LAFAYETTE, La., July 17, 2019
/PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC) ("IBKC"),
holding company of the 132-year-old IBERIABANK
(www.iberiabank.com), today announced the completion of its
previously announced share repurchase plan of 2.765 million, or
approximately 5%, common shares outstanding. The Company also
announced today that the Board of Directors of the Company
authorized a new repurchase plan of up to 1,600,000 shares of the
Company's outstanding common stock. The repurchase
authorization equates to approximately 3% of the total common
shares outstanding.
Daryl G. Byrd, President and
Chief Executive Officer, commented, "We have recently completed our
most current share repurchase plan, and are establishing a new
plan, the twelfth in our history, which will continue to provide
the flexibility to manage our capital while producing positive
returns to our shareholders."
The Company's recently completed share repurchase program was
announced on November 5, 2018 and
completed on July 12, 2019.
During that time, the Company purchased 2,765,000 shares of its
common stock at a weighted average price of $75.52 per share.
The Company completed eleven share repurchase programs between
2000 and 2019 totaling approximately 7.5 million common shares. At
the time of acquisition, the shares repurchased under those
programs had an aggregate investment value equal to approximately
$452 million and a weighted average
cost of approximately $59.93 per
common share acquired (adjusted for the five-for-four common stock
split paid on August 15, 2005). The
time required to complete those repurchase programs ranged from six
months to two years.
Repurchase
Program
|
Announced
|
Completed
|
Months
|
Shares
Purchased
|
Weighted
Average
Price
|
February
2000
|
2/17/00
|
12/11/00
|
10
|
375,000
|
$14.34
|
December
2000
|
12/12/00
|
12/17/01
|
12
|
375,000
|
22.44
|
December
2001
|
12/18/01
|
12/2/02
|
11
|
375,000
|
30.22
|
November
2002
|
11/18/02
|
9/2/03
|
9
|
162,500
|
35.09
|
September
2003
|
9/17/03
|
6/24/04
|
9
|
375,000
|
46.44
|
June 2004
|
6/25/04
|
5/4/05
|
10
|
218,750
|
47.23
|
May 2005
|
5/4/05
|
5/15/07
|
24
|
375,000
|
51.55
|
September
2011
|
10/26/11
|
9/5/12
|
12
|
853,308
|
47.38
|
May 2016
|
5/4/16
|
5/9/18
|
24
|
537,506
|
68.94
|
May 2018
|
5/10/18
|
11/5/18
|
6
|
1,137,500
|
77.54
|
November
2018
|
11/5/18
|
7/12/19
|
8
|
2,765,000
|
75.52
|
Stock repurchases under the new 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
and in accordance with the limitations set forth in Rule
10b-18 of the Securities and Exchange
Commission and other applicable legal requirements. 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. The share repurchase
program does not obligate the Company to repurchase any dollar
amount or number of shares, and the program may be extended,
modified, suspended, or discontinued at any time.
IBERIABANK Corporation
IBERIABANK Corporation is a regional financial holding company
with offices in Louisiana,
Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, New
York, North Carolina, and
South Carolina, 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 $3.9 billion, based on the NASDAQ Global Select
Market closing stock price on July 17,
2019.
The following 10 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- Hovde Group, LLC
- Janney Montgomery Scott,
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
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,
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.
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.
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SOURCE IBERIABANK Corporation