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

Attached files

file	filename
8-K/A - 8-K/A - IBERIABANK CORP	form8-kearningsreleaseq2.htm
EX-99.2 - EXHIBIT 99.2 - IBERIABANK CORP	exhibit992.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 22, 2015

Contact:

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

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

IBERIABANK Corporation Reports Second Quarter Results

LAFAYETTE, LOUISIANA -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 128-year-old IBERIABANK (www.iberiabank.com), reported operating results for the second quarter ended June 30, 2015. For the quarter, the Company reported income available to common shareholders of $30.8 million, or $0.79 fully diluted earnings per share (“EPS”). In the second quarter of 2015, the Company incurred non-operating expenses net of non-operating revenue equal to $15.5 million on a pre-tax basis, or $0.26 per share on an after-tax basis. Excluding non-operating items, EPS in the second quarter of 2015 was $1.05 per share on a non-GAAP operating basis (refer to press release supplemental table.)

The Company completed the acquisition of Georgia Commerce Bancshares, Inc. (“Georgia Commerce”) on May 31, 2015. On that date, Georgia Commerce had total assets of $1.0 billion, gross loans of $808 million, total deposits of $908 million, and nine bank offices serving the Metro Atlanta market. Financial statements reflect the impact of the acquisition beginning on the acquisition date and are subject to future refinements to purchase accounting adjustments. The Company incurred approximately $12.7 million in pre-tax acquisition and conversion-related costs during the second quarter of 2015.

Daryl G. Byrd, President and Chief Executive Officer, commented, “We welcome the former shareholders and clients of Georgia Commerce to our Company. We believe our combined franchise is well-positioned to experience significant long-term growth in the Metro Atlanta area. I’m particularly proud of the tremendous effort and teamwork on the part of our legacy associates and our newest team members to successfully complete and convert all of our recent combinations in a high-quality manner. In the brief span of 122 days, our teams completed the acquisitions of three holding companies and four banks, and successfully completed five branch and operating system conversions. Teamwork, attention to detail, and client service are distinguishing characteristics of our Company.”

Byrd continued, “We achieved improved operating results in second quarter of 2015 despite only a partial phasing-in of acquisition synergies during the quarter. Our legacy loans and deposits each grew over $500 million during the quarter. Many of our fee income businesses delivered solid quarterly results, while our energy and indirect automobile lending balances continued to taper down as expected. In addition, our operating EPS improved 11% on a linked quarter basis and 18% compared to the same quarter last year. Based on the sustained low interest rate environment and our current expectations and assumptions, our guidance range for operating EPS for the full year of 2015 is in the range of $4.22 to $4.27 per share, equal to a 13% to 14% increase compared to 2014 operating results without the benefit of rising interest rates. We estimate that each 25-basis point increase in the Federal Funds rate would positively influence our quarterly after-tax EPS by seven cents per share.”

Highlights for the second quarter of 2015 and June 30, 2015:

•

On a linked quarter basis, operating revenues increased $31.6 million, or 18%, while operating expenses increased $13.7 million, or 11%. Operating expenses were impacted by the timing of the Georgia Commerce and Old Florida Bancshares, Inc., acquisitions and conversions. Georgia Commerce had a full month of operating expenses with very limited cost savings due to the timing of the conversion of the branch and operating systems, which was completed at quarter-end. The conversions of the Old Florida subsidiaries were completed on April 26, 2015 and May 17, 2015, resulting in a partial phase-in of synergistic benefits during the second quarter of 2015.


•	The net interest margin decreased two basis points on a linked quarter basis to 3.52%, which was consistent with management’s expectations.

•

Energy-related loans declined $32 million, or 4%, between March 31, 2015 and June 30, 2015, due to loan pay-downs and pay-offs. Energy-related loans declined from 6.4% of total loans at March 31, 2015, to 5.6% at June 30, 2015. At June 30, 2015, the Company had accrued approximately $15 million in aggregate reserves for energy-related loans and unfunded commitments. The Company continues to forecast little or no losses on the exploration and production or midstream energy loans outstanding (which constituted 67% of energy loans outstanding at June 30, 2015) and limited losses in the service company portfolio.

•

Total loan growth was $1.1 billion, or 8%, between March 31, 2015 and June 30, 2015. Despite a $32 million decline in energy-related loans and a $44 million decline in indirect automobile loans between quarter-ends, legacy loan growth, which excludes all assets covered under FDIC loss share agreements and other non-covered acquired assets (collectively, “Acquired Assets”), increased $501 million, or 5% (20% annualized rate).


•	Total deposits increased $1.5 billion, or 10%, between quarter-ends, and increased $546 million, or 4%, excluding acquisitions (15% annualized rate).



Table A - Summary Financial Results
(Dollars in thousands, except per share data)

		For the Three Months Ended
		6/30/2015			3/31/2015			% Change	6/30/2014⁽¹⁾			% Change
Net income		$	30,836		$	25,126		22.7	$	16,217		90.1
Earnings per common share - diluted		0.79			0.75			5.3	0.53			49.1

Average gross loans and leases		$	13,297,724		$	11,563,946		15.0	$	9,998,533		33.0
Average total deposits		15,132,197			12,761,808			18.6	11,071,698			36.7
Net interest margin (TE) ⁽²⁾		3.52		%	3.54		%		3.49		%

OPERATING BASIS (NON-GAAP) ⁽³⁾:
Total revenues		$	205,924		$	174,314		18.1	$	153,025		34.6
Total non-interest expense		136,450			122,787			11.1	109,988			24.1
Earnings per common share - diluted		1.05			0.95			10.5	0.89			18.0
Tangible efficiency ratio		65.3		%	69.6		%		71.3		%
Return on average assets		0.89			0.81				0.78
Return on average tangible common equity		11.14			9.92				9.72
Net interest margin (TE) - cash basis ⁽⁴⁾		3.29			3.28				3.45

(1)	Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second quarter of 2014 as previously disclosed.
(2)	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%.
(3)	See Table 11 and Table 12 for GAAP to Non-GAAP reconciliations.
(4)	See Table 10 for adjustments related to purchase discounts on acquired loans and related accretion and the impact of the FDIC indemnification asset.

Operating Results

During the second quarter, average legacy loan volume increased $413 million and the associated yield declined two basis points, while the average Acquired Asset loan volume increased $1.3 billion and the yield decreased 52 basis points. The decrease in the Acquired Asset loan yield was primarily due to the mix of lower yielding loans recently acquired.

On a linked quarter basis, average earning assets increased $2.2 billion, or 15%, as average loans increased $1.7 billion, or 15%, average investment securities increased $162 million, or 7%, and other earning assets increased $261 million, or 65%. Also on a linked quarter basis, the average earning asset yield decreased three basis points and the cost of interest-bearing liabilities remained stable. As a result, the net interest spread decreased three basis points, and the net interest margin decreased two basis points. Tax-equivalent net interest income increased $20 million, or 16%, as average earning assets increased significantly and the net interest margin decreased slightly on a linked quarter basis.

In the second quarter of 2015, non-interest income increased $12.6 million, or 26%, compared to the first quarter of 2015. Non-operating income totaled $1.3 million in the second quarter of 2015. Operating non-interest income increased $11.7 million, or 24%, on a linked quarter basis. The primary changes in operating non-interest income on a linked quarter basis were:


•	Increased mortgage income of $7.2 million, or 40%;


•	Increased title revenues of $1.5 million, or 33%;


•	Increased energy capital markets income of $1.2 million, or 68%;


•	Increased service charge income on deposit accounts of $0.9 million, or 10%;


•	Increased ATM and debit card fee income of $0.3 million, or 9%; and


•	Increased other operating non-interest income of $0.8 million, primarily due to SBA-related income.

In the second quarter of 2015, the Company originated $700 million in residential mortgage loans, up $205 million, or 41%, on a linked quarter basis. Client loan refinancing opportunities accounted for approximately 22% of mortgage loan applications in the second quarter of 2015, down compared to 24% in the first quarter of 2015. The Company sold $663 million in mortgage loans during the second quarter of 2015, up $221 million, or 50%, on a linked quarter basis. The mortgage origination locked pipeline and loans held for sale increased $50 million, or 18%, between March 31, 2015, and June 30, 2015, to $329 million at quarter-end. At July 17, 2015, the locked pipeline was $329 million, up $1 million, or less than 1%, compared to June 30, 2015. The mortgage loan origination business primarily focuses on retail mortgage loans originated by the Company.

Assets under management at IBERIA Wealth Advisors (“IWA”) were $1.4 billion at June 30, 2015, down 2% compared to March 31, 2015. Revenues for IWA increased 7% on a linked quarter basis, and were up 17% compared to the second quarter of 2014. IBERIA Financial Services revenues increased 3% on a linked quarter basis, and were down 4% compared to the second quarter of 2014. IBERIA Capital Partners (“ICP”) revenues increased 54% on a linked quarter basis, and were down 6% compared to the second quarter of 2014.

Non-interest expense increased $20.1 million, or 15%, on a linked quarter basis, while operating expense increased $13.7 million, or 11%. Operating expense changes included the following on a linked-quarter basis:


•	Increased compensation and benefit costs of $8.5 million primarily due to:


▪	Increased personnel expenses of $3.7 million attributable to Old Florida associates for three months and Georgia Commerce associates for one month in the second quarter of 2015;


▪	Increased mortgage commissions of $2.6 million and retail and other commissions of $0.4 million;


▪	Increased payroll expenses of $1.1 million for merit increases effective at the beginning of the second quarter of 2015; and


▪	Increased all other personnel costs of $0.7 million;


•	Increased occupancy and equipment expense of $1.2 million (all due to acquisitions);


•	Increased FDIC deposit insurance premium of $0.7 million (primarily due to acquisitions);


•	Increased intangible amortization of $0.6 million (all due to acquisitions); and


•	Increased all other operating expenses of $2.7 million (partially due to acquisitions).



Table B - Summary Financial Condition Results
(Dollars in thousands, except per share data)

		As of and For the Three Months Ended
		6/30/2015			3/31/2015			% Change	6/30/2014 ⁽¹⁾			% Change
PERIOD-END BALANCES:
	Total loans and leases	$	13,950,563		$	12,873,461		8.4	$	10,899,482		28.0
	Legacy loans and leases	10,395,553			9,894,869			5.1	8,831,945			17.7
	Total deposits	16,119,541			14,665,024			9.9	11,981,147			34.5

ASSET QUALITY RATIOS (LEGACY):
	Past due loans to total loans⁽²⁾	0.78		%	0.79		%		0.55		%
	Non-performing assets to total assets⁽³⁾	0.55			0.55				0.53
	Classified assets to total assets⁽⁴⁾	0.84			0.61				0.60

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) ⁽⁵⁾	8.68		%	8.62		%		8.43		%
	Tier 1 leverage ratio	9.23			8.87				10.00
	Total risk-based capital ratio	11.47			11.62				12.40

PER SHARE DATA:
	Book value	$	57.53		$	56.77		1.3	$	53.76		7.0
	Tangible book value ⁽⁶⁾	39.00			39.25			(0.6)	37.28			4.6
	Closing stock price	68.23			63.03			8.3	69.19			(1.4)
	Cash dividends	0.34			0.34			-	0.34			-

(1)	Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second quarter of 2014 as previously disclosed.
(2)	Past due loans include non-accruing loans.
(3)	Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.
(4)	Classified assets consist of $131 million, $91 million and $79 million at June 30, 2015, March 31, 2015 and June 30, 2014, respectively.
(5)	See Table 12 for the GAAP to Non-GAAP reconciliation.
(6)	Tangible calculations eliminate the effect of goodwill and acquisition related intangibles assets and the corresponding amortization expense on a tax-effected basis where applicable.

Loans

Total loans increased $1.1 billion, or 8%, between March 31, 2015, and June 30, 2015. The Company acquired $801 million in loans in the Georgia Commerce acquisition. The loan portfolio covered under FDIC loss share protection at June 30, 2015, increased $16 million, or 6%, compared to March 31, 2015 primarily due to the Georgia Commerce acquisition. Excluding covered and Acquired Assets, total loans increased $501 million, or 5% (20% annualized rate), during the second quarter. Legacy commercial loans increased $382 million, or 5% (which included $50 million in business banking loan growth, up 6%, or 22% annualized rate), legacy consumer loans increased $56 million, or 3%, and legacy mortgage loans increased $63 million, or 11%, during the quarter. Period-end legacy loan growth during the second quarter of 2015 was strongest in the Houston, Dallas, Orlando, New Orleans, and Memphis markets. Funded loan origination and renewal mix in the second quarter of 2015 was 39% fixed rate and 61% floating rate, and total loans outstanding (excluding nonaccruals) were 47% fixed and 53% floating. Loans and commitments originated and/or renewed during the second quarter of 2015 totaled $1.5 billion (up 46% on a linked quarter basis).



Table C - Period-End Loans
(Dollars in thousands)

		As of and For the Three Months Ended
								Linked Qtr Change						Year/Year Change				Mix
		6/30/2015		3/31/2015		6/30/2014		$		%		Annualized		$		%		6/30/2015		3/31/2015
Legacy loans:
	Commercial	$	7,538,703	$	7,157,090	$	6,393,188	$	381,613	5.3	%	21.3	%	$	1,145,515	17.9	%	73	%	72	%
	Residential mortgage	616,497		553,815		399,240		62,682		11.3	%	45.3	%	217,257		54.4	%	6	%	6	%
	Consumer	2,240,353		2,183,964		2,039,517		56,389		2.6	%	10.3	%	200,836		9.8	%	21	%	22	%
Total legacy loans		10,395,553		9,894,869		8,831,945		500,684		5.1	%	20.2	%	1,563,608		17.7	%	100	%	100	%

Acquired loans:
	Balance at beginning of period	2,978,592		1,772,330		1,188,372		$	1,206,262	68.1	%			$	1,790,220	150.6	%
	Loans acquired during the period	801,126		1,321,993		999,725		(520,867)		-39.4	%			(198,599)		-19.9	%
	Net paydown activity	(224,708)		(115,731)		(120,560)		(108,977)		94.2	%			(104,148)		86.4	%
Total acquired loans		3,555,010		2,978,592		2,067,537		576,418		19.4	%			1,487,473		71.9	%
	Total loans	$	13,950,563	$	12,873,461	$	10,899,482	$	1,077,102	8.4	%			$	3,051,081	28.0	%

Energy-related loans outstanding totaled $788 million at June 30, 2015, down $32 million, or 4%, compared to March 31, 2015, and equated to approximately 5.6% of total loans. Loans to exploration and production companies accounted for 48% of energy loans outstanding and 54% of energy commitments at June 30, 2015. Midstream companies accounted for 18% of energy loans and 16% of energy commitments, and service company loans accounted for 34% of energy loans and 30% of energy commitments. At June 30, 2015, $1.3 million in energy loans were on non-accrual status and one energy loan totaling $3.4 million that was past due greater than 90 days at quarter-end, but was subsequently brought current after quarter-end. The Company’s outlook regarding the energy portfolio remains consistent with prior expectations. Additional information regarding the Company’s energy loan and commitment exposure is provided in the supplemental investor presentation.

In January 2015, the Company announced it was exiting the indirect automobile lending business, a service the Company has successfully provided to select automobile dealers in the Company’s footprint for 20 years. The Company concluded compliance risk associated with the indirect automobile lending business in general had become unbalanced relative to potential returns generated by the business on a risk-adjusted basis. At June 30, 2015, the Company’s indirect automobile lending business had approximately $323 million in loans outstanding, down $44 million, or 12%, compared to March 31, 2015 (2.3% of total loans outstanding compared to 2.9% at March 31, 2015).

Deposits

Total deposits increased $1.5 billion, or 10%, from March 31, 2015 to June 30, 2015. The Company acquired $908 million in deposits in the Georgia Commerce acquisition. Excluding the acquisition, total deposits increased $546 million, or 4% (a 15% annualized growth rate), since March 31, 2015.

Georgia Commerce had $250 million in aggregate non-interest-bearing deposits, or 28% of their aggregate total deposits. Legacy non-interest-bearing deposits increased $56 million, or 2% (6% annualized basis), and equated to 26% of total deposits at June 30, 2015. Legacy NOW accounts decreased $177 million, or 7%, while money market account volume increased $704 million, or 14% (56% annualized basis), between March 31, 2015 and June 30, 2015. Legacy time deposits decreased $30 million, or 1%, between quarter-ends. Period-end deposit growth during the second quarter of 2015 was strongest in the Houston, Shreveport, Orlando, Memphis, and Sarasota markets.



Table D - Period-End Deposits
(Dollars in thousands)

	6/30/2015										Linked Qtr Change ⁽¹⁾			Year/Year Change⁽²⁾		Mix
	Excluding Acquired		Acquired		Total		3/31/2015		6/30/2014		$	%	Annualized	$	%	6/30/2015		3/31/2015
Non-interest-bearing	$	3,917,111	$	249,739	$	4,166,850	$	3,860,820	$	3,047,349	56,291	1.5	5.8	1,119,501	36.7	26	%	26	%
NOW accounts	2,552,421		71,276		2,623,697		2,729,791		2,233,993		(177,370)	(6.5)	(26.0)	389,704	17.4	16	%	19	%
Money market accounts	5,771,721		427,684		6,199,405		5,067,462		4,092,724		704,259	13.9	55.6	2,106,681	51.5	38	%	35	%
Savings accounts	722,632		3,001		725,633		728,981		592,643		(6,349)	(0.9)	(3.5)	132,990	22.4	5	%	5	%
Time deposits	2,247,608		156,348		2,403,956		2,277,970		2,014,438		(30,362)	(1.3)	(5.3)	389,518	19.3	15	%	15	%
Total deposits	$	15,211,493	$	908,048	$	16,119,541	$	14,665,024	$	11,981,147	546,469	3.7	14.9	4,138,394	34.5	100	%	100	%

(1) Linked quarter growth excludes the impact of current period acquisitions.
(2) Year over year growth includes the impact of acquisitions.

On an average balance and linked quarter basis, non-interest-bearing deposits increased $621 million, or 19%, and interest-bearing deposits increased $1.7 billion, or 19%. The rate on average interest-bearing deposits in the second quarter of 2015 was 0.42%, an increase of two basis points on a linked quarter basis.

Other Assets And Funding

On a linked quarter basis, excess liquidity averaged $583 million in the second quarter of 2015, up $259 million, or 80%, and increased to $600 million at June 30, 2015. Also on a linked quarter basis, the investment portfolio increased $185 million, or 8%, to $2.5 billion on average in the second quarter of 2015. On a period-end basis, the investment portfolio equated to $2.5 billion, or 13% of total assets at June 30, 2015, compared to 14% at March 31, 2015. The investment portfolio had an effective duration of 3.2 years at June 30, 2015, compared to 2.7 years at March 31, 2015. The investment portfolio had an $8.6 million unrealized gain at June 30, 2015. The average yield on investment securities decreased 14 basis points on a linked quarter basis to 2.08% in the second quarter of 2015. The Company holds in its investment portfolio primarily government agency securities. Municipal securities comprised only 6.5% of total investments at June 30, 2015. The Company holds for investment no sovereign debt, equity securities, trust preferred securities, or derivative exposure to foreign counterparties.

The Company continued to significantly reduce its short-term and long-term debt borrowings. On a linked quarter basis, average short-term borrowings decreased $285 million, or 38%, and the cost of short-term borrowings was stable at 0.19%. At June 30, 2015, short-term borrowings declined to $59 million, compared to $738 million one year prior. Average long-term debt increased $23 million, or 6%, and the cost of long-term debt decreased 37 basis points to 2.54%. The cost of average interest-bearing liabilities was 0.49% in the second quarter of 2015, unchanged on a linked quarter basis.

Asset Quality

Between March 31, 2015 and June 30, 2015, legacy NPAs increased $4 million, or 5%, due primarily to one relationship that regained current status subsequent to quarter-end. At June 30, 2015, NPAs included $13 million in

former bank branches and related real estate, a decrease of $4 million compared to March 31, 2015. At June 30, 2015, legacy NPAs equated to 0.55% of total assets and 0.47% of total assets excluding bank-related properties.

Legacy loans past due 30 days or more (excluding non-accruing loans) increased $724,000, or 4%, and represented 0.18% of total loans at June 30, 2015, unchanged compared to March 31, 2015.

Legacy net charge-offs totaled $3.5 million in the second quarter of 2015, up $1.9 million compared to the first quarter of 2015. The increase in net charge-offs during the second quarter was primarily related to retail and private banking clients located in markets not associated with energy activity, and a reduced level of recoveries.

The Company’s provision for loan losses increased $3.4 million on a linked quarter basis due to a $1.9 million increase in net charges-offs, a $2.4 million provision associated with growth in the loan portfolio during the second quarter, and $0.8 million associated with all other factors.

Capital Position

At June 30, 2015, the Company reported a tangible common equity ratio of 8.68%, up six basis points compared to March 31, 2015. At June 30, 2015, the Company’s preliminary Tier 1 leverage ratio was 9.23%, up 36 basis points compared to March 31, 2015. The Company’s preliminary total risk-based capital ratio at June 30, 2015, was 11.47%, down 15 basis points compared to March 31, 2015.

Commencing in the first quarter of 2015, the Company experienced a 75% phase-out of Tier 1 capital treatment for its trust preferred securities with no commensurate change in total regulatory capital. At year-end 2014, the Company experienced the expiration of FDIC loss share protection on non-single family loans associated with three FDIC-assisted transactions and in the third quarter of 2015, the Company will experience the expiration of a fourth FDIC loss share program. The expiration of FDIC loss share coverage on those assets results in increased risk weighting associated with those assets. The influence of the phase-out of Tier 1 treatment on trust preferred securities, the expiration of certain FDIC loss share coverage, and full implementation of risk-weighting according to BASEL III capital requirements reduced the Company’s Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk based capital ratio.

At June 30, 2015, book value per share was $57.53, up $0.76 per share, or 1%, compared to March 31, 2015. Tangible book value per share was $39.00, down $0.25 per share, or less than 1%, compared to March 31, 2015. Based on the closing stock price of the Company’s common stock of $68.68 per share on July 22, 2015, this price equated to 1.19 times June 30, 2015 book value and 1.76 times June 30, 2015 tangible book value per share.

On June 16, 2015, 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 1.98%.

IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company with 327 combined offices, including 226 bank branch offices and three loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, and Georgia, 22 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 67 locations in 10 states. The Company has eight locations with representatives of IBERIA Wealth Advisors in five 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 market capitalization was approximately $2.8 billion, based on the NASDAQ Global Select Market closing stock price on July 22, 2015.

The following 10 investment firms currently provide equity research coverage on the Company:


•	Bank of America Merrill Lynch


•	FIG Partners, LLC


•	Hovde Group, LLC


•	Jefferies & Co., Inc.


•	Keefe, Bruyette & Woods, Inc.


•	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 Thursday, July 23, 2015, beginning at 8:30 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 0430256. A replay of the call will be available until midnight Central Time on July 30, 2015 by dialing 1-877-344-7529. The confirmation code for the replay is 10068821. 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 in management’s opinion can distort period-to-period comparisons of the Company’s performance. 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.

Assumptions Regarding Projected Earnings in Future Periods

The Company’s operating EPS guidance for full year 2015 was based on the following significant assumptions:


•	Recent forward interest rate curve projections;


•	Achievement of targeted synergies associated with acquisitions that were completed in the first half of 2015;


•	No significant changes in credit quality;


•	No significant changes to the preliminary purchase accounting marks assumed on the Company’s most recently completed acquisitions;


•	No significant cash flow or credit quality changes on Acquired Assets; and


•	Mortgage, title insurance, and capital markets projections continue to reflect the current environment and expectations.

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, 2014, 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, 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, credit risk of our customers, resolution of assets subject to loss share agreements with the FDIC within the coverage periods, effects of the on-going correction in residential real estate prices and levels of home sales, our ability to satisfy new 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, changes in government regulations and legislation, increases in FDIC insurance assessments, geographic concentration of our markets, economic or business conditions in our markets or nationally, 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, the modest trading volume of our common stock, and valuation of intangible assets. All information in this discussion 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:		6/30/2015			3/31/2015			% Change	6/30/2014 ⁽¹⁾			% Change
	Net interest income	$	145,677		$	125,804		15.8	$	109,273		33.3
	Net interest income (TE)⁽²⁾	147,673			127,844			15.5	111,464			32.5
	Total revenues	207,190			174,703			18.6	153,034			35.4
	Provision for loan losses	8,790			5,345			64.5	4,748			85.1
	Non-interest expenses	153,209			133,153			15.1	127,132			20.5
	Net income	30,836			25,126			22.7	16,217			90.1

PER SHARE DATA:
	Earnings available to common shareholders - basic	$	0.79		$	0.75		5.3	$	0.53		49.1
	Earnings available to common shareholders - diluted	0.79			0.75			5.3	0.53			49.1
	Operating earnings (Non-GAAP) ⁽³⁾	1.05			0.95			10.5	0.89			18.0
	Book value	57.53			56.77			1.3	53.76			7.0
	Tangible book value ⁽⁴⁾	39.00			39.25			(0.6)	37.28			4.6
	Closing stock price	68.23			63.03			8.3	69.19			(1.4)
	Cash dividends	0.34			0.34			-	0.34			-

KEY RATIOS AND OTHER DATA ⁽⁷⁾:
	Net interest margin (TE)⁽²⁾	3.52		%	3.54		%		3.49		%
	Efficiency ratio	73.9			76.2				83.1
	Tangible operating efficiency ratio (TE) (Non-GAAP) ^{(2) (3) (4)}	64.4			68.5				69.8
	Return on average assets	0.67			0.64				0.46
	Return on average common equity	5.54			5.39				3.99
	Return on average operating tangible common equity (Non-GAAP) ⁽⁴⁾	11.14			9.92				9.72
	Effective tax rate	31.8		%	30.6		%		23.3		%
	Full-time equivalent employees	3,215			2,883				2,760

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) ^{(3) (4)}	8.68		%	8.62		%		8.43		%
	Tangible common equity to risk-weighted assets⁽⁴⁾	9.89			9.92				10.37
	Tier 1 leverage ratio	9.23			8.87				10.00
	Common equity Tier 1 (CET 1) (transitional) ⁽⁵⁾	9.88			9.79				N/A
	Common equity Tier 1 (CET 1) (fully phased-in) ⁽⁵⁾	9.71			9.66				N/A
	Tier 1 capital (transitional) ⁽⁵⁾	10.06			9.99				11.20
	Total risk-based capital ratio ⁽⁵⁾	11.47			11.62				12.40
	Common stock dividend payout ratio	45.3			51.7				70.1
	Classified assets to Tier 1 capital	20.0			17.6				24.0



ASSET QUALITY RATIOS (LEGACY):
	Non-performing assets to total assets⁽⁷⁾	0.55	%	0.55	%	0.53	%
	Allowance for loan losses to loans	0.81		0.80		0.80
	Net charge-offs to average loans (annualized)	0.14		0.06		0.04
	Non-performing assets to total loans and OREO ⁽⁷⁾	0.83		0.83		0.78

(1)	Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second quarter of 2014 as previously disclosed.
(2)	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%.
(3)	See Table 11 and Table 12 for the GAAP to Non-GAAP reconciliations.
(4)	Tangible calculations eliminate the effect of goodwill and acquisition related intangibles assets and the corresponding amortization expense on a tax-effected basis where applicable.
(5)	Capital ratios as of June 30, 2015 are estimated.
(6)	March 31, 2015 capital ratios reflect the implementation of Basel III capital requirements, excluding the impact of the Old Florida Bancshares, Inc. acquisition. Prior periods have not been restated to reflect Basel III implementation.
(7)	Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.
(8)	All ratios are calculated on an annualized basis for the periods indicated.




Table 2 - IBERIABANK CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, except per share data)

	For the Three Months Ended
					Linked Qtr Change								Year/Year Change
	6/30/2015		3/31/2015		$	%	12/31/2014⁽¹⁾		9/30/2014⁽¹⁾		6/30/2014 ⁽¹⁾		$	%
Interest income	$	160,545	$	138,585	21,960	15.8	$	137,276	$	133,793	$	119,514	41,031	34.3
Interest expense	14,868		12,781		2,087	16.3	12,596		12,042		10,241		4,627	45.2
Net interest income	145,677		125,804		19,873	15.8	124,680		121,751		109,273		36,404	33.3
Provision for loan losses	8,790		5,345		3,445	64.5	6,495		5,714		4,748		4,042	85.1
Net interest income after provision for loan losses	136,887		120,459		16,428	13.6	118,185		116,037		104,525		32,362	31.0
Mortgage income	25,246		18,023		7,223	40.1	13,646		14,263		13,755		11,491	83.5
Service charges on deposit accounts	10,162		9,262		900	9.7	10,153		10,205		8,203		1,959	23.9
Title revenue	6,146		4,629		1,517	32.8	5,486		5,577		5,262		884	16.8
Broker commissions	5,461		4,162		1,299	31.2	3,960		5,297		5,479		(18)	(0.30)
ATM/debit card fee income	3,583		3,275		308	9.4	3,331		3,287		2,937		646	22.0
Income from bank owned life insurance	1,075		1,092		(17)	(1.50)	1,050		1,047		935		140	15.0
Gain on sale of available-for-sale securities	903		386		517	134.1	162		582		8		895	N/M
Other non-interest income	8,937		8,070		867	10.7	9,284		6,854		7,182		1,755	24.4
Total non-interest income	61,513		48,899		12,614	25.8	47,072		47,112		43,761		17,752	40.6
Salaries and employee benefits	84,019		72,696		11,323	15.6	65,445		64,934		68,846		15,173	22.0
Occupancy and equipment	17,366		16,260		1,106	6.8	14,594		14,883		16,104		1,262	7.8
Amortization of acquisition intangibles	2,155		1,523		632	41.5	1,618		1,623		1,347		808	60.0
Other non-interest expense	49,669		42,674		6,995	16.4	37,478		38,672		40,835		8,834	21.6
Total non-interest expense	153,209		133,153		20,056	15.1	119,135		120,112		127,132		26,077	20.5
Income before income taxes	45,191		36,205		8,986	24.8	46,122		43,037		21,154		24,037	113.6
Income tax expense	14,355		11,079		3,276	29.6	10,186		12,144		4,937		9,418	190.8
Net income	$	30,836	$	25,126	5,710	22.7	$	35,936	$	30,893	$	16,217	14,619	90.1

Income available to common shareholders - basic	$	30,836	$	25,126	5,710	22.7	$	35,936	$	30,893	$	16,217	14,619	90.1
Earnings allocated to unvested restricted stock	(355)		(344)		(11)	3.2	(523)		(462)		(250)		(105)	42.0
Income available to common shareholders - diluted	$	30,481	$	24,782	5,699	23.0	$	35,413	$	30,431	$	15,967	14,514	90.9

Earnings per common share - basic	$	0.79	$	0.75	0.04	5.3	$	1.08	$	0.93	$	0.53	0.26	49.1

Earnings per common share - diluted	$	0.79	$	0.75	0.04	5.3	$	1.07	$	0.92	$	0.53	0.26	49.1
Impact of non-operating items (Non-GAAP)⁽²⁾	0.26		0.20		0.06	30.0	(0.02)		0.12		0.36		(0.1)	(27.8)



Earnings per share - diluted, excluding non-operating items (Non-GAAP)⁽²⁾		$	1.05	$	0.95	0.10	10.5	$	1.05	$	1.04	$	0.89	0.16	18.0

NUMBER OF SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic		39,015		33,659		5,356	15.9	33,333		33,310		30,788		8,228	26.7
Weighted average common shares outstanding - diluted		38,667		33,235		5,432	16.3	32,947		32,927		30,386		8,281	27.3
Book value shares (period end)⁽³⁾		41,117		38,178		2,939	7.7	33,453		33,441		33,410		7,707	23.1

(1)	Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second and third quarters of 2014 as previously disclosed.
(2)	See Table 11 for GAAP to Non-GAAP reconciliation.
(3)	Shares used for book value purposes exclude shares held in treasury at the end of December 31, 2014, September 30, 2014 and June 30, 2014.

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



Table 3 - IBERIABANK CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, except per share data)

		For the Six Months Ended
		6/30/2015		6/30/2014 ⁽¹⁾		$ Change		% Change
Interest income		$	299,130	$	233,746	$	65,384	28.0
Interest expense		27,649		20,065		7,584		37.8
	Net interest income	271,481		213,681		57,800		27.0
Provision for loan losses		14,135		6,851		7,284		106.3
	Net interest income after provision for loan losses	257,346		206,830		50,516		24.4
Mortgage income		43,269		23,887		19,382		81.1
Service charges on deposit accounts		19,424		15,216		4,208		27.7
Title revenue		10,775		9,429		1,346		14.3
Broker commissions		9,623		9,526		97		1.0
ATM/debit card fee income		6,858		5,404		1,454		26.9
Income from bank owned life insurance		2,167		3,376		(1,209)		(35.80)
Gain on sale of available-for-sale securities		1,289		27		1,262		N/M
Other non-interest income		17,007		12,577		4,430		35.2
	Total non-interest income	110,412		79,442		30,970		39.0
Salaries and employee benefits		156,715		128,707		28,008		21.8
Occupancy and equipment		33,626		30,094		3,532		11.7
Amortization of acquisition intangibles		3,678		2,565		1,113		43.4
Other non-interest expense		92,343		73,000		19,343		26.5
	Total non-interest expense	286,362		234,366		51,996		22.2
Income before income taxes		81,396		51,906		29,490		56.8
Income tax expense		25,434		13,353		12,081		90.5
	Net income	$	55,962	$	38,553	$	17,409	45.2

Income available to common shareholders - basic		$	55,962	$	38,553	$	17,409	45.2
Earnings allocated to unvested restricted stock		(675)		(641)		(34)		5.3
Income available to common shareholders - diluted		$	55,287	$	37,912	$	17,374	45.8

Earnings per common share - basic		$	1.54	$	1.27	$	0.27	21.3

Earnings per common share - diluted		$	1.54	$	1.27	$	0.27	21.3
Impact of non-operating items (Non-GAAP)⁽²⁾		0.46		0.35		0.11		31.4
Earnings per share - diluted, excluding non-operating items (Non-GAAP)⁽²⁾		$	2.00	$	1.62	$	0.38	23.5

NUMBER OF SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic		36,352		30,303		6,049		20.0
Weighted average common shares outstanding - diluted		35,966		29,904		6,062		20.3
Book value shares (period end)		41,117		33,410		7,707		23.1

(1)	Certain balances and amounts for the six months ended June 30, 2014 have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the six months ended June 30, 2014 as previously disclosed.
(2)	See Table 11 for GAAP to Non-GAAP reconciliation.

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



TABLE 4 - IBERIABANK CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
PERIOD-END BALANCES							Linked Qtr Change												Year/Year Change
ASSETS	6/30/2015			3/31/2015			$		%	12/31/2014⁽¹⁾			9/30/2014 ⁽¹⁾			6/30/2014 ⁽¹⁾			$		%
Cash and due from banks	$	300,257		$	268,241		32,016		11.9	$	251,994		$	257,147		$	286,615		13,642		4.8
Interest-bearing deposits in other banks	591,018			696,000			(104,982	)	(15.1)	296,101			410,860			381,955			209,063		54.7
Total cash and cash equivalents	891,275			964,241			(72,966	)	(7.6)	548,095			668,007			668,570			222,705		33.3
Investment securities available for sale	2,413,158			2,342,613			70,545		3.0	2,158,853			2,103,828			2,008,953			404,205		20.1
Investment securities held to maturity	101,475			113,442			(11,967	)	(10.5)	116,960			120,520			132,245			(30,770	)	(23.3)
Total investment securities	2,514,633			2,456,055			58,578		2.4	2,275,813			2,224,348			2,141,198			373,435		17.4
Mortgage loans held for sale	220,765			215,044			5,721		2.7	140,072			148,530			176,074			44,691		25.4
Loans, net of unearned income	13,950,563			12,873,461			1,077,102		8.4	11,441,044			11,080,887			10,899,482			3,051,081		28.0
Allowance for loan losses	(128,149		)	(128,313		)	164		(0.1)	(130,131		)	(134,540		)	(133,519		)	5,370		(4.0)
Loans, net	13,822,414			12,745,148			1,077,266		8.5	11,310,913			10,946,347			10,765,963			3,056,451		28.4
Loss share receivable	50,452			60,972			(10,520	)	(17.3)	69,627			94,712			120,532			(70,080	)	(58.1)
Premises and equipment	342,949			337,201			5,748		1.7	307,159			307,868			307,090			35,859		11.7
Goodwill and other intangibles	765,813			672,337			93,476		13.9	548,130			553,668			553,100			212,713		38.5
Other assets	630,627			600,764			29,863		5.0	558,095			570,969			589,930			40,697		6.9
Total assets	$	19,238,928		$	18,051,762		1,187,166		6.6	$	15,757,904		$	15,514,449		$	15,322,457		3,916,471		25.6

LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	4,166,850		$	3,860,820		306,030		7.9	$	3,195,430		$	3,157,453		$	3,047,349		1,119,501		36.7
NOW accounts	2,623,697			2,729,791			(106,094)		(3.9)	2,462,841			2,194,803			2,233,993			389,704		17.4
Savings and money market accounts	6,925,038			5,796,443			1,128,595		19.5	4,746,017			4,921,510			4,685,367			2,239,671		47.8
Certificates of deposit	2,403,956			2,277,970			125,986		5.5	2,116,237			2,103,925			2,014,438			389,518		19.3
Total deposits	16,119,541			14,665,024			1,454,517		9.9	12,520,525			12,377,691			11,981,147			4,138,394		34.5
Short-term borrowings	59,300			352,300			(293,000)		(83.2)	603,000			553,000			738,000			(678,700)		(92.0)
Securities sold under agreements to repurchase	209,004			252,602			(43,598)		(17.3)	242,742			259,783			296,741			(87,737)		(29.6)
Trust preferred securities	120,110			111,862			8,248		7.4	111,862			111,862			111,862			8,248		7.4
Other long-term debt	222,202			349,027			(126,825)		(36.3)	291,392			243,707			253,885			(31,683)		(12.5)
Other liabilities	143,487			153,617			(10,130)		(6.6)	136,235			152,732			144,539			(1,052)		(0.7)
Total liabilities	16,873,644			15,884,432			989,212		6.2	13,905,756			13,698,775			13,526,174			3,347,470		24.7
Total shareholders' equity	2,365,284			2,167,330			197,954		9.1	1,852,148			1,815,674			1,796,283			569,001		31.7
Total liabilities and shareholders' equity	$	19,238,928		$	18,051,762		1,187,166		6.6	$	15,757,904		$	15,514,449		$	15,322,457		3,916,471		25.6



TABLE 4 Continued - IBERIABANK CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

AVERAGE BALANCES					Linked Qtr Change								Year/Year Change
ASSETS	6/30/2015		3/31/2015		$	%	12/31/2014		9/30/2014		6/30/2014		$	%
Cash and due from banks	$	263,844	$	243,566	20,278	8.3	$	239,377	$	229,556	$	237,631	26,213	11.0
Interest-bearing deposits in other banks	582,032		324,150		257,882	79.6	353,716		489,221		237,712		344,320	144.8
Total cash and cash equivalents	845,876		567,716		278,160	49.0	593,093		718,777		475,343		370,533	78.0
Investment securities available for sale	2,417,002		2,223,344		193,658	8.7	2,142,981		2,046,170		1,977,484		439,518	22.2
Investment securities held to maturity	106,871		115,188		(8,317)	(7.2)	118,588		122,175		143,504		(36,633)	(25.5)
Total investment securities	2,523,873		2,338,532		185,341	7.9	2,261,569		2,168,345		2,120,988		402,885	19.0
Mortgage loans held for sale	202,691		133,304		69,387	52.1	121,438		163,510		140,096		62,595	44.7
Loans, net of unearned income	13,297,724		11,563,946		1,733,778	15.0	11,271,752		11,009,833		9,998,533		3,299,191	33.0
Allowance for loan losses	(129,069)		(128,519)		(550)	0.4	(134,177)		(133,443)		(132,049)		2,980	(2.3)
Loans, net	13,168,655		11,435,427		1,733,228	15.2	11,137,575		10,876,390		9,866,484		3,302,171	33.5
Loss share receivable	55,751		66,165		(10,414)	(15.7)	85,733		111,383		131,375		(75,624)	(57.6)
Premises and equipment	341,829		311,158		30,671	9.9	308,223		307,804		296,927		44,902	15.1
Goodwill and other intangibles	708,085		555,565		152,520	27.5	552,888		553,148		465,892		242,193	52.0
Other assets	598,526		549,746		48,780	8.9	553,804		576,851		544,077		54,449	10.0
Total assets	$	18,445,286	$	15,957,613	2,487,673	15.6	$	15,614,323	$	15,476,208	$	14,041,182	4,404,104	31.4

LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	3,933,468	$	3,312,357	621,111	18.8	$	3,228,773	$	3,057,513	$	2,748,468	1,185,000	43.1
NOW accounts	2,639,140		2,464,760		174,380	7.1	2,271,836		2,228,378		2,229,264		409,876	18.4
Savings and money market accounts	6,228,052		4,834,244		1,393,808	28.8	4,908,247		4,877,051		4,372,855		1,855,197	42.4
Certificates of deposit	2,331,537		2,150,447		181,090	8.4	2,105,623		2,060,055		1,721,111		610,426	35.5
Total deposits	15,132,197		12,761,808		2,370,389	18.6	12,514,479		12,222,997		11,071,698		4,060,499	36.7
Short-term borrowings	225,437		483,413		(257,976)	(53.4)	449,190		627,192		632,778		(407,341)	(64.4)
Securities sold under agreements to repurchase	236,305		263,645		(27,340)	(10.4)	264,194		292,677		274,681		(38,376)	(14.0)
Trust preferred securities	114,581		111,862		2,719	2.4	111,862		111,862		111,862		2,719	2.4
Other long-term debt	332,413		311,633		20,780	6.7	283,548		247,108		192,845		139,568	72.4
Other liabilities	172,227		135,477		36,750	27.1	159,818		168,262		125,654		46,573	37.1
Total liabilities	16,213,160		14,067,838		2,145,322	15.2	13,783,091		13,670,098		12,409,518		3,803,642	30.7
Total shareholders' equity	2,232,126		1,889,775		342,351	18.1	1,831,232		1,806,110		1,631,664		600,462	36.8
Total liabilities and shareholders' equity	$	18,445,286	$	15,957,613	2,487,673	15.6	$	15,614,323	$	15,476,208	$	14,041,182	4,404,104	31.4

(1) Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second and third quarters of 2014 as previously disclosed.



Table 5 - IBERIABANK CORPORATION
TOTAL LOANS AND ASSET QUALITY DATA
(Dollars in thousands)

							Linked Qtr Change												Year/Year Change
LOANS	6/30/2015			3/31/2015			$		%	12/31/2014			9/30/2014			6/30/2014			$		%
Commercial loans:
Real estate	$	5,887,183		$	5,157,670		729,513		14.1	$	4,405,133		$	4,281,704		$	4,272,430		1,614,753		37.8
Business	3,971,042			3,751,993			219,049		5.8	3,408,949			3,225,691			3,107,137			863,905		27.8
Total commercial loans	9,858,225			8,909,663			948,562		10.6	7,814,082			7,507,395			7,379,567			2,478,658		33.6

Residential mortgage loans	1,169,608			1,164,286			5,322		0.5	1,080,297			1,062,779			1,059,743			109,865		10.4

Consumer loans:
Home equity	1,971,073			1,858,088			112,985		6.1	1,601,105			1,567,415			1,527,057			444,016		29.1
Indirect automobile	322,958			367,349			(44,391)		(12.1)	397,158			394,691			392,355			(69,397)		(17.7)
Automobile	173,924			160,518			13,406		8.4	149,901			140,287			125,202			48,722		38.9
Credit card	74,314			72,711			1,603		2.2	73,393			69,352			65,892			8,422		12.8
Other	380,461			340,846			39,615		11.6	325,108			338,968			349,666			30,795		8.8
Total consumer loans	2,922,730			2,799,512			123,218		4.4	2,546,665			2,510,713			2,460,172			462,558		18.8
Total loans	$	13,950,563		$	12,873,461		1,077,102		8.4	$	11,441,044		$	11,080,887		$	10,899,482		3,051,081		28.0

Allowance for loan losses	(128,149)			(128,313)			164		(0.1)	(130,131)			(134,540)			(133,519)			5,370		(4.0)
Loans, net	13,822,414			12,745,148			1,077,266		8.5	11,310,913			10,946,347			10,765,963			3,056,451		28.4

Reserve for unfunded commitments	(13,244)			(12,849)			(395)		3.1	(11,801)			(12,099)			(11,260)			(1,984)		17.6
Allowance for credit losses	(141,393)			(141,162)			(231)		0.2	(141,932)			(146,639)			(144,779)			3,386		(2.3)

ASSET QUALITY DATA ⁽¹⁾
Non-accrual loans	$	192,385		$	195,371		(2,986	)	(1.5)	$	169,686		$	195,680		$	208,673		(16,288	)	(7.8)
Other real estate owned and foreclosed assets	49,929			53,194			(3,265)		(6.1)	53,947			63,386			84,479			(34,550)		(40.9)
Accruing loans more than 90 days past due	4,607			5,642			(1,035)		(18.3)	1,708			190			1,095			3,512		320.9
Total non-performing assets	$	246,921		$	254,207		(7,286	)	(2.9)	$	225,341		$	259,256		$	294,247		(47,326	)	(16.1)

Loans 30-89 days past due	$	39,005		$	32,835		6,170		18.8	$	51,141		$	23,784		$	31,875		7,130		22.4

Non-performing assets to total assets	1.28		%	1.41		%			(0.1)	1.43		%	1.67		%	1.92		%			(0.6)
Non-performing assets to total loans and OREO	1.76			1.97					(0.2)	1.96			2.32			2.68					(0.9)
Allowance for loan losses to non-performing loans ⁽²⁾	65.1			63.8					1.3	75.9			68.8			63.7					1.4



Allowance for loan losses to non-performing assets	51.9			50.5				1.4	57.7			51.9			45.4				6.5
Allowance for loan losses to total loans	0.92			1.00				(0.1)	1.14			1.21			1.22				(0.3)

Quarter-to-date charge-offs	$	4,808		$	2,972		1,836	61.8	$	3,413		$	3,261		$	2,752		2,056	74.7
Quarter-to-date recoveries	(1,034)			(1,237)			203	(16.4)	(1,658)			(1,053)			(1,895)			861	(45.4)
Quarter-to-date net charge-offs	$	3,774		$	1,735		2,039	117.6	$	1,755		$	2,208		$	857		2,917	340.4

Net charge-offs to average loans (annualized)	0.11		%	0.06		%			0.06		%	0.08		%	0.03		%

(1) For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria, including assets acquired in FDIC-assisted transactions.
(2) Non-performing loans consist of non-accruing 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
LEGACY LOANS AND LEGACY ASSET QUALITY DATA
(Dollars in thousands)

							Linked Qtr Change											Year/Year Change
LEGACY LOANS	6/30/2015			3/31/2015			$	%	12/31/2014			9/30/2014			6/30/2014			$	%
Commercial loans:
Real estate	$	4,138,519		$	3,878,824		259,695	6.7	$	3,718,058		$	3,527,612		$	3,452,649		685,870	19.9
Business	3,400,184			3,278,266			121,918	3.7	3,284,140			3,093,873			2,940,539			459,645	15.6
Total commercial loans	7,538,703			7,157,090			381,613	5.3	7,002,198			6,621,485			6,393,188			1,145,515	17.9

Residential mortgage loans	616,497			553,815			62,682	11.3	527,694			497,075			399,240			217,257	54.4

Consumer loans:
Home equity	1,399,005			1,335,390			63,615	4.8	1,290,976			1,229,998			1,231,364			167,641	13.6
Indirect automobile	322,767			367,077			(44,310)	(12.1)	396,766			394,078			391,482			(68,715)	(17.6)
Automobile	159,778			145,084			14,694	10.1	134,014			123,445			107,029			52,749	49.3
Credit card	73,726			72,164			1,562	2.2	72,745			68,731			65,260			8,466	13.0
Other	285,077			264,249			20,828	7.9	244,321			245,130			244,382			40,695	16.7
Total consumer loans	2,240,353			2,183,964			56,389	2.6	2,138,822			2,061,382			2,039,517			200,836	9.8
Total loans	$	10,395,553		$	9,894,869		500,684	5.1	$	9,668,714		$	9,179,942		$	8,831,945		1,563,608	17.7

Allowance for loan losses	$	(83,723	)	$	(78,773	)	(4,950)	6.3	$	(76,174	)	$	(73,073	)	$	(71,106	)	(12,617)	17.7
Loans, net	10,311,830			9,816,096			495,734	5.1	9,592,540			9,106,869			8,760,839			1,550,991	17.7

Reserve for unfunded commitments	(13,244)			(12,849)			(395)	3.1	(11,801)			(12,099)			(11,260)			(1,984)	17.6
Allowance for credit losses	(96,967)			(91,622)			(5,345)	5.8	(87,975)			(85,172)			(82,366)			(14,601)	17.7

ASSET QUALITY DATA ⁽¹⁾
Non-accrual loans	$	62,739		$	60,064		2,675	4.5	$	34,970		$	38,060		$	34,187		28,552	83.5
Other real estate owned and foreclosed assets	20,028			21,654			(1,626)	(7.5)	21,244			23,478			34,795			(14,767)	(42.4)
Accruing loans more than 90 days past due	3,584			239			3,345	N/M	754			4			20			3,564	N/M
Total non-performing assets	$	86,351		$	81,957		4,394	5.4	$	56,968		$	61,542		$	69,002		17,349	25.1

Loans 30-89 days past due	$	14,985		$	17,606		(2,621)	(14.9)	$	29,567		$	12,441		$	13,982		1,003	7.2

Non-performing assets to total assets	0.55		%	0.55		%			0.41		%	0.46		%	0.53		%
Non-performing assets to total loans and OREO	0.83			0.83					0.59			0.67			0.78
Allowance for loan losses to non-performing loans ⁽²⁾	126.2			130.6					213.2			190.6			206.5
Allowance for loan losses to non-performing assets	97.0			96.1					133.7			117.9			102.4
Allowance for loan losses to total loans	0.81			0.80					0.79			0.79			0.80

Quarter-to-date charge-offs	$	4,446		$	2,669		1,777	66.6	$	3,070		$	3,045		$	2,653		1,793	67.6
Quarter-to-date recoveries	(941)			(1,091)			150	(13.7)	(1,532)			(914)			(1,894)			953	(50.3)
Quarter-to-date net charge-offs	$	3,505		$	1,578		1,927	122.1	$	1,538		$	2,131		$	759		2,746	361.8
Net charge-offs to average loans (annualized)	0.14		%	0.06		%			0.06		%	0.09		%	0.04		%

(1) For purposes of this table, non-performing assets include all loans meeting non-performing asset criteria, including assets acquired in FDIC-assisted transactions.
(2) Non-performing loans consist of non-accruing 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 - IBERIABANK CORPORATION
ACQUIRED LOANS AND ACQUIRED ASSET QUALITY DATA
(Dollars in thousands)

							Linked Qtr Change													Year/Year Change
ACQUIRED LOANS⁽¹⁾	6/30/2015			3/31/2015			$			%	12/31/2014			9/30/2014			6/30/2014			$			%
Commercial loans:
Real estate	$	1,748,664		$	1,278,846		469,818			36.7	$	687,075		$	754,092		$	819,781		928,883			113.3
Business	570,858			473,727			97,131			20.5	124,809			131,818			166,598			404,260			242.7
Total commercial loans	2,319,522			1,752,573			566,949			32.3	811,884			885,910			986,379			1,333,143			135.2

Residential mortgage loans	553,111			610,471			(57,360)			(9.4)	552,603			565,704			660,503			(107,392)			(16.3)

Consumer loans:
Home equity	572,068			522,698			49,370			9.4	310,129			337,417			295,693			276,375			93.5
Indirect automobile	191			272			(81)			(29.8)	392			613			873			(682)			(78.1)
Automobile	14,146			15,434			(1,288)			(8.3)	15,887			16,842			18,173			(4,027)			(22.2)
Credit card	588			547			41			7.5	648			621			632			(44)			(7.0)
Other	95,384			76,597			18,787			24.5	80,787			93,838			105,284			(9,900)			(9.4)
Total consumer loans	682,377			615,548			66,829			10.9	407,843			449,331			420,655			261,722			62.2
Total loans	$	3,555,010		$	2,978,592		576,418			19.4	$	1,772,330		$	1,900,945		$	2,067,537		1,487,473			71.9

Allowance for loan losses	$(44,426)			$(49,540)			5,114			(10.3)	$(53,957)			$(61,467)			$(62,413)			17,987			(28.8)
Loans, net	3,510,584			2,929,052			581,532			19.9	1,718,373			1,839,478			2,005,124			1,505,460			75.1

ACQUIRED ASSET QUALITY DATA ⁽¹⁾
Non-accrual loans	$	129,646		$	135,307		(5,661		)	(4.2)	$	134,716		$	157,620		$	174,486		(44,840		)	(25.7)
Other real estate owned and foreclosed assets	29,901			31,540			(1,639)			(5.2)	32,703			39,908			49,684			(19,783)			(39.8)
Accruing loans more than 90 days past due	1,023			5,403			(4,380)			(81.1)	954			186			1,075			(52)			(4.8)
Total non-performing assets	$	160,570		$	172,250		(11,680		)	(6.8)	$	168,373		$	197,714		$	225,245		(64,675		)	(28.7)

Loans 30-89 days past due	$	24,020		$	15,229		$	8,791		57.7	$	21,574		$	11,343		$	17,893		6,127			34.2

Non-performing assets to total assets	4.42		%	5.64		%					9.11		%	9.83		%	10.21		%
Non-performing assets to total loans and OREO	4.48			5.72							9.33			10.19			10.64
Allowance for loan losses to non-performing loans ⁽²⁾	34.0			35.2							39.8			39.0			35.6
Allowance for loan losses to non-performing assets	27.7			28.8							32.1			31.1			27.7
Allowance for loan losses to total loans	1.25			1.66							3.04			3.23			3.02

Quarter-to-date charge-offs	$	362		$	303		$	59		19.5	$	343		$	216		$	99		$	263		265.7
Quarter-to-date recoveries	(93)			(146)			53			(36.3)	(126)			(139)			(1)			(92)			N/M
Quarter-to-date net charge-offs	$	269		$	157		$	112		71.3	$	217		$	77		$	98		$	171		174.5

Net charge-offs to average loans (annualized)	0.03		%	0.03		%					0.05		%	0.01		%	0.03		%

(1) For purposes of this table, acquired loans and acquired non-performing assets are presented only. Non-performing assets include all loans meeting non-performing asset criteria.
(2) Non-performing loans consist of non-accruing 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 8 - IBERIABANK CORPORATION
QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES
(Dollars in thousands)

	For the Three Months Ended
	6/30/2015						3/31/2015						Basis Point Change
ASSETS	Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate		Yield/Rate
Earning assets:
Commercial loans	$	9,277,141	$	103,272	4.46	%	$	7,882,782	$	83,645	4.31	%	15
Residential mortgage loans	1,187,166		14,379		4.84		1,099,518		13,594		4.95		(11)
Consumer loans	2,833,417		35,684		5.05		2,581,646		32,952		5.18		(13)
Total loans	13,297,724		153,335		4.62		11,563,946		130,191		4.56		6
Loss share receivable	55,751		(7,398)		(52.50)		66,165		(6,013)		(36.35)		(1,615)
Total loans and loss share receivable	13,353,475		145,937		4.38		11,630,111		124,178		4.32		6
Mortgage loans held for sale	202,691		1,380		2.72		133,304		1,515		4.55		(183)
Investment securities ⁽²⁾	2,469,050		12,191		2.08		2,307,525		12,097		2.22		(14)
Other earning assets	663,071		1,037		0.63		402,499		795		0.80		(17)
Total earning assets	16,688,287		160,545		3.87		14,473,439		138,585		3.90		(3)
Allowance for loan losses	(129,069)						(128,519)
Non-earning assets	1,886,068						1,612,693
Total assets	$	18,445,286					$	15,957,613

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	2,639,140	1,765		0.27		$	2,464,760	1,552		0.26		1
Savings and money market accounts	6,228,052		5,058		0.33		4,834,244		3,375		0.28		5
Certificates of deposit	2,331,537		4,959		0.85		2,150,447		4,411		0.83		2
Total interest-bearing deposits⁽³⁾	11,198,729		11,782		0.42		9,449,451		9,338		0.40		2
Short-term borrowings	461,742		220		0.19		747,058		363		0.19		-
Long-term debt	446,994		2,866		2.54		423,495		3,080		2.91		(37)
Total interest-bearing liabilities	12,107,465		14,868		0.49		10,620,004		12,781		0.49		-
Non-interest-bearing deposits	3,933,468						3,312,357
Non-interest-bearing liabilities	172,227						135,477
Total liabilities	16,213,160						14,067,838
Total shareholders' equity	2,232,126						1,889,775
Total liabilities and shareholders' equity	$	18,445,286					$	15,957,613

Net interest income/Net interest spread			$	145,677	3.38	%			$	125,804	3.41	%	(3)
Tax-equivalent benefit			1,996		0.05				2,040		0.06		(1)
Net interest income (TE)/Net interest margin (TE) ⁽¹⁾			$	147,673	3.52	%			$	127,844	3.54	%	(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) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.
(3) Total deposit costs for the three months ended June 30, 2015 and March 31, 2015 total 0.31% and 0.30%, respectively.



TABLE 8 continued - IBERIABANK CORPORATION
QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES
(Dollars in thousands)

	For the Three Months Ended
	12/31/2014						9/30/2014						6/30/2014
ASSETS	Average Balance		Interest Income/Expense		Yield/ Rate		Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate
Earning assets:
Commercial loans	$	7,656,992	$	89,574	4.65	%	$	7,467,597	$	98,562	5.24	%	$	7,111,315	$	85,735	4.84	%
Residential mortgage loans	1,069,555		13,094		4.90		1,104,692		13,321		4.82		700,721		9,385		5.36
Consumer loans	2,545,205		33,994		5.30		2,437,544		33,589		5.47		2,186,497		28,299		5.19
Total loans	11,271,752		136,662		4.82		11,009,833		145,472		5.25		9,998,533		123,419		4.96
Loss share receivable	85,733		(13,224)		(60.36)		111,383		(25,120)		(88.25)		131,375		(17,009)		(51.22)
Total loans and loss share receivable	11,357,485		123,438		4.32		11,121,216		120,352		4.30		10,129,908		106,410		4.23
Mortgage loans held for sale	121,439		1,200		3.95		163,510		1,594		3.90		140,096		1,474		4.21
Investment securities ⁽²⁾	2,234,235		11,766		2.24		2,137,735		10,994		2.20		2,109,254		11,000		2.24
Other earning assets	431,603		872		0.80		567,897		853		0.60		308,713		630		0.81
Total earning assets	14,144,762		137,276		3.88		13,990,358		133,793		3.83		12,687,971		119,514		3.82
Allowance for loan losses	(134,177)						(133,443)						(132,049)
Non-earning assets	1,603,738						1,619,293						1,485,260
Total assets	$	15,614,323					$	15,476,208					$	14,041,182

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	2,271,836	1,526		0.27		$	2,228,378	1,546		0.28		$	2,229,264	1,394		0.25
Savings and money market accounts	4,908,247		3,694		0.30		4,877,051		3,588		0.29		4,372,855		2,812		0.26
Certificates of deposit	2,105,623		4,272		0.80		2,060,055		3,983		0.77		1,721,111		3,089		0.72
Total interest-bearing deposits⁽³⁾	9,285,706		9,492		0.41		9,165,484		9,117		0.39		8,323,230		7,295		0.35
Short-term borrowings	713,384		342		0.19		919,869		406		0.17		907,459		373		0.16
Long-term debt	395,410		2,762		2.73		358,970		2,519		2.75		304,707		2,573		3.34
Total interest-bearing liabilities	10,394,500		12,596		0.48		10,444,323		12,042		0.46		9,535,396		10,241		0.43
Non-interest-bearing deposits	3,228,773						3,057,513						2,748,468
Non-interest-bearing liabilities	159,818						168,262						125,654
Total liabilities	13,783,091						13,670,098						12,409,518
Total shareholders' equity	1,831,232						1,806,110						1,631,664
	$	15,614,323					$	15,476,208					$	14,041,182

Net interest income/Net interest spread			$	124,680	3.40	%			$	121,751	3.37	%			$	109,273	3.39	%
Tax-equivalent benefit			2,055		0.06				2,134		0.06				2,191		0.07
Net interest income (TE)/Net interest margin (TE) ⁽¹⁾			$	126,735	3.53	%			$	123,885	3.49	%			$	111,464	3.49	%

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%.
(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.
(3) Total deposit costs for the three months ended December 31, 2014, September 30, 2014 and June 30, 2014 total 0.30%, 0.30% and 0.26%, respectively.



TABLE 9 - IBERIABANK CORPORATION
YEAR-TO-DATE AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES
(Dollars in thousands)

	For the Six Months Ended
	6/30/2015						6/30/2014						Basis Point Change
ASSETS	Average Balance		Interest Income/Expense		Yield/Rate		Average Balance		Interest Income/Expense		Yield/Rate		Yield/Rate
Earning assets:
Commercial loans	$	8,583,814	$	186,916	4.39	%	$	7,001,591	$	171,666	4.96	%	(57)
Residential mortgage loans	1,143,584		27,974		4.89		648,289		18,148		5.60		(71)
Consumer loans	2,708,227		68,636		5.11		2,126,304		54,758		5.19		(8)
Total loans	12,435,625		283,526		4.59		9,776,184		244,572		5.05		(46)
Loss share receivable	60,929		(13,411)		(43.78)		142,940		(36,273)		(50.47)		669
Total loans and loss share receivable	12,496,554		270,115		4.36		9,919,124		208,299		4.25		11
Mortgage loans held for sale	168,189		2,895		3.44		118,179		2,359		3.99		(55)
Investment securities ⁽²⁾	2,388,733		24,287		2.15		2,111,327		21,917		2.23		(8)
Other earning assets	533,505		1,833		0.69		241,103		1,171		0.98		(29)
Total earning assets	15,586,981		299,130		3.88		12,389,733		233,746		3.84		4
Allowance for loan losses	(128,795)						(135,866)
Non-earning assets	1,750,135						1,449,718
Total assets	$	17,208,321					$	13,703,585

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	2,552,431	3,317		0.26		$	2,230,001	2,934		0.27		(1)
Savings and money market accounts	5,534,999		8,432		0.31		4,334,819		5,520		0.26		5
Certificates of deposit	2,241,492		9,371		0.84		1,693,679		6,026		0.72		12
Total interest-bearing deposits⁽³⁾	10,328,922		21,120		0.41		8,258,499		14,480		0.35		6
Short-term borrowings	603,612		583		0.19		746,866		615		0.16		3
Long-term debt	435,186		5,946		2.72		292,535		4,970		3.38		(66)
Total interest-bearing liabilities	11,367,720		27,649		0.49		9,297,900		20,065		0.43		6
Non-interest-bearing deposits	3,624,628						2,686,118
Non-interest-bearing liabilities	154,077						125,365
Total liabilities	15,146,425						12,109,383
Total shareholders' equity	2,061,896						1,594,202
	$	17,208,321					$	13,703,585

Net interest income/Net interest spread			$	271,481	3.39	%			$	213,681	3.41	%	(2)
Tax-equivalent benefit			4,036		0.05				4,420		0.07		(2)
Net interest income (TE)/Net interest margin (TE) ⁽¹⁾			$	275,517	3.53	%			$	218,101	3.51	%	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) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.
(3) Total deposit costs for the six months ended June 30, 2015 and 2014 total 0.31% and 0.27%, respectively.



Table 10 - IBERIABANK CORPORATION
LEGACY AND ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
(Dollars in millions)

	For the Three Months Ended
	6/30/2015							3/31/2015							12/31/2014							9/30/2014							6/30/2014
AS REPORTED (US GAAP)	Income			Average Balance		Yield		Income			Average Balance		Yield		Income			Average Balance		Yield		Income			Average Balance		Yield		Income		Average Balance		Yield
Legacy loans, net	$	99		$	10,147	3.88	%	$	94		$	9,734	3.90	%	$	95		$	9,439	3.94	%	$	91		$	9,019	3.97	%	$	88	$	8,644	4.04	%
Acquired loans ⁽¹⁾	47			3,206		5.82	%	30			1,896		6.34	%	29			1,919		5.97	%	29			2,102		5.49	%	19		1,486		4.98	%
Total loans	$	146		$	13,353	4.38	%	$	124		$	11,630	4.32	%	$	124		$	11,358	4.32	%	$	120		$	11,121	4.30	%	$	107	$	10,130	4.23	%

	6/30/2015							3/31/2015							12/31/2014							9/30/2014							6/30/2014
ADJUSTMENTS	Income			Average Balance		Yield		Income			Average Balance		Yield		Income			Average Balance		Yield		Income			Average Balance		Yield		Income		Average Balance		Yield
Legacy loans, net	$ -			$ -		-		$ -			$ -		0.00	%	$ -			$ -		0.00	%	$ -			$ -		0.00	%	$ -		$ -		-
Acquired loans ⁽¹⁾	(9)			85		-1.23	%	(9)			67		-2.00	%	(6)			55		-1.38	%	(4)			44		-0.88	%	-		30		-
Total loans	$	(9	)	$	85	-0.30	%	$	(9	)	$	67	-0.33	%	$	(6	)	$	55	-0.23	%	$	(4	)	$	44	-0.16	%	$ -		$	30	-

	6/30/2015							3/31/2015							12/31/2014							9/30/2014							6/30/2014
AS ADJUSTED (CASH YIELD, NON-GAAP)	Income			Average Balance		Yield		Income			Average Balance		Yield		Income			Average Balance		Yield		Income			Average Balance		Yield		Income		Average Balance		Yield
Legacy loans, net	$	99		$	10,147	3.88	%	$	94		$	9,734	3.90	%	$	95		$	9,439	3.94	%	$	91		$	9,019	3.97	%	$	88	$	8,644	4.04	%
Acquired loans ⁽¹⁾	38			3,291		4.58	%	21			1,963		4.28	%	23			1,974		4.59	%	25			2,146		4.61	%	19		1,516		4.98	%
Total loans	$	137		$	13,438	4.08	%	$	115		$	11,697	3.99	%	$	118		$	11,413	4.09	%	$	116		$	11,165	4.13	%	$	107	$	10,160	4.23	%

(1) Acquired loans include the impact of the FDIC Indemnification Asset.



Table 11 - IBERIABANK CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

	For the Three Months Ended
	6/30/2015						3/31/2015						12/31/2014 ⁽¹⁾
	Pre-tax		After-tax ⁽²⁾		Per share ⁽³⁾		Pre-tax		After-tax ⁽²⁾		Per share ⁽³⁾		Pre-tax		After-tax ⁽²⁾		Per share ⁽³⁾
Net income (loss) (GAAP)	$	45,191	$	30,836	$	0.79	$	36,205	$	25,126	$	0.75	$	46,122	$	35,936	$	1.07

Non-interest income adjustments:
Gain on sale of investments and other non-interest income	(1,266)		(823)		(0.02)		(389)		(252)		(0.01)		(374)		(243)		(0.01)

Non-interest expense adjustments:
Merger-related expenses	12,732		8,392		0.22		9,296		6,139		0.18		1,955		1,496		0.04
Severance expenses	406		264		0.01		41		27		-		139		91		-
Loss on sale of long-lived assets, net of impairment	1,571		1,021		0.03		579		376		0.01		1,078		701		0.02
Other non-operating non-interest expense	2,050		1,333		0.03		450		292		0.01		2		1		-
Total non-interest expense adjustments	16,759		11,010		0.29		10,366		6,834		0.20		3,174		2,289		0.07
Income tax benefits	-		-		-		-		-		-		-		(2,959)		(0.09)
Operating earnings (non-GAAP)	60,684		41,023		1.05		46,182		31,708		0.95		48,922		35,023		1.05
Provision for loan losses	8,789		5,713		0.15		5,345		3,475		0.10		6,495		4,222		0.11
Pre-provision operating earnings (non-GAAP)	$	69,473	$	46,736	$	1.20	$	51,527	$	35,183	$	1.05	$	55,417	$	39,245	$	1.17

	For the Three Months Ended
	9/30/2014 ⁽¹⁾						6/30/2014 ⁽¹⁾
	Pre-tax		After-tax ⁽²⁾		Per share ⁽³⁾		Pre-tax		After-tax⁽²⁾		Per share ⁽³⁾
Net income (loss) (GAAP)	$	43,037	$	30,893	$	0.92	$	21,154	$	16,217	$	0.53

Non-interest income adjustments:
Gain on sale of investments and other non-interest income	(582)		(378)		(0.01)		(9)		(6)		-

Non-interest expense adjustments:
Merger-related expenses	1,752		1,139		0.04		10,419		6,840		0.22
Severance expenses	1,214		789		0.02		5,466		3,553		0.11



Loss on sale of long-lived assets, net of impairment	4,229		2,749		0.08		1,247		811		0.03
Other non-operating non-interest expense	(799)		(520)		(0.02)		12		8		-
Total non-interest expense adjustments	6,396		4,157		0.12		17,144		11,212		0.36
Income tax benefits	-		-		-		-		-		-
Operating earnings (non-GAAP)	48,851		34,672		1.04		38,289		27,423		0.89
Provision for loan losses	5,714		3,714		0.11		4,748		3,087		0.10
Pre-provision operating earnings (non-GAAP)	$	54,565	$	38,386	$	1.15	$	43,037	$	30,510	$	0.99

	For the Six Months Ended
	6/30/2015						6/30/2014 ⁽¹⁾
	Pre-tax		After-tax ⁽²⁾		Per share ⁽³⁾		Pre-tax		After-tax ⁽²⁾		Per share ⁽³⁾
Net income (loss) (GAAP)	$	81,396	$	55,962	$	1.54	$	51,906	$	38,553	$	1.27

Non-interest income adjustments:
Gain on sale of investments and other non-interest income	(1,655)		(1,075)		(0.030)		(1,800)		(1,698)		(0.050)

Non-interest expense adjustments:
Merger-related expenses	22,028		14,531		0.40		11,009		7,224		0.24
Severance expenses	447		291		0.01		5,586		3,631		0.12
Loss on sale of long-lived assets, net of impairment	2,150		1,397		0.04		1,782		1,158		0.04
Other non-operating non-interest expense	2,500		1,625		0.05		574		373		0.01
Total non-interest expense adjustments	27,125		17,844		0.50		18,951		12,386		0.41
Income tax benefits	-		-		-		-		-		-
Operating earnings (non-GAAP)	106,866		72,731		2.00		69,057		49,241		1.63
Provision for loan losses	14,134		9,188		0.26		6,851		4,453		0.15
Pre-provision operating earnings (non-GAAP)	$	121,000	$	81,919	$	2.26	$	75,908	$	53,694	$	1.78

(1) Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second and third quarters of 2014 as previously disclosed.
(2) After-tax amounts computed using a marginal tax rate of 35%.
(3)Diluted pershare amounts may not appear to foot due to rounding.



Table 12 - IBERIABANK CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

	For the Three Months Ended
	6/30/2015			3/31/2015			12/31/2014 ⁽¹⁾			9/30/2014 ⁽¹⁾			6/30/2014 ⁽¹⁾
Net interest income (GAAP)	$	145,677		$	125,804		$	124,680		$	121,751		$	109,273
Add: Effect of tax benefit on interest income	1,996			2,040			2,055			2,134			2,191
Net interest income (TE) (Non-GAAP) ⁽²⁾	147,673			127,844			126,735			123,885			111,464

Non-interest income (GAAP)	61,513			48,899			47,072			47,112			43,761
Add: Effect of tax benefit on non-interest income	579			588			566			564			503
Non-interest income (TE) (Non-GAAP)⁽²⁾	62,092			49,487			47,638			47,676			44,264
Taxable equivalent revenues (Non-GAAP) ⁽²⁾	209,765			177,331			174,373			171,561			155,728
Securities gains and other non-interest income	(1,266)			(389)			(374)			(582)			(9)
Taxable equivalent operating revenues (Non-GAAP) ⁽²⁾	$	208,499		$	176,942		$	173,999		$	170,979		$	155,719

Total non-interest expense (GAAP)	$	153,209		$	133,153		$	119,135		$	120,112		$	127,132
Less: Intangible amortization expense	2,155			1,523			1,618			1,623			1,347
Tangible non-interest expense (Non-GAAP) ⁽³⁾	151,054			131,630			117,517			118,489			125,785
Merger -related expense	12,732			9,296			1,955			1,752			10,419
Severance expense	406			41			139			1,214			5,466
Loss on sale of long-lived assets, net of impairment	1,571			579			1,078			4,229			1,247
Other non-operating non-interest expense	2,050			450			2			(799)			12
Tangible operating non-interest expense (Non-GAAP) ⁽³⁾	$	134,295		$	121,264		$	114,343		$	112,093		$	108,641

Return on average assets (GAAP)	0.67		%	0.64		%	0.91		%	0.79		%	0.46		%
Effect of non-operating revenues and expenses	0.22			0.17			(0.02)			0.10			0.32
Operating return on average assets (Non-GAAP)	0.89		%	0.81		%	0.89		%	0.89		%	0.78		%

Efficiency ratio (GAAP)	73.9		%	76.2		%	69.4		%	71.1		%	83.1		%
Effect of tax benefit related to tax-exempt income	(0.90)			(1.10)			(1.10)			(1.10)			(1.50)
Efficiency ratio (TE) (Non-GAAP) ⁽²⁾	73.0		%	75.1		%	68.3		%	70.0		%	81.6		%
Effect of amortization of intangibles	(1.00)			(0.90)			(0.90)			(0.90)			(0.90)
Effect of non-operating items	(7.60)			(5.70)			(1.70)			(3.50)			(10.90)
Tangible operating efficiency ratio (TE) (Non-GAAP)⁽²⁾ ⁽³⁾	64.4		%	68.5		%	65.7		%	65.6		%	69.8		%

Return on average common equity (GAAP)	5.54		%	5.39		%	7.79		%	6.79		%	3.99		%
Effect of intangibles ⁽³⁾	2.93			2.53			3.67			3.32			1.89
Effect of non-operating revenues and expenses	2.67			2.00			(0.29)			1.18			3.84
Return on average operating tangible common equity (Non-GAAP)	11.14		%	9.92		%	11.17		%	11.29		%	9.72		%

(1) Certain balances and amounts in prior periods have been restated for the effect of the adoption of ASU No. 2014-01 on January 1, 2015 and errors in mortgage income during the second and third quarters of 2014 as previously disclosed.
(2) 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%.
(3) Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis where applicable.

Attached files

Stock widget

Investing forum

IBERIABANK CORP Reports