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/C O R R E C T I O N -- IBERIABANK Corporation/

In the news release, IBERIABANK Corporation Reports First Quarter Results, issued 27-Apr-2017 by IBERIABANK Corporation over PR Newswire, we are advised by the company that the "Highlights for the first quarter of 2017 and at March 31, 2017:" bulleted section, in the second sentence of the first bullet, should read "...cash net interest margins of 15 and 11 basis points, respectively." rather than "...cash net interest margins of 15 and 14 basis points, respectively." as originally issued inadvertently. The complete, corrected release follows:

IBERIABANK Corporation Reports First Quarter Results

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LAFAYETTE, La., April 27, 2017 /PRNewswire/ -- IBERIABANK Corporation (IBKC), holding company of the 130-year-old IBERIABANK (www.iberiabank.com), reported financial results for the quarter ended March 31, 2017.  For the quarter, the Company reported income available to common shareholders of $46.9 million, or $1.00 fully diluted earnings per common share ("EPS").  On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the first quarter of 2017 was $1.02 per common share (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics), which exceeded consensus analyst expectations.

Daryl G. Byrd, President and Chief Executive Officer, commented, "Many events transpired this quarter as we expected and as we communicated to our investors last quarter. First, asset quality statistics associated with our energy-related loans continued to show significant improvements this quarter, and energy-related loans grew slightly during the first quarter.  Second, we are well-positioned for rising short-term interest rates, and the Federal Reserve's short-term rate increases in December 2016 and March 2017 resulted in a rebound in our margin and significant improvement in net interest income this quarter. We expect these benefits to continue into future quarters as well.  Third, we anticipated our loan growth would slow during the first quarter, due in part to typical seasonal trends, and we expected a portion of the massive inflow of deposits that we experienced in the final quarter of 2016 would begin to flow out during the first quarter of 2017. While some deposit outflow occurred as expected, we maintained a considerable amount of excess liquidity throughout the quarter.  Finally, in December 2016, we issued and sold common equity with the expectation we would find an excellent investment opportunity in which we could deploy that capital. With our recently signed agreement to acquire Sabadell United Bank, we now have an excellent opportunity in which to deploy that capital, as well as capital raised in March 2017 when we issued and sold additional common shares. We are very excited to partner with the team at Sabadell United and double the size of our Florida franchise."

Byrd continued, "Our financial performance in the first quarter of 2017 has started off well this year. During the first quarter, we experienced favorable average earning asset growth and a tremendous improvement in the net interest margin. We achieved our strongest first quarter EPS in nine years, and we achieved record first quarter core EPS. Those results were achieved despite the 11-cent negative EPS carrying cost in this quarter associated with the two common stock sales. Our core return on average assets was 0.96% in the first quarter, an improvement of six basis points compared to the same quarter last year, and despite the traditional seasonal slowness in our fee income businesses. We are still carrying a significant amount of capital and liquidity, which once deployed, should further enhance our financial performance."

Highlights for the first quarter of 2017 and at March 31, 2017:

  • The Company remains very asset sensitive from an interest rate risk position. Primarily as a result of recent increases in short-term interest rates combined with a two basis point increase in total deposit costs during the first quarter of 2017 resulted in improvements on a linked quarter basis in the Company's reported and cash net interest margins of 15 and 11 basis points, respectively. The yield on average earning assets increased 16 basis points and the cost of total interest bearing liabilities increased two basis points.
  • Primarily as a result of the improvement in the net interest margin and a 4% increase in average earning assets, tax equivalent net interest income increased $11.3 million, or 7%, on a linked quarter basis.
  • Non-interest income declined $5.9 million, or 11%, on a linked quarter basis, primarily as a result of seasonal declines in the Company's fee income businesses.
  • Energy-related loans ("energy loans") increased slightly and equated to 3.7% of total loans at March 31, 2017, unchanged from year-end 2016. Classified energy loans and non-performing assets each decreased 23% during the first quarter of 2017.
  • On February 28, 2017, the Company announced an agreement to acquire Sabadell United Bank, headquartered in Miami, Florida. In association with the pending acquisition, on March 7, 2017, the Company issued and sold approximately 6.1 million shares of common stock at $83.00 per common share, resulting in net proceeds of $485 million.

 

Table A - Summary Financial Results

(Dollars in thousands, except per share data)













For the Three Months Ended


3/31/2017



12/31/2016


% Change


3/31/2016


% Change

GAAP BASIS:











Income available to common shareholders

$       46,874



$       44,173


6.1


$       40,193


16.6

Earnings per common share - diluted

1.00



1.04


(3.8)


0.97


3.1












Average loans, net of unearned income

$15,045,755



$14,912,350


0.9


$14,354,410


4.8

Average total deposits

17,511,324



16,893,643


3.7


15,945,069


9.8

Net interest margin (TE) (1)

3.53

%


3.38

%



3.68

%













Total revenues

$     220,164



$     214,903


2.4


$     217,248


1.3

Total non-interest expense

141,018



151,570


(7.0)


137,452


2.6

Efficiency ratio

64.1

%


70.5

%



63.3

%


Return on average assets

0.94



0.85




0.87



Return on average common equity

6.41



6.70




6.59














NON-GAAP BASIS (2):











Core revenues

$     220,163



$     214,898


2.4


$     217,052


1.4

Core non-interest expense

139,437



133,562


4.4


134,860


3.4

Core earnings per common share - diluted

1.02



1.16


(12.1)


1.01


1.0

Core tangible efficiency ratio (TE) (1) (4)

61.6

%


60.3

%



60.3

%


Core return on average assets

0.96



0.94




0.90



Core return on average tangible common equity (4)

8.99



10.75




10.26



Net interest margin (TE) - cash basis (1) (3)

3.30



3.19




3.51














(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

(2) See Table 10 and Table 11 for GAAP to Non-GAAP reconciliations.

(3) See Table 9 for adjustments related to purchase discounts on acquired loans and related accretion and the impact of the FDIC indemnification asset.

(4) Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

Operating Results

On a linked quarter basis, average loan volume (including the FDIC loss share receivable) increased $113 million, or 1%, and the associated tax-equivalent yield increased 23 basis points.  Over that period, average legacy loans increased $279 million, or 2%, with an increase in yield of 15 basis points, and average acquired loans (including the FDIC loss share receivable) decreased $166 million, or 7%, and the yield increased 82 basis points.  All other average earning assets, including investment securities, mortgage loans held for sale, and interest-bearing deposits in other institutions, increased a net of $624 million, or 14%.

Primarily as a result of rising short-term interest rates and lower levels of balance sheet liquidity, the Company's reported and cash net interest margins increased 15 and 11 basis points, respectively, on a linked quarter basis.

On a linked quarter basis, average earning assets increased $737 million, or 4%, and the average earning asset yield increased 16 basis points.  Average interest-bearing liabilities increased $271 million, or 2%, and the cost of interest-bearing liabilities increased two basis points. On a linked quarter basis, tax-equivalent net interest income increased $11.3 million, or 7%.

The Company's provision for loan losses increased $1.0 million, or 19%, on a linked quarter basis to $6.2 million. The provision for loan losses covered net charge-offs in the first quarter of 2017 by 102% compared to 68% in the fourth quarter of 2016.

In the first quarter of 2017, non-interest income on a GAAP and non-core basis decreased $5.9 million, or 11%, compared to the fourth quarter of 2016.  The primary changes in non-interest income on a linked quarter basis included:

  • Decreased mortgage income of $2.0 million, or 12%;
  • Decreased capital markets and brokerage commission of $1.3 million, or 32%;
  • Decreased gains on the sale of SBA loans of $1.3 million;
  • Decreased title revenues of $0.6 million, or 11%; and
  • Decreased client derivative income of $0.2 million.

In the first quarter of 2017, the Company originated $384 million in residential mortgage loans, down $154 million, or 29%, on a linked quarter basis.  Client loan refinancing opportunities accounted for approximately 21% of mortgage loan applications in the first quarter of 2017, compared to 30% on a linked quarter basis.  The Company sold $427 million in mortgage loans during the first quarter of 2017, down $156 million, or 27%, on a linked quarter basis.  Loans held for sale decreased from $157 million at December 31, 2016, to $122 million at March 31, 2017.  The mortgage origination locked pipeline was $240 million at March 31, 2017, up $74 million, or 46%, between quarter-ends, and was down 30% compared to one year ago.  At April 24, 2017, the locked mortgage pipeline was $266 million, up 27% compared to March 31, 2017.

Non-interest expense decreased $10.6 million, or 7%, on a linked quarter basis. The decrease in non-interest expense was significantly influenced by the $17.8 million loss on the early termination of FDIC loss share agreements in the fourth quarter of 2016 and $1.4 million net impairment of long-lived assets in the first quarter of 2017. Excluding those non-core expenses, core non-interest expense increased $5.9 million, or 4%, and was comprised of the following items on a linked-quarter basis:

  • Increased salary and benefits cost of $1.1 million, or 1%, which included:
    • Increased payroll tax expense of $2.2 million;
    • Increased health care costs of $2.0 million;
    • Increased compensation expense of $0.8 million; partially offset by
    • Decreased mortgage commission expenses of $1.9 million; and
    • Decreased phantom stock incentives expense of $1.6 million; partially offset by
  • Increased provision for unfunded commitments of $1.2 million;
  • Increased marketing expense of $0.9 million;
  • Increased FDIC insurance premium expense of $0.7 million;
  • Increased legal and professional expense of $0.5 million; and
  • Increased occupancy and equipment expense of $0.5 million.

On a linked quarter basis, the Company's revenues and non-GAAP core revenues each increased $5.3 million, or 2%. Over the same period, GAAP expenses decreased $10.6 million, or 7%, and non-GAAP core expenses increased $5.9 million, or 4%. The efficiency ratio decreased from 70.5% to 64.1%, while the non-GAAP core tangible efficiency ratio increased from 60.3% to 61.6% on a linked quarter basis. The Company continues to focus on expense containment and revenue enhancement strategies intended to further improve its core tangible efficiency ratio.

Due to a recent change in accounting principle, the effective tax rate for the first quarter of 2017 was 30.9% and was favorably impacted by a $1.8 million decrease in income tax expense associated with restricted stock vesting during the quarter. Absent any future exercises or vesting, the Company expects the effective tax rate in the remaining three quarters of 2017 to be approximately 33.5%. Vesting and exercise of share-based compensation is expected to have an impact on tax expense in the first quarter of future years as well.

Table B - Summary Financial Condition Results

(Dollars in thousands, except per share data)














As of and For the Three Months Ended



3/31/2017


12/31/2016


% Change


3/31/2016


% Change

PERIOD-END BALANCES:











Total loans, net of unearned income

$15,132,202


$15,064,971


0.4


$14,451,244


4.7


Legacy loans, net of unearned income

12,923,444


12,694,924


1.8


11,528,697


12.1


Total deposits

17,312,265


17,408,283


(0.6)


16,260,566


6.5












ASSET QUALITY RATIOS (LEGACY):











Loans 30-89 days past due and still accruing as a percentage of total loans

0.25%


0.20%




0.37%




Loans 90 days or more past due and still accruing as a percentage of total loans

0.02


0.01




0.00




Non-performing assets to total assets (1)

0.99


1.20




0.65




Classified assets to total assets (2)

1.60


1.94




2.21














CAPITAL RATIOS:











Tangible common equity ratio (Non-GAAP)(3) (4)

12.10%


9.82%




8.83%




Tier 1 leverage ratio (5)

12.91


10.86




9.41




Total risk-based capital ratio (5)

16.92


14.13




12.21














PER COMMON SHARE DATA:











Book value

$         65.25


$         62.68


4.1


$         59.93


8.9


Tangible book value (Non-GAAP) (3) (4)

50.46


45.80


10.2


41.38


21.9


Closing stock price

79.10


83.75


(5.6)


51.27


54.3


Cash dividends

0.36


0.36



0.34


5.9












(1)

Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.

(2)

Classified assets include commercial loans rated substandard or worse and non-performing mortgage and consumer loans, and were $316 million, $373 million and $378 million at March 31, 2017, December 31, 2016, and March 31, 2016, respectively.

(3)

See Table 10 and Table 11 for GAAP to Non-GAAP reconciliations.

(4)

Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

(5)

Regulatory capital ratios as of March 31, 2017 are preliminary.

Loans

Total loans increased $67 million, or less than 1%, between December 31, 2016, and March 31, 2017.  Over that period, acquired loans decreased $161 million, or 7%, and legacy loans increased $229 million, or 2% (7% annualized rate), including an increase in total energy loans of $2 million, or less than 1%, and a decline in indirect automobile loans of $21 million, or 16%.  During the first quarter of 2017, legacy commercial loans increased $204 million, or 2%, legacy consumer loans decreased $23 million, or 1%, and legacy mortgage loans increased $48 million, or 6%.  Period-end loan growth during the first quarter of 2017 was strongest in the Atlanta, Tampa, Mobile, Orlando, and southeast Florida markets.  Funded loan origination and renewal mix in the first quarter of 2017 was 39% fixed rate and 61% floating rate, and total loans outstanding (excluding non-accruals) were 43% fixed and 57% floating.   Commitments originated and/or renewed during the first quarter of 2017 were $1.3 billion (down 7% on a linked quarter basis).  Loans originated and/or renewed during the first quarter of 2017 totaled $847 million (down 10% on a linked quarter basis).  At March 31, 2017, the Company's probably-weighted commercial loan pipeline was approximately $600 million.

Table C - Period-End Loans

(Dollars in thousands)



















As of and For the Three Months Ended








Linked Qtr Change


Year/Year Change


Mix


3/31/2017


12/31/2016


3/31/2016


$

%


Annualized


$

%


3/31/2017

12/31/2016

Legacy loans:

















Commercial

$  9,581,229


$  9,377,399


$  8,427,154


203,830

2.2


8.7%


1,154,075

13.7


74.1%

73.9%

Residential mortgage

901,859


854,216


730,621


47,643

5.6


22.3%


171,238

23.4


7.0%

6.7%

Consumer

2,440,356


2,463,309


2,370,922


(22,953)

(0.9)


(3.7)%


69,434

2.9


18.9%

19.4%

Total legacy loans

12,923,444


12,694,924


11,528,697


228,520

1.8


7.2%


1,394,747

12.1


100.0%

100.0%


















Acquired loans:

















Balance at beginning of period

2,370,047


2,511,129


3,136,908


(141,082)

(5.6)




(766,861)

(24.4)




Loans acquired during the period










Net paydown activity

(161,289)


(141,082)


(214,361)


(20,207)

14.3




53,072

(24.8)




Total acquired loans

2,208,758


2,370,047


2,922,547


(161,289)

(6.8)




(713,789)

(24.4)




Total loans

$15,132,202


$15,064,971


$14,451,244


67,231

0.4




680,958

4.7





















Energy loans outstanding totaled $564 million at March 31, 2017, up $2 million, or less than 1%, compared to year-end 2016, and equated to approximately 3.7% of total loans (unchanged compared to year-end 2016).  Energy-related commitments totaled $1.0 billion at March 31, 2017, up $56 million, or 6%, compared to December 31, 2016. The increase in energy loans and commitments during the quarter was primarily  due to increases at exploration and production ("E&P") and midstream companies. E&P companies accounted for 47% of energy loans outstanding and 53% of energy loan commitments, midstream companies accounted for 22% of energy loans and 23% of energy loan commitments, and service companies accounted for 31% of energy loans and 24% of energy loan commitments.

At March 31, 2017, $113 million in energy loans were on non-accrual status (down $37 million compared to December 31, 2016), and $2.3 million in energy loans (excluding non-accruing loans) were past due greater than 30 days at quarter-end.  Classified energy loans decreased $55 million, or 23%, and criticized energy loans decreased $70 million, or 22%, between quarter-ends. At March 31, 2017,  approximately 32% of energy loans were classified and 44% were criticized, compared to 42% and 57%, respectively, at December 31, 2016.  To date, the Company has experienced $19 million in energy-related net charge-offs.  Additional information regarding the Company's energy loan and energy-related commitment exposure is provided in Table 7 of this press release and in the supplemental investor presentation.

At March 31, 2017, the Company's indirect automobile lending business had approximately $110 million in loans outstanding, down $21 million, or 16%, compared to year-end 2016 (0.7% of total loans outstanding compared to 0.9% at December 31, 2016).

Deposits

Total deposits decreased $96 million, or 1%, between December 31, 2016 and March 31, 2017.  Over that period, non-interest-bearing deposits increased $103 million, or 2%, and equated to 29% of total deposits at March 31, 2017.  Money market accounts increased $153 million, or 2%, NOW accounts decreased $229 million, or 7%, time deposits decreased $122 million, or 6%, and savings deposits declined $1 million, or less than 1%. Deposit growth during the first quarter of 2017 was strongest in the New Orleans, southwest Louisiana, Mobile, Birmingham, and Little Rock markets.

Table D - Period-End Deposits

(Dollars in thousands)
























Linked Qtr Change


Year/Year Change


Mix


3/31/2017


12/31/2016


3/31/2016


$

%

Annualized


$

%


3/31/2017

12/31/2016

Non-interest-bearing

$  5,031,583


$  4,928,878


$  4,484,024


102,705

2.1

8.3%


547,559

12.2


29.1%

28.3%

NOW accounts

3,085,720


3,314,281


2,960,562


(228,561)

(6.9)

(27.6)%


125,158

4.2


17.8%

19.0%

Money market accounts

6,372,855


6,219,532


5,964,029


153,323

2.5

9.9%


408,826

6.9


36.8%

35.7%

Savings accounts

813,009


814,385


772,117


(1,376)

(0.2)

(0.7)%


40,892

5.3


4.7%

4.7%

Time deposits

2,009,098


2,131,207


2,079,834


(122,109)

(5.7)

(22.9)%


(70,736)

(3.4)


11.6%

12.3%

Total deposits

$17,312,265


$17,408,283


$16,260,566


(96,018)

(0.6)

(2.2)%


1,051,699

6.5


100.0%

100.0%

















On an average balance and linked quarter basis, non-interest-bearing deposits increased $108 million, or 2%, and interest-bearing deposits increased $510 million, or 4%.  The rate on average interest-bearing deposits in the first quarter of 2017 was 0.52%, up two basis points on a linked quarter basis. The increase in the cost of interest-bearing deposits was primarily the result of a less favorable change in the mix of deposits during the first quarter of 2017. Marginal deposit rates remained stable throughout the first quarter of 2017.

Other Assets And Funding

On an average balance and linked quarter basis, the investment portfolio increased $587 million, or 19%, in the first quarter of 2017, to $3.7 billion.  On a period-end basis, the investment portfolio equated to $3.9 billion, or 18% of total assets at March 31, 2017, up $375 million, or 11%, compared to December 31, 2016.  The investment portfolio had an effective duration of 3.8 years at March 31, 2017, unchanged compared to year-end 2016.  The investment portfolio had a $32 million unrealized loss at March 31, 2017, an improvement from a $39 million unrealized loss at year-end 2016.  The average yield on investment securities increased 15 basis points on a linked quarter basis to 2.24% in the first quarter of 2017. The Company holds in its investment portfolio primarily government agency securities.  Municipal securities comprised 9% of total investments at March 31, 2017.

On a linked quarter basis, average short-term borrowings (including repurchase agreements) decreased $193 million, or 32%, and the cost of short-term borrowings decreased nine basis points.  At March 31, 2017, short-term borrowings (including repurchase agreements) decreased $60 million, or 12%, compared to December 31, 2016.  On a linked quarter basis, average long-term debt decreased $46 million, or 7%, and the cost of long-term debt increased seven basis points to 2.22%.  The cost of average interest-bearing liabilities was 0.59% in the first quarter of 2017, up two basis points on a linked quarter basis.

Asset Quality

Non-performing assets ("NPAs") decreased $31 million, or 13%, to $220 million at March 31, 2017.  Acquired NPAs increased $4 million, while legacy NPAs, which include energy and non-energy loans, decreased $36 million, or 15%, and equated to 0.99% of total assets. Energy-related NPAs (which are included in legacy loans) decreased by $35 million, or 23%, and accounted for the decrease in the Company's total NPAs during the first quarter of 2017.  At March 31, 2017, non-energy-related NPAs increased $3 million, or 3%, and equated to 0.49% of total assets, up slightly compared to 0.48% at year-end 2016.

Aggregate loans past due 30 to 89 days increased $7 million, or 25%, and equated to 0.24% of total loans at March 31, 2017, compared to 0.19% at year-end 2016.

Net charge-offs totaled $6.1 million in the first quarter of 2017, down $1.6 million, or 21%, compared to the fourth quarter of 2016.  Annualized net charge-offs equated to 0.16% of average loans in the first quarter of 2017, a five basis point improvement on a linked quarter basis.  Energy loans accounted for approximately 47% of the net charge-offs incurred during the first quarter of 2017.

Capital Position

At March 31, 2017, the Company reported a non-GAAP tangible common equity ratio of 12.10%, up 228 basis points compared to December 31, 2016, and the preliminary Tier 1 leverage ratio was 12.91%, up 205 basis points compared to December 31, 2016. The Company's preliminary calculation of its total risk-based capital ratio at March 31, 2017, was 16.92%, up 279 basis points compared to December 31, 2016.

At March 31, 2017, book value per common share was $65.25, up $2.57 per share, or 4%, compared to year-end 2016. Tangible book value per common share was $50.46, up $4.66 per share, or 10%, compared to year-end 2016.  Based on the closing stock price of the Company's common stock of $79.35 per share on April 27, 2017, this price equated to 1.22 times March 31, 2017 book value per common share and 1.57 times March 31, 2017 tangible book value per common share.

Cash Dividends On Common Stock.  On March 20, 2017, the Company declared a quarterly cash dividend of $0.36 per common share, a 6% increase compared to the same quarter in the prior year. This common dividend level equated to an annualized dividend rate of $1.44 per common share.  Based on the Company's closing common stock price on April 27, 2017, the indicated dividend yield was 1.81% per common share. The payment of dividends on the common stock is at the discretion of the Board of Directors.

Common Stock Repurchase Program.  On May 4, 2016, the Board of Directors of the Company authorized the repurchase of up to 950,000 shares of the Company's common stock. The Company did not repurchase common shares under the authorized program during the first quarter of 2017. The Company has approximately 747,000 shares of common stock remaining that may be purchased under the currently authorized program.

Series B Preferred Stock.  On August 5, 2015, the Company sold 3.2 million depositary shares, each representing a 1/400th interest in a share of non-cumulative perpetual preferred stock. The Series B preferred stock has an initial coupon equal to 6.625% for a period of 10 years, and thereafter floats at a rate of LIBOR plus 426.2 basis points. The Company raised approximately $80 million in gross proceeds from the transaction.  On January 4, 2017, the Company declared a semi-annual cash dividend of $0.8281 per depositary share that was paid on February 1, 2017.

Series C Preferred Stock.  On May 9, 2016, the Company sold 2.3 million depositary shares, each representing a 1/400th interest in a share of non-cumulative perpetual preferred stock. The Series C preferred stock has an initial coupon equal to 6.60% for a period of 10 years, and thereafter floats at a rate of LIBOR plus 492 basis points. The Company raised approximately $57.5 million in gross proceeds from the transaction.  On March 20, 2017, the Company declared a quarterly cash dividend of $0.4125 per depositary share that is payable on May 1, 2017.

Common Stock.  On December 7, 2016, the Company issued and sold 3.6 million shares of common stock at a price of $81.50 per common share. After deducting underwriting discounts and commissions and other related expenses, net proceeds of the sale were approximately $279 million.  On March 7, 2017, the Company issued and sold 6.1 million shares of common stock at a price of $83.00 per common share. After deducting underwriting discounts and commissions and other related expenses, net proceeds of the sale were approximately $485 million. The estimated dilutive impact of carrying the excess capital associated with these two common stock offerings was approximately $0.11 per common share during the first quarter of 2017, and will be approximately $0.06 per month on an ongoing basis until the capital is fully deployed.

IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company with 300 combined offices, including 202 bank branch offices and two loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South Carolina, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 64 locations in 10 states.  The Company has eight locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners L.L.C. office in New Orleans.

The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC". The Company's Series B Preferred Stock and Series C Preferred Stock trade on the NASDAQ Global Select Market under the symbols "IBKCP" and "IBKCO", respectively.  The Company's common stock market capitalization was approximately $4.0 billion, based on the NASDAQ Global Select Market closing stock price on April 27, 2017.

The following 13 investment firms currently provide equity research coverage on the Company:

  • Bank of America Merrill Lynch
  • FBR & Co.
  • FIG Partners, LLC
  • Hovde Group, LLC
  • Jefferies & Co., Inc.
  • JMP Securities LLC
  • Keefe, Bruyette & Woods, Inc.
  • Piper Jaffray & Co.
  • Raymond James & Associates, Inc.
  • Robert W. Baird & Company
  • Sandler O'Neill + Partners, L.P.
  • Stephens, Inc.
  • SunTrust Robinson-Humphrey

Conference Call

In association with this earnings release, the Company will host a live conference call to discuss the financial results for the quarter just completed. The telephone conference call will be held on Friday, April 28, 2017, beginning at 8:30 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 3978156.  A replay of the call will be available until midnight Central Time on May 5, 2017 by dialing 1-877-344-7529. The confirmation code for the replay is 10104130.  The Company has prepared a PowerPoint presentation that supplements information contained in this press release.  The PowerPoint presentation may be accessed on the Company's web site, www.iberiabank.com, under "Investor Relations" and then "Financial Information" and "Presentations."

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with GAAP. The Company's management uses these non-GAAP financial measures in their analysis of the Company's performance.  Non-GAAP measures in this press release include, but are not limited to, descriptions such as core, tangible, and pre-tax pre-provision.  These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that in management's opinion can distort period-to-period comparisons of the Company's performance. Transactions that are typically excluded from non-GAAP performance measures include realized and unrealized gains/losses on former bank owned real estate, realized gains/losses on securities, income tax gains/losses, merger-related charges and recoveries, litigation charges and recoveries, and debt repayment penalties. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.  Reconciliations of GAAP to non-GAAP disclosures are presented in the supplemental tables at the end of this release.  Please refer to the supplemental tables for these reconciliations.

Caution About Forward-Looking Statements

This press release contains "forward-looking statements," which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. Due to various factors, actual results may differ materially from our forward-looking statements. Factors that could cause our actual results to differ materially from our forward-looking statements are described under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors" and "Regulation and Supervision" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website, http://www.sec.gov, and the Company's website, http://www.iberiabank.com. To the extent that statements in this press release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology.

Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance.  Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.  Factors that could cause or contribute to such differences include, but are not limited to: the level of market volatility, our ability to execute our growth strategy, including the availability of future bank acquisition opportunities, our ability to execute on our revenue and efficiency improvement initiatives, unanticipated losses related to the completion and integration of mergers and acquisitions, refinements to purchase accounting adjustments for acquired businesses and assets and assumed liabilities in these transactions, adjustments of fair values of acquired assets and assumed liabilities and of deferred taxes in acquisitions, actual results deviating from the Company's current estimates and assumptions of timing and amounts of cash flows, utilization of non-GAAP financial measures, credit risk of our customers, resolution of assets formerly subject to loss share agreements with the FDIC, effects of the on-going correction in residential real estate prices and  levels of home sales, our ability to satisfy capital and liquidity standards such as those imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act and those adopted by the Basel Committee on Banking Supervision and federal banking regulators, sufficiency of our allowance for loan losses, changes in interest rates, access to funding sources, reliance on the services of executive management, competition for loans, deposits and investment dollars, competition from competitors with greater financial resources than the Company, reputational risk and social factors, compliance with laws and regulations, increases in FDIC insurance assessments, geographic concentration of our markets, economic and business conditions in our markets or nationally, including the impact of volatility of oil and gas prices, rapid changes in the financial services industry, significant litigation, cyber-security risks including dependence on our operational, technological, and organizational systems and infrastructure and those of third party providers of those services, hurricanes and other adverse weather events, and valuation of intangible assets. All information is as of the date of this press release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

Table 1 - IBERIABANK CORPORATION

FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

















As of and For the Three Months Ended

INCOME DATA:

3/31/2017


12/31/2016


% Change


3/31/2016

% Change


Net interest income

$     172,818



$161,665



6.9


$161,403



7.1


Net interest income (TE) (1)

175,309



164,005



6.9


163,728



7.1


Total revenues

220,164



214,903



2.4


217,248



1.3


Provision for loan losses

6,154



5,169



19.1


14,905



(58.7)


Non-interest expense

141,018



151,570



(7.0)


137,452



2.6


Net income available to common shareholders

46,874



44,173



6.1


40,193



16.6















PER COMMON SHARE DATA:














Earnings available to common shareholders - basic

$           1.01



$      1.05



(3.8)


$      0.98



3.1


Earnings available to common shareholders - diluted

1.00



1.04



(3.8)


0.97



3.1


Core earnings (Non-GAAP)(2)

1.02



1.16



(12.1)


1.01



1.0


Book value

65.25



62.68



4.1


59.93



8.9


Tangible book value (Non-GAAP) (2) (3)

50.46



45.80



10.2


41.38



21.9


Closing stock price

79.10



83.75



(5.6)


51.27



54.3


Cash dividends

0.36



0.36




0.34



5.9















KEY RATIOS AND OTHER DATA (6):










Net interest margin (TE) (1)

3.53%



3.38%





3.68%





Efficiency ratio

64.1



70.5





63.3





Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) (3)

61.6



60.3





60.3





Return on average assets

0.94



0.85





0.87





Return on average common equity

6.41



6.70





6.59





Core return on average tangible common equity (Non-GAAP)(2)(3)

8.99



10.75





10.26





Effective tax rate

30.9



22.4





34.1





Full-time equivalent employees

3,161



3,100





3,112


















CAPITAL RATIOS:














Tangible common equity ratio (Non-GAAP) (2) (3)

12.10%



9.82%





8.83%





Tangible common equity to risk-weighted assets (3)

14.48



11.62





10.14





Tier 1 leverage ratio (4)

12.91



10.86





9.41





Common equity Tier 1 (CET 1) (transitional) (4)

14.64



11.84





10.11





Common equity Tier 1 (CET 1) (fully phased-in) (4)

14.60



11.77





10.02





Tier 1 capital (transitional) (4)

15.38



12.59





10.56





Total risk-based capital ratio (4)

16.92



14.13





12.21





Common stock dividend payout ratio

39.0



36.4





34.9





Classified assets to Tier 1 capital (7)

15.2



21.9





28.4


















ASSET QUALITY RATIOS (LEGACY):










Non-performing assets to total assets (5)

0.99%



1.20%





0.65%





Allowance for loan losses to loans

0.82



0.83





0.92





Net charge-offs to average loans (annualized)

0.20



0.24





0.15





Non-performing assets to total loans and OREO (5)

1.52



1.83





0.96


















(1)

Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

(2)

See Table 10 and Table 11 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)

Regulatory capital ratios as of March 31, 2017 are preliminary.

(5)

Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.

(6)

All ratios are calculated on an annualized basis for the periods indicated.

(7)

Classified assets include commercial loans rated substandard or worse and non-performing mortgage and consumer loans and include acquired impaired loans accounted for under ASC 310-30.

 

Table 2 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Dollars in thousands, except per share data)


















For the Three Months Ended






Linked Qtr Change








Year/Year Change


3/31/2017


12/31/2016


$

%


9/30/2016


6/30/2016


3/31/2016


$

%

Interest income

$192,533


$ 180,805


11,728

6.5


$180,504


$178,694


$176,936


15,597

8.8

Interest expense

19,715


19,140


575

3.0


17,087


15,941


15,533


4,182

26.9

Net interest income

172,818


161,665


11,153

6.9


163,417


162,753


161,403


11,415

7.1

Provision for loan losses

6,154


5,169


985

19.1


12,484


11,866


14,905


(8,751)

(58.7)

Net interest income after provision for loan losses

166,664


156,496


10,168

6.5


150,933


150,887


146,498


20,166

13.8

Mortgage income

14,115


16,115


(2,000)

(12.4)


21,807


25,991


19,940


(5,825)

(29.2)

Service charges on deposit accounts

11,153


11,178


(25)

(0.2)


11,066


10,940


10,951


202

1.8

Title revenue

4,741


5,332


(591)

(11.1)


6,001


6,135


4,745


(4)

(0.1)

Broker commissions

2,738


4,006


(1,268)

(31.7)


3,797


3,712


3,823


(1,085)

(28.4)

ATM/debit card fee income

3,585


3,604


(19)

(0.5)


3,483


3,650


3,503


82

2.3

Income from bank owned life insurance

1,311


1,323


(12)

(0.9)


1,305


1,411


1,202


109

9.1

Gain on sale of available-for-sale securities


4


(4)

(100.0)


12


1,789


196


(196)

(100.0)

Other non-interest income

9,703


11,676


(1,973)

(16.9)


12,350


11,289


11,485


(1,782)

(15.5)

Total non-interest income

47,346


53,238


(5,892)

(11.1)


59,821


64,917


55,845


(8,499)

(15.2)

Salaries and employee benefits

81,853


80,811


1,042

1.3


85,028


85,105


80,742


1,111

1.4

Occupancy and equipment

16,021


15,551


470

3.0


16,526


16,813


16,907


(886)

(5.2)

Loss on early termination of loss share agreements


17,798


(17,798)

(100.0)





 N/M 

Amortization of acquisition intangibles

1,770


2,087


(317)

(15.2)


2,106


2,109


2,113


(343)

(16.2)

Other non-interest expense

41,374


35,323


6,051

17.1


34,479


35,477


37,690


3,684

9.8

Total non-interest expense

141,018


151,570


(10,552)

(7.0)


138,139


139,504


137,452


3,566

2.6

Income before income taxes

72,992


58,164


14,828

25.5


72,615


76,300


64,891


8,101

12.5

Income tax expense

22,519


13,034


9,485

72.8


24,547


25,490


22,122


397

1.8

Net income

50,473


45,130


5,343

11.8


48,068


50,810


42,769


7,704

18.0

Preferred stock dividends

(3,599)


(957)


(2,642)

(276.1)


(3,590)


(854)


(2,576)


(1,023)

39.7

Net income available to common shareholders

$  46,874


$   44,173


2,701

6.1


$  44,478


$  49,956


$  40,193


6,681

16.6

















Income available to common shareholders - basic

$  46,874


$   44,173


2,701

6.1


$  44,478


$  49,956


$  40,193


6,681

16.6

Earnings allocated to unvested restricted stock

(346)


(414)


68

(16.4)


(462)


(540)


(460)


114

(24.8)

Earnings allocated to common shareholders

$  46,528


$   43,759


2,769

6.3


$  44,016


$  49,416


$  39,733


6,795

17.1

















Earnings per common share - basic

$      1.01


$       1.05


(0.04)

(3.8)


$      1.08


$      1.21


$      0.98


0.03

3.1

















Earnings per common share - diluted

1.00


1.04


(0.04)

(3.8)


1.08


1.21


0.97


0.03

3.1

Impact of non-core items (Non-GAAP) (1)

0.02


0.12


(0.10)

(83.3)



(0.03)


0.04


(0.02)

(50.0)

Earnings per share - diluted, excluding non-core items (Non-GAAP) (1)

$      1.02


$       1.16


(0.14)

(12.1)


$      1.08


$      1.18


$      1.01


0.01

1.0

















NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
















Weighted average common shares outstanding - basic

46,123


42,109


4,014

9.5


41,052


41,232


41,186


4,937

12.0

Weighted average common shares outstanding - diluted

46,496


41,950


4,546

10.8


40,811


40,908


40,765


5,731

14.1

Book value shares (period end)

50,970


44,795


6,175

13.8


41,082


41,039


41,232


9,738

23.6

















(1) See Table 10 and Table 11 for GAAP to Non-GAAP reconciliations.

















N/M = not meaningful
















 

TABLE 3 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)
















PERIOD-END BALANCES




Linked Qtr Change








Year/Year Change

ASSETS

3/31/2017


12/31/2016


$


%


9/30/2016


6/30/2016


3/31/2016


$


%

Cash and due from banks

$     276,979


$     295,896


(18,917)


(6.4)


$     327,799


$     288,141


$     300,207


(23,228)


(7.7)

Interest-bearing deposits in other banks

1,024,139


1,066,230


(42,091)


(3.9)


773,454


417,157


696,448


327,691


47.1

Total cash and cash equivalents

1,301,118


1,362,126


(61,008)


(4.5)


1,101,253


705,298


996,655


304,463


30.5

Investment securities available for sale

3,823,953


3,446,097


377,856


11.0


2,885,413


2,776,015


2,755,425


1,068,528


38.8

Investment securities held to maturity

86,018


89,216


(3,198)


(3.6)


90,653


92,904


96,117


(10,099)


(10.5)

Total investment securities

3,909,971


3,535,313


374,658


10.6


2,976,066


2,868,919


2,851,542


1,058,429


37.1

Mortgage loans held for sale

122,333


157,041


(34,708)


(22.1)


210,866


229,653


192,545


(70,212)


(36.5)

Loans, net of unearned income

15,132,202


15,064,971


67,231


0.4


14,924,499


14,722,561


14,451,244


680,958


4.7

Allowance for loan losses

(144,890)


(144,719)


(171)


0.1


(148,193)


(147,452)


(146,557)


1,667


(1.1)

Loans, net

14,987,312


14,920,252


67,060


0.4


14,776,306


14,575,109


14,304,687


682,625


4.8

Loss share receivable





24,406


29,224


33,564


(33,564)


(100.0)

Premises and equipment

303,978


306,373


(2,395)


(0.8)


308,932


311,173


314,615


(10,637)


(3.4)

Goodwill and other intangibles

758,340


759,823


(1,483)


(0.2)


761,206


763,387


768,235


(9,895)


(1.3)

Other assets

625,427


618,262


7,165


1.2


629,531


678,092


630,720


(5,293)


(0.8)

Total assets

$22,008,479


$21,659,190


349,289


1.6


$20,788,566


$20,160,855


$20,092,563


1,915,916


9.5



















LIABILITIES AND SHAREHOLDERS' EQUITY















Non-interest-bearing deposits

$  5,031,583


$  4,928,878


102,705


2.1


$  4,787,485


$  4,539,254


$  4,484,024


547,559


12.2

NOW accounts

3,085,720


3,314,281


(228,561)


(6.9)


2,904,835


2,985,284


2,960,562


125,158


4.2

Savings and money market accounts

7,185,864


7,033,917


151,947


2.2


6,646,694


6,188,245


6,736,146


449,718


6.7

Certificates of deposit

2,009,098


2,131,207


(122,109)


(5.7)


2,183,503


2,149,244


2,079,834


(70,736)


(3.4)

Total deposits

17,312,265


17,408,283


(96,018)


(0.6)


16,522,517


15,862,027


16,260,566


1,051,699


6.5

Short-term borrowings

80,000


175,000


(95,000)


(54.3)


360,000


477,620


195,000


(115,000)


(59.0)

Securities sold under agreements to repurchase

368,696


334,136


34,560


10.3


353,272


288,017


303,238


65,458


21.6

Trust preferred securities

120,110


120,110




120,110


120,110


120,110



Other long-term debt

507,975


508,843


(868)


(0.2)


552,328


567,326


478,814


29,161


6.1

Other liabilities

161,458


173,124


(11,666)


(6.7)


213,229


208,158


186,926


(25,468)


(13.6)

Total liabilities

18,550,504


18,719,496


(168,992)


(0.9)


18,121,456


17,523,258


17,544,654


1,005,850


5.7

Total shareholders' equity

3,457,975


2,939,694


518,281


17.6


2,667,110


2,637,597


2,547,909


910,066


35.7

Total liabilities and shareholders' equity

$22,008,479


$21,659,190


349,289


1.6


$20,788,566


$20,160,855


$20,092,563


1,915,916


9.5



















 

TABLE 3 Continued - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)



















AVERAGE BALANCES


Linked Qtr Change








Year/Year Change

ASSETS

3/31/2017


12/31/2016


$


%


9/30/2016


6/30/2016


3/31/2016


$


%

Cash and due from banks

$     302,585


$     310,132


(7,547)


(2.4)


$     299,445


$     304,304


$     292,476


10,109


3.5

Interest-bearing deposits in other banks

1,023,688


930,524


93,164


10.0


536,741


386,139


365,709


657,979


179.9

Total cash and cash equivalents

1,326,273


1,240,656


85,617


6.9


836,186


690,443


658,185


668,088


101.5

Investment securities available for sale

3,679,817


3,192,040


487,777


15.3


2,825,030


2,823,292


2,797,320


882,497


31.5

Investment securities held to maturity

87,246


90,161


(2,915)


(3.2)


92,006


94,609


97,391


(10,145)


(10.4)

Total investment securities

3,767,063


3,282,201


484,862


14.8


2,917,036


2,917,901


2,894,711


872,352


30.1

Mortgage loans held for sale

175,512


226,565


(51,053)


(22.5)


219,369


211,468


160,873


14,639


9.1

Loans, net of unearned income

15,045,755


14,912,350


133,405


0.9


14,802,199


14,570,945


14,354,410


691,345


4.8

Allowance for loan losses

(145,326)


(150,499)


5,173


(3.4)


(149,101)


(149,037)


(141,393)


(3,933)


2.8

Loans, net

14,900,429


14,761,851


138,578


0.9


14,653,098


14,421,908


14,213,017


687,412


4.8

Loss share receivable


20,456


(20,456)


(100.0)


27,694


32,189


37,360


(37,360)


(100.0)

Premises and equipment

305,245


308,861


(3,616)


(1.2)


310,592


313,862


322,086


(16,841)


(5.2)

Goodwill and other intangibles

758,887


760,003


(1,116)


(0.1)


762,196


764,818


765,898


(7,011)


(0.9)

Other assets

628,092


615,666


12,426


2.0


666,657


651,328


609,181


18,911


3.1

Total assets

$21,861,501


$21,216,259


645,242


3.0


$20,392,828


$20,003,917


$19,661,311


2,200,190


11.2



















LIABILITIES AND SHAREHOLDERS' EQUITY













Non-interest-bearing deposits

$  4,976,945


$  4,869,095


107,850


2.2


$  4,605,447


$  4,463,928


$  4,388,259


588,686


13.4

NOW accounts

3,239,085


2,981,967


257,118


8.6


2,936,130


2,911,510


2,859,940


379,145


13.3

Savings and money market accounts

7,211,545


6,869,614


341,931


5.0


6,359,006


6,486,242


6,598,838


612,707


9.3

Certificates of deposit

2,083,749


2,172,967


(89,218)


(4.1)


2,176,159


2,117,711


2,098,032


(14,283)


(0.7)

Total deposits

17,511,324


16,893,643


617,681


3.7


16,076,742


15,979,391


15,945,069


1,566,255


9.8

Short-term borrowings

99,000


260,730


(161,730)


(62.0)


430,332


358,837


277,374


(178,374)


(64.3)

Securities sold under agreements to repurchase

311,726


342,953


(31,227)


(9.1)


302,119


265,465


217,296


94,430


43.5

Trust preferred securities

120,110


120,110




120,110


120,110


120,110



Other long-term debt

498,384


544,353


(45,969)


(8.4)


562,598


473,195


403,393


94,991


23.5

Other liabilities

221,993


300,768


(78,775)


(26.2)


239,911


203,050


167,810


54,183


32.3

Total liabilities

18,762,537


18,462,557


299,980


1.6


17,731,812


17,400,048


17,131,052


1,631,485


9.5

Total shareholders' equity

3,098,964


2,753,702


345,262


12.5


2,661,016


2,603,869


2,530,259


568,705


22.5

Total liabilities and shareholders' equity

$21,861,501


$21,216,259


645,242


3.0


$20,392,828


$20,003,917


$19,661,311


2,200,190


11.2



















 

Table 4 - IBERIABANK CORPORATION


TOTAL LOANS AND ASSET QUALITY DATA


(Dollars in thousands)

















Linked Qtr Change








Year/Year Change

LOANS

3/31/2017


12/31/2016


$


%


9/30/2016


6/30/2016


3/31/2016


$


%

Commercial loans:


















Real estate

$  6,977,874


$  6,802,266


175,608


2.6


$  6,681,215


$  6,472,001


$  6,230,628


747,246


12.0

Commercial and Industrial

3,455,578


3,543,122


(87,544)


(2.5)


3,462,997


3,435,809


3,374,382


81,196


2.4

 Energy (Real Estate and Commercial and Industrial) (1)

563,623


561,193


2,430


0.4


599,641


662,034


731,662


(168,039)


(23.0)

Total commercial loans

10,997,075


10,906,581


90,494


0.8


10,743,853


10,569,844


10,336,672


660,403


6.4



















Residential mortgage loans

1,296,358


1,267,400


28,958


2.3


1,270,530


1,249,062


1,208,391


87,967


7.3



















Consumer loans:


















Home equity

2,146,796


2,155,926


(9,130)


(0.4)


2,151,130


2,129,812


2,091,514


55,282


2.6

Indirect automobile

110,200


131,052


(20,852)


(15.9)


153,913


182,223


213,179


(102,979)


(48.3)

Automobile

142,139


147,662


(5,523)


(3.7)


152,972


156,597


164,868


(22,729)


(13.8)

Credit card

84,113


82,992


1,121


1.4


80,959


78,552


76,756


7,357


9.6

Other

355,521


373,358


(17,837)


(4.8)


371,142


356,471


359,864


(4,343)


(1.2)

Total consumer loans

2,838,769


2,890,990


(52,221)


(1.8)


2,910,116


2,903,655


2,906,181


(67,412)


(2.3)

Total loans

$15,132,202


$15,064,971


67,231


0.4


$14,924,499


$14,722,561


$14,451,244


680,958


4.7















Allowance for loan losses (2)

$    (144,890)


$    (144,719)


(171)


0.1


$    (148,193)


$    (147,452)


$    (146,557)


1,667


(1.1)

Loans, net

14,987,312


14,920,252


67,060


0.4


14,776,306


14,575,109


14,304,687


682,625


4.8



















Reserve for unfunded commitments

(11,660)


(11,241)


(419)


3.7


(11,990)


(13,826)


(14,033)


2,373


(16.9)

Allowance for credit losses

(156,550)


(155,960)


(590)


0.4


(160,183)


(161,278)


(160,590)


4,040


(2.5)



















ASSET QUALITY DATA

















Non-accrual loans (3)

$     191,582


$     228,501


(36,919)


(16.2)


$     235,521


$     101,738


$       98,588


92,994


94.3

Other real estate owned and foreclosed assets

20,055


21,199


(1,144)


(5.4)


22,085


27,220


31,411


(11,356)


(36.2)

Accruing loans more than 90 days past due(3)

7,980


1,386


6,594


475.8


5,233


751


385


7,595


1,972.7

Total non-performing assets

$     219,617


$     251,086


(31,469)


(12.5)


$     262,839


$     129,709


$     130,384


89,233


68.4



















Loans 30-89 days past due

$       36,172


$       28,869


7,303


25.3


$       45,125


$       50,592


$       49,071


(12,899)


(26.3)



















Non-performing assets to total assets

1.00%


1.16%






1.26%


0.64%


0.65%





Non-performing assets to total loans and OREO

1.45


1.66






1.76


0.88


0.90





Allowance for loan losses to non-performing loans (4)

72.6


63.0






61.6


143.9


148.1





Allowance for loan losses to non-performing assets

66.0


57.6






56.4


113.7


112.4





Allowance for loan losses to total loans

0.96


0.96






0.99


1.00


1.01























Quarter-to-date charge-offs

$         7,291


$         9,785


(2,494)


(25.5)


$       11,500


$       12,994


$         5,560


1,731


31.1

Quarter-to-date recoveries

(1,235)


(2,135)


900


(42.2)


(1,277)


(1,071)


(1,551)


316


(20.4)

Quarter-to-date net charge-offs

$         6,056


$         7,650


(1,594)


(20.8)


$       10,223


$       11,923


$         4,009


2,047


51.1



















Net charge-offs to average loans (annualized)

0.16%


0.21%






0.28%


0.33%


0.11%







(1) For purposes of this table, energy loans generally include loans with specific NAICS codes that relate to the Oil and Gas E&P, Services or Midstream industries.

(2) The allowance for loan losses includes impairment reserves attributable to acquired impaired loans.

(3) For purposes of this table, non-accrual and past due loans exclude acquired impaired loans accounted for under ASC 310-30 that are currently accruing income.

(4) Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past due.

 

Table 5 - IBERIABANK CORPORATION

LEGACY LOANS AND LEGACY ASSET QUALITY DATA

(Dollars in thousands)




















Linked Qtr Change








Year/Year Change

LEGACY LOANS

3/31/2017


12/31/2016


$


%


9/30/2016


6/30/2016


3/31/2016


$


%

Commercial loans:


















Real estate

$  5,878,509


$  5,623,314


255,195


4.5


$  5,419,483


$  5,097,689


$  4,771,690


1,106,819


23.2

Commercial and Industrial

3,140,205


3,194,796


(54,591)


(1.7)


3,101,472


3,027,590


2,926,686


213,519


7.3

Energy (Real Estate and Commercial and Industrial) (1)

562,515


559,289


3,226


0.6


598,279


659,510


728,778


(166,263)


(22.8)

Total commercial loans

9,581,229


9,377,399


203,830


2.2


9,119,234


8,784,789


8,427,154


1,154,075


13.7



















Residential mortgage loans

901,859


854,216


47,643


5.6


840,082


794,701


730,621


171,238


23.4



















Consumer loans:


















Home equity

1,797,123


1,783,421


13,702


0.8


1,755,295


1,695,113


1,625,812


171,311


10.5

Indirect automobile

110,174


131,048


(20,874)


(15.9)


153,904


182,199


213,141


(102,967)


(48.3)

Automobile

133,852


138,638


(4,786)


(3.5)


143,355


146,394


153,732


(19,880)


(12.9)

Credit card

83,612


82,524


1,088


1.3


80,452


78,044


76,247


7,365


9.7

Other

315,595


327,678


(12,083)


(3.7)


321,048


303,609


301,990


13,605


4.5

Total consumer loans

2,440,356


2,463,309


(22,953)


(0.9)


2,454,054


2,405,359


2,370,922


69,434


2.9

Total loans

$12,923,444


$12,694,924


228,520


1.8


$12,413,370


$11,984,849


$11,528,697


1,394,747


12.1



















Allowance for loan losses

$    (105,813)


$    (105,569)


(244)


0.2


$    (108,889)


$    (106,861)


$    (105,574)


(239)


0.2

Loans, net

12,817,631


12,589,355


228,276


1.8


12,304,481


11,877,988


11,423,123


1,394,508


12.2



















Reserve for unfunded commitments

(11,660)


(11,241)


(419)


3.7


(11,990)


(13,826)


(14,033)


2,373


...