LAFAYETTE, La.,
Jan. 24, 2020 /PRNewswire/
-- IBERIABANK Corporation (NASDAQ: IBKC), holding company of
the 132-year-old IBERIABANK
(www.iberiabank.com), reported financial
results for the fourth quarter ended December 31, 2019. For the quarter, the Company
reported net income available to common shareholders of
$78.1 million, or $1.48 diluted earnings per common share ("EPS").
On a non-GAAP basis, EPS excluding non-core revenues and non-core
expenses ("Core EPS") in the fourth quarter of 2019 was
$1.59 per common share, compared to
$1.86 in the same quarter of 2018
(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 delivered a solid
fourth quarter and a very successful 2019, continuing to execute on
our strategic initiatives, grow our business and deliver a superior
client experience throughout our franchise. During the fourth
quarter, we incurred several items, both core and non-core that
were merger-related expenses. Excluding these items, and assuming
we had continued share repurchases as guided, Core EPS would have
been in line with consensus analyst estimates. As we begin 2020,
our Company continues to generate new opportunities in our markets,
growing our loan and deposit base and increasing our fee
revenues. We are seeing great business momentum with
attractive client growth, new relationship managers joining the
Company, and a strong lending pipeline."
Byrd continued, "We are extremely pleased with the
teamwork and tangible progress made in the initial months of our
merger planning process. Both institutions have similar
cultures, bring significant experience to the transaction, and we
have full confidence in our abilities to achieve targeted
synergies. Our employees remain fully engaged and committed to
creating a top tier regional banking institution. We are excited
about the opportunities for clients and associates while increasing
shareholder value, and look forward to all we can accomplish
together as a combined franchise."
Fourth Quarter and Full Year 2019
Highlights
|
For the three months ended
|
|
For the years ended December
31,
|
|
GAAP
|
|
Non-GAAP Core
|
|
GAAP
|
|
Non-GAAP Core
|
|
4Q19
|
3Q19
|
|
4Q19
|
3Q19
|
|
2019
|
2018
|
|
2019
|
2018
|
Diluted Earnings Per
Common Share
|
$
|
1.48
|
|
$
|
1.82
|
|
|
$
|
1.59
|
|
$
|
1.82
|
|
|
$
|
6.92
|
|
$
|
6.46
|
|
|
$
|
7.01
|
|
$
|
6.69
|
|
Return on Average
Assets
|
1.03
|
%
|
1.26
|
%
|
|
1.10
|
%
|
1.26
|
%
|
|
1.22
|
%
|
1.25
|
%
|
|
1.24
|
%
|
1.30
|
%
|
Return on Average
Common Equity
|
7.58
|
%
|
9.46
|
%
|
|
8.13
|
%
|
9.46
|
%
|
|
9.22
|
%
|
9.63
|
%
|
|
9.33
|
%
|
9.97
|
%
|
Return on Average
Tangible Common Equity
|
N/A
|
|
N/A
|
|
|
12.39
|
%
|
14.48
|
%
|
|
N/A
|
|
N/A
|
|
|
14.35
|
%
|
16.01
|
%
|
Efficiency
Ratio
|
61.8
|
%
|
55.2
|
%
|
|
58.0
|
%
|
55.2
|
%
|
|
55.8
|
%
|
62.0
|
%
|
|
55.0
|
%
|
55.9
|
%
|
Tangible Efficiency
Ratio (TE)
|
N/A
|
|
N/A
|
|
|
56.2
|
%
|
53.4
|
%
|
|
N/A
|
|
N/A
|
|
|
53.2
|
%
|
53.7
|
%
|
- Total loan growth of $345.0
million on a linked quarter basis, or 6% annualized. Total
loan growth on a year-to-date basis was $1.5
billion, or 7%. The Company continues to see good loan
growth throughout its footprint.
- Total deposits increased $242.1
million compared to the prior quarter, or 4% annualized.
Total deposit growth on a year-to-date basis was $1.5 billion, or 6%. In the fourth quarter, the
Company paid off short-term borrowings of $275.0 million and reduced its balance of
brokered deposits by $362.2
million.
- The investment portfolio decreased $306.8 million to $4.1
billion as a result of normal cash flow activity. At
December 31, 2019, investment
securities were 13% of total assets, down from 16% at December 31, 2018.
- Non-interest income decreased $4.3
million, or 7%, on a linked quarter basis. The decrease was
primarily driven by a $2.1 million
decrease in mortgage income and the third quarter $3.2 million gain on sale of non-mortgage loans.
In the fourth quarter of 2019, the Company recorded $4.3 million in swap income, a record
quarter.
- On a year-to-date basis, non-interest income was up
$81.8 million, or 54%, primarily from
lower losses on sales of securities during the year and a
$16.6 million increase in mortgage
income.
-
- The locked mortgage pipeline at January 21, 2020 was $214.4 million, up 53% from the similar period a
year ago. The Company continues to see strength in its mortgage
originations.
- Non-interest expense increased $9.1 million, or 5%, on a linked quarter basis,
primarily as a result of a $9.9
million increase in professional services and a $3.7 million increase in salaries and employee
benefits expense, partially offset by a $1.6
million decrease in credit and other loan-related
expense.
-
- Non-interest expense included $16.5 million in merger-related expense, of
which $11.3 million was
considered non-core and $5.2 million
core. Core merger-related expense included $2.5 million in benefits, $2.4 million in compensation, and $0.3 million in marketing. Total core
non-interest expense decreased $2.3
million, or 1%, on a linked quarter basis.
- For the full-year 2019, non-interest expense decreased
$40.1 million, or 6%, primarily as a
result of branch closure and merger-related expense in 2018. On a
core basis, non-interest expense was down $5.5 million, or 1%.
- The Company's reported and cash net interest margins were
down 23 and 16 basis points from the prior quarter at 3.21% and
3.08%, respectively. For the full-year 2019, net interest margin
was 3.45% on a reported basis, and 3.28% on a cash basis.
- Provision for credit losses totaled $8.2 million, compared to $9.0 million in the prior quarter. Asset quality
measures remain strong and continue to improve.
- Net charge-offs to average loans on an annualized basis
decreased three basis points to 0.11% compared to the prior
quarter. Non-performing assets to total assets were 0.54% compared
to 0.58% in the prior quarter.
- Capital ratios remain strong and grew during the quarter.
There were no share repurchases in the fourth quarter of 2019 due
to the pending merger with First Horizon National Corporation.
- The Company will adopt CECL as of January
1, 2020 and expects to have an allowance for expected credit
losses to loans of 0.90% to 1.05%. The final CECL allowance
coverage ratio will depend on finalization of the methods and
assumptions (including economic forecasts) used to derive the
estimate of expected credit losses.
2019 Guidance Results
|
2019 Guidance
|
Actual
|
Results
|
Average Earning
Assets
|
$28.7B ~
$29.0B
|
$28.8B
|
✔
|
Consolidated Loan
Growth %
|
6.50% ~
7.25%
|
6.67%
|
✔
|
Consolidated Deposit
Growth %
|
6.50% ~
7.25%
|
6.13%
|
x
|
Provision
Expense
|
$38MM ~
$43MM
|
$42MM
|
✔
|
Non-Interest Income
(Non-GAAP Core)
|
$230MM ~
$235MM
|
$235MM
|
✔
|
Non-Interest Expense
(Non-GAAP Core)
|
$667MM ~
$673MM
|
$674MM
|
x
|
Net Interest
Margin
|
3.43% ~
3.47%
|
3.45%
|
✔
|
Tax Rate (Non-GAAP
Core)
|
23.5% ~
24.0%
|
23.7%
|
✔
|
Preferred Dividend
and Unrestricted Shares
|
$16.0MM ~
$17.0MM
|
$16.2MM
|
✔
|
Share Repurchase
Activity
|
$235MM ~
$240MM
|
$205MM
|
x
|
Credit
Quality
|
Stable
|
Improved
|
✔
|
Guidance Notes
- Deposit Growth: Consolidated deposit
growth was slightly under guidance due to a reduction in brokered
deposit balances of $362.2 million
during the fourth quarter of 2019. Excluding this reduction,
deposit growth would have been above the 2019 guidance range.
- Core Non-Interest Expense: Slightly
above the guidance range. However, excluding the $5.2 million of certain merger-related core
expense, total core non-interest expense would have been at the
bottom end of the guidance range.
- Share Repurchases: There were no
share repurchases in the fourth quarter of 2019 due to the pending
merger with First Horizon National Corporation.
Table A - Summary Financial
Results
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
12/31/2019
|
|
|
9/30/2019
|
|
% Change
|
|
12/31/2018
|
|
% Change
|
GAAP BASIS:
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders
|
$
|
78,120
|
|
|
|
$
|
96,251
|
|
|
(18.8)
|
|
|
$
|
129,090
|
|
|
(39.5)
|
|
Earnings per common
share - diluted
|
1.48
|
|
|
|
1.82
|
|
|
(18.7)
|
|
|
2.32
|
|
|
(36.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans and
leases, net of unearned income
|
$
|
23,830,962
|
|
|
|
$
|
23,522,892
|
|
|
1.3
|
|
|
$
|
22,364,188
|
|
|
6.6
|
|
Average total
deposits
|
25,227,462
|
|
|
|
24,588,346
|
|
|
2.6
|
|
|
23,484,576
|
|
|
7.4
|
|
Net interest margin
(TE) (1)
|
3.21
|
%
|
|
|
3.44
|
%
|
|
|
|
3.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
|
293,842
|
|
|
|
$
|
313,007
|
|
|
(6.1)
|
|
|
$
|
265,990
|
|
|
10.5
|
|
Total non-interest
expense
|
181,723
|
|
|
|
172,662
|
|
|
5.2
|
|
|
168,989
|
|
|
7.5
|
|
Efficiency
ratio
|
61.8
|
%
|
|
|
55.2
|
%
|
|
|
|
63.5
|
%
|
|
|
Return on average
assets
|
1.03
|
|
|
|
1.26
|
|
|
|
|
1.70
|
|
|
|
Return on average
common equity
|
7.58
|
|
|
|
9.46
|
|
|
|
|
13.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP BASIS (2):
|
|
|
|
|
|
|
|
|
|
|
Core
revenues
|
$
|
293,828
|
|
|
|
$
|
313,007
|
|
|
(6.1)
|
|
|
$
|
316,249
|
|
|
(7.1)
|
|
Core non-interest
expense
|
170,380
|
|
|
|
172,662
|
|
|
(1.3)
|
|
|
166,379
|
|
|
2.4
|
|
Core earnings per
common share - diluted
|
1.59
|
|
|
|
1.82
|
|
|
(12.6)
|
|
|
1.86
|
|
|
(14.5)
|
|
Core tangible
efficiency ratio (TE) (1) (3)
|
56.2
|
%
|
|
|
53.4
|
%
|
|
|
|
50.7
|
%
|
|
|
Core return on
average assets
|
1.10
|
|
|
|
1.26
|
|
|
|
|
1.37
|
|
|
|
Core return on
average common equity
|
8.13
|
|
|
|
9.46
|
|
|
|
|
10.75
|
|
|
|
Core return on
average tangible common equity
|
12.39
|
|
|
|
14.48
|
|
|
|
|
16.98
|
|
|
|
Net interest margin
(TE) - cash basis (1)
|
3.08
|
|
|
|
3.24
|
|
|
|
|
3.52
|
|
|
|
|
(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 $14.8
million, or 6%, on a linked quarter basis. The decrease in
net interest income reflects a 23 basis point decline in the net
interest margin to 3.21% compared to 3.44% in the prior quarter.
The lower net interest margin was primarily the result of a 30
basis point decrease in loan yield somewhat offset by an 8 basis
point decline in the cost of interest-bearing liabilities. The
decrease in loan yield was primarily attributable to the repricing
of variable rate loans, as well as origination rates below
portfolio rates, as a result of recent cuts to the targeted federal
funds rate and the corresponding impact to LIBOR. Additionally, the
loan yield was impacted by lower pay-offs and related recoveries in
the acquired loan portfolio during the fourth quarter. The decline
in the cost of interest-bearing liabilities was primarily
attributable to recent interest rate cuts.
The provision for credit losses totaled $8.2 million compared to $9.0 million in the prior quarter. Net
charge-offs to average loans on an annualized basis decreased 3
basis points to 0.11% compared to the prior quarter. At
December 31, 2019, the allowance for
loan and lease losses to total loans and leases was 0.61% compared
to 0.62% in the prior quarter and covered 103% of non-performing
loans.
Non-interest income decreased $4.3
million, or 7%, on a linked quarter basis, primarily the
result of a $2.1 million decrease in
mortgage income in the current quarter and a $3.2 million gain on non-mortgage loan sales that
occurred in the third quarter. These decreases were partially
offset by a $0.7 million increase in
swap income.
Non-interest expense increased $9.1
million, or 5%, compared to the linked quarter, primarily as
a result of a $9.9 million increase
in professional services expense and a $3.7
million increase in salaries and employee benefits expense.
These increases were partially offset by a $1.6 million decrease in credit and other
loan-related expense. Non-interest expense included $16.5 million in merger-related expense, of
which $11.3 million was
considered non-core and $5.2 million
core. Core merger-related expense included $2.5 million in benefits, $2.4 million in compensation, and $0.3 million in marketing. Total core
non-interest expense decreased $2.3
million, or 1%, on a linked quarter basis.
On a linked quarter basis, the efficiency ratio increased
to 61.8% from 55.2%, primarily due to the decrease in net interest
income and the impact of merger-related expense, while the non-GAAP
core tangible efficiency ratio increased to 56.2% compared to
53.4%. 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
|
|
|
12/31/2019
|
|
9/30/2019
|
|
%
Change
|
|
12/31/2018
|
|
%
Change
|
PERIOD-END BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans and
leases, net of unearned income
|
$
|
24,021,499
|
|
|
|
$
|
23,676,537
|
|
|
|
1.5
|
|
|
$
|
22,519,815
|
|
|
|
6.7
|
|
|
Total
deposits
|
25,219,349
|
|
|
|
24,977,285
|
|
|
|
1.0
|
|
|
23,763,431
|
|
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due and still accruing as a percentage of total loans
(1)
|
0.28
|
%
|
|
|
0.23
|
%
|
|
|
|
|
0.25
|
%
|
|
|
|
|
Loans 90 days or more
past due and still accruing as a percentage of total loans
(1)
|
0.01
|
|
|
|
0.02
|
|
|
|
|
|
0.01
|
|
|
|
|
|
Non-performing assets
to total assets (1)(2)
|
0.54
|
|
|
|
0.58
|
|
|
|
|
|
0.55
|
|
|
|
|
|
Classified assets to
total assets (3)
|
0.84
|
|
|
|
0.89
|
|
|
|
|
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (4) (5)
|
9.24
|
%
|
|
|
9.05
|
%
|
|
|
|
|
8.84
|
%
|
|
|
|
|
Tier 1 leverage ratio
(6)
|
9.90
|
|
|
|
9.78
|
|
|
|
|
|
9.63
|
|
|
|
|
|
Total risk-based
capital ratio (6)
|
12.43
|
|
|
|
12.34
|
|
|
|
|
|
12.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value
|
$
|
78.37
|
|
|
|
$
|
77.58
|
|
|
|
1.0
|
|
|
$
|
71.61
|
|
|
|
9.4
|
|
|
Tangible book value
(Non-GAAP) (4) (5)
|
53.63
|
|
|
|
52.68
|
|
|
|
1.8
|
|
|
47.61
|
|
|
|
12.6
|
|
|
Closing stock
price
|
74.83
|
|
|
|
75.54
|
|
|
|
(0.9)
|
|
|
64.28
|
|
|
|
16.4
|
|
|
Cash
dividends
|
0.45
|
|
|
|
0.45
|
|
|
|
—
|
|
|
0.41
|
|
|
|
9.8
|
|
|
(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 $265 million, $283 million and $302 million at December
31, 2019, September 30, 2019, and December 31, 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 December 31, 2019 are preliminary.
|
Loans and Leases
On a linked quarter basis, total loans and leases
increased $345.0 million, or 6%
annualized, to $24.0 billion at
December 31, 2019. Growth during the
fourth quarter of 2019 was strongest in the Birmingham,
Houston, Atlanta, and New
York 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
|
|
12/31/2019
|
|
9/30/2019
|
|
12/31/2018
|
|
$
|
%
|
|
Annualized
|
|
$
|
%
|
|
12/31/2019
|
9/30/2019
|
Commercial loans and
leases
|
$
|
16,611,633
|
|
|
$
|
16,299,881
|
|
|
$
|
15,125,322
|
|
|
311,752
|
|
1.9
|
|
|
7.6
|
%
|
|
1,486,311
|
|
9.8
|
|
|
69.2
|
%
|
68.9
|
%
|
Residential mortgage
loans
|
4,739,075
|
|
|
4,649,745
|
|
|
4,359,156
|
|
|
89,330
|
|
1.9
|
|
|
7.6
|
%
|
|
379,919
|
|
8.7
|
|
|
19.7
|
%
|
19.6
|
%
|
Consumer and other
loans
|
2,670,791
|
|
|
2,726,911
|
|
|
3,035,337
|
|
|
(56,120)
|
|
(2.1)
|
|
|
(8.2)
|
%
|
|
(364,546)
|
|
(12.0)
|
|
|
11.1
|
%
|
11.5
|
%
|
Total loans and
leases
|
$
|
24,021,499
|
|
|
$
|
23,676,537
|
|
|
$
|
22,519,815
|
|
|
344,962
|
|
1.5
|
|
|
5.8
|
%
|
|
1,501,684
|
|
6.7
|
|
|
100.0
|
%
|
100.0
|
%
|
Investment Securities
On a linked quarter basis, the investment portfolio
decreased $306.8 million, or 28%
annualized, to $4.1 billion, as a
result of normal cash flow activity. At December 31, 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 2.7 years at December 31, 2019, up from 2.5 years at
September 30, 2019, and a
$57.8 million unrealized gain at
December 31, 2019, down from
$70.1 million at September 30, 2019. The average yield on
investment securities decreased 20 basis points to 2.51% in the
fourth quarter of 2019. The investment portfolio primarily consists
of government agency securities. Municipal securities comprised 8%
of total investments at December 31,
2019.
Deposits
Total deposits increased $242.1
million, or 4% annualized, to $25.2
billion at December 31, 2019.
Growth during the fourth quarter of 2019 was strongest in the
New Orleans, Acadiana, and
Miami-Dade markets. Deposit growth during the quarter was partially
offset by a $362.2 million reduction
in brokered time deposits.
Table D - Period-End Deposits
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
Linked Qtr Change
|
|
Year/Year Change
|
|
Mix
|
|
12/31/2019
|
|
9/30/2019
|
|
12/31/2018
|
|
$
|
%
|
Annualized
|
|
$
|
%
|
|
12/31/2019
|
9/30/2019
|
Non-interest-bearing
|
$
|
6,319,806
|
|
|
$
|
6,518,783
|
|
|
$
|
6,542,490
|
|
|
(198,977)
|
|
(3.1)
|
|
(12.1)
|
%
|
|
(222,684)
|
|
(3.4)
|
|
|
25.1
|
%
|
26.1
|
%
|
NOW
accounts
|
4,821,252
|
|
|
4,503,353
|
|
|
4,514,113
|
|
|
317,899
|
|
7.1
|
|
28.0
|
%
|
|
307,139
|
|
6.8
|
|
|
19.1
|
%
|
18.0
|
%
|
Money market
accounts
|
9,121,283
|
|
|
8,654,605
|
|
|
8,237,291
|
|
|
466,678
|
|
5.4
|
|
21.4
|
%
|
|
883,992
|
|
10.7
|
|
|
36.2
|
%
|
34.7
|
%
|
Savings
accounts
|
683,366
|
|
|
671,156
|
|
|
828,914
|
|
|
12,210
|
|
1.8
|
|
7.2
|
%
|
|
(145,548)
|
|
(17.6)
|
|
|
2.7
|
%
|
2.7
|
%
|
Time
deposits
|
4,273,642
|
|
|
4,629,388
|
|
|
3,640,623
|
|
|
(355,746)
|
|
(7.7)
|
|
(30.5)
|
%
|
|
633,019
|
|
17.4
|
|
|
16.9
|
%
|
18.5
|
%
|
Total
deposits
|
$
|
25,219,349
|
|
|
$
|
24,977,285
|
|
|
$
|
23,763,431
|
|
|
242,064
|
|
1.0
|
|
3.8
|
%
|
|
1,455,918
|
|
6.1
|
|
|
100.0
|
%
|
100.0
|
%
|
Asset Quality
Credit quality remained strong and continued to improve.
Classified assets decreased $17.4
million, or 6%, from September 30,
2019 and were 0.84% of total assets compared to 0.89% in the
prior quarter and 0.98% in the prior year. Non-performing assets to
total assets were 0.54% at December 31,
2019 compared to 0.58% in the prior quarter and 0.55% in the
prior year. Loans 30-89 days past due and still accruing
represented 0.28% of total loans and leases compared to 0.23% in
the prior quarter and 0.25% one year ago. As a percentage of
average loans and leases, annualized net charge-offs for the
quarter decreased three basis points on a linked quarter basis to
0.11% and year-to-date net charge-offs decreased to 0.13%, down two
basis points from the prior year.
The allowance for loan and lease losses was $146.6 million and represented 0.61% of total
loans and leases compared to 0.62% as of September 30, 2019.
Refer to Table 5 - Loans and Asset Quality Data for
further information.
Capital Position
At December 31, 2019, the
non-GAAP tangible common equity ratio was 9.24%, up 19 basis points
compared to September 30, 2019, and
the preliminary Tier 1 leverage ratio was 9.90%, up 12 basis points
compared to September 30, 2019. The
preliminary calculation of the total risk-based capital ratio at
December 31, 2019, was 12.43%, up 9
basis points compared to September 30,
2019.
At December 31, 2019, book
value per common share was $78.37, up
$0.79 per share, compared to
September 30, 2019. Tangible book
value per common share was $53.63, up
$0.95 per share, compared to
September 30, 2019. Based on the
closing stock price of the Company's common stock of $77.05 per share on January 23, 2020, this price equated to 0.98
times December 31, 2019 book value
per common share and 1.44 times December 31, 2019 tangible book value per common
share.
Dividends On Capital Stock The declaration of
dividends is at the discretion of the Board of Directors. Recent
dividend declarations include the following:
Common Stock On December 19, 2019, the Company announced a
quarterly cash dividend of $0.45 per
common share, consistent with the common dividend declared in July.
The dividend is payable on January 24,
2020 to shareholders of record as of December 31, 2019.
Preferred Stock On January 6, 2020, the Company announced a
semi-annual cash dividend of $0.8281
per depositary share of Series B Preferred Stock that is payable on
February 3, 2020 to shareholders of
record as of January 17, 2020. On
January 6, 2020 the Company also
announced a quarterly cash dividend of $0.4125 per depositary share of Series C
Preferred Stock that is payable on February
3, 2020 to shareholders of record as of January 17, 2020.
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. At
December 31, 2019, the Company had
approximately 1,165,000 remaining shares that may be repurchased
under the current Board-approved plan. During the fourth
quarter of 2019, the Company did not repurchase any common shares.
No further stock repurchases are expected due to the pending merger
with First Horizon National Corporation.
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,
commercial leasing and equipment financing, 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
January 23, 2020.
The following 9 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.
- Raymond James &
Associates, Inc.
- Piper Sandler
- Stephens,
Inc.
- SunTrust Robinson-Humphrey
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:
|
12/31/2019
|
|
9/30/2019
|
|
%
Change
|
|
12/31/2018
|
|
%
Change
|
|
Net interest
income
|
$
|
234,490
|
|
|
|
$
|
249,333
|
|
|
|
(6.0)
|
|
|
$
|
265,021
|
|
|
|
(11.5)
|
|
|
Net interest income
(TE) (1)
|
235,858
|
|
|
|
250,653
|
|
|
|
(5.9)
|
|
|
266,448
|
|
|
|
(11.5)
|
|
|
Total
revenues
|
293,842
|
|
|
|
313,007
|
|
|
|
(6.1)
|
|
|
265,990
|
|
|
|
10.5
|
|
|
Provision for credit
losses
|
8,153
|
|
|
|
8,986
|
|
|
|
(9.3)
|
|
|
13,094
|
|
|
|
(37.7)
|
|
|
Non-interest
expense
|
181,723
|
|
|
|
172,662
|
|
|
|
5.2
|
|
|
168,989
|
|
|
|
7.5
|
|
|
Net income available
to common shareholders
|
78,120
|
|
|
|
96,251
|
|
|
|
(18.8)
|
|
|
129,090
|
|
|
|
(39.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings available to
common shareholders - basic
|
$
|
1.49
|
|
|
|
$
|
1.83
|
|
|
|
(18.6)
|
|
|
$
|
2.33
|
|
|
|
(36.1)
|
|
|
Earnings available to
common shareholders - diluted
|
1.48
|
|
|
|
1.82
|
|
|
|
(18.7)
|
|
|
2.32
|
|
|
|
(36.2)
|
|
|
Core earnings
(Non-GAAP) (2)
|
1.59
|
|
|
|
1.82
|
|
|
|
(12.6)
|
|
|
1.86
|
|
|
|
(14.5)
|
|
|
Book value
|
78.37
|
|
|
|
77.58
|
|
|
|
1.0
|
|
|
71.61
|
|
|
|
9.4
|
|
|
Tangible book value
(Non-GAAP) (2) (3)
|
53.63
|
|
|
|
52.68
|
|
|
|
1.8
|
|
|
47.61
|
|
|
|
12.6
|
|
|
Closing stock
price
|
74.83
|
|
|
|
75.54
|
|
|
|
(0.9)
|
|
|
64.28
|
|
|
|
16.4
|
|
|
Cash
dividends
|
0.45
|
|
|
|
0.45
|
|
|
|
—
|
|
|
0.41
|
|
|
|
9.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS AND OTHER DATA
(6):
|
|
|
|
|
|
|
|
|
|
Net interest margin
(TE) (1)
|
3.21
|
%
|
|
|
3.44
|
%
|
|
|
|
|
3.81
|
%
|
|
|
|
|
Efficiency
ratio
|
61.8
|
|
|
|
55.2
|
|
|
|
|
|
63.5
|
|
|
|
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2) (3)
|
56.2
|
|
|
|
53.4
|
|
|
|
|
|
50.7
|
|
|
|
|
|
Return on average
assets
|
1.03
|
|
|
|
1.26
|
|
|
|
|
|
1.70
|
|
|
|
|
|
Return on average
common equity
|
7.58
|
|
|
|
9.46
|
|
|
|
|
|
13.38
|
|
|
|
|
|
Core return on
average tangible common equity (Non-GAAP)
(2)(3)
|
12.39
|
|
|
|
14.48
|
|
|
|
|
|
16.98
|
|
|
|
|
|
Effective tax
rate
|
20.6
|
|
|
|
24.0
|
|
|
|
|
|
(55.0)
|
|
|
|
|
|
Full-time equivalent
employees
|
3,401
|
|
|
|
3,397
|
|
|
|
|
|
3,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity ratio (Non-GAAP) (2) (3)
|
9.24
|
%
|
|
|
9.05
|
%
|
|
|
|
|
8.84
|
%
|
|
|
|
|
Tangible common
equity to risk-weighted assets (3)
|
10.59
|
|
|
|
10.51
|
|
|
|
|
|
10.43
|
|
|
|
|
|
Tier 1 leverage ratio
(4)
|
9.90
|
|
|
|
9.78
|
|
|
|
|
|
9.63
|
|
|
|
|
|
Common equity Tier 1
(CET 1) ratio(4)
|
10.52
|
|
|
|
10.41
|
|
|
|
|
|
10.72
|
|
|
|
|
|
Tier 1 capital ratio
(4)
|
11.38
|
|
|
|
11.28
|
|
|
|
|
|
11.25
|
|
|
|
|
|
Total risk-based
capital ratio (4)
|
12.43
|
|
|
|
12.34
|
|
|
|
|
|
12.33
|
|
|
|
|
|
Common stock dividend
payout ratio
|
30.2
|
|
|
|
24.4
|
|
|
|
|
|
17.8
|
|
|
|
|
|
Classified assets to
Tier 1 capital (7)
|
8.8
|
|
|
|
9.6
|
|
|
|
|
|
10.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total assets (5)
|
0.54
|
%
|
|
|
0.58
|
%
|
|
|
|
|
0.55
|
%
|
|
|
|
|
ALLL to total loans
and leases
|
0.61
|
|
|
|
0.62
|
|
|
|
|
|
0.62
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.11
|
|
|
|
0.14
|
|
|
|
|
|
0.14
|
|
|
|
|
|
Non-performing assets
to total loans and OREO (5)
|
0.71
|
|
|
|
0.78
|
|
|
|
|
|
0.75
|
|
|
|
|
|
(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 December 31, 2019 are preliminary.
|
(5)
|
Non-performing assets
consist of non-accruing loans, accruing loans 90 days or more past
due and other real estate owned, including repossessed assets. For
purposes of this table, past due and non-accrual loan amounts
exclude acquired impaired loans, even if contractually past due or
if the Company does not expect to receive payment in full, as the
Company is currently accreting interest income over the expected
life of the loans.
|
(6)
|
All ratios are
calculated on an annualized basis for the periods
indicated.
|
(7)
|
Classified assets
include 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
|
|
12/31/2019
|
|
9/30/2019
|
|
$
|
%
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
$
|
%
|
Interest
income
|
$
|
314,779
|
|
|
$
|
333,178
|
|
|
(18,399)
|
|
(5.5)
|
|
|
$
|
335,967
|
|
|
$
|
326,084
|
|
|
$
|
330,196
|
|
|
(15,417)
|
|
(4.7)
|
|
Interest
expense
|
80,289
|
|
|
83,845
|
|
|
(3,556)
|
|
(4.2)
|
|
|
80,628
|
|
|
75,600
|
|
|
65,175
|
|
|
15,114
|
|
23.2
|
|
Net interest
income
|
234,490
|
|
|
249,333
|
|
|
(14,843)
|
|
(6.0)
|
|
|
255,339
|
|
|
250,484
|
|
|
265,021
|
|
|
(30,531)
|
|
(11.5)
|
|
Provision for credit
losses
|
8,153
|
|
|
8,986
|
|
|
(833)
|
|
(9.3)
|
|
|
10,755
|
|
|
13,763
|
|
|
13,094
|
|
|
(4,941)
|
|
(37.7)
|
|
Net interest income
after provision for credit losses
|
226,337
|
|
|
240,347
|
|
|
(14,010)
|
|
(5.8)
|
|
|
244,584
|
|
|
236,721
|
|
|
251,927
|
|
|
(25,590)
|
|
(10.2)
|
|
Mortgage
income
|
15,305
|
|
|
17,432
|
|
|
(2,127)
|
|
(12.2)
|
|
|
18,444
|
|
|
11,849
|
|
|
10,379
|
|
|
4,926
|
|
47.5
|
|
Service charges on
deposit accounts
|
12,970
|
|
|
13,209
|
|
|
(239)
|
|
(1.8)
|
|
|
12,847
|
|
|
12,810
|
|
|
13,425
|
|
|
(455)
|
|
(3.4)
|
|
Title
revenue
|
6,638
|
|
|
7,170
|
|
|
(532)
|
|
(7.4)
|
|
|
6,895
|
|
|
5,225
|
|
|
5,996
|
|
|
642
|
|
10.7
|
|
Broker
commissions
|
2,483
|
|
|
1,800
|
|
|
683
|
|
37.9
|
|
|
2,044
|
|
|
1,953
|
|
|
1,951
|
|
|
532
|
|
27.3
|
|
ATM/debit card fee
income
|
3,309
|
|
|
2,948
|
|
|
361
|
|
12.2
|
|
|
3,032
|
|
|
2,582
|
|
|
2,267
|
|
|
1,042
|
|
46.0
|
|
Income from bank
owned life insurance
|
1,887
|
|
|
1,760
|
|
|
127
|
|
7.2
|
|
|
1,750
|
|
|
1,797
|
|
|
2,023
|
|
|
(136)
|
|
(6.7)
|
|
Gain (loss) on sale
of available-for-sale securities
|
8
|
|
|
27
|
|
|
(19)
|
|
(70.4)
|
|
|
(1,014)
|
|
|
—
|
|
|
(49,844)
|
|
|
49,852
|
|
NM
|
|
Trust department
income
|
4,222
|
|
|
4,281
|
|
|
(59)
|
|
(1.4)
|
|
|
4,388
|
|
|
4,167
|
|
|
4,319
|
|
|
(97)
|
|
(2.2)
|
|
Other non-interest
income
|
12,530
|
|
|
15,047
|
|
|
(2,517)
|
|
(16.7)
|
|
|
10,439
|
|
|
12,126
|
|
|
10,453
|
|
|
2,077
|
|
19.9
|
|
Total non-interest
income
|
59,352
|
|
|
63,674
|
|
|
(4,322)
|
|
(6.8)
|
|
|
58,825
|
|
|
52,509
|
|
|
969
|
|
|
58,383
|
|
NM
|
|
Salaries and employee
benefits
|
106,941
|
|
|
103,257
|
|
|
3,684
|
|
3.6
|
|
|
103,375
|
|
|
98,296
|
|
|
101,551
|
|
|
5,390
|
|
5.3
|
|
Occupancy and
equipment
|
20,894
|
|
|
21,316
|
|
|
(422)
|
|
(2.0)
|
|
|
18,999
|
|
|
18,564
|
|
|
18,379
|
|
|
2,515
|
|
13.7
|
|
Amortization of
acquisition intangibles
|
4,259
|
|
|
4,410
|
|
|
(151)
|
|
(3.4)
|
|
|
4,786
|
|
|
5,009
|
|
|
5,083
|
|
|
(824)
|
|
(16.2)
|
|
Computer services
expense
|
9,930
|
|
|
9,638
|
|
|
292
|
|
3.0
|
|
|
9,383
|
|
|
9,157
|
|
|
8,942
|
|
|
988
|
|
11.0
|
|
Professional
services
|
16,267
|
|
|
6,323
|
|
|
9,944
|
|
157.3
|
|
|
6,244
|
|
|
4,450
|
|
|
8,628
|
|
|
7,639
|
|
88.5
|
|
Credit and other
loan-related expense
|
2,916
|
|
|
4,532
|
|
|
(1,616)
|
|
(35.7)
|
|
|
4,141
|
|
|
2,859
|
|
|
4,776
|
|
|
(1,860)
|
|
(38.9)
|
|
Other non-interest
expense
|
20,516
|
|
|
23,186
|
|
|
(2,670)
|
|
(11.5)
|
|
|
22,690
|
|
|
20,418
|
|
|
21,630
|
|
|
(1,114)
|
|
(5.2)
|
|
Total non-interest
expense
|
181,723
|
|
|
172,662
|
|
|
9,061
|
|
5.2
|
|
|
169,618
|
|
|
158,753
|
|
|
168,989
|
|
|
12,734
|
|
7.5
|
|
Income before income
taxes
|
103,966
|
|
|
131,359
|
|
|
(27,393)
|
|
(20.9)
|
|
|
133,791
|
|
|
130,477
|
|
|
83,907
|
|
|
20,059
|
|
23.9
|
|
Income tax expense
(benefit)
|
21,390
|
|
|
31,509
|
|
|
(10,119)
|
|
(32.1)
|
|
|
32,193
|
|
|
30,346
|
|
|
(46,132)
|
|
|
67,522
|
|
146.4
|
|
Net income
|
82,576
|
|
|
99,850
|
|
|
(17,274)
|
|
(17.3)
|
|
|
101,598
|
|
|
100,131
|
|
|
130,039
|
|
|
(47,463)
|
|
(36.5)
|
|
Less: Preferred stock
dividends
|
4,456
|
|
|
3,599
|
|
|
857
|
|
23.8
|
|
|
949
|
|
|
3,598
|
|
|
949
|
|
|
3,507
|
|
369.5
|
|
Net income available
to common shareholders
|
$
|
78,120
|
|
|
$
|
96,251
|
|
|
(18,131)
|
|
(18.8)
|
|
|
$
|
100,649
|
|
|
$
|
96,533
|
|
|
$
|
129,090
|
|
|
(50,970)
|
|
(39.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
78,120
|
|
|
$
|
96,251
|
|
|
(18,131)
|
|
(18.8)
|
|
|
$
|
100,649
|
|
|
$
|
96,533
|
|
|
$
|
129,090
|
|
|
(50,970)
|
|
(39.5)
|
|
Less: Earnings
allocated to unvested restricted stock
|
752
|
|
|
874
|
|
|
(122)
|
|
(14.0)
|
|
|
999
|
|
|
933
|
|
|
1,214
|
|
|
(462)
|
|
(38.1)
|
|
Earnings allocated to
common shareholders
|
$
|
77,368
|
|
|
$
|
95,377
|
|
|
(18,009)
|
|
(18.9)
|
|
|
$
|
99,650
|
|
|
$
|
95,600
|
|
|
$
|
127,876
|
|
|
(50,508)
|
|
(39.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
1.49
|
|
|
$
|
1.83
|
|
|
(0.34)
|
|
(18.6)
|
|
|
$
|
1.87
|
|
|
$
|
1.76
|
|
|
$
|
2.33
|
|
|
(0.84)
|
|
(36.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
1.48
|
|
|
1.82
|
|
|
(0.34)
|
|
(18.7)
|
|
|
1.86
|
|
|
1.75
|
|
|
2.32
|
|
|
(0.84)
|
|
(36.2)
|
|
Impact of non-core
items (Non-GAAP) (1)
|
0.11
|
|
|
—
|
|
|
0.11
|
|
100.0
|
|
|
0.01
|
|
|
(0.03)
|
|
|
(0.46)
|
|
|
0.57
|
|
123.9
|
|
Earnings per share -
diluted, excluding non-core items
(Non-GAAP)(1)
|
$
|
1.59
|
|
|
$
|
1.82
|
|
|
(0.23)
|
|
(12.6)
|
|
|
$
|
1.87
|
|
|
$
|
1.72
|
|
|
$
|
1.86
|
|
|
(0.27)
|
|
(14.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
51,835
|
|
|
51,984
|
|
|
(149)
|
|
(0.3)
|
|
|
53,345
|
|
|
54,177
|
|
|
54,892
|
|
|
(3,057)
|
|
(5.6)
|
|
Weighted average
common shares outstanding - diluted
|
52,142
|
|
|
52,292
|
|
|
(150)
|
|
(0.3)
|
|
|
53,674
|
|
|
54,539
|
|
|
55,215
|
|
|
(3,073)
|
|
(5.6)
|
|
Book value shares
(period end)
|
52,420
|
|
|
52,266
|
|
|
154
|
|
0.3
|
|
|
52,805
|
|
|
54,551
|
|
|
54,796
|
|
|
(2,376)
|
|
(4.3)
|
|
|
(1) See Table 9 and Table 10 for
GAAP to Non-GAAP reconciliations.
|
NM - not
meaningful
|
Table 3 - IBERIABANK
CORPORATION
|
CONDENSED CONSOLIDATED INCOME
STATEMENTS
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
For the Years Ended
|
|
|
|
|
|
Change
|
|
12/31/2019
|
|
12/31/2018
|
|
$
|
%
|
Interest
income
|
$
|
1,310,008
|
|
|
$
|
1,221,629
|
|
|
88,379
|
|
7.2
|
|
Interest
expense
|
320,362
|
|
|
208,381
|
|
|
111,981
|
|
53.7
|
|
Net interest
income
|
989,646
|
|
|
1,013,248
|
|
|
(23,602)
|
|
(2.3)
|
|
Provision for credit
losses
|
41,657
|
|
|
40,385
|
|
|
1,272
|
|
3.1
|
|
Net interest income
after provision for credit losses
|
947,989
|
|
|
972,863
|
|
|
(24,874)
|
|
(2.6)
|
|
Mortgage
income
|
63,030
|
|
|
46,424
|
|
|
16,606
|
|
35.8
|
|
Service charges on
deposit accounts
|
51,836
|
|
|
52,803
|
|
|
(967)
|
|
(1.8)
|
|
Title
revenue
|
25,928
|
|
|
24,149
|
|
|
1,779
|
|
7.4
|
|
Broker
commissions
|
8,280
|
|
|
9,195
|
|
|
(915)
|
|
(10.0)
|
|
ATM/debit card fee
income
|
11,871
|
|
|
10,295
|
|
|
1,576
|
|
15.3
|
|
Income from bank
owned life insurance
|
7,194
|
|
|
6,310
|
|
|
884
|
|
14.0
|
|
Loss on sale of
available-for-sale securities
|
(979)
|
|
|
(49,900)
|
|
|
48,921
|
|
NM
|
|
Trust department
income
|
17,058
|
|
|
15,981
|
|
|
1,077
|
|
6.7
|
|
Other non-interest
income
|
50,142
|
|
|
37,305
|
|
|
12,837
|
|
34.4
|
|
Total non-interest
income
|
234,360
|
|
|
152,562
|
|
|
81,798
|
|
53.6
|
|
Salaries and employee
benefits
|
411,869
|
|
|
414,741
|
|
|
(2,872)
|
|
(0.7)
|
|
Occupancy and
equipment
|
79,773
|
|
|
77,246
|
|
|
2,527
|
|
3.3
|
|
Amortization of
acquisition intangibles
|
18,464
|
|
|
21,678
|
|
|
(3,214)
|
|
(14.8)
|
|
Computer services
expense
|
38,108
|
|
|
39,680
|
|
|
(1,572)
|
|
(4.0)
|
|
Professional
services
|
33,284
|
|
|
28,698
|
|
|
4,586
|
|
16.0
|
|
Credit and other
loan-related expense
|
14,448
|
|
|
19,088
|
|
|
(4,640)
|
|
(24.3)
|
|
Other non-interest
expense
|
86,810
|
|
|
121,767
|
|
|
(34,957)
|
|
(28.7)
|
|
Total non-interest
expense
|
682,756
|
|
|
722,898
|
|
|
(40,142)
|
|
(5.6)
|
|
Income before income
taxes
|
499,593
|
|
|
402,527
|
|
|
97,066
|
|
24.1
|
|
Income tax
expense
|
115,438
|
|
|
32,278
|
|
|
83,160
|
|
257.6
|
|
Net income
|
384,155
|
|
|
370,249
|
|
|
13,906
|
|
3.8
|
|
Less: Preferred stock
dividends
|
12,602
|
|
|
9,095
|
|
|
3,507
|
|
38.6
|
|
Net income available
to common shareholders
|
$
|
371,553
|
|
|
$
|
361,154
|
|
|
10,399
|
|
2.9
|
|
|
|
|
|
|
|
|
Income available to
common shareholders - basic
|
$
|
371,553
|
|
|
$
|
361,154
|
|
|
10,399
|
|
2.9
|
|
Less: Earnings
allocated to unvested restricted stock
|
3,559
|
|
|
3,583
|
|
|
(24)
|
|
(0.7)
|
|
Earnings allocated to
common shareholders
|
$
|
367,994
|
|
|
$
|
357,571
|
|
|
10,423
|
|
2.9
|
|
|
|
|
|
|
|
|
Earnings per common
share - basic
|
$
|
6.97
|
|
|
$
|
6.50
|
|
|
0.47
|
|
7.2
|
|
|
|
|
|
|
|
|
Earnings per common
share - diluted
|
6.92
|
|
|
6.46
|
|
|
0.46
|
|
7.1
|
|
Impact of non-core
items (Non-GAAP) (1)
|
0.09
|
|
|
0.23
|
|
|
(0.14)
|
|
(60.9)
|
|
Earnings per share -
diluted, excluding non-core items (Non-GAAP)
(1)
|
$
|
7.01
|
|
|
$
|
6.69
|
|
|
0.32
|
|
4.8
|
|
|
|
|
|
|
|
|
NUMBER OF COMMON
SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
52,826
|
|
|
55,008
|
|
|
(2,182)
|
|
(4.0)
|
|
Weighted average
common shares outstanding - diluted
|
53,153
|
|
|
55,360
|
|
|
(2,207)
|
|
(4.0)
|
|
Book value shares
(period end)
|
52,420
|
|
|
54,796
|
|
|
(2,376)
|
|
(4.3)
|
|
|
(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
|
12/31/2019
|
|
9/30/2019
|
|
$
|
|
%
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
289,794
|
|
|
$
|
353,346
|
|
|
(63,552)
|
|
|
(18.0)
|
|
|
$
|
289,502
|
|
|
$
|
280,680
|
|
|
$
|
294,186
|
|
|
(4,392)
|
|
|
(1.5)
|
|
Interest-bearing
deposits in other banks
|
604,929
|
|
|
577,587
|
|
|
27,342
|
|
|
4.7
|
|
|
499,813
|
|
|
391,217
|
|
|
396,267
|
|
|
208,662
|
|
|
52.7
|
|
Total cash and cash
equivalents
|
894,723
|
|
|
930,933
|
|
|
(36,210)
|
|
|
(3.9)
|
|
|
789,315
|
|
|
671,897
|
|
|
690,453
|
|
|
204,270
|
|
|
29.6
|
|
Investment securities
available for sale
|
3,933,360
|
|
|
4,238,082
|
|
|
(304,722)
|
|
|
(7.2)
|
|
|
4,455,308
|
|
|
4,873,778
|
|
|
4,783,579
|
|
|
(850,219)
|
|
|
(17.8)
|
|
Investment securities
held to maturity
|
182,961
|
|
|
185,007
|
|
|
(2,046)
|
|
|
(1.1)
|
|
|
192,917
|
|
|
198,958
|
|
|
207,446
|
|
|
(24,485)
|
|
|
(11.8)
|
|
Total investment
securities
|
4,116,321
|
|
|
4,423,089
|
|
|
(306,768)
|
|
|
(6.9)
|
|
|
4,648,225
|
|
|
5,072,736
|
|
|
4,991,025
|
|
|
(874,704)
|
|
|
(17.5)
|
|
Mortgage loans held
for sale
|
213,357
|
|
|
255,276
|
|
|
(41,919)
|
|
|
(16.4)
|
|
|
187,987
|
|
|
128,451
|
|
|
107,734
|
|
|
105,623
|
|
|
98.0
|
|
Loans and leases, net
of unearned income
|
24,021,499
|
|
|
23,676,537
|
|
|
344,962
|
|
|
1.5
|
|
|
23,355,311
|
|
|
22,968,295
|
|
|
22,519,815
|
|
|
1,501,684
|
|
|
6.7
|
|
Allowance for loan
and lease losses
|
(146,588)
|
|
|
(146,235)
|
|
|
353
|
|
|
0.2
|
|
|
(146,386)
|
|
|
(142,966)
|
|
|
(140,571)
|
|
|
6,017
|
|
|
4.3
|
|
Loans and leases,
net
|
23,874,911
|
|
|
23,530,302
|
|
|
344,609
|
|
|
1.5
|
|
|
23,208,925
|
|
|
22,825,329
|
|
|
22,379,244
|
|
|
1,495,667
|
|
|
6.7
|
|
Premises and
equipment, net
|
296,688
|
|
|
298,309
|
|
|
(1,621)
|
|
|
(0.5)
|
|
|
295,897
|
|
|
297,342
|
|
|
300,507
|
|
|
(3,819)
|
|
|
(1.3)
|
|
Goodwill and other
intangible assets
|
1,312,701
|
|
|
1,314,676
|
|
|
(1,975)
|
|
|
(0.2)
|
|
|
1,317,151
|
|
|
1,319,992
|
|
|
1,324,269
|
|
|
(11,568)
|
|
|
(0.9)
|
|
Other
assets
|
1,004,749
|
|
|
982,013
|
|
|
22,736
|
|
|
2.3
|
|
|
999,032
|
|
|
944,442
|
|
|
1,039,783
|
|
|
(35,034)
|
|
|
(3.4)
|
|
Total
assets
|
$
|
31,713,450
|
|
|
$
|
31,734,598
|
|
|
(21,148)
|
|
|
(0.1)
|
|
|
$
|
31,446,532
|
|
|
$
|
31,260,189
|
|
|
$
|
30,833,015
|
|
|
880,435
|
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,319,806
|
|
|
$
|
6,518,783
|
|
|
(198,977)
|
|
|
(3.1)
|
|
|
$
|
6,474,394
|
|
|
$
|
6,448,613
|
|
|
$
|
6,542,490
|
|
|
(222,684)
|
|
|
(3.4)
|
|
NOW
accounts
|
4,821,252
|
|
|
4,503,353
|
|
|
317,899
|
|
|
7.1
|
|
|
4,610,577
|
|
|
4,452,966
|
|
|
4,514,113
|
|
|
307,139
|
|
|
6.8
|
|
Savings and money
market accounts
|
9,804,649
|
|
|
9,325,761
|
|
|
478,888
|
|
|
5.1
|
|
|
8,895,463
|
|
|
9,119,263
|
|
|
9,066,205
|
|
|
738,444
|
|
|
8.1
|
|
Time
deposits
|
4,273,642
|
|
|
4,629,388
|
|
|
(355,746)
|
|
|
(7.7)
|
|
|
4,314,897
|
|
|
4,071,220
|
|
|
3,640,623
|
|
|
633,019
|
|
|
17.4
|
|
Total
deposits
|
25,219,349
|
|
|
24,977,285
|
|
|
242,064
|
|
|
1.0
|
|
|
24,295,331
|
|
|
24,092,062
|
|
|
23,763,431
|
|
|
1,455,918
|
|
|
6.1
|
|
Short-term
borrowings
|
—
|
|
|
275,000
|
|
|
(275,000)
|
|
|
(100.0)
|
|
|
813,000
|
|
|
845,000
|
|
|
1,167,000
|
|
|
(1,167,000)
|
|
|
(100.0)
|
|
Securities sold under
agreements to repurchase
|
204,208
|
|
|
223,049
|
|
|
(18,841)
|
|
|
(8.4)
|
|
|
184,507
|
|
|
261,131
|
|
|
315,882
|
|
|
(111,674)
|
|
|
(35.4)
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,223,577
|
|
|
1,274,092
|
|
|
(50,515)
|
|
|
(4.0)
|
|
|
1,254,649
|
|
|
1,355,345
|
|
|
1,046,041
|
|
|
177,536
|
|
|
17.0
|
|
Other
liabilities
|
609,472
|
|
|
581,762
|
|
|
27,710
|
|
|
4.8
|
|
|
540,935
|
|
|
444,710
|
|
|
364,274
|
|
|
245,198
|
|
|
67.3
|
|
Total
liabilities
|
27,376,716
|
|
|
27,451,298
|
|
|
(74,582)
|
|
|
(0.3)
|
|
|
27,208,532
|
|
|
27,118,358
|
|
|
26,776,738
|
|
|
599,978
|
|
|
2.2
|
|
Total shareholders'
equity
|
4,336,734
|
|
|
4,283,300
|
|
|
53,434
|
|
|
1.2
|
|
|
4,238,000
|
|
|
4,141,831
|
|
|
4,056,277
|
|
|
280,457
|
|
|
6.9
|
|
Total liabilities and
shareholders' equity
|
$
|
31,713,450
|
|
|
$
|
31,734,598
|
|
|
(21,148)
|
|
|
(0.1)
|
|
|
$
|
31,446,532
|
|
|
$
|
31,260,189
|
|
|
$
|
30,833,015
|
|
|
880,435
|
|
|
2.9
|
|
TABLE 4 Continued - IBERIABANK
CORPORATION
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES
|
|
Linked Qtr Change
|
|
|
|
|
|
|
|
Year/Year Change
|
ASSETS
|
12/31/2019
|
|
9/30/2019
|
|
$
|
|
%
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
$
|
|
%
|
Cash and due from
banks
|
$
|
294,487
|
|
|
$
|
272,273
|
|
|
22,214
|
|
|
8.2
|
|
|
$
|
275,917
|
|
|
$
|
291,659
|
|
|
$
|
281,509
|
|
|
12,978
|
|
|
4.6
|
|
Interest-bearing
deposits in other banks
|
756,223
|
|
|
531,665
|
|
|
224,558
|
|
|
42.2
|
|
|
436,948
|
|
|
332,638
|
|
|
385,619
|
|
|
370,604
|
|
|
96.1
|
|
Total cash and cash
equivalents
|
1,050,710
|
|
|
803,938
|
|
|
246,772
|
|
|
30.7
|
|
|
712,865
|
|
|
624,297
|
|
|
667,128
|
|
|
383,582
|
|
|
57.5
|
|
Investment securities
available for sale
|
4,095,950
|
|
|
4,365,558
|
|
|
(269,608)
|
|
|
(6.2)
|
|
|
4,650,757
|
|
|
4,816,855
|
|
|
4,567,564
|
|
|
(471,614)
|
|
|
(10.3)
|
|
Investment securities
held to maturity
|
184,272
|
|
|
189,400
|
|
|
(5,128)
|
|
|
(2.7)
|
|
|
195,639
|
|
|
202,601
|
|
|
211,333
|
|
|
(27,061)
|
|
|
(12.8)
|
|
Total investment
securities
|
4,280,222
|
|
|
4,554,958
|
|
|
(274,736)
|
|
|
(6.0)
|
|
|
4,846,396
|
|
|
5,019,456
|
|
|
4,778,897
|
|
|
(498,675)
|
|
|
(10.4)
|
|
Mortgage loans held
for sale
|
239,346
|
|
|
209,778
|
|
|
29,568
|
|
|
14.1
|
|
|
159,931
|
|
|
95,588
|
|
|
63,033
|
|
|
176,313
|
|
|
279.7
|
|
Loans and leases, net
of unearned income
|
23,830,962
|
|
|
23,522,892
|
|
|
308,070
|
|
|
1.3
|
|
|
23,120,689
|
|
|
22,599,686
|
|
|
22,364,188
|
|
|
1,466,774
|
|
|
6.6
|
|
Allowance for loan
and lease losses
|
(147,641)
|
|
|
(148,203)
|
|
|
562
|
|
|
(0.4)
|
|
|
(145,854)
|
|
|
(140,915)
|
|
|
(138,675)
|
|
|
(8,966)
|
|
|
6.5
|
|
Loans and leases,
net
|
23,683,321
|
|
|
23,374,689
|
|
|
308,632
|
|
|
1.3
|
|
|
22,974,835
|
|
|
22,458,771
|
|
|
22,225,513
|
|
|
1,457,808
|
|
|
6.6
|
|
Premises and
equipment, net
|
299,607
|
|
|
298,055
|
|
|
1,552
|
|
|
0.5
|
|
|
298,119
|
|
|
299,741
|
|
|
302,956
|
|
|
(3,349)
|
|
|
(1.1)
|
|
Goodwill and other
intangible assets
|
1,313,169
|
|
|
1,315,359
|
|
|
(2,190)
|
|
|
(0.2)
|
|
|
1,318,182
|
|
|
1,322,288
|
|
|
1,318,200
|
|
|
(5,031)
|
|
|
(0.4)
|
|
Other
assets
|
971,873
|
|
|
997,514
|
|
|
(25,641)
|
|
|
(2.6)
|
|
|
961,494
|
|
|
1,013,359
|
|
|
977,740
|
|
|
(5,867)
|
|
|
(0.6)
|
|
Total
assets
|
$
|
31,838,248
|
|
|
$
|
31,554,291
|
|
|
283,957
|
|
|
0.9
|
|
|
$
|
31,271,822
|
|
|
$
|
30,833,500
|
|
|
$
|
30,333,467
|
|
|
1,504,781
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
$
|
6,501,529
|
|
|
$
|
6,425,026
|
|
|
76,503
|
|
|
1.2
|
|
|
$
|
6,442,217
|
|
|
$
|
6,271,313
|
|
|
$
|
6,646,071
|
|
|
(144,542)
|
|
|
(2.2)
|
|
NOW
accounts
|
4,526,694
|
|
|
4,451,579
|
|
|
75,115
|
|
|
1.7
|
|
|
4,488,691
|
|
|
4,458,634
|
|
|
4,212,304
|
|
|
314,390
|
|
|
7.5
|
|
Savings and money
market accounts
|
9,708,541
|
|
|
9,188,186
|
|
|
520,355
|
|
|
5.7
|
|
|
9,014,822
|
|
|
9,089,099
|
|
|
9,169,184
|
|
|
539,357
|
|
|
5.9
|
|
Time
deposits
|
4,490,698
|
|
|
4,523,555
|
|
|
(32,857)
|
|
|
(0.7)
|
|
|
4,156,974
|
|
|
3,859,354
|
|
|
3,457,017
|
|
|
1,033,681
|
|
|
29.9
|
|
Total
deposits
|
25,227,462
|
|
|
24,588,346
|
|
|
639,116
|
|
|
2.6
|
|
|
24,102,704
|
|
|
23,678,400
|
|
|
23,484,576
|
|
|
1,742,886
|
|
|
7.4
|
|
Short-term
borrowings
|
118,557
|
|
|
606,739
|
|
|
(488,182)
|
|
|
(80.5)
|
|
|
782,516
|
|
|
859,576
|
|
|
602,593
|
|
|
(484,036)
|
|
|
(80.3)
|
|
Securities sold under
agreements to repurchase
|
207,478
|
|
|
187,305
|
|
|
20,173
|
|
|
10.8
|
|
|
214,090
|
|
|
291,643
|
|
|
386,563
|
|
|
(179,085)
|
|
|
(46.3)
|
|
Trust preferred
securities
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
|
120,110
|
|
|
120,110
|
|
|
120,110
|
|
|
—
|
|
|
—
|
|
Other long-term
debt
|
1,265,077
|
|
|
1,240,382
|
|
|
24,695
|
|
|
2.0
|
|
|
1,345,575
|
|
|
1,343,752
|
|
|
1,308,086
|
|
|
(43,009)
|
|
|
(3.3)
|
|
Other
liabilities
|
582,643
|
|
|
545,838
|
|
|
36,805
|
|
|
6.7
|
|
|
463,803
|
|
|
434,516
|
|
|
470,501
|
|
|
112,142
|
|
|
23.8
|
|
Total
liabilities
|
27,521,327
|
|
|
27,288,720
|
|
|
232,607
|
|
|
0.9
|
|
|
27,028,798
|
|
|
26,727,997
|
|
|
26,372,429
|
|
|
1,148,898
|
|
|
4.4
|
|
Total shareholders'
equity
|
4,316,921
|
|
|
4,265,571
|
|
|
51,350
|
|
|
1.2
|
|
|
4,243,024
|
|
|
4,105,503
|
|
|
3,961,038
|
|
|
355,883
|
|
|
9.0
|
|
Total liabilities and
shareholders' equity
|
$
|
31,838,248
|
|
|
$
|
31,554,291
|
|
|
283,957
|
|
|
0.9
|
|
|
$
|
31,271,822
|
|
|
$
|
30,833,500
|
|
|
$
|
30,333,467
|
|
|
1,504,781
|
|
|
5.0
|
|
Table 5 - IBERIABANK
CORPORATION
|
LOANS AND ASSET QUALITY DATA
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr
Change
|
|
|
|
|
|
|
|
Year/Year Change
|
LOANS
|
12/31/2019
|
|
9/30/2019
|
|
$
|
|
%
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
|
$
|
|
%
|
Commercial loans and
leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate-
construction
|
$
|
1,321,663
|
|
|
$
|
1,330,014
|
|
|
(8,351)
|
|
|
(0.6)
|
|
|
$
|
1,342,984
|
|
|
$
|
1,219,647
|
|
|
$
|
1,196,366
|
|
|
125,297
|
|
|
10.5
|
|
Real estate-
owner-occupied (1)
|
2,475,326
|
|
|
2,468,061
|
|
|
7,265
|
|
|
0.3
|
|
|
2,373,143
|
|
|
2,408,079
|
|
|
2,395,822
|
|
|
79,504
|
|
|
3.3
|
|
Real estate-
non-owner occupied
|
6,267,106
|
|
|
6,011,681
|
|
|
255,425
|
|
|
4.2
|
|
|
6,102,143
|
|
|
6,147,864
|
|
|
5,796,117
|
|
|
470,989
|
|
|
8.1
|
|
Commercial and
industrial (6)
|
6,547,538
|
|
|
6,490,125
|
|
|
57,413
|
|
|
0.9
|
|
|
6,161,759
|
|
|
5,852,568
|
|
|
5,737,017
|
|
|
810,521
|
|
|
14.1
|
|
Total commercial
loans and leases
|
16,611,633
|
|
|
16,299,881
|
|
|
311,752
|
|
|
1.9
|
|
|
15,980,029
|
|
|
15,628,158
|
|
|
15,125,322
|
|
|
1,486,311
|
|
|
9.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
loans
|
4,739,075
|
|
|
4,649,745
|
|
|
89,330
|
|
|
1.9
|
|
|
4,538,194
|
|
|
4,415,267
|
|
|
4,359,156
|
|
|
379,919
|
|
|
8.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer and other
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
equity
|
1,987,336
|
|
|
2,053,588
|
|
|
(66,252)
|
|
|
(3.2)
|
|
|
2,147,897
|
|
|
2,220,648
|
|
|
2,304,694
|
|
|
(317,358)
|
|
|
(13.8)
|
|
Other
|
683,455
|
|
|
673,323
|
|
|
10,132
|
|
|
1.5
|
|
|
689,191
|
|
|
704,222
|
|
|
730,643
|
|
|
(47,188)
|
|
|
(6.5)
|
|
Total consumer and
other loans
|
2,670,791
|
|
|
2,726,911
|
|
|
(56,120)
|
|
|
(2.1)
|
|
|
2,837,088
|
|
|
2,924,870
|
|
|
3,035,337
|
|
|
(364,546)
|
|
|
(12.0)
|
|
Total loans and
leases
|
$
|
24,021,499
|
|
|
$
|
23,676,537
|
|
|
344,962
|
|
|
1.5
|
|
|
$
|
23,355,311
|
|
|
$
|
22,968,295
|
|
|
$
|
22,519,815
|
|
|
1,501,684
|
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses (2)
|
$
|
(146,588)
|
|
|
$
|
(146,235)
|
|
|
353
|
|
|
0.2
|
|
|
$
|
(146,386)
|
|
|
$
|
(142,966)
|
|
|
$
|
(140,571)
|
|
|
6,017
|
|
|
4.3
|
|
Loans and leases,
net
|
23,874,911
|
|
|
23,530,302
|
|
|
344,609
|
|
|
1.5
|
|
|
23,208,925
|
|
|
22,825,329
|
|
|
22,379,244
|
|
|
1,495,667
|
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded
commitments
|
(16,637)
|
|
|
(16,144)
|
|
|
493
|
|
|
3.1
|
|
|
(15,281)
|
|
|
(15,981)
|
|
|
(14,830)
|
|
|
1,807
|
|
|
12.2
|
|
Allowance for credit
losses
|
(163,225)
|
|
|
(162,379)
|
|
|
846
|
|
|
0.5
|
|
|
(161,667)
|
|
|
(158,947)
|
|
|
(155,401)
|
|
|
7,824
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(3)
|
$
|
138,905
|
|
|
$
|
153,113
|
|
|
(14,208)
|
|
|
(9.3)
|
|
|
$
|
158,992
|
|
|
$
|
148,056
|
|
|
$
|
137,184
|
|
|
1,721
|
|
|
1.3
|
|
Other real estate
owned and foreclosed assets
|
27,985
|
|
|
27,075
|
|
|
910
|
|
|
3.4
|
|
|
28,106
|
|
|
30,606
|
|
|
30,394
|
|
|
(2,409)
|
|
|
(7.9)
|
|
Accruing loans more
than 90 days past due (3)
|
3,257
|
|
|
4,790
|
|
|
(1,533)
|
|
|
(32.0)
|
|
|
851
|
|
|
4,111
|
|
|
2,128
|
|
|
1,129
|
|
|
53.1
|
|
Total
non-performing
assets
(3)(4)
|
$
|
170,147
|
|
|
$
|
184,978
|
|
|
(14,831)
|
|
|
(8.0)
|
|
|
$
|
187,949
|
|
|
$
|
182,773
|
|
|
$
|
169,706
|
|
|
441
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 days past
due (3)
|
$
|
68,204
|
|
|
$
|
54,618
|
|
|
13,586
|
|
|
24.9
|
|
|
$
|
43,021
|
|
|
$
|
45,334
|
|
|
$
|
57,332
|
|
|
10,872
|
|
|
19.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
to total
assets
(3)(4)
|
0.54
|
%
|
|
0.58
|
%
|
|
|
|
|
|
0.60
|
%
|
|
0.58
|
%
|
|
0.55
|
%
|
|
|
|
|
Non-performing assets
to total loans and OREO (3)(4)
|
0.71
|
|
|
0.78
|
|
|
|
|
|
|
0.80
|
|
|
0.79
|
|
|
0.75
|
|
|
|
|
|
ALLL to
non-performing
loans
(3)(5)
|
103.1
|
|
|
92.6
|
|
|
|
|
|
|
91.6
|
|
|
94.0
|
|
|
100.9
|
|
|
|
|
|
ALLL to
non-performing
assets
(3)(4)
|
86.2
|
|
|
79.1
|
|
|
|
|
|
|
77.9
|
|
|
78.2
|
|
|
82.8
|
|
|
|
|
|
ALLL to total loans
and leases
|
0.61
|
|
|
0.62
|
|
|
|
|
|
|
0.63
|
|
|
0.62
|
|
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date
charge-offs
|
$
|
8,398
|
|
|
$
|
10,777
|
|
|
(2,379)
|
|
|
(22.1)
|
|
|
$
|
10,275
|
|
|
$
|
8,918
|
|
|
$
|
10,806
|
|
|
(2,408)
|
|
|
(22.3)
|
|
Quarter-to-date
recoveries
|
(1,683)
|
|
|
(2,336)
|
|
|
(653)
|
|
|
(28.0)
|
|
|
(2,218)
|
|
|
(1,586)
|
|
|
(3,097)
|
|
|
(1,414)
|
|
|
(45.7)
|
|
Quarter-to-date net
charge-offs
|
$
|
6,715
|
|
|
$
|
8,441
|
|
|
(1,726)
|
|
|
(20.4)
|
|
|
$
|
8,057
|
|
|
$
|
7,332
|
|
|
$
|
7,709
|
|
|
(994)
|
|
|
(12.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.11
|
%
|
|
0.14
|
%
|
|
|
|
|
|
0.14
|
%
|
|
0.13
|
%
|
|
0.14
|
%
|
|
|
|
|
|
(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
|
|
12/31/2019
|
|
9/30/2019
|
|
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
|
$
|
16,441,658
|
|
$
|
195,487
|
|
4.74
|
%
|
|
$
|
16,155,962
|
|
$
|
205,350
|
|
5.06
|
%
|
|
(32)
|
Residential mortgage
loans
|
4,706,745
|
|
50,879
|
|
4.32
|
|
|
4,588,549
|
|
50,939
|
|
4.44
|
|
|
(12)
|
Consumer and other
loans
|
2,682,559
|
|
36,198
|
|
5.35
|
|
|
2,778,381
|
|
40,501
|
|
5.78
|
|
|
(43)
|
Total loans and
leases
|
23,830,962
|
|
282,564
|
|
4.73
|
|
|
23,522,892
|
|
296,790
|
|
5.03
|
|
|
(30)
|
Mortgage loans held
for sale
|
239,346
|
|
2,132
|
|
3.56
|
|
|
209,778
|
|
1,936
|
|
3.69
|
|
|
(13)
|
Investment securities
(2)
|
4,218,720
|
|
25,926
|
|
2.51
|
|
|
4,493,789
|
|
29,932
|
|
2.71
|
|
|
(20)
|
Other earning
assets
|
937,076
|
|
4,157
|
|
1.76
|
|
|
733,305
|
|
4,520
|
|
2.44
|
|
|
(68)
|
Total earning
assets
|
29,226,104
|
|
314,779
|
|
4.30
|
|
|
28,959,764
|
|
333,178
|
|
4.59
|
|
|
(29)
|
Allowance for loan
and lease losses
|
(147,641)
|
|
|
|
|
(148,203)
|
|
|
|
|
|
Non-earning
assets
|
2,759,785
|
|
|
|
|
2,742,730
|
|
|
|
|
|
Total
assets
|
$
|
31,838,248
|
|
|
|
|
$
|
31,554,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,526,694
|
|
$
|
10,091
|
|
0.88
|
%
|
|
$
|
4,451,579
|
|
$
|
11,305
|
|
1.01
|
%
|
|
(13)
|
Savings and money
market accounts
|
9,708,541
|
|
34,422
|
|
1.41
|
|
|
9,188,186
|
|
32,959
|
|
1.42
|
|
|
(1)
|
Time
deposits
|
4,490,698
|
|
25,860
|
|
2.28
|
|
|
4,523,555
|
|
26,489
|
|
2.32
|
|
|
(4)
|
Total
interest-bearing deposits (3)
|
18,725,933
|
|
70,373
|
|
1.49
|
|
|
18,163,320
|
|
70,753
|
|
1.55
|
|
|
(6)
|
Short-term
borrowings
|
326,035
|
|
946
|
|
1.15
|
|
|
794,044
|
|
3,880
|
|
1.94
|
|
|
(79)
|
Long-term
debt
|
1,385,187
|
|
8,970
|
|
2.57
|
|
|
1,360,492
|
|
9,212
|
|
2.69
|
|
|
(12)
|
Total
interest-bearing liabilities
|
20,437,155
|
|
80,289
|
|
1.56
|
|
|
20,317,856
|
|
83,845
|
|
1.64
|
|
|
(8)
|
Non-interest-bearing
deposits
|
6,501,529
|
|
|
|
|
6,425,026
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
582,643
|
|
|
|
|
545,838
|
|
|
|
|
|
Total
liabilities
|
27,521,327
|
|
|
|
|
27,288,720
|
|
|
|
|
|
Total shareholders'
equity
|
4,316,921
|
|
|
|
|
4,265,571
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
31,838,248
|
|
|
|
|
$
|
31,554,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
234,490
|
|
2.74
|
%
|
|
|
$
|
249,333
|
|
2.95
|
%
|
|
(21)
|
Taxable equivalent
benefit
|
|
1,368
|
|
0.02
|
|
|
|
1,320
|
|
0.02
|
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
235,858
|
|
3.21
|
%
|
|
|
$
|
250,653
|
|
3.44
|
%
|
|
(23)
|
|
(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, 2019 and September
30, 2019 were 1.11% and 1.14%, respectively.
|
TABLE 6 Continued - 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
|
|
12/31/2018
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans and
leases
|
$
|
15,766,423
|
|
$
|
205,093
|
|
5.24
|
%
|
|
$
|
15,253,655
|
|
$
|
194,510
|
|
5.19
|
%
|
|
$
|
14,978,169
|
|
$
|
196,881
|
|
5.24
|
%
|
Residential mortgage
loans
|
4,482,150
|
|
49,388
|
|
4.41
|
|
|
4,385,634
|
|
47,829
|
|
4.36
|
|
|
4,345,811
|
|
53,836
|
|
4.96
|
|
Consumer and other
loans
|
2,872,116
|
|
42,205
|
|
5.89
|
|
|
2,960,397
|
|
42,540
|
|
5.83
|
|
|
3,040,208
|
|
44,275
|
|
5.78
|
|
Total loans and
leases
|
23,120,689
|
|
296,686
|
|
5.16
|
|
|
22,599,686
|
|
284,879
|
|
5.11
|
|
|
22,364,188
|
|
294,992
|
|
5.26
|
|
Mortgage loans held
for sale
|
159,931
|
|
1,588
|
|
3.97
|
|
|
95,588
|
|
1,054
|
|
4.41
|
|
|
63,033
|
|
721
|
|
4.58
|
|
Investment securities
(2)
|
4,853,858
|
|
33,803
|
|
2.83
|
|
|
5,052,922
|
|
36,125
|
|
2.90
|
|
|
4,782,844
|
|
30,559
|
|
2.61
|
|
Other earning
assets
|
639,232
|
|
3,890
|
|
2.44
|
|
|
533,745
|
|
4,026
|
|
3.06
|
|
|
581,673
|
|
3,924
|
|
2.68
|
|
Total earning
assets
|
28,773,710
|
|
335,967
|
|
4.70
|
|
|
28,281,941
|
|
326,084
|
|
4.68
|
|
|
27,791,738
|
|
330,196
|
|
4.74
|
|
Allowance for loan
and lease losses
|
(145,854)
|
|
|
|
|
(140,915)
|
|
|
|
|
(138,675)
|
|
|
|
Non-earning
assets
|
2,643,966
|
|
|
|
|
2,692,474
|
|
|
|
|
2,680,404
|
|
|
|
Total
assets
|
$
|
31,271,822
|
|
|
|
|
$
|
30,833,500
|
|
|
|
|
$
|
30,333,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,488,691
|
|
$
|
11,623
|
|
1.04
|
%
|
|
$
|
4,458,634
|
|
$
|
11,396
|
|
1.04
|
%
|
|
$
|
4,212,304
|
|
$
|
9,420
|
|
0.89
|
%
|
Savings and money
market accounts
|
9,014,822
|
|
30,845
|
|
1.37
|
|
|
9,089,099
|
|
28,762
|
|
1.28
|
|
|
9,169,184
|
|
26,062
|
|
1.13
|
|
Time
deposits
|
4,156,974
|
|
23,398
|
|
2.26
|
|
|
3,859,354
|
|
20,077
|
|
2.11
|
|
|
3,457,017
|
|
16,666
|
|
1.91
|
|
Total
interest-bearing deposits (3)
|
17,660,487
|
|
65,866
|
|
1.50
|
|
|
17,407,087
|
|
60,235
|
|
1.40
|
|
|
16,838,505
|
|
52,148
|
|
1.23
|
|
Short-term
borrowings
|
996,606
|
|
5,197
|
|
2.09
|
|
|
1,151,219
|
|
5,716
|
|
2.01
|
|
|
989,156
|
|
4,104
|
|
1.65
|
|
Long-term
debt
|
1,465,685
|
|
9,565
|
|
2.62
|
|
|
1,463,862
|
|
9,649
|
|
2.67
|
|
|
1,428,196
|
|
8,923
|
|
2.48
|
|
Total
interest-bearing liabilities
|
20,122,778
|
|
80,628
|
|
1.61
|
|
|
20,022,168
|
|
75,600
|
|
1.53
|
|
|
19,255,857
|
|
65,175
|
|
1.34
|
|
Non-interest-bearing
deposits
|
6,442,217
|
|
|
|
|
6,271,313
|
|
|
|
|
6,646,071
|
|
|
|
Non-interest-bearing
liabilities
|
463,803
|
|
|
|
|
434,516
|
|
|
|
|
470,501
|
|
|
|
Total
liabilities
|
27,028,798
|
|
|
|
|
26,727,997
|
|
|
|
|
26,372,429
|
|
|
|
Total shareholders'
equity
|
4,243,024
|
|
|
|
|
4,105,503
|
|
|
|
|
3,961,038
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
31,271,822
|
|
|
|
|
$
|
30,833,500
|
|
|
|
|
$
|
30,333,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
|
$
|
255,339
|
|
3.09
|
%
|
|
|
$
|
250,484
|
|
3.15
|
%
|
|
|
$
|
265,021
|
|
3.40
|
%
|
Taxable equivalent
benefit
|
|
1,338
|
|
0.02
|
|
|
|
1,349
|
|
0.02
|
|
|
|
1,427
|
|
0.02
|
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
256,677
|
|
3.57
|
%
|
|
|
$
|
251,833
|
|
3.59
|
%
|
|
|
$
|
266,448
|
|
3.81
|
%
|
|
(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, March 31, 2019, and
December 31, 2018, were 1.10%, 1.03% and 0.88%,
respectively.
|
TABLE 7 - IBERIABANK
CORPORATION
|
YEAR-TO-DATE AVERAGE BALANCES, NET INTEREST INCOME
AND YIELDS/RATES
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended
|
|
12/31/2019
|
|
12/31/2018
|
|
Basis Point
Change
|
ASSETS
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Average
Balance
|
Interest
Income/Expense
|
Yield/Rate
(TE)(1)
|
|
Yield/Rate
(TE)(1)
|
Earning
assets:
|
|
|
|
|
|
|
|
|
|
Commercial loans and
leases
|
$
|
15,908,368
|
|
$
|
800,440
|
|
5.05
|
%
|
|
$
|
14,633,814
|
|
$
|
731,385
|
|
5.02
|
%
|
|
3
|
Residential mortgage
loans
|
4,541,780
|
|
199,035
|
|
4.38
|
|
|
3,946,390
|
|
183,690
|
|
4.65
|
|
|
(27)
|
Consumer and other
loans
|
2,822,479
|
|
161,444
|
|
5.72
|
|
|
3,061,891
|
|
171,587
|
|
5.60
|
|
|
12
|
Total loans and
leases
|
23,272,627
|
|
1,160,919
|
|
5.00
|
|
|
21,642,095
|
|
1,086,662
|
|
5.04
|
|
|
(4)
|
Mortgage loans held
for sale
|
176,647
|
|
6,710
|
|
3.80
|
|
|
83,087
|
|
3,748
|
|
4.51
|
|
|
(71)
|
Investment securities
(2)
|
4,652,096
|
|
125,786
|
|
2.75
|
|
|
4,900,457
|
|
117,771
|
|
2.46
|
|
|
29
|
Other earning
assets
|
712,006
|
|
16,593
|
|
2.33
|
|
|
573,949
|
|
13,448
|
|
2.34
|
|
|
(1)
|
Total earning
assets
|
28,813,376
|
|
1,310,008
|
|
4.57
|
|
|
27,199,588
|
|
1,221,629
|
|
4.51
|
|
|
6
|
Allowance for loan
and lease losses
|
(145,679)
|
|
|
|
|
(141,880)
|
|
|
|
|
|
Non-earning
assets
|
2,710,171
|
|
|
|
|
2,520,318
|
|
|
|
|
|
Total
assets
|
$
|
31,377,868
|
|
|
|
|
$
|
29,578,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
|
4,481,504
|
|
$
|
44,415
|
|
0.99
|
%
|
|
$
|
4,341,041
|
|
$
|
33,962
|
|
0.78
|
%
|
|
21
|
Savings and money
market accounts
|
9,251,689
|
|
126,988
|
|
1.37
|
|
|
9,056,182
|
|
82,151
|
|
0.91
|
|
|
46
|
Time
deposits
|
4,260,104
|
|
95,824
|
|
2.25
|
|
|
2,920,817
|
|
44,839
|
|
1.54
|
|
|
71
|
Total
interest-bearing deposits (3)
|
17,993,297
|
|
267,227
|
|
1.49
|
|
|
16,318,040
|
|
160,952
|
|
0.99
|
|
|
50
|
Short-term
borrowings
|
814,653
|
|
15,739
|
|
1.93
|
|
|
1,052,088
|
|
14,682
|
|
1.40
|
|
|
53
|
Long-term
debt
|
1,418,431
|
|
37,396
|
|
2.64
|
|
|
1,392,148
|
|
32,747
|
|
2.35
|
|
|
29
|
Total
interest-bearing liabilities
|
20,226,381
|
|
320,362
|
|
1.58
|
|
|
18,762,276
|
|
208,381
|
|
1.11
|
|
|
47
|
Non-interest-bearing
deposits
|
6,410,693
|
|
|
|
|
6,602,434
|
|
|
|
|
|
Non-interest-bearing
liabilities
|
507,213
|
|
|
|
|
330,588
|
|
|
|
|
|
Total
liabilities
|
27,144,287
|
|
|
|
|
25,695,298
|
|
|
|
|
|
Total shareholders'
equity
|
4,233,581
|
|
|
|
|
3,882,728
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
31,377,868
|
|
|
|
|
$
|
29,578,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income/Net interest spread
|
$
|
989,646
|
|
2.99
|
%
|
|
|
$
|
1,013,248
|
|
3.40
|
%
|
|
(41)
|
Tax-equivalent
benefit
|
|
5,517
|
|
0.02
|
|
|
|
5,760
|
|
0.02
|
|
|
—
|
Net interest income
(TE)/Net interest margin (TE) (1)
|
|
$
|
995,163
|
|
3.45
|
%
|
|
|
$
|
1,019,008
|
|
3.75
|
%
|
|
(30)
|
|
(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 years ended December 31, 2019 and 2018 were 1.10% and
0.70%, respectively.
|
Table 8 - IBERIABANK
CORPORATION
|
LEGACY AND ACQUIRED LOAN PORTFOLIO VOLUMES AND
YIELDS
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
AS REPORTED (US GAAP)
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
Legacy loans and
leases, net
|
$
|
225
|
|
$
|
19,374
|
|
4.60
|
%
|
|
$
|
229
|
|
$
|
18,721
|
|
4.86
|
%
|
|
$
|
225
|
|
$
|
17,984
|
|
5.00
|
%
|
|
$
|
213
|
|
$
|
17,192
|
|
5.02
|
%
|
|
$
|
209
|
|
$
|
16,616
|
|
4.99
|
%
|
Acquired
loans
|
58
|
|
4,457
|
|
5.18
|
|
|
68
|
|
4,802
|
|
5.62
|
|
|
72
|
|
5,137
|
|
5.64
|
|
|
72
|
|
5,408
|
|
5.35
|
|
|
86
|
|
5,748
|
|
5.97
|
|
Total loans and
leases
|
$
|
283
|
|
$
|
23,831
|
|
4.71
|
%
|
|
$
|
297
|
|
$
|
23,523
|
|
5.01
|
%
|
|
$
|
297
|
|
$
|
23,121
|
|
5.14
|
%
|
|
$
|
285
|
|
$
|
22,600
|
|
5.10
|
%
|
|
$
|
295
|
|
$
|
22,364
|
|
5.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
ADJUSTMENTS
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
Legacy loans and
leases, net
|
$
|
—
|
|
$
|
—
|
|
—
|
%
|
|
$
|
—
|
|
$
|
—
|
|
—
|
%
|
|
$
|
—
|
|
$
|
—
|
|
—
|
%
|
|
$
|
—
|
|
$
|
—
|
|
—
|
%
|
|
$
|
—
|
|
$
|
—
|
|
—
|
%
|
Acquired
loans
|
(9)
|
|
97
|
|
(0.90)
|
|
|
(14)
|
|
111
|
|
(1.24)
|
|
|
(14)
|
|
124
|
|
(1.15)
|
|
|
(11)
|
|
136
|
|
(0.92)
|
|
|
(19)
|
|
144
|
|
(1.46)
|
|
Total loans and
leases
|
$
|
(9)
|
|
$
|
97
|
|
(0.17)
|
%
|
|
$
|
(14)
|
|
$
|
111
|
|
(0.25)
|
%
|
|
$
|
(14)
|
|
$
|
124
|
|
(0.25)
|
%
|
|
$
|
(11)
|
|
$
|
136
|
|
(0.22)
|
%
|
|
$
|
(19)
|
|
$
|
144
|
|
(0.38)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
AS ADJUSTED (CASH YIELD,
NON-GAAP)
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
|
Income
|
Average
Balance
|
Yield
|
Legacy loans and
leases, net
|
$
|
225
|
|
$
|
19,374
|
|
4.60
|
%
|
|
$
|
229
|
|
$
|
18,721
|
|
4.86
|
%
|
|
$
|
225
|
|
$
|
17,984
|
|
5.00
|
%
|
|
$
|
213
|
|
$
|
17,192
|
|
5.02
|
%
|
|
$
|
209
|
|
$
|
16,616
|
|
4.99
|
%
|
Acquired
loans
|
49
|
|
4,554
|
|
4.28
|
|
|
54
|
|
4,913
|
|
4.38
|
|
|
58
|
|
5,261
|
|
4.49
|
|
|
61
|
|
5,544
|
|
4.43
|
|
|
67
|
|
5,892
|
|
4.51
|
|
Total loans and
leases
|
$
|
274
|
|
$
|
23,928
|
|
4.54
|
%
|
|
$
|
283
|
|
$
|
23,634
|
|
4.76
|
%
|
|
$
|
283
|
|
$
|
23,245
|
|
4.89
|
%
|
|
$
|
274
|
|
$
|
22,736
|
|
4.88
|
%
|
|
$
|
276
|
|
$
|
22,508
|
|
4.86
|
%
|
Table 9 - IBERIABANK
CORPORATION
|
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
|
(Dollars in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
Pre-tax
|
|
After-tax
|
|
Per share(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share(2)
|
Net income
|
$
|
103,966
|
|
|
$
|
82,576
|
|
|
$
|
1.57
|
|
|
$
|
131,359
|
|
|
$
|
99,850
|
|
|
$
|
1.89
|
|
|
$
|
133,791
|
|
|
$
|
101,598
|
|
|
$
|
1.88
|
|
Less: Preferred stock
dividends
|
—
|
|
|
4,456
|
|
|
0.09
|
|
|
—
|
|
|
3,599
|
|
|
0.07
|
|
|
—
|
|
|
949
|
|
|
0.02
|
|
Income available to
common shareholders (GAAP)
|
$
|
103,966
|
|
|
$
|
78,120
|
|
|
$
|
1.48
|
|
|
$
|
131,359
|
|
|
$
|
96,251
|
|
|
$
|
1.82
|
|
|
$
|
133,791
|
|
|
$
|
100,649
|
|
|
$
|
1.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments
|
(14)
|
|
|
(11)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,012
|
|
|
769
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
11,321
|
|
|
10,828
|
|
|
0.21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10)
|
|
|
(7)
|
|
|
—
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
30
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22)
|
|
|
(17)
|
|
|
—
|
|
Other non-core
non-interest expense
|
(8)
|
|
|
(6)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
107
|
|
|
81
|
|
|
—
|
|
Total non-interest
expense adjustments
|
11,343
|
|
|
10,845
|
|
|
0.21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
57
|
|
|
—
|
|
Income tax benefit -
other
|
—
|
|
|
(5,209)
|
|
|
(0.10)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Core earnings
(Non-GAAP)
|
115,295
|
|
|
83,745
|
|
|
1.59
|
|
|
131,359
|
|
|
96,251
|
|
|
1.82
|
|
|
134,878
|
|
|
101,475
|
|
|
1.87
|
|
Provision for credit
losses(1)
|
8,153
|
|
|
6,196
|
|
|
|
|
8,986
|
|
|
6,829
|
|
|
|
|
10,755
|
|
|
8,174
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
123,448
|
|
|
$
|
89,941
|
|
|
|
|
$
|
140,345
|
|
|
$
|
103,080
|
|
|
|
|
$
|
145,633
|
|
|
$
|
109,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
|
3/31/2019
|
|
12/31/2018
|
|
|
|
|
|
|
|
Pre-tax
|
|
After-tax
|
|
Per share(2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share(2)
|
|
|
|
|
|
|
Net income
|
$
|
130,477
|
|
|
$
|
100,131
|
|
|
$
|
1.82
|
|
|
$
|
83,907
|
|
|
$
|
130,039
|
|
|
$
|
2.34
|
|
|
|
|
|
|
|
Less: Preferred stock
dividends
|
—
|
|
|
3,598
|
|
|
0.07
|
|
|
—
|
|
|
949
|
|
|
0.02
|
|
|
|
|
|
|
|
Income available to
common shareholders (GAAP)
|
$
|
130,477
|
|
|
$
|
96,533
|
|
|
$
|
1.75
|
|
|
$
|
83,907
|
|
|
$
|
129,090
|
|
|
$
|
2.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of investments
|
—
|
|
|
—
|
|
|
—
|
|
|
49,844
|
|
|
37,882
|
|
|
0.68
|
|
|
|
|
|
|
|
Other non-core
non-interest income
|
—
|
|
|
—
|
|
|
—
|
|
|
415
|
|
|
316
|
|
|
—
|
|
|
|
|
|
|
|
Total non-interest
income adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
50,259
|
|
|
38,198
|
|
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
(334)
|
|
|
(254)
|
|
|
—
|
|
|
(238)
|
|
|
(353)
|
|
|
—
|
|
|
|
|
|
|
|
Compensation-related
expense
|
(9)
|
|
|
(7)
|
|
|
—
|
|
|
184
|
|
|
140
|
|
|
—
|
|
|
|
|
|
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
986
|
|
|
749
|
|
|
0.01
|
|
|
64
|
|
|
49
|
|
|
—
|
|
|
|
|
|
|
|
Other non-core
non-interest expense
|
(3,129)
|
|
|
(2,378)
|
|
|
(0.04)
|
|
|
2,600
|
|
|
1,976
|
|
|
0.04
|
|
|
|
|
|
|
|
Total non-interest
expense adjustments
|
(2,486)
|
|
|
(1,890)
|
|
|
(0.03)
|
|
|
2,610
|
|
|
1,812
|
|
|
0.04
|
|
|
|
|
|
|
|
Income tax benefit -
impact of the Tax Cuts and Jobs Act
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65,317)
|
|
|
(1.18)
|
|
|
|
|
|
|
|
Core earnings
(Non-GAAP)
|
127,991
|
|
|
94,643
|
|
|
1.72
|
|
|
136,776
|
|
|
103,783
|
|
|
1.86
|
|
|
|
|
|
|
|
Provision for credit
losses (1)
|
13,763
|
|
|
10,460
|
|
|
|
|
13,094
|
|
|
9,951
|
|
|
|
|
|
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
141,754
|
|
|
$
|
105,103
|
|
|
|
|
$
|
149,870
|
|
|
$
|
113,734
|
|
|
|
|
|
|
|
|
|
|
(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 gains or losses on the
sale of investment securities, merger-related expenses, realized or
unrealized gains or losses on former bank-owned real estate, and
gains, losses, and impairment charges on long-lived
assets.
|
|
|
For the Year Ended
|
|
12/31/2019
|
|
12/31/2018
|
|
Pre-tax
|
|
After-tax
|
|
Per share (2)
|
|
Pre-tax
|
|
After-tax
|
|
Per share (2)
|
Net income
|
$
|
499,593
|
|
|
$
|
384,155
|
|
|
$
|
7.16
|
|
|
$
|
402,527
|
|
|
$
|
370,249
|
|
|
$
|
6.63
|
|
Less: Preferred stock
dividends
|
—
|
|
|
12,602
|
|
|
0.24
|
|
|
—
|
|
|
9,095
|
|
|
0.17
|
|
Income available to
common shareholders (GAAP)
|
$
|
499,593
|
|
|
$
|
371,553
|
|
|
$
|
6.92
|
|
|
$
|
402,527
|
|
|
$
|
361,154
|
|
|
$
|
6.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
Loss on sale of
investments
|
998
|
|
|
758
|
|
|
0.01
|
|
|
49,899
|
|
|
37,923
|
|
|
0.68
|
|
Other non-core
non-interest income
|
—
|
|
|
—
|
|
|
—
|
|
|
415
|
|
|
316
|
|
|
—
|
|
Total non-interest
income adjustments
|
998
|
|
|
758
|
|
|
0.01
|
|
|
50,314
|
|
|
38,239
|
|
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
adjustments (1)(3):
|
|
|
|
|
|
|
|
|
|
Merger-related
expense
|
10,977
|
|
|
10,567
|
|
|
0.20
|
|
|
31,295
|
|
|
23,919
|
|
|
0.44
|
|
Compensation-related
expense
|
(9)
|
|
|
(7)
|
|
|
—
|
|
|
4,290
|
|
|
3,261
|
|
|
0.05
|
|
Impairment of
long-lived assets, net of (gain) loss on sale
|
994
|
|
|
755
|
|
|
0.01
|
|
|
10,837
|
|
|
8,236
|
|
|
0.15
|
|
Gain on early
termination of loss share agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,708)
|
|
|
(2,058)
|
|
|
(0.04)
|
|
Other non-core
non-interest expense
|
(3,030)
|
|
|
(2,303)
|
|
|
(0.04)
|
|
|
(133)
|
|
|
(102)
|
|
|
0.01
|
|
Total non-interest
expense adjustments
|
8,932
|
|
|
9,012
|
|
|
0.17
|
|
|
43,581
|
|
|
33,256
|
|
|
0.61
|
|
Income tax benefit -
impact of the Tax Cuts and Jobs Act
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58,745)
|
|
|
(1.06)
|
|
Income tax expense
(benefit) - other
|
—
|
|
|
(5,209)
|
|
|
(0.09)
|
|
|
—
|
|
|
173
|
|
|
—
|
|
Core earnings
(Non-GAAP)
|
509,523
|
|
|
376,114
|
|
|
7.01
|
|
|
496,422
|
|
|
374,077
|
|
|
6.69
|
|
Provision for credit
losses (1)
|
41,657
|
|
|
31,659
|
|
|
|
|
40,385
|
|
|
30,692
|
|
|
|
Pre-provision
earnings, as adjusted (Non-GAAP) (3)
|
$
|
551,180
|
|
|
$
|
407,773
|
|
|
|
|
$
|
536,807
|
|
|
$
|
404,769
|
|
|
|
|
(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 gains or losses on the
sale of investment securities, merger-related expenses, realized
and unrealized gains or losses on former bank-owned real estate,
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
|
|
12/31/2019
|
|
9/30/2019
|
|
6/30/2019
|
|
3/31/2019
|
|
12/31/2018
|
Net interest income
(GAAP)
|
$
|
234,490
|
|
|
$
|
249,333
|
|
|
$
|
255,339
|
|
|
$
|
250,484
|
|
|
$
|
265,021
|
|
Taxable equivalent
benefit
|
1,368
|
|
|
1,320
|
|
|
1,338
|
|
|
1,349
|
|
|
1,427
|
|
Net interest income
(TE) (Non-GAAP) (1)
|
235,858
|
|
|
250,653
|
|
|
256,677
|
|
|
251,833
|
|
|
266,448
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(GAAP)
|
59,352
|
|
|
63,674
|
|
|
58,825
|
|
|
52,509
|
|
|
969
|
|
Taxable equivalent
benefit
|
502
|
|
|
468
|
|
|
465
|
|
|
478
|
|
|
539
|
|
Non-interest income
(TE) (Non-GAAP) (1)
|
59,854
|
|
|
64,142
|
|
|
59,290
|
|
|
52,987
|
|
|
1,508
|
|
Taxable equivalent
revenues (Non-GAAP) (1)
|
295,712
|
|
|
314,795
|
|
|
315,967
|
|
|
304,820
|
|
|
267,956
|
|
Securities (gains)
losses and other non-interest income
|
(14)
|
|
|
—
|
|
|
1,012
|
|
|
—
|
|
|
50,259
|
|
Core taxable
equivalent revenues (Non-GAAP) (1)
|
$
|
295,698
|
|
|
$
|
314,795
|
|
|
$
|
316,979
|
|
|
$
|
304,820
|
|
|
$
|
318,215
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense (GAAP)
|
$
|
181,723
|
|
|
$
|
172,662
|
|
|
$
|
169,618
|
|
|
$
|
158,753
|
|
|
$
|
168,989
|
|
Less: Intangible
amortization expense
|
4,259
|
|
|
4,410
|
|
|
4,786
|
|
|
5,009
|
|
|
5,083
|
|
Tangible non-interest
expense (Non-GAAP) (2)
|
177,464
|
|
|
168,252
|
|
|
164,832
|
|
|
153,744
|
|
|
163,906
|
|
Less: Merger-related
expense
|
11,321
|
|
|
—
|
|
|
(10)
|
|
|
(334)
|
|
|
(238)
|
|
Compensation-related expense
|
—
|
|
|
—
|
|
|
—
|
|
|
(9)
|
|
|
184
|
|
Impairment of long-lived assets, net of (gain) loss on
sale
|
30
|
|
|
—
|
|
|
(22)
|
|
|
986
|
|
|
64
|
|
Other non-core non-interest expense
|
(8)
|
|
|
—
|
|
|
107
|
|
|
(3,129)
|
|
|
2,600
|
|
Core tangible
non-interest expense (Non-GAAP) (2)
|
$
|
166,121
|
|
|
$
|
168,252
|
|
|
$
|
164,757
|
|
|
$
|
156,230
|
|
|
$
|
161,296
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets (GAAP)
|
1.03
|
%
|
|
1.26
|
%
|
|
1.30
|
%
|
|
1.32
|
%
|
|
1.70
|
%
|
Effect of non-core
revenues and expenses
|
0.07
|
|
|
—
|
|
|
0.01
|
|
|
(0.03)
|
|
|
(0.33)
|
|
Core return on
average assets (Non-GAAP)
|
1.10
|
%
|
|
1.26
|
%
|
|
1.31
|
%
|
|
1.29
|
%
|
|
1.37
|
%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
61.8
|
%
|
|
55.2
|
%
|
|
54.0
|
%
|
|
52.4
|
%
|
|
63.5
|
%
|
Effect of tax benefit
related to tax-exempt income
|
(0.3)
|
|
|
(0.3)
|
|
|
(0.3)
|
|
|
(0.3)
|
|
|
(0.4)
|
|
Efficiency ratio (TE)
(Non-GAAP) (1)
|
61.5
|
%
|
|
54.9
|
%
|
|
53.7
|
%
|
|
52.1
|
%
|
|
63.1
|
%
|
Effect of
amortization of intangibles
|
(1.5)
|
|
|
(1.5)
|
|
|
(1.5)
|
|
|
(1.6)
|
|
|
(1.9)
|
|
Effect of non-core
items
|
(3.8)
|
|
|
—
|
|
|
(0.2)
|
|
|
0.8
|
|
|
(10.5)
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2)
|
56.2
|
%
|
|
53.4
|
%
|
|
52.0
|
%
|
|
51.3
|
%
|
|
50.7
|
%
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (GAAP)
|
7.58
|
%
|
|
9.46
|
%
|
|
10.05
|
%
|
|
9.85
|
%
|
|
13.38
|
%
|
Effect of non-core
revenues and expenses
|
0.55
|
|
|
—
|
|
|
0.08
|
|
|
(0.19)
|
|
|
(2.63)
|
|
Core return on
average common equity (Non-GAAP)
|
8.13
|
%
|
|
9.46
|
%
|
|
10.13
|
%
|
|
9.66
|
%
|
|
10.75
|
%
|
Effect of intangibles
(2)
|
4.26
|
|
|
5.02
|
|
|
5.45
|
|
|
5.37
|
|
|
6.23
|
|
Core return on
average tangible common equity (Non-GAAP)(2)
|
12.39
|
%
|
|
14.48
|
%
|
|
15.58
|
%
|
|
15.03
|
%
|
|
16.98
|
%
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
4,336,734
|
|
|
$
|
4,283,300
|
|
|
$
|
4,238,000
|
|
|
$
|
4,141,831
|
|
|
$
|
4,056,277
|
|
Less: Goodwill
and other intangibles
|
1,297,095
|
|
|
1,301,348
|
|
|
1,305,752
|
|
|
1,310,458
|
|
|
1,315,462
|
|
Preferred stock
|
228,485
|
|
|
228,485
|
|
|
228,485
|
|
|
132,097
|
|
|
132,097
|
|
Tangible common
equity (Non-GAAP) (2)
|
$
|
2,811,154
|
|
|
$
|
2,753,467
|
|
|
$
|
2,703,763
|
|
|
$
|
2,699,276
|
|
|
$
|
2,608,718
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
(GAAP)
|
$
|
31,713,450
|
|
|
$
|
31,734,598
|
|
|
$
|
31,446,532
|
|
|
$
|
31,260,189
|
|
|
$
|
30,833,015
|
|
Less: Goodwill
and other intangibles
|
1,297,095
|
|
|
1,301,348
|
|
|
1,305,752
|
|
|
1,310,458
|
|
|
1,315,462
|
|
Tangible assets
(Non-GAAP) (2)
|
$
|
30,416,355
|
|
|
$
|
30,433,250
|
|
|
$
|
30,140,780
|
|
|
$
|
29,949,731
|
|
|
$
|
29,517,553
|
|
Tangible common
equity ratio (Non-GAAP) (2)
|
9.24
|
%
|
|
9.05
|
%
|
|
8.97
|
%
|
|
9.01
|
%
|
|
8.84
|
%
|
|
(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) 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 Years
Ended
|
|
12/31/2019
|
|
12/31/2018
|
Net interest income
(GAAP)
|
$
|
989,646
|
|
|
$
|
1,013,248
|
|
Taxable equivalent
benefit
|
5,375
|
|
|
5,760
|
|
Net interest income
(TE) (Non-GAAP) (1)
|
995,021
|
|
|
1,019,008
|
|
|
|
|
|
Non-interest income
(GAAP)
|
234,360
|
|
|
152,562
|
|
Taxable equivalent
benefit
|
1,913
|
|
|
1,677
|
|
Non-interest income
(TE) (Non-GAAP) (1)
|
236,273
|
|
|
154,239
|
|
Taxable equivalent
revenues (Non-GAAP) (1)
|
1,231,294
|
|
|
1,173,247
|
|
Securities losses and
other non-interest income
|
998
|
|
|
50,314
|
|
Core taxable
equivalent revenues (Non-GAAP) (1)
|
$
|
1,232,292
|
|
|
$
|
1,223,561
|
|
|
|
|
|
Total non-interest
expense (GAAP)
|
$
|
682,756
|
|
|
$
|
722,898
|
|
Less: Intangible
amortization expense
|
18,464
|
|
|
21,678
|
|
Tangible non-interest
expense (Non-GAAP) (2)
|
664,292
|
|
|
701,220
|
|
Less: Merger-related
expense
|
10,977
|
|
|
31,295
|
|
Compensation-related expense
|
(9)
|
|
|
4,290
|
|
Impairment of long-lived assets, net of (gain) loss on
sale
|
994
|
|
|
10,837
|
|
Gain on
early termination of loss share agreements
|
—
|
|
|
(2,708)
|
|
Other non-core non-interest expense
|
(3,030)
|
|
|
(133)
|
|
Core tangible
non-interest expense (Non-GAAP) (2)
|
$
|
655,360
|
|
|
$
|
657,639
|
|
|
|
|
|
Return on average
assets (GAAP)
|
1.22
|
%
|
|
1.25
|
%
|
Effect of non-core
revenues and expenses
|
0.02
|
|
|
0.05
|
|
Core return on
average assets (Non-GAAP)
|
1.24
|
%
|
|
1.30
|
%
|
|
|
|
|
Efficiency ratio
(GAAP)
|
55.8
|
%
|
|
62.0
|
%
|
Effect of tax benefit
related to tax-exempt income
|
(0.3)
|
|
|
(0.4)
|
|
Efficiency ratio (TE)
(Non-GAAP) (1)
|
55.5
|
%
|
|
61.6
|
%
|
Effect of
amortization of intangibles
|
(1.5)
|
|
|
(1.9)
|
|
Effect of non-core
items
|
(0.8)
|
|
|
(6.0)
|
|
Core tangible
efficiency ratio (TE) (Non-GAAP) (1) (2)
|
53.2
|
%
|
|
53.7
|
%
|
|
|
|
|
Return on average
common equity (GAAP)
|
9.22
|
%
|
|
9.63
|
%
|
Effect of non-core
revenues and expenses
|
0.11
|
|
|
0.34
|
|
Core return on
average common equity (Non-GAAP)
|
9.33
|
%
|
|
9.97
|
%
|
Effect of intangibles
(2)
|
5.02
|
|
|
6.04
|
|
Core return on
average tangible common equity (Non-GAAP) (2)
|
14.35
|
%
|
|
16.01
|
%
|
|
|
|
|
Total shareholders'
equity (GAAP)
|
$
|
4,336,734
|
|
|
$
|
4,056,277
|
|
Less: Goodwill
and other intangibles
|
1,297,095
|
|
|
1,315,462
|
|
Preferred stock
|
228,485
|
|
|
132,097
|
|
Tangible common
equity (Non-GAAP) (2)
|
$
|
2,811,154
|
|
|
$
|
2,608,718
|
|
|
|
|
|
Total assets
(GAAP)
|
$
|
31,713,450
|
|
|
$
|
30,833,015
|
|
Less: Goodwill
and other intangibles
|
1,297,095
|
|
|
1,315,462
|
|
Tangible assets
(Non-GAAP) (2)
|
$
|
30,416,355
|
|
|
$
|
29,517,553
|
|
Tangible common
equity ratio (Non-GAAP) (2)
|
9.24
|
%
|
|
8.84
|
%
|
|
(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) Tangible
calculations eliminate the effect of goodwill and
acquisition-related intangibles and the corresponding amortization
expense on a tax-effected basis where applicable.
|
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SOURCE IBERIABANK Corporation