LAFAYETTE,
La., Oct. 18, 2019
/PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding
company of the 132-year-old IBERIABANK (www.iberiabank.com),
reported financial results for the third quarter ended September 30, 2019. For the quarter, the Company
reported net income available to common shareholders of
$96.3 million, or $1.82 diluted earnings per common share ("EPS").
On a non-GAAP basis, EPS excluding non-core revenues and non-core
expenses ("Core EPS") in the third quarter of 2019 was $1.82 per common share, compared to $1.74 in the year-ago period, an increase of 5%
(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 reported another quarter of
solid earnings driven by strong growth in both loans and core
deposits. As expected, our net interest margin was impacted by
lower interest rates, but continued strength in fee income
businesses and good expense discipline provided a partial offset to
the impact. As we move toward the end of 2019 and prepare for 2020,
we remain focused on continuing to grow our businesses throughout
the Southeastern U.S., delivering strong financial results and
maintaining stellar asset quality, while navigating the
ever-challenging environment."
Highlights for the third quarter of 2019 and at
September 30, 2019:
|
For the three months ended
|
|
GAAP
|
|
Non-GAAP Core
|
|
3Q19
|
2Q19
|
|
3Q19
|
2Q19
|
Diluted Earnings Per
Common Share
|
$
|
1.82
|
|
$
|
1.86
|
|
|
$
|
1.82
|
|
$
|
1.87
|
|
Return on Average
Assets
|
1.26
|
%
|
1.30
|
%
|
|
1.26
|
%
|
1.31
|
%
|
Return on Average
Common Equity
|
9.46
|
%
|
10.05
|
%
|
|
9.46
|
%
|
10.13
|
%
|
Return on Average
Tangible Common Equity
|
N/A
|
|
N/A
|
|
|
14.48
|
%
|
15.58
|
%
|
Efficiency
Ratio
|
55.2
|
%
|
54.0
|
%
|
|
55.2
|
%
|
53.8
|
%
|
Tangible Efficiency
Ratio (TE)
|
N/A
|
|
N/A
|
|
|
53.4
|
%
|
52.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Total loan growth of $321.2
million on a linked quarter basis, or 6% annualized,
primarily driven by growth in corporate asset finance and energy,
and in the Birmingham, Mobile, and New
Orleans markets. Total loan growth on a year-to-date basis
was $1.2 billion, or 7%, on an
annualized basis.
- Total deposits increased $682.0
million compared to the prior quarter, or 11%, annualized.
The Company experienced deposit growth in all but three of its
operating markets, with no increase in brokered deposits from the
prior quarter. On a year-to-date basis, we added $1.2 billion in total deposit balances, an
annualized growth rate of 7%.
- Non-interest income increased $4.8
million, or 8%, on a linked quarter basis. The increase was
primarily driven by a $3.2 million
gain on non-mortgage loan sales and a $1.6
million increase in customer swap commission income.
- The Company's reported and cash net interest margins both
decreased 13 basis points on a linked quarter basis, to 3.44% and
3.24%, respectively. The Company realized $7
million in recoveries, no significant change from the prior
quarter.
- The provision for credit losses totaled $9.0 million, compared to $10.8 million in the prior quarter. Asset quality
measures remained strong and stable.
- Net charge-offs to average loans on an annualized basis
remained flat at 0.14% as compared to the prior quarter. Classified
assets were 0.89% of total assets, compared to 0.97% in the prior
quarter and 1.20% a year ago.
- During the third quarter of 2019, the Company repurchased
approximately 552 thousand shares of its outstanding common stock
at a weighted average price of $72.46
per common share. The current share repurchase program has an
additional 1.2 million common shares available, which we expect to
repurchase over the next three quarters.
|
|
Table A - Summary Financial
Results
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
9/30/2019
|
|
|
6/30/2019
|
|
% Change
|
|
9/30/2018
|
|
% Change
|
GAAP BASIS:
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders
|
$
|
96,251
|
|
|
|
$
|
100,649
|
|
|
(4.4)
|
|
|
$
|
97,866
|
|
|
(1.7)
|
|
Earnings per common
share - diluted
|
1.82
|
|
|
|
1.86
|
|
|
(2.2)
|
|
|
1.73
|
|
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans and
leases, net of unearned income
|
$
|
23,522,892
|
|
|
|
$
|
23,120,689
|
|
|
1.7
|
|
|
$
|
22,162,373
|
|
|
6.1
|
|
Average total
deposits
|
24,588,346
|
|
|
|
24,102,704
|
|
|
2.0
|
|
|
23,241,529
|
|
|
5.8
|
|
Net interest margin
(TE) (1)
|
3.44
|
|
%
|
|
3.57
|
|
%
|
|
|
3.74
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
|
313,007
|
|
|
|
$
|
314,164
|
|
|
(0.4)
|
|
|
$
|
312,312
|
|
|
0.2
|
|
Total non-interest
expense
|
172,662
|
|
|
|
169,618
|
|
|
1.8
|
|
|
169,062
|
|
|
2.1
|
|
Efficiency
ratio
|
55.2
|
|
%
|
|
54.0
|
|
%
|
|
|
54.1
|
|
%
|
|
Return on average
assets
|
1.26
|
|
|
|
1.30
|
|
|
|
|
1.34
|
|
|
|
Return on average
common equity
|
9.46
|
|
|
|
10.05
|
|
|
|
|
10.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS
(2):
|
|
|
|
|
|
|
|
|
|
|
Core
revenues
|
$
|
313,007
|
|
|
|
$
|
315,176
|
|
|
(0.7)
|
|
|
$
|
312,311
|
|
|
0.2
|
|
Core non-interest
expense
|
172,662
|
|
|
|
169,543
|
|
|
1.8
|
|
|
168,362
|
|
|
2.6
|
|
Core earnings per
common share - diluted
|
1.82
|
|
|
|
1.87
|
|
|
(2.7)
|
|
|
1.74
|
|
|
4.6
|
|
Core tangible
efficiency ratio (TE) (1) (3)
|
53.4
|
|
%
|
|
52.0
|
|
%
|
|
|
51.9
|
|
%
|
|
Core return on
average assets
|
1.26
|
|
|
|
1.31
|
|
|
|
|
1.35
|
|
|
|
Core return on
average common equity
|
9.46
|
|
|
|
10.13
|
|
|
|
|
10.27
|
|
|
|
Core return on
average tangible common equity
|
14.48
|
|
|
|
15.58
|
|
|
|
|
16.34
|
|
|
|
Net interest margin
(TE) - cash basis (1)
|
3.24
|
|
|
|
3.37
|
|
|
|
|
3.47
|
|
|
|
|
(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 9 and Table 10 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 $6.0
million, or 2%, on a linked quarter basis. The yield on
total earning assets was 11 basis points lower at 4.59% compared to
4.70% in the prior quarter. Average loans increased $402.2 million, or 7% annualized, while the
associated taxable-equivalent yield decreased 13 basis points. The
decrease in loan yield was primarily attributable to the repricing
of variable rate loans as a result of recent cuts to the target
federal funds rate and the corresponding impact to LIBOR.
Average interest-bearing deposits increased $502.8 million, or 11% annualized, and the cost
of interest-bearing deposits rose 5 basis points to 1.55% on a
linked quarter basis. Total average interest-bearing liabilities
increased by $195.1 million, or 4%
annualized, and the cost of interest-bearing liabilities rose 3
basis points to 1.64%. The total cost of funding in the third
quarter of 2019 was 1.24% compared to 1.22% in the prior quarter.
The lower loan yield along with the increase in cost of funds
resulted in a decrease in the reported and cash net interest
margins of 13 basis points to 3.44% and 3.24%, respectively.
The provision for credit losses totaled $9.0 million compared to $10.8 million in the prior quarter. Asset quality
measures remained strong and stable. Net charge-offs to average
loans on an annualized basis remained flat at 0.14% compared to the
prior quarter. Non-performing assets to total assets were 0.58%
compared to 0.60% in the prior quarter. On a linked quarter basis,
the allowance for loan and lease losses to total loans and leases
decreased slightly to 0.62% compared to 0.63% in the prior quarter
and covered 93% of non-performing loans.
Non-interest income increased $4.8
million, or 8%, on a linked quarter basis. The increase was
primarily driven by a $3.2 million
gain on non-mortgage loan sales and a $1.6
million increase in customer swap commission income.
Non-interest expense increased $3.0
million, or 2%, compared to the linked quarter, primarily as
a result of a $2.3 million increase
in occupancy and equipment expense from a write-off on certain
long-lived assets and a $2.0 million
increase in OREO expense, partially offset by lower travel and
other expenses.
On a linked quarter basis, the efficiency ratio increased to
55.2% from 54.0%, primarily due to the decrease in net interest
income, while the non-GAAP core tangible efficiency ratio increased
to 53.4% compared to 52.0%. The Company continues to focus on cost
containment and revenue enhancement efforts to deliver positive
operating leverage. 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
|
|
|
9/30/2019
|
|
6/30/2019
|
|
% Change
|
|
9/30/2018
|
|
% Change
|
PERIOD-END BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and
leases, net of unearned income
|
$
|
23,676,537
|
|
|
|
$
|
23,355,311
|
|
|
|
1.4
|
|
|
$
|
22,343,906
|
|
|
|
6.0
|
|
|
Total
deposits
|
24,977,285
|
|
|
|
24,295,331
|
|
|
|
2.8
|
|
|
23,193,446
|
|
|
|
7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due and still accruing as a percentage of total loans
(1)
|
0.23
|
%
|
|
|
0.18
|
%
|
|
|
|
|
0.32
|
%
|
|
|
|
|
Loans 90 days or more
past due and still accruing as a percentage of total loans
(1)
|
0.02
|
|
|
|
0.00
|
|
|
|
|
|
0.06
|
|
|
|
|
|
Non-performing assets
to total assets (1)(2)
|
0.58
|
|
|
|
0.60
|
|
|
|
|
|
0.63
|
|
|
|
|
|
Classified assets to
total assets (3)
|
0.89
|
|
|
|
0.97
|
|
|
|
|
|
1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (4) (5)
|
9.05
|
%
|
|
|
8.97
|
%
|
|
|
|
|
8.69
|
%
|
|
|
|
|
Tier 1 leverage ratio
(6)
|
9.78
|
|
|
|
9.71
|
|
|
|
|
|
9.65
|
|
|
|
|
|
Total risk-based
capital ratio (6)
|
12.34
|
|
|
|
12.33
|
|
|
|
|
|
12.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
|
77.58
|
|
|
|
$
|
75.93
|
|
|
|
2.2
|
|
|
$
|
68.03
|
|
|
|
14.0
|
|
|
Tangible book value
(Non-GAAP) (4) (5)
|
52.68
|
|
|
|
51.20
|
|
|
|
2.9
|
|
|
44.72
|
|
|
|
17.8
|
|
|
Closing stock
price
|
75.54
|
|
|
|
75.85
|
|
|
|
(0.4)
|
|
|
81.35
|
|
|
|
(7.1)
|
|
|
Cash
dividends
|
0.45
|
|
|
|
0.43
|
|
|
|
4.7
|
|
|
0.39
|
|
|
|
15.4
|
|
|
(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 5 for further detail.
|
(3)
|
Classified assets
include 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 $283 million, $304 million and $360 million at
September 30, 2019, June 30, 2019, and September 30, 2018,
respectively.
|
(4)
|
See Table 9 and Table
10 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 September 30, 2019 are preliminary.
|
Loans and Leases
On a linked quarter basis, total loans and leases increased
$321.2 million, or 6% annualized, to
$23.7 billion at September 30, 2019. Growth during the third
quarter of 2019 was strongest in the Energy Group (reserve-based
and midstream lending), the Corporate Asset Finance Group
(equipment financing and leasing business), and the Birmingham,
Mobile, and New Orleans 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 and
Leases
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the Three Months
Ended
|
|
|
|
|
|
|
|
Linked Qtr Change
|
|
Year/Year Change
|
|
Mix
|
|
9/30/2019
|
|
6/30/2019
|
|
9/30/2018
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
9/30/2019
|
6/30/2019
|
Commercial loans and
leases
|
$
|
16,299,881
|
|
|
$
|
15,980,029
|
|
|
$
|
14,962,923
|
|
|
319,852
|
|
2.0
|
|
|
7.9
|
%
|
|
1,336,958
|
|
8.9
|
|
|
68.9
|
%
|
68.5
|
%
|
Residential mortgage
loans
|
4,649,745
|
|
|
4,538,194
|
|
|
4,300,163
|
|
|
111,551
|
|
2.5
|
|
|
9.8
|
%
|
|
349,582
|
|
8.1
|
|
|
19.6
|
%
|
19.4
|
%
|
Consumer and other
loans
|
2,726,911
|
|
|
2,837,088
|
|
|
3,080,820
|
|
|
(110,177)
|
|
(3.9)
|
|
|
(15.4)
|
%
|
|
(353,909)
|
|
(11.5)
|
|
|
11.5
|
%
|
12.1
|
%
|
Total loans and
leases
|
$
|
23,676,537
|
|
|
$
|
23,355,311
|
|
|
$
|
22,343,906
|
|
|
321,226
|
|
1.4
|
|
|
5.5
|
%
|
|
1,332,631
|
|
6.0
|
|
|
100.0
|
%
|
100.0
|
%
|
Investment Securities
On an average balance and linked quarter basis, the investment
portfolio decreased $291.4 million,
or 24% annualized, to $4.6 billion,
primarily due to sales of available-for-sale securities. On a
period-end basis, investment securities were $4.4 billion, or 14% of total assets. At
September 30, 2019, approximately 96%
of the investment portfolio was in available-for-sale securities,
which experience unrealized gains as interest rates fall. The
investment portfolio had an effective duration of 2.5 years at
September 30, 2019, down from 2.6
years at June 30, 2019, and a
$70.1 million unrealized gain at
September 30, 2019, up from a
$58.4 million unrealized gain at
June 30, 2019. The average yield on
investment securities decreased 12 basis points to 2.71% in the
third quarter of 2019. The investment portfolio primarily consists
of government agency securities. Municipal securities comprised
7.1% of total investments at September 30,
2019.
Deposits and Funding
Total deposits increased $682.0
million, or 11% annualized, to $25.0
billion at September 30, 2019.
Growth during the third quarter of 2019 was strongest in the
Miami-Dade, Southwest Louisiana,
and Baton Rouge markets.
Table D - Period-End Deposits
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
Linked Qtr Change
|
|
Year/Year Change
|
|
Mix
|
|
9/30/2019
|
|
6/30/2019
|
|
9/30/2018
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
9/30/2019
|
6/30/2019
|
Non-interest-bearing
|
$
|
6,518,783
|
|
|
$
|
6,474,394
|
|
|
$
|
6,544,926
|
|
|
44,389
|
|
0.7
|
|
2.7
|
%
|
|
(26,143)
|
|
(0.4)
|
|
|
26.1
|
%
|
26.6
|
%
|
NOW
accounts
|
4,503,353
|
|
|
4,610,577
|
|
|
4,247,533
|
|
|
(107,224)
|
|
(2.3)
|
|
(9.2)
|
%
|
|
255,820
|
|
6.0
|
|
|
18.0
|
%
|
19.0
|
%
|
Money market
accounts
|
8,654,605
|
|
|
8,192,752
|
|
|
8,338,682
|
|
|
461,853
|
|
5.6
|
|
22.4
|
%
|
|
315,923
|
|
3.8
|
|
|
34.7
|
%
|
33.7
|
%
|
Savings
accounts
|
671,156
|
|
|
702,711
|
|
|
820,354
|
|
|
(31,555)
|
|
(4.5)
|
|
(17.8)
|
%
|
|
(149,198)
|
|
(18.2)
|
|
|
2.7
|
%
|
2.9
|
%
|
Time
deposits
|
4,629,388
|
|
|
4,314,897
|
|
|
3,241,951
|
|
|
314,491
|
|
7.3
|
|
28.9
|
%
|
|
1,387,437
|
|
42.8
|
|
|
18.5
|
%
|
17.8
|
%
|
Total
deposits
|
$
|
24,977,285
|
|
|
$
|
24,295,331
|
|
|
$
|
23,193,446
|
|
|
681,954
|
|
2.8
|
|
11.1
|
%
|
|
1,783,839
|
|
7.7
|
|
|
100.0
|
%
|
100.0
|
%
|
Asset Quality
Credit quality remained strong and stable. Classified assets
decreased $21.2 million, or 7%, from
June 30, 2019 and were 0.89% of total
assets compared to 0.97% in the prior quarter and 1.20% in the
prior year. Non-performing assets to total assets were 0.58% at
September 30, 2019 compared to 0.60%
in the prior quarter and 0.63% in the prior year. Loans 30-89 days
past due and still accruing represented 0.23% of total loans and
leases compared to 0.18% in the prior quarter and 0.32% one year
ago. As a percentage of average loans and leases, annualized net
charge-offs for the quarter and year-to-date periods remained
unchanged from the prior quarter at 0.14%.
The allowance for loan and lease losses was $146.2 million and represented 0.62% of total
loans and leases compared to 0.63% as of June 30, 2019.
Refer to Table 5 - Loans and Asset Quality Data for further
information.
Capital Position
At September 30, 2019, the
non-GAAP tangible common equity ratio was 9.05%, up 8 basis points
compared to June 30, 2019, and the
preliminary Tier 1 leverage ratio was 9.78%, up 7 basis points
compared to June 30, 2019. The
preliminary calculation of the total risk-based capital ratio at
September 30, 2019, was 12.34%, up 1
basis point compared to June 30,
2019.
At September 30, 2019, book value
per common share was $77.58, up
$1.65 per share, compared to
June 30, 2019. Tangible book value
per common share was $52.68, up
$1.48 per share, compared to
June 30, 2019. Based on the closing
stock price of the Company's common stock of $76.08 per share on October 17, 2019, this price equated to
0.98 times September 30,
2019 book value per common share and 1.44 times
September 30, 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 July 17,
2019, the Company announced a quarterly cash dividend of
$0.45 per common share, an increase
of approximately 5% compared to the common dividend declared in
May. The dividend is payable on October 25,
2019 to shareholders of record as of September 30, 2019.
Preferred Stock . On July 3,
2019, the Company announced a semi-annual cash dividend of
$0.8281 per depositary share of
Series B Preferred Stock that was payable on August 1, 2019 to shareholders of record as of
July 17, 2019. On July 3, 2019, the Company also announced a
quarterly cash dividend of $0.4125
per depositary share of Series C Preferred Stock that was payable
on August 1, 2019 to shareholders of
record as of July 17, 2019.
On October 3, 2019, the Company
announced a quarterly cash dividend of $0.4125 per depositary share of Series C
Preferred Stock that is payable on November
1, 2019 to shareholders of record as of October 17, 2019. On October 3, 2019, the Company also announced a
semi-annual cash dividend of $0.8769
per depositary share of Series D Preferred Stock that is payable on
November 1, 2019 to shareholders of
record as of October 17, 2019.
Common Stock Repurchase Program . On July 17, 2019 the Board of Directors authorized
the repurchase of up to 1,600,000 shares of the Company's common
stock. This repurchase authorization equated to approximately 3% 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 be
completed within the next year. During the third quarter of 2019,
the Company repurchased 552,230 common shares, at a weighted
average price of $72.46 per common
share. At September 30, 2019, the
Company had approximately 1,165,000 remaining shares that may be
repurchased under the current Board-approved plan.
Updated 2019 Financial Guidance
Updated 2019 Guidance
(1)
|
Average Earning
Assets
|
$28.7B ~
$29.0B
|
Consolidated Loan
Growth
|
6.50% ~
7.25%
|
Consolidated Deposit
Growth
|
6.50% ~
7.25%
|
Provision
Expense
|
$38MM ~
$43MM
|
Non-Interest Income
(Core Basis)
|
$230MM ~
$235MM
|
Non-Interest Expense
(Core Basis)
|
$667MM ~
$673MM
|
Net Interest
Margin
|
3.43% ~
3.47%
|
Tax Rate
|
23.5% ~
24.0%
|
Preferred Dividend
& Unrestricted Shares
|
$16.0MM ~
$17.0MM
|
Share Repurchase
Activity
|
$235MM ~
$240MM
|
Credit
Quality
|
Stable
|
|
(1) Updated guidance includes three
interest rate cuts of 25 basis points; one each in July, September,
and October 2019
|
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 $4.0 billion, based on the closing stock
price on October 17, 2019.
The following 10 investment firms currently provide equity
research coverage on the Company:
- Bank of America Merrill Lynch
- Janney Montgomery Scott,
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 Friday, October 18, 2019,
beginning at 8:30 a.m. Central Time
by dialing 1-888-317-6003. The confirmation code for the call is
4011645. A replay of the call will be available until midnight Central Time on October 25, 2019, by dialing 1-877-344-7529. The
confirmation code for the replay is 10134915. 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:
|
9/30/2019
|
|
6/30/2019
|
|
% Change
|
|
9/30/2018
|
|
% Change
|
|
Net interest
income
|
$
|
249,333
|
|
|
|
$
|
255,339
|
|
|
|
(2.4)
|
|
|
$
|
259,225
|
|
|
|
(3.8)
|
|
|
Net interest income
(TE) (1)
|
250,653
|
|
|
|
256,677
|
|
|
|
(2.3)
|
|
|
260,686
|
|
|
|
(3.8)
|
|
|
Total
revenues
|
313,007
|
|
|
|
314,164
|
|
|
|
(0.4)
|
|
|
312,312
|
|
|
|
0.2
|
|
|
Provision for credit
losses
|
8,986
|
|
|
|
10,755
|
|
|
|
(16.4)
|
|
|
11,384
|
|
|
|
(21.1)
|
|
|
Non-interest
expense
|
172,662
|
|
|
|
169,618
|
|
|
|
1.8
|
|
|
169,062
|
|
|
|
2.1
|
|
|
Net income available
to common shareholders
|
96,251
|
|
|
|
100,649
|
|
|
|
(4.4)
|
|
|
97,866
|
|
|
|
(1.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
|
1.83
|
|
|
|
$
|
1.87
|
|
|
|
(2.1)
|
|
|
$
|
1.74
|
|
|
|
5.2
|
|
|
Earnings available to
common shareholders - diluted
|
1.82
|
|
|
|
1.86
|
|
|
|
(2.2)
|
|
|
1.73
|
|
|
|
5.2
|
|
|
Core earnings
(Non-GAAP) (2)
|
1.82
|
|
|
|
1.87
|
|
|
|
(2.7)
|
|
|
1.74
|
|
|
|
4.6
|
|
|
Book value
|
77.58
|
|
|
|
75.93
|
|
|
|
2.2
|
|
|
68.03
|
|
|
|
14.0
|
|
|
Tangible book value
(Non-GAAP) (2) (3)
|
52.68
|
|
|
|
51.20
|
|
|
|
2.9
|
|
|
44.72
|
|
|
|
17.8
|
|
|
Closing stock
price
|
75.54
|
|
|
|
75.85
|
|
|
|
(0.4)
|
|
|
81.35
|
|
|
|
(7.1)
|
|
|
Cash
dividends
|
0.45
|
|
|
|
0.43
|
|
|
|
4.7
|
|
|
0.39
|
|
|
|
15.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND OTHER DATA
(6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.44
|
%
|
|
|
3.57
|
%
|
|
|
|
|
3.74
|
%
|
|
|
|
|
Efficiency
ratio
|
55.2
|
|
|
|
54.0
|
|
|
|
|
|
54.1
|
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
53.4
|
|
|
|
52.0
|
|
|
|
|
|
51.9
|
|
|
|
|
|
Return on average
assets
|
1.26
|
|
|
|
1.30
|
|
|
|
|
|
1.34
|
|
|
|
|
|
Return on average
common equity
|
9.46
|
|
|
|
10.05
|
|
|
|
|
|
10.21
|
|
|
|
|
|
Core return on
average tangible common equity (Non-GAAP)
(2)(3)
|
14.48
|
|
|
|
15.58
|
|
|
|
|
|
16.34
|
|
|
|
|
|
Effective tax
rate
|
24.0
|
|
|
|
24.1
|
|
|
|
|
|
23.1
|
|
|
|
|
|
Full-time equivalent
employees
|
3,397
|
|
|
|
3,418
|
|
|
|
|
|
3,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (2) (3)
|
9.05
|
%
|
|
|
8.97
|
%
|
|
|
|
|
8.69
|
%
|
|
|
|
|
Tangible common
equity to risk-weighted assets (3)
|
10.51
|
|
|
|
10.45
|
|
|
|
|
|
10.17
|
|
|
|
|
|
Tier 1 leverage ratio
(4)
|
9.78
|
|
|
|
9.71
|
|
|
|
|
|
9.65
|
|
|
|
|
|
Common equity Tier 1
(CET 1) ratio (4)
|
10.41
|
|
|
|
10.37
|
|
|
|
|
|
10.79
|
|
|
|
|
|
Tier 1 capital ratio
(4)
|
11.28
|
|
|
|
11.26
|
|
|
|
|
|
11.33
|
|
|
|
|
|
Total risk-based
capital ratio (4)
|
12.34
|
|
|
|
12.33
|
|
|
|
|
|
12.42
|
|
|
|
|
|
Common stock dividend
payout ratio
|
24.4
|
|
|
|
22.6
|
|
|
|
|
|
21.8
|
|
|
|
|
|
Classified assets to
Tier 1 capital (7)
|
9.6
|
|
|
|
10.4
|
|
|
|
|
|
12.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (5)
|
0.58
|
%
|
|
|
0.60
|
%
|
|
|
|
|
0.63
|
%
|
|
|
|
|
ALLL to total loans
and leases
|
0.62
|
|
|
|
0.63
|
|
|
|
|
|
0.61
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.14
|
|
|
|
0.14
|
|
|
|
|
|
0.16
|
|
|
|
|
|
Non-performing assets
to total loans and OREO (5)
|
0.78
|
|
|
|
0.80
|
|
|
|
|
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 9 and Table
10 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 September 30, 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 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
|
|
9/30/2019
|
|
6/30/2019
|
|
$
|
%
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
|
$
|
%
|
Interest
income
|
$
|
333,178
|
|
|
$
|
335,967
|
|
|
(2,789)
|
|
(0.8)
|
|
|
$
|
326,084
|
|
|
$
|
330,196
|
|
|
$
|
317,067
|
|
|
16,111
|
|
5.1
|
|
Interest
expense
|
83,845
|
|
|
80,628
|
|
|
3,217
|
|
4.0
|
|
|
75,600
|
|
|
65,175
|
|
|
57,842
|
|
|
26,003
|
|
45.0
|
|
Net interest
income
|
249,333
|
|
|
255,339
|
|
|
(6,006)
|
|
(2.4)
|
|
|
250,484
|
|
|
265,021
|
|
|
259,225
|
|
|
(9,892)
|
|
(3.8)
|
|
Provision for credit
losses
|
8,986
|
|
|
10,755
|
|
|
(1,769)
|
|
(16.4)
|
|
|
13,763
|
|
|
13,094
|
|
|
11,384
|
|
|
(2,398)
|
|
(21.1)
|
|
Net interest income
after provision for credit losses
|
240,347
|
|
|
244,584
|
|
|
(4,237)
|
|
(1.7)
|
|
|
236,721
|
|
|
251,927
|
|
|
247,841
|
|
|
(7,494)
|
|
(3.0)
|
|
Mortgage
income
|
17,432
|
|
|
18,444
|
|
|
(1,012)
|
|
(5.5)
|
|
|
11,849
|
|
|
10,379
|
|
|
12,729
|
|
|
4,703
|
|
36.9
|
|
Service charges on
deposit accounts
|
13,209
|
|
|
12,847
|
|
|
362
|
|
2.8
|
|
|
12,810
|
|
|
13,425
|
|
|
13,520
|
|
|
(311)
|
|
(2.3)
|
|
Title
revenue
|
7,170
|
|
|
6,895
|
|
|
275
|
|
4.0
|
|
|
5,225
|
|
|
5,996
|
|
|
6,280
|
|
|
890
|
|
14.2
|
|
Broker
commissions
|
1,800
|
|
|
2,044
|
|
|
(244)
|
|
(11.9)
|
|
|
1,953
|
|
|
1,951
|
|
|
2,627
|
|
|
(827)
|
|
(31.5)
|
|
ATM/debit card fee
income
|
2,948
|
|
|
3,032
|
|
|
(84)
|
|
(2.8)
|
|
|
2,582
|
|
|
2,267
|
|
|
2,470
|
|
|
478
|
|
19.4
|
|
Income from bank
owned life insurance
|
1,760
|
|
|
1,750
|
|
|
10
|
|
0.6
|
|
|
1,797
|
|
|
2,023
|
|
|
1,744
|
|
|
16
|
|
0.9
|
|
Gain (loss) on sale
of available-for-sale securities
|
27
|
|
|
(1,014)
|
|
|
1,041
|
|
102.7
|
|
|
—
|
|
|
(49,844)
|
|
|
—
|
|
|
27
|
|
100.0
|
|
Trust department
income
|
4,281
|
|
|
4,388
|
|
|
(107)
|
|
(2.4)
|
|
|
4,167
|
|
|
4,319
|
|
|
3,993
|
|
|
288
|
|
7.2
|
|
Other non-interest
income
|
15,047
|
|
|
10,439
|
|
|
4,608
|
|
44.1
|
|
|
12,126
|
|
|
10,453
|
|
|
9,724
|
|
|
5,323
|
|
54.7
|
|
Total non-interest
income
|
63,674
|
|
|
58,825
|
|
|
4,849
|
|
8.2
|
|
|
52,509
|
|
|
969
|
|
|
53,087
|
|
|
10,587
|
|
19.9
|
|
Salaries and employee
benefits
|
103,257
|
|
|
103,375
|
|
|
(118)
|
|
(0.1)
|
|
|
98,296
|
|
|
101,551
|
|
|
101,159
|
|
|
2,098
|
|
2.1
|
|
Occupancy and
equipment
|
21,316
|
|
|
18,999
|
|
|
2,317
|
|
12.2
|
|
|
18,564
|
|
|
18,379
|
|
|
18,889
|
|
|
2,427
|
|
12.8
|
|
Amortization of
acquisition intangibles
|
4,410
|
|
|
4,786
|
|
|
(376)
|
|
(7.9)
|
|
|
5,009
|
|
|
5,083
|
|
|
5,382
|
|
|
(972)
|
|
(18.1)
|
|
Computer services
expense
|
9,638
|
|
|
9,383
|
|
|
255
|
|
2.7
|
|
|
9,157
|
|
|
8,942
|
|
|
9,036
|
|
|
602
|
|
6.7
|
|
Professional
services
|
6,323
|
|
|
6,244
|
|
|
79
|
|
1.3
|
|
|
4,450
|
|
|
8,628
|
|
|
5,519
|
|
|
804
|
|
14.6
|
|
Credit and other loan
related expense
|
4,532
|
|
|
4,141
|
|
|
391
|
|
9.4
|
|
|
2,859
|
|
|
4,776
|
|
|
4,830
|
|
|
(298)
|
|
(6.2)
|
|
Other non-interest
expense
|
23,186
|
|
|
22,690
|
|
|
496
|
|
2.2
|
|
|
20,418
|
|
|
21,630
|
|
|
24,247
|
|
|
(1,061)
|
|
(4.4)
|
|
Total non-interest
expense
|
172,662
|
|
|
169,618
|
|
|
3,044
|
|
1.8
|
|
|
158,753
|
|
|
168,989
|
|
|
169,062
|
|
|
3,600
|
|
2.1
|
|
Income before income
taxes
|
131,359
|
|
|
133,791
|
|
|
(2,432)
|
|
(1.8)
|
|
|
130,477
|
|
|
83,907
|
|
|
131,866
|
|
|
(507)
|
|
(0.4)
|
|
Income tax expense
(benefit)
|
31,509
|
|
|
32,193
|
|
|
(684)
|
|
(2.1)
|
|
|
30,346
|
|
|
(46,132)
|
|
|
30,401
|
|
|
1,108
|
|
3.6
|
|
Net income
|
99,850
|
|
|
101,598
|
|
|
(1,748)
|
|
(1.7)
|
|
|
100,131
|
|
|
130,039
|
|
|
101,465
|
|
|
(1,615)
|
|
(1.6)
|
|
Less: Preferred stock
dividends
|
3,599
|
|
|
949
|
|
|
2,650
|
|
279.2
|
|
|
3,598
|
|
|
949
|
|
|
3,599
|
|
|
—
|
|
—
|
|
Net income available
to common shareholders
|
$
|
96,251
|
|
|
$
|
100,649
|
|
|
(4,398)
|
|
(4.4)
|
|
|
$
|
96,533
|
|
|
$
|
129,090
|
|
|
$
|
97,866
|
|
|
(1,615)
|
|
(1.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
96,251
|
|
|
$
|
100,649
|
|
|
(4,398)
|
|
(4.4)
|
|
|
$
|
96,533
|
|
|
$
|
129,090
|
|
|
$
|
97,866
|
|
|
(1,615)
|
|
(1.7)
|
|
Less: Earnings
allocated to unvested restricted stock
|
874
|
|
|
999
|
|
|
(125)
|
|
(12.5)
|
|
|
933
|
|
|
1,214
|
|
|
908
|
|
|
(34)
|
|
(3.7)
|
|
Earnings allocated to
common shareholders
|
$
|
95,377
|
|
|
$
|
99,650
|
|
|
(4,273)
|
|
(4.3)
|
|
|
$
|
95,600
|
|
|
$
|
127,876
|
|
|
$
|
96,958
|
|
|
(1,581)
|
|
(1.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
1.83
|
|
|
$
|
1.87
|
|
|
(0.04)
|
|
(2.1)
|
|
|
$
|
1.76
|
|
|
$
|
2.33
|
|
|
$
|
1.74
|
|
|
0.09
|
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
1.82
|
|
|
1.86
|
|
|
(0.04)
|
|
(2.2)
|
|
|
1.75
|
|
|
2.32
|
|
|
1.73
|
|
|
0.09
|
|
5.2
|
|
Impact of non-core
items (Non-GAAP) (1)
|
—
|
|
|
0.01
|
|
|
(0.01)
|
|
(100.0)
|
|
|
(0.03)
|
|
|
(0.46)
|
|
|
0.01
|
|
|
(0.01)
|
|
(100.0)
|
|
Earnings per share -
diluted, excluding non-core items
(Non-GAAP)(1)
|
$
|
1.82
|
|
|
$
|
1.87
|
|
|
(0.05)
|
|
(2.7)
|
|
|
$
|
1.72
|
|
|
$
|
1.86
|
|
|
$
|
1.74
|
|
|
0.08
|
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
51,984
|
|
|
53,345
|
|
|
(1,361)
|
|
(2.6)
|
|
|
54,177
|
|
|
54,892
|
|
|
55,571
|
|
|
(3,587)
|
|
(6.5)
|
|
Weighted average
common shares outstanding - diluted
|
52,292
|
|
|
53,674
|
|
|
(1,382)
|
|
(2.6)
|
|
|
54,539
|
|
|
55,215
|
|
|
55,945
|
|
|
(3,653)
|
|
(6.5)
|
|
Book value shares
(period end)
|
52,266
|
|
|
52,805
|
|
|
(539)
|
|
(1.0)
|
|
|
54,551
|
|
|
54,796
|
|
|
56,007
|
|
|
(3,741)
|
|
(6.7)
|
|
|
(1) See Table 9 and Table 10 for GAAP to
Non-GAAP reconciliations.
|
|
|
Table 3 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED INCOME STATEMENTS
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
|
|
|
|
Change
|
|
9/30/2019
|
|
9/30/2018
|
|
$
|
%
|
Interest
income
|
$
|
995,229
|
|
|
$
|
891,433
|
|
|
103,796
|
|
11.6
|
|
Interest
expense
|
240,073
|
|
|
143,206
|
|
|
96,867
|
|
67.6
|
|
Net interest
income
|
755,156
|
|
|
748,227
|
|
|
6,929
|
|
0.9
|
|
Provision for credit
losses
|
33,504
|
|
|
27,290
|
|
|
6,214
|
|
22.8
|
|
Net interest income
after provision for credit losses
|
721,652
|
|
|
720,937
|
|
|
715
|
|
0.1
|
|
Mortgage
income
|
47,725
|
|
|
36,045
|
|
|
11,680
|
|
32.4
|
|
Service charges on
deposit accounts
|
38,866
|
|
|
39,378
|
|
|
(512)
|
|
(1.3)
|
|
Title
revenue
|
19,290
|
|
|
18,153
|
|
|
1,137
|
|
6.3
|
|
Broker
commissions
|
5,797
|
|
|
7,244
|
|
|
(1,447)
|
|
(20.0)
|
|
ATM/debit card fee
income
|
8,562
|
|
|
8,028
|
|
|
534
|
|
6.7
|
|
Income from bank
owned life insurance
|
5,307
|
|
|
4,287
|
|
|
1,020
|
|
23.8
|
|
(Loss) gain on sale
of available-for-sale securities
|
(987)
|
|
|
(56)
|
|
|
(931)
|
|
NM
|
|
Trust department
income
|
12,836
|
|
|
11,662
|
|
|
1,174
|
|
10.1
|
|
Other non-interest
income
|
37,612
|
|
|
26,852
|
|
|
10,760
|
|
40.1
|
|
Total non-interest
income
|
175,008
|
|
|
151,593
|
|
|
23,415
|
|
15.4
|
|
Salaries and employee
benefits
|
304,928
|
|
|
313,190
|
|
|
(8,262)
|
|
(2.6)
|
|
Occupancy and
equipment
|
58,879
|
|
|
58,867
|
|
|
12
|
|
NM
|
|
Amortization of
acquisition intangibles
|
14,205
|
|
|
16,595
|
|
|
(2,390)
|
|
(14.4)
|
|
Computer services
expense
|
28,178
|
|
|
30,738
|
|
|
(2,560)
|
|
(8.3)
|
|
Professional
services
|
17,017
|
|
|
20,070
|
|
|
(3,053)
|
|
(15.2)
|
|
Credit and other loan
related expense
|
11,532
|
|
|
14,313
|
|
|
(2,781)
|
|
(19.4)
|
|
Other non-interest
expense
|
66,294
|
|
|
100,137
|
|
|
(33,843)
|
|
(33.8)
|
|
Total non-interest
expense
|
501,033
|
|
|
553,910
|
|
|
(52,877)
|
|
(9.5)
|
|
Income before income
taxes
|
395,627
|
|
|
318,620
|
|
|
77,007
|
|
24.2
|
|
Income tax
expense
|
94,048
|
|
|
78,410
|
|
|
15,638
|
|
19.9
|
|
Net income
|
301,579
|
|
|
240,210
|
|
|
61,369
|
|
25.5
|
|
Less: Preferred stock
dividends
|
8,146
|
|
|
8,146
|
|
|
—
|
|
—
|
|
Net income available
to common shareholders
|
$
|
293,433
|
|
|
$
|
232,064
|
|
|
61,369
|
|
26.4
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
293,433
|
|
|
$
|
232,064
|
|
|
61,369
|
|
26.4
|
|
Less: Earnings
allocated to unvested restricted stock
|
2,806
|
|
|
2,341
|
|
|
465
|
|
19.9
|
|
Earnings allocated to
common shareholders
|
$
|
290,627
|
|
|
$
|
229,723
|
|
|
60,904
|
|
26.5
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
5.47
|
|
|
$
|
4.17
|
|
|
1.30
|
|
31.2
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
5.43
|
|
|
4.14
|
|
|
1.29
|
|
31.2
|
|
Impact of non-core
items (Non-GAAP) (1)
|
(0.02)
|
|
|
0.69
|
|
|
(0.71)
|
|
(102.9)
|
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
|
5.41
|
|
|
$
|
4.83
|
|
|
0.58
|
|
12.0
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
53,160
|
|
|
55,047
|
|
|
(1,887)
|
|
(3.4)
|
|
Weighted average
common shares outstanding - diluted
|
53,493
|
|
|
55,407
|
|
|
(1,914)
|
|
(3.5)
|
|
Book value shares
(period end)
|
52,266
|
|
|
56,007
|
|
|
(3,741)
|
|
(6.7)
|
|
|
(1) See Table 9 and
Table 10 for GAAP to Non-GAAP reconciliations.
|
NM - not
meaningful
|
|
|
TABLE 4 -
IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END
BALANCES
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
9/30/2019
|
|
6/30/2019
|
|
$
|
|
%
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
353,346
|
|
|
$
|
289,502
|
|
|
63,844
|
|
|
22.1
|
|
|
$
|
280,680
|
|
|
$
|
294,186
|
|
|
$
|
291,083
|
|
|
62,263
|
|
|
21.4
|
|
Interest-bearing
deposits in other banks
|
577,587
|
|
|
499,813
|
|
|
77,774
|
|
|
15.6
|
|
|
391,217
|
|
|
396,267
|
|
|
184,852
|
|
|
392,735
|
|
|
212.5
|
|
Total cash and cash
equivalents
|
930,933
|
|
|
789,315
|
|
|
141,618
|
|
|
17.9
|
|
|
671,897
|
|
|
690,453
|
|
|
475,935
|
|
|
454,998
|
|
|
95.6
|
|
Investment securities
available for sale
|
4,238,082
|
|
|
4,455,308
|
|
|
(217,226)
|
|
|
(4.9)
|
|
|
4,873,778
|
|
|
4,783,579
|
|
|
4,634,124
|
|
|
(396,042)
|
|
|
(8.5)
|
|
Investment securities
held to maturity
|
185,007
|
|
|
192,917
|
|
|
(7,910)
|
|
|
(4.1)
|
|
|
198,958
|
|
|
207,446
|
|
|
213,561
|
|
|
(28,554)
|
|
|
(13.4)
|
|
Total investment
securities
|
4,423,089
|
|
|
4,648,225
|
|
|
(225,136)
|
|
|
(4.8)
|
|
|
5,072,736
|
|
|
4,991,025
|
|
|
4,847,685
|
|
|
(424,596)
|
|
|
(8.8)
|
|
Mortgage loans held
for sale
|
255,276
|
|
|
187,987
|
|
|
67,289
|
|
|
35.8
|
|
|
128,451
|
|
|
107,734
|
|
|
42,976
|
|
|
212,300
|
|
|
494.0
|
|
Loans and leases, net
of unearned income
|
23,676,537
|
|
|
23,355,311
|
|
|
321,226
|
|
|
1.4
|
|
|
22,968,295
|
|
|
22,519,815
|
|
|
22,343,906
|
|
|
1,332,631
|
|
|
6.0
|
|
Allowance for loan
and lease losses
|
(146,235)
|
|
|
(146,386)
|
|
|
(151)
|
|
|
(0.1)
|
|
|
(142,966)
|
|
|
(140,571)
|
|
|
(136,950)
|
|
|
9,285
|
|
|
6.8
|
|
Loans and leases,
net
|
23,530,302
|
|
|
23,208,925
|
|
|
321,377
|
|
|
1.4
|
|
|
22,825,329
|
|
|
22,379,244
|
|
|
22,206,956
|
|
|
1,323,346
|
|
|
6.0
|
|
Premises and
equipment, net
|
298,309
|
|
|
295,897
|
|
|
2,412
|
|
|
0.8
|
|
|
297,342
|
|
|
300,507
|
|
|
304,605
|
|
|
(6,296)
|
|
|
(2.1)
|
|
Goodwill and other
intangible assets
|
1,314,676
|
|
|
1,317,151
|
|
|
(2,475)
|
|
|
(0.2)
|
|
|
1,319,992
|
|
|
1,324,269
|
|
|
1,313,478
|
|
|
1,198
|
|
|
0.1
|
|
Other
assets
|
982,013
|
|
|
999,032
|
|
|
(17,019)
|
|
|
(1.7)
|
|
|
944,442
|
|
|
1,039,783
|
|
|
926,752
|
|
|
55,261
|
|
|
6.0
|
|
Total
assets
|
$
|
31,734,598
|
|
|
$
|
31,446,532
|
|
|
288,066
|
|
|
0.9
|
|
|
$
|
31,260,189
|
|
|
$
|
30,833,015
|
|
|
$
|
30,118,387
|
|
|
1,616,211
|
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,518,783
|
|
|
$
|
6,474,394
|
|
|
44,389
|
|
|
0.7
|
|
|
$
|
6,448,613
|
|
|
$
|
6,542,490
|
|
|
$
|
6,544,926
|
|
|
(26,143)
|
|
|
(0.4)
|
|
NOW
accounts
|
4,503,353
|
|
|
4,610,577
|
|
|
(107,224)
|
|
|
(2.3)
|
|
|
4,452,966
|
|
|
4,514,113
|
|
|
4,247,533
|
|
|
255,820
|
|
|
6.0
|
|
Savings and money
market accounts
|
9,325,761
|
|
|
8,895,463
|
|
|
430,298
|
|
|
4.8
|
|
|
9,119,263
|
|
|
9,066,205
|
|
|
9,159,036
|
|
|
166,725
|
|
|
1.8
|
|
Time
deposits
|
4,629,388
|
|
|
4,314,897
|
|
|
314,491
|
|
|
7.3
|
|
|
4,071,220
|
|
|
3,640,623
|
|
|
3,241,951
|
|
|
1,387,437
|
|
|
42.8
|
|
Total
deposits
|
24,977,285
|
|
|
24,295,331
|
|
|
681,954
|
|
|
2.8
|
|
|
24,092,062
|
|
|
23,763,431
|
|
|
23,193,446
|
|
|
1,783,839
|
|
|
7.7
|
|
Short-term
borrowings
|
275,000
|
|
|
813,000
|
|
|
(538,000)
|
|
|
(66.2)
|
|
|
845,000
|
|
|
1,167,000
|
|
|
790,000
|
|
|
(515,000)
|
|
|
(65.2)
|
|
Securities sold under
agreements to repurchase
|
223,049
|
|
|
184,507
|
|
|
38,542
|
|
|
20.9
|
|
|
261,131
|
|
|
315,882
|
|
|
452,719
|
|
|
(229,670)
|
|
|
(50.7)
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,274,092
|
|
|
1,254,649
|
|
|
19,443
|
|
|
1.5
|
|
|
1,355,345
|
|
|
1,046,041
|
|
|
1,346,700
|
|
|
(72,608)
|
|
|
(5.4)
|
|
Other
liabilities
|
581,762
|
|
|
540,935
|
|
|
40,827
|
|
|
7.5
|
|
|
444,710
|
|
|
364,274
|
|
|
273,051
|
|
|
308,711
|
|
|
113.1
|
|
Total
liabilities
|
27,451,298
|
|
|
27,208,532
|
|
|
242,766
|
|
|
0.9
|
|
|
27,118,358
|
|
|
26,776,738
|
|
|
26,176,026
|
|
|
1,275,272
|
|
|
4.9
|
|
Total shareholders'
equity
|
4,283,300
|
|
|
4,238,000
|
|
|
45,300
|
|
|
1.1
|
|
|
4,141,831
|
|
|
4,056,277
|
|
|
3,942,361
|
|
|
340,939
|
|
|
8.6
|
|
Total liabilities and
shareholders' equity
|
$
|
31,734,598
|
|
|
$
|
31,446,532
|
|
|
288,066
|
|
|
0.9
|
|
|
$
|
31,260,189
|
|
|
$
|
30,833,015
|
|
|
$
|
30,118,387
|
|
|
1,616,211
|
|
|
5.4
|
|
|
|
TABLE 4 Continued
- IBERIABANK CORPORATION
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
ASSETS
|
9/30/2019
|
|
6/30/2019
|
|
$
|
|
%
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
272,273
|
|
|
$
|
275,917
|
|
|
(3,644)
|
|
|
(1.3)
|
|
|
$
|
291,659
|
|
|
$
|
281,509
|
|
|
$
|
279,918
|
|
|
(7,645)
|
|
|
(2.7)
|
|
Interest-bearing
deposits in other banks
|
531,665
|
|
|
436,948
|
|
|
94,717
|
|
|
21.7
|
|
|
332,638
|
|
|
385,619
|
|
|
259,455
|
|
|
272,210
|
|
|
104.9
|
|
Total cash and cash
equivalents
|
803,938
|
|
|
712,865
|
|
|
91,073
|
|
|
12.8
|
|
|
624,297
|
|
|
667,128
|
|
|
539,373
|
|
|
264,565
|
|
|
49.1
|
|
Investment securities
available for sale
|
4,365,558
|
|
|
4,650,757
|
|
|
(285,199)
|
|
|
(6.1)
|
|
|
4,816,855
|
|
|
4,567,564
|
|
|
4,673,454
|
|
|
(307,896)
|
|
|
(6.6)
|
|
Investment securities
held to maturity
|
189,400
|
|
|
195,639
|
|
|
(6,239)
|
|
|
(3.2)
|
|
|
202,601
|
|
|
211,333
|
|
|
216,419
|
|
|
(27,019)
|
|
|
(12.5)
|
|
Total investment
securities
|
4,554,958
|
|
|
4,846,396
|
|
|
(291,438)
|
|
|
(6.0)
|
|
|
5,019,456
|
|
|
4,778,897
|
|
|
4,889,873
|
|
|
(334,915)
|
|
|
(6.8)
|
|
Mortgage loans held
for sale
|
209,778
|
|
|
159,931
|
|
|
49,847
|
|
|
31.2
|
|
|
95,588
|
|
|
63,033
|
|
|
87,823
|
|
|
121,955
|
|
|
138.9
|
|
Loans and leases, net
of unearned income
|
23,522,892
|
|
|
23,120,689
|
|
|
402,203
|
|
|
1.7
|
|
|
22,599,686
|
|
|
22,364,188
|
|
|
22,162,373
|
|
|
1,360,519
|
|
|
6.1
|
|
Allowance for loan
and lease losses
|
(148,203)
|
|
|
(145,854)
|
|
|
(2,349)
|
|
|
1.6
|
|
|
(140,915)
|
|
|
(138,675)
|
|
|
(139,075)
|
|
|
(9,128)
|
|
|
6.6
|
|
Loans and leases,
net
|
23,374,689
|
|
|
22,974,835
|
|
|
399,854
|
|
|
1.7
|
|
|
22,458,771
|
|
|
22,225,513
|
|
|
22,023,298
|
|
|
1,351,391
|
|
|
6.1
|
|
Premises and
equipment, net
|
298,055
|
|
|
298,119
|
|
|
(64)
|
|
|
0.0
|
|
|
299,741
|
|
|
302,956
|
|
|
315,259
|
|
|
(17,204)
|
|
|
(5.5)
|
|
Goodwill and other
intangible assets
|
1,315,359
|
|
|
1,318,182
|
|
|
(2,823)
|
|
|
(0.2)
|
|
|
1,322,288
|
|
|
1,318,200
|
|
|
1,316,527
|
|
|
(1,168)
|
|
|
(0.1)
|
|
Other
assets
|
997,514
|
|
|
961,494
|
|
|
36,020
|
|
|
3.7
|
|
|
1,013,359
|
|
|
977,740
|
|
|
874,078
|
|
|
123,436
|
|
|
14.1
|
|
Total
assets
|
$
|
31,554,291
|
|
|
$
|
31,271,822
|
|
|
282,469
|
|
|
0.9
|
|
|
$
|
30,833,500
|
|
|
$
|
30,333,467
|
|
|
$
|
30,046,231
|
|
|
1,508,060
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,425,026
|
|
|
$
|
6,442,217
|
|
|
(17,191)
|
|
|
(0.3)
|
|
|
$
|
6,271,313
|
|
|
$
|
6,646,071
|
|
|
$
|
6,684,343
|
|
|
(259,317)
|
|
|
(3.9)
|
|
NOW
accounts
|
4,451,579
|
|
|
4,488,691
|
|
|
(37,112)
|
|
|
(0.8)
|
|
|
4,458,634
|
|
|
4,212,304
|
|
|
4,296,392
|
|
|
155,187
|
|
|
3.6
|
|
Savings and money
market accounts
|
9,188,186
|
|
|
9,014,822
|
|
|
173,364
|
|
|
1.9
|
|
|
9,089,099
|
|
|
9,169,184
|
|
|
9,237,614
|
|
|
(49,428)
|
|
|
(0.5)
|
|
Time
deposits
|
4,523,555
|
|
|
4,156,974
|
|
|
366,581
|
|
|
8.8
|
|
|
3,859,354
|
|
|
3,457,017
|
|
|
3,023,180
|
|
|
1,500,375
|
|
|
49.6
|
|
Total
deposits
|
24,588,346
|
|
|
24,102,704
|
|
|
485,642
|
|
|
2.0
|
|
|
23,678,400
|
|
|
23,484,576
|
|
|
23,241,529
|
|
|
1,346,817
|
|
|
5.8
|
|
Short-term
borrowings
|
606,739
|
|
|
782,516
|
|
|
(175,777)
|
|
|
(22.5)
|
|
|
859,576
|
|
|
602,593
|
|
|
820,087
|
|
|
(213,348)
|
|
|
(26.0)
|
|
Securities sold under
agreements to repurchase
|
187,305
|
|
|
214,090
|
|
|
(26,785)
|
|
|
(12.5)
|
|
|
291,643
|
|
|
386,563
|
|
|
376,078
|
|
|
(188,773)
|
|
|
(50.2)
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,240,382
|
|
|
1,345,575
|
|
|
(105,193)
|
|
|
(7.8)
|
|
|
1,343,752
|
|
|
1,308,086
|
|
|
1,260,900
|
|
|
(20,518)
|
|
|
(1.6)
|
|
Other
liabilities
|
545,838
|
|
|
463,803
|
|
|
82,035
|
|
|
17.7
|
|
|
434,516
|
|
|
470,501
|
|
|
292,445
|
|
|
253,393
|
|
|
86.6
|
|
Total
liabilities
|
27,288,720
|
|
|
27,028,798
|
|
|
259,922
|
|
|
1.0
|
|
|
26,727,997
|
|
|
26,372,429
|
|
|
26,111,149
|
|
|
1,177,571
|
|
|
4.5
|
|
Total shareholders'
equity
|
4,265,571
|
|
|
4,243,024
|
|
|
22,547
|
|
|
0.5
|
|
|
4,105,503
|
|
|
3,961,038
|
|
|
3,935,082
|
|
|
330,489
|
|
|
8.4
|
|
Total liabilities and
shareholders' equity
|
$
|
31,554,291
|
|
|
$
|
31,271,822
|
|
|
282,469
|
|
|
0.9
|
|
|
$
|
30,833,500
|
|
|
$
|
30,333,467
|
|
|
$
|
30,046,231
|
|
|
1,508,060
|
|
|
5.0
|
|
|
|
Table 5 -
IBERIABANK CORPORATION
|
LOANS AND ASSET
QUALITY DATA
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year
Change
|
LOANS
|
9/30/2019
|
|
6/30/2019
|
|
$
|
|
%
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
|
$
|
|
%
|
Commercial loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate-
construction
|
$
|
1,330,014
|
|
|
$
|
1,342,984
|
|
|
(12,970)
|
|
|
(1.0)
|
|
|
$
|
1,219,647
|
|
|
$
|
1,196,366
|
|
|
$
|
1,127,988
|
|
|
202,026
|
|
|
17.9
|
|
Real estate-
owner-occupied (1)
|
2,468,061
|
|
|
2,373,143
|
|
|
94,918
|
|
|
4.0
|
|
|
2,408,079
|
|
|
2,395,822
|
|
|
2,458,964
|
|
|
9,097
|
|
|
0.4
|
|
Real estate-
non-owner occupied
|
6,011,681
|
|
|
6,102,143
|
|
|
(90,462)
|
|
|
(1.5)
|
|
|
6,147,864
|
|
|
5,796,117
|
|
|
5,794,931
|
|
|
216,750
|
|
|
3.7
|
|
Commercial and
industrial (6)
|
6,490,125
|
|
|
6,161,759
|
|
|
328,366
|
|
|
5.3
|
|
|
5,852,568
|
|
|
5,737,017
|
|
|
5,581,040
|
|
|
909,085
|
|
|
16.3
|
|
Total commercial
loans and leases
|
16,299,881
|
|
|
15,980,029
|
|
|
319,852
|
|
|
2.0
|
|
|
15,628,158
|
|
|
15,125,322
|
|
|
14,962,923
|
|
|
1,336,958
|
|
|
8.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
4,649,745
|
|
|
4,538,194
|
|
|
111,551
|
|
|
2.5
|
|
|
4,415,267
|
|
|
4,359,156
|
|
|
4,300,163
|
|
|
349,582
|
|
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer and other
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
2,053,588
|
|
|
2,147,897
|
|
|
(94,309)
|
|
|
(4.4)
|
|
|
2,220,648
|
|
|
2,304,694
|
|
|
2,350,176
|
|
|
(296,588)
|
|
|
(12.6)
|
|
Other
|
673,323
|
|
|
689,191
|
|
|
(15,868)
|
|
|
(2.3)
|
|
|
704,222
|
|
|
730,643
|
|
|
730,644
|
|
|
(57,321)
|
|
|
(7.8)
|
|
Total consumer and
other loans
|
2,726,911
|
|
|
2,837,088
|
|
|
(110,177)
|
|
|
(3.9)
|
|
|
2,924,870
|
|
|
3,035,337
|
|
|
3,080,820
|
|
|
(353,909)
|
|
|
(11.5)
|
|
Total loans and
leases
|
$
|
23,676,537
|
|
|
$
|
23,355,311
|
|
|
321,226
|
|
|
1.4
|
|
|
$
|
22,968,295
|
|
|
$
|
22,519,815
|
|
|
$
|
22,343,906
|
|
|
1,332,631
|
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses (2)
|
$
|
(146,235)
|
|
|
$
|
(146,386)
|
|
|
(151)
|
|
|
(0.1)
|
|
|
$
|
(142,966)
|
|
|
$
|
(140,571)
|
|
|
$
|
(136,950)
|
|
|
9,285
|
|
|
6.8
|
|
Loans and leases,
net
|
23,530,302
|
|
|
23,208,925
|
|
|
321,377
|
|
|
1.4
|
|
|
22,825,329
|
|
|
22,379,244
|
|
|
22,206,956
|
|
|
1,323,346
|
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(16,144)
|
|
|
(15,281)
|
|
|
863
|
|
|
5.6
|
|
|
(15,981)
|
|
|
(14,830)
|
|
|
(14,721)
|
|
|
1,423
|
|
|
9.7
|
|
Allowance for credit
losses
|
(162,379)
|
|
|
(161,667)
|
|
|
712
|
|
|
0.4
|
|
|
(158,947)
|
|
|
(155,401)
|
|
|
(151,671)
|
|
|
10,708
|
|
|
7.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(3)
|
$
|
153,113
|
|
|
$
|
158,992
|
|
|
(5,879)
|
|
|
(3.7)
|
|
|
$
|
148,056
|
|
|
$
|
137,184
|
|
|
$
|
143,595
|
|
|
9,518
|
|
|
6.6
|
|
Other real estate
owned and foreclosed assets
|
27,075
|
|
|
28,106
|
|
|
(1,031)
|
|
|
(3.7)
|
|
|
30,606
|
|
|
30,394
|
|
|
32,418
|
|
|
(5,343)
|
|
|
(16.5)
|
|
Accruing loans more
than 90 days past due (3)
|
4,790
|
|
|
851
|
|
|
3,939
|
|
|
462.9
|
|
|
4,111
|
|
|
2,128
|
|
|
12,452
|
|
|
(7,662)
|
|
|
(61.5)
|
|
Total
non-performing
assets
(3)(4)
|
$
|
184,978
|
|
|
$
|
187,949
|
|
|
(2,971)
|
|
|
(1.6)
|
|
|
$
|
182,773
|
|
|
$
|
169,706
|
|
|
$
|
188,465
|
|
|
(3,487)
|
|
|
(1.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due (3)
|
$
|
54,618
|
|
|
$
|
43,021
|
|
|
11,597
|
|
|
27.0
|
|
|
$
|
45,334
|
|
|
$
|
57,332
|
|
|
$
|
70,624
|
|
|
(16,006)
|
|
|
(22.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (3)(4)
|
0.58
|
%
|
|
0.60
|
%
|
|
|
|
|
|
0.58
|
%
|
|
0.55
|
%
|
|
0.63
|
%
|
|
|
|
|
Non-performing assets
to total loans and OREO (3)(4)
|
0.78
|
|
|
0.80
|
|
|
|
|
|
|
0.79
|
|
|
0.75
|
|
|
0.84
|
|
|
|
|
|
ALLL to
non-performing
loans
(3)(5)
|
92.6
|
|
|
91.6
|
|
|
|
|
|
|
94.0
|
|
|
100.9
|
|
|
87.8
|
|
|
|
|
|
ALLL to
non-performing
assets
(3)(4)
|
79.1
|
|
|
77.9
|
|
|
|
|
|
|
78.2
|
|
|
82.8
|
|
|
72.7
|
|
|
|
|
|
ALLL to total loans
and leases
|
0.62
|
|
|
0.63
|
|
|
|
|
|
|
0.62
|
|
|
0.62
|
|
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
|
10,777
|
|
|
$
|
10,275
|
|
|
502
|
|
|
4.9
|
|
|
$
|
8,918
|
|
|
$
|
10,806
|
|
|
$
|
12,006
|
|
|
(1,229)
|
|
|
(10.2)
|
|
Quarter-to-date
recoveries
|
(2,336)
|
|
|
(2,218)
|
|
|
118
|
|
|
5.3
|
|
|
(1,586)
|
|
|
(3,097)
|
|
|
(3,049)
|
|
|
(713)
|
|
|
(23.4)
|
|
Quarter-to-date net
charge-offs
|
$
|
8,441
|
|
|
$
|
8,057
|
|
|
384
|
|
|
4.8
|
|
|
$
|
7,332
|
|
|
$
|
7,709
|
|
|
$
|
8,957
|
|
|
(516)
|
|
|
(5.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.14
|
%
|
|
0.14
|
%
|
|
|
|
|
|
0.13
|
%
|
|
0.14
|
%
|
|
0.16
|
%
|
|
|
|
|
|
(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 6 -
IBERIABANK CORPORATION
|
QUARTERLY AVERAGE
BALANCES, NET INTEREST INCOME AND YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2019
|
|
6/30/2019
|
|
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
|
$
|
16,155,962
|
|
$
|
205,350
|
|
5.06
|
%
|
|
$
|
15,766,423
|
|
$
|
205,093
|
|
5.24
|
%
|
|
(18)
|
Residential mortgage
loans
|
4,588,549
|
|
50,939
|
|
4.44
|
|
|
4,482,150
|
|
49,388
|
|
4.41
|
|
|
3
|
Consumer and other
loans
|
2,778,381
|
|
40,501
|
|
5.78
|
|
|
2,872,116
|
|
42,205
|
|
5.89
|
|
|
(11)
|
Total loans and
leases
|
23,522,892
|
|
296,790
|
|
5.03
|
|
|
23,120,689
|
|
296,686
|
|
5.16
|
|
|
(13)
|
Mortgage loans held
for sale
|
209,778
|
|
1,936
|
|
3.69
|
|
|
159,931
|
|
1,588
|
|
3.97
|
|
|
(28)
|
Investment securities
(2)
|
4,493,789
|
|
29,932
|
|
2.71
|
|
|
4,853,858
|
|
33,803
|
|
2.83
|
|
|
(12)
|
Other earning
assets
|
733,305
|
|
4,520
|
|
2.44
|
|
|
639,232
|
|
3,890
|
|
2.44
|
|
|
—
|
Total earning
assets
|
28,959,764
|
|
333,178
|
|
4.59
|
|
|
28,773,710
|
|
335,967
|
|
4.70
|
|
|
(11)
|
Allowance for loan
and lease losses
|
(148,203)
|
|
|
|
|
(145,854)
|
|
|
|
|
|
Non-earning
assets
|
2,742,730
|
|
|
|
|
2,643,966
|
|
|
|
|
|
Total
assets
|
$
|
31,554,291
|
|
|
|
|
$
|
31,271,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,451,579
|
|
$
|
11,305
|
|
1.01
|
%
|
|
$
|
4,488,691
|
|
$
|
11,623
|
|
1.04
|
%
|
|
(3)
|
Savings and money
market accounts
|
9,188,186
|
|
32,959
|
|
1.42
|
|
|
9,014,822
|
|
30,845
|
|
1.37
|
|
|
5
|
Time
deposits
|
4,523,555
|
|
26,489
|
|
2.32
|
|
|
4,156,974
|
|
23,398
|
|
2.26
|
|
|
6
|
Total
interest-bearing deposits (3)
|
18,163,320
|
|
70,753
|
|
1.55
|
|
|
17,660,487
|
|
65,866
|
|
1.50
|
|
|
5
|
Short-term
borrowings
|
794,044
|
|
3,880
|
|
1.94
|
|
|
996,606
|
|
5,197
|
|
2.09
|
|
|
(15)
|
Long-term
debt
|
1,360,492
|
|
9,212
|
|
2.69
|
|
|
1,465,685
|
|
9,565
|
|
2.62
|
|
|
7
|
Total
interest-bearing liabilities
|
20,317,856
|
|
83,845
|
|
1.64
|
|
|
20,122,778
|
|
80,628
|
|
1.61
|
|
|
3
|
Non-interest-bearing
deposits
|
6,425,026
|
|
|
|
|
6,442,217
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
545,838
|
|
|
|
|
463,803
|
|
|
|
|
|
Total
liabilities
|
27,288,720
|
|
|
|
|
27,028,798
|
|
|
|
|
|
Total shareholders'
equity
|
4,265,571
|
|
|
|
|
4,243,024
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
31,554,291
|
|
|
|
|
$
|
31,271,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
249,333
|
|
2.95
|
%
|
|
|
$
|
255,339
|
|
3.09
|
%
|
|
(14)
|
Taxable equivalent
benefit
|
|
1,320
|
|
0.02
|
|
|
|
1,338
|
|
0.02
|
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
250,653
|
|
3.44
|
%
|
|
|
$
|
256,677
|
|
3.57
|
%
|
|
(13)
|
|
(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, 2019 and June 30,
2019 were 1.14% and 1.10%, respectively.
|
|
|
TABLE 6 Continued
- 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
|
|
9/30/2018
|
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
|
$
|
15,253,655
|
|
$
|
194,510
|
|
5.19
|
%
|
|
$
|
14,978,169
|
|
$
|
196,881
|
|
5.24
|
%
|
|
$
|
14,825,572
|
|
$
|
191,014
|
|
5.13
|
%
|
Residential mortgage
loans
|
4,385,634
|
|
47,829
|
|
4.36
|
|
|
4,345,811
|
|
53,836
|
|
4.96
|
|
|
4,230,471
|
|
48,145
|
|
4.55
|
|
Consumer and other
loans
|
2,960,397
|
|
42,540
|
|
5.83
|
|
|
3,040,208
|
|
44,275
|
|
5.78
|
|
|
3,106,330
|
|
43,966
|
|
5.62
|
|
Total loans and
leases
|
22,599,686
|
|
284,879
|
|
5.11
|
|
|
22,364,188
|
|
294,992
|
|
5.26
|
|
|
22,162,373
|
|
283,125
|
|
5.09
|
|
Mortgage loans held
for sale
|
95,588
|
|
1,054
|
|
4.41
|
|
|
63,033
|
|
721
|
|
4.58
|
|
|
87,823
|
|
1,037
|
|
4.72
|
|
Investment securities
(2)
|
5,052,922
|
|
36,125
|
|
2.90
|
|
|
4,782,844
|
|
30,559
|
|
2.61
|
|
|
5,016,163
|
|
29,793
|
|
2.43
|
|
Other earning
assets
|
533,745
|
|
4,026
|
|
3.06
|
|
|
581,673
|
|
3,924
|
|
2.68
|
|
|
456,120
|
|
3,112
|
|
2.71
|
|
Total earning
assets
|
28,281,941
|
|
326,084
|
|
4.68
|
|
|
27,791,738
|
|
330,196
|
|
4.74
|
|
|
27,722,479
|
|
317,067
|
|
4.57
|
|
Allowance for loan
and lease losses
|
(140,915)
|
|
|
|
|
(138,675)
|
|
|
|
|
(139,075)
|
|
|
|
Non-earning
assets
|
2,692,474
|
|
|
|
|
2,680,404
|
|
|
|
|
2,462,827
|
|
|
|
Total
assets
|
$
|
30,833,500
|
|
|
|
|
$
|
30,333,467
|
|
|
|
|
$
|
30,046,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,458,634
|
|
$
|
11,396
|
|
1.04
|
%
|
|
$
|
4,212,304
|
|
$
|
9,420
|
|
0.89
|
%
|
|
$
|
4,296,392
|
|
$
|
8,841
|
|
0.82
|
%
|
Savings and money
market accounts
|
9,089,099
|
|
28,762
|
|
1.28
|
|
|
9,169,184
|
|
26,062
|
|
1.13
|
|
|
9,237,614
|
|
23,076
|
|
0.99
|
|
Time
deposits
|
3,859,354
|
|
20,077
|
|
2.11
|
|
|
3,457,017
|
|
16,666
|
|
1.91
|
|
|
3,023,180
|
|
12,484
|
|
1.64
|
|
Total
interest-bearing deposits (3)
|
17,407,087
|
|
60,235
|
|
1.40
|
|
|
16,838,505
|
|
52,148
|
|
1.23
|
|
|
16,557,186
|
|
44,401
|
|
1.06
|
|
Short-term
borrowings
|
1,151,219
|
|
5,716
|
|
2.01
|
|
|
989,156
|
|
4,104
|
|
1.65
|
|
|
1,196,165
|
|
4,727
|
|
1.57
|
|
Long-term
debt
|
1,463,862
|
|
9,649
|
|
2.67
|
|
|
1,428,196
|
|
8,923
|
|
2.48
|
|
|
1,381,010
|
|
8,714
|
|
2.50
|
|
Total
interest-bearing liabilities
|
20,022,168
|
|
75,600
|
|
1.53
|
|
|
19,255,857
|
|
65,175
|
|
1.34
|
|
|
19,134,361
|
|
57,842
|
|
1.20
|
|
Non-interest-bearing
deposits
|
6,271,313
|
|
|
|
|
6,646,071
|
|
|
|
|
6,684,343
|
|
|
|
Non-interest-bearing
liabilities
|
434,516
|
|
|
|
470,501
|
|
|
|
|
292,445
|
|
|
|
Total
liabilities
|
26,727,997
|
|
|
|
26,372,429
|
|
|
|
|
26,111,149
|
|
|
|
Total shareholders'
equity
|
4,105,503
|
|
|
|
3,961,038
|
|
|
|
|
3,935,082
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
30,833,500
|
|
|
|
|
$
|
30,333,467
|
|
|
|
|
$
|
30,046,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
|
250,484
|
|
3.15
|
%
|
|
|
$
|
265,021
|
|
3.40
|
%
|
|
|
$
|
259,225
|
|
3.37
|
%
|
Taxable equivalent
benefit
|
|
1,349
|
|
0.02
|
|
|
|
1,427
|
|
0.02
|
|
|
|
1,461
|
|
0.02
|
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
251,833
|
|
3.59
|
%
|
|
|
$
|
266,448
|
|
3.81
|
%
|
|
|
$
|
260,686
|
|
3.74
|
%
|
|
(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, December 31, 2018,
and September 30, 2018, were 1.03%, 0.88% and 0.76%,
respectively.
|
|
|
TABLE 7 -
IBERIABANK CORPORATION
|
YEAR-TO-DATE
AVERAGE BALANCES, NET INTEREST INCOME AND
YIELDS/RATES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
9/30/2019
|
|
9/30/2018
|
|
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
|
$
|
15,728,652
|
|
$
|
604,953
|
|
5.16
|
%
|
|
$
|
14,517,767
|
|
$
|
534,504
|
|
4.94
|
%
|
|
22
|
Residential mortgage
loans
|
4,486,188
|
|
148,156
|
|
4.40
|
|
|
3,811,786
|
|
129,854
|
|
4.54
|
|
|
(14)
|
Consumer and other
loans
|
2,869,631
|
|
125,246
|
|
5.84
|
|
|
3,069,198
|
|
127,312
|
|
5.55
|
|
|
29
|
Total loans and
leases
|
23,084,471
|
|
878,355
|
|
5.10
|
|
|
21,398,751
|
|
791,670
|
|
4.96
|
|
|
14
|
Mortgage loans held
for sale
|
155,517
|
|
4,578
|
|
3.93
|
|
|
89,845
|
|
3,027
|
|
4.49
|
|
|
(56)
|
Investment securities
(2)
|
4,798,142
|
|
99,860
|
|
2.82
|
|
|
4,940,093
|
|
87,212
|
|
2.41
|
|
|
41
|
Other earning
assets
|
636,158
|
|
12,436
|
|
2.61
|
|
|
571,346
|
|
9,524
|
|
2.23
|
|
|
38
|
Total earning
assets
|
28,674,288
|
|
995,229
|
|
4.66
|
|
|
27,000,035
|
|
891,433
|
|
4.43
|
|
|
23
|
Allowance for loan
and lease losses
|
(145,017)
|
|
|
|
|
(142,960)
|
|
|
|
|
|
Non-earning
assets
|
2,693,240
|
|
|
|
|
2,466,370
|
|
|
|
|
|
Total
assets
|
$
|
31,222,511
|
|
|
|
|
$
|
29,323,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,466,275
|
|
$
|
34,325
|
|
1.03
|
%
|
|
$
|
4,384,425
|
|
$
|
24,542
|
|
0.75
|
%
|
|
28
|
Savings and money
market accounts
|
9,097,732
|
|
92,565
|
|
1.36
|
|
|
9,018,101
|
|
56,089
|
|
0.83
|
|
|
53
|
Time
deposits
|
4,182,394
|
|
69,964
|
|
2.24
|
|
|
2,740,119
|
|
28,173
|
|
1.37
|
|
|
87
|
Total
interest-bearing deposits (3)
|
17,746,401
|
|
196,854
|
|
1.48
|
|
|
16,142,645
|
|
108,804
|
|
0.90
|
|
|
58
|
Short-term
borrowings
|
979,315
|
|
14,793
|
|
2.02
|
|
|
1,073,296
|
|
10,578
|
|
1.32
|
|
|
70
|
Long-term
debt
|
1,429,634
|
|
28,426
|
|
2.66
|
|
|
1,380,000
|
|
23,824
|
|
2.31
|
|
|
35
|
Total
interest-bearing liabilities
|
20,155,350
|
|
240,073
|
|
1.59
|
|
|
18,595,941
|
|
143,206
|
|
1.03
|
|
|
56
|
Non-interest-bearing
deposits
|
6,380,082
|
|
|
|
|
6,587,729
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
481,794
|
|
|
|
|
283,438
|
|
|
|
|
|
Total
liabilities
|
27,017,226
|
|
|
|
|
25,467,108
|
|
|
|
|
|
Total shareholders'
equity
|
4,205,285
|
|
|
|
|
3,856,337
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
31,222,511
|
|
|
|
|
$
|
29,323,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
755,156
|
|
3.07
|
%
|
|
|
$
|
748,227
|
|
3.40
|
%
|
|
(33)
|
Tax-equivalent
benefit
|
|
3,994
|
|
0.02
|
|
|
|
4,357
|
|
0.02
|
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
759,150
|
|
3.54
|
%
|
|
|
$
|
752,584
|
|
3.72
|
%
|
|
(18)
|
|
(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 nine months ended September 30, 2019 and 2018 were
1.09% and 0.64%, respectively.
|
|
|
Table 8 -
IBERIABANK CORPORATION
|
LEGACY AND
ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
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 and
leases, net
|
$
|
229
|
|
$
|
18,721
|
|
4.86
|
%
|
|
$
|
225
|
|
$
|
17,984
|
|
5.00
|
%
|
|
$
|
213
|
|
$
|
17,192
|
|
5.02
|
%
|
|
$
|
209
|
|
$
|
16,616
|
|
4.99
|
%
|
|
$
|
193
|
|
$
|
15,957
|
|
4.80
|
%
|
Acquired
loans
|
68
|
|
4,802
|
|
5.62
|
|
|
72
|
|
5,137
|
|
5.64
|
|
|
72
|
|
5,408
|
|
5.35
|
|
|
86
|
|
5,748
|
|
5.97
|
|
|
90
|
|
6,205
|
|
5.78
|
|
Total loans and
leases
|
$
|
297
|
|
$
|
23,523
|
|
5.01
|
%
|
|
$
|
297
|
|
$
|
23,121
|
|
5.14
|
%
|
|
$
|
285
|
|
$
|
22,600
|
|
5.10
|
%
|
|
$
|
295
|
|
$
|
22,364
|
|
5.24
|
%
|
|
$
|
283
|
|
$
|
22,162
|
|
5.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
ADJUSTMENTS
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
Legacy loans and
leases, net
|
$
|
—
|
|
$
|
—
|
|
0.00
|
%
|
|
$
|
—
|
|
$
|
—
|
|
0.00
|
%
|
|
$
|
—
|
|
$
|
—
|
|
0.00
|
%
|
|
$
|
—
|
|
$
|
—
|
|
0.00
|
%
|
|
$
|
—
|
|
$
|
—
|
|
0.00
|
%
|
Acquired
loans
|
(14)
|
|
111
|
|
(1.24)
|
|
|
(14)
|
|
124
|
|
(1.15)
|
|
|
(11)
|
|
136
|
|
(0.92)
|
|
|
(19)
|
|
144
|
|
(1.46)
|
|
|
(17)
|
|
144
|
|
(1.23)
|
|
Total loans and
leases
|
$
|
(14)
|
|
$
|
111
|
|
(0.25)
|
%
|
|
$
|
(14)
|
|
$
|
124
|
|
(0.25)
|
%
|
|
$
|
(11)
|
|
$
|
136
|
|
(0.22)
|
%
|
|
$
|
(19)
|
|
$
|
144
|
|
(0.38)
|
%
|
|
$
|
(17)
|
|
$
|
144
|
|
(0.35)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
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 and
leases, net
|
$
|
229
|
|
$
|
18,721
|
|
4.86
|
%
|
|
$
|
225
|
|
$
|
17,984
|
|
5.00
|
%
|
|
$
|
213
|
|
$
|
17,192
|
|
5.02
|
%
|
|
$
|
209
|
|
$
|
16,616
|
|
4.99
|
%
|
|
$
|
193
|
|
$
|
15,957
|
|
4.80
|
%
|
Acquired
loans
|
54
|
|
4,913
|
|
4.38
|
|
|
58
|
|
5,261
|
|
4.49
|
|
|
61
|
|
5,544
|
|
4.43
|
|
|
67
|
|
5,892
|
|
4.51
|
|
|
73
|
|
6,349
|
|
4.55
|
|
Total loans and
leases
|
$
|
283
|
|
$
|
23,634
|
|
4.76
|
%
|
|
$
|
283
|
|
$
|
23,245
|
|
4.89
|
%
|
|
$
|
274
|
|
$
|
22,736
|
|
4.88
|
%
|
|
$
|
276
|
|
$
|
22,508
|
|
4.86
|
%
|
|
$
|
266
|
|
$
|
22,306
|
|
4.73
|
%
|
|
|
Table 9 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
Net income
|
$
|
131,359
|
|
|
$
|
99,850
|
|
|
$
|
1.89
|
|
|
$
|
133,791
|
|
|
$
|
101,598
|
|
|
$
|
1.88
|
|
|
$
|
130,477
|
|
|
$
|
100,131
|
|
|
$
|
1.82
|
|
Less: Preferred stock
dividends
|
—
|
|
|
3,599
|
|
|
0.07
|
|
|
—
|
|
|
949
|
|
|
0.02
|
|
|
—
|
|
|
3,598
|
|
|
0.07
|
|
Income available to
common shareholders (GAAP)
|
$
|
131,359
|
|
|
$
|
96,251
|
|
|
$
|
1.82
|
|
|
$
|
133,791
|
|
|
$
|
100,649
|
|
|
$
|
1.86
|
|
|
$
|
130,477
|
|
|
$
|
96,533
|
|
|
$
|
1.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on sale
of investments
|
—
|
|
|
—
|
|
|
—
|
|
|
1,012
|
|
|
769
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
(10)
|
|
|
(7)
|
|
|
—
|
|
|
(334)
|
|
|
(254)
|
|
|
—
|
|
Compensation-related
expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9)
|
|
|
(7)
|
|
|
—
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
—
|
|
|
—
|
|
|
—
|
|
|
(22)
|
|
|
(17)
|
|
|
—
|
|
|
986
|
|
|
749
|
|
|
0.01
|
|
Other non-core
non-interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
107
|
|
|
81
|
|
|
—
|
|
|
(3,129)
|
|
|
(2,378)
|
|
|
(0.04)
|
|
Total non-interest
expense adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
57
|
|
|
—
|
|
|
(2,486)
|
|
|
(1,890)
|
|
|
(0.03)
|
|
Core earnings
(Non-GAAP)
|
131,359
|
|
|
96,251
|
|
|
1.82
|
|
|
134,878
|
|
|
101,475
|
|
|
1.87
|
|
|
127,991
|
|
|
94,643
|
|
|
1.72
|
|
Provision for credit
losses (1)
|
8,986
|
|
|
6,829
|
|
|
|
|
10,755
|
|
|
8,174
|
|
|
|
|
13,763
|
|
|
10,460
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
140,345
|
|
|
$
|
103,080
|
|
|
|
|
$
|
145,633
|
|
|
$
|
109,649
|
|
|
|
|
$
|
141,754
|
|
|
$
|
105,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
12/31/2018
|
|
9/30/2018
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
|
|
|
|
|
Net income
|
$
|
83,907
|
|
|
$
|
130,039
|
|
|
$
|
2.34
|
|
|
$
|
131,866
|
|
|
$
|
101,465
|
|
|
$
|
1.79
|
|
|
|
|
|
|
|
Less: Preferred stock
dividends
|
—
|
|
|
949
|
|
|
0.02
|
|
|
—
|
|
|
3,599
|
|
|
0.06
|
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
|
83,907
|
|
|
$
|
129,090
|
|
|
$
|
2.32
|
|
|
$
|
131,866
|
|
|
$
|
97,866
|
|
|
$
|
1.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss 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
|
(238)
|
|
|
(353)
|
|
|
—
|
|
|
973
|
|
|
743
|
|
|
0.01
|
|
|
|
|
|
|
|
Compensation-related
expense
|
184
|
|
|
140
|
|
|
—
|
|
|
1,104
|
|
|
839
|
|
|
0.01
|
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
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
|
2,600
|
|
|
1,976
|
|
|
0.04
|
|
|
(1,955)
|
|
|
(1,486)
|
|
|
(0.02)
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
2,610
|
|
|
1,812
|
|
|
0.04
|
|
|
700
|
|
|
535
|
|
|
0.01
|
|
|
|
|
|
|
|
Income tax expense -
impact of the Tax Cuts and Jobs Act
|
—
|
|
|
(65,317)
|
|
|
(1.18)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
136,776
|
|
|
103,783
|
|
|
1.86
|
|
|
132,565
|
|
|
98,400
|
|
|
1.74
|
|
|
|
|
|
|
|
Provision for credit
losses (1)
|
13,094
|
|
|
9,951
|
|
|
|
|
11,384
|
|
|
8,652
|
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
149,870
|
|
|
$
|
113,734
|
|
|
|
|
$
|
143,949
|
|
|
$
|
107,052
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
For the Nine
Months Ended
|
|
9/30/2019
|
|
9/30/2018
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share
(2)
|
Net income
|
$
|
395,627
|
|
|
$
|
301,579
|
|
|
$
|
5.58
|
|
|
$
|
318,620
|
|
|
$
|
240,210
|
|
|
$
|
4.29
|
|
Less: Preferred stock
dividends
|
—
|
|
|
8,146
|
|
|
0.15
|
|
|
—
|
|
|
8,146
|
|
|
0.15
|
|
Income available to
common shareholders (GAAP)
|
$
|
395,627
|
|
|
$
|
293,433
|
|
|
$
|
5.43
|
|
|
$
|
318,620
|
|
|
$
|
232,064
|
|
|
$
|
4.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on sale
of investments
|
1,012
|
|
|
769
|
|
|
0.01
|
|
|
55
|
|
|
41
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
(344)
|
|
|
(261)
|
|
|
—
|
|
|
31,533
|
|
|
24,272
|
|
|
0.44
|
|
Compensation-related
expense
|
(9)
|
|
|
(7)
|
|
|
—
|
|
|
4,106
|
|
|
3,121
|
|
|
0.06
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
964
|
|
|
732
|
|
|
0.01
|
|
|
10,773
|
|
|
8,187
|
|
|
0.15
|
|
Gain on early
termination of loss share agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,708)
|
|
|
(2,058)
|
|
|
(0.04)
|
|
Other non-core
non-interest expense
|
(3,022)
|
|
|
(2,297)
|
|
|
(0.04)
|
|
|
(2,733)
|
|
|
(2,078)
|
|
|
(0.04)
|
|
Total non-interest
expense adjustments
|
(2,411)
|
|
|
(1,833)
|
|
|
(0.03)
|
|
|
40,971
|
|
|
31,444
|
|
|
0.57
|
|
Income tax expense
(benefit) - impact of the Tax Cuts and Jobs Act
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,572
|
|
|
0.12
|
|
Income tax expense
(benefit) - other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
173
|
|
|
—
|
|
Core earnings
(Non-GAAP)
|
394,228
|
|
|
292,369
|
|
|
5.41
|
|
|
359,646
|
|
|
270,294
|
|
|
4.83
|
|
Provision for credit
losses (1)
|
33,504
|
|
|
25,463
|
|
|
|
|
27,290
|
|
|
20,740
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
427,732
|
|
|
$
|
317,832
|
|
|
|
|
$
|
386,936
|
|
|
$
|
291,034
|
|
|
|
|
(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 10 -
IBERIABANK CORPORATION
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
9/30/2018
|
Net interest income
(GAAP)
|
$
|
249,333
|
|
|
$
|
255,339
|
|
|
$
|
250,484
|
|
|
$
|
265,021
|
|
|
$
|
259,225
|
|
Taxable equivalent
benefit
|
1,320
|
|
|
1,338
|
|
|
1,349
|
|
|
1,427
|
|
|
1,461
|
|
Net interest income
(TE) (Non-GAAP) (1)
|
250,653
|
|
|
256,677
|
|
|
251,833
|
|
|
266,448
|
|
|
260,686
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
63,674
|
|
|
58,825
|
|
|
52,509
|
|
|
969
|
|
|
53,087
|
|
Taxable equivalent
benefit
|
468
|
|
|
465
|
|
|
478
|
|
|
539
|
|
|
463
|
|
Non-interest income
(TE) (Non-GAAP) (1)
|
64,142
|
|
|
59,290
|
|
|
52,987
|
|
|
1,508
|
|
|
53,550
|
|
Taxable equivalent
revenues (Non-GAAP) (1)
|
314,795
|
|
|
315,967
|
|
|
304,820
|
|
|
267,956
|
|
|
314,236
|
|
Securities (gains)
losses and other non-interest income
|
—
|
|
|
1,012
|
|
|
—
|
|
|
50,259
|
|
|
(1)
|
|
Core taxable
equivalent revenues (Non-GAAP) (1)
|
$
|
314,795
|
|
|
$
|
316,979
|
|
|
$
|
304,820
|
|
|
$
|
318,215
|
|
|
$
|
314,235
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP)
|
$
|
172,662
|
|
|
$
|
169,618
|
|
|
$
|
158,753
|
|
|
$
|
168,989
|
|
|
$
|
169,062
|
|
Less: Intangible
amortization expense
|
4,410
|
|
|
4,786
|
|
|
5,009
|
|
|
5,083
|
|
|
5,382
|
|
Tangible non-interest
expense (Non-GAAP) (2)
|
168,252
|
|
|
164,832
|
|
|
153,744
|
|
|
163,906
|
|
|
163,680
|
|
Less: Merger-related
expense
|
—
|
|
|
(10)
|
|
|
(334)
|
|
|
(238)
|
|
|
973
|
|
Compensation-related
expense
|
—
|
|
|
—
|
|
|
(9)
|
|
|
184
|
|
|
1,104
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
—
|
|
|
(22)
|
|
|
986
|
|
|
64
|
|
|
3,286
|
|
Gain on early
termination of loss share agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,708)
|
|
Other non-core
non-interest expense
|
—
|
|
|
107
|
|
|
(3,129)
|
|
|
2,600
|
|
|
(1,955)
|
|
Core tangible
non-interest expense (Non-GAAP) (2)
|
$
|
168,252
|
|
|
$
|
164,757
|
|
|
$
|
156,230
|
|
|
$
|
161,296
|
|
|
$
|
162,980
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
1.26
|
%
|
|
1.30
|
%
|
|
1.32
|
%
|
|
1.70
|
%
|
|
1.34
|
%
|
Effect of non-core
revenues and expenses
|
—
|
|
|
0.01
|
|
|
(0.03)
|
|
|
(0.33)
|
|
|
0.01
|
|
Core return on
average assets (Non-GAAP)
|
1.26
|
%
|
|
1.31
|
%
|
|
1.29
|
%
|
|
1.37
|
%
|
|
1.35
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
55.2
|
%
|
|
54.0
|
%
|
|
52.4
|
%
|
|
63.5
|
%
|
|
54.1
|
%
|
Effect of tax benefit
related to tax-exempt income
|
(0.3)
|
|
|
(0.3)
|
|
|
(0.3)
|
|
|
(0.4)
|
|
|
(0.3)
|
|
Efficiency ratio (TE)
(Non-GAAP) (1)
|
54.9
|
%
|
|
53.7
|
%
|
|
52.1
|
%
|
|
63.1
|
%
|
|
53.8
|
%
|
Effect of
amortization of intangibles
|
(1.5)
|
|
|
(1.5)
|
|
|
(1.6)
|
|
|
(1.9)
|
|
|
(1.7)
|
|
Effect of non-core
items
|
—
|
|
|
(0.2)
|
|
|
0.8
|
|
|
(10.5)
|
|
|
(0.2)
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2)
|
53.4
|
%
|
|
52.0
|
%
|
|
51.3
|
%
|
|
50.7
|
%
|
|
51.9
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
9.46
|
%
|
|
10.05
|
%
|
|
9.85
|
%
|
|
13.38
|
%
|
|
10.21
|
%
|
Effect of non-core
revenues and expenses
|
—
|
|
|
0.08
|
|
|
(0.19)
|
|
|
(2.63)
|
|
|
0.06
|
|
Core return on
average common equity (Non-GAAP)
|
9.46
|
%
|
|
10.13
|
%
|
|
9.66
|
%
|
|
10.75
|
%
|
|
10.27
|
%
|
Effect of intangibles
(2)
|
5.02
|
|
|
5.45
|
|
|
5.37
|
|
|
6.23
|
|
|
6.07
|
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
14.48
|
%
|
|
15.58
|
%
|
|
15.03
|
%
|
|
16.98
|
%
|
|
16.34
|
%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
4,283,300
|
|
|
$
|
4,238,000
|
|
|
$
|
4,141,831
|
|
|
$
|
4,056,277
|
|
|
$
|
3,942,361
|
|
Less: Goodwill and
other intangibles
|
1,301,348
|
|
|
1,305,752
|
|
|
1,310,458
|
|
|
1,315,462
|
|
|
1,305,915
|
|
Preferred
stock
|
228,485
|
|
|
228,485
|
|
|
132,097
|
|
|
132,097
|
|
|
132,097
|
|
Tangible common
equity (Non-GAAP) (2)
|
$
|
2,753,467
|
|
|
$
|
2,703,763
|
|
|
$
|
2,699,276
|
|
|
$
|
2,608,718
|
|
|
$
|
2,504,349
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$
|
31,734,598
|
|
|
$
|
31,446,532
|
|
|
$
|
31,260,189
|
|
|
$
|
30,833,015
|
|
|
$
|
30,118,387
|
|
Less: Goodwill and
other intangibles
|
1,301,348
|
|
|
1,305,752
|
|
|
1,310,458
|
|
|
1,315,462
|
|
|
1,305,915
|
|
Tangible assets
(Non-GAAP) (2)
|
$
|
30,433,250
|
|
|
$
|
30,140,780
|
|
|
$
|
29,949,731
|
|
|
$
|
29,517,553
|
|
|
$
|
28,812,472
|
|
Tangible common
equity ratio (Non-GAAP) (2)
|
9.05
|
%
|
|
8.97
|
%
|
|
9.01
|
%
|
|
8.84
|
%
|
|
8.69
|
%
|
|
|
(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.
|
|
|
|
|
|
For the Nine
Months Ended
|
|
9/30/2019
|
|
9/30/2018
|
Net interest income
(GAAP)
|
$
|
755,156
|
|
|
$
|
748,227
|
|
Taxable equivalent
benefit
|
3,994
|
|
|
4,357
|
|
Net interest income
(TE) (Non-GAAP) (1)
|
759,150
|
|
|
752,584
|
|
|
|
|
|
Non-interest income
(GAAP)
|
175,008
|
|
|
151,593
|
|
Taxable equivalent
benefit
|
1,411
|
|
|
1,140
|
|
Non-interest income
(TE) (Non-GAAP) (1)
|
176,419
|
|
|
152,733
|
|
Taxable equivalent
revenues (Non-GAAP) (1)
|
935,569
|
|
|
905,317
|
|
Securities (gains)
losses and other non-interest income
|
1,012
|
|
|
55
|
|
Core taxable
equivalent revenues (Non-GAAP) (1)
|
$
|
936,581
|
|
|
$
|
905,372
|
|
|
|
|
|
Total non-interest
expense (GAAP)
|
$
|
501,033
|
|
|
$
|
553,910
|
|
Less: Intangible
amortization expense
|
14,205
|
|
|
16,595
|
|
Tangible non-interest
expense (Non-GAAP) (2)
|
486,828
|
|
|
537,315
|
|
Less: Merger-related
expense
|
(344)
|
|
|
31,533
|
|
Compensation-related
expense
|
(9)
|
|
|
4,106
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
964
|
|
|
10,773
|
|
Gain on early
termination of loss share agreements
|
—
|
|
|
(2,708)
|
|
Other non-core
non-interest expense
|
(3,022)
|
|
|
(2,733)
|
|
Core tangible
non-interest expense (Non-GAAP) (2)
|
$
|
489,239
|
|
|
$
|
496,344
|
|
|
|
|
|
Return on average
assets (GAAP)
|
1.29
|
%
|
|
1.10
|
%
|
Effect of non-core
revenues and expenses
|
—
|
|
|
0.17
|
|
Core return on
average assets (Non-GAAP)
|
1.29
|
%
|
|
1.27
|
%
|
|
|
|
|
Efficiency ratio
(GAAP)
|
53.9
|
%
|
|
61.6
|
%
|
Effect of tax benefit
related to tax-exempt income
|
(0.3)
|
|
|
(0.4)
|
|
Efficiency ratio (TE)
(Non-GAAP) (1)
|
53.6
|
%
|
|
61.2
|
%
|
Effect of
amortization of intangibles
|
(1.6)
|
|
|
(1.9)
|
|
Effect of non-core
items
|
0.2
|
|
|
(4.5)
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2)
|
52.2
|
%
|
|
54.8
|
%
|
|
|
|
|
Return on average
common equity (GAAP)
|
9.78
|
%
|
|
8.33
|
%
|
Effect of non-core
revenues and expenses
|
—
|
|
|
0.02
|
|
Core return on
average common equity (Non-GAAP)
|
9.78
|
%
|
|
8.35
|
%
|
Effect of intangibles
(2)
|
4.74
|
|
|
4.88
|
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
14.52
|
%
|
|
13.23
|
%
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
4,283,300
|
|
|
$
|
3,942,361
|
|
Less: Goodwill and
other intangibles
|
1,301,348
|
|
|
1,305,915
|
|
Preferred
stock
|
228,485
|
|
|
132,097
|
|
Tangible common
equity (Non-GAAP) (2)
|
$
|
2,753,467
|
|
|
$
|
2,504,349
|
|
|
|
|
|
Total assets
(GAAP)
|
$
|
31,734,598
|
|
|
$
|
30,118,387
|
|
Less: Goodwill and
other intangibles
|
1,301,348
|
|
|
1,305,915
|
|
Tangible assets
(Non-GAAP) (2)
|
$
|
30,433,250
|
|
|
$
|
28,812,472
|
|
Tangible common
equity ratio (Non-GAAP) (2)
|
9.05
|
%
|
|
8.69
|
%
|
|
|
(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