LAFAYETTE, La., July 20, 2017 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 130-year-old
IBERIABANK (www.iberiabank.com), reported financial results for the
quarter ended June 30, 2017.
For the quarter, the Company reported income available to common
shareholders of $51.1 million, or
$0.99 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 second
quarter of 2017 was $1.10 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, "As expected, we experienced a
seasonal rebound in our operating performance in the second
quarter. First, our team delivered exemplary period-end loan growth
rates of 18% for legacy loans and 11% for total loans, on an
annualized basis. Second, our margin and non-interest income gained
considerably during the quarter, benefited by rising interest
rates and improvements in our fee businesses. Third, we
gained operating efficiency, as evidenced by the improvements in
our efficiency ratio to 61.6% and core tangible efficiency ratio to
57.6%, well below our 60% target. Finally, profitability improved
as ROA increased to 96 basis points and core ROA increased to 106
basis points. We continue to make good progress on multiple
fronts."
Byrd continued, "Our acquisition of Sabadell United Bank remains
on track as well. We received all regulatory approvals within 92
days of announcing the acquisition, and we anticipate completing
the acquisition 11 days from now. Our respective teams have
worked diligently to ensure a smooth and seamless transition for
the clients and associates of Sabadell United Bank. We are excited
to partner with Sabadell United Bank, and we look forward to
working together as one team."
Highlights for the second quarter of 2017 and at June 30, 2017:
- The Company's reported and cash net interest margins improved
18 and 15 basis points, on a linked quarter basis, to 3.71% and
3.45%, respectively. On a linked quarter basis, recoveries on
acquired loans accounted for a $3.0
million increase in net interest income, or 11 basis points
of the net interest margin improvement in the second quarter. The
remaining seven basis point margin improvement was primarily the
result of recent increases in rate indexes and reduced excess
liquidity.
- Non-interest income increased $8.6
million, or 18%, on a linked quarter basis, primarily as a
result of seasonal growth in the Company's fee income
businesses.
- Energy-related loans ("energy loans") decreased $12 million and equated to 3.5% of total loans at
June 30, 2017, compared to 3.7% at
March 31, 2017. Classified energy
loans decreased 30%, and non-performing energy assets decreased 18%
during the second quarter of 2017.
- Net charge-offs increased $4.8
million, on a linked quarter basis, and equated to an
annualized 0.29% of average loans. The provision for loan losses
increased $5.9 million, or 96%.
- During the second quarter of 2017, the Company recorded an
estimated $6 million settlement
accrual associated with the previously disclosed U.S. Department of
Housing and Urban Development lawsuit. The Company believes the
matter will likely be settled by the end of 2017.
- On February 28, 2017, the Company
announced an agreement to acquire Sabadell United Bank,
headquartered in Miami, Florida.
In association with the pending acquisition, on March 7, 2017, the Company issued and sold
approximately 6.1 million shares of common stock at $83.00 per common share, resulting in net
proceeds of $485 million. The Company
has received regulatory approvals to complete the acquisition and
anticipates closing the transaction on July
31, 2017. The estimated dilutive impact of carrying common
stock sold in advance of completing the acquisition was
approximately $0.17 per common share
during the second quarter of 2017. The Company incurred
approximately $1.4 million in
acquisition, conversion, and severance-related non-core expenses
during the second quarter of 2017.
Table A - Summary
Financial Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
6/30/2017
|
|
|
3/31/2017
|
|
%
Change
|
|
6/30/2016
|
|
% Change
|
GAAP
BASIS:
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders
|
$
51,069
|
|
|
$
46,874
|
|
8.9
|
|
$
49,956
|
|
2.2
|
Earnings per common
share - diluted
|
0.99
|
|
|
1.00
|
|
(1.0)
|
|
1.21
|
|
(18.2)
|
|
|
|
|
|
|
|
|
|
|
|
Average loans, net of
unearned income
|
$
15,284,007
|
|
|
$
15,045,755
|
|
1.6
|
|
$
14,570,945
|
|
4.9
|
Average total
deposits
|
17,160,848
|
|
|
17,511,324
|
|
(2.0)
|
|
15,979,391
|
|
7.4
|
Net interest margin
(TE) (1)
|
3.71
|
%
|
|
3.53
|
%
|
|
|
3.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
239,609
|
|
|
$
220,164
|
|
8.8
|
|
$
227,670
|
|
5.2
|
Total non-interest
expense
|
147,508
|
|
|
141,018
|
|
4.6
|
|
139,504
|
|
5.7
|
Efficiency
ratio
|
61.6
|
%
|
|
64.1
|
%
|
|
|
61.3
|
%
|
|
Return on average
assets
|
0.96
|
|
|
0.94
|
|
|
|
1.02
|
|
|
Return on average
common equity
|
6.08
|
|
|
6.41
|
|
|
|
8.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS
(2):
|
|
|
|
|
|
|
|
|
|
|
Core
revenues
|
$
239,550
|
|
|
$
220,163
|
|
8.8
|
|
$
225,881
|
|
6.1
|
Core non-interest
expense
|
141,370
|
|
|
139,437
|
|
1.4
|
|
139,443
|
|
1.4
|
Core earnings per
common share - diluted
|
1.10
|
|
|
1.02
|
|
7.8
|
|
1.18
|
|
(6.8)
|
Core tangible
efficiency ratio (TE) (1) (4)
|
57.6
|
%
|
|
61.6
|
%
|
|
|
60.0
|
%
|
|
Core return on
average assets
|
1.06
|
|
|
0.96
|
|
|
|
1.00
|
|
|
Core return on
average tangible common equity (4)
|
8.86
|
|
|
8.99
|
|
|
|
11.64
|
|
|
Net interest margin
(TE) - cash basis (1) (3)
|
3.45
|
|
|
3.30
|
|
|
|
3.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 increased
$238 million, or 2%, and the
associated tax-equivalent yield increased 15 basis points.
Over that period, average legacy loans increased $390 million, or 3%, with an increase in yield of
15 basis points, and average acquired loans decreased $152 million, or 7%, and the yield increased 59
basis points. All other average earning assets, including
investment securities, mortgage loans held for sale, and
interest-bearing deposits in other institutions, decreased a net of
$215 million, or 4%.
Primarily as a result of rising short-term interest rates, lower
levels of balance sheet liquidity, and recoveries on acquired
loans, the Company's reported and cash net interest margins
increased 18 and 15 basis points, respectively, on a linked quarter
basis.
On a linked quarter basis, average earning assets increased
$23 million, or less than 1%, and the
average earning asset yield increased 20 basis points.
Average interest-bearing liabilities decreased $414 million, or 3%, and the cost of
interest-bearing liabilities increased five basis points. On a
linked quarter basis, tax-equivalent net interest income
increased $10.8 million, or 6%.
The Company's provision for loan losses increased $5.9 million, or 96%, on a linked quarter basis
to $12.1 million. The provision for
loan losses covered net charge-offs in the second quarter of 2017
by 111% compared to 102% in the first quarter of 2017.
In the second quarter of 2017, non-interest income on a GAAP and
non-core basis each increased $8.6
million, or 18%, compared to the first quarter of
2017. The primary changes in non-interest income on a linked
quarter basis were:
- Increased mortgage income of $5.6
million, or 40%;
- Increased title revenues of $1.5
million, or 31%;
- Increased treasury management income of $0.4 million, or 8%;
- Increased deposit service charge income of $0.3 million, or 2%;
- Increased credit/debit card fee income of $0.2 million, or 6%; and
- Increased client derivative income of $0.2 million, or 16%.
In the second quarter of 2017, the Company originated
$546 million in residential mortgage
loans, up $162 million, or 42%, on a
linked quarter basis. Client loan refinancing opportunities
accounted for approximately 14% of mortgage loan applications in
the second quarter of 2017, compared to 21% on a linked quarter
basis. The Company sold $508
million in mortgage loans during the second quarter of 2017,
up $81 million, or 19%, on a linked
quarter basis. Loans held for sale increased from
$122 million at March 31, 2017, to $141
million at June 30,
2017. The mortgage origination locked pipeline was
$249 million at June 30, 2017, up $9
million, or 4%, between quarter-ends, and was down 28%
compared to one year ago. At July 19,
2017, the locked mortgage pipeline was $250 million, up less than 1% compared to
June 30, 2017.
Non-interest expense increased $6.5
million, or 5%, on a linked quarter basis. During the second
quarter of 2017, the Company's non-core expenses included
$1.1 million in merger and
conversion-related costs and $0.4
million in severance costs, offset by a $1.3 million gain on the sale of former
IBERIABANK properties. In addition, during the second quarter of
2017, the Company recorded an estimated $6
million settlement accrual associated with the previously
disclosed U.S. Department of Housing and Urban Development lawsuit.
The Company believes the matter will likely be settled by the end
of 2017.
Excluding non-core expenses, core non-interest expense
increased $2 million, or 1%, and was
comprised of the following items on a linked-quarter basis:
- Increased salary and benefits cost of $3.9 million, or 5%, which included:
-
- Increased regular compensation expenses of $2.2 million;
- Increased mortgage commission expenses of $2.0 million; and
- Increased incentives and other benefit expenses of $1.5 million; partially offset by
- Decreased payroll tax expense of $1.1
million;
- Decreased health care costs of $0.7
million;
- Decreased provision for unfunded commitments of $1.6 million; and
- Decreased other expenses of $0.3
million.
On a linked quarter basis, the Company's revenues and non-GAAP
core revenues each increased $19.4
million, or 9%. Over the same period, GAAP expenses
increased $6.5 million, or 5%, and
non-GAAP core expenses increased $2.0
million, or 1%. The efficiency ratio decreased from 64.1% to
61.6%, while the non-GAAP core tangible efficiency ratio decreased
from 61.6% to 57.6% on a linked quarter basis. The Company
continues to focus on expense containment and revenue enhancement
strategies intended to further improve these ratios.
The effective tax rate increased from 30.9% in the first quarter
of 2017 to 35.0% in the second quarter of 2017. Due to a recent
change in accounting principle, the effective tax rate for the
first quarter of 2017 was favorably impacted by a $1.8 million decrease in income tax expense
associated with restricted stock vesting during the quarter.
Vesting and exercise of share-based compensation is expected to
impact income tax expense in the first quarter of future years
as well.
Table B - Summary
Financial Condition Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
6/30/2017
|
|
3/31/2017
|
|
%
Change
|
|
6/30/2016
|
|
%
Change
|
PERIOD-END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans,
net of unearned income
|
$
15,556,016
|
|
|
$
15,132,202
|
|
|
2.8
|
|
$
14,722,561
|
|
|
5.7
|
|
Legacy loans, net of
unearned income
|
13,493,410
|
|
|
12,923,444
|
|
|
4.4
|
|
11,984,849
|
|
|
12.6
|
|
Total
deposits
|
16,853,116
|
|
|
17,312,265
|
|
|
(2.7)
|
|
15,862,027
|
|
|
6.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS (LEGACY):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due and still accruing as a percentage of total loans
|
0.30%
|
|
|
0.25%
|
|
|
|
|
0.38%
|
|
|
|
|
Loans 90 days or more
past due and still accruing as a percentage of total
loans
|
0.00
|
|
|
0.02
|
|
|
|
|
0.00
|
|
|
|
|
Non-performing assets
to total assets (1)
|
0.87
|
|
|
0.99
|
|
|
|
|
0.63
|
|
|
|
|
Classified assets to
total assets (2)
|
1.43
|
|
|
1.60
|
|
|
|
|
2.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (3) (4)
|
12.45%
|
|
|
12.10%
|
|
|
|
|
9.00%
|
|
|
|
|
Tier 1 leverage ratio
(5)
|
13.19
|
|
|
12.91
|
|
|
|
|
9.70
|
|
|
|
|
Total risk-based
capital ratio (5)
|
16.74
|
|
|
16.92
|
|
|
|
|
12.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
66.08
|
|
|
$
65.25
|
|
|
1.3
|
|
$
61.05
|
|
|
8.2
|
|
Tangible book value
(Non-GAAP) (3) (4)
|
51.33
|
|
|
50.46
|
|
|
1.7
|
|
42.53
|
|
|
20.7
|
|
Closing stock
price
|
81.50
|
|
|
79.10
|
|
|
3.0
|
|
59.73
|
|
|
36.4
|
|
Cash
dividends
|
0.36
|
|
|
0.36
|
|
|
-
|
|
0.34
|
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-performing
assets consist of non-accruing loans, accruing loans 90 days or
more past due and other real estate owned, including repossessed
assets.
|
|
(2) Classified assets
include commercial loans rated substandard or worse and
non-performing mortgage and consumer loans, and were $283 million,
$316 million and $364 million at June 30, 2017, March 31, 2017, and
June 30, 2016, respectively.
|
|
(3) See Table 12 and
Table 13 for GAAP to Non-GAAP reconciliations.
|
|
(4) Tangible
calculations eliminate the effect of goodwill and acquisition
related intangible assets and the corresponding amortization
expense on a tax-effected basis where applicable.
|
|
(5) Regulatory
capital ratios as of June 30, 2017 are preliminary.
|
|
Loans
Total loans increased $424
million, or 3%, between March 31,
2017, and June 30, 2017.
Over that period, acquired loans decreased $146 million, or 7%, and legacy loans increased
$570 million, or 4% (18% annualized
rate), including a decrease in total energy loans of $12 million, or 2%, and a decline in indirect
automobile loans of $18 million, or
16%. During the second quarter of 2017, legacy commercial
loans increased $475 million, or 5%,
legacy consumer loans increased $26
million, or 1%, and legacy mortgage loans increased
$69 million, or 8%. Period-end
loan growth during the second quarter of 2017 was strongest in the
Atlanta, Dallas, Orlando, Baton
Rouge, Naples, and
Tampa markets. Funded loan
origination and renewal mix in the second quarter of 2017 was 41%
fixed rate and 59% floating rate, and total loans outstanding
(excluding non-accruals) were 43% fixed and 57%
floating. Commitments originated and/or renewed during
the second quarter of 2017 were $1.6
billion (up 28% on a linked quarter basis). Loans
originated and/or renewed during the second quarter of 2017 totaled
$1.0 billion (up 24% on a linked
quarter basis). At June 30,
2017, the Company's probability-weighted commercial loan
pipeline was approximately $1.0
billion.
Table C -
Period-End Loans
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
6/30/2017
|
|
3/31/2017
|
|
6/30/2016
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
6/30/2017
|
3/31/2017
|
Legacy
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$
10,055,791
|
|
$
9,581,229
|
|
$
8,784,789
|
|
474,562
|
5.0
|
|
19.8%
|
|
1,271,002
|
14.5
|
|
74.5%
|
74.1%
|
Residential mortgage
|
970,961
|
|
901,859
|
|
794,701
|
|
69,102
|
7.7
|
|
30.6%
|
|
176,260
|
22.2
|
|
7.2%
|
7.0%
|
Consumer
|
2,466,658
|
|
2,440,356
|
|
2,405,359
|
|
26,302
|
1.1
|
|
4.3%
|
|
61,299
|
2.5
|
|
18.3%
|
18.9%
|
Total legacy
loans
|
13,493,410
|
|
12,923,444
|
|
11,984,849
|
|
569,966
|
4.4
|
|
17.6%
|
|
1,508,561
|
12.6
|
|
100.0%
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of period
|
2,208,758
|
|
2,370,047
|
|
2,922,547
|
|
(161,289)
|
(6.8)
|
|
|
|
(713,789)
|
(24.4)
|
|
|
|
Loans
acquired during the period
|
-
|
|
-
|
|
-
|
|
-
|
-
|
|
|
|
-
|
-
|
|
|
|
Net
paydown activity
|
(146,152)
|
|
(161,289)
|
|
(184,835)
|
|
15,137
|
(9.4)
|
|
|
|
38,683
|
(20.9)
|
|
|
|
Total acquired
loans
|
2,062,606
|
|
2,208,758
|
|
2,737,712
|
|
(146,152)
|
(6.6)
|
|
|
|
(675,106)
|
(24.7)
|
|
|
|
Total
loans
|
$
15,556,016
|
|
$
15,132,202
|
|
$
14,722,561
|
|
423,814
|
2.8
|
|
|
|
833,455
|
5.7
|
|
|
|
Energy loans outstanding totaled $552
million at June 30, 2017, down
$12 million, or 2%, compared to
March 31, 2017, and equated to
approximately 3.5% of total loans (compared to 3.7% at March 31, 2017). Energy-related commitments
totaled $1.0 billion at June 30, 2017, up $4
million, or less than 1%, compared to March 31, 2017. E&P companies accounted for
48% of energy loans outstanding and 55% of energy loan commitments,
midstream companies accounted for 19% of energy loans and 21% of
energy loan commitments, and service companies accounted for 33% of
energy loans and 24% of energy loan commitments.
At June 30, 2017, $95 million in energy loans were on non-accrual
status (down $19 million, or 16%,
compared to March 31, 2017), and
$2.4 million in energy loans
(excluding non-accruing loans) were past due greater than 30 days
at quarter-end. Classified energy loans decreased
$54 million, or 30%, and criticized
energy loans decreased $71 million,
or 29%, between quarter-ends. At June
30, 2017, approximately 23% of energy loans were
classified and 32% were criticized, compared to approximately 32%
and 44%, respectively, at March 31,
2017. Since December 2014, the
Company has experienced $19 million
in energy-related net charge-offs. Additional information
regarding the Company's energy loan and energy-related commitment
exposure is provided in Table 8 of this press release and in the
supplemental investor presentation.
At June 30, 2017, the Company's
indirect automobile lending business had approximately $92 million in loans outstanding, down
$18 million, or 16%, compared to
March 31, 2017 (0.6% of total loans
outstanding compared to 0.7% at March 31,
2017).
Deposits
Total deposits decreased $459
million, or 3%, between March 31,
2017 and June 30, 2017.
Over that period, non-interest-bearing deposits decreased
$11 million, or less than 1%, and
equated to 30% of total deposits at June
30, 2017. Money market accounts decreased $355 million, or 6%, NOW accounts increased
$4 million, or less than 1%, time
deposits decreased $81 million, or
4%, and savings deposits declined $15
million, or 2%. Deposit growth during the second quarter of
2017 was strongest in the Lake
Charles, Huntsville,
Birmingham, Dallas, and
Baton Rouge markets.
Table D -
Period-End Deposits
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
6/30/2017
|
|
3/31/2017
|
|
6/30/2016
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
6/30/2017
|
3/31/2017
|
Non-interest-bearing
|
$
5,020,195
|
|
$
5,031,583
|
|
$
4,539,254
|
|
(11,388)
|
(0.2)
|
(0.9%)
|
|
480,941
|
10.6
|
|
29.8%
|
29.1%
|
NOW
accounts
|
3,089,482
|
|
3,085,720
|
|
2,985,284
|
|
3,762
|
0.1
|
0.5%
|
|
104,198
|
3.5
|
|
18.3%
|
17.8%
|
Money market
accounts
|
6,017,654
|
|
6,372,855
|
|
5,391,390
|
|
(355,201)
|
(5.6)
|
(22.3%)
|
|
626,264
|
11.6
|
|
35.7%
|
36.8%
|
Savings
accounts
|
797,859
|
|
813,009
|
|
796,855
|
|
(15,150)
|
(1.9)
|
(7.5%)
|
|
1,004
|
0.1
|
|
4.8%
|
4.7%
|
Time
deposits
|
1,927,926
|
|
2,009,098
|
|
2,149,244
|
|
(81,172)
|
(4.0)
|
(16.2%)
|
|
(221,318)
|
(10.3)
|
|
11.4%
|
11.6%
|
Total
deposits
|
$
16,853,116
|
|
$
17,312,265
|
|
$
15,862,027
|
|
(459,149)
|
(2.7)
|
(10.6%)
|
|
991,089
|
6.2
|
|
100.0%
|
100.0%
|
On an average balance and linked quarter basis,
non-interest-bearing deposits increased $16
million, or less than 1%, and interest-bearing deposits
decreased $366 million, or 3%.
The rate on average interest-bearing deposits in the second quarter
of 2017 was 0.56%, up four basis points on a linked quarter basis,
while the cost of total deposits (including non-interest bearing
deposits) was 0.40%, up three basis points. The increase in the
cost of interest-bearing deposits was primarily the result of a
less favorable change in the mix of interest-bearing deposits
during the second quarter of 2017. Marginal deposit rates remained
relatively stable throughout the second quarter of 2017.
Other Assets And Funding
On an average balance and linked quarter basis, the investment
portfolio increased $288 million, or
8%, in the second quarter of 2017, to $4.0
billion. On a period-end basis, the investment
portfolio equated to $4.1 billion, or
19% of total assets at June 30, 2017,
up $184 million, or 5%, compared to
March 31, 2017. The investment
portfolio had an effective duration of 3.5 years at June 30, 2017, compared to 3.8 years at
March 31, 2017. The investment
portfolio had a $19 million
unrealized loss at June 30, 2017, an
improvement from a $32 million
unrealized loss at March 31,
2017. The average yield on investment securities increased
eight basis points on a linked quarter basis to 2.32% in the second
quarter of 2017. The Company holds in its investment portfolio
primarily government agency securities. Municipal securities
comprised 9% of total investments at June
30, 2017.
On a linked quarter basis, average short-term borrowings
(including repurchase agreements) decreased $58 million, or 14%, and the cost of short-term
borrowings decreased one basis point. At June 30, 2017, short-term borrowings (including
repurchase agreements) increased $135
million, or 30%, compared to March
31, 2017. On a linked quarter basis, average long-term
debt increased $10 million, or 2%,
and the cost of long-term debt increased seven basis points to
2.29%. The cost of average interest-bearing liabilities was
0.64% in the second quarter of 2017, up five basis points on a
linked quarter basis.
Asset Quality
Non-performing assets ("NPAs") decreased $21 million, or 10%, to $198 million at June
30, 2017. Acquired NPAs increased $4 million, while legacy NPAs, which include
energy and non-energy loans, decreased $25
million, or 13%, and equated to 0.87% of total assets (down
from 0.99% at March 31, 2017).
Energy-related NPAs (which are included in legacy loans) decreased
by $21 million, or 18%, and accounted
for nearly all of the decline in the Company's total NPAs during
the second quarter of 2017. At June
30, 2017, non-energy-related NPAs remained essentially
unchanged during the second quarter, and equated to 0.49%
of non-energy-related assets.
Aggregate loans past due 30 to 89 days increased $15 million, or 41%, and equated to 0.33% of
total loans at June 30, 2017,
compared to 0.24% at March 31,
2017.
Net charge-offs totaled $10.9
million in the second quarter of 2017, up $4.8 million, or 80%, compared to the first
quarter of 2017. Annualized net charge-offs equated to 0.29%
of average loans in the second quarter of 2017, a 13 basis point
increase on a linked quarter basis. The Company reported no
energy-related net charge-offs during the second quarter of
2017. Approximately half of the linked-quarter increase in
net charge-offs was associated with one commercial loan. The
Company believes that credit situation was an isolated event and
not indicative of a change in asset quality trends or general
deterioration in the loan portfolio.
Capital Position
At June 30, 2017, the Company
reported a non-GAAP tangible common equity ratio of 12.45%, up 35
basis points compared to March 31,
2017, and the preliminary Tier 1 leverage ratio was 13.19%,
up 28 basis points compared to March 31,
2017. The Company's preliminary calculation of its total
risk-based capital ratio at June 30,
2017, was 16.74%, down 18 basis points compared to
March 31, 2017.
At June 30, 2017, book value per
common share was $66.08, up
$0.83 per share, or 1%, compared to
March 31, 2017. Tangible book value
per common share was $51.33, up
$0.87 per share, or 2%, compared to
March 31, 2017. Based on the
closing stock price of the Company's common stock of $81.35
per share on July 20, 2017, this
price equated to 1.23 times June 30,
2017 book value per common share and 1.58 times June 30, 2017 tangible book value per common
share.
Cash Dividends On Common Stock. On June 20, 2017, the Company declared a quarterly
cash dividend of $0.36 per common
share, a 6% increase compared to the same quarter in the prior
year. This common dividend level equated to an annualized dividend
rate of $1.44 per common share.
Based on the Company's closing common stock price on July 20, 2017, the indicated dividend yield was
1.77% per common share. The payment of dividends on the common
stock is at the discretion of the Board of Directors.
Common Stock Repurchase Program. On May 4, 2016, the Board of Directors of the
Company authorized the repurchase of up to 950,000 shares of the
Company's common stock. The Company did not repurchase common
shares under the authorized program during the second quarter of
2017. The Company has approximately 747,000 shares of common stock
remaining that may be purchased under the currently authorized
program.
Series B Preferred Stock. On August
5, 2015, the Company sold 3.2 million depositary shares,
each representing a 1/400th interest in a share of non-cumulative
perpetual preferred stock. The Series B preferred stock has an
initial coupon equal to 6.625% for a period of 10 years, and
thereafter floats at a rate of LIBOR plus 426.2 basis points. The
Company raised approximately $80
million in gross proceeds from the transaction. On
July 7, 2017, the Company declared a
semi-annual cash dividend of $0.828125 per depositary share that is payable on
August 1, 2017.
Series C Preferred Stock. On May 9,
2016, the Company sold 2.3 million depositary shares, each
representing a 1/400th interest in a share of non-cumulative
perpetual preferred stock. The Series C preferred stock has an
initial coupon equal to 6.60% for a period of 10 years, and
thereafter floats at a rate of LIBOR plus 492 basis points. The
Company raised approximately $57.5
million in gross proceeds from the transaction. On
June 20, 2017, the Company declared a
quarterly cash dividend of $0.412500
per depositary share that is payable on August 1, 2017.
Common Stock. On December 7,
2016, the Company issued and sold 3.6 million shares of
common stock at a price of $81.50 per
common share. After deducting underwriting discounts and
commissions and other related expenses, net proceeds of the sale
were approximately $279
million. On March 7,
2017, the Company issued and sold 6.1 million shares of
common stock at a price of $83.00 per
common share. After deducting underwriting discounts and
commissions and other related expenses, net proceeds of the sale
were approximately $485 million. The
estimated dilutive impact of carrying the excess capital associated
with these two common stock offerings was approximately
$0.17 per common share during the
second quarter of 2017 and $0.28 per
common share year-to-date through June 30,
2017.
IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with 301
combined offices, including 203 bank branch offices and one loan
production office in Louisiana,
Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South
Carolina, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 64
locations in 10 states. The Company has eight locations with
representatives of IBERIA Wealth
Advisors in four states, and one IBERIA Capital Partners L.L.C. office in
New Orleans.
The Company's common stock trades on the NASDAQ Global Select
Market under the symbol "IBKC". The Company's Series B Preferred
Stock and Series C Preferred Stock also trade on the NASDAQ Global
Select Market under the symbols "IBKCP" and "IBKCO",
respectively. The Company's common stock market
capitalization was approximately $4.2
billion, based on the NASDAQ Global Select Market closing
stock price on July 20, 2017.
The following 12 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- FIG Partners, LLC
- Hovde Group, LLC
- Jefferies & Co., Inc.
- JMP Securities LLC
- Keefe, Bruyette & Woods, Inc.
- Piper Jaffray & Co.
- Raymond James & Associates,
Inc.
- Robert W. Baird & Company
- Sandler O'Neill + Partners, L.P.
- Stephens, Inc.
- SunTrust Robinson-Humphrey
Conference Call
In association with this earnings release, the Company will host
a live conference call to discuss the financial results for the
quarter just completed. The telephone conference call will be held
on Friday, July 21, 2017, beginning
at 8:30 a.m. Central Time by dialing
1-888-317-6003. The confirmation code for the call is
6591359. A replay of the call will be available until
midnight Central Time on July 28, 2017 by dialing 1-877-344-7529. The
confirmation code for the replay is 10109052. The Company has
prepared a PowerPoint presentation that supplements information
contained in this press release. The PowerPoint presentation
may be accessed on the Company's web site, www.iberiabank.com,
under "Investor Relations" and then "Financial Information" and
"Presentations."
Non-GAAP Financial Measures
This press release contains financial information determined by
methods other than in accordance with GAAP. The Company's
management uses these non-GAAP financial measures in their analysis
of the Company's performance. Non-GAAP measures in this press
release include, but are not limited to, descriptions such as core,
tangible, and pre-tax pre-provision. These measures typically
adjust GAAP performance measures to exclude the effects of the
amortization of intangibles and include the tax benefit associated
with revenue items that are tax-exempt, as well as adjust income
available to common shareholders for certain significant activities
or transactions that in management's opinion can distort
period-to-period comparisons of the Company's performance.
Transactions that are typically excluded from non-GAAP performance
measures include realized and unrealized gains/losses on former
bank owned real estate, realized gains/losses on securities, income
tax gains/losses, merger-related charges and recoveries, litigation
charges and recoveries, and debt repayment penalties. Management
believes presentations of these non-GAAP financial measures provide
useful supplemental information that is essential to a proper
understanding of the operating results of the Company's core
businesses. These non-GAAP disclosures should not be viewed as a
substitute for operating results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies.
Reconciliations of GAAP to non-GAAP disclosures are presented in
the supplemental tables at the end of this release. Please
refer to the supplemental tables for these reconciliations.
Caution About Forward-Looking Statements
This press release contains "forward-looking statements," which
may include forecasts of our financial results and condition,
expectations for our operations and businesses, and our assumptions
for those forecasts and expectations. Do not place undue reliance
on forward-looking statements. Due to various factors, actual
results may differ materially from our forward-looking statements.
Factors that could cause our actual results to differ materially
from our forward-looking statements are described under
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," "Risk Factors" and "Regulation and
Supervision" in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2016,
and in other documents subsequently filed by the Company with the
Securities and Exchange Commission, available at the SEC's website,
http://www.sec.gov, and the Company's website,
http://www.iberiabank.com. To the extent that statements in this
press release relate to future plans, objectives, financial results
or performance by the Company, these statements are deemed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are
generally identified by use of words such as "may," "believe,"
"expect," "anticipate," "intend," "will," "should," "plan,"
"estimate," "predict," "continue" and "potential" or the negative
of these terms or other comparable terminology.
Forward-looking statements represent management's beliefs, based
upon information available at the time the statements are made,
with regard to the matters addressed; they are not guarantees of
future performance. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties that change over time
and could cause actual results or financial condition to differ
materially from those expressed in or implied by such
statements. Factors that could cause or contribute to such
differences include, but are not limited to: the level of market
volatility, our ability to execute our growth strategy, including
the availability of future bank acquisition opportunities, our
ability to execute on our revenue and efficiency improvement
initiatives, unanticipated losses related to the completion and
integration of mergers and acquisitions, refinements to purchase
accounting adjustments for acquired businesses and assets and
assumed liabilities in these transactions, adjustments of fair
values of acquired assets and assumed liabilities and of deferred
taxes in acquisitions, actual results deviating from the Company's
current estimates and assumptions of timing and amounts of cash
flows, utilization of non-GAAP financial measures, credit risk of
our customers, resolution of assets formerly subject to loss share
agreements with the FDIC, effects of the on-going correction in
residential real estate prices and levels of home sales, our
ability to satisfy capital and liquidity standards such as those
imposed by the Dodd-Frank Wall Street Reform and Consumer
Protection Act and those adopted by the Basel Committee on Banking
Supervision and federal banking regulators, sufficiency of our
allowance for loan losses, changes in interest rates, access to
funding sources, reliance on the services of executive management,
competition for loans, deposits and investment dollars, competition
from competitors with greater financial resources than the Company,
reputational risk and social factors, compliance with laws and
regulations, increases in FDIC insurance assessments, geographic
concentration of our markets, economic and business conditions in
our markets or nationally, including the impact of volatility of
oil and gas prices, rapid changes in the financial services
industry, significant litigation, cyber-security risks including
dependence on our operational, technological, and organizational
systems and infrastructure and those of third party providers of
those services, hurricanes and other adverse weather events, and
valuation of intangible assets. All information is as of the date
of this press release. Except to the extent required by applicable
law or regulation, the Company undertakes no obligation to revise
or update publicly any forward-looking statement for any reason.
Table 1 -
IBERIABANK CORPORATION
|
|
FINANCIAL
HIGHLIGHTS
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
INCOME
DATA:
|
6/30/2017
|
|
|
3/31/2017
|
|
%
Change
|
|
6/30/2016
|
|
|
%
Change
|
|
Net interest
income
|
$
183,643
|
|
|
$
172,818
|
|
6.3
|
|
$
162,753
|
|
|
12.8
|
|
Net interest income
(TE) (1)
|
186,135
|
|
|
175,309
|
|
6.2
|
|
165,043
|
|
|
12.8
|
|
Total
revenues
|
239,609
|
|
|
220,164
|
|
8.8
|
|
227,670
|
|
|
5.2
|
|
Provision for loan
losses
|
12,050
|
|
|
6,154
|
|
95.8
|
|
11,866
|
|
|
1.6
|
|
Non-interest
expense
|
147,508
|
|
|
141,018
|
|
4.6
|
|
139,504
|
|
|
5.7
|
|
Net income available
to common shareholders
|
51,069
|
|
|
46,874
|
|
8.9
|
|
49,956
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
1.00
|
|
|
$
1.01
|
|
(1.0)
|
|
$
1.21
|
|
|
(17.4)
|
|
Earnings available to
common shareholders - diluted
|
0.99
|
|
|
1.00
|
|
(1.0)
|
|
1.21
|
|
|
(18.2)
|
|
Core earnings
(Non-GAAP) (2)
|
1.10
|
|
|
1.02
|
|
7.8
|
|
1.18
|
|
|
(6.8)
|
|
Book value
|
66.08
|
|
|
65.25
|
|
1.3
|
|
61.05
|
|
|
8.2
|
|
Tangible book value
(Non-GAAP) (2) (3)
|
51.33
|
|
|
50.46
|
|
1.7
|
|
42.53
|
|
|
20.7
|
|
Closing stock
price
|
81.50
|
|
|
79.10
|
|
3.0
|
|
59.73
|
|
|
36.4
|
|
Cash
dividends
|
0.36
|
|
|
0.36
|
|
-
|
|
0.34
|
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND
OTHER DATA (6):
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.71%
|
|
|
3.53%
|
|
|
|
3.65%
|
|
|
|
|
Efficiency
ratio
|
61.6
|
|
|
64.1
|
|
|
|
61.3
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
57.6
|
|
|
61.6
|
|
|
|
60.0
|
|
|
|
|
Return on average
assets
|
0.96
|
|
|
0.94
|
|
|
|
1.02
|
|
|
|
|
Return on average
common equity
|
6.08
|
|
|
6.41
|
|
|
|
8.05
|
|
|
|
|
Core return on
average tangible common equity (Non-GAAP) (2)
(3)
|
8.86
|
|
|
8.99
|
|
|
|
11.64
|
|
|
|
|
Effective tax
rate
|
35.0
|
|
|
30.9
|
|
|
|
33.4
|
|
|
|
|
Full-time equivalent
employees
|
3,190
|
|
|
3,161
|
|
|
|
3,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (2) (3)
|
12.45%
|
|
|
12.10%
|
|
|
|
9.00%
|
|
|
|
|
Tangible common
equity to risk-weighted assets (3)
|
14.32
|
|
|
14.49
|
|
|
|
10.16
|
|
|
|
|
Tier 1 leverage ratio
(4)
|
13.19
|
|
|
12.91
|
|
|
|
9.70
|
|
|
|
|
Common equity Tier 1
(CET 1) (transitional) (4)
|
14.52
|
|
|
14.64
|
|
|
|
10.09
|
|
|
|
|
Common equity Tier 1
(CET 1) (fully phased-in) (4)
|
14.50
|
|
|
14.60
|
|
|
|
9.99
|
|
|
|
|
Tier 1 capital
(transitional) (4)
|
15.24
|
|
|
15.38
|
|
|
|
10.85
|
|
|
|
|
Total risk-based
capital ratio (4)
|
16.74
|
|
|
16.92
|
|
|
|
12.47
|
|
|
|
|
Common stock dividend
payout ratio
|
36.2
|
|
|
39.0
|
|
|
|
28.0
|
|
|
|
|
Classified assets to
Tier 1 capital (7)
|
13.4
|
|
|
15.2
|
|
|
|
25.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS (LEGACY):
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (5)
|
0.87%
|
|
|
0.99%
|
|
|
|
0.63%
|
|
|
|
|
Allowance for loan
losses to loans
|
0.80
|
|
|
0.82
|
|
|
|
0.89
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.30
|
|
|
0.20
|
|
|
|
0.38
|
|
|
|
|
Non-performing assets
to total loans and OREO (5)
|
1.27
|
|
|
1.52
|
|
|
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Regulatory
capital ratios as of June 30, 2017 are preliminary.
|
|
|
(5) Non-performing
assets consist of non-accruing loans, accruing loans 90 days or
more past due and other real estate owned, including repossessed
assets.
|
|
|
(6) All ratios are
calculated on an annualized basis for the periods
indicated.
|
|
|
(7) Classified assets
include commercial loans rated substandard or worse and
non-performing mortgage and consumer loans and include acquired
impaired loans accounted for under ASC 310-30.
|
|
|
Table 2 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
|
6/30/2017
|
|
3/31/2017
|
|
$
|
%
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
$
|
%
|
Interest
income
|
$
204,575
|
|
$
192,533
|
|
12,042
|
6.3
|
|
$
180,805
|
|
$
180,504
|
|
$
178,694
|
|
25,881
|
14.5
|
Interest
expense
|
20,932
|
|
19,715
|
|
1,217
|
6.2
|
|
19,140
|
|
17,087
|
|
15,941
|
|
4,991
|
31.3
|
Net interest
income
|
183,643
|
|
172,818
|
|
10,825
|
6.3
|
|
161,665
|
|
163,417
|
|
162,753
|
|
20,890
|
12.8
|
Provision for loan
losses
|
12,050
|
|
6,154
|
|
5,896
|
95.8
|
|
5,169
|
|
12,484
|
|
11,866
|
|
184
|
1.6
|
Net interest income
after provision for loan losses
|
171,593
|
|
166,664
|
|
4,929
|
3.0
|
|
156,496
|
|
150,933
|
|
150,887
|
|
20,706
|
13.7
|
Mortgage
income
|
19,730
|
|
14,115
|
|
5,615
|
39.8
|
|
16,115
|
|
21,807
|
|
25,991
|
|
(6,261)
|
(24.1)
|
Service charges on
deposit accounts
|
11,410
|
|
11,153
|
|
257
|
2.3
|
|
11,178
|
|
11,066
|
|
10,940
|
|
470
|
4.3
|
Title
revenue
|
6,190
|
|
4,741
|
|
1,449
|
30.6
|
|
5,332
|
|
6,001
|
|
6,135
|
|
55
|
0.9
|
Broker
commissions
|
2,744
|
|
2,738
|
|
6
|
0.2
|
|
4,006
|
|
3,797
|
|
3,712
|
|
(968)
|
(26.1)
|
ATM/debit card fee
income
|
3,800
|
|
3,585
|
|
215
|
6.0
|
|
3,604
|
|
3,483
|
|
3,650
|
|
150
|
4.1
|
Income from bank
owned life insurance
|
1,241
|
|
1,311
|
|
(70)
|
(5.3)
|
|
1,323
|
|
1,305
|
|
1,411
|
|
(170)
|
(12.0)
|
Gain on sale of
available-for-sale securities
|
59
|
|
—
|
|
59
|
N/M
|
|
4
|
|
12
|
|
1,789
|
|
(1,730)
|
(96.7)
|
Other non-interest
income
|
10,792
|
|
9,703
|
|
1,089
|
11.2
|
|
11,676
|
|
12,350
|
|
11,289
|
|
(497)
|
(4.4)
|
Total non-interest
income
|
55,966
|
|
47,346
|
|
8,620
|
18.2
|
|
53,238
|
|
59,821
|
|
64,917
|
|
(8,951)
|
(13.8)
|
Salaries and employee
benefits
|
86,317
|
|
81,853
|
|
4,464
|
5.5
|
|
80,811
|
|
85,028
|
|
85,105
|
|
1,212
|
1.4
|
Occupancy and
equipment
|
16,292
|
|
16,021
|
|
271
|
1.7
|
|
15,551
|
|
16,526
|
|
16,813
|
|
(521)
|
(3.1)
|
Loss on early
termination of loss share agreements
|
—
|
|
—
|
|
—
|
—
|
|
17,798
|
|
—
|
|
—
|
|
—
|
—
|
Amortization of
acquisition intangibles
|
1,651
|
|
1,770
|
|
(119)
|
(6.7)
|
|
2,087
|
|
2,106
|
|
2,109
|
|
(458)
|
(21.7)
|
Other non-interest
expense
|
43,248
|
|
41,374
|
|
1,874
|
4.5
|
|
35,323
|
|
34,479
|
|
35,477
|
|
7,771
|
21.9
|
Total non-interest
expense
|
147,508
|
|
141,018
|
|
6,490
|
4.6
|
|
151,570
|
|
138,139
|
|
139,504
|
|
8,004
|
5.7
|
Income before income
taxes
|
80,051
|
|
72,992
|
|
7,059
|
9.7
|
|
58,164
|
|
72,615
|
|
76,300
|
|
3,751
|
4.9
|
Income tax
expense
|
28,033
|
|
22,519
|
|
5,514
|
24.5
|
|
13,034
|
|
24,547
|
|
25,490
|
|
2,543
|
10.0
|
Net income
|
52,018
|
|
50,473
|
|
1,545
|
3.1
|
|
45,130
|
|
48,068
|
|
50,810
|
|
1,208
|
2.4
|
Preferred stock
dividends
|
(949)
|
|
(3,599)
|
|
2,650
|
73.6
|
|
(957)
|
|
(3,590)
|
|
(854)
|
|
(95)
|
(11.1)
|
Net income available
to common shareholders
|
$
51,069
|
|
$
46,874
|
|
4,195
|
8.9
|
|
$
44,173
|
|
$
44,478
|
|
$
49,956
|
|
1,113
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
51,069
|
|
$
46,874
|
|
4,195
|
8.9
|
|
$
44,173
|
|
$
44,478
|
|
$
49,956
|
|
1,113
|
2.2
|
Earnings allocated to
unvested restricted stock
|
(361)
|
|
(346)
|
|
(15)
|
4.3
|
|
(414)
|
|
(462)
|
|
(540)
|
|
179
|
33.1
|
Earnings allocated to
common shareholders
|
$
50,708
|
|
$
46,528
|
|
4,180
|
9.0
|
|
$
43,759
|
|
$
44,016
|
|
$
49,416
|
|
1,292
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
1.00
|
|
$
1.01
|
|
(0.01)
|
(1.0)
|
|
$
1.05
|
|
$
1.08
|
|
$
1.21
|
|
(0.21)
|
(17.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
0.99
|
|
1.00
|
|
(0.01)
|
(1.0)
|
|
1.04
|
|
1.08
|
|
1.21
|
|
(0.22)
|
(18.2)
|
Impact of non-core
items (Non-GAAP) (1)
|
0.11
|
|
0.02
|
|
0.09
|
450.0
|
|
0.12
|
|
—
|
|
(0.03)
|
|
0.14
|
(466.7)
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
1.10
|
|
$
1.02
|
|
0.08
|
7.8
|
|
$
1.16
|
|
$
1.08
|
|
$
1.18
|
|
(0.08)
|
(6.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
50,630
|
|
46,123
|
|
4,507
|
9.8
|
|
41,688
|
|
40,618
|
|
40,771
|
|
9,859
|
24.2
|
Weighted average
common shares outstanding - diluted
|
50,984
|
|
46,496
|
|
4,488
|
9.7
|
|
41,950
|
|
40,811
|
|
40,908
|
|
10,076
|
24.6
|
Book value shares
(period end)
|
51,015
|
|
50,970
|
|
45
|
0.1
|
|
44,795
|
|
41,082
|
|
41,039
|
|
9,976
|
24.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Six Months
Ended
|
|
|
|
|
|
Linked Qtr
Change
|
|
6/30/2017
|
|
6/30/2016
|
|
$
|
%
|
Interest
income
|
$
397,108
|
|
$
355,630
|
|
41,478
|
11.7
|
Interest
expense
|
40,647
|
|
31,474
|
|
9,173
|
29.1
|
Net interest
income
|
356,461
|
|
324,156
|
|
32,305
|
10.0
|
Provision for loan
losses
|
18,204
|
|
26,771
|
|
(8,567)
|
(32.0)
|
Net interest income
after provision for loan losses
|
338,257
|
|
297,385
|
|
40,872
|
13.7
|
Mortgage
income
|
33,845
|
|
45,931
|
|
(12,086)
|
(26.3)
|
Service charges on
deposit accounts
|
22,563
|
|
21,891
|
|
672
|
3.1
|
Title
revenue
|
10,931
|
|
10,880
|
|
51
|
0.5
|
Broker
commissions
|
5,482
|
|
7,535
|
|
(2,053)
|
(27.2)
|
ATM/debit card fee
income
|
7,385
|
|
7,153
|
|
232
|
3.2
|
Income from bank
owned life insurance
|
2,552
|
|
2,613
|
|
(61)
|
(2.3)
|
Gain on sale of
available-for-sale securities
|
59
|
|
1,985
|
|
(1,926)
|
(97.0)
|
Other non-interest
income
|
20,495
|
|
22,774
|
|
(2,279)
|
(10.0)
|
Total non-interest
income
|
103,312
|
|
120,762
|
|
(17,450)
|
(14.4)
|
Salaries and employee
benefits
|
168,170
|
|
165,847
|
|
2,323
|
1.4
|
Occupancy and
equipment
|
32,313
|
|
33,720
|
|
(1,407)
|
(4.2)
|
Amortization of
acquisition intangibles
|
3,421
|
|
4,222
|
|
(801)
|
(19.0)
|
Other non-interest
expense
|
84,622
|
|
73,167
|
|
11,455
|
15.7
|
Total non-interest
expense
|
288,526
|
|
276,956
|
|
11,570
|
4.2
|
Income before income
taxes
|
153,043
|
|
141,191
|
|
11,852
|
8.4
|
Income tax
expense
|
50,552
|
|
47,612
|
|
2,940
|
6.2
|
Net income
|
102,491
|
|
93,579
|
|
8,912
|
9.5
|
Preferred stock
dividends
|
(4,548)
|
|
(3,430)
|
|
(1,118)
|
(32.6)
|
Net income available
to common shareholders
|
$
97,943
|
|
$
90,149
|
|
7,794
|
8.6
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
97,943
|
|
$
90,149
|
|
7,794
|
8.6
|
Earnings allocated to
unvested restricted stock
|
(707)
|
|
(1,003)
|
|
296
|
29.5
|
Earnings allocated to
common shareholders
|
$
97,236
|
|
$
89,146
|
|
8,090
|
9.1
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
2.01
|
|
$
2.19
|
|
(0.18)
|
(8.2)
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
1.99
|
|
2.18
|
|
(0.19)
|
(8.7)
|
Impact of non-core
items (Non-GAAP) (1)
|
0.14
|
|
0.01
|
|
0.13
|
1,300.0
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
2.13
|
|
$
2.19
|
|
(0.06)
|
(2.7)
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
48,389
|
|
40,741
|
|
7,648
|
18.8
|
Weighted average
common shares outstanding - diluted
|
48,751
|
|
40,836
|
|
7,915
|
19.4
|
Book value shares
(period end)
|
51,015
|
|
41,039
|
|
9,976
|
24.3
|
|
|
|
|
|
|
|
(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
|
6/30/2017
|
|
3/31/2017
|
|
$
|
|
%
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
Cash and due from
banks
|
$
301,910
|
|
$
276,979
|
|
24,931
|
|
9.0
|
|
$
295,896
|
|
$
327,799
|
|
$
288,141
|
|
13,769
|
|
4.8
|
Interest-bearing
deposits in other banks
|
167,450
|
|
1,024,139
|
|
(856,689)
|
|
(83.6)
|
|
1,066,230
|
|
773,454
|
|
417,157
|
|
(249,707)
|
|
(59.9)
|
Total cash and cash
equivalents
|
469,360
|
|
1,301,118
|
|
(831,758)
|
|
(63.9)
|
|
1,362,126
|
|
1,101,253
|
|
705,298
|
|
(235,938)
|
|
(33.5)
|
Investment securities
available for sale
|
4,009,299
|
|
3,823,953
|
|
185,346
|
|
4.8
|
|
3,446,097
|
|
2,885,413
|
|
2,776,015
|
|
1,233,284
|
|
44.4
|
Investment securities
held to maturity
|
84,517
|
|
86,018
|
|
(1,501)
|
|
(1.7)
|
|
89,216
|
|
90,653
|
|
92,904
|
|
(8,387)
|
|
(9.0)
|
Total investment
securities
|
4,093,816
|
|
3,909,971
|
|
183,845
|
|
4.7
|
|
3,535,313
|
|
2,976,066
|
|
2,868,919
|
|
1,224,897
|
|
42.7
|
Mortgage loans held
for sale
|
140,959
|
|
122,333
|
|
18,626
|
|
15.2
|
|
157,041
|
|
210,866
|
|
229,653
|
|
(88,694)
|
|
(38.6)
|
Loans, net of
unearned income
|
15,556,016
|
|
15,132,202
|
|
423,814
|
|
2.8
|
|
15,064,971
|
|
14,924,499
|
|
14,722,561
|
|
833,455
|
|
5.7
|
Allowance for loan
losses
|
(146,225)
|
|
(144,890)
|
|
(1,335)
|
|
0.9
|
|
(144,719)
|
|
(148,193)
|
|
(147,452)
|
|
1,227
|
|
(0.8)
|
Loans, net
|
15,409,791
|
|
14,987,312
|
|
422,479
|
|
2.8
|
|
14,920,252
|
|
14,776,306
|
|
14,575,109
|
|
834,682
|
|
5.7
|
Loss share
receivable
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
24,406
|
|
29,224
|
|
(29,224)
|
|
(100.0)
|
Premises and
equipment
|
318,167
|
|
303,978
|
|
14,189
|
|
4.7
|
|
306,373
|
|
308,932
|
|
311,173
|
|
6,994
|
|
2.2
|
Goodwill and other
intangibles
|
757,025
|
|
758,340
|
|
(1,315)
|
|
(0.2)
|
|
759,823
|
|
761,206
|
|
763,387
|
|
(6,362)
|
|
(0.8)
|
Other
assets
|
601,609
|
|
625,427
|
|
(23,818)
|
|
(3.8)
|
|
618,262
|
|
629,531
|
|
678,092
|
|
(76,483)
|
|
(11.3)
|
Total
assets
|
$
21,790,727
|
|
$
22,008,479
|
|
(217,752)
|
|
(1.0)
|
|
$
21,659,190
|
|
$
20,788,566
|
|
$
20,160,855
|
|
1,629,872
|
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
5,020,195
|
|
$
5,031,583
|
|
(11,388)
|
|
(0.2)
|
|
$
4,928,878
|
|
$
4,787,485
|
|
$
4,539,254
|
|
480,941
|
|
10.6
|
NOW
accounts
|
3,089,482
|
|
3,085,720
|
|
3,762
|
|
0.1
|
|
3,314,281
|
|
2,904,835
|
|
2,985,284
|
|
104,198
|
|
3.5
|
Savings and money
market accounts
|
6,815,513
|
|
7,185,864
|
|
(370,351)
|
|
(5.2)
|
|
7,033,917
|
|
6,646,694
|
|
6,188,245
|
|
627,268
|
|
10.1
|
Certificates of
deposit
|
1,927,926
|
|
2,009,098
|
|
(81,172)
|
|
(4.0)
|
|
2,131,207
|
|
2,183,503
|
|
2,149,244
|
|
(221,318)
|
|
(10.3)
|
Total
deposits
|
16,853,116
|
|
17,312,265
|
|
(459,149)
|
|
(2.7)
|
|
17,408,283
|
|
16,522,517
|
|
15,862,027
|
|
991,089
|
|
6.2
|
Short-term
borrowings
|
250,000
|
|
80,000
|
|
170,000
|
|
212.5
|
|
175,000
|
|
360,000
|
|
477,620
|
|
(227,620)
|
|
(47.7)
|
Securities sold under
agreements to repurchase
|
333,935
|
|
368,696
|
|
(34,761)
|
|
(9.4)
|
|
334,136
|
|
353,272
|
|
288,017
|
|
45,918
|
|
15.9
|
Trust preferred
securities
|
120,110
|
|
120,110
|
|
-
|
|
-
|
|
120,110
|
|
120,110
|
|
120,110
|
|
-
|
|
-
|
Other long-term
debt
|
547,133
|
|
507,975
|
|
39,158
|
|
7.7
|
|
508,843
|
|
552,328
|
|
567,326
|
|
(20,193)
|
|
(3.6)
|
Other
liabilities
|
183,191
|
|
161,458
|
|
21,733
|
|
13.5
|
|
173,124
|
|
213,229
|
|
208,158
|
|
(24,967)
|
|
(12.0)
|
Total
liabilities
|
18,287,485
|
|
18,550,504
|
|
(263,019)
|
|
(1.4)
|
|
18,719,496
|
|
18,121,456
|
|
17,523,258
|
|
764,227
|
|
4.4
|
Total shareholders'
equity
|
3,503,242
|
|
3,457,975
|
|
45,267
|
|
1.3
|
|
2,939,694
|
|
2,667,110
|
|
2,637,597
|
|
865,645
|
|
32.8
|
Total liabilities and
shareholders' equity
|
$
21,790,727
|
|
$
22,008,479
|
|
(217,752)
|
|
(1.0)
|
|
$
21,659,190
|
|
$
20,788,566
|
|
$
20,160,855
|
|
1,629,872
|
|
8.1
|
TABLE 4 Continued
- IBERIABANK CORPORATION
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
6/30/2017
|
|
3/31/2017
|
|
$
|
|
%
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
Cash and due from
banks
|
$
277,047
|
|
$
302,585
|
|
(25,538)
|
|
(8.4)
|
|
$
310,132
|
|
$
299,445
|
|
$
304,304
|
|
(27,257)
|
|
(9.0)
|
Interest-bearing
deposits in other banks
|
555,431
|
|
1,023,688
|
|
(468,257)
|
|
(45.7)
|
|
930,524
|
|
536,741
|
|
386,139
|
|
169,292
|
|
43.8
|
Total cash and cash
equivalents
|
832,478
|
|
1,326,273
|
|
(493,795)
|
|
(37.2)
|
|
1,240,656
|
|
836,186
|
|
690,443
|
|
142,035
|
|
20.6
|
Investment securities
available for sale
|
3,970,021
|
|
3,679,817
|
|
290,204
|
|
7.9
|
|
3,192,040
|
|
2,825,030
|
|
2,823,292
|
|
1,146,729
|
|
40.6
|
Investment securities
held to maturity
|
85,516
|
|
87,246
|
|
(1,730)
|
|
(2.0)
|
|
90,161
|
|
92,006
|
|
94,609
|
|
(9,093)
|
|
(9.6)
|
Total investment
securities
|
4,055,537
|
|
3,767,063
|
|
288,474
|
|
7.7
|
|
3,282,201
|
|
2,917,036
|
|
2,917,901
|
|
1,137,636
|
|
39.0
|
Mortgage loans held
for sale
|
145,274
|
|
175,512
|
|
(30,238)
|
|
(17.2)
|
|
226,565
|
|
219,369
|
|
211,468
|
|
(66,194)
|
|
(31.3)
|
Loans, net of
unearned income
|
15,284,007
|
|
15,045,755
|
|
238,252
|
|
1.6
|
|
14,912,350
|
|
14,802,199
|
|
14,570,945
|
|
713,062
|
|
4.9
|
Allowance for loan
losses
|
(146,448)
|
|
(145,326)
|
|
(1,122)
|
|
0.8
|
|
(150,499)
|
|
(149,101)
|
|
(149,037)
|
|
2,589
|
|
(1.7)
|
Loans, net
|
15,137,559
|
|
14,900,429
|
|
237,130
|
|
1.6
|
|
14,761,851
|
|
14,653,098
|
|
14,421,908
|
|
715,651
|
|
5.0
|
Loss share
receivable
|
-
|
|
-
|
|
-
|
|
-
|
|
20,456
|
|
27,694
|
|
32,189
|
|
(32,189)
|
|
(100.0)
|
Premises and
equipment
|
309,622
|
|
305,245
|
|
4,377
|
|
1.4
|
|
308,861
|
|
310,592
|
|
313,862
|
|
(4,240)
|
|
(1.4)
|
Goodwill and other
intangibles
|
757,528
|
|
758,887
|
|
(1,359)
|
|
(0.2)
|
|
760,003
|
|
762,196
|
|
764,818
|
|
(7,290)
|
|
(1.0)
|
Other
assets
|
605,539
|
|
628,092
|
|
(22,553)
|
|
(3.6)
|
|
615,666
|
|
666,657
|
|
651,328
|
|
(45,789)
|
|
(7.0)
|
Total
assets
|
$
21,843,537
|
|
$
21,861,501
|
|
(17,964)
|
|
(0.1)
|
|
$
21,216,259
|
|
$
20,392,828
|
|
$
20,003,917
|
|
1,839,620
|
|
9.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
4,992,598
|
|
$
4,976,945
|
|
15,653
|
|
0.3
|
|
$
4,869,095
|
|
$
4,605,447
|
|
$
4,463,928
|
|
528,670
|
|
11.8
|
NOW
accounts
|
3,124,243
|
|
3,239,085
|
|
(114,842)
|
|
(3.5)
|
|
2,981,967
|
|
2,936,130
|
|
2,911,510
|
|
212,733
|
|
7.3
|
Savings and money
market accounts
|
7,079,773
|
|
7,211,545
|
|
(131,772)
|
|
(1.8)
|
|
6,869,614
|
|
6,359,006
|
|
6,486,242
|
|
593,531
|
|
9.2
|
Certificates of
deposit
|
1,964,234
|
|
2,083,749
|
|
(119,515)
|
|
(5.7)
|
|
2,172,967
|
|
2,176,159
|
|
2,117,711
|
|
(153,477)
|
|
(7.2)
|
Total
deposits
|
17,160,848
|
|
17,511,324
|
|
(350,476)
|
|
(2.0)
|
|
16,893,643
|
|
16,076,742
|
|
15,979,391
|
|
1,181,457
|
|
7.4
|
Short-term
borrowings
|
38,320
|
|
99,000
|
|
(60,680)
|
|
(61.3)
|
|
260,730
|
|
430,332
|
|
358,837
|
|
(320,517)
|
|
(89.3)
|
Securities sold under
agreements to repurchase
|
314,090
|
|
311,726
|
|
2,364
|
|
0.8
|
|
342,953
|
|
302,119
|
|
265,465
|
|
48,625
|
|
18.3
|
Trust preferred
securities
|
120,110
|
|
120,110
|
|
-
|
|
-
|
|
120,110
|
|
120,110
|
|
120,110
|
|
-
|
|
-
|
Other long-term
debt
|
508,522
|
|
498,384
|
|
10,138
|
|
2.0
|
|
544,353
|
|
562,598
|
|
473,195
|
|
35,327
|
|
7.5
|
Other
liabilities
|
200,673
|
|
221,993
|
|
(21,320)
|
|
(9.6)
|
|
300,768
|
|
239,911
|
|
203,050
|
|
(2,377)
|
|
(1.2)
|
Total
liabilities
|
18,342,563
|
|
18,762,537
|
|
(419,974)
|
|
(2.2)
|
|
18,462,557
|
|
17,731,812
|
|
17,400,048
|
|
942,515
|
|
5.4
|
Total shareholders'
equity
|
3,500,974
|
|
3,098,964
|
|
402,010
|
|
13.0
|
|
2,753,702
|
|
2,661,016
|
|
2,603,869
|
|
897,105
|
|
34.5
|
Total liabilities and
shareholders' equity
|
$
21,843,537
|
|
$
21,861,501
|
|
(17,964)
|
|
(0.1)
|
|
$
21,216,259
|
|
$
20,392,828
|
|
$
20,003,917
|
|
1,839,620
|
|
9.2
|
Table 5 -
IBERIABANK CORPORATION
|
TOTAL LOANS AND
ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
|
6/30/2017
|
|
3/31/2017
|
|
$
|
|
%
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate- Owner Occupied (1)
|
$
2,205,408
|
|
$
2,187,406
|
|
18,002
|
|
0.8
|
|
$
2,234,636
|
|
$
2,163,541
|
|
$
2,109,448
|
|
95,960
|
|
4.5
|
Real
estate- Non-Owner Occupied
|
4,936,195
|
|
4,790,468
|
|
145,727
|
|
3.0
|
|
4,567,630
|
|
4,517,674
|
|
4,362,553
|
|
573,642
|
|
13.1
|
Commercial and Industrial
|
3,684,081
|
|
3,455,578
|
|
228,503
|
|
6.6
|
|
3,543,122
|
|
3,462,997
|
|
3,435,809
|
|
248,272
|
|
7.2
|
Energy
(Real Estate and Commercial and Industrial)
(2)
|
551,968
|
|
563,623
|
|
(11,655)
|
|
(2.1)
|
|
561,193
|
|
599,641
|
|
662,034
|
|
(110,066)
|
|
(16.6)
|
Total commercial
loans
|
11,377,652
|
|
10,997,075
|
|
380,577
|
|
3.5
|
|
10,906,581
|
|
10,743,853
|
|
10,569,844
|
|
807,808
|
|
7.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
1,346,467
|
|
1,296,358
|
|
50,109
|
|
3.9
|
|
1,267,400
|
|
1,270,530
|
|
1,249,062
|
|
97,405
|
|
7.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
2,158,948
|
|
2,146,796
|
|
12,152
|
|
0.6
|
|
2,155,926
|
|
2,151,130
|
|
2,129,812
|
|
29,136
|
|
1.4
|
Indirect
automobile
|
92,130
|
|
110,200
|
|
(18,070)
|
|
(16.4)
|
|
131,052
|
|
153,913
|
|
182,223
|
|
(90,093)
|
|
(49.4)
|
Automobile
|
135,012
|
|
142,139
|
|
(7,127)
|
|
(5.0)
|
|
147,662
|
|
152,972
|
|
156,597
|
|
(21,585)
|
|
(13.8)
|
Credit
Card
|
87,088
|
|
84,113
|
|
2,975
|
|
3.5
|
|
82,992
|
|
80,959
|
|
78,552
|
|
8,536
|
|
10.9
|
Other
|
358,719
|
|
355,521
|
|
3,198
|
|
0.9
|
|
373,358
|
|
371,142
|
|
356,471
|
|
2,248
|
|
0.6
|
Total consumer
loans
|
2,831,897
|
|
2,838,769
|
|
(6,872)
|
|
(0.2)
|
|
2,890,990
|
|
2,910,116
|
|
2,903,655
|
|
(71,758)
|
|
(2.5)
|
Total loans
|
$
15,556,016
|
|
$
15,132,202
|
|
423,814
|
|
2.8
|
|
$
15,064,971
|
|
$
14,924,499
|
|
$
14,722,561
|
|
833,455
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses(3)
|
$
(146,225)
|
|
$
(144,890)
|
|
(1,335)
|
|
0.9
|
|
$
(144,719)
|
|
$
(148,193)
|
|
$
(147,452)
|
|
1,227
|
|
(0.8)
|
Loans, net
|
15,409,791
|
|
14,987,312
|
|
422,479
|
|
2.8
|
|
14,920,252
|
|
14,776,306
|
|
14,575,109
|
|
834,682
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(10,462)
|
|
(11,660)
|
|
1,198
|
|
(10.3)
|
|
(11,241)
|
|
(11,990)
|
|
(13,826)
|
|
3,364
|
|
(24.3)
|
Allowance for credit
losses
|
(156,687)
|
|
(156,550)
|
|
(137)
|
|
0.1
|
|
(155,960)
|
|
(160,183)
|
|
(161,278)
|
|
4,591
|
|
(2.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(4)
|
$
177,956
|
|
$
191,582
|
|
(13,626)
|
|
(7.1)
|
|
$
228,501
|
|
$
235,521
|
|
$
101,738
|
|
76,218
|
|
74.9
|
Other real estate
owned and foreclosed assets
|
19,718
|
|
20,055
|
|
(337)
|
|
(1.7)
|
|
21,199
|
|
22,085
|
|
27,220
|
|
(7,502)
|
|
(27.6)
|
Accruing loans more
than 90 days past due (4)
|
802
|
|
7,980
|
|
(7,178)
|
|
(89.9)
|
|
1,386
|
|
5,233
|
|
751
|
|
51
|
|
6.8
|
Total non-performing
assets
|
$
198,476
|
|
$
219,617
|
|
(21,141)
|
|
(9.6)
|
|
$
251,086
|
|
$
262,839
|
|
$
129,709
|
|
68,767
|
|
53.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due (4)
|
$
50,840
|
|
$
36,172
|
|
14,668
|
|
40.6
|
|
$
28,869
|
|
$
45,125
|
|
$
50,592
|
|
248
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
0.91%
|
|
1.00%
|
|
|
|
|
|
1.16%
|
|
1.26%
|
|
0.64%
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
1.27
|
|
1.45
|
|
|
|
|
|
1.66
|
|
1.76
|
|
0.88
|
|
|
|
|
Allowance for loan
losses to non-performing loans (5)
|
81.8
|
|
72.6
|
|
|
|
|
|
63.0
|
|
61.6
|
|
143.9
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
73.7
|
|
66.0
|
|
|
|
|
|
57.6
|
|
56.4
|
|
113.7
|
|
|
|
|
Allowance for loan
losses to total loans
|
0.94
|
|
0.96
|
|
|
|
|
|
0.96
|
|
0.99
|
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
12,189
|
|
$
7,291
|
|
4,898
|
|
67.2
|
|
$
9,785
|
|
$
11,500
|
|
$
12,994
|
|
(805)
|
|
(6.2)
|
Quarter-to-date
recoveries
|
(1,289)
|
|
(1,235)
|
|
(54)
|
|
4.4
|
|
(2,135)
|
|
(1,277)
|
|
(1,071)
|
|
(218)
|
|
20.4
|
Quarter-to-date net
charge-offs
|
$
10,900
|
|
$
6,056
|
|
4,844
|
|
80.0
|
|
$
7,650
|
|
$
10,223
|
|
$
11,923
|
|
(1,023)
|
|
(8.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.29%
|
|
0.16%
|
|
|
|
|
|
0.21%
|
|
0.28%
|
|
0.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Real estate-
owner-occupied is defined as loans with a "1E1" Call Report Code
(loans secured by owner-occupied non-farm non-residential
properties).
|
|
(2) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
|
(3) The allowance for
loan losses includes impairment reserves attributable to acquired
impaired loans.
|
|
(4) For purposes of
this table, non-accrual and past due loans exclude acquired
impaired loans accounted for under ASC 310-30 that are currently
accruing income.
|
|
(5) 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
|
6/30/2017
|
|
3/31/2017
|
|
$
|
|
%
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
estate- Owner Occupied (1)
|
$
1,815,167
|
|
$
1,769,153
|
|
46,014
|
|
2.6
|
|
$
1,784,624
|
|
$
1,683,557
|
|
$
1,614,351
|
|
200,816
|
|
12.4
|
Real
estate- Non-Owner Occupied
|
4,299,763
|
|
4,109,356
|
|
190,407
|
|
4.6
|
|
3,838,690
|
|
3,735,926
|
|
3,483,338
|
|
816,425
|
|
23.4
|
Commercial and Industrial
|
3,390,699
|
|
3,140,205
|
|
250,494
|
|
8.0
|
|
3,194,796
|
|
3,101,472
|
|
3,027,590
|
|
363,109
|
|
12.0
|
Energy
(Real Estate and Commercial and Industrial)
(2)
|
550,162
|
|
562,515
|
|
(12,353)
|
|
(2.2)
|
|
559,289
|
|
598,279
|
|
659,510
|
|
(109,348)
|
|
(16.6)
|
Total commercial
loans
|
10,055,791
|
|
9,581,229
|
|
474,562
|
|
5.0
|
|
9,377,399
|
|
9,119,234
|
|
8,784,789
|
|
1,271,002
|
|
14.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
970,961
|
|
901,859
|
|
69,102
|
|
7.7
|
|
854,216
|
|
840,082
|
|
794,701
|
|
176,260
|
|
22.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
1,838,841
|
|
1,797,123
|
|
41,718
|
|
2.3
|
|
1,783,421
|
|
1,755,295
|
|
1,695,113
|
|
143,728
|
|
8.5
|
Indirect
automobile
|
92,106
|
|
110,174
|
|
(18,068)
|
|
(16.4)
|
|
131,048
|
|
153,904
|
|
182,199
|
|
(90,093)
|
|
(49.4)
|
Automobile
|
127,265
|
|
133,852
|
|
(6,587)
|
|
(4.9)
|
|
138,638
|
|
143,355
|
|
146,394
|
|
(19,129)
|
|
(13.1)
|
Credit
card
|
86,587
|
|
83,612
|
|
2,975
|
|
3.6
|
|
82,524
|
|
80,452
|
|
78,044
|
|
8,543
|
|
10.9
|
Other
|
321,859
|
|
315,595
|
|
6,264
|
|
2.0
|
|
327,678
|
|
321,048
|
|
303,609
|
|
18,250
|
|
6.0
|
Total consumer
loans
|
2,466,658
|
|
2,440,356
|
|
26,302
|
|
1.1
|
|
2,463,309
|
|
2,454,054
|
|
2,405,359
|
|
61,299
|
|
2.5
|
Total loans
|
$
13,493,410
|
|
$
12,923,444
|
|
569,966
|
|
4.4
|
|
$
12,694,924
|
|
$
12,413,370
|
|
$
11,984,849
|
|
1,508,561
|
|
12.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
(107,610)
|
|
$
(105,813)
|
|
(1,797)
|
|
1.7
|
|
$
(105,569)
|
|
$
(108,889)
|
|
$
(106,861)
|
|
(749)
|
|
0.7
|
Loans,
net
|
13,385,800
|
|
12,817,631
|
|
568,169
|
|
4.4
|
|
12,589,355
|
|
12,304,481
|
|
11,877,988
|
|
1,507,812
|
|
12.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(10,462)
|
|
(11,660)
|
|
1,198
|
|
(10.3)
|
|
(11,241)
|
|
(11,990)
|
|
(13,826)
|
|
3,364
|
|
(24.3)
|
Allowance for credit
losses
|
(118,072)
|
|
(117,473)
|
|
(599)
|
|
0.5
|
|
(116,810)
|
|
(120,879)
|
|
(120,687)
|
|
2,615
|
|
(2.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
163,748
|
|
$
185,078
|
|
(21,330)
|
|
(11.5)
|
|
$
221,543
|
|
$
227,122
|
|
$
95,096
|
|
68,652
|
|
72.2
|
Other real estate
owned and foreclosed assets
|
7,106
|
|
8,217
|
|
(1,111)
|
|
(13.5)
|
|
9,264
|
|
11,538
|
|
14,478
|
|
(7,372)
|
|
(50.9)
|
Accruing loans more
than 90 days past due
|
610
|
|
3,100
|
|
(2,490)
|
|
(80.3)
|
|
1,104
|
|
4,936
|
|
353
|
|
257
|
|
72.8
|
Total non-performing
assets
|
$
171,464
|
|
$
196,395
|
|
(24,931)
|
|
(12.7)
|
|
$
231,911
|
|
$
243,596
|
|
$
109,927
|
|
61,537
|
|
56.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
40,882
|
|
$
32,286
|
|
8,596
|
|
26.6
|
|
$
24,902
|
|
$
41,157
|
|
$
45,906
|
|
(5,024)
|
|
(10.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
0.87%
|
|
0.99%
|
|
|
|
|
|
1.20%
|
|
1.33%
|
|
0.63%
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
1.27
|
|
1.52
|
|
|
|
|
|
1.83
|
|
1.96
|
|
0.92
|
|
|
|
|
Allowance for loan
losses to non-performing loans (3)
|
65.5
|
|
56.2
|
|
|
|
|
|
47.4
|
|
46.9
|
|
112.0
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
62.8
|
|
53.9
|
|
|
|
|
|
45.5
|
|
44.7
|
|
97.2
|
|
|
|
|
Allowance for loan
losses to total loans
|
0.80
|
|
0.82
|
|
|
|
|
|
0.83
|
|
0.88
|
|
0.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
10,896
|
|
$
7,202
|
|
3,694
|
|
51.3
|
|
$
9,496
|
|
$
11,201
|
|
$
11,969
|
|
(1,073)
|
|
(9.0)
|
Quarter-to-date
recoveries
|
(944)
|
|
(880)
|
|
(64)
|
|
7.3
|
|
(1,910)
|
|
(1,102)
|
|
(775)
|
|
(169)
|
|
21.8
|
Quarter-to-date net
charge-offs
|
$
9,952
|
|
$
6,322
|
|
3,630
|
|
57.4
|
|
$
7,586
|
|
$
10,099
|
|
$
11,194
|
|
(1,242)
|
|
(11.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.30%
|
|
0.20%
|
|
|
|
|
|
0.24%
|
|
0.33%
|
|
0.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Real estate-
owner-occupied is defined as loans with a "1E1" Call Report Code
(loans secured by owner-occupied non-farm non-residential
properties).
|
|
|
|
(2) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
|
(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
|
6/30/2017
|
|
3/31/2017
|
|
$
|
|
%
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
|
Commercial
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate- Owner
Occupied (1)
|
$
390,241
|
|
$
418,254
|
|
(28,013)
|
|
(6.7)
|
|
$
450,012
|
|
$
479,984
|
|
$
495,097
|
|
(104,856)
|
|
(21.2)
|
|
Real Estate-
Non-Owner Occupied
|
636,432
|
|
681,111
|
|
(44,679)
|
|
(6.6)
|
|
728,940
|
|
781,748
|
|
879,215
|
|
(242,783)
|
|
(27.6)
|
|
Commercial and
Industrial
|
293,382
|
|
315,373
|
|
(21,991)
|
|
(7.0)
|
|
348,326
|
|
361,525
|
|
408,219
|
|
(114,837)
|
|
(28.1)
|
|
Energy (Real Estate
and Commercial and Industrial) (2)
|
1,806
|
|
1,108
|
|
698
|
|
63.0
|
|
1,904
|
|
1,362
|
|
2,524
|
|
(718)
|
|
(28.4)
|
|
Total commercial
loans
|
1,321,861
|
|
1,415,846
|
|
(93,985)
|
|
(6.6)
|
|
1,529,182
|
|
1,624,619
|
|
1,785,055
|
|
(463,194)
|
|
(25.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
375,506
|
|
394,499
|
|
(18,993)
|
|
(4.8)
|
|
413,184
|
|
430,448
|
|
454,361
|
|
(78,855)
|
|
(17.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
320,107
|
|
349,673
|
|
(29,566)
|
|
(8.5)
|
|
372,505
|
|
395,835
|
|
434,699
|
|
(114,592)
|
|
(26.4)
|
|
Indirect
automobile
|
24
|
|
26
|
|
(2)
|
|
(7.7)
|
|
4
|
|
9
|
|
24
|
|
-
|
|
-
|
|
Automobile
|
7,747
|
|
8,287
|
|
(540)
|
|
(6.5)
|
|
9,024
|
|
9,617
|
|
10,203
|
|
(2,456)
|
|
(24.1)
|
|
Credit
card
|
501
|
|
501
|
|
-
|
|
-
|
|
468
|
|
507
|
|
508
|
|
(7)
|
|
(1.4)
|
|
Other
|
36,860
|
|
39,926
|
|
(3,066)
|
|
(7.7)
|
|
45,680
|
|
50,094
|
|
52,862
|
|
(16,002)
|
|
(30.3)
|
|
Total consumer
loans
|
365,239
|
|
398,413
|
|
(33,174)
|
|
(8.3)
|
|
427,681
|
|
456,062
|
|
498,296
|
|
(133,057)
|
|
(26.7)
|
|
Total
loans
|
$
2,062,606
|
|
$
2,208,758
|
|
(146,152)
|
|
(6.6)
|
|
$
2,370,047
|
|
$
2,511,129
|
|
$
2,737,712
|
|
(675,106)
|
|
(24.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses (3)
|
$
(38,615)
|
|
$
(39,077)
|
|
462
|
|
(1.2)
|
|
$
(39,150)
|
|
$
(39,304)
|
|
$
(40,591)
|
|
1,976
|
|
(4.9)
|
|
Loans, net
|
2,023,991
|
|
2,169,681
|
|
(145,690)
|
|
(6.7)
|
|
2,330,897
|
|
2,471,825
|
|
2,697,121
|
|
(673,130)
|
|
(25.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED ASSET
QUALITY DATA (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
14,208
|
|
$
6,504
|
|
7,704
|
|
118.5
|
|
$
6,958
|
|
$
8,399
|
|
$
6,642
|
|
7,566
|
|
113.9
|
|
Other real estate
owned and foreclosed assets
|
12,612
|
|
11,838
|
|
774
|
|
6.5
|
|
11,935
|
|
10,547
|
|
12,742
|
|
(130)
|
|
(1.0)
|
|
Accruing loans more
than 90 days past due
|
192
|
|
4,880
|
|
(4,688)
|
|
(96.1)
|
|
282
|
|
297
|
|
398
|
|
(206)
|
|
(51.8)
|
|
Total non-performing
assets
|
$
27,012
|
|
$
23,222
|
|
3,790
|
|
16.3
|
|
$
19,175
|
|
$
19,243
|
|
$
19,782
|
|
7,230
|
|
36.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
9,958
|
|
$
3,886
|
|
6,072
|
|
156.3
|
|
$
3,967
|
|
$
3,968
|
|
$
4,686
|
|
5,272
|
|
112.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets
|
1.32%
|
|
1.06%
|
|
|
|
|
|
0.81%
|
|
0.76%
|
|
0.72%
|
|
|
|
|
|
Non-performing assets
to total loans and OREO
|
1.30
|
|
1.05
|
|
|
|
|
|
0.81
|
|
0.76
|
|
0.72
|
|
|
|
|
|
Allowance for loan
losses to non-performing loans
|
268.2
|
|
343.3
|
|
|
|
|
|
540.7
|
|
452.0
|
|
576.6
|
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
143.0
|
|
168.3
|
|
|
|
|
|
204.2
|
|
204.3
|
|
205.2
|
|
|
|
|
|
Allowance for loan
losses to total loans
|
1.87
|
|
1.77
|
|
|
|
|
|
1.65
|
|
1.57
|
|
1.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
1,293
|
|
$
89
|
|
1,204
|
|
1,352.8
|
|
$
289
|
|
$
299
|
|
$
1,025
|
|
268
|
|
26.1
|
|
Quarter-to-date
recoveries
|
(345)
|
|
(355)
|
|
10
|
|
(2.8)
|
|
(225)
|
|
(175)
|
|
(296)
|
|
(49)
|
|
16.6
|
|
Quarter-to-date net
charge-offs/(recoveries)
|
$
948
|
|
$
(266)
|
|
1,214
|
|
(456.4)
|
|
$
64
|
|
$
124
|
|
$
729
|
|
219
|
|
30.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs/(recoveries) to average loans (annualized)
|
0.18%
|
|
(0.05)%
|
|
|
|
|
|
0.01%
|
|
0.02%
|
|
0.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Real estate-
owner-occupied is defined as loans with a "1E1" Call Report Code
(loans secured by owner-occupied non-farm non-residential
properties).
|
|
|
|
(2) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
|
(3) The allowance for
loan losses includes impairment reserves attributable to acquired
impaired loans.
|
|
|
|
(4) Acquired
non-performing loans exclude acquired impaired loans, even if
contractually past due or if the Company does not expect to receive
payment in full, as the Company is currently accreting interest
income over the expected life of the loans.
|
|
Table 8 -
IBERIABANK CORPORATION
|
ENERGY LOANS,
ENERGY-RELATED COMMITMENTS AND ASSET QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY LOANS:
(1)
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
|
6/30/2017
|
|
3/31/2017
|
|
$
|
|
%
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
$
|
|
%
|
E&P
|
$
264,336
|
|
$
265,696
|
|
(1,360)
|
|
(0.5)
|
|
$
290,711
|
|
$
301,223
|
|
$
328,066
|
|
(63,730)
|
|
(19.4)
|
Midstream
|
106,999
|
|
123,436
|
|
(16,437)
|
|
(13.3)
|
|
90,120
|
|
110,821
|
|
123,687
|
|
(16,688)
|
|
(13.5)
|
Service
|
180,633
|
|
174,491
|
|
6,142
|
|
3.5
|
|
180,362
|
|
187,597
|
|
210,281
|
|
(29,648)
|
|
(14.1)
|
Total energy
loans
|
$
551,968
|
|
$
563,623
|
|
(11,655)
|
|
(2.1)
|
|
$
561,193
|
|
$
599,641
|
|
$
662,034
|
|
(110,066)
|
|
(16.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY-RELATED
COMMITMENTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E&P
|
$
571,964
|
|
$
543,689
|
|
28,275
|
|
5.2
|
|
$
545,061
|
|
$
545,383
|
|
$
572,267
|
|
(303)
|
|
(0.1)
|
Midstream
|
213,273
|
|
238,186
|
|
(24,913)
|
|
(10.5)
|
|
182,998
|
|
198,618
|
|
201,555
|
|
11,718
|
|
5.8
|
Service
|
244,267
|
|
243,991
|
|
276
|
|
0.1
|
|
241,740
|
|
261,450
|
|
295,591
|
|
(51,324)
|
|
(17.4)
|
Total energy-related
commitments
|
$
1,029,504
|
|
$
1,025,866
|
|
3,638
|
|
0.4
|
|
$
969,799
|
|
$
1,005,451
|
|
$
1,069,413
|
|
(39,909)
|
|
(3.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans net of
unearned income
|
$
15,556,016
|
|
$
15,132,202
|
|
423,814
|
|
2.8
|
|
$
15,064,971
|
|
$
14,924,499
|
|
$
14,722,561
|
|
833,455
|
|
5.7
|
Energy loan
outstandings as a % of total loans
|
3.5%
|
|
3.7%
|
|
|
|
|
|
3.7%
|
|
4.0%
|
|
4.5%
|
|
|
|
|
Energy-related
commitments as a % of total commitments
|
5.1%
|
|
5.2%
|
|
|
|
|
|
4.8%
|
|
5.1%
|
|
5.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
$
(23,046)
|
|
$
(20,144)
|
|
(2,902)
|
|
14.4
|
|
$
(22,524)
|
|
$
(28,215)
|
|
$
(33,040)
|
|
9,994
|
|
(30.2)
|
Reserve for unfunded
commitments
|
(147)
|
|
(203)
|
|
56
|
|
(27.6)
|
|
(1,003)
|
|
(953)
|
|
(2,223)
|
|
2,076
|
|
(93.4)
|
Allowance for credit
losses
|
(23,193)
|
|
(20,347)
|
|
(2,846)
|
|
14.0
|
|
(23,527)
|
|
(29,168)
|
|
(35,263)
|
|
12,070
|
|
(34.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual
loans
|
$
94,565
|
|
$
113,212
|
|
(18,647)
|
|
(16.5)
|
|
$
150,329
|
|
$
153,620
|
|
$
60,814
|
|
33,751
|
|
55.5
|
Other real estate
owned and foreclosed assets
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Accruing loans more
than 90 days past due
|
-
|
|
2,175
|
|
(2,175)
|
|
(100.0)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total non-performing
assets
|
$
94,565
|
|
$
115,387
|
|
(20,822)
|
|
(18.0)
|
|
$
150,329
|
|
$
153,620
|
|
$
60,814
|
|
33,751
|
|
55.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due
|
$
2,392
|
|
$
157
|
|
2,235
|
|
1,423.6
|
|
$
1,526
|
|
$
-
|
|
$
3,055
|
|
(663)
|
|
(21.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total energy loans and OREO
|
17.13%
|
|
20.47%
|
|
|
|
|
|
26.79%
|
|
25.62%
|
|
9.19%
|
|
|
|
|
Allowance for loan
losses to non-performing loans (2)
|
24.4
|
|
17.5
|
|
|
|
|
|
15.0
|
|
18.4
|
|
54.3
|
|
|
|
|
Allowance for loan
losses to non-performing assets
|
24.4
|
|
17.5
|
|
|
|
|
|
15.0
|
|
18.4
|
|
54.3
|
|
|
|
|
Allowance for loan
losses to total energy loans
|
4.18
|
|
3.57
|
|
|
|
|
|
4.01
|
|
4.71
|
|
4.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
-
|
|
$
2,845
|
|
|
|
|
|
$
2,321
|
|
$
6,957
|
|
$
7,715
|
|
|
|
|
Quarter-to-date
recoveries
|
-
|
|
-
|
|
|
|
|
|
(840)
|
|
-
|
|
-
|
|
|
|
|
Quarter-to-date net
charge-offs
|
$
-
|
|
$
2,845
|
|
|
|
|
|
$
1,481
|
|
$
6,957
|
|
$
7,715
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.00%
|
|
2.05%
|
|
|
|
|
|
1.02%
|
|
4.39%
|
|
4.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For purposes of
this table, energy loans generally include loans with specific
NAICS codes that relate to the Oil and Gas E&P, Services or
Midstream industries.
|
|
|
|
(2) Non-performing
loans consist of non-accruing loans and accruing loans 90 days or
more past due.
|
|
TABLE 9 -
IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
6/30/2017
|
|
3/31/2017
|
|
Basis
Point
Change
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Yield/Rate
(TE)(1)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
11,136,842
|
$
127,301
|
4.64%
|
|
$
10,917,714
|
$
119,605
|
4.50%
|
|
14
|
Residential mortgage
loans
|
1,319,207
|
14,345
|
4.35
|
|
1,273,069
|
12,848
|
4.04
|
|
31
|
Consumer
loans
|
2,827,958
|
37,619
|
5.34
|
|
2,854,972
|
36,524
|
5.19
|
|
15
|
Total
loans
|
15,284,007
|
179,265
|
4.74
|
|
15,045,755
|
168,977
|
4.59
|
|
15
|
Loss share
receivable
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
-
|
Total loans and loss
share receivable
|
15,284,007
|
179,265
|
4.74
|
|
15,045,755
|
168,977
|
4.59
|
|
15
|
Mortgage loans held
for sale
|
145,274
|
1,249
|
3.44
|
|
175,512
|
971
|
2.21
|
|
123
|
Investment securities
(2)
|
4,029,491
|
22,307
|
2.32
|
|
3,741,128
|
19,927
|
2.24
|
|
8
|
Other earning
assets
|
650,083
|
1,754
|
1.08
|
|
1,123,087
|
2,658
|
0.96
|
|
12
|
Total earning
assets
|
20,108,855
|
204,575
|
4.13
|
|
20,085,482
|
192,533
|
3.93
|
|
20
|
Allowance for loan
losses
|
(146,448)
|
|
|
|
(145,326)
|
|
|
|
|
Non-earning
assets
|
1,881,130
|
|
|
|
1,921,345
|
|
|
|
|
Total
assets
|
$
21,843,537
|
|
|
|
$
21,861,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
3,124,243
|
3,507
|
0.45%
|
|
$
3,239,085
|
3,090
|
0.39%
|
|
6
|
Savings and money
market accounts
|
7,079,773
|
9,030
|
0.51
|
|
7,211,545
|
8,329
|
0.47
|
|
4
|
Certificates of
deposit
|
1,964,234
|
4,576
|
0.93
|
|
2,083,749
|
4,638
|
0.90
|
|
3
|
Total
interest-bearing deposits (3)
|
12,168,250
|
17,113
|
0.56
|
|
12,534,379
|
16,057
|
0.52
|
|
4
|
Short-term
borrowings
|
352,410
|
226
|
0.26
|
|
410,726
|
277
|
0.27
|
|
(1)
|
Long-term
debt
|
628,632
|
3,593
|
2.29
|
|
618,494
|
3,381
|
2.22
|
|
7
|
Total
interest-bearing liabilities
|
13,149,292
|
20,932
|
0.64
|
|
13,563,599
|
19,715
|
0.59
|
|
5
|
Non-interest-bearing
deposits
|
4,992,598
|
|
|
|
4,976,945
|
|
|
|
|
Non-interest-bearing
liabilities
|
200,673
|
|
|
|
221,993
|
|
|
|
|
Total
liabilities
|
18,342,563
|
|
|
|
18,762,537
|
|
|
|
|
Total shareholders'
equity
|
3,500,974
|
|
|
|
3,098,964
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
21,843,537
|
|
|
|
$
21,861,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
183,643
|
3.49%
|
|
|
$
172,818
|
3.34%
|
|
15
|
Tax-equivalent
benefit
|
|
2,492
|
0.05
|
|
|
2,491
|
0.05
|
|
-
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
186,135
|
3.71%
|
|
|
$
175,309
|
3.53%
|
|
18
|
|
|
|
|
|
|
|
|
|
|
(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 June 30, 2017 and March 31, 2017
were 0.40% and 0.37%, respectively.
|
|
TABLE 9 Continued
- IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
10,759,264
|
$
114,694
|
4.29%
|
|
$
10,646,874
|
$
116,653
|
4.41%
|
|
$
10,458,822
|
$
114,588
|
4.46%
|
Residential mortgage
loans
|
1,267,413
|
14,038
|
4.43
|
|
1,254,665
|
13,718
|
4.37
|
|
1,221,254
|
13,781
|
4.51
|
Consumer
loans
|
2,885,673
|
36,960
|
5.10
|
|
2,900,660
|
37,413
|
5.13
|
|
2,890,869
|
37,200
|
5.18
|
Total
loans
|
14,912,350
|
165,692
|
4.46
|
|
14,802,199
|
167,784
|
4.55
|
|
14,570,945
|
165,569
|
4.61
|
Loss share
receivable
|
20,456
|
(3,539)
|
(68.83)
|
|
27,694
|
(3,935)
|
(56.53)
|
|
32,189
|
(4,163)
|
(52.01)
|
Total loans and loss
share receivable
|
14,932,806
|
162,153
|
4.36
|
|
14,829,893
|
163,849
|
4.44
|
|
14,603,134
|
161,406
|
4.48
|
Mortgage loans held
for sale
|
226,565
|
1,539
|
2.72
|
|
219,369
|
1,774
|
3.24
|
|
211,468
|
1,850
|
3.50
|
Investment securities
(2)
|
3,154,252
|
15,464
|
2.09
|
|
2,830,892
|
13,815
|
2.08
|
|
2,856,805
|
14,663
|
2.17
|
Other earning
assets
|
1,034,980
|
1,649
|
0.63
|
|
641,080
|
1,066
|
0.66
|
|
483,597
|
775
|
0.64
|
Total earning
assets
|
19,348,603
|
180,805
|
3.77
|
|
18,521,234
|
180,504
|
3.93
|
|
18,155,004
|
178,694
|
4.01
|
Allowance for loan
losses
|
(150,499)
|
|
|
|
(149,101)
|
|
|
|
(149,037)
|
|
|
Non-earning
assets
|
2,018,155
|
|
|
|
2,020,695
|
|
|
|
1,997,950
|
|
|
Total
assets
|
$
21,216,259
|
|
|
|
$
20,392,828
|
|
|
|
$
20,003,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
2,981,967
|
$
2,483
|
0.33%
|
|
$
2,936,130
|
$
2,313
|
0.31%
|
|
$
2,911,510
|
$
2,080
|
0.29%
|
Savings and money
market accounts
|
6,869,614
|
7,732
|
0.45
|
|
6,359,006
|
5,826
|
0.36
|
|
6,486,242
|
5,527
|
0.34
|
Certificates of
deposit
|
2,172,967
|
4,785
|
0.88
|
|
2,176,159
|
4,592
|
0.84
|
|
2,117,711
|
4,309
|
0.82
|
Total
interest-bearing deposits (3)
|
12,024,548
|
15,000
|
0.50
|
|
11,471,295
|
12,731
|
0.44
|
|
11,515,463
|
11,916
|
0.42
|
Short-term
borrowings
|
603,683
|
552
|
0.36
|
|
732,451
|
753
|
0.41
|
|
624,302
|
662
|
0.43
|
Long-term
debt
|
664,463
|
3,588
|
2.15
|
|
682,708
|
3,603
|
2.10
|
|
593,305
|
3,363
|
2.28
|
Total
interest-bearing liabilities
|
13,292,694
|
19,140
|
0.57
|
|
12,886,454
|
17,087
|
0.53
|
|
12,733,070
|
15,941
|
0.51
|
Non-interest-bearing
deposits
|
4,869,095
|
|
|
|
4,605,447
|
|
|
|
4,463,928
|
|
|
Non-interest-bearing
liabilities
|
300,768
|
|
|
|
239,911
|
|
|
|
203,050
|
|
|
Total
liabilities
|
18,462,557
|
|
|
|
17,731,812
|
|
|
|
17,400,048
|
|
|
Total shareholders'
equity
|
2,753,702
|
|
|
|
2,661,016
|
|
|
|
2,603,869
|
|
|
Total liabilities and
shareholders' equity
|
$
21,216,259
|
|
|
|
$
20,392,828
|
|
|
|
$
20,003,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
161,665
|
3.20%
|
|
|
$
163,417
|
3.40%
|
|
|
$
162,753
|
3.50%
|
Tax-equivalent
benefit
|
|
2,340
|
0.05
|
|
|
2,330
|
0.05
|
|
|
2,290
|
0.05
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
164,005
|
3.38%
|
|
|
$
165,747
|
3.56%
|
|
|
$
165,043
|
3.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) 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 December 31, 2016, September 30,
2016, and June 30, 2016 were 0.35%, 0.32% and 0.30%,
respectively.
|
|
TABLE 10 -
IBERIABANK CORPORATION
|
YEAR-TO-DATE
AVERAGE BALANCES, NET INTEREST INCOME AND
YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
6/30/2017
|
|
6/30/2016
|
|
Basis
Point
Change
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Yield/Rate
(TE)(1)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
Commercial
loans
|
$
11,027,883
|
246,906
|
4.57%
|
|
$
10,354,688
|
228,005
|
4.48%
|
|
9
|
Residential mortgage
loans
|
1,296,266
|
27,193
|
4.20
|
|
1,211,973
|
27,210
|
4.49
|
|
(29)
|
Consumer
loans
|
2,841,390
|
74,143
|
5.26
|
|
2,896,016
|
74,345
|
5.16
|
|
10
|
Total
loans
|
15,165,539
|
348,242
|
4.67
|
|
14,462,677
|
329,560
|
4.62
|
|
5
|
Loss share
receivable
|
-
|
-
|
-
|
|
34,775
|
(8,549)
|
(49.44)
|
|
4,944
|
Total loans and loss
share receivable
|
15,165,539
|
348,242
|
4.67
|
|
14,497,452
|
321,011
|
4.49
|
|
18
|
Mortgage loans held
for sale
|
160,309
|
2,219
|
2.77
|
|
186,170
|
3,251
|
3.49
|
|
(72)
|
Investment securities
(2)
|
3,886,106
|
42,234
|
2.28
|
|
2,861,890
|
29,875
|
2.21
|
|
7
|
Other earning
assets
|
885,278
|
4,413
|
1.01
|
|
468,667
|
1,493
|
0.64
|
|
37
|
Total earning
assets
|
20,097,232
|
397,108
|
4.03
|
|
18,014,179
|
355,630
|
4.02
|
|
1
|
Allowance for loan
losses
|
(145,890)
|
|
|
|
(145,215)
|
|
|
|
|
Non-earning
assets
|
1,901,127
|
|
|
|
1,963,650
|
|
|
|
|
Total
assets
|
$
21,852,469
|
|
|
|
$
19,832,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
3,181,347
|
$
6,597
|
0.42%
|
|
$
2,885,726
|
$
4,021
|
0.28%
|
|
14
|
Savings and money
market accounts
|
7,145,295
|
17,359
|
0.49
|
|
6,542,540
|
11,166
|
0.34
|
|
15
|
Certificates of
deposit
|
2,023,661
|
9,213
|
0.92
|
|
2,107,871
|
8,663
|
0.83
|
|
9
|
Total
interest-bearing deposits (3)
|
12,350,303
|
33,169
|
0.54
|
|
11,536,137
|
23,850
|
0.42
|
|
12
|
Short-term
borrowings
|
381,407
|
504
|
0.27
|
|
559,486
|
1,147
|
0.41
|
|
(14)
|
Long-term
debt
|
623,591
|
6,974
|
2.26
|
|
558,404
|
6,477
|
2.33
|
|
(7)
|
Total
interest-bearing liabilities
|
13,355,301
|
40,647
|
0.62
|
|
12,654,027
|
31,474
|
0.51
|
|
11
|
Non-interest-bearing
deposits
|
4,984,815
|
|
|
|
4,426,093
|
|
|
|
|
Non-interest-bearing
liabilities
|
211,274
|
|
|
|
185,430
|
|
|
|
|
Total
liabilities
|
18,551,390
|
|
|
|
17,265,550
|
|
|
|
|
Total shareholders'
equity
|
3,301,079
|
|
|
|
2,567,064
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
21,852,469
|
|
|
|
$
19,832,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
356,461
|
3.41%
|
|
|
$
324,156
|
3.51%
|
|
(10)
|
Tax-equivalent
benefit
|
|
4,947
|
0.05
|
|
|
4,579
|
0.05
|
|
-
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
361,408
|
3.62%
|
|
|
$
328,735
|
3.67%
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
(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 six months ended June 30, 2017 and 2016 were 0.39%
and 0.30%, respectively.
|
|
Table 11 -
IBERIABANK CORPORATION
|
LEGACY AND
ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
06/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
06/30/2016
|
AS REPORTED (US
GAAP)
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
Legacy loans,
net
|
$
140
|
$
13,150
|
4.27%
|
|
$
131
|
$
12,760
|
4.12%
|
|
$
125
|
$
12,481
|
3.97%
|
|
$
123
|
$
12,183
|
4.00%
|
|
$
118
|
$
11,737
|
4.04%
|
Acquired loans
(1)
|
39
|
2,134
|
7.40
|
|
38
|
2,286
|
6.81
|
|
37
|
2,452
|
5.99
|
|
41
|
2,647
|
6.16
|
|
43
|
2,866
|
6.07
|
Total
loans
|
$
179
|
$
15,284
|
4.70%
|
|
$
169
|
$
15,046
|
4.55%
|
|
$
162
|
$
14,933
|
4.30%
|
|
$
164
|
$
14,830
|
4.38%
|
|
$
161
|
$
14,603
|
4.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/2017
|
|
03/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
ADJUSTMENTS
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
Legacy loans,
net
|
$
-
|
$
-
|
0.00%
|
|
$
-
|
$
-
|
0.00%
|
|
$
-
|
$
-
|
0.00%
|
|
$
-
|
$
-
|
0.00%
|
|
$
-
|
$
-
|
0.00%
|
Acquired loans
(1)
|
(12)
|
72
|
(2.46)
|
|
(11)
|
87
|
(2.08)
|
|
(8)
|
73
|
(1.43)
|
|
(9)
|
76
|
(1.49)
|
|
(9)
|
84
|
(1.41)
|
Total
loans
|
$
(12)
|
$
72
|
(0.34%)
|
|
$
(11)
|
$
87
|
(0.31%)
|
|
$
(8)
|
$
73
|
(0.23%)
|
|
$
(9)
|
$
76
|
(0.26%)
|
|
$
(9)
|
$
84
|
(0.27%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/2017
|
|
03/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
AS ADJUSTED (CASH
YIELD, NON-GAAP)
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
Legacy loans,
net
|
$
140
|
$
13,150
|
4.27%
|
|
$
131
|
$
12,760
|
4.12%
|
|
$
125
|
$
12,481
|
3.97%
|
|
$
123
|
$
12,183
|
4.00%
|
|
$
118
|
$
11,737
|
4.04%
|
Acquired loans
(1)
|
27
|
2,206
|
4.94
|
|
27
|
2,373
|
4.73
|
|
29
|
2,525
|
4.56
|
|
32
|
2,723
|
4.67
|
|
34
|
2,950
|
4.67
|
Total
loans
|
$
167
|
$
15,356
|
4.36%
|
|
$
158
|
$
15,133
|
4.24%
|
|
$
154
|
$
15,006
|
4.07%
|
|
$
155
|
$
14,906
|
4.12%
|
|
$
152
|
$
14,687
|
4.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Acquired loans
include the impact of the FDIC Indemnification Asset in periods
prior to loss share termination in December 2016.
|
Table 12 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
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
|
$
80,051
|
|
$
52,018
|
|
$
1.01
|
|
$
72,992
|
|
$
50,473
|
|
$
1.08
|
|
$
58,164
|
|
$
45,130
|
|
$
1.06
|
Preferred stock
dividends
|
-
|
|
(949)
|
|
(0.02)
|
|
-
|
|
(3,599)
|
|
(0.08)
|
|
-
|
|
(957)
|
|
(0.02)
|
Income available to
common shareholders (GAAP)
|
$
80,051
|
|
$
51,069
|
|
$
0.99
|
|
$
72,992
|
|
$
46,874
|
|
$
1.00
|
|
$
58,164
|
|
$
44,173
|
|
$
1.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments and other non-interest income
|
(59)
|
|
(38)
|
|
-
|
|
(1)
|
|
-
|
|
-
|
|
(5)
|
|
(3)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
1,066
|
|
789
|
|
0.02
|
|
54
|
|
35
|
|
-
|
|
-
|
|
-
|
|
-
|
Severance
expense
|
378
|
|
246
|
|
-
|
|
98
|
|
63
|
|
-
|
|
188
|
|
122
|
|
-
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
(1,306)
|
|
(849)
|
|
(0.02)
|
|
1,429
|
|
929
|
|
0.02
|
|
(462)
|
|
(300)
|
|
(0.01)
|
Litigation
expense
|
6,000
|
|
5,481
|
|
0.11
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Loss on early
termination of loss share agreements
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
17,798
|
|
11,569
|
|
0.28
|
Other non-core
non-interest expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
484
|
|
314
|
|
0.01
|
Total non-interest
expense adjustments
|
6,138
|
|
5,667
|
|
0.11
|
|
1,581
|
|
1,027
|
|
0.02
|
|
18,008
|
|
11,705
|
|
0.28
|
Income tax expense
(benefit)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(6,836)
|
|
(0.16)
|
Core earnings
(Non-GAAP)
|
86,130
|
|
56,698
|
|
1.10
|
|
74,572
|
|
47,901
|
|
1.02
|
|
76,167
|
|
49,039
|
|
1.16
|
Provision for loan
losses
|
12,050
|
|
7,833
|
|
|
|
6,154
|
|
4,000
|
|
|
|
5,169
|
|
3,360
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
98,180
|
|
$
64,531
|
|
|
|
$
80,726
|
|
$
51,901
|
|
|
|
$
81,336
|
|
$
52,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
9/30/2016
|
|
6/30/2016
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$
72,615
|
|
$
48,068
|
|
$
1.17
|
|
$
76,300
|
|
$
50,810
|
|
$
1.23
|
|
|
|
|
|
|
Preferred stock
dividends
|
-
|
|
(3,590)
|
|
(0.09)
|
|
-
|
|
(854)
|
|
(0.02)
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
72,615
|
|
$
44,478
|
|
$
1.08
|
|
$
76,300
|
|
$
49,956
|
|
$
1.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments and other non-interest income
|
(12)
|
|
(8)
|
|
-
|
|
(1,789)
|
|
(1,163)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Severance
expense
|
-
|
|
-
|
|
-
|
|
140
|
|
91
|
|
-
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
-
|
|
-
|
|
-
|
|
(1,256)
|
|
(816)
|
|
(0.02)
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
-
|
|
-
|
|
-
|
|
1,177
|
|
765
|
|
0.02
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
-
|
|
-
|
|
-
|
|
61
|
|
40
|
|
-
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
72,603
|
|
44,470
|
|
1.08
|
|
74,572
|
|
48,833
|
|
1.18
|
|
|
|
|
|
|
Provision for loan
losses
|
12,484
|
|
8,115
|
|
|
|
11,866
|
|
7,712
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
85,087
|
|
$
52,585
|
|
|
|
$
86,438
|
|
$
56,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excluding
preferred stock dividends, merger-related expense and litigation
expense, after-tax amounts are calculated using a tax rate of 35%,
which approximates the marginal tax rate.
|
(2) Diluted per share
amounts may not appear to foot due to rounding.
|
(3) Adjustments to
GAAP results include certain significant activities or transactions
that, in management's opinion, can distort period-to-period
comparisons of the Company's performance. These adjustments
include, but are not limited to, realized and unrealized gains or
losses on former bank-owned real estate, realized gains or losses
on the sale of investment securities, merger-related expenses,
litigation charges and recoveries, debt prepayment penalties, and
gains, losses, and impairment charges on long-lived
assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
6/30/2017
|
|
6/30/2016
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$
153,043
|
|
$
102,491
|
|
$
2.08
|
|
$
141,191
|
|
$
93,579
|
|
$
2.26
|
|
|
|
|
|
|
Preferred stock
dividends
|
-
|
|
(4,548)
|
|
(0.09)
|
|
-
|
|
(3,430)
|
|
(0.08)
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
153,043
|
|
$
97,943
|
|
$
1.99
|
|
$
141,191
|
|
$
90,149
|
|
$
2.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of
investments and other non-interest income
|
(60)
|
|
(38)
|
|
-
|
|
(1,985)
|
|
(1,290)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
1,120
|
|
824
|
|
0.02
|
|
3
|
|
2
|
|
-
|
|
|
|
|
|
|
Severance
expense
|
476
|
|
309
|
|
0.01
|
|
594
|
|
386
|
|
0.01
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
123
|
|
80
|
|
-
|
|
(212)
|
|
(137)
|
|
(0.01)
|
|
|
|
|
|
|
Litigation
expense
|
6,000
|
|
5,481
|
|
0.11
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
-
|
|
-
|
|
-
|
|
2,268
|
|
1,474
|
|
0.04
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
7,719
|
|
6,694
|
|
0.14
|
|
2,653
|
|
1,725
|
|
0.04
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
160,702
|
|
104,599
|
|
2.13
|
|
141,859
|
|
90,584
|
|
2.19
|
|
|
|
|
|
|
Provision for loan
losses
|
18,204
|
|
11,833
|
|
|
|
26,771
|
|
17,400
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
178,906
|
|
$
116,432
|
|
|
|
$
168,630
|
|
$
107,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excluding
preferred stock dividends, merger-related expense and litigation
expense, after-tax amounts are calculated using a tax rate of 35%,
which approximates the marginal tax rate.
|
(2) Diluted per share
amounts may not appear to foot due to rounding.
|
(3) Adjustments to
GAAP results include certain significant activities or transactions
that, in management's opinion, can distort period-to-period
comparisons of the Company's performance. These adjustments
include, but are not limited to, realized and unrealized gains or
losses on former bank-owned real estate, realized gains or losses
on the sale of investment securities, merger-related expenses,
litigation charges and recoveries, debt prepayment penalties, and
gains, losses, and impairment charges on long-lived
assets.
|
Table 13 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
Net interest income
(GAAP)
|
$
183,643
|
|
$
172,818
|
|
$
161,665
|
|
$
163,417
|
|
$
162,753
|
Add: Effect of tax
benefit on interest income
|
2,492
|
|
2,491
|
|
2,340
|
|
2,330
|
|
2,290
|
Net interest income
(TE) (Non-GAAP) (1)
|
186,135
|
|
175,309
|
|
164,005
|
|
165,747
|
|
165,043
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
55,966
|
|
47,346
|
|
53,238
|
|
59,821
|
|
64,917
|
Add: Effect of tax
benefit on non-interest income
|
668
|
|
706
|
|
713
|
|
703
|
|
760
|
Non-interest income
(TE) (Non-GAAP) (1)
|
56,634
|
|
48,052
|
|
53,951
|
|
60,524
|
|
65,677
|
Taxable equivalent
revenues (Non-GAAP) (1)
|
242,769
|
|
223,361
|
|
217,956
|
|
226,271
|
|
230,720
|
Securities gains and
other non-interest income
|
(59)
|
|
(1)
|
|
(5)
|
|
(12)
|
|
(1,789)
|
Core taxable
equivalent revenues (Non-GAAP) (1)
|
$
242,710
|
|
$
223,360
|
|
$
217,951
|
|
$
226,259
|
|
$
228,931
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP)
|
$
147,508
|
|
$
141,018
|
|
$
151,570
|
|
$
138,139
|
|
$
139,504
|
Less: Intangible
amortization expense
|
1,651
|
|
1,770
|
|
2,087
|
|
2,106
|
|
2,109
|
Tangible non-interest
expense (Non-GAAP) (2)
|
145,857
|
|
139,248
|
|
149,483
|
|
136,033
|
|
137,395
|
Less: Merger-related
expense
|
1,066
|
|
54
|
|
-
|
|
-
|
|
-
|
Severance
expense
|
378
|
|
98
|
|
188
|
|
-
|
|
140
|
(Gain) Loss on sale
of long-lived assets, net of impairment
|
(1,306)
|
|
1,429
|
|
(462)
|
|
-
|
|
(1,256)
|
Litigation
expense
|
6,000
|
|
-
|
|
-
|
|
-
|
|
-
|
Loss on early
termination of loss share agreements
|
-
|
|
-
|
|
17,798
|
|
-
|
|
-
|
Other non-core
non-interest expense
|
-
|
|
-
|
|
484
|
|
-
|
|
1,177
|
Core tangible
non-interest expense (Non-GAAP) (2)
|
$
139,719
|
|
$
137,667
|
|
$
131,475
|
|
$
136,033
|
|
$
137,334
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
0.96%
|
|
0.94%
|
|
0.85%
|
|
0.94%
|
|
1.02%
|
Effect of non-core
revenues and expenses
|
0.10
|
|
0.02
|
|
0.09
|
|
0.00
|
|
(0.02)
|
Core return on
average assets (Non-GAAP)
|
1.06%
|
|
0.96%
|
|
0.94%
|
|
0.94%
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
61.6%
|
|
64.1%
|
|
70.5%
|
|
61.9%
|
|
61.3%
|
Effect of tax benefit
related to tax-exempt income
|
(0.8)
|
|
(1.0)
|
|
(1.0)
|
|
(0.9)
|
|
(0.8)
|
Efficiency ratio (TE)
(Non-GAAP) (1)
|
60.8%
|
|
63.1%
|
|
69.5%
|
|
61.0%
|
|
60.5%
|
Effect of
amortization of intangibles
|
(0.7)
|
|
(0.8)
|
|
(1.0)
|
|
(0.9)
|
|
(0.9)
|
Effect of non-core
items
|
(2.5)
|
|
(0.7)
|
|
(8.2)
|
|
0.0
|
|
0.4
|
Core tangible
efficiency ratio (TE) (Non-GAAP)
(1)(2)
|
57.6%
|
|
61.6%
|
|
60.3%
|
|
60.1%
|
|
60.0%
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
6.08%
|
|
6.41%
|
|
6.70%
|
|
7.00%
|
|
8.05%
|
Effect of intangibles
(2)
|
1.92
|
|
2.39
|
|
3.01
|
|
3.30
|
|
3.85
|
Effect of non-core
revenues and expenses
|
0.86
|
|
0.19
|
|
1.04
|
|
0.00
|
|
(0.26)
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
8.86%
|
|
8.99%
|
|
10.75%
|
|
10.30%
|
|
11.64%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
3,503,242
|
|
$
3,457,975
|
|
$
2,939,694
|
|
$
2,667,110
|
|
$
2,637,597
|
Less: Goodwill and
other intangibles
|
752,336
|
|
753,991
|
|
755,765
|
|
757,856
|
|
759,966
|
Preferred
stock
|
132,097
|
|
132,097
|
|
132,097
|
|
132,097
|
|
132,098
|
Tangible common
equity (Non-GAAP) (2)
|
$
2,618,809
|
|
$
2,571,887
|
|
$
2,051,832
|
|
$
1,777,157
|
|
$
1,745,533
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$
21,790,727
|
|
$
22,008,479
|
|
$
21,659,190
|
|
$
20,788,566
|
|
$
20,160,855
|
Less: Goodwill and
other intangibles
|
752,336
|
|
753,991
|
|
755,765
|
|
757,856
|
|
759,966
|
Tangible assets
(Non-GAAP) (2)
|
$
21,038,391
|
|
$
21,254,488
|
|
$
20,903,425
|
|
$
20,030,710
|
|
$
19,400,889
|
Tangible common
equity ratio (Non-GAAP) (2)
|
12.45%
|
|
12.10%
|
|
9.82%
|
|
8.87%
|
|
9.00%
|
|
(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.
|
|
View original
content:http://www.prnewswire.com/news-releases/iberiabank-corporation-reports-second-quarter-results-300492051.html
SOURCE IBERIABANK Corporation