EX-99 3 dex99.htm PRESS RELEASE Press Release
 
FOR IMMEDIATE RELEASE
January 21, 2003
 
Contact:
Daryl G. Byrd, President and CEO (337) 521-4003
John R. Davis, Senior Executive Vice President (337) 521-4005
 
IBERIABANK Corporation Reports Record Performance
 
LAFAYETTE, LOUISIANA — IBERIABANK Corporation (NASDAQ: IBKC), the holding company of the 115-year-old IBERIABANK (http://www.iberiabank.com), announced record operating earnings for the quarter ended December 31, 2002. For the quarter ended December 31, 2002, the Company earned $4.7 million, a 25% increase over the same period in 2001. On a per share basis, the Company earned $0.79 per diluted share, up 26% from the same period in 2001. The Company’s results of $0.79 per diluted share exceeded average analyst expectations of $0.76 per share. For 12 consecutive quarters, the Company achieved record operating results that met or exceeded average analyst estimates. For the year ended December 31, 2002, the Company earned $18.4 million or $3.02 per diluted share, up 28% over the same period in 2001.
 
Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, “We are delighted to report strong earnings during this challenging period. In contrast to the national economy, the markets we serve continue to perform admirably. We believe that the relatively favorable local economic environment and enhancements we are making to our franchise continue to serve our clients and shareholders well. Over the last few years, we have worked aggressively, but methodically, to improve the core earnings of the Company and reduce our risk posture. We are pleased that we have made great progress on both fronts. Continuous improvement is a hallmark of our culture.”
 
Other highlights for the fourth quarter of 2002 and at year-end 2002 include:
 
 
•
 
Tax-equivalent net interest income of $15.7 million, an increase of 6.5% compared to fourth quarter of 2001.
 
 
•
 
Net interest margin of 4.40%, return on average assets (ROA) of 1.23%, and return on average equity (ROE) of 13.29%.
 
 
•
 
Allowance for loan losses increased approximately 18% from the beginning of the year. At December 31, 2002, the allowance for loan losses equated to 1.25% of total loans.
 
 
•
 
Nonperforming assets (NPAs) decreased by nearly one-half, or $6.4 million, since year-end 2001. As a percentage of total assets, NPAs declined to 0.42% compared to 0.91% one year ago.
 
 
•
 
Tier 1 Leverage ratio climbed 67 basis points since year-end 2001, to 7.62% at year-end 2002.
 
 
•
 
Quarterly cash dividend to shareholders increased 11% to $0.20 per share in the fourth quarter of 2002. The dividend payout ratio was 23.5% in the fourth quarter of 2002.
 
 
•
 
The Company completed its 300,000-share repurchase program and issued $10 million of trust preferred securities.
 
 
•
 
Transaction deposits climbed $31 million, or nearly 8%, between September 30, 2002 and December 31, 2002.

1

 
•
 
Quarterly mortgage loan origination volumes reached a record level of $66 million, up 12% from the prior record of $59 million in the third quarter of 2002. The mortgage loan pipeline of applications in the month of December 2002 was the third highest level in the Company’s history.
 
 
•
 
Total loans grew $88.5 million, or 9%, since year-end 2001, primarily in commercial, private banking, and residential mortgage loans.
 
The Company experienced excellent loan growth during the fourth quarter of 2002. Between September 30, 2002 and December 31, 2002, total loans grew $41 million, or 4%. Over this same period, commercial loans increased $10 million, or nearly 3%. Residential mortgage and construction loans climbed $30 million, or over 15%. The majority of growth in this category was associated with private banking mortgage loans. The average yield on loans declined 25 basis points between the third and fourth quarters of 2002. Similarly, the average earning asset yield declined 38 basis points during the quarter. The reduction in the average earning asset yield was due to the 50 basis point drop in the Prime Rate on November 6, 2002, loan mix changes, and a decline in the investment portfolio yield as prepayments accelerated. At December 31, 2002, the Company’s investment portfolio had a tax-equivalent yield of 4.20% and a modified duration of slightly over two years.
 
During the quarter, total deposits grew $30 million, or over 2%, between September 30, 2002 and December 31, 2002. Transaction deposits accounted for the majority of the deposit growth as savings, money market, and CDs were relatively stable. Average interest-bearing deposit costs declined 24 basis points in the fourth quarter of 2002 compared to the third quarter of 2002. The improvement was the result of a change in deposit mix and continued favorable repricing of certain time deposits. The Company issued $10 million in trust preferred securities at a yield of 6.67%. The trust preferred issuance had only a minimal negative impact on earnings per share (EPS) reported for the fourth quarter of 2002.
 
The Company’s tax-equivalent net interest margin declined 18 basis points in the fourth quarter of 2002 to 4.40%, compared to the third quarter of 2002 of 4.58%. The primary causes for the margin decline were the expansion in the volume of earning assets and balance sheet mix changes. Tax-equivalent net interest income grew 2% in the fourth quarter of 2002 compared to the third quarter of 2002, and up 6% from the fourth quarter of 2001. As discussed below, the Company completed the share repurchase program during the fourth quarter of 2002. While beneficial to EPS, the repurchase program dampened net interest income in the fourth quarter of 2002. Interest rate sensitivity modeling suggests a 200 basis point increase in interest rates would increase the Company’s net interest income over a 12-month period by more than 5%. Similarly, a 200 basis point decrease in interest rates would decrease net interest income by less than 5% over the same period.
 
Noninterest income eased 3% versus the third quarter of 2002, and up nearly 3% versus the same quarter last year. Total noninterest expense declined 1% versus the third quarter of 2002, and up less than 3% versus the same quarter last year. The Company’s tax-equivalent tangible efficiency ratio (a measure of a bank’s operating efficiency) declined from 55.3% in the third quarter of 2002 to 54.8% in the fourth quarter of 2002.
 
The Company’s provision for loan losses was $1.7 million in the fourth quarter of 2002, 13% higher than the level recorded in third quarter of 2002. The ratio of net charge-offs to average loans was 0.44% during the fourth quarter of 2002, up from 0.30% in the third quarter of 2002, but down from 0.54% in the same quarter of 2001. The allowance for loan losses was 1.25% of total loans at each of December 31, 2002 and September 30, 2002, but up from 1.16% one year ago. The Company believes that it uses a conservative definition of non-performing assets compared to peer institutions. The Company defines non-performing assets as non-accruing loans, accruing loans more than 90 days past due, foreclosed assets, and Other Real Estate Owned. Non-performing assets amounted to $6.6 million, or 0.42% of total assets, compared to 0.54% of total assets as of September 30, 2002, and 0.91% at year-end 2001.

2

Non-performing assets declined by $6.4 million, or 49%, since year-end 2001. Reserve coverage of non-performing loans nearly doubled, from 160% at year-end 2001 to 302% at December 31, 2002.
 
Return on average assets was 1.23% for the fourth quarter of 2002, down six basis points compared to the third quarter of 2002, but up 20 basis points from the same quarter last year. Return on average equity for the fourth quarter of 2002 was 13.29%, up 30 basis points from the third quarter of 2002, and up 227 basis points from the same quarter last year.
 
On December 3, 2002, the Company completed the share repurchase program announced approximately one year earlier. The program provided for the repurchase of up to 300,000 shares of IBERIABANK Corporation common stock over a one-year period. The Company purchased the 300,000 shares at an average cost of $37.77 per share. On November 18, 2002, the Company announced a supplemental share repurchase plan of between 60,000 and 130,000 shares of common stock, associated with the trust preferred securities issuance. Through January 20, 2003, the Company had purchased 34,300 shares under this latest program at a weighted average cost of $38.27 per share. The Company’s closing stock price on December 31, 2002 was $40.16, up 45% for the year of 2002. The Company’s Tier 1 Leverage Ratio was 7.62% at December 31, 2002 compared to 7.53% at September 30, 2002 and 6.95% one year ago.
 
On September 23, 2002, the Company announced a definitive agreement to acquire Acadiana Bancshares, Inc. (“Acadiana”), the parent company for LBA Savings Bank in Lafayette, Louisiana. At September 30, 2002, Acadiana had $309 million in total assets, $208 million in deposits, and $29 million in equity. The Company anticipates consummation of the transaction during the first quarter of 2003, subject to the approvals of Acadiana’s shareholders and regulatory authorities.
 
The Company reported full year EPS growth of 28% for 2002 compared to 2001, including the favorable adjustments to earnings as a result of the adoption of FAS 142 beginning January 1, 2002. For full year 2003, the Company announced an increase in the current guidance range for anticipated EPS. The Company stated comfort with earnings in the range of $3.27 to $3.33 per fully diluted share for the full year 2003, including the operations of Acadiana, but excluding merger-related expenses. Using this stated range, the Company expects EPS growth of 8% to 10% for the full year 2003 compared to reported full year 2002 results of $3.02 fully diluted EPS. Based on a closing stock price on January 17, 2003 of $40.77 per share, the Company’s common stock traded at a price-to-earnings ratio of 12.4 times current average analyst estimates of $3.28 per fully diluted EPS for 2003. In addition, the Company’s stock traded at 1.64 times December 31, 2002 book value per share of $24.88.
 
IBERIABANK operates 21 offices located in south central Louisiana, 10 offices located in north Louisiana, and 8 offices located in the greater New Orleans area.
 
To the extent that statements in this report relate to the plans, objectives, or future performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and the current economic environment. IBERIABANK Corporation’s actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. A discussion of factors affecting IBERIABANK Corporation’s business and prospects is contained in the Company’s periodic filings with the Securities and Exchange Commission.
 
IBERIABANK Corporation and its directors and executive officers may be deemed to be “participants in the solicitation” of shareholders of Acadiana Bancshares, Inc., in connection with the proposed transaction. Information concerning directors and executive officers and their direct or indirect interests, by security holdings or otherwise, can be found in the definitive proxy statement of IBERIABANK Corporation filed with the SEC.
 
This communication is not an offer to purchase shares of Acadiana Bancshares, Inc., nor is it an offer to sell shares of IBERIABANK Corporation common stock which may be issued in any proposed

3

merger with Acadiana Bancshares, Inc. Any issuance of IBERIABANK Corporation common stock in any proposed merger with Acadiana Bancshares, Inc. would have to be registered under the Securities Act of 1933, as amended, and such IBERIABANK Corporation common stock would be offered only by means of a prospectus complying with the Act.

4

 
IBERIABANK CORPORATION
FINANCIAL HIGHLIGHTS
 
    
For The Quarter Ended
December 31,
     
For The Quarter Ended
September 30,
  
    
2002
     
2001
       
% Change
     
2002
       
% Change
  
Income Data (in thousands):
                                             
Net Interest Income
   
$
15,195
 
   
$
14,512
 
     
5
%
   
$
15,010
 
     
1
%
Net Interest Income (TE) (1)
   
 
15,659
 
   
 
14,703
 
     
6
%
   
 
15,389
 
     
2
%
Net Income
   
 
4,717
 
   
 
3,766
 
     
25
%
   
 
4,708
 
     
0
%
Per Share Data:
                                             
Net Income—Basic
   
$
0.85
 
   
$
0.66
 
     
29
%
   
$
0.83
 
     
3
%
Net Income—Diluted
   
 
0.79
 
   
 
0.63
 
     
26
%
   
 
0.76
 
     
4
%
Book Value
   
 
24.88
 
   
 
23.03
 
     
8
%
   
 
24.71
 
     
1
%
Tangible Book Value (2)
   
 
18.57
 
   
 
16.92
 
     
10
%
   
 
18.59
 
     
0
%
Cash Dividends
   
 
0.20
 
   
 
0.18
 
     
11
%
   
 
0.20
 
     
0
%
Key Ratios: (3)
                                             
Return on Average Assets
   
 
1.23
%
   
 
1.03
%
            
 
1.29
%
         
Return on Average Equity
   
 
13.29
%
   
 
11.02
%
            
 
12.99
%
         
Net Interest Margin (TE) (1)
   
 
4.40
%
   
 
4.36
%
            
 
4.58
%
         
Efficiency Ratio
   
 
56.7
%
   
 
57.6
%
            
 
57.2
%
         
Tangible Efficiency Ratio (TE) (1) (2)
   
 
54.8
%
   
 
52.6
%
            
 
55.3
%
         
Average Loans to Average Deposits
   
 
82.6
%
   
 
77.8
%
            
 
82.1
%
         
Nonperforming Assets to Total Assets (4)
   
 
0.42
%
   
 
0.91
%
            
 
0.54
%
         
Allowance for Loan Losses to Loans
   
 
1.25
%
   
 
1.16
%
            
 
1.25
%
         
Net Charge-Offs to Average Loans
   
 
0.44
%
   
 
0.54
%
            
 
0.30
%
         
Average Equity to Average Assets
   
 
9.24
%
   
 
9.38
%
            
 
9.95
%
         
Tier 1 Leverage Ratio
   
 
7.62
%
   
 
6.95
%
            
 
7.53
%
         
Dividend Payout Ratio
   
 
23.5
%
   
 
27.6
%
            
 
24.5
%
         
Shares Outstanding:
                                             
Basic (Average)
   
 
5,529,967
 
   
 
5,717,607
 
            
 
5,706,140
 
         
Diluted (Average)
   
 
5,996,657
 
   
 
6,018,704
 
            
 
6,202,722
 
         
Book Value (End of Period)
   
 
5,611,610
 
   
 
5,835,927
 
            
 
5,787,261
 
         
 
 
(1)
 
Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%.
(2)
 
Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.
(3)
 
All ratios are calculated on an annualized basis for the period indicated.
(4)
 
Nonperforming assets consist of nonaccruing loans, accruing loans 90 days or more past due and repossessed assets.

 
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands except per share data)
 
BALANCE SHEET (End of Period)
   
December 31,
     
September 30, 2002
  
    
2002
     
2001
     
% Change
     
ASSETS
                                  
Cash and Due From Banks
   
$
36,555
 
   
$
35,945
 
   
1.7
%
   
$
40,256
 
Interest-Bearing Deposits in Banks
   
 
27,220
 
   
 
15,736
 
   
73.0
%
   
 
5,903
 
    
  
  
  
Total Cash and Equivalents
   
 
63,775
 
   
 
51,681
 
   
23.4
%
   
 
46,159
 
Investment Securities Available for Sale
   
 
309,636
 
   
 
219,825
 
   
40.9
%
   
 
244,213
 
Investment Securities Held to Maturity
   
 
58,486
 
   
 
102,082
 
   
(42.7
)%
   
 
72,875
 
    
  
  
  
Total Investment Securities
   
 
368,122
 
   
 
321,907
 
   
14.4
%
   
 
317,088
 
Mortgage Loans Held for Sale
   
 
8,683
 
   
 
15,867
 
   
(45.3
)%
   
 
7,827
 
Loans, Net of Unearned Income
   
 
1,044,492
 
   
 
956,015
 
   
9.3
%
   
 
1,003,103
 
Allowance for Loan Losses
   
 
(13,101
)
   
 
(11,117
)
   
17.8
%
   
 
(12,518
)
    
  
  
  
Loans, net
   
 
1,031,391
 
   
 
944,898
 
   
9.2
%
   
 
990,585
 
Premises and Equipment
   
 
18,161
 
   
 
19,455
 
   
(6.7
)%
   
 
18,596
 
Goodwill and Acquisition Intangibles
   
 
35,401
 
   
 
35,644
 
   
(0.7
)%
   
 
35,420
 
Mortgage Servicing Rights
   
 
122
 
   
 
150
 
   
(18.7
)%
   
 
129
 
Other Assets
   
 
44,933
 
   
 
37,223
 
   
20.7
%
   
 
44,243
 
    
  
  
  
Total Assets
   
$
1,570,588
 
   
$
1,426,825
 
   
10.1
%
   
$
1,460,047
 
    
  
  
  
LIABILITIES AND SHAREHOLDERS' EQUITY
                                  
Noninterest-Bearing Deposits
   
$
159,005
 
   
$
154,580
 
   
2.9
%
   
$
151,078
 
Interest-Bearing Deposits
   
 
1,083,227
 
   
 
1,082,814
 
   
0.0
%
   
 
1,061,431
 
    
  
  
  
Total Deposits
   
 
1,242,232
 
   
 
1,237,394
 
   
0.4
%
   
 
1,212,509
 
Short-Term Borrowings
   
 
75,000
 
   
 
4,250
 
   
1664.7
%
   
 
34,000
 
Securities Sold Under Agreements to Repurchase
   
 
21,803
 
   
 
8,089
 
   
169.5
%
   
 
13,296
 
Long-Term Debt
   
 
75,458
 
   
 
31,437
 
   
140.0
%
   
 
37,919
 
Other Liabilities
   
 
16,497
 
   
 
11,238
 
   
46.8
%
   
 
19,292
 
    
  
  
  
Total Liabilities
   
 
1,430,990
 
   
 
1,292,408
 
   
10.7
%
   
 
1,317,016
 
Total Shareholders' Equity
   
 
139,598
 
   
 
134,417
 
   
3.9
%
   
 
143,031
 
    
  
  
  
Total Liabilities and Shareholders' Equity
   
$
1,570,588
 
   
$
1,426,825
 
   
10.1
%
   
$
1,460,047
 
    
  
  
  
 
INCOME STATEMENT
   
For The Quarter Ended
December 31,
     
For The Year Ended
December 31,
  
    
2002
     
2001
   
% Change
     
2002
   
2001
   
% Change
  
Interest Income
   
$
21,642
 
   
$
23,560
   
(8.1
)%
   
$
87,552
   
$
100,368
   
(12.8
)%
Interest Expense
   
 
6,447
 
   
 
9,048
   
(28.7
)%
   
 
27,958
   
 
46,018
   
(39.2
)%
    
  
  
  
  
  
Net Interest Income
   
 
15,195
 
   
 
14,512
   
4.7
%
   
 
59,594
   
 
54,350
   
9.6
%
Provision for Loan Losses
   
 
1,699
 
   
 
2,348
   
(27.6
)%
   
 
6,197
   
 
5,046
   
22.8
%
    
  
  
  
  
  
Net Interest Income After Provision for Loan Losses
   
 
13,496
 
   
 
12,164
   
11.0
%
   
 
53,397
   
 
49,304
   
8.3
%
Service Charges
   
 
2,650
 
   
 
2,049
   
29.3
%
   
 
9,984
   
 
8,054
   
24.0
%
ATM Fees
   
 
420
 
   
 
397
   
5.8
%
   
 
1,609
   
 
1,491
   
7.9
%
Gain on Sale of Loans
   
 
675
 
   
 
813
   
(17.0
)%
   
 
2,081
   
 
2,234
   
(6.8
)%
Other Gains (Losses)
   
 
(4
)
   
 
252
   
(101.6
)%
   
 
364
   
 
420
   
(13.3
)%
Other Noninterest Income
   
 
863
 
   
 
968
   
(10.8
)%
   
 
3,828
   
 
2,945
   
30.0
%
    
  
  
  
  
  
Total Noninterest Income
   
 
4,604
 
   
 
4,479
   
2.8
%
   
 
17,866
   
 
15,144
   
18.0
%
Salaries and Employee Benefits
   
 
5,828
 
   
 
5,560
   
4.8
%
   
 
23,066
   
 
21,187
   
8.9
%
Occupancy and Equipment
   
 
1,344
 
   
 
1,321
   
1.7
%
   
 
5,432
   
 
5,439
   
(0.1
)%
Goodwill and Acquisition Intangible Amortization
   
 
19
 
   
 
777
   
(97.6
)%
   
 
243
   
 
3,151
   
(92.3
)%
Other Noninterest Expense
   
 
4,026
 
   
 
3,273
   
23.0
%
   
 
15,291
   
 
11,934
   
28.1
%
    
  
  
  
  
  
Total Noninterest Expense
   
 
11,217
 
   
 
10,931
   
2.6
%
   
 
44,032
   
 
41,711
   
5.6
%
Income Before Income Taxes
   
 
6,883
 
   
 
5,712
   
20.5
%
   
 
27,231
   
 
22,737
   
19.8
%
Income Taxes
   
 
2,166
 
   
 
1,946
   
11.3
%
   
 
8,778
   
 
8,229
   
6.7
%
    
  
  
  
  
  
Net Income
   
$
4,717
 
   
$
3,766
   
25.3
%
   
$
18,453
   
$
14,508
   
27.2
%
    
  
  
  
  
  
Earnings Per Share, diluted
   
$
0.79
 
   
$
0.63
   
25.7
%
   
$
3.02
   
$
2.36
   
27.7
%
    
  
  
  
  
  
 
 

IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands except per share data)
 
    
For The Quarter Ended
  
BALANCE SHEET (Average)
   
December 31, 2002
     
September 30, 2002
     
June 30,
2002
     
March 31, 2002
  
ASSETS
                                    
Cash and Due From Banks
   
$
32,610
 
   
$
32,663
 
   
$
31,258
 
   
$
33,484
 
Interest-Bearing Deposits in Banks
   
 
14,512
 
   
 
9,655
 
   
 
26,479
 
   
 
66,681
 
Investment Securities
   
 
365,068
 
   
 
321,747
 
   
 
339,788
 
   
 
316,359
 
Mortgage Loans Held for Sale
   
 
9,059
 
   
 
4,643
 
   
 
4,897
 
   
 
5,982
 
Loans, Net of Unearned Income
   
 
1,017,834
 
   
 
989,364
 
   
 
951,821
 
   
 
945,341
 
Allowance for Loan Losses
   
 
(12,695
)
   
 
(12,000
)
   
 
(11,244
)
   
 
(11,140
)
Other Assets
   
 
97,432
 
   
 
98,393
 
   
 
96,174
 
   
 
93,468
 
    
  
  
  
Total Assets
   
$
1,523,820
 
   
$
1,444,465
 
   
$
1,439,173
 
   
$
1,450,175
 
    
  
  
  
LIABILITIES AND SHAREHOLDERS' EQUITY
                                    
Noninterest-Bearing Deposits
   
$
159,027
 
   
$
146,818
 
   
$
145,585
 
   
$
147,435
 
Interest-Bearing Deposits
   
 
1,073,038
 
   
 
1,058,923
 
   
 
1,073,764
 
   
 
1,093,809
 
    
  
  
  
Total Deposits
   
 
1,232,065
 
   
 
1,205,741
 
   
 
1,219,349
 
   
 
1,241,244
 
Short-Term Borrowings
   
 
42,235
 
   
 
23,361
 
   
 
7,760
 
   
 
3,875
 
Securities Sold Under Agreements to Repurchase
   
 
16,756
 
   
 
14,054
 
   
 
11,737
 
   
 
11,536
 
Long-Term Debt
   
 
64,868
 
   
 
39,566
 
   
 
42,921
 
   
 
37,804
 
Other Liabilities
   
 
27,102
 
   
 
17,973
 
   
 
16,457
 
   
 
18,794
 
    
  
  
  
Total Liabilities
   
 
1,383,026
 
   
 
1,300,695
 
   
 
1,298,224
 
   
 
1,313,253
 
Total Shareholders' Equity
   
 
140,794
 
   
 
143,770
 
   
 
140,949
 
   
 
136,922
 
    
  
  
  
Total Liabilities and Shareholders' Equity
   
$
1,523,820
 
   
$
1,444,465
 
   
$
1,439,173
 
   
$
1,450,175
 
    
  
  
  
    
2002
  
INCOME STATEMENT
   
Fourth
Quarter
     
Third
Quarter
     
Second Quarter
     
First
Quarter
  
Interest Income
   
$
21,642
 
   
$
21,720
 
   
$
22,016
 
   
$
22,174
 
Interest Expense
   
 
6,447
 
   
 
6,710
 
   
 
7,078
 
   
 
7,723
 
    
  
  
  
Net Interest Income
   
 
15,195
 
   
 
15,010
 
   
 
14,938
 
   
 
14,451
 
Provision for Loan Losses
   
 
1,699
 
   
 
1,500
 
   
 
1,798
 
   
 
1,200
 
    
  
  
  
Net Interest Income After Provision for Loan Losses
   
 
13,496
 
   
 
13,510
 
   
 
13,140
 
   
 
13,251
 
Total Noninterest Income
   
 
4,604
 
   
 
4,733
 
   
 
4,942
 
   
 
3,587
 
Total Noninterest Expense
   
 
11,217
 
   
 
11,299
 
   
 
11,195
 
   
 
10,321
 
    
  
  
  
Income Before Income Taxes
   
 
6,883
 
   
 
6,944
 
   
 
6,887
 
   
 
6,517
 
Income Taxes
   
 
2,166
 
   
 
2,236
 
   
 
2,246
 
   
 
2,130
 
    
  
  
  
Net Income
   
$
4,717
 
   
$
4,708
 
   
$
4,641
 
   
$
4,387
 
    
  
  
  
Earnings Per Share, basic
   
$
0.85
 
   
$
0.83
 
   
$
0.81
 
   
$
0.77
 
    
  
  
  
Earnings Per Share, diluted
   
$
0.79
 
   
$
0.76
 
   
$
0.75
 
   
$
0.72
 
    
  
  
  

 
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands)
 
LOANS RECEIVABLE
   
December 31,
     
September 30,
2002
  
    
2002
     
2001
       
% Change
     
Residential Mortgage Loans:
                                    
Residential 1-4 Family
   
$
207,130
 
   
$
198,403
 
     
4.4
 %
   
$
178,589
 
Construction
   
 
16,470
 
   
 
5,915
 
     
178.4
 %
   
 
15,241
 
    
  
    
  
Total Residential Mortgage Loans
   
 
223,600
 
   
 
204,318
 
     
9.4
 %
   
 
193,830
 
Commercial Loans:
                                    
Real Estate
   
 
254,688
 
   
 
228,284
 
     
11.6
 %
   
 
246,680
 
Business
   
 
157,288
 
   
 
117,530
 
     
33.8
 %
   
 
154,777
 
Commercial Leases
   
 
2,051
 
   
 
—  
 
            
 
2,124
 
    
  
    
  
Total Commercial Loans and Leases
   
 
414,027
 
   
 
345,814
 
     
19.7
 %
   
 
403,581
 
Consumer Loans:
                                    
Indirect Automobile
   
 
219,280
 
   
 
220,698
 
     
(0.6
)%
   
 
217,829
 
Home Equity
   
 
122,799
 
   
 
114,056
 
     
7.7
 %
   
 
121,831
 
Automobile
   
 
25,943
 
   
 
28,793
 
     
(9.9
)%
   
 
27,036
 
Credit Card Loans
   
 
9,432
 
   
 
10,403
 
     
(9.3
)%
   
 
9,406
 
Other
   
 
29,411
 
   
 
31,933
 
     
(7.9
)%
   
 
29,590
 
    
  
    
  
Total Consumer Loans
   
 
406,865
 
   
 
405,883
 
     
0.2
 %
   
 
405,692
 
    
  
    
  
Total Loans Receivable
   
 
1,044,492
 
   
 
956,015
 
     
9.3
 %
   
 
1,003,103
 
                        
        
Allowance for Loan Losses
   
 
(13,101
)
   
 
(11,117
)
            
 
(12,518
)
    
  
           
Loans Receivable, Net
   
$
1,031,391
 
   
$
944,898
 
            
$
990,585
 
    
  
           
ASSET QUALITY DATA
   
December 31,
     
September 30,
2002
  
    
2002
     
2001
       
% Change
     
Nonaccrual Loans
   
$
3,257
 
   
$
5,263
 
     
(38.1
)%
   
$
2,160
 
Foreclosed Assets
   
 
156
 
   
 
192
 
     
(18.8
)%
   
 
57
 
Other Real Estate Owned
   
 
2,111
 
   
 
5,817
 
     
(63.7
)%
   
 
4,249
 
Accruing Loans More Than 90 Days Past Due
   
 
1,086
 
   
 
1,691
 
     
(35.8
)%
   
 
1,371
 
    
  
    
  
Total Nonperforming Assets (1)
   
$
6,610
 
   
$
12,963
 
     
(49.0
)%
   
$
7,837
 
    
  
    
  
Nonperforming Assets to Total Assets (1)
   
 
0.42
 %
   
 
0.91
 %
     
(53.7
)%
   
 
0.54
 %
Nonperforming Assets to Total Loans + OREO (1)
   
 
0.63
 %
   
 
1.35
 %
     
(53.1
)%
   
 
0.78
 %
Allowance for Loan Losses to Nonperforming Loans (1)
   
 
301.6
 %
   
 
159.9
 %
     
88.7
 %
   
 
354.5
 %
Allowance for Loan Losses to Total Loans
   
 
1.25
 %
   
 
1.16
 %
     
7.9
 %
   
 
1.25
 %
Year to Date Charge-offs
   
$
4,782
 
   
$
4,674
 
     
2.3
 %
   
$
3,499
 
Year to Date Recoveries
   
$
569
 
   
$
505
 
     
12.6
 %
   
$
402
 
 
(1)      Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. Nonperforming assets consist of nonperforming loans and repossessed assets.
 
 
DEPOSITS
   
December 31,
     
September 30,
2002
    
2002
   
2001
   
% Change
     
Noninterest-Bearing DDA
   
$
159,005
   
$
154,580
   
2.9
 %
   
$
151,078
NOW Accounts
   
 
281,825
   
 
243,685
   
15.7
 %
   
 
258,520
Savings and Money Market Accounts
   
 
319,495
   
 
305,059
   
4.7
 %
   
 
320,297
Certificates of Deposit
   
 
481,907
   
 
534,070
   
(9.8
)%
   
 
482,614
    
  
  
  
Total Deposits
   
$
1,242,232
   
$
1,237,394
   
0.4
 %
   
$
1,212,509
    
  
  
  

 
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
Taxable Equivalent Basis
(dollars in thousands)
 
    
For The Quarter Ended
  
    
December 31, 2002
     
December 31, 2001
  
    
Average
Balance
       
Average
Yield/Rate (%)
     
Average
Balance
       
Average
Yield/Rate (%)
  
ASSETS
                                    
Earning Assets:
                                    
Loans Receivable:
                                    
Mortgage Loans
   
$
205,190
 
     
7.11
%
   
$
222,659
 
     
7.82
%
Commercial Loans (TE) (1)
   
 
406,598
 
     
5.88
%
   
 
329,477
 
     
6.83
%
Consumer and Other Loans
   
 
403,955
 
     
8.02
%
   
 
409,661
 
     
8.66
%
Lease Financing Receivables
   
 
2,091
 
     
5.43
%
   
 
—  
 
     
0.00
%
    
           
        
Total Loans
   
 
1,017,834
 
     
6.98
%
   
 
961,797
 
     
7.84
%
    
           
        
Mortgage Loans Held for Sale
   
 
9,059
 
     
5.74
%
   
 
12,148
 
     
6.49
%
Investment Securities (TE) (1)(2)
   
 
362,466
 
     
4.30
%
   
 
315,443
 
     
5.35
%
Other Earning Assets
   
 
23,092
 
     
2.27
%
   
 
49,456
 
     
2.35
%
    
           
        
Total Earning Assets
   
 
1,412,451
 
     
6.20
%
   
 
1,338,844
 
     
7.04
%
Allowance for Loan Losses
   
 
(12,695
)
            
 
(10,022
)
         
Nonearning Assets
   
 
124,064
 
            
 
116,980
 
         
    
           
        
Total Assets
   
$
1,523,820
 
            
$
1,445,802
 
         
    
           
        
LIABILITIES AND SHAREHOLDERS' EQUITY
                                    
Interest-Bearing Liabilities:
                                    
Deposits:
                                    
NOW Accounts
   
$
268,589
 
     
1.07
%
   
$
229,193
 
     
1.29
%
Savings and Money Market Accounts
   
 
321,727
 
     
1.20
%
   
 
305,426
 
     
1.77
%
Certificates of Deposit
   
 
482,722
 
     
2.99
%
   
 
547,024
 
     
4.43
%
    
           
        
Total Interest-Bearing Deposits
   
 
1,073,038
 
     
1.97
%
   
 
1,081,643
 
     
3.02
%
Short-Term Borrowings
   
 
58,991
 
     
1.66
%
   
 
15,253
 
     
2.72
%
Long-Term Debt
   
 
64,868
 
     
5.18
%
   
 
41,793
 
     
6.71
%
    
           
        
Total Interest-Bearing Liabilities
   
 
1,196,897
 
     
2.13
%
   
 
1,138,689
 
     
3.15
%
Noninterest-Bearing Demand Deposits
   
 
159,027
 
            
 
154,332
 
         
Noninterest-Bearing Liabilities
   
 
27,102
 
            
 
17,136
 
         
    
           
        
Total Liabilities
   
 
1,383,026
 
            
 
1,310,157
 
         
Shareholders' Equity
   
 
140,794
 
            
 
135,645
 
         
    
           
        
Total Liabilities and Shareholders' Equity
   
$
1,523,820
 
            
$
1,445,802
 
         
    
           
        
Net Earning Assets
   
$
215,554
 
            
$
200,155
 
         
Net Interest Spread
   
$
15,195
 
     
4.07
%
   
$
14,512
 
     
3.89
%
Net Interest Margin (TE) (1)
              
4.40
%
              
4.36
%
 
(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.

 
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
Taxable Equivalent Basis
(dollars in thousands)
 
    
For The Year Ended
  
    
December 31, 2002
     
December 31, 2001
  
    
Average Balance
     
Average
Yield/Rate (%)
     
Average Balance
       
Average Yield/Rate (%)
  
ASSETS
                                  
Earning Assets:
                                  
Loans Receivable:
                                  
Mortgage Loans
   
$
197,239
 
   
7.54
%
   
$
252,696
 
     
7.86
%
Commercial Loans (TE) (1)
   
 
376,441
 
   
6.28
%
   
 
298,586
 
     
7.98
%
Consumer and Other Loans
   
 
400,997
 
   
8.24
%
   
 
396,778
 
     
8.94
%
Lease Financing Receivables
   
 
1,649
 
   
5.38
%
   
 
—  
 
     
0.00
%
    
         
        
Total Loans
   
 
976,326
 
   
7.34
%
   
 
948,060
 
     
8.35
%
    
         
        
Mortgage Loans Held for Sale
   
 
6,149
 
   
5.89
%
   
 
9,184
 
     
7.43
%
Investment Securities (TE) (1)(2)
   
 
333,850
 
   
4.78
%
   
 
298,601
 
     
6.04
%
Other Earning Assets
   
 
36,732
 
   
1.96
%
   
 
68,725
 
     
3.77
%
    
         
        
Total Earning Assets
   
 
1,353,057
 
   
6.55
%
   
 
1,324,570
 
     
7.58
%
Allowance for Loan Losses
   
 
(11,774
)
          
 
(10,061
)
         
Nonearning Assets
   
 
123,136
 
          
 
104,471
 
         
    
         
        
Total Assets
   
$
1,464,419
 
          
$
1,418,980
 
         
    
         
        
LIABILITIES AND SHAREHOLDERS' EQUITY
                                  
Interest-Bearing Liabilities:
                                  
Deposits:
                                  
NOW Accounts
   
$
258,087
 
   
1.18
%
   
$
207,851
 
     
1.67
%
Savings and Money Market Accounts
   
 
318,708
 
   
1.37
%
   
 
291,009
 
     
2.68
%
Certificates of Deposit
   
 
497,988
 
   
3.44
%
   
 
572,532
 
     
5.39
%
    
         
        
Total Interest-Bearing Deposits
   
 
1,074,783
 
   
2.29
%
   
 
1,071,392
 
     
3.93
%
Short-Term Borrowings
   
 
32,961
 
   
1.85
%
   
 
14,809
 
     
4.11
%
Long-Term Debt
   
 
46,346
 
   
5.91
%
   
 
46,007
 
     
7.02
%
    
         
        
Total Interest-Bearing Liabilities
   
 
1,154,090
 
   
2.42
%
   
 
1,132,208
 
     
4.06
%
Noninterest-Bearing Demand Deposits
   
 
149,739
 
          
 
140,393
 
         
Noninterest-Bearing Liabilities
   
 
19,965
 
          
 
12,473
 
         
    
         
        
Total Liabilities
   
 
1,323,794
 
          
 
1,285,074
 
         
Shareholders' Equity
   
 
140,625
 
          
 
133,906
 
         
    
         
        
Total Liabilities and Shareholders' Equity
   
$
1,464,419
 
          
$
1,418,980
 
         
    
         
        
Net Earning Assets
   
$
198,967
 
          
$
192,362
 
         
Net Interest Spread
   
$
59,594
 
   
4.13
%
   
$
54,350
 
     
3.52
%
Net Interest Margin (TE) (1)
            
4.49
%
              
4.11
%
 
 
 
(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.