IBERIABANK Corporation Reports Second Quarter Results
LAFAYETTE, La., July 19, 2019 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 132-year-old IBERIABANK (www.iberiabank.com), reported financial results for the second quarter ended June 30, 2019. For the quarter, the Company reported net income available to common shareholders of $100.6 million, or $1.86 diluted earnings per common share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the second quarter of 2019 was $1.87 per common share, compared to $1.71 in the year-ago period, an increase of 9% (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics).
Daryl G. Byrd, President and Chief Executive Officer, commented, "We reported very strong financial results in the second quarter driven by solid increases in revenues, strong loan growth, a stable net interest margin and improvements in our non-interest income fee businesses. Looking to the second half of 2019, we remain confident in our ability to navigate through an ever-changing economic environment and deliver solid results."
Highlights for the second quarter of 2019 and at June 30, 2019:
For the three months ended |
|||||||||||||
GAAP |
Non-GAAP Core |
||||||||||||
2Q19 |
1Q19 |
2Q19 |
1Q19 |
||||||||||
Diluted Earnings Per Common Share |
$ |
1.86 |
$ |
1.75 |
$ |
1.87 |
$ |
1.72 |
|||||
Return on Average Assets |
1.30 |
% |
1.32 |
% |
1.31 |
% |
1.29 |
% |
|||||
Return on Average Common Equity |
10.05 |
% |
9.85 |
% |
10.13 |
% |
9.66 |
% |
|||||
Return on Average Tangible Common Equity |
N/A |
N/A |
15.58 |
% |
15.03 |
% |
|||||||
Efficiency Ratio |
54.0 |
% |
52.4 |
% |
53.8 |
% |
53.2 |
% |
|||||
Tangible Efficiency Ratio (TE) |
N/A |
N/A |
52.0 |
% |
51.3 |
% |
|||||||
- Strong 2Q19 for both GAAP and Core EPS, improving 6% and 9%, respectively, on a linked quarter basis.
- Total revenue grew $11.2 million, or 4%, on a linked quarter basis, primarily as a result of strong loan growth and improvements in non-interest income.
- Solid growth in non-interest income on a GAAP basis, increasing $6.3 million, or 12%, from 1Q19:
- Mortgage income increased $6.6 million, or 56%, on a linked quarter basis.
- Title revenue increased $1.7 million, or 32%, on a linked quarter basis.
- Customer swap income decreased $1.7 million on a linked quarter basis.
- Total loan growth of $387.0 million on a linked quarter basis, or 7% annualized, primarily driven by growth in corporate asset finance, energy, and mortgage.
- The Company's reported and cash net interest margins decreased 2 and 5 basis points on a linked quarter basis, to 3.57% and 3.37%, respectively. The Company realized $7.2 million in recoveries.
- Credit metrics remained strong and stable. No signs of deterioration in the loan portfolio.
- During 2Q19, the Company repurchased 1.76 million common shares at a weighted average price of $76.59 per common share.
- On April 4, 2019, the Company issued and sold 4.0 million depositary shares, each representing 1/400th interest in a share of non-cumulative perpetual preferred stock. The Series D preferred stock has an initial coupon equal to 6.100% for a period of five years, and thereafter floats at a rate of LIBOR plus 385.9 basis points. The Company raised approximately $100.0 million in gross proceeds from the transaction.
Recent Events:
- On July 17, 2019, the Company announced a third quarter cash dividend equal to $0.45 per common share payable on October 25, 2019. This represents a 5% increase in the quarterly dividend.
- Also on July 17, 2019, the Company announced the completion of its November 2018 share repurchase program for 2.765 million shares of IBERIABANK Corporation common stock. Additionally, the Company announced the commencement of a new share repurchase program of up to 1.6 million shares, or approximately 3% of outstanding common shares.
Table A - Summary Financial Results |
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(Dollars in thousands, except per share data) |
||||||||||||||||||
For the Three Months Ended |
||||||||||||||||||
6/30/2019 |
3/31/2019 |
% Change |
6/30/2018 |
% Change |
||||||||||||||
GAAP BASIS: |
||||||||||||||||||
Income available to common shareholders |
$ |
100,649 |
$ |
96,533 |
4.3 |
$ |
74,175 |
35.7 |
||||||||||
Earnings per common share - diluted |
1.86 |
1.75 |
6.3 |
1.30 |
43.1 |
|||||||||||||
Average loans and leases, net of unearned income |
$ |
23,120,689 |
$ |
22,599,686 |
2.3 |
$ |
21,830,720 |
5.9 |
||||||||||
Average total deposits |
24,102,704 |
23,678,400 |
1.8 |
23,155,871 |
4.1 |
|||||||||||||
Net interest margin (TE) (1) |
3.57 |
% |
3.59 |
% |
3.76 |
% |
||||||||||||
Total revenues |
$ |
314,164 |
$ |
302,993 |
3.7 |
$ |
310,053 |
1.3 |
||||||||||
Total non-interest expense |
169,618 |
158,753 |
6.8 |
196,776 |
(13.8) |
|||||||||||||
Efficiency ratio |
54.0 |
% |
52.4 |
% |
63.5 |
% |
||||||||||||
Return on average assets |
1.30 |
1.32 |
1.01 |
|||||||||||||||
Return on average common equity |
10.05 |
9.85 |
7.87 |
|||||||||||||||
NON-GAAP BASIS (2): |
||||||||||||||||||
Core revenues |
$ |
315,176 |
$ |
302,993 |
4.0 |
$ |
310,050 |
1.7 |
||||||||||
Core non-interest expense |
169,543 |
161,239 |
5.2 |
175,344 |
(3.3) |
|||||||||||||
Core earnings per common share - diluted |
1.87 |
1.72 |
8.7 |
1.71 |
9.4 |
|||||||||||||
Core tangible efficiency ratio (TE) (1) (3) |
52.0 |
% |
51.3 |
% |
54.3 |
% |
||||||||||||
Core return on average assets |
1.31 |
1.29 |
1.32 |
|||||||||||||||
Core return on average common equity |
10.13 |
9.66 |
10.30 |
|||||||||||||||
Core return on average tangible common equity |
15.58 |
15.03 |
16.70 |
|||||||||||||||
Net interest margin (TE) - cash basis (1) |
3.37 |
3.42 |
3.49 |
|||||||||||||||
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%. |
||||||||||||||||||
(2) See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations. |
||||||||||||||||||
(3) Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
Operating Results
Net interest income increased $4.9 million, or 2%, on a linked quarter basis. Average loans increased $521.0 million, or 9% annualized, and the associated taxable-equivalent yield increased 5 basis points. On a linked quarter basis, the yield on total earning assets was 2 basis points higher at 4.70% compared to 4.68% in the prior quarter. The increase in loan yield was primarily driven by higher recoveries in the acquired loan portfolio.
Average interest-bearing deposits increased $253.4 million, or 6% annualized, and the cost of interest-bearing deposits rose 10 basis points to 1.50% on a linked quarter basis. Total average interest-bearing liabilities increased by $100.6 million, or 2% annualized, and the cost of interest-bearing liabilities rose 8 basis points to 1.61%. The total cost of funding in the second quarter of 2019 was 1.22%, compared to 1.17% in the prior quarter. The increase in cost of funds was primarily due to brokered wholesale CD issuances and promotional activity in customer time deposits, as well as an upward repricing of certain variable rate deposits. The increase in cost of funds resulted in a decrease in the reported and cash net interest margins of 2 and 5 basis points to 3.57% and 3.37%, respectively.
The provision for credit losses totaled $10.8 million, compared to $13.8 million in the prior quarter. Asset quality measures remained strong and stable. Net charge-offs to average loans on an annualized basis were 0.14% compared to 0.13% in the prior quarter. Non-performing assets to total assets were 0.60% compared to 0.58% in the prior quarter. On a linked quarter basis, the allowance for loan and lease losses to total loans and leases increased slightly to 0.63% compared to 0.62% in the prior quarter and covered 92% of non-performing loans.
Non-interest income increased $6.3 million, or 12%, on a linked quarter basis. Excluding $1.0 million in losses on the sale of available-for-sale securities, core non-interest income increased $7.3 million, or 14% from the first quarter. The increases were primarily driven by a $6.6 million increase in mortgage income and a $1.7 million increase in title revenue. These increases were partially offset by a decrease of $1.7 million in customer swap income.
Non-interest expense increased $10.9 million, or 7%, compared to the linked quarter, primarily driven by a $5.1 million increase in salaries and employee benefits expenses (including commissions), a $1.8 million increase in professional services expenses, and a $1.3 million increase in credit and other loan related expenses.
The effective tax rate increased from 23.3% in the first quarter of 2019 to 24.1% in the second quarter of 2019, resulting in an increase in income tax expense of $1.8 million when compared to the prior quarter.
On a linked quarter basis, the efficiency ratio increased to 54.0% from 52.4%, primarily due to an increase in salaries and employee benefits expenses, while the non-GAAP core tangible efficiency ratio increased to 52.0% compared to 51.3%. The Company continues to focus on cost containment and revenue enhancement efforts to deliver positive operating leverage in 2019. Refer to Table A for a summary of financial results on both a GAAP and non-GAAP basis.
Table B - Summary Financial Condition Results |
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(Dollars in thousands, except per share data) |
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As of and For the Three Months Ended |
|||||||||||||||||||||
6/30/2019 |
3/31/2019 |
% Change |
6/30/2018 |
% Change |
|||||||||||||||||
PERIOD-END BALANCES: |
|||||||||||||||||||||
Total loans and leases, net of unearned income |
$ |
23,355,311 |
$ |
22,968,295 |
1.7 |
$ |
22,075,783 |
5.8 |
|||||||||||||
Total deposits |
24,295,331 |
24,092,062 |
0.8 |
23,430,458 |
3.7 |
||||||||||||||||
ASSET QUALITY RATIOS: |
|||||||||||||||||||||
Loans 30-89 days past due and still accruing as a percentage of total loans (1) |
0.18 |
% |
0.20 |
% |
0.20 |
% |
|||||||||||||||
Loans 90 days or more past due and still accruing as a percentage of total loans (1) |
0.00 |
0.02 |
0.04 |
||||||||||||||||||
Non-performing assets to total assets (1)(2) |
0.60 |
0.58 |
0.54 |
||||||||||||||||||
Classified assets to total assets (3) |
0.97 |
1.01 |
1.33 |
||||||||||||||||||
CAPITAL RATIOS: |
|||||||||||||||||||||
Tangible common equity ratio (Non-GAAP) (4) (5) |
8.97 |
% |
9.01 |
% |
8.56 |
% |
|||||||||||||||
Tier 1 leverage ratio (6) |
9.71 |
9.67 |
9.54 |
||||||||||||||||||
Total risk-based capital ratio (6) |
12.34 |
12.33 |
12.37 |
||||||||||||||||||
PER COMMON SHARE DATA: |
|||||||||||||||||||||
Book value |
$ |
75.93 |
$ |
73.50 |
3.3 |
$ |
67.06 |
13.2 |
|||||||||||||
Tangible book value (Non-GAAP) (4) (5) |
51.20 |
49.48 |
3.5 |
43.75 |
17.0 |
||||||||||||||||
Closing stock price |
75.85 |
71.71 |
5.8 |
75.80 |
0.1 |
||||||||||||||||
Cash dividends |
0.43 |
0.43 |
— |
0.38 |
13.2 |
||||||||||||||||
(1) |
Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. |
||||||||||||||||||||
(2) |
Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. Refer to Table 5 for further detail. |
||||||||||||||||||||
(3) |
Classified assets include loans rated substandard or worse, non-performing mortgage and consumer loans, and OREO and foreclosed property and include acquired impaired loans accounted for under ASC 310-30. Classified assets were $306 million, $315 million and $401 million at June 30, 2019, March 31, 2019, and June 30, 2018, respectively. |
||||||||||||||||||||
(4) |
See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations. |
||||||||||||||||||||
(5) |
Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
||||||||||||||||||||
(6) |
Regulatory capital ratios as of June 30, 2019 are preliminary. |
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Loans and Other Assets
On a linked quarter basis, total loans increased $387.0 million, or 7% annualized, to $23.4 billion at June 30, 2019. Period-end loan growth during the second quarter of 2019 was strongest in the Energy Group (reserve-based and midstream lending), the Corporate Asset Finance Group (equipment financing and leasing business), and the New Orleans and Dallas markets. The Company believes it is well-positioned for diversified loan growth based on our strategic presence in significant MSAs in the Southeastern United States.
Table C - Period-End Loans |
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(Dollars in thousands) |
|||||||||||||||||||||||||||||
As of and For the Three Months Ended |
|||||||||||||||||||||||||||||
Linked Qtr Change |
Year/Year Change |
Mix |
|||||||||||||||||||||||||||
6/30/2019 |
3/31/2019 |
6/30/2018 |
$ |
% |
Annualized |
$ |
% |
6/30/2019 |
3/31/2019 |
||||||||||||||||||||
Commercial loans and leases |
$ |
15,980,029 |
$ |
15,628,158 |
$ |
14,804,720 |
351,871 |
2.3 |
9.0 |
% |
1,175,309 |
7.9 |
68.5 |
% |
68.1 |
% |
|||||||||||||
Residential mortgage loans |
4,538,194 |
4,415,267 |
4,124,538 |
122,927 |
2.8 |
11.2 |
% |
413,656 |
10.0 |
19.4 |
% |
19.2 |
% |
||||||||||||||||
Consumer and other loans |
2,837,088 |
2,924,870 |
3,146,525 |
(87,782) |
(3.0) |
(12.0) |
% |
(309,437) |
(9.8) |
12.1 |
% |
12.7 |
% |
||||||||||||||||
Total loans and leases |
$ |
23,355,311 |
$ |
22,968,295 |
$ |
22,075,783 |
387,016 |
1.7 |
6.8 |
% |
1,279,528 |
5.8 |
100.0 |
% |
100.0 |
% |
|||||||||||||
On an average balance and linked quarter basis, the investment portfolio decreased $173.1 million, or 14% annualized, to $4.8 billion, primarily due to sales of available-for-sale securities. On a period-end basis, investment securities were $4.6 billion, or 15% of total assets. At June 30, 2019, approximately 96% of the investment portfolio was in available-for-sale securities, which experience unrealized gains as interest rates fall. The investment portfolio had an effective duration of 2.6 years at June 30, 2019, down from 3.0 years at March 31, 2019, and a $58.4 million unrealized gain at June 30, 2019, up from a $6.0 million unrealized loss at March 31, 2019. The average yield on investment securities decreased 7 basis points to 2.83% in the second quarter of 2019. The investment portfolio primarily consists of government agency securities. Municipal securities comprised 7% of total investments at June 30, 2019.
Deposits and Funding
Total deposits increased $203.3 million, or 3% annualized, to $24.3 billion at June 30, 2019.
Table D - Period-End Deposits |
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(Dollars in thousands) |
||||||||||||||||||||||||||||
Linked Qtr Change |
Year/Year Change |
Mix |
||||||||||||||||||||||||||
6/30/2019 |
3/31/2019 |
6/30/2018 |
$ |
% |
Annualized |
$ |
% |
6/30/2019 |
3/31/2019 |
|||||||||||||||||||
Non-interest-bearing |
$ |
6,474,394 |
$ |
6,448,613 |
$ |
6,814,441 |
25,781 |
0.4 |
1.6 |
% |
(340,047) |
(5.0) |
26.6 |
% |
26.8 |
% |
||||||||||||
NOW accounts |
4,610,577 |
4,452,966 |
4,453,152 |
157,611 |
3.5 |
14.2 |
% |
157,425 |
3.5 |
19.0 |
% |
18.5 |
% |
|||||||||||||||
Money market accounts |
8,192,752 |
8,348,509 |
8,467,906 |
(155,757) |
(1.9) |
(7.5) |
% |
(275,154) |
(3.2) |
33.7 |
% |
34.6 |
% |
|||||||||||||||
Savings accounts |
702,711 |
770,754 |
850,425 |
(68,043) |
(8.8) |
(35.4) |
% |
(147,714) |
(17.4) |
2.9 |
% |
3.2 |
% |
|||||||||||||||
Time deposits |
4,314,897 |
4,071,220 |
2,844,534 |
243,677 |
6.0 |
24.0 |
% |
1,470,363 |
51.7 |
17.8 |
% |
16.9 |
% |
|||||||||||||||
Total deposits |
$ |
24,295,331 |
$ |
24,092,062 |
$ |
23,430,458 |
203,269 |
0.8 |
3.4 |
% |
864,873 |
3.7 |
100.0 |
% |
100.0 |
% |
||||||||||||
Asset Quality
Credit quality remained strong and stable. Classified assets decreased $10.8 million, or 3%, from March 31, 2019 and were 0.97% of total assets, compared to 1.01% in the prior quarter and 1.33% in the prior year. Non-performing assets to total assets were 0.60% at June 30, 2019, compared to 0.58% in the prior quarter. Loans 30-89 days past due and still accruing decreased $2.3 million, or 5%, compared to the prior quarter and represented 0.18% of total loans and leases, compared to 0.20% in the prior quarter. As a percentage of average loans and leases, annualized net charge-offs were 0.14%, up 1 basis point compared to the prior quarter.
The allowance for loan and lease losses was $146.4 million, up $3.4 million compared to the prior quarter. As of June 30, 2019, the allowance for loan and lease losses was 0.63% of total loans and leases, up 1 basis point compared to March 31, 2019.
Refer to Table 5 - Loans and Asset Quality Data for further information.
Capital Position
At June 30, 2019, the non-GAAP tangible common equity ratio was 8.97%, down 4 basis points compared to March 31, 2019, and the preliminary Tier 1 leverage ratio was 9.71%, up 4 basis points compared to March 31, 2019. The preliminary calculation of the total risk-based capital ratio at June 30, 2019, was 12.34%, up 1 basis point compared to March 31, 2019.
At June 30, 2019, book value per common share was $75.93, up $2.43 per share, compared to March 31, 2019. Tangible book value per common share was $51.20, up $1.72 per share, compared to March 31, 2019. Based on the closing stock price of the Company's common stock of $75.27 per share on July 18, 2019, this price equated to 0.99 times June 30, 2019 book value per common share and 1.47 times June 30, 2019 tangible book value per common share.
Dividends On Capital Stock. The declaration of dividends is at the discretion of the Board of Directors. The following details the recent dividend declarations:
Common Stock. On May 9, 2019, the Company announced a quarterly cash dividend of $0.43 per common share, consistent with the common dividend declared in March 2019. The dividend is payable on July 26, 2019 to shareholders of record as of June 28, 2019. Additionally, on July 17, 2019 the Company announced a third quarter dividend of $0.45 per common share payable on October 25, 2019 to shareholders of record as of September 30, 2019.
Preferred Stock. On July 3, 2019, the Company announced a semi-annual cash dividend of $0.8281 per depositary share of Series B Preferred Stock that is payable on August 1, 2019 to shareholders of record as of July 17, 2019. On July 3, 2019, the Company also announced a quarterly cash dividend of $0.4125 per depositary share of Series C Preferred Stock that is payable on August 1, 2019 to shareholders of record as of July 17, 2019.
On April 4, 2019, the Company issued and sold 4.0 million depositary shares, each representing a 1/400th ownership interest in a share of non-cumulative perpetual preferred stock. The Series D preferred stock has an initial coupon equal to 6.100% for a period of five years, and thereafter floats at a rate of LIBOR plus 385.9 basis points. The Company raised approximately $100.0 million in gross proceeds from the transaction.
Common Stock Repurchase Program. During the second quarter of 2019, the Company repurchased 1,759,849 common shares, at a weighted average price of $76.59 per common share. At June 30, 2019, the Company had approximately 117,230 remaining shares to be repurchased under the Board-approved plan. On July 17, 2019, the Company announced the completion of this plan. The Company's recently completed share repurchase program was announced on November 5, 2018 and completed on July 12, 2019. During that time, the Company purchased 2,765,000 shares of its common stock at a weighted average price of $75.52 per share. On July 17, 2019 the Board of Directors authorized a new repurchase plan of up to 1,600,000 shares of the Company's common stock. This repurchase authorization equated to approximately 3% of total common shares outstanding. Stock repurchases under this program will be made from time to time, on the open market or in privately negotiated transactions at the discretion of the management of the Company. The timing of these repurchases will depend on market conditions and other requirements. The Company currently anticipates the share repurchase program will extend over a two-year period, or earlier if the shares have been repurchased.
Updated 2019 Financial Guidance
Updated 2019 Guidance |
|
Average Earning Assets |
$28.6B ~ $28.8B |
Consolidated Loan Growth |
5% ~ 7% |
Consolidated Deposit Growth |
5% ~ 7% |
Provision Expense |
$41MM ~ $45MM |
Non-Interest Income (Core Basis) |
$222MM ~ $230MM |
Non-Interest Expense (Core Basis) |
$667MM ~ $677MM |
Net Interest Margin |
3.48% ~ 3.54% |
Tax Rate |
23.0% ~ 24.0% |
Preferred Dividend |
$17.0MM ~ $18.0MM |
Share Repurchase Activity |
$235MM ~ $240MM |
Credit Quality |
Stable |
- Updated guidance includes two interest rate cuts of 25 basis points; one each in July and September 2019
IBERIABANK Corporation
IBERIABANK Corporation is a financial holding company with locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York offering commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, mortgage, and title insurance services.
The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC". The Company's Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock also trade on the NASDAQ Global Select Market under the symbols "IBKCP", "IBKCO", and "IBKCN", respectively. The Company's common stock market capitalization was approximately $4.0 billion, based on the closing stock price on July 18, 2019.
The following 10 investment firms currently provide equity research coverage on the Company:
- Bank of America Merrill Lynch
- Janney Montgomery Scott, LLC
- Hovde Group, LLC
- Jefferies & Co., Inc.
- Keefe, Bruyette & Woods, Inc.
- Piper Jaffray & Co.
- Raymond James & Associates, Inc.
- Sandler O'Neill + Partners, L.P.
- Stephens, Inc.
- SunTrust Robinson-Humphrey
Conference Call
In association with this earnings release, the Company will host a live conference call to discuss the financial results for the quarter just completed. The telephone conference call will be held on Friday, July 19, 2019, beginning at 8:30 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 4057575. A replay of the call will be available until midnight Central Time on July 26, 2019, by dialing 1-877-344-7529. The confirmation code for the replay is 10131974. The Company has prepared a PowerPoint presentation that supplements information contained in this press release. The PowerPoint presentation may be accessed on the Company's web site, www.iberiabank.com, under "Investor Relations" and then "Financial Information" and "Presentations."
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with GAAP. The Company's management uses these non-GAAP financial measures in their analysis of the Company's performance. Non-GAAP measures in this press release include, but are not limited to, descriptions such as core, tangible, and pre-tax pre-provision. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that in management's opinion can distort period-to-period comparisons of the Company's performance. Transactions that are typically excluded from non-GAAP performance measures include realized and unrealized gains/losses on former bank owned real estate, realized gains/losses on securities, income tax gains/losses, merger-related charges and recoveries, litigation charges and recoveries, debt repayment penalties, and gains, losses, and impairment charges on long-lived assets. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP disclosures are presented in the supplemental tables at the end of this release. Please refer to the supplemental tables for these reconciliations.
Caution About Forward-Looking Statements
This press release contains "forward-looking statements," which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. Due to various factors, actual results may differ materially from our forward-looking statements. Factors that could cause our actual results to differ materially from our forward-looking statements are described under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors" and "Regulation and Supervision" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website, www.sec.gov, and the Company's website, www.iberiabank.com. To the extent that statements in this press release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology.
Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this press release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
Table 1 - IBERIABANK CORPORATION |
|||||||||||||||||||||
FINANCIAL HIGHLIGHTS |
|||||||||||||||||||||
(Dollars in thousands, except per share data) |
|||||||||||||||||||||
As of and For the Three Months Ended |
|||||||||||||||||||||
INCOME DATA: |
6/30/2019 |
3/31/2019 |
% Change |
6/30/2018 |
% Change |
||||||||||||||||
Net interest income |
$ |
255,339 |
$ |
250,484 |
1.9 |
$ |
256,113 |
(0.3) |
|||||||||||||
Net interest income (TE) (1) |
256,677 |
251,833 |
1.9 |
257,562 |
(0.3) |
||||||||||||||||
Total revenues |
314,164 |
302,993 |
3.7 |
310,053 |
1.3 |
||||||||||||||||
Provision for credit losses |
10,755 |
13,763 |
(21.9) |
7,696 |
39.7 |
||||||||||||||||
Non-interest expense |
169,618 |
158,753 |
6.8 |
196,776 |
(13.8) |
||||||||||||||||
Net income available to common shareholders |
100,649 |
96,533 |
4.3 |
74,175 |
35.7 |
||||||||||||||||
PER COMMON SHARE DATA: |
|||||||||||||||||||||
Earnings available to common shareholders - basic |
$ |
1.87 |
$ |
1.76 |
6.3 |
$ |
1.31 |
42.7 |
|||||||||||||
Earnings available to common shareholders - diluted |
1.86 |
1.75 |
6.3 |
1.30 |
43.1 |
||||||||||||||||
Core earnings (Non-GAAP) (2) |
1.87 |
1.72 |
8.7 |
1.71 |
9.4 |
||||||||||||||||
Book value |
75.93 |
73.50 |
3.3 |
67.06 |
13.2 |
||||||||||||||||
Tangible book value (Non-GAAP) (2) (3) |
51.20 |
49.48 |
3.5 |
43.75 |
17.0 |
||||||||||||||||
Closing stock price |
75.85 |
71.71 |
5.8 |
75.80 |
0.1 |
||||||||||||||||
Cash dividends |
0.43 |
0.43 |
— |
0.38 |
13.2 |
||||||||||||||||
KEY RATIOS AND OTHER DATA (6): |
|||||||||||||||||||||
Net interest margin (TE) (1) |
3.57 |
% |
3.59 |
% |
3.76 |
% |
|||||||||||||||
Efficiency ratio |
54.0 |
52.4 |
63.5 |
||||||||||||||||||
Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) (3) |
52.0 |
51.3 |
54.3 |
||||||||||||||||||
Return on average assets |
1.30 |
1.32 |
1.01 |
||||||||||||||||||
Return on average common equity |
10.05 |
9.85 |
7.87 |
||||||||||||||||||
Core return on average tangible common equity (Non-GAAP) (2)(3) |
15.58 |
15.03 |
16.70 |
||||||||||||||||||
Effective tax rate |
24.1 |
23.3 |
28.8 |
||||||||||||||||||
Full-time equivalent employees |
3,418 |
3,384 |
3,543 |
||||||||||||||||||
CAPITAL RATIOS: |
|||||||||||||||||||||
Tangible common equity ratio (Non-GAAP) (2) (3) |
8.97 |
% |
9.01 |
% |
8.56 |
% |
|||||||||||||||
Tangible common equity to risk-weighted assets (3) |
10.45 |
10.60 |
10.18 |
||||||||||||||||||
Tier 1 leverage ratio (4) |
9.71 |
9.67 |
9.54 |
||||||||||||||||||
Common equity Tier 1 (CET 1) ratio (4) |
10.38 |
10.73 |
10.72 |
||||||||||||||||||
Tier 1 capital ratio (4) |
11.26 |
11.24 |
11.27 |
||||||||||||||||||
Total risk-based capital ratio (4) |
12.34 |
12.33 |
12.37 |
||||||||||||||||||
Common stock dividend payout ratio |
22.6 |
24.3 |
28.9 |
||||||||||||||||||
Classified assets to Tier 1 capital (7) |
10.4 |
11.0 |
14.7 |
||||||||||||||||||
ASSET QUALITY RATIOS: |
|||||||||||||||||||||
Non-performing assets to total assets (5) |
0.60 |
% |
0.58 |
% |
0.54 |
% |
|||||||||||||||
ALLL to total loans and leases |
0.63 |
0.62 |
0.62 |
||||||||||||||||||
Net charge-offs to average loans (annualized) |
0.14 |
0.13 |
0.21 |
||||||||||||||||||
Non-performing assets to total loans and OREO (5) |
0.80 |
0.79 |
0.74 |
||||||||||||||||||
(1) |
Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%. |
||||||||||||||||||||
(2) |
See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations. |
||||||||||||||||||||
(3) |
Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
||||||||||||||||||||
(4) |
Regulatory capital ratios as of June 30, 2019 are preliminary. |
||||||||||||||||||||
(5) |
Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. For purposes of this table, past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. |
||||||||||||||||||||
(6) |
All ratios are calculated on an annualized basis for the periods indicated. |
||||||||||||||||||||
(7) |
Classified assets include loans rated substandard or worse, non-performing mortgage and consumer loans, and OREO and foreclosed property and include acquired impaired loans accounted for under ASC 310-30. |
||||||||||||||||||||
Table 2 - IBERIABANK CORPORATION |
|||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENTS |
|||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) |
|||||||||||||||||||||||||||||
For the Three Months Ended |
|||||||||||||||||||||||||||||
Linked Qtr Change |
Year/Year Change |
||||||||||||||||||||||||||||
6/30/2019 |
3/31/2019 |
$ |
% |
12/31/2018 |
9/30/2018 |
6/30/2018 |
$ |
% |
|||||||||||||||||||||
Interest income |
$ |
335,967 |
$ |
326,084 |
9,883 |
3.0 |
$ |
330,196 |
$ |
317,067 |
$ |
303,823 |
32,144 |
10.6 |
|||||||||||||||
Interest expense |
80,628 |
75,600 |
5,028 |
6.7 |
65,175 |
57,842 |
47,710 |
32,918 |
69.0 |
||||||||||||||||||||
Net interest income |
255,339 |
250,484 |
4,855 |
1.9 |
265,021 |
259,225 |
256,113 |
(774) |
(0.3) |
||||||||||||||||||||
Provision for credit losses |
10,755 |
13,763 |
(3,008) |
(21.9) |
13,094 |
11,384 |
7,696 |
3,059 |
39.7 |
||||||||||||||||||||
Net interest income after provision for credit losses |
244,584 |
236,721 |
7,863 |
3.3 |
251,927 |
247,841 |
248,417 |
(3,833) |
(1.5) |
||||||||||||||||||||
Mortgage income |
18,444 |
11,849 |
6,595 |
55.7 |
10,379 |
12,729 |
13,721 |
4,723 |
34.4 |
||||||||||||||||||||
Service charges on deposit accounts |
12,847 |
12,810 |
37 |
0.3 |
13,425 |
13,520 |
12,950 |
(103) |
(0.8) |
||||||||||||||||||||
Title revenue |
6,895 |
5,225 |
1,670 |
32.0 |
5,996 |
6,280 |
6,846 |
49 |
0.7 |
||||||||||||||||||||
Broker commissions |
2,044 |
1,953 |
91 |
4.7 |
1,951 |
2,627 |
2,396 |
(352) |
(14.7) |
||||||||||||||||||||
ATM/debit card fee income |
3,032 |
2,582 |
450 |
17.4 |
2,267 |
2,470 |
2,925 |
107 |
3.7 |
||||||||||||||||||||
Income from bank owned life insurance |
1,750 |
1,797 |
(47) |
(2.6) |
2,023 |
1,744 |
1,261 |
489 |
38.8 |
||||||||||||||||||||
(Loss) gain on sale of available-for-sale securities |
(1,014) |
— |
(1,014) |
(100.0) |
(49,844) |
— |
3 |
(1,017) |
(33,900.0) |
||||||||||||||||||||
Trust department income |
4,388 |
4,167 |
221 |
5.3 |
4,319 |
3,993 |
4,243 |
145 |
3.4 |
||||||||||||||||||||
Other non-interest income |
10,439 |
12,126 |
(1,687) |
(13.9) |
10,453 |
9,724 |
9,595 |
844 |
8.8 |
||||||||||||||||||||
Total non-interest income |
58,825 |
52,509 |
6,316 |
12.0 |
969 |
53,087 |
53,940 |
4,885 |
9.1 |
||||||||||||||||||||
Salaries and employee benefits |
103,375 |
98,296 |
5,079 |
5.2 |
101,551 |
101,159 |
107,445 |
(4,070) |
(3.8) |
||||||||||||||||||||
Occupancy and equipment |
18,999 |
18,564 |
435 |
2.3 |
18,379 |
18,889 |
19,931 |
(932) |
(4.7) |
||||||||||||||||||||
Amortization of acquisition intangibles |
4,786 |
5,009 |
(223) |
(4.5) |
5,083 |
5,382 |
6,111 |
(1,325) |
(21.7) |
||||||||||||||||||||
Computer services expense |
9,383 |
9,157 |
226 |
2.5 |
8,942 |
9,036 |
9,309 |
74 |
0.8 |
||||||||||||||||||||
Professional services |
6,244 |
4,450 |
1,794 |
40.3 |
8,628 |
5,519 |
7,160 |
(916) |
(12.8) |
||||||||||||||||||||
Credit and other loan related expense |
4,141 |
2,859 |
1,282 |
44.8 |
4,776 |
4,830 |
5,089 |
(948) |
(18.6) |
||||||||||||||||||||
Other non-interest expense |
22,690 |
20,418 |
2,272 |
11.1 |
21,630 |
24,247 |
41,731 |
(19,041) |
(45.6) |
||||||||||||||||||||
Total non-interest expense |
169,618 |
158,753 |
10,865 |
6.8 |
168,989 |
169,062 |
196,776 |
(27,158) |
(13.8) |
||||||||||||||||||||
Income before income taxes |
133,791 |
130,477 |
3,314 |
2.5 |
83,907 |
131,866 |
105,581 |
28,210 |
26.7 |
||||||||||||||||||||
Income tax expense (benefit) |
32,193 |
30,346 |
1,847 |
6.1 |
(46,132) |
30,401 |
30,457 |
1,736 |
5.7 |
||||||||||||||||||||
Net income |
101,598 |
100,131 |
1,467 |
1.5 |
130,039 |
101,465 |
75,124 |
26,474 |
35.2 |
||||||||||||||||||||
Less: Preferred stock dividends |
949 |
3,598 |
(2,649) |
(73.6) |
949 |
3,599 |
949 |
— |
— |
||||||||||||||||||||
Net income available to common shareholders |
$ |
100,649 |
$ |
96,533 |
4,116 |
4.3 |
$ |
129,090 |
$ |
97,866 |
$ |
74,175 |
26,474 |
35.7 |
|||||||||||||||
Income available to common shareholders - basic |
$ |
100,649 |
$ |
96,533 |
4,116 |
4.3 |
$ |
129,090 |
$ |
97,866 |
$ |
74,175 |
26,474 |
35.7 |
|||||||||||||||
Less: Earnings allocated to unvested restricted stock |
999 |
933 |
66 |
7.1 |
1,214 |
908 |
767 |
232 |
30.2 |
||||||||||||||||||||
Earnings allocated to common shareholders |
$ |
99,650 |
$ |
95,600 |
4,050 |
4.2 |
$ |
127,876 |
$ |
96,958 |
$ |
73,408 |
26,242 |
35.7 |
|||||||||||||||
Earnings per common share - basic |
$ |
1.87 |
$ |
1.76 |
0.11 |
6.3 |
$ |
2.33 |
$ |
1.74 |
$ |
1.31 |
0.56 |
42.7 |
|||||||||||||||
Earnings per common share - diluted |
1.86 |
1.75 |
0.11 |
6.3 |
2.32 |
1.73 |
1.30 |
0.56 |
43.1 |
||||||||||||||||||||
Impact of non-core items (Non-GAAP) (1) |
0.01 |
(0.03) |
0.04 |
133.3 |
(0.46) |
0.01 |
0.41 |
(0.40) |
(97.6) |
||||||||||||||||||||
Earnings per share - diluted, excluding non-core items (Non-GAAP)(1) |
$ |
1.87 |
$ |
1.72 |
0.15 |
8.7 |
$ |
1.86 |
$ |
1.74 |
$ |
1.71 |
0.16 |
9.4 |
|||||||||||||||
NUMBER OF COMMON SHARES OUTSTANDING (in thousands) |
|||||||||||||||||||||||||||||
Weighted average common shares outstanding - basic |
53,345 |
54,177 |
(832) |
(1.5) |
54,892 |
55,571 |
55,931 |
(2,586) |
(4.6) |
||||||||||||||||||||
Weighted average common shares outstanding - diluted |
53,674 |
54,539 |
(865) |
(1.6) |
55,215 |
55,945 |
56,287 |
(2,613) |
(4.6) |
||||||||||||||||||||
Book value shares (period end) |
52,805 |
54,551 |
(1,746) |
(3.2) |
54,796 |
56,007 |
56,390 |
(3,585) |
(6.4) |
||||||||||||||||||||
(1) See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations. |
Table 3 - IBERIABANK CORPORATION |
||||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENTS |
||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||
For the Six Months Ended |
||||||||||||
Change |
||||||||||||
6/30/2019 |
6/30/2018 |
$ |
% |
|||||||||
Interest income |
$ |
662,051 |
$ |
574,366 |
87,685 |
15.3 |
||||||
Interest expense |
156,228 |
85,364 |
70,864 |
83.0 |
||||||||
Net interest income |
505,823 |
489,002 |
16,821 |
3.4 |
||||||||
Provision for credit losses |
24,518 |
15,907 |
8,611 |
54.1 |
||||||||
Net interest income after provision for credit losses |
481,305 |
473,095 |
8,210 |
1.7 |
||||||||
Mortgage income |
30,293 |
23,316 |
6,977 |
29.9 |
||||||||
Service charges on deposit accounts |
25,657 |
25,858 |
(201) |
(0.8) |
||||||||
Title revenue |
12,120 |
11,873 |
247 |
2.1 |
||||||||
Broker commissions |
3,997 |
4,617 |
(620) |
(13.4) |
||||||||
ATM/debit card fee income |
5,614 |
5,558 |
56 |
1.0 |
||||||||
Income from bank owned life insurance |
3,547 |
2,543 |
1,004 |
39.5 |
||||||||
(Loss) gain on sale of available-for-sale securities |
(1,014) |
(56) |
(958) |
(1,710.7) |
||||||||
Trust department income |
8,555 |
7,669 |
886 |
11.6 |
||||||||
Other non-interest income |
22,565 |
17,128 |
5,437 |
31.7 |
||||||||
Total non-interest income |
111,334 |
98,506 |
12,828 |
13.0 |
||||||||
Salaries and employee benefits |
201,671 |
212,031 |
(10,360) |
(4.9) |
||||||||
Occupancy and equipment |
37,563 |
39,978 |
(2,415) |
(6.0) |
||||||||
Amortization of acquisition intangibles |
9,795 |
11,213 |
(1,418) |
(12.6) |
||||||||
Computer services expense |
18,540 |
21,702 |
(3,162) |
(14.6) |
||||||||
Professional services |
10,694 |
14,551 |
(3,857) |
(26.5) |
||||||||
Credit and other loan related expense |
7,000 |
9,482 |
(2,482) |
(26.2) |
||||||||
Other non-interest expense |
43,108 |
75,890 |
(32,782) |
(43.2) |
||||||||
Total non-interest expense |
328,371 |
384,847 |
(56,476) |
(14.7) |
||||||||
Income before income taxes |
264,268 |
186,754 |
77,514 |
41.5 |
||||||||
Income tax expense |
62,539 |
48,009 |
14,530 |
30.3 |
||||||||
Net income |
201,729 |
138,745 |
62,984 |
45.4 |
||||||||
Less: Preferred stock dividends |
4,547 |
4,547 |
— |
— |
||||||||
Net income available to common shareholders |
$ |
197,182 |
$ |
134,198 |
62,984 |
46.9 |
||||||
Income available to common shareholders - basic |
$ |
197,182 |
$ |
134,198 |
62,984 |
46.9 |
||||||
Less: Earnings allocated to unvested restricted stock |
1,931 |
1,409 |
522 |
37.0 |
||||||||
Earnings allocated to common shareholders |
$ |
195,251 |
$ |
132,789 |
62,462 |
47.0 |
||||||
Earnings per common share - basic |
$ |
3.63 |
$ |
2.42 |
1.21 |
50.0 |
||||||
Earnings per common share - diluted |
3.61 |
2.41 |
1.20 |
49.8 |
||||||||
Impact of non-core items (Non-GAAP) (1) |
(0.01) |
0.68 |
(0.69) |
(101.5) |
||||||||
Earnings per share - diluted, excluding non-core items (Non-GAAP) (1) |
$ |
3.60 |
$ |
3.09 |
0.51 |
16.5 |
||||||
NUMBER OF COMMON SHARES OUTSTANDING (in thousands) |
||||||||||||
Weighted average common shares outstanding - basic |
53,758 |
54,780 |
(1,022) |
(1.9) |
||||||||
Weighted average common shares outstanding - diluted |
54,104 |
55,133 |
(1,029) |
(1.9) |
||||||||
Book value shares (period end) |
52,805 |
56,390 |
(3,585) |
(6.4) |
||||||||
(1) See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations. |
TABLE 4 - IBERIABANK CORPORATION |
|||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||||||
PERIOD-END BALANCES |
Linked Qtr Change |
Year/Year Change |
|||||||||||||||||||||||||||||
ASSETS |
6/30/2019 |
3/31/2019 |
$ |
% |
12/31/2018 |
9/30/2018 |
6/30/2018 |
$ |
% |
||||||||||||||||||||||
Cash and due from banks |
$ |
289,502 |
$ |
280,680 |
8,822 |
3.1 |
$ |
294,186 |
$ |
291,083 |
$ |
299,268 |
(9,766) |
(3.3) |
|||||||||||||||||
Interest-bearing deposits in other banks |
499,813 |
391,217 |
108,596 |
27.8 |
396,267 |
184,852 |
428,120 |
71,693 |
16.7 |
||||||||||||||||||||||
Total cash and cash equivalents |
789,315 |
671,897 |
117,418 |
17.5 |
690,453 |
475,935 |
727,388 |
61,927 |
8.5 |
||||||||||||||||||||||
Investment securities available for sale |
4,455,308 |
4,873,778 |
(418,470) |
(8.6) |
4,783,579 |
4,634,124 |
4,650,915 |
(195,607) |
(4.2) |
||||||||||||||||||||||
Investment securities held to maturity |
192,917 |
198,958 |
(6,041) |
(3.0) |
207,446 |
213,561 |
221,030 |
(28,113) |
(12.7) |
||||||||||||||||||||||
Total investment securities |
4,648,225 |
5,072,736 |
(424,511) |
(8.4) |
4,991,025 |
4,847,685 |
4,871,945 |
(223,720) |
(4.6) |
||||||||||||||||||||||
Mortgage loans held for sale |
187,987 |
128,451 |
59,536 |
46.3 |
107,734 |
42,976 |
78,843 |
109,144 |
138.4 |
||||||||||||||||||||||
Loans and leases, net of unearned income |
23,355,311 |
22,968,295 |
387,016 |
1.7 |
22,519,815 |
22,343,906 |
22,075,783 |
1,279,528 |
5.8 |
||||||||||||||||||||||
Allowance for loan and lease losses |
(146,386) |
(142,966) |
(3,420) |
2.4 |
(140,571) |
(136,950) |
(136,576) |
(9,810) |
7.2 |
||||||||||||||||||||||
Loans and leases, net |
23,208,925 |
22,825,329 |
383,596 |
1.7 |
22,379,244 |
22,206,956 |
21,939,207 |
1,269,718 |
5.8 |
||||||||||||||||||||||
Premises and equipment, net |
295,897 |
297,342 |
(1,445) |
(0.5) |
300,507 |
304,605 |
326,213 |
(30,316) |
(9.3) |
||||||||||||||||||||||
Goodwill and other intangible assets |
1,317,151 |
1,319,992 |
(2,841) |
(0.2) |
1,324,269 |
1,313,478 |
1,320,664 |
(3,513) |
(0.3) |
||||||||||||||||||||||
Other assets |
999,032 |
944,442 |
54,590 |
5.8 |
1,039,783 |
926,752 |
861,902 |
137,130 |
15.9 |
||||||||||||||||||||||
Total assets |
$ |
31,446,532 |
$ |
31,260,189 |
186,343 |
0.6 |
$ |
30,833,015 |
$ |
30,118,387 |
$ |
30,126,162 |
1,320,370 |
4.4 |
|||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||||||||||||||||||||
Non-interest-bearing deposits |
$ |
6,474,394 |
$ |
6,448,613 |
25,781 |
0.4 |
$ |
6,542,490 |
$ |
6,544,926 |
$ |
6,814,441 |
(340,047) |
(5.0) |
|||||||||||||||||
NOW accounts |
4,610,577 |
4,452,966 |
157,611 |
3.5 |
4,514,113 |
4,247,533 |
4,453,152 |
157,425 |
3.5 |
||||||||||||||||||||||
Savings and money market accounts |
8,895,463 |
9,119,263 |
(223,800) |
(2.5) |
9,066,205 |
9,159,036 |
9,318,331 |
(422,868) |
(4.5) |
||||||||||||||||||||||
Time deposits |
4,314,897 |
4,071,220 |
243,677 |
6.0 |
3,640,623 |
3,241,951 |
2,844,534 |
1,470,363 |
51.7 |
||||||||||||||||||||||
Total deposits |
24,295,331 |
24,092,062 |
203,269 |
0.8 |
23,763,431 |
23,193,446 |
23,430,458 |
864,873 |
3.7 |
||||||||||||||||||||||
Short-term borrowings |
813,000 |
845,000 |
(32,000) |
(3.8) |
1,167,000 |
790,000 |
595,000 |
218,000 |
36.6 |
||||||||||||||||||||||
Securities sold under agreements to repurchase |
184,507 |
261,131 |
(76,624) |
(29.3) |
315,882 |
452,719 |
459,213 |
(274,706) |
(59.8) |
||||||||||||||||||||||
Trust preferred securities |
120,110 |
120,110 |
— |
— |
120,110 |
120,110 |
120,110 |
— |
— |
||||||||||||||||||||||
Other long-term debt |
1,254,649 |
1,355,345 |
(100,696) |
(7.4) |
1,046,041 |
1,346,700 |
1,318,504 |
(63,855) |
(4.8) |
||||||||||||||||||||||
Other liabilities |
540,935 |
444,710 |
96,225 |
21.6 |
364,274 |
273,051 |
289,468 |
251,467 |
86.9 |
||||||||||||||||||||||
Total liabilities |
27,208,532 |
27,118,358 |
90,174 |
0.3 |
26,776,738 |
26,176,026 |
26,212,753 |
995,779 |
3.8 |
||||||||||||||||||||||
Total shareholders' equity |
4,238,000 |
4,141,831 |
96,169 |
2.3 |
4,056,277 |
3,942,361 |
3,913,409 |
324,591 |
8.3 |
||||||||||||||||||||||
Total liabilities and shareholders' equity |
$ |
31,446,532 |
$ |
31,260,189 |
186,343 |
0.6 |
$ |
30,833,015 |
$ |
30,118,387 |
$ |
30,126,162 |
1,320,370 |
4.4 |
|||||||||||||||||
TABLE 4 Continued - IBERIABANK CORPORATION |
|||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||||||
AVERAGE BALANCES |
Linked Qtr Change |
Year/Year Change |
|||||||||||||||||||||||||||||
ASSETS |
6/30/2019 |
3/31/2019 |
$ |
% |
12/31/2018 |
9/30/2018 |
6/30/2018 |
$ |
% |
||||||||||||||||||||||
Cash and due from banks |
$ |
275,917 |
$ |
291,659 |
(15,742) |
(5.4) |
$ |
281,509 |
$ |
279,918 |
$ |
296,907 |
(20,990) |
(7.1) |
|||||||||||||||||
Interest-bearing deposits in other banks |
436,948 |
332,638 |
104,310 |
31.4 |
385,619 |
259,455 |
392,906 |
44,042 |
11.2 |
||||||||||||||||||||||
Total cash and cash equivalents |
712,865 |
624,297 |
88,568 |
14.2 |
667,128 |
539,373 |
689,813 |
23,052 |
3.3 |
||||||||||||||||||||||
Investment securities available for sale |
4,650,757 |
4,816,855 |
(166,098) |
(3.4) |
4,567,564 |
4,673,454 |
4,629,177 |
21,580 |
0.5 |
||||||||||||||||||||||
Investment securities held to maturity |
195,639 |
202,601 |
(6,962) |
(3.4) |
211,333 |
216,419 |
222,764 |
(27,125) |
(12.2) |
||||||||||||||||||||||
Total investment securities |
4,846,396 |
5,019,456 |
(173,060) |
(3.4) |
4,778,897 |
4,889,873 |
4,851,941 |
(5,545) |
(0.1) |
||||||||||||||||||||||
Mortgage loans held for sale |
159,931 |
95,588 |
64,343 |
67.3 |
63,033 |
87,823 |
72,917 |
87,014 |
119.3 |
||||||||||||||||||||||
Loans and leases, net of unearned income |
23,120,689 |
22,599,686 |
521,003 |
2.3 |
22,364,188 |
22,162,373 |
21,830,720 |
1,289,969 |
5.9 |
||||||||||||||||||||||
Allowance for loan and lease losses |
(145,854) |
(140,915) |
(4,939) |
3.5 |
(138,675) |
(139,075) |
(145,565) |
(289) |
0.2 |
||||||||||||||||||||||
Loans and leases, net |
22,974,835 |
22,458,771 |
516,064 |
2.3 |
22,225,513 |
22,023,298 |
21,685,155 |
1,289,680 |
5.9 |
||||||||||||||||||||||
Premises and equipment, net |
298,119 |
299,741 |
(1,622) |
(0.5) |
302,956 |
315,259 |
327,686 |
(29,567) |
(9.0) |
||||||||||||||||||||||
Goodwill and other intangible assets |
1,318,182 |
1,322,288 |
(4,106) |
(0.3) |
1,318,200 |
1,316,527 |
1,338,420 |
(20,238) |
(1.5) |
||||||||||||||||||||||
Other assets |
961,494 |
1,013,359 |
(51,865) |
(5.1) |
977,740 |
874,078 |
804,920 |
156,574 |
19.5 |
||||||||||||||||||||||
Total assets |
$ |
31,271,822 |
$ |
30,833,500 |
438,322 |
1.4 |
$ |
30,333,467 |
$ |
30,046,231 |
$ |
29,770,852 |
1,500,970 |
5.0 |
|||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||||||||||||||||||||
Non-interest-bearing deposits |
$ |
6,442,217 |
$ |
6,271,313 |
170,904 |
2.7 |
$ |
6,646,071 |
$ |
6,684,343 |
$ |
6,795,878 |
(353,661) |
(5.2) |
|||||||||||||||||
NOW accounts |
4,488,691 |
4,458,634 |
30,057 |
0.7 |
4,212,304 |
4,296,392 |
4,494,064 |
(5,373) |
(0.1) |
||||||||||||||||||||||
Savings and money market accounts |
9,014,822 |
9,089,099 |
(74,277) |
(0.8) |
9,169,184 |
9,237,614 |
9,146,302 |
(131,480) |
(1.4) |
||||||||||||||||||||||
Time deposits |
4,156,974 |
3,859,354 |
297,620 |
7.7 |
3,457,017 |
3,023,180 |
2,719,627 |
1,437,347 |
52.9 |
||||||||||||||||||||||
Total deposits |
24,102,704 |
23,678,400 |
424,304 |
1.8 |
23,484,576 |
23,241,529 |
23,155,871 |
946,833 |
4.1 |
||||||||||||||||||||||
Short-term borrowings |
782,516 |
859,576 |
(77,060) |
(9.0) |
602,593 |
820,087 |
609,965 |
172,551 |
28.3 |
||||||||||||||||||||||
Securities sold under agreements to repurchase |
214,090 |
291,643 |
(77,553) |
(26.6) |
386,563 |
376,078 |
427,508 |
(213,418) |
(49.9) |
||||||||||||||||||||||
Trust preferred securities |
120,110 |
120,110 |
— |
— |
120,110 |
120,110 |
120,110 |
— |
— |
||||||||||||||||||||||
Other long-term debt |
1,345,575 |
1,343,752 |
1,823 |
0.1 |
1,308,086 |
1,260,900 |
1,261,515 |
84,060 |
6.7 |
||||||||||||||||||||||
Other liabilities |
463,803 |
434,516 |
29,287 |
6.7 |
470,501 |
292,445 |
281,820 |
181,983 |
64.6 |
||||||||||||||||||||||
Total liabilities |
27,028,798 |
26,727,997 |
300,801 |
1.1 |
26,372,429 |
26,111,149 |
25,856,789 |
1,172,009 |
4.5 |
||||||||||||||||||||||
Total shareholders' equity |
4,243,024 |
4,105,503 |
137,521 |
3.3 |
3,961,038 |
3,935,082 |
3,914,063 |
328,961 |
8.4 |
||||||||||||||||||||||
Total liabilities and shareholders' equity |
$ |
31,271,822 |
$ |
30,833,500 |
438,322 |
1.4 |
$ |
30,333,467 |
$ |
30,046,231 |
$ |
29,770,852 |
1,500,970 |
5.0 |
|||||||||||||||||
Table 5 - IBERIABANK CORPORATION |
|||||||||||||||||||||||||||||||
LOANS AND ASSET QUALITY DATA |
|||||||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||||||
Linked Qtr Change |
Year/Year Change |
||||||||||||||||||||||||||||||
LOANS |
6/30/2019 |
3/31/2019 |
$ |
% |
12/31/2018 |
9/30/2018 |
6/30/2018 |
$ |
% |
||||||||||||||||||||||
Commercial loans and leases: |
|||||||||||||||||||||||||||||||
Real estate- construction |
$ |
1,342,984 |
$ |
1,219,647 |
123,337 |
10.1 |
$ |
1,196,366 |
$ |
1,127,988 |
$ |
1,183,367 |
159,617 |
13.5 |
|||||||||||||||||
Real estate- owner-occupied (1) |
2,373,143 |
2,408,079 |
(34,936) |
(1.5) |
2,395,822 |
2,458,964 |
2,455,685 |
(82,542) |
(3.4) |
||||||||||||||||||||||
Real estate- non-owner occupied |
6,102,143 |
6,147,864 |
(45,721) |
(0.7) |
5,796,117 |
5,794,931 |
5,653,252 |
448,891 |
7.9 |
||||||||||||||||||||||
Commercial and industrial (6) |
6,161,759 |
5,852,568 |
309,191 |
5.3 |
5,737,017 |
5,581,040 |
5,512,416 |
649,343 |
11.8 |
||||||||||||||||||||||
Total commercial loans and leases |
15,980,029 |
15,628,158 |
351,871 |
2.3 |
15,125,322 |
14,962,923 |
14,804,720 |
1,175,309 |
7.9 |
||||||||||||||||||||||
Residential mortgage loans |
4,538,194 |
4,415,267 |
122,927 |
2.8 |
4,359,156 |
4,300,163 |
4,124,538 |
413,656 |
10.0 |
||||||||||||||||||||||
Consumer and other loans: |
|||||||||||||||||||||||||||||||
Home equity |
2,147,897 |
2,220,648 |
(72,751) |
(3.3) |
2,304,694 |
2,350,176 |
2,410,617 |
(262,720) |
(10.9) |
||||||||||||||||||||||
Other |
689,191 |
704,222 |
(15,031) |
(2.1) |
730,643 |
730,644 |
735,908 |
(46,717) |
(6.3) |
||||||||||||||||||||||
Total consumer and other loans |
2,837,088 |
2,924,870 |
(87,782) |
(3.0) |
3,035,337 |
3,080,820 |
3,146,525 |
(309,437) |
(9.8) |
||||||||||||||||||||||
Total loans and leases |
$ |
23,355,311 |
$ |
22,968,295 |
387,016 |
1.7 |
$ |
22,519,815 |
$ |
22,343,906 |
$ |
22,075,783 |
1,279,528 |
5.8 |
|||||||||||||||||
Allowance for loan and lease losses (2) |
$ |
(146,386) |
$ |
(142,966) |
(3,420) |
(2.4) |
$ |
(140,571) |
$ |
(136,950) |
$ |
(136,576) |
(9,810) |
(7.2) |
|||||||||||||||||
Loans and leases, net |
23,208,925 |
22,825,329 |
383,596 |
1.7 |
22,379,244 |
22,206,956 |
21,939,207 |
1,269,718 |
5.8 |
||||||||||||||||||||||
Reserve for unfunded commitments |
(15,281) |
(15,981) |
700 |
4.4 |
(14,830) |
(14,721) |
(14,433) |
(848) |
(5.9) |
||||||||||||||||||||||
Allowance for credit losses |
(161,667) |
(158,947) |
(2,720) |
(1.7) |
(155,401) |
(151,671) |
(151,009) |
(10,658) |
(7.1) |
||||||||||||||||||||||
ASSET QUALITY DATA |
|||||||||||||||||||||||||||||||
Non-accrual loans (3) |
$ |
158,992 |
$ |
148,056 |
10,936 |
7.4 |
$ |
137,184 |
$ |
143,595 |
$ |
131,155 |
27,837 |
21.2 |
|||||||||||||||||
Other real estate owned and foreclosed assets |
28,106 |
30,606 |
(2,500) |
(8.2) |
30,394 |
32,418 |
22,267 |
5,839 |
26.2 |
||||||||||||||||||||||
Accruing loans more than 90 days past due (3) |
851 |
4,111 |
(3,260) |
(79.3) |
2,128 |
12,452 |
9,314 |
(8,463) |
(90.9) |
||||||||||||||||||||||
Total non-performing assets (3)(4) |
$ |
187,949 |
$ |
182,773 |
5,176 |
2.8 |
$ |
169,706 |
$ |
188,465 |
$ |
162,736 |
25,213 |
15.5 |
|||||||||||||||||
Loans 30-89 days past due (3) |
$ |
43,021 |
$ |
45,334 |
(2,313) |
(5.1) |
$ |
57,332 |
$ |
70,624 |
$ |
43,159 |
(138) |
(0.3) |
|||||||||||||||||
Non-performing assets to total assets (3)(4) |
0.60 |
% |
0.58 |
% |
0.55 |
% |
0.63 |
% |
0.54 |
% |
|||||||||||||||||||||
Non-performing assets to total loans and OREO (3)(4) |
0.80 |
0.79 |
0.75 |
0.84 |
0.74 |
||||||||||||||||||||||||||
ALLL to non-performing loans (3)(5) |
91.6 |
94.0 |
100.9 |
87.8 |
97.2 |
||||||||||||||||||||||||||
ALLL to non-performing assets (3)(4) |
77.9 |
78.2 |
82.8 |
72.7 |
83.9 |
||||||||||||||||||||||||||
ALLL to total loans and leases |
0.63 |
0.62 |
0.62 |
0.61 |
0.62 |
||||||||||||||||||||||||||
Quarter-to-date charge-offs |
$ |
10,275 |
$ |
8,918 |
1,357 |
15.2 |
$ |
10,806 |
$ |
12,006 |
$ |
13,618 |
(3,343) |
(24.5) |
|||||||||||||||||
Quarter-to-date recoveries |
(2,218) |
(1,586) |
(632) |
(39.8) |
(3,097) |
(3,049) |
(1,968) |
(250) |
(12.7) |
||||||||||||||||||||||
Quarter-to-date net charge-offs |
$ |
8,057 |
$ |
7,332 |
725 |
9.9 |
$ |
7,709 |
$ |
8,957 |
$ |
11,650 |
(3,593) |
(30.8) |
|||||||||||||||||
Net charge-offs to average loans (annualized) |
0.14 |
% |
0.13 |
% |
0.14 |
% |
0.16 |
% |
0.21 |
% |
|||||||||||||||||||||
(1) Real estate- owner-occupied is defined as loans with a "1E1" call report code (loans secured by owner-occupied non-farm non-residential properties). |
|||||||||||||||||||||||||||||||
(2) The allowance for loan and lease losses includes impairment reserves attributable to acquired impaired loans. |
|||||||||||||||||||||||||||||||
(3) For purposes of this table, past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. |
|||||||||||||||||||||||||||||||
(4) Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. |
|||||||||||||||||||||||||||||||
(5) Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past due. |
|||||||||||||||||||||||||||||||
(6) Includes equipment financing leases. |
TABLE 6 - IBERIABANK CORPORATION |
|||||||||||||||||||
QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES |
|||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||
For the Three Months Ended |
|||||||||||||||||||
6/30/2019 |
3/31/2019 |
Basis Point |
|||||||||||||||||
ASSETS |
Average Balance |
Interest |
Yield/Rate |
Average Balance |
Interest |
Yield/Rate (TE)(1) |
Yield/Rate |
||||||||||||
Earning assets: |
|||||||||||||||||||
Commercial loans and leases |
$ |
15,766,423 |
$ |
205,093 |
5.24 |
% |
$ |
15,253,655 |
$ |
194,510 |
5.19 |
% |
5 |
||||||
Residential mortgage loans |
4,482,150 |
49,388 |
4.41 |
4,385,634 |
47,829 |
4.36 |
5 |
||||||||||||
Consumer and other loans |
2,872,116 |
42,205 |
5.89 |
2,960,397 |
42,540 |
5.83 |
6 |
||||||||||||
Total loans and leases |
23,120,689 |
296,686 |
5.16 |
22,599,686 |
284,879 |
5.11 |
5 |
||||||||||||
Mortgage loans held for sale |
159,931 |
1,588 |
3.97 |
95,588 |
1,054 |
4.41 |
(44) |
||||||||||||
Investment securities (2) |
4,853,858 |
33,803 |
2.83 |
5,052,922 |
36,125 |
2.90 |
(7) |
||||||||||||
Other earning assets |
639,232 |
3,890 |
2.44 |
533,745 |
4,026 |
3.06 |
(62) |
||||||||||||
Total earning assets |
28,773,710 |
335,967 |
4.70 |
28,281,941 |
326,084 |
4.68 |
2 |
||||||||||||
Allowance for loan and lease losses |
(145,854) |
(140,915) |
|||||||||||||||||
Non-earning assets |
2,643,966 |
2,692,474 |
|||||||||||||||||
Total assets |
$ |
31,271,822 |
$ |
30,833,500 |
|||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||||||
NOW accounts |
$ |
4,488,691 |
$ |
11,623 |
1.04 |
% |
$ |
4,458,634 |
$ |
11,396 |
1.04 |
% |
0 |
||||||
Savings and money market accounts |
9,014,822 |
30,845 |
1.37 |
9,089,099 |
28,762 |
1.28 |
9 |
||||||||||||
Time deposits |
4,156,974 |
23,398 |
2.26 |
3,859,354 |
20,077 |
2.11 |
15 |
||||||||||||
Total interest-bearing deposits (3) |
17,660,487 |
65,866 |
1.50 |
17,407,087 |
60,235 |
1.40 |
10 |
||||||||||||
Short-term borrowings |
996,606 |
5,197 |
2.09 |
1,151,219 |
5,716 |
2.01 |
8 |
||||||||||||
Long-term debt |
1,465,685 |
9,565 |
2.62 |
1,463,862 |
9,649 |
2.67 |
(5) |
||||||||||||
Total interest-bearing liabilities |
20,122,778 |
80,628 |
1.61 |
20,022,168 |
75,600 |
1.53 |
8 |
||||||||||||
Non-interest-bearing deposits |
6,442,217 |
6,271,313 |
|||||||||||||||||
Non-interest-bearing liabilities |
463,803 |
434,516 |
|||||||||||||||||
Total liabilities |
27,028,798 |
26,727,997 |
|||||||||||||||||
Total shareholders' equity |
4,243,024 |
4,105,503 |
|||||||||||||||||
Total liabilities and shareholders' equity |
$ |
31,271,822 |
$ |
30,833,500 |
|||||||||||||||
Net interest income/Net interest spread |
$ |
255,339 |
3.09 |
% |
$ |
250,484 |
3.15 |
% |
(6) |
||||||||||
Taxable equivalent benefit |
1,338 |
0.02 |
1,349 |
0.02 |
— |
||||||||||||||
Net interest income (TE)/Net interest margin (TE) (1) |
$ |
256,677 |
3.57 |
% |
$ |
251,833 |
3.59 |
% |
(2) |
||||||||||
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%. |
|||||||||||||||||||
(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting. |
|||||||||||||||||||
(3) Total deposit costs for the three months ended June 30, 2019 and March 31, 2019 were 1.10% and 1.03%, respectively. |
TABLE 6 Continued - IBERIABANK CORPORATION |
|||||||||||||||||||||||||||
QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES |
|||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||
For the Three Months Ended |
|||||||||||||||||||||||||||
12/31/2018 |
9/30/2018 |
6/30/2018 |
|||||||||||||||||||||||||
ASSETS |
Average Balance |
Interest Income/Expense |
Yield/Rate (TE)(1) |
Average |
Interest Income/Expense |
Yield/Rate |
Average Balance |
Interest Income/Expense |
Yield/Rate (TE)(1) |
||||||||||||||||||
Earning assets: |
|||||||||||||||||||||||||||
Commercial loans and leases |
$ |
14,978,169 |
$ |
196,881 |
5.24 |
% |
$ |
14,825,572 |
$ |
191,014 |
5.13 |
% |
$ |
14,631,985 |
$ |
178,830 |
4.92 |
% |
|||||||||
Residential mortgage loans |
4,345,811 |
53,836 |
4.96 |
4,230,471 |
48,145 |
4.55 |
4,041,259 |
47,215 |
4.67 |
||||||||||||||||||
Consumer and other loans |
3,040,208 |
44,275 |
5.78 |
3,106,330 |
43,966 |
5.62 |
3,157,476 |
44,431 |
5.64 |
||||||||||||||||||
Total loans and leases |
22,364,188 |
294,992 |
5.26 |
22,162,373 |
283,125 |
5.09 |
21,830,720 |
270,476 |
4.98 |
||||||||||||||||||
Mortgage loans held for sale |
63,033 |
721 |
4.58 |
87,823 |
1,037 |
4.72 |
72,917 |
836 |
4.59 |
||||||||||||||||||
Investment securities (2) |
4,782,844 |
30,559 |
2.61 |
5,016,163 |
29,793 |
2.43 |
4,958,769 |
29,325 |
2.42 |
||||||||||||||||||
Other earning assets |
581,673 |
3,924 |
2.68 |
456,120 |
3,112 |
2.71 |
580,477 |
3,186 |
2.20 |
||||||||||||||||||
Total earning assets |
27,791,738 |
330,196 |
4.74 |
27,722,479 |
317,067 |
4.57 |
27,442,883 |
303,823 |
4.46 |
||||||||||||||||||
Allowance for loan and lease losses |
(138,675) |
(139,075) |
(145,565) |
||||||||||||||||||||||||
Non-earning assets |
2,680,404 |
2,462,827 |
2,473,534 |
||||||||||||||||||||||||
Total assets |
$ |
30,333,467 |
$ |
30,046,231 |
$ |
29,770,852 |
|||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||||||||||||||
NOW accounts |
$ |
4,212,304 |
$ |
9,420 |
0.89 |
% |
$ |
4,296,392 |
$ |
8,841 |
0.82 |
% |
$ |
4,494,064 |
$ |
8,620 |
0.77 |
% |
|||||||||
Savings and money market accounts |
9,169,184 |
26,062 |
1.13 |
9,237,614 |
23,076 |
0.99 |
9,146,302 |
18,434 |
0.81 |
||||||||||||||||||
Time deposits |
3,457,017 |
16,666 |
1.91 |
3,023,180 |
12,484 |
1.64 |
2,719,627 |
9,105 |
1.34 |
||||||||||||||||||
Total interest-bearing deposits (3) |
16,838,505 |
52,148 |
1.23 |
16,557,186 |
44,401 |
1.06 |
16,359,993 |
36,159 |
0.89 |
||||||||||||||||||
Short-term borrowings |
989,156 |
4,104 |
1.65 |
1,196,165 |
4,727 |
1.57 |
1,037,473 |
3,327 |
1.29 |
||||||||||||||||||
Long-term debt |
1,428,196 |
8,923 |
2.48 |
1,381,010 |
8,714 |
2.50 |
1,381,625 |
8,224 |
2.39 |
||||||||||||||||||
Total interest-bearing liabilities |
19,255,857 |
65,175 |
1.34 |
19,134,361 |
57,842 |
1.20 |
18,779,091 |
47,710 |
1.02 |
||||||||||||||||||
Non-interest-bearing deposits |
6,646,071 |
6,684,343 |
6,795,878 |
||||||||||||||||||||||||
Non-interest-bearing liabilities |
470,501 |
292,445 |
281,820 |
||||||||||||||||||||||||
Total liabilities |
26,372,429 |
26,111,149 |
25,856,789 |
||||||||||||||||||||||||
Total shareholders' equity |
3,961,038 |
3,935,082 |
3,914,063 |
||||||||||||||||||||||||
Total liabilities and shareholders' equity |
$ |
30,333,467 |
$ |
30,046,231 |
$ |
29,770,852 |
|||||||||||||||||||||
Net interest income/Net interest spread |
$ |
265,021 |
3.40 |
% |
$ |
259,225 |
3.37 |
% |
$ |
256,113 |
3.44 |
% |
|||||||||||||||
Taxable equivalent benefit |
1,427 |
0.02 |
1,461 |
0.02 |
1,449 |
0.02 |
|||||||||||||||||||||
Net interest income (TE)/Net interest margin (TE) (1) |
$ |
266,448 |
3.81 |
% |
$ |
260,686 |
3.74 |
% |
$ |
257,562 |
3.76 |
% |
|||||||||||||||
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%. |
||||||||||||||||||||||||||
(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting. |
||||||||||||||||||||||||||
(3) Total deposit costs for the three months ended December 31, 2018, September 30, 2018, and June 30, 2018, were 0.88%, 0.76% and 0.63%, respectively. |
TABLE 7 - IBERIABANK CORPORATION |
|||||||||||||||||||
YEAR-TO-DATE AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES |
|||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||
For the Six Months Ended |
|||||||||||||||||||
6/30/2019 |
6/30/2018 |
Basis Point Change |
|||||||||||||||||
ASSETS |
Average |
Interest |
Yield/Rate (TE)(1) |
Average Balance |
Interest |
Yield/Rate |
Yield/Rate |
||||||||||||
Earning assets: |
|||||||||||||||||||
Commercial loans and leases |
$ |
15,511,456 |
$ |
399,603 |
5.22 |
% |
$ |
14,361,314 |
$ |
343,490 |
4.84 |
% |
38 |
||||||
Residential mortgage loans |
4,434,159 |
97,217 |
4.38 |
3,598,974 |
81,709 |
4.54 |
(16) |
||||||||||||
Consumer and other loans |
2,916,013 |
84,745 |
5.86 |
3,050,324 |
83,346 |
5.51 |
35 |
||||||||||||
Total loans and leases |
22,861,628 |
581,565 |
5.14 |
21,010,612 |
508,545 |
4.89 |
25 |
||||||||||||
Mortgage loans held for sale |
127,937 |
2,642 |
4.13 |
90,873 |
1,990 |
4.38 |
(25) |
||||||||||||
Investment securities (2) |
4,952,840 |
69,928 |
2.87 |
4,901,427 |
57,419 |
2.40 |
47 |
||||||||||||
Other earning assets |
586,780 |
7,916 |
2.72 |
629,915 |
6,412 |
2.05 |
67 |
||||||||||||
Total earning assets |
28,529,185 |
662,051 |
4.69 |
26,632,827 |
574,366 |
4.36 |
33 |
||||||||||||
Allowance for loan and lease losses |
(143,398) |
(144,934) |
|||||||||||||||||
Non-earning assets |
2,668,085 |
2,468,169 |
|||||||||||||||||
Total assets |
$ |
31,053,872 |
$ |
28,956,062 |
|||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||||||
NOW accounts |
$ |
4,473,746 |
$ |
23,020 |
1.04 |
% |
$ |
4,429,171 |
$ |
15,701 |
0.71 |
% |
33 |
||||||
Savings and money market accounts |
9,051,755 |
59,606 |
1.33 |
8,906,526 |
33,013 |
0.75 |
58 |
||||||||||||
Time deposits |
4,008,986 |
43,475 |
2.19 |
2,596,241 |
15,689 |
1.22 |
97 |
||||||||||||
Total interest-bearing deposits (3) |
17,534,487 |
126,101 |
1.45 |
15,931,938 |
64,403 |
0.82 |
63 |
||||||||||||
Short-term borrowings |
1,073,485 |
10,913 |
2.05 |
1,010,843 |
5,851 |
1.17 |
88 |
||||||||||||
Long-term debt |
1,464,779 |
19,214 |
2.65 |
1,379,487 |
15,110 |
2.21 |
44 |
||||||||||||
Total interest-bearing liabilities |
20,072,751 |
156,228 |
1.57 |
18,322,268 |
85,364 |
0.94 |
63 |
||||||||||||
Non-interest-bearing deposits |
6,357,237 |
6,538,622 |
|||||||||||||||||
Non-interest-bearing liabilities |
449,240 |
278,861 |
|||||||||||||||||
Total liabilities |
26,879,228 |
25,139,751 |
|||||||||||||||||
Total shareholders' equity |
4,174,644 |
3,816,311 |
|||||||||||||||||
Total liabilities and shareholders' equity |
$ |
31,053,872 |
$ |
28,956,062 |
|||||||||||||||
Net interest income/Net interest spread |
$ |
505,823 |
3.12 |
% |
$ |
489,002 |
3.42 |
% |
(30) |
||||||||||
Tax-equivalent benefit |
2,679 |
0.02 |
2,910 |
0.02 |
— |
||||||||||||||
Net interest income (TE)/Net interest margin (TE) (1) |
$ |
508,502 |
3.58 |
% |
$ |
491,912 |
3.72 |
% |
(14) |
||||||||||
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%. |
|||||||||||||||||||
(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting. |
|||||||||||||||||||
(3) Total deposit costs for the six months ended June 30, 2019 and 2018 were 1.06% and 0.58%, respectively. |
Table 8 - IBERIABANK CORPORATION |
||||||||||||||||||||||||||||||||||||||||||||
LEGACY AND ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS |
||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended |
||||||||||||||||||||||||||||||||||||||||||||
6/30/2019 |
3/31/2019 |
12/31/2018 |
9/30/2018 |
6/30/2018 |
||||||||||||||||||||||||||||||||||||||||
AS REPORTED (US GAAP) |
Income |
Average Balance |
Yield |
Income |
Average |
Yield |
Income |
Average |
Yield |
Income |
Average Balance |
Yield |
Income |
Average |
Yield |
|||||||||||||||||||||||||||||
Legacy loans, net |
$ |
225 |
$ |
17,984 |
5.00 |
% |
$ |
213 |
$ |
17,192 |
5.02 |
% |
$ |
209 |
$ |
16,616 |
4.99 |
% |
$ |
193 |
$ |
15,957 |
4.80 |
% |
$ |
179 |
$ |
15,217 |
4.73 |
% |
||||||||||||||
Acquired loans |
72 |
5,137 |
5.64 |
72 |
5,408 |
5.35 |
86 |
5,748 |
5.97 |
90 |
6,205 |
5.78 |
91 |
6,614 |
5.51 |
|||||||||||||||||||||||||||||
Total loans |
$ |
297 |
$ |
23,121 |
5.14 |
% |
$ |
285 |
$ |
22,600 |
5.10 |
% |
$ |
295 |
$ |
22,364 |
5.24 |
% |
$ |
283 |
$ |
22,162 |
5.08 |
% |
$ |
270 |
$ |
21,831 |
4.97 |
% |
||||||||||||||
6/30/2019 |
3/31/2019 |
12/31/2018 |
9/30/2018 |
6/30/2018 |
||||||||||||||||||||||||||||||||||||||||
ADJUSTMENTS |
Income |
Average |
Yield |
Income |
Average Balance |
Yield |
Income |
Average |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
|||||||||||||||||||||||||||||
Legacy loans, net |
$ |
— |
$ |
— |
0.00 |
% |
$ |
— |
$ |
— |
0.00 |
% |
$ |
— |
$ |
— |
0.00 |
% |
$ |
— |
$ |
— |
0.00 |
% |
$ |
— |
$ |
— |
0.00 |
% |
||||||||||||||
Acquired loans |
(14) |
124 |
(1.15) |
(11) |
136 |
(0.92) |
(19) |
144 |
(1.46) |
(17) |
144 |
(1.23) |
(16) |
142 |
(1.12) |
|||||||||||||||||||||||||||||
Total loans |
$ |
(14) |
$ |
124 |
(0.25) |
% |
$ |
(11) |
$ |
136 |
(0.22) |
% |
$ |
(19) |
$ |
144 |
(0.38) |
% |
$ |
(17) |
$ |
144 |
(0.35) |
% |
$ |
(16) |
$ |
142 |
(0.34) |
% |
||||||||||||||
6/30/2019 |
3/31/2019 |
12/31/2018 |
9/30/2018 |
6/30/2018 |
||||||||||||||||||||||||||||||||||||||||
AS ADJUSTED (CASH YIELD, NON-GAAP) |
Income |
Average |
Yield |
Income |
Average Balance |
Yield |
Income |
Average |
Yield |
Income |
Average Balance |
Yield |
Income |
Average Balance |
Yield |
|||||||||||||||||||||||||||||
Legacy loans, net |
$ |
225 |
$ |
17,984 |
5.00 |
% |
$ |
213 |
$ |
17,192 |
5.02 |
% |
$ |
209 |
$ |
16,616 |
4.99 |
% |
$ |
193 |
$ |
15,957 |
4.80 |
% |
$ |
179 |
$ |
15,217 |
4.73 |
% |
||||||||||||||
Acquired loans |
58 |
5,261 |
4.49 |
61 |
5,544 |
4.43 |
67 |
5,892 |
4.51 |
73 |
6,349 |
4.55 |
75 |
6,756 |
4.39 |
|||||||||||||||||||||||||||||
Total loans |
$ |
283 |
$ |
23,245 |
4.89 |
% |
$ |
274 |
$ |
22,736 |
4.88 |
% |
$ |
276 |
$ |
22,508 |
4.86 |
% |
$ |
266 |
$ |
22,306 |
4.73 |
% |
$ |
254 |
$ |
21,973 |
4.63 |
% |
||||||||||||||
Table 9 - IBERIABANK CORPORATION |
|||||||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) |
|||||||||||||||||||||||||||||||||||
For the Three Months Ended |
|||||||||||||||||||||||||||||||||||
6/30/2019 |
3/31/2019 |
12/31/2018 |
|||||||||||||||||||||||||||||||||
Pre-tax |
After-tax |
Per share (2) |
Pre-tax |
After-tax |
Per share (2) |
Pre-tax |
After-tax |
Per share (2) |
|||||||||||||||||||||||||||
Net income |
$ |
133,791 |
$ |
101,598 |
$ |
1.88 |
$ |
130,477 |
$ |
100,131 |
$ |
1.82 |
$ |
83,907 |
$ |
130,039 |
$ |
2.34 |
|||||||||||||||||
Less: Preferred stock dividends |
— |
949 |
0.02 |
— |
3,598 |
0.07 |
— |
949 |
0.02 |
||||||||||||||||||||||||||
Income available to common shareholders (GAAP) |
$ |
133,791 |
$ |
100,649 |
$ |
1.86 |
$ |
130,477 |
$ |
96,533 |
$ |
1.75 |
$ |
83,907 |
$ |
129,090 |
$ |
2.32 |
|||||||||||||||||
Non-interest income adjustments (1)(3): |
|||||||||||||||||||||||||||||||||||
Loss (gain) on sale of investments |
1,012 |
769 |
0.01 |
— |
— |
— |
49,844 |
37,882 |
0.68 |
||||||||||||||||||||||||||
Other non-core non-interest income |
— |
— |
— |
— |
— |
— |
415 |
316 |
— |
||||||||||||||||||||||||||
Total non-interest income adjustments |
1,012 |
769 |
0.01 |
— |
— |
— |
50,259 |
38,198 |
0.68 |
||||||||||||||||||||||||||
Non-interest expense adjustments (1)(3): |
|||||||||||||||||||||||||||||||||||
Merger-related expense |
(10) |
(7) |
— |
(334) |
(254) |
— |
(238) |
(353) |
— |
||||||||||||||||||||||||||
Compensation-related expense |
— |
— |
— |
(9) |
(7) |
— |
184 |
140 |
— |
||||||||||||||||||||||||||
Impairment of long-lived assets, net of (gain) loss on sale |
(22) |
(17) |
— |
986 |
749 |
0.01 |
64 |
49 |
— |
||||||||||||||||||||||||||
Other non-core non-interest expense |
107 |
81 |
— |
(3,129) |
(2,378) |
(0.04) |
2,600 |
1,976 |
0.04 |
||||||||||||||||||||||||||
Total non-interest expense adjustments |
75 |
57 |
— |
(2,486) |
(1,890) |
(0.03) |
2,610 |
1,812 |
0.04 |
||||||||||||||||||||||||||
Income tax expense (benefit) - impact of the Tax Cuts and Jobs Act |
— |
— |
— |
— |
— |
— |
— |
(65,317) |
(1.18) |
||||||||||||||||||||||||||
Core earnings (Non-GAAP) |
134,878 |
101,475 |
1.87 |
127,991 |
94,643 |
1.72 |
136,776 |
103,783 |
1.86 |
||||||||||||||||||||||||||
Provision for credit losses (1) |
10,755 |
8,174 |
13,763 |
10,460 |
13,094 |
9,951 |
|||||||||||||||||||||||||||||
Pre-provision earnings, as adjusted (Non-GAAP) (3) |
$ |
145,633 |
$ |
109,649 |
$ |
141,754 |
$ |
105,103 |
$ |
149,870 |
$ |
113,734 |
|||||||||||||||||||||||
For the Three Months Ended |
|||||||||||||||||||||||||||||||||||
9/30/2018 |
6/30/2018 |
||||||||||||||||||||||||||||||||||
Pre-tax |
After-tax |
Per share (2) |
Pre-tax |
After-tax |
Per share (2) |
||||||||||||||||||||||||||||||
Net income |
$ |
131,866 |
$ |
101,465 |
$ |
1.79 |
$ |
105,581 |
$ |
75,124 |
$ |
1.32 |
|||||||||||||||||||||||
Less: Preferred stock dividends |
— |
3,599 |
0.06 |
— |
949 |
0.02 |
|||||||||||||||||||||||||||||
Income available to common shareholders (GAAP) |
$ |
131,866 |
$ |
97,866 |
$ |
1.73 |
$ |
105,581 |
$ |
74,175 |
$ |
1.30 |
|||||||||||||||||||||||
Non-interest income adjustments (1)(3): |
|||||||||||||||||||||||||||||||||||
(Gain) loss on sale of investments |
(1) |
(1) |
— |
(3) |
(2) |
— |
|||||||||||||||||||||||||||||
Non-interest expense adjustments (1)(3): |
|||||||||||||||||||||||||||||||||||
Merger-related expense |
973 |
743 |
0.01 |
14,333 |
11,012 |
0.20 |
|||||||||||||||||||||||||||||
Compensation-related expense |
1,104 |
839 |
0.01 |
1,781 |
1,354 |
0.02 |
|||||||||||||||||||||||||||||
Impairment of long-lived assets, net of (gain) loss on sale |
3,286 |
2,497 |
0.05 |
5,413 |
4,114 |
0.07 |
|||||||||||||||||||||||||||||
Gain on early termination of loss share agreements |
(2,708) |
(2,058) |
(0.04) |
— |
— |
— |
|||||||||||||||||||||||||||||
Other non-core non-interest expense |
(1,955) |
(1,486) |
(0.02) |
(95) |
(72) |
— |
|||||||||||||||||||||||||||||
Total non-interest expense adjustments |
700 |
535 |
0.01 |
21,432 |
16,408 |
0.29 |
|||||||||||||||||||||||||||||
Income tax expense - impact of the Tax Cuts and Jobs Act |
— |
— |
— |
— |
6,572 |
0.12 |
|||||||||||||||||||||||||||||
Core earnings (Non-GAAP) |
132,565 |
98,400 |
1.74 |
127,010 |
97,153 |
1.71 |
|||||||||||||||||||||||||||||
Provision for credit losses (1) |
11,384 |
8,652 |
7,696 |
5,849 |
|||||||||||||||||||||||||||||||
Pre-provision earnings, as adjusted (Non-GAAP) (3) |
$ |
143,949 |
$ |
107,052 |
$ |
134,706 |
$ |
103,002 |
|||||||||||||||||||||||||||
(1) Excluding preferred stock dividends and merger-related expense, after-tax amounts are calculated using a tax rate of 24%, which approximates the marginal tax rate. |
|||||||||||||||||||||||||||||||||||
(2) Diluted per share amounts may not appear to foot due to rounding. |
|||||||||||||||||||||||||||||||||||
(3) Adjustments to GAAP results include certain significant activities or transactions that, in management's opinion, can distort period-to-period comparisons of the Company's performance. These adjustments include, but are not limited to, realized and unrealized gains or losses on former bank-owned real estate, realized gains or losses on the sale of investment securities, merger-related expenses, and gains, losses, and impairment charges on long-lived assets. |
For the Six Months Ended |
|||||||||||||||||||||||
6/30/2019 |
6/30/2018 |
||||||||||||||||||||||
Pre-tax |
After-tax |
Per share (2) |
Pre-tax |
After-tax |
Per share (2) |
||||||||||||||||||
Net income |
$ |
264,268 |
$ |
201,729 |
$ |
3.69 |
$ |
186,754 |
$ |
138,745 |
$ |
2.49 |
|||||||||||
Less: Preferred stock dividends |
— |
4,547 |
0.08 |
— |
4,547 |
0.08 |
|||||||||||||||||
Income available to common shareholders (GAAP) |
$ |
264,268 |
$ |
197,182 |
$ |
3.61 |
$ |
186,754 |
$ |
134,198 |
$ |
2.41 |
|||||||||||
Non-interest income adjustments (1)(3): |
|||||||||||||||||||||||
Loss (gain) on sale of investments |
1,012 |
769 |
0.01 |
56 |
42 |
— |
|||||||||||||||||
Non-interest expense adjustments (1)(3): |
|||||||||||||||||||||||
Merger-related expense |
(344) |
(261) |
— |
30,560 |
23,529 |
0.43 |
|||||||||||||||||
Compensation-related expense |
(9) |
(7) |
— |
3,002 |
2,282 |
0.04 |
|||||||||||||||||
Impairment of long-lived assets, net of (gain) loss on sale |
964 |
732 |
0.01 |
7,487 |
5,690 |
0.10 |
|||||||||||||||||
Other non-core non-interest expense |
(3,022) |
(2,297) |
(0.04) |
(778) |
(592) |
(0.01) |
|||||||||||||||||
Total non-interest expense adjustments |
(2,411) |
(1,833) |
(0.03) |
40,271 |
30,909 |
0.56 |
|||||||||||||||||
Income tax expense (benefit) - impact of the Tax Cuts and Jobs Act |
— |
— |
— |
— |
6,572 |
0.12 |
|||||||||||||||||
Income tax expense (benefit) - other |
— |
— |
— |
— |
173 |
— |
|||||||||||||||||
Core earnings (Non-GAAP) |
262,869 |
196,118 |
3.59 |
227,081 |
171,894 |
3.09 |
|||||||||||||||||
Provision for credit losses (1) |
24,518 |
18,634 |
15,907 |
12,089 |
|||||||||||||||||||
Pre-provision earnings, as adjusted (Non-GAAP) (3) |
$ |
287,387 |
$ |
214,752 |
$ |
242,988 |
$ |
183,983 |
|||||||||||||||
(1) Excluding preferred stock dividends and merger-related expense, after-tax amounts are calculated using a tax rate of 24% , which approximates the marginal tax rate. |
|||||||||||||||||||||||||||||
(2) Diluted per share amounts may not appear to foot due to rounding. |
|||||||||||||||||||||||||||||
(3) Adjustments to GAAP results include certain significant activities or transactions that, in management's opinion, can distort period-to-period comparisons of the Company's performance. These adjustments include, but are not limited to, realized and unrealized gains or losses on former bank-owned real estate, realized gains or losses on the sale of investment securities, merger-related expenses, and gains, losses, and impairment charges on long-lived assets. |
Table 10 - IBERIABANK CORPORATION |
|||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||
For the Three Months Ended |
|||||||||||||||||||
6/30/2019 |
3/31/2019 |
12/31/2018 |
9/30/2018 |
6/30/2018 |
|||||||||||||||
Net interest income (GAAP) |
$ |
255,339 |
$ |
250,484 |
$ |
265,021 |
$ |
259,225 |
$ |
256,113 |
|||||||||
Taxable equivalent benefit |
1,338 |
1,349 |
1,427 |
1,461 |
1,449 |
||||||||||||||
Net interest income (TE) (Non-GAAP) (1) |
256,677 |
251,833 |
266,448 |
260,686 |
257,562 |
||||||||||||||
Non-interest income (GAAP) |
58,825 |
52,509 |
969 |
53,087 |
53,940 |
||||||||||||||
Taxable equivalent benefit |
465 |
478 |
539 |
463 |
336 |
||||||||||||||
Non-interest income (TE) (Non-GAAP) (1) |
59,290 |
52,987 |
1,508 |
53,550 |
54,276 |
||||||||||||||
Taxable equivalent revenues (Non-GAAP) (1) |
315,967 |
304,820 |
267,956 |
314,236 |
311,838 |
||||||||||||||
Securities (gains) losses and other non-interest income |
1,012 |
— |
50,259 |
(1) |
(3) |
||||||||||||||
Core taxable equivalent revenues (Non-GAAP) (1) |
$ |
316,979 |
$ |
304,820 |
$ |
318,215 |
$ |
314,235 |
$ |
311,835 |
|||||||||
Total non-interest expense (GAAP) |
$ |
169,618 |
$ |
158,753 |
$ |
168,989 |
$ |
169,062 |
$ |
196,776 |
|||||||||
Less: Intangible amortization expense |
4,786 |
5,009 |
5,083 |
5,382 |
6,111 |
||||||||||||||
Tangible non-interest expense (Non-GAAP) (2) |
164,832 |
153,744 |
163,906 |
163,680 |
190,665 |
||||||||||||||
Less: Merger-related expense |
(10) |
(334) |
(238) |
973 |
14,333 |
||||||||||||||
Compensation-related expense |
— |
(9) |
184 |
1,104 |
1,781 |
||||||||||||||
Impairment of long-lived assets, net of (gain) loss on sale |
(22) |
986 |
64 |
3,286 |
5,413 |
||||||||||||||
Gain on early termination of loss share agreements |
— |
— |
— |
(2,708) |
— |
||||||||||||||
Other non-core non-interest expense |
107 |
(3,129) |
2,600 |
(1,955) |
(95) |
||||||||||||||
Core tangible non-interest expense (Non-GAAP) (2) |
$ |
164,757 |
$ |
156,230 |
$ |
161,296 |
$ |
162,980 |
$ |
169,233 |
|||||||||
Return on average assets (GAAP) |
1.30 |
% |
1.32 |
% |
1.70 |
% |
1.34 |
% |
1.01 |
% |
|||||||||
Effect of non-core revenues and expenses |
0.01 |
(0.03) |
(0.33) |
0.01 |
0.31 |
||||||||||||||
Core return on average assets (Non-GAAP) |
1.31 |
% |
1.29 |
% |
1.37 |
% |
1.35 |
% |
1.32 |
% |
|||||||||
Efficiency ratio (GAAP) |
54.0 |
% |
52.4 |
% |
63.5 |
% |
54.1 |
% |
63.5 |
% |
|||||||||
Effect of tax benefit related to tax-exempt income |
(0.3) |
(0.3) |
(0.4) |
(0.3) |
(0.4) |
||||||||||||||
Efficiency ratio (TE) (Non-GAAP) (1) |
53.7 |
% |
52.1 |
% |
63.1 |
% |
53.8 |
% |
63.1 |
% |
|||||||||
Effect of amortization of intangibles |
(1.5) |
(1.6) |
(1.9) |
(1.7) |
(1.9) |
||||||||||||||
Effect of non-core items |
(0.2) |
0.8 |
(10.5) |
(0.2) |
(6.9) |
||||||||||||||
Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) |
52.0 |
% |
51.3 |
% |
50.7 |
% |
51.9 |
% |
54.3 |
% |
|||||||||
Return on average common equity (GAAP) |
10.05 |
% |
9.85 |
% |
13.38 |
% |
10.21 |
% |
7.87 |
% |
|||||||||
Effect of non-core revenues and expenses |
0.08 |
(0.19) |
(2.63) |
0.06 |
2.43 |
||||||||||||||
Core return on average common equity (Non-GAAP) |
10.13 |
% |
9.66 |
% |
10.75 |
% |
10.27 |
% |
10.30 |
% |
|||||||||
Effect of intangibles (2) |
5.45 |
5.37 |
6.23 |
6.07 |
6.40 |
||||||||||||||
Core return on average tangible common equity (Non-GAAP) (2) |
15.58 |
% |
15.03 |
% |
16.98 |
% |
16.34 |
% |
16.70 |
% |
|||||||||
Total shareholders' equity (GAAP) |
$ |
4,238,000 |
$ |
4,141,831 |
$ |
4,056,277 |
$ |
3,942,361 |
$ |
3,913,409 |
|||||||||
Less: Goodwill and other intangibles |
1,305,752 |
1,310,458 |
1,315,462 |
1,305,915 |
1,314,165 |
||||||||||||||
Preferred stock |
228,485 |
132,097 |
132,097 |
132,097 |
132,097 |
||||||||||||||
Tangible common equity (Non-GAAP) (2) |
$ |
2,703,763 |
$ |
2,699,276 |
$ |
2,608,718 |
$ |
2,504,349 |
$ |
2,467,147 |
|||||||||
Total assets (GAAP) |
$ |
31,446,532 |
$ |
31,260,189 |
$ |
30,833,015 |
$ |
30,118,387 |
$ |
30,126,162 |
|||||||||
Less: Goodwill and other intangibles |
1,305,752 |
1,310,458 |
1,315,462 |
1,305,915 |
1,314,165 |
||||||||||||||
Tangible assets (Non-GAAP) (2) |
$ |
30,140,780 |
$ |
29,949,731 |
$ |
29,517,553 |
$ |
28,812,472 |
$ |
28,811,997 |
|||||||||
Tangible common equity ratio (Non-GAAP) (2) |
8.97 |
% |
9.01 |
% |
8.84 |
% |
8.69 |
% |
8.56 |
% |
|||||||||
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%. |
|||||||||||||||||||
(2) Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis where applicable. |
For the Six Months Ended |
|||||||
6/30/2019 |
6/30/2018 |
||||||
Net interest income (GAAP) |
$ |
505,823 |
$ |
489,002 |
|||
Taxable equivalent benefit |
2,687 |
2,913 |
|||||
Net interest income (TE) (Non-GAAP) (1) |
508,510 |
491,915 |
|||||
Non-interest income (GAAP) |
111,334 |
98,506 |
|||||
Taxable equivalent benefit |
943 |
677 |
|||||
Non-interest income (TE) (Non-GAAP) (1) |
112,277 |
99,183 |
|||||
Taxable equivalent revenues (Non-GAAP) (1) |
620,787 |
591,098 |
|||||
Securities (gains) losses and other non-interest income |
1,012 |
56 |
|||||
Core taxable equivalent revenues (Non-GAAP) (1) |
$ |
621,799 |
$ |
591,154 |
|||
Total non-interest expense (GAAP) |
$ |
328,371 |
$ |
384,847 |
|||
Less: Intangible amortization expense |
9,795 |
11,213 |
|||||
Tangible non-interest expense (Non-GAAP) (2) |
318,576 |
373,634 |
|||||
Less: Merger-related expense |
(344) |
30,560 |
|||||
Compensation-related expense |
(9) |
3,002 |
|||||
Impairment of long-lived assets, net of (gain) loss on sale |
964 |
7,487 |
|||||
Other non-core non-interest expense |
(3,022) |
(778) |
|||||
Core tangible non-interest expense (Non-GAAP) (2) |
$ |
320,987 |
$ |
333,364 |
|||
Return on average assets (GAAP) |
1.31 |
% |
0.97 |
% |
|||
Effect of non-core revenues and expenses |
0.01 |
0.21 |
|||||
Core return on average assets (Non-GAAP) |
1.30 |
% |
1.18 |
% |
|||
Efficiency ratio (GAAP) |
53.2 |
% |
65.5 |
% |
|||
Effect of tax benefit related to tax-exempt income |
(0.3) |
(0.4) |
|||||
Efficiency ratio (TE) (Non-GAAP) (1) |
52.9 |
% |
65.1 |
% |
|||
Effect of amortization of intangibles |
(1.6) |
(1.9) |
|||||
Effect of non-core items |
0.3 |
(6.8) |
|||||
Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) |
51.6 |
% |
56.4 |
% |
|||
Return on average common equity (GAAP) |
9.95 |
% |
7.35 |
% |
|||
Effect of non-core revenues and expenses |
(0.05) |
1.69 |
|||||
Core return on average common equity (Non-GAAP) |
9.90 |
% |
9.04 |
% |
|||
Effect of intangibles (2) |
5.41 |
6.28 |
|||||
Core return on average tangible common equity (Non-GAAP) (2) |
15.31 |
% |
15.32 |
% |
|||
Total shareholders' equity (GAAP) |
$ |
4,238,000 |
$ |
3,913,409 |
|||
Less: Goodwill and other intangibles |
1,305,752 |
1,314,165 |
|||||
Preferred stock |
228,485 |
132,097 |
|||||
Tangible common equity (Non-GAAP) (2) |
$ |
2,703,763 |
$ |
2,467,147 |
|||
Total assets (GAAP) |
$ |
31,446,532 |
$ |
30,126,162 |
|||
Less: Goodwill and other intangibles |
1,305,752 |
1,314,165 |
|||||
Tangible assets (Non-GAAP) (2) |
$ |
30,140,780 |
$ |
28,811,997 |
|||
Tangible common equity ratio (Non-GAAP) (2) |
8.97 |
% |
8.56 |
% |
|||
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%. |
|||||||
(2) Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis where applicable. |
SOURCE IBERIABANK Corporation
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