IBERIABANK Corporation Reports Second Quarter Results
LAFAYETTE, La., July 22, 2015 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 128-year-old IBERIABANK (www.iberiabank.com), reported operating results for the second quarter ended June 30, 2015. For the quarter, the Company reported income available to common shareholders of $30.8 million, or $0.79 fully diluted earnings per share ("EPS"). In the second quarter of 2015, the Company incurred non-operating expenses net of non-operating revenue equal to $15.5 million on a pre-tax basis, or $0.26 per share on an after-tax basis. Excluding non-operating items, EPS in the second quarter of 2015 was $1.05 per share on a non-GAAP operating basis (refer to press release supplemental table.)
The Company completed the acquisition of Georgia Commerce Bancshares, Inc. ("Georgia Commerce") on May 31, 2015. On that date, Georgia Commerce had total assets of $1.0 billion, gross loans of $808 million, total deposits of $908 million, and nine bank offices serving the Metro Atlanta market. Financial statements reflect the impact of the acquisition beginning on the acquisition date and are subject to future refinements to purchase accounting adjustments. The Company incurred approximately $12.7 million in pre-tax acquisition and conversion-related costs during the second quarter of 2015.
Daryl G. Byrd, President and Chief Executive Officer, commented, "We welcome the former shareholders and clients of Georgia Commerce to our Company. We believe our combined franchise is well-positioned to experience significant long-term growth in the Metro Atlanta area. I'm particularly proud of the tremendous effort and teamwork on the part of our legacy associates and our newest team members to successfully complete and convert all of our recent combinations in a high-quality manner. In the brief span of 122 days, our teams completed the acquisitions of three holding companies and four banks, and successfully completed five branch and operating system conversions. Teamwork, attention to detail, and client service are distinguishing characteristics of our Company."
Byrd continued, "We achieved improved operating results in second quarter of 2015 despite only a partial phasing-in of acquisition synergies during the quarter. Our legacy loans and deposits each grew over $500 million during the quarter. Many of our fee income businesses delivered solid quarterly results, while our energy and indirect automobile lending balances continued to taper down as expected. In addition, our operating EPS improved 11% on a linked quarter basis and 18% compared to the same quarter last year. Based on the sustained low interest rate environment and our current expectations and assumptions, our guidance range for operating EPS for the full year of 2015 is in the range of $4.22 to $4.27 per share, equal to a 13% to 14% increase compared to 2014 operating results without the benefit of rising interest rates. We estimate that each 25-basis point increase in the Federal Funds rate would positively influence our quarterly after-tax EPS by seven cents per share."
Highlights for the second quarter of 2015 and June 30, 2015:
- On a linked quarter basis, operating revenues increased $31.6 million, or 18%, while operating expenses increased $13.7 million, or 11%. Operating expenses were impacted by the timing of the Georgia Commerce and Old Florida Bancshares, Inc., acquisitions and conversions. Georgia Commerce had a full month of operating expenses with very limited cost savings due to the timing of the conversion of the branch and operating systems, which was completed at quarter-end. The conversions of the Old Florida subsidiaries were completed on April 26, 2015 and May 17, 2015, resulting in a partial phase-in of synergistic benefits during the second quarter of 2015.
- The net interest margin decreased two basis points on a linked quarter basis to 3.52%, which was consistent with management's expectations.
- Energy-related loans declined $32 million, or 4%, between March 31, 2015 and June 30, 2015, due to loan pay-downs and pay-offs. Energy-related loans declined from 6.4% of total loans at March 31, 2015, to 5.6% at June 30, 2015. At June 30, 2015, the Company had accrued approximately $15 million in aggregate reserves for energy-related loans and unfunded commitments. The Company continues to forecast little or no losses on the exploration and production or midstream energy loans outstanding (which constituted 67% of energy loans outstanding at June 30, 2015) and limited losses in the service company portfolio.
- Total loan growth was $1.1 billion, or 8%, between March 31, 2015 and June 30, 2015. Despite a $32 million decline in energy-related loans and a $44 million decline in indirect automobile loans between quarter-ends, legacy loan growth, which excludes all assets covered under FDIC loss share agreements and other non-covered acquired assets (collectively, "Acquired Assets"), increased $501 million, or 5% (20% annualized rate).
- Total deposits increased $1.5 billion, or 10%, between quarter-ends, and increased $546 million, or 4%, excluding acquisitions (15% annualized rate).
| Table A - IBERIABANK CORPORATION |
|||||||||||
| SUMMARY FINANCIAL RESULTS |
|||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||
| For the Three Months Ended |
|||||||||||
| 6/30/2015 |
3/31/2015 |
% Change |
6/30/2014(1) |
% Change |
|||||||
| Net income |
$ 30,836 |
$ 25,126 |
22.7 |
$ 16,217 |
90.1 |
||||||
| Earnings per common share - diluted |
0.79 |
0.75 |
5.3 |
0.53 |
49.1 |
||||||
| Average gross loans and leases |
$ 13,297,724 |
$ 11,563,946 |
15.0 |
$ 9,998,533 |
33.0 |
||||||
| Average total deposits |
15,132,197 |
12,761,808 |
18.6 |
11,071,698 |
36.7 |
||||||
| Net interest margin (TE) (2) |
3.52% |
3.54% |
3.49% |
||||||||
| OPERATING BASIS (NON-GAAP) (3): |
|||||||||||
| Total revenues |
$ 205,924 |
$ 174,314 |
18.1 |
$ 153,025 |
34.6 |
||||||
| Total non-interest expense |
136,450 |
122,787 |
11.1 |
109,988 |
24.1 |
||||||
| Earnings per common share - diluted |
1.05 |
0.95 |
10.5 |
0.89 |
18.0 |
||||||
| Tangible efficiency ratio |
65.3% |
69.6% |
71.3% |
||||||||
| Return on average assets |
0.89 |
0.81 |
0.78 |
||||||||
| Return on average tangible common equity |
11.14 |
9.92 |
9.72 |
||||||||
| Net interest margin (TE) - cash basis (4) |
3.29 |
3.28 |
3.45 |
||||||||
| (1) |
Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second quarter of 2014 as previously disclosed. |
| (2) |
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%. |
| (3) |
See Table 11 and Table 12 for GAAP to Non-GAAP reconciliations. |
| (4) |
See Table 10 for adjustments related to purchase discounts on acquired loans and related accretion and the impact of the FDIC indemnification asset. |
Operating Results
During the second quarter, average legacy loan volume increased $413 million and the associated yield declined two basis points, while the average Acquired Asset loan volume increased $1.3 billion and the yield decreased 52 basis points. The decrease in the Acquired Asset loan yield was primarily due to the mix of lower yielding loans recently acquired.
On a linked quarter basis, average earning assets increased $2.2 billion, or 15%, as average loans increased $1.7 billion, or 15%, average investment securities increased $162 million, or 7%, and other earning assets increased $261 million, or 65%. Also on a linked quarter basis, the average earning asset yield decreased three basis points and the cost of interest-bearing liabilities remained stable. As a result, the net interest spread decreased three basis points, and the net interest margin decreased two basis points. Tax-equivalent net interest income increased $20 million, or 16%, as average earning assets increased significantly and the net interest margin decreased slightly on a linked quarter basis.
In the second quarter of 2015, non-interest income increased $12.6 million, or 26%, compared to the first quarter of 2015. Non-operating income totaled $1.3 million in the second quarter of 2015. Operating non-interest income increased $11.7 million, or 24%, on a linked quarter basis. The primary changes in operating non-interest income on a linked quarter basis were:
- Increased mortgage income of $7.2 million, or 40%;
- Increased title revenues of $1.5 million, or 33%;
- Increased energy capital markets income of $1.2 million, or 68%;
- Increased service charge income on deposit accounts of $0.9 million, or 10%;
- Increased ATM and debit card fee income of $0.3 million, or 9%; and
- Increased other operating non-interest income of $0.8 million, primarily due to SBA-related income.
In the second quarter of 2015, the Company originated $700 million in residential mortgage loans, up $205 million, or 41%, on a linked quarter basis. Client loan refinancing opportunities accounted for approximately 22% of mortgage loan applications in the second quarter of 2015, down compared to 24% in the first quarter of 2015. The Company sold $663 million in mortgage loans during the second quarter of 2015, up $221 million, or 50%, on a linked quarter basis. The mortgage origination locked pipeline and loans held for sale increased $50 million, or 18%, between March 31, 2015, and June 30, 2015, to $329 million at quarter-end. At July 17, 2015, the locked pipeline was $329 million, up $1 million, or less than 1%, compared to June 30, 2015. The mortgage loan origination business primarily focuses on retail mortgage loans originated by the Company.
Assets under management at IBERIA Wealth Advisors ("IWA") were $1.4 billion at June 30, 2015, down 2% compared to March 31, 2015. Revenues for IWA increased 7% on a linked quarter basis, and were up 17% compared to the second quarter of 2014. IBERIA Financial Services revenues increased 3% on a linked quarter basis, and were down 4% compared to the second quarter of 2014. IBERIA Capital Partners ("ICP") revenues increased 54% on a linked quarter basis, and were down 6% compared to the second quarter of 2014.
Non-interest expense increased $20.1 million, or 15%, on a linked quarter basis, while operating expense increased $13.7 million, or 11%. Operating expense changes included the following on a linked-quarter basis:
- Increased compensation and benefit costs of $8.5 million primarily due to:
- Increased personnel expenses of $3.7 million attributable to Old Florida associates for three months and Georgia Commerce associates for one month in the second quarter of 2015;
- Increased mortgage commissions of $2.6 million and retail and other commissions of $0.4 million;
- Increased payroll expenses of $1.1 million for merit increases effective at the beginning of the second quarter of 2015; and
- Increased all other personnel costs of $0.7 million;
- Increased occupancy and equipment expense of $1.2 million (all due to acquisitions);
- Increased FDIC deposit insurance premium of $0.7 million (primarily due to acquisitions);
- Increased intangible amortization of $0.6 million (all due to acquisitions); and
- Increased all other operating expenses of $2.7 million (partially due to acquisitions).
| Table B - IBERIABANK CORPORATION |
||||||||||||||||
| SUMMARY FINANCIAL CONDITION RATIOS |
||||||||||||||||
| (Dollars in thousands, except per share data) |
||||||||||||||||
| As of and For the Three Months Ended |
||||||||||||||||
| 6/30/2015 |
3/31/2015 |
% Change |
6/30/2014 (1) |
% Change |
||||||||||||
| PERIOD-END BALANCES: |
||||||||||||||||
| Total loans and leases |
$ 13,950,563 |
$ 12,873,461 |
8.4% |
$ 10,899,482 |
28.0% |
|||||||||||
| Legacy loans and leases |
10,395,553 |
9,894,869 |
5.1 |
8,831,945 |
17.7 |
|||||||||||
| Total deposits |
16,119,541 |
14,665,024 |
9.9 |
11,981,147 |
34.5 |
|||||||||||
| ASSET QUALITY RATIOS (LEGACY): |
||||||||||||||||
| Past due loans to total loans(2) |
0.78% |
0.79% |
0.55% |
|||||||||||||
| Non-performing assets to total assets(3) |
0.55 |
0.55 |
0.53 |
|||||||||||||
| Classified assets to total assets(4) |
0.84 |
0.61 |
0.60 |
|||||||||||||
| CAPITAL RATIOS: |
||||||||||||||||
| Tangible common equity ratio (Non-GAAP) (5) |
8.68% |
8.62% |
8.43% |
|||||||||||||
| Tier 1 leverage ratio |
9.23 |
8.87 |
10.00 |
|||||||||||||
| Total risk-based capital ratio |
11.47 |
11.62 |
12.40 |
|||||||||||||
| PER SHARE DATA: |
||||||||||||||||
| Book value |
$ 57.53 |
$ 56.77 |
1.3% |
$ 53.76 |
7.0% |
|||||||||||
| Tangible book value (6) |
39.00 |
39.25 |
(0.6) |
37.28 |
4.6 |
|||||||||||
| Closing stock price |
68.23 |
63.03 |
8.3 |
69.19 |
(1.4) |
|||||||||||
| Cash dividends |
0.34 |
0.34 |
- |
0.34 |
- |
|||||||||||
| (1) |
Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second quarter of 2014 as previously disclosed. |
| (2) |
Past due loans include non-accruing loans. |
| (3) |
Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. |
| (4) |
Classified assets consist of $131 million, $91 million and $79 million at June 30, 2015, March 31, 2015 and June 30, 2014, respectively. |
| (5) |
See Table 12 for the GAAP to Non-GAAP reconciliation. |
| (6) |
Tangible calculations eliminate the effect of goodwill and acquisition related intangibles assets and the corresponding amortization expense on a tax-effected basis where applicable. |
Loans
Total loans increased $1.1 billion, or 8%, between March 31, 2015, and June 30, 2015. The Company acquired $801 million in loans in the Georgia Commerce acquisition. The loan portfolio covered under FDIC loss share protection at June 30, 2015, increased $16 million, or 6%, compared to March 31, 2015 primarily due to the Georgia Commerce acquisition. Excluding covered and Acquired Assets, total loans increased $501 million, or 5% (20% annualized rate), during the second quarter. Legacy commercial loans increased $382 million, or 5% (which included $50 million in business banking loan growth, up 6%, or 22% annualized rate), legacy consumer loans increased $56 million, or 3%, and legacy mortgage loans increased $63 million, or 11%, during the quarter. Period-end legacy loan growth during the second quarter of 2015 was strongest in the Houston, Dallas, Orlando, New Orleans, and Memphis markets. Funded loan origination and renewal mix in the second quarter of 2015 was 39% fixed rate and 61% floating rate, and total loans outstanding (excluding nonaccruals) were 47% fixed and 53% floating. Loans and commitments originated and/or renewed during the second quarter of 2015 totaled $1.5 billion (up 46% on a linked quarter basis).
| Table C - IBERIABANK CORPORATION |
|||||||||||||||||||||
| PERIOD END LOANS |
|||||||||||||||||||||
| (Dollars in thousands) |
|||||||||||||||||||||
| As of and For the Three Months Ended |
|||||||||||||||||||||
| Linked Qtr Change |
Year/Year Change |
Mix |
|||||||||||||||||||
| 6/30/2015 |
3/31/2015 |
6/30/2014 |
$ |
% |
Annualized |
$ |
% |
6/30/2015 |
3/31/2015 |
||||||||||||
| Legacy loans: |
|||||||||||||||||||||
| Commercial |
$ 7,538,703 |
$ 7,157,090 |
$ 6,393,188 |
$ 381,613 |
5.3% |
21.3% |
$ 1,145,515 |
17.9% |
73% |
72% |
|||||||||||
| Residential mortgage |
616,497 |
553,815 |
399,240 |
62,682 |
11.3% |
45.3% |
217,257 |
54.4% |
6% |
6% |
|||||||||||
| Consumer |
2,240,353 |
2,183,964 |
2,039,517 |
56,389 |
2.6% |
10.3% |
200,836 |
9.8% |
21% |
22% |
|||||||||||
| Total legacy loans |
10,395,553 |
9,894,869 |
8,831,945 |
500,684 |
5.1% |
20.2% |
1,563,608 |
17.7% |
100% |
100% |
|||||||||||
| Acquired loans: |
|||||||||||||||||||||
| Balance at beginning of period |
2,978,592 |
1,772,330 |
1,188,372 |
$ 1,206,262 |
68.1% |
$ 1,790,220 |
150.6% |
||||||||||||||
| Loans acquired during the period |
801,126 |
1,321,993 |
999,725 |
(520,867) |
-39.4% |
(198,599) |
-19.9% |
||||||||||||||
| Net paydown activity |
(224,708) |
(115,731) |
(120,560) |
(108,977) |
94.2% |
(104,148) |
86.4% |
||||||||||||||
| Total acquired loans |
3,555,010 |
2,978,592 |
2,067,537 |
576,418 |
19.4% |
1,487,473 |
71.9% |
||||||||||||||
| Total loans |
$ 13,950,563 |
$ 12,873,461 |
$ 10,899,482 |
$ 1,077,102 |
8.4% |
$ 3,051,081 |
28.0% |
||||||||||||||
Energy-related loans outstanding totaled $788 million at June 30, 2015, down $32 million, or 4%, compared to March 31, 2015, and equated to approximately 5.6% of total loans. Loans to exploration and production companies accounted for 48% of energy loans outstanding and 54% of energy commitments at June 30, 2015. Midstream companies accounted for 18% of energy loans and 16% of energy commitments, and service company loans accounted for 34% of energy loans and 30% of energy commitments. At June 30, 2015, only $1.3 million in energy loans were on non-accrual status and one energy loan totaling $3.4 million that was past due greater than 90 days at quarter-end, but was subsequently brought current after quarter-end. The Company's outlook regarding the energy portfolio remains consistent with prior expectations. Additional information regarding the Company's energy loan and commitment exposure is provided in the supplemental investor presentation.
In January 2015, the Company announced it was exiting the indirect automobile lending business, a service the Company has successfully provided to select automobile dealers in the Company's footprint for 20 years. The Company concluded compliance risk associated with the indirect automobile lending business in general had become unbalanced relative to potential returns generated by the business on a risk-adjusted basis. At June 30, 2015, the Company's indirect automobile lending business had approximately $323 million in loans outstanding, down $44 million, or 12%, compared to March 31, 2015 (2.3% of total loans outstanding compared to 2.9% at March 31, 2015).
Deposits
Total deposits increased $1.5 billion, or 10%, from March 31, 2015 to June 30, 2015. The Company acquired $908 million in deposits in the Georgia Commerce acquisition. Excluding the acquisition, total deposits increased $546 million, or 4% (a 15% annualized growth rate), since March 31, 2015.
Georgia Commerce had $250 million in aggregate non-interest-bearing deposits, or 28% of their aggregate total deposits. Legacy non-interest-bearing deposits increased $56 million, or 2% (6% annualized basis), and equated to 26% of total deposits at June 30, 2015. Legacy NOW accounts decreased $177 million, or 7%, while money market account volume increased $704 million, or 14% (56% annualized basis), between March 31, 2015 and June 30, 2015. Legacy time deposits decreased $30 million, or 1%, between quarter-ends. Period-end deposit growth during the second quarter of 2015 was strongest in the Houston, Shreveport, Orlando, Memphis, and Sarasota markets.
| Table D - IBERIABANK CORPORATION |
|||||||||||||||||||||||||
| PERIOD END DEPOSITS |
|||||||||||||||||||||||||
| (Dollars in thousands) |
|||||||||||||||||||||||||
| 6/30/2015 |
Linked Qtr Change (1) |
Year/Year Change(2) |
Mix |
||||||||||||||||||||||
| Excluding Acquired |
Acquired |
Total |
3/31/2015 |
6/30/2014 |
$ |
% |
Annualized |
$ |
% |
6/30/2015 |
3/31/2015 |
||||||||||||||
| Non-interest-bearing |
$ 3,917,111 |
$ 249,739 |
$ 4,166,850 |
$ 3,860,820 |
$ 3,047,349 |
56,291 |
1.5 |
5.8 |
1,119,501 |
36.7 |
26% |
26% |
|||||||||||||
| NOW accounts |
2,552,421 |
71,276 |
2,623,697 |
2,729,791 |
2,233,993 |
(177,370) |
(6.5) |
(26.0) |
389,704 |
17.4 |
16% |
19% |
|||||||||||||
| Money market accounts |
5,771,721 |
427,684 |
6,199,405 |
5,067,462 |
4,092,724 |
704,259 |
13.9 |
55.6 |
2,106,681 |
51.5 |
38% |
35% |
|||||||||||||
| Savings accounts |
722,632 |
3,001 |
725,633 |
728,981 |
592,643 |
(6,349) |
(0.9) |
(3.5) |
132,990 |
22.4 |
5% |
5% |
|||||||||||||
| Time deposits |
2,247,608 |
156,348 |
2,403,956 |
2,277,970 |
2,014,438 |
(30,362) |
(1.3) |
(5.3) |
389,518 |
19.3 |
15% |
15% |
|||||||||||||
| Total deposits |
$ 15,211,493 |
$ 908,048 |
$ 16,119,541 |
$ 14,665,024 |
$ 11,981,147 |
546,469 |
3.7 |
14.9 |
4,138,394 |
34.5 |
100% |
100% |
|||||||||||||
| (1) |
Linked quarter growth excludes the impact of current period acquisitions. |
| (2) |
Year over year growth includes the impact of acquisitions. |
On an average balance and linked quarter basis, non-interest-bearing deposits increased $621 million, or 19%, and interest-bearing deposits increased $1.7 billion, or 19%. The rate on average interest-bearing deposits in the second quarter of 2015 was 0.42%, an increase of two basis points on a linked quarter basis.
Other Assets And Funding
On a linked quarter basis, excess liquidity averaged $583 million in the second quarter of 2015, up $259 million, or 80%, and increased to $600 million at June 30, 2015. Also on a linked quarter basis, the investment portfolio increased $185 million, or 8%, to $2.5 billion on average in the second quarter of 2015. On a period-end basis, the investment portfolio equated to $2.5 billion, or 13% of total assets at June 30, 2015, compared to 14% at March 31, 2015. The investment portfolio had an effective duration of 3.2 years at June 30, 2015, compared to 2.7 years at March 31, 2015. The investment portfolio had an $8.6 million unrealized gain at June 30, 2015. The average yield on investment securities decreased 14 basis points on a linked quarter basis to 2.08% in the second quarter of 2015. The Company holds in its investment portfolio primarily government agency securities. Municipal securities comprised only 6.5% of total investments at June 30, 2015. The Company holds for investment no sovereign debt, equity securities, trust preferred securities, or derivative exposure to foreign counterparties.
The Company continued to significantly reduce its short-term and long-term debt borrowings. On a linked quarter basis, average short-term borrowings decreased $285 million, or 38%, and the cost of short-term borrowings was stable at 0.19%. At June 30, 2015, short-term borrowings declined to $59 million, compared to $738 million one year prior. Average long-term debt increased $23 million, or 6%, and the cost of long-term debt decreased 37 basis points to 2.54%. The cost of average interest-bearing liabilities was 0.49% in the second quarter of 2015, unchanged on a linked quarter basis.
Asset Quality
Between March 31, 2015 and June 30, 2015, legacy NPAs increased $4 million, or 5%, due primarily to one relationship that regained current status subsequent to quarter-end. At June 30, 2015, NPAs included $13 million in former bank branches and related real estate, a decrease of $4 million compared to March 31, 2015. At June 30, 2015, legacy NPAs equated to 0.55% of total assets and 0.47% of total assets excluding bank-related properties.
Legacy loans past due 30 days or more (excluding non-accruing loans) increased $724,000, or 4%, and represented 0.18% of total loans at June 30, 2015, unchanged compared to March 31, 2015.
Legacy net charge-offs totaled $3.5 million in the second quarter of 2015, up $1.9 million compared to the first quarter of 2015. The increase in net charge-offs during the second quarter was primarily related to retail and private banking clients located in markets not associated with energy activity, and a reduced level of recoveries.
The Company's provision for loan losses increased $3.4 million on a linked quarter basis due to a $1.9 million increase in net charges-offs, a $2.4 million provision associated with growth in the loan portfolio during the second quarter, and $0.8 million associated with all other factors.
Capital Position
At June 30, 2015, the Company reported a tangible common equity ratio of 8.68%, up six basis points compared to March 31, 2015. At June 30, 2015, the Company's preliminary Tier 1 leverage ratio was 9.23%, up 36 basis points compared to March 31, 2015. The Company's preliminary total risk-based capital ratio at June 30, 2015, was 11.47%, down 15 basis points compared to March 31, 2015.
Commencing in the first quarter of 2015, the Company experienced a 75% phase-out of Tier 1 capital treatment for its trust preferred securities with no commensurate change in total regulatory capital. At year-end 2014, the Company experienced the expiration of FDIC loss share protection on non-single family loans associated with three FDIC-assisted transactions and in the third quarter of 2015, the Company will experience the expiration of a fourth FDIC loss share program. The expiration of FDIC loss share coverage on those assets results in increased risk weighting associated with those assets. The influence of the phase-out of Tier 1 treatment on trust preferred securities, the expiration of certain FDIC loss share coverage, and full implementation of risk-weighting according to BASEL III capital requirements reduced the Company's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk based capital ratio.
At June 30, 2015, book value per share was $57.53, up $0.76 per share, or 1%, compared to March 31, 2015. Tangible book value per share was $39.00, down $0.25 per share, or less than 1%, compared to March 31, 2015. Based on the closing stock price of the Company's common stock of $68.68 per share on July 22, 2015, this price equated to 1.19 times June 30, 2015 book value and 1.76 times June 30, 2015 tangible book value per share.
On June 16, 2015, 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 1.98%.
IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with 327 combined offices, including 226 bank branch offices and three loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, and Georgia, 22 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 67 locations in 10 states. The Company has eight locations with representatives of IBERIA Wealth Advisors in five states, and one IBERIA Capital Partners, L.L.C. office in New Orleans.
The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC." The Company's market capitalization was approximately $2.8 billion, based on the NASDAQ Global Select Market closing stock price on July 22, 2015.
The following 10 investment firms currently provide equity research coverage on the Company:
- Bank of America Merrill Lynch
- FIG Partners, LLC
- Hovde Group, LLC
- Jefferies & Co., Inc.
- Keefe, Bruyette & Woods, Inc.
- Raymond James & Associates, Inc.
- Robert W. Baird & Company
- Sandler O'Neill + Partners, L.P.
- Stephens, Inc.
- SunTrust Robinson-Humphrey
Conference Call
In association with this earnings release, the Company will host a live conference call to discuss the financial results for the quarter just completed. The telephone conference call will be held on Thursday, July 23, 2015, beginning at 8:30 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 0430256. A replay of the call will be available until midnight Central Time on July 30, 2015 by dialing 1-877-344-7529. The confirmation code for the replay is 10068821. 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 in management's opinion can distort period-to-period comparisons of the Company's performance. 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.
Assumptions Regarding Projected Earnings in Future Periods
The Company's operating EPS guidance for full year 2015 was based on the following significant assumptions:
- Recent forward interest rate curve projections;
- Achievement of targeted synergies associated with acquisitions that were completed in the first half of 2015;
- No significant changes in credit quality;
- No significant changes to the preliminary purchase accounting marks assumed on the Company's most recently completed acquisitions;
- No significant cash flow or credit quality changes on Acquired Assets; and
- Mortgage, title insurance, and capital markets projections continue to reflect the current environment and expectations.
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, 2014, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website, http://www.sec.gov, and the Company's website, http://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. Factors that could cause or contribute to such differences include, but are not limited to: the level of market volatility, our ability to execute our growth strategy, including the availability of future bank acquisition opportunities, unanticipated losses related to the completion and integration of mergers and acquisitions, 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, actual results deviating from the Company's current estimates and assumptions of timing and amounts of cash flows, credit risk of our customers, resolution of assets subject to loss share agreements with the FDIC within the coverage periods, effects of the on-going correction in residential real estate prices and levels of home sales, our ability to satisfy new capital and liquidity standards such as those imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act and those adopted by the Basel Committee on Banking Supervision and federal banking regulators, 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, competition from competitors with greater financial resources than the Company, reputational risk and social factors, changes in government regulations and legislation, increases in FDIC insurance assessments, geographic concentration of our markets, economic or business conditions in our markets or nationally, rapid changes in the financial services industry, significant litigation, cyber-security risks including dependence on our operational, technological, and organizational systems and 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. All information in this discussion is as of the date of this press release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
| Table 1 - IBERIABANK CORPORATION |
|||||||||||||||
| FINANCIAL HIGHLIGHTS |
|||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||
| As of and For the Three Months Ended |
|||||||||||||||
| INCOME DATA: |
6/30/2015 |
3/31/2015 |
% Change |
6/30/2014 (1) |
% Change |
||||||||||
| Net interest income |
$ 145,677 |
$ 125,804 |
15.8 |
$ 109,273 |
33.3 |
||||||||||
| Net interest income (TE)(2) |
147,673 |
127,844 |
15.5 |
111,464 |
32.5 |
||||||||||
| Total revenues |
207,190 |
174,703 |
18.6 |
153,034 |
35.4 |
||||||||||
| Provision for loan losses |
8,790 |
5,345 |
64.5 |
4,748 |
85.1 |
||||||||||
| Non-interest expenses |
153,209 |
133,153 |
15.1 |
127,132 |
20.5 |
||||||||||
| Net income |
30,836 |
25,126 |
22.7 |
16,217 |
90.1 |
||||||||||
| PER SHARE DATA: |
|||||||||||||||
| Earnings available to common shareholders - basic |
$ 0.79 |
$ 0.75 |
5.3 |
$ 0.53 |
49.1 |
||||||||||
| Earnings available to common shareholders - diluted |
0.79 |
0.75 |
5.3 |
0.53 |
49.1 |
||||||||||
| Operating earnings (Non-GAAP) (3) |
1.05 |
0.95 |
10.5 |
0.89 |
18.0 |
||||||||||
| Book value |
57.53 |
56.77 |
1.3 |
53.76 |
7.0 |
||||||||||
| Tangible book value (4) |
39.00 |
39.25 |
(0.6) |
37.28 |
4.6 |
||||||||||
| Closing stock price |
68.23 |
63.03 |
8.3 |
69.19 |
(1.4) |
||||||||||
| Cash dividends |
0.34 |
0.34 |
- |
0.34 |
- |
||||||||||
| KEY RATIOS AND OTHER DATA (7): |
|||||||||||||||
| Net interest margin (TE)(2) |
3.52% |
3.54% |
3.49% |
||||||||||||
| Efficiency ratio |
73.9 |
76.2 |
83.1 |
||||||||||||
| Tangible operating efficiency ratio (TE) (Non-GAAP) (2) (3) (4) |
64.4 |
68.5 |
69.8 |
||||||||||||
| Return on average assets |
0.67 |
0.64 |
0.46 |
||||||||||||
| Return on average common equity |
5.54 |
5.39 |
3.99 |
||||||||||||
| Return on average operating tangible common equity (Non-GAAP) (4) |
11.14 |
9.92 |
9.72 |
||||||||||||
| Effective tax rate |
31.8% |
30.6% |
23.3% |
||||||||||||
| Full-time equivalent employees |
3,215 |
2,883 |
2,760 |
||||||||||||
| CAPITAL RATIOS: |
|||||||||||||||
| Tangible common equity ratio (Non-GAAP) (3) (4) |
8.68% |
8.62% |
8.43% |
||||||||||||
| Tangible common equity to risk-weighted assets(4) |
9.89 |
9.92 |
10.37 |
||||||||||||
| Tier 1 leverage ratio |
9.23 |
8.87 |
10.00 |
||||||||||||
| Common equity Tier 1 (CET 1) (transitional) (5) |
9.88 |
9.79 |
N/A |
||||||||||||
| Common equity Tier 1 (CET 1) (fully phased-in) (5) |
9.71 |
9.66 |
N/A |
||||||||||||
| Tier 1 capital (transitional) (5) |
10.06 |
9.99 |
11.20 |
||||||||||||
| Total risk-based capital ratio (5) |
11.47 |
11.62 |
12.40 |
||||||||||||
| Common stock dividend payout ratio |
45.3 |
51.7 |
70.1 |
||||||||||||
| Classified assets to Tier 1 capital |
20.0 |
17.6 |
24.0 |
||||||||||||
| ASSET QUALITY RATIOS (LEGACY): |
|||||||||||||||
| Non-performing assets to total assets(7) |
0.55% |
0.55% |
0.53% |
||||||||||||
| Allowance for loan losses to loans |
0.81 |
0.80 |
0.80 |
||||||||||||
| Net charge-offs to average loans (annualized) |
0.14 |
0.06 |
0.04 |
||||||||||||
| Non-performing assets to total loans and OREO (7) |
0.83 |
0.83 |
0.78 |
||||||||||||
| (1) |
Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second quarter of 2014 as previously disclosed. |
| (2) |
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%. |
| (3) |
See Table 11 and Table 12 for the GAAP to Non-GAAP reconciliations. |
| (4) |
Tangible calculations eliminate the effect of goodwill and acquisition related intangibles assets and the corresponding amortization expense on a tax-effected basis where applicable. |
| (5) |
Capital ratios as of June 30, 2015 are estimated. |
| (6) |
March 31, 2015 capital ratios reflect the implementation of Basel III capital requirements, excluding the impact of the Old Florida Bancshares, Inc. acquisition. Prior periods have not been restated to reflect Basel III implementation. |
| (7) |
Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. |
| (8) |
All ratios are calculated on an annualized basis for the periods indicated. |
| Table 2 - IBERIABANK CORPORATION |
|||||||||||||||||||
| CONDENSED CONSOLIDATED INCOME STATEMENTS |
|||||||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||||||
| For the Three Months Ended |
|||||||||||||||||||
| Linked Qtr Change |
Year/Year Change |
||||||||||||||||||
| 6/30/2015 |
3/31/2015 |
$ |
% |
12/31/2014 (1) |
9/30/2014(1) |
6/30/2014 (1) |
$ |
% |
|||||||||||
| Interest income |
$ 160,545 |
$ 138,585 |
21,960 |
15.8 |
$ 137,276 |
$ 133,793 |
$ 119,514 |
41,031 |
34.3 |
||||||||||
| Interest expense |
14,868 |
12,781 |
2,087 |
16.3 |
12,596 |
12,042 |
10,241 |
4,627 |
45.2 |
||||||||||
| Net interest income |
145,677 |
125,804 |
19,873 |
15.8 |
124,680 |
121,751 |
109,273 |
36,404 |
33.3 |
||||||||||
| Provision for loan losses |
8,790 |
5,345 |
3,445 |
64.5 |
6,495 |
5,714 |
4,748 |
4,042 |
85.1 |
||||||||||
| Net interest income after provision for loan losses |
136,887 |
120,459 |
16,428 |
13.6 |
118,185 |
116,037 |
104,525 |
32,362 |
31.0 |
||||||||||
| Mortgage income |
25,246 |
18,023 |
7,223 |
40.1 |
13,646 |
14,263 |
13,755 |
11,491 |
83.5 |
||||||||||
| Service charges on deposit accounts |
10,162 |
9,262 |
900 |
9.7 |
10,153 |
10,205 |
8,203 |
1,959 |
23.9 |
||||||||||
| Title revenue |
6,146 |
4,629 |
1,517 |
32.8 |
5,486 |
5,577 |
5,262 |
884 |
16.8 |
||||||||||
| Broker commissions |
5,461 |
4,162 |
1,299 |
31.2 |
3,960 |
5,297 |
5,479 |
(18) |
(0.3) |
||||||||||
| ATM/debit card fee income |
3,583 |
3,275 |
308 |
9.4 |
3,331 |
3,287 |
2,937 |
646 |
22.0 |
||||||||||
| Income from bank owned life insurance |
1,075 |
1,092 |
(17) |
(1.5) |
1,050 |
1,047 |
935 |
140 |
15.0 |
||||||||||
| Gain on sale of available-for-sale securities |
903 |
386 |
517 |
134.1 |
162 |
582 |
8 |
895 |
N/M |
||||||||||
| Other non-interest income |
8,937 |
8,070 |
867 |
10.7 |
9,284 |
6,854 |
7,182 |
1,755 |
24.4 |
||||||||||
| Total non-interest income |
61,513 |
48,899 |
12,614 |
25.8 |
47,072 |
47,112 |
43,761 |
17,752 |
40.6 |
||||||||||
| Salaries and employee benefits |
84,019 |
72,696 |
11,323 |
15.6 |
65,445 |
64,934 |
68,846 |
15,173 |
22.0 |
||||||||||
| Occupancy and equipment |
17,366 |
16,260 |
1,106 |
6.8 |
14,594 |
14,883 |
16,104 |
1,262 |
7.8 |
||||||||||
| Amortization of acquisition intangibles |
2,155 |
1,523 |
632 |
41.5 |
1,618 |
1,623 |
1,347 |
808 |
60.0 |
||||||||||
| Other non-interest expense |
49,669 |
42,674 |
6,995 |
16.4 |
37,478 |
38,672 |
40,835 |
8,834 |
21.6 |
||||||||||
| Total non-interest expense |
153,209 |
133,153 |
20,056 |
15.1 |
119,135 |
120,112 |
127,132 |
26,077 |
20.5 |
||||||||||
| Income before income taxes |
45,191 |
36,205 |
8,986 |
24.8 |
46,122 |
43,037 |
21,154 |
24,037 |
113.6 |
||||||||||
| Income tax expense |
14,355 |
11,079 |
3,276 |
29.6 |
10,186 |
12,144 |
4,937 |
9,418 |
190.8 |
||||||||||
| Net income |
$ 30,836 |
$ 25,126 |
5,710 |
22.7 |
$ 35,936 |
$ 30,893 |
$ 16,217 |
14,619 |
90.1 |
||||||||||
| Income available to common shareholders - basic |
$ 30,836 |
$ 25,126 |
5,710 |
22.7 |
$ 35,936 |
$ 30,893 |
$ 16,217 |
14,619 |
90.1 |
||||||||||
| Earnings allocated to unvested restricted stock |
(355) |
(344) |
(11) |
3.2 |
(523) |
(462) |
(250) |
(105) |
42.0 |
||||||||||
| Income available to common shareholders - diluted |
$ 30,481 |
$ 24,782 |
5,699 |
23.0 |
$ 35,413 |
$ 30,431 |
$ 15,967 |
14,514 |
90.9 |
||||||||||
| Earnings per common share - basic |
$ 0.79 |
$ 0.75 |
0.04 |
5.3 |
$ 1.08 |
$ 0.93 |
$ 0.53 |
0.26 |
49.1 |
||||||||||
| Earnings per common share - diluted |
$ 0.79 |
$ 0.75 |
0.04 |
5.3 |
$ 1.07 |
$ 0.92 |
$ 0.53 |
0.26 |
49.1 |
||||||||||
| Impact of non-operating items (Non-GAAP)(2) |
0.26 |
0.20 |
0.06 |
30.0 |
(0.02) |
0.12 |
0.36 |
(0.10) |
(27.8) |
||||||||||
| Earnings per share - diluted, excluding non-operating items (Non-GAAP)(2) |
$ 1.05 |
$ 0.95 |
0.10 |
10.5 |
$ 1.05 |
$ 1.04 |
$ 0.89 |
0.16 |
18.0 |
||||||||||
| NUMBER OF SHARES OUTSTANDING (in thousands) |
|||||||||||||||||||
| Weighted average common shares outstanding - basic |
39,015 |
33,659 |
5,356 |
15.9 |
33,333 |
33,310 |
30,788 |
8,228 |
26.7 |
||||||||||
| Weighted average common shares outstanding - diluted |
38,667 |
33,235 |
5,432 |
16.3 |
32,947 |
32,927 |
30,386 |
8,281 |
27.3 |
||||||||||
| Book value shares (period end)(3) |
41,117 |
38,178 |
2,939 |
7.7 |
33,453 |
33,441 |
33,410 |
7,707 |
23.1 |
||||||||||
| (1) |
Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second and third quarters of 2014 as previously disclosed. |
| (2) |
See Table 11 for GAAP to Non-GAAP reconciliation. |
| (3) |
Shares used for book value purposes exclude shares held in treasury at the end of December 31, 2014, September 30, 2014 and June 30, 2014. |
| N/M - Comparison of the information presented is not meaningful given the periods presented. |
| Table 3 - IBERIABANK CORPORATION |
|||||||||
| CONDENSED CONSOLIDATED INCOME STATEMENTS |
|||||||||
| (Dollars in thousands, except per share data) |
|||||||||
| For the Six Months Ended |
|||||||||
| 6/30/2015 |
6/30/2014 (1) |
$ Change |
% Change |
||||||
| Interest income |
$ 299,130 |
$ 233,746 |
$ 65,384 |
28.0 |
|||||
| Interest expense |
27,649 |
20,065 |
7,584 |
37.8 |
|||||
| Net interest income |
271,481 |
213,681 |
57,800 |
27.0 |
|||||
| Provision for loan losses |
14,135 |
6,851 |
7,284 |
106.3 |
|||||
| Net interest income after provision for loan losses |
257,346 |
206,830 |
50,516 |
24.4 |
|||||
| Mortgage income |
43,269 |
23,887 |
19,382 |
81.1 |
|||||
| Service charges on deposit accounts |
19,424 |
15,216 |
4,208 |
27.7 |
|||||
| Title revenue |
10,775 |
9,429 |
1,346 |
14.3 |
|||||
| Broker commissions |
9,623 |
9,526 |
97 |
1.0 |
|||||
| ATM/debit card fee income |
6,858 |
5,404 |
1,454 |
26.9 |
|||||
| Income from bank owned life insurance |
2,167 |
3,376 |
(1,209) |
(35.8) |
|||||
| Gain on sale of available-for-sale securities |
1,289 |
27 |
1,262 |
N/M |
|||||
| Other non-interest income |
17,007 |
12,577 |
4,430 |
35.2 |
|||||
| Total non-interest income |
110,412 |
79,442 |
30,970 |
39.0 |
|||||
| Salaries and employee benefits |
156,715 |
128,707 |
28,008 |
21.8 |
|||||
| Occupancy and equipment |
33,626 |
30,094 |
3,532 |
11.7 |
|||||
| Amortization of acquisition intangibles |
3,678 |
2,565 |
1,113 |
43.4 |
|||||
| Other non-interest expense |
92,343 |
73,000 |
19,343 |
26.5 |
|||||
| Total non-interest expense |
286,362 |
234,366 |
51,996 |
22.2 |
|||||
| Income before income taxes |
81,396 |
51,906 |
29,490 |
56.8 |
|||||
| Income tax expense |
25,434 |
13,353 |
12,081 |
90.5 |
|||||
| Net income |
$ 55,962 |
$ 38,553 |
$ 17,409 |
45.2 |
|||||
| Income available to common shareholders - basic |
$ 55,962 |
$ 38,553 |
$ 17,409 |
45.2 |
|||||
| Earnings allocated to unvested restricted stock |
(675) |
(641) |
(34) |
5.3 |
|||||
| Income available to common shareholders - diluted |
$ 55,287 |
$ 37,912 |
$ 17,374 |
45.8 |
|||||
| Earnings per common share - basic |
$ 1.54 |
$ 1.27 |
$ 0.27 |
21.3 |
|||||
| Earnings per common share - diluted |
$ 1.54 |
$ 1.27 |
$ 0.27 |
21.3 |
|||||
| Impact of non-operating items (Non-GAAP)(2) |
0.46 |
0.35 |
0.11 |
31.4 |
|||||
| Earnings per share - diluted, excluding non-operating items (Non-GAAP)(2) |
$ 2.00 |
$ 1.62 |
$ 0.38 |
23.5 |
|||||
| NUMBER OF SHARES OUTSTANDING (in thousands) |
|||||||||
| Weighted average common shares outstanding - basic |
36,352 |
30,303 |
6,049 |
20.0 |
|||||
| Weighted average common shares outstanding - diluted |
35,966 |
29,904 |
6,062 |
20.3 |
|||||
| Book value shares (period end) |
41,117 |
33,410 |
7,707 |
23.1 |
|||||
| (1) |
Certain balances and amounts for the six months ended June 30, 2014 have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the six months ended June 30, 2014 as previously disclosed. |
| (2) |
See Table 11 for GAAP to Non-GAAP reconciliation. |
| N/M - Comparison of the information presented is not meaningful given the periods presented. |
| TABLE 4 - IBERIABANK CORPORATION |
|||||||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||||||||||||
| (Dollars in thousands) |
|||||||||||||||||||
| PERIOD-END BALANCES |
Linked Qtr Change |
Year/Year Change |
|||||||||||||||||
| ASSETS |
6/30/2015 |
3/31/2015 |
$ |
% |
12/31/2014 (1) |
9/30/2014 (1) |
6/30/2014 (1) |
$ |
% |
||||||||||
| Cash and due from banks |
$ 300,257 |
$ 268,241 |
32,016 |
11.9 |
$ 251,994 |
$ 257,147 |
$ 286,615 |
13,642 |
4.8 |
||||||||||
| Interest-bearing deposits in other banks |
591,018 |
696,000 |
(104,982) |
(15.1) |
296,101 |
410,860 |
381,955 |
209,063 |
54.7 |
||||||||||
| Total cash and cash equivalents |
891,275 |
964,241 |
(72,966) |
(7.6) |
548,095 |
668,007 |
668,570 |
222,705 |
33.3 |
||||||||||
| Investment securities available for sale |
2,413,158 |
2,342,613 |
70,545 |
3.0 |
2,158,853 |
2,103,828 |
2,008,953 |
404,205 |
20.1 |
||||||||||
| Investment securities held to maturity |
101,475 |
113,442 |
(11,967) |
(10.5) |
116,960 |
120,520 |
132,245 |
(30,770) |
(23.3) |
||||||||||
| Total investment securities |
2,514,633 |
2,456,055 |
58,578 |
2.4 |
2,275,813 |
2,224,348 |
2,141,198 |
373,435 |
17.4 |
||||||||||
| Mortgage loans held for sale |
220,765 |
215,044 |
5,721 |
2.7 |
140,072 |
148,530 |
176,074 |
44,691 |
25.4 |
||||||||||
| Loans, net of unearned income |
13,950,563 |
12,873,461 |
1,077,102 |
8.4 |
11,441,044 |
11,080,887 |
10,899,482 |
3,051,081 |
28.0 |
||||||||||
| Allowance for loan losses |
(128,149) |
(128,313) |
164 |
(0.1) |
(130,131) |
(134,540) |
(133,519) |
5,370 |
(4.0) |
||||||||||
| Loans, net |
13,822,414 |
12,745,148 |
1,077,266 |
8.5 |
11,310,913 |
10,946,347 |
10,765,963 |
3,056,451 |
28.4 |
||||||||||
| Loss share receivable |
50,452 |
60,972 |
(10,520) |
(17.3) |
69,627 |
94,712 |
120,532 |
(70,080) |
(58.1) |
||||||||||
| Premises and equipment |
342,949 |
337,201 |
5,748 |
1.7 |
307,159 |
307,868 |
307,090 |
35,859 |
11.7 |
||||||||||
| Goodwill and other intangibles |
765,813 |
672,337 |
93,476 |
13.9 |
548,130 |
553,668 |
553,100 |
212,713 |
38.5 |
||||||||||
| Other assets |
630,627 |
600,764 |
29,863 |
5.0 |
558,095 |
570,969 |
589,930 |
40,697 |
6.9 |
||||||||||
| Total assets |
$ 19,238,928 |
$ 18,051,762 |
1,187,166 |
6.6 |
$ 15,757,904 |
$ 15,514,449 |
$ 15,322,457 |
3,916,471 |
25.6 |
||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||||||||
| Non-interest-bearing deposits |
$ 4,166,850 |
$ 3,860,820 |
306,030 |
7.9 |
$ 3,195,430 |
$ 3,157,453 |
$ 3,047,349 |
1,119,501 |
36.7 |
||||||||||
| NOW accounts |
2,623,697 |
2,729,791 |
(106,094) |
(3.9) |
2,462,841 |
2,194,803 |
2,233,993 |
389,704 |
17.4 |
||||||||||
| Savings and money market accounts |
6,925,038 |
5,796,443 |
1,128,595 |
19.5 |
4,746,017 |
4,921,510 |
4,685,367 |
2,239,671 |
47.8 |
||||||||||
| Certificates of deposit |
2,403,956 |
2,277,970 |
125,986 |
5.5 |
2,116,237 |
2,103,925 |
2,014,438 |
389,518 |
19.3 |
||||||||||
| Total deposits |
16,119,541 |
14,665,024 |
1,454,517 |
9.9 |
12,520,525 |
12,377,691 |
11,981,147 |
4,138,394 |
34.5 |
||||||||||
| Short-term borrowings |
59,300 |
352,300 |
(293,000) |
(83.2) |
603,000 |
553,000 |
738,000 |
(678,700) |
(92.0) |
||||||||||
| Securities sold under agreements to repurchase |
209,004 |
252,602 |
(43,598) |
(17.3) |
242,742 |
259,783 |
296,741 |
(87,737) |
(29.6) |
||||||||||
| Trust preferred securities |
120,110 |
111,862 |
8,248 |
7.4 |
111,862 |
111,862 |
111,862 |
8,248 |
7.4 |
||||||||||
| Other long-term debt |
222,202 |
349,027 |
(126,825) |
(36.3) |
291,392 |
243,707 |
253,885 |
(31,683) |
(12.5) |
||||||||||
| Other liabilities |
143,487 |
153,617 |
(10,130) |
(6.6) |
136,235 |
152,732 |
144,539 |
(1,052) |
(0.7) |
||||||||||
| Total liabilities |
16,873,644 |
15,884,432 |
989,212 |
6.2 |
13,905,756 |
13,698,775 |
13,526,174 |
3,347,470 |
24.7 |
||||||||||
| Total shareholders' equity |
2,365,284 |
2,167,330 |
197,954 |
9.1 |
1,852,148 |
1,815,674 |
1,796,283 |
569,001 |
31.7 |
||||||||||
| Total liabilities and shareholders' equity |
$ 19,238,928 |
$ 18,051,762 |
1,187,166 |
6.6 |
$ 15,757,904 |
$ 15,514,449 |
$ 15,322,457 |
3,916,471 |
25.6 |
||||||||||
| AVERAGE BALANCES |
Linked Qtr Change |
Year/Year Change |
|||||||||||||||||
| ASSETS |
6/30/2015 |
3/31/2015 |
$ |
% |
12/31/2014 |
9/30/2014 |
6/30/2014 |
$ |
% |
||||||||||
| Cash and due from banks |
$ 263,844 |
$ 243,566 |
20,278 |
8.3 |
$ 239,377 |
$ 229,556 |
$ 237,631 |
26,213 |
11.0 |
||||||||||
| Interest-bearing deposits in other banks |
582,032 |
324,150 |
257,882 |
79.6 |
353,716 |
489,221 |
237,712 |
344,320 |
144.8 |
||||||||||
| Total cash and cash equivalents |
845,876 |
567,716 |
278,160 |
49.0 |
593,093 |
718,777 |
475,343 |
370,533 |
78.0 |
||||||||||
| Investment securities available for sale |
2,417,002 |
2,223,344 |
193,658 |
8.7 |
2,142,981 |
2,046,170 |
1,977,484 |
439,518 |
22.2 |
||||||||||
| Investment securities held to maturity |
106,871 |
115,188 |
(8,317) |
(7.2) |
118,588 |
122,175 |
143,504 |
(36,633) |
(25.5) |
||||||||||
| Total investment securities |
2,523,873 |
2,338,532 |
185,341 |
7.9 |
2,261,569 |
2,168,345 |
2,120,988 |
402,885 |
19.0 |
||||||||||
| Mortgage loans held for sale |
202,691 |
133,304 |
69,387 |
52.1 |
121,438 |
163,510 |
140,096 |
62,595 |
44.7 |
||||||||||
| Loans, net of unearned income |
13,297,724 |
11,563,946 |
1,733,778 |
15.0 |
11,271,752 |
11,009,833 |
9,998,533 |
3,299,191 |
33.0 |
||||||||||
| Allowance for loan losses |
(129,069) |
(128,519) |
(550) |
0.4 |
(134,177) |
(133,443) |
(132,049) |
2,980 |
(2.3) |
||||||||||
| Loans, net |
13,168,655 |
11,435,427 |
1,733,228 |
15.2 |
11,137,575 |
10,876,390 |
9,866,484 |
3,302,171 |
33.5 |
||||||||||
| Loss share receivable |
55,751 |
66,165 |
(10,414) |
(15.7) |
85,733 |
111,383 |
131,375 |
(75,624) |
(57.6) |
||||||||||
| Premises and equipment |
341,829 |
311,158 |
30,671 |
9.9 |
308,223 |
307,804 |
296,927 |
44,902 |
15.1 |
||||||||||
| Goodwill and other intangibles |
708,085 |
555,565 |
152,520 |
27.5 |
552,888 |
553,148 |
465,892 |
242,193 |
52.0 |
||||||||||
| Other assets |
598,526 |
549,746 |
48,780 |
8.9 |
553,804 |
576,851 |
544,077 |
54,449 |
10.0 |
||||||||||
| Total assets |
$ 18,445,286 |
$ 15,957,613 |
2,487,673 |
15.6 |
$ 15,614,323 |
$ 15,476,208 |
$ 14,041,182 |
4,404,104 |
31.4 |
||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||||||||
| Non-interest-bearing deposits |
$ 3,933,468 |
$ 3,312,357 |
621,111 |
18.8 |
$ 3,228,773 |
$ 3,057,513 |
$ 2,748,468 |
1,185,000 |
43.1 |
||||||||||
| NOW accounts |
2,639,140 |
2,464,760 |
174,380 |
7.1 |
2,271,836 |
2,228,378 |
2,229,264 |
409,876 |
18.4 |
||||||||||
| Savings and money market accounts |
6,228,052 |
4,834,244 |
1,393,808 |
28.8 |
4,908,247 |
4,877,051 |
4,372,855 |
1,855,197 |
42.4 |
||||||||||
| Certificates of deposit |
2,331,537 |
2,150,447 |
181,090 |
8.4 |
2,105,623 |
2,060,055 |
1,721,111 |
610,426 |
35.5 |
||||||||||
| Total deposits |
15,132,197 |
12,761,808 |
2,370,389 |
18.6 |
12,514,479 |
12,222,997 |
11,071,698 |
4,060,499 |
36.7 |
||||||||||
| Short-term borrowings |
225,437 |
483,413 |
(257,976) |
(53.4) |
449,190 |
627,192 |
632,778 |
(407,341) |
(64.4) |
||||||||||
| Securities sold under agreements to repurchase |
236,305 |
263,645 |
(27,340) |
(10.4) |
264,194 |
292,677 |
274,681 |
(38,376) |
(14.0) |
||||||||||
| Trust preferred securities |
114,581 |
111,862 |
2,719 |
2.4 |
111,862 |
111,862 |
111,862 |
2,719 |
2.4 |
||||||||||
| Other long-term debt |
332,413 |
311,633 |
20,780 |
6.7 |
283,548 |
247,108 |
192,845 |
139,568 |
72.4 |
||||||||||
| Other liabilities |
172,227 |
135,477 |
36,750 |
27.1 |
159,818 |
168,262 |
125,654 |
46,573 |
37.1 |
||||||||||
| Total liabilities |
16,213,160 |
14,067,838 |
2,145,322 |
15.2 |
13,783,091 |
13,670,098 |
12,409,518 |
3,803,642 |
30.7 |
||||||||||
| Total shareholders' equity |
2,232,126 |
1,889,775 |
342,351 |
18.1 |
1,831,232 |
1,806,110 |
1,631,664 |
600,462 |
36.8 |
||||||||||
| Total liabilities and shareholders' equity |
$ 18,445,286 |
$ 15,957,613 |
2,487,673 |
15.6 |
$ 15,614,323 |
$ 15,476,208 |
$ 14,041,182 |
4,404,104 |
31.4 |
||||||||||
| (1) |
Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second and third quarters of 2014 as previously disclosed. |
| Table 5 - IBERIABANK CORPORATION |
||||||||||||||||||||
| TOTAL LOANS AND ASSET QUALITY DATA |
||||||||||||||||||||
| (Dollars in thousands) |
||||||||||||||||||||
| Linked Qtr Change |
Year/Year Change |
|||||||||||||||||||
| LOANS |
6/30/2015 |
3/31/2015 |
$ |
% |
12/31/2014 |
9/30/2014 |
6/30/2014 |
$ |
% |
|||||||||||
| Commercial loans: |
||||||||||||||||||||
| Real estate |
$ 5,887,183 |
$ 5,157,670 |
$ 729,513 |
14.1 |
$ 4,405,133 |
$ 4,281,704 |
$ 4,272,430 |
$ 1,614,753 |
37.8 |
|||||||||||
| Business |
3,971,042 |
3,751,993 |
219,049 |
5.8 |
3,408,949 |
3,225,691 |
3,107,137 |
863,905 |
27.8 |
|||||||||||
| Total commercial loans |
9,858,225 |
8,909,663 |
948,562 |
10.6 |
7,814,082 |
7,507,395 |
7,379,567 |
2,478,658 |
33.6 |
|||||||||||
| Residential mortgage loans |
1,169,608 |
1,164,286 |
5,322 |
0.5 |
1,080,297 |
1,062,779 |
1,059,743 |
109,865 |
10.4 |
|||||||||||
| Consumer loans: |
||||||||||||||||||||
| Home equity |
1,971,073 |
1,858,088 |
112,985 |
6.1 |
1,601,105 |
1,567,415 |
1,527,057 |
444,016 |
29.1 |
|||||||||||
| Indirect automobile |
322,958 |
367,349 |
(44,391) |
(12.1) |
397,158 |
394,691 |
392,355 |
(69,397) |
(17.7) |
|||||||||||
| Automobile |
173,924 |
160,518 |
13,406 |
8.4 |
149,901 |
140,287 |
125,202 |
48,722 |
38.9 |
|||||||||||
| Credit card |
74,314 |
72,711 |
1,603 |
2.2 |
73,393 |
69,352 |
65,892 |
8,422 |
12.8 |
|||||||||||
| Other |
380,461 |
340,846 |
39,615 |
11.6 |
325,108 |
338,968 |
349,666 |
30,795 |
8.8 |
|||||||||||
| Total consumer loans |
2,922,730 |
2,799,512 |
123,218 |
4.4 |
2,546,665 |
2,510,713 |
2,460,172 |
462,558 |
18.8 |
|||||||||||
| Total loans |
$ 13,950,563 |
$ 12,873,461 |
$ 1,077,102 |
8.4 |
$ 11,441,044 |
$ 11,080,887 |
$ 10,899,482 |
$ 3,051,081 |
28.0 |
|||||||||||
| Allowance for loan losses |
(128,149) |
(128,313) |
164 |
(0.1) |
(130,131) |
(134,540) |
(133,519) |
5,370 |
(4.0) |
|||||||||||
| Loans, net |
13,822,414 |
12,745,148 |
1,077,266 |
8.5 |
11,310,913 |
10,946,347 |
10,765,963 |
3,056,451 |
28.4 |
|||||||||||
| Reserve for unfunded commitments |
(13,244) |
(12,849) |
(395) |
3.1 |
(11,801) |
(12,099) |
(11,260) |
(1,984) |
17.6 |
|||||||||||
| Allowance for credit losses |
(141,393) |
(141,162) |
(231) |
0.2 |
(141,932) |
(146,639) |
(144,779) |
3,386 |
(2.3) |
|||||||||||
| ASSET QUALITY DATA (1) |
||||||||||||||||||||
| Non-accrual loans |
$ 192,385 |
$ 195,371 |
$ (2,986) |
(1.5) |
$ 169,686 |
$ 195,680 |
$ 208,673 |
$ (16,288) |
(7.8) |
|||||||||||
| Other real estate owned and foreclosed assets |
49,929 |
53,194 |
(3,265) |
(6.1) |
53,947 |
63,386 |
84,479 |
(34,550) |
(40.9) |
|||||||||||
| Accruing loans more than 90 days past due |
4,607 |
5,642 |
(1,035) |
(18.3) |
1,708 |
190 |
1,095 |
3,512 |
320.9 |
|||||||||||
| Total non-performing assets |
$ 246,921 |
$ 254,207 |
$ (7,286) |
(2.9) |
$ 225,341 |
$ 259,256 |
$ 294,247 |
$ (47,326) |
(16.1) |
|||||||||||
| Loans 30-89 days past due |
$ 39,005 |
$ 32,835 |
$ 6,170 |
18.8 |
$ 51,141 |
$ 23,784 |
$ 31,875 |
$ 7,130 |
22.4 |
|||||||||||
| Non-performing assets to total assets |
1.28% |
1.41% |
(0.13) |
1.43% |
1.67% |
1.92% |
(0.64) |
|||||||||||||
| Non-performing assets to total loans and OREO |
1.76 |
1.97 |
(0.21) |
1.96 |
2.32 |
2.68 |
(0.92) |
|||||||||||||
| Allowance for loan losses to non-performing loans (2) |
65.1 |
63.8 |
1.25 |
75.9 |
68.8 |
63.7 |
1.40 |
|||||||||||||
| Allowance for loan losses to non-performing assets |
51.9 |
50.5 |
1.40 |
57.7 |
51.9 |
45.4 |
6.52 |
|||||||||||||
| Allowance for loan losses to total loans |
0.92 |
1.00 |
(0.08) |
1.14 |
1.21 |
1.22 |
(0.29) |
|||||||||||||
| Quarter-to-date charge-offs |
$ 4,808 |
$ 2,972 |
1,836 |
61.8 |
$ 3,413 |
$ 3,261 |
$ 2,752 |
2,056 |
74.7 |
|||||||||||
| Quarter-to-date recoveries |
(1,034) |
(1,237) |
203 |
(16.4) |
(1,658) |
(1,053) |
(1,895) |
861 |
(45.4) |
|||||||||||
| Quarter-to-date net charge-offs |
$ 3,774 |
$ 1,735 |
$ 2,039 |
117.6 |
$ 1,755 |
$ 2,208 |
$ 857 |
$ 2,917 |
340.4 |
|||||||||||
| Net charge-offs to average loans (annualized) |
0.11% |
0.06% |
0.06% |
0.08% |
0.03% |
|||||||||||||||
| (1) |
For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria, including assets acquired in FDIC-assisted transactions. |
| (2) |
Non-performing loans consist of non-accruing 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 |
||||||||||||||||||||
| LEGACY LOANS AND LEGACY ASSET QUALITY DATA |
||||||||||||||||||||
| (Dollars in thousands) |
||||||||||||||||||||
| Linked Qtr Change |
Year/Year Change |
|||||||||||||||||||
| LEGACY LOANS |
6/30/2015 |
3/31/2015 |
$ |
% |
12/31/2014 |
9/30/2014 |
6/30/2014 |
$ |
% |
|||||||||||
| Commercial loans: |
||||||||||||||||||||
| Real estate |
$ 4,138,519 |
$ 3,878,824 |
$ 259,695 |
6.7 |
$ 3,718,058 |
$ 3,527,612 |
$ 3,452,649 |
$ 685,870 |
19.9 |
|||||||||||
| Business |
3,400,184 |
3,278,266 |
121,918 |
3.7 |
3,284,140 |
3,093,873 |
2,940,539 |
459,645 |
15.6 |
|||||||||||
| Total commercial loans |
7,538,703 |
7,157,090 |
381,613 |
5.3 |
7,002,198 |
6,621,485 |
6,393,188 |
1,145,515 |
17.9 |
|||||||||||
| Residential mortgage loans |
616,497 |
553,815 |
62,682 |
11.3 |
527,694 |
497,075 |
399,240 |
217,257 |
54.4 |
|||||||||||
| Consumer loans: |
||||||||||||||||||||
| Home equity |
1,399,005 |
1,335,390 |
63,615 |
4.8 |
1,290,976 |
1,229,998 |
1,231,364 |
167,641 |
13.6 |
|||||||||||
| Indirect automobile |
322,767 |
367,077 |
(44,310) |
(12.1) |
396,766 |
394,078 |
391,482 |
(68,715) |
(17.6) |
|||||||||||
| Automobile |
159,778 |
145,084 |
14,694 |
10.1 |
134,014 |
123,445 |
107,029 |
52,749 |
49.3 |
|||||||||||
| Credit card |
73,726 |
72,164 |
1,562 |
2.2 |
72,745 |
68,731 |
65,260 |
8,466 |
13.0 |
|||||||||||
| Other |
285,077 |
264,249 |
20,828 |
7.9 |
244,321 |
245,130 |
244,382 |
40,695 |
16.7 |
|||||||||||
| Total consumer loans |
2,240,353 |
2,183,964 |
56,389 |
2.6 |
2,138,822 |
2,061,382 |
2,039,517 |
200,836 |
9.8 |
|||||||||||
| Total loans |
$ 10,395,553 |
$ 9,894,869 |
$ 500,684 |
5.1 |
$ 9,668,714 |
$ 9,179,942 |
$ 8,831,945 |
$ 1,563,608 |
17.7 |
|||||||||||
| Allowance for loan losses |
$ (83,723) |
$ (78,773) |
(4,950) |
6.3 |
$ (76,174) |
$ (73,073) |
$ (71,106) |
(12,617) |
17.7 |
|||||||||||
| Loans, net |
10,311,830 |
9,816,096 |
495,734 |
5.1 |
9,592,540 |
9,106,869 |
8,760,839 |
1,550,991 |
17.7 |
|||||||||||
| Reserve for unfunded commitments |
(13,244) |
(12,849) |
(395) |
3.1 |
(11,801) |
(12,099) |
(11,260) |
(1,984) |
17.6 |
|||||||||||
| Allowance for credit losses |
(96,967) |
(91,622) |
(5,345) |
5.8 |
(87,975) |
(85,172) |
(82,366) |
(14,601) |
17.7 |
|||||||||||
| ASSET QUALITY DATA (1) |
||||||||||||||||||||
| Non-accrual loans |
$ 62,739 |
$ 60,064 |
2,675 |
4.5 |
$ 34,970 |
$ 38,060 |
$ 34,187 |
28,552 |
83.5 |
|||||||||||
| Other real estate owned and foreclosed assets |
20,028 |
21,654 |
(1,626) |
(7.5) |
21,244 |
23,478 |
34,795 |
(14,767) |
(42.4) |
|||||||||||
| Accruing loans more than 90 days past due |
3,584 |
239 |
3,345 |
N/M |
754 |
4 |
20 |
3,564 |
N/M |
|||||||||||
| Total non-performing assets |
$ 86,351 |
$ 81,957 |
4,394 |
5.4 |
$ 56,968 |
$ 61,542 |
$ 69,002 |
17,349 |
25.1 |
|||||||||||
| Loans 30-89 days past due |
$ 14,985 |
$ 17,606 |
(2,621) |
(14.9) |
$ 29,567 |
$ 12,441 |
$ 13,982 |
1,003 |
7.2 |
|||||||||||
| Non-performing assets to total assets |
0.55% |
0.55% |
0.41% |
0.46% |
0.53% |
|||||||||||||||
| Non-performing assets to total loans and OREO |
0.83 |
0.83 |
0.59 |
0.67 |
0.78 |
|||||||||||||||
| Allowance for loan losses to non-performing loans (2) |
126.2 |
130.6 |
213.2 |
190.6 |
206.5 |
|||||||||||||||
| Allowance for loan losses to non-performing assets |
97.0 |
96.1 |
133.7 |
117.9 |
102.4 |
|||||||||||||||
| Allowance for loan losses to total loans |
0.81 |
0.80 |
0.79 |
0.79 |
0.80 |
|||||||||||||||
| Quarter-to-date charge-offs |
$ 4,446 |
$ 2,669 |
1,777 |
66.6 |
$ 3,070 |
$ 3,045 |
$ 2,653 |
1,793 |
67.6 |
|||||||||||
| Quarter-to-date recoveries |
(941) |
(1,091) |
150 |
(13.7) |
(1,532) |
(914) |
(1,894) |
953 |
(50.3) |
|||||||||||
| Quarter-to-date net charge-offs |
$ 3,505 |
$ 1,578 |
1,927 |
122.1 |
$ 1,538 |
$ 2,131 |
$ 759 |
2,746 |
361.8 |
|||||||||||
| Net charge-offs to average loans (annualized) |
0.14% |
0.06% |
0.06% |
0.09% |
0.04% |
|||||||||||||||
| (1) |
For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria, including assets acquired in FDIC-assisted transactions. |
| (2) |
Non-performing loans consist of non-accruing 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 - IBERIABANK CORPORATION |
||||||||||||||||||||
| ACQUIRED LOANS AND ACQUIRED ASSET QUALITY DATA |
||||||||||||||||||||
| (Dollars in thousands) |
||||||||||||||||||||
| Linked Qtr Change |
Year/Year Change |
|||||||||||||||||||
| ACQUIRED LOANS(1) |
6/30/2015 |
3/31/2015 |
$ |
% |
12/31/2014 |
9/30/2014 |
6/30/2014 |
$ |
% |
|||||||||||
| Commercial loans: |
||||||||||||||||||||
| Real estate |
$ 1,748,664 |
$ 1,278,846 |
$ 469,818 |
36.7 |
$ 687,075 |
$ 754,092 |
$ 819,781 |
$ 928,883 |
113.3 |
|||||||||||
| Business |
570,858 |
473,727 |
97,131 |
20.5 |
124,809 |
131,818 |
166,598 |
404,260 |
242.7 |
|||||||||||
| Total commercial loans |
2,319,522 |
1,752,573 |
566,949 |
32.3 |
811,884 |
885,910 |
986,379 |
1,333,143 |
135.2 |
|||||||||||
| Residential mortgage loans |
553,111 |
610,471 |
(57,360) |
(9.4) |
552,603 |
565,704 |
660,503 |
(107,392) |
(16.3) |
|||||||||||
| Consumer loans: |
||||||||||||||||||||
| Home equity |
572,068 |
522,698 |
49,370 |
9.4 |
310,129 |
337,417 |
295,693 |
276,375 |
93.5 |
|||||||||||
| Indirect automobile |
191 |
272 |
(81) |
(29.8) |
392 |
613 |
873 |
(682) |
(78.1) |
|||||||||||
| Automobile |
14,146 |
15,434 |
(1,288) |
(8.3) |
15,887 |
16,842 |
18,173 |
(4,027) |
(22.2) |
|||||||||||
| Credit card |
588 |
547 |
41 |
7.5 |
648 |
621 |
632 |
(44) |
(7.0) |
|||||||||||
| Other |
95,384 |
76,597 |
18,787 |
24.5 |
80,787 |
93,838 |
105,284 |
(9,900) |
(9.4) |
|||||||||||
| Total consumer loans |
682,377 |
615,548 |
66,829 |
10.9 |
407,843 |
449,331 |
420,655 |
261,722 |
62.2 |
|||||||||||
| Total loans |
$ 3,555,010 |
$ 2,978,592 |
$ 576,418 |
19.4 |
$ 1,772,330 |
$ 1,900,945 |
$ 2,067,537 |
1,487,473 |
71.9 |
|||||||||||
| Allowance for loan losses |
$ (44,426) |
$ (49,540) |
5,114 |
(10.3) |
$ (53,957) |
$ (61,467) |
$ (62,413) |
17,987 |
(28.8) |
|||||||||||
| Loans, net |
3,510,584 |
2,929,052 |
581,532 |
19.9 |
1,718,373 |
1,839,478 |
2,005,124 |
1,505,460 |
75.1 |
|||||||||||
| ACQUIRED ASSET QUALITY DATA (1) |
||||||||||||||||||||
| Non-accrual loans |
$ 129,646 |
$ 135,307 |
$ (5,661) |
(4.2) |
$ 134,716 |
$ 157,620 |
$ 174,486 |
$ (44,840) |
(25.7) |
|||||||||||
| Other real estate owned and foreclosed assets |
29,901 |
31,540 |
(1,639) |
(5.2) |
32,703 |
39,908 |
49,684 |
(19,783) |
(39.8) |
|||||||||||
| Accruing loans more than 90 days past due |
1,023 |
5,403 |
(4,380) |
(81.1) |
954 |
186 |
1,075 |
(52) |
(4.8) |
|||||||||||
| Total non-performing assets |
$ 160,570 |
$ 172,250 |
$ (11,680) |
(6.8) |
$ 168,373 |
$ 197,714 |
$ 225,245 |
$ (64,675) |
(28.7) |
|||||||||||
| Loans 30-89 days past due |
$ 24,020 |
$ 15,229 |
$ 8,791 |
57.7 |
$ 21,574 |
$ 11,343 |
$ 17,893 |
6,127 |
34.2 |
|||||||||||
| Non-performing assets to total assets |
4.42% |
5.64% |
9.11% |
9.83% |
10.21% |
|||||||||||||||
| Non-performing assets to total loans and OREO |
4.48 |
5.72 |
9.33 |
10.19 |
10.64 |
|||||||||||||||
| Allowance for loan losses to non-performing loans (2) |
34.0 |
35.2 |
39.8 |
39.0 |
35.6 |
|||||||||||||||
| Allowance for loan losses to non-performing assets |
27.7 |
28.8 |
32.1 |
31.1 |
27.7 |
|||||||||||||||
| Allowance for loan losses to total loans |
1.25 |
1.66 |
3.04 |
3.23 |
3.02 |
|||||||||||||||
| Quarter-to-date charge-offs |
$ 362 |
$ 303 |
$ 59 |
19.5 |
$ 343 |
$ 216 |
$ 99 |
$ 263 |
265.7 |
|||||||||||
| Quarter-to-date recoveries |
(93) |
(146) |
53 |
(36.3) |
(126) |
(139) |
(1) |
(92) |
N/M |
|||||||||||
| Quarter-to-date net charge-offs |
$ 269 |
$ 157 |
$ 112 |
71.3 |
$ 217 |
$ 77 |
$ 98 |
$ 171 |
174.5 |
|||||||||||
| Net charge-offs to average loans (annualized) |
0.03% |
0.03% |
0.05% |
0.01% |
0.03% |
|||||||||||||||
| (1) |
For purposes of this table, acquired loans and acquired non-performing assets are presented only. Non-performing assets include all loans meeting non-performing asset criteria. |
| (2) |
Non-performing loans consist of non-accruing 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 8 - IBERIABANK CORPORATION |
|||||||||||||
| QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES |
|||||||||||||
| (Dollars in thousands) |
|||||||||||||
| For the Three Months Ended |
|||||||||||||
| 6/30/2015 |
3/31/2015 |
Basis Point Change |
|||||||||||
| ASSETS |
Average Balance |
Interest Income/Expense |
Yield/Rate |
Average Balance |
Interest Income/Expense |
Yield/Rate |
Yield/Rate |
||||||
| Earning assets: |
|||||||||||||
| Commercial loans |
$ 9,277,141 |
$ 103,272 |
4.46% |
$ 7,882,782 |
$ 83,645 |
4.31% |
15 |
||||||
| Residential mortgage loans |
1,187,166 |
14,379 |
4.84 |
1,099,518 |
13,594 |
4.95 |
(11) |
||||||
| Consumer loans |
2,833,417 |
35,684 |
5.05 |
2,581,646 |
32,952 |
5.18 |
(13) |
||||||
| Total loans |
13,297,724 |
153,335 |
4.62 |
11,563,946 |
130,191 |
4.56 |
6 |
||||||
| Loss share receivable |
55,751 |
(7,398) |
(52.50) |
66,165 |
(6,013) |
(36.35) |
(1,615) |
||||||
| Total loans and loss share receivable |
13,353,475 |
145,937 |
4.38 |
11,630,111 |
124,178 |
4.32 |
6 |
||||||
| Mortgage loans held for sale |
202,691 |
1,380 |
2.72 |
133,304 |
1,515 |
4.55 |
(183) |
||||||
| Investment securities (2) |
2,469,050 |
12,191 |
2.08 |
2,307,525 |
12,097 |
2.22 |
(14) |
||||||
| Other earning assets |
663,071 |
1,037 |
0.63 |
402,499 |
795 |
0.80 |
(17) |
||||||
| Total earning assets |
16,688,287 |
160,545 |
3.87 |
14,473,439 |
138,585 |
3.90 |
(3) |
||||||
| Allowance for loan losses |
(129,069) |
(128,519) |
|||||||||||
| Non-earning assets |
1,886,068 |
1,612,693 |
|||||||||||
| Total assets |
$ 18,445,286 |
$ 15,957,613 |
|||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||
| Interest-bearing liabilities: |
|||||||||||||
| NOW accounts |
$ 2,639,140 |
1,765 |
0.27 |
$ 2,464,760 |
1,552 |
0.26 |
1 |
||||||
| Savings and money market accounts |
6,228,052 |
5,058 |
0.33 |
4,834,244 |
3,375 |
0.28 |
5 |
||||||
| Certificates of deposit |
2,331,537 |
4,959 |
0.85 |
2,150,447 |
4,411 |
0.83 |
2 |
||||||
| Total interest-bearing deposits(3) |
11,198,729 |
11,782 |
0.42 |
9,449,451 |
9,338 |
0.40 |
2 |
||||||
| Short-term borrowings |
461,742 |
220 |
0.19 |
747,058 |
363 |
0.19 |
- |
||||||
| Long-term debt |
446,994 |
2,866 |
2.54 |
423,495 |
3,080 |
2.91 |
(37) |
||||||
| Total interest-bearing liabilities |
12,107,465 |
14,868 |
0.49 |
10,620,004 |
12,781 |
0.49 |
- |
||||||
| Non-interest-bearing deposits |
3,933,468 |
3,312,357 |
|||||||||||
| Non-interest-bearing liabilities |
172,227 |
135,477 |
|||||||||||
| Total liabilities |
16,213,160 |
14,067,838 |
|||||||||||
| Total shareholders' equity |
2,232,126 |
1,889,775 |
|||||||||||
| Total liabilities and shareholders' equity |
$ 18,445,286 |
$ 15,957,613 |
|||||||||||
| Net interest income/Net interest spread |
$ 145,677 |
3.38% |
$ 125,804 |
3.41% |
(3) |
||||||||
| Tax-equivalent benefit |
1,996 |
0.05 |
2,040 |
0.06 |
(1) |
||||||||
| Net interest income (TE)/Net interest margin (TE) (1) |
$ 147,673 |
3.52% |
$ 127,844 |
3.54% |
(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) |
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, 2015 and March 31, 2015 total 0.31% and 0.30%, respectively. |
| TABLE 8 continued - IBERIABANK CORPORATION |
||||||||||||||
| QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES |
||||||||||||||
| (Dollars in thousands) |
||||||||||||||
| For the Three Months Ended |
||||||||||||||
| 12/31/2014 |
9/30/2014 |
6/30/2014 |
||||||||||||
| ASSETS |
Average Balance |
Interest Income/Expense |
Yield/Rate |
Average Balance |
Interest Income/Expense |
Yield/Rate |
Average Balance |
Interest Income/Expense |
Yield/Rate |
|||||
| Earning assets: |
||||||||||||||
| Commercial loans |
$ 7,656,992 |
$ 89,574 |
4.65% |
$ 7,467,597 |
$ 98,562 |
5.24% |
$ 7,111,315 |
$ 85,735 |
4.84% |
|||||
| Residential mortgage loans |
1,069,555 |
13,094 |
4.90 |
1,104,692 |
13,321 |
4.82 |
700,721 |
9,385 |
5.36 |
|||||
| Consumer loans |
2,545,205 |
33,994 |
5.30 |
2,437,544 |
33,589 |
5.47 |
2,186,497 |
28,299 |
5.19 |
|||||
| Total loans |
11,271,752 |
136,662 |
4.82 |
11,009,833 |
145,472 |
5.25 |
9,998,533 |
123,419 |
4.96 |
|||||
| Loss share receivable |
85,733 |
(13,224) |
(60.36) |
111,383 |
(25,120) |
(88.25) |
131,375 |
(17,009) |
(51.22) |
|||||
| Total loans and loss share receivable |
11,357,485 |
123,438 |
4.32 |
11,121,216 |
120,352 |
4.30 |
10,129,908 |
106,410 |
4.23 |
|||||
| Mortgage loans held for sale |
121,439 |
1,200 |
3.95 |
163,510 |
1,594 |
3.90 |
140,096 |
1,474 |
4.21 |
|||||
| Investment securities(2) |
2,234,235 |
11,766 |
2.24 |
2,137,735 |
10,994 |
2.20 |
2,109,254 |
11,000 |
2.24 |
|||||
| Other earning assets |
431,603 |
872 |
0.80 |
567,897 |
853 |
0.60 |
308,713 |
630 |
0.81 |
|||||
| Total earning assets |
14,144,762 |
137,276 |
3.88 |
13,990,358 |
133,793 |
3.83 |
12,687,971 |
119,514 |
3.82 |
|||||
| Allowance for loan losses |
(134,177) |
(133,443) |
(132,049) |
|||||||||||
| Non-earning assets |
1,603,738 |
1,619,293 |
1,485,260 |
|||||||||||
| Total assets |
$ 15,614,323 |
$ 15,476,208 |
$ 14,041,182 |
|||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||
| NOW accounts |
$ 2,271,836 |
1,526 |
0.27 |
$ 2,228,378 |
1,546 |
0.28 |
$ 2,229,264 |
1,394 |
0.25 |
|||||
| Savings and money market accounts |
4,908,247 |
3,694 |
0.30 |
4,877,051 |
3,588 |
0.29 |
4,372,855 |
2,812 |
0.26 |
|||||
| Certificates of deposit |
2,105,623 |
4,272 |
0.80 |
2,060,055 |
3,983 |
0.77 |
1,721,111 |
3,089 |
0.72 |
|||||
| Total interest-bearing deposits(3) |
9,285,706 |
9,492 |
0.41 |
9,165,484 |
9,117 |
0.39 |
8,323,230 |
7,295 |
0.35 |
|||||
| Short-term borrowings |
713,384 |
342 |
0.19 |
919,869 |
406 |
0.17 |
907,459 |
373 |
0.16 |
|||||
| Long-term debt |
395,410 |
2,762 |
2.73 |
358,970 |
2,519 |
2.75 |
304,707 |
2,573 |
3.34 |
|||||
| Total interest-bearing liabilities |
10,394,500 |
12,596 |
0.48 |
10,444,323 |
12,042 |
0.46 |
9,535,396 |
10,241 |
0.43 |
|||||
| Non-interest-bearing deposits |
3,228,773 |
3,057,513 |
2,748,468 |
|||||||||||
| Non-interest-bearing liabilities |
159,818 |
168,262 |
125,654 |
|||||||||||
| Total liabilities |
13,783,091 |
13,670,098 |
12,409,518 |
|||||||||||
| Total shareholders' equity |
1,831,232 |
1,806,110 |
1,631,664 |
|||||||||||
| Total liabilities and shareholders' equity |
$ 15,614,323 |
$ 15,476,208 |
$ 14,041,182 |
|||||||||||
| Net interest income/Net interest spread |
$ 124,680 |
3.40% |
$ 121,751 |
3.37% |
$ 109,273 |
3.39% |
||||||||
| Tax-equivalent benefit |
2,055 |
0.06 |
2,134 |
0.06 |
2,191 |
0.07 |
||||||||
| Net interest income (TE)/Net interest margin (TE) (1) |
$ 126,735 |
3.53% |
$ 123,885 |
3.49% |
$ 111,464 |
3.49% |
||||||||
| (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 the impact of trade date accounting. |
| (3) |
Total deposit costs for the three months ended December 31, 2014, September 30, 2014 and June 30, 2014 total 0.30%, 0.30% and 0.26%, respectively. |
| TABLE 9 - IBERIABANK CORPORATION |
|||||||||||||
| YEAR-TO-DATE AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES |
|||||||||||||
| (Dollars in thousands) |
|||||||||||||
| For the Six Months Ended |
|||||||||||||
| 6/30/2015 |
6/30/2014 |
Basis Point Change |
|||||||||||
| ASSETS |
Average Balance |
Interest Income/Expense |
Yield/Rate |
Average Balance |
Interest Income/Expense |
Yield/Rate |
Yield/Rate |
||||||
| Earning assets: |
|||||||||||||
| Commercial loans |
$ 8,583,814 |
$ 186,916 |
4.39% |
$ 7,001,591 |
$ 171,666 |
4.96% |
(57) |
||||||
| Residential mortgage loans |
1,143,584 |
27,974 |
4.89 |
648,289 |
18,148 |
5.60 |
(71) |
||||||
| Consumer loans |
2,708,227 |
68,636 |
5.11 |
2,126,304 |
54,758 |
5.19 |
(8) |
||||||
| Total loans |
12,435,625 |
283,526 |
4.59 |
9,776,184 |
244,572 |
5.05 |
(46) |
||||||
| Loss share receivable |
60,929 |
(13,411) |
(43.78) |
142,940 |
(36,273) |
(50.47) |
669 |
||||||
| Total loans and loss share receivable |
12,496,554 |
270,115 |
4.36 |
9,919,124 |
208,299 |
4.25 |
11 |
||||||
| Mortgage loans held for sale |
168,189 |
2,895 |
3.44 |
118,179 |
2,359 |
3.99 |
(55) |
||||||
| Investment securities (2) |
2,388,733 |
24,287 |
2.15 |
2,111,327 |
21,917 |
2.23 |
(8) |
||||||
| Other earning assets |
533,505 |
1,833 |
0.69 |
241,103 |
1,171 |
0.98 |
(29) |
||||||
| Total earning assets |
15,586,981 |
299,130 |
3.88 |
12,389,733 |
233,746 |
3.84 |
4 |
||||||
| Allowance for loan losses |
(128,795) |
(135,866) |
|||||||||||
| Non-earning assets |
1,750,135 |
1,449,718 |
|||||||||||
| Total assets |
$ 17,208,321 |
$ 13,703,585 |
|||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||
| Interest-bearing liabilities: |
|||||||||||||
| NOW accounts |
$ 2,552,431 |
3,317 |
0.26 |
$ 2,230,001 |
2,934 |
0.27 |
(1) |
||||||
| Savings and money market accounts |
5,534,999 |
8,432 |
0.31 |
4,334,819 |
5,520 |
0.26 |
5 |
||||||
| Certificates of deposit |
2,241,492 |
9,371 |
0.84 |
1,693,679 |
6,026 |
0.72 |
12 |
||||||
| Total interest-bearing deposits(3) |
10,328,922 |
21,120 |
0.41 |
8,258,499 |
14,480 |
0.35 |
6 |
||||||
| Short-term borrowings |
603,612 |
583 |
0.19 |
746,866 |
615 |
0.16 |
3 |
||||||
| Long-term debt |
435,186 |
5,946 |
2.72 |
292,535 |
4,970 |
3.38 |
(66) |
||||||
| Total interest-bearing liabilities |
11,367,720 |
27,649 |
0.49 |
9,297,900 |
20,065 |
0.43 |
6 |
||||||
| Non-interest-bearing deposits |
3,624,628 |
2,686,118 |
|||||||||||
| Non-interest-bearing liabilities |
154,077 |
125,365 |
|||||||||||
| Total liabilities |
15,146,425 |
12,109,383 |
|||||||||||
| Total shareholders' equity |
2,061,896 |
1,594,202 |
|||||||||||
| Total liabilities and shareholders' equity |
$ 17,208,321 |
$ 13,703,585 |
|||||||||||
| Net interest income/Net interest spread |
$ 271,481 |
3.39% |
$ 213,681 |
3.41% |
(2) |
||||||||
| Tax-equivalent benefit |
4,036 |
0.05 |
4,420 |
0.07 |
(2) |
||||||||
| Net interest income (TE)/Net interest margin (TE) (1) |
$ 275,517 |
3.53% |
$ 218,101 |
3.51% |
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) |
Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting. |
| (3) |
Total deposit costs for the six months ended June 30, 2015 and 2014 total 0.31% and 0.27%, respectively. |
| Table 10 - IBERIABANK CORPORATION |
||||||||||||||||||||
| LEGACY AND ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS |
||||||||||||||||||||
| (Dollars in millions) |
||||||||||||||||||||
| For the Three Months Ended |
||||||||||||||||||||
| 6/30/2015 |
3/31/2015 |
12/31/2014 |
9/30/2014 |
6/30/2014 |
||||||||||||||||
| AS REPORTED (US GAAP) |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
|||||
| Legacy loans, net |
$ 99 |
$ 10,147 |
3.88% |
$ 94 |
$ 9,734 |
3.90% |
$ 95 |
$ 9,439 |
3.94% |
$ 91 |
$ 9,019 |
3.97% |
$ 88 |
$ 8,644 |
4.04% |
|||||
| Acquired loans (1) |
47 |
3,206 |
5.82% |
30 |
1,896 |
6.34% |
29 |
1,919 |
5.97% |
29 |
2,102 |
5.49% |
19 |
1,486 |
4.98% |
|||||
| Total loans |
$ 146 |
$ 13,353 |
4.38% |
$ 124 |
$ 11,630 |
4.32% |
$ 124 |
$ 11,358 |
4.32% |
$ 120 |
$ 11,121 |
4.30% |
$ 107 |
$ 10,130 |
4.23% |
|||||
| 6/30/2015 |
3/31/2015 |
12/31/2014 |
9/30/2014 |
6/30/2014 |
||||||||||||||||
| ADJUSTMENTS |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
|||||
| Legacy loans, net |
$ - |
$ - |
- |
$ - |
$ - |
0.00% |
$ - |
$ - |
0.00% |
$ - |
$ - |
0.00% |
$ - |
$ - |
- |
|||||
| Acquired loans (1) |
(9) |
85 |
-1.23% |
(9) |
67 |
-2.00% |
(6) |
55 |
-1.38% |
(4) |
44 |
-0.88% |
- |
30 |
- |
|||||
| Total loans |
$ (9) |
$ 85 |
-0.30% |
$ (9) |
$ 67 |
-0.33% |
$ (6) |
$ 55 |
-0.23% |
$ (4) |
$ 44 |
-0.16% |
$ - |
$ 30 |
- |
|||||
| 6/30/2015 |
3/31/2015 |
12/31/2014 |
9/30/2014 |
6/30/2014 |
||||||||||||||||
| AS ADJUSTED (CASH YIELD, NON-GAAP) |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
|||||
| Legacy loans, net |
$ 99 |
$ 10,147 |
3.88% |
$ 94 |
$ 9,734 |
3.90% |
$ 95 |
$ 9,439 |
3.94% |
$ 91 |
$ 9,019 |
3.97% |
$ 88 |
$ 8,644 |
4.04% |
|||||
| Acquired loans (1) |
38 |
3,291 |
4.58% |
21 |
1,963 |
4.28% |
23 |
1,974 |
4.59% |
25 |
2,146 |
4.61% |
19 |
1,516 |
4.98% |
|||||
| Total loans |
$ 137 |
$ 13,438 |
4.08% |
$ 115 |
$ 11,697 |
3.99% |
$ 118 |
$ 11,413 |
4.09% |
$ 116 |
$ 11,165 |
4.13% |
$ 107 |
$ 10,160 |
4.23% |
|||||
| (1) |
Acquired loans include the impact of the FDIC Indemnification Asset. |
| Table 11 - IBERIABANK CORPORATION |
|||||||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||||||||||
| (Dollars in thousands) |
|||||||||||||||||||||||||||
| For the Three Months Ended |
|||||||||||||||||||||||||||
| 6/30/2015 |
3/31/2015 |
12/31/2014 (1) |
|||||||||||||||||||||||||
| Pre-tax |
After-tax (2) |
Per share (3) |
Pre-tax |
After-tax (2) |
Per share (3) |
Pre-tax |
After-tax (2) |
Per share (2) |
|||||||||||||||||||
| Net income (loss) (GAAP) |
$ |
45,191 |
$ |
30,836 |
$ |
0.79 |
$ |
36,205 |
$ |
25,126 |
$ |
0.75 |
$ |
46,122 |
$ |
35,936 |
$ |
1.07 |
|||||||||
| Non-interest income adjustments: |
|||||||||||||||||||||||||||
| Gain on sale of investments and other non-interest income |
(1,266) |
(823) |
(0.02) |
(389) |
(252) |
(0.01) |
(374) |
(243) |
(0.01) |
||||||||||||||||||
| Non-interest expense adjustments: |
|||||||||||||||||||||||||||
| Merger-related expenses |
12,732 |
8,392 |
0.22 |
9,296 |
6,139 |
0.18 |
1,955 |
1,496 |
0.04 |
||||||||||||||||||
| Severance expenses |
406 |
264 |
0.01 |
41 |
27 |
- |
139 |
91 |
- |
||||||||||||||||||
| Loss on sale of long-lived assets, net of impairment |
1,571 |
1,021 |
0.03 |
579 |
376 |
0.01 |
1,078 |
701 |
0.02 |
||||||||||||||||||
| Other non-operating non-interest expense |
2,050 |
1,333 |
0.03 |
450 |
292 |
0.01 |
2 |
1 |
- |
||||||||||||||||||
| Total non-interest expense adjustments |
16,759 |
11,010 |
0.29 |
10,366 |
6,834 |
0.20 |
3,174 |
2,289 |
0.07 |
||||||||||||||||||
| Income tax benefits |
- |
- |
- |
- |
- |
- |
- |
(2,959) |
(0.09) |
||||||||||||||||||
| Operating earnings (non-GAAP) |
60,684 |
41,023 |
1.05 |
46,182 |
31,708 |
0.95 |
48,922 |
35,023 |
1.05 |
||||||||||||||||||
| Provision for loan losses |
8,789 |
5,713 |
0.15 |
5,345 |
3,475 |
0.10 |
6,495 |
4,222 |
0.11 |
||||||||||||||||||
| Pre-provision operating earnings (non-GAAP) |
$ |
69,473 |
$ |
46,736 |
$ |
1.20 |
$ |
51,527 |
$ |
35,183 |
$ |
1.05 |
$ |
55,417 |
$ |
39,245 |
$ |
1.17 |
|||||||||
| For the Three Months Ended |
|||||||||||||||||||||||||||
| 9/30/2014 (1) |
6/30/2014 (1) |
||||||||||||||||||||||||||
| Pre-tax |
After-tax (2) |
Per share (3) |
Pre-tax |
After-tax (2) |
Per share (3) |
||||||||||||||||||||||
| Net income (loss) (GAAP) |
$ |
43,037 |
$ |
30,893 |
$ |
0.92 |
$ |
21,154 |
$ |
16,217 |
$ |
0.53 |
|||||||||||||||
| Non-interest income adjustments: |
|||||||||||||||||||||||||||
| Gain on sale of investments and other non-interest income |
(582) |
(378) |
(0.01) |
(9) |
(6) |
- |
|||||||||||||||||||||
| Non-interest expense adjustments: |
|||||||||||||||||||||||||||
| Merger-related expenses |
1,752 |
1,139 |
0.04 |
10,419 |
6,840 |
0.22 |
|||||||||||||||||||||
| Severance expenses |
1,214 |
789 |
0.02 |
5,466 |
3,553 |
0.11 |
|||||||||||||||||||||
| Loss on sale of long-lived assets, net of impairment |
4,229 |
2,749 |
0.08 |
1,247 |
811 |
0.03 |
|||||||||||||||||||||
| Other non-operating non-interest expense |
(799) |
(520) |
(0.02) |
12 |
8 |
- |
|||||||||||||||||||||
| Total non-interest expense adjustments |
6,396 |
4,157 |
0.12 |
17,144 |
11,212 |
0.36 |
|||||||||||||||||||||
| Income tax benefits |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||
| Operating earnings (non-GAAP) |
48,851 |
34,672 |
1.04 |
38,289 |
27,423 |
0.89 |
|||||||||||||||||||||
| Provision for loan losses |
5,714 |
3,714 |
0.11 |
4,748 |
3,087 |
0.10 |
|||||||||||||||||||||
| Pre-provision operating earnings (non-GAAP) |
$ |
54,565 |
$ |
38,386 |
$ |
1.15 |
$ |
43,037 |
$ |
30,510 |
$ |
0.99 |
|||||||||||||||
| For the Six Months Ended |
|||||||||||||||||||||||||||
| 6/30/2015 |
6/30/2014 (1) |
||||||||||||||||||||||||||
| Pre-tax |
After-tax (2) |
Per share (3) |
Pre-tax |
After-tax (2) |
Per share (3) |
||||||||||||||||||||||
| Net income (loss) (GAAP) |
$ |
81,396 |
$ |
55,962 |
$ |
1.54 |
$ |
51,906 |
$ |
38,553 |
$ |
1.27 |
|||||||||||||||
| Non-interest income adjustments: |
|||||||||||||||||||||||||||
| Gain on sale of investments and other non-interest income |
(1,655) |
(1,075) |
(0.03) |
(1,800) |
(1,698) |
(0.05) |
|||||||||||||||||||||
| Non-interest expense adjustments: |
|||||||||||||||||||||||||||
| Merger-related expenses |
22,028 |
14,531 |
0.40 |
11,009 |
7,224 |
0.24 |
|||||||||||||||||||||
| Severance expenses |
447 |
291 |
0.01 |
5,586 |
3,631 |
0.12 |
|||||||||||||||||||||
| Loss on sale of long-lived assets, net of impairment |
2,150 |
1,397 |
0.04 |
1,782 |
1,158 |
0.04 |
|||||||||||||||||||||
| Other non-operating non-interest expense |
2,500 |
1,625 |
0.05 |
574 |
373 |
0.01 |
|||||||||||||||||||||
| Total non-interest expense adjustments |
27,125 |
17,844 |
0.50 |
18,951 |
12,386 |
0.41 |
|||||||||||||||||||||
| Income tax benefits |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||
| Operating earnings (non-GAAP) |
106,866 |
72,731 |
2.00 |
69,057 |
49,241 |
1.63 |
|||||||||||||||||||||
| Provision for loan losses |
14,134 |
9,188 |
0.26 |
6,851 |
4,453 |
0.15 |
|||||||||||||||||||||
| Pre-provision operating earnings (non-GAAP) |
$ |
121,000 |
$ |
81,919 |
$ |
2.26 |
$ |
75,908 |
$ |
53,694 |
$ |
1.78 |
|||||||||||||||
| (1) |
Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second and third quarters of 2014 as previously disclosed. |
| (2) |
After-tax amounts computed using a marginal tax rate of 35%. |
| (3) |
Diluted per share amounts may not appear to foot due to rounding. |
| Table 12 - IBERIABANK CORPORATION |
|||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||
| (Dollars in thousands) |
|||||||||||||||
| For the Three Months Ended |
|||||||||||||||
| 6/30/2015 |
3/31/2015 |
12/31/2014 (1) |
9/30/2014 (1) |
6/30/2014 (1) |
|||||||||||
| Net interest income (GAAP) |
$ |
145,677 |
$ |
125,804 |
$ |
124,680 |
$ |
121,751 |
$ |
109,273 |
|||||
| Add: Effect of tax benefit on interest income |
1,996 |
2,040 |
2,055 |
2,134 |
2,191 |
||||||||||
| Net interest income (TE) (Non-GAAP) (2) |
147,673 |
127,844 |
126,735 |
123,885 |
111,464 |
||||||||||
| Non-interest income (GAAP) |
61,513 |
48,899 |
47,072 |
47,112 |
43,761 |
||||||||||
| Add: Effect of tax benefit on non-interest income |
579 |
588 |
566 |
564 |
503 |
||||||||||
| Non-interest income (TE) (Non-GAAP)(2) |
62,092 |
49,487 |
47,638 |
47,676 |
44,264 |
||||||||||
| Taxable equivalent revenues (Non-GAAP) (2) |
209,765 |
177,331 |
174,373 |
171,561 |
155,728 |
||||||||||
| Securities gains and other non-interest income |
(1,266) |
(389) |
(374) |
(582) |
(9) |
||||||||||
| Taxable equivalent operating revenues (Non-GAAP) (2) |
$ |
208,499 |
$ |
176,942 |
$ |
173,999 |
$ |
170,979 |
$ |
155,719 |
|||||
| Total non-interest expense (GAAP) |
$ |
153,209 |
$ |
133,153 |
$ |
119,135 |
$ |
120,112 |
$ |
127,132 |
|||||
| Less: Intangible amortization expense |
2,155 |
1,523 |
1,618 |
1,623 |
1,347 |
||||||||||
| Tangible non-interest expense (Non-GAAP) (3) |
151,054 |
131,630 |
117,517 |
118,489 |
125,785 |
||||||||||
| Merger -related expense |
12,732 |
9,296 |
1,955 |
1,752 |
10,419 |
||||||||||
| Severance expense |
406 |
41 |
139 |
1,214 |
5,466 |
||||||||||
| Loss on sale of long-lived assets, net of impairment |
1,571 |
579 |
1,078 |
4,229 |
1,247 |
||||||||||
| Other non-operating non-interest expense |
2,050 |
450 |
2 |
(799) |
12 |
||||||||||
| Tangible operating non-interest expense (Non-GAAP) (3) |
$ |
134,295 |
$ |
121,264 |
$ |
114,343 |
$ |
112,093 |
$ |
108,641 |
|||||
| Return on average assets (GAAP) |
0.67% |
0.64% |
0.91% |
0.79% |
0.46% |
||||||||||
| Effect of non-operating revenues and expenses |
0.22 |
0.17 |
(0.02) |
0.10 |
0.32 |
||||||||||
| Operating return on average assets (Non-GAAP) |
0.89% |
0.81% |
0.89% |
0.89% |
0.78% |
||||||||||
| Efficiency ratio (GAAP) |
73.9% |
76.2% |
69.4% |
71.1% |
83.1% |
||||||||||
| Effect of tax benefit related to tax-exempt income |
(0.9) |
(1.1) |
(1.1) |
(1.1) |
(1.5) |
||||||||||
| Efficiency ratio (TE) (Non-GAAP) (2) |
73.0% |
75.1% |
68.3% |
70.0% |
81.6% |
||||||||||
| Effect of amortization of intangibles |
(1.0) |
(0.9) |
(0.9) |
(0.9) |
(0.9) |
||||||||||
| Effect of non-operating items |
(7.6) |
(5.7) |
(1.7) |
(3.5) |
(10.9) |
||||||||||
| Tangible operating efficiency ratio (TE) (Non-GAAP)(2)(3) |
64.4% |
68.5% |
65.7% |
65.6% |
69.8% |
||||||||||
| Return on average common equity (GAAP) |
5.54% |
5.39% |
7.79% |
6.79% |
3.99% |
||||||||||
| Effect of intangibles (3) |
2.93 |
2.53 |
3.67 |
3.32 |
1.89 |
||||||||||
| Effect of non-operating revenues and expenses |
2.67 |
2.00 |
(0.29) |
1.18 |
3.84 |
||||||||||
| Return on average tangible common equity (Non-GAAP) |
11.14% |
9.92% |
11.17% |
11.29% |
9.72% |
||||||||||
| (1) |
Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second and third quarters of 2014 as previously disclosed. |
| (2) |
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%. |
| (3) |
Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis where applicable. |
SOURCE IBERIABANK Corporation
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