IBERIABANK Corporation Reports Second Quarter Results

LAFAYETTE, La., July 19, 2019 /PRNewswire/ -- IBERIABANK Corporation IBKC, holding company of the 132-year-old IBERIABANK (www.iberiabank.com), reported financial results for the second quarter ended June 30, 2019. For the quarter, the Company reported net income available to common shareholders of $100.6 million, or $1.86 diluted earnings per common share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the second quarter of 2019 was $1.87 per common share, compared to $1.71 in the year-ago period, an increase of 9% (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 very strong financial results in the second quarter driven by solid increases in revenues, strong loan growth, a stable net interest margin and improvements in our non-interest income fee businesses.  Looking to the second half of 2019, we remain confident in our ability to navigate through an ever-changing economic environment and deliver solid results."

Highlights for the second quarter of 2019 and at June 30, 2019:



For the three months ended



GAAP



Non-GAAP Core



2Q19

1Q19



2Q19

1Q19

Diluted Earnings Per Common Share

$

1.86



$

1.75





$

1.87



$

1.72



Return on Average Assets

1.30

%

1.32

%



1.31

%

1.29

%

Return on Average Common Equity

10.05

%

9.85

%



10.13

%

9.66

%

Return on Average Tangible Common Equity

N/A



N/A





15.58

%

15.03

%

Efficiency Ratio

54.0

%

52.4

%



53.8

%

53.2

%

Tangible Efficiency Ratio (TE)

N/A



N/A





52.0

%

51.3

%

 

  • Strong 2Q19 for both GAAP and Core EPS, improving 6% and 9%, respectively, on a linked quarter basis.
  • Total revenue grew $11.2 million, or 4%, on a linked quarter basis, primarily as a result of strong loan growth and improvements in non-interest income.
  • Solid growth in non-interest income on a GAAP basis, increasing $6.3 million, or 12%, from 1Q19:
    • Mortgage income increased $6.6 million, or 56%, on a linked quarter basis.
    • Title revenue increased $1.7 million, or 32%, on a linked quarter basis.
    • Customer swap income decreased $1.7 million on a linked quarter basis.
  • Total loan growth of $387.0 million on a linked quarter basis, or 7% annualized, primarily driven by growth in corporate asset finance, energy, and mortgage.
  • The Company's reported and cash net interest margins decreased 2 and 5 basis points on a linked quarter basis, to 3.57% and 3.37%, respectively. The Company realized $7.2 million in recoveries.
  • Credit metrics remained strong and stable. No signs of deterioration in the loan portfolio.
  • During 2Q19, the Company repurchased 1.76 million common shares at a weighted average price of $76.59 per common share.
  • On April 4, 2019, the Company issued and sold 4.0 million depositary shares, each representing 1/400th interest in a share of non-cumulative perpetual preferred stock. The Series D preferred stock has an initial coupon equal to 6.100% for a period of five years, and thereafter floats at a rate of LIBOR plus 385.9 basis points. The Company raised approximately $100.0 million in gross proceeds from the transaction.

Recent Events:

  • On July 17, 2019, the Company announced a third quarter cash dividend equal to $0.45 per common share payable on October 25, 2019. This represents a 5% increase in the quarterly dividend.
  • Also on July 17, 2019, the Company announced the completion of its November 2018 share repurchase program for 2.765 million shares of IBERIABANK Corporation common stock. Additionally, the Company announced the commencement of a new share repurchase program of up to 1.6 million shares, or approximately 3% of outstanding common shares.

 

Table A - Summary Financial Results

(Dollars in thousands, except per share data)

























For the Three Months Ended



6/30/2019





3/31/2019



% Change



6/30/2018



% Change

GAAP BASIS:





















Income available to common shareholders

$

100,649







$

96,533





4.3





$

74,175





35.7



Earnings per common share - diluted

1.86







1.75





6.3





1.30





43.1

























Average loans and leases, net of unearned income

$

23,120,689







$

22,599,686





2.3





$

21,830,720





5.9



Average total deposits

24,102,704







23,678,400





1.8





23,155,871





4.1



Net interest margin (TE) (1)

3.57



%



3.59



%





3.76



%

























Total revenues

$

314,164







$

302,993





3.7





$

310,053





1.3



Total non-interest expense

169,618







158,753





6.8





196,776





(13.8)



Efficiency ratio

54.0



%



52.4



%





63.5



%



Return on average assets

1.30







1.32









1.01







Return on average common equity

10.05







9.85









7.87





























NON-GAAP BASIS (2):





















Core revenues

$

315,176







$

302,993





4.0





$

310,050





1.7



Core non-interest expense

169,543







161,239





5.2





175,344





(3.3)



Core earnings per common share - diluted

1.87







1.72





8.7





1.71





9.4



Core tangible efficiency ratio (TE) (1) (3)

52.0



%



51.3



%





54.3



%



Core return on average assets

1.31







1.29









1.32







Core return on average common equity

10.13







9.66









10.30







Core return on average tangible common equity

15.58







15.03









16.70







Net interest margin (TE) - cash basis (1)

3.37







3.42









3.49





























(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 increased $4.9 million, or 2%, on a linked quarter basis. Average loans increased $521.0 million, or 9% annualized, and the associated taxable-equivalent yield increased 5 basis points. On a linked quarter basis, the yield on total earning assets was 2 basis points higher at 4.70% compared to 4.68% in the prior quarter. The increase in loan yield was primarily driven by higher recoveries in the acquired loan portfolio.

Average interest-bearing deposits increased $253.4 million, or 6% annualized, and the cost of interest-bearing deposits rose 10 basis points to 1.50% on a linked quarter basis. Total average interest-bearing liabilities increased by $100.6 million, or 2% annualized, and the cost of interest-bearing liabilities rose 8 basis points to 1.61%. The total cost of funding in the second quarter of 2019 was 1.22%, compared to 1.17% in the prior quarter. The increase in cost of funds was primarily due to brokered wholesale CD issuances and promotional activity in customer time deposits, as well as an upward repricing of certain variable rate deposits. The increase in cost of funds resulted in a decrease in the reported and cash net interest margins of 2 and 5 basis points to 3.57% and 3.37%, respectively.

The provision for credit losses totaled $10.8 million, compared to $13.8 million in the prior quarter. Asset quality measures remained strong and stable. Net charge-offs to average loans on an annualized basis were 0.14% compared to 0.13% in the prior quarter.  Non-performing assets to total assets were 0.60% compared to 0.58% in the prior quarter. On a linked quarter basis, the allowance for loan and lease losses to total loans and leases increased slightly to 0.63% compared to 0.62% in the prior quarter and covered 92% of non-performing loans.

Non-interest income increased $6.3 million, or 12%, on a linked quarter basis. Excluding $1.0 million in losses on the sale of available-for-sale securities, core non-interest income increased $7.3 million, or 14% from the first quarter.  The increases were primarily driven by a $6.6 million increase in mortgage income and a $1.7 million increase in title revenue. These increases were partially offset by a decrease of $1.7 million in customer swap income.

Non-interest expense increased $10.9 million, or 7%, compared to the linked quarter, primarily driven by a $5.1 million increase in salaries and employee benefits expenses (including commissions), a $1.8 million increase in professional services expenses, and a $1.3 million increase in credit and other loan related expenses.

The effective tax rate increased from 23.3% in the first quarter of 2019 to 24.1% in the second quarter of 2019, resulting in an increase in income tax expense of $1.8 million when compared to the prior quarter.

On a linked quarter basis, the efficiency ratio increased to 54.0% from 52.4%, primarily due to an increase in salaries and employee benefits expenses, while the non-GAAP core tangible efficiency ratio increased to 52.0% compared to 51.3%. The Company continues to focus on cost containment and revenue enhancement efforts to deliver positive operating leverage in 2019. 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





6/30/2019



3/31/2019



% Change



6/30/2018



% Change

PERIOD-END BALANCES:



























Total loans and leases, net of unearned income

$

23,355,311







$

22,968,295







1.7





$

22,075,783







5.8





Total deposits

24,295,331







24,092,062







0.8





23,430,458







3.7































ASSET QUALITY RATIOS:



























Loans 30-89 days past due and still accruing as a percentage of total loans (1)

0.18

%





0.20

%









0.20

%









Loans 90 days or more past due and still accruing as a percentage of total loans (1)

0.00







0.02











0.04











Non-performing assets to total assets (1)(2)

0.60







0.58











0.54











Classified assets to total assets (3)

0.97







1.01











1.33





































CAPITAL RATIOS:



























Tangible common equity ratio (Non-GAAP) (4) (5)

8.97

%





9.01

%









8.56

%









Tier 1 leverage ratio (6)

9.71







9.67











9.54











Total risk-based capital ratio (6)

12.34







12.33











12.37





































PER COMMON SHARE DATA:



























Book value

$

75.93







$

73.50







3.3





$

67.06







13.2





Tangible book value (Non-GAAP) (4) (5)

51.20







49.48







3.5





43.75







17.0





Closing stock price

75.85







71.71







5.8





75.80







0.1





Cash dividends

0.43







0.43











0.38







13.2































(1)

Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.

(2)

Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. Refer to Table 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 $306 million, $315 million and $401 million at June 30, 2019, March 31, 2019, and June 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 June 30, 2019 are preliminary.



Loans and Other Assets

On a linked quarter basis, total loans increased $387.0 million, or 7% annualized, to $23.4 billion at June 30, 2019. Period-end loan growth during the second 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 New Orleans and Dallas markets. The Company believes it is well-positioned for diversified loan growth based on our strategic presence in significant MSAs in the Southeastern United States.

Table C - Period-End Loans

(Dollars in thousands)





































As of and For the Three Months Ended















Linked Qtr Change



Year/Year Change



Mix



6/30/2019



3/31/2019



6/30/2018



$

%



Annualized



$

%



6/30/2019

3/31/2019

Commercial loans and leases

$

15,980,029





$

15,628,158





$

14,804,720





351,871



2.3





9.0

%



1,175,309



7.9





68.5

%

68.1

%

Residential mortgage loans

4,538,194





4,415,267





4,124,538





122,927



2.8





11.2

%



413,656



10.0





19.4

%

19.2

%

Consumer and other loans

2,837,088





2,924,870





3,146,525





(87,782)



(3.0)





(12.0)

%



(309,437)



(9.8)





12.1

%

12.7

%

Total loans and leases

$

23,355,311





$

22,968,295





$

22,075,783





387,016



1.7





6.8

%



1,279,528



5.8





100.0

%

100.0

%

On an average balance and linked quarter basis, the investment portfolio decreased $173.1 million, or 14% annualized, to $4.8 billion, primarily due to sales of available-for-sale securities. On a period-end basis, investment securities were $4.6 billion, or 15% of total assets. At June 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 2.6 years at June 30, 2019, down from 3.0 years at March 31, 2019, and a $58.4 million unrealized gain at June 30, 2019, up from a $6.0 million unrealized loss at March 31, 2019. The average yield on investment securities decreased 7 basis points to 2.83% in the second quarter of 2019. The investment portfolio primarily consists of government agency securities. Municipal securities comprised 7% of total investments at June 30, 2019.

Deposits and Funding

Total deposits increased $203.3 million, or 3% annualized, to $24.3 billion at June 30, 2019.

Table D - Period-End Deposits

(Dollars in thousands)















Linked Qtr Change



Year/Year Change



Mix



6/30/2019



3/31/2019



6/30/2018



$

%

Annualized



$

%



6/30/2019

3/31/2019

Non-interest-bearing

$

6,474,394





$

6,448,613





$

6,814,441





25,781



0.4



1.6

%



(340,047)



(5.0)





26.6

%

26.8

%

NOW accounts

4,610,577





4,452,966





4,453,152





157,611



3.5



14.2

%



157,425



3.5





19.0

%

18.5

%

Money market accounts

8,192,752





8,348,509





8,467,906





(155,757)



(1.9)



(7.5)

%



(275,154)



(3.2)





33.7

%

34.6

%

Savings accounts

702,711





770,754





850,425





(68,043)



(8.8)



(35.4)

%



(147,714)



(17.4)





2.9

%

3.2

%

Time deposits

4,314,897





4,071,220





2,844,534





243,677



6.0



24.0

%



1,470,363



51.7





17.8

%

16.9

%

Total deposits

$

24,295,331





$

24,092,062





$

23,430,458





203,269



0.8



3.4

%



864,873



3.7





100.0

%

100.0

%



Asset Quality

Credit quality remained strong and stable. Classified assets decreased $10.8 million, or 3%, from March 31, 2019 and were 0.97% of total assets, compared to 1.01% in the prior quarter and 1.33% in the prior year. Non-performing assets to total assets were 0.60% at June 30, 2019, compared to 0.58% in the prior quarter. Loans 30-89 days past due and still accruing decreased $2.3 million, or 5%, compared to the prior quarter and represented 0.18% of total loans and leases, compared to 0.20% in the prior quarter. As a percentage of average loans and leases, annualized net charge-offs were 0.14%, up 1 basis point compared to the prior quarter.

The allowance for loan and lease losses was $146.4 million, up $3.4 million compared to the prior quarter. As of June 30, 2019, the allowance for loan and lease losses was 0.63% of total loans and leases, up 1 basis point compared to March 31, 2019.

Refer to Table 5 - Loans and Asset Quality Data for further information.

Capital Position

At June 30, 2019, the non-GAAP tangible common equity ratio was 8.97%, down 4 basis points compared to March 31, 2019, and the preliminary Tier 1 leverage ratio was 9.71%, up 4 basis points compared to March 31, 2019. The preliminary calculation of the total risk-based capital ratio at June 30, 2019, was 12.34%, up 1 basis point compared to March 31, 2019.

At June 30, 2019, book value per common share was $75.93, up $2.43 per share, compared to March 31, 2019. Tangible book value per common share was $51.20, up $1.72 per share, compared to March 31, 2019. Based on the closing stock price of the Company's common stock of $75.27 per share on July 18, 2019, this price equated to 0.99 times June 30, 2019 book value per common share and 1.47 times June 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 May 9, 2019, the Company announced a quarterly cash dividend of $0.43 per common share, consistent with the common dividend declared in March 2019. The dividend is payable on July 26, 2019 to shareholders of record as of June 28, 2019.  Additionally, on July 17, 2019 the Company announced a third quarter dividend of $0.45 per common share 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 is 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 is payable on August 1, 2019 to shareholders of record as of July 17, 2019.

On April 4, 2019, the Company issued and sold 4.0 million depositary shares, each representing a 1/400th ownership interest in a share of non-cumulative perpetual preferred stock. The Series D preferred stock has an initial coupon equal to 6.100% for a period of five years, and thereafter floats at a rate of LIBOR plus 385.9 basis points. The Company raised approximately $100.0 million in gross proceeds from the transaction.

Common Stock Repurchase Program. During the second quarter of 2019, the Company repurchased 1,759,849 common shares, at a weighted average price of $76.59 per common share. At June 30, 2019, the Company had approximately 117,230 remaining shares to be repurchased under the Board-approved plan. On July 17, 2019, the Company announced the completion of this plan. 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. On July 17, 2019 the Board of Directors authorized a new repurchase plan 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 extend over a two-year period, or earlier if the shares have been repurchased.

Updated 2019 Financial Guidance

Updated 2019 Guidance

Average Earning Assets

$28.6B ~ $28.8B

Consolidated Loan Growth

5% ~ 7%

Consolidated Deposit Growth

5% ~ 7%

Provision Expense

$41MM ~ $45MM

Non-Interest Income (Core Basis)

$222MM ~ $230MM

Non-Interest Expense (Core Basis)

$667MM ~ $677MM

Net Interest Margin

3.48% ~ 3.54%

Tax Rate

23.0% ~ 24.0%

Preferred Dividend

$17.0MM ~ $18.0MM

Share Repurchase Activity

$235MM ~ $240MM

Credit Quality

Stable

 

  • Updated guidance includes two interest rate cuts of 25 basis points; one each in July and September 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 July 18, 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, July 19, 2019, beginning at 8:30 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 4057575. A replay of the call will be available until midnight Central Time on July 26, 2019, by dialing 1-877-344-7529. The confirmation code for the replay is 10131974. 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:

6/30/2019



3/31/2019



% Change



6/30/2018



% Change



Net interest income

$

255,339







$

250,484







1.9





$

256,113







(0.3)





Net interest income (TE) (1)

256,677







251,833







1.9





257,562







(0.3)





Total revenues

314,164







302,993







3.7





310,053







1.3





Provision for credit losses

10,755







13,763







(21.9)





7,696







39.7





Non-interest expense

169,618







158,753







6.8





196,776







(13.8)





Net income available to common shareholders

100,649







96,533







4.3





74,175







35.7































PER COMMON SHARE DATA:



























Earnings available to common shareholders - basic

$

1.87







$

1.76







6.3





$

1.31







42.7





Earnings available to common shareholders - diluted

1.86







1.75







6.3





1.30







43.1





Core earnings (Non-GAAP) (2)

1.87







1.72







8.7





1.71







9.4





Book value

75.93







73.50







3.3





67.06







13.2





Tangible book value (Non-GAAP) (2) (3)

51.20







49.48







3.5





43.75







17.0





Closing stock price

75.85







71.71







5.8





75.80







0.1





Cash dividends

0.43







0.43











0.38







13.2































KEY RATIOS AND OTHER DATA (6):



















Net interest margin (TE) (1)

3.57

%





3.59

%









3.76

%









Efficiency ratio

54.0







52.4











63.5











Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) (3)

52.0







51.3











54.3











Return on average assets

1.30







1.32











1.01











Return on average common equity

10.05







9.85











7.87











Core return on average tangible common equity (Non-GAAP) (2)(3)

15.58







15.03











16.70











Effective tax rate

24.1







23.3











28.8











Full-time equivalent employees

3,418







3,384











3,543





































CAPITAL RATIOS:



























Tangible common equity ratio (Non-GAAP) (2) (3)

8.97

%





9.01

%









8.56

%









Tangible common equity to risk-weighted assets (3)

10.45







10.60











10.18











Tier 1 leverage ratio (4)

9.71







9.67











9.54











Common equity Tier 1 (CET 1) ratio (4)

10.38







10.73











10.72











Tier 1 capital ratio (4)

11.26







11.24











11.27











Total risk-based capital ratio (4)

12.34







12.33











12.37











Common stock dividend payout ratio

22.6







24.3











28.9











Classified assets to Tier 1 capital (7)

10.4







11.0











14.7





































ASSET QUALITY RATIOS:



















Non-performing assets to total assets (5)

0.60

%





0.58

%









0.54

%









ALLL to total loans and leases

0.63







0.62











0.62











Net charge-offs to average loans (annualized)

0.14







0.13











0.21











Non-performing assets to total loans and OREO (5)

0.80







0.79











0.74





































(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)

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 June 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



6/30/2019



3/31/2019



$

%



12/31/2018



9/30/2018



6/30/2018



$

%

Interest income

$

335,967





$

326,084





9,883



3.0





$

330,196





$

317,067





$

303,823





32,144



10.6



Interest expense

80,628





75,600





5,028



6.7





65,175





57,842





47,710





32,918



69.0



Net interest income

255,339





250,484





4,855



1.9





265,021





259,225





256,113





(774)



(0.3)



Provision for credit losses

10,755





13,763





(3,008)



(21.9)





13,094





11,384





7,696





3,059



39.7



Net interest income after provision for credit losses

244,584





236,721





7,863



3.3





251,927





247,841





248,417





(3,833)



(1.5)



Mortgage income

18,444





11,849





6,595



55.7





10,379





12,729





13,721





4,723



34.4



Service charges on deposit accounts

12,847





12,810





37



0.3





13,425





13,520





12,950





(103)



(0.8)



Title revenue

6,895





5,225





1,670



32.0





5,996





6,280





6,846





49



0.7



Broker commissions

2,044





1,953





91



4.7





1,951





2,627





2,396





(352)



(14.7)



ATM/debit card fee income

3,032





2,582





450



17.4





2,267





2,470





2,925





107



3.7



Income from bank owned life insurance

1,750





1,797





(47)



(2.6)





2,023





1,744





1,261





489



38.8



(Loss) gain on sale of available-for-sale securities

(1,014)









(1,014)



(100.0)





(49,844)









3





(1,017)



(33,900.0)



Trust department income

4,388





4,167





221



5.3





4,319





3,993





4,243





145



3.4



Other non-interest income

10,439





12,126





(1,687)



(13.9)





10,453





9,724





9,595





844



8.8



Total non-interest income

58,825





52,509





6,316



12.0





969





53,087





53,940





4,885



9.1



Salaries and employee benefits

103,375





98,296





5,079



5.2





101,551





101,159





107,445





(4,070)



(3.8)



Occupancy and equipment

18,999





18,564





435



2.3





18,379





18,889





19,931





(932)



(4.7)



Amortization of acquisition intangibles

4,786





5,009





(223)



(4.5)





5,083





5,382





6,111





(1,325)



(21.7)



Computer services expense

9,383





9,157





226



2.5





8,942





9,036





9,309





74



0.8



Professional services

6,244





4,450





1,794



40.3





8,628





5,519





7,160





(916)



(12.8)



Credit and other loan related expense

4,141





2,859





1,282



44.8





4,776





4,830





5,089





(948)



(18.6)



Other non-interest expense

22,690





20,418





2,272



11.1





21,630





24,247





41,731





(19,041)



(45.6)



Total non-interest expense

169,618





158,753





10,865



6.8





168,989





169,062





196,776





(27,158)



(13.8)



Income before income taxes

133,791





130,477





3,314



2.5





83,907





131,866





105,581





28,210



26.7



Income tax expense (benefit)

32,193





30,346





1,847



6.1





(46,132)





30,401





30,457





1,736



5.7



Net income

101,598





100,131





1,467



1.5





130,039





101,465





75,124





26,474



35.2



Less: Preferred stock dividends

949





3,598





(2,649)



(73.6)





949





3,599





949









Net income available to common shareholders

$

100,649





$

96,533





4,116



4.3





$

129,090





$

97,866





$

74,175





26,474



35.7



































Income available to common shareholders - basic

$

100,649





$

96,533





4,116



4.3





$

129,090





$

97,866





$

74,175





26,474



35.7



Less: Earnings allocated to unvested restricted stock

999





933





66



7.1





1,214





908





767





232



30.2



Earnings allocated to common shareholders

$

99,650





$

95,600





4,050



4.2





$

127,876





$

96,958





$

73,408





26,242



35.7



































Earnings per common share - basic

$

1.87





$

1.76





0.11



6.3





$

2.33





$

1.74





$

1.31





0.56



42.7



































Earnings per common share - diluted

1.86





1.75





0.11



6.3





2.32





1.73





1.30





0.56



43.1



Impact of non-core items (Non-GAAP) (1)

0.01





(0.03)





0.04



133.3





(0.46)





0.01





0.41





(0.40)



(97.6)



Earnings per share - diluted, excluding non-core items                 (Non-GAAP)(1)

$

1.87





$

1.72





0.15



8.7





$

1.86





$

1.74





$

1.71





0.16



9.4



































NUMBER OF COMMON SHARES OUTSTANDING (in thousands)































Weighted average common shares outstanding - basic

53,345





54,177





(832)



(1.5)





54,892





55,571





55,931





(2,586)



(4.6)



Weighted average common shares outstanding - diluted

53,674





54,539





(865)



(1.6)





55,215





55,945





56,287





(2,613)



(4.6)



Book value shares (period end)

52,805





54,551





(1,746)



(3.2)





54,796





56,007





56,390





(3,585)



(6.4)



































(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 Six Months Ended











Change



6/30/2019



6/30/2018



$

%

Interest income

$

662,051





$

574,366





87,685



15.3



Interest expense

156,228





85,364





70,864



83.0



Net interest income

505,823





489,002





16,821



3.4



Provision for credit losses

24,518





15,907





8,611



54.1



Net interest income after provision for credit losses

481,305





473,095





8,210



1.7



Mortgage income

30,293





23,316





6,977



29.9



Service charges on deposit accounts

25,657





25,858





(201)



(0.8)



Title revenue

12,120





11,873





247



2.1



Broker commissions

3,997





4,617





(620)



(13.4)



ATM/debit card fee income

5,614





5,558





56



1.0



Income from bank owned life insurance

3,547





2,543





1,004



39.5



(Loss) gain on sale of available-for-sale securities

(1,014)





(56)





(958)



(1,710.7)



Trust department income

8,555





7,669





886



11.6



Other non-interest income

22,565





17,128





5,437



31.7



Total non-interest income

111,334





98,506





12,828



13.0



Salaries and employee benefits

201,671





212,031





(10,360)



(4.9)



Occupancy and equipment

37,563





39,978





(2,415)



(6.0)



Amortization of acquisition intangibles

9,795





11,213





(1,418)



(12.6)



Computer services expense

18,540





21,702





(3,162)



(14.6)



Professional services

10,694





14,551





(3,857)



(26.5)



Credit and other loan related expense

7,000





9,482





(2,482)



(26.2)



Other non-interest expense

43,108





75,890





(32,782)



(43.2)



Total non-interest expense

328,371





384,847





(56,476)



(14.7)



Income before income taxes

264,268





186,754





77,514



41.5



Income tax expense

62,539





48,009





14,530



30.3



Net income

201,729





138,745





62,984



45.4



Less: Preferred stock dividends

4,547





4,547









Net income available to common shareholders

$

197,182





$

134,198





62,984



46.9

















Income available to common shareholders - basic

$

197,182





$

134,198





62,984



46.9



Less: Earnings allocated to unvested restricted stock

1,931





1,409





522



37.0



Earnings allocated to common shareholders

$

195,251





$

132,789





62,462



47.0

















Earnings per common share - basic

$

3.63





$

2.42





1.21



50.0

















Earnings per common share - diluted

3.61





2.41





1.20



49.8



Impact of non-core items (Non-GAAP) (1)

(0.01)





0.68





(0.69)



(101.5)



Earnings per share - diluted, excluding non-core items (Non-GAAP) (1)

$

3.60





$

3.09





0.51



16.5

















NUMBER OF COMMON SHARES OUTSTANDING (in thousands)













Weighted average common shares outstanding - basic

53,758





54,780





(1,022)



(1.9)



Weighted average common shares outstanding - diluted

54,104





55,133





(1,029)



(1.9)



Book value shares (period end)

52,805





56,390





(3,585)



(6.4)





(1) See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.

 

TABLE 4 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)































PERIOD-END BALANCES







Linked Qtr Change















Year/Year Change

ASSETS

6/30/2019



3/31/2019



$



%



12/31/2018



9/30/2018



6/30/2018



$



%

Cash and due from banks

$

289,502





$

280,680





8,822





3.1





$

294,186





$

291,083





$

299,268





(9,766)





(3.3)



Interest-bearing deposits in other banks

499,813





391,217





108,596





27.8





396,267





184,852





428,120





71,693





16.7



Total cash and cash equivalents

789,315





671,897





117,418





17.5





690,453





475,935





727,388





61,927





8.5



Investment securities available for sale

4,455,308





4,873,778





(418,470)





(8.6)





4,783,579





4,634,124





4,650,915





(195,607)





(4.2)



Investment securities held to maturity

192,917





198,958





(6,041)





(3.0)





207,446





213,561





221,030





(28,113)





(12.7)



Total investment securities

4,648,225





5,072,736





(424,511)





(8.4)





4,991,025





4,847,685





4,871,945





(223,720)





(4.6)



Mortgage loans held for sale

187,987





128,451





59,536





46.3





107,734





42,976





78,843





109,144





138.4



Loans and leases, net of unearned income

23,355,311





22,968,295





387,016





1.7





22,519,815





22,343,906





22,075,783





1,279,528





5.8



Allowance for loan and lease losses

(146,386)





(142,966)





(3,420)





2.4





(140,571)





(136,950)





(136,576)





(9,810)





7.2



Loans and leases, net

23,208,925





22,825,329





383,596





1.7





22,379,244





22,206,956





21,939,207





1,269,718





5.8



Premises and equipment, net

295,897





297,342





(1,445)





(0.5)





300,507





304,605





326,213





(30,316)





(9.3)



Goodwill and other intangible assets

1,317,151





1,319,992





(2,841)





(0.2)





1,324,269





1,313,478





1,320,664





(3,513)





(0.3)



Other assets

999,032





944,442





54,590





5.8





1,039,783





926,752





861,902





137,130





15.9



Total assets

$

31,446,532





$

31,260,189





186,343





0.6





$

30,833,015





$

30,118,387





$

30,126,162





1,320,370





4.4







































LIABILITIES AND SHAREHOLDERS' EQUITY

























Non-interest-bearing deposits

$

6,474,394





$

6,448,613





25,781





0.4





$

6,542,490





$

6,544,926





$

6,814,441





(340,047)





(5.0)



NOW accounts

4,610,577





4,452,966





157,611





3.5





4,514,113





4,247,533





4,453,152





157,425





3.5



Savings and money market accounts

8,895,463





9,119,263





(223,800)





(2.5)





9,066,205





9,159,036





9,318,331





(422,868)





(4.5)



Time deposits

4,314,897





4,071,220





243,677





6.0





3,640,623





3,241,951





2,844,534





1,470,363





51.7



Total deposits

24,295,331





24,092,062





203,269





0.8





23,763,431





23,193,446





23,430,458





864,873





3.7



Short-term borrowings

813,000





845,000





(32,000)





(3.8)





1,167,000





790,000





595,000





218,000





36.6



Securities sold under agreements to repurchase

184,507





261,131





(76,624)





(29.3)





315,882





452,719





459,213





(274,706)





(59.8)



Trust preferred securities

120,110





120,110













120,110





120,110





120,110











Other long-term debt

1,254,649





1,355,345





(100,696)





(7.4)





1,046,041





1,346,700





1,318,504





(63,855)





(4.8)



Other liabilities

540,935





444,710





96,225





21.6





364,274





273,051





289,468





251,467





86.9



Total liabilities

27,208,532





27,118,358





90,174





0.3





26,776,738





26,176,026





26,212,753





995,779





3.8



Total shareholders' equity

4,238,000





4,141,831





96,169





2.3





4,056,277





3,942,361





3,913,409





324,591





8.3



Total liabilities and shareholders' equity

$

31,446,532





$

31,260,189





186,343





0.6





$

30,833,015





$

30,118,387





$

30,126,162





1,320,370





4.4



 

TABLE 4 Continued - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)





































AVERAGE BALANCES



Linked Qtr Change















Year/Year Change

ASSETS

6/30/2019



3/31/2019



$



%



12/31/2018



9/30/2018



6/30/2018



$



%

Cash and due from banks

$

275,917





$

291,659





(15,742)





(5.4)





$

281,509





$

279,918





$

296,907





(20,990)





(7.1)



Interest-bearing deposits in other banks

436,948





332,638





104,310





31.4





385,619





259,455





392,906





44,042





11.2



Total cash and cash equivalents

712,865





624,297





88,568





14.2





667,128





539,373





689,813





23,052





3.3



Investment securities available for sale

4,650,757





4,816,855





(166,098)





(3.4)





4,567,564





4,673,454





4,629,177





21,580





0.5



Investment securities held to maturity

195,639





202,601





(6,962)





(3.4)





211,333





216,419





222,764





(27,125)





(12.2)



Total investment securities

4,846,396





5,019,456





(173,060)





(3.4)





4,778,897





4,889,873





4,851,941





(5,545)





(0.1)



Mortgage loans held for sale

159,931





95,588





64,343





67.3





63,033





87,823





72,917





87,014





119.3



Loans and leases, net of unearned income

23,120,689





22,599,686





521,003





2.3





22,364,188





22,162,373





21,830,720





1,289,969





5.9



Allowance for loan and lease losses

(145,854)





(140,915)





(4,939)





3.5





(138,675)





(139,075)





(145,565)





(289)





0.2



Loans and leases, net

22,974,835





22,458,771





516,064





2.3





22,225,513





22,023,298





21,685,155





1,289,680





5.9



Premises and equipment, net

298,119





299,741





(1,622)





(0.5)





302,956





315,259





327,686





(29,567)





(9.0)



Goodwill and other intangible assets

1,318,182





1,322,288





(4,106)





(0.3)





1,318,200





1,316,527





1,338,420





(20,238)





(1.5)



Other assets

961,494





1,013,359





(51,865)





(5.1)





977,740





874,078





804,920





156,574





19.5



Total assets

$

31,271,822





$

30,833,500





438,322





1.4





$

30,333,467





$

30,046,231





$

29,770,852





1,500,970





5.0







































LIABILITIES AND SHAREHOLDERS' EQUITY

























Non-interest-bearing deposits

$

6,442,217





$

6,271,313





170,904





2.7





$

6,646,071





$

6,684,343





$

6,795,878





(353,661)





(5.2)



NOW accounts

4,488,691





4,458,634





30,057





0.7





4,212,304





4,296,392





4,494,064





(5,373)





(0.1)



Savings and money market accounts

9,014,822





9,089,099





(74,277)





(0.8)





9,169,184





9,237,614





9,146,302





(131,480)





(1.4)



Time deposits

4,156,974





3,859,354





297,620





7.7





3,457,017





3,023,180





2,719,627





1,437,347





52.9



Total deposits

24,102,704





23,678,400





424,304





1.8





23,484,576





23,241,529





23,155,871





946,833





4.1



Short-term borrowings

782,516





859,576





(77,060)





(9.0)





602,593





820,087





609,965





172,551





28.3



Securities sold under agreements to repurchase

214,090





291,643





(77,553)





(26.6)





386,563





376,078





427,508





(213,418)





(49.9)



Trust preferred securities

120,110





120,110













120,110





120,110





120,110











Other long-term debt

1,345,575





1,343,752





1,823





0.1





1,308,086





1,260,900





1,261,515





84,060





6.7



Other liabilities

463,803





434,516





29,287





6.7





470,501





292,445





281,820





181,983





64.6



Total liabilities

27,028,798





26,727,997





300,801





1.1





26,372,429





26,111,149





25,856,789





1,172,009





4.5



Total shareholders' equity

4,243,024





4,105,503





137,521





3.3





3,961,038





3,935,082





3,914,063





328,961





8.4



Total liabilities and shareholders' equity

$

31,271,822





$

30,833,500





438,322





1.4





$

30,333,467





$

30,046,231





$

29,770,852





1,500,970





5.0



 

Table 5 - IBERIABANK CORPORATION

LOANS AND ASSET QUALITY DATA

(Dollars in thousands)



























Linked Qtr Change















Year/Year Change

LOANS

6/30/2019



3/31/2019



$



%



12/31/2018



9/30/2018



6/30/2018



$



%

Commercial loans and leases:



































Real estate- construction

$

1,342,984





$

1,219,647





123,337





10.1





$

1,196,366





$

1,127,988





$

1,183,367





159,617





13.5



Real estate- owner-occupied (1)

2,373,143





2,408,079





(34,936)





(1.5)





2,395,822





2,458,964





2,455,685





(82,542)





(3.4)



Real estate- non-owner occupied

6,102,143





6,147,864





(45,721)





(0.7)





5,796,117





5,794,931





5,653,252





448,891





7.9



Commercial and industrial (6)

6,161,759





5,852,568





309,191





5.3





5,737,017





5,581,040





5,512,416





649,343





11.8



Total commercial loans and leases

15,980,029





15,628,158





351,871





2.3





15,125,322





14,962,923





14,804,720





1,175,309





7.9







































Residential mortgage loans

4,538,194





4,415,267





122,927





2.8





4,359,156





4,300,163





4,124,538





413,656





10.0







































Consumer and other loans:



































Home equity

2,147,897





2,220,648





(72,751)





(3.3)





2,304,694





2,350,176





2,410,617





(262,720)





(10.9)



Other

689,191





704,222





(15,031)





(2.1)





730,643





730,644





735,908





(46,717)





(6.3)



Total consumer and other loans

2,837,088





2,924,870





(87,782)





(3.0)





3,035,337





3,080,820





3,146,525





(309,437)





(9.8)



Total loans and leases

$

23,355,311





$

22,968,295





387,016





1.7





$

22,519,815





$

22,343,906





$

22,075,783





1,279,528





5.8





























Allowance for loan and lease losses (2)

$

(146,386)





$

(142,966)





(3,420)





(2.4)





$

(140,571)





$

(136,950)





$

(136,576)





(9,810)





(7.2)



Loans and leases, net

23,208,925





22,825,329





383,596





1.7





22,379,244





22,206,956





21,939,207





1,269,718





5.8







































Reserve for unfunded commitments

(15,281)





(15,981)





700





4.4





(14,830)





(14,721)





(14,433)





(848)





(5.9)



Allowance for credit losses

(161,667)





(158,947)





(2,720)





(1.7)





(155,401)





(151,671)





(151,009)





(10,658)





(7.1)







































ASSET QUALITY DATA

































Non-accrual loans (3)

$

158,992





$

148,056





10,936





7.4





$

137,184





$

143,595





$

131,155





27,837





21.2



Other real estate owned and foreclosed assets

28,106





30,606





(2,500)





(8.2)





30,394





32,418





22,267





5,839





26.2



Accruing loans more than 90 days past due (3)

851





4,111





(3,260)





(79.3)





2,128





12,452





9,314





(8,463)





(90.9)



Total non-performing

assets (3)(4)

$

187,949





$

182,773





5,176





2.8





$

169,706





$

188,465





$

162,736





25,213





15.5







































Loans 30-89 days past due (3)

$

43,021





$

45,334





(2,313)





(5.1)





$

57,332





$

70,624





$

43,159





(138)





(0.3)







































Non-performing assets to total assets (3)(4)

0.60

%



0.58

%











0.55

%



0.63

%



0.54

%









Non-performing assets to total loans and OREO (3)(4)

0.80





0.79













0.75





0.84





0.74











ALLL to non-performing

loans (3)(5)

91.6





94.0













100.9





87.8





97.2











ALLL to non-performing

assets (3)(4)

77.9





78.2













82.8





72.7





83.9











ALLL to total loans and leases

0.63





0.62













0.62





0.61





0.62















































Quarter-to-date charge-offs

$

10,275





$

8,918





1,357





15.2





$

10,806





$

12,006





$

13,618





(3,343)





(24.5)



Quarter-to-date recoveries

(2,218)





(1,586)





(632)





(39.8)





(3,097)





(3,049)





(1,968)





(250)





(12.7)



Quarter-to-date net charge-offs

$

8,057





$

7,332





725





9.9





$

7,709





$

8,957





$

11,650





(3,593)





(30.8)







































Net charge-offs to average loans (annualized)

0.14

%



0.13

%











0.14

%



0.16

%



0.21

%











(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



6/30/2019



3/31/2019



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

$

15,766,423



$

205,093



5.24

%



$

15,253,655



$

194,510



5.19

%



5

Residential mortgage loans

4,482,150



49,388



4.41





4,385,634



47,829



4.36





5

Consumer and other loans

2,872,116



42,205



5.89





2,960,397



42,540



5.83





6

Total loans and leases

23,120,689



296,686



5.16





22,599,686



284,879



5.11





5

Mortgage loans held for sale

159,931



1,588



3.97





95,588



1,054



4.41





(44)

Investment securities (2)

4,853,858



33,803



2.83





5,052,922



36,125



2.90





(7)

Other earning assets

639,232



3,890



2.44





533,745



4,026



3.06





(62)

Total earning assets

28,773,710



335,967



4.70





28,281,941



326,084



4.68





2

Allowance for loan and lease losses

(145,854)









(140,915)











Non-earning assets

2,643,966









2,692,474











Total assets

$

31,271,822









$

30,833,500































LIABILITIES AND SHAREHOLDERS' EQUITY

















Interest-bearing liabilities:



















NOW accounts

$

4,488,691



$

11,623



1.04

%



$

4,458,634



$

11,396



1.04

%



0

Savings and money market accounts

9,014,822



30,845



1.37





9,089,099



28,762



1.28





9

Time deposits

4,156,974



23,398



2.26





3,859,354



20,077



2.11





15

Total interest-bearing deposits (3)

17,660,487



65,866



1.50





17,407,087



60,235



1.40





10

Short-term borrowings

996,606



5,197



2.09





1,151,219



5,716



2.01





8

Long-term debt

1,465,685



9,565



2.62





1,463,862



9,649



2.67





(5)

Total interest-bearing liabilities

20,122,778



80,628



1.61





20,022,168



75,600



1.53





8

Non-interest-bearing deposits

6,442,217









6,271,313











Non-interest-bearing liabilities

463,803









434,516











Total liabilities

27,028,798









26,727,997











Total shareholders' equity

4,243,024









4,105,503











Total liabilities and shareholders' equity

$

31,271,822









$

30,833,500































Net interest income/Net interest spread

$

255,339



3.09

%





$

250,484



3.15

%



(6)

Taxable equivalent benefit



1,338



0.02







1,349



0.02





Net interest income (TE)/Net interest margin (TE) (1)



$

256,677



3.57

%





$

251,833



3.59

%



(2)





















(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 June 30, 2019 and March 31, 2019 were 1.10% and 1.03%, respectively.

 

TABLE 6 Continued - IBERIABANK CORPORATION

QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES

(Dollars in thousands)



























For the Three Months Ended



12/31/2018



9/30/2018



6/30/2018

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

$

14,978,169



$

196,881



5.24

%



$

14,825,572



$

191,014



5.13

%



$

14,631,985



$

178,830



4.92

%

Residential mortgage loans

4,345,811



53,836



4.96





4,230,471



48,145



4.55





4,041,259



47,215



4.67



Consumer and other loans

3,040,208



44,275



5.78





3,106,330



43,966



5.62





3,157,476



44,431



5.64



Total loans and leases

22,364,188



294,992



5.26





22,162,373



283,125



5.09





21,830,720



270,476



4.98



Mortgage loans held for sale

63,033



721



4.58





87,823



1,037



4.72





72,917



836



4.59



Investment securities (2)

4,782,844



30,559



2.61





5,016,163



29,793



2.43





4,958,769



29,325



2.42



Other earning assets

581,673



3,924



2.68





456,120



3,112



2.71





580,477



3,186



2.20



Total earning assets

27,791,738



330,196



4.74





27,722,479



317,067



4.57





27,442,883



303,823



4.46



Allowance for loan and lease losses

(138,675)









(139,075)









(145,565)







Non-earning assets

2,680,404









2,462,827









2,473,534







Total assets

$

30,333,467









$

30,046,231









$

29,770,852































LIABILITIES AND SHAREHOLDERS' EQUITY





















Interest-bearing liabilities:























NOW accounts

$

4,212,304



$

9,420



0.89

%



$

4,296,392



$

8,841



0.82

%



$

4,494,064



$

8,620



0.77

%

Savings and money market accounts

9,169,184



26,062



1.13





9,237,614



23,076



0.99





9,146,302



18,434



0.81



Time deposits

3,457,017



16,666



1.91





3,023,180



12,484



1.64





2,719,627



9,105



1.34



Total interest-bearing deposits (3)

16,838,505



52,148



1.23





16,557,186



44,401



1.06





16,359,993



36,159



0.89



Short-term borrowings

989,156



4,104



1.65





1,196,165



4,727



1.57





1,037,473



3,327



1.29



Long-term debt

1,428,196



8,923



2.48





1,381,010



8,714



2.50





1,381,625



8,224



2.39



Total interest-bearing liabilities

19,255,857



65,175



1.34





19,134,361



57,842



1.20





18,779,091



47,710



1.02



Non-interest-bearing deposits

6,646,071









6,684,343









6,795,878







Non-interest-bearing liabilities

470,501









292,445









281,820







Total liabilities

26,372,429









26,111,149









25,856,789







Total shareholders' equity

3,961,038









3,935,082









3,914,063







Total liabilities and shareholders' equity

$

30,333,467









$

30,046,231









$

29,770,852































Net interest income/Net interest spread



$

265,021



3.40

%





$

259,225



3.37

%





$

256,113



3.44

%

Taxable equivalent benefit



1,427



0.02







1,461



0.02







1,449



0.02



Net interest income (TE)/Net interest margin (TE) (1)



$

266,448



3.81

%





$

260,686



3.74

%





$

257,562



3.76

%

























(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 December 31, 2018, September 30, 2018, and June 30, 2018, were 0.88%, 0.76% and 0.63%, respectively.

 

TABLE 7 - IBERIABANK CORPORATION

YEAR-TO-DATE AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES

(Dollars in thousands)























For the Six Months Ended



6/30/2019



6/30/2018



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

$

15,511,456



$

399,603



5.22

%



$

14,361,314



$

343,490



4.84

%



38

Residential mortgage loans

4,434,159



97,217



4.38





3,598,974



81,709



4.54





(16)

Consumer and other loans

2,916,013



84,745



5.86





3,050,324



83,346



5.51





35

Total loans and leases

22,861,628



581,565



5.14





21,010,612



508,545



4.89





25

Mortgage loans held for sale

127,937



2,642



4.13





90,873



1,990



4.38





(25)

Investment securities (2)

4,952,840



69,928



2.87





4,901,427



57,419



2.40





47

Other earning assets

586,780



7,916



2.72





629,915



6,412



2.05





67

Total earning assets

28,529,185



662,051



4.69





26,632,827



574,366



4.36





33

Allowance for loan and lease losses

(143,398)









(144,934)











Non-earning assets

2,668,085









2,468,169











Total assets

$

31,053,872









$

28,956,062































LIABILITIES AND SHAREHOLDERS' EQUITY

















Interest-bearing liabilities:



















NOW accounts

$

4,473,746



$

23,020



1.04

%



$

4,429,171



$

15,701



0.71

%



33

Savings and money market accounts

9,051,755



59,606



1.33





8,906,526



33,013



0.75





58

Time deposits

4,008,986



43,475



2.19





2,596,241



15,689



1.22





97

Total interest-bearing deposits (3)

17,534,487



126,101



1.45





15,931,938



64,403



0.82





63

Short-term borrowings

1,073,485



10,913



2.05





1,010,843



5,851



1.17





88

Long-term debt

1,464,779



19,214



2.65





1,379,487



15,110



2.21





44

Total interest-bearing liabilities

20,072,751



156,228



1.57





18,322,268



85,364



0.94





63

Non-interest-bearing deposits

6,357,237









6,538,622











Non-interest-bearing liabilities

449,240









278,861











Total liabilities

26,879,228









25,139,751











Total shareholders' equity

4,174,644









3,816,311











Total liabilities and shareholders' equity

$

31,053,872









$

28,956,062































Net interest income/Net interest spread

$

505,823



3.12

%





$

489,002



3.42

%



(30)

Tax-equivalent benefit



2,679



0.02







2,910



0.02





Net interest income (TE)/Net interest margin (TE) (1)



$

508,502



3.58

%





$

491,912



3.72

%



(14)





















(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 six months ended June 30, 2019 and 2018 were 1.06% and 0.58%, respectively.

 

Table 8 - IBERIABANK CORPORATION

LEGACY AND ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS

(Dollars in millions)











































For the Three Months Ended



6/30/2019



3/31/2019



12/31/2018



9/30/2018



6/30/2018

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, net

$

225



$

17,984



5.00

%



$

213



$

17,192



5.02

%



$

209



$

16,616



4.99

%



$

193



$

15,957



4.80

%



$

179



$

15,217



4.73

%

Acquired loans

72



5,137



5.64





72



5,408



5.35





86



5,748



5.97





90



6,205



5.78





91



6,614



5.51



Total loans

$

297



$

23,121



5.14

%



$

285



$

22,600



5.10

%



$

295



$

22,364



5.24

%



$

283



$

22,162



5.08

%



$

270



$

21,831



4.97

%











































6/30/2019



3/31/2019



12/31/2018



9/30/2018



6/30/2018

ADJUSTMENTS

Income

Average

Balance

Yield



Income

Average

Balance

Yield



Income

Average

Balance

Yield



Income

Average

Balance

Yield



Income

Average Balance

Yield

Legacy loans, net

$



$



0.00

%



$



$



0.00

%



$



$



0.00

%



$



$



0.00

%



$



$



0.00

%

Acquired loans

(14)



124



(1.15)





(11)



136



(0.92)





(19)



144



(1.46)





(17)



144



(1.23)





(16)



142



(1.12)



Total loans

$

(14)



$

124



(0.25)

%



$

(11)



$

136



(0.22)

%



$

(19)



$

144



(0.38)

%



$

(17)



$

144



(0.35)

%



$

(16)



$

142



(0.34)

%











































6/30/2019



3/31/2019



12/31/2018



9/30/2018



6/30/2018

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, net

$

225



$

17,984



5.00

%



$

213



$

17,192



5.02

%



$

209



$

16,616



4.99

%



$

193



$

15,957



4.80

%



$

179



$

15,217



4.73

%

Acquired loans

58



5,261



4.49





61



5,544



4.43





67



5,892



4.51





73



6,349



4.55





75



6,756



4.39



Total loans

$

283



$

23,245



4.89

%



$

274



$

22,736



4.88

%



$

276



$

22,508



4.86

%



$

266



$

22,306



4.73

%



$

254



$

21,973



4.63

%

 

Table 9 - IBERIABANK CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Dollars in thousands, except per share amounts)







































For the Three Months Ended



6/30/2019



3/31/2019



12/31/2018



Pre-tax



After-tax



Per share (2)



Pre-tax



After-tax



Per share (2)



Pre-tax



After-tax



Per share (2)

Net income

$

133,791





$

101,598





$

1.88





$

130,477





$

100,131





$

1.82





$

83,907





$

130,039





$

2.34



Less: Preferred stock dividends





949





0.02









3,598





0.07









949





0.02



Income available to common shareholders (GAAP)

$

133,791





$

100,649





$

1.86





$

130,477





$

96,533





$

1.75





$

83,907





$

129,090





$

2.32







































Non-interest income adjustments (1)(3):

































Loss (gain) on sale of investments

1,012





769





0.01

















49,844





37,882





0.68



Other non-core non-interest income

























415





316







Total non-interest income adjustments

1,012





769





0.01

















50,259





38,198





0.68







































Non-interest expense adjustments (1)(3):

































Merger-related expense

(10)





(7)









(334)





(254)









(238)





(353)







Compensation-related expense













(9)





(7)









184





140







Impairment of long-lived assets, net of (gain) loss on sale

(22)





(17)









986





749





0.01





64





49







Other non-core non-interest expense

107





81









(3,129)





(2,378)





(0.04)





2,600





1,976





0.04



Total non-interest expense adjustments

75





57









(2,486)





(1,890)





(0.03)





2,610





1,812





0.04



Income tax expense (benefit) - impact of the Tax Cuts and Jobs Act





























(65,317)





(1.18)



Core earnings (Non-GAAP)

134,878





101,475





1.87





127,991





94,643





1.72





136,776





103,783





1.86



Provision for credit losses (1)

10,755





8,174









13,763





10,460









13,094





9,951







Pre-provision earnings, as adjusted (Non-GAAP) (3)

$

145,633





$

109,649









$

141,754





$

105,103









$

149,870





$

113,734





















































































































For the Three Months Ended















9/30/2018



6/30/2018















Pre-tax



After-tax



Per share (2)



Pre-tax



After-tax



Per share (2)













Net income

$

131,866





$

101,465





$

1.79





$

105,581





$

75,124





$

1.32















Less: Preferred stock dividends





3,599





0.06









949





0.02















Income available to common shareholders (GAAP)

$

131,866





$

97,866





$

1.73





$

105,581





$

74,175





$

1.30



















































Non-interest income adjustments (1)(3):

































(Gain) loss on sale of investments

(1)





(1)









(3)





(2)























































Non-interest expense adjustments (1)(3):

































Merger-related expense

973





743





0.01





14,333





11,012





0.20















Compensation-related expense

1,104





839





0.01





1,781





1,354





0.02















Impairment of long-lived assets, net of (gain) loss on sale

3,286





2,497





0.05





5,413





4,114





0.07















Gain on early termination of loss share agreements

(2,708)





(2,058)





(0.04)



























Other non-core non-interest expense

(1,955)





(1,486)





(0.02)





(95)





(72)



















Total non-interest expense adjustments

700





535





0.01





21,432





16,408





0.29















Income tax expense - impact of the Tax Cuts and Jobs Act

















6,572





0.12















Core earnings (Non-GAAP)

132,565





98,400





1.74





127,010





97,153





1.71















Provision for credit losses (1)

11,384





8,652









7,696





5,849



















Pre-provision earnings, as adjusted (Non-GAAP) (3)

$

143,949





$

107,052









$

134,706





$

103,002























































(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 Six Months Ended



6/30/2019



6/30/2018



Pre-tax



After-tax



Per share (2)



Pre-tax



After-tax



Per share (2)

Net income

$

264,268





$

201,729





$

3.69





$

186,754





$

138,745





$

2.49



Less: Preferred stock dividends





4,547





0.08









4,547





0.08



Income available to common shareholders (GAAP)

$

264,268





$

197,182





$

3.61





$

186,754





$

134,198





$

2.41



























Non-interest income adjustments (1)(3):





















Loss (gain) on sale of investments

1,012





769





0.01





56





42































Non-interest expense adjustments (1)(3):





















Merger-related expense

(344)





(261)









30,560





23,529





0.43



Compensation-related expense

(9)





(7)









3,002





2,282





0.04



Impairment of long-lived assets, net of (gain) loss on sale

964





732





0.01





7,487





5,690





0.10



Other non-core non-interest expense

(3,022)





(2,297)





(0.04)





(778)





(592)





(0.01)



Total non-interest expense adjustments

(2,411)





(1,833)





(0.03)





40,271





30,909





0.56



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)

262,869





196,118





3.59





227,081





171,894





3.09



Provision for credit losses (1)

24,518





18,634









15,907





12,089









Pre-provision earnings, as adjusted (Non-GAAP) (3)

$

287,387





$

214,752









$

242,988





$

183,983



































(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



6/30/2019



3/31/2019



12/31/2018



9/30/2018



6/30/2018

Net interest income (GAAP)

$

255,339





$

250,484





$

265,021





$

259,225





$

256,113



Taxable equivalent benefit

1,338





1,349





1,427





1,461





1,449



Net interest income (TE) (Non-GAAP) (1)

256,677





251,833





266,448





260,686





257,562























Non-interest income (GAAP)

58,825





52,509





969





53,087





53,940



Taxable equivalent benefit

465





478





539





463





336



Non-interest income (TE) (Non-GAAP) (1)

59,290





52,987





1,508





53,550





54,276



Taxable equivalent revenues (Non-GAAP) (1)

315,967





304,820





267,956





314,236





311,838



Securities (gains) losses and other non-interest income

1,012









50,259





(1)





(3)



Core taxable equivalent revenues (Non-GAAP) (1)

$

316,979





$

304,820





$

318,215





$

314,235





$

311,835























Total non-interest expense (GAAP)

$

169,618





$

158,753





$

168,989





$

169,062





$

196,776



Less: Intangible amortization expense

4,786





5,009





5,083





5,382





6,111



Tangible non-interest expense (Non-GAAP) (2)

164,832





153,744





163,906





163,680





190,665



Less: Merger-related expense

(10)





(334)





(238)





973





14,333



     Compensation-related expense





(9)





184





1,104





1,781



     Impairment of long-lived assets, net of (gain) loss on sale

(22)





986





64





3,286





5,413



     Gain on early termination of loss share agreements













(2,708)







    Other non-core non-interest expense

107





(3,129)





2,600





(1,955)





(95)



Core tangible non-interest expense (Non-GAAP) (2)

$

164,757





$

156,230





$

161,296





$

162,980





$

169,233























Return on average assets (GAAP)

1.30

%



1.32

%



1.70

%



1.34

%



1.01

%

Effect of non-core revenues and expenses

0.01





(0.03)





(0.33)





0.01





0.31



Core return on average assets (Non-GAAP)

1.31

%



1.29

%



1.37

%



1.35

%



1.32

%





















Efficiency ratio (GAAP)

54.0

%



52.4

%



63.5

%



54.1

%



63.5

%

Effect of tax benefit related to tax-exempt income

(0.3)





(0.3)





(0.4)





(0.3)





(0.4)



Efficiency ratio (TE) (Non-GAAP) (1)

53.7

%



52.1

%



63.1

%



53.8

%



63.1

%

Effect of amortization of intangibles

(1.5)





(1.6)





(1.9)





(1.7)





(1.9)



Effect of non-core items

(0.2)





0.8





(10.5)





(0.2)





(6.9)



Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2)

52.0

%



51.3

%



50.7

%



51.9

%



54.3

%





















Return on average common equity (GAAP)

10.05

%



9.85

%



13.38

%



10.21

%



7.87

%

Effect of non-core revenues and expenses

0.08





(0.19)





(2.63)





0.06





2.43



Core return on average common equity (Non-GAAP)

10.13

%



9.66

%



10.75

%



10.27

%



10.30

%

Effect of intangibles (2)

5.45





5.37





6.23





6.07





6.40



Core return on average tangible common equity (Non-GAAP) (2)

15.58

%



15.03

%



16.98

%



16.34

%



16.70

%





















Total shareholders' equity (GAAP)

$

4,238,000





$

4,141,831





$

4,056,277





$

3,942,361





$

3,913,409



Less:  Goodwill and other intangibles

1,305,752





1,310,458





1,315,462





1,305,915





1,314,165



           Preferred stock

228,485





132,097





132,097





132,097





132,097



Tangible common equity (Non-GAAP) (2)

$

2,703,763





$

2,699,276





$

2,608,718





$

2,504,349





$

2,467,147























Total assets (GAAP)

$

31,446,532





$

31,260,189





$

30,833,015





$

30,118,387





$

30,126,162



Less:  Goodwill and other intangibles

1,305,752





1,310,458





1,315,462





1,305,915





1,314,165



Tangible assets (Non-GAAP) (2)

$

30,140,780





$

29,949,731





$

29,517,553





$

28,812,472





$

28,811,997



Tangible common equity ratio (Non-GAAP) (2)

8.97

%



9.01

%



8.84

%



8.69

%



8.56

%



(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 Six Months Ended



6/30/2019



6/30/2018

Net interest income (GAAP)

$

505,823





$

489,002



Taxable equivalent benefit

2,687





2,913



Net interest income (TE) (Non-GAAP) (1)

508,510





491,915











Non-interest income (GAAP)

111,334





98,506



Taxable equivalent benefit

943





677



Non-interest income (TE) (Non-GAAP) (1)

112,277





99,183



Taxable equivalent revenues (Non-GAAP) (1)

620,787





591,098



Securities (gains) losses and other non-interest income

1,012





56



Core taxable equivalent revenues (Non-GAAP) (1)

$

621,799





$

591,154











Total non-interest expense (GAAP)

$

328,371





$

384,847



Less: Intangible amortization expense

9,795





11,213



Tangible non-interest expense (Non-GAAP) (2)

318,576





373,634



Less: Merger-related expense

(344)





30,560



         Compensation-related expense

(9)





3,002



         Impairment of long-lived assets, net of (gain) loss on sale

964





7,487



         Other non-core non-interest expense

(3,022)





(778)



Core tangible non-interest expense (Non-GAAP) (2)

$

320,987





$

333,364











Return on average assets (GAAP)

1.31

%



0.97

%

Effect of non-core revenues and expenses

0.01





0.21



Core return on average assets (Non-GAAP)

1.30

%



1.18

%









Efficiency ratio (GAAP)

53.2

%



65.5

%

Effect of tax benefit related to tax-exempt income

(0.3)





(0.4)



Efficiency ratio (TE) (Non-GAAP) (1)

52.9

%



65.1

%

Effect of amortization of intangibles

(1.6)





(1.9)



Effect of non-core items

0.3





(6.8)



Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2)

51.6

%



56.4

%









Return on average common equity (GAAP)

9.95

%



7.35

%

Effect of non-core revenues and expenses

(0.05)





1.69



Core return on average common equity (Non-GAAP)

9.90

%



9.04

%

Effect of intangibles (2)

5.41





6.28



Core return on average tangible common equity (Non-GAAP) (2)

15.31

%



15.32

%









Total shareholders' equity (GAAP)

$

4,238,000





$

3,913,409



Less:  Goodwill and other intangibles

1,305,752





1,314,165



     Preferred stock

228,485





132,097



Tangible common equity (Non-GAAP) (2)

$

2,703,763





$

2,467,147











Total assets (GAAP)

$

31,446,532





$

30,126,162



Less:  Goodwill and other intangibles

1,305,752





1,314,165



Tangible assets (Non-GAAP) (2)

$

30,140,780





$

28,811,997



Tangible common equity ratio (Non-GAAP) (2)

8.97

%



8.56

%



(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.

 

(PRNewsfoto/IBERIABANK Corporation)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/iberiabank-corporation-reports-second-quarter-results-300887834.html

SOURCE IBERIABANK Corporation

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