LAFAYETTE, La., April 25, 2019 /PRNewswire/ -- IBERIABANK
Corporation (NASDAQ: IBKC), holding company of the 132-year-old
IBERIABANK (www.iberiabank.com), reported financial results for the
first quarter ended March 31, 2019.
For the quarter, the Company reported net income available to
common shareholders of $96.5 million,
or $1.75 diluted earnings per common
share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues
and non-core expenses ("Core EPS") in the first quarter of 2019 was
$1.72 per common share, compared to
$1.37 in the year-ago period, an
increase of 26% (refer to press release supplemental tables for a
reconciliation of GAAP to non-GAAP metrics).
Daryl G. Byrd, President and
Chief Executive Officer, commented, "We are pleased to report
another quarter of solid earnings and a very good start to 2019.
Our results for the quarter reflect outstanding growth in loans,
improvement in fee income, and continued reduction of non-interest
expense. We had a lower net interest margin than we anticipated,
which I expect to improve in future quarters. We believe the
foundation laid in 2018 and in the first quarter sets us up well to
deliver strong results in 2019."
Highlights for the first quarter of 2019 and at March 31, 2019:
|
For the three
months ended
|
|
GAAP
|
|
Non-GAAP
Core
|
|
1Q19
|
4Q18
|
|
1Q19
|
4Q18
|
Earnings Per Common
Share
|
$
|
1.75
|
|
$
|
2.32
|
|
|
$
|
1.72
|
|
$
|
1.86
|
|
Return on Average
Assets
|
1.32
|
%
|
1.70
|
%
|
|
1.29
|
%
|
1.37
|
%
|
Return on Average
Common Equity
|
9.85
|
%
|
13.38
|
%
|
|
9.66
|
%
|
10.75
|
%
|
Return on Average
Tangible Common Equity
|
N/A
|
|
N/A
|
|
|
15.03
|
%
|
16.98
|
%
|
Efficiency
Ratio
|
52.4
|
%
|
63.5
|
%
|
|
53.2
|
%
|
52.6
|
%
|
Tangible Efficiency
Ratio (TE)
|
N/A
|
|
N/A
|
|
|
51.3
|
%
|
50.7
|
%
|
- Strong 1Q19 for both GAAP and Core EPS, improving 59% and 26%,
respectively on a year-over-year basis, as a result of excellent
loan growth, non-interest income, and continued expense
management.
- Total loan growth of $448.5
million, or 8% annualized. Loan growth was driven by strong
originations and loan prepayments slowing.
- The Company's reported and cash net interest margins decreased
22 and 10 basis points on a linked quarter basis, to 3.59% and
3.42%, respectively. The decline in margin was primarily driven by
lower recoveries as expected and higher cost of funding. Funding
costs increased as the Company realized seasonal declines in lower
cost deposits and strong loan growth primarily funded with
wholesale funding sources.
- Strong growth in non-interest income influenced by the current
yield curve.
-
- Mortgage income increased $1.5
million, or 14% on a linked quarter basis and 23% as
compared to 1Q18.
- The Company realized record swap income of $4.2 million, up 124% on a linked quarter
basis.
- The linked quarter increase of $51.5
million was primarily driven by $49.8
million in losses on sales of available securities that
occurred during 4Q18.
- Continued focus on non-interest expense which decreased
$10.2 million, or 6% on a linked
quarter basis. Core non-interest expense declined $5.1 million, or 3%, from 4Q18.
-
- Year-over-year reduced FTEs by 342, or almost 10%, including
employees from the Gibraltar
acquisition.
- Produced the lowest quarterly level of non-interest expense to
average assets over the past 15 years.
- Continued improvement in operating leverage.
- Credit metrics remained strong and stable. The provision
expense rose slightly from the prior quarter to provide adequate
reserve coverage of strong loan growth. We see no signs of
deterioration in the portfolio.
- During 1Q19, the Company repurchased 387,921 common shares at a
weighted average price of $77.19 per
common share.
- On March 19, 2019, the Company
announced a first quarter cash dividend equal to $0.43 per common share, payable on April 26, 2019. This equated to a 5% increase to
the 4Q18 dividend.
Special Items
- On April 4, 2019, the Company
issued and sold 4.0 million depositary shares, each representing
1/400th interest in a share of non-cumulative perpetual preferred
stock. The Series D preferred stock has an initial coupon equal to
6.100% for a period of five years, and thereafter floats at a rate
of LIBOR plus 385.9 basis points. The Company raised approximately
$100.0 million in gross proceeds from
the transaction. Proceeds from the transaction are currently
expected to be used for repurchases of common stock. This
re-stacking of capital is expected to provide a few incremental
pennies of EPS and enhance the Company's ROTCE by approximately 50
basis points in 2020, based on IBKC's current stock price. The
impact of this offering will be immaterial on 2019 earnings.
Table A - Summary
Financial Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2019
|
|
|
12/31/2018
|
|
%
Change
|
|
3/31/2018
|
|
%
Change
|
GAAP
BASIS:
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders
|
$
|
96,533
|
|
|
|
$
|
129,090
|
|
|
(25.2)
|
|
|
$
|
60,023
|
|
|
60.8
|
|
Earnings per common
share - diluted
|
1.75
|
|
|
|
2.32
|
|
|
(24.6)
|
|
|
1.10
|
|
|
59.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans and
leases, net of unearned income
|
$
|
22,599,686
|
|
|
|
$
|
22,364,188
|
|
|
1.1
|
|
|
$
|
20,181,390
|
|
|
12.0
|
|
Average total
deposits
|
23,678,400
|
|
|
|
23,484,576
|
|
|
0.8
|
|
|
21,777,634
|
|
|
8.7
|
|
Net interest margin
(TE) (1)
|
3.59
|
|
%
|
|
3.81
|
|
%
|
|
|
3.67
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
|
302,993
|
|
|
|
$
|
265,990
|
|
|
13.9
|
|
|
$
|
277,455
|
|
|
9.2
|
|
Total non-interest
expense
|
158,753
|
|
|
|
168,989
|
|
|
(6.1)
|
|
|
188,071
|
|
|
(15.6)
|
|
Efficiency
ratio
|
52.4
|
|
%
|
|
63.5
|
|
%
|
|
|
67.8
|
|
%
|
|
Return on average
assets
|
1.32
|
|
|
|
1.70
|
|
|
|
|
0.92
|
|
|
|
Return on average
common equity
|
9.85
|
|
|
|
13.38
|
|
|
|
|
6.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS
(2):
|
|
|
|
|
|
|
|
|
|
|
Core
revenues
|
$
|
302,993
|
|
|
|
$
|
316,249
|
|
|
(4.2)
|
|
|
$
|
277,514
|
|
|
9.2
|
|
Core non-interest
expense
|
161,239
|
|
|
|
166,379
|
|
|
(3.1)
|
|
|
169,232
|
|
|
(4.7)
|
|
Core earnings per
common share - diluted
|
1.72
|
|
|
|
1.86
|
|
|
(7.5)
|
|
|
1.37
|
|
|
25.5
|
|
Core tangible
efficiency ratio (TE) (1) (3)
|
51.3
|
|
%
|
|
50.7
|
|
%
|
|
|
58.8
|
|
%
|
|
Core return on
average assets
|
1.29
|
|
|
|
1.37
|
|
|
|
|
1.13
|
|
|
|
Core return on
average common equity
|
9.66
|
|
|
|
10.75
|
|
|
|
|
8.45
|
|
|
|
Core return on
average tangible common equity
|
15.03
|
|
|
|
16.98
|
|
|
|
|
13.83
|
|
|
|
Net interest margin
(TE) - cash basis (1)
|
3.42
|
|
|
|
3.52
|
|
|
|
|
3.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
21%.
|
(2)
|
See Table 7 and Table
8 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.
|
Operating Results
Net interest income decreased $14.5
million, or 5%, on a linked quarter basis. Average loans
increased $235.5 million, or 4%
annualized, while the associated taxable-equivalent yield decreased
15 basis points. The yield on total earning assets was 6 basis
points lower at 4.68% compared to 4.74% in the prior quarter. The
decline in loan yield was primarily driven by lower recoveries in
the acquired loan portfolio.
Average interest-bearing deposits increased $568.6 million, or 14% annualized, and the cost
of interest-bearing deposits rose 17 basis points to 1.40% on a
linked quarter basis. Total average interest-bearing liabilities
increased by $766.3 million, or 16%
annualized, and the cost of interest-bearing liabilities rose 19
basis points to 1.53%. The total cost of funding in the first
quarter of 2019 was 1.17%, compared to 1.00% in the prior quarter.
The increase in cost of funds was primarily due to an unfavorable
funding balance mix shift from lower cost deposits to wholesale
borrowings, an upward repricing of remaining deposits, promotional
activity in customer time deposits, and brokered wholesale CD
issuances. The lower loan yields, along with the increase in cost
of funds, resulted in a decrease in the reported and cash net
interest margins of 22 and 10 basis points to 3.59% and 3.42%,
respectively.
The provision for credit losses totaled $13.8 million compared to $13.1 million in the prior quarter. Asset quality
measures remained strong and stable. Net charge-offs to average
loans on an annualized basis were 0.13% compared to 0.14% in the
prior quarter. Non-performing assets to total assets were
0.58% compared to 0.55% in the prior quarter. The allowance for
loan and lease losses to total loans and leases remained unchanged
at 0.62% and covered 94% of non-performing loans.
Non-interest income increased $51.5
million, primarily driven by $49.8
million in losses realized on sales of available-for-sale
securities during the prior quarter. On a core basis, non-interest
income increased $1.3 million, or 2%,
driven by higher customer swap commissions of $2.3 million and higher mortgage income of
$1.0 million. These increases were
partially offset primarily by decreases of $0.8 million in title revenue and $0.6 million in service charges on deposit
accounts.
Non-interest expense decreased $10.2
million, or 6%, compared to the linked quarter, primarily
driven by a $4.2 million decrease in
professional service expenses, a $3.3
million decrease in salaries and employee benefits expenses,
and a $1.9 million decrease in credit
and other loan related expenses. Non-core expense items resulted in
a $2.5 million reduction in GAAP
non-interest expense, primarily from interest related to tax
refunds received. Refer to Tables 7 and 8 for GAAP to Non-GAAP
reconciliations.
Income tax expense increased $76.5
million to $30.3 million
when compared to the prior quarter. This increase was primarily
attributable to the $65.3 million,
non-core, permanent net tax benefit that was recorded in the fourth
quarter of 2018 which resulted in a $46.1
million income tax benefit.
On a linked quarter basis, the efficiency ratio improved to
52.4% from 63.5%, primarily due to a decrease in non-interest
expense, while the non-GAAP core tangible efficiency ratio was
relatively unchanged at 51.3% compared to 50.7%. First quarter
operating results reflect a continued focus on expense discipline
and revenue enhancement efforts. Refer to Table A for a summary of
financial results on both a GAAP and non-GAAP basis.
Table B - Summary
Financial Condition Results
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
3/31/2019
|
|
12/31/2018
|
|
%
Change
|
|
3/31/2018
|
|
%
Change
|
PERIOD-END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and
leases, net of unearned income
|
$
|
22,968,295
|
|
|
|
$
|
22,519,815
|
|
|
|
2.0
|
|
|
$
|
21,706,090
|
|
|
|
5.8
|
|
|
Total
deposits
|
24,092,062
|
|
|
|
23,763,431
|
|
|
|
1.4
|
|
|
22,971,192
|
|
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due and still accruing as a percentage of total loans
(1)
|
0.20
|
%
|
|
|
0.25
|
%
|
|
|
|
|
0.36
|
%
|
|
|
|
|
Loans 90 days or more
past due and still accruing as a percentage of total loans
(1)
|
0.02
|
|
|
|
0.01
|
|
|
|
|
|
0.04
|
|
|
|
|
|
Non-performing assets
to total assets (1)(2)
|
0.58
|
|
|
|
0.55
|
|
|
|
|
|
0.64
|
|
|
|
|
|
Classified assets to
total assets (3)
|
1.01
|
|
|
|
0.98
|
|
|
|
|
|
1.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (4) (5)
|
9.01
|
%
|
|
|
8.84
|
%
|
|
|
|
|
8.66
|
%
|
|
|
|
|
Tier 1 leverage ratio
(6)
|
9.67
|
|
|
|
9.63
|
|
|
|
|
|
9.97
|
|
|
|
|
|
Total risk-based
capital ratio (6)
|
12.33
|
|
|
|
12.33
|
|
|
|
|
|
12.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
|
73.50
|
|
|
|
$
|
71.61
|
|
|
|
2.6
|
|
|
$
|
66.38
|
|
|
|
10.7
|
|
|
Tangible book value
(Non-GAAP) (4) (5)
|
49.48
|
|
|
|
47.61
|
|
|
|
3.9
|
|
|
42.91
|
|
|
|
15.3
|
|
|
Closing stock
price
|
71.71
|
|
|
|
64.28
|
|
|
|
11.6
|
|
|
78.00
|
|
|
|
(8.1)
|
|
|
Cash
dividends
|
0.43
|
|
|
|
0.41
|
|
|
|
4.9
|
|
|
0.38
|
|
|
|
13.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Past due and
non-accrual loan amounts 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.
|
(2)
|
Non-performing assets
consist of non-accruing loans, accruing loans 90 days or more past
due and other real estate owned, including repossessed assets.
Refer to Table 4 for further detail.
|
(3)
|
Classified assets
include commercial loans rated substandard or worse, non-performing
mortgage and consumer loans, and OREO and foreclosed property and
include acquired impaired loans accounted for under ASC 310-30.
Classified assets were $315 million, $302 million and $439 million
at March 31, 2019, December 31, 2018, and March 31, 2018,
respectively.
|
(4)
|
See Table 7 and Table
8 for GAAP to Non-GAAP reconciliations.
|
(5)
|
Tangible calculations
eliminate the effect of goodwill and acquisition-related intangible
assets and the corresponding amortization expense on a tax-effected
basis where applicable.
|
(6)
|
Regulatory capital
ratios as of March 31, 2019 are preliminary.
|
Loans and Other Assets
Total loans increased $448.5
million, or 8% annualized, to $23.0
billion at March 31, 2019.
Period-end loan growth during the first quarter of 2019 was
strongest in the Energy Group (primarily reserve-based lending),
the Corporate Asset Finance Group (equipment financing business),
and the Atlanta, South Florida
Commercial, and Dallas markets.
The Company believes it is well-positioned for diversified loan
growth based on our strategic presence in significant MSAs in the
Southeastern United States.
Table C -
Period-End Loans
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
3/31/2019
|
|
12/31/2018
|
|
3/31/2018
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
3/31/2019
|
12/31/2018
|
Legacy
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans and
leases
|
$
|
13,047,438
|
|
|
$
|
12,396,515
|
|
$
|
11,094,464
|
|
650,923
|
|
5.3
|
|
|
21.3
|
%
|
|
1,952,974
|
|
17.6
|
|
|
73.8
|
%
|
73.2
|
%
|
Residential mortgage
loans
|
2,172,421
|
|
|
2,023,760
|
|
1,280,580
|
|
148,661
|
|
7.3
|
|
|
29.8
|
%
|
|
891,841
|
|
69.6
|
|
|
12.3
|
%
|
11.9
|
%
|
Consumer and other
loans
|
2,463,370
|
|
|
2,529,705
|
|
2,538,878
|
|
(66,335)
|
|
(2.6)
|
|
|
(10.6)
|
%
|
|
(75,508)
|
|
(3.0)
|
|
|
13.9
|
%
|
14.9
|
%
|
Total legacy
loans
|
17,683,229
|
|
|
16,949,980
|
|
14,913,922
|
|
733,249
|
|
4.3
|
|
|
17.5
|
%
|
|
2,769,307
|
|
18.6
|
|
|
100.0
|
%
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
5,569,835
|
|
|
5,992,144
|
|
5,595,030
|
|
(422,309)
|
|
(7.0)
|
|
|
|
|
(25,195)
|
|
(0.5)
|
|
|
|
|
Loans acquired during
the period
|
—
|
|
|
—
|
|
1,465,319
|
|
—
|
|
—
|
|
|
|
|
(1,465,319)
|
|
(100.0)
|
|
|
|
|
Net paydown
activity
|
(284,769)
|
|
|
(422,309)
|
|
(268,181)
|
|
137,540
|
|
(32.6)
|
|
|
|
|
(16,588)
|
|
6.2
|
|
|
|
|
Total acquired
loans
|
5,285,066
|
|
|
5,569,835
|
|
6,792,168
|
|
(284,769)
|
|
(5.1)
|
|
|
|
|
(1,507,102)
|
|
(22.2)
|
|
|
|
|
Total
loans
|
$
|
22,968,295
|
|
|
$
|
22,519,815
|
|
$
|
21,706,090
|
|
448,480
|
|
2.0
|
|
|
|
|
1,262,205
|
|
5.8
|
|
|
|
|
On an average balance and linked quarter basis, the investment
portfolio increased $240.6 million,
or 20% annualized, to $5.0 billion,
mainly due to purchases of available-for-sale securities and
favorable fair value adjustments. On a period-end basis, investment
securities were $5.1 billion, or 16%
of total assets. Approximately 96% of the investment portfolio is
in available-for-sale securities, which experience unrealized
losses as interest rates rise. The investment portfolio had an
effective duration of 3.0 years at March 31,
2019, down from 3.4 years at December
31, 2018, and a $6.0 million
unrealized loss at March 31, 2019,
down from a $62.9 million loss at
December 31, 2018. The average yield
on investment securities increased 29 basis points to 2.90% in the
first quarter of 2019. The investment portfolio primarily consists
of government agency securities. Municipal securities comprised 7%
of total investments at March 31,
2019.
Deposits and Funding
Total deposits increased $328.6
million, or 6% annualized, to $24.1
billion at March 31, 2019.
First quarter deposit growth included a $270
million increase in brokered and reciprocal deposits.
Deposit growth during the first quarter of 2019 was strongest in
the Miami-Dade, Southwest Louisiana, and Palm Beach/Broward markets.
Table D -
Period-End Deposits
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
Year/Year
Change
|
|
Mix
|
|
3/31/2019
|
|
12/31/2018
|
|
3/31/2018
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
3/31/2019
|
12/31/2018
|
Non-interest-bearing
|
$
|
6,448,613
|
|
|
$
|
6,542,490
|
|
$
|
6,595,495
|
|
(93,877)
|
|
(1.4)
|
|
(5.8)
|
%
|
|
(146,882)
|
|
(2.2)
|
|
|
26.8
|
%
|
27.5
|
%
|
NOW
accounts
|
4,452,966
|
|
|
4,514,113
|
|
4,500,181
|
|
(61,147)
|
|
(1.4)
|
|
(5.5)
|
%
|
|
(47,215)
|
|
(1.0)
|
|
|
18.5
|
%
|
19.0
|
%
|
Money market
accounts
|
8,348,509
|
|
|
8,237,291
|
|
8,271,969
|
|
111,218
|
|
1.4
|
|
5.5
|
%
|
|
76,540
|
|
0.9
|
|
|
34.6
|
%
|
34.7
|
%
|
Savings
accounts
|
770,754
|
|
|
828,914
|
|
874,741
|
|
(58,160)
|
|
(7.0)
|
|
(28.5)
|
%
|
|
(103,987)
|
|
(11.9)
|
|
|
3.2
|
%
|
3.5
|
%
|
Time
deposits
|
4,071,220
|
|
|
3,640,623
|
|
2,728,806
|
|
430,597
|
|
11.8
|
|
48.0
|
%
|
|
1,342,414
|
|
49.2
|
|
|
16.9
|
%
|
15.3
|
%
|
Total
deposits
|
$
|
24,092,062
|
|
|
$
|
23,763,431
|
|
$
|
22,971,192
|
|
328,631
|
|
1.4
|
|
5.6
|
%
|
|
1,120,870
|
|
4.9
|
|
|
100.0
|
%
|
100.0
|
%
|
Asset Quality
Credit quality remained strong and stable. Non-performing assets
to total assets were 0.58% at March 31,
2019, compared to 0.55% in the prior quarter. Loans 30-89
days past due and still accruing decreased $12.0 million, or 21%, compared to the prior
quarter and represented 0.20% of total loans and leases, compared
to 0.25% in the prior quarter. As a percentage of average loans and
leases, annualized net charge-offs were 0.13%, down one basis point
compared to the prior quarter.
The allowance for loan and lease losses was $143.0 million, up $2.4
million compared to the prior quarter. As of March 31, 2019, the allowance for loan and lease
losses was 0.62% of total loans and leases, unchanged compared to
December 31, 2018. The allowance for
loan and lease losses covered non-performing loans by 94% compared
to 101% in the prior quarter.
Refer to Table 4 - Loans and Asset Quality Data for further
information.
Capital Position
At March 31, 2019, the non-GAAP
tangible common equity ratio was 9.01%, up 17 basis points compared
to December 31, 2018, and the
preliminary Tier 1 leverage ratio was 9.67%, up 4 basis points
compared to December 31, 2018. The
preliminary calculation of the total risk-based capital ratio at
March 31, 2019, was 12.33%, flat
compared to December 31, 2018.
At March 31, 2019, book value per
common share was $73.50, up
$1.89 per share, compared to
December 31, 2018. Tangible book
value per common share was $49.48, up
$1.87 per share, compared to
December 31, 2018. Based on the
closing stock price of the Company's common stock of $77.14 per share on April
24, 2019, this price equated to 1.05 times March 31, 2019 book value per common share
and 1.56 times March 31, 2019
tangible book value per common share.
Dividends On Capital Stock. The declaration of dividends is at
the discretion of the Board of Directors. The following details the
recent dividend declarations:
Common Stock. On March 19, 2019,
the Company declared a quarterly cash dividend of $0.43 per common share, a 5% increase to the
common dividend declared on January 25,
2019. This dividend is payable on April 26, 2019, to shareholders of record as of
March 29, 2019.
Preferred Stock. On April 11,
2019, the Company declared a quarterly cash dividend of
$0.4125 per depositary share of
Series C Preferred Stock that is payable on May 1, 2019 to shareholders of record as of
April 21, 2019.
On April 4, 2019, the Company sold
4.0 million depositary shares, each representing 1/400th interest
in a share of non-cumulative perpetual preferred stock. The Series
D preferred stock has an initial coupon equal to 6.100% for a
period of five years, and thereafter floats at a rate of LIBOR plus
385.9 basis points. The Company raised approximately $100.0 million in gross proceeds from the
transaction.
Common Stock Repurchase Program. On November 5, 2018, the Board of Directors
authorized a new repurchase plan of up to 2,765,000 shares of the
Company's common stock. This repurchase authorization equated to
approximately 5% of total common shares outstanding. Stock
repurchases under this program will be made from time to time, on
the open market or in privately negotiated transactions at the
discretion of the management of the Company. The timing of these
repurchases will depend on market conditions and other
requirements. The Company currently anticipates the share
repurchase program will extend over a two-year time frame, or
earlier if the shares have been repurchased. During the first
quarter of 2019, the Company repurchased 387,921 common shares, at
a weighted average price of $77.19
per common share. At March 31,
2019, the Company had approximately 1,877,079 remaining
shares that may be repurchased under the current Board-approved
plan.
2019 Financial Guidance
2019
Guidance
|
Average Earning
Assets
|
$28.6B ~
$28.9B
|
Consolidated Loan
Growth
|
5% ~ 7%
|
Consolidated Deposit
Growth
|
5% ~ 7%
|
Provision
Expense
|
$45MM ~
$50MM
|
Non-Interest Income
(Core Basis)
|
$215MM ~
$225MM
|
Non-Interest Expense
(Core Basis)
|
$675MM ~
$690MM
|
Net Interest
Margin
|
3.55% ~
3.65%
|
Tax Rate
|
23.0% ~
24.0%
|
Preferred
Dividend
|
$17.0MM ~
$18.0MM
|
Share Repurchase
Activity
|
$230MM ~
$240MM
|
Credit
Quality
|
Stable
|
|
|
|
- Updated guidance includes no interest rate increases in 2019
and interest rate curve as of March 31,
2019.
- Preferred Dividend range increases to reflect new Series D
preferred dividends.
- We expect to buy common shares with the proceeds of our
recent preferred stock offering, which is included in the
guide.
IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with
locations in Louisiana,
Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South
Carolina, North Carolina,
Mississippi, Missouri, and New
York offering commercial, private banking, consumer, small
business, wealth and trust management, retail brokerage, mortgage,
and title insurance services.
The Company's common stock trades on the NASDAQ Global Select
Market under the symbol "IBKC". The Company's Series B Preferred
Stock, Series C Preferred Stock, and Series D Preferred Stock also
trade on the NASDAQ Global Select Market under the symbols "IBKCP",
"IBKCO", and "IBKCN", respectively. The Company's common stock
market capitalization was approximately $4.2
billion, based on the NASDAQ Global Select Market closing
stock price on April 24, 2019.
The following 10 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- FIG Partners, LLC
- Hovde Group, LLC
- Jefferies & Co., Inc.
- Keefe, Bruyette & Woods, Inc.
- Piper Jaffray & Co.
- Raymond James & Associates,
Inc.
- Sandler O'Neill + Partners, L.P.
- Stephens, Inc.
- SunTrust Robinson-Humphrey
Conference Call
In association with this earnings release, the Company will host
a live conference call to discuss the financial results for the
quarter just completed. The telephone conference call will be held
on Thursday, April 25, 2019,
beginning at 8:30 a.m. Central Time
by dialing 1-888-317-6003. The confirmation code for the call is
6428111. A replay of the call will be available until midnight Central Time on May 2, 2019, by dialing 1-877-344-7529. The
confirmation code for the replay is 10128769. 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, debt repayment penalties, and gains,
losses, and impairment charges on long-lived assets. 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, 2018,
and in other documents subsequently filed by the Company with the
Securities and Exchange Commission, available at the SEC's website,
www.sec.gov, and the Company's website, www.iberiabank.com. To the
extent that statements in this press release relate to future
plans, objectives, financial results or performance by the Company,
these statements are deemed to be forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements are generally identified by use of words such
as "may," "believe," "expect," "anticipate," "intend," "will,"
"should," "plan," "estimate," "predict," "continue" and "potential"
or the negative of these terms or other comparable terminology.
Forward-looking statements represent management's beliefs, based
upon information available at the time the statements are made,
with regard to the matters addressed; they are not guarantees of
future performance. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties that change over time
and could cause actual results or financial condition to differ
materially from those expressed in or implied by such statements.
All information is as of the date of this press release. Except to
the extent required by applicable law or regulation, the Company
undertakes no obligation to revise or update publicly any
forward-looking statement for any reason.
Table 1 -
IBERIABANK CORPORATION
|
FINANCIAL
HIGHLIGHTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended
|
INCOME
DATA:
|
3/31/2019
|
|
12/31/2018
|
|
%
Change
|
|
3/31/2018
|
|
%
Change
|
|
Net interest
income
|
$
|
250,484
|
|
|
|
$
|
265,021
|
|
|
|
(5.5)
|
|
|
$
|
232,889
|
|
|
|
7.6
|
|
|
Net interest income
(TE) (1)
|
251,833
|
|
|
|
266,448
|
|
|
|
(5.5)
|
|
|
234,353
|
|
|
|
7.5
|
|
|
Total
revenues
|
302,993
|
|
|
|
265,990
|
|
|
|
13.9
|
|
|
277,455
|
|
|
|
9.2
|
|
|
Provision for credit
losses
|
13,763
|
|
|
|
13,094
|
|
|
|
5.1
|
|
|
8,211
|
|
|
|
67.6
|
|
|
Non-interest
expense
|
158,753
|
|
|
|
168,989
|
|
|
|
(6.1)
|
|
|
188,071
|
|
|
|
(15.6)
|
|
|
Net income available
to common shareholders
|
96,533
|
|
|
|
129,090
|
|
|
|
(25.2)
|
|
|
60,023
|
|
|
|
60.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
|
1.76
|
|
|
|
$
|
2.33
|
|
|
|
(24.5)
|
|
|
$
|
1.11
|
|
|
|
58.6
|
|
|
Earnings available to
common shareholders - diluted
|
1.75
|
|
|
|
2.32
|
|
|
|
(24.6)
|
|
|
1.10
|
|
|
|
59.1
|
|
|
Core earnings
(Non-GAAP) (2)
|
1.72
|
|
|
|
1.86
|
|
|
|
(7.5)
|
|
|
1.37
|
|
|
|
25.5
|
|
|
Book value
|
73.50
|
|
|
|
71.61
|
|
|
|
2.6
|
|
|
66.38
|
|
|
|
10.7
|
|
|
Tangible book value
(Non-GAAP) (2) (3)
|
49.48
|
|
|
|
47.61
|
|
|
|
3.9
|
|
|
42.91
|
|
|
|
15.3
|
|
|
Closing stock
price
|
71.71
|
|
|
|
64.28
|
|
|
|
11.6
|
|
|
78.00
|
|
|
|
(8.1)
|
|
|
Cash
dividends
|
0.43
|
|
|
|
0.41
|
|
|
|
4.9
|
|
|
0.38
|
|
|
|
13.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND
OTHER DATA (6):
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.59
|
%
|
|
|
3.81
|
%
|
|
|
|
|
3.67
|
%
|
|
|
|
|
Efficiency
ratio
|
52.4
|
|
|
|
63.5
|
|
|
|
|
|
67.8
|
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
51.3
|
|
|
|
50.7
|
|
|
|
|
|
58.8
|
|
|
|
|
|
Return on average
assets
|
1.32
|
|
|
|
1.70
|
|
|
|
|
|
0.92
|
|
|
|
|
|
Return on average
common equity
|
9.85
|
|
|
|
13.38
|
|
|
|
|
|
6.79
|
|
|
|
|
|
Core return on
average tangible common equity (Non-GAAP)
(2)(3)
|
15.03
|
|
|
|
16.98
|
|
|
|
|
|
13.83
|
|
|
|
|
|
Effective tax
rate
|
23.3
|
|
|
|
(55.0)
|
|
|
|
|
|
21.6
|
|
|
|
|
|
Full-time equivalent
employees
|
3,384
|
|
|
|
3,403
|
|
|
|
|
|
3,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (2) (3)
|
9.01
|
%
|
|
|
8.84
|
%
|
|
|
|
|
8.66
|
%
|
|
|
|
|
Tangible common
equity to risk-weighted assets (3)
|
10.60
|
|
|
|
10.43
|
|
|
|
|
|
10.27
|
|
|
|
|
|
Tier 1 leverage ratio
(4)
|
9.67
|
|
|
|
9.63
|
|
|
|
|
|
9.97
|
|
|
|
|
|
Common equity Tier 1
(CET 1) ratio (4)
|
10.73
|
|
|
|
10.72
|
|
|
|
|
|
10.77
|
|
|
|
|
|
Tier 1 capital ratio
(4)
|
11.25
|
|
|
|
11.25
|
|
|
|
|
|
11.32
|
|
|
|
|
|
Total risk-based
capital ratio (4)
|
12.33
|
|
|
|
12.33
|
|
|
|
|
|
12.48
|
|
|
|
|
|
Common stock dividend
payout ratio
|
24.3
|
|
|
|
17.8
|
|
|
|
|
|
36.0
|
|
|
|
|
|
Classified assets to
Tier 1 capital (7)
|
11.2
|
|
|
|
10.7
|
|
|
|
|
|
16.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
RATIOS:
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (5)
|
0.58
|
%
|
|
|
0.55
|
%
|
|
|
|
|
0.64
|
%
|
|
|
|
|
ALLL to total loans
and leases
|
0.62
|
|
|
|
0.62
|
|
|
|
|
|
0.67
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.13
|
|
|
|
0.14
|
|
|
|
|
|
0.09
|
|
|
|
|
|
Non-performing assets
to total loans and OREO (5)
|
0.79
|
|
|
|
0.75
|
|
|
|
|
|
0.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
21%.
|
(2)
|
See Table 7 and Table
8 for GAAP to Non-GAAP reconciliations.
|
(3)
|
Tangible calculations
eliminate the effect of goodwill and acquisition-related intangible
assets and the corresponding amortization expense on a tax-effected
basis where applicable.
|
(4)
|
Regulatory capital
ratios as of March 31, 2019 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. For
purposes of this table, past due and non-accrual loan amounts
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.
|
(6)
|
All ratios are
calculated on an annualized basis for the periods
indicated.
|
(7)
|
Classified assets
include commercial loans rated substandard or worse, non-performing
mortgage and consumer loans, and OREO and foreclosed property and
include acquired impaired loans accounted for under ASC
310-30.
|
Table 2 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
|
3/31/2019
|
|
12/31/2018
|
|
$
|
%
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
|
$
|
%
|
Interest
income
|
$
|
326,084
|
|
|
$
|
330,196
|
|
|
(4,112)
|
|
(1.2)
|
|
|
$
|
317,067
|
|
|
$
|
303,823
|
|
|
$
|
270,543
|
|
|
55,541
|
|
20.5
|
|
Interest
expense
|
75,600
|
|
|
65,175
|
|
|
10,425
|
|
16.0
|
|
|
57,842
|
|
|
47,710
|
|
|
37,654
|
|
|
37,946
|
|
100.8
|
|
Net interest
income
|
250,484
|
|
|
265,021
|
|
|
(14,537)
|
|
(5.5)
|
|
|
259,225
|
|
|
256,113
|
|
|
232,889
|
|
|
17,595
|
|
7.6
|
|
Provision for credit
losses
|
13,763
|
|
|
13,094
|
|
|
669
|
|
5.1
|
|
|
11,384
|
|
|
7,696
|
|
|
8,211
|
|
|
5,552
|
|
67.6
|
|
Net interest income
after provision for credit losses
|
236,721
|
|
|
251,927
|
|
|
(15,206)
|
|
(6.0)
|
|
|
247,841
|
|
|
248,417
|
|
|
224,678
|
|
|
12,043
|
|
5.4
|
|
Mortgage
income
|
11,849
|
|
|
10,379
|
|
|
1,470
|
|
14.2
|
|
|
12,729
|
|
|
13,721
|
|
|
9,595
|
|
|
2,254
|
|
23.5
|
|
Service charges on
deposit accounts
|
12,810
|
|
|
13,425
|
|
|
(615)
|
|
(4.6)
|
|
|
13,520
|
|
|
12,950
|
|
|
12,908
|
|
|
(98)
|
|
(0.8)
|
|
Title
revenue
|
5,225
|
|
|
5,996
|
|
|
(771)
|
|
(12.9)
|
|
|
6,280
|
|
|
6,846
|
|
|
5,027
|
|
|
198
|
|
3.9
|
|
Broker
commissions
|
1,953
|
|
|
1,951
|
|
|
2
|
|
0.1
|
|
|
2,627
|
|
|
2,396
|
|
|
2,221
|
|
|
(268)
|
|
(12.1)
|
|
ATM/debit card fee
income
|
2,582
|
|
|
2,267
|
|
|
315
|
|
13.9
|
|
|
2,470
|
|
|
2,925
|
|
|
2,633
|
|
|
(51)
|
|
(1.9)
|
|
Income from bank
owned life insurance
|
1,797
|
|
|
2,023
|
|
|
(226)
|
|
(11.2)
|
|
|
1,744
|
|
|
1,261
|
|
|
1,282
|
|
|
515
|
|
40.2
|
|
(Loss) gain on sale
of available-for-sale securities
|
—
|
|
|
(49,844)
|
|
|
49,844
|
|
100.0
|
|
|
—
|
|
|
3
|
|
|
(59)
|
|
|
59
|
|
100.0
|
|
Trust department
income
|
4,167
|
|
|
4,319
|
|
|
(152)
|
|
(3.5)
|
|
|
3,993
|
|
|
4,243
|
|
|
3,426
|
|
|
741
|
|
21.6
|
|
Other non-interest
income
|
12,126
|
|
|
10,453
|
|
|
1,673
|
|
16.0
|
|
|
9,724
|
|
|
9,595
|
|
|
7,533
|
|
|
4,593
|
|
61.0
|
|
Total non-interest
income
|
52,509
|
|
|
969
|
|
|
51,540
|
|
5,318.9
|
|
|
53,087
|
|
|
53,940
|
|
|
44,566
|
|
|
7,943
|
|
17.8
|
|
Salaries and employee
benefits
|
98,296
|
|
|
101,551
|
|
|
(3,255)
|
|
(3.2)
|
|
|
101,159
|
|
|
107,445
|
|
|
104,586
|
|
|
(6,290)
|
|
(6.0)
|
|
Occupancy and
equipment
|
18,564
|
|
|
18,379
|
|
|
185
|
|
1.0
|
|
|
18,889
|
|
|
19,931
|
|
|
20,047
|
|
|
(1,483)
|
|
(7.4)
|
|
Amortization of
acquisition intangibles
|
5,009
|
|
|
5,083
|
|
|
(74)
|
|
(1.5)
|
|
|
5,382
|
|
|
6,111
|
|
|
5,102
|
|
|
(93)
|
|
(1.8)
|
|
Computer services
expense
|
9,157
|
|
|
8,942
|
|
|
215
|
|
2.4
|
|
|
9,036
|
|
|
9,309
|
|
|
12,393
|
|
|
(3,236)
|
|
(26.1)
|
|
Professional
services
|
4,450
|
|
|
8,628
|
|
|
(4,178)
|
|
(48.4)
|
|
|
5,519
|
|
|
7,160
|
|
|
7,391
|
|
|
(2,941)
|
|
(39.8)
|
|
Credit and other loan
related expense
|
2,859
|
|
|
4,776
|
|
|
(1,917)
|
|
(40.1)
|
|
|
4,830
|
|
|
5,089
|
|
|
4,393
|
|
|
(1,534)
|
|
(34.9)
|
|
Other non-interest
expense
|
20,418
|
|
|
21,630
|
|
|
(1,212)
|
|
(5.6)
|
|
|
24,247
|
|
|
41,731
|
|
|
34,159
|
|
|
(13,741)
|
|
(40.2)
|
|
Total non-interest
expense
|
158,753
|
|
|
168,989
|
|
|
(10,236)
|
|
(6.1)
|
|
|
169,062
|
|
|
196,776
|
|
|
188,071
|
|
|
(29,318)
|
|
(15.6)
|
|
Income before income
taxes
|
130,477
|
|
|
83,907
|
|
|
46,570
|
|
55.5
|
|
|
131,866
|
|
|
105,581
|
|
|
81,173
|
|
|
49,304
|
|
60.7
|
|
Income tax expense
(benefit)
|
30,346
|
|
|
(46,132)
|
|
|
76,478
|
|
165.8
|
|
|
30,401
|
|
|
30,457
|
|
|
17,552
|
|
|
12,794
|
|
72.9
|
|
Net income
|
100,131
|
|
|
130,039
|
|
|
(29,908)
|
|
(23.0)
|
|
|
101,465
|
|
|
75,124
|
|
|
63,621
|
|
|
36,510
|
|
57.4
|
|
Less: Preferred stock
dividends
|
3,598
|
|
|
949
|
|
|
2,649
|
|
279.1
|
|
|
3,599
|
|
|
949
|
|
|
3,598
|
|
|
—
|
|
—
|
|
Net income available
to common shareholders
|
$
|
96,533
|
|
|
$
|
129,090
|
|
|
(32,557)
|
|
(25.2)
|
|
|
$
|
97,866
|
|
|
$
|
74,175
|
|
|
$
|
60,023
|
|
|
36,510
|
|
60.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
96,533
|
|
|
$
|
129,090
|
|
|
(32,557)
|
|
(25.2)
|
|
|
$
|
97,866
|
|
|
$
|
74,175
|
|
|
$
|
60,023
|
|
|
36,510
|
|
60.8
|
|
Less: Earnings
allocated to unvested restricted stock
|
933
|
|
|
1,214
|
|
|
(281)
|
|
(23.1)
|
|
|
908
|
|
|
767
|
|
|
639
|
|
|
294
|
|
46.0
|
|
Earnings allocated to
common shareholders
|
$
|
95,600
|
|
|
$
|
127,876
|
|
|
(32,276)
|
|
(25.2)
|
|
|
$
|
96,958
|
|
|
$
|
73,408
|
|
|
$
|
59,384
|
|
|
36,216
|
|
61.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
1.76
|
|
|
$
|
2.33
|
|
|
(0.57)
|
|
(24.5)
|
|
|
$
|
1.74
|
|
|
$
|
1.31
|
|
|
$
|
1.11
|
|
|
0.65
|
|
58.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
1.75
|
|
|
2.32
|
|
|
(0.57)
|
|
(24.6)
|
|
|
1.73
|
|
|
1.30
|
|
|
1.10
|
|
|
0.65
|
|
59.1
|
|
Impact of non-core
items (Non-GAAP) (1)
|
(0.03)
|
|
|
(0.46)
|
|
|
0.43
|
|
93.5
|
|
|
0.01
|
|
|
0.41
|
|
|
0.27
|
|
|
(0.30)
|
|
(111.1)
|
|
Earnings per share -
diluted, excluding non-core items
(Non-GAAP)(1)
|
$
|
1.72
|
|
|
$
|
1.86
|
|
|
(0.14)
|
|
(7.5)
|
|
|
$
|
1.74
|
|
|
$
|
1.71
|
|
|
$
|
1.37
|
|
|
0.35
|
|
25.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
54,177
|
|
|
54,892
|
|
|
(715)
|
|
(1.3)
|
|
|
55,571
|
|
|
55,931
|
|
|
53,616
|
|
|
561
|
|
1.0
|
|
Weighted average
common shares outstanding - diluted
|
54,539
|
|
|
55,215
|
|
|
(676)
|
|
(1.2)
|
|
|
55,945
|
|
|
56,287
|
|
|
53,967
|
|
|
572
|
|
1.1
|
|
Book value shares
(period end)
|
54,551
|
|
|
54,796
|
|
|
(245)
|
|
(0.4)
|
|
|
56,007
|
|
|
56,390
|
|
|
56,779
|
|
|
(2,228)
|
|
(3.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See Table 7 and Table
8 for GAAP to Non-GAAP reconciliations.
|
TABLE 3 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END
BALANCES
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
3/31/2019
|
|
12/31/2018
|
|
$
|
|
%
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
280,680
|
|
|
$
|
294,186
|
|
|
(13,506)
|
|
|
(4.6)
|
|
|
$
|
291,083
|
|
|
$
|
299,268
|
|
|
$
|
253,527
|
|
|
27,153
|
|
|
10.7
|
|
Interest-bearing
deposits in other banks
|
391,217
|
|
|
396,267
|
|
|
(5,050)
|
|
|
(1.3)
|
|
|
184,852
|
|
|
428,120
|
|
|
310,565
|
|
|
80,652
|
|
|
26.0
|
|
Total cash and cash
equivalents
|
671,897
|
|
|
690,453
|
|
|
(18,556)
|
|
|
(2.7)
|
|
|
475,935
|
|
|
727,388
|
|
|
564,092
|
|
|
107,805
|
|
|
19.1
|
|
Investment securities
available for sale
|
4,873,778
|
|
|
4,783,579
|
|
|
90,199
|
|
|
1.9
|
|
|
4,634,124
|
|
|
4,650,915
|
|
|
4,542,486
|
|
|
331,292
|
|
|
7.3
|
|
Investment securities
held to maturity
|
198,958
|
|
|
207,446
|
|
|
(8,488)
|
|
|
(4.1)
|
|
|
213,561
|
|
|
221,030
|
|
|
224,241
|
|
|
(25,283)
|
|
|
(11.3)
|
|
Total investment
securities
|
5,072,736
|
|
|
4,991,025
|
|
|
81,711
|
|
|
1.6
|
|
|
4,847,685
|
|
|
4,871,945
|
|
|
4,766,727
|
|
|
306,009
|
|
|
6.4
|
|
Mortgage loans held
for sale
|
128,451
|
|
|
107,734
|
|
|
20,717
|
|
|
19.2
|
|
|
42,976
|
|
|
78,843
|
|
|
110,348
|
|
|
18,103
|
|
|
16.4
|
|
Loans and leases, net
of unearned income
|
22,968,295
|
|
|
22,519,815
|
|
|
448,480
|
|
|
2.0
|
|
|
22,343,906
|
|
|
22,075,783
|
|
|
21,706,090
|
|
|
1,262,205
|
|
|
5.8
|
|
Allowance for loan
and lease losses
|
(142,966)
|
|
|
(140,571)
|
|
|
(2,395)
|
|
|
1.7
|
|
|
(136,950)
|
|
|
(136,576)
|
|
|
(144,527)
|
|
|
1,561
|
|
|
(1.1)
|
|
Loans and leases,
net
|
22,825,329
|
|
|
22,379,244
|
|
|
446,085
|
|
|
2.0
|
|
|
22,206,956
|
|
|
21,939,207
|
|
|
21,561,563
|
|
|
1,263,766
|
|
|
5.9
|
|
Premises and
equipment, net
|
297,342
|
|
|
300,507
|
|
|
(3,165)
|
|
|
(1.1)
|
|
|
304,605
|
|
|
326,213
|
|
|
329,454
|
|
|
(32,112)
|
|
|
(9.7)
|
|
Goodwill and other
intangible assets
|
1,319,992
|
|
|
1,324,269
|
|
|
(4,277)
|
|
|
(0.3)
|
|
|
1,313,478
|
|
|
1,320,664
|
|
|
1,338,573
|
|
|
(18,581)
|
|
|
(1.4)
|
|
Other
assets
|
944,442
|
|
|
1,039,783
|
|
|
(95,341)
|
|
|
(9.2)
|
|
|
926,752
|
|
|
861,902
|
|
|
801,880
|
|
|
142,562
|
|
|
17.8
|
|
Total
assets
|
$
|
31,260,189
|
|
|
$
|
30,833,015
|
|
|
427,174
|
|
|
1.4
|
|
|
$
|
30,118,387
|
|
|
$
|
30,126,162
|
|
|
$
|
29,472,637
|
|
|
1,787,552
|
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,448,613
|
|
|
$
|
6,542,490
|
|
|
(93,877)
|
|
|
(1.4)
|
|
|
$
|
6,544,926
|
|
|
$
|
6,814,441
|
|
|
$
|
6,595,495
|
|
|
(146,882)
|
|
|
(2.2)
|
|
NOW
accounts
|
4,452,966
|
|
|
4,514,113
|
|
|
(61,147)
|
|
|
(1.4)
|
|
|
4,247,533
|
|
|
4,453,152
|
|
|
4,500,181
|
|
|
(47,215)
|
|
|
(1.0)
|
|
Savings and money
market accounts
|
9,119,263
|
|
|
9,066,205
|
|
|
53,058
|
|
|
0.6
|
|
|
9,159,036
|
|
|
9,318,331
|
|
|
9,146,710
|
|
|
(27,447)
|
|
|
(0.3)
|
|
Time
deposits
|
4,071,220
|
|
|
3,640,623
|
|
|
430,597
|
|
|
11.8
|
|
|
3,241,951
|
|
|
2,844,534
|
|
|
2,728,806
|
|
|
1,342,414
|
|
|
49.2
|
|
Total
deposits
|
24,092,062
|
|
|
23,763,431
|
|
|
328,631
|
|
|
1.4
|
|
|
23,193,446
|
|
|
23,430,458
|
|
|
22,971,192
|
|
|
1,120,870
|
|
|
4.9
|
|
Short-term
borrowings
|
845,000
|
|
|
1,167,000
|
|
|
(322,000)
|
|
|
(27.6)
|
|
|
790,000
|
|
|
595,000
|
|
|
375,000
|
|
|
470,000
|
|
|
125.3
|
|
Securities sold under
agreements to repurchase
|
261,131
|
|
|
315,882
|
|
|
(54,751)
|
|
|
(17.3)
|
|
|
452,719
|
|
|
459,213
|
|
|
525,496
|
|
|
(264,365)
|
|
|
(50.3)
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,355,345
|
|
|
1,046,041
|
|
|
309,304
|
|
|
29.6
|
|
|
1,346,700
|
|
|
1,318,504
|
|
|
1,329,192
|
|
|
26,153
|
|
|
2.0
|
|
Other
liabilities
|
444,710
|
|
|
364,274
|
|
|
80,436
|
|
|
22.1
|
|
|
273,051
|
|
|
289,468
|
|
|
250,740
|
|
|
193,970
|
|
|
77.4
|
|
Total
liabilities
|
27,118,358
|
|
|
26,776,738
|
|
|
341,620
|
|
|
1.3
|
|
|
26,176,026
|
|
|
26,212,753
|
|
|
25,571,730
|
|
|
1,546,628
|
|
|
6.0
|
|
Total shareholders'
equity
|
4,141,831
|
|
|
4,056,277
|
|
|
85,554
|
|
|
2.1
|
|
|
3,942,361
|
|
|
3,913,409
|
|
|
3,900,907
|
|
|
240,924
|
|
|
6.2
|
|
Total liabilities and
shareholders' equity
|
$
|
31,260,189
|
|
|
$
|
30,833,015
|
|
|
427,174
|
|
|
1.4
|
|
|
$
|
30,118,387
|
|
|
$
|
30,126,162
|
|
|
$
|
29,472,637
|
|
|
1,787,552
|
|
|
6.1
|
|
TABLE 3 Continued
- IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
3/31/2019
|
|
12/31/2018
|
|
$
|
|
%
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
291,659
|
|
|
$
|
281,509
|
|
|
10,150
|
|
|
3.6
|
|
|
$
|
279,918
|
|
|
$
|
296,907
|
|
|
$
|
308,319
|
|
|
(16,660)
|
|
|
(5.4)
|
|
Interest-bearing
deposits in other banks
|
332,638
|
|
|
385,619
|
|
|
(52,981)
|
|
|
(13.7)
|
|
|
259,455
|
|
|
392,906
|
|
|
486,298
|
|
|
(153,660)
|
|
|
(31.6)
|
|
Total cash and cash
equivalents
|
624,297
|
|
|
667,128
|
|
|
(42,831)
|
|
|
(6.4)
|
|
|
539,373
|
|
|
689,813
|
|
|
794,617
|
|
|
(170,320)
|
|
|
(21.4)
|
|
Investment securities
available for sale
|
4,816,855
|
|
|
4,567,564
|
|
|
249,291
|
|
|
5.5
|
|
|
4,673,454
|
|
|
4,629,177
|
|
|
4,544,836
|
|
|
272,019
|
|
|
6.0
|
|
Investment securities
held to maturity
|
202,601
|
|
|
211,333
|
|
|
(8,732)
|
|
|
(4.1)
|
|
|
216,419
|
|
|
222,764
|
|
|
226,229
|
|
|
(23,628)
|
|
|
(10.4)
|
|
Total investment
securities
|
5,019,456
|
|
|
4,778,897
|
|
|
240,559
|
|
|
5.0
|
|
|
4,889,873
|
|
|
4,851,941
|
|
|
4,771,065
|
|
|
248,391
|
|
|
5.2
|
|
Mortgage loans held
for sale
|
95,588
|
|
|
63,033
|
|
|
32,555
|
|
|
51.6
|
|
|
87,823
|
|
|
72,917
|
|
|
109,027
|
|
|
(13,439)
|
|
|
(12.3)
|
|
Loans and leases, net
of unearned income
|
22,599,686
|
|
|
22,364,188
|
|
|
235,498
|
|
|
1.1
|
|
|
22,162,373
|
|
|
21,830,720
|
|
|
20,181,390
|
|
|
2,418,296
|
|
|
12.0
|
|
Allowance for loan
and lease losses
|
(140,915)
|
|
|
(138,675)
|
|
|
(2,240)
|
|
|
1.6
|
|
|
(139,075)
|
|
|
(145,565)
|
|
|
(144,295)
|
|
|
3,380
|
|
|
(2.3)
|
|
Loans and leases,
net
|
22,458,771
|
|
|
22,225,513
|
|
|
233,258
|
|
|
1.0
|
|
|
22,023,298
|
|
|
21,685,155
|
|
|
20,037,095
|
|
|
2,421,676
|
|
|
12.1
|
|
Premises and
equipment, net
|
299,741
|
|
|
302,956
|
|
|
(3,215)
|
|
|
(1.1)
|
|
|
315,259
|
|
|
327,686
|
|
|
331,640
|
|
|
(31,899)
|
|
|
(9.6)
|
|
Goodwill and other
intangible assets
|
1,322,288
|
|
|
1,318,200
|
|
|
4,088
|
|
|
0.3
|
|
|
1,316,527
|
|
|
1,338,420
|
|
|
1,281,598
|
|
|
40,690
|
|
|
3.2
|
|
Other
assets
|
1,013,359
|
|
|
977,740
|
|
|
35,619
|
|
|
3.6
|
|
|
874,078
|
|
|
804,920
|
|
|
807,177
|
|
|
206,182
|
|
|
25.5
|
|
Total
assets
|
$
|
30,833,500
|
|
|
$
|
30,333,467
|
|
|
500,033
|
|
|
1.6
|
|
|
$
|
30,046,231
|
|
|
$
|
29,770,852
|
|
|
$
|
28,132,219
|
|
|
2,701,281
|
|
|
9.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,271,313
|
|
|
$
|
6,646,071
|
|
|
(374,758)
|
|
|
(5.6)
|
|
|
$
|
6,684,343
|
|
|
$
|
6,795,878
|
|
|
$
|
6,278,507
|
|
|
(7,194)
|
|
|
(0.1)
|
|
NOW
accounts
|
4,458,634
|
|
|
4,212,304
|
|
|
246,330
|
|
|
5.8
|
|
|
4,296,392
|
|
|
4,494,064
|
|
|
4,363,557
|
|
|
95,077
|
|
|
2.2
|
|
Savings and money
market accounts
|
9,089,099
|
|
|
9,169,184
|
|
|
(80,085)
|
|
|
(0.9)
|
|
|
9,237,614
|
|
|
9,146,302
|
|
|
8,664,085
|
|
|
425,014
|
|
|
4.9
|
|
Time
deposits
|
3,859,354
|
|
|
3,457,017
|
|
|
402,337
|
|
|
11.6
|
|
|
3,023,180
|
|
|
2,719,627
|
|
|
2,471,485
|
|
|
1,387,869
|
|
|
56.2
|
|
Total
deposits
|
23,678,400
|
|
|
23,484,576
|
|
|
193,824
|
|
|
0.8
|
|
|
23,241,529
|
|
|
23,155,871
|
|
|
21,777,634
|
|
|
1,900,766
|
|
|
8.7
|
|
Short-term
borrowings
|
859,576
|
|
|
602,593
|
|
|
256,983
|
|
|
42.6
|
|
|
820,087
|
|
|
609,965
|
|
|
506,056
|
|
|
353,520
|
|
|
69.9
|
|
Securities sold under
agreements to repurchase
|
291,643
|
|
|
386,563
|
|
|
(94,920)
|
|
|
(24.6)
|
|
|
376,078
|
|
|
427,508
|
|
|
477,862
|
|
|
(186,219)
|
|
|
(39.0)
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,343,752
|
|
|
1,308,086
|
|
|
35,666
|
|
|
2.7
|
|
|
1,260,900
|
|
|
1,261,515
|
|
|
1,257,213
|
|
|
86,539
|
|
|
6.9
|
|
Other
liabilities
|
434,516
|
|
|
470,501
|
|
|
(35,985)
|
|
|
(7.6)
|
|
|
292,445
|
|
|
281,820
|
|
|
275,869
|
|
|
158,647
|
|
|
57.5
|
|
Total
liabilities
|
26,727,997
|
|
|
26,372,429
|
|
|
355,568
|
|
|
1.3
|
|
|
26,111,149
|
|
|
25,856,789
|
|
|
24,414,744
|
|
|
2,313,253
|
|
|
9.5
|
|
Total shareholders'
equity
|
4,105,503
|
|
|
3,961,038
|
|
|
144,465
|
|
|
3.6
|
|
|
3,935,082
|
|
|
3,914,063
|
|
|
3,717,475
|
|
|
388,028
|
|
|
10.4
|
|
Total liabilities and
shareholders' equity
|
$
|
30,833,500
|
|
|
$
|
30,333,467
|
|
|
500,033
|
|
|
1.6
|
|
|
$
|
30,046,231
|
|
|
$
|
29,770,852
|
|
|
$
|
28,132,219
|
|
|
2,701,281
|
|
|
9.6
|
|
Table 4 -
IBERIABANK CORPORATION
|
LOANS AND ASSET
QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
|
3/31/2019
|
|
12/31/2018
|
|
$
|
|
%
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
|
$
|
|
%
|
Commercial loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate-
construction
|
$
|
1,219,647
|
|
|
$
|
1,196,366
|
|
|
23,281
|
|
|
1.9
|
|
|
$
|
1,127,988
|
|
|
$
|
1,183,367
|
|
|
$
|
1,199,625
|
|
|
20,022
|
|
|
1.7
|
|
Real estate-
owner-occupied (1)
|
2,408,079
|
|
|
2,395,822
|
|
|
12,257
|
|
|
0.5
|
|
|
2,458,964
|
|
|
2,455,685
|
|
|
2,449,513
|
|
|
(41,434)
|
|
|
(1.7)
|
|
Real estate-
non-owner occupied
|
6,147,864
|
|
|
5,796,117
|
|
|
351,747
|
|
|
6.1
|
|
|
5,794,931
|
|
|
5,653,252
|
|
|
5,599,813
|
|
|
548,051
|
|
|
9.8
|
|
Commercial and
industrial (6)
|
5,852,568
|
|
|
5,737,017
|
|
|
115,551
|
|
|
2.0
|
|
|
5,581,040
|
|
|
5,512,416
|
|
|
5,325,682
|
|
|
526,886
|
|
|
9.9
|
|
Total commercial
loans and leases
|
15,628,158
|
|
|
15,125,322
|
|
|
502,836
|
|
|
3.3
|
|
|
14,962,923
|
|
|
14,804,720
|
|
|
14,574,633
|
|
|
1,053,525
|
|
|
7.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
4,415,267
|
|
|
4,359,156
|
|
|
56,111
|
|
|
1.3
|
|
|
4,300,163
|
|
|
4,124,538
|
|
|
3,971,067
|
|
|
444,200
|
|
|
11.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer and other
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
2,220,648
|
|
|
2,304,694
|
|
|
(84,046)
|
|
|
(3.6)
|
|
|
2,350,176
|
|
|
2,410,617
|
|
|
2,421,186
|
|
|
(200,538)
|
|
|
(8.3)
|
|
Other
|
704,222
|
|
|
730,643
|
|
|
(26,421)
|
|
|
(3.6)
|
|
|
730,644
|
|
|
735,908
|
|
|
739,204
|
|
|
(34,982)
|
|
|
(4.7)
|
|
Total consumer and
other loans
|
2,924,870
|
|
|
3,035,337
|
|
|
(110,467)
|
|
|
(3.6)
|
|
|
3,080,820
|
|
|
3,146,525
|
|
|
3,160,390
|
|
|
(235,520)
|
|
|
(7.5)
|
|
Total loans and
leases
|
$
|
22,968,295
|
|
|
$
|
22,519,815
|
|
|
448,480
|
|
|
2.0
|
|
|
$
|
22,343,906
|
|
|
$
|
22,075,783
|
|
|
$
|
21,706,090
|
|
|
1,262,205
|
|
|
5.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses (2)
|
$
|
(142,966)
|
|
|
$
|
(140,571)
|
|
|
(2,395)
|
|
|
1.7
|
|
|
$
|
(136,950)
|
|
|
$
|
(136,576)
|
|
|
$
|
(144,527)
|
|
|
1,561
|
|
|
(1.1)
|
|
Loans and leases,
net
|
22,825,329
|
|
|
22,379,244
|
|
|
446,085
|
|
|
2.0
|
|
|
22,206,956
|
|
|
21,939,207
|
|
|
21,561,563
|
|
|
1,263,766
|
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(15,981)
|
|
|
(14,830)
|
|
|
(1,151)
|
|
|
7.8
|
|
|
(14,721)
|
|
|
(14,433)
|
|
|
(13,432)
|
|
|
(2,549)
|
|
|
19.0
|
|
Allowance for credit
losses
|
(158,947)
|
|
|
(155,401)
|
|
|
(3,546)
|
|
|
2.3
|
|
|
(151,671)
|
|
|
(151,009)
|
|
|
(157,959)
|
|
|
(988)
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(3)
|
$
|
148,056
|
|
|
$
|
137,184
|
|
|
10,872
|
|
|
7.9
|
|
|
$
|
143,595
|
|
|
$
|
131,155
|
|
|
$
|
153,975
|
|
|
(5,919)
|
|
|
(3.8)
|
|
Other real estate
owned and foreclosed assets
|
30,606
|
|
|
30,394
|
|
|
212
|
|
|
0.7
|
|
|
32,418
|
|
|
22,267
|
|
|
27,117
|
|
|
3,489
|
|
|
12.9
|
|
Accruing loans more
than 90 days past due (3)
|
4,111
|
|
|
2,128
|
|
|
1,983
|
|
|
93.2
|
|
|
12,452
|
|
|
9,314
|
|
|
8,288
|
|
|
(4,177)
|
|
|
(50.4)
|
|
Total
non-performing
assets
(3)(4)
|
$
|
182,773
|
|
|
$
|
169,706
|
|
|
13,067
|
|
|
7.7
|
|
|
$
|
188,465
|
|
|
$
|
162,736
|
|
|
$
|
189,380
|
|
|
(6,607)
|
|
|
(3.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due (3)
|
$
|
45,334
|
|
|
$
|
57,332
|
|
|
(11,998)
|
|
|
(20.9)
|
|
|
$
|
70,624
|
|
|
$
|
43,159
|
|
|
$
|
78,293
|
|
|
(32,959)
|
|
|
(42.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (3)(4)
|
0.58
|
%
|
|
0.55
|
%
|
|
|
|
|
|
0.63
|
%
|
|
0.54
|
%
|
|
0.64
|
%
|
|
|
|
|
Non-performing assets
to total loans and OREO (3)(4)
|
0.79
|
|
|
0.75
|
|
|
|
|
|
|
0.84
|
|
|
0.74
|
|
|
0.87
|
|
|
|
|
|
ALLL to
non-performing
loans
(3)(5)
|
94.0
|
|
|
100.9
|
|
|
|
|
|
|
87.8
|
|
|
97.2
|
|
|
89.1
|
|
|
|
|
|
ALLL to
non-performing
assets
(3)(4)
|
78.2
|
|
|
82.8
|
|
|
|
|
|
|
72.7
|
|
|
83.9
|
|
|
76.3
|
|
|
|
|
|
ALLL to total loans
and leases
|
0.62
|
|
|
0.62
|
|
|
|
|
|
|
0.61
|
|
|
0.62
|
|
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
|
8,918
|
|
|
$
|
10,806
|
|
|
(1,888)
|
|
|
(17.5)
|
|
|
$
|
12,006
|
|
|
$
|
13,618
|
|
|
$
|
9,116
|
|
|
(198)
|
|
|
(2.2)
|
|
Quarter-to-date
recoveries
|
(1,586)
|
|
|
(3,097)
|
|
|
1,511
|
|
|
(48.8)
|
|
|
(3,049)
|
|
|
(1,968)
|
|
|
(4,813)
|
|
|
3,227
|
|
|
(67.0)
|
|
Quarter-to-date net
charge-offs
|
$
|
7,332
|
|
|
$
|
7,709
|
|
|
(377)
|
|
|
(4.9)
|
|
|
$
|
8,957
|
|
|
$
|
11,650
|
|
|
$
|
4,303
|
|
|
3,029
|
|
|
70.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.13
|
%
|
|
0.14
|
%
|
|
|
|
|
|
0.16
|
%
|
|
0.21
|
%
|
|
0.09
|
%
|
|
|
|
|
|
|
(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)
|
The allowance for
loan and lease losses includes impairment reserves attributable to
acquired impaired loans.
|
(3)
|
For purposes of this
table, past due and non-accrual loan amounts 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.
|
(4)
|
Non-performing assets
consist of non-accruing loans, accruing loans 90 days or more past
due and other real estate owned, including repossessed
assets.
|
(5)
|
Non-performing loans
consist of non-accruing loans and accruing loans 90 days or more
past due.
|
(6)
|
Includes equipment
financing leases.
|
TABLE 5 -
IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2019
|
|
12/31/2018
|
|
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 and
leases
|
$
|
15,253,655
|
|
$
|
194,510
|
|
5.19
|
%
|
|
$
|
14,978,169
|
|
$
|
196,881
|
|
5.24
|
%
|
|
(5)
|
Residential mortgage
loans
|
4,385,634
|
|
47,829
|
|
4.36
|
|
|
4,345,811
|
|
53,836
|
|
4.96
|
|
|
(60)
|
Consumer and other
loans
|
2,960,397
|
|
42,540
|
|
5.83
|
|
|
3,040,208
|
|
44,275
|
|
5.78
|
|
|
5
|
Total loans and
leases
|
22,599,686
|
|
284,879
|
|
5.11
|
|
|
22,364,188
|
|
294,992
|
|
5.26
|
|
|
(15)
|
Mortgage loans held
for sale
|
95,588
|
|
1,054
|
|
4.41
|
|
|
63,033
|
|
721
|
|
4.58
|
|
|
(17)
|
Investment securities
(2)
|
5,052,922
|
|
36,125
|
|
2.90
|
|
|
4,782,844
|
|
30,559
|
|
2.61
|
|
|
29
|
Other earning
assets
|
533,745
|
|
4,026
|
|
3.06
|
|
|
581,673
|
|
3,924
|
|
2.68
|
|
|
38
|
Total earning
assets
|
28,281,941
|
|
326,084
|
|
4.68
|
|
|
27,791,738
|
|
330,196
|
|
4.74
|
|
|
(6)
|
Allowance for loan
and lease losses
|
(140,915)
|
|
|
|
|
(138,675)
|
|
|
|
|
|
Non-earning
assets
|
2,692,474
|
|
|
|
|
2,680,404
|
|
|
|
|
|
Total
assets
|
$
|
30,833,500
|
|
|
|
|
$
|
30,333,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,458,634
|
|
$
|
11,396
|
|
1.04
|
%
|
|
$
|
4,212,304
|
|
$
|
9,420
|
|
0.89
|
%
|
|
15
|
Savings and money
market accounts
|
9,089,099
|
|
28,762
|
|
1.28
|
|
|
9,169,184
|
|
26,062
|
|
1.13
|
|
|
15
|
Time
deposits
|
3,859,354
|
|
20,077
|
|
2.11
|
|
|
3,457,017
|
|
16,666
|
|
1.91
|
|
|
20
|
Total
interest-bearing deposits (3)
|
17,407,087
|
|
60,235
|
|
1.40
|
|
|
16,838,505
|
|
52,148
|
|
1.23
|
|
|
17
|
Short-term
borrowings
|
1,151,219
|
|
5,716
|
|
2.01
|
|
|
989,156
|
|
4,104
|
|
1.65
|
|
|
36
|
Long-term
debt
|
1,463,862
|
|
9,649
|
|
2.67
|
|
|
1,428,196
|
|
8,923
|
|
2.48
|
|
|
19
|
Total
interest-bearing liabilities
|
20,022,168
|
|
75,600
|
|
1.53
|
|
|
19,255,857
|
|
65,175
|
|
1.34
|
|
|
19
|
Non-interest-bearing
deposits
|
6,271,313
|
|
|
|
|
6,646,071
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
434,516
|
|
|
|
|
470,501
|
|
|
|
|
|
Total
liabilities
|
26,727,997
|
|
|
|
|
26,372,429
|
|
|
|
|
|
Total shareholders'
equity
|
4,105,503
|
|
|
|
|
3,961,038
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
30,833,500
|
|
|
|
|
$
|
30,333,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
250,484
|
|
3.15
|
%
|
|
|
$
|
265,021
|
|
3.40
|
%
|
|
(25)
|
Taxable equivalent
benefit
|
|
1,349
|
|
0.02
|
|
|
|
1,427
|
|
0.02
|
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
251,833
|
|
3.59
|
%
|
|
|
$
|
266,448
|
|
3.81
|
%
|
|
(22)
|
|
(1)
|
Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
21%.
|
(2)
|
Balances exclude
unrealized gain or loss on securities available for sale and the
impact of trade date accounting.
|
(3)
|
Total deposit costs
for the three months ended March 31, 2019 and December 31, 2018
were 1.03% and 0.88%, respectively.
|
TABLE 5 Continued
- IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
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 and
leases
|
$
|
14,825,572
|
|
$
|
191,014
|
|
5.13
|
%
|
|
$
|
14,631,985
|
|
$
|
178,830
|
|
4.92
|
%
|
|
$
|
14,087,635
|
|
$
|
164,660
|
|
4.76
|
%
|
Residential mortgage
loans
|
4,230,471
|
|
48,145
|
|
4.55
|
|
|
4,041,259
|
|
47,215
|
|
4.67
|
|
|
3,151,775
|
|
34,494
|
|
4.38
|
|
Consumer and other
loans
|
3,106,330
|
|
43,966
|
|
5.62
|
|
|
3,157,476
|
|
44,431
|
|
5.64
|
|
|
2,941,980
|
|
38,915
|
|
5.36
|
|
Total loans and
leases
|
22,162,373
|
|
283,125
|
|
5.09
|
|
|
21,830,720
|
|
270,476
|
|
4.98
|
|
|
20,181,390
|
|
238,069
|
|
4.79
|
|
Mortgage loans held
for sale
|
87,823
|
|
1,037
|
|
4.72
|
|
|
72,917
|
|
836
|
|
4.59
|
|
|
109,027
|
|
1,154
|
|
4.23
|
|
Investment
securities (2)
|
5,016,163
|
|
29,793
|
|
2.43
|
|
|
4,958,769
|
|
29,325
|
|
2.42
|
|
|
4,843,448
|
|
28,094
|
|
2.38
|
|
Other earning
assets
|
456,120
|
|
3,112
|
|
2.71
|
|
|
580,477
|
|
3,186
|
|
2.20
|
|
|
679,902
|
|
3,226
|
|
1.92
|
|
Total earning
assets
|
27,722,479
|
|
317,067
|
|
4.57
|
|
|
27,442,883
|
|
303,823
|
|
4.46
|
|
|
25,813,767
|
|
270,543
|
|
4.26
|
|
Allowance for loan
and lease losses
|
(139,075)
|
|
|
|
|
(145,565)
|
|
|
|
|
(144,295)
|
|
|
|
Non-earning
assets
|
2,462,827
|
|
|
|
|
2,473,534
|
|
|
|
|
2,462,747
|
|
|
|
Total
assets
|
$
|
30,046,231
|
|
|
|
|
$
|
29,770,852
|
|
|
|
|
$
|
28,132,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,296,392
|
|
$
|
8,841
|
|
0.82
|
%
|
|
$
|
4,494,064
|
|
$
|
8,620
|
|
0.77
|
%
|
|
$
|
4,363,557
|
|
$
|
7,081
|
|
0.66
|
%
|
Savings and money
market accounts
|
9,237,614
|
|
23,076
|
|
0.99
|
|
|
9,146,302
|
|
18,434
|
|
0.81
|
|
|
8,664,085
|
|
14,579
|
|
0.68
|
|
Time
deposits
|
3,023,180
|
|
12,484
|
|
1.64
|
|
|
2,719,627
|
|
9,105
|
|
1.34
|
|
|
2,471,485
|
|
6,584
|
|
1.08
|
|
Total
interest-bearing deposits (3)
|
16,557,186
|
|
44,401
|
|
1.06
|
|
|
16,359,993
|
|
36,159
|
|
0.89
|
|
|
15,499,127
|
|
28,244
|
|
0.74
|
|
Short-term
borrowings
|
1,196,165
|
|
4,727
|
|
1.57
|
|
|
1,037,473
|
|
3,327
|
|
1.29
|
|
|
983,918
|
|
2,524
|
|
1.04
|
|
Long-term
debt
|
1,381,010
|
|
8,714
|
|
2.50
|
|
|
1,381,625
|
|
8,224
|
|
2.39
|
|
|
1,377,323
|
|
6,886
|
|
2.03
|
|
Total
interest-bearing liabilities
|
19,134,361
|
|
57,842
|
|
1.20
|
|
|
18,779,091
|
|
47,710
|
|
1.02
|
|
|
17,860,368
|
|
37,654
|
|
0.86
|
|
Non-interest-bearing
deposits
|
6,684,343
|
|
|
|
|
6,795,878
|
|
|
|
|
6,278,507
|
|
|
|
Non-interest-bearing
liabilities
|
292,445
|
|
|
|
|
281,820
|
|
|
|
|
275,869
|
|
|
|
Total
liabilities
|
26,111,149
|
|
|
|
|
25,856,789
|
|
|
|
|
24,414,744
|
|
|
|
Total shareholders'
equity
|
3,935,082
|
|
|
|
|
3,914,063
|
|
|
|
|
3,717,475
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
30,046,231
|
|
|
|
|
$
|
29,770,852
|
|
|
|
|
$
|
28,132,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
|
259,225
|
|
3.37
|
%
|
|
|
$
|
256,113
|
|
3.44
|
%
|
|
|
$
|
232,889
|
|
3.40
|
%
|
Taxable equivalent
benefit
|
|
1,461
|
|
0.02
|
|
|
|
1,449
|
|
0.02
|
|
|
|
1,464
|
|
0.02
|
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
260,686
|
|
3.74
|
%
|
|
|
$
|
257,562
|
|
3.76
|
%
|
|
|
$
|
234,353
|
|
3.67
|
%
|
|
(1)
|
Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
21%.
|
(2)
|
Balances exclude
unrealized gain or loss on securities available for sale and the
impact of trade date accounting.
|
(3)
|
Total deposit costs
for the three months ended September 30, 2018, June 30, 2018, and
March 31, 2018, were 0.76%, 0.63% and 0.53%,
respectively.
|
Table 6 -
IBERIABANK CORPORATION
|
LEGACY AND
ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
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
|
$
|
213
|
|
$
|
17,192
|
|
5.02
|
%
|
|
$
|
209
|
|
$
|
16,616
|
|
4.99
|
%
|
|
$
|
193
|
|
$
|
15,957
|
|
4.80
|
%
|
|
$
|
179
|
|
$
|
15,217
|
|
4.73
|
%
|
|
$
|
166
|
|
$
|
14,556
|
|
4.61
|
%
|
Acquired
loans
|
72
|
|
5,408
|
|
5.35
|
|
|
86
|
|
5,748
|
|
5.97
|
|
|
90
|
|
6,205
|
|
5.78
|
|
|
91
|
|
6,614
|
|
5.51
|
|
|
72
|
|
5,625
|
|
5.20
|
|
Total
loans
|
$
|
285
|
|
$
|
22,600
|
|
5.10
|
%
|
|
$
|
295
|
|
$
|
22,364
|
|
5.24
|
%
|
|
$
|
283
|
|
$
|
22,162
|
|
5.08
|
%
|
|
$
|
270
|
|
$
|
21,831
|
|
4.97
|
%
|
|
$
|
238
|
|
$
|
20,181
|
|
4.77
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
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
|
(11)
|
|
136
|
|
(0.92)
|
|
|
(19)
|
|
144
|
|
(1.46)
|
|
|
(17)
|
|
144
|
|
(1.23)
|
|
|
(16)
|
|
142
|
|
(1.12)
|
|
|
(15)
|
|
142
|
|
(1.16)
|
|
Total
loans
|
$
|
(11)
|
|
$
|
136
|
|
(0.22)
|
%
|
|
$
|
(19)
|
|
$
|
144
|
|
(0.38)
|
%
|
|
$
|
(17)
|
|
$
|
144
|
|
(0.35)
|
%
|
|
$
|
(16)
|
|
$
|
142
|
|
(0.34)
|
%
|
|
$
|
(15)
|
|
$
|
142
|
|
(0.32)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
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
|
$
|
213
|
|
$
|
17,192
|
|
5.02
|
%
|
|
$
|
209
|
|
$
|
16,616
|
|
4.99
|
%
|
|
$
|
193
|
|
$
|
15,957
|
|
4.80
|
%
|
|
$
|
179
|
|
$
|
15,217
|
|
4.73
|
%
|
|
$
|
166
|
|
$
|
14,556
|
|
4.61
|
%
|
Acquired
loans
|
61
|
|
5,544
|
|
4.43
|
|
|
67
|
|
5,892
|
|
4.51
|
|
|
73
|
|
6,349
|
|
4.55
|
|
|
75
|
|
6,756
|
|
4.39
|
|
|
57
|
|
5,767
|
|
4.04
|
|
Total
loans
|
$
|
274
|
|
$
|
22,736
|
|
4.88
|
%
|
|
$
|
276
|
|
$
|
22,508
|
|
4.86
|
%
|
|
$
|
266
|
|
$
|
22,306
|
|
4.73
|
%
|
|
$
|
254
|
|
$
|
21,973
|
|
4.63
|
%
|
|
$
|
223
|
|
$
|
20,323
|
|
4.45
|
%
|
Table 7 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
Net income
|
$
|
130,477
|
|
|
$
|
100,131
|
|
|
$
|
1.82
|
|
|
$
|
83,907
|
|
|
$
|
130,039
|
|
|
$
|
2.34
|
|
|
$
|
131,866
|
|
|
$
|
101,465
|
|
|
$
|
1.79
|
|
Less: Preferred stock
dividends
|
—
|
|
|
3,598
|
|
|
0.07
|
|
|
—
|
|
|
949
|
|
|
0.02
|
|
|
—
|
|
|
3,599
|
|
|
0.06
|
|
Income available to
common shareholders (GAAP)
|
$
|
130,477
|
|
|
$
|
96,533
|
|
|
$
|
1.75
|
|
|
$
|
83,907
|
|
|
$
|
129,090
|
|
|
$
|
2.32
|
|
|
$
|
131,866
|
|
|
$
|
97,866
|
|
|
$
|
1.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on sale
of investments
|
—
|
|
|
—
|
|
|
—
|
|
|
49,844
|
|
|
37,882
|
|
|
0.68
|
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
Other non-core
non-interest income
|
—
|
|
|
—
|
|
|
—
|
|
|
415
|
|
|
316
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total non-interest
income adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
50,259
|
|
|
38,198
|
|
|
0.68
|
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
(334)
|
|
|
(254)
|
|
|
—
|
|
|
(238)
|
|
|
(353)
|
|
|
—
|
|
|
973
|
|
|
743
|
|
|
0.01
|
|
Compensation-related
expense
|
(9)
|
|
|
(7)
|
|
|
—
|
|
|
184
|
|
|
140
|
|
|
—
|
|
|
1,104
|
|
|
839
|
|
|
0.01
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
986
|
|
|
749
|
|
|
0.01
|
|
|
64
|
|
|
49
|
|
|
—
|
|
|
3,286
|
|
|
2,497
|
|
|
0.05
|
|
Gain on early
termination of loss share agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,708)
|
|
|
(2,058)
|
|
|
(0.04)
|
|
Other non-core
non-interest expense
|
(3,129)
|
|
|
(2,378)
|
|
|
(0.04)
|
|
|
2,600
|
|
|
1,976
|
|
|
0.04
|
|
|
(1,955)
|
|
|
(1,486)
|
|
|
(0.02)
|
|
Total non-interest
expense adjustments
|
(2,486)
|
|
|
(1,890)
|
|
|
(0.03)
|
|
|
2,610
|
|
|
1,812
|
|
|
0.04
|
|
|
700
|
|
|
535
|
|
|
0.01
|
|
Income tax expense
(benefit) - impact of the Tax Cuts and Jobs Act
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65,317)
|
|
|
(1.18)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Core earnings
(Non-GAAP)
|
127,991
|
|
|
94,643
|
|
|
1.72
|
|
|
136,776
|
|
|
103,783
|
|
|
1.86
|
|
|
132,565
|
|
|
98,400
|
|
|
1.74
|
|
Provision for credit
losses (1)
|
13,763
|
|
|
10,460
|
|
|
|
|
13,094
|
|
|
9,951
|
|
|
|
|
11,384
|
|
|
8,652
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
141,754
|
|
|
$
|
105,103
|
|
|
|
|
$
|
149,870
|
|
|
$
|
113,734
|
|
|
|
|
$
|
143,949
|
|
|
$
|
107,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
6/30/2018
|
|
3/31/2018
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$
|
105,581
|
|
|
$
|
75,124
|
|
|
$
|
1.32
|
|
|
$
|
81,173
|
|
|
$
|
63,621
|
|
|
$
|
1.17
|
|
|
|
|
|
|
|
Less: Preferred stock
dividends
|
—
|
|
|
949
|
|
|
0.02
|
|
|
—
|
|
|
3,598
|
|
|
0.07
|
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
|
105,581
|
|
|
$
|
74,175
|
|
|
$
|
1.30
|
|
|
$
|
81,173
|
|
|
$
|
60,023
|
|
|
$
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments
|
(3)
|
|
|
(2)
|
|
|
—
|
|
|
59
|
|
|
44
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
14,333
|
|
|
11,012
|
|
|
0.20
|
|
|
16,227
|
|
|
12,517
|
|
|
0.23
|
|
|
|
|
|
|
|
Compensation-related
expense
|
1,781
|
|
|
1,354
|
|
|
0.02
|
|
|
1,221
|
|
|
928
|
|
|
0.02
|
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
5,413
|
|
|
4,114
|
|
|
0.07
|
|
|
2,074
|
|
|
1,576
|
|
|
0.03
|
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
(95)
|
|
|
(72)
|
|
|
—
|
|
|
(683)
|
|
|
(520)
|
|
|
(0.01)
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
21,432
|
|
|
16,408
|
|
|
0.29
|
|
|
18,839
|
|
|
14,501
|
|
|
0.27
|
|
|
|
|
|
|
|
Income tax expense -
impact of the Tax Cuts and Jobs Act
|
—
|
|
|
6,572
|
|
|
0.12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Income tax expense
(benefit) - other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173
|
|
|
—
|
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
127,010
|
|
|
97,153
|
|
|
1.71
|
|
|
100,071
|
|
|
74,741
|
|
|
1.37
|
|
|
|
|
|
|
|
Provision for credit
losses (1)
|
7,696
|
|
|
5,849
|
|
|
|
|
8,211
|
|
|
6,240
|
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
134,706
|
|
|
$
|
103,002
|
|
|
|
|
$
|
108,282
|
|
|
$
|
80,981
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Excluding preferred
stock dividends and merger-related expense, after-tax amounts are
calculated using a tax rate of 24%, 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, and
gains, losses, and impairment charges on long-lived
assets.
|
Table 8 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
|
6/30/2018
|
|
3/31/2018
|
Net interest income
(GAAP)
|
$
|
250,484
|
|
|
$
|
265,021
|
|
|
$
|
259,225
|
|
|
$
|
256,113
|
|
|
$
|
232,889
|
|
Taxable equivalent
benefit
|
1,349
|
|
|
1,427
|
|
|
1,461
|
|
|
1,449
|
|
|
1,464
|
|
Net interest income
(TE) (Non-GAAP) (1)
|
251,833
|
|
|
266,448
|
|
|
260,686
|
|
|
257,562
|
|
|
234,353
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
52,509
|
|
|
969
|
|
|
53,087
|
|
|
53,940
|
|
|
44,566
|
|
Taxable equivalent
benefit
|
478
|
|
|
539
|
|
|
463
|
|
|
336
|
|
|
341
|
|
Non-interest income
(TE) (Non-GAAP) (1)
|
52,987
|
|
|
1,508
|
|
|
53,550
|
|
|
54,276
|
|
|
44,907
|
|
Taxable equivalent
revenues (Non-GAAP) (1)
|
304,820
|
|
|
267,956
|
|
|
314,236
|
|
|
311,838
|
|
|
279,260
|
|
Securities (gains)
losses and other non-interest income
|
—
|
|
|
50,259
|
|
|
(1)
|
|
|
(3)
|
|
|
59
|
|
Core taxable
equivalent revenues (Non-GAAP) (1)
|
$
|
304,820
|
|
|
$
|
318,215
|
|
|
$
|
314,235
|
|
|
$
|
311,835
|
|
|
$
|
279,319
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP)
|
$
|
158,753
|
|
|
$
|
168,989
|
|
|
$
|
169,062
|
|
|
$
|
196,776
|
|
|
$
|
188,071
|
|
Less: Intangible
amortization expense
|
5,009
|
|
|
5,083
|
|
|
5,382
|
|
|
6,111
|
|
|
5,102
|
|
Tangible non-interest
expense (Non-GAAP) (2)
|
153,744
|
|
|
163,906
|
|
|
163,680
|
|
|
190,665
|
|
|
182,969
|
|
Less: Merger-related
expense
|
(334)
|
|
|
(238)
|
|
|
973
|
|
|
14,333
|
|
|
16,227
|
|
Compensation-related
expense
|
(9)
|
|
|
184
|
|
|
1,104
|
|
|
1,781
|
|
|
1,221
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
986
|
|
|
64
|
|
|
3,286
|
|
|
5,413
|
|
|
2,074
|
|
Gain on early
termination of loss share agreements
|
—
|
|
|
—
|
|
|
(2,708)
|
|
|
—
|
|
|
—
|
|
Other non-core
non-interest expense
|
(3,129)
|
|
|
2,600
|
|
|
(1,955)
|
|
|
(95)
|
|
|
(683)
|
|
Core tangible
non-interest expense (Non-GAAP) (2)
|
$
|
156,230
|
|
|
$
|
161,296
|
|
|
$
|
162,980
|
|
|
$
|
169,233
|
|
|
$
|
164,130
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
1.32
|
%
|
|
1.70
|
%
|
|
1.34
|
%
|
|
1.01
|
%
|
|
0.92
|
%
|
Effect of non-core
revenues and expenses
|
(0.03)
|
|
|
(0.33)
|
|
|
0.01
|
|
|
0.31
|
|
|
0.21
|
|
Core return on
average assets (Non-GAAP)
|
1.29
|
%
|
|
1.37
|
%
|
|
1.35
|
%
|
|
1.32
|
%
|
|
1.13
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
52.4
|
%
|
|
63.5
|
%
|
|
54.1
|
%
|
|
63.5
|
%
|
|
67.8
|
%
|
Effect of tax benefit
related to tax-exempt income
|
(0.3)
|
|
|
(0.4)
|
|
|
(0.3)
|
|
|
(0.4)
|
|
|
(0.4)
|
|
Efficiency ratio (TE)
(Non-GAAP) (1)
|
52.1
|
%
|
|
63.1
|
%
|
|
53.8
|
%
|
|
63.1
|
%
|
|
67.4
|
%
|
Effect of
amortization of intangibles
|
(1.6)
|
|
|
(1.9)
|
|
|
(1.7)
|
|
|
(1.9)
|
|
|
(1.8)
|
|
Effect of non-core
items
|
0.8
|
|
|
(10.5)
|
|
|
(0.2)
|
|
|
(6.9)
|
|
|
(6.8)
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2)
|
51.3
|
%
|
|
50.7
|
%
|
|
51.9
|
%
|
|
54.3
|
%
|
|
58.8
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
9.85
|
%
|
|
13.38
|
%
|
|
10.21
|
%
|
|
7.87
|
%
|
|
6.79
|
%
|
Effect of non-core
revenues and expenses
|
(0.19)
|
|
|
(2.63)
|
|
|
0.06
|
|
|
2.43
|
|
|
1.66
|
|
Core return on
average common equity (Non-GAAP)
|
9.66
|
%
|
|
10.75
|
%
|
|
10.27
|
%
|
|
10.30
|
%
|
|
8.45
|
%
|
Effect of intangibles
(2)
|
5.37
|
|
|
6.23
|
|
|
6.07
|
|
|
6.40
|
|
|
5.38
|
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
15.03
|
%
|
|
16.98
|
%
|
|
16.34
|
%
|
|
16.70
|
%
|
|
13.83
|
%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
4,141,831
|
|
|
$
|
4,056,277
|
|
|
$
|
3,942,361
|
|
|
$
|
3,913,409
|
|
|
$
|
3,900,907
|
|
Less: Goodwill
and other intangibles
|
1,310,458
|
|
|
1,315,462
|
|
|
1,305,915
|
|
|
1,314,165
|
|
|
1,332,672
|
|
Preferred
stock
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
Tangible common
equity (Non-GAAP) (2)
|
$
|
2,699,276
|
|
|
$
|
2,608,718
|
|
|
$
|
2,504,349
|
|
|
$
|
2,467,147
|
|
|
$
|
2,436,138
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$
|
31,260,189
|
|
|
$
|
30,833,015
|
|
|
$
|
30,118,387
|
|
|
$
|
30,126,162
|
|
|
$
|
29,472,637
|
|
Less: Goodwill
and other intangibles
|
1,310,458
|
|
|
1,315,462
|
|
|
1,305,915
|
|
|
1,314,165
|
|
|
1,332,672
|
|
Tangible assets
(Non-GAAP) (2)
|
$
|
29,949,731
|
|
|
$
|
29,517,553
|
|
|
$
|
28,812,472
|
|
|
$
|
28,811,997
|
|
|
$
|
28,139,965
|
|
Tangible common
equity ratio (Non-GAAP) (2)
|
9.01
|
%
|
|
8.84
|
%
|
|
8.69
|
%
|
|
8.56
|
%
|
|
8.66
|
%
|
|
(1)
|
Fully taxable
equivalent (TE) calculations include the tax benefit associated
with related income sources that are tax-exempt using a rate of
21%.
|
(2)
|
Tangible calculations
eliminate the effect of goodwill and acquisition-related
intangibles and the corresponding amortization expense on a
tax-effected basis where applicable.
|
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SOURCE IBERIABANK Corporation