IBERIABANK Corporation Reports Earnings per Share Increase of 8%
LAFAYETTE, La., Jan. 24, 2013 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 125-year-old IBERIABANK (www.iberiabank.com), reported operating results for the fourth quarter ended December 31, 2012. For the quarter, the Company reported income available to common shareholders of $23 million and fully diluted earnings per share ("EPS") of $0.79, up 8% compared to the third quarter of 2012. During the fourth quarter of 2012, the Company incurred total non-operating costs of $3 million on a pre-tax basis, or $0.06 per share on an after-tax basis, and non-operating income of $2 million on a pre-tax basis, or $0.05 per share on an after-tax basis. On an operating basis, EPS in the fourth quarter of 2012 was $0.80 per share (non-GAAP; refer to press release supplemental table), down $0.03 per share, or 4%, compared to the third quarter of 2012.
Daryl G. Byrd, President and Chief Executive Officer, commented, "We finished 2012 with extraordinary client growth, a fairly stable margin, and favorable operating results in our new businesses and expanded operations. During 2012, our loan growth excluding FDIC-assisted loans was $1.4 billion, or 22%, and our total deposit growth was $1.5 billion, or 16%. Importantly, the mix of deposits improved considerably, and our asset quality, capital, and liquidity positions remain stout. We are extremely pleased with the client development opportunities throughout our footprint and future growth prospects."
Highlights for the Fourth Quarter of 2012 and December 31, 2012:
- Increased net interest income and slight decline in net interest margin during the quarter. Tax equivalent net interest income improved $3 million, and the net interest margin declined three basis points on a linked quarter basis to 3.55%. Total tax-equivalent revenues increased approximately $7 million, or 5%, while total noninterest expenses increased $4 million, or 3%, on a linked quarter basis.
- Loan growth of $315 million, or 4%, between quarter-ends (18% annualized rate), excluding loans and other assets covered under FDIC loss share agreements ("Covered Assets"). On that basis and excluding loans that were acquired from Florida Gulf Bancorp, Inc. ("Florida Gulf") on July 31, 2012, loans increased $1.1 billion, or 19%, over the past year.
- Total deposit growth of $835 million, or 8% (34% annualized growth), during the quarter, and $1.2 billion, or 13%, over the past year (each excluding the Florida Gulf acquisition).
- Noninterest bearing deposits climbed $116 million, or 6%, between September 30, 2012 and December 31, 2012, and $425 million, or 29%, over the past year (excluding the Florida Gulf acquisition). Since year-end 2010, noninterest bearing deposits grew $1.1 billion, or 124%, and increased from 11% of total deposits at December 31, 2010, to 18% at December 31, 2012.
- The loan loss provision in the fourth quarter of 2012 totaled $5 million, compared to $4 million in the third quarter of 2012. Net charge-offs declined to $89,000 in the fourth quarter of 2012, or an annualized 0.00% of average loans, compared to $2 million in the third quarter of 2012, or an annualized 0.10% of average loans.
- Continued legacy asset quality strength: Nonperforming assets ("NPAs"), excluding Covered Assets and impaired loans acquired in acquisitions, equated to 0.85% of total assets at December 31, 2012, compared to 0.81% at September 30, 2012. On that basis, loans past due 30 days or more declined three basis points to 1.27% of total loans at December 31, 2012. Classified assets excluding Covered Assets decreased $16 million, or 7%, during the fourth quarter, and decreased from 2.28% of total assets at September 30, 2012, to 1.99% at December 31, 2012.
- Capital ratios remained strong. At December 31, 2012, the Company's tangible common equity ratio was 8.66%, tier 1 common ratio was 11.74%, and total risk based capital ratio was 14.19%.
Table A - Summary Financial Results
| For Quarter Ended: |
%/Basis Point |
||||
| 12/31/2011 |
9/30/2012 |
12/31/2012 |
Change |
||
| Net Income ($ in thousands) |
$ 17,357 |
$ 21,234 |
$ 23,208 |
9% |
|
| Per Share Data: |
|||||
| Fully Diluted Earnings |
$ 0.59 |
$ 0.73 |
$ 0.79 |
8% |
|
| Operating Earnings (Non-GAAP) |
0.67 |
0.83 |
0.80 |
-4% |
|
| Pre-provision Operating Earnings (Non-GAAP) |
0.77 |
0.92 |
0.91 |
-2% |
|
| Tangible Book Value |
36.80 |
37.07 |
37.34 |
1% |
|
| Key Ratios: |
|||||
| Return on Average Assets |
0.59% |
0.69% |
0.73% |
4 |
bps |
| Return on Average Common Equity |
4.65% |
5.56% |
6.02% |
46 |
bps |
| Return on Average Tangible Common Equity (Non-GAAP) |
6.72% |
7.91% |
8.62% |
71 |
bps |
| Net Interest Margin (TE)* |
3.62% |
3.58% |
3.55% |
(3) |
bps |
| Tangible Efficiency Ratio (TE)* (Non-GAAP) |
75.2% |
74.3% |
73.2% |
(110) |
bps |
| Tangible Common Equity Ratio (Non-GAAP) |
9.52% |
9.01% |
8.66% |
(35) |
bps |
| Tier 1 Leverage Ratio |
10.45% |
10.01% |
9.70% |
(31) |
bps |
| Tier 1 Common Ratio (Non-GAAP) |
13.55% |
12.04% |
11.74% |
(30) |
bps |
| Total Risk Based Capital Ratio |
16.21% |
14.54% |
14.19% |
(35) |
bps |
| Net Charge-Offs to Average Loans** |
0.31% |
0.11% |
0.01% |
(10) |
bps |
| Nonperforming Assets to Total Assets** |
0.86% |
0.81% |
0.85% |
4 |
bps |
| * Fully taxable equivalent basis. |
|||||
| ** Excluding FDIC Covered Assets and acquired impaired loans. |
|||||
| Refer to press release supplemental table for a reconciliation of GAAP and non-GAAP measures. |
|||||
Operating Results
On a linked quarter basis, average earning assets increased $480 million, or 4%. The average earning asset yield declined eight basis points, while the cost of interest bearing liabilities decreased four basis points. As a result, the tax-equivalent net interest spread and the net interest margin declined four and three basis points, respectively. Tax-equivalent net interest income increased $3 million, or 3%, as the benefit of strong growth in average earning assets more than offset the slightly lower net interest spread in the fourth quarter of 2012.
Table B - Quarterly Average Yields/Cost (Taxable Equivalent Basis)
| For Quarter Ended: |
%/Basis Point |
||||
| 12/31/2011 |
9/30/2012 |
12/31/2012 |
Change |
||
| Investment Securities |
2.57% |
2.22% |
2.09% |
(13) |
bps |
| Covered Loans, net of loss share receivable |
5.33% |
5.42% |
5.55% |
13 |
bps |
| Noncovered Loans |
4.91% |
4.55% |
4.52% |
(3) |
bps |
| Loans & Loss Share Receivable |
5.02% |
4.71% |
4.70% |
(1) |
bps |
| Mortgage Loans Held For Sale |
3.21% |
3.21% |
2.96% |
(25) |
bps |
| Other Earning Assets |
0.68% |
0.85% |
0.61% |
(24) |
bps |
| Total Earning Assets |
4.36% |
4.14% |
4.06% |
(8) |
bps |
| Interest Bearing Deposits |
0.80% |
0.58% |
0.53% |
(5) |
bps |
| Short-Term Borrowings |
0.27% |
0.21% |
0.21% |
(0) |
bps |
| Long-Term Borrowings |
2.84% |
3.10% |
3.17% |
7 |
bps |
| Total Interest Bearing Liabilities |
0.90% |
0.69% |
0.65% |
(4) |
bps |
| Net Interest Spread |
3.46% |
3.45% |
3.41% |
(4) |
bps |
| Net Interest Margin |
3.62% |
3.58% |
3.55% |
(3) |
bps |
| * Earning asset yields are shown on a fully taxable equivalent basis. |
|||||
Movement in the net interest margin was tempered during the fourth quarter as the covered loan yield (net of loss share receivable) improved 13 basis points, offsetting the three basis point decline in the yield on non-covered loans. In addition, the 13 basis point decline in average investment yield was partially offset by a five basis point decline in the cost of interest bearing deposits, and an increase in average noninterest bearing deposits of $155 million, or 9%, on a linked quarter basis. For the first quarter of 2013, the Company projects the prospective yield on the covered loan portfolio net of the FDIC indemnification asset to approximate the level experienced in the fourth quarter of 2012 and projects the average balance of the net covered loan portfolio to decline approximately $50 million, based on current FDIC loss share accounting assumptions and estimates.
The Company recorded a $5 million loan loss provision in the fourth quarter of 2012, up less than $1 million, or 20%, on a linked quarter basis. The increase in provision was primarily attributable to loans covered under FDIC loss share agreements and acquired impaired loans, partially offset by lower required reserves on the legacy loan portfolio and acquired performing portfolio due to improved asset quality. The Company reported net charge-offs of $89,000 in the fourth quarter of 2012, or 0.00% of average loans on an annualized basis. Excluding Covered Assets and acquired impaired loans, net charge-offs were 0.01% of average loans in the fourth quarter of 2012.
Aggregate noninterest income increased $4 million, or 8%, on a linked quarter basis. The primary changes in noninterest income on a linked quarter basis were increased IBERIA Capital Partners revenues of $1.2 million, higher service charge revenues of $0.3 million, or 5%, and a $2.2 million gain associated with the redemption of a business investment acquired in the acquisition of OMNI Bancshares, Inc. Assets under management at IBERIA Wealth Advisors were $955 million at December 31, 2012. Mortgage and title insurance income were relatively stable on a linked quarter basis.
In the fourth quarter of 2012, the Company originated $677 million in residential mortgage loans, down $30 million, or 4%, on a linked quarter basis. Client loan refinancing opportunities accounted for approximately 47% of mortgage loan applications in the fourth quarter of 2012, compared to 45% in the third quarter of 2012 and approximately 40% between December 31, 2012, and January 11, 2013. The Company sold $627 million in mortgage loans during the fourth quarter of 2012, down $50 million, or 7%, on a linked quarter basis. Margins on the sale of mortgage loans edged slightly lower on a linked quarter basis. The mortgage origination pipeline was approximately $241 million at December 31, 2012, compared to $297 million at September 30, 2012, and approximately $256 million at January 11, 2013. Mortgage loan repurchases and make-whole payments were approximately $0.2 million in the fourth quarter of 2012, unchanged from the third quarter of 2012.
Noninterest expense increased $3.6 million, or 3%, on a linked quarter basis. One-time acquisition and conversion costs associated with the Florida Gulf transaction in the fourth quarter of 2012 were $1.2 million, or $0.03 per share, down $1.8 million on a linked quarter basis. One-time acquisition and conversion costs are projected to be immaterial in the first quarter of 2013. The Company also incurred pre-tax costs associated with multiple internal projects to improve long-term earnings, efficiency, risk posture, and growth prospects totaling $1.4 million, or $0.03 per share, in line with expectations. Excluding acquisition and non-operating expenses, other changes in noninterest expense on a linked quarter basis were:
- Increased salaries and benefits costs of $1.4 million, or 2% (due primarily to a $0.3 million increase in health care costs, $0.4 million associated with recently added revenue producers in Houston, and $0.2 million for the additional month impact of Florida Gulf personnel);
- Increased occupancy and equipment expense of $0.9 million, or 7% (due primarily to $0.4 million in seasonal property tax payments and $0.2 million for the additional month impact of Florida Gulf branches);
- Increased donations, marketing, and business development expense of $2.3 million, or 111% ($1.2 million in costs associated with multiple loan and deposit campaigns and $0.7 million in business development contributions); and
- Increased FDIC insurance premium of $0.4 million, or 17% (resulting from the Florida Gulf acquisition and organic balance sheet growth); partially offset by
- Decreased mortgage commissions of $0.3 million, or 4%; and
- Decreased credit and loan-related expense of $0.5 million, or 9%.
Loans
In the fourth quarter of 2012, total loans increased $269 million, or 3%. The loan portfolio associated with FDIC-assisted acquisitions decreased $46 million, or 4%, compared to September 30, 2012. Excluding loans associated with FDIC-assisted transactions, total loans increased $315 million, or 4%, over that period (18% annualized rate). Legacy commercial loans increased $205 million, or 4%, legacy consumer loans increased $86 million, or 5%, and legacy mortgage loans increased $24 million, or 9%, during the quarter. Loan growth during the fourth quarter of 2012 was strongest in the Houston, Memphis, Birmingham, and Naples markets. Loans and commitments originated during the fourth quarter of 2012 totaled $1.2 billion, with 53% fixed rate and 47% floating rate. Energy-related loans outstanding totaled $576 million at December 31, 2012, equal to approximately 7% of total loans.
Table C - Period-End Loans ($ in Millions)
| Period-End Balances ($ Millions) |
||||||||||||
| 9/30/2012 |
% Change |
Mix |
||||||||||
| 12/31/11 |
Excluding Acquired |
FGB |
Total |
12/31/12 |
Year/Year |
Qtr/Qtr |
Annualized |
9/30/12 |
12/31/12 |
|||
| Commercial |
$ 4,504 |
$ 5,093 |
$ 145 |
$ 5,237 |
$ 5,442 |
21% |
4% |
16% |
64% |
64% |
||
| Consumer |
1,288 |
1,560 |
28 |
1,588 |
1,674 |
30% |
5% |
22% |
19% |
20% |
||
| Mortgage |
262 |
222 |
43 |
266 |
290 |
10% |
9% |
36% |
3% |
3% |
||
| Non-FDIC Loans |
$ 6,054 |
$ 6,875 |
$ 216 |
$ 7,091 |
$ 7,406 |
22% |
4% |
18% |
86% |
87% |
||
| Covered Assets |
1,334 |
1,139 |
- |
1,139 |
1,093 |
-18% |
-4% |
-16% |
14% |
13% |
||
| Total Loans |
$ 7,388 |
$ 8,014 |
$ 216 |
$ 8,230 |
$ 8,499 |
15% |
3% |
13% |
100% |
100% |
||
Deposits
Total deposits increased $835 million, or 8%, from September 30, 2012 to December 31, 2012 (34% annualized growth). Noninterest bearing deposits increased $116 million, or 6%, and equated to 18% of total deposits at December 31, 2012. NOW accounts increased $484 million, or 24%, and money market and savings account volume increased $312 million, or 8% at December 31, 2012. Deposit growth in the fourth quarter was driven by commercial and retail client growth, seasonal deposits, and low-cost wholesale deposits. By year-end 2012, the Company received an influx of approximately $140 million in seasonal client deposits (primarily NOW accounts), the duration of which is expected to be less than 90 days. The Company assumed $170 million in short-term wholesale deposits at December 31, 2012 ($73 million on average during the fourth quarter of 2012 at a cost of 0.23%). Deposit growth excluding the estimated seasonal and wholesale deposits was $525 million, or 5% (21% annualized rate). Deposit growth during the fourth quarter of 2012 was strongest in the New Orleans, Houston, Birmingham, Lafayette, and Little Rock markets.
Table D - Period-End Deposits ($ in Millions)
| Period-End Balances ($ Millions) |
||||||||||||
| 9/30/2012 |
% Change |
Mix |
||||||||||
| 12/31/11 |
Excluding Acquired |
FGB |
Total |
12/31/12 |
Year/Year |
Qtr/Qtr |
Annualized |
9/30/12 |
12/31/12 |
|||
| Noninterest |
$ 1,485 |
$ 1,794 |
$ 58 |
$ 1,852 |
$ 1,968 |
32% |
6% |
25% |
19% |
18% |
||
| NOW Accounts |
1,877 |
1,997 |
42 |
2,039 |
2,523 |
34% |
24% |
95% |
21% |
24% |
||
| Savings/MMkt |
3,381 |
3,652 |
139 |
3,791 |
4,103 |
21% |
8% |
33% |
38% |
38% |
||
| Time Deposits |
2,546 |
2,184 |
47 |
2,231 |
2,154 |
-15% |
-3% |
-14% |
22% |
20% |
||
| Total Deposits |
$ 9,289 |
$ 9,627 |
$ 286 |
$ 9,913 |
$ 10,748 |
16% |
8% |
34% |
100% |
100% |
||
On an average balance and linked quarter basis, noninterest bearing deposits increased $155 million, or 9%, and interest-bearing deposits increased $455 million, or 6%. The rate on average interest bearing deposits in the fourth quarter of 2012 was 0.53%, a decrease of five basis points on a linked quarter basis. Approximately $1.5 billion in time deposits are scheduled to re-price over the next 12 months at a weighted average cost of 0.74%. An additional $0.3 billion in time deposits are scheduled to re-price the following 12 months at a weighted average cost of 1.27%. During the fourth quarter of 2012, new and re-priced time deposits were booked at an average cost of 0.54%. The Company experienced a time deposit retention rate of 90% in 2012 with an average 46 basis point reduction in rate.
Other Assets And Funding
The Company significantly improved its liquidity position in the fourth quarter of 2012. Total cash and equivalents increased $348 million, or 56%, to $1.0 billion. The investment portfolio equated to $1.9 billion, or 15% of total assets at December 31, 2012, down slightly compared to 16% at September 30, 2012. The investment portfolio had a modified duration of 2.8 years at December 31, 2012, up slightly compared to 2.7 years at September 30, 2012. The unrealized gain in the portfolio decreased from $51 million at September 30, 2012, to $44 million at December 31, 2012. The average yield on investment securities declined 13 basis points on a linked quarter basis to 2.09% in the fourth quarter of 2012. The Company holds in its investment portfolio primarily government agency and municipal securities. Municipal securities comprised only 11% of total investments at December 31, 2012. The Company holds no sovereign debt or derivative exposure to foreign counterparties.
As a result of strong deposit growth, the Company paid off all overnight borrowings during the fourth quarter. Long-term debt (including trust preferred securities) decreased $6 million, or 1%, between quarter-ends. On a linked quarter basis, average long-term debt decreased $15 million, or 3%, and the cost of debt increased seven basis points to 3.17%. The cost of average interest bearing liabilities was 0.65% in the fourth quarter of 2012, a decrease of four basis points on a linked quarter basis. For the month of December 2012, the average cost of interest bearing liabilities was 0.63%.
Asset Quality
Excluding $568 million in NPAs which were Covered Assets or acquired impaired loans marked to fair value, NPAs at December 31, 2012 were $99 million, up $10 million, or 11%, compared to September 30, 2012. The increase in NPAs was primarily attributable to three loan relationships, of which the Company anticipates no material loss associated with the ultimate resolution of those loans. NPAs equated to 0.85% of total assets at December 31, 2012, compared to 0.81% of assets at September 30, 2012. Loans past due 30 days or more (including nonaccruing loans) increased $2 million, or 3%, and represented 1.27% of total loans at December 31, 2012, down compared to 1.30% at September 30, 2012. Classified assets declined $16 million, or 7% during the fourth quarter of 2012.
Table E - Asset Quality Summary
Excludes the impact of all FDIC-assisted acquisitions and impaired loans
| For Quarter Ended: |
% or Basis Point Change |
||||||
| ($ thousands) |
12/31/2011 |
9/30/2012 |
12/31/2012 |
Year/Year |
Qtr/Qtr |
||
| Nonperforming Assets |
$ 83,884 |
$ 88,454 |
$ 98,510 |
17% |
11% |
||
| Past Due Loans |
83,338 |
91,016 |
93,358 |
12% |
3% |
||
| Classified Assets |
205,920 |
247,923 |
231,586 |
12% |
-7% |
||
| Nonperforming Assets/Assets |
0.86% |
0.81% |
0.85% |
(1) bps |
4 bps |
||
| NPAs/(Loans + OREO) |
1.39% |
1.26% |
1.34% |
(5) bps |
8 bps |
||
| Classified Assets/Total Assets |
2.10% |
2.28% |
1.99% |
(11) bps |
(29) bps |
||
| (Past Dues & Nonaccruals)/Loans |
1.38% |
1.30% |
1.27% |
(11) bps |
(3) bps |
||
| Provision For Credit Losses |
$ 2,620 |
$ 1,735 |
$ 362 |
-86% |
-79% |
||
| Net Charge-Offs/(Recoveries) |
4,622 |
1,923 |
91 |
-98% |
-95% |
||
| Provision Less Net Charge-Offs |
$ (2,002) |
$ (188) |
$ 271 |
-114% |
-244% |
||
| Net Charge-Offs/Average Loans |
0.31% |
0.11% |
0.01% |
(30) |
(10) |
||
| Reserve For Credit Losses/Loans |
1.24% |
1.13% |
1.08% |
(16) |
(5) |
||
Excluding Covered Assets and acquired impaired loans, troubled debt restructurings at December 31, 2012, totaled $18 million, or 0.24% of total loans (compared to 0.31% of loans at September 30, 2012). All but $2 million of the troubled debt restructurings were included in NPAs at December 31, 2012.
Capital Position
The Company maintains favorable capital strength. At December 31, 2012, the Company reported a tangible common equity ratio of 8.66%, down 35 basis points compared to September 30, 2012. At that date, the Company's preliminary Tier 1 leverage ratio was 9.70%, down 31 basis points compared to September 30, 2012. The Company's preliminary total risk-based capital ratio at December 31, 2012 was 14.19%, down 35 basis points compared to September 30, 2012. The declines in these capital ratios were the result of strong organic balance sheet growth.
On October 26, 2011, the Company announced a share repurchase program totaling 900,000 shares of common stock. No shares were repurchased under this program during the fourth quarter of 2012. A total of 46,692 shares remain under the currently authorized share repurchase program.
At December 31, 2012, book value per share was $51.88, up $0.44 per share compared to September 30, 2012. Tangible book value per share was $37.34, up $0.27 per share compared to September 30, 2012. Based on the closing stock price of the Company's common stock of $51.75 per share on January 24, 2013, this price equated to 1.00 times December 31, 2012 book value and 1.39 times December 31, 2012 tangible book value per share.
On December 10, 2012, the Company declared a quarterly cash dividend of $0.34 per share. This dividend level equated to an annualized dividend rate of $1.36 per share and an indicated dividend yield of 2.63%.
IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with 278 combined offices, including 184 bank branch offices and one LPO in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 21 title insurance offices in Arkansas and Louisiana, mortgage representatives in 62 locations in 12 states, nine locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners, LLC office in New Orleans. Since September 30, 2012, the Company opened seven bank branch offices in the New Orleans, Birmingham, Houston, Baton Rouge, and Naples markets.
The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC." The Company's market capitalization was approximately $1.5 billion, based on the NASDAQ closing stock price on January 24, 2013.
The following 11 investment firms currently provide equity research coverage on IBERIABANK Corporation:
- FIG Partners, LLC
- Jefferies & Co., Inc.
- Keefe, Bruyette & Woods
- Oppenheimer & Co., Inc.
- Raymond James & Associates, Inc.
- Robert W. Baird & Company
- Stephens, Inc.
- Sterne, Agee & Leach
- Stifel Nicolaus & Company
- SunTrust Robinson-Humphrey
- Wunderlich Securities
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, January 25, 2013, beginning at 9:00 a.m. Central Time by dialing 1-800-230-1059. The confirmation code for the call is 276812. A replay of the call will be available until midnight Central Time on February 1, 2013 by dialing 1-800-475-6701. The confirmation code for the replay is 276812. 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 "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. 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 are infrequent in nature. Since the presentation of these GAAP performance measures and their impact differ between companies, 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 included as tables at the end of this release. Refer to press release supplemental table for this reconciliation.
Forward Looking Statements
To the extent that statements in this press release and the accompanying PowerPoint presentation relate to future plans, objectives, financial results or performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which are based on management's current information, estimates and assumptions and the current economic environment, are generally identified by the use of the words "plan", "believe", "expect", "intend", "anticipate", "estimate", "project" or similar expressions. IBERIABANK Corporation's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties.
Actual results could differ materially because of factors such as the level of market volatility, our ability to execute our growth strategy, including the availability of future FDIC-assisted failed bank opportunities, unanticipated losses related to the integration of, and refinements to purchase accounting adjustments for, acquired businesses and assets and assumed liabilities in these transactions, adjustments of fair values of acquired assets and assumed liabilities and of deferred taxes in acquisitions, credit risk of our customers, effects of the on-going correction in residential real estate prices and reduced levels of home sales, sufficiency of our allowance for loan losses, changes in interest rates, access to funding sources, reliance on the services of executive management, competition for loans, deposits and investment dollars, reputational risk and social factors, changes in government regulations and legislation, increases in FDIC insurance assessments, geographic concentration of our markets and economic conditions in these markets, rapid changes in the financial services industry, dependence on our operational, technological, and organizational systems or infrastructure and those of third-party providers of those services, hurricanes and other adverse weather events, the modest trading volume of our common stock, and valuation of intangible assets. These and other factors that may cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission (the "SEC"), available at the SEC's website, http://www.sec.gov, and the Company's website, http://www.iberiabank.com, under the heading "Investor Information." All information in this release and the accompanying PowerPoint presentation is as of the date of this release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Certain tabular presentations may not reconcile because of rounding.
| Table 1 - IBERIABANK CORPORATION |
|||||||||||
| FINANCIAL HIGHLIGHTS |
|||||||||||
| For The Quarter Ended |
For The Quarter Ended |
||||||||||
| December 31, |
September 30, |
||||||||||
| 2012 |
2011 |
% Change |
2012 |
% Change |
|||||||
| Income Data (in thousands): |
|||||||||||
| Net Interest Income |
$ 99,990 |
$ 92,573 |
8% |
$ 96,726 |
3% |
||||||
| Net Interest Income (TE) (1) |
102,439 |
94,918 |
8% |
99,143 |
3% |
||||||
| Net Income |
23,208 |
17,357 |
34% |
21,234 |
9% |
||||||
| Earnings Available to Common Shareholders- Basic |
23,208 |
17,357 |
34% |
21,234 |
9% |
||||||
| Earnings Available to Common Shareholders- Diluted |
22,780 |
17,050 |
34% |
20,828 |
9% |
||||||
| Per Share Data: |
|||||||||||
| Earnings Available to Common Shareholders - Basic |
$ 0.79 |
$ 0.59 |
33% |
$ 0.73 |
8% |
||||||
| Earnings Available to Common Shareholders - Diluted |
0.79 |
0.59 |
33% |
0.73 |
8% |
||||||
| Operating Earnings (Non-GAAP) |
0.80 |
0.67 |
19% |
0.83 |
(4%) |
||||||
| Book Value |
51.88 |
50.48 |
3% |
51.44 |
1% |
||||||
| Tangible Book Value (2) |
37.34 |
36.80 |
1% |
37.07 |
1% |
||||||
| Cash Dividends |
0.34 |
0.34 |
- |
0.34 |
- |
||||||
| Closing Stock Price |
49.12 |
49.30 |
(0%) |
45.80 |
7% |
||||||
| Key Ratios: (3) |
|||||||||||
| Operating Ratios: |
|||||||||||
| Return on Average Assets |
0.73% |
0.59% |
0.69% |
||||||||
| Return on Average Common Equity |
6.02% |
4.65% |
5.56% |
||||||||
| Return on Average Tangible Common Equity (2) |
8.62% |
6.72% |
7.91% |
||||||||
| Net Interest Margin (TE) (1) |
3.55% |
3.62% |
3.58% |
||||||||
| Efficiency Ratio |
75.5% |
77.9% |
76.7% |
||||||||
| Tangible Efficiency Ratio (TE) (1) (2) |
73.2% |
75.2% |
74.3% |
||||||||
| Full-time Equivalent Employees |
2,697 |
2,582 |
2,684 |
||||||||
| Capital Ratios: |
|||||||||||
| Tangible Common Equity Ratio (Non-GAAP) |
8.66% |
9.52% |
9.01% |
||||||||
| Tangible Common Equity to Risk-Weighted Assets |
12.01% |
13.86% |
12.35% |
||||||||
| Tier 1 Leverage Ratio |
9.70% |
10.45% |
10.01% |
||||||||
| Tier 1 Capital Ratio |
12.92% |
14.94% |
13.27% |
||||||||
| Total Risk Based Capital Ratio |
14.19% |
16.21% |
14.54% |
||||||||
| Common Stock Dividend Payout Ratio |
43.2% |
57.5% |
47.2% |
||||||||
| Asset Quality Ratios: |
|||||||||||
| Excluding FDIC Covered Assets and acquired impaired loans |
|||||||||||
| Nonperforming Assets to Total Assets (4) |
0.85% |
0.86% |
0.81% |
||||||||
| Allowance for Credit Losses to Loans |
1.08% |
1.24% |
1.13% |
||||||||
| Net Charge-offs to Average Loans |
0.01% |
0.31% |
0.11% |
||||||||
| Nonperforming Assets to Total Loans and OREO (4) |
1.34% |
1.39% |
1.26% |
||||||||
| For The Quarter Ended |
For The Quarter Ended |
||||||||||
| December 31, |
September 30, |
June 30, |
March 31, |
||||||||
| 2012 |
2012 |
2012 |
2012 |
2012 |
|||||||
| Balance Sheet Summary (in thousands): |
End of Period |
Average |
Average |
Average |
Average |
||||||
| Excess Liquidity (5) |
$ 722,763 |
$ 432,752 |
$ 238,203 |
$ 294,171 |
$ 326,810 |
||||||
| Total Investment Securities |
1,950,066 |
1,957,542 |
2,005,975 |
2,048,001 |
2,047,168 |
||||||
| Loans, Net of Unearned Income |
8,498,580 |
8,384,218 |
8,016,829 |
7,592,677 |
7,381,188 |
||||||
| Loans, Net of Unearned Income, Excluding Covered Loans and SOP 03-3 |
7,341,626 |
7,212,648 |
6,810,490 |
6,400,351 |
6,053,548 |
||||||
| Total Assets |
13,129,678 |
12,692,665 |
12,182,554 |
11,817,101 |
11,688,081 |
||||||
| Total Deposits |
10,748,277 |
10,315,944 |
9,705,957 |
9,463,392 |
9,380,956 |
||||||
| Total Shareholders' Equity |
1,529,868 |
1,533,561 |
1,519,338 |
1,504,102 |
1,496,782 |
||||||
| (1) |
Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. |
||||||||||
| (2) |
Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
||||||||||
| (3) |
All ratios are calculated on an annualized basis for the period indicated. |
||||||||||
| (4) |
Nonperforming assets consist of nonaccruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. |
||||||||||
| (5) |
Excess Liquidity includes interest-bearing deposits in banks and fed funds sold, but excludes liquidity sources and uses from off-balance sheet arrangements. |
||||||||||
| Table 2 - IBERIABANK CORPORATION |
||||||||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
||||||||||
| (dollars in thousands except per share data) |
||||||||||
| BALANCE SHEET (End of Period) |
December 31, |
September 30, |
||||||||
| 2012 |
2011 |
% Change |
2012 |
% Change |
||||||
| ASSETS |
||||||||||
| Cash and Due From Banks |
$ 248,214 |
$ 194,171 |
27.8% |
$ 206,373 |
20.3% |
|||||
| Interest-bearing Deposits in Banks |
722,763 |
379,125 |
90.6% |
416,693 |
73.5% |
|||||
| Total Cash and Equivalents |
970,977 |
573,296 |
69.4% |
623,066 |
55.8% |
|||||
| Investment Securities Available for Sale |
1,745,004 |
1,805,205 |
(3.3%) |
1,757,934 |
(0.7%) |
|||||
| Investment Securities Held to Maturity |
205,062 |
192,764 |
6.4% |
188,999 |
8.5% |
|||||
| Total Investment Securities |
1,950,066 |
1,997,969 |
(2.4%) |
1,946,933 |
0.2% |
|||||
| Mortgage Loans Held for Sale |
267,475 |
153,013 |
74.8% |
211,132 |
26.7% |
|||||
| Loans, Net of Unearned Income |
8,498,580 |
7,388,037 |
15.0% |
8,229,946 |
3.3% |
|||||
| Allowance for Credit Losses |
(251,603) |
(193,761) |
29.9% |
(201,387) |
24.9% |
|||||
| Loans, Net |
8,246,977 |
7,194,276 |
14.6% |
8,028,559 |
2.7% |
|||||
| Loss Share Receivable |
423,069 |
591,844 |
(28.5%) |
431,167 |
(1.9%) |
|||||
| Premises and Equipment |
303,523 |
285,607 |
6.3% |
304,699 |
(0.4%) |
|||||
| Goodwill and Other Intangibles |
429,584 |
401,888 |
6.9% |
424,154 |
1.3% |
|||||
| Other Assets |
538,007 |
560,035 |
(3.9%) |
564,409 |
(4.7%) |
|||||
| Total Assets |
$ 13,129,678 |
$ 11,757,928 |
11.7% |
$ 12,534,119 |
4.8% |
|||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||
| Noninterest-bearing Deposits |
$ 1,967,662 |
$ 1,485,058 |
32.5% |
$ 1,851,569 |
6.3% |
|||||
| NOW Accounts |
2,523,252 |
1,876,797 |
34.4% |
2,038,783 |
23.8% |
|||||
| Savings and Money Market Accounts |
4,103,183 |
3,381,502 |
21.3% |
3,791,616 |
8.2% |
|||||
| Certificates of Deposit |
2,154,180 |
2,545,656 |
(15.4%) |
2,231,143 |
(3.4%) |
|||||
| Total Deposits |
10,748,277 |
9,289,013 |
15.7% |
9,913,111 |
8.4% |
|||||
| Short-term Borrowings |
- |
192,000 |
(100.0%) |
290,000 |
(100.0%) |
|||||
| Securities Sold Under Agreements to Repurchase |
303,045 |
203,543 |
48.9% |
241,501 |
25.5% |
|||||
| Trust Preferred Securities |
111,862 |
111,862 |
0.0% |
111,862 |
0.0% |
|||||
| Other Long-term Debt |
311,515 |
340,871 |
(8.6%) |
317,442 |
(1.9%) |
|||||
| Other Liabilities |
125,111 |
137,978 |
(9.3%) |
145,049 |
(13.7%) |
|||||
| Total Liabilities |
11,599,810 |
10,275,267 |
12.9% |
11,018,965 |
5.3% |
|||||
| Total Shareholders' Equity |
1,529,868 |
1,482,661 |
3.2% |
1,515,154 |
1.0% |
|||||
| Total Liabilities and Shareholders' Equity |
$ 13,129,678 |
$ 11,757,928 |
11.7% |
$ 12,534,119 |
4.8% |
|||||
| BALANCE SHEET (Average) |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|||||
| 2012 |
2012 |
2012 |
2012 |
2011 |
||||||
| ASSETS |
||||||||||
| Cash and Due From Banks |
$ 212,404 |
$ 192,891 |
$ 188,260 |
$ 189,182 |
$ 188,517 |
|||||
| Interest-bearing Deposits in Banks |
432,752 |
236,653 |
294,171 |
326,810 |
328,869 |
|||||
| Investment Securities |
1,957,542 |
2,005,975 |
2,048,001 |
2,047,168 |
2,051,564 |
|||||
| Mortgage Loans Held for Sale |
212,432 |
182,543 |
135,273 |
117,186 |
131,787 |
|||||
| Loans, Net of Unearned Income |
8,384,218 |
8,016,829 |
7,592,677 |
7,381,188 |
7,224,613 |
|||||
| Allowance for Credit Losses |
(196,634) |
(180,798) |
(173,023) |
(185,952) |
(167,433) |
|||||
| Loss Share Receivable |
411,328 |
448,746 |
508,443 |
573,776 |
592,985 |
|||||
| Other Assets |
1,278,623 |
1,279,715 |
1,223,299 |
1,238,723 |
1,234,283 |
|||||
| Total Assets |
$ 12,692,665 |
$ 12,182,554 |
$ 11,817,101 |
$ 11,688,081 |
$ 11,585,185 |
|||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||
| Noninterest-bearing Deposits |
$ 1,928,361 |
$ 1,773,302 |
$ 1,640,327 |
$ 1,530,504 |
$ 1,455,097 |
|||||
| NOW Accounts |
2,207,032 |
2,023,769 |
1,985,248 |
1,924,371 |
1,718,337 |
|||||
| Savings and Money Market Accounts |
3,935,675 |
3,701,947 |
3,524,641 |
3,481,073 |
3,413,278 |
|||||
| Certificates of Deposit |
2,244,876 |
2,206,939 |
2,313,176 |
2,445,008 |
2,665,935 |
|||||
| Total Deposits |
10,315,944 |
9,705,957 |
9,463,392 |
9,380,956 |
9,252,647 |
|||||
| Short-term Borrowings |
9,239 |
121,957 |
27,857 |
4,220 |
4,337 |
|||||
| Securities Sold Under Agreements to Repurchase |
262,027 |
245,486 |
245,401 |
219,846 |
218,926 |
|||||
| Trust Preferred Securities |
111,862 |
113,905 |
111,862 |
111,862 |
111,862 |
|||||
| Long-term Debt |
312,190 |
324,923 |
313,451 |
324,468 |
343,687 |
|||||
| Other Liabilities |
147,842 |
150,988 |
151,036 |
149,947 |
173,188 |
|||||
| Total Liabilities |
11,159,104 |
10,663,216 |
10,312,999 |
10,191,299 |
10,104,647 |
|||||
| Total Shareholders' Equity |
1,533,561 |
1,519,338 |
1,504,102 |
1,496,782 |
1,480,538 |
|||||
| Total Liabilities and Shareholders' Equity |
$ 12,692,665 |
$ 12,182,554 |
$ 11,817,101 |
$ 11,688,081 |
$ 11,585,185 |
|||||
| Table 3 - IBERIABANK CORPORATION |
|||||||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
|||||||||
| (dollars in thousands except per share data) |
|||||||||
| For The Three Months Ended |
|||||||||
| INCOME STATEMENT |
December 31, |
September 30, |
|||||||
| 2012 |
2011 |
% Change |
2012 |
% Change |
|||||
| Interest Income |
$ 114,779 |
$ 111,799 |
2.7% |
$ 111,951 |
2.5% |
||||
| Interest Expense |
14,789 |
19,226 |
(23.1%) |
15,225 |
(2.9%) |
||||
| Net Interest Income |
99,990 |
92,573 |
8.0% |
96,726 |
3.4% |
||||
| Provision for Credit Losses |
4,866 |
4,278 |
13.7% |
4,053 |
20.1% |
||||
| Net Interest Income After Provision for Loan Losses |
95,124 |
88,295 |
7.7% |
92,673 |
2.6% |
||||
| Service Charges |
7,295 |
6,613 |
10.3% |
6,952 |
4.9% |
||||
| ATM / Debit Card Fee Income |
2,412 |
1,997 |
20.8% |
2,377 |
1.5% |
||||
| BOLI Proceeds and Cash Surrender Value Income |
909 |
899 |
1.1% |
916 |
(0.8%) |
||||
| Mortgage Income |
22,935 |
13,274 |
72.8% |
23,215 |
(1.2%) |
||||
| Gain (Loss) on Sale of Investments, Net |
(4) |
793 |
(100.5%) |
41 |
(109.7%) |
||||
| Title Revenue |
5,492 |
4,846 |
13.3% |
5,623 |
(2.3%) |
||||
| Broker Commissions |
4,192 |
2,457 |
70.6% |
3,092 |
35.6% |
||||
| Other Noninterest Income |
7,123 |
4,576 |
55.7% |
4,337 |
64.2% |
||||
| Total Noninterest Income |
50,354 |
35,455 |
42.0% |
46,553 |
8.2% |
||||
| Salaries and Employee Benefits |
60,899 |
51,416 |
18.4% |
59,938 |
1.6% |
||||
| Occupancy and Equipment |
15,176 |
14,404 |
5.4% |
13,869 |
9.4% |
||||
| Amortization of Acquisition Intangibles |
1,285 |
1,384 |
(7.1%) |
1,287 |
(0.1%) |
||||
| Other Noninterest Expense |
36,081 |
32,522 |
10.9% |
34,754 |
3.8% |
||||
| Total Noninterest Expense |
113,441 |
99,726 |
13.8% |
109,848 |
3.3% |
||||
| Income Before Income Taxes |
32,037 |
24,024 |
33.4% |
29,378 |
9.1% |
||||
| Income Taxes |
8,829 |
6,667 |
32.4% |
8,144 |
8.4% |
||||
| Net Income |
$ 23,208 |
$ 17,357 |
33.7% |
$ 21,234 |
9.3% |
||||
| Preferred Stock Dividends |
- |
- |
- |
- |
- |
||||
| Earnings Available to Common Shareholders - Basic |
23,208 |
17,357 |
33.7% |
21,234 |
9.3% |
||||
| Earnings Allocated to Unvested Restricted Stock |
(428) |
(307) |
39.5% |
(406) |
5.3% |
||||
| Earnings Available to Common Shareholders - Diluted |
22,780 |
17,050 |
33.6% |
20,828 |
9.4% |
||||
| Earnings Per Share, Diluted |
$ 0.79 |
$ 0.59 |
33.4% |
$ 0.73 |
8.0% |
||||
| Impact of Non-Operating Expenses (Non-GAAP) |
$ 0.01 |
$ 0.08 |
(88.4%) |
$ 0.10 |
(90.7%) |
||||
| Earnings Per Share, Diluted, Excluding Non-operating Expenses (Non-GAAP) |
$ 0.80 |
$ 0.67 |
18.7% |
$ 0.83 |
(4.2%) |
||||
| NUMBER OF SHARES OUTSTANDING |
|||||||||
| Basic Shares - All Classes (Average) |
29,401,395 |
29,307,297 |
0.3% |
29,066,000 |
1.2% |
||||
| Diluted Shares - Common Shareholders (Average) |
28,904,317 |
28,857,342 |
0.2% |
28,548,432 |
1.2% |
||||
| Book Value Shares (Period End) (1) |
29,489,745 |
29,373,905 |
0.4% |
29,456,748 |
0.1% |
||||
| 2012 |
2011 |
||||||||
| INCOME STATEMENT |
Fourth |
Third |
Second |
First |
Fourth |
||||
| Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
|||||
| Interest Income |
$ 114,779 |
$ 111,951 |
$ 109,283 |
$ 109,187 |
$ 111,799 |
||||
| Interest Expense |
14,789 |
15,225 |
16,111 |
17,326 |
19,226 |
||||
| Net Interest Income |
99,990 |
96,726 |
93,172 |
91,861 |
92,573 |
||||
| Provision for Credit Losses |
4,866 |
4,053 |
8,895 |
2,857 |
4,278 |
||||
| Net Interest Income After Provision for Loan Losses |
95,124 |
92,673 |
84,277 |
89,004 |
88,295 |
||||
| Total Noninterest Income |
50,354 |
46,553 |
41,694 |
37,396 |
35,455 |
||||
| Total Noninterest Expense |
113,441 |
109,848 |
109,022 |
99,873 |
99,726 |
||||
| Income Before Income Taxes |
32,037 |
29,378 |
16,949 |
26,527 |
24,024 |
||||
| Income Taxes |
8,829 |
8,144 |
4,389 |
7,134 |
6,667 |
||||
| Net Income |
$ 23,208 |
$ 21,234 |
$ 12,560 |
$ 19,393 |
$ 17,357 |
||||
| Preferred Stock Dividends |
- |
- |
- |
- |
- |
||||
| Earnings Available to Common Shareholders - Basic |
23,208 |
21,234 |
12,560 |
19,393 |
17,357 |
||||
| Earnings Allocated to Unvested Restricted Stock |
(428) |
(406) |
(240) |
(364) |
(307) |
||||
| Earnings Available to Common Shareholders - Diluted |
$ 22,780 |
$ 20,828 |
$ 12,320 |
$ 19,029 |
$ 17,051 |
||||
| Earnings Per Share, Basic |
$ 0.79 |
$ 0.73 |
$ 0.43 |
$ 0.66 |
$ 0.59 |
||||
| Earnings Per Share, Diluted |
$ 0.79 |
$ 0.73 |
$ 0.43 |
$ 0.66 |
$ 0.59 |
||||
| Book Value Per Common Share |
$ 51.88 |
$ 51.44 |
$ 50.68 |
$ 50.67 |
$ 50.48 |
||||
| Tangible Book Value Per Common Share |
$ 37.34 |
$ 37.07 |
$ 37.28 |
$ 37.23 |
$ 36.80 |
||||
| Return on Average Assets |
0.73% |
0.69% |
0.43% |
0.67% |
0.59% |
||||
| Return on Average Common Equity |
6.02% |
5.56% |
3.36% |
5.21% |
4.65% |
||||
| Return on Average Tangible Common Equity |
8.62% |
7.91% |
4.86% |
7.43% |
6.72% |
||||
| (1) Shares used for book value purposes exclude shares held in treasury at the end of the period. |
|||||||||
| Table 4 - IBERIABANK CORPORATION |
|||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
|||||
| (dollars in thousands except per share data) |
|||||
| For The Year Ended |
|||||
| INCOME STATEMENT |
December 31, |
||||
| 2012 |
2011 |
% Change |
|||
| Interest Income |
$ 445,200 |
$ 420,327 |
5.9% |
||
| Interest Expense |
63,450 |
82,069 |
(22.7%) |
||
| Net Interest Income |
381,750 |
338,258 |
12.9% |
||
| Provision for Credit Losses |
20,671 |
25,867 |
(20.1%) |
||
| Net Interest Income After Provision for Loan Losses |
361,079 |
312,391 |
15.6% |
||
| Service Charges |
26,852 |
25,915 |
3.6% |
||
| ATM / Debit Card Fee Income |
8,978 |
11,008 |
(18.4%) |
||
| BOLI Proceeds and Cash Surrender Value Income |
3,680 |
3,296 |
11.6% |
||
| Mortgage Income |
78,053 |
45,177 |
72.8% |
||
| Gain on Sale of Investments, net |
3,775 |
3,475 |
8.6% |
||
| Title Revenue |
20,987 |
18,048 |
16.3% |
||
| Broker Commissions |
13,446 |
10,224 |
31.5% |
||
| Other Noninterest Income |
20,226 |
14,716 |
37.4% |
||
| Total Noninterest Income |
175,997 |
131,859 |
33.5% |
||
| Salaries and Employee Benefits |
233,777 |
193,773 |
20.6% |
||
| Occupancy and Equipment |
54,672 |
49,600 |
10.2% |
||
| Amortization of Acquisition Intangibles |
5,150 |
5,121 |
0.6% |
||
| Other Noninterest Expense |
138,586 |
125,237 |
10.7% |
||
| Total Noninterest Expense |
432,185 |
373,731 |
15.6% |
||
| Income Before Income Taxes |
104,891 |
70,519 |
48.7% |
||
| Income Taxes |
28,496 |
16,981 |
67.8% |
||
| Net Income |
$ 76,395 |
$ 53,538 |
42.7% |
||
| Preferred Stock Dividends |
- |
- |
- |
||
| Earnings Available to Common Shareholders - Basic |
76,395 |
53,538 |
42.7% |
||
| Earnings Allocated to Unvested Restricted Stock |
(1,433) |
(967) |
48.2% |
||
| Earnings Available to Common Shareholders - Diluted |
74,962 |
52,571 |
42.6% |
||
| Earnings Per Share, diluted |
$ 2.59 |
$ 1.87 |
38.0% |
||
| Table 5 - IBERIABANK CORPORATION |
||||||||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
||||||||||
| (dollars in thousands) |
||||||||||
| LOANS |
December 31, |
September 30, |
||||||||
| 2012 |
2011 |
% Change |
2012 |
% Change |
||||||
| Residential Mortgage Loans: |
476,852 |
538,500 |
(11.4%) |
463,402 |
2.9% |
|||||
| Commercial Loans: |
||||||||||
| Real Estate |
3,632,045 |
3,363,891 |
8.0% |
3,549,837 |
2.3% |
|||||
| Business |
2,537,716 |
2,005,234 |
26.6% |
2,449,125 |
3.6% |
|||||
| Total Commercial Loans |
6,169,761 |
5,369,125 |
14.9% |
5,998,962 |
2.8% |
|||||
| Consumer Loans: |
||||||||||
| Indirect Automobile |
327,985 |
261,896 |
25.2% |
319,389 |
2.7% |
|||||
| Home Equity |
1,250,977 |
1,019,110 |
22.8% |
1,200,886 |
4.2% |
|||||
| Automobile |
60,240 |
38,600 |
56.1% |
55,244 |
9.0% |
|||||
| Credit Card Loans |
52,628 |
48,732 |
8.0% |
49,330 |
6.7% |
|||||
| Other |
160,137 |
112,074 |
42.9% |
142,734 |
12.2% |
|||||
| Total Consumer Loans |
1,851,967 |
1,480,412 |
25.1% |
1,767,582 |
4.8% |
|||||
| Total Loans |
8,498,580 |
7,388,037 |
15.0% |
8,229,946 |
3.3% |
|||||
| Allowance for Credit Losses |
(251,603) |
(193,761) |
(201,387) |
|||||||
| Loans, Net |
$ 8,246,977 |
$ 7,194,276 |
$ 8,028,559 |
|||||||
| ASSET QUALITY DATA (1) |
December 31, |
September 30, |
||||||||
| 2012 |
2011 |
% Change |
2012 |
% Change |
||||||
| Nonaccrual Loans |
$ 540,867 |
$ 719,236 |
(24.8%) |
$ 567,006 |
(4.6%) |
|||||
| Foreclosed Assets |
1,473 |
4 |
40196.0% |
1,648 |
(10.6%) |
|||||
| Other Real Estate Owned |
120,063 |
125,042 |
(4.0%) |
127,525 |
(5.9%) |
|||||
| Accruing Loans More Than 90 Days Past Due |
4,404 |
29,003 |
(84.8%) |
5,538 |
(20.5%) |
|||||
| Total Nonperforming Assets |
$ 666,807 |
$ 873,285 |
(23.6%) |
$ 701,717 |
(5.0%) |
|||||
| Loans 30-89 Days Past Due |
$ 47,899 |
$ 86,467 |
(44.6%) |
$ 59,063 |
(18.9%) |
|||||
| Nonperforming Assets to Total Assets |
5.08% |
7.43% |
(31.6%) |
5.60% |
(9.3%) |
|||||
| Nonperforming Assets to Total Loans and OREO |
7.74% |
11.62% |
(33.4%) |
8.39% |
(7.9%) |
|||||
| Allowance for Credit Losses to Nonperforming Loans (2) |
46.1% |
25.9% |
78.2% |
35.2% |
31.2% |
|||||
| Allowance for Credit Losses to Nonperforming Assets |
37.7% |
22.2% |
70.1% |
28.7% |
31.5% |
|||||
| Allowance for Credit Losses to Total Loans |
2.96% |
2.62% |
12.9% |
2.45% |
21.0% |
|||||
| Year to Date Charge-offs |
$ 10,101 |
$ 16,535 |
(38.9%) |
$ 7,230 |
N/M |
|||||
| Year to Date Recoveries |
(5,277) |
(8,351) |
(36.8%) |
(2,495) |
N/M |
|||||
| Year to Date Net Charge-offs (Recoveries) |
$ 4,824 |
$ 8,184 |
(41.1%) |
$ 4,735 |
N/M |
|||||
| Quarter to Date Net Charge-offs (Recoveries) |
$ 89 |
$ 5,350 |
(98.3%) |
$ 1,923 |
(95.4%) |
|||||
| Quarter to Date Net Charge-offs to Average Loans (Annualized) |
0.00% |
0.29% |
(98.6%) |
0.10% |
(95.6%) |
|||||
| (1)For purposes of this table, nonperforming assets include all loans meeting nonperforming asset criteria, including assets acquired in FDIC-assisted transactions. |
||||||||||
| (2)Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. |
||||||||||
| N/M - Comparison of the information presented is not meaningful given the periods presented. |
||||||||||
| Table 6 - IBERIABANK CORPORATION |
||||||||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
||||||||||
| (dollars in thousands) |
||||||||||
| LOANS (Ex-Covered Assets and Acquired Impaired Loans)(1) |
||||||||||
| December 31, |
September 30, |
|||||||||
| 2012 |
2011 |
% Change |
2012 |
% Change |
||||||
| Residential Mortgage Loans: |
289,357 |
283,113 |
2.2% |
265,639 |
8.9% |
|||||
| Commercial Loans: |
||||||||||
| Real Estate |
2,935,839 |
2,586,694 |
13.5% |
2,819,990 |
4.1% |
|||||
| Business |
2,447,196 |
1,869,965 |
30.9% |
2,353,628 |
4.0% |
|||||
| Total Commercial Loans |
5,383,035 |
4,456,659 |
20.8% |
5,173,618 |
4.0% |
|||||
| Consumer Loans: |
||||||||||
| Indirect Automobile |
327,916 |
261,879 |
25.2% |
319,309 |
2.7% |
|||||
| Home Equity |
1,072,117 |
825,216 |
29.9% |
1,018,983 |
5.2% |
|||||
| Automobile |
60,232 |
38,592 |
56.1% |
55,234 |
9.0% |
|||||
| Credit Card Loans |
51,722 |
47,763 |
8.3% |
48,454 |
6.7% |
|||||
| Other |
157,247 |
105,387 |
49.2% |
140,174 |
12.2% |
|||||
| Total Consumer Loans |
1,669,234 |
1,278,837 |
30.5% |
1,582,154 |
5.5% |
|||||
| Total Loans |
7,341,626 |
6,018,609 |
22.0% |
7,021,411 |
4.6% |
|||||
| Allowance for Credit Losses |
(79,537) |
(74,861) |
(79,562) |
|||||||
| Loans, Net |
$ 7,262,089 |
$ 5,943,748 |
$ 6,941,849 |
|||||||
| ASSET QUALITY DATA (Ex-Covered Assets and Acquired Impaired Loans) (1) |
||||||||||
| December 31, |
September 30, |
|||||||||
| 2012 |
2011 |
% Change |
2012 |
% Change |
||||||
| Nonaccrual Loans |
$ 70,354 |
$ 60,303 |
16.7% |
$ 66,201 |
6.3% |
|||||
| Foreclosed Assets |
14 |
4 |
262.2% |
19 |
(28.5%) |
|||||
| Other Real Estate Owned |
26,366 |
19,997 |
31.9% |
18,448 |
42.9% |
|||||
| Accruing Loans More Than 90 Days Past Due |
1,776 |
3,580 |
(50.4%) |
3,786 |
(53.1%) |
|||||
| Total Nonperforming Assets |
$ 98,510 |
$ 83,884 |
17.4% |
$ 88,454 |
11.4% |
|||||
| Loans 30-89 Days Past Due |
$ 21,228 |
$ 19,455 |
9.1% |
$ 21,029 |
0.9% |
|||||
| Troubled Debt Restructurings (2) |
17,710 |
23,953 |
(26.1%) |
21,840 |
(18.9%) |
|||||
| Current Troubled Debt Restructurings (3) |
2,354 |
55 |
4211.9% |
483 |
386.9% |
|||||
| Nonperforming Assets to Total Assets |
0.85% |
0.86% |
(0.9%) |
0.81% |
4.5% |
|||||
| Nonperforming Assets to Total Loans and OREO |
1.34% |
1.39% |
(3.8%) |
1.26% |
6.4% |
|||||
| Allowance for Credit Losses to Nonperforming Loans (4) |
110.3% |
117.2% |
(5.9%) |
113.7% |
(3.0%) |
|||||
| Allowance for Credit Losses to Nonperforming Assets |
80.7% |
89.2% |
(9.5%) |
89.9% |
(10.2%) |
|||||
| Allowance for Credit Losses to Total Loans |
1.08% |
1.24% |
(12.9%) |
1.13% |
(4.4%) |
|||||
| Year to Date Charge-offs |
$ 9,751 |
$ 15,398 |
(36.7%) |
$ 6,839 |
N/M |
|||||
| Year to Date Recoveries |
(5,296) |
(7,825) |
(32.3%) |
(2,475) |
N/M |
|||||
| Year to Date Net Charge-offs (Recoveries) |
$ 4,455 |
$ 7,573 |
(41.2%) |
$ 4,364 |
N/M |
|||||
| Quarter to Date Net Charge-offs (Recoveries) |
$ 91 |
$ 4,622 |
(98.0%) |
$ 1,923 |
(95.3%) |
|||||
| Quarter to Date Net Charge-offs to Average Loans (Annualized) |
0.01% |
0.31% |
(98.4%) |
0.11% |
(95.5%) |
|||||
| (1) For purposes of this table, nonperforming assets include all loans meeting nonperforming asset criteria, excluding assets acquired in FDIC-assisted transactions and acquired impaired loans. |
||||||||||
| (2) Troubled debt restructurings meeting past due and nonaccruing criteria are included in loans past due and nonaccrual loans above. |
||||||||||
| (3) Current troubled debt restructurings are defined as troubled debt restructurings not past due or on nonaccrual status for the respective periods. |
||||||||||
| (4) Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. |
||||||||||
| N/M - Comparison of the information presented is not meaningful given the periods presented. |
||||||||||
| Table 7 - Non-Covered and Net Covered Loan Portfolio Volumes And Yields ($ in Millions) |
||||||||||
| 4Q 2011 |
1Q 2012 |
2Q 2012 |
3Q 2012 |
4Q 2012 |
||||||
| Average Balance |
Yield |
Average Balance |
Yield |
Average Balance |
Yield |
Average Balance |
Yield |
Average Balance |
Yield |
|
| Non Covered Loans |
$ 5,874 |
4.91% |
$ 6,088 |
4.78% |
$ 6,374 |
4.68% |
$ 6,863 |
4.55% |
$ 7,272 |
4.52% |
| FDIC Covered Loans |
$ 1,351 |
16.14% |
$ 1,293 |
15.97% |
$ 1,219 |
16.66% |
$ 1,154 |
18.88% |
$ 1,112 |
17.53% |
| FDIC Indemnification Asset |
593 |
-19.31% |
574 |
-19.26% |
508 |
-22.16% |
449 |
-29.20% |
411 |
-26.83% |
| Net Covered Loans |
$ 1,944 |
5.33% |
$ 1,867 |
5.14% |
$ 1,727 |
5.23% |
$ 1,603 |
5.42% |
$ 1,523 |
5.55% |
| Table 8 - IBERIABANK CORPORATION |
||||||||||||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
||||||||||||||
| Taxable Equivalent Basis |
||||||||||||||
| (dollars in thousands) |
||||||||||||||
| For The Quarter Ended |
||||||||||||||
| December 31, 2012 |
September 30, 2012 |
December 31, 2011 |
||||||||||||
| Average |
Average |
Average |
Average |
Average |
Average |
|||||||||
| Interest |
Balance |
Yield/Rate (%) |
Balance |
Yield/Rate (%) |
Balance |
Yield/Rate (%) |
||||||||
| ASSETS |
||||||||||||||
| Earning Assets: |
||||||||||||||
| Loans Receivable: |
||||||||||||||
| Mortgage Loans |
8,344 |
$ 433,164 |
7.70% |
$ 418,925 |
7.80% |
$ 492,262 |
7.01% |
|||||||
| Commercial Loans (TE) (1) |
94,168 |
6,101,343 |
6.13% |
5,832,375 |
6.61% |
5,235,122 |
7.22% |
|||||||
| Consumer and Other Loans |
29,219 |
1,849,711 |
6.28% |
1,765,529 |
6.35% |
1,497,229 |
6.29% |
|||||||
| Total Loans |
131,731 |
8,384,218 |
6.25% |
8,016,829 |
6.61% |
7,224,613 |
7.01% |
|||||||
| Loss Share Receivable |
(28,201) |
411,328 |
-26.83% |
448,746 |
-29.20% |
592,985 |
-19.31% |
|||||||
| Total Loans and Loss Share Receivable |
103,530 |
8,795,546 |
4.70% |
8,465,575 |
4.71% |
7,817,598 |
5.02% |
|||||||
| Mortgage Loans Held for Sale |
1,571 |
212,432 |
2.96% |
182,543 |
3.21% |
131,787 |
3.21% |
|||||||
| Investment Securities (TE) (1)(2) |
8,933 |
1,896,092 |
2.09% |
1,963,451 |
2.22% |
1,985,826 |
2.57% |
|||||||
| Other Earning Assets |
745 |
486,544 |
0.61% |
298,681 |
0.85% |
385,158 |
0.68% |
|||||||
| Total Earning Assets |
114,779 |
11,390,614 |
4.06% |
10,910,250 |
4.14% |
10,320,369 |
4.36% |
|||||||
| Allowance for Credit Losses |
(196,634) |
(180,798) |
(167,433) |
|||||||||||
| Nonearning Assets |
1,498,685 |
1,453,102 |
1,432,249 |
|||||||||||
| Total Assets |
$ 12,692,665 |
$ 12,182,554 |
$ 11,585,185 |
|||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||||||
| Interest-bearing liabilities |
||||||||||||||
| Deposits: |
||||||||||||||
| NOW Accounts |
1,899 |
$ 2,207,032 |
0.34% |
$ 2,023,769 |
0.35% |
$ 1,718,337 |
0.41% |
|||||||
| Savings and Money Market Accounts |
4,210 |
3,935,675 |
0.43% |
3,701,947 |
0.46% |
3,413,278 |
0.55% |
|||||||
| Certificates of Deposit |
5,100 |
2,244,876 |
0.90% |
2,206,939 |
1.00% |
2,665,935 |
1.38% |
|||||||
| Total Interest-bearing Deposits |
11,209 |
8,387,583 |
0.53% |
7,932,655 |
0.58% |
7,797,550 |
0.80% |
|||||||
| Short-term Borrowings |
143 |
271,266 |
0.21% |
367,443 |
0.21% |
223,263 |
0.27% |
|||||||
| Long-term Debt |
3,437 |
424,052 |
3.17% |
438,828 |
3.10% |
455,549 |
2.84% |
|||||||
| Total Interest-bearing Liabilities |
14,789 |
9,082,901 |
0.65% |
8,738,926 |
0.69% |
8,476,362 |
0.90% |
|||||||
| Noninterest-bearing Demand Deposits |
1,928,361 |
1,773,302 |
1,455,097 |
|||||||||||
| Noninterest-bearing Liabilities |
147,842 |
150,988 |
173,188 |
|||||||||||
| Total Liabilities |
11,159,104 |
10,663,216 |
10,104,647 |
|||||||||||
| Shareholders' Equity |
1,533,561 |
1,519,338 |
1,480,538 |
|||||||||||
| Total Liabilities and Shareholders' Equity |
$ 12,692,665 |
$ 12,182,554 |
$ 11,585,185 |
|||||||||||
| Net Interest Spread |
$ 99,990 |
3.41% |
$ 96,726 |
3.45% |
$ 92,573 |
3.46% |
||||||||
| Tax-equivalent Benefit |
2,449 |
0.08% |
2,417 |
0.09% |
2,345 |
0.09% |
||||||||
| Net Interest Income (TE) / Net Interest Margin (TE) (1) |
$ 102,439 |
3.55% |
$ 99,143 |
3.58% |
$ 94,918 |
3.62% |
||||||||
| (1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. |
||||||||||||||
| (2) Balances exclude unrealized gain or loss on securities available for sale and impact of trade date accounting. |
||||||||||||||
| Table 9 - IBERIABANK CORPORATION |
||||||||||||
| CONDENSED CONSOLIDATED FINANCIAL INFORMATION |
||||||||||||
| Taxable Equivalent Basis |
||||||||||||
| (dollars in thousands) |
||||||||||||
| For The Year Ended |
||||||||||||
| December 31, 2012 |
December 31, 2011 |
|||||||||||
| Average |
Average |
Average |
Average |
|||||||||
| Interest |
Balance |
Yield/Rate (%) |
Interest |
Balance |
Yield/Rate (%) |
|||||||
| ASSETS |
||||||||||||
| Earning Assets: |
||||||||||||
| Loans Receivable: |
||||||||||||
| Mortgage Loans |
33,254 |
$ 442,088 |
7.52% |
38,379 |
$ 550,361 |
6.97% |
||||||
| Commercial Loans (TE) (1) |
373,497 |
5,703,163 |
6.54% |
306,089 |
4,787,680 |
6.41% |
||||||
| Consumer and Other Loans |
107,192 |
1,700,427 |
6.30% |
91,704 |
1,399,953 |
6.55% |
||||||
| Total Loans |
513,943 |
7,845,678 |
6.54% |
436,172 |
6,737,994 |
6.49% |
||||||
| Loss Share Receivable |
(118,100) |
485,270 |
-23.94% |
(72,086) |
648,248 |
-10.97% |
||||||
| Total Loans and Loss Share Receivable |
395,843 |
8,330,948 |
4.77% |
364,086 |
7,386,242 |
4.96% |
||||||
| Mortgage Loans Held for Sale |
5,318 |
162,053 |
3.28% |
3,479 |
81,304 |
4.28% |
||||||
| Investment Securities (TE) (1)(2) |
41,266 |
1,959,754 |
2.31% |
50,716 |
2,036,071 |
2.65% |
||||||
| Other Earning Assets |
2,773 |
379,660 |
0.73% |
2,046 |
277,152 |
0.74% |
||||||
| Total Earning Assets |
445,200 |
10,832,415 |
4.16% |
420,327 |
9,780,769 |
4.35% |
||||||
| Allowance for Credit Losses |
(184,127) |
(155,851) |
||||||||||
| Nonearning Assets |
1,448,684 |
1,265,272 |
||||||||||
| Total Assets |
$ 12,096,972 |
$ 10,890,190 |
||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||||
| Interest-bearing liabilities |
||||||||||||
| Deposits: |
||||||||||||
| NOW Accounts |
7,475 |
$ 2,035,544 |
0.37% |
7,579 |
$ 1,554,368 |
0.49% |
||||||
| Savings and Money Market Accounts |
17,034 |
3,661,697 |
0.47% |
21,991 |
3,186,508 |
0.69% |
||||||
| Certificates of Deposit |
24,855 |
2,302,081 |
1.08% |
40,984 |
2,699,279 |
1.52% |
||||||
| Total Interest-bearing Deposits |
49,364 |
7,999,322 |
0.62% |
70,554 |
7,440,155 |
0.95% |
||||||
| Short-term Borrowings |
650 |
284,201 |
0.22% |
577 |
220,146 |
0.26% |
||||||
| Long-term Debt |
13,436 |
431,133 |
3.07% |
10,938 |
440,077 |
2.45% |
||||||
| Total Interest-bearing Liabilities |
63,450 |
8,714,656 |
0.73% |
82,069 |
8,100,378 |
1.01% |
||||||
| Noninterest-bearing Demand Deposits |
1,718,849 |
1,205,697 |
||||||||||
| Noninterest-bearing Liabilities |
149,950 |
161,859 |
||||||||||
| Total Liabilities |
10,583,455 |
9,467,934 |
||||||||||
| Shareholders' Equity |
1,513,517 |
1,422,256 |
||||||||||
| Total Liabilities and Shareholders' Equity |
$ 12,096,972 |
$ 10,890,190 |
||||||||||
| Net Interest Spread |
$ 381,750 |
3.43% |
$ 338,258 |
3.34% |
||||||||
| Tax-equivalent Benefit |
9,659 |
0.09% |
8,178 |
0.09% |
||||||||
| Net Interest Income (TE) / Net Interest Margin (TE) (1) |
$ 391,409 |
3.58% |
$ 346,436 |
3.51% |
||||||||
| (1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. |
||||||||||||
| (2) Balances exclude unrealized gain or loss on securities available for sale and impact of trade date accounting. |
||||||||||||
| Table 10 - IBERIABANK CORPORATION |
||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||
| (dollars in thousands, except per share data) |
||||||
| For The Quarter Ended |
||||||
| December 31, 2012 |
September 30, 2012 |
December 31, 2011 |
||||
| Net Interest Income (GAAP) |
$ 99,990 |
$ 96,726 |
$ 92,573 |
|||
| Effect of Tax Benefit on Interest Income |
2,449 |
2,417 |
2,345 |
|||
| Net Interest Income (TE) (Non-GAAP) (1) |
102,439 |
99,143 |
94,918 |
|||
| Noninterest Income (GAAP) |
50,354 |
46,553 |
35,455 |
|||
| Effect of Tax Benefit on Noninterest Income |
489 |
493 |
484 |
|||
| Noninterest Income (TE) (Non-GAAP) (1) |
50,843 |
47,046 |
35,939 |
|||
| Taxable Equivalent Revenues (Non-GAAP) (1) |
153,282 |
146,189 |
130,857 |
|||
| Securities Losses (Gains) |
4 |
(41) |
(793) |
|||
| Other noninterest income |
(2,196) |
- |
- |
|||
| Taxable Equivalent Operating Revenues (Non-GAAP) (1) |
$ 151,090 |
$ 146,148 |
$ 130,064 |
|||
| Total Noninterest Expense (GAAP) |
$ 113,441 |
$ 109,848 |
$ 99,726 |
|||
| Less Intangible Amortization Expense |
(1,285) |
(1,287) |
(1,384) |
|||
| Tangible Noninterest Expense (Non-GAAP) (2) |
112,156 |
108,561 |
98,342 |
|||
| Merger-related expenses |
1,183 |
2,985 |
4,055 |
|||
| Severance expenses |
370 |
712 |
206 |
|||
| Occupancy expenses and branch closure expenses |
711 |
284 |
- |
|||
| Professsional expenses and litigation settlements |
339 |
574 |
193 |
|||
| Tangible Operating Noninterest Expense (Non-GAAP) (2) |
$ 109,553 |
$ 104,006 |
$ 93,888 |
|||
| Return on Average Common Equity (GAAP) |
6.02% |
5.56% |
4.65% |
|||
| Effect of Intangibles (2) |
2.60% |
2.35% |
2.07% |
|||
| Effect of Non Operating Revenues and Expenses |
0.09% |
1.05% |
0.89% |
|||
| Operating Return on Average Tangible Common Equity (Non-GAAP) (2) |
8.71% |
8.96% |
7.61% |
|||
| Efficiency Ratio (GAAP) |
75.5% |
76.7% |
77.9% |
|||
| Effect of Tax Benefit Related to Tax Exempt Income |
(1.5%) |
(1.6%) |
(1.7%) |
|||
| Operating Efficiency Ratio (TE) (Non-GAAP) (1) |
74.0% |
75.1% |
76.2% |
|||
| Effect of Amortization of Intangibles |
(0.8%) |
(0.8%) |
(0.9%) |
|||
| Effect of Non Operating Revenues and Expenses |
(0.7%) |
(3.1%) |
(3.1%) |
|||
| Tangible Operating Efficiency Ratio (TE)(Non-GAAP) (1) (2) |
72.5% |
71.2% |
72.2% |
|||
| (1) |
Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. |
|||||
| (2) |
Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
|||||
| Table 11 - IBERIABANK CORPORATION |
||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(1) |
||||||||||||
| (dollars in thousands) |
||||||||||||
| For The Quarter Ended |
||||||||||||
| December 31, 2012 |
September 30, 2012 |
December 31, 2011 |
||||||||||
| Dollar Amount |
Dollar Amount |
Dollar Amount |
||||||||||
| Pre-tax |
After-tax |
Per share |
Pre-tax |
After-tax |
Per share |
Pre-tax |
After-tax |
Per share |
||||
| Net Income (GAAP) |
$ 32,037 |
$ 23,208 |
$ 0.79 |
$ 29,378 |
$ 21,234 |
$ 0.73 |
$ 24,024 |
$ 17,357 |
$ 0.59 |
|||
| Merger-related expenses |
1,183 |
769 |
0.03 |
2,985 |
1,940 |
0.07 |
4,055 |
2,636 |
0.09 |
|||
| Severance expenses |
370 |
241 |
0.01 |
712 |
463 |
0.02 |
206 |
134 |
0.00 |
|||
| Occupancy expenses and branch closure expenses |
711 |
462 |
0.02 |
284 |
185 |
0.01 |
- |
- |
- |
|||
| Professsional expenses and litigation settlements |
339 |
220 |
0.01 |
574 |
373 |
0.01 |
193 |
125 |
0.00 |
|||
| Other noninterest income |
(2,196) |
(1,427) |
(0.05) |
- |
- |
- |
- |
- |
- |
|||
| Loss (Gain) on sale of investments |
4 |
3 |
- |
(41) |
(27) |
(0.00) |
(793) |
(515) |
(0.02) |
|||
| Operating earnings (Non-GAAP) |
32,448 |
23,476 |
0.80 |
33,892 |
24,168 |
0.83 |
27,685 |
19,737 |
0.67 |
|||
| Covered and acquired impaired loan provision for credit losses |
4,504 |
2,928 |
0.10 |
2,318 |
1,507 |
0.05 |
1,659 |
1,078 |
0.04 |
|||
| Other provision for credit losses |
362 |
235 |
0.01 |
1,735 |
1,128 |
0.04 |
2,620 |
1,703 |
0.06 |
|||
| Pre-provision operating earnings (Non-GAAP) |
$ 37,314 |
$ 26,639 |
$ 0.91 |
$ 37,945 |
$ 26,802 |
$ 0.92 |
$ 31,964 |
$ 22,518 |
$ 0.77 |
|||
| (1) Per share amounts may not appear to foot due to rounding |
||||||||||||
SOURCE IBERIABANK Corporation
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