IBERIABANK Corporation Reports Third Quarter Results

LAFAYETTE, La., Oct. 18, 2019 /PRNewswire/ -- IBERIABANK Corporation 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.









(PRNewsfoto/IBERIABANK Corporation)

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/iberiabank-corporation-reports-third-quarter-results-300940943.html

SOURCE IBERIABANK Corporation

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