Acquisition Activity (Tables)

3 Months Ended

Mar. 31, 2015

The following unaudited pro forma information for the three months ended March 31, 2014 reflects the Company’s estimated consolidated results of operations as if the acquisitions of Florida Bank Group and Old Florida occurred at January 1, 2014, unadjusted for potential cost savings and/or synergies and preliminary purchase price adjustments.


(Dollars in thousands, except per share data)	2014
Interest and non-interest income	$	173,274
Net income		27,013
Earnings per share - basic		0.79
Earnings per share - diluted		0.78

Florida Bank Group, Inc. [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		752,493	$	47,497

Total equity consideration				47,497

Non-Equity consideration
Cash				42,988

Total consideration paid				90,485
Fair value of net assets assumed including identifiable intangible assets				75,799

Goodwill			$	14,686

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.


Florida Bank Group
(Dollars in thousands)	As Acquired		Preliminary Fair Value Adjustments			As recorded by IBERIABANK
Assets
Cash and cash equivalents	$	30,009	$	—		$	30,009
Investment securities		107,236		137	⁽¹⁾		107,373
Loans		312,901		(8,390	)⁽²⁾		304,511
Other real estate owned		498		—			498
Core deposit intangible		—		4,489	⁽³⁾		4,489
Deferred tax asset, net		19,851		7,983	⁽⁴⁾		27,834
Other assets		72,874		(8,949	)⁽⁵⁾		63,925

Total Assets	$	543,369	$	(4,730	)	$	538,639

Liabilities
Interest-bearing deposits	$	282,417	$	263	⁽⁶⁾	$	282,680
Non-interest-bearing deposits		109,548		—			109,548
Borrowings		60,000		8,598	⁽⁷⁾		68,598
Other liabilities		2,014		—			2,014

Total Liabilities	$	453,979	$	8,861		$	462,840

Explanation of certain fair value adjustments:

⁽¹⁾	The amount represents the adjustment of the book value of Florida Bank Group’s investments to their estimated fair value on the date of acquisition.

⁽²⁾	The amount represents the adjustment of the book value of Florida Bank Group 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 Florida Bank Group acquired assets and assumed liabilities.

⁽⁵⁾	The amount represents the adjustment of the book value of Florida Bank Group’s property, equipment, and other assets to their estimated fair value at the acquisition date based on their appraised value.

⁽⁶⁾

The adjustment is necessary because the weighted average interest rate of Florida Bank Group’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 51 months.

⁽⁷⁾	The adjustment represents the adjustment of the book value of Florida Bank Group’s borrowings to their estimated fair value based on current interest rates and the credit characteristics inherent in the liability.

Old Florida Bancshares, Inc. [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		3,839,554	$	242,007

Total equity consideration				242,007

Non-Equity consideration
Cash				11,145

Total consideration paid				253,152
Fair value of net assets assumed including identifiable intangible assets				163,641

Goodwill			$	89,511

Schedule of Business Acquisitions, by Acquisition

Old Florida
(Dollars in thousands)	As Acquired		Preliminary Fair Value Adjustments			As recorded by IBERIABANK


Assets
Cash and cash equivalents	$	349,568	$	—		$	349,568
Investment securities		67,206		—			67,206
Loans held for sale		5,952		—			5,952
Loans		1,073,536		(9,828	)⁽¹⁾		1,063,708
Other real estate owned		4,516		—			4,516
Core deposit intangible		—		16,815	⁽²⁾		16,815
Deferred tax asset, net		8,437		(2,585	)⁽³⁾		5,852
Other assets		42,858		—			42,858

Total Assets	$	1,552,073	$	4,402		$	1,556,475

Liabilities
Interest-bearing deposits	$	1,048,774	$	—		$	1,048,774
Non-interest-bearing deposits		340,869		—			340,869
Borrowings		1,528		—			1,528
Other liabilities		1,663		—			1,663

Total Liabilities	$	1,392,834	$	—		$	1,392,834

Explanation of certain fair value adjustments:

⁽¹⁾	The amount represents the adjustment of the book value of Old Florida 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.

⁽³⁾	The amount represents the net deferred tax liability recognized on the fair value adjustment of Old Florida acquired assets and assumed liabilities.