Acquisition and Disposition Activity (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Assets Acquired under Business Acquisitions

As part of the acquisitions, LTC also acquired or created the following other assets:


(Dollars in thousands)	The Title Company LLC		Louisiana Abstract and Title LLC
Goodwill	$	221	$	155
Non-compete agreement		63		100
Title plant		14		9
Other intangible assets		75		130
Other assets		3		6

Total Assets	$	376	$	400

Supplemental Pro Forma Information

The following unaudited pro forma information for the year ended December 31, 2013 reflects the Company’s estimated consolidated results of operations as if the acquisitions of Trust One-Memphis, Teche, and First Private occurred at January 1, 2013, unadjusted for potential cost savings and preliminary purchase price adjustments.


(Dollars in thousands, except per share data)	2013		2012
Interest and non-interest income	$	669,607	$	687,279
Net income		74,624		86,473
Earnings per share - basic		2.26		2.63
Earnings per share - diluted		2.26		2.63

Schedule of Branch Closure Costs

The following table shows the costs the Company incurred that are included in its consolidated statements of comprehensive income for the years indicated. Costs associated with branch dispositions for the year ended December 31, 2014 were immaterial.


	For the Years Ended December 31,
(Dollars in thousands)	2013		2012
Employee termination	$	299	$	477
Accelerated depreciation		1,033		576
Contract termination		659		20
Impairment		4,941		2,743

	$	6,932	$	3,816

Teche [Member]

Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable

The following summarizes consideration paid and a preliminary allocation of purchase price to net assets acquired.


(Dollars in thousands)	Number of Shares		Amount
Equity consideration
Common stock issued		2,498,007	$	156,026

Total equity consideration				156,026

Non-Equity consideration
Cash				714

Total consideration paid				156,740
Fair value of net assets assumed including identifiable intangible assets				76,311

Goodwill			$	80,429

Schedule of Business Acquisitions, by Acquisition


Teche	As Acquired		Preliminary Fair Value Adjustments			As recorded by IBERIABANK


(Dollars in thousands)
Assets
Cash and cash equivalents	$	71,611	$	—		$	71,611
Investment securities		24,077		1,092	⁽¹⁾		25,169
Loans		716,327		(15,869	)⁽²⁾		700,458
Other real estate owned		329		(153	)⁽³⁾		176
Core deposit intangible		—		7,440	⁽⁴⁾		7,440
Deferred tax asset		1,057		4,835	⁽⁵⁾		5,892
Other assets		56,730		(5,653	)⁽⁶⁾		51,077

Total Assets	$	870,131	$	(8,308	)	$	861,823

Liabilities
Interest-bearing deposits	$	520,446	$	902	⁽⁷⁾	$	521,348
Non-interest-bearing deposits		118,256		—			118,256
Borrowings		134,228		6,304	⁽⁸⁾		140,532
Other liabilities		5,376		—			5,376

Total Liabilities	$	778,306	$	7,206		$	785,512

Explanation of certain fair value adjustments:

⁽¹⁾	The amount represents the adjustment of the book value of Teche’s investments to their estimated fair value based on fair values on the date of acquisition.

⁽²⁾	The amount represents the adjustment of the book value of Teche loans to their estimated fair value based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio.

⁽³⁾	The amount represents the adjustment to the book value of Teche’s OREO to their estimated fair value on the date of acquisition.

⁽⁴⁾	The amount represents the fair value of the core deposit intangible asset created in the acquisition.

⁽⁵⁾	The amount represents the deferred tax asset recognized on the fair value adjustment of Teche acquired assets and assumed liabilities.

⁽⁶⁾	The amount represents the adjustment of the book value of Teche’s property, equipment, and other assets to their estimated fair value at the acquisition date based on their appraised value, as well as the fair value of mortgage servicing rights created in the acquisition.

⁽⁷⁾	The adjustment is necessary because the weighted average interest rate of Teche’s deposits exceeded the cost of similar funding at the time of acquisition. The fair value adjustment will be amortized to reduce future interest expense over the life of the portfolio, which is estimated at 85 months.

⁽⁸⁾	The adjustment represents the adjustment of the book value of Teche’s borrowings to their estimated fair value based on current interest rates and the credit characteristics inherent in the liability.

First Private [Member]

Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable

The following summarizes consideration paid and a preliminary allocation of purchase price to net assets acquired.


(Dollars in thousands)	Number of Shares		Amount
Equity consideration
Common stock issued		847,509	$	58,639

Total equity consideration				58,639

Non-Equity consideration
Cash				1

Total consideration paid				58,640
Fair value of net assets assumed including identifiable intangible assets				32,387

Goodwill			$	26,253

Schedule of Business Acquisitions, by Acquisition


First Private	As Acquired		Preliminary Fair Value Adjustments			As recorded by IBERIABANK
First Private
(Dollars in thousands)
Assets
Cash and cash equivalents	$	26,621	$	—		$	26,621
Investment securities		18,920		297	⁽¹⁾		19,217
Loans		300,177		(910	)⁽²⁾		299,267
Other real estate owned		—		—			—
Core deposit intangible		—		506	⁽³⁾		506
Deferred tax asset		530		122	⁽⁴⁾		652
Other assets		5,148		—			5,148

Total Assets	$	351,396	$	15		$	351,411

Liabilities
Interest-bearing deposits	$	261,713	$	220	⁽⁵⁾	$	261,933
Non-interest-bearing deposits		50,334		—			50,334
Borrowings		6,451		—			6,451
Other liabilities		306		—			306

Total Liabilities	$	318,804	$	220		$	319,024

Explanation of certain fair value adjustments:

⁽¹⁾	The amount represents the adjustment of the book value of First Private’s investments to their estimated fair value based on fair values on the date of acquisition.

⁽²⁾	The amount represents the adjustment of the book value of First Private loans to their estimated fair value based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio.

⁽³⁾	The amount represents the fair value of the core deposit intangible asset created in the acquisition.

⁽⁴⁾	The amount represents the deferred tax asset recognized on the fair value adjustment of First Private acquired assets and assumed liabilities.

⁽⁵⁾

The adjustment is necessary because the weighted average interest rate of First Private’s deposits exceeded the cost of similar funding at the time of acquisition. The fair value adjustment will be amortized to reduce future interest expense over the life of the portfolio, which is estimated at 39 months.

Trust One- Memphis [Member]

Schedule of Business Acquisitions, by Acquisition

The acquired assets and liabilities, as well as the preliminary adjustments to record the assets and liabilities at their estimated fair values, are presented in the following tables.


Trust One- Memphis	As Acquired		Preliminary Fair Value Adjustments			As recorded by IBERIABANK
Trust One- Memphis
(Dollars in thousands)
Assets
Cash and cash equivalents	$	92,060	$	—		$	92,060
Loans		88,179		(1,726	)⁽¹⁾		86,453
Other real estate owned		1,325		—			1,325
Core deposit intangible		—		2,597	⁽²⁾		2,597
Other assets		368		—			368

Total Assets	$	181,932	$	871		$	182,803

Liabilities
Interest-bearing deposits	$	164,942	$	—		$	164,942
Non-interest-bearing deposits		26,373		—			26,373
Deferred tax liability		—		—			—
Other liabilities		84		—			84

Total Liabilities	$	191,399	$	—		$	191,399

Explanation of certain fair value adjustments:

⁽¹⁾	The amount represents the adjustment of the book value of Trust One-Memphis loans to their estimated fair value based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio.

⁽²⁾	The amount represents the fair value of the core deposit intangible asset created in the acquisition.