Louisiana | 0-25756 | 72-1280718 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 7.01 | Regulation FD Disclosure |
Item 9.01 | Financial Statements and Exhibits |
(d) | Exhibits. |
IBERIABANK CORPORATION | |||||
DATE: April 28, 2016 | By: | /s/ Daryl G. Byrd | |||
Daryl G. Byrd | |||||
President and Chief Executive Officer |
Exhibit Number | ||
99.1 | Press Release reporting first quarter results dated April 27, 2016, issued by the Registrant. | |
99.2 | Supplemental Materials to conference call. |
• | Energy-related loans ("energy loans") increased $51 million, or 7%, between December 31, 2015 and March 31, 2016, and at March 31, 2016, equated to 5.1% of total loans. At March 31, 2016, $46 million in energy loans were held on non-performing status (6.3% of total energy loans), up from $8 million at year-end 2015. At March 31, 2016, the Company had approximately $39 million in aggregate reserves for energy loans and unfunded commitments, an increase of $13 million, or 48%, since December 31, 2015. At quarter-end, energy-related reserves equated to 5.4% of energy loans outstanding. The Company had no energy loans past due at March 31, 2016, and incurred no energy-related charge-offs in the first quarter of 2016. Exclusive of energy loans, the Company's general asset quality improved on a linked quarter basis and on a year-over-year basis. |
• | The Company's net interest margin was stable on a linked quarter basis at 3.64%, which was above management’s expectations. The Company's cash margin improved 10 basis points on a linked quarter basis. |
• | On a linked quarter basis, the Company's operating revenues increased $3.5 million, or 2%, while its operating expenses increased $0.7 million, or less than 1%. The tangible efficiency ratio improved from 61.1% to 60.3% on a linked quarter basis. |
• | During the first quarter of 2016, the Company closed or consolidated 19 branches, which is expected to result in projected annual net run-rate savings of at least $1 million per quarter starting in the second quarter of 2016. The Company incurred $2.1 million in pre-tax non-operating expenses in the first quarter of 2016 associated with branch closures and consolidations. |
• | Total loan growth was $124 million, or 1%, between December 31, 2015 and March 31, 2016. Legacy loan growth, which excludes all assets covered under FDIC loss share agreements and other non-covered acquired assets (collectively, “Acquired Assets”), increased $338 million, or 3% (12% annualized rate), on a period-end basis and $370 million, or 3% (14% annualized rate), on an average balance basis. |
• | Total deposits increased $82 million, or less than 1%, between quarter-ends, and decreased $348 million, or 2%, on an average balance basis. Non-interest-bearing deposits increased $132 million, or 3%, between quarter-ends and decreased $72 million, or 2%, on an average balance basis. The Company's loan-to-deposit ratio was 88.9% at March 31, 2016, up slightly from 88.6% at year-end 2015 and 87.8% one year prior. |
Table A - Summary Financial Results | ||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||
3/31/2016 | 12/31/2015 | % Change | 3/31/2015 | % Change | ||||||||||||||
Net income available to common shareholders | $ | 40,193 | $ | 44,407 | (9.5 | ) | $ | 25,126 | 60.0 | |||||||||
Earnings per common share - diluted | 0.97 | 1.08 | (10.2 | ) | 0.75 | 29.3 | ||||||||||||
Average gross loans and leases | $ | 14,354,410 | $ | 14,185,150 | 1.2 | $ | 11,563,946 | 24.1 | ||||||||||
Average total deposits | 15,945,069 | 16,292,755 | (2.1 | ) | 12,761,808 | 24.9 | ||||||||||||
Net interest margin (TE) (1) | 3.64 | % | 3.64 | % | 3.54 | % | ||||||||||||
OPERATING BASIS (NON-GAAP) (2): | ||||||||||||||||||
Total revenues | $ | 217,052 | $ | 213,506 | 1.7 | $ | 174,314 | 24.5 | ||||||||||
Total non-interest expense | 134,860 | 134,111 | 0.6 | 122,787 | 9.8 | |||||||||||||
Earnings per common share - diluted | 1.01 | 1.11 | (9.0 | ) | 0.95 | 6.3 | ||||||||||||
Tangible efficiency ratio (TE) (1) (4) | 60.3 | % | 61.1 | % | 68.5 | % | ||||||||||||
Return on average assets | 0.85 | 0.92 | 0.81 | |||||||||||||||
Return on average tangible common equity | 10.26 | 11.20 | 9.92 | |||||||||||||||
Net interest margin (TE) - cash basis (1) (3) | 3.48 | 3.38 | 3.28 | |||||||||||||||
(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) See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations. | ||||||||||||||||||
(3) See Table 8 for adjustments related to purchase discounts on acquired loans and related accretion and the impact of the FDIC indemnification asset. | ||||||||||||||||||
(4) Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
• | Increased mortgage income of $3.2 million, or 19%; and |
• | Increased client derivative income of $1.9 million, or 175%; partially offset by |
• | Decreased title revenues of $0.7 million, or 13%; and |
• | Decreased service charge income of $0.5 million, or 4%. |
• | Increased marketing and business development expenses of $1.3 million, or 61%; |
• | Increased core deposit intangible amortization of $0.3 million, or 18%; |
• | Increased travel and entertainment expenses of $0.3 million, or 17%; and |
• | Increased OREO-related expense of $0.3 million; partially offset by |
• | Decreased salaries and employee benefit expenses of $1.3 million, or 2%. |
Table B - Summary Financial Condition Results | |||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||
As of and For the Three Months Ended | |||||||||||||||||||||
3/31/2016 | 12/31/2015 | % Change | 3/31/2015 | % Change | |||||||||||||||||
PERIOD-END BALANCES: | |||||||||||||||||||||
Total loans and leases | $ | 14,451,244 | $ | 14,327,428 | 0.9 | $ | 12,873,461 | 12.3 | |||||||||||||
Legacy loans and leases | 11,528,697 | 11,190,520 | 3.0 | 9,894,869 | 16.5 | ||||||||||||||||
Total deposits | 16,260,566 | 16,178,748 | 0.5 | 14,665,024 | 10.9 | ||||||||||||||||
ASSET QUALITY RATIOS (LEGACY): | |||||||||||||||||||||
Past due loans to total loans (1) | 1.18 | % | 0.64 | % | 0.79 | % | |||||||||||||||
Non-performing assets to total assets (2) | 0.65 | 0.42 | 0.55 | ||||||||||||||||||
Classified assets to total assets (3) | 2.21 | 1.02 | 0.61 | ||||||||||||||||||
CAPITAL RATIOS: | |||||||||||||||||||||
Tangible common equity ratio (Non-GAAP) (4) (5) | 8.83 | % | 8.86 | % | 8.62 | % | |||||||||||||||
Tier 1 leverage ratio | 9.41 | 9.52 | 8.87 | ||||||||||||||||||
Total risk-based capital ratio | 12.21 | 12.14 | 11.62 | ||||||||||||||||||
PER COMMON SHARE DATA: | |||||||||||||||||||||
Book value | $ | 59.93 | $ | 58.87 | 1.8 | $ | 56.77 | 5.6 | |||||||||||||
Tangible book value (4) | 41.38 | 40.35 | 2.6 | 39.26 | 5.4 | ||||||||||||||||
Closing stock price | 51.27 | 55.07 | (6.9 | ) | 63.03 | (18.7 | ) | ||||||||||||||
Cash dividends | 0.34 | 0.34 | — | 0.34 | — | ||||||||||||||||
(1) | Past due loans include non-accruing 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. | ||||||||||||||||||||
(3) | Classified assets consist of $378 million, $166 million and $91 million at March 31, 2016, December 31, 2015 and March 31, 2015, respectively. | ||||||||||||||||||||
(4) | See Table 10 for the GAAP to Non-GAAP reconciliation. | ||||||||||||||||||||
(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. |
Table C - Period-End Loans | |||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||
As of and For the Three Months Ended | |||||||||||||||||||||||||||||
Linked Qtr Change | Year/Year Change | Mix | |||||||||||||||||||||||||||
3/31/2016 | 12/31/2015 | 3/31/2015 | $ | % | Annualized | $ | % | 3/31/2016 | 12/31/2015 | ||||||||||||||||||||
Legacy loans: | |||||||||||||||||||||||||||||
Commercial | $ | 8,427,154 | $ | 8,133,341 | $ | 7,157,090 | 293,813 | 3.6 | 14.4 | % | 1,270,064 | 17.7 | 73.1 | % | 72.7 | % | |||||||||||||
Residential mortgage | 730,621 | 694,023 | 553,815 | 36,598 | 5.3 | 21.1 | % | 176,806 | 31.9 | 6.3 | % | 6.2 | % | ||||||||||||||||
Consumer | 2,370,922 | 2,363,156 | 2,183,964 | 7,766 | 0.3 | 1.3 | % | 186,958 | 8.6 | 20.6 | % | 21.1 | % | ||||||||||||||||
Total legacy loans | 11,528,697 | 11,190,520 | 9,894,869 | 338,177 | 3.0 | 12.1 | % | 1,633,828 | 16.5 | 100 | % | 100 | % | ||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||
Balance at beginning of period | 3,136,908 | 3,337,761 | 1,772,330 | (200,853 | ) | (6.0 | ) | 1,364,578 | 77.0 | ||||||||||||||||||||
Loans acquired during the period | — | — | 1,370,482 | — | — | (1,370,482 | ) | (100.0 | ) | ||||||||||||||||||||
Net paydown activity | (214,361) | (200,853) | (164,220) | (13,508) | 6.7 | (50,141) | 30.5 | ||||||||||||||||||||||
Total acquired loans | 2,922,547 | 3,136,908 | 2,978,592 | (214,361) | (6.8 | ) | (56,045) | (1.9 | ) | ||||||||||||||||||||
Total loans | $ | 14,451,244 | $ | 14,327,428 | $ | 12,873,461 | 123,816 | 0.9 | 1,577,783 | 12.3 |
Table D - Period-End Deposits | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Linked Qtr Change | Year/Year Change (1) | Mix | ||||||||||||||||||||||||||
3/31/2016 | 12/31/2015 | 3/31/2015 | $ | % | Annualized | $ | % | 3/31/2016 | 12/31/2015 | |||||||||||||||||||
Non-interest-bearing | $ | 4,484,024 | $ | 4,352,229 | $ | 3,860,820 | 131,795 | 3.0 | 12.1 | % | 623,204 | 16.1 | 27.6 | % | 26.9 | % | ||||||||||||
NOW accounts | 2,960,562 | 2,974,176 | 2,729,791 | (13,614 | ) | (0.5) | (1.8)% | 230,771 | 8.5 | 18.2 | % | 18.4 | % | |||||||||||||||
Money market accounts | 5,964,029 | 6,010,882 | 5,067,462 | (46,853 | ) | (0.8) | (3.1)% | 896,567 | 17.7 | 36.7 | % | 37.2 | % | |||||||||||||||
Savings accounts | 772,117 | 716,838 | 728,981 | 55,279 | 7.7 | 30.8 | % | 43,136 | 5.9 | 4.7 | % | 4.4 | % | |||||||||||||||
Time deposits | 2,079,834 | 2,124,623 | 2,277,970 | (44,789 | ) | (2.1) | (8.4)% | (198,136 | ) | (8.7 | ) | 12.8 | % | 13.1 | % | |||||||||||||
Total deposits | $ | 16,260,566 | $ | 16,178,748 | $ | 14,665,024 | 81,818 | 0.5 | 2.0 | % | 1,595,542 | 10.9 | 100 | % | 100 | % | ||||||||||||
(1) Growth includes the impact of acquisitions. |
• | Bank of America Merrill Lynch |
• | FBR & Co. |
• | FIG Partners, LLC |
• | Hovde Group, LLC |
• | Jefferies & Co., Inc. |
• | Keefe, Bruyette & Woods, Inc. |
• | Piper Jaffray & Co. |
• | Raymond James & Associates, Inc. |
• | Robert W. Baird & Company |
• | Sandler O’Neill + Partners, L.P. |
• | Stephens, Inc. |
• | SunTrust Robinson-Humphrey |
Table 1 - IBERIABANK CORPORATION | |||||||||||||||||||||
FINANCIAL HIGHLIGHTS | |||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||
As of and For the Three Months Ended | |||||||||||||||||||||
INCOME DATA: | 3/31/2016 | 12/31/2015 | % Change | 3/31/2015 | % Change | ||||||||||||||||
Net interest income | $ | 161,403 | $ | 161,160 | 0.2 | $ | 125,804 | 28.3 | |||||||||||||
Net interest income (TE) (1) | 163,764 | 163,544 | 0.1 | 127,844 | 28.1 | ||||||||||||||||
Total revenues | 217,248 | 213,663 | 1.7 | 174,703 | 24.4 | ||||||||||||||||
Provision for loan losses | 14,905 | 11,711 | 27.3 | 5,345 | 178.9 | ||||||||||||||||
Non-interest expense | 137,452 | 138,975 | (1.1 | ) | 133,153 | 3.2 | |||||||||||||||
Net income available to common shareholders | 40,193 | 44,407 | (9.5 | ) | 25,126 | 60.0 | |||||||||||||||
PER COMMON SHARE DATA: | |||||||||||||||||||||
Earnings available to common shareholders - basic | $ | 0.98 | $ | 1.08 | (9.3 | ) | $ | 0.75 | 30.7 | ||||||||||||
Earnings available to common shareholders - diluted | 0.97 | 1.08 | (10.2 | ) | 0.75 | 29.3 | |||||||||||||||
Operating earnings (Non-GAAP) (2) | 1.01 | 1.11 | (9.0 | ) | 0.95 | 6.3 | |||||||||||||||
Book value | 59.93 | 58.87 | 1.8 | 56.77 | 5.6 | ||||||||||||||||
Tangible book value (3) | 41.38 | 40.35 | 2.6 | 39.26 | 5.4 | ||||||||||||||||
Closing stock price | 51.27 | 55.07 | (6.9 | ) | 63.03 | (18.7 | ) | ||||||||||||||
Cash dividends | 0.34 | 0.34 | — | 0.34 | — | ||||||||||||||||
KEY RATIOS AND OTHER DATA (6): | |||||||||||||||||||||
Net interest margin (TE) (1) | 3.64 | % | 3.64 | % | 3.54 | % | |||||||||||||||
Efficiency ratio | 63.3 | 65.0 | 76.2 | ||||||||||||||||||
Tangible operating efficiency ratio (TE) (Non-GAAP) (1) (2) (3) | 60.3 | 61.1 | 68.5 | ||||||||||||||||||
Return on average assets | 0.82 | 0.90 | 0.64 | ||||||||||||||||||
Return on average common equity | 6.59 | 7.30 | 5.39 | ||||||||||||||||||
Return on average operating tangible common equity (Non-GAAP) (2)(3) | 10.26 | 11.20 | 9.92 | ||||||||||||||||||
Effective tax rate | 34.1 | 29.5 | 30.6 | ||||||||||||||||||
Full-time equivalent employees | 3,112 | 3,151 | 2,883 | ||||||||||||||||||
CAPITAL RATIOS: | |||||||||||||||||||||
Tangible common equity ratio (Non-GAAP) (2) (3) | 8.83 | % | 8.86 | % | 8.62 | % | |||||||||||||||
Tangible common equity to risk-weighted assets (3) | 10.14 | 9.89 | 9.92 | ||||||||||||||||||
Tier 1 leverage ratio (4) | 9.41 | 9.52 | 8.87 | ||||||||||||||||||
Common equity Tier 1 (CET 1) (transitional) (4) | 10.11 | 10.07 | 9.79 | ||||||||||||||||||
Common equity Tier 1 (CET 1) (fully phased-in) (4) | 10.02 | 9.94 | 9.66 | ||||||||||||||||||
Tier 1 capital (transitional) (4) | 10.56 | 10.70 | 9.99 | ||||||||||||||||||
Total risk-based capital ratio (4) | 12.21 | 12.14 | 11.62 | ||||||||||||||||||
Common stock dividend payout ratio | 34.9 | 31.5 | 51.7 |
Classified assets to Tier 1 capital | 28.4 | 17.7 | 17.6 | ||||||||||||||||||
ASSET QUALITY RATIOS (LEGACY): | |||||||||||||||||||||
Non-performing assets to total assets (5) | 0.65 | % | 0.42 | % | 0.55 | % | |||||||||||||||
Allowance for loan losses to loans | 0.92 | 0.84 | 0.80 | ||||||||||||||||||
Net charge-offs to average loans (annualized) | 0.15 | 0.09 | 0.06 | ||||||||||||||||||
Non-performing assets to total loans and OREO (5) | 0.96 | 0.61 | 0.83 | ||||||||||||||||||
(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) | See Table 9 and Table 10 for the 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) | Capital ratios as of March 31, 2016 are estimated. | ||||||||||||||||||||
(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. | ||||||||||||||||||||
(6) | All ratios are calculated on an annualized basis for the periods indicated. |
Table 2 - IBERIABANK CORPORATION | |||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENTS | |||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||
Linked Qtr Change | Year/Year Change | ||||||||||||||||||||||||||||
3/31/2016 | 12/31/2015 | $ | % | 9/30/2015 | 6/30/2015 | 3/31/2015 | $ | % | |||||||||||||||||||||
Interest income | $ | 176,936 | $ | 176,651 | 285 | 0.2 | $ | 171,077 | $ | 160,545 | $ | 138,585 | 38,351 | 27.7 | |||||||||||||||
Interest expense | 15,533 | 15,491 | 42 | 0.3 | 15,960 | 14,868 | 12,781 | 2,752 | 21.5 | ||||||||||||||||||||
Net interest income | 161,403 | 161,160 | 243 | 0.2 | 155,117 | 145,677 | 125,804 | 35,599 | 28.3 | ||||||||||||||||||||
Provision for loan losses | 14,905 | 11,711 | 3,194 | 27.3 | 5,062 | 8,790 | 5,345 | 9,560 | 178.9 | ||||||||||||||||||||
Net interest income after provision for loan losses | 146,498 | 149,449 | (2,951 | ) | (2.0 | ) | 150,055 | 136,887 | 120,459 | 26,039 | 21.6 | ||||||||||||||||||
Mortgage income | 20,347 | 17,123 | 3,224 | 18.8 | 20,730 | 25,246 | 18,023 | 2,324 | 12.9 | ||||||||||||||||||||
Service charges on deposit accounts | 10,951 | 11,431 | (480 | ) | (4.2 | ) | 11,342 | 10,162 | 9,262 | 1,689 | 18.2 | ||||||||||||||||||
Title revenue | 4,745 | 5,435 | (690 | ) | (12.7 | ) | 6,627 | 6,146 | 4,629 | 116 | 2.5 | ||||||||||||||||||
Broker commissions | 3,823 | 4,130 | (307 | ) | (7.4 | ) | 3,839 | 5,461 | 4,162 | (339 | ) | (8.1 | ) | ||||||||||||||||
ATM/debit card fee income | 3,503 | 3,569 | (66 | ) | (1.8 | ) | 3,562 | 3,583 | 3,275 | 228 | 7.0 | ||||||||||||||||||
Income from bank owned life insurance | 1,202 | 1,096 | 106 | 9.7 | 1,093 | 1,075 | 1,092 | 110 | 10.1 | ||||||||||||||||||||
Gain on sale of available-for-sale securities | 196 | 6 | 190 | 3,166.7 | 280 | 903 | 386 | (190 | ) | (49.2 | ) | ||||||||||||||||||
Other non-interest income | 11,078 | 9,713 | 1,365 | 14.1 | 10,005 | 8,937 | 8,070 | 3,008 | 37.3 | ||||||||||||||||||||
Total non-interest income | 55,845 | 52,503 | 3,342 | 6.4 | 57,478 | 61,513 | 48,899 | 6,946 | 14.2 | ||||||||||||||||||||
Salaries and employee benefits | 80,742 | 83,455 | (2,713 | ) | (3.3 | ) | 82,416 | 84,019 | 72,696 | 8,046 | 11.1 | ||||||||||||||||||
Occupancy and equipment | 16,907 | 16,928 | (21 | ) | (0.1 | ) | 17,987 | 17,366 | 16,260 | 647 | 4.0 | ||||||||||||||||||
Amortization of acquisition intangibles | 2,113 | 1,795 | 318 | 17.7 | 2,338 | 2,155 | 1,523 | 590 | 38.7 | ||||||||||||||||||||
Other non-interest expense | 37,690 | 36,797 | 893 | 2.4 | 42,227 | 49,669 | 42,674 | (4,984 | ) | (11.7 | ) | ||||||||||||||||||
Total non-interest expense | 137,452 | 138,975 | (1,523 | ) | (1.1 | ) | 144,968 | 153,209 | 133,153 | 4,299 | 3.2 | ||||||||||||||||||
Income before income taxes | 64,891 | 62,977 | 1,914 | 3.0 | 62,565 | 45,191 | 36,205 | 28,686 | 79.2 | ||||||||||||||||||||
Income tax expense | 22,122 | 18,570 | 3,552 | 19.1 | 20,090 | 14,355 | 11,079 | 11,043 | 99.7 | ||||||||||||||||||||
Net income | 42,769 | 44,407 | (1,638 | ) | (3.7 | ) | 42,475 | 30,836 | 25,126 | 17,643 | 70.2 | ||||||||||||||||||
Preferred stock dividends | 2,576 | — | 2,576 | — | — | — | — | 2,576 | — | ||||||||||||||||||||
Net income available to common shareholders | $ | 40,193 | $ | 44,407 | (4,214 | ) | (9.5 | ) | $ | 42,475 | $ | 30,836 | $ | 25,126 | 15,067 | 60.0 | |||||||||||||
Income available to common shareholders - basic | $ | 40,193 | $ | 44,407 | (4,214 | ) | (9.5 | ) | $ | 42,475 | $ | 30,836 | $ | 25,126 | 15,067 | 60.0 | |||||||||||||
Earnings allocated to unvested restricted stock | (460) | (505) | 45 | (8.9 | ) | (492) | (355) | (344) | (116 | ) | 33.7 | ||||||||||||||||||
Income allocated to common shareholders | $ | 39,733 | $ | 43,902 | (4,169 | ) | (9.5 | ) | $ | 41,983 | $ | 30,481 | $ | 24,782 | 14,951 | 60.3 | |||||||||||||
Earnings per common share - basic | $ | 0.98 | $ | 1.08 | (0.10 | ) | (9.3 | ) | $ | 1.04 | $ | 0.79 | $ | 0.75 | 0.23 | 30.7 | |||||||||||||
Earnings per common share - diluted | 0.97 | 1.08 | (0.11 | ) | (10.2 | ) | 1.03 | 0.79 | 0.75 | 0.22 | 29.3 |
Impact of non-operating items (Non-GAAP) (1) | 0.04 | 0.03 | 0.01 | 33.3 | 0.04 | 0.26 | 0.20 | (0.16 | ) | (80.0 | ) | ||||||||||||||||||
Earnings per share - diluted, excluding non-operating items (Non-GAAP) (1) | $ | 1.01 | $ | 1.11 | (0.10 | ) | (9.0 | ) | $ | 1.07 | $ | 1.05 | $ | 0.95 | 0.06 | 6.3 | |||||||||||||
NUMBER OF COMMON SHARES OUTSTANDING (in thousands) | |||||||||||||||||||||||||||||
Weighted average common shares outstanding - basic | 41,186 | 40,996 | 190 | 0.5 | 40,995 | 39,015 | 33,659 | 7,527 | 22.4 | ||||||||||||||||||||
Weighted average common shares outstanding - diluted | 40,765 | 40,597 | 168 | 0.4 | 40,614 | 38,667 | 33,235 | 7,530 | 22.7 | ||||||||||||||||||||
Book value shares (period end) | 41,232 | 41,140 | 92 | 0.2 | 41,129 | 41,117 | 38,178 | 3,054 | 8.0 | ||||||||||||||||||||
(1) See Table 9 for GAAP to Non-GAAP reconciliation. |
TABLE 3 - IBERIABANK CORPORATION | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
PERIOD-END BALANCES | Linked Qtr Change | Year/Year Change | |||||||||||||||||||||||||||||
ASSETS | 3/31/2016 | 12/31/2015 | $ | % | 9/30/2015 | 6/30/2015 | 3/31/2015 | $ | % | ||||||||||||||||||||||
Cash and due from banks | $ | 300,207 | $ | 241,650 | 58,557 | 24.2 | $ | 370,657 | $ | 300,257 | $ | 268,241 | 31,966 | 11.9 | |||||||||||||||||
Interest-bearing deposits in other banks | 696,448 | 268,617 | 427,831 | 159.3 | 311,615 | 591,018 | 696,000 | 448 | 0.1 | ||||||||||||||||||||||
Total cash and cash equivalents | 996,655 | 510,267 | 486,388 | 95.3 | 682,272 | 891,275 | 964,241 | 32,414 | 3.4 | ||||||||||||||||||||||
Investment securities available for sale | 2,755,425 | 2,800,286 | (44,861 | ) | (1.6 | ) | 2,827,805 | 2,413,158 | 2,342,613 | 412,812 | 17.6 | ||||||||||||||||||||
Investment securities held to maturity | 96,117 | 98,928 | (2,811 | ) | (2.8 | ) | 98,330 | 101,475 | 113,442 | (17,325 | ) | (15.3 | ) | ||||||||||||||||||
Total investment securities | 2,851,542 | 2,899,214 | (47,672 | ) | (1.6 | ) | 2,926,135 | 2,514,633 | 2,456,055 | 395,487 | 16.1 | ||||||||||||||||||||
Mortgage loans held for sale | 192,545 | 166,247 | 26,298 | 15.8 | 202,168 | 220,765 | 215,044 | (22,499 | ) | (10.5 | ) | ||||||||||||||||||||
Loans, net of unearned income | 14,451,244 | 14,327,428 | 123,816 | 0.9 | 14,117,019 | 13,950,563 | 12,873,461 | 1,577,783 | 12.3 | ||||||||||||||||||||||
Allowance for loan losses | (146,557 | ) | (138,378 | ) | (8,179 | ) | 5.9 | (130,254 | ) | (128,149 | ) | (128,313 | ) | (18,244 | ) | 14.2 | |||||||||||||||
Loans, net | 14,304,687 | 14,189,050 | 115,637 | 0.8 | 13,986,765 | 13,822,414 | 12,745,148 | 1,559,539 | 12.2 | ||||||||||||||||||||||
Loss share receivable | 33,564 | 39,878 | (6,314 | ) | (15.8 | ) | 43,443 | 50,452 | 60,972 | (27,408 | ) | (45.0 | ) | ||||||||||||||||||
Premises and equipment | 314,615 | 323,902 | (9,287 | ) | (2.9 | ) | 333,273 | 342,949 | 337,201 | (22,586 | ) | (6.7 | ) | ||||||||||||||||||
Goodwill and other intangibles | 768,235 | 765,655 | 2,580 | 0.3 | 766,589 | 765,813 | 672,337 | 95,898 | 14.3 | ||||||||||||||||||||||
Other assets | 630,720 | 609,855 | 20,865 | 3.4 | 593,580 | 630,627 | 600,764 | 29,956 | 5.0 | ||||||||||||||||||||||
Total assets | $ | 20,092,563 | $ | 19,504,068 | 588,495 | 3.0 | $ | 19,534,225 | $ | 19,238,928 | $ | 18,051,762 | 2,040,801 | 11.3 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 4,484,024 | $ | 4,352,229 | 131,795 | 3.0 | $ | 4,392,808 | $ | 4,166,850 | $ | 3,860,820 | 623,204 | 16.1 | |||||||||||||||||
NOW accounts | 2,960,562 | 2,974,176 | (13,614 | ) | (0.5) | 2,635,021 | 2,623,697 | 2,729,791 | 230,771 | 8.5 | |||||||||||||||||||||
Savings and money market accounts | 6,736,146 | 6,727,720 | 8,426 | 0.1 | 6,999,863 | 6,925,038 | 5,796,443 | 939,703 | 16.2 | ||||||||||||||||||||||
Certificates of deposit | 2,079,834 | 2,124,623 | (44,789 | ) | (2.1) | 2,275,373 | 2,403,956 | 2,277,970 | (198,136 | ) | (8.7) | ||||||||||||||||||||
Total deposits | 16,260,566 | 16,178,748 | 81,818 | 0.5 | 16,303,065 | 16,119,541 | 14,665,024 | 1,595,542 | 10.9 | ||||||||||||||||||||||
Short-term borrowings | 195,000 | 110,000 | 85,000 | 77.3 | 10,000 | 59,300 | 352,300 | (157,300 | ) | (44.6) | |||||||||||||||||||||
Securities sold under agreements to repurchase | 303,238 | 216,617 | 86,621 | 40.0 | 212,460 | 209,004 | 252,602 | 50,636 | 20.0 | ||||||||||||||||||||||
Trust preferred securities | 120,110 | 120,110 | — | — | 120,110 | 120,110 | 111,862 | 8,248 | 7.4 | ||||||||||||||||||||||
Other long-term debt | 478,814 | 220,337 | 258,477 | 117.3 | 221,863 | 222,202 | 349,027 | 129,787 | 37.2 | ||||||||||||||||||||||
Other liabilities | 186,926 | 159,421 | 27,505 | 17.3 | 183,526 | 143,487 | 153,617 | 33,309 | 21.7 | ||||||||||||||||||||||
Total liabilities | 17,544,654 | 17,005,233 | 539,421 | 3.2 | 17,051,024 | 16,873,644 | 15,884,432 | 1,660,222 | 10.5 | ||||||||||||||||||||||
Total shareholders' equity | 2,547,909 | 2,498,835 | 49,074 | 2.0 | 2,483,201 | 2,365,284 | 2,167,330 | 380,579 | 17.6 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 20,092,563 | $ | 19,504,068 | 588,495 | 3.0 | $ | 19,534,225 | $ | 19,238,928 | $ | 18,051,762 | 2,040,801 | 11.3 |
TABLE 3 Continued - IBERIABANK CORPORATION | ||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||
AVERAGE BALANCES | Linked Qtr Change | Year/Year Change | ||||||||||||||||||||||||||||
ASSETS | 3/31/2016 | 12/31/2015 | $ | % | 9/30/2015 | 6/30/2015 | 3/31/2015 | $ | % | |||||||||||||||||||||
Cash and due from banks | $ | 292,476 | $ | 352,854 | (60,378 | ) | (17.1) | $ | 327,370 | $ | 263,844 | $ | 243,566 | 48,910 | 20.1 | |||||||||||||||
Interest-bearing deposits in other banks | 365,709 | 319,302 | 46,407 | 14.5 | 682,764 | 582,032 | 324,150 | 41,559 | 12.8 | |||||||||||||||||||||
Total cash and cash equivalents | 658,185 | 672,156 | (13,971 | ) | (2.1) | 1,010,134 | 845,876 | 567,716 | 90,469 | 15.9 | ||||||||||||||||||||
Investment securities available for sale | 2,797,320 | 2,829,825 | (32,505 | ) | (1.1) | 2,660,423 | 2,417,002 | 2,223,344 | 573,976 | 25.8 | ||||||||||||||||||||
Investment securities held to maturity | 97,391 | 100,113 | (2,722 | ) | (2.7) | 99,864 | 106,871 | 115,188 | (17,797 | ) | (15.5) | |||||||||||||||||||
Total investment securities | 2,894,711 | 2,929,938 | (35,227 | ) | (1.2) | 2,760,287 | 2,523,873 | 2,338,532 | 556,179 | 23.8 | ||||||||||||||||||||
Mortgage loans held for sale | 160,873 | 169,616 | (8,743 | ) | (5.2) | 200,895 | 202,691 | 133,304 | 27,569 | 20.7 | ||||||||||||||||||||
Loans, net of unearned income | 14,354,410 | 14,185,150 | 169,260 | 1.2 | 14,009,601 | 13,297,724 | 11,563,946 | 2,790,464 | 24.1 | |||||||||||||||||||||
Allowance for loan losses | (141,393) | (135,209) | (6,184 | ) | 4.6 | (130,367) | (129,069) | (128,519) | (12,874 | ) | 10.0 | |||||||||||||||||||
Loans, net | 14,213,017 | 14,049,941 | 163,076 | 1.2 | 13,879,234 | 13,168,655 | 11,435,427 | 2,777,590 | 24.3 | |||||||||||||||||||||
Loss share receivable | 37,360 | 41,205 | (3,845 | ) | (9.3) | 47,190 | 55,751 | 66,165 | (28,805 | ) | (43.5) | |||||||||||||||||||
Premises and equipment | 322,086 | 329,604 | (7,518 | ) | (2.3) | 339,860 | 341,829 | 311,158 | 10,928 | 3.5 | ||||||||||||||||||||
Goodwill and other intangibles | 765,898 | 766,664 | (766 | ) | (0.1) | 766,712 | 708,085 | 555,565 | 210,333 | 37.9 | ||||||||||||||||||||
Other assets | 609,181 | 592,042 | 17,139 | 2.9 | 599,758 | 598,526 | 549,746 | 59,435 | 10.8 | |||||||||||||||||||||
Total assets | $ | 19,661,311 | $ | 19,551,166 | 110,145 | 0.6 | $ | 19,604,070 | $ | 18,445,286 | $ | 15,957,613 | 3,703,698 | 23.2 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 4,388,259 | $ | 4,459,980 | (71,721 | ) | (1.6) | $ | 4,265,912 | $ | 3,933,468 | $ | 3,312,357 | 1,075,902 | 32.5 | |||||||||||||||
NOW accounts | 2,859,940 | 2,720,128 | 139,812 | 5.1 | 2,655,069 | 2,639,140 | 2,464,760 | 395,180 | 16.0 | |||||||||||||||||||||
Savings and money market accounts | 6,598,838 | 6,899,090 | (300,252 | ) | (4.4) | 7,104,789 | 6,228,052 | 4,834,244 | 1,764,594 | 36.5 | ||||||||||||||||||||
Certificates of deposit | 2,098,032 | 2,213,557 | (115,525 | ) | (5.2) | 2,343,794 | 2,331,537 | 2,150,447 | (52,415 | ) | (2.4) | |||||||||||||||||||
Total deposits | 15,945,069 | 16,292,755 | (347,686 | ) | (2.1) | 16,369,564 | 15,132,197 | 12,761,808 | 3,183,261 | 24.9 | ||||||||||||||||||||
Short-term borrowings | 277,374 | 16,109 | 261,265 | 1,621.9 | 41,033 | 225,437 | 483,413 | (206,039 | ) | (42.6) | ||||||||||||||||||||
Securities sold under agreements to repurchase | 217,296 | 224,255 | (6,959 | ) | (3.1) | 221,217 | 236,305 | 263,645 | (46,349 | ) | (17.6) | |||||||||||||||||||
Trust preferred securities | 120,110 | 120,110 | — | — | 120,110 | 114,581 | 111,862 | 8,248 | 7.4 | |||||||||||||||||||||
Other long-term debt | 403,393 | 220,913 | 182,480 | 82.6 | 222,906 | 332,167 | 311,633 | 91,760 | 29.4 | |||||||||||||||||||||
Other liabilities | 167,810 | 186,382 | (18,572 | ) | (10.0) | 206,030 | 172,473 | 135,477 | 32,333 | 23.9 | ||||||||||||||||||||
Total liabilities | 17,131,052 | 17,060,524 | 70,528 | 0.4 | 17,180,860 | 16,213,160 | 14,067,838 | 3,063,214 | 21.8 | |||||||||||||||||||||
Total shareholders' equity | 2,530,259 | 2,490,642 | 39,617 | 1.6 | 2,423,210 | 2,232,126 | 1,889,775 | 640,484 | 33.9 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 19,661,311 | $ | 19,551,166 | 110,145 | 0.6 | $ | 19,604,070 | $ | 18,445,286 | $ | 15,957,613 | 3,703,698 | 23.2 |
Table 4 - IBERIABANK CORPORATION | |||||||||||||||||||||||||||||||
TOTAL LOANS AND ASSET QUALITY DATA | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
Linked Qtr Change | Year/Year Change | ||||||||||||||||||||||||||||||
LOANS | 3/31/2016 | 12/31/2015 | $ | % | 9/30/2015 | 6/30/2015 | 3/31/2015 | $ | % | ||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||
Real estate | $ | 6,230,628 | $ | 6,073,511 | 157,117 | 2.6 | $ | 5,979,751 | $ | 5,853,751 | $ | 5,122,946 | 1,107,682 | 21.6 | |||||||||||||||||
Commercial and Industrial | 3,374,382 | 3,444,578 | (70,196 | ) | (2.0) | 3,302,971 | 3,216,906 | 2,967,306 | 407,076 | 13.7 | |||||||||||||||||||||
Energy-related (Real Estate and Commercial and Industrial) (1) | 731,662 | 680,766 | 50,896 | 7.5 | 719,456 | 787,568 | 819,411 | (87,749 | ) | (10.7) | |||||||||||||||||||||
Total commercial loans | 10,336,672 | 10,198,855 | 137,817 | 1.4 | 10,002,178 | 9,858,225 | 8,909,663 | 1,427,009 | 16.0 | ||||||||||||||||||||||
Residential mortgage loans | 1,208,391 | 1,195,319 | 13,072 | 1.1 | 1,189,941 | 1,169,608 | 1,164,286 | 44,105 | 3.8 | ||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Home equity | 2,091,514 | 2,066,167 | 25,347 | 1.2 | 2,015,687 | 1,971,073 | 1,858,088 | 233,426 | 12.6 | ||||||||||||||||||||||
Indirect automobile | 213,179 | 246,298 | (33,119 | ) | (13.4) | 281,649 | 322,958 | 367,349 | (154,170 | ) | (42.0) | ||||||||||||||||||||
Automobile | 164,868 | 169,571 | (4,703 | ) | (2.8) | 172,947 | 173,924 | 160,518 | 4,350 | 2.7 | |||||||||||||||||||||
Credit card | 76,756 | 77,843 | (1,087 | ) | (1.4) | 77,284 | 74,314 | 72,711 | 4,045 | 5.6 | |||||||||||||||||||||
Other | 359,864 | 373,375 | (13,511 | ) | (3.6) | 377,333 | 380,461 | 340,846 | 19,018 | 5.6 | |||||||||||||||||||||
Total consumer loans | 2,906,181 | 2,933,254 | (27,073 | ) | (0.9) | 2,924,900 | 2,922,730 | 2,799,512 | 106,669 | 3.8 | |||||||||||||||||||||
Total loans | $ | 14,451,244 | $ | 14,327,428 | 123,816 | 0.9 | $ | 14,117,019 | $ | 13,950,563 | $ | 12,873,461 | 1,577,783 | 12.3 | |||||||||||||||||
Allowance for loan losses | $ | (146,557 | ) | $ | (138,378 | ) | (8,179 | ) | 5.9 | $ | (130,254 | ) | $ | (128,149 | ) | $ | (128,313 | ) | (18,244 | ) | 14.2 | ||||||||||
Loans, net | 14,304,687 | 14,189,050 | 115,637 | 0.8 | 13,986,765 | 13,822,414 | 12,745,148 | 1,559,539 | 12.2 | ||||||||||||||||||||||
Reserve for unfunded commitments | (14,033) | (14,145) | 112 | (0.8) | (14,525) | (13,244) | (12,849) | (1,184 | ) | 9.2 | |||||||||||||||||||||
Allowance for credit losses | (160,590 | ) | (152,523 | ) | (8,067 | ) | 5.3 | (144,779 | ) | (141,393 | ) | (141,162 | ) | (19,428 | ) | 13.8 | |||||||||||||||
ASSET QUALITY DATA (2) | |||||||||||||||||||||||||||||||
Non-accrual loans | $ | 182,757 | $ | 154,425 | 28,332 | 18.3 | $ | 165,022 | $ | 192,385 | $ | 195,371 | (12,614 | ) | (6.5 | ) | |||||||||||||||
Other real estate owned and foreclosed assets | 31,411 | 34,131 | (2,720 | ) | (8.0) | 40,450 | 49,929 | 53,194 | (21,783 | ) | (41.0 | ) | |||||||||||||||||||
Accruing loans more than 90 days past due | 1,068 | 1,970 | (902 | ) | (45.8) | 2,994 | 4,607 | 5,642 | (4,574 | ) | (81.1 | ) | |||||||||||||||||||
Total non-performing assets | $ | 215,236 | $ | 190,526 | 24,710 | 13.0 | $ | 208,466 | $ | 246,921 | $ | 254,207 | (38,971 | ) | (15.3 | ) | |||||||||||||||
Loans 30-89 days past due | $ | 59,074 | $ | 35,579 | 23,495 | 66.0 | $ | 25,306 | $ | 39,005 | $ | 32,835 | 26,239 | 79.9 | |||||||||||||||||
Non-performing assets to total assets | 1.07 | % | 0.98 | % | 1.07 | % | 1.28 | % | 1.41 | % | |||||||||||||||||||||
Non-performing assets to total loans and OREO | 1.49 | 1.33 | 1.47 | 1.76 | 1.97 | ||||||||||||||||||||||||||
Allowance for loan losses to non-performing loans (3) | 79.7 | 88.5 | 77.5 | 65.1 | 63.8 | ||||||||||||||||||||||||||
Allowance for loan losses to non-performing assets | 68.1 | 72.6 | 62.5 | 51.9 | 50.5 | ||||||||||||||||||||||||||
Allowance for loan losses to total loans | 1.01 | 0.97 | 0.92 | 0.92 | 1.00 | ||||||||||||||||||||||||||
Quarter-to-date charge-offs | $ | 5,560 | $ | 4,277 | 1,283 | 30.0 | $ | 5,245 | $ | 4,808 | $ | 2,972 | 2,588 | 87.1 | |||||||||||||||||
Quarter-to-date recoveries | (1,551 | ) | (1,358 | ) | (193 | ) | 14.2 | (2,790 | ) | (1,034 | ) | (1,237 | ) | (314 | ) | 25.4 |
Quarter-to-date net charge-offs | $ | 4,009 | $ | 2,919 | 1,090 | 37.3 | $ | 2,455 | $ | 3,774 | $ | 1,735 | 2,274 | 131.1 | |||||||||||||||||
Net charge-offs to average loans (annualized) | 0.11 | % | 0.08 | % | 0.07 | % | 0.11 | % | 0.06 | % | |||||||||||||||||||||
(1) For purposes of this table, energy-related loans generally include loans with specific NAICS codes that relate to the Oil and Gas E&P, Services or Midstream industries. | |||||||||||||||||||||||||||||||
(2) For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria, including assets acquired in FDIC-assisted transactions. | |||||||||||||||||||||||||||||||
(3) Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past due. |
Table 5 - IBERIABANK CORPORATION | |||||||||||||||||||||||||||||||
LEGACY LOANS AND LEGACY ASSET QUALITY DATA | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
Linked Qtr Change | Year/Year Change | ||||||||||||||||||||||||||||||
LEGACY LOANS | 3/31/2016 | 12/31/2015 | $ | % | 9/30/2015 | 6/30/2015 | 3/31/2015 | $ | % | ||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||
Real estate | $ | 4,771,690 | $ | 4,504,062 | 267,628 | 5.9 | $ | 4,321,723 | $ | 4,105,592 | $ | 3,845,551 | 926,139 | 24.1 | |||||||||||||||||
Commercial and Industrial | 2,926,686 | 2,952,102 | (25,416 | ) | (0.9) | 2,779,503 | 2,650,799 | 2,496,258 | 430,428 | 17.2 | |||||||||||||||||||||
Energy-related (Real Estate and Commercial and Industrial) (1) | 728,778 | 677,177 | 51,601 | 7.6 | 713,935 | 782,312 | 815,281 | (86,503 | ) | (10.6) | |||||||||||||||||||||
Total commercial loans | 8,427,154 | 8,133,341 | 293,813 | 3.6 | 7,815,161 | 7,538,703 | 7,157,090 | 1,270,064 | 17.7 | ||||||||||||||||||||||
Residential mortgage loans | 730,621 | 694,023 | 36,598 | 5.3 | 660,543 | 616,497 | 553,815 | 176,806 | 31.9 | ||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Home equity | 1,625,812 | 1,575,643 | 50,169 | 3.2 | 1,488,796 | 1,399,005 | 1,335,390 | 290,422 | 21.7 | ||||||||||||||||||||||
Indirect automobile | 213,141 | 246,214 | (33,073 | ) | (13.4) | 281,522 | 322,767 | 367,077 | (153,936 | ) | (41.9) | ||||||||||||||||||||
Automobile | 153,732 | 157,579 | (3,847 | ) | (2.4) | 159,928 | 159,778 | 145,084 | 8,648 | 6.0 | |||||||||||||||||||||
Credit card | 76,247 | 77,261 | (1,014 | ) | (1.3) | 76,716 | 73,726 | 72,164 | 4,083 | 5.7 | |||||||||||||||||||||
Other | 301,990 | 306,459 | (4,469 | ) | (1.5) | 296,592 | 285,077 | 264,249 | 37,741 | 14.3 | |||||||||||||||||||||
Total consumer loans | 2,370,922 | 2,363,156 | 7,766 | 0.3 | 2,303,554 | 2,240,353 | 2,183,964 | 186,958 | 8.6 | ||||||||||||||||||||||
Total loans | $ | 11,528,697 | $ | 11,190,520 | 338,177 | 3.0 | $ | 10,779,258 | $ | 10,395,553 | $ | 9,894,869 | 1,633,828 | 16.5 | |||||||||||||||||
Allowance for loan losses | $ | (105,574 | ) | $ | (93,808 | ) | (11,766 | ) | 12.5 | $ | (86,400 | ) | $ | (83,723 | ) | $ | (78,773 | ) | (26,801 | ) | 34.0 | ||||||||||
Loans, net | 11,423,123 | 11,096,712 | 326,411 | 2.9 | 10,692,858 | 10,311,830 | 9,816,096 | 1,607,027 | 16.4 | ||||||||||||||||||||||
Reserve for unfunded commitments | (14,033) | (14,145) | 112 | (0.8) | (14,525) | (13,244) | (12,849) | (1,184) | 9.2 | ||||||||||||||||||||||
Allowance for credit losses | (119,607) | (107,953) | (11,654 | ) | 10.8 | (100,925) | (96,967) | (91,622) | (27,985 | ) | 30.5 | ||||||||||||||||||||
ASSET QUALITY DATA (2) | |||||||||||||||||||||||||||||||
Non-accrual loans | $ | 93,429 | $ | 50,928 | 42,501 | 83.5 | $ | 51,274 | $ | 62,739 | $ | 60,064 | 33,365 | 55.5 | |||||||||||||||||
Other real estate owned and foreclosed assets | 17,662 | 16,491 | 1,171 | 7.1 | 17,062 | 20,028 | 21,654 | (3,992 | ) | (18.4) | |||||||||||||||||||||
Accruing loans more than 90 days past due | 125 | 624 | (499 | ) | (80.0) | 1,521 | 3,584 | 239 | (114 | ) | (47.7) | ||||||||||||||||||||
Total non-performing assets | $ | 111,216 | $ | 68,043 | 43,173 | 63.4 | $ | 69,857 | $ | 86,351 | $ | 81,957 | 29,259 | 35.7 | |||||||||||||||||
Loans 30-89 days past due | $ | 42,454 | $ | 20,109 | 22,345 | 111.1 | $ | 15,718 | $ | 14,985 | $ | 17,606 | 24,848 | 141.1 | |||||||||||||||||
Non-performing assets to total assets | 0.65 | % | 0.42 | % | 0.43 | % | 0.55 | % | 0.55 | % | |||||||||||||||||||||
Non-performing assets to total loans and OREO | 0.96 | 0.61 | 0.65 | 0.83 | 0.83 | ||||||||||||||||||||||||||
Allowance for loan losses to non-performing loans (3) | 112.9 | 182.0 | 163.7 | 126.2 | 130.6 | ||||||||||||||||||||||||||
Allowance for loan losses to non-performing assets | 94.9 | 137.9 | 123.7 | 97.0 | 96.1 | ||||||||||||||||||||||||||
Allowance for loan losses to total loans | 0.92 | 0.84 | 0.80 | 0.81 | 0.80 | ||||||||||||||||||||||||||
Quarter-to-date charge-offs | $ | 5,389 | $ | 3,705 | 1,684 | 45.5 | $ | 4,958 | $ | 4,446 | $ | 2,669 | 2,720 | 101.9 |
Quarter-to-date recoveries | (1,247 | ) | (1,145 | ) | (102 | ) | 8.9 | (2,524 | ) | (941 | ) | (1,091 | ) | (156 | ) | 14.3 | |||||||||||||||
Quarter-to-date net charge-offs | $ | 4,142 | $ | 2,560 | 1,582 | 61.8 | $ | 2,434 | $ | 3,505 | $ | 1,578 | 2,564 | 162.5 | |||||||||||||||||
Net charge-offs to average loans (annualized) | 0.15 | % | 0.09 | % | 0.09 | % | 0.14 | % | 0.06 | % | |||||||||||||||||||||
(1) For purposes of this table, energy-related loans generally include loans with specific NAICS codes that relate to the Oil and Gas E&P, Services or Midstream industries. | |||||||||||||||||||||||||||||||
(2) For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria. | |||||||||||||||||||||||||||||||
(3) Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past due. |
Table 6 - IBERIABANK CORPORATION | |||||||||||||||||||||||||||||||
ACQUIRED LOANS AND ACQUIRED ASSET QUALITY DATA | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
Linked Qtr Change | Year/Year Change | ||||||||||||||||||||||||||||||
ACQUIRED LOANS (1) | 3/31/2016 | 12/31/2015 | $ | % | 9/30/2015 | 6/30/2015 | 3/31/2015 | $ | % | ||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||
Real estate | $ | 1,458,938 | $ | 1,569,449 | (110,511 | ) | (7.0) | $ | 1,658,028 | $ | 1,748,159 | $ | 1,277,395 | 181,543 | 14.2 | ||||||||||||||||
Commercial and Industrial | 447,696 | 492,476 | (44,780 | ) | (9.1) | 523,468 | 566,107 | 471,048 | (23,352 | ) | (5.0) | ||||||||||||||||||||
Energy-related (Real Estate and Commercial and Industrial) (2) | 2,884 | 3,589 | (705 | ) | (19.6) | 5,521 | 5,256 | 4,130 | (1,246 | ) | (30.2) | ||||||||||||||||||||
Total commercial loans | 1,909,518 | 2,065,514 | (155,996 | ) | (7.6) | 2,187,017 | 2,319,522 | 1,752,573 | 156,945 | 9.0 | |||||||||||||||||||||
Residential mortgage loans | 477,770 | 501,296 | (23,526 | ) | (4.7) | 529,398 | 553,111 | 610,471 | (132,701 | ) | (21.7) | ||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Home equity | 465,702 | 490,524 | (24,822 | ) | (5.1) | 526,891 | 572,068 | 522,698 | (56,996 | ) | (10.9) | ||||||||||||||||||||
Indirect automobile | 38 | 84 | (46 | ) | (54.8) | 127 | 191 | 272 | (234 | ) | (86.0) | ||||||||||||||||||||
Automobile | 11,136 | 11,992 | (856 | ) | (7.1) | 13,019 | 14,146 | 15,434 | (4,298 | ) | (27.8) | ||||||||||||||||||||
Credit card | 509 | 582 | (73 | ) | (12.5) | 568 | 588 | 547 | (38 | ) | (6.9) | ||||||||||||||||||||
Other | 57,874 | 66,916 | (9,042 | ) | (13.5) | 80,741 | 95,384 | 76,597 | (18,723 | ) | (24.4) | ||||||||||||||||||||
Total consumer loans | 535,259 | 570,098 | (34,839 | ) | (6.1) | 621,346 | 682,377 | 615,548 | (80,289 | ) | (13.0) | ||||||||||||||||||||
Total loans | $ | 2,922,547 | $ | 3,136,908 | (214,361 | ) | (6.8) | $ | 3,337,761 | $ | 3,555,010 | $ | 2,978,592 | (56,045 | ) | (1.9) | |||||||||||||||
Allowance for loan losses | $ | (40,983 | ) | $ | (44,570 | ) | 3,587 | (8.0) | $ | (43,854 | ) | $ | (44,426 | ) | $ | (49,540 | ) | 8,557 | (17.3) | ||||||||||||
Loans, net | 2,881,564 | 3,092,338 | (210,774 | ) | (6.8) | 3,293,907 | 3,510,584 | 2,929,052 | (47,488 | ) | (1.6) | ||||||||||||||||||||
ACQUIRED ASSET QUALITY DATA (1) | |||||||||||||||||||||||||||||||
Non-accrual loans | $ | 89,328 | $ | 103,497 | (14,169 | ) | (13.7 | ) | $ | 113,748 | $ | 129,646 | $ | 135,307 | (45,979 | ) | (34.0 | ) | |||||||||||||
Other real estate owned and foreclosed assets | 13,749 | 17,640 | (3,891 | ) | (22.1 | ) | 23,388 | 29,901 | 31,540 | (17,791 | ) | (56.4 | ) | ||||||||||||||||||
Accruing loans more than 90 days past due | 943 | 1,346 | (403 | ) | (29.9 | ) | 1,473 | 1,023 | 5,403 | (4,460 | ) | (82.5 | ) | ||||||||||||||||||
Total non-performing assets | $ | 104,020 | $ | 122,483 | (18,463 | ) | (15.1 | ) | $ | 138,609 | $ | 160,570 | $ | 172,250 | (68,230 | ) | (39.6 | ) | |||||||||||||
Loans 30-89 days past due | $ | 16,620 | $ | 15,470 | 1,150 | 7.4 | $ | 9,588 | $ | 24,020 | $ | 15,229 | 1,391 | 9.1 | |||||||||||||||||
Non-performing assets to total assets | 3.50 | % | 3.84 | % | 4.07 | % | 4.42 | % | 5.64 | % | |||||||||||||||||||||
Non-performing assets to total loans and OREO | 3.54 | 3.88 | 4.12 | 4.48 | 5.72 | ||||||||||||||||||||||||||
Allowance for loan losses to non-performing loans (3) | 45.4 | 42.5 | 38.1 | 34.0 | 35.2 | ||||||||||||||||||||||||||
Allowance for loan losses to non-performing assets | 39.4 | 36.4 | 31.6 | 27.7 | 28.8 | ||||||||||||||||||||||||||
Allowance for loan losses to total loans | 1.40 | 1.42 | 1.31 | 1.25 | 1.66 | ||||||||||||||||||||||||||
Quarter-to-date charge-offs | $ | 171 | $ | 572 | (401 | ) | (70.1 | ) | $ | 287 | 362 | $ | 303 | (132 | ) | (43.6 | ) | ||||||||||||||
Quarter-to-date recoveries | (304 | ) | (213 | ) | (91 | ) | 42.7 | (266 | ) | (93 | ) | (146 | ) | (158 | ) | 108.2 | |||||||||||||||
Quarter-to-date net charge-offs/(recoveries) | $ | (133 | ) | $ | 359 | (492 | ) | (137.0 | ) | $ | 21 | $ | 269 | $ | 157 | (290 | ) | (184.7 | ) | ||||||||||||
Net charge-offs/(recoveries) to average loans (annualized) | (0.02 | )% | 0.04% | 0.00% | 0.03 | % | 0.03 | % |
(1) For purposes of this table, acquired loans and acquired non-performing assets are presented only. Non-performing assets include all loans meeting non-performing asset criteria. | |||||||||||||||||||||||||||||||
(2) For purposes of this table, energy-related loans generally include loans with specific NAICS codes that relate to the Oil and Gas E&P, Services or Midstream industries. | |||||||||||||||||||||||||||||||
(3) For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria, including assets acquired in FDIC-assisted transactions. |
TABLE 7 - IBERIABANK CORPORATION | ||||||||||||||||||||
QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
3/31/2016 | 12/31/2015 | Basis Point Change | ||||||||||||||||||
ASSETS | Average Balance | Interest Income/Expense | Yield/Rate | Average Balance | Interest Income/Expense | Yield/Rate | Yield/Rate | |||||||||||||
Earning assets: | ||||||||||||||||||||
Commercial loans (TE) (1) | $ | 10,250,555 | $ | 113,417 | 4.43 | % | $ | 10,062,680 | $ | 114,153 | 4.50 | % | (7 | ) | ||||||
Residential mortgage loans | 1,202,692 | 13,429 | 4.47 | 1,193,488 | 12,819 | 4.30 | 17 | |||||||||||||
Consumer loans | 2,901,163 | 37,145 | 5.15 | 2,928,982 | 36,553 | 4.95 | 20 | |||||||||||||
Total loans (TE) (1) | 14,354,410 | 163,991 | 4.58 | 14,185,150 | 163,525 | 4.57 | 1 | |||||||||||||
Loss share receivable | 37,360 | (4,386 | ) | (46.44 | ) | 41,205 | (4,490 | ) | (42.63 | ) | (381 | ) | ||||||||
Total loans and loss share receivable | 14,391,770 | 159,605 | 4.45 | 14,226,355 | 159,035 | 4.44 | 1 | |||||||||||||
Mortgage loans held for sale | 160,873 | 1,401 | 3.48 | 169,616 | 1,422 | 3.35 | 13 | |||||||||||||
Investment securities (2) | 2,866,974 | 15,212 | 2.25 | 2,901,388 | 15,149 | 2.21 | 4 | |||||||||||||
Other earning assets | 453,737 | 718 | 0.64 | 390,571 | 1,045 | 1.06 | (42 | ) | ||||||||||||
Total earning assets | 17,873,354 | 176,936 | 3.99 | 17,687,930 | 176,651 | 3.99 | — | |||||||||||||
Allowance for loan losses | (141,393 | ) | (135,209) | |||||||||||||||||
Non-earning assets | 1,929,350 | 1,998,445 | ||||||||||||||||||
Total assets | $ | 19,661,311 | $ | 19,551,166 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
NOW accounts | $ | 2,859,940 | 1,940 | 0.27 | $ | 2,720,128 | 1,861 | 0.27 | — | |||||||||||
Savings and money market accounts | 6,598,838 | 5,640 | 0.34 | 6,899,090 | 6,172 | 0.35 | (1 | ) | ||||||||||||
Certificates of deposit | 2,098,032 | 4,354 | 0.83 | 2,213,557 | 4,727 | 0.85 | (2 | ) | ||||||||||||
Total interest-bearing deposits (3) | 11,556,810 | 11,934 | 0.42 | 11,832,775 | 12,760 | 0.43 | (1 | ) | ||||||||||||
Short-term borrowings | 494,670 | 485 | 0.39 | 240,365 | 98 | 0.16 | 23 | |||||||||||||
Long-term debt | 523,503 | 3,114 | 2.35 | 341,022 | 2,633 | 3.02 | (67 | ) | ||||||||||||
Total interest-bearing liabilities | 12,574,983 | 15,533 | 0.49 | 12,414,162 | 15,491 | 0.49 | — | |||||||||||||
Non-interest-bearing deposits | 4,388,259 | 4,459,980 | ||||||||||||||||||
Non-interest-bearing liabilities | 167,810 | 186,382 | ||||||||||||||||||
Total liabilities | 17,131,052 | 17,060,524 | ||||||||||||||||||
Total shareholders' equity | 2,530,259 | 2,490,642 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ | 19,661,311 | $ | 19,551,166 | ||||||||||||||||
Net interest income/Net interest spread | $ | 161,403 | 3.50 | % | $ | 161,160 | 3.50 | % | — | |||||||||||
Tax-equivalent benefit | 2,361 | 0.05 | 2,384 | 0.05 | — | |||||||||||||||
Net interest income (TE)/Net interest margin (TE) (1) | $ | 163,764 | 3.64 | % | $ | 163,544 | 3.64 | % | — | |||||||||||
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. | ||||||||||||||||||||
(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting. | ||||||||||||||||||||
(3) Total deposit costs for the three months ended March 31, 2016 and December 31, 2015 total 0.30% and 0.31%, respectively. |
TABLE 7 Continued - IBERIABANK CORPORATION | ||||||||||||||||||||||||||
QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
9/30/2015 | 6/30/2015 | 3/31/2015 | ||||||||||||||||||||||||
ASSETS | Average Balance | Interest Income/Expense | Yield/Rate | Average Balance | Interest Income/Expense | Yield/Rate | Average Balance | Interest Income/Expense | Yield/Rate | |||||||||||||||||
Earning assets: | ||||||||||||||||||||||||||
Commercial loans (TE) (1) | $ | 9,915,593 | $ | 110,282 | 4.41 | % | $ | 9,277,141 | $ | 103,272 | 4.46 | % | $ | 7,882,782 | $ | 83,645 | 4.31 | % | ||||||||
Residential mortgage loans | 1,180,725 | 13,156 | 4.46 | 1,187,166 | 14,379 | 4.84 | 1,099,518 | 13,594 | 4.95 | |||||||||||||||||
Consumer loans | 2,913,283 | 36,477 | 4.97 | 2,833,417 | 35,684 | 5.05 | 2,581,646 | 32,952 | 5.18 | |||||||||||||||||
Total loans (TE) (1) | 14,009,601 | 159,915 | 4.53 | 13,297,724 | 153,335 | 4.62 | 11,563,946 | 130,191 | 4.56 | |||||||||||||||||
Loss share receivable | 47,190 | (5,600) | (46.43) | 55,751 | (7,398) | (52.50) | 66,165 | (6,013) | (36.35) | |||||||||||||||||
Total loans and loss share receivable | 14,056,791 | 154,315 | 4.36 | 13,353,475 | 145,937 | 4.38 | 11,630,111 | 124,178 | 4.32 | |||||||||||||||||
Mortgage loans held for sale | 200,895 | 1,847 | 3.68 | 202,691 | 1,380 | 2.72 | 133,304 | 1,515 | 4.55 | |||||||||||||||||
Investment securities (2) | 2,697,617 | 13,729 | 2.16 | 2,469,050 | 12,191 | 2.08 | 2,307,525 | 12,097 | 2.22 | |||||||||||||||||
Other earning assets | 756,277 | 1,186 | 0.62 | 663,071 | 1,037 | 0.63 | 402,499 | 795 | 0.80 | |||||||||||||||||
Total earning assets | 17,711,580 | 171,077 | 3.86 | 16,688,287 | 160,545 | 3.87 | 14,473,439 | 138,585 | 3.90 | |||||||||||||||||
Allowance for loan losses | (130,367) | (129,069) | (128,519) | |||||||||||||||||||||||
Non-earning assets | 2,022,857 | 1,886,068 | 1,612,693 | |||||||||||||||||||||||
Total assets | $ | 19,604,070 | $ | 18,445,286 | $ | 15,957,613 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||
NOW accounts | $ | 2,655,069 | 1,725 | 0.26 | $ | 2,639,140 | 1,765 | 0.27 | $ | 2,464,760 | 1,552 | 0.26 | ||||||||||||||
Savings and money market accounts | 7,104,789 | 6,459 | 0.36 | 6,228,052 | 5,058 | 0.33 | 4,834,244 | 3,375 | 0.28 | |||||||||||||||||
Certificates of deposit | 2,343,794 | 5,040 | 0.85 | 2,331,537 | 4,959 | 0.85 | 2,150,447 | 4,411 | 0.83 | |||||||||||||||||
Total interest-bearing deposits (3) | 12,103,652 | 13,224 | 0.43 | 11,198,729 | 11,782 | 0.42 | 9,449,451 | 9,338 | 0.40 | |||||||||||||||||
Short-term borrowings | 262,250 | 116 | 0.17 | 461,742 | 220 | 0.19 | 747,058 | 363 | 0.19 | |||||||||||||||||
Long-term debt | 343,016 | 2,620 | 2.99 | 446,748 | 2,866 | 2.54 | 423,495 | 3,080 | 2.91 | |||||||||||||||||
Total interest-bearing liabilities | 12,708,918 | 15,960 | 0.50 | 12,107,219 | 14,868 | 0.49 | 10,620,004 | 12,781 | 0.49 | |||||||||||||||||
Non-interest-bearing deposits | 4,265,912 | 3,933,468 | 3,312,357 | |||||||||||||||||||||||
Non-interest-bearing liabilities | 206,030 | 172,473 | 135,477 | |||||||||||||||||||||||
Total liabilities | 17,180,860 | 16,213,160 | 14,067,838 | |||||||||||||||||||||||
Total shareholders' equity | 2,423,210 | 2,232,126 | 1,889,775 | |||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 19,604,070 | $ | 18,445,286 | $ | 15,957,613 | ||||||||||||||||||||
Net interest income/Net interest spread | $ | 155,117 | 3.36 | % | $ | 145,677 | 3.38 | % | $ | 125,804 | 3.41 | % | ||||||||||||||
Tax-equivalent benefit | 2,185 | 0.05 | 1,996 | 0.05 | 2,040 | 0.06 | ||||||||||||||||||||
Net interest income (TE)/Net interest margin (TE) (1) | $ | 157,302 | 3.50 | % | $ | 147,673 | 3.52 | % | $ | 127,844 | 3.54 | % | ||||||||||||||
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. | ||||||||||||||||||||||||||
(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting. | ||||||||||||||||||||||||||
(3) Total deposit costs for the three months ended September 30, 2015, June 30, 2015, and March 31, 2015 total 0.32%, 0.31% and 0.30%, respectively. |
Table 8 - IBERIABANK CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||
LEGACY AND ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
3/31/2016 | 12/31/2015 | 9/30/2015 | 6/30/15 | 3/31/2015 | ||||||||||||||||||||||||||||||||||||||||
AS REPORTED (US GAAP) | Income | Average Balance | Yield | Income | Average Balance | Yield | Income | Average Balance | Yield | Income | Average Balance | Yield | Income | Average Balance | Yield | |||||||||||||||||||||||||||||
Legacy loans, net | $ | 115 | $ | 11,319 | 4.02 | % | $ | 109 | $ | 10,949 | 3.92 | % | $ | 105 | $ | 10,571 | 3.90 | % | $ | 99 | $ | 10,147 | 3.88 | % | $ | 94 | $ | 9,734 | 3.90 | % | ||||||||||||||
Acquired loans (1) | 45 | 3,073 | 5.84 | 50 | 3,277 | 5.97 | 49 | 3,486 | 5.59 | 47 | 3,206 | 5.82 | 30 | 1,896 | 6.34 | |||||||||||||||||||||||||||||
Total loans | $ | 160 | $ | 14,392 | 4.46 | % | $ | 159 | $ | 14,226 | 4.44 | % | $ | 154 | $ | 14,057 | 4.36 | % | $ | 146 | $ | 13,353 | 4.38 | % | $ | 124 | $ | 11,630 | 4.32 | % | ||||||||||||||
3/31/2016 | 12/31/2015 | 9/30/2015 | 6/30/15 | 3/31/2015 | ||||||||||||||||||||||||||||||||||||||||
ADJUSTMENTS | Income | Average Balance | Yield | Income | Average Balance | Yield | Income | Average Balance | Yield | Income | Average Balance | Yield | Income | Average Balance | Yield | |||||||||||||||||||||||||||||
Legacy loans, net | $ | — | $ | — | 0.00 | % | $ | — | $ | — | 0.00 | % | $ | — | $ | — | 0.00 | % | $ | — | $ | — | 0.00 | % | $ | — | $ | — | 0.00 | % | ||||||||||||||
Acquired loans (1) | (7 | ) | 86 | (1.04 | ) | (11 | ) | 87 | (1.41 | ) | (8 | ) | 92 | (0.90 | ) | (9 | ) | 85 | (1.23 | ) | (9 | ) | 67 | (2.00 | ) | |||||||||||||||||||
Total loans | $ | (7 | ) | $ | 86 | (0.21 | )% | $ | (11 | ) | $ | 87 | (0.33 | )% | $ | (8 | ) | $ | 92 | (0.24 | )% | $ | (9 | ) | $ | 85 | (0.30 | )% | $ | (9 | ) | $ | 67 | (0.33 | )% | |||||||||
3/31/2016 | 12/31/2015 | 9/30/2015 | 6/30/15 | 3/31/2015 | ||||||||||||||||||||||||||||||||||||||||
AS ADJUSTED (CASH YIELD, NON-GAAP) | Income | Average Balance | Yield | Income | Average Balance | Yield | Income | Average Balance | Yield | Income | Average Balance | Yield | Income | Average Balance | Yield | |||||||||||||||||||||||||||||
Legacy loans, net | $ | 115 | $ | 11,319 | 4.02 | % | $ | 109 | $ | 10,949 | 3.92 | % | $ | 105 | $ | 10,571 | 3.90 | % | $ | 99 | $ | 10,147 | 3.88 | % | $ | 94 | $ | 9,734 | 3.90 | % | ||||||||||||||
Acquired loans (1) | 38 | 3,159 | 4.80 | 39 | 3,364 | 4.56 | 41 | 3,578 | 4.69 | 38 | 3,291 | 4.58 | 21 | 1,963 | 4.28 | |||||||||||||||||||||||||||||
Total loans | $ | 153 | $ | 14,478 | 4.25 | % | $ | 148 | $ | 14,313 | 4.11 | % | $ | 146 | $ | 14,149 | 4.12 | % | $ | 137 | $ | 13,438 | 4.08 | % | $ | 115 | $ | 11,697 | 3.99 | % | ||||||||||||||
(1) Acquired loans include the impact of the FDIC Indemnification Asset. |
Table 9 - IBERIABANK CORPORATION | |||||||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
3/31/2016 | 12/31/2015 | 9/30/2015 | |||||||||||||||||||||||||||||||||
Pre-tax | After-tax (1) | Per share (2) | Pre-tax | After-tax (1) | Per share (2) | Pre-tax | After-tax (1) | Per share (2) | |||||||||||||||||||||||||||
Net income available to common shareholders (GAAP) | $ | 64,891 | $ | 40,193 | $ | 0.97 | $ | 62,977 | $ | 44,407 | $ | 1.08 | $ | 62,565 | $ | 42,475 | $ | 1.03 | |||||||||||||||||
— | |||||||||||||||||||||||||||||||||||
Non-interest income adjustments: | — | ||||||||||||||||||||||||||||||||||
Gain on sale of investments and other non-interest income | (196 | ) | (127 | ) | — | (157 | ) | (102 | ) | — | (2,221 | ) | (1,444 | ) | (0.04 | ) | |||||||||||||||||||
Non-interest expense adjustments: | |||||||||||||||||||||||||||||||||||
Merger-related expenses | 3 | 2 | — | (166 | ) | (108 | ) | — | 2,212 | 1,438 | 0.04 | ||||||||||||||||||||||||
Severance expenses | 454 | 295 | 0.01 | 1,842 | 1,197 | 0.03 | 304 | 198 | — | ||||||||||||||||||||||||||
Impairment of long-lived assets, net of (gain) loss on sale | 1,044 | 679 | 0.01 | 3,396 | 2,207 | 0.05 | 1,713 | 1,113 | 0.03 | ||||||||||||||||||||||||||
Other non-operating non-interest expense | 1,091 | 709 | 0.02 | (208 | ) | (135 | ) | — | 242 | 157 | — | ||||||||||||||||||||||||
Total non-interest expense adjustments | 2,592 | 1,685 | 0.04 | 4,864 | 3,161 | 0.08 | 4,471 | 2,906 | 0.07 | ||||||||||||||||||||||||||
Income tax benefits | — | — | — | — | (2,041 | ) | (0.05 | ) | — | — | - | ||||||||||||||||||||||||
Operating earnings (non-GAAP) | 67,287 | 41,751 | 1.01 | 67,684 | 45,425 | 1.11 | 64,815 | 43,937 | 1.07 | ||||||||||||||||||||||||||
Provision for loan losses | 14,905 | 9,688 | 0.24 | 11,711 | 7,612 | 0.19 | 5,062 | 3,291 | 0.08 | ||||||||||||||||||||||||||
Pre-provision operating earnings (non-GAAP) | $ | 82,192 | $ | 51,439 | $ | 1.25 | $ | 79,395 | $ | 53,037 | $ | 1.30 | $ | 69,877 | $ | 47,228 | $ | 1.15 | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
6/30/2015 | 3/31/2015 | ||||||||||||||||||||||||||||||||||
Pre-tax | After-tax (1) | Per share (2) | Pre-tax | After-tax (1) | Per share (2) | ||||||||||||||||||||||||||||||
Net income available to common shareholders (GAAP) | $ | 45,191 | $ | 30,836 | $ | 0.79 | $ | 36,205 | $ | 25,126 | $ | 0.75 | |||||||||||||||||||||||
Non-interest income adjustments: | |||||||||||||||||||||||||||||||||||
Gain on sale of investments and other non-interest income | (1,266 | ) | (823 | ) | (0.02 | ) | (389 | ) | (252 | ) | (0.01 | ) | |||||||||||||||||||||||
Non-interest expense adjustments: | |||||||||||||||||||||||||||||||||||
Merger-related expenses | 12,732 | 8,392 | 0.22 | 9,296 | 6,139 | 0.18 | |||||||||||||||||||||||||||||
Severance expenses | 406 | 264 | 0.01 | 41 | 27 | — | |||||||||||||||||||||||||||||
Impairment of long-lived assets, net of (gain) loss on sale | 1,571 | 1,021 | 0.03 | 579 | 376 | 0.01 | |||||||||||||||||||||||||||||
Other non-operating non-interest expense | 2,050 | 1,333 | 0.03 | 450 | 292 | 0.01 | |||||||||||||||||||||||||||||
Total non-interest expense adjustments | 16,759 | 11,010 | 0.29 | 10,366 | 6,834 | 0.20 |
Income tax benefits | — | — | - | — | — | — | |||||||||||||||||||||||||||||
Operating earnings (non-GAAP) | 60,684 | 41,023 | 1.05 | 46,182 | 31,708 | 0.95 | |||||||||||||||||||||||||||||
Provision for loan losses | 8,790 | 5,713 | 0.15 | 5,345 | 3,475 | 0.10 | |||||||||||||||||||||||||||||
Pre-provision operating earnings (non-GAAP) | $ | 69,474 | $ | 46,736 | $ | 1.20 | $ | 51,527 | $ | 35,183 | $ | 1.05 | |||||||||||||||||||||||
(1) After-tax amounts computed using a marginal tax rate of 35%. | |||||||||||||||||||||||||||||||||||
(2) Diluted per share amounts may not appear to foot due to rounding. |
Table 10 - IBERIABANK CORPORATION | |||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||
3/31/2016 | 12/31/2015 | 9/30/2015 | 6/30/2015 | 3/31/2015 | |||||||||||||||
Net interest income (GAAP) | $ | 161,403 | $ | 161,160 | $ | 155,117 | $ | 145,677 | $ | 125,804 | |||||||||
Add: Effect of tax benefit on interest income | 2,361 | 2,384 | 2,185 | 1,996 | 2,040 | ||||||||||||||
Net interest income (TE) (Non-GAAP) (1) | 163,764 | 163,544 | 157,302 | 147,673 | 127,844 | ||||||||||||||
Non-interest income (GAAP) | 55,845 | 52,503 | 57,478 | 61,513 | 48,899 | ||||||||||||||
Add: Effect of tax benefit on non-interest income | 647 | 590 | 589 | 579 | 588 | ||||||||||||||
Non-interest income (TE) (Non-GAAP) (1) | 56,492 | 53,093 | 58,067 | 62,092 | 49,487 | ||||||||||||||
Taxable equivalent revenues (Non-GAAP) (1) | 220,256 | 216,637 | 215,369 | 209,765 | 177,331 | ||||||||||||||
Securities gains and other non-interest income | (196 | ) | (157 | ) | (2,221 | ) | (1,266 | ) | (389 | ) | |||||||||
Taxable equivalent operating revenues (Non-GAAP) (1) | $ | 220,060 | $ | 216,480 | $ | 213,148 | $ | 208,499 | $ | 176,942 | |||||||||
Total non-interest expense (GAAP) | $ | 137,452 | $ | 138,975 | $ | 144,968 | $ | 153,209 | $ | 133,153 | |||||||||
Less: Intangible amortization expense | 2,113 | 1,795 | 2,338 | 2,155 | 1,523 | ||||||||||||||
Tangible non-interest expense (Non-GAAP) (2) | 135,339 | 137,180 | 142,630 | 151,054 | 131,630 | ||||||||||||||
Less: Merger-related expense | 3 | (166 | ) | 2,212 | 12,732 | 9,296 | |||||||||||||
Severance expense | 454 | 1,842 | 304 | 406 | 41 | ||||||||||||||
Loss on sale of long-lived assets, net of impairment | 1,044 | 3,396 | 1,713 | 1,571 | 579 | ||||||||||||||
Other non-operating non-interest expense | 1,091 | (208 | ) | 242 | 2,050 | 450 | |||||||||||||
Tangible operating non-interest expense (Non-GAAP) (2) | $ | 132,747 | $ | 132,316 | $ | 138,159 | $ | 134,295 | $ | 121,264 | |||||||||
Return on average assets (GAAP) | 0.82 | % | 0.90 | % | 0.86 | % | 0.67 | % | 0.64 | % | |||||||||
Effect of non-operating revenues and expenses | 0.03 | 0.02 | 0.03 | 0.22 | 0.17 | ||||||||||||||
Operating return on average assets (Non-GAAP) | 0.85 | % | 0.92 | % | 0.89 | % | 0.89 | % | 0.81 | % | |||||||||
Efficiency ratio (GAAP) | 63.3 | % | 65.0 | % | 68.2 | % | 73.9 | % | 76.2 | % | |||||||||
Effect of tax benefit related to tax-exempt income | (0.9) | (0.8) | (0.9) | (0.9) | (1.1) | ||||||||||||||
Efficiency ratio (TE) (Non-GAAP) (1) | 62.4 | % | 64.2 | % | 67.3 | % | 73.0 | % | 75.1 | % | |||||||||
Effect of amortization of intangibles | (1.0 | ) | (0.8 | ) | (1.1 | ) | (1.0 | ) | (0.9 | ) | |||||||||
Effect of non-operating items | (1.1 | ) | (2.3 | ) | (1.4 | ) | (7.6 | ) | (5.7 | ) | |||||||||
Tangible operating efficiency ratio (TE) (Non-GAAP) (1) (2) | 60.3 | % | 61.1 | % | 64.8 | % | 64.4 | % | 68.5 | % | |||||||||
Return on average common equity (GAAP) | 6.59 | % | 7.30 | % | 7.09 | % | 5.54 | % | 5.39 | % | |||||||||
Effect of intangibles (2) | 3.30 | 3.65 | 3.73 | 2.93 | 2.53 | ||||||||||||||
Effect of non-operating revenues and expenses | 0.37 | 0.25 | 0.36 | 2.67 | 2.00 | ||||||||||||||
Return on average operating tangible common equity (Non-GAAP) (2) | 10.26 | % | 11.20 | % | 11.18 | % | 11.14 | % | 9.92 | % | |||||||||
Total shareholders' equity (GAAP) | $ | 2,547,909 | $ | 2,498,835 | $ | 2,483,201 | $ | 2,365,284 | $ | 2,167,330 | |||||||||
Less: Goodwill and other intangibles | 764,730 | 761,871 | 762,500 | 761,809 | 668,802 | ||||||||||||||
Preferred stock | 76,812 | 76,812 | 77,463 | — | — | ||||||||||||||
Tangible common equity (Non-GAAP) (2) | $ | 1,706,367 | $ | 1,660,152 | $ | 1,643,238 | $ | 1,603,475 | $ | 1,498,528 | |||||||||
Total assets (GAAP) | $ | 20,092,563 | $ | 19,504,068 | $ | 19,534,225 | $ | 19,238,928 | $ | 18,051,762 | |||||||||
Less: Goodwill and other intangibles | 764,730 | 761,871 | 762,500 | 761,809 | 668,802 | ||||||||||||||
Tangible assets (Non-GAAP) (2) | $ | 19,327,833 | $ | 18,742,197 | $ | 18,771,725 | $ | 18,477,119 | $ | 17,382,960 | |||||||||
Tangible common equity ratio (Non-GAAP) (2) | 8.83 | % | 8.86 | % | 8.75 | % | 8.68 | % | 8.62 | % | |||||||||
(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 intangibles and the corresponding amortization expense on a tax-effected basis where applicable. |