x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Louisiana | 72-1280718 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
200 West Congress Street | ||
Lafayette, Louisiana | 70501 | |
(Address of principal executive office) | (Zip Code) |
Large Accelerated Filer | x | Accelerated Filer | ¨ | |||
Non-accelerated Filer | ¨ | Smaller Reporting Company | ¨ | |||
Emerging Growth Company | ¨ |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common Stock (par value $1.00 per share) | IBKC | The NASDAQ Stock Market, LLC |
Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B | IBKCP | The NASDAQ Stock Market, LLC |
Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.60% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series C | IBKCO | The NASDAQ Stock Market, LLC |
Depositary Shares, Each Representing a 1/400th Interest in a Share of 6.100% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series D | IBKCN | The NASDAQ Stock Market, LLC |
Page | |
Part I. Financial Information | |
Item 1. Financial Statements (unaudited) | |
(unaudited) | |||||||
(in thousands, except share data) | March 31, 2019 | December 31, 2018 | |||||
Assets | |||||||
Cash and due from banks | $ | 280,680 | $ | 294,186 | |||
Interest-bearing deposits in other banks | 391,217 | 396,267 | |||||
Total cash and cash equivalents | 671,897 | 690,453 | |||||
Securities available for sale, at fair value | 4,873,778 | 4,783,579 | |||||
Securities held to maturity (fair values of $200,568 and $204,277, respectively) | 198,958 | 207,446 | |||||
Mortgage loans held for sale, at fair value | 128,451 | 107,734 | |||||
Loans and leases, net of unearned income | 22,968,295 | 22,519,815 | |||||
Allowance for loan and lease losses | (142,966 | ) | (140,571 | ) | |||
Loans and leases, net | 22,825,329 | 22,379,244 | |||||
Premises and equipment, net | 297,342 | 300,507 | |||||
Goodwill | 1,235,533 | 1,235,533 | |||||
Other intangible assets | 84,459 | 88,736 | |||||
Other assets | 944,442 | 1,039,783 | |||||
Total Assets | $ | 31,260,189 | $ | 30,833,015 | |||
Liabilities | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 6,448,613 | $ | 6,542,490 | |||
Interest-bearing | 17,643,449 | 17,220,941 | |||||
Total deposits | 24,092,062 | 23,763,431 | |||||
Short-term borrowings | 1,106,131 | 1,482,882 | |||||
Long-term debt | 1,475,455 | 1,166,151 | |||||
Other liabilities | 444,710 | 364,274 | |||||
Total Liabilities | 27,118,358 | 26,776,738 | |||||
Shareholders’ Equity | |||||||
Preferred stock, $1 par value - 5,000,000 shares authorized | |||||||
Non-cumulative perpetual, liquidation preference $10,000 per share; 13,750 shares issued and outstanding, including related surplus | 132,097 | 132,097 | |||||
Common stock, $1 par value - 100,000,000 shares authorized; 54,551,264 and 54,796,231 shares issued and outstanding, respectively | 54,551 | 54,796 | |||||
Additional paid-in capital | 2,840,842 | 2,869,416 | |||||
Retained earnings | 1,117,641 | 1,042,718 | |||||
Accumulated other comprehensive income (loss) | (3,300 | ) | (42,750 | ) | |||
Total Shareholders’ Equity | 4,141,831 | 4,056,277 | |||||
Total Liabilities and Shareholders’ Equity | $ | 31,260,189 | $ | 30,833,015 |
Three Months Ended March 31, | |||||||
(in thousands, except per share data) | 2019 | 2018 | |||||
Interest and dividend income | |||||||
Loans and leases, including fees | $ | 284,879 | $ | 238,069 | |||
Mortgage loans held for sale, including fees | 1,054 | 1,154 | |||||
Taxable securities | 33,916 | 25,328 | |||||
Tax-exempt securities | 2,209 | 2,766 | |||||
Other | 4,026 | 3,226 | |||||
Total interest and dividend income | 326,084 | 270,543 | |||||
Interest Expense | |||||||
Deposits | 60,235 | 28,244 | |||||
Short-term borrowings | 5,716 | 2,524 | |||||
Long-term debt | 9,649 | 6,886 | |||||
Total interest expense | 75,600 | 37,654 | |||||
Net interest income | 250,484 | 232,889 | |||||
Provision for credit losses | 13,763 | 8,211 | |||||
Net interest income after provision for credit losses | 236,721 | 224,678 | |||||
Non-interest income | |||||||
Mortgage income | 11,849 | 9,595 | |||||
Service charges on deposit accounts | 12,810 | 12,908 | |||||
Title income | 5,225 | 5,027 | |||||
Broker commissions | 1,953 | 2,221 | |||||
ATM and debit card fee income | 2,582 | 2,633 | |||||
Credit card and merchant-related income | 3,411 | 2,907 | |||||
Trust department income | 4,167 | 3,426 | |||||
Income from bank owned life insurance | 1,797 | 1,282 | |||||
Securities gains (losses), net | — | (59 | ) | ||||
Commission income | 4,664 | 1,537 | |||||
Other non-interest income | 4,051 | 3,089 | |||||
Total non-interest income | 52,509 | 44,566 | |||||
Non-interest expense | |||||||
Salaries and employee benefits | 98,296 | 104,586 | |||||
Net occupancy and equipment | 18,564 | 20,047 | |||||
Communication and delivery | 3,700 | 3,902 | |||||
Marketing and business development | 4,118 | 4,752 | |||||
Computer services expense | 9,157 | 12,393 | |||||
Professional services | 4,450 | 7,391 | |||||
Credit and other loan related expense | 2,859 | 4,393 | |||||
Insurance | 4,186 | 7,105 | |||||
Travel and entertainment | 2,430 | 3,237 | |||||
Amortization of acquisition intangibles | 5,009 | 5,102 | |||||
Impairment of long-lived assets and other losses | 1,064 | 8,757 | |||||
Other non-interest expense | 4,920 | 6,406 | |||||
Total non-interest expense | 158,753 | 188,071 | |||||
Income before income tax expense | 130,477 | 81,173 | |||||
Income tax expense | 30,346 | 17,552 | |||||
Net income | 100,131 | 63,621 | |||||
Less: Preferred stock dividends | 3,598 | 3,598 | |||||
Net income available to common shareholders | $ | 96,533 | $ | 60,023 | |||
Income available to common shareholders - basic | $ | 96,533 | $ | 60,023 | |||
Less: Earnings allocated to unvested restricted stock | 933 | 639 | |||||
Earnings allocated to common shareholders | $ | 95,600 | $ | 59,384 | |||
Earnings per common share - basic | $ | 1.76 | $ | 1.11 | |||
Earnings per common share - diluted | 1.75 | 1.10 | |||||
Cash dividends declared per common share | 0.43 | 0.38 | |||||
Comprehensive income | |||||||
Net income | $ | 100,131 | $ | 63,621 | |||
Other comprehensive income (loss), net of tax: | |||||||
Unrealized gains (losses) on securities: | |||||||
Unrealized holding gains (losses) arising during the period (net of tax effects of $10,675 and $14,223, respectively) | 41,408 | (53,506 | ) | ||||
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $0 and $13, respectively) | — | (46 | ) | ||||
Unrealized gains (losses) on securities, net of tax | 41,408 | (53,460 | ) | ||||
Fair value of derivative instruments designated as cash flow hedges: | |||||||
Change in fair value of derivative instruments designated as cash flow hedges during the period (net of tax effects of $471 and $678, respectively) | (2,185 | ) | 2,549 | ||||
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $75 and $31, respectively) | (227 | ) | (116 | ) | |||
Fair value of derivative instruments designated as cash flow hedges, net of tax | (1,958 | ) | 2,665 | ||||
Other comprehensive income (loss), net of tax | 39,450 | (50,795 | ) | ||||
Comprehensive income | $ | 139,581 | $ | 12,826 |
Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||
Preferred Stock | Common Stock | ||||||||||||||||||||||||||||
(in thousands, except share and per share data) | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance, December 31, 2017 | 13,750 | $ | 132,097 | 53,872,272 | $ | 53,872 | $ | 2,787,484 | $ | 769,226 | $ | (45,888 | ) | $ | 3,696,791 | ||||||||||||||
Cumulative-effect adjustment due to the adoption of ASU 2016-01 (1) | — | — | — | — | — | (345 | ) | — | (345 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 63,621 | — | 63,621 | |||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | (50,795 | ) | (50,795 | ) | |||||||||||||||||||
Cash dividends declared, $0.38 per share | — | — | — | — | — | (21,579 | ) | — | (21,579 | ) | |||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (3,598 | ) | — | (3,598 | ) | |||||||||||||||||||
Common stock issued under incentive plans, net of shares surrendered in payment | — | — | 118,796 | 119 | (2,700 | ) | — | — | (2,581 | ) | |||||||||||||||||||
Common stock issued for acquisitions | — | — | 2,787,773 | 2,788 | 211,871 | — | — | 214,659 | |||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 4,734 | — | — | 4,734 | |||||||||||||||||||||
Balance, March 31, 2018 | 13,750 | $ | 132,097 | 56,778,841 | $ | 56,779 | $ | 3,001,389 | $ | 807,325 | $ | (96,683 | ) | $ | 3,900,907 | ||||||||||||||
Balance, December 31, 2018 | 13,750 | $ | 132,097 | 54,796,231 | $ | 54,796 | $ | 2,869,416 | $ | 1,042,718 | $ | (42,750 | ) | $ | 4,056,277 | ||||||||||||||
Cumulative-effect adjustment due to the adoption of ASU 2016-02 (2) | — | — | — | — | — | 1,847 | — | 1,847 | |||||||||||||||||||||
Net income | — | — | — | — | — | 100,131 | — | 100,131 | |||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | 39,450 | 39,450 | |||||||||||||||||||||
Cash dividends declared, $0.43 per share | — | — | — | — | — | (23,457 | ) | — | (23,457 | ) | |||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (3,598 | ) | — | (3,598 | ) | |||||||||||||||||||
Common stock issued under incentive plans, net of shares surrendered in payment | — | — | 142,954 | 143 | (4,588 | ) | — | — | (4,445 | ) | |||||||||||||||||||
Common stock repurchases | — | — | (387,921 | ) | (388 | ) | (29,558 | ) | — | — | (29,946 | ) | |||||||||||||||||
Share-based compensation expense | — | — | — | — | 5,572 | — | — | 5,572 | |||||||||||||||||||||
Balance, March 31, 2019 | 13,750 | $ | 132,097 | 54,551,264 | $ | 54,551 | $ | 2,840,842 | $ | 1,117,641 | $ | (3,300 | ) | $ | 4,141,831 | ||||||||||||||
(1) Cumulative-effect adjustment to beginning retained earnings for fair value adjustments related to the reclassification of certain equity investments in accordance with ASU 2016-01, adopted as of January 1, 2018. | |||||||||||||||||||||||||||||
(2) Cumulative-effect adjustment to beginning retained earnings related to the recognition of pre-existing lease liabilities and previously deferred gains on sale-leaseback transactions in accordance with ASU 2016-02, adopted as of January 1, 2019. |
For the Three Months Ended March 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 100,131 | $ | 63,621 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, amortization, and accretion, including amortization of purchase accounting adjustments and market value adjustments | 4,018 | (309 | ) | ||||
Provision for credit losses | 13,763 | 8,211 | |||||
Share-based compensation expense - equity awards | 5,572 | 4,734 | |||||
Loss on sale of OREO and long-lived assets, net of impairment | 278 | 670 | |||||
Securities loss, net | — | 59 | |||||
Deferred income tax expense | 17,861 | 10,992 | |||||
Originations of mortgage loans held for sale | (326,244 | ) | (336,400 | ) | |||
Proceeds from sales of mortgage loans held for sale | 320,853 | 367,487 | |||||
Realized and unrealized (gain) on mortgage loans held for sale, net | (11,593 | ) | (9,320 | ) | |||
Other operating activities, net | 152,430 | (13,338 | ) | ||||
Net Cash Provided by Operating Activities | 277,069 | 96,407 | |||||
Cash Flows from Investing Activities | |||||||
Proceeds from maturities, prepayments and calls of available for sale securities | 136,627 | 149,987 | |||||
Purchases of available for sale securities, net of available for sale securities acquired | (179,565 | ) | (194,543 | ) | |||
Proceeds from maturities, prepayments and calls of held to maturity securities | 7,787 | 2,288 | |||||
Purchases of equity securities, net of equity securities acquired | (14,753 | ) | (2,452 | ) | |||
Proceeds from sales of equity securities | 3,637 | 61,038 | |||||
Increase in loans, net of loans acquired | (446,284 | ) | (145,201 | ) | |||
Proceeds from sales of premises and equipment | 91 | 1,408 | |||||
Purchases of premises and equipment, net of premises and equipment acquired | (3,182 | ) | (5,798 | ) | |||
Proceeds from dispositions of OREO | 1,980 | 5,318 | |||||
Cash paid for additional investment in tax credit entities | (2,828 | ) | (750 | ) | |||
Cash received for acquisition of a business, net of cash paid | — | 99,312 | |||||
Other investing activities, net | — | (745 | ) | ||||
Net Cash Used in Investing Activities | (496,490 | ) | (30,138 | ) | |||
Cash Flows from Financing Activities | |||||||
Increase in deposits, net of deposits acquired | 328,631 | 440,470 | |||||
Net change in short-term borrowings, net of borrowings acquired | (376,751 | ) | (90,802 | ) | |||
Proceeds from long-term debt, net of long-term debt acquired | 400,000 | 200,227 | |||||
Repayments of long-term debt | (90,560 | ) | (651,684 | ) | |||
Cash dividends paid on common stock | (22,466 | ) | (19,933 | ) | |||
Cash dividends paid on preferred stock | (3,598 | ) | (3,598 | ) | |||
Net share-based compensation stock transactions | (4,445 | ) | (2,581 | ) | |||
Payments to repurchase common stock | (29,946 | ) | — | ||||
Net Cash Provided by (Used in) Financing Activities | 200,865 | (127,901 | ) | ||||
Net (Decrease) In Cash and Cash Equivalents | (18,556 | ) | (61,632 | ) | |||
Cash and Cash Equivalents at Beginning of Period | 690,453 | 625,724 | |||||
Cash and Cash Equivalents at End of Period | $ | 671,897 | $ | 564,092 | |||
Supplemental Schedule of Non-cash Activities | |||||||
Acquisition of real estate in settlement of loans | $ | 2,727 | $ | 1,757 | |||
Common stock issued in acquisitions | $ | — | $ | 214,659 | |||
Supplemental Disclosures | |||||||
Cash paid for: | |||||||
Interest on deposits and borrowings, net of acquired | $ | 71,010 | $ | 37,035 | |||
Income taxes, net | $ | — | $ | 101 |
March 31, 2019 | |||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Securities available for sale: | |||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 40,822 | $ | 130 | $ | — | $ | 40,952 | |||||||
Obligations of state and political subdivisions | 175,271 | 4,740 | (32 | ) | 179,979 | ||||||||||
Mortgage-backed securities: | |||||||||||||||
Residential agency | 3,757,469 | 16,972 | (29,763 | ) | 3,744,678 | ||||||||||
Commercial agency | 779,487 | 6,656 | (7,716 | ) | 778,427 | ||||||||||
Other securities | 128,380 | 1,876 | (514 | ) | 129,742 | ||||||||||
Total securities available for sale | $ | 4,881,429 | $ | 30,374 | $ | (38,025 | ) | $ | 4,873,778 | ||||||
Securities held to maturity: | |||||||||||||||
Obligations of state and political subdivisions | $ | 180,472 | $ | 2,365 | $ | (42 | ) | $ | 182,795 | ||||||
Mortgage-backed securities: | |||||||||||||||
Residential agency | 18,486 | 29 | (742 | ) | 17,773 | ||||||||||
Total securities held to maturity | $ | 198,958 | $ | 2,394 | $ | (784 | ) | $ | 200,568 |
December 31, 2018 | |||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
Securities available for sale: | |||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 995 | $ | 3 | $ | — | $ | 998 | |||||||
Obligations of state and political subdivisions | 177,566 | 2,045 | (723 | ) | 178,888 | ||||||||||
Mortgage-backed securities: | |||||||||||||||
Residential agency | 3,837,584 | 8,886 | (57,073 | ) | 3,789,397 | ||||||||||
Commercial agency | 730,148 | 2,363 | (14,799 | ) | 717,712 | ||||||||||
Other securities | 97,020 | 351 | (787 | ) | 96,584 | ||||||||||
Total securities available for sale | $ | 4,843,313 | $ | 13,648 | $ | (73,382 | ) | $ | 4,783,579 | ||||||
Securities held to maturity: | |||||||||||||||
Obligations of state and political subdivisions | $ | 188,684 | $ | 309 | $ | (2,497 | ) | $ | 186,496 | ||||||
Mortgage-backed securities: | |||||||||||||||
Residential agency | 18,762 | 30 | (1,011 | ) | 17,781 | ||||||||||
Total securities held to maturity | $ | 207,446 | $ | 339 | $ | (3,508 | ) | $ | 204,277 |
March 31, 2019 | |||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||
(in thousands) | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Obligations of state and political subdivisions | $ | — | $ | — | $ | (32 | ) | $ | 11,925 | $ | (32 | ) | $ | 11,925 | |||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential agency | (71 | ) | 40,608 | (29,692 | ) | 2,081,552 | (29,763 | ) | 2,122,160 | ||||||||||||||
Commercial agency | (5 | ) | 7,001 | (7,711 | ) | 434,500 | (7,716 | ) | 441,501 | ||||||||||||||
Other securities | (4 | ) | 4,382 | (510 | ) | 33,543 | (514 | ) | 37,925 | ||||||||||||||
Total securities available for sale | $ | (80 | ) | $ | 51,991 | $ | (37,945 | ) | $ | 2,561,520 | $ | (38,025 | ) | $ | 2,613,511 | ||||||||
Securities held to maturity: | |||||||||||||||||||||||
Obligations of state and political subdivisions | $ | — | $ | — | $ | (42 | ) | $ | 13,160 | $ | (42 | ) | $ | 13,160 | |||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential agency | — | — | (742 | ) | 17,480 | (742 | ) | 17,480 | |||||||||||||||
Total securities held to maturity | $ | — | $ | — | $ | (784 | ) | $ | 30,640 | $ | (784 | ) | $ | 30,640 |
December 31, 2018 | |||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | |||||||||||||||||||||
(in thousands) | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
Obligations of state and political subdivisions | $ | (9 | ) | $ | 4,112 | $ | (714 | ) | $ | 30,268 | $ | (723 | ) | $ | 34,380 | ||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential agency | (816 | ) | 197,057 | (56,257 | ) | 2,193,862 | (57,073 | ) | 2,390,919 | ||||||||||||||
Commercial agency | (43 | ) | 18,190 | (14,756 | ) | 483,565 | (14,799 | ) | 501,755 | ||||||||||||||
Other securities | (94 | ) | 18,025 | (693 | ) | 32,577 | (787 | ) | 50,602 | ||||||||||||||
Total securities available for sale | $ | (962 | ) | $ | 237,384 | $ | (72,420 | ) | $ | 2,740,272 | $ | (73,382 | ) | $ | 2,977,656 | ||||||||
Securities held to maturity: | |||||||||||||||||||||||
Obligations of state and political subdivisions | $ | (3 | ) | $ | 2,059 | $ | (2,494 | ) | $ | 151,699 | $ | (2,497 | ) | $ | 153,758 | ||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Residential agency | — | — | (1,011 | ) | 17,478 | (1,011 | ) | 17,478 | |||||||||||||||
Total securities held to maturity | $ | (3 | ) | $ | 2,059 | $ | (3,505 | ) | $ | 169,177 | $ | (3,508 | ) | $ | 171,236 |
(in thousands) | March 31, 2019 | December 31, 2018 | |||||
Number of securities | |||||||
Mortgage-backed securities: | |||||||
Residential agency | 289 | 302 | |||||
Commercial agency | 65 | 72 | |||||
Obligations of state and political subdivisions | 17 | 60 | |||||
Other securities | 8 | 7 | |||||
379 | 441 | ||||||
Amortized Cost Basis | |||||||
Mortgage-backed securities: | |||||||
Residential agency | $ | 2,129,466 | $ | 2,268,608 | |||
Commercial agency | 442,211 | 498,321 | |||||
Obligations of state and political subdivisions | 25,159 | 185,175 | |||||
Other securities | 34,053 | 33,270 | |||||
$ | 2,630,889 | $ | 2,985,374 | ||||
Unrealized Loss | |||||||
Mortgage-backed securities: | |||||||
Residential agency | $ | 30,434 | $ | 57,268 | |||
Commercial agency | 7,711 | 14,756 | |||||
Obligations of state and political subdivisions | 74 | 3,208 | |||||
Other securities | 510 | 693 | |||||
$ | 38,729 | $ | 75,925 |
Securities Available for Sale | Securities Held to Maturity | ||||||||||||||||||||
(in thousands) | Weighted Average Yield | Amortized Cost | Estimated Fair Value | Weighted Average Yield | Amortized Cost | Estimated Fair Value | |||||||||||||||
Within one year or less | 3.86 | % | $ | 2,536 | $ | 2,542 | 2.33 | % | $ | 955 | $ | 959 | |||||||||
One through five years | 2.66 | 113,924 | 114,533 | 2.42 | 6,100 | 6,114 | |||||||||||||||
After five through ten years | 2.71 | 863,166 | 867,609 | 2.58 | 42,885 | 43,419 | |||||||||||||||
Over ten years | 2.97 | 3,901,803 | 3,889,094 | 2.63 | 149,018 | 150,076 | |||||||||||||||
2.92 | % | $ | 4,881,429 | $ | 4,873,778 | 2.61 | % | $ | 198,958 | $ | 200,568 |
Three Months Ended March 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Realized gains | $ | — | $ | 9 | |||
Realized losses | — | (68 | ) | ||||
$ | — | $ | (59 | ) |
(in thousands) | March 31, 2019 | December 31, 2018 | |||||
Federal Home Loan Bank stock | $ | 107,122 | $ | 95,213 | |||
Federal Reserve Bank stock | 85,630 | 85,630 | |||||
CRA and Community Development Investment Funds | 1,914 | 1,884 | |||||
Other investments | 13,864 | 9,709 | |||||
$ | 208,530 | $ | 192,436 |
(in thousands) | March 31, 2019 | December 31, 2018 | |||||
Commercial loans and leases: | |||||||
Real estate - construction | $ | 1,219,647 | $ | 1,196,366 | |||
Real estate - owner-occupied | 2,408,079 | 2,395,822 | |||||
Real estate - non-owner-occupied | 6,147,864 | 5,796,117 | |||||
Commercial and industrial (1) | 5,852,568 | 5,737,017 | |||||
Total commercial loans and leases | 15,628,158 | 15,125,322 | |||||
Residential mortgage loans | 4,415,267 | 4,359,156 | |||||
Consumer and other loans: | |||||||
Home equity | 2,220,648 | 2,304,694 | |||||
Other | 704,222 | 730,643 | |||||
Total consumer and other loans | 2,924,870 | 3,035,337 | |||||
Total loans and leases | $ | 22,968,295 | $ | 22,519,815 |
(1) | Includes equipment financing leases |
March 31, 2019 | |||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||
(in thousands) | Current or Less Than 30 days Past Due | 30-59 days | 60-89 days | > 90 days | Total Past Due | Non-accrual (1) | Acquired Impaired | Total | |||||||||||||||||||||||
Real estate- construction | $ | 1,197,063 | $ | 305 | $ | — | $ | — | $ | 305 | $ | 1,072 | $ | 21,207 | $ | 1,219,647 | |||||||||||||||
Real estate- owner-occupied | 2,324,441 | 2,510 | 67 | 3,139 | 5,716 | 8,630 | 69,292 | 2,408,079 | |||||||||||||||||||||||
Real estate- non-owner-occupied | 6,054,340 | 2,213 | 91 | 863 | 3,167 | 19,984 | 70,373 | 6,147,864 | |||||||||||||||||||||||
Commercial and industrial | 5,766,811 | 8,881 | 725 | 109 | 9,715 | 51,447 | 24,595 | 5,852,568 | |||||||||||||||||||||||
Residential mortgage | 4,269,617 | 10,884 | 4,756 | — | 15,640 | 45,473 | 84,537 | 4,415,267 | |||||||||||||||||||||||
Consumer - home equity | 2,134,340 | 9,511 | 2,178 | — | 11,689 | 18,719 | 55,900 | 2,220,648 | |||||||||||||||||||||||
Consumer - other | 695,940 | 2,303 | 910 | — | 3,213 | 2,731 | 2,338 | 704,222 | |||||||||||||||||||||||
Total | $ | 22,442,552 | $ | 36,607 | $ | 8,727 | $ | 4,111 | $ | 49,445 | $ | 148,056 | $ | 328,242 | $ | 22,968,295 |
(1) | Of the total non-accrual loans at March 31, 2019, $9.0 million were past due 30-59 days, $4.6 million were past due 60-89 days, and $53.7 million were past due more than 90 days. |
December 31, 2018 | |||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||
(in thousands) | Current or Less Than 30 days Past Due | 30-59 days | 60-89 days | > 90 days | Total Past Due | Non-accrual (1) | Acquired Impaired | Total | |||||||||||||||||||||||
Real estate- construction | $ | 1,167,795 | $ | 1,054 | $ | — | $ | — | $ | 1,054 | $ | 1,094 | $ | 26,423 | $ | 1,196,366 | |||||||||||||||
Real estate- owner-occupied | 2,305,743 | 7,167 | — | — | 7,167 | 10,260 | 72,652 | 2,395,822 | |||||||||||||||||||||||
Real estate- non-owner-occupied | 5,703,131 | 7,473 | 360 | — | 7,833 | 15,898 | 69,255 | 5,796,117 | |||||||||||||||||||||||
Commercial and industrial | 5,645,304 | 5,139 | 1,320 | 553 | 7,012 | 57,860 | 26,841 | 5,737,017 | |||||||||||||||||||||||
Residential mortgage | 4,218,146 | 2,768 | 13,063 | 1,575 | 17,406 | 30,396 | 93,208 | 4,359,156 | |||||||||||||||||||||||
Consumer - home equity | 2,200,517 | 10,283 | 2,409 | — | 12,692 | 18,830 | 72,655 | 2,304,694 | |||||||||||||||||||||||
Consumer - other | 719,122 | 4,695 | 1,601 | — | 6,296 | 2,846 | 2,379 | 730,643 | |||||||||||||||||||||||
Total | $ | 21,959,758 | $ | 38,579 | $ | 18,753 | $ | 2,128 | $ | 59,460 | $ | 137,184 | $ | 363,413 | $ | 22,519,815 |
(1) | Of the total non-accrual loans at December 31, 2018, $7.0 million were past due 30-59 days, $3.7 million were past due 60-89 days, and $66.9 million were past due more than 90 days. |
(in thousands) | 2019 | 2018 | ||||||
Balance at beginning of period | $ | 133,342 | $ | 152,623 | ||||
Additions | — | 2,371 | ||||||
Transfers from non-accretable difference to accretable yield | (3,640 | ) | (279 | ) | ||||
Accretion | (10,086 | ) | (13,154 | ) | ||||
Changes in expected cash flows not affecting non-accretable differences (1) | (272 | ) | 9,687 | |||||
Balance at end of period | $ | 119,344 | $ | 151,248 |
(1) | Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions. |
Three Months Ended March 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Extended maturities | $ | 9,014 | $ | 5,619 | |||
Maturity and interest rate adjustment | 468 | 108 | |||||
Movement to or extension of interest-rate only payments | 12 | 48 | |||||
Interest rate adjustment | — | 105 | |||||
Forbearance | 6,510 | 12,886 | |||||
Other concession(s) (1) | 15,425 | 8,434 | |||||
Total | $ | 31,429 | $ | 27,200 |
(1) | Other concessions may include covenant waivers, forgiveness of principal or interest associated with a customer bankruptcy, or a combination of any of the above concessions. |
Three Months Ended March 31, | |||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||
(in thousands, except number of loans) | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||
Real estate- construction | 1 | $ | 39 | $ | 39 | 1 | $ | 1,950 | $ | 1,049 | |||||||||||
Real estate- owner-occupied | 4 | 6,904 | 4,661 | 2 | 10,691 | 9,324 | |||||||||||||||
Real estate- non-owner-occupied | 7 | 2,990 | 2,968 | 9 | 1,089 | 1,091 | |||||||||||||||
Commercial and industrial | 23 | 17,382 | 17,040 | 18 | 14,429 | 13,314 | |||||||||||||||
Residential mortgage | 10 | 1,741 | 1,738 | — | — | — | |||||||||||||||
Consumer - home equity | 33 | 4,277 | 4,233 | 14 | 1,809 | 1,795 | |||||||||||||||
Consumer - other | 38 | 787 | 750 | 21 | 648 | 627 | |||||||||||||||
Total | 116 | $ | 34,120 | $ | 31,429 | 65 | $ | 30,616 | $ | 27,200 |
Three Months Ended March 31, | |||||||||||||
2019 | 2018 | ||||||||||||
(in thousands, except number of loans) | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||
Real estate- construction | 1 | $ | 939 | — | $ | — | |||||||
Real estate- owner-occupied | 3 | 640 | 3 | 10,187 | |||||||||
Real estate- non-owner-occupied | 7 | 825 | 9 | 492 | |||||||||
Commercial and industrial | 10 | 3,933 | 29 | 9,708 | |||||||||
Residential mortgage | 13 | 1,108 | 6 | 598 | |||||||||
Consumer - home equity | 16 | 2,891 | 24 | 2,331 | |||||||||
Consumer - other | 20 | 261 | 51 | 1,357 | |||||||||
Total | 70 | $ | 10,597 | 122 | $ | 24,673 |
(in thousands) | 2019 | 2018 | ||||||
Allowance for loan and lease losses at beginning of period | $ | 140,571 | $ | 140,891 | ||||
Provision for loan and lease losses | 12,612 | 7,987 | ||||||
Transfer of balance to OREO and other | (2,885 | ) | (48 | ) | ||||
Charge-offs | (8,918 | ) | (9,116 | ) | ||||
Recoveries | 1,586 | 4,813 | ||||||
Allowance for loan and lease losses at end of period | $ | 142,966 | $ | 144,527 | ||||
Reserve for unfunded commitments at beginning of period | $ | 14,830 | $ | 13,208 | ||||
Provision for unfunded lending commitments | 1,151 | 224 | ||||||
Reserve for unfunded commitments at end of period | $ | 15,981 | $ | 13,432 | ||||
Allowance for credit losses at end of period | $ | 158,947 | $ | 157,959 |
2019 | |||||||||||||||||||
(in thousands) | Commercial Real Estate | Commercial and Industrial | Residential Mortgage | Consumer and Other | Total | ||||||||||||||
Allowance for loan and lease losses at beginning of period | $ | 51,806 | $ | 54,096 | $ | 12,998 | $ | 21,671 | $ | 140,571 | |||||||||
Provision for loan and lease losses | 6,887 | 2,876 | 1,749 | 1,100 | 12,612 | ||||||||||||||
Transfer of balance to OREO and other | — | — | (2,881 | ) | (4 | ) | (2,885 | ) | |||||||||||
Charge-offs | (72 | ) | (4,931 | ) | (28 | ) | (3,887 | ) | (8,918 | ) | |||||||||
Recoveries | 103 | 446 | 32 | 1,005 | 1,586 | ||||||||||||||
Allowance for loan and lease losses at end of period | $ | 58,724 | $ | 52,487 | $ | 11,870 | $ | 19,885 | $ | 142,966 | |||||||||
Reserve for unfunded commitments at beginning of period | $ | 4,869 | $ | 6,198 | $ | 866 | $ | 2,897 | $ | 14,830 | |||||||||
Provision for unfunded commitments | 794 | 128 | 22 | 207 | 1,151 | ||||||||||||||
Reserve for unfunded commitments at end of period | $ | 5,663 | $ | 6,326 | $ | 888 | $ | 3,104 | $ | 15,981 | |||||||||
Allowance on loans individually evaluated for impairment | $ | 3,078 | $ | 10,988 | $ | 258 | $ | 2,624 | $ | 16,948 | |||||||||
Allowance on loans collectively evaluated for impairment | 50,210 | 39,997 | 7,404 | 17,087 | 114,698 | ||||||||||||||
Allowance on loans acquired with deteriorated credit quality | 5,436 | 1,502 | 4,208 | 174 | 11,320 | ||||||||||||||
Loans and leases, net of unearned income: | |||||||||||||||||||
Balance at end of period | $ | 9,775,590 | $ | 5,852,568 | $ | 4,415,267 | $ | 2,924,870 | $ | 22,968,295 | |||||||||
Balance at end of period individually evaluated for impairment | 67,909 | 63,889 | 7,679 | 35,835 | 175,312 | ||||||||||||||
Balance at end of period collectively evaluated for impairment | 9,546,809 | 5,764,084 | 4,323,051 | 2,830,797 | 22,464,741 | ||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 160,872 | 24,595 | 84,537 | 58,238 | 328,242 |
2018 | |||||||||||||||||||
(in thousands) | Commercial Real Estate | Commercial and Industrial | Residential Mortgage | Consumer and Other | Total | ||||||||||||||
Allowance for loan losses at beginning of period | $ | 54,201 | $ | 53,916 | $ | 9,117 | $ | 23,657 | $ | 140,891 | |||||||||
Provision for (Reversal of) loan and lease losses | 6,378 | 294 | (686 | ) | 2,001 | 7,987 | |||||||||||||
Transfer of balance to OREO and other | (48 | ) | — | — | — | (48 | ) | ||||||||||||
Charge-offs | (114 | ) | (5,378 | ) | (105 | ) | (3,519 | ) | (9,116 | ) | |||||||||
Recoveries | 191 | 3,698 | 22 | 902 | 4,813 | ||||||||||||||
Allowance for loan losses at end of period | $ | 60,608 | $ | 52,530 | $ | 8,348 | $ | 23,041 | $ | 144,527 | |||||||||
Reserve for unfunded commitments at beginning of period | $ | 4,531 | $ | 5,309 | $ | 555 | $ | 2,813 | $ | 13,208 | |||||||||
Provision for (Reversal of) unfunded commitments | 1,476 | (1,004 | ) | (15 | ) | (233 | ) | 224 | |||||||||||
Reserve for unfunded commitments at end of period | $ | 6,007 | $ | 4,305 | $ | 540 | $ | 2,580 | $ | 13,432 | |||||||||
Allowance on loans individually evaluated for impairment | $ | 2,506 | $ | 14,040 | $ | 178 | $ | 2,974 | $ | 19,698 | |||||||||
Allowance on loans collectively evaluated for impairment | 35,871 | 36,208 | 2,073 | 16,544 | 90,696 | ||||||||||||||
Allowance on loans acquired with deteriorated credit quality | 22,231 | 2,282 | 6,097 | 3,523 | 34,133 | ||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||
Balance at end of period | $ | 9,248,951 | $ | 5,325,682 | $ | 3,971,067 | $ | 3,160,390 | $ | 21,706,090 | |||||||||
Balance at end of period individually evaluated for impairment | 78,489 | 78,725 | 6,041 | 33,277 | 196,532 | ||||||||||||||
Balance at end of period collectively evaluated for impairment | 8,946,138 | 5,211,736 | 3,826,721 | 3,043,085 | 21,027,680 | ||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 224,324 | 35,221 | 138,305 | 84,028 | 481,878 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Pass | Special Mention | Sub- standard | Doubtful | Total | Pass | Special Mention | Sub- standard | Doubtful | Total | |||||||||||||||||||||||||||||
Real estate - construction | $ | 1,213,202 | $ | 147 | $ | 6,289 | $ | 9 | $ | 1,219,647 | $ | 1,182,554 | $ | 1,062 | $ | 12,740 | $ | 10 | $ | 1,196,366 | |||||||||||||||||||
Real estate - owner-occupied | 2,332,819 | 33,359 | 41,087 | 814 | 2,408,079 | 2,328,999 | 25,526 | 41,297 | — | 2,395,822 | |||||||||||||||||||||||||||||
Real estate - non-owner-occupied | 6,028,301 | 82,839 | 34,015 | 2,709 | 6,147,864 | 5,687,963 | 78,009 | 26,512 | 3,633 | 5,796,117 | |||||||||||||||||||||||||||||
Commercial and industrial | 5,696,564 | 46,384 | 87,385 | 22,235 | 5,852,568 | 5,586,482 | 52,632 | 73,853 | 24,050 | 5,737,017 | |||||||||||||||||||||||||||||
Total | $ | 15,270,886 | $ | 162,729 | $ | 168,776 | $ | 25,767 | $ | 15,628,158 | $ | 14,785,998 | $ | 157,229 | $ | 154,402 | $ | 27,693 | $ | 15,125,322 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
(in thousands) | Current | 30+ Days Past Due | Total | Current | 30+ Days Past Due | Total | |||||||||||||||||
Residential mortgage | $ | 4,335,779 | $ | 79,488 | $ | 4,415,267 | $ | 4,290,152 | $ | 69,004 | $ | 4,359,156 | |||||||||||
Consumer - home equity | 2,184,204 | 36,444 | 2,220,648 | 2,258,659 | 46,035 | 2,304,694 | |||||||||||||||||
Consumer - other | 698,074 | 6,148 | 704,222 | 721,231 | 9,412 | 730,643 | |||||||||||||||||
Total | $ | 7,218,057 | $ | 122,080 | $ | 7,340,137 | $ | 7,270,042 | $ | 124,451 | $ | 7,394,493 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | Unpaid Principal Balance | Recorded Investment | Related Allowance | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Real estate - construction | $ | 12,138 | $ | 11,139 | $ | — | $ | 10,261 | $ | 9,262 | $ | — | |||||||||||
Real estate - owner-occupied | 33,670 | 27,732 | — | 25,037 | 19,044 | — | |||||||||||||||||
Real estate - non-owner-occupied | 12,352 | 11,515 | — | 15,265 | 14,288 | — | |||||||||||||||||
Commercial and industrial | 52,821 | 32,380 | — | 55,554 | 43,886 | — | |||||||||||||||||
Residential mortgage | 1,456 | 1,456 | — | 1,244 | 1,221 | — | |||||||||||||||||
Consumer - home equity | 1,783 | 1,783 | — | 4,183 | 4,176 | — | |||||||||||||||||
Consumer - other | — | — | — | — | — | — | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Real estate - construction | 224 | 134 | (11 | ) | 228 | 140 | (11 | ) | |||||||||||||||
Real estate - owner-occupied | 5,553 | 5,393 | (613 | ) | 5,032 | 4,773 | (520 | ) | |||||||||||||||
Real estate - non-owner-occupied | 12,113 | 11,996 | (2,454 | ) | 6,445 | 6,398 | (105 | ) | |||||||||||||||
Commercial and industrial | 36,243 | 31,509 | (10,988 | ) | 46,387 | 27,915 | (12,646 | ) | |||||||||||||||
Residential mortgage | 6,745 | 6,223 | (258 | ) | 5,870 | 5,358 | (145 | ) | |||||||||||||||
Consumer - home equity | 30,847 | 29,861 | (2,132 | ) | 29,284 | 28,818 | (2,427 | ) | |||||||||||||||
Consumer - other | 4,574 | 4,191 | (492 | ) | 4,956 | 4,446 | (488 | ) | |||||||||||||||
Total | $ | 210,519 | $ | 175,312 | $ | (16,948 | ) | $ | 209,746 | $ | 169,725 | $ | (16,342 | ) | |||||||||
Total commercial loans and leases | $ | 165,114 | $ | 131,798 | $ | (14,066 | ) | $ | 164,209 | $ | 125,706 | $ | (13,282 | ) | |||||||||
Total residential mortgage loans | 8,201 | 7,679 | (258 | ) | 7,114 | 6,579 | (145 | ) | |||||||||||||||
Total consumer and other loans | 37,204 | 35,835 | (2,624 | ) | 38,423 | 37,440 | (2,915 | ) |
Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
(in thousands) | |||||||||||||||
With no related allowance recorded: | |||||||||||||||
Real estate - construction | $ | 11,142 | $ | 169 | $ | 10,470 | $ | 144 | |||||||
Real estate - owner-occupied | 27,865 | 301 | 36,277 | 334 | |||||||||||
Real estate - non-owner-occupied | 11,566 | 69 | 10,557 | 98 | |||||||||||
Commercial and industrial | 37,185 | 461 | 27,832 | 385 | |||||||||||
Residential mortgage | 1,463 | 17 | 1,090 | 12 | |||||||||||
Consumer - home equity | 1,204 | 10 | 32 | — | |||||||||||
With an allowance recorded: | |||||||||||||||
Real estate - construction | 136 | — | 153 | 1 | |||||||||||
Real estate - owner-occupied | 5,433 | 8 | 17,608 | 112 | |||||||||||
Real estate - non-owner-occupied | 12,042 | 79 | 3,302 | 10 | |||||||||||
Commercial and industrial | 28,624 | 202 | 44,056 | 196 | |||||||||||
Residential mortgage | 6,274 | 59 | 4,974 | 44 | |||||||||||
Consumer - home equity | 30,345 | 292 | 28,203 | 292 | |||||||||||
Consumer - other | 4,314 | 58 | 5,200 | 67 | |||||||||||
Total | $ | 177,593 | $ | 1,725 | $ | 189,754 | $ | 1,695 | |||||||
Total commercial loans and leases | $ | 133,993 | $ | 1,289 | $ | 150,255 | $ | 1,280 | |||||||
Total residential mortgage loans | 7,737 | 76 | 6,064 | 56 | |||||||||||
Total consumer and other loans | 35,863 | 360 | 33,435 | 359 |
(in thousands) | IBERIABANK | Mortgage | LTC | Total | |||||||||||
Balance, December 31, 2017 | $ | 1,160,559 | $ | 23,178 | $ | 5,165 | $ | 1,188,902 | |||||||
Goodwill acquired and adjustments during the year | 43,251 | — | 3,380 | 46,631 | |||||||||||
Balance, December 31, 2018 | $ | 1,203,810 | $ | 23,178 | $ | 8,545 | $ | 1,235,533 | |||||||
Goodwill acquired and adjustments during the year | — | — | — | — | |||||||||||
Balance, March 31, 2019 | $ | 1,203,810 | $ | 23,178 | $ | 8,545 | $ | 1,235,533 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Mortgage servicing rights | $ | 14,636 | $ | (5,102 | ) | $ | 9,534 | $ | 13,612 | $ | (4,806 | ) | $ | 8,806 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||
Core deposit intangible assets | $ | 136,183 | $ | (68,189 | ) | $ | 67,994 | $ | 136,183 | $ | (63,213 | ) | $ | 72,970 | |||||||||
Customer relationship intangible asset | 1,385 | (1,340 | ) | 45 | 1,385 | (1,323 | ) | 62 | |||||||||||||||
Non-compete agreement | 206 | (84 | ) | 122 | 206 | (72 | ) | 134 | |||||||||||||||
Total | $ | 137,774 | $ | (69,613 | ) | $ | 68,161 | $ | 137,774 | $ | (64,608 | ) | $ | 73,166 |
Derivative Assets - Fair Value | Derivative Liabilities - Fair Value | |||||||||||||||
(in thousands) | March 31, 2019 | December 31, 2018 | March 31, 2019 | December 31, 2018 | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | $ | 6,920 | $ | 3,469 | $ | — | $ | — | ||||||||
Total derivatives designated as hedging instruments | $ | 6,920 | $ | 3,469 | $ | — | $ | — | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts: | ||||||||||||||||
Customer swaps - upstream | 237 | 474 | 1,040 | 191 | ||||||||||||
Customer swaps - downstream | 35,265 | 16,946 | 9,766 | 17,812 | ||||||||||||
Foreign exchange contracts | 7 | 18 | 7 | 18 | ||||||||||||
Forward sales contracts | 143 | 630 | 1,440 | 750 | ||||||||||||
Written and purchased options | 8,488 | 5,490 | 4,446 | 3,310 | ||||||||||||
Other contracts | 26 | 21 | 57 | 43 | ||||||||||||
Total derivatives not designated as hedging instruments | $ | 44,166 | $ | 23,579 | $ | 16,756 | $ | 22,124 | ||||||||
Total | $ | 51,086 | $ | 27,048 | $ | 16,756 | $ | 22,124 |
Derivative Assets - Notional Amount | Derivative Liabilities - Notional Amount | ||||||||||||||||||
(in thousands) | March 31, 2019 | December 31, 2018 | March 31, 2019 | December 31, 2018 | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||
Interest rate contracts | $ | 500,000 | $ | 408,500 | $ | 108,500 | $ | — | |||||||||||
Total derivatives designated as hedging instruments | $ | 500,000 | $ | 408,500 | $ | 108,500 | $ | — | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||
Customer swaps - upstream | 634,998 | 919,653 | 1,290,051 | 701,257 | |||||||||||||||
Customer swaps - downstream | 1,290,051 | 701,257 | 634,998 | 919,653 | |||||||||||||||
Foreign exchange contracts | 903 | 1,202 | 903 | 1,202 | |||||||||||||||
Forward sales contracts | 43,567 | 1,140 | 205,278 | 143,179 | |||||||||||||||
Written and purchased options | 324,345 | 229,333 | 141,430 | 140,645 | |||||||||||||||
Other contracts | 50,050 | 50,527 | 98,858 | 85,623 | |||||||||||||||
Total derivatives not designated as hedging instruments | $ | 2,343,914 | $ | 1,903,112 | $ | 2,371,518 | $ | 1,991,559 | |||||||||||
Total | $ | 2,843,914 | $ | 2,311,612 | $ | 2,480,018 | $ | 1,991,559 |
March 31, 2019 | |||||||||||||||
Gross Amounts Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Net | |||||||||||||
(in thousands) | Derivatives | Collateral | |||||||||||||
Derivatives subject to master netting arrangements | |||||||||||||||
Derivative assets | |||||||||||||||
Interest rate contracts designated as hedging instruments | $ | 6,920 | $ | — | $ | — | $ | 6,920 | |||||||
Interest rate contracts not designated as hedging instruments | 35,502 | (824 | ) | — | 34,678 | ||||||||||
Written and purchased options | 4,406 | — | — | 4,406 | |||||||||||
Total derivative assets subject to master netting arrangements | $ | 46,828 | $ | (824 | ) | $ | — | $ | 46,004 | ||||||
Derivative liabilities | |||||||||||||||
Interest rate contracts not designated as hedging instruments | $ | 10,806 | $ | (824 | ) | $ | — | $ | 9,982 | ||||||
Written and purchased options | 4,406 | — | — | 4,406 | |||||||||||
Total derivative liabilities subject to master netting arrangements | $ | 15,212 | $ | (824 | ) | $ | — | $ | 14,388 |
December 31, 2018 | |||||||||||||||
Gross Amounts Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Net | |||||||||||||
(in thousands) | Derivatives | Collateral | |||||||||||||
Derivatives subject to master netting arrangements | |||||||||||||||
Derivative assets | |||||||||||||||
Interest rate contracts designated as hedging instruments | $ | 3,469 | $ | — | $ | — | $ | 3,469 | |||||||
Interest rate contracts not designated as hedging instruments | 17,420 | (619 | ) | — | 16,801 | ||||||||||
Written and purchased options | 3,285 | — | — | 3,285 | |||||||||||
Total derivative assets subject to master netting arrangements | $ | 24,174 | $ | (619 | ) | $ | — | $ | 23,555 | ||||||
Derivative liabilities | |||||||||||||||
Interest rate contracts not designated as hedging instruments | $ | 18,003 | $ | (619 | ) | $ | — | $ | 17,384 | ||||||
Written and purchased options | 3,285 | — | — | 3,285 | |||||||||||
Total derivative liabilities subject to master netting arrangements | $ | 21,288 | $ | (619 | ) | $ | — | $ | 20,669 |
Amount of Gain (Loss) Recognized in OCI, net of taxes | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income, net of taxes | Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||||||||||||||
Total | Including Component | Excluding Component | Total | Including Component | Excluding Component | Total | Including Component | Excluding Component | |||||||||||||||||||||||||||||||||
(in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2019 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||
Total | Interest rate contracts | $ | (2,185 | ) | $ | (3,098 | ) | $ | 913 | Interest expense | $ | (227 | ) | $ | (69 | ) | $ | (158 | ) | Interest expense | $ | — | $ | — | $ | — |
Amount of Gain (Loss) Recognized in OCI, net of taxes | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income, net of taxes | Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||||||||||||||
Total | Including Component | Excluding Component | Total | Including Component | Excluding Component | Total | Including Component | Excluding Component | |||||||||||||||||||||||||||||||||
(in thousands) | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2018 | 2018 | 2018 | ||||||||||||||||||||||||||||||||||||||
Total | Interest rate contracts | $ | 2,549 | $ | 2,549 | $ | — | Interest expense | $ | (116 | ) | $ | (116 | ) | $ | — | Interest expense | $ | — | $ | — | $ | — |
Location of Gain (Loss) Recognized in Income on Derivatives | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||
For the Three Months Ended March 31, | |||||||||
(in thousands) | 2019 | 2018 | |||||||
Interest rate contracts (1) | Other income | $ | 4,181 | $ | 1,049 | ||||
Foreign exchange contracts | Other income | 5 | 5 | ||||||
Forward sales contracts | Mortgage income | (3,209 | ) | 3,387 | |||||
Written and purchased options | Mortgage income | 1,863 | 648 | ||||||
Other contracts | Other income | (9 | ) | (3 | ) | ||||
Total | $ | 2,831 | $ | 5,086 |
(in thousands) | March 31, 2019 | ||
Right-of-use assets | $ | 95,581 | |
Total lease liabilities | 118,430 | ||
Weighted Average Remaining Lease Term | 7.4 years | ||
Weighted Average Discount Rate | 3.4 | % |
(in thousands) | |||
2019 | $ | 20,059 | |
2020 | 25,441 | ||
2021 | 22,038 | ||
2022 | 18,730 | ||
2023 | 12,394 | ||
2024 and thereafter | 36,015 | ||
Total operating lease payments | $ | 134,677 | |
Less: Imputed interest | 16,247 | ||
Total lease liabilities | $ | 118,430 |
(in thousands) | March 31, 2019 | ||
Lease payment receivable | $ | 199,760 | |
Unguaranteed residual assets | 22,243 | ||
Total net investment in leases | $ | 222,003 |
(in thousands) | |||
2019 | $ | 23,873 | |
2020 | 31,495 | ||
2021 | 31,431 | ||
2022 | 28,869 | ||
2023 | 22,414 | ||
2024 and thereafter | 75,940 | ||
Total future minimum lease payments | $ | 214,022 | |
Less: Imputed interest | 14,262 | ||
Lease receivables | $ | 199,760 |
March 31, 2019 | December 31, 2018 | |||||||||||||||||
Issuance Date | Earliest Redemption Date | Annual Dividend Rate | Liquidation Amount | Carrying Amount | Carrying Amount | |||||||||||||
(in thousands) | ||||||||||||||||||
Series B Preferred Stock | 8/5/2015 | 8/1/2025 | 6.625 | % | $ | 80,000 | $ | 76,812 | $ | 76,812 | ||||||||
Series C Preferred Stock | 5/9/2016 | 5/1/2026 | 6.600 | % | 57,500 | 55,285 | 55,285 | |||||||||||
$ | 137,500 | $ | 132,097 | $ | 132,097 |
(in thousands) | March 31, 2019 | |||||||||||||||||
Minimum | Well-Capitalized | Actual | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
Tier 1 Leverage | ||||||||||||||||||
Consolidated | $ | 1,184,075 | 4.00 | % | N/A | N/A | $ | 2,863,388 | 9.67 | % | ||||||||
IBERIABANK | 1,181,108 | 4.00 | 1,476,386 | 5.00 | 2,795,498 | 9.47 | ||||||||||||
Common Equity Tier 1 (CET1) | ||||||||||||||||||
Consolidated | $ | 1,145,643 | 4.50 | % | N/A | N/A | $ | 2,731,291 | 10.73 | % | ||||||||
IBERIABANK | 1,143,315 | 4.50 | 1,651,455 | 6.50 | 2,795,498 | 11.00 | ||||||||||||
Tier 1 Risk-Based Capital | ||||||||||||||||||
Consolidated | $ | 1,527,524 | 6.00 | % | N/A | N/A | $ | 2,863,388 | 11.25 | % | ||||||||
IBERIABANK | 1,524,420 | 6.00 | 2,032,560 | 8.00 | 2,795,498 | 11.00 | ||||||||||||
Total Risk-Based Capital | ||||||||||||||||||
Consolidated | $ | 2,036,699 | 8.00 | % | N/A | N/A | $ | 3,138,835 | 12.33 | % | ||||||||
IBERIABANK | 2,032,560 | 8.00 | 2,540,700 | 10.00 | 2,954,445 | 11.63 |
December 31, 2018 | ||||||||||||||||||
Minimum | Well-Capitalized | Actual | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
Tier 1 Leverage | ||||||||||||||||||
Consolidated | $ | 1,168,343 | 4.00 | % | N/A | N/A | $ | 2,812,863 | 9.63 | % | ||||||||
IBERIABANK | 1,165,537 | 4.00 | 1,456,921 | 5.00 | 2,733,099 | 9.38 | ||||||||||||
Common Equity Tier 1 (CET1) | ||||||||||||||||||
Consolidated | $ | 1,125,405 | 4.50 | % | N/A | N/A | $ | 2,680,766 | 10.72 | % | ||||||||
IBERIABANK | 1,122,712 | 4.50 | 1,621,695 | 6.50 | 2,733,099 | 10.95 | ||||||||||||
Tier 1 Risk-Based Capital | ||||||||||||||||||
Consolidated | $ | 1,500,540 | 6.00 | % | N/A | N/A | $ | 2,812,863 | 11.25 | % | ||||||||
IBERIABANK | 1,496,949 | 6.00 | 1,995,932 | 8.00 | 2,733,099 | 10.95 | ||||||||||||
Total Risk-Based Capital | ||||||||||||||||||
Consolidated | $ | 2,000,720 | 8.00 | % | N/A | N/A | $ | 3,084,764 | 12.33 | % | ||||||||
IBERIABANK | 1,995,932 | 8.00 | 2,494,915 | 10.00 | 2,888,500 | 11.58 |
Three Months Ended March 31, | |||||||
(in thousands, except per share data) | 2019 | 2018 | |||||
Earnings Per Common Share - Basic: | |||||||
Net income | $ | 100,131 | $ | 63,621 | |||
Less: Preferred stock dividends | 3,598 | 3,598 | |||||
Less: Dividends and undistributed earnings allocated to unvested restricted shares | 933 | 639 | |||||
Net income allocated to common shareholders - basic | $ | 95,600 | $ | 59,384 | |||
Weighted average common shares outstanding | 54,177 | 53,616 | |||||
Earnings per common share - basic | 1.76 | 1.11 | |||||
Earnings Per Common Share - Diluted: | |||||||
Earnings allocated to common shareholders - basic | $ | 95,600 | $ | 59,384 | |||
Adjustment for undistributed earnings allocated to unvested restricted shares | (42 | ) | (18 | ) | |||
Earnings allocated to common shareholders - diluted | $ | 95,558 | $ | 59,366 | |||
Weighted average common shares outstanding | 54,177 | 53,616 | |||||
Dilutive potential common shares | 362 | 351 | |||||
Weighted average common shares outstanding - diluted | 54,539 | 53,967 | |||||
Earnings per common share - diluted | $ | 1.75 | $ | 1.10 |
Number of Shares | Weighted Average Exercise Price | |||||
Outstanding options, December 31, 2017 | 686,366 | $ | 58.24 | |||
Granted | 92,162 | 82.20 | ||||
Exercised | (21,212 | ) | 52.10 | |||
Forfeited or expired | (14,513 | ) | 65.27 | |||
Outstanding options, March 31, 2018 | 742,803 | $ | 61.25 | |||
Exercisable options, March 31, 2018 | 519,496 | $ | 56.53 | |||
Outstanding options, December 31, 2018 | 714,420 | $ | 61.41 | |||
Granted | 126,405 | 70.32 | ||||
Exercised | (19,620 | ) | 54.44 | |||
Forfeited or expired | (5,564 | ) | 69.58 | |||
Outstanding options, March 31, 2019 | 815,641 | $ | 62.90 | |||
Exercisable options, March 31, 2019 | 563,084 | $ | 58.22 |
For the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Expected dividends | 2.3 | % | 1.8 | % | |||
Expected volatility | 24.5 | % | 24.3 | % | |||
Risk-free interest rate | 2.5 | % | 2.7 | % | |||
Expected term (in years) | 5.7 | 5.7 | |||||
Weighted-average grant-date fair value | $ | 14.44 | $ | 18.36 |
For the Three Months Ended March 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Compensation expense related to stock options | $ | 349 | $ | 312 | |||
Income tax benefit related to stock options | 26 | 23 |
For the Three Months Ended March 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Compensation expense related to restricted stock awards and restricted share units | $ | 5,223 | $ | 4,422 | |||
Income tax benefit related to restricted stock awards and restricted share units | 1,097 | 929 |
For the Three Months Ended March 31, | |||||
2019 | 2018 | ||||
Number of shares at beginning of period | 700,628 | 738,187 | |||
Granted | 190,726 | 199,958 | |||
Forfeited | (8,337 | ) | (43,405 | ) | |
Vested | (182,947 | ) | (115,877 | ) | |
Number of shares at end of period | 700,070 | 778,863 |
For the Three Months Ended March 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Compensation expense related to phantom stock | $ | 3,194 | $ | 2,996 |
(in thousands) | Number of share equivalents (1) | Value of share equivalents (2) | ||||
Balance, December 31, 2017 | 393,844 | $ | 30,523 | |||
Granted | 129,234 | 10,080 | ||||
Forfeited share equivalents | (24,460 | ) | 1,908 | |||
Vested share equivalents | (121,758 | ) | 10,187 | |||
Balance, March 31, 2018 | 376,860 | $ | 29,395 | |||
Balance, December 31, 2018 | 353,407 | $ | 22,717 | |||
Granted | 161,273 | 11,565 | ||||
Forfeited share equivalents | (13,680 | ) | 981 | |||
Vested share equivalents | (96,995 | ) | 7,316 | |||
Balance, March 31, 2019 | 404,005 | $ | 28,971 |
(1) | Number of share equivalents includes all reinvested dividend equivalents for the periods indicated. |
(2) | Except for share equivalents at the beginning of each period, which are based on the value at that time, and vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was $71.71 and $78.00 on March 31, 2019, and 2018, respectively. |
March 31, 2019 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | |||||||||||||||
Securities available for sale | $ | — | $ | 4,873,778 | $ | — | $ | 4,873,778 | |||||||
Mortgage loans held for sale | — | 128,451 | — | 128,451 | |||||||||||
Mortgage loans held for investment, at fair value option | — | — | 550 | 550 | |||||||||||
Derivative instruments | — | 51,086 | — | 51,086 | |||||||||||
Total | $ | — | $ | 5,053,315 | $ | 550 | $ | 5,053,865 | |||||||
Liabilities | |||||||||||||||
Derivative instruments | $ | — | $ | 16,756 | $ | — | $ | 16,756 | |||||||
Total | $ | — | $ | 16,756 | $ | — | $ | 16,756 | |||||||
December 31, 2018 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
Securities available for sale | $ | — | $ | 4,783,579 | $ | — | $ | 4,783,579 | |||||||
Mortgage loans held for sale | — | 107,734 | — | 107,734 | |||||||||||
Mortgage loans held for investment, at fair value option | — | — | 3,143 | 3,143 | |||||||||||
Derivative instruments | — | 27,048 | — | 27,048 | |||||||||||
Total | $ | — | $ | 4,918,361 | $ | 3,143 | $ | 4,921,504 | |||||||
Liabilities | |||||||||||||||
Derivative instruments | $ | — | $ | 22,124 | $ | — | $ | 22,124 | |||||||
Total | $ | — | $ | 22,124 | $ | — | $ | 22,124 |
March 31, 2019 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | |||||||||||||||
Impaired loans | $ | — | $ | — | $ | 63,145 | $ | 63,145 | |||||||
OREO, net | — | — | 8,875 | 8,875 | |||||||||||
Total | $ | — | $ | — | $ | 72,020 | $ | 72,020 | |||||||
December 31, 2018 | |||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | |||||||||||||||
Impaired loans | $ | — | $ | — | $ | 65,914 | $ | 65,914 | |||||||
OREO, net | — | — | 6,433 | 6,433 | |||||||||||
Total | $ | — | $ | — | $ | 72,347 | $ | 72,347 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
(in thousands) | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Unpaid Principal | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Unpaid Principal | |||||||||||||||||
Mortgage loans held for sale, at fair value | $ | 128,451 | $ | 124,410 | $ | 4,041 | $ | 107,734 | $ | 104,345 | $ | 3,389 | |||||||||||
Mortgage loans held for investment, at fair value | 550 | 599 | (49 | ) | 3,143 | 3,595 | (452 | ) |
Net Gains (Losses) Resulting From Changes in Fair Value | |||||||
For the Three Months Ended March 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Fair value option | |||||||
Mortgage loans held for sale, at fair value | $ | 652 | $ | (749 | ) | ||
Mortgage loans held for investment, at fair value | 191 | (1,142 | ) |
March 31, 2019 | ||||||||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Measurement Category | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Securities available for sale | $ | 4,873,778 | $ | 4,873,778 | $ | — | $ | 4,873,778 | $ | — | ||||||||||
Mortgage loans held for sale | 128,451 | 128,451 | — | 128,451 | — | |||||||||||||||
Mortgage loans held for investment, at fair value option | 550 | 550 | — | — | 550 | |||||||||||||||
Derivative instruments | 51,086 | 51,086 | — | 51,086 | — | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Derivative instruments | 16,756 | 16,756 | — | 16,756 | — | |||||||||||||||
Amortized Cost | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 671,897 | $ | 671,897 | $ | 671,897 | $ | — | $ | — | ||||||||||
Securities held to maturity | 198,958 | 200,568 | — | 200,568 | — | |||||||||||||||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 22,824,780 | 22,547,830 | — | — | 22,547,830 | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Deposits | 24,092,062 | 24,086,321 | — | 24,086,321 | — | |||||||||||||||
Short-term borrowings | 1,106,131 | 1,106,131 | 261,131 | 845,000 | — | |||||||||||||||
Long-term debt | 1,475,455 | 1,471,292 | — | — | 1,471,292 |
December 31, 2018 | ||||||||||||||||||||
(in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Measurement Category | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Securities available for sale | $ | 4,783,579 | $ | 4,783,579 | $ | — | $ | 4,783,579 | $ | — | ||||||||||
Mortgage loans held for sale | 107,734 | 107,734 | — | 107,734 | — | |||||||||||||||
Mortgage loans held for investment, at fair value option | 3,143 | 3,143 | — | — | 3,143 | |||||||||||||||
Derivative instruments | 27,048 | 27,048 | — | 27,048 | — | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Derivative instruments | 22,124 | 22,124 | — | 22,124 | — | |||||||||||||||
Amortized Cost | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 690,453 | $ | 690,453 | $ | 690,453 | $ | — | $ | — | ||||||||||
Securities held to maturity | 207,446 | 204,277 | — | 204,277 | — | |||||||||||||||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 22,376,101 | 22,088,236 | — | — | 22,088,236 | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Deposits | 23,763,431 | 23,752,139 | — | 23,752,139 | — | |||||||||||||||
Short-term borrowings | 1,482,882 | 1,482,882 | 315,882 | 1,167,000 | — | |||||||||||||||
Long-term debt | 1,166,151 | 1,154,062 | — | — | 1,154,062 |
• | Elimination of interest income and interest expense representing interest earned by IBERIABANK on interest-bearing checking accounts held by related companies, as well as the elimination of the related deposit balances at the IBERIABANK segment; |
• | Elimination of investment in subsidiary balances on certain operating segments included in total and average segment assets; and |
• | Elimination of intercompany due to and due from balances on certain operating segments that are included in total and average segment assets. |
Three Months Ended March 31, 2019 | |||||||||||||||
(in thousands) | IBERIABANK | Mortgage | LTC | Consolidated | |||||||||||
Interest and dividend income | $ | 324,644 | $ | 1,439 | $ | 1 | $ | 326,084 | |||||||
Interest expense | 75,600 | — | — | 75,600 | |||||||||||
Net interest income | 249,044 | 1,439 | 1 | 250,484 | |||||||||||
Provision for (reversal of) credit losses | 13,823 | (60 | ) | — | 13,763 | ||||||||||
Mortgage income | — | 11,849 | — | 11,849 | |||||||||||
Title income | — | — | 5,225 | 5,225 | |||||||||||
Other non-interest income (expense) | 35,463 | (12 | ) | (16 | ) | 35,435 | |||||||||
Allocated expenses (income) | (2,033 | ) | 1,500 | 533 | — | ||||||||||
Non-interest expense | 143,755 | 10,541 | 4,457 | 158,753 | |||||||||||
Income (loss) before income tax expense | 128,962 | 1,295 | 220 | 130,477 | |||||||||||
Income tax expense (benefit) | 29,975 | 307 | 64 | 30,346 | |||||||||||
Net income | $ | 98,987 | $ | 988 | $ | 156 | $ | 100,131 | |||||||
Total loans, leases, and loans held for sale, net of unearned income | $ | 22,944,800 | $ | 151,946 | $ | — | $ | 23,096,746 | |||||||
Total assets | 31,044,209 | 191,254 | 24,726 | 31,260,189 | |||||||||||
Total deposits | 24,078,698 | 13,364 | — | 24,092,062 | |||||||||||
Average assets | 30,660,806 | 148,174 | 24,520 | 30,833,500 |
Three Months Ended March 31, 2018 | |||||||||||||||
(in thousands) | IBERIABANK | Mortgage | LTC | Consolidated | |||||||||||
Interest and dividend income | $ | 268,775 | $ | 1,767 | $ | 1 | $ | 270,543 | |||||||
Interest expense | 37,654 | — | — | 37,654 | |||||||||||
Net interest income | 231,121 | 1,767 | 1 | 232,889 | |||||||||||
Provision for (reversal of) credit losses | 8,216 | (5 | ) | — | 8,211 | ||||||||||
Mortgage income | — | 9,595 | — | 9,595 | |||||||||||
Title income | — | — | 5,027 | 5,027 | |||||||||||
Other non-interest income (expense) | 29,906 | 38 | — | 29,944 | |||||||||||
Allocated expenses (income) | (1,479 | ) | 1,166 | 313 | — | ||||||||||
Non-interest expense | 171,591 | 11,916 | 4,564 | 188,071 | |||||||||||
Income (loss) before income tax expense | 82,699 | (1,677 | ) | 151 | 81,173 | ||||||||||
Income tax expense (benefit) | 18,540 | (410 | ) | (578 | ) | 17,552 | |||||||||
Net income (loss) | $ | 64,159 | $ | (1,267 | ) | $ | 729 | $ | 63,621 | ||||||
Total loans, leases, and loans held for sale, net of unearned income | $ | 21,652,223 | $ | 164,215 | $ | — | $ | 21,816,438 | |||||||
Total assets | 29,243,983 | 205,497 | 23,157 | 29,472,637 | |||||||||||
Total deposits | 22,959,061 | 12,131 | — | 22,971,192 | |||||||||||
Average assets | 27,924,587 | 185,742 | 21,890 | 28,132,219 |
(in thousands) | March 31, 2019 | December 31, 2018 | |||||
Commitments to extend credit | $ | 760,056 | $ | 642,162 | |||
Unfunded commitments under lines of credit | 7,003,670 | 6,883,963 | |||||
Commercial and standby letters of credit | 241,516 | 240,436 | |||||
Reserve for unfunded lending commitments | 15,981 | 14,830 |
• | Net income available to common shareholders for the quarter ended March 31, 2019 totaled $96.5 million, or $1.75 diluted EPS, compared to $60.0 million, or $1.10 diluted EPS, for the same period of 2018. Non-GAAP core EPS, which excludes merger-related costs and other items disclosed in Table 16 - Non-GAAP measures, was $1.72 in the first quarter of 2019 compared to $1.37 for the same period of 2018. |
• | Net interest income was $250.5 million for the first quarter of 2019, a $17.6 million, or 8%, increase compared to the same quarter of 2018. Net interest income was favorably impacted by higher average earning asset balances and higher yields, but was unfavorably impacted by higher funding costs and an increase in average interest-bearing liabilities when comparing the periods. Net interest margin on a tax-equivalent basis decreased 8 basis points to 3.59% from 3.67%. |
• | Non-interest income increased $7.9 million, or 18%, to $52.5 million during the quarter ended March 31, 2019, primarily due to higher customer swap commissions income, mortgage income, and trust department income. |
• | Non-interest expense for the first quarter of 2019 decreased $29.3 million, or 16%, to $158.8 million compared to the same period of 2018, largely due to merger-related expenses that occurred during the first quarter of 2018. |
• | The Company recorded a provision for credit losses of $13.8 million for the quarter ended March 31, 2019, a $5.6 million, or 68%, increase from the provision recorded for the same period of 2018, primarily driven by loan growth when comparing the periods. |
• | The Company recorded income tax expense of $30.3 million and $17.6 million, respectively, for the quarters ended March 31, 2019 and 2018, which resulted in an effective income tax rate of 23.3% and 21.6%, respectively. |
• | Total assets at March 31, 2019 were $31.3 billion, up $427.2 million, or 1%, from December 31, 2018. |
• | Loans increased $448.5 million, or 2%, in 2019, driven by strong originations and slowing loan prepayments. |
• | Total deposits increased $328.6 million, or 1%, from December 31, 2018. |
• | Credit quality remained strong and stable. Non-performing assets to total assets were 0.58% at March 31, 2019 compared to 0.55% at December 31, 2018. Net charge-offs to average loans and leases, on an annualized basis, were 0.13%, down one basis point compared to the prior quarter. |
• | Shareholders’ equity increased $85.6 million, or 2%, from year-end 2018. |
• | During the first quarter of 2019, the Company repurchased 387,921 common shares for $29.9 million at a weighted average price of $77.19 per common share. |
As of and For the Three Months Ended March 31, | |||||
2019 | 2018 | ||||
Key Ratios (1) | |||||
Return on average assets | 1.32 | % | 0.92 | % | |
Core return on average assets (Non-GAAP) (2) | 1.29 | 1.13 | |||
Return on average common equity | 9.85 | 6.79 | |||
Core return on average tangible common equity (Non-GAAP) (2) (3) | 15.03 | 13.83 | |||
Equity to assets at end of period | 13.25 | 13.24 | |||
Earning assets to interest-bearing liabilities at end of period | 142.25 | 145.28 | |||
Interest rate spread (4) | 3.15 | 3.40 | |||
Net interest margin (TE) (4) (5) | 3.59 | 3.67 | |||
Non-interest expense to average assets (annualized) | 2.09 | 2.71 | |||
Efficiency ratio (6) | 52.4 | 67.8 | |||
Core tangible efficiency ratio (TE) (Non-GAAP) (2) (3) (5) (6) | 51.3 | 58.8 | |||
Common stock dividend payout ratio | 24.3 | 36.0 | |||
Asset Quality Data | |||||
Non-performing assets to total assets at end of period (7) | 0.58 | % | 0.64 | % | |
Allowance for credit losses to non-performing loans at end of period (7) | 104.46 | 97.35 | |||
Allowance for credit losses to total loans at end of period | 0.69 | 0.73 | |||
Consolidated Capital Ratios | |||||
Tier 1 leverage ratio | 9.67 | % | 9.97 | % | |
Common equity tier 1 (CET1) | 10.73 | 10.77 | |||
Tier 1 risk-based capital ratio | 11.25 | 11.32 | |||
Total risk-based capital ratio | 12.33 | 12.48 |
(1) | With the exception of end-of-period ratios, all ratios are based on average daily balances during the respective periods. |
(2) | See Table 16 for GAAP to Non-GAAP reconciliations. |
(3) | Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
(4) | Interest rate spread represents the difference between the weighted average yield on earning assets and the weighted average cost of interest-bearing liabilities. Net interest margin represents net interest income as a percentage of average earning assets. |
(5) | Fully taxable equivalent ("TE") calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%. |
(6) | The efficiency ratio represents non-interest expense as a percentage of total revenues. Total revenues are the sum of net interest income and non-interest income. |
(7) | Non-performing loans consist of non-accruing loans and loans 90 days or more past due. Non-performing assets consist of non-performing loans and other real estate owned, including repossessed assets. |
Three Months Ended March 31, | |||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||
(in thousands) | Average Balance | Interest Income/Expense (1) | Yield/ Rate (TE)(2) | Average Balance | Interest Income/Expense (1) | Yield/ Rate (TE)(2) | |||||||||||||||
Earning Assets: | |||||||||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial loans and leases | $ | 15,253,655 | $ | 194,510 | 5.19 | % | $ | 14,087,635 | $ | 164,660 | 4.76 | % | |||||||||
Residential mortgage loans | 4,385,634 | 47,829 | 4.36 | % | 3,151,775 | 34,494 | 4.38 | % | |||||||||||||
Consumer and other loans | 2,960,397 | 42,540 | 5.83 | % | 2,941,980 | 38,915 | 5.36 | % | |||||||||||||
Total loans and leases | 22,599,686 | 284,879 | 5.11 | % | 20,181,390 | 238,069 | 4.79 | % | |||||||||||||
Mortgage loans held for sale | 95,588 | 1,054 | 4.41 | % | 109,027 | 1,154 | 4.23 | % | |||||||||||||
Investment securities(3) | 5,052,922 | 36,125 | 2.90 | % | 4,843,448 | 28,094 | 2.38 | % | |||||||||||||
Other earning assets | 533,745 | 4,026 | 3.06 | % | 679,902 | 3,226 | 1.92 | % | |||||||||||||
Total earning assets | 28,281,941 | 326,084 | 4.68 | % | 25,813,767 | 270,543 | 4.26 | % | |||||||||||||
Allowance for loan and lease losses | (140,915 | ) | (144,295 | ) | |||||||||||||||||
Non-earning assets | 2,692,474 | 2,462,747 | |||||||||||||||||||
Total assets | $ | 30,833,500 | $ | 28,132,219 | |||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
NOW accounts | $ | 4,458,634 | $ | 11,396 | 1.04 | % | $ | 4,363,557 | $ | 7,081 | 0.66 | % | |||||||||
Savings and money market accounts | 9,089,099 | 28,762 | 1.28 | % | 8,664,085 | 14,579 | 0.68 | % | |||||||||||||
Time deposits | 3,859,354 | 20,077 | 2.11 | % | 2,471,485 | 6,584 | 1.08 | % | |||||||||||||
Total interest-bearing deposits (4) | 17,407,087 | 60,235 | 1.40 | % | 15,499,127 | 28,244 | 0.74 | % | |||||||||||||
Short-term borrowings | 1,151,219 | 5,716 | 2.01 | % | 983,918 | 2,524 | 1.04 | % | |||||||||||||
Long-term debt | 1,463,862 | 9,649 | 2.67 | % | 1,377,323 | 6,886 | 2.03 | % | |||||||||||||
Total interest-bearing liabilities | 20,022,168 | 75,600 | 1.53 | % | 17,860,368 | 37,654 | 0.86 | % | |||||||||||||
Non-interest-bearing deposits | 6,271,313 | 6,278,507 | |||||||||||||||||||
Non-interest-bearing liabilities | 434,516 | 275,869 | |||||||||||||||||||
Total liabilities | 26,727,997 | 24,414,744 | |||||||||||||||||||
Shareholders’ equity | 4,105,503 | 3,717,475 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 30,833,500 | $ | 28,132,219 | |||||||||||||||||
Net earning assets | $ | 8,259,773 | $ | 7,953,399 | |||||||||||||||||
Net interest income/ Net interest spread | $ | 250,484 | 3.15 | % | $ | 232,889 | 3.40 | % | |||||||||||||
Net interest income (TE) / Net interest margin (TE) (1) | $ | 251,833 | 3.59 | % | $ | 234,353 | 3.67 | % |
(1) | Interest income includes loan fees of $1.0 million and $0.8 million for the three-month periods ended March 31, 2019 and 2018, respectively. |
(2) | Fully taxable equivalent ("TE") calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%. |
(3) | Balances exclude unrealized gains or losses on securities available for sale and the impact of trade date accounting. |
(4) | Total deposit costs for the three months ended March 31, 2019 and 2018 were 1.03% and 0.53%, respectively. |
Three months ended March 31, 2019 compared to March 31, 2018 | |||||||||||
Change Attributable To | |||||||||||
(in thousands) | Volume | Rate | Net Increase (Decrease) | ||||||||
Earning assets: | |||||||||||
Loans and leases: | |||||||||||
Commercial loans and leases | $ | 12,909 | $ | 16,941 | $ | 29,850 | |||||
Residential mortgage loans | 13,457 | (122 | ) | 13,335 | |||||||
Consumer and other loans | 287 | 3,338 | 3,625 | ||||||||
Mortgage loans held for sale | (147 | ) | 47 | (100 | ) | ||||||
Investment securities | 1,271 | 6,760 | 8,031 | ||||||||
Other earning assets | (736 | ) | 1,536 | 800 | |||||||
Net change in income on earning assets | 27,041 | 28,500 | 55,541 | ||||||||
Interest-bearing liabilities: | |||||||||||
Deposits: | |||||||||||
NOW accounts | 158 | 4,157 | 4,315 | ||||||||
Savings and money market accounts | 777 | 13,406 | 14,183 | ||||||||
Time deposits | 5,003 | 8,490 | 13,493 | ||||||||
Borrowings | 2,071 | 3,884 | 5,955 | ||||||||
Net change in expense on interest-bearing liabilities | 8,009 | 29,937 | 37,946 | ||||||||
Change in net interest income | $ | 19,032 | $ | (1,437 | ) | $ | 17,595 |
• | $3.2 million in computer services, primarily driven by conversion and other merger-related expenses; |
• | $2.9 million in insurance, driven by a large bank surcharge assessment in 2018 and a decrease in the assessment rate in 2019; |
• | $2.9 million in professional services, primarily from lower merger-related and legal expenses; and |
• | $1.5 million in occupancy and equipment, primarily from merger-related expenses. |
March 31, 2019 | December 31, 2018 | $ Change | % Change | ||||||||||||||||
(in thousands) | Balance | Mix | Balance | Mix | |||||||||||||||
Commercial loans and leases: | |||||||||||||||||||
Real estate- construction | $ | 1,219,647 | 5 | % | $ | 1,196,366 | 5 | % | 23,281 | 2 | |||||||||
Real estate- owner-occupied | 2,408,079 | 10 | 2,395,822 | 11 | 12,257 | 1 | |||||||||||||
Real estate- non-owner occupied | 6,147,864 | 27 | 5,796,117 | 26 | 351,747 | 6 | |||||||||||||
Commercial and industrial (1) | 5,852,568 | 26 | 5,737,017 | 25 | 115,551 | 2 | |||||||||||||
Total commercial loans and leases | 15,628,158 | 68 | 15,125,322 | 67 | 502,836 | 3 | |||||||||||||
Residential mortgage loans | 4,415,267 | 19 | 4,359,156 | 19 | 56,111 | 1 | |||||||||||||
Consumer and other loans: | |||||||||||||||||||
Home equity | 2,220,648 | 10 | 2,304,694 | 10 | (84,046 | ) | (4 | ) | |||||||||||
Other | 704,222 | 3 | 730,643 | 4 | (26,421 | ) | (4 | ) | |||||||||||
Total consumer and other loans | 2,924,870 | 13 | 3,035,337 | 14 | (110,467 | ) | (4 | ) | |||||||||||
Total loans and leases | $ | 22,968,295 | 100 | % | $ | 22,519,815 | 100 | % | 448,480 | 2 |
(1) | Includes equipment financing leases |
(in thousands) | March 31, 2019 | December 31, 2018 | $ Change | % Change | |||||||||
Louisiana | $ | 3,552,417 | $ | 3,521,596 | 30,821 | 1 | |||||||
Florida | 4,827,978 | 4,756,957 | 71,021 | 1 | |||||||||
Alabama | 1,314,238 | 1,289,146 | 25,092 | 2 | |||||||||
Texas | 2,554,452 | 2,310,642 | 243,810 | 11 | |||||||||
Georgia | 1,135,072 | 1,078,983 | 56,089 | 5 | |||||||||
Arkansas | 709,560 | 711,484 | (1,924 | ) | — | ||||||||
Tennessee | 554,940 | 584,119 | (29,179 | ) | (5 | ) | |||||||
New York | 47,107 | 44,026 | 3,081 | 7 | |||||||||
South Carolina and North Carolina | 110,345 | 92,800 | 17,545 | 19 | |||||||||
Other (1) | 822,049 | 735,569 | 86,480 | 12 | |||||||||
Total | $ | 15,628,158 | $ | 15,125,322 | 502,836 | 3 |
(1) | Other loans include primarily equipment financing and corporate asset financing leases, which the Company does not classify by state. |
(in thousands) | March 31, 2019 | December 31, 2018 | $ Change | % Change | |||||||||
Louisiana | $ | 1,058,131 | $ | 1,072,628 | (14,497 | ) | (1 | ) | |||||
Florida | 898,859 | 956,159 | (57,300 | ) | (6 | ) | |||||||
Alabama | 260,377 | 268,998 | (8,621 | ) | (3 | ) | |||||||
Texas | 119,876 | 126,562 | (6,686 | ) | (5 | ) | |||||||
Georgia | 139,967 | 142,067 | (2,100 | ) | (1 | ) | |||||||
Arkansas | 208,001 | 216,817 | (8,816 | ) | (4 | ) | |||||||
Tennessee | 72,948 | 78,013 | (5,065 | ) | (6 | ) | |||||||
New York | 48,933 | 46,146 | 2,787 | 6 | |||||||||
South Carolina and North Carolina | 667 | 214 | 453 | 212 | |||||||||
Other (1) | 117,111 | 127,733 | (10,622 | ) | (8 | ) | |||||||
Total | $ | 2,924,870 | $ | 3,035,337 | (110,467 | ) | (4 | ) |
(1) | Other loans include primarily credit card and indirect consumer loans, which the Company does not classify by state. |
(in thousands) | March 31, 2019 | December 31, 2018 | |||||
Above 720 | $ | 1,717,108 | $ | 1,708,417 | |||
660-720 | 656,740 | 666,132 | |||||
Below 660 | 551,022 | 660,788 | |||||
Total consumer loans | $ | 2,924,870 | $ | 3,035,337 |
(in thousands) | March 31, 2019 | December 31, 2018 | $ Change | % Change | |||||||||
Non-accrual loans and leases: | |||||||||||||
Commercial | $ | 81,133 | $ | 85,112 | (3,979 | ) | (5 | ) | |||||
Mortgage | 45,473 | 30,396 | 15,077 | 50 | |||||||||
Consumer and other | 21,450 | 21,676 | (226 | ) | (1 | ) | |||||||
Total non-accrual loans and leases | 148,056 | 137,184 | 10,872 | 8 | |||||||||
Accruing loans and leases 90 days or more past due | 4,111 | 2,128 | 1,983 | 93 | |||||||||
Total non-performing loans and leases (2) (3) | 152,167 | 139,312 | 12,855 | 9 | |||||||||
OREO and foreclosed property (1) | 30,606 | 30,394 | 212 | 1 | |||||||||
Total non-performing assets | 182,773 | 169,706 | 13,067 | 8 | |||||||||
Performing troubled debt restructurings | 86,019 | 80,807 | 5,212 | 6 | |||||||||
Total non-performing assets and performing troubled debt restructurings | $ | 268,792 | $ | 250,513 | 18,279 | 7 | |||||||
Non-performing loans and leases to total loans and leases (3) | 0.66 | % | 0.62 | % | |||||||||
Non-performing assets to total assets | 0.58 | % | 0.55 | % | |||||||||
Non-performing assets and performing troubled debt restructurings to total assets (1) | 0.86 | % | 0.81 | % | |||||||||
Allowance for credit losses to non-performing loans and leases | 104.46 | % | 111.55 | % | |||||||||
Allowance for credit losses to total loans and leases | 0.69 | % | 0.69 | % |
(1) | OREO and foreclosed property at March 31, 2019 and December 31, 2018 include $6.0 million and $9.0 million, respectively, of former bank properties held for development or resale. |
(2) | Total non-performing loans and leases for March 31, 2019 and December 31, 2018 include $57.8 million and $61.5 million, respectively, of non-performing troubled debt restructurings. |
(3) | Non-performing loans exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||
(in thousands) | Amount | % of Outstanding Balance | Amount | % of Outstanding Balance | $ Change | % Change | |||||||||||||
Accruing loans and leases | |||||||||||||||||||
30-59 days past due | $ | 36,607 | 0.16 | $ | 38,579 | 0.17 | (1,972 | ) | (5 | ) | |||||||||
60-89 days past due | 8,727 | 0.04 | 18,753 | 0.08 | (10,026 | ) | (53 | ) | |||||||||||
90-119 days past due | 4,111 | 0.02 | 2,128 | 0.01 | 1,983 | 93 | |||||||||||||
120 days past due or more | — | — | — | — | — | — | |||||||||||||
49,445 | 0.22 | 59,460 | 0.26 | (10,015 | ) | (17 | ) | ||||||||||||
Non-accrual loans and leases | 148,056 | 0.64 | 137,184 | 0.61 | 10,872 | 8 | |||||||||||||
Total past due and non-accrual loans | $ | 197,501 | 0.86 | $ | 196,644 | 0.87 | 857 | — |
(1) | Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. |
(in thousands) | March 31, 2019 | March 31, 2018 | |||||
Allowance for loan and lease losses at beginning of period | $ | 140,571 | $ | 140,891 | |||
Provision for loan and lease losses | 12,612 | 7,987 | |||||
Transfer of balance to OREO and other | (2,885 | ) | (48 | ) | |||
Charge-offs | (8,918 | ) | (9,116 | ) | |||
Recoveries | 1,586 | 4,813 | |||||
Allowance for loan and lease losses at end of period | 142,966 | 144,527 | |||||
Reserve for unfunded commitments at beginning of period | 14,830 | 13,208 | |||||
Provision for unfunded lending commitments | 1,151 | 224 | |||||
Reserve for unfunded lending commitments at end of period | 15,981 | 13,432 | |||||
Allowance for credit losses at end of period | $ | 158,947 | $ | 157,959 |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||
(in thousands) | Ending Balance | Mix | Ending Balance | Mix | $ Change | % Change | |||||||||||||
Non-interest-bearing deposits | $ | 6,448,613 | 27 | % | $ | 6,542,490 | 28 | % | (93,877 | ) | (1 | ) | |||||||
NOW accounts | 4,452,966 | 18 | 4,514,113 | 19 | (61,147 | ) | (1 | ) | |||||||||||
Money market accounts | 8,348,509 | 35 | 8,237,291 | 35 | 111,218 | 1 | |||||||||||||
Savings accounts | 770,754 | 3 | 828,914 | 3 | (58,160 | ) | (7 | ) | |||||||||||
Time deposits | 4,071,220 | 17 | 3,640,623 | 15 | 430,597 | 12 | |||||||||||||
Total deposits | $ | 24,092,062 | 100 | % | $ | 23,763,431 | 100 | % | 328,631 | 1 |
Ratio | Entity | Well- Capitalized Minimums | March 31, 2019 | December 31, 2018 | |||||||
Actual | Actual | ||||||||||
Tier 1 Leverage | IBERIABANK Corporation | N/A | 9.67 | % | 9.63 | % | |||||
IBERIABANK | 5.00 | % | 9.47 | 9.38 | |||||||
Common Equity Tier 1 (CET1) | IBERIABANK Corporation | N/A | 10.73 | 10.72 | |||||||
IBERIABANK | 6.50 | % | 11.00 | 10.95 | |||||||
Tier 1 Risk-Based Capital | IBERIABANK Corporation | N/A | 11.25 | 11.25 | |||||||
IBERIABANK | 8.00 | % | 11.00 | 10.95 | |||||||
Total Risk-Based Capital | IBERIABANK Corporation | N/A | 12.33 | 12.33 | |||||||
IBERIABANK | 10.00 | % | 11.63 | 11.58 |
Shift in Interest Rates (in bps) | % Change in Projected Net Interest Income | |
+200 | +2.1% | |
+100 | +1.5% | |
-100 | -5.1% | |
-200 | -12.5% |
(in thousands) | 2Q 2019 | 3Q 2019 | 4Q 2019 | 1Q 2020 | Total less than one year | ||||||||||||||
Investment securities | $ | 284,924 | $ | 240,300 | $ | 223,072 | $ | 202,073 | $ | 950,369 | |||||||||
Fixed rate loans | 878,587 | 675,463 | 625,612 | 601,693 | 2,781,355 | ||||||||||||||
Variable rate loans | 10,900,662 | 424,706 | 342,789 | 303,722 | 11,971,879 | ||||||||||||||
Total fixed and variable rate loans | 11,779,249 | 1,100,169 | 968,401 | 905,415 | 14,753,234 | ||||||||||||||
$ | 12,064,173 | $ | 1,340,469 | $ | 1,191,473 | $ | 1,107,488 | $ | 15,703,603 |
(in thousands) | 2Q 2019 | 3Q 2019 | 4Q 2019 | 1Q 2020 | Total less than one year | ||||||||||||||
Time deposits | $ | 896,409 | $ | 660,953 | $ | 750,414 | $ | 731,794 | $ | 3,039,570 | |||||||||
Short-term borrowings | 1,106,131 | — | — | — | 1,106,131 | ||||||||||||||
Long-term debt | 234,186 | 317,264 | 50,596 | 55,602 | 657,648 | ||||||||||||||
$ | 2,236,726 | $ | 978,217 | $ | 801,010 | $ | 787,396 | $ | 4,803,349 |
Three Months Ended | |||||||||||||||||||||||
March 31, 2019 | March 31, 2018 | ||||||||||||||||||||||
(in thousands, except per share amounts) | Pre-tax | After-tax | Per share (2) | Pre-tax | After-tax | Per share (2) | |||||||||||||||||
Net income | $ | 130,477 | $ | 100,131 | $ | 1.82 | $ | 81,173 | $ | 63,621 | $ | 1.17 | |||||||||||
Less: Preferred stock dividends | — | 3,598 | 0.07 | — | 3,598 | 0.07 | |||||||||||||||||
Income available to common shareholders (GAAP) | $ | 130,477 | $ | 96,533 | $ | 1.75 | $ | 81,173 | $ | 60,023 | $ | 1.10 | |||||||||||
Non-interest income adjustments (1): | |||||||||||||||||||||||
Loss (gain) on sale of investments | — | — | — | 59 | 44 | — | |||||||||||||||||
Non-interest expense adjustments (1): | |||||||||||||||||||||||
Merger-related expense | (334 | ) | (254 | ) | — | 16,227 | 12,517 | 0.23 | |||||||||||||||
Compensation-related expense | (9 | ) | (7 | ) | — | 1,221 | 928 | 0.02 | |||||||||||||||
Impairment of long-lived assets, net of (gain) loss on sale | 986 | 749 | 0.01 | 2,074 | 1,576 | 0.03 | |||||||||||||||||
Other non-core non-interest expense | (3,129 | ) | (2,378 | ) | (0.04 | ) | (683 | ) | (520 | ) | (0.01 | ) | |||||||||||
Total non-interest expense adjustments | (2,486 | ) | (1,890 | ) | (0.03 | ) | 18,839 | 14,501 | 0.27 | ||||||||||||||
Income tax expense | — | — | — | — | 173 | — | |||||||||||||||||
Core earnings (Non-GAAP) | 127,991 | 94,643 | 1.72 | 100,071 | 74,741 | 1.37 | |||||||||||||||||
Provision for credit losses (1) | 13,763 | 10,460 | 8,211 | 6,240 | |||||||||||||||||||
Pre-provision earnings, as adjusted (Non-GAAP) | $ | 141,754 | $ | 105,103 | $ | 108,282 | $ | 80,981 |
(1) | Excluding preferred stock dividends and merger-related expense, after-tax amounts are calculated using a tax rate of 24%, which approximates the marginal tax rate. |
(2) | Diluted per share amounts may not appear to foot due to rounding. |
As of and For the Three Months Ended March 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Net interest income (GAAP) | $ | 250,484 | $ | 232,889 | |||
Taxable equivalent benefit | 1,349 | 1,464 | |||||
Net interest income (TE) (Non-GAAP) (1) | $ | 251,833 | $ | 234,353 | |||
Non-interest income (GAAP) | $ | 52,509 | $ | 44,566 | |||
Taxable equivalent benefit | 478 | 341 | |||||
Non-interest income (TE) (Non-GAAP) (1) | 52,987 | 44,907 | |||||
Taxable equivalent revenues (Non-GAAP) (1) | 304,820 | 279,260 | |||||
Securities (gains) losses and other non-interest income | — | 59 | |||||
Core taxable equivalent revenues (Non-GAAP) (1) | $ | 304,820 | $ | 279,319 | |||
Total non-interest expense (GAAP) | $ | 158,753 | $ | 188,071 | |||
Less: Intangible amortization expense | 5,009 | 5,102 | |||||
Tangible non-interest expense (Non-GAAP) (2) | 153,744 | 182,969 | |||||
Less: Merger-related expense | (334 | ) | 16,227 | ||||
Compensation-related expense | (9 | ) | 1,221 | ||||
Impairment of long-lived assets, net of (gain) loss on sale | 986 | 2,074 | |||||
Other non-core non-interest expense | (3,129 | ) | (683 | ) | |||
Core tangible non-interest expense (Non-GAAP)(2) | $ | 156,230 | $ | 164,130 | |||
Average assets (GAAP) | $ | 30,833,500 | $ | 28,132,219 | |||
Less: Average intangible assets, net | 1,313,368 | 1,275,889 | |||||
Total average tangible assets (Non-GAAP) (2) | $ | 29,520,132 | $ | 26,856,330 | |||
Total shareholders’ equity (GAAP) | $ | 4,141,831 | $ | 3,900,907 | |||
Less: Goodwill and other intangibles | 1,310,458 | 1,332,672 | |||||
Preferred stock | 132,097 | 132,097 | |||||
Tangible common equity (Non-GAAP) (2) | $ | 2,699,276 | $ | 2,436,138 | |||
Average shareholders’ equity (GAAP) | $ | 4,105,503 | $ | 3,717,475 | |||
Less: Average preferred equity | 132,097 | 132,097 | |||||
Average common equity | 3,973,406 | 3,585,378 | |||||
Less: Average intangible assets, net | 1,313,368 | 1,275,889 | |||||
Average tangible common shareholders’ equity (Non-GAAP) (2) | $ | 2,660,038 | $ | 2,309,489 | |||
Return on average assets (GAAP) | 1.32 | % | 0.92 | % | |||
Effect of non-core revenues and expenses | (0.03 | ) | 0.21 | ||||
Core return on average assets (Non-GAAP) | 1.29 | % | 1.13 | % | |||
Return on average common equity (GAAP) | 9.85 | % | 6.79 | % | |||
Effect of non-core revenues and expenses | (0.19 | ) | 1.66 | ||||
Core return on average common equity (Non-GAAP) | 9.66 | % | 8.45 | % | |||
Effect of intangibles (2) | 5.37 | 5.38 | |||||
Core return on average tangible common equity (Non-GAAP) (2) | 15.03 | % | 13.83 | % | |||
Efficiency ratio (GAAP) | 52.4 | % | 67.8 | % | |||
Effect of tax benefit related to tax-exempt income | (0.3 | ) | (0.4 | ) | |||
Efficiency ratio (TE) (Non-GAAP) (1) | 52.1 | % | 67.4 | % | |||
Effect of amortization of intangibles | (1.6 | ) | (1.8 | ) | |||
Effect of non-core items | 0.8 | (6.8 | ) |
Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) | 51.3 | % | 58.8 | % | |||
Total assets (GAAP) | $ | 31,260,189 | $ | 29,472,637 | |||
Less: Goodwill and other intangibles | 1,310,458 | 1,332,672 | |||||
Tangible assets (Non-GAAP) (2) | $ | 29,949,731 | $ | 28,139,965 | |||
Tangible common equity ratio (Non-GAAP) (2) | 9.01 | % | 8.66 | % | |||
Cash Yield: | |||||||
Earning assets average balance (GAAP) | $ | 28,281,941 | $ | 25,813,767 | |||
Add: Adjustments | 136,415 | 141,734 | |||||
Earning assets average balance, as adjusted (Non-GAAP) | $ | 28,418,356 | $ | 25,955,501 | |||
Net interest income (GAAP) | $ | 250,484 | $ | 232,889 | |||
Add: Adjustments | (10,881 | ) | (14,804 | ) | |||
Net interest income, as adjusted (Non-GAAP) | $ | 239,603 | $ | 218,085 | |||
Yield, as reported | 3.59 | % | 3.67 | % | |||
Add: Adjustments | (0.17 | ) | (0.25 | ) | |||
Yield, as adjusted (Non-GAAP) | 3.42 | % | 3.42 | % |
Term | Definition |
2018 10-K | Annual Report on Form 10-K for the year ended December 31, 2018 |
ACL | Allowance for credit losses |
Acquired loans | Loans acquired in a business combination |
AFS | Securities available for sale |
ALLL | Allowance for loan and lease losses |
AOCI | Accumulated other comprehensive income (loss) |
ARRC | Alternative Reference Rates Committee |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update |
Banco Sabadell | Banco de Sabadell, S.A. |
C&I | Commercial and Industrial loans |
CDI | Core deposit intangible assets |
CEO | Chief Executive Officer |
CET1 | Common Equity Tier 1 Capital defined by Basel III capital rules |
CFO | Chief Financial Officer |
CRA | Community Reinvestment Act |
CRE | Commercial Real Estate Loans |
Company | IBERIABANK Corporation and Subsidiaries |
Covered Loans | Acquired loans with loss protection provided by the FDIC |
DOJ | Department of Justice |
ECL | Expected credit losses |
EPS | Earnings per common share |
Exchange Act | Securities Exchange Act of 1934 |
FASB | Financial Accounting Standards Board |
FDIC | Federal Deposit Insurance Corporation |
FHA | Federal Housing Administration |
FHLB | Federal Home Loan Bank |
FOMC | Federal Open Market Committee |
FRB | Board of Governors of the Federal Reserve System |
GAAP | Accounting principles generally accepted in the United States of America |
Gibraltar | Gibraltar Private Bank & Trust Co. |
HUD | U.S. Department of Housing and Urban Development |
IBERIABANK | Banking subsidiary of IBERIABANK Corporation |
Legacy loans | Loans that were originated directly or otherwise underwritten by the Company |
LIBOR | London Interbank Borrowing Offered Rate |
LTC | Lenders Title Company |
Non-GAAP | Financial measures determined by methods other than in accordance with GAAP |
OCC | Office of the Comptroller of the Currency |
OCI | Other comprehensive income |
OREO | Other real estate owned |
OTTI | Other than temporary impairment |
Parent | IBERIABANK Corporation |
ROU | Right-of-Use |
RRP | Recognition and Retention Plan |
Sabadell United | Sabadell United Bank, N.A. |
SEC | Securities and Exchange Commission |
SIFMA | Securities Industry and Financial Markets Association |
SOFR | Secured Overnight Financing Rate |
SolomonParks | SolomonParks Title & Escrow, LLC |
TE | Fully taxable equivalent |
Tax Act | Tax Cuts and Jobs Act |
TDR | Troubled debt restructuring |
U.S. | United States of America |
UST | United States Treasury |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||
January 1-31, 2019 | 5,042 | 66.02 | — | 2,265,000 | ||||
February 1-28, 2019 | 328,874 | 77.59 | 296,921 | 1,968,079 | ||||
March 1-31, 2019 | 91,237 | 75.91 | 91,000 | 1,877,079 | ||||
Total | 425,153 | 77.09 | 387,921 | 1,877,079 | ||||
(1) Includes shares of the Company's common stock acquired by the Company in connection with satisfaction of tax withholding obligations on vested restricted stock. |
Exhibit No. 3.1 | |
Exhibit No. 31.1 | |
Exhibit No. 31.2 | |
Exhibit No. 32.1 | |
Exhibit No. 32.2 | |
Exhibit No. 101.INS | XBRL Instance Document. |
Exhibit No. 101.SCH | XBRL Taxonomy Extension Schema. |
Exhibit No. 101.CAL | XBRL Taxonomy Extension Calculation Linkbase. |
Exhibit No. 101.DEF | XBRL Taxonomy Extension Definition Linkbase. |
Exhibit No. 101.LAB | XBRL Taxonomy Extension Label Linkbase. |
Exhibit No. 101.PRE | XBRL Taxonomy Extension Presentation Linkbase. |
IBERIABANK Corporation | ||||
Date: May 8, 2019 | By: | /s/ Daryl G. Byrd | ||
Daryl G. Byrd | ||||
President and Chief Executive Officer | ||||
Date: May 8, 2019 | By: | /s/ Anthony J. Restel | ||
Anthony J. Restel | ||||
Vice Chairman and Chief Financial Officer |
(a) | Designation. |
(b) | Number of Shares. |
(c) | Definitions. |
(d) | Dividends. |
(e) | Liquidation Rights. |
(f) | Redemption Rights. |
(g) | Voting Rights. |
(h) | Conversion Rights. |
(i) | No Sinking Fund. |
(j) | No Preemptive or Subscription Rights. |
(k) | No Other Rights. |
A. | Definitions. |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 8, 2019 | /s/ Daryl G. Byrd | |
Daryl G. Byrd | |||
President and Chief Executive Officer |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 8, 2019 | /s/ Anthony J. Restel | |
Anthony J. Restel | |||
Vice Chairman and Chief Financial Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in the Report. |
Date: | May 8, 2019 | /s/ Daryl G. Byrd | |
Daryl G. Byrd | |||
President and Chief Executive Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in the Report. |
Date: | May 8, 2019 | /s/ Anthony J. Restel | |
Anthony J. Restel | |||
Vice Chairman and Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Apr. 30, 2019 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | IBKC | |
Entity Registrant Name | IBERIABANK CORP | |
Entity Central Index Key | 0000933141 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair values | $ 200,568 | $ 204,277 |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Liquidation preference (per share) | $ 10,000 | $ 10,000 |
Preferred stock, shares issued | 13,750 | 13,750 |
Preferred stock, shares outstanding | 13,750 | 13,750 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 54,551,264 | 54,796,231 |
Common stock, shares outstanding | 54,551,264 | 54,796,231 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Statement [Abstract] | ||
Unrealized holding gains (losses), arising during the period taxes | $ 10,675 | $ 14,223 |
Reclassification adjustment for gains (losses) included in net income, taxes | 0 | 13 |
Change in fair value of derivative instruments designated as cash flow hedges, taxes | 471 | 678 |
Reclassification adjustment for gains (losses) included in net income, taxes | $ 75 | $ 31 |
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Cash dividends declared per common share (in usd per share) | $ 0.43 | $ 0.38 |
Retained Earnings | ||
Cash dividends declared per common share (in usd per share) | $ 0.43 | $ 0.38 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION IBERIABANK Corporation is a financial holding company based in Lafayette, Louisiana. The accompanying unaudited consolidated financial statements include the accounts of IBERIABANK Corporation and its consolidated subsidiaries (the "Company"). Through its subsidiaries, the Company provides a full range of commercial and consumer banking services, including private banking, small business, wealth and trust management, retail brokerage, mortgage, commercial leasing and equipment financing, and title insurance services through locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and notes necessary for complete financial statements in accordance with GAAP. In the opinion of management, the accompanying unaudited consolidated financial statements contain all the significant adjustments, consisting of normal and recurring items, considered necessary for fair presentation. These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes in the Annual Report on Form 10-K for the year ended December 31, 2018. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. See the Glossary of Defined Terms included in this Report for terms used herein. |
Recent Accounting Pronouncements Recent Accounting Pronouncements |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Pronouncements adopted during the three months ended March 31, 2019: ASU No. 2016-02, ASU No. 2018-11, ASU No. 2018-20, and ASU 2019-01 In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) which requires lessees to recognize ROU assets and lease liabilities on the balance sheet for most leases, including operating leases. The lessor accounting model was relatively unchanged by this ASU. Additional quantitative and qualitative disclosures are also required. During 2018 and early 2019, the FASB issued ASU No. 2018-11, Targeted Improvements, ASU No. 2018-20, Narrow-Scope Improvements for Lessors, and ASU No. 2019-01, Codification Improvements, which clarified certain implementation issues, provided an additional optional transition method and clarified the disclosure requirements during the period of adopting ASC 842, among others. The Company adopted ASU No. 2016-02 and the related ASUs discussed above effective January 1, 2019 using the optional transition method. The Company elected the package of practical expedients that does not require the reassessment of whether expired or existing contracts contain leases, the reassessment of the lease classification for any expired or existing leases, or the reassessment of initial direct costs for existing leases. Additionally, the Company did not elect the hindsight practical expedient. The Company conducted a review of all existing lease contracts and service contracts which might contain embedded leases. Some of the Company’s leases contain variable lease payments, the majority of which depend on an index or rate, such as the Consumer Price Index. At transition, the present value of variable payments was based on the index or rate as of January 1, 2019. To determine the present value of lease payments at transition, the Company applied a portfolio approach utilizing an FHLB Advance rate based on the weighted average remaining term of the Company’s existing leases as of January 1, 2019. As a result of adopting ASC 842, the Company established an ROU asset and a lease liability as of January 1, 2019 of $94.2 million and $118.9 million, respectively. Additionally, as part of the adoption of ASC 842, $24.7 million in pre-existing liabilities were reclassified to the ROU asset on January 1, 2019. This resulted in a gross-up of the balance sheet of $94.2 million as a result of recognizing lease liabilities and corresponding right-of-use assets for operating leases. The adoption of ASC 842 also required the recognition of previously deferred gains on sale-leaseback transactions which resulted in an insignificant increase to retained earnings on January 1, 2019. The related impact on the Company’s regulatory capital ratios was not significant. The Company does not expect material changes to the recognition of lease expense in future periods as a result of the adoption of ASC 842. See Note 8, Leases, for additional disclosures required by ASC 842. ASU No. 2018-16 In October 2018, the FASB released ASU No. 2018-16, Derivatives and Hedging (ASC 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815 in addition to the interest rates on direct Treasury obligations of the UST, the LIBOR swap rate, the OIS Rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The required effective date of this ASU was dependent upon when an entity adopted the provisions of ASU No. 2017-12. The Company adopted ASU No. 2018-16 effective January 1, 2019 on a prospective basis for qualifying new or redesignated hedging relations as ASU No. 2017-12 had previously been adopted on January 1, 2018. The implementation of this ASU did not have a significant impact on the Company’s consolidated financial statements. ASU No. 2017-08 In March 2017, the FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which will shorten the amortization period for callable debt securities held at a premium to the earliest call date instead of the maturity date. The amendments do not require an accounting change for securities held at a discount, which will continue to be amortized to the maturity date. The Company adopted ASU No. 2017-08 effective January 1, 2019. The adoption of the ASU did not have a material impact to the Company’s consolidated financial statements. Pronouncements issued but not yet adopted: ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments. The guidance introduces an impairment model that is based on expected credit losses (ECL), rather than incurred losses, to estimate credit losses on certain types of financial instruments such as loans and held-to-maturity securities, including certain off-balance sheet financial instruments such as loan commitments. The measurement of ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics must be grouped together when estimating ECL. The ASU also amends the current AFS security impairment model for debt securities. The new model will require an estimate of ECL when the fair value is below the amortized cost of the asset through the use of an allowance to record estimated credit losses (and subsequent recoveries). Non-credit related losses will continue to be recognized through OCI. In addition, the guidance provides for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their origination. The initial estimate of expected credit losses would be recognized through an ALLL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. The ASU will be applied through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. A prospective transition approach is required for debt securities for which OTTI had been recognized before the effective date. Amounts previously recognized in AOCI as of the date of adoption that relate to improvements in cash flows expected to be collected should continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption should be recorded in earnings when received. The Company has established a cross-function implementation team and engaged third-party consultants who have jointly developed a project plan to provide implementation oversight. The Company is in the process of developing and implementing current expected credit loss models that satisfy the requirements of the ASU and continues to identify key interpretive issues. The Company expects that this ASU will result in an increase to ALLL given the change to estimate losses over the full remaining estimated life of the loan portfolio as well as the adoption of an allowance for debt securities. The extent of the increase in the ALLL is not yet known and will depend on the composition of our loan and securities portfolios, finalization of credit loss models, macroeconomic conditions and forecasts at the adoption date. ASU No. 2018-13 In August 2018, the FASB released ASU No. 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods, with early adoption permitted. The Company is currently evaluating the impact of the ASU. While adoption of this ASU will result in changes to existing disclosures, it will not have any impact on our financial position or results of operation. ASU No. 2018-17 In October 2018, the FASB released ASU No. 2018-17, Consolidation (ASC 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which improves the consistency of the application of the variable interest entity (VIE) related party guidance for common control arrangements. This ASU requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP) when determining whether a decision-making fee is a variable interest. ASU No. 2018-17 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The guidance should be applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. ASU No. 2019-04 In April 2019, the FASB released ASU No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825). The amendments in the ASU improve the Codification by eliminating inconsistencies and providing clarifications. ASU No. 2019-04 clarifies the scope of the credit losses standard and addresses various issues including, accrued interest receivable balances, recoveries, variable interest rates and prepayments. With respect to hedge accounting, the ASU addresses partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, among other things. For recognizing and measuring financial instruments, the ASU addresses the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be remeasured at historical exchange rates. The amended guidance in this ASU related to the credit losses and the recognition and measurement of financial instruments will be effective for fiscal years and interim periods beginning after December 15, 2019 with early adoption in any interim period permitted. Since the Company early adopted the guidance in ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities in 2018, the amended hedge accounting guidance in ASU No. 2019-04 will be effective as of the beginning of the first annual reporting period beginning after April 25, 2019 with early adoption permitted on any date after the issuance of this ASU. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | INVESTMENT SECURITIES The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
Securities with carrying values of $2.3 billion and $2.4 billion were pledged to support repurchase transactions, public funds deposits, and certain long-term borrowings at March 31, 2019 and December 31, 2018, respectively. Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
The Company held certain investment securities where amortized cost exceeded fair value, resulting in unrealized loss positions, as shown in the tables above. Management evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Impairment is considered to be other-than-temporary if the Company (1) intends to sell the security, (2) more likely than not will be required to sell the security before recovering its cost, or (3) does not expect to recover the security's entire amortized cost basis. As of March 31, 2019, the Company does not intend to sell any of these securities, does not expect to be required to sell these securities, and expects to recover the entire amortized cost of all these securities. At March 31, 2019, 389 debt securities had unrealized losses of 1.45% of the securities’ amortized cost basis. At December 31, 2018, 488 debt securities had unrealized losses of 2.38% of the securities’ amortized cost basis. The unrealized losses for each of the securities related to market interest rate changes and not credit concerns of the issuers. Additional information on securities that have been in a continuous loss position for over twelve months at March 31, 2019 and December 31, 2018 is presented in the following table.
The amortized cost and estimated fair value of investment securities by maturity at March 31, 2019 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.
The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method.
In addition to the gains above, the Company realized certain gains on calls of securities held to maturity that were not significant to the consolidated financial statements. Other Equity Securities The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other equity securities, which are presented in other assets on the consolidated balance sheets, are as follows:
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Loans and Leases |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | LOANS AND LEASES Loans and leases by portfolio segment and class consist of the following for the periods indicated:
Net deferred loan origination fees were $30.8 million and $30.2 million at March 31, 2019 and December 31, 2018, respectively. Total net discount on the Company's loans was $130.1 million and $136.8 million at March 31, 2019 and December 31, 2018, respectively, of which $79.0 million and $81.6 million was related to non-impaired loans. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies these overdrafts as loans in its consolidated balance sheets. At March 31, 2019 and December 31, 2018, overdrafts of $6.4 million and $9.2 million, respectively, have been reclassified to loans. Loans with carrying values of $7.8 billion and $7.6 billion were pledged as collateral for borrowings at March 31, 2019 and December 31, 2018, respectively. Aging Analysis The following tables provide an analysis of the aging of loans and leases as of March 31, 2019 and December 31, 2018. Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. For additional information on the determination of past due status and the Company's policies for recording payments received, placing loans and leases on non-accrual status, and the resumption of interest accrual on non-accruing loans and leases, see Note 1, Summary of Significant Accounting Policies, in the 2018 10-K.
Acquired Loans The Company acquired certain loans from Sabadell United to customers with addresses outside of the United States. Foreign loans, denominated in U.S. dollars, totaled $205.2 million and $202.6 million at March 31, 2019 and December 31, 2018, respectively. The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the three months ended March 31:
Troubled Debt Restructurings Information about the Company’s TDRs at March 31, 2019 and 2018 is presented in the following tables. Modifications of loans that are accounted for within a pool under ASC Topic 310-30 are excluded as TDRs. Accordingly, such modifications do not result in the removal of those loans from the pool, even if the modification of those loans would otherwise be considered a TDR. As a result, all such acquired loans that would otherwise meet the criteria for classification as a TDR are excluded from the tables below. TDRs totaling $31.4 million and $27.2 million occurred during the three months ended March 31, 2019 and 2018, respectively, through modification of the original loan terms. The following table provides information on how the TDRs were modified during the periods indicated:
Of the $31.4 million of TDRs occurring during the three months ended March 31, 2019, $16.5 million were on accrual status and $14.9 million were on non-accrual status. Of the $27.2 million of TDRs occurring during the three months ended March 31, 2018, $12.9 million were on accrual status and $14.3 million were on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the periods indicated:
Information detailing TDRs that defaulted during the three-month periods ended March 31, 2019 and 2018, and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following tables. The Company has defined a default as any loan with a payment that is currently past due greater than 30 days, or was past due greater than 30 days at any point during the respective periods, or since the date of modification, whichever is shorter.
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Allowance for Credit Losses and Credit Quality |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses and Credit Quality | ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY Allowance for Credit Losses Activity A summary of changes in the allowance for credit losses for the three months ended March 31 is as follows:
A summary of changes in the allowance for credit losses, by loan portfolio type, for the three months ended March 31 is as follows:
Portfolio Segment Risk Factors Commercial real estate loans include loans to commercial customers for long-term financing of land and buildings or for land development or construction of a building. These loans are repaid through revenues from operations of the businesses, rents of properties, sales of properties and refinances. Commercial and industrial loans and leases represent loans to commercial customers to finance general working capital needs, equipment purchases and leases and other projects where repayment is derived from cash flows resulting from business operations. The Company originates commercial business loans on a secured and, to a lesser extent, unsecured basis. Residential mortgage loans consist of loans to consumers to finance a primary residence. The vast majority of the residential mortgage loan portfolio is comprised of non-conforming 1-4 family mortgage loans secured by properties located in the Company's market areas and originated under terms and documentation that permit their sale in a secondary market. Consumer loans are offered by the Company in order to provide a full range of retail financial services to its customers and include home equity, credit card and other direct consumer installment loans. The Company originates substantially all of its consumer loans in its primary market areas. Loans in the consumer segment are sensitive to unemployment and other key consumer economic measures. Credit Quality Indicators For commercial loans and leases, the Company utilizes regulatory classification ratings to monitor credit quality. Loans with a "pass" rating are those that the Company believes will be fully repaid in accordance with the contractual loan terms. Commercial loans and leases that are "criticized" are those that have some weakness or potential weakness that indicate an increased probability of future loss. "Criticized" loans are grouped into three categories: "special mention", "substandard", and "doubtful". Special mention loans have potential weaknesses that, if left uncorrected, may result in deterioration of the Company's credit position at some future date. Substandard loans have well-defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful loans have the same weaknesses as substandard loans with the added characteristics that the probability of loss is high and collection of the full amount is improbable. Substandard and doubtful loans are collectively referred to as "classified" loans. For residential mortgage loans and consumer loans, the Company primarily uses the loan's payment and delinquency status to monitor credit quality. These credit quality indicators are continually updated and monitored. The recorded investment in loans and leases by credit quality indicator is presented in the following tables. Asset risk classifications for commercial loans and leases reflect the classification as of March 31, 2019 and December 31, 2018. Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the net loan balance, after the application of premiums and discounts. Loan premiums and discounts represent the adjustment of acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods.
Impaired Loans Information on the Company’s investment in impaired loans, which include all TDRs and all other non-accrual loans evaluated or measured individually for impairment for purposes of determining the ALLL, is presented in the following tables as of and for the periods indicated.
As of March 31, 2019 and December 31, 2018, the Company was not committed to lend a material amount of additional funds to any customer whose loan was classified as impaired or as a TDR. |
Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Changes to the carrying amount of goodwill by reporting unit for the three months ended March 31, 2019, and the year ended December 31, 2018 are provided in the following table:
The goodwill acquired and adjustments made during 2018 were the result of the Sabadell United, Gibraltar, and SolomonParks acquisitions. There were no changes to goodwill during the three months ended March 31, 2019. The Company performed the required annual goodwill impairment test as of October 1, 2018. The Company’s annual impairment test did not indicate impairment in any of the Company’s reporting units as of the testing date. Following the testing date, management evaluated the events and changes that could indicate that goodwill might be impaired and concluded that a subsequent interim test was not necessary. Mortgage Servicing Rights Mortgage servicing rights are recorded at the lower of cost or market value in other intangible assets on the Company's consolidated balance sheets and amortized over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights had the following carrying values as of the periods indicated:
Title Plant The Company held title plant assets recorded in other intangible assets on the Company's consolidated balance sheets totaling $6.8 million at both March 31, 2019 and December 31, 2018. No events or changes in circumstances occurred during the three months ended March 31, 2019 to suggest the carrying value of the title plant was not recoverable. Intangible assets subject to amortization Definite-lived intangible assets had the following carrying values included in other intangible assets on the Company’s consolidated balance sheets as of the periods indicated:
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Derivative Instruments and Other Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Other Hedging Activities | DERIVATIVE INSTRUMENTS AND OTHER HEDGING ACTIVITIES The Company enters into derivative financial instruments to manage interest rate risk, exposures related to liquidity and credit risk, and to facilitate customer transactions. The primary types of derivatives utilized by the Company for its risk management strategies include interest rate swap agreements, interest rate collars, interest rate floors, foreign exchange contracts, interest rate lock commitments, forward sales commitments, written and purchased options, and credit derivatives. All derivative instruments are recognized on the consolidated balance sheets as other assets or other liabilities at fair value, regardless of whether a right of offset exists. Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company enters into interest rate swap agreements in a cash flow hedge to convert forecasted variable interest payments to a fixed rate on its junior subordinated debt. In addition, the Company has entered into interest rate collars and interest rate floors and designated the instruments as cash flow hedges of the risk of fluctuations in interest rates, thereby reducing the Company's exposure to variability in cash flows from variable-rate loans. For cash flow hedges, the effective and ineffective portions of the gain or loss related to the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. In applying hedge accounting for derivatives, the Company establishes and documents a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Information pertaining to outstanding derivative instruments is as follows:
The Company has entered into risk participation agreements with counterparties to transfer or assume credit exposures related to interest rate derivatives. The notional amounts of risk participation agreements sold were $98.9 million and $85.6 million at March 31, 2019 and December 31, 2018, respectively. Assuming all underlying third party customers referenced in the swap contracts defaulted at March 31, 2019 and December 31, 2018, the exposure from these agreements would not be material based on the fair value of the underlying swaps. The Company is party to collateral agreements with certain derivative counterparties. Such agreements require that the Company maintain collateral based on the fair values of individual derivative transactions. In the event of default by the Company, the counterparty would be entitled to the collateral. At March 31, 2019 and December 31, 2018, the Company was not required to post collateral due to the Company's derivative position at the balance sheet date. At March 31, 2019 and December 31, 2018, the Company was required to post $44.7 million and $35.8 million, respectively, in variation margin payments for its derivative transactions, which is required to be netted against the fair value of the derivatives in other assets or other liabilities on the consolidated balance sheets. The Company does not anticipate additional assets will be required to be posted as collateral, nor does it believe additional assets would be required to settle its derivative instruments immediately if contingent features were triggered at March 31, 2019. The Company’s master netting agreements represent written, legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the master agreement and (2) in the event of default, provide the non-defaulting counterparty the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to promptly liquidate or set-off collateral posted by the defaulting counterparty. As permitted by U.S. GAAP, the Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against recognized fair value amounts of derivatives executed with the same counterparty under a master netting agreement. The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset.
During the three months ended March 31, 2019 and 2018, the Company has not reclassified into earnings any gain or loss as a result of the discontinuance of cash flow hedges because it was probable the original forecasted transaction would not occur by the end of the originally specified term. At March 31, 2019, the Company does not expect to reclassify a material amount from accumulated other comprehensive income into interest income over the next twelve months for derivatives that will be settled. At March 31, 2019 and 2018, and for the three months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows:
Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of March 31, is as follows:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASES IBERIABANK as Lessee The Company leases certain branch and corporate offices, land and ATM facilities through operating leases with terms ranging from less than one year to 45 years. The Company has no financing leases (formerly capital leases). As discussed in Note 2, Recent Accounting Pronouncements, the Company adopted new guidance for leases on January 1, 2019 which requires that leases, whether classified as operating leases or financing leases, are to be accounted for as the acquisition of a right-of-use asset (ROU asset) and a related lease liability recorded at the present value of the lease payments less any lease incentives. The ROU asset represents the Company’s right to use an underlying asset for the lease term and is included in other assets on the Company’s consolidated balance sheets. The lease liability represents the Company’s obligation to make lease payments and is included in other liabilities in the Company’s consolidated balance sheets. The cost of the lease is recognized on a straight-line basis over the lease term as lease expense. Prior to January 1, 2019, operating leases were not recorded on the balance sheet. See Note 2, Recent Accounting Pronouncements, for further discussion of the adoption of this new guidance. Subsequent to the adoption of ASC 842 on January 1, 2019, the Company reviews new lease and service contracts to determine if the contracts contain an embedded lease. For leases that do not provide an implicit rate, the Company uses the corresponding FHLB Advance rate based on the lease term at commencement in determining the present value of lease payments. For leases with variable lease payments, the present value will be determined using the index at the lease commencement date. Changes in variable rent payments due to subsequent changes in the index or rate do not result in a re-measurement of the ROU asset or lease liability, but are recognized as expense in the period in which they occur. Certain of the Company’s leases contain options to either renew, extend or terminate the lease. As of March 31, 2019, no material extensions or terminations were considered reasonably certain, and as such, were not included in the measurement of the lease liability and ROU asset. The Company also has lease agreements with lease and non-lease components, which are generally accounted for separately. Non-lease components, which primarily consist of common area maintenance (“CAM”), utilities, and janitorial services, are based on the stand-alone price of the services and expensed as incurred. Operating lease expense for the three months ended March 31, 2019 totaled $6.8 million. During the three months ended March 31, 2019, the Company paid $6.7 million for amounts included in the measurement of lease liabilities and $5.2 million to obtain ROU assets. The following summarizes the ROU asset and lease liabilities as of March 31, 2019:
Maturities of operating lease liabilities as of March 31, 2019 is as follows:
As of March 31, 2019, the Company has not entered into any material leases that have not yet commenced. IBERIABANK as Lessor As a lessor, the Company engages in the leasing of equipment to commercial customers primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. The new guidance on leases discussed above did not have a significant impact on the lessor model of accounting. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases, net of unearned income in the consolidated balance sheet. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease. The Company’s portfolio of direct financing and sales-type leases contain remaining terms from 4 to 20 years. Some of these leases contain options to extend the leases for up to 12 months and/or to terminate the lease within one year. These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, the Company expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of the Company’s direct financing and sales-type leases, there is no selling profit or loss on these transactions. At a lease’s inception, the Company determines the expected residual value of the leased property at end of the lease term based on the type of equipment leased, location and usage, as well as the contractual return provisions in the lease agreement. Additionally, the Company utilizes multiple market sources of data to establish equipment values and in many cases engages certified appraisers to provide valuation analyses. In order to manage the risk associated with the residual value of its leased assets, lease agreements typically include various provisions designed to protect the value of the leased property, such as contractual equipment maintenance, use and return provisions; remarketing agreements; and lessee guarantees. In a few cases, the Company also obtains third-party guarantees to further manage residual risk in the portfolio. On an annual basis, leased properties with material residual values are reviewed for impairment. The components of the Company’s net investment in leases is as follows:
For the three months ended March 31, 2019, interest income for direct financing or sales-type leases totaled $2.0 million. During the three months ended March 31, 2019, there was no profit or loss recognized at the commencement date for direct financing or sales-type leases. Maturities of the Company's lease receivables as of March 31, 2019 is as follows:
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Leases | LEASES IBERIABANK as Lessee The Company leases certain branch and corporate offices, land and ATM facilities through operating leases with terms ranging from less than one year to 45 years. The Company has no financing leases (formerly capital leases). As discussed in Note 2, Recent Accounting Pronouncements, the Company adopted new guidance for leases on January 1, 2019 which requires that leases, whether classified as operating leases or financing leases, are to be accounted for as the acquisition of a right-of-use asset (ROU asset) and a related lease liability recorded at the present value of the lease payments less any lease incentives. The ROU asset represents the Company’s right to use an underlying asset for the lease term and is included in other assets on the Company’s consolidated balance sheets. The lease liability represents the Company’s obligation to make lease payments and is included in other liabilities in the Company’s consolidated balance sheets. The cost of the lease is recognized on a straight-line basis over the lease term as lease expense. Prior to January 1, 2019, operating leases were not recorded on the balance sheet. See Note 2, Recent Accounting Pronouncements, for further discussion of the adoption of this new guidance. Subsequent to the adoption of ASC 842 on January 1, 2019, the Company reviews new lease and service contracts to determine if the contracts contain an embedded lease. For leases that do not provide an implicit rate, the Company uses the corresponding FHLB Advance rate based on the lease term at commencement in determining the present value of lease payments. For leases with variable lease payments, the present value will be determined using the index at the lease commencement date. Changes in variable rent payments due to subsequent changes in the index or rate do not result in a re-measurement of the ROU asset or lease liability, but are recognized as expense in the period in which they occur. Certain of the Company’s leases contain options to either renew, extend or terminate the lease. As of March 31, 2019, no material extensions or terminations were considered reasonably certain, and as such, were not included in the measurement of the lease liability and ROU asset. The Company also has lease agreements with lease and non-lease components, which are generally accounted for separately. Non-lease components, which primarily consist of common area maintenance (“CAM”), utilities, and janitorial services, are based on the stand-alone price of the services and expensed as incurred. Operating lease expense for the three months ended March 31, 2019 totaled $6.8 million. During the three months ended March 31, 2019, the Company paid $6.7 million for amounts included in the measurement of lease liabilities and $5.2 million to obtain ROU assets. The following summarizes the ROU asset and lease liabilities as of March 31, 2019:
Maturities of operating lease liabilities as of March 31, 2019 is as follows:
As of March 31, 2019, the Company has not entered into any material leases that have not yet commenced. IBERIABANK as Lessor As a lessor, the Company engages in the leasing of equipment to commercial customers primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. The new guidance on leases discussed above did not have a significant impact on the lessor model of accounting. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases, net of unearned income in the consolidated balance sheet. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease. The Company’s portfolio of direct financing and sales-type leases contain remaining terms from 4 to 20 years. Some of these leases contain options to extend the leases for up to 12 months and/or to terminate the lease within one year. These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, the Company expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of the Company’s direct financing and sales-type leases, there is no selling profit or loss on these transactions. At a lease’s inception, the Company determines the expected residual value of the leased property at end of the lease term based on the type of equipment leased, location and usage, as well as the contractual return provisions in the lease agreement. Additionally, the Company utilizes multiple market sources of data to establish equipment values and in many cases engages certified appraisers to provide valuation analyses. In order to manage the risk associated with the residual value of its leased assets, lease agreements typically include various provisions designed to protect the value of the leased property, such as contractual equipment maintenance, use and return provisions; remarketing agreements; and lessee guarantees. In a few cases, the Company also obtains third-party guarantees to further manage residual risk in the portfolio. On an annual basis, leased properties with material residual values are reviewed for impairment. The components of the Company’s net investment in leases is as follows:
For the three months ended March 31, 2019, interest income for direct financing or sales-type leases totaled $2.0 million. During the three months ended March 31, 2019, there was no profit or loss recognized at the commencement date for direct financing or sales-type leases. Maturities of the Company's lease receivables as of March 31, 2019 is as follows:
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Leases | LEASES IBERIABANK as Lessee The Company leases certain branch and corporate offices, land and ATM facilities through operating leases with terms ranging from less than one year to 45 years. The Company has no financing leases (formerly capital leases). As discussed in Note 2, Recent Accounting Pronouncements, the Company adopted new guidance for leases on January 1, 2019 which requires that leases, whether classified as operating leases or financing leases, are to be accounted for as the acquisition of a right-of-use asset (ROU asset) and a related lease liability recorded at the present value of the lease payments less any lease incentives. The ROU asset represents the Company’s right to use an underlying asset for the lease term and is included in other assets on the Company’s consolidated balance sheets. The lease liability represents the Company’s obligation to make lease payments and is included in other liabilities in the Company’s consolidated balance sheets. The cost of the lease is recognized on a straight-line basis over the lease term as lease expense. Prior to January 1, 2019, operating leases were not recorded on the balance sheet. See Note 2, Recent Accounting Pronouncements, for further discussion of the adoption of this new guidance. Subsequent to the adoption of ASC 842 on January 1, 2019, the Company reviews new lease and service contracts to determine if the contracts contain an embedded lease. For leases that do not provide an implicit rate, the Company uses the corresponding FHLB Advance rate based on the lease term at commencement in determining the present value of lease payments. For leases with variable lease payments, the present value will be determined using the index at the lease commencement date. Changes in variable rent payments due to subsequent changes in the index or rate do not result in a re-measurement of the ROU asset or lease liability, but are recognized as expense in the period in which they occur. Certain of the Company’s leases contain options to either renew, extend or terminate the lease. As of March 31, 2019, no material extensions or terminations were considered reasonably certain, and as such, were not included in the measurement of the lease liability and ROU asset. The Company also has lease agreements with lease and non-lease components, which are generally accounted for separately. Non-lease components, which primarily consist of common area maintenance (“CAM”), utilities, and janitorial services, are based on the stand-alone price of the services and expensed as incurred. Operating lease expense for the three months ended March 31, 2019 totaled $6.8 million. During the three months ended March 31, 2019, the Company paid $6.7 million for amounts included in the measurement of lease liabilities and $5.2 million to obtain ROU assets. The following summarizes the ROU asset and lease liabilities as of March 31, 2019:
Maturities of operating lease liabilities as of March 31, 2019 is as follows:
As of March 31, 2019, the Company has not entered into any material leases that have not yet commenced. IBERIABANK as Lessor As a lessor, the Company engages in the leasing of equipment to commercial customers primarily through direct financing and sales-type leases. Direct financing and sales-type leases are similar to other forms of installment lending in that lessors generally do not retain benefits and risks incidental to ownership of the property subject to leases. Such arrangements are essentially financing transactions that permit lessees to acquire and use property. The new guidance on leases discussed above did not have a significant impact on the lessor model of accounting. As lessor, the sum of all minimum lease payments over the lease term and the estimated residual value, less unearned interest income, is recorded as the net investment in the lease on the commencement date and is included in loans and leases, net of unearned income in the consolidated balance sheet. Interest income is accrued as earned over the term of the lease based on the net investment in leases. Fees incurred to originate the lease are deferred on the commencement date and recognized as an adjustment of the yield on the lease. The Company’s portfolio of direct financing and sales-type leases contain remaining terms from 4 to 20 years. Some of these leases contain options to extend the leases for up to 12 months and/or to terminate the lease within one year. These direct financing and sales-type leases typically include a payment structure set at lease inception and do not provide any additional services. Expenses associated with the leased equipment, such as maintenance and insurance, are paid by the lessee directly to third parties. The lease agreement typically contains an option for the purchase of the leased property by the lessee at the end of the lease term at either the property’s residual value or a specified price. In all cases, the Company expects to sell or re-lease the equipment at the end of the lease term. Due to the nature and structure of the Company’s direct financing and sales-type leases, there is no selling profit or loss on these transactions. At a lease’s inception, the Company determines the expected residual value of the leased property at end of the lease term based on the type of equipment leased, location and usage, as well as the contractual return provisions in the lease agreement. Additionally, the Company utilizes multiple market sources of data to establish equipment values and in many cases engages certified appraisers to provide valuation analyses. In order to manage the risk associated with the residual value of its leased assets, lease agreements typically include various provisions designed to protect the value of the leased property, such as contractual equipment maintenance, use and return provisions; remarketing agreements; and lessee guarantees. In a few cases, the Company also obtains third-party guarantees to further manage residual risk in the portfolio. On an annual basis, leased properties with material residual values are reviewed for impairment. The components of the Company’s net investment in leases is as follows:
For the three months ended March 31, 2019, interest income for direct financing or sales-type leases totaled $2.0 million. During the three months ended March 31, 2019, there was no profit or loss recognized at the commencement date for direct financing or sales-type leases. Maturities of the Company's lease receivables as of March 31, 2019 is as follows:
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Shareholders' Equity, Capital Ratios and Other Regulatory Matters |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity, Capital Ratios and Other Regulatory Matters | SHAREHOLDERS' EQUITY, CAPITAL RATIOS AND OTHER REGULATORY MATTERS Preferred Stock The following table presents a summary of the Company's non-cumulative perpetual preferred stock:
Common Stock In 2018, the Company's Board of Directors authorized the repurchase of up to 2,765,000 shares of IBERIABANK Corporation's outstanding common stock. Stock repurchases under this program will be made from time to time, on the open market or in privately negotiated transactions. The timing of these repurchases will depend on market conditions and other requirements. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and expires during the fourth quarter of 2020. The program may be extended, modified, suspended, or discontinued at any time. During the first three months of 2019, the Company repurchased 387,921 common shares for approximately $29.9 million at a weighted average cost of $77.19 per share. At March 31, 2019, the remaining common shares that could be repurchased under the current Board-approved plan was 1,877,079 shares. Subsequent to quarter-end and through May 7, 2019, the Company repurchased 353,200 common shares for approximately $28.2 million. The Company did not repurchase any shares during the quarter ended March 31, 2018. Regulatory Capital The Company and IBERIABANK are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy regulations and the regulatory framework for prompt corrective action, the Company and IBERIABANK, as applicable, must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. As of March 31, 2019, the Company and IBERIABANK met all capital adequacy requirements to which they are subject. As of March 31, 2019, the most recent notification from the FRB categorized IBERIABANK as well-capitalized under the regulatory framework for prompt corrective action (the prompt corrective action requirements are not applicable to the Company). To be categorized as well-capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed that categorization. The Company’s and IBERIABANK’s actual capital amounts and ratios as of March 31, 2019 and December 31, 2018 are presented in the following tables:
Minimum capital ratios are subject to a capital conservation buffer. In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. This capital conservation buffer is calculated as the lowest of the differences between the actual CET1 ratio, Tier 1 Risk-Based Capital Ratio, and Total Risk-Based Capital ratio and the corresponding minimum ratios. At March 31, 2019, the required minimum capital conservation buffer was 2.50%. At March 31, 2019, the capital conservation buffers of the Company and IBERIABANK were 4.33% and 3.63%, respectively. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE The computations of basic and diluted earnings per share were as follows:
For the three months ended March 31, 2019, and 2018, the calculations for basic shares outstanding excluded weighted average shares owned by the RRP of 564,188 and 606,442, respectively. The effects from the assumed exercises of 155,757 and 156,737 stock options were not included in the computation of diluted earnings per share for the three months ended March 31, 2019 and 2018, respectively, because they were antidilutive. |
Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | SHARE-BASED COMPENSATION The Company has various types of share-based compensation plans that permit the granting of awards in the form of stock options, restricted stock, restricted share units and phantom stock. These plans are administered by the Compensation Committee of the Board of Directors, which selects persons eligible to receive awards and determines the terms, conditions and other provisions of the awards. At March 31, 2019, awards of 675,556 shares could be made under approved incentive compensation plans. The Company issues shares to fulfill stock option exercises and restricted share units and restricted stock awards vesting from available authorized common shares. At March 31, 2019, the Company believes there are adequate authorized shares to satisfy anticipated stock option exercises and restricted share unit and restricted stock award vesting. Stock option awards The Company issues stock options under various plans to directors, officers and other key employees. The option exercise price cannot be less than the fair value of the underlying common stock as of the date of the option grant and the maximum option term cannot exceed ten years. The following table represents the activity related to stock options during the periods indicated:
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The following weighted-average assumptions were used for option awards issued during the following periods:
The assumptions above are based on multiple factors, including historical stock option exercise patterns and post-vesting employment termination behaviors, expected future exercise patterns and the expected volatility of the Company’s stock price. The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the following periods:
At March 31, 2019, there was $3.0 million of unrecognized compensation expense related to stock options that is expected to be recognized over a weighted-average period of 3.1 years. Restricted stock awards The Company issues restricted stock under various plans for certain officers and directors. The restricted stock awards may not be sold or otherwise transferred until certain restrictions have lapsed. The holders of the restricted stock receive dividends and have the right to vote the shares. The compensation expense for these awards is determined based on the market price of the Company's common stock at the date of grant applied to the total number of shares granted and is recognized over the vesting period (generally three to five years). As of March 31, 2019 and 2018, unrecognized share-based compensation expense associated with these awards totaled $31.1 million and $39.0 million, respectively. The unrecognized compensation expense related to restricted stock awards at March 31, 2019 is expected to be recognized over a weighted-average period of 1.5 years. Restricted share units The Company issues restricted share units to certain of its executive officers. Restricted share units vest after the end of a three year performance period, based on satisfaction of the market and performance conditions set forth in the restricted share unit agreements. Recipients do not possess voting or investment power over the common stock underlying such units until vesting. The grant date fair value of these restricted share units is the same as the value of the corresponding number of shares of common stock, adjusted for assumptions surrounding the market-based conditions contained in the respective agreements. See Note 1, Summary of Significant Accounting Policies, in the 2018 Annual Report on Form 10-K for the year ended December 31, 2018, for further discussion of restricted share units with market or performance conditions. The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the periods indicated:
The following table represents unvested restricted stock award and restricted share unit activity for the following periods:
Phantom stock awards The Company issues phantom stock awards to certain key officers and employees. The awards are subject to a vesting period of five years and are paid out in cash upon vesting. The amount paid per vesting period is calculated as the number of vested “share equivalents” multiplied by the closing market price of a share of the Company’s common stock on the vesting date. Share equivalents are calculated on the date of grant as the total award’s dollar value divided by the closing market price of a share of the Company’s common stock on the grant date. The following table represents compensation expense recorded for phantom stock based on the number of share equivalents vested at March 31 of the periods indicated and the current market price of the Company’s stock at that time:
The following table represents phantom stock award activity during the periods indicated:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS Recurring fair value measurements The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 and their classification within the fair value hierarchy. See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2018, for a description of how fair value measurements are determined.
During the three months ended March 31, 2019, there were no transfers between the Level 1 and Level 2 fair value categories. Non-recurring fair value measurements The Company holds certain assets that are measured at fair value, but only in certain circumstances, such as impairment. The following table presents information about the Company's assets that are measured at fair value and still held as of March 31, 2019 and December 31, 2018 for which a non-recurring fair value adjustment was recorded during the periods then ended. See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2018, for a description of how fair value measurements are determined.
The tables above exclude the initial measurement of assets and liabilities that were acquired as part of business combinations. These assets and liabilities were recorded at their fair value upon acquisition in accordance with U.S. GAAP and were not re-measured during the periods presented unless specifically required by U.S. GAAP. Acquisition date fair values represent either Level 2 fair value measurements (investment securities, deposits, property, and equipment) or Level 3 fair value measurements (loans, core deposit intangible assets, and debt). Refer to Note 3, Acquisition Activity, in the Annual Report on Form 10-K for the year ended December 31, 2018, for further detail. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a non-recurring basis as of March 31, 2019 and December 31, 2018. Fair value option The Company has elected the fair value option for originated residential mortgage loans held for sale, which allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to hedge them without the burden of complying with the requirements for hedge accounting. The Company also has a portion of mortgage loans held for investment for which the fair value option was elected upon origination and continue to be accounted for at fair value at March 31, 2019 and December 31, 2018, respectively. The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale and mortgage loans held for investment measured at fair value:
Interest income on mortgage loans held for sale and mortgage loans held for investment at fair value option is recognized based on contractual rates and is reflected in interest income on loans held for sale in the consolidated statements of comprehensive income. The following table details net gains (losses) resulting from the change in fair value of loans that were recorded in mortgage income in the consolidated statements of comprehensive income for the three months ended March 31, 2019 and 2018. The changes in fair value are mostly offset by economic hedging activities, with an insignificant portion of these changes attributable to changes in instrument-specific credit risk.
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC Topic 825, Financial Instruments, excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Consequently, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The carrying amount and estimated fair values of the Company’s financial instruments, as well as the level within the fair value hierarchy, are included in the tables below. See Note 1, Summary of Significant Accounting Policies, and Note 2, Recent Accounting Pronouncements, in the Annual Report on Form 10-K for the year ended December 31, 2018, for a description of how fair value measurements are determined.
The fair value estimates presented herein are based upon pertinent information available to management as of March 31, 2019 and December 31, 2018. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since these dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. |
Business Segments |
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Business Segments | BUSINESS SEGMENTS Each of the Company’s reportable operating segments serves the specific needs of the Company’s customers based on the products and services it offers. The reportable segments are based upon those revenue-producing components for which separate financial information is produced internally and primarily reflect the manner in which resources are allocated and performance is assessed. Further, the reportable operating segments are also determined based on the quantitative thresholds prescribed within ASC Topic 280, Segment Reporting, and consideration of the usefulness of the information to the users of the consolidated financial statements. The Company reports the results of its operations through three reportable segments: IBERIABANK, Mortgage, and LTC. The IBERIABANK segment represents the Company’s commercial and retail banking functions, including its lending, investment, and deposit activities. IBERIABANK also includes the Company’s wealth management, capital markets, and other corporate functions. The Mortgage segment represents the Company’s origination, funding, and subsequent sale of one-to-four family residential mortgage loans. The LTC segment represents the Company’s title insurance and loan closing services. Certain expenses not directly attributable to a specific reportable segment are allocated to segments based on pre-determined methods that reflect utilization. Also within IBERIABANK are certain reconciling items that translate reportable segment results into consolidated results. The following tables present certain information regarding operations by reportable segment, including a reconciliation of segment results to reported consolidated results for the periods presented. Reconciling items between segment results and reported results include:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Off-balance sheet commitments In the normal course of business, to meet the financing needs of its customers, the Company is a party to credit-related financial instruments, with risk not reflected in the consolidated financial statements. These financial instruments include commitments to extend credit, standby letters of credit, and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The credit policies used for these commitments are consistent with those used for on-balance sheet instruments. The Company’s exposure to credit loss in the event of non-performance by its customers under such commitments or letters of credit represents the contractual amount of the financial instruments as indicated in the table below. At March 31, 2019 and December 31, 2018, the fair value of guarantees under commercial and standby letters of credit was $2.4 million. This fair value will decrease as the existing commercial and standby letters of credit approach their expiration dates. At March 31, 2019 and December 31, 2018, respectively, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk:
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Since many of the commitments are expected to be drawn upon, the total commitment amounts generally represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral, if any, is based on management’s credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines, and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. Many of these types of commitments do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. See Note 5, Allowance for Credit Losses and Credit Quality, for additional information related to the Company’s reserve for unfunded lending commitments. Commercial and standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper issuance, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. When necessary they are collateralized, generally in the form of marketable securities and cash equivalents. Legal proceedings The nature of the business of the Company’s banking and other subsidiaries ordinarily results in a certain amount of claims, litigation, investigations, and legal and administrative cases and proceedings, which are considered incidental to the normal conduct of business. Some of these claims are against entities or assets of which the Company is a successor or acquired in business acquisitions. The Company has asserted defenses to these claims and, with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management’s judgment as to what is in the best interest of the Company and its shareholders. In July of 2016, the Company received a subpoena from the Office of Inspector General of the U.S. Department of Housing and Urban Development (“HUD”) requesting information on certain previously originated loans insured by the Federal Housing Administration ("FHA") as well as other documents regarding the Company's FHA-related policies and practices. After the Company complied with the subpoena, attorneys from the Department of Justice (“DOJ”) informed the Company in late March of 2017 that a civil qui tam suit had been filed against the Company in federal court involving the subject matter of the HUD subpoena. The HUD lawsuit was settled on December 11, 2017 in the amount of $11.7 million. On February 2, 2018, IBERIABANK filed a lawsuit in the United States District Court for the Eastern District of Louisiana (New Orleans) against Illinois Union Insurance Company and Travelers Casualty and Surety Company of America in an effort to recover the $11.7 million it paid to settle the HUD matter. IBERIABANK filed that lawsuit to recover the insurance proceeds to which it claims to be entitled under certain Bankers’ Professional Liability insurance policies issued by defendants Illinois Union and Travelers. More specifically, IBERIABANK alleges that the insurers have failed to honor their obligations under the policies to pay IBERIABANK’s losses in connection with the $11.7 million settlement of disputed allegations relating to IBERIABANK’s professional services in connection with certain mortgage loans insured by the FHA. The judge in the federal lawsuit granted motion for summary judgment thereby dismissing the case. The Company has appealed that decision to the United States Court of Appeals for the Fifth Circuit. The appeal seeks reversal of the summary judgment such that the case can be remanded to the district court in an effort to recover the $11.7 million we are suing to recover. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company records a liability in its consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of loss is not estimable, the Company does not accrue legal reserves. While the outcome of legal proceedings is inherently uncertain, based on information currently available and available insurance coverage, the Company’s management believes that it has established appropriate legal reserves. Any incremental liabilities arising from pending legal proceedings are not expected to have a material adverse effect on the Company’s consolidated financial position, consolidated results of operations, or consolidated cash flows. However, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the Company’s consolidated financial position, consolidated results of operations, or consolidated cash flows. As of the date of this filing, the Company believes the amount of losses associated with legal proceedings that it is reasonably possible to incur above amounts already accrued and reported as of March 31, 2019 is not material. |
Related Party Transactions |
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Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company may execute transactions with various related parties. Examples of such transactions may include lending or deposit arrangements, transfers of financial assets, services for administrative support, and other miscellaneous items. The Company has granted loans to executive officers and directors and their affiliates. These loans, including the related principal additions, principal payments, and unfunded commitments are not material to the consolidated financial statements at March 31, 2019 and December 31, 2018. There were no outstanding loans to such related parties classified as non-accrual, past due, or troubled debt restructurings at March 31, 2019. Deposits from related parties held by the Company were not material at March 31, 2019 and December 31, 2018. |
Subsequent Events |
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Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On April 4, 2019, the Company issued and sold an aggregate of 4,000,000 depositary shares (the “Series D Depositary Shares”), each representing a 1/400th ownership interest in a share of the Company’s 6.100% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series D, par value $1.00 per share, (“Series D Preferred Stock”), with a liquidation preference of $10,000 per share of Series D Preferred Stock (equivalent to $25 per depositary share), which represents $100 million in aggregate liquidation preference. Dividends will accrue and be payable on the Series D Preferred Stock, if declared by the Company's Board of Directors, and will be paid semi-annually on May 1 and November 1, in arrears, at an annual rate equal to (i) 6.100% for each period from the issuance date to May 1, 2024 and (ii) three-month LIBOR plus 3.859% for each period on or after August 1, 2024. The Company may redeem the Series D Preferred Stock at its option, subject to regulatory approval, as described in the Company’s Registration Statement on Form 8-A, filed with the Securities and Exchange Commission on April 4, 2019. |
Basis of Presentation (Policies) |
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Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | All significant intercompany balances and transactions have been eliminated in consolidation. |
Reclassification | Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Pronouncements adopted during the three months ended March 31, 2019: ASU No. 2016-02, ASU No. 2018-11, ASU No. 2018-20, and ASU 2019-01 In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) which requires lessees to recognize ROU assets and lease liabilities on the balance sheet for most leases, including operating leases. The lessor accounting model was relatively unchanged by this ASU. Additional quantitative and qualitative disclosures are also required. During 2018 and early 2019, the FASB issued ASU No. 2018-11, Targeted Improvements, ASU No. 2018-20, Narrow-Scope Improvements for Lessors, and ASU No. 2019-01, Codification Improvements, which clarified certain implementation issues, provided an additional optional transition method and clarified the disclosure requirements during the period of adopting ASC 842, among others. The Company adopted ASU No. 2016-02 and the related ASUs discussed above effective January 1, 2019 using the optional transition method. The Company elected the package of practical expedients that does not require the reassessment of whether expired or existing contracts contain leases, the reassessment of the lease classification for any expired or existing leases, or the reassessment of initial direct costs for existing leases. Additionally, the Company did not elect the hindsight practical expedient. The Company conducted a review of all existing lease contracts and service contracts which might contain embedded leases. Some of the Company’s leases contain variable lease payments, the majority of which depend on an index or rate, such as the Consumer Price Index. At transition, the present value of variable payments was based on the index or rate as of January 1, 2019. To determine the present value of lease payments at transition, the Company applied a portfolio approach utilizing an FHLB Advance rate based on the weighted average remaining term of the Company’s existing leases as of January 1, 2019. As a result of adopting ASC 842, the Company established an ROU asset and a lease liability as of January 1, 2019 of $94.2 million and $118.9 million, respectively. Additionally, as part of the adoption of ASC 842, $24.7 million in pre-existing liabilities were reclassified to the ROU asset on January 1, 2019. This resulted in a gross-up of the balance sheet of $94.2 million as a result of recognizing lease liabilities and corresponding right-of-use assets for operating leases. The adoption of ASC 842 also required the recognition of previously deferred gains on sale-leaseback transactions which resulted in an insignificant increase to retained earnings on January 1, 2019. The related impact on the Company’s regulatory capital ratios was not significant. The Company does not expect material changes to the recognition of lease expense in future periods as a result of the adoption of ASC 842. See Note 8, Leases, for additional disclosures required by ASC 842. ASU No. 2018-16 In October 2018, the FASB released ASU No. 2018-16, Derivatives and Hedging (ASC 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815 in addition to the interest rates on direct Treasury obligations of the UST, the LIBOR swap rate, the OIS Rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The required effective date of this ASU was dependent upon when an entity adopted the provisions of ASU No. 2017-12. The Company adopted ASU No. 2018-16 effective January 1, 2019 on a prospective basis for qualifying new or redesignated hedging relations as ASU No. 2017-12 had previously been adopted on January 1, 2018. The implementation of this ASU did not have a significant impact on the Company’s consolidated financial statements. ASU No. 2017-08 In March 2017, the FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which will shorten the amortization period for callable debt securities held at a premium to the earliest call date instead of the maturity date. The amendments do not require an accounting change for securities held at a discount, which will continue to be amortized to the maturity date. The Company adopted ASU No. 2017-08 effective January 1, 2019. The adoption of the ASU did not have a material impact to the Company’s consolidated financial statements. Pronouncements issued but not yet adopted: ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments. The guidance introduces an impairment model that is based on expected credit losses (ECL), rather than incurred losses, to estimate credit losses on certain types of financial instruments such as loans and held-to-maturity securities, including certain off-balance sheet financial instruments such as loan commitments. The measurement of ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics must be grouped together when estimating ECL. The ASU also amends the current AFS security impairment model for debt securities. The new model will require an estimate of ECL when the fair value is below the amortized cost of the asset through the use of an allowance to record estimated credit losses (and subsequent recoveries). Non-credit related losses will continue to be recognized through OCI. In addition, the guidance provides for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their origination. The initial estimate of expected credit losses would be recognized through an ALLL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. The ASU will be applied through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. A prospective transition approach is required for debt securities for which OTTI had been recognized before the effective date. Amounts previously recognized in AOCI as of the date of adoption that relate to improvements in cash flows expected to be collected should continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption should be recorded in earnings when received. The Company has established a cross-function implementation team and engaged third-party consultants who have jointly developed a project plan to provide implementation oversight. The Company is in the process of developing and implementing current expected credit loss models that satisfy the requirements of the ASU and continues to identify key interpretive issues. The Company expects that this ASU will result in an increase to ALLL given the change to estimate losses over the full remaining estimated life of the loan portfolio as well as the adoption of an allowance for debt securities. The extent of the increase in the ALLL is not yet known and will depend on the composition of our loan and securities portfolios, finalization of credit loss models, macroeconomic conditions and forecasts at the adoption date. ASU No. 2018-13 In August 2018, the FASB released ASU No. 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods, with early adoption permitted. The Company is currently evaluating the impact of the ASU. While adoption of this ASU will result in changes to existing disclosures, it will not have any impact on our financial position or results of operation. ASU No. 2018-17 In October 2018, the FASB released ASU No. 2018-17, Consolidation (ASC 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which improves the consistency of the application of the variable interest entity (VIE) related party guidance for common control arrangements. This ASU requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP) when determining whether a decision-making fee is a variable interest. ASU No. 2018-17 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The guidance should be applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. ASU No. 2019-04 In April 2019, the FASB released ASU No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825). The amendments in the ASU improve the Codification by eliminating inconsistencies and providing clarifications. ASU No. 2019-04 clarifies the scope of the credit losses standard and addresses various issues including, accrued interest receivable balances, recoveries, variable interest rates and prepayments. With respect to hedge accounting, the ASU addresses partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, among other things. For recognizing and measuring financial instruments, the ASU addresses the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be remeasured at historical exchange rates. The amended guidance in this ASU related to the credit losses and the recognition and measurement of financial instruments will be effective for fiscal years and interim periods beginning after December 15, 2019 with early adoption in any interim period permitted. Since the Company early adopted the guidance in ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities in 2018, the amended hedge accounting guidance in ASU No. 2019-04 will be effective as of the beginning of the first annual reporting period beginning after April 25, 2019 with early adoption permitted on any date after the issuance of this ASU. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. |
Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
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Held-to-maturity Securities | Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
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Additional Information on Securities in a Continuous Loss Position | Additional information on securities that have been in a continuous loss position for over twelve months at March 31, 2019 and December 31, 2018 is presented in the following table.
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Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity | The amortized cost and estimated fair value of investment securities by maturity at March 31, 2019 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.
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Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale | The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method.
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Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets | The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other equity securities, which are presented in other assets on the consolidated balance sheets, are as follows:
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Loans (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Non-Covered and Covered Loans | Loans and leases by portfolio segment and class consist of the following for the periods indicated:
Net deferred loan origination fees were $30.8 million and $30.2 million at March 31, 2019 and December 31, 2018, respectively. Total net discount on the Company's loans was $130.1 million and $136.8 million at March 31, 2019 and December 31, 2018, respectively, of which $79.0 million and $81.6 million was related to non-impaired loans. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies these overdrafts as loans in its consolidated balance sheets. At March 31, 2019 and December 31, 2018, overdrafts of $6.4 million and $9.2 million, respectively, have been reclassified to loans. Loans with carrying values of $7.8 billion and $7.6 billion were pledged as collateral for borrowings at March 31, 2019 and December 31, 2018, respectively. |
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Schedule of Aging of Loans | The following tables provide an analysis of the aging of loans and leases as of March 31, 2019 and December 31, 2018. Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. For additional information on the determination of past due status and the Company's policies for recording payments received, placing loans and leases on non-accrual status, and the resumption of interest accrual on non-accruing loans and leases, see Note 1, Summary of Significant Accounting Policies, in the 2018 10-K.
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Summary of Changes in Accretable Yields of Acquired Loans | The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the three months ended March 31:
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Schedule of Modified TDRs | The following table provides information on how the TDRs were modified during the periods indicated:
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Schedule of Subsequently Defaulted TDRs | The following table presents the end of period balance for loans modified in a TDR during the periods indicated:
Information detailing TDRs that defaulted during the three-month periods ended March 31, 2019 and 2018, and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following tables. The Company has defined a default as any loan with a payment that is currently past due greater than 30 days, or was past due greater than 30 days at any point during the respective periods, or since the date of modification, whichever is shorter.
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Allowance for Credit Losses and Credit Quality (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses for Covered and Non-Covered Loan Portfolios | A summary of changes in the allowance for credit losses for the three months ended March 31 is as follows:
A summary of changes in the allowance for credit losses, by loan portfolio type, for the three months ended March 31 is as follows:
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Investment in Legacy and Acquired Loans by Credit Quality Indicator | The recorded investment in loans and leases by credit quality indicator is presented in the following tables. Asset risk classifications for commercial loans and leases reflect the classification as of March 31, 2019 and December 31, 2018. Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the net loan balance, after the application of premiums and discounts. Loan premiums and discounts represent the adjustment of acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods.
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Schedule of Investment in Legacy Impaired Loans | Information on the Company’s investment in impaired loans, which include all TDRs and all other non-accrual loans evaluated or measured individually for impairment for purposes of determining the ALLL, is presented in the following tables as of and for the periods indicated.
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Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Amount of Goodwill | Changes to the carrying amount of goodwill by reporting unit for the three months ended March 31, 2019, and the year ended December 31, 2018 are provided in the following table:
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Schedule of Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage servicing rights are recorded at the lower of cost or market value in other intangible assets on the Company's consolidated balance sheets and amortized over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights had the following carrying values as of the periods indicated:
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Schedule of Definite-Lived Intangible Assets | Definite-lived intangible assets had the following carrying values included in other intangible assets on the Company’s consolidated balance sheets as of the periods indicated:
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Derivative Instruments and Other Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Instruments | Information pertaining to outstanding derivative instruments is as follows:
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Offsetting Assets | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset.
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Offsetting Liabilities | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset.
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Effect of Derivatives on the Consolidated Financial Statements | At March 31, 2019 and 2018, and for the three months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows:
Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of March 31, is as follows:
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities, Leases | The following summarizes the ROU asset and lease liabilities as of March 31, 2019:
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Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities as of March 31, 2019 is as follows:
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Lessor, Net Investment in in Leases | The components of the Company’s net investment in leases is as follows:
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Sales-type and Direct Financing Leases, Lease Receivable, Maturity | Maturities of the Company's lease receivables as of March 31, 2019 is as follows:
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Shareholders' Equity, Capital Ratios and Other Regulatory Matters (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Preferred Stock | The following table presents a summary of the Company's non-cumulative perpetual preferred stock:
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Actual Capital Amounts and Ratios | The Company’s and IBERIABANK’s actual capital amounts and ratios as of March 31, 2019 and December 31, 2018 are presented in the following tables:
Minimum capital ratios are subject to a capital conservation buffer. In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. This capital conservation buffer is calculated as the lowest of the differences between the actual CET1 ratio, Tier 1 Risk-Based Capital Ratio, and Total Risk-Based Capital ratio and the corresponding minimum ratios. At March 31, 2019, the required minimum capital conservation buffer was 2.50%. At March 31, 2019, the capital conservation buffers of the Company and IBERIABANK were 4.33% and 3.63%, respectively. |
Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Basic and Diluted Earnings Per Share | The computations of basic and diluted earnings per share were as follows:
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Share-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following table represents the activity related to stock options during the periods indicated:
The following table represents unvested restricted stock award and restricted share unit activity for the following periods:
The following table represents phantom stock award activity during the periods indicated:
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Schedule of Valuation Assumptions | The following weighted-average assumptions were used for option awards issued during the following periods:
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Schedule of Allocation for Share-based Compensation Expense | The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the periods indicated:
The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the following periods:
The following table represents compensation expense recorded for phantom stock based on the number of share equivalents vested at March 31 of the periods indicated and the current market price of the Company’s stock at that time:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Asset and Liabilities Measured at Fair Value on Recurring Basis | See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2018, for a description of how fair value measurements are determined.
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Financial Asset and Liabilities Measured at Fair Value on Nonrecurring Basis | The Company holds certain assets that are measured at fair value, but only in certain circumstances, such as impairment. The following table presents information about the Company's assets that are measured at fair value and still held as of March 31, 2019 and December 31, 2018 for which a non-recurring fair value adjustment was recorded during the periods then ended. See Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2018, for a description of how fair value measurements are determined.
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Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale and mortgage loans held for investment measured at fair value:
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Fair Value Option, Disclosures | The following table details net gains (losses) resulting from the change in fair value of loans that were recorded in mortgage income in the consolidated statements of comprehensive income for the three months ended March 31, 2019 and 2018. The changes in fair value are mostly offset by economic hedging activities, with an insignificant portion of these changes attributable to changes in instrument-specific credit risk.
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Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values and Carrying Amounts of Financial Instruments | The carrying amount and estimated fair values of the Company’s financial instruments, as well as the level within the fair value hierarchy, are included in the tables below. See Note 1, Summary of Significant Accounting Policies, and Note 2, Recent Accounting Pronouncements, in the Annual Report on Form 10-K for the year ended December 31, 2018, for a description of how fair value measurements are determined.
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Business Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following tables present certain information regarding operations by reportable segment, including a reconciliation of segment results to reported consolidated results for the periods presented. Reconciling items between segment results and reported results include:
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Instruments Outstanding | At March 31, 2019 and December 31, 2018, respectively, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk:
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Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Jan. 01, 2019 |
Mar. 31, 2019 |
---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use assets | $ 94,200 | $ 95,581 |
Liabilities reclassed to right-of-used assets | 24,700 | |
Lease liability | $ 118,900 | $ 118,430 |
Investment Securities - Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
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Investments, Debt and Equity Securities [Abstract] | ||
Realized gains | $ 0 | $ 9 |
Realized losses | 0 | (68) |
Realized gains (losses) | $ 0 | $ (59) |
Investment Securities - Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank (FHLB) stock | $ 107,122 | $ 95,213 |
Federal Reserve Bank Stock | 85,630 | 85,630 |
CRA and Community Development Investment Funds | 1,914 | 1,884 |
Other Investments | 13,864 | 9,709 |
Marketable Securities | $ 208,530 | $ 192,436 |
Loans (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable | |||
Net deferred loan origination fees | $ 30,800 | $ 30,200 | |
Net discount | 130,100 | 136,800 | |
Deposit liabilities reclassified as loans receivable | 6,400 | 9,200 | |
Loans with carrying value pledged to secure public deposits and other borrowings | 7,800,000 | 7,600,000 | |
Loans acquired with no evidence of deteriorated credit quality | 550 | 3,143 | |
Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable | |||
Net discount | 79,000 | 81,600 | |
Sabadell United | Non-US | |||
Accounts, Notes, Loans and Financing Receivable | |||
Covered loans acquired | 205,200 | $ 202,600 | |
TDRs Occurring during the Period | TDRs | |||
Accounts, Notes, Loans and Financing Receivable | |||
TDRs during period | 31,429 | $ 27,200 | |
TDRs during period on accrual status | 16,500 | 12,900 | |
TDRs during period on non-accrual status | $ 14,900 | $ 14,300 |
Loans and Leases - Schedule of Carrying Amount of Loans Acquired (Detail) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable | |||
Expected losses and foregone interest | $ (158,947) | $ (157,959) | |
Loans acquired with no evidence of deteriorated credit quality | 550 | $ 3,143 | |
Related allowance | $ (16,948) | $ (16,342) |
Loans and Leases - Summary of Changes in Accretable Yields of Acquired Loans (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 133,342 | $ 152,623 |
Additions | 0 | 2,371 |
Transfers from non-accretable difference to accretable yield | (3,640) | (279) |
Accretion | (10,086) | (13,154) |
Changes in expected cash flows not affecting non-accretable differences | (272) | 9,687 |
Balance at end of period | $ 119,344 | $ 151,248 |
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Covered and Non-Covered Loan Portfolios (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Allowance for credit losses | ||
Allowance for loan losses at beginning of period | $ 140,571 | $ 140,891 |
Provision for loan and lease losses | 12,612 | 7,987 |
Transfer of balance to OREO and other | (2,885) | (48) |
Loans charged-off | (8,918) | (9,116) |
Recoveries | 1,586 | 4,813 |
Allowance for loan losses at end of period | 142,966 | 144,527 |
Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 14,830 | 13,208 |
Provision For Unfunded Commitments | 1,151 | 224 |
Reserve for unfunded commitments at end of period | 15,981 | 13,432 |
Allowance for credit losses at end of period | $ 158,947 | $ 157,959 |
Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Goodwill | ||
Balance at beginning of the period | $ 1,235,533 | $ 1,188,902 |
Goodwill acquired and adjustments during the year | 0 | 46,631 |
Balance at end of the period | 1,235,533 | 1,235,533 |
Operating Segments | IBERIABANK | ||
Goodwill | ||
Balance at beginning of the period | 1,203,810 | 1,160,559 |
Goodwill acquired and adjustments during the year | 0 | 43,251 |
Balance at end of the period | 1,203,810 | 1,203,810 |
Operating Segments | IMC | ||
Goodwill | ||
Balance at beginning of the period | 23,178 | 23,178 |
Goodwill acquired and adjustments during the year | 0 | 0 |
Balance at end of the period | 23,178 | 23,178 |
Operating Segments | LTC | ||
Goodwill | ||
Balance at beginning of the period | 8,545 | 5,165 |
Goodwill acquired and adjustments during the year | 0 | 3,380 |
Balance at end of the period | $ 8,545 | $ 8,545 |
Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Title plant assets | $ 6.8 | $ 6.8 |
Goodwill and Other Intangible Assets - Schedule of Mortgage Servicing Rights at Carrying Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 137,774 | $ 137,774 |
Finite-Lived Intangible Assets, Accumulated Amortization | 69,613 | 64,608 |
Finite-Lived Intangible Assets, Net | 68,161 | 73,166 |
Mortgage servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,636 | 13,612 |
Finite-Lived Intangible Assets, Accumulated Amortization | 5,102 | 4,806 |
Finite-Lived Intangible Assets, Net | $ 9,534 | $ 8,806 |
Goodwill and Other Intangible Assets - Schedule of Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 137,774 | $ 137,774 |
Accumulated Amortization | (69,613) | (64,608) |
Net Carrying Amount | 68,161 | 73,166 |
Core deposit intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 136,183 | 136,183 |
Accumulated Amortization | (68,189) | (63,213) |
Net Carrying Amount | 67,994 | 72,970 |
Customer relationship intangible asset | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,385 | 1,385 |
Accumulated Amortization | (1,340) | (1,323) |
Net Carrying Amount | 45 | 62 |
Non-compete agreement | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 206 | 206 |
Accumulated Amortization | (84) | (72) |
Net Carrying Amount | $ 122 | $ 134 |
Derivative Instruments and Other Hedging Activities Derivative Instruments and Other Hedging Activities (Detail) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Derivative [Line Items] | ||
Notional amount of derivative liabilities | $ 2,480,018 | $ 1,991,559 |
Cash Posted As Variation Margin for Derivatives | 44,700 | 35,800 |
Not Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Notional amount of derivative liabilities | 2,371,518 | 1,991,559 |
Not Designated as Hedging Instruments | Other contracts | ||
Derivative [Line Items] | ||
Notional amount of derivative liabilities | $ 98,858 | $ 85,623 |
Leases Additional Information (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Lessor, Lease, Description [Line Items] | |
Lease receivables | $ 199,760 |
Lease expense | 6,800 |
Amounts included in measurement of lease liabilities | 6,700 |
Amount to obtain ROU assets | $ 5,200 |
Term of options to extend leases | 12 months |
Term for option to terminate leases | 1 year |
Interest income for sales-type and direct finance leases | $ 2,000 |
Minimum | |
Lessor, Lease, Description [Line Items] | |
Term of contract on operating lease | 1 year |
Remaining lease terms on sales type and direct finance leases | 4 years |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Term of contract on operating lease | 45 years |
Remaining lease terms on sales type and direct finance leases | 20 years |
Leases Maturities of Operating Leases (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Jan. 01, 2019 |
---|---|---|
Leases [Abstract] | ||
2019 | $ 20,059 | |
2020 | 25,441 | |
2021 | 22,038 | |
2022 | 18,730 | |
2023 | 12,394 | |
2024 and thereafter | 36,015 | |
Total operating lease payments | 134,677 | |
Less: Imputed interest | 16,247 | |
Total lease liabilities | $ 118,430 | $ 118,900 |
Leases Components of net investment in leases (Details) $ in Thousands |
Mar. 31, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
Lease receivables | $ 199,760 |
Unguaranteed residual assets | 22,243 |
Total net investment in leases | $ 222,003 |
Leases Direct Finance and Sales Type Leases (Details) $ in Thousands |
Mar. 31, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
2019 | $ 23,873 |
2020 | 31,495 |
2021 | 31,431 |
2022 | 28,869 |
2023 | 22,414 |
2024 and thereafter | 75,940 |
Total future minimum lease payments | 214,022 |
Less: Imputed interest | 14,262 |
Lease receivables | $ 199,760 |
Leases Right-of-use assets and lease liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Jan. 01, 2019 |
---|---|---|
Leases [Abstract] | ||
Right-of-use assets | $ 95,581 | $ 94,200 |
Total lease liabilities | $ 118,430 | $ 118,900 |
Weighted Average Remaining Lease Term | 7 years 4 months 24 days | |
Weighted Average Discount Rate | 3.40% |
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Tax Disclosure [Abstract] | ||
Income before income tax expense | $ 130,477 | $ 81,173 |
Income tax expense | $ 30,346 | $ 17,552 |
Shareholders' Equity, Capital Ratios and Other Regulatory Matters - Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Total Risk-Based Capital | ||
Capital Conversion Buffer | 4.33% | |
Consolidated | ||
Tier 1 Leverage | ||
Minimum amount | $ 1,184,075 | $ 1,168,343 |
Minimum ratio | 4.00% | 4.00% |
Actual amount | $ 2,863,388 | $ 2,812,863 |
Actual ratio | 9.67% | 9.63% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 1,145,643 | $ 1,125,405 |
Minimum ratio | 4.50% | 4.50% |
Actual amount | $ 2,731,291 | $ 2,680,766 |
Actual Ratio | 10.73% | 10.72% |
Tier 1 Risk-Based Capital | ||
Minimum amount | $ 1,527,524 | $ 1,500,540 |
Minimum ratio | 6.00% | 6.00% |
Actual amount | $ 2,863,388 | $ 2,812,863 |
Actual ratio | 11.25% | 11.25% |
Total Risk-Based Capital | ||
Minimum amount | $ 2,036,699 | $ 2,000,720 |
Minimum ratio | 8.00% | 8.00% |
Actual amount | $ 3,138,835 | $ 3,084,764 |
Actual ratio | 12.33% | 12.33% |
IBERIABANK | ||
Tier 1 Leverage | ||
Minimum amount | $ 1,181,108 | $ 1,165,537 |
Minimum ratio | 4.00% | 4.00% |
Well capitalized amount | $ 1,476,386 | $ 1,456,921 |
Well capitalized ratio | 5.00% | 5.00% |
Actual amount | $ 2,795,498 | $ 2,733,099 |
Actual ratio | 9.47% | 9.38% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 1,143,315 | $ 1,122,712 |
Minimum ratio | 4.50% | 4.50% |
Well capitalized amount | $ 1,651,455 | $ 1,621,695 |
Well capitalized ratio | 6.50% | 6.50% |
Actual amount | $ 2,795,498 | $ 2,733,099 |
Actual Ratio | 11.00% | 10.95% |
Tier 1 Risk-Based Capital | ||
Minimum amount | $ 1,524,420 | $ 1,496,949 |
Minimum ratio | 6.00% | 6.00% |
Well capitalized amount | $ 2,032,560 | $ 1,995,932 |
Well capitalized ratio | 8.00% | 8.00% |
Actual amount | $ 2,795,498 | $ 2,733,099 |
Actual ratio | 11.00% | 10.95% |
Total Risk-Based Capital | ||
Minimum amount | $ 2,032,560 | $ 1,995,932 |
Minimum ratio | 8.00% | 8.00% |
Well capitalized amount | $ 2,540,700 | $ 2,494,915 |
Well capitalized ratio | 10.00% | 10.00% |
Actual amount | $ 2,954,445 | $ 2,888,500 |
Actual ratio | 11.63% | 11.58% |
Capital Conversion Buffer | 3.63% |
Earnings Per Share - Narrative (Detail) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Weighted average number of shares held by Recognition and Retention Plan excluded from the calculation for basic shares outstanding | 564,188 | 606,442 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive securities excluded from the computation of earnings per share | 155,757 | 156,737 |
Share-Based Compensation - Activity Related to Stock Options (Detail) - Stock Option Awards - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Number of shares | ||
Balance at beginning of the period (in shares) | 714,420,000 | 686,366,000 |
Granted (in shares) | 126,405,000 | 92,162,000 |
Exercised (in shares) | (19,620,000) | (21,212,000) |
Forfeited or expired (in shares) | (5,564,000) | (14,513,000) |
Balance at end of the period (in shares) | 815,641,000 | 742,803,000 |
Exercisable at period end (in shares) | 563,084,000 | 519,496,000 |
Weighted Average Exercise Price | ||
Balance at beginning of the period (in usd per share) | $ 61.41 | $ 58.24 |
Granted (in usd per share) | 70.32 | 82.20 |
Exercised (in usd per share) | 54.44 | 52.10 |
Forfeited or expired (in usd per share) | 69.58 | 65.27 |
Balance at end of the period (in usd per share) | 62.90 | 61.25 |
Exercisable at period end (in usd per share) | $ 58.22 | $ 56.53 |
Share-Based Compensation - Estimate Fair Value of Stock Option Awards with Weighted-Average Assumptions (Detail) - Stock Option Awards - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividends | 2.30% | 1.80% |
Expected volatility | 24.50% | 24.30% |
Risk-free interest rate | 2.50% | 2.70% |
Expected term (in years) | 5 years 8 months 18 days | 5 years 8 months 18 days |
Weighted-average grant-date fair value | $ 14.44 | $ 18.36 |
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense and Related Income Tax Benefits (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Stock Option Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 349 | $ 312 |
Income tax benefit | 26 | 23 |
Restricted Stock And Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 5,223 | 4,422 |
Income tax benefit | 1,097 | 929 |
Phantom Stock and Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 3,194 | $ 2,996 |
Share-Based Compensation - Unvested Restricted Stock Award Activity (Detail) - Restricted Stock And Restricted Stock Units - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance at beginning of the period (in shares) | 700,628,000 | 738,187,000 |
Granted (in shares) | 190,726,000 | 199,958,000 |
Forfeited (in shares) | (8,337,000) | (43,405,000) |
Earned and issued (in shares) | (182,947,000) | (115,877,000) |
Balance at end of the period (in shares) | 700,070,000 | 778,863,000 |
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Value of share equivalents | ||
Market price of Company's stock | $ 71.71 | $ 78.0 |
Phantom Stock and Performance Stock Units | ||
Number of share equivalents | ||
Balance at beginning of the period (in shares) | 353,407,000 | 393,844,000 |
Granted (in shares) | 161,273,000 | 129,234,000 |
Forfeited share equivalents (in shares) | (13,680,000) | (24,460,000) |
Vested share equivalents (in shares) | (96,995,000) | (121,758,000) |
Balance at end of the period (in shares) | 404,005,000 | 376,860,000 |
Value of share equivalents | ||
Balance at beginning of the period (in shares) | $ 22,717 | $ 30,523 |
Granted (in shares) | 11,565 | 10,080 |
Forfeited share equivalents (in shares) | 981 | 1,908 |
Vested share equivalents (in shares) | 7,316 | 10,187 |
Balance at end of the period (in shares) | $ 28,971 | $ 29,395 |
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Detail) - Nonrecurring - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Assets | ||
Impaired loans | $ 63,145 | $ 65,914 |
OREO, net | 8,875 | 6,433 |
Total | 72,020 | 72,347 |
Level 1 | ||
Assets | ||
Impaired loans | 0 | 0 |
OREO, net | 0 | 0 |
Total | 0 | 0 |
Level 2 | ||
Assets | ||
Impaired loans | 0 | 0 |
OREO, net | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Assets | ||
Impaired loans | 63,145 | 65,914 |
OREO, net | 8,875 | 6,433 |
Total | $ 72,020 | $ 72,347 |
Fair Value Measurements - Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale and Mortgage Loans Held for Investment (Detail) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Mortgage loans held for sale, at fair value | ||
Aggregate Fair Value | $ 128,451 | $ 107,734 |
Aggregate Unpaid Principal | 124,410 | 104,345 |
Aggregate Fair Value Less Unpaid Principal | 4,041 | 3,389 |
Mortgage loans held for investment, at fair value | ||
Aggregate Fair Value | 550 | 3,143 |
Aggregate Unpaid Principal | 599 | 3,595 |
Aggregate Fair Value Less Unpaid Principal | $ (49) | $ (452) |
Fair Value Measurements - Amount of Net Gains (Losses) from Fair Value Changes (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Fair Value Disclosures [Abstract] | ||
Net Gains (Losses) Resulting From Changes in Fair Value - Mortgage loans held for sale, at fair value | $ 652 | $ (749) |
Net Gains (Losses) Resulting From Changes in Fair Value - Mortgage loans held for investment, at fair value | $ 191 | $ (1,142) |
Business Segments (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2019
Segment
| |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Commitments and Contingencies (Detail) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Dec. 11, 2017 |
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Fair value of guarantees under commercial and standby letters of credit | $ 2.4 | $ 2.4 | |
Settled Litigation | |||
Loss Contingencies [Line Items] | |||
Settlement amount | $ 11.7 | ||
Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ 11.7 |
Commitments and Contingencies - Summary of Financial Instruments Outstanding (Detail) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments to extend credit | $ 760,056 | $ 642,162 | ||
Unfunded commitments under lines of credit | 7,003,670 | 6,883,963 | ||
Commercial and standby letters of credit | 241,516 | 240,436 | ||
Reserve for unfunded lending commitments | $ 15,981 | $ 14,830 | $ 13,432 | $ 13,208 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
Aug. 01, 2024 |
Apr. 04, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
May 09, 2016 |
---|---|---|---|---|---|
Subsequent Event [Line Items] | |||||
Preferred stock, shares issued | 13,750 | 13,750 | |||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 | |||
Liquidation preference (per share) | $ 10,000 | $ 10,000 | |||
Liquidation preference value | $ 137,500 | ||||
Series D Depositary Shares | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Preferred stock, shares issued | 4,000,000 | ||||
Liquidation preference (per share) | $ 25 | ||||
Ownership interest per depositary share | 0.25% | ||||
Series D Preferred Stock | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividend rate per share | 6.10% | ||||
Preferred stock, par value (in usd per share) | $ 1.00 | ||||
Liquidation preference (per share) | $ 10,000 | ||||
Liquidation preference value | $ 100,000 | ||||
Variable dividend rate after August 1, 2024 | 3.859% |
Label | Element | Value | ||
---|---|---|---|---|
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (345,000) | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | 1,847,000 | [1] | |
Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (345,000) | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 | $ 1,847,000 | [1] | |
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