IBERIABANK CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1

Attached files

file	filename
8-K - FORM 8-K - IBERIABANK CORP	d473365d8k.htm
EX-99.2 - EXHIBIT 99.2 - IBERIABANK CORP	d473365dex992.htm

Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

January 24, 2013

Contact:

Daryl G. Byrd, President and CEO (337) 521-4003

John R. Davis, Senior Executive Vice President (337) 521-4005

IBERIABANK Corporation Reports Earnings per Share Increase of 8%

LAFAYETTE, LOUISIANA — IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 125-year-old IBERIABANK (www.iberiabank.com), reported operating results for the fourth quarter ended December 31, 2012. For the quarter, the Company reported income available to common shareholders of $23 million and fully diluted earnings per share (“EPS”) of $0.79, up 8% compared to the third quarter of 2012. During the fourth quarter of 2012, the Company incurred total non-operating costs of $3 million on a pre-tax basis, or $0.06 per share on an after-tax basis, and non-operating income of $2 million on a pre-tax basis, or $0.05 per share on an after-tax basis. On an operating basis, EPS in the fourth quarter of 2012 was $0.80 per share (non-GAAP; refer to press release supplemental table), down $0.03 per share, or 4%, compared to the third quarter of 2012.

Daryl G. Byrd, President and Chief Executive Officer, commented, “We finished 2012 with extraordinary client growth, a fairly stable margin, and favorable operating results in our new businesses and expanded operations. During 2012, our loan growth excluding FDIC-assisted loans was $1.4 billion, or 22%, and our total deposit growth was $1.5 billion, or 16%. Importantly, the mix of deposits improved considerably, and our asset quality, capital, and liquidity positions remain stout. We are extremely pleased with the client development opportunities throughout our footprint and future growth prospects.”

Highlights for the Fourth Quarter of 2012 and December 31, 2012:

•

Increased net interest income and slight decline in net interest margin during the quarter. Tax equivalent net interest income improved $3 million, and the net interest margin declined three basis points on a linked quarter basis to 3.55%. Total tax-equivalent revenues increased approximately $7 million, or 5%, while total noninterest expenses increased $4 million, or 3%, on a linked quarter basis.

•

Loan growth of $315 million, or 4%, between quarter-ends (18% annualized rate), excluding loans and other assets covered under FDIC loss share agreements (“Covered Assets”). On that basis and excluding loans that were acquired from Florida Gulf Bancorp, Inc. (“Florida Gulf”) on July 31, 2012, loans increased $1.1 billion, or 19%, over the past year.

•

Total deposit growth of $835 million, or 8% (34% annualized growth), during the quarter, and $1.2 billion, or 13%, over the past year (each excluding the Florida Gulf acquisition).

•

Noninterest bearing deposits climbed $116 million, or 6%, between September 30, 2012 and December 31, 2012, and $425 million, or 29%, over the past year (excluding the Florida Gulf acquisition). Since year-end 2010, noninterest bearing deposits grew $1.1 billion, or 124%, and increased from 11% of total deposits at December 31, 2010, to 18% at December 31, 2012.

•

The loan loss provision in the fourth quarter of 2012 totaled $5 million, compared to $4 million in the third quarter of 2012. Net charge-offs declined to $89,000 in the fourth quarter of 2012, or an annualized 0.00% of average loans, compared to $2 million in the third quarter of 2012, or an annualized 0.10% of average loans.

•

Continued legacy asset quality strength: Nonperforming assets (“NPAs”), excluding Covered Assets and impaired loans acquired in acquisitions, equated to 0.85% of total assets at December 31, 2012, compared to 0.81% at September 30, 2012. On that basis, loans past due 30 days or more declined three basis points to 1.27% of total loans at December 31, 2012. Classified assets excluding Covered Assets decreased $16 million, or 7%, during the fourth quarter, and decreased from 2.28% of total assets at September 30, 2012, to 1.99% at December 31, 2012.

•

Capital ratios remained strong. At December 31, 2012, the Company’s tangible common equity ratio was 8.66%, tier 1 common ratio was 11.74%, and total risk based capital ratio was 14.19%.

Table A - Summary Financial Results


	For Quarter Ended:									%/Basis Point
	12/31/2011			9/30/2012			12/31/2012			Change
Net Income ($ in thousands)	$	17,357		$	21,234		$	23,208			9	%
Per Share Data:
Fully Diluted Earnings	$	0.59		$	0.73		$	0.79			8	%
Operating Earnings (Non-GAAP)		0.67			0.83			0.80			-4	%
Pre-provision Operating Earnings (Non-GAAP)		0.77			0.92			0.91			-2	%
Tangible Book Value		36.80			37.07			37.34			1	%

Key Ratios:
Return on Average Assets		0.59	%		0.69	%		0.73	%		4	bps
Return on Average Common Equity		4.65	%		5.56	%		6.02	%		46	bps
Return on Average Tangible Common Equity (Non-GAAP)		6.72	%		7.91	%		8.62	%		71	bps
Net Interest Margin (TE)*		3.62	%		3.58	%		3.55	%		(3	)bps
Tangible Efficiency Ratio (TE)* (Non-GAAP)		75.2	%		74.3	%		73.2	%		(110	)bps
Tangible Common Equity Ratio (Non-GAAP)		9.52	%		9.01	%		8.66	%		(35	)bps
Tier 1 Leverage Ratio		10.45	%		10.01	%		9.70	%		(31	)bps
Tier 1 Common Ratio (Non-GAAP)		13.55	%		12.04	%		11.74	%		(30	)bps
Total Risk Based Capital Ratio		16.21	%		14.54	%		14.19	%		(35	)bps
Net Charge-Offs to Average Loans**		0.31	%		0.11	%		0.01	%		(10	)bps
Nonperforming Assets to Total Assets**		0.86	%		0.81	%		0.85	%		4	bps

*	Fully taxable equivalent basis.

**	Excluding FDIC Covered Assets and acquired impaired loans.

Refer to press release supplemental table for a reconciliation of GAAP and non-GAAP measures.

Operating Results

On a linked quarter basis, average earning assets increased $480 million, or 4%. The average earning asset yield declined eight basis points, while the cost of interest bearing liabilities decreased four basis points. As a result, the tax-equivalent net interest spread and the net interest margin declined four and three basis points, respectively. Tax-equivalent net interest income increased $3 million, or 3%, as the benefit of strong growth in average earning assets more than offset the slightly lower net interest spread in the fourth quarter of 2012.

Table B - Quarterly Average Yields/Cost (Taxable Equivalent Basis)


	For Quarter Ended:									%/Basis Point
	12/31/2011			9/30/2012			12/31/2012			Change
Investment Securities		2.57	%		2.22	%		2.09	%		(13	)bps
Covered Loans, net of loss share receivable		5.33	%		5.42	%		5.55	%		13	bps
Noncovered Loans		4.91	%		4.55	%		4.52	%		(3	)bps

Loans & Loss Share Receivable		5.02	%		4.71	%		4.70	%		(1	)bps
Mortgage Loans Held For Sale		3.21	%		3.21	%		2.96	%		(25	)bps
Other Earning Assets		0.68	%		0.85	%		0.61	%		(24	)bps

Total Earning Assets		4.36	%		4.14	%		4.06	%		(8	)bps
Interest Bearing Deposits		0.80	%		0.58	%		0.53	%		(5	)bps
Short-Term Borrowings		0.27	%		0.21	%		0.21	%		(0	)bps
Long-Term Borrowings		2.84	%		3.10	%		3.17	%		7	bps

Total Interest Bearing Liabilities		0.90	%		0.69	%		0.65	%		(4	)bps

Net Interest Spread		3.46	%		3.45	%		3.41	%		(4	)bps
Net Interest Margin		3.62	%		3.58	%		3.55	%		(3	)bps

*	Earning asset yields are shown on a fully taxable equivalent basis.

Movement in the net interest margin was tempered during the fourth quarter as the covered loan yield (net of loss share receivable) improved 13 basis points, offsetting the three basis point decline in the yield on non-covered loans. In addition, the 13 basis point decline in average investment yield was partially offset by a five basis point decline in the cost of interest bearing deposits, and an increase in average noninterest bearing deposits of $155 million, or 9%, on a linked quarter basis. For the first quarter of 2013, the Company projects the prospective yield on the covered loan portfolio net of the FDIC indemnification asset to approximate the level experienced in the fourth quarter of 2012 and projects the average balance of the net covered loan portfolio to decline approximately $50 million, based on current FDIC loss share accounting assumptions and estimates.

The Company recorded a $5 million loan loss provision in the fourth quarter of 2012, up less than $1 million, or 20%, on a linked quarter basis. The increase in provision was primarily attributable to loans covered under FDIC loss share agreements and acquired impaired loans, partially offset by lower required reserves on the legacy loan portfolio and acquired performing portfolio due to improved asset quality. The Company reported net charge-offs of $89,000 in the fourth quarter of 2012, or 0.00% of average loans on an annualized basis. Excluding Covered Assets and acquired impaired loans, net charge-offs were 0.01% of average loans in the fourth quarter of 2012.

Aggregate noninterest income increased $4 million, or 8%, on a linked quarter basis. The primary changes in noninterest income on a linked quarter basis were increased IBERIA Capital Partners revenues of $1.2 million, higher service charge revenues of $0.3 million, or 5%, and a $2.2 million gain associated with the redemption of a business investment acquired in the acquisition of OMNI Bancshares, Inc. Assets under management at IBERIA Wealth Advisors were $955 million at December 31, 2012. Mortgage and title insurance income were relatively stable on a linked quarter basis.

In the fourth quarter of 2012, the Company originated $677 million in residential mortgage loans, down $30 million, or 4%, on a linked quarter basis. Client loan refinancing opportunities accounted for approximately 47% of mortgage loan applications in the fourth quarter of 2012, compared to 45% in the third quarter of 2012 and approximately 40% between December 31, 2012, and January 11, 2013. The Company sold $627 million in mortgage loans during the fourth quarter of 2012, down $50 million, or 7%, on a linked quarter basis. Margins on the

sale of mortgage loans edged slightly lower on a linked quarter basis. The mortgage origination pipeline was approximately $241 million at December 31, 2012, compared to $297 million at September 30, 2012, and approximately $256 million at January 11, 2013. Mortgage loan repurchases and make-whole payments were approximately $0.2 million in the fourth quarter of 2012, unchanged from the third quarter of 2012.

Noninterest expense increased $3.6 million, or 3%, on a linked quarter basis. One-time acquisition and conversion costs associated with the Florida Gulf transaction in the fourth quarter of 2012 were $1.2 million, or $0.03 per share, down $1.8 million on a linked quarter basis. One-time acquisition and conversion costs are projected to be immaterial in the first quarter of 2013. The Company also incurred pre-tax costs associated with multiple internal projects to improve long-term earnings, efficiency, risk posture, and growth prospects totaling $1.4 million, or $0.03 per share, in line with expectations. Excluding acquisition and non-operating expenses, other changes in noninterest expense on a linked quarter basis were:

•

Increased salaries and benefits costs of $1.4 million, or 2% (due primarily to a $0.3 million increase in health care costs, $0.4 million associated with recently added revenue producers in Houston, and $0.2 million for the additional month impact of Florida Gulf personnel);

•

Increased occupancy and equipment expense of $0.9 million, or 7% (due primarily to $0.4 million in seasonal property tax payments and $0.2 million for the additional month impact of Florida Gulf branches);

•

Increased donations, marketing, and business development expense of $2.3 million, or 111% ($1.2 million in costs associated with multiple loan and deposit campaigns and $0.7 million in business development contributions); and

•

Increased FDIC insurance premium of $0.4 million, or 17% (resulting from the Florida Gulf acquisition and organic balance sheet growth); partially offset by

•

Decreased mortgage commissions of $0.3 million, or 4%; and

•

Decreased credit and loan-related expense of $0.5 million, or 9%.

Loans

In the fourth quarter of 2012, total loans increased $269 million, or 3%. The loan portfolio associated with FDIC-assisted acquisitions decreased $46 million, or 4%, compared to September 30, 2012. Excluding loans associated with FDIC-assisted transactions, total loans increased $315 million, or 4%, over that period (18% annualized rate). Legacy commercial loans increased $205 million, or 4%, legacy consumer loans increased $86 million, or 5%, and legacy mortgage loans increased $24 million, or 9%, during the quarter. Loan growth during the fourth quarter of 2012 was strongest in the Houston, Memphis, Birmingham, and Naples markets. Loans and commitments originated during the fourth quarter of 2012 totaled $1.2 billion, with 53% fixed rate and 47% floating rate. Energy-related loans outstanding totaled $576 million at December 31, 2012, equal to approximately 7% of total loans.

Table C - Period-End Loans ($ in Millions)


			Period-End Balances ($ Millions) 9/30/2012								% Change									Mix
	12/31/11		Excluding Acquired		FGB		Total		12/31/12		Year/Year			Qtr/Qtr			Annualized			9/30/12			12/31/12
Commercial	$	4,504	$	5,093	$	145	$	5,237	$	5,442		21	%		4	%		16	%		64	%		64	%
Consumer		1,288		1,560		28		1,588		1,674		30	%		5	%		22	%		19	%		20	%
Mortgage		262		222		43		266		290		10	%		9	%		36	%		3	%		3	%

Non-FDIC Loans	$	6,054	$	6,875	$	216	$	7,091	$	7,406		22	%		4	%		18	%		86	%		87	%
Covered Assets		1,334		1,139		—		1,139		1,093		-18	%		-4	%		-16	%		14	%		13	%

Total Loans	$	7,388	$	8,014	$	216	$	8,230	$	8,499		15	%		3	%		13	%		100	%		100	%

Deposits

Total deposits increased $835 million, or 8%, from September 30, 2012 to December 31, 2012 (34% annualized growth). Noninterest bearing deposits increased $116 million, or 6%, and equated to 18% of total deposits at December 31, 2012. NOW accounts increased $484 million, or 24%, and money market and savings account volume increased $312 million, or 8% at December 31, 2012. Deposit growth in the fourth quarter was driven by commercial and retail client growth, seasonal deposits, and low-cost wholesale deposits. By year-end 2012, the Company received an influx of approximately $140 million in seasonal client deposits (primarily NOW accounts), the duration of which is expected to be less than 90 days. The Company assumed $170 million in short-term wholesale deposits at December 31, 2012 ($73 million on average during the fourth quarter of 2012 at a cost of 0.23%). Deposit growth excluding the estimated seasonal and wholesale deposits was $525 million, or 5% (21% annualized rate). Deposit growth during the fourth quarter of 2012 was strongest in the New Orleans, Houston, Birmingham, Lafayette, and Little Rock markets.

Table D - Period-End Deposits ($ in Millions)


			Period-End Balances ($ Millions) 9/30/2012								% Change									Mix
	12/31/11		Excluding Acquired		FGB		Total		12/31/12		Year/Year			Qtr/Qtr			Annualized			9/30/12			12/31/12
Noninterest	$	1,485	$	1,794	$	58	$	1,852	$	1,968		32	%		6	%		25	%		19	%		18	%
NOW Accounts		1,877		1,997		42		2,039		2,523		34	%		24	%		95	%		21	%		24	%
Savings/MMkt		3,381		3,652		139		3,791		4,103		21	%		8	%		33	%		38	%		38	%
Time Deposits		2,546		2,184		47		2,231		2,154		-15	%		-3	%		-14	%		22	%		20	%

Total Deposits	$	9,289	$	9,627	$	286	$	9,913	$	10,748		16	%		8	%		34	%		100	%		100	%

On an average balance and linked quarter basis, noninterest bearing deposits increased $155 million, or 9%, and interest-bearing deposits increased $455 million, or 6%. The rate on average interest bearing deposits in the fourth quarter of 2012 was 0.53%, a decrease of five basis points on a linked quarter basis. Approximately $1.5 billion in time deposits are scheduled to re-price over the next 12 months at a weighted average cost of 0.74%. An additional $0.3 billion in time deposits are scheduled to re-price the following 12 months at a weighted average cost of 1.27%. During the fourth quarter of 2012, new and re-priced time deposits were booked at an average cost of 0.54%. The Company experienced a time deposit retention rate of 90% in 2012 with an average 46 basis point reduction in rate.

Other Assets And Funding

The Company significantly improved its liquidity position in the fourth quarter of 2012. Total cash and equivalents increased $348 million, or 56%, to $1.0 billion. The investment portfolio equated to $1.9 billion, or 15% of total assets at December 31, 2012, down slightly compared to 16% at September 30, 2012. The investment portfolio had a modified duration of 2.8 years at December 31, 2012, up slightly compared to 2.7 years at September 30, 2012. The unrealized gain in the portfolio decreased from $51 million at September 30, 2012, to $44 million at December 31, 2012. The average yield on investment securities declined 13 basis points on a linked quarter basis to 2.09% in the fourth quarter of 2012. The Company holds in its investment portfolio primarily government agency and municipal securities. Municipal securities comprised only 11% of total investments at December 31, 2012. The Company holds no sovereign debt or derivative exposure to foreign counterparties.

As a result of strong deposit growth, the Company paid off all overnight borrowings during the fourth quarter. Long-term debt (including trust preferred securities) decreased $6 million, or 1%, between quarter-ends. On a linked quarter basis, average long-term debt decreased $15 million, or 3%, and the cost of debt increased seven basis points to 3.17%. The cost of average interest bearing liabilities was 0.65% in the fourth quarter of 2012, a decrease of four basis points on a linked quarter basis. For the month of December 2012, the average cost of interest bearing liabilities was 0.63%.

Asset Quality

Excluding $568 million in NPAs which were Covered Assets or acquired impaired loans marked to fair value, NPAs at December 31, 2012 were $99 million, up $10 million, or 11%, compared to September 30, 2012. The increase in NPAs was primarily attributable to three loan relationships, of which the Company anticipates no material loss associated with the ultimate resolution of those loans. NPAs equated to 0.85% of total assets at December 31, 2012, compared to 0.81% of assets at September 30, 2012. Loans past due 30 days or more (including nonaccruing loans) increased $2 million, or 3%, and represented 1.27% of total loans at December 31, 2012, down compared to 1.30% at September 30, 2012. Classified assets declined $16 million, or 7% during the fourth quarter of 2012.

Table E - Asset Quality Summary

Excludes the impact of all FDIC-assisted acquisitions and impaired loans


	For Quarter Ended:									% or Basis Point Change
($ thousands)	12/31/2011			9/30/2012			12/31/2012			Year/Year			Qtr/Qtr
Nonperforming Assets	$	83,884		$	88,454		$	98,510			17	%		11	%
Past Due Loans		83,338			91,016			93,358			12	%		3	%
Classified Assets		205,920			247,923			231,586			12	%		-7	%
Nonperforming Assets/Assets		0.86	%		0.81	%		0.85	%		(1	)bps		4	bps
NPAs/(Loans + OREO)		1.39	%		1.26	%		1.34	%		(5	)bps		8	bps
Classified Assets/Total Assets		2.10	%		2.28	%		1.99	%		(11	)bps		(29	)bps
(Past Dues & Nonaccruals)/Loans		1.38	%		1.30	%		1.27	%		(11	)bps		(3	)bps
Provision For Credit Losses	$	2,620		$	1,735		$	362			-86	%		-79	%
Net Charge-Offs/(Recoveries)		4,622			1,923			91			-98	%		-95	%

Provision Less Net Charge-Offs	$	(2,002	)	$	(188	)	$	271			-114	%		-244	%
Net Charge-Offs/Average Loans		0.31	%		0.11	%		0.01	%		(30	)		(10	)
Reserve For Credit Losses/Loans		1.24	%		1.13	%		1.08	%		(16	)		(5	)

Excluding Covered Assets and acquired impaired loans, troubled debt restructurings at December 31, 2012, totaled $18 million, or 0.24% of total loans (compared to 0.31% of loans at September 30, 2012). All but $2 million of the troubled debt restructurings were included in NPAs at December 31, 2012.

Capital Position

The Company maintains favorable capital strength. At December 31, 2012, the Company reported a tangible common equity ratio of 8.66%, down 35 basis points compared to September 30, 2012. At that date, the Company’s preliminary Tier 1 leverage ratio was 9.70%, down 31 basis points compared to September 30, 2012. The Company’s preliminary total risk-based capital ratio at December 31, 2012 was 14.19%, down 35 basis points compared to September 30, 2012. The declines in these capital ratios were the result of strong organic balance sheet growth.

On October 26, 2011, the Company announced a share repurchase program totaling 900,000 shares of common stock. No shares were repurchased under this program during the fourth quarter of 2012. A total of 46,692 shares remain under the currently authorized share repurchase program.

At December 31, 2012, book value per share was $51.88, up $0.44 per share compared to September 30, 2012. Tangible book value per share was $37.34, up $0.27 per share compared to September 30, 2012. Based on the closing stock price of the Company’s common stock of $51.75 per share on January 24, 2013, this price equated to 1.00 times December 31, 2012 book value and 1.39 times December 31, 2012 tangible book value per share.

On December 10, 2012, the Company declared a quarterly cash dividend of $0.34 per share. This dividend level equated to an annualized dividend rate of $1.36 per share and an indicated dividend yield of 2.63%.

IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company with 278 combined offices, including 184 bank branch offices and one LPO in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 21 title insurance offices in Arkansas and Louisiana, mortgage representatives in 62 locations in 12 states, nine locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners, LLC office in New Orleans. Since September 30, 2012, the Company opened seven bank branch offices in the New Orleans, Birmingham, Houston, Baton Rouge, and Naples markets.

The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “IBKC.” The Company’s market capitalization was approximately $1.5 billion, based on the NASDAQ closing stock price on January 24, 2013.

The following 11 investment firms currently provide equity research coverage on IBERIABANK Corporation:

•

FIG Partners, LLC

•

Jefferies & Co., Inc.

•

Keefe, Bruyette & Woods

•

Oppenheimer & Co., Inc.

•

Raymond James & Associates, Inc.

•

Robert W. Baird & Company

•

Stephens, Inc.

•

Sterne, Agee & Leach

•

Stifel Nicolaus & Company

•

SunTrust Robinson-Humphrey

•

Wunderlich Securities

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, January 25, 2013, beginning at 9:00 a.m. Central Time by dialing 1-800-230-1059. The confirmation code for the call is 276812. A replay of the call will be available until midnight Central Time on February 1, 2013 by dialing 1-800-475-6701. The confirmation code for the replay is 276812. 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 “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. 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 are infrequent in nature. Since the presentation of these GAAP performance measures and their impact differ between companies, 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 included as tables at the end of this release. Refer to press release supplemental table for this reconciliation.

Forward Looking Statements

To the extent that statements in this press release and the accompanying PowerPoint presentation relate to future plans, objectives, financial results or performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which are based on management’s current information, estimates and assumptions and the current economic environment, are generally identified by the use of the words “plan”, “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. IBERIABANK Corporation’s actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties.

Actual results could differ materially because of factors such as the level of market volatility, our ability to execute our growth strategy, including the availability of future FDIC-assisted failed bank opportunities, unanticipated losses related to the integration of, and 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, credit risk of our customers, effects of the on-going correction in residential real estate prices and reduced levels of home sales, 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, reputational risk and social factors, changes in government regulations and legislation, increases in FDIC insurance assessments, geographic concentration of our markets and economic conditions in these markets, rapid changes in the financial services industry, dependence on our operational, technological, and organizational systems or infrastructure and those of third-party providers of those services, hurricanes and other adverse weather events, the modest trading volume of our common stock, and valuation of intangible assets. These and other factors that may cause actual results to differ materially from these forward-looking statements are discussed in the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission (the “SEC”), available at the SEC’s website, http://www.sec.gov, and the Company’s website, http://www.iberiabank.com, under the heading “Investor Information.” All information in this release and the accompanying PowerPoint presentation is as of the date of this release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. Certain tabular presentations may not reconcile because of rounding.

Table 1 - IBERIABANK CORPORATION

FINANCIAL HIGHLIGHTS


	For The Quarter Ended December 31,									For The Quarter Ended September 30,
	2012			2011			% Change			2012			% Change
Income Data (in thousands):
Net Interest Income	$	99,990		$	92,573			8	%	$	96,726			3	%
Net Interest Income (TE)⁽¹⁾		102,439			94,918			8	%		99,143			3	%
Net Income		23,208			17,357			34	%		21,234			9	%
Earnings Available to Common Shareholders - Basic		23,208			17,357			34	%		21,234			9	%
Earnings Available to Common Shareholders - Diluted		22,780			17,050			34	%		20,828			9	%

Per Share Data:
Earnings Available to Common Shareholders - Basic	$	0.79		$	0.59			33	%	$	0.73			8	%
Earnings Available to Common Shareholders - Diluted		0.79			0.59			33	%		0.73			8	%
Operating Earnings (Non-GAAP)		0.80			0.67			19	%		0.83			(4	%)
Book Value		51.88			50.48			3	%		51.44			1	%
Tangible Book Value ⁽²⁾		37.34			36.80			1	%		37.07			1	%
Cash Dividends		0.34			0.34			—			0.34			—
Closing Stock Price		49.12			49.30			(0	%)		45.80			7	%

Key Ratios: ⁽³⁾
Operating Ratios:
Return on Average Assets		0.73	%		0.59	%					0.69	%
Return on Average Common Equity		6.02	%		4.65	%					5.56	%
Return on Average Tangible Common Equity ⁽²⁾		8.62	%		6.72	%					7.91	%
Net Interest Margin (TE) ⁽¹⁾		3.55	%		3.62	%					3.58	%
Efficiency Ratio		75.5	%		77.9	%					76.7	%
Tangible Efficiency Ratio (TE) ^{(1) (2)}		73.2	%		75.2	%					74.3	%
Full-time Equivalent Employees		2,697			2,582						2,684

Capital Ratios:
Tangible Common Equity Ratio (Non-GAAP)		8.66	%		9.52	%					9.01	%
Tangible Common Equity to Risk-Weighted Assets		12.01	%		13.86	%					12.35	%
Tier 1 Leverage Ratio		9.70	%		10.45	%					10.01	%
Tier 1 Capital Ratio		12.92	%		14.94	%					13.27	%
Total Risk Based Capital Ratio		14.19	%		16.21	%					14.54	%
Common Stock Dividend Payout Ratio		43.2	%		57.5	%					47.2	%

Asset Quality Ratios:
Excluding FDIC Covered Assets and acquired impaired loans
Nonperforming Assets to Total Assets ⁽⁴⁾		0.85	%		0.86	%					0.81	%
Allowance for Credit Losses to Loans		1.08	%		1.24	%					1.13	%
Net Charge-offs to Average Loans		0.01	%		0.31	%					0.11	%
Nonperforming Assets to Total Loans and OREO ⁽⁴⁾		1.34	%		1.39	%					1.26	%


	For The Quarter Ended				For The Quarter Ended
	December 31,				September 30,		June 30,		March 31,
	2012		2012		2012		2012		2012
	End of Period		Average		Average		Average		Average
Balance Sheet Summary (in thousands):
Excess Liquidity ⁽⁵⁾	$	722,763	$	432,752	$	238,203	$	294,171	$	326,810
Total Investment Securities		1,950,066		1,957,542		2,005,975		2,048,001		2,047,168
Loans, Net of Unearned Income		8,498,580		8,384,218		8,016,829		7,592,677		7,381,188
Loans, Net of Unearned Income, Excluding Covered Loans and SOP 03-3		7,341,626		7,212,648		6,810,490		6,400,351		6,053,548
Total Assets		13,129,678		12,692,665		12,182,554		11,817,101		11,688,081
Total Deposits		10,748,277		10,315,944		9,705,957		9,463,392		9,380,956
Total Shareholders’ Equity		1,529,868		1,533,561		1,519,338		1,504,102		1,496,782

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

⁽²⁾	Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

⁽³⁾	All ratios are calculated on an annualized basis for the period indicated.

⁽⁴⁾	Nonperforming assets consist of nonaccruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.

⁽⁵⁾	Excess Liquidity includes interest-bearing deposits in banks and fed funds sold, but excludes liquidity sources and uses from off-balance sheet arrangements.

Table 2 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands except per share data)


BALANCE SHEET (End of Period)	December 31,									September 30,
BALANCE SHEET (End of Period)	2012			2011			% Change			2012			% Change
ASSETS
Cash and Due From Banks	$	248,214		$	194,171			27.8	%	$	206,373			20.3	%
Interest-bearing Deposits in Banks		722,763			379,125			90.6	%		416,693			73.5	%

Total Cash and Equivalents		970,977			573,296			69.4	%		623,066			55.8	%
Investment Securities Available for Sale		1,745,004			1,805,205			(3.3	%)		1,757,934			(0.7	%)
Investment Securities Held to Maturity		205,062			192,764			6.4	%		188,999			8.5	%

Total Investment Securities		1,950,066			1,997,969			(2.4	%)		1,946,933			0.2	%
Mortgage Loans Held for Sale		267,475			153,013			74.8	%		211,132			26.7	%
Loans, Net of Unearned Income		8,498,580			7,388,037			15.0	%		8,229,946			3.3	%
Allowance for Credit Losses		(251,603	)		(193,761	)		29.9	%		(201,387	)		24.9	%

Loans, Net		8,246,977			7,194,276			14.6	%		8,028,559			2.7	%
Loss Share Receivable		423,069			591,844			(28.5	%)		431,167			(1.9	%)
Premises and Equipment		303,523			285,607			6.3	%		304,699			(0.4	%)
Goodwill and Other Intangibles		429,584			401,888			6.9	%		424,154			1.3	%
Other Assets		538,007			560,035			(3.9	%)		564,409			(4.7	%)

Total Assets	$	13,129,678		$	11,757,928			11.7	%	$	12,534,119			4.8	%

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing Deposits	$	1,967,662		$	1,485,058			32.5	%	$	1,851,569			6.3	%
NOW Accounts		2,523,252			1,876,797			34.4	%		2,038,783			23.8	%
Savings and Money Market Accounts		4,103,183			3,381,502			21.3	%		3,791,616			8.2	%
Certificates of Deposit		2,154,180			2,545,656			(15.4	%)		2,231,143			(3.4	%)

Total Deposits		10,748,277			9,289,013			15.7	%		9,913,111			8.4	%
Short-term Borrowings		—			192,000			(100.0	%)		290,000			(100.0	%)
Securities Sold Under Agreements to Repurchase		303,045			203,543			48.9	%		241,501			25.5	%
Trust Preferred Securities		111,862			111,862			0.0	%		111,862			0.0	%
Other Long-term Debt		311,515			340,871			(8.6	%)		317,442			(1.9	%)
Other Liabilities		125,111			137,978			(9.3	%)		145,049			(13.7	%)

Total Liabilities		11,599,810			10,275,267			12.9	%		11,018,965			5.3	%
Total Shareholders’ Equity		1,529,868			1,482,661			3.2	%		1,515,154			1.0	%

Total Liabilities and Shareholders’ Equity	$	13,129,678		$	11,757,928			11.7	%	$	12,534,119			4.8	%


BALANCE SHEET (Average)	December 31,			September 30,			June 30,			March 31,			December 31,
BALANCE SHEET (Average)	2012			2012			2012			2012			2011
ASSETS
Cash and Due From Banks	$	212,404		$	192,891		$	188,260		$	189,182		$	188,517
Interest-bearing Deposits in Banks		432,752			236,653			294,171			326,810			328,869
Investment Securities		1,957,542			2,005,975			2,048,001			2,047,168			2,051,564
Mortgage Loans Held for Sale		212,432			182,543			135,273			117,186			131,787
Loans, Net of Unearned Income		8,384,218			8,016,829			7,592,677			7,381,188			7,224,613
Allowance for Credit Losses		(196,634	)		(180,798	)		(173,023	)		(185,952	)		(167,433	)
Loss Share Receivable		411,328			448,746			508,443			573,776			592,985
Other Assets		1,278,623			1,279,715			1,223,299			1,238,723			1,234,283

Total Assets	$	12,692,665		$	12,182,554		$	11,817,101		$	11,688,081		$	11,585,185

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing Deposits	$	1,928,361		$	1,773,302		$	1,640,327		$	1,530,504		$	1,455,097
NOW Accounts		2,207,032			2,023,769			1,985,248			1,924,371			1,718,337
Savings and Money Market Accounts		3,935,675			3,701,947			3,524,641			3,481,073			3,413,278
Certificates of Deposit		2,244,876			2,206,939			2,313,176			2,445,008			2,665,935

Total Deposits		10,315,944			9,705,957			9,463,392			9,380,956			9,252,647
Short-term Borrowings		9,239			121,957			27,857			4,220			4,337
Securities Sold Under Agreements to Repurchase		262,027			245,486			245,401			219,846			218,926
Trust Preferred Securities		111,862			113,905			111,862			111,862			111,862
Long-term Debt		312,190			324,923			313,451			324,468			343,687
Other Liabilities		147,842			150,988			151,036			149,947			173,188

Total Liabilities		11,159,104			10,663,216			10,312,999			10,191,299			10,104,647
Total Shareholders’ Equity		1,533,561			1,519,338			1,504,102			1,496,782			1,480,538

Total Liabilities and Shareholders’ Equity	$	12,692,665		$	12,182,554		$	11,817,101		$	11,688,081		$	11,585,185

Table 3 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands except per share data)


	For The Three Months Ended
	December 31,									September 30,
INCOME STATEMENT	2012			2011			% Change			2012			% Change
Interest Income	$	114,779		$	111,799			2.7	%	$	111,951			2.5	%
Interest Expense		14,789			19,226			(23.1	%)		15,225			(2.9	%)

Net Interest Income		99,990			92,573			8.0	%		96,726			3.4	%
Provision for Credit Losses		4,866			4,278			13.7	%		4,053			20.1	%

Net Interest Income After Provision for Loan Losses		95,124			88,295			7.7	%		92,673			2.6	%
Service Charges		7,295			6,613			10.3	%		6,952			4.9	%
ATM / Debit Card Fee Income		2,412			1,997			20.8	%		2,377			1.5	%
BOLI Proceeds and Cash Surrender Value Income		909			899			1.1	%		916			(0.8	%)
Mortgage Income		22,935			13,274			72.8	%		23,215			(1.2	%)
Gain (Loss) on Sale of Investments, Net		(4	)		793			(100.5	%)		41			(109.7	%)
Title Revenue		5,492			4,846			13.3	%		5,623			(2.3	%)
Broker Commissions		4,192			2,457			70.6	%		3,092			35.6	%
Other Noninterest Income		7,123			4,576			55.7	%		4,337			64.2	%

Total Noninterest Income		50,354			35,455			42.0	%		46,553			8.2	%
Salaries and Employee Benefits		60,899			51,416			18.4	%		59,938			1.6	%
Occupancy and Equipment		15,176			14,404			5.4	%		13,869			9.4	%
Amortization of Acquisition Intangibles		1,285			1,384			(7.1	%)		1,287			(0.1	%)
Other Noninterest Expense		36,081			32,522			10.9	%		34,754			3.8	%

Total Noninterest Expense		113,441			99,726			13.8	%		109,848			3.3	%
Income Before Income Taxes		32,037			24,024			33.4	%		29,378			9.1	%
Income Taxes		8,829			6,667			32.4	%		8,144			8.4	%

Net Income	$	23,208		$	17,357			33.7	%	$	21,234			9.3	%

Preferred Stock Dividends		—			—			—			—			—

Earnings Available to Common Shareholders - Basic		23,208			17,357			33.7	%		21,234			9.3	%

Earnings Allocated to Unvested Restricted Stock		(428	)		(307	)		39.5	%		(406	)		5.3	%

Earnings Available to Common Shareholders - Diluted		22,780			17,050			33.6	%		20,828			9.4	%

Earnings Per Share, Diluted	$	0.79		$	0.59			33.4	%	$	0.73			8.0	%

Impact of Non-Operating Expenses (Non-GAAP)	$	0.01		$	0.08			(88.4	%)	$	0.10			(90.7	%)

Earnings Per Share, Diluted, Excluding Non-operating Expenses (Non-GAAP)	$	0.80		$	0.67			18.7	%	$	0.83			(4.2	%)

NUMBER OF SHARES OUTSTANDING
Basic Shares - All Classes (Average)		29,401,395			29,307,297			0.3	%		29,066,000			1.2	%
Diluted Shares - Common Shareholders (Average)		28,904,317			28,857,342			0.2	%		28,548,432			1.2	%
Book Value Shares (Period End) ⁽¹⁾		29,489,745			29,373,905			0.4	%		29,456,748			0.1	%

	2012												2011
INCOME STATEMENT	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
INCOME STATEMENT	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Interest Income	$	114,779		$	111,951		$	109,283		$	109,187		$	111,799
Interest Expense		14,789			15,225			16,111			17,326			19,226

Net Interest Income		99,990			96,726			93,172			91,861			92,573
Provision for Credit Losses		4,866			4,053			8,895			2,857			4,278

Net Interest Income After Provision for Loan Losses		95,124			92,673			84,277			89,004			88,295
Total Noninterest Income		50,354			46,553			41,694			37,396			35,455
Total Noninterest Expense		113,441			109,848			109,022			99,873			99,726

Income Before Income Taxes		32,037			29,378			16,949			26,527			24,024
Income Taxes		8,829			8,144			4,389			7,134			6,667

Net Income	$	23,208		$	21,234		$	12,560		$	19,393		$	17,357

Preferred Stock Dividends		—			—			—			—			—

Earnings Available to Common Shareholders - Basic		23,208			21,234			12,560			19,393			17,357

Earnings Allocated to Unvested Restricted Stock		(428	)		(406	)		(240	)		(364	)		(307	)

Earnings Available to Common Shareholders - Diluted	$	22,780		$	20,828		$	12,320		$	19,029		$	17,051

Earnings Per Share, Basic	$	0.79		$	0.73		$	0.43		$	0.66		$	0.59

Earnings Per Share, Diluted	$	0.79		$	0.73		$	0.43		$	0.66		$	0.59

Book Value Per Common Share	$	51.88		$	51.44		$	50.68		$	50.67		$	50.48
Tangible Book Value Per Common Share	$	37.34		$	37.07		$	37.28		$	37.23		$	36.80
Return on Average Assets		0.73	%		0.69	%		0.43	%		0.67	%		0.59	%
Return on Average Common Equity		6.02	%		5.56	%		3.36	%		5.21	%		4.65	%
Return on Average Tangible Common Equity		8.62	%		7.91	%		4.86	%		7.43	%		6.72	%

⁽¹⁾	Shares used for book value purposes exclude shares held in treasury at the end of the period.

Table 4 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands except per share data)


	For The Year Ended
	December 31,
INCOME STATEMENT	2012			2011			% Change
Interest Income	$	445,200		$	420,327			5.9	%
Interest Expense		63,450			82,069			(22.7	%)

Net Interest Income		381,750			338,258			12.9	%
Provision for Credit Losses		20,671			25,867			(20.1	%)

Net Interest Income After Provision for Loan Losses		361,079			312,391			15.6	%
Service Charges		26,852			25,915			3.6	%
ATM / Debit Card Fee Income		8,978			11,008			(18.4	%)
BOLI Proceeds and Cash Surrender Value Income		3,680			3,296			11.6	%
Mortgage Income		78,053			45,177			72.8	%
Gain on Sale of Investments, net		3,775			3,475			8.6	%
Title Revenue		20,987			18,048			16.3	%
Broker Commissions		13,446			10,224			31.5	%
Other Noninterest Income		20,226			14,716			37.4	%

Total Noninterest Income		175,997			131,859			33.5	%
Salaries and Employee Benefits		233,777			193,773			20.6	%
Occupancy and Equipment		54,672			49,600			10.2	%
Amortization of Acquisition Intangibles		5,150			5,121			0.6	%
Other Noninterest Expense		138,586			125,237			10.7	%

Total Noninterest Expense		432,185			373,731			15.6	%
Income Before Income Taxes		104,891			70,519			48.7	%
Income Taxes		28,496			16,981			67.8	%

Net Income	$	76,395		$	53,538			42.7	%

Preferred Stock Dividends		—			—			—

Earnings Available to Common Shareholders - Basic		76,395			53,538			42.7	%

Earnings Allocated to Unvested Restricted Stock		(1,433	)		(967	)		48.2	%

Earnings Available to Common Shareholders - Diluted		74,962			52,571			42.6	%

Earnings Per Share, diluted	$	2.59		$	1.87			38.0	%

Table 5 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands)


	December 31,									September 30,
LOANS	2012			2011			% Change			2012			% Change
Residential Mortgage Loans:		476,852			538,500			(11.4	%)		463,402			2.9	%
Commercial Loans:
Real Estate		3,632,045			3,363,891			8.0	%		3,549,837			2.3	%
Business		2,537,716			2,005,234			26.6	%		2,449,125			3.6	%

Total Commercial Loans		6,169,761			5,369,125			14.9	%		5,998,962			2.8	%
Consumer Loans:
Indirect Automobile		327,985			261,896			25.2	%		319,389			2.7	%
Home Equity		1,250,977			1,019,110			22.8	%		1,200,886			4.2	%
Automobile		60,240			38,600			56.1	%		55,244			9.0	%
Credit Card Loans		52,628			48,732			8.0	%		49,330			6.7	%
Other		160,137			112,074			42.9	%		142,734			12.2	%

Total Consumer Loans		1,851,967			1,480,412			25.1	%		1,767,582			4.8	%

Total Loans		8,498,580			7,388,037			15.0	%		8,229,946			3.3	%

Allowance for Credit Losses		(251,603	)		(193,761	)					(201,387	)

Loans, Net	$	8,246,977		$	7,194,276					$	8,028,559


	December 31,									September 30,
ASSET QUALITY DATA ⁽¹⁾	2012			2011			% Change			2012			% Change
Nonaccrual Loans	$	540,867		$	719,236			(24.8	%)	$	567,006			(4.6	%)
Foreclosed Assets		1,473			4			40196.0	%		1,648			(10.6	%)
Other Real Estate Owned		120,063			125,042			(4.0	%)		127,525			(5.9	%)
Accruing Loans More Than 90 Days Past Due		4,404			29,003			(84.8	%)		5,538			(20.5	%)

Total Nonperforming Assets	$	666,807		$	873,285			(23.6	%)	$	701,717			(5.0	%)

Loans 30-89 Days Past Due	$	47,899		$	86,467			(44.6	%)	$	59,063			(18.9	%)
Nonperforming Assets to Total Assets		5.08	%		7.43	%		(31.6	%)		5.60	%		(9.3	%)
Nonperforming Assets to Total Loans and OREO		7.74	%		11.62	%		(33.4	%)		8.39	%		(7.9	%)
Allowance for Credit Losses to Nonperforming Loans ⁽²⁾		46.1	%		25.9	%		78.2	%		35.2	%		31.2	%
Allowance for Credit Losses to Nonperforming Assets		37.7	%		22.2	%		70.1	%		28.7	%		31.5	%
Allowance for Credit Losses to Total Loans		2.96	%		2.62	%		12.9	%		2.45	%		21.0	%
Year to Date Charge-offs	$	10,101		$	16,535			(38.9	%)	$	7,230			N/M
Year to Date Recoveries		(5,277	)		(8,351	)		(36.8	%)		(2,495	)		N/M

Year to Date Net Charge-offs (Recoveries)	$	4,824		$	8,184			(41.1	%)	$	4,735			N/M

Quarter to Date Net Charge-offs (Recoveries)	$	89		$	5,350			(98.3	%)	$	1,923			(95.4	%)

Quarter to Date Net Charge-offs to Average Loans (Annualized)		0.00	%		0.29	%		(98.6	%)		0.10	%		(95.6	%)

⁽¹⁾	For purposes of this table, nonperforming assets include all loans meeting nonperforming asset criteria, including assets acquired in FDIC-assisted transactions.

⁽²⁾	Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.

N/M - Comparison of the information presented is not meaningful given the periods presented.

Table 6 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands)


	December 31,									September 30,
LOANS (Ex-Covered Assets and Acquired Impaired Loans)⁽¹⁾	2012			2011			% Change			2012			% Change
Residential Mortgage Loans:		289,357			283,113			2.2	%		265,639			8.9	%
Commercial Loans:
Real Estate		2,935,839			2,586,694			13.5	%		2,819,990			4.1	%
Business		2,447,196			1,869,965			30.9	%		2,353,628			4.0	%

Total Commercial Loans		5,383,035			4,456,659			20.8	%		5,173,618			4.0	%
Consumer Loans:
Indirect Automobile		327,916			261,879			25.2	%		319,309			2.7	%
Home Equity		1,072,117			825,216			29.9	%		1,018,983			5.2	%
Automobile		60,232			38,592			56.1	%		55,234			9.0	%
Credit Card Loans		51,722			47,763			8.3	%		48,454			6.7	%
Other		157,247			105,387			49.2	%		140,174			12.2	%

Total Consumer Loans		1,669,234			1,278,837			30.5	%		1,582,154			5.5	%

Total Loans		7,341,626			6,018,609			22.0	%		7,021,411			4.6	%

Allowance for Credit Losses		(79,537	)		(74,861	)					(79,562	)

Loans, Net	$	7,262,089		$	5,943,748					$	6,941,849


ASSET QUALITY DATA (Ex-Covered Assets and Acquired	December 31,									September 30,
Impaired Loans) ⁽¹⁾	2012			2011			% Change			2012			% Change
Nonaccrual Loans	$	70,354		$	60,303			16.7	%	$	66,201			6.3	%
Foreclosed Assets		14			4			262.2	%		19			(28.5	%)
Other Real Estate Owned		26,366			19,997			31.9	%		18,448			42.9	%
Accruing Loans More Than 90 Days Past Due		1,776			3,580			(50.4	%)		3,786			(53.1	%)

Total Nonperforming Assets	$	98,510		$	83,884			17.4	%	$	88,454			11.4	%

Loans 30-89 Days Past Due	$	21,228		$	19,455			9.1	%	$	21,029			0.9	%
Troubled Debt Restructurings ⁽²⁾		17,710			23,953			(26.1	%)		21,840			(18.9	%)
Current Troubled Debt Restructurings ⁽³⁾		2,354			55			4211.9	%		483			386.9	%
Nonperforming Assets to Total Assets		0.85	%		0.86	%		(0.9	%)		0.81	%		4.5	%
Nonperforming Assets to Total Loans and OREO		1.34	%		1.39	%		(3.8	%)		1.26	%		6.4	%
Allowance for Credit Losses to Nonperforming Loans ⁽⁴⁾		110.3	%		117.2	%		(5.9	%)		113.7	%		(3.0	%)
Allowance for Credit Losses to Nonperforming Assets		80.7	%		89.2	%		(9.5	%)		89.9	%		(10.2	%)
Allowance for Credit Losses to Total Loans		1.08	%		1.24	%		(12.9	%)		1.13	%		(4.4	%)
Year to Date Charge-offs	$	9,751		$	15,398			(36.7	%)	$	6,839			N/M
Year to Date Recoveries		(5,296	)		(7,825	)		(32.3	%)		(2,475	)		N/M

Year to Date Net Charge-offs (Recoveries)	$	4,455		$	7,573			(41.2	%)	$	4,364			N/M

Quarter to Date Net Charge-offs (Recoveries)	$	91		$	4,622			(98.0	%)	$	1,923			(95.3	%)

Quarter to Date Net Charge-offs to Average Loans (Annualized)		0.01	%		0.31	%		(98.4	%)		0.11	%		(95.5	%)

⁽¹⁾	For purposes of this table, nonperforming assets include all loans meeting nonperforming asset criteria, excluding assets acquired in FDIC-assisted transactions and acquired impaired loans.

⁽²⁾	Troubled debt restructurings meeting past due and nonaccruing criteria are included in loans past due and nonaccrual loans above.

⁽³⁾	Current troubled debt restructurings are defined as troubled debt restructurings not past due or on nonaccrual status for the respective periods.

⁽⁴⁾	Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.

N/M - Comparison of the information presented is not meaningful given the periods presented.

Table 7 - Non-Covered and Net Covered Loan Portfolio Volumes And Yields ($ in Millions)


	4Q 2011					1Q 2012					2Q 2012					3Q 2012					4Q 2012
	Average Balance		Yield			Average Balance		Yield			Average Balance		Yield			Average Balance		Yield			Average Balance		Yield
Non Covered Loans	$	5,874		4.91	%	$	6,088		4.78	%	$	6,374		4.68	%	$	6,863		4.55	%	$	7,272		4.52	%
FDIC Covered Loans	$	1,351		16.14	%	$	1,293		15.97	%	$	1,219		16.66	%	$	1,154		18.88	%	$	1,112		17.53	%
FDIC Indemnification Asset		593		-19.31	%		574		-19.26	%		508		-22.16	%		449		-29.20	%		411		-26.83	%

Net Covered Loans	$	1,944		5.33	%	$	1,867		5.14	%	$	1,727		5.23	%	$	1,603		5.42	%	$	1,523		5.55	%

Table 8 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Taxable Equivalent Basis

(dollars in thousands)


	For The Quarter Ended
	December 31, 2012									September 30, 2012						December 31, 2011
	Interest			Average Balance			Average Yield/Rate (%)			Average Balance			Average Yield/Rate (%)			Average Balance			Average Yield/Rate (%)
ASSETS
Earning Assets:
Loans Receivable:
Mortgage Loans		8,344		$	433,164			7.70	%	$	418,925			7.80	%	$	492,262			7.01	%
Commercial Loans (TE) ⁽¹⁾		94,168			6,101,343			6.13	%		5,832,375			6.61	%		5,235,122			7.22	%
Consumer and Other Loans		29,219			1,849,711			6.28	%		1,765,529			6.35	%		1,497,229			6.29	%

Total Loans		131,731			8,384,218			6.25	%		8,016,829			6.61	%		7,224,613			7.01	%
Loss Share Receivable		(28,201	)		411,328			-26.83	%		448,746			-29.20	%		592,985			-19.31	%

Total Loans and Loss Share Receivable		103,530			8,795,546			4.70	%		8,465,575			4.71	%		7,817,598			5.02	%
Mortgage Loans Held for Sale		1,571			212,432			2.96	%		182,543			3.21	%		131,787			3.21	%
Investment Securities (TE) ⁽¹⁾⁽²⁾		8,933			1,896,092			2.09	%		1,963,451			2.22	%		1,985,826			2.57	%
Other Earning Assets		745			486,544			0.61	%		298,681			0.85	%		385,158			0.68	%

Total Earning Assets		114,779			11,390,614			4.06	%		10,910,250			4.14	%		10,320,369			4.36	%
Allowance for Credit Losses					(196,634	)					(180,798	)					(167,433	)
Nonearning Assets					1,498,685						1,453,102						1,432,249

Total Assets				$	12,692,665					$	12,182,554					$	11,585,185

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities
Deposits:
NOW Accounts		1,899		$	2,207,032			0.34	%	$	2,023,769			0.35	%	$	1,718,337			0.41	%
Savings and Money Market Accounts		4,210			3,935,675			0.43	%		3,701,947			0.46	%		3,413,278			0.55	%
Certificates of Deposit		5,100			2,244,876			0.90	%		2,206,939			1.00	%		2,665,935			1.38	%

Total Interest-bearing Deposits		11,209			8,387,583			0.53	%		7,932,655			0.58	%		7,797,550			0.80	%
Short-term Borrowings		143			271,266			0.21	%		367,443			0.21	%		223,263			0.27	%
Long-term Debt		3,437			424,052			3.17	%		438,828			3.10	%		455,549			2.84	%

Total Interest-bearing Liabilities		14,789			9,082,901			0.65	%		8,738,926			0.69	%		8,476,362			0.90	%
Noninterest-bearing Demand Deposits					1,928,361						1,773,302						1,455,097
Noninterest-bearing Liabilities					147,842						150,988						173,188

Total Liabilities					11,159,104						10,663,216						10,104,647
Shareholders’ Equity					1,533,561						1,519,338						1,480,538

Total Liabilities and Shareholders’ Equity				$	12,692,665					$	12,182,554					$	11,585,185

Net Interest Spread				$	99,990			3.41	%	$	96,726			3.45	%	$	92,573			3.46	%
Tax-equivalent Benefit					2,449			0.08	%		2,417			0.09	%		2,345			0.09	%
Net Interest Income (TE) / Net Interest Margin (TE) ⁽¹⁾				$	102,439			3.55	%	$	99,143			3.58	%	$	94,918			3.62	%

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

⁽²⁾	Balances exclude unrealized gain or loss on securities available for sale and impact of trade date accounting.

Table 9 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Taxable Equivalent Basis

(dollars in thousands)


	For The Year Ended
	December 31, 2012									December 31, 2011
	Interest			Average Balance			Average Yield/Rate (%)			Interest			Average Balance			Average Yield/Rate (%)
ASSETS
Earning Assets:
Loans Receivable:
Mortgage Loans		33,254		$	442,088			7.52	%		38,379		$	550,361			6.97	%
Commercial Loans (TE) ⁽¹⁾		373,497			5,703,163			6.54	%		306,089			4,787,680			6.41	%
Consumer and Other Loans		107,192			1,700,427			6.30	%		91,704			1,399,953			6.55	%

Total Loans		513,943			7,845,678			6.54	%		436,172			6,737,994			6.49	%
Loss Share Receivable		(118,100	)		485,270			-23.94	%		(72,086	)		648,248			-10.97	%

Total Loans and Loss Share Receivable		395,843			8,330,948			4.77	%		364,086			7,386,242			4.96	%
Mortgage Loans Held for Sale		5,318			162,053			3.28	%		3,479			81,304			4.28	%
Investment Securities (TE) ⁽¹⁾⁽²⁾		41,266			1,959,754			2.31	%		50,716			2,036,071			2.65	%
Other Earning Assets		2,773			379,660			0.73	%		2,046			277,152			0.74	%

Total Earning Assets		445,200			10,832,415			4.16	%		420,327			9,780,769			4.35	%
Allowance for Credit Losses					(184,127	)								(155,851	)
Nonearning Assets					1,448,684									1,265,272

Total Assets				$	12,096,972								$	10,890,190

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities
Deposits:
NOW Accounts		7,475		$	2,035,544			0.37	%		7,579		$	1,554,368			0.49	%
Savings and Money Market Accounts		17,034			3,661,697			0.47	%		21,991			3,186,508			0.69	%
Certificates of Deposit		24,855			2,302,081			1.08	%		40,984			2,699,279			1.52	%

Total Interest-bearing Deposits		49,364			7,999,322			0.62	%		70,554			7,440,155			0.95	%
Short-term Borrowings		650			284,201			0.22	%		577			220,146			0.26	%
Long-term Debt		13,436			431,133			3.07	%		10,938			440,077			2.45	%

Total Interest-bearing Liabilities		63,450			8,714,656			0.73	%		82,069			8,100,378			1.01	%
Noninterest-bearing Demand Deposits					1,718,849									1,205,697
Noninterest-bearing Liabilities					149,950									161,859

Total Liabilities					10,583,455									9,467,934
Shareholders’ Equity					1,513,517									1,422,256

Total Liabilities and Shareholders’ Equity				$	12,096,972								$	10,890,190

Net Interest Spread				$	381,750			3.43	%				$	338,258			3.34	%
Tax-equivalent Benefit					9,659			0.09	%					8,178			0.09	%
Net Interest Income (TE) / Net Interest Margin (TE) ⁽¹⁾				$	391,409			3.58	%				$	346,436			3.51	%

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

⁽²⁾	Balances exclude unrealized gain or loss on securities available for sale and impact of trade date accounting.

Table 10 - IBERIABANK CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(dollars in thousands, except per share data)


	For The Quarter Ended
	December 31, 2012			September 30, 2012			December 31, 2011
Net Interest Income (GAAP)	$	99,990		$	96,726		$	92,573
Effect of Tax Benefit on Interest Income		2,449			2,417			2,345

Net Interest Income (TE) (Non-GAAP) ⁽¹⁾		102,439			99,143			94,918

Noninterest Income (GAAP)		50,354			46,553			35,455
Effect of Tax Benefit on Noninterest Income		489			493			484

Noninterest Income (TE) (Non-GAAP) ⁽¹⁾		50,843			47,046			35,939

Taxable Equivalent Revenues (Non-GAAP) ⁽¹⁾		153,282			146,189			130,857

Securities Losses (Gains)		4			(41	)		(793	)
Other noninterest income		(2,196	)		—			—

Taxable Equivalent Operating Revenues (Non-GAAP) ⁽¹⁾	$	151,090		$	146,148		$	130,064

Total Noninterest Expense (GAAP)	$	113,441		$	109,848		$	99,726
Less Intangible Amortization Expense		(1,285	)		(1,287	)		(1,384	)

Tangible Noninterest Expense (Non-GAAP) ⁽²⁾		112,156			108,561			98,342

Merger-related expenses		1,183			2,985			4,055
Severance expenses		370			712			206
Occupancy expenses and branch closure expenses		711			284			—
Professsional expenses and litigation settlements		339			574			193

Tangible Operating Noninterest Expense (Non-GAAP) ⁽²⁾	$	109,553		$	104,006		$	93,888

Return on Average Common Equity (GAAP)		6.02	%		5.56	%		4.65	%
Effect of Intangibles ⁽²⁾		2.60	%		2.35	%		2.07	%
Effect of Non Operating Revenues and Expenses		0.09	%		1.05	%		0.89	%

Operating Return on Average Tangible Common Equity (Non-GAAP) ⁽²⁾		8.71	%		8.96	%		7.61	%

Efficiency Ratio (GAAP)		75.5	%		76.7	%		77.9	%
Effect of Tax Benefit Related to Tax Exempt Income		(1.5	%)		(1.6	%)		(1.7	%)

Operating Efficiency Ratio (TE) (Non-GAAP) ⁽¹⁾		74.0	%		75.1	%		76.2	%
Effect of Amortization of Intangibles		(0.8	%)		(0.8	%)		(0.9	%)
Effect of Non Operating Revenues and Expenses		(0.7	%)		(3.1	%)		(3.1	%)

Tangible Operating Efficiency Ratio (TE) (Non-GAAP) ^{(1) (2)}		72.5	%		71.2	%		72.2	%

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

⁽²⁾	Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

Table 11 - IBERIABANK CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES⁽¹⁾

(dollars in thousands)


	For The Quarter Ended
	December 31, 2012									September 30, 2012									December 31, 2011
	Dollar Amount									Dollar Amount									Dollar Amount
	Pre-tax			After-tax			Per share			Pre-tax			After-tax			Per share			Pre-tax			After-tax			Per share
Net Income (GAAP)	$	32,037		$	23,208		$	0.79		$	29,378		$	21,234		$	0.73		$	24,024		$	17,357		$	0.59
Merger-related expenses		1,183			769			0.03			2,985			1,940			0.07			4,055			2,636			0.09
Severance expenses		370			241			0.01			712			463			0.02			206			134			0.00
Occupancy expenses and branch closure expenses		711			462			0.02			284			185			0.01			—			—			—
Professsional expenses and litigation settlements		339			220			0.01			574			373			0.01			193			125			0.00
Other noninterest income		(2,196	)		(1,427	)		(0.05	)		—			—			—			—			—			—
Loss (Gain) on sale of investments		4			3			—			(41	)		(27	)		(0.00	)		(793	)		(515	)		(0.02	)

Operating earnings (Non-GAAP)		32,448			23,476			0.80			33,892			24,168			0.83			27,685			19,737			0.67
Covered and acquired impaired loan provision for credit losses		4,504			2,928			0.10			2,318			1,507			0.05			1,659			1,078			0.04
Other provision for credit losses		362			235			0.01			1,735			1,128			0.04			2,620			1,703			0.06

Pre-provision operating earnings (Non-GAAP)	$	37,314		$	26,639		$	0.91		$	37,945		$	26,802		$	0.92		$	31,964		$	22,518		$	0.77

⁽¹⁾	Per share amounts may not appear to foot due to rounding

Attached files

Stock widget

Investing forum

IBERIABANK CORP Reports

Also read