|
|
3.35 %
|
|
|
|
|
|
3.50 %
|
|
3.84 %
|
|
4.07 %
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
3.36
|
|
3.35
|
|
|
|
|
|
3.54
|
|
3.88
|
|
4.12
|
|
|
|
|
Allowance for loan
losses to non-performing loans
|
53.0
|
|
51.1
|
|
|
|
|
|
45.4
|
|
42.5
|
|
38.1
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
46.4
|
|
44.0
|
|
|
|
|
|
39.4
|
|
36.4
|
|
31.6
|
|
|
|
|
Allowance for loan
losses to total loans
|
1.57
|
|
1.48
|
|
|
|
|
|
1.40
|
|
1.42
|
|
1.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
299
|
|
$
1,025
|
|
(726)
|
|
(70.8)
|
|
$
171
|
|
$
572
|
|
$
287
|
|
12
|
|
4.2
|
Quarter-to-date
recoveries
|
(175)
|
|
(296)
|
|
121
|
|
(40.9)
|
|
(304)
|
|
(213)
|
|
(266)
|
|
91
|
|
(34.2)
|
Quarter-to-date net
charge-offs/(recoveries)
|
$
124
|
|
$
729
|
|
(605)
|
|
(83.0)
|
|
$
(133)
|
|
$
359
|
|
$
21
|
|
103
|
|
490.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans
|
0.02 %
|
|
0.10 %
|
|
|
|
|
|
(0.02)%
|
|
0.04 %
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For purposes of
this table, acquired loans and acquired non-performing assets are
presented only. Non-performing assets include all loans meeting
non-performing asset criteria.
|
(2) For purposes of
this table, energy-related loans generally include loans with
specific NAICS codes that relate to the Oil and Gas E&P,
Services or Midstream industries.
|
(3) For purposes of
this table, non-performing assets include all loans meeting
non-performing asset criteria, including assets acquired in
FDIC-assisted transactions.
|
(4) For purposes of
this table, non-accrual loans may include acquired loans accounted
for under ASC 310-30 that are currently accruing income.
|
Table 8 -
IBERIABANK CORPORATION
|
ENERGY-RELATED
LOANS AND ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
(1)
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
$
|
|
%
|
E&P
|
$
301,223
|
|
$
328,066
|
|
(26,843)
|
|
(8.2)
|
|
$
369,725
|
|
$
314,381
|
|
$
335,837
|
|
(34,614)
|
|
(10.3)
|
Midstream
|
110,821
|
|
123,687
|
|
(12,866)
|
|
(10.4)
|
|
130,556
|
|
116,623
|
|
122,863
|
|
(12,042)
|
|
(9.8)
|
Service
|
187,597
|
|
210,281
|
|
(22,684)
|
|
(10.8)
|
|
231,381
|
|
249,762
|
|
260,756
|
|
(73,159)
|
|
(28.1)
|
Total energy-related
loans
|
$
599,641
|
|
$
662,034
|
|
(62,393)
|
|
(9.4)
|
|
$
731,662
|
|
$
680,766
|
|
$
719,456
|
|
(119,815)
|
|
(16.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E&P
|
$
545,383
|
|
$
572,267
|
|
(26,884)
|
|
(4.7)
|
|
$
677,258
|
|
$
717,109
|
|
$
753,505
|
|
(208,122)
|
|
(27.6)
|
Midstream
|
198,618
|
|
201,555
|
|
(2,937)
|
|
(1.5)
|
|
206,504
|
|
204,326
|
|
200,893
|
|
(2,275)
|
|
(1.1)
|
Service
|
261,450
|
|
295,591
|
|
(34,141)
|
|
(11.6)
|
|
329,282
|
|
369,751
|
|
422,324
|
|
(160,874)
|
|
(38.1)
|
Total energy-related
commitments
|
$
1,005,451
|
|
$
1,069,413
|
|
(63,962)
|
|
(6.0)
|
|
$
1,213,044
|
|
$
1,291,186
|
|
$
1,376,722
|
|
(371,271)
|
|
(27.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans
|
$
14,924,499
|
|
$
14,722,561
|
|
201,938
|
|
1.4
|
|
$
14,451,244
|
|
$
14,327,428
|
|
$
14,117,019
|
|
807,480
|
|
5.7
|
Energy outstandings
as a % of total loans
|
4.0 %
|
|
4.5 %
|
|
|
|
|
|
5.1 %
|
|
4.8 %
|
|
5.1 %
|
|
|
|
|
Energy commitments as
a % of total commitments
|
5.1 %
|
|
5.4 %
|
|
|
|
|
|
6.3 %
|
|
6.8 %
|
|
7.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
(28,215)
|
|
$
(33,040)
|
|
4,825
|
|
(14.6)
|
|
$
(38,495)
|
|
$
(23,987)
|
|
$
(15,335)
|
|
(12,880)
|
|
84.0
|
Reserve for unfunded
commitments
|
(953)
|
|
(2,223)
|
|
1,270
|
|
(57.1)
|
|
(903)
|
|
(2,666)
|
|
$
(3,633)
|
|
2,680
|
|
(73.8)
|
Allowance for credit
losses
|
(29,168)
|
|
(35,263)
|
|
6,095
|
|
(17.3)
|
|
(39,398)
|
|
(26,653)
|
|
(18,968)
|
|
(10,200)
|
|
53.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY DATA (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
153,620
|
|
$
60,814
|
|
92,806
|
|
152.6
|
|
$
46,223
|
|
$
8,449
|
|
$
4,870
|
|
148,750
|
|
3,054.4
|
Other real estate
owned and foreclosed assets
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Accruing loans more
than 90 days past due
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Total non-performing
assets
|
$
153,620
|
|
$
60,814
|
|
92,806
|
|
152.6
|
|
$
46,223
|
|
$
8,449
|
|
$
4,870
|
|
148,750
|
|
3,054.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
—
|
|
$
3,055
|
|
(3,055)
|
|
100.0
|
|
$
—
|
|
$
15
|
|
$
477
|
|
(477)
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total energy-related loans and OREO
|
25.62 %
|
|
9.19 %
|
|
|
|
|
|
6.32 %
|
|
1.24 %
|
|
0.68 %
|
|
|
|
|
Allowance for loan
losses to non-performing loans (3)
|
18.4
|
|
54.3
|
|
|
|
|
|
83.3
|
|
283.9
|
|
314.9
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
18.4
|
|
54.3
|
|
|
|
|
|
83.3
|
|
283.9
|
|
314.9
|
|
|
|
|
Allowance for loan
losses to total energy-related loans
|
4.71
|
|
4.99
|
|
|
|
|
|
5.26
|
|
3.52
|
|
2.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
6,957
|
|
$
7,715
|
|
|
|
|
|
$
—
|
|
$
—
|
|
$
—
|
|
|
|
|
Quarter-to-date
recoveries
|
—
|
|
—
|
|
|
|
|
|
—
|
|
—
|
|
—
|
|
|
|
|
Quarter-to-date net
charge-offs
|
$
6,957
|
|
$
7,715
|
|
|
|
|
|
$
—
|
|
$
—
|
|
$
—
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
4.39 %
|
|
4.44 %
|
|
|
|
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For purposes of
this table, energy-related loans generally include loans with
specific NAICS codes.
|
|
|
(2) For purposes of
this table, non-performing assets include all loans meeting
non-performing asset criteria.
|
(3) Non-performing
loans consist of non-accruing loans and accruing loans 90 days or
more past due.
|
TABLE 9 -
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
|
|
Basis Point
Change
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
|
|
Yield/Rate
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
10,646,874
|
$
116,653
|
4.34 %
|
|
$
10,458,822
|
$
114,588
|
4.39 %
|
|
(5)
|
Residential
mortgage loans
|
1,254,665
|
13,718
|
4.37
|
|
1,221,254
|
13,781
|
4.51
|
|
(14)
|
Consumer
loans
|
2,900,660
|
37,413
|
5.13
|
|
2,890,869
|
37,200
|
5.18
|
|
(5)
|
Total loans
|
14,802,199
|
167,784
|
4.50
|
|
14,570,945
|
165,569
|
4.55
|
|
(5)
|
Loss share
receivable
|
27,694
|
(3,935)
|
(55.61)
|
|
32,189
|
(4,163)
|
(51.16)
|
|
(445)
|
Total loans and loss
share receivable
|
14,829,893
|
163,849
|
4.39
|
|
14,603,134
|
161,406
|
4.43
|
|
(4)
|
Mortgage loans held
for sale
|
219,369
|
1,774
|
3.24
|
|
211,468
|
1,850
|
3.50
|
|
(26)
|
Investment securities
(2)
|
2,830,892
|
13,815
|
2.09
|
|
2,856,805
|
14,663
|
2.18
|
|
(9)
|
Other earning
assets
|
641,080
|
1,066
|
0.66
|
|
483,597
|
775
|
0.64
|
|
2
|
Total
earning assets
|
18,521,234
|
180,504
|
3.89
|
|
18,155,004
|
178,694
|
3.97
|
|
(8)
|
Allowance for loan
losses
|
(149,101)
|
|
|
|
(149,037)
|
|
|
|
|
Non-earning
assets
|
2,020,695
|
|
|
|
1,997,950
|
|
|
|
|
Total
assets
|
$
20,392,828
|
|
|
|
$
20,003,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
2,936,130
|
2,313
|
0.31
|
|
$
2,911,510
|
2,080
|
0.29
|
|
2
|
Savings and
money market accounts
|
6,359,006
|
5,826
|
0.36
|
|
6,486,242
|
5,527
|
0.34
|
|
2
|
Certificates
of deposit
|
2,176,159
|
4,592
|
0.84
|
|
2,117,711
|
4,309
|
0.82
|
|
2
|
Total
interest-bearing deposits (3)
|
11,471,295
|
12,731
|
0.44
|
|
11,515,463
|
11,916
|
0.42
|
|
2
|
Short-term
borrowings
|
732,451
|
753
|
0.40
|
|
624,302
|
662
|
0.42
|
|
(2)
|
Long-term
debt
|
682,708
|
3,603
|
2.06
|
|
593,305
|
3,363
|
2.24
|
|
(18)
|
Total interest-bearing
liabilities
|
12,886,454
|
17,087
|
0.53
|
|
12,733,070
|
15,941
|
0.50
|
|
3
|
Non-interest-bearing
deposits
|
4,605,447
|
|
|
|
4,463,928
|
|
|
|
|
Non-interest-bearing
liabilities
|
239,911
|
|
|
|
203,050
|
|
|
|
|
Total
liabilities
|
17,731,812
|
|
|
|
17,400,048
|
|
|
|
|
Total shareholders'
equity
|
2,661,016
|
|
|
|
2,603,869
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$
20,392,828
|
|
|
|
$
20,003,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
163,417
|
3.36 %
|
|
|
$
162,753
|
3.47 %
|
|
(11)
|
Tax-equivalent
benefit
|
|
2,378
|
0.05
|
|
|
2,332
|
0.05
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
165,795
|
3.53 %
|
|
|
$
165,085
|
3.61 %
|
|
(8)
|
|
|
|
|
|
|
|
|
|
|
(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 and June 30,
2016 total 0.32% and 0.30%, respectively.
|
TABLE 9 Continued
- IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
10,250,555
|
$
113,417
|
4.43 %
|
|
$
10,062,680
|
$
114,153
|
4.50 %
|
|
$
9,915,593
|
$
110,282
|
4.41 %
|
Residential
mortgage loans
|
1,202,692
|
13,429
|
4.47
|
|
1,193,488
|
12,819
|
4.30
|
|
1,180,725
|
13,156
|
4.46
|
Consumer
loans
|
2,901,163
|
37,145
|
5.15
|
|
2,928,982
|
36,553
|
4.95
|
|
2,913,283
|
36,477
|
4.97
|
Total loans
|
14,354,410
|
163,991
|
4.58
|
|
14,185,150
|
163,525
|
4.57
|
|
14,009,601
|
159,915
|
4.53
|
Loss share
receivable
|
37,360
|
(4,386)
|
(46.44)
|
|
41,205
|
(4,490)
|
(42.63)
|
|
47,190
|
(5,600)
|
(46.43)
|
Total loans and loss share receivable
|
14,391,770
|
159,605
|
4.45
|
|
14,226,355
|
159,035
|
4.44
|
|
14,056,791
|
154,315
|
4.36
|
Mortgage loans held
for sale
|
160,873
|
1,401
|
3.48
|
|
169,616
|
1,422
|
3.35
|
|
200,895
|
1,847
|
3.68
|
Investment securities
(2)
|
2,866,974
|
15,212
|
2.25
|
|
2,901,388
|
15,149
|
2.21
|
|
2,697,617
|
13,730
|
2.16
|
Other earning
assets
|
453,737
|
718
|
0.64
|
|
390,571
|
1,045
|
1.06
|
|
756,277
|
1,185
|
0.62
|
Total earning
assets
|
17,873,354
|
176,936
|
3.99
|
|
17,687,930
|
176,651
|
3.99
|
|
17,711,580
|
171,077
|
3.86
|
Allowance for loan
losses
|
(141,393)
|
|
|
|
(135,209)
|
|
|
|
(130,367)
|
|
|
Non-earning
assets
|
1,929,350
|
|
|
|
1,998,445
|
|
|
|
2,022,857
|
|
|
Total assets
|
$
19,661,311
|
|
|
|
$
19,551,166
|
|
|
|
$
19,604,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
2,859,940
|
1,940
|
0.27
|
|
$
2,720,128
|
1,861
|
0.27
|
|
$
2,655,069
|
1,725
|
0.26
|
Savings and
money market accounts
|
6,598,838
|
5,640
|
0.34
|
|
6,899,090
|
6,172
|
0.35
|
|
7,104,789
|
6,460
|
0.36
|
Certificates
of deposit
|
2,098,032
|
4,354
|
0.83
|
|
2,213,557
|
4,727
|
0.85
|
|
2,343,794
|
5,039
|
0.85
|
Total
interest-bearing deposits (3)
|
11,556,810
|
11,934
|
0.42
|
|
11,832,775
|
12,760
|
0.43
|
|
12,103,652
|
13,224
|
0.43
|
Short-term
borrowings
|
494,670
|
485
|
0.39
|
|
240,365
|
98
|
0.16
|
|
262,250
|
116
|
0.17
|
Long-term
debt
|
523,503
|
3,114
|
2.35
|
|
341,022
|
2,633
|
3.02
|
|
343,016
|
2,620
|
2.99
|
Total interest-bearing
liabilities
|
12,574,983
|
15,533
|
0.49
|
|
12,414,162
|
15,491
|
0.49
|
|
12,708,918
|
15,960
|
0.50
|
Non-interest-bearing
deposits
|
4,388,259
|
|
|
|
4,459,980
|
|
|
|
4,265,912
|
|
|
Non-interest-bearing
liabilities
|
167,810
|
|
|
|
186,382
|
|
|
|
206,030
|
|
|
Total
liabilities
|
17,131,052
|
|
|
|
17,060,524
|
|
|
|
17,180,860
|
|
|
Total shareholders'
equity
|
2,530,259
|
|
|
|
2,490,642
|
|
|
|
2,423,210
|
|
|
Total
liabilities and shareholders' equity
|
$
19,661,311
|
|
|
|
$
19,551,166
|
|
|
|
$
19,604,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
161,403
|
3.50 %
|
|
|
$
161,160
|
3.50 %
|
|
|
$
155,117
|
3.36 %
|
Tax-equivalent
benefit
|
|
2,361
|
0.05
|
|
|
2,384
|
0.05
|
|
|
2,185
|
0.05
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
163,764
|
3.64 %
|
|
|
$
163,544
|
3.64 %
|
|
|
$
157,302
|
3.50 %
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2016, December 31, 2015
and September 30, 2015 total 0.30%, 0.31% and 0.32%,
respectively.
|
TABLE 10 -
IBERIABANK CORPORATION
|
YEAR-TO-DATE
AVERAGE BALANCES, NET INTEREST INCOME AND
YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
9/30/2016
|
|
9/30/2015
|
|
Basis Point
Change
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
|
|
Yield/Rate
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
10,452,794
|
$
344,658
|
4.39 %
|
|
$
9,032,618
|
$
297,199
|
4.40 %
|
|
(1)
|
Residential mortgage
loans
|
1,226,307
|
40,928
|
4.45
|
|
1,156,101
|
41,129
|
4.74
|
|
(29)
|
Consumer
loans
|
2,897,576
|
111,758
|
5.15
|
|
2,777,330
|
105,113
|
5.06
|
|
9
|
Total
loans
|
14,576,677
|
497,344
|
4.54
|
|
12,966,049
|
443,441
|
4.57
|
|
(3)
|
Loss share
receivable
|
32,398
|
(12,484)
|
(50.63)
|
|
56,299
|
(19,011)
|
(44.53)
|
|
(610)
|
Total loans
and loss share receivable
|
14,609,075
|
484,860
|
4.42
|
|
13,022,348
|
424,430
|
4.36
|
|
6
|
Mortgage loans held
for sale
|
197,317
|
5,025
|
3.40
|
|
179,211
|
4,742
|
3.53
|
|
(13)
|
Investment securities
(2)
|
2,851,482
|
43,691
|
2.17
|
|
2,492,826
|
38,017
|
2.15
|
|
2
|
Other earning
assets
|
526,557
|
2,558
|
0.65
|
|
608,578
|
3,018
|
0.66
|
|
(1)
|
Total earning
assets
|
18,184,431
|
536,134
|
3.95
|
|
16,302,963
|
470,207
|
3.87
|
|
8
|
Allowance for loan
losses
|
(146,520)
|
|
|
|
(129,325)
|
|
|
|
|
Non-earning
assets
|
1,982,804
|
|
|
|
1,842,042
|
|
|
|
|
Total
assets
|
$
20,020,715
|
|
|
|
$
18,015,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
2,902,649
|
6,334
|
0.29
|
|
$
2,587,020
|
5,042
|
0.26
|
|
3
|
Savings and money
market accounts
|
6,480,916
|
16,992
|
0.35
|
|
6,064,012
|
14,892
|
0.33
|
|
2
|
Certificates of
deposit
|
2,130,800
|
13,255
|
0.83
|
|
2,275,968
|
14,410
|
0.85
|
|
(2)
|
Total
interest-bearing deposits (3)
|
11,514,365
|
36,581
|
0.42
|
|
10,927,000
|
34,344
|
0.42
|
|
—
|
Short-term
borrowings
|
617,562
|
1,900
|
0.40
|
|
488,574
|
699
|
0.19
|
|
21
|
Long-term
debt
|
600,141
|
10,080
|
2.21
|
|
404,125
|
8,566
|
2.80
|
|
(59)
|
Total
interest-bearing liabilities
|
12,732,068
|
48,561
|
0.51
|
|
11,819,699
|
43,609
|
0.49
|
|
2
|
Non-interest-bearing
deposits
|
4,486,314
|
|
|
|
3,840,738
|
|
|
|
|
Non-interest-bearing
liabilities
|
203,723
|
|
|
|
171,585
|
|
|
|
|
Total
liabilities
|
17,422,105
|
|
|
|
15,832,022
|
|
|
|
|
Total shareholders'
equity
|
2,598,610
|
|
|
|
2,183,658
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
20,020,715
|
|
|
|
$
18,015,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
487,573
|
3.44 %
|
|
|
$
426,598
|
3.38 %
|
|
6
|
Tax-equivalent
benefit
|
|
7,071
|
0.05
|
|
|
6,221
|
0.05
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
494,644
|
3.59 %
|
|
|
$
432,819
|
3.52 %
|
|
7
|
|
|
|
|
|
|
|
|
|
|
(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 nine months ended September 30, 2016 and 2015 total
0.30% and 0.31%, respectively .
|
Table 11 -
IBERIABANK CORPORATION
|
LEGACY AND
ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
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
|
$
123
|
$ 12,183
|
3.97 %
|
|
$
118
|
$ 11,737
|
4.00 %
|
|
$
115
|
$ 11,319
|
4.02 %
|
|
$
109
|
$ 10,949
|
3.92 %
|
|
$
105
|
$ 10,571
|
3.90 %
|
Acquired loans
(1)
|
41
|
2,647
|
6.10
|
|
43
|
2,866
|
6.01
|
|
45
|
3,073
|
5.84
|
|
50
|
3,277
|
5.97
|
|
49
|
3,486
|
5.59
|
Total
loans
|
$
164
|
$ 14,830
|
4.40 %
|
|
$
161
|
$ 14,603
|
4.45 %
|
|
$
160
|
$ 14,392
|
4.46 %
|
|
$
159
|
$ 14,226
|
4.44 %
|
|
$
154
|
$ 14,057
|
4.36 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
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)
|
(9)
|
76
|
1.49
|
|
(9)
|
84
|
(1.33)
|
|
(7)
|
86
|
(1.04)
|
|
(11)
|
87
|
(1.41)
|
|
(8)
|
92
|
(0.9)
|
Total
loans
|
$
(9)
|
$
76
|
(0.27)%
|
|
$
(9)
|
$
84
|
(0.26)%
|
|
$
(7)
|
$
86
|
(0.21)%
|
|
$
(11)
|
$
87
|
(0.33)%
|
|
$
(8)
|
$
92
|
(0.24)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
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
|
$
123
|
$ 12,183
|
3.97 %
|
|
$
118
|
$ 11,737
|
4.00 %
|
|
$
115
|
$ 11,319
|
4.02 %
|
|
$
109
|
$ 10,949
|
3.92 %
|
|
$
105
|
$ 10,571
|
3.90 %
|
Acquired loans
(1)
|
32
|
2,723
|
4.61
|
|
34
|
2,950
|
4.68
|
|
38
|
3,159
|
4.80
|
|
39
|
3,364
|
4.56
|
|
41
|
3,578
|
4.69
|
Total
loans
|
$
155
|
$ 14,906
|
4.13 %
|
|
$
152
|
$ 14,687
|
4.19 %
|
|
$
153
|
$ 14,478
|
4.25 %
|
|
$
148
|
$ 14,313
|
4.11 %
|
|
$
146
|
$ 14,149
|
4.12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Acquired loans
include the impact of the FDIC Indemnification Asset.
|
Table 12 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
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 available
to common shareholders (GAAP)
|
$
72,615
|
|
$
44,478
|
|
$
1.08
|
|
$
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
|
(12)
|
|
(8)
|
|
—
|
|
(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)
|
72,603
|
|
44,470
|
|
1.08
|
|
74,572
|
|
48,833
|
|
1.18
|
|
67,287
|
|
41,751
|
|
1.01
|
Provision for loan
losses
|
12,484
|
|
8,115
|
|
0.20
|
|
11,866
|
|
7,712
|
|
0.19
|
|
14,905
|
|
9,688
|
|
0.24
|
Core pre-provision
earnings (Non-GAAP)
|
$
85,087
|
|
$
52,585
|
|
$
1.28
|
|
$
86,438
|
|
$
56,545
|
|
$
1.37
|
|
$ 82,192
|
|
$
51,439
|
|
$
1.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
12/31/2015
|
|
9/30/2015
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax(1)
|
|
Per
share(2)
|
|
Pre-tax
|
|
After-tax(1)
|
|
Per
share(2)
|
|
|
|
|
|
|
Net income available
to common shareholders (GAAP)
|
$
62,977
|
|
$
44,407
|
|
$
1.08
|
|
$
62,565
|
|
$
42,475
|
|
$
1.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments and other non-interest income
|
(157)
|
|
(102)
|
|
—
|
|
(2,221)
|
|
(1,444)
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
(166)
|
|
(108)
|
|
—
|
|
2,212
|
|
1,438
|
|
0.04
|
|
|
|
|
|
|
Severance
expense
|
1,842
|
|
1,197
|
|
0.03
|
|
304
|
|
198
|
|
—
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
3,396
|
|
2,207
|
|
0.05
|
|
1,713
|
|
1,113
|
|
0.03
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
(208)
|
|
(135)
|
|
—
|
|
242
|
|
157
|
|
—
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
4,864
|
|
3,161
|
|
0.08
|
|
4,471
|
|
2,906
|
|
0.07
|
|
|
|
|
|
|
Income tax
benefits
|
—
|
|
(2,041)
|
|
(0.05)
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
67,684
|
|
45,425
|
|
1.11
|
|
64,815
|
|
43,937
|
|
1.07
|
|
|
|
|
|
|
Provision for loan
losses
|
11,711
|
|
7,612
|
|
0.19
|
|
5,062
|
|
3,291
|
|
0.08
|
|
|
|
|
|
|
Core pre-provision
earnings (Non-GAAP)
|
$
79,395
|
|
$
53,037
|
|
$
1.30
|
|
$
69,877
|
|
$
47,228
|
|
$
1.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
After-tax amounts 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
|
|
|
|
|
|
9/30/2016
|
|
9/30/2015
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax(1)
|
|
Per
share(2)
|
|
Pre-tax
|
|
After-tax(1)
|
|
Per
share(2)
|
|
|
|
|
|
|
Net income available
to common shareholders (GAAP)
|
$ 213,806
|
|
$
134,627
|
|
$
3.26
|
|
$ 143,961
|
|
$
98,437
|
|
$
2.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments and other non-interest income
|
(1,997)
|
|
(1,298)
|
|
(0.03)
|
|
(3,876)
|
|
(2,519)
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
3
|
|
2
|
|
—
|
|
24,240
|
|
15,969
|
|
0.42
|
|
|
|
|
|
|
Severance
expense
|
594
|
|
386
|
|
0.01
|
|
751
|
|
489
|
|
0.01
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
(212)
|
|
(137)
|
|
(0.01)
|
|
3,863
|
|
2,510
|
|
0.07
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
2,268
|
|
1,474
|
|
0.04
|
|
2,742
|
|
1,782
|
|
0.05
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
2,653
|
|
1,725
|
|
0.04
|
|
31,596
|
|
20,750
|
|
0.55
|
|
|
|
|
|
|
Income tax
benefits
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
214,462
|
|
135,054
|
|
3.27
|
|
171,681
|
|
116,668
|
|
3.07
|
|
|
|
|
|
|
Provision for loan
losses
|
39,255
|
|
25,516
|
|
0.63
|
|
19,197
|
|
12,479
|
|
0.33
|
|
|
|
|
|
|
Core pre-provision
earnings (Non-GAAP)
|
$ 253,717
|
|
$
160,570
|
|
$
3.90
|
|
$ 190,878
|
|
$
129,147
|
|
$
3.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
After-tax amounts 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 13 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
Net interest income
(GAAP)
|
$
163,417
|
|
$
162,753
|
|
$
161,403
|
|
$
161,160
|
|
$
155,117
|
Add: Effect of tax
benefit on interest income
|
2,378
|
|
2,332
|
|
2,361
|
|
2,384
|
|
2,185
|
Net interest income
(TE) (Non-GAAP) (1)
|
165,795
|
|
165,085
|
|
163,764
|
|
163,544
|
|
157,302
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
59,821
|
|
64,917
|
|
55,845
|
|
52,503
|
|
57,478
|
Add: Effect of tax
benefit on non-interest income
|
703
|
|
760
|
|
647
|
|
590
|
|
589
|
Non-interest income
(TE) (Non-GAAP) (1)
|
60,524
|
|
65,677
|
|
56,492
|
|
53,093
|
|
58,067
|
Taxable equivalent
revenues (Non-GAAP) (1)
|
226,319
|
|
230,762
|
|
220,256
|
|
216,637
|
|
215,369
|
Securities gains and
other non-interest income
|
(12)
|
|
(1,789)
|
|
(196)
|
|
(157)
|
|
(2,221)
|
Core taxable
equivalent revenues (Non-GAAP)(1)
|
$
226,307
|
|
$
228,973
|
|
$
220,060
|
|
$
216,480
|
|
$
213,148
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP)
|
$
138,139
|
|
$
139,504
|
|
$
137,452
|
|
$
138,975
|
|
$
144,968
|
Less: Intangible
amortization expense
|
2,106
|
|
2,109
|
|
2,113
|
|
1,795
|
|
2,338
|
Tangible non-interest
expense (Non-GAAP) (2)
|
136,033
|
|
137,395
|
|
135,339
|
|
137,180
|
|
142,630
|
Less: Merger-related
expense
|
—
|
|
—
|
|
3
|
|
(166)
|
|
2,212
|
Severance
expense
|
—
|
|
140
|
|
454
|
|
1,842
|
|
304
|
(Gain) Loss on sale
of long-lived assets, net of impairment
|
—
|
|
(1,256)
|
|
1,044
|
|
3,396
|
|
1,713
|
Other non-core
non-interest expense
|
—
|
|
1,177
|
|
1,091
|
|
(208)
|
|
242
|
Core tangible
non-interest expense (Non-GAAP) (2)
|
$
136,033
|
|
$
137,334
|
|
$
132,747
|
|
$
132,316
|
|
$
138,159
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
0.94 %
|
|
1.02 %
|
|
0.87 %
|
|
0.90 %
|
|
0.86 %
|
Effect of non-core
revenues and expenses
|
0.00
|
|
(0.02)
|
|
0.03
|
|
0.02
|
|
0.03
|
Core return on
average assets (Non-GAAP)
|
0.94 %
|
|
1.00 %
|
|
0.90 %
|
|
0.92 %
|
|
0.89 %
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
61.9 %
|
|
61.3 %
|
|
63.3 %
|
|
65.0 %
|
|
68.2 %
|
Effect of tax benefit
related to tax-exempt income
|
(0.9)
|
|
(0.8)
|
|
(0.9)
|
|
(0.8)
|
|
(0.9)
|
Efficiency ratio (TE)
(Non-GAAP) (1)
|
61.0 %
|
|
60.5 %
|
|
62.4 %
|
|
64.2 %
|
|
67.3 %
|
Effect of
amortization of intangibles
|
(0.9)
|
|
(0.9)
|
|
(1.0)
|
|
(0.8)
|
|
(1.1)
|
Effect of non-core
items
|
0.0
|
|
0.4
|
|
(1.1)
|
|
(2.3)
|
|
(1.4)
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2)
|
60.1 %
|
|
60.0 %
|
|
60.3 %
|
|
61.1 %
|
|
64.8 %
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
7.00 %
|
|
8.05 %
|
|
6.59 %
|
|
7.30 %
|
|
7.09 %
|
Effect of intangibles
(2)
|
3.30
|
|
3.85
|
|
3.30
|
|
3.65
|
|
3.73
|
Effect of non-core
revenues and expenses
|
0.00
|
|
(0.26)
|
|
0.37
|
|
0.25
|
|
0.36
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
10.30 %
|
|
11.64 %
|
|
10.26 %
|
|
11.20 %
|
|
11.18 %
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
2,667,110
|
|
$
2,637,597
|
|
$
2,547,909
|
|
$
2,498,835
|
|
$
2,483,201
|
Less: Goodwill
and other intangibles
|
757,856
|
|
759,966
|
|
764,730
|
|
761,871
|
|
762,500
|
Preferred
stock
|
132,097
|
|
132,098
|
|
76,812
|
|
76,812
|
|
77,463
|
Tangible common
equity (Non-GAAP) (2)
|
$
1,777,157
|
|
$
1,745,533
|
|
$
1,706,367
|
|
$
1,660,152
|
|
$
1,643,238
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$
20,788,566
|
|
$
20,160,855
|
|
$
20,092,563
|
|
$
19,504,068
|
|
$
19,534,225
|
Less: Goodwill
and other intangibles
|
757,856
|
|
759,966
|
|
764,730
|
|
761,871
|
|
762,500
|
Tangible assets
(Non-GAAP) (2)
|
$
20,030,710
|
|
$
19,400,889
|
|
$
19,327,833
|
|
$
18,742,197
|
|
$
18,771,725
|
Tangible common
equity ratio (Non-GAAP) (2)
|
8.87 %
|
|
9.00 %
|
|
8.83 %
|
|
8.86 %
|
|
8.75 %
|
|
|
|
|
|
|
|
|
|
|
(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-third-quarter-results-300352125.html
SOURCE IBERIABANK Corporation