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

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8-K - 8-K - IBERIABANK CORP	earningsreleaseq22018cover.htm
EX-99.2 - EXHIBIT 99.2 - IBERIABANK CORP	a20180720ibkc2q18supplem.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 20, 2018

Contact:

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

Jefferson G. Parker, Vice Chairman, Director of Capital Markets and Investor Relations (504) 310-7314

IBERIABANK Corporation Reports Second Quarter Results

LAFAYETTE, LOUISIANA -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 131-year-old IBERIABANK (www.iberiabank.com), reported financial results for the second quarter ended June 30, 2018. For the quarter, the Company reported net income available to common shareholders of $74.2 million, or $1.30 diluted earnings per common share (“EPS”). On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the second quarter of 2018 was $1.71 per common share, compared to $1.10 in the year-ago period, an increase of 55% (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics).

Daryl G. Byrd, President and Chief Executive Officer, commented, “Our strong financial performance this quarter is the result of solid franchise momentum, growth in loans and deposits, and a pickup in our fee income businesses. Building upon the client growth we have achieved, and managing expenses remain our fundamental objectives and key to successfully achieving earnings expectations for 2018 and beyond.

We are proud of our diversified franchise, and we have the right team and platforms in place to drive outstanding client growth amongst favorable economic conditions. We remain laser-focused on delivering sustainable, profitable returns for our shareholders, and we believe that our 2018 financial performance will position us to achieve or exceed our 2020 Strategic Goals," Byrd continued.

Highlights for the second quarter of 2018 and at June 30, 2018:

On a linked quarter basis, both GAAP and Core EPS significantly improved, driven by increases in loan interest income as a result of higher loan yields and a seasonal improvement in our fee income businesses in the second quarter. Merger-related expenses, branch closure expenses and an adjustment to provisional tax amounts comprised the majority of the variance between GAAP and Core EPS. Return metrics and efficiency ratios significantly improved in the current quarter primarily as a result of revenue growth.



	For the three months ended
	GAAP						Non-GAAP Core
	2Q18			1Q18			2Q18			1Q18
Earnings Per Common Share	$	1.30		$	1.10		$	1.71		$	1.37
Return on Average Assets	1.01		%	0.92		%	1.32		%	1.13		%
Return on Average Common Equity	7.87		%	6.79		%	10.30		%	8.45		%
Return on Average Tangible Common Equity	N/A			N/A			16.70		%	13.83		%
Efficiency Ratio	63.5		%	67.9		%	56.6		%	61.1		%
Tangible Efficiency Ratio (TE)	N/A			N/A			54.3		%	58.8		%


•	Revenue growth and cost containment relative to the linked quarter produced positive operating leverage multiples of 3.8 on a GAAP basis and 5.4 on a Core basis.


•	The Company's reported and cash net interest margins improved 9 and 7 basis points on a linked quarter basis, to 3.76% and 3.49%, respectively, primarily driven by $7.4 million (or $0.10 impact to EPS after-tax, 11 basis points impact to reported net interest margin) of higher recoveries and incremental accelerated accretion on acquired loans, as well as rising short-term interest rates.


•	Non-interest income in 2Q18 increased $9.4 million, or 21%, on a linked quarter basis, primarily as a result of seasonal growth in the Company's fee income businesses, including increases in mortgage income and title revenue.


•	Non-interest expense increased $8.6 million on a linked quarter basis, primarily due to increased salary and employee benefits expenses and branch closure expenses. 2Q18 non-interest expense included $14.3 million in pre-tax merger-related expense ($0.20 impact to EPS after-tax), compared to $16.2 million ($0.23 impact to EPS after-tax) in 1Q18.


•	Total loan growth was $369.7 million, or 1.7% (6.8% annualized rate), in 2Q18.


•	Total deposits increased $459.3 million, or 2.0% (8.0% annualized rate), in 2Q18.


•	Credit metrics remain stable. Net charge-offs were $11.7 million, of which $4.2 million was covered by specific reserves recorded in prior periods.


•	Income tax expense was impacted by a $6.6 million (or $0.12 impact to EPS) write-down of deferred tax assets associated with the finalization of the accounting for the Sabadell acquisition and the related impact of the Tax Cuts and Jobs Act (the "Tax Act") on those adjustments.


•	Integration and assimilation of both Sabadell and Gibraltar remain on track and performing in-line with original expectations.


•	On May 10, 2018, the Board of Directors of the Company authorized the repurchase of up to 1,137,500 shares of the Company's common stock. During 2Q18, the Company repurchased 400,000 common shares at a weighted average price of $76.67 per common share.



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

	For the Three Months Ended
	6/30/2018			3/31/2018			% Change	6/30/2017			% Change
GAAP BASIS:
Income available to common shareholders	$	74,175		$	60,023		23.6	$	51,069		45.2
Earnings per common share - diluted	1.30			1.10			18.2	0.99			31.3

Average loans and leases, net of unearned income	$	21,830,720		$	20,181,390		8.2	$	15,284,007		42.8
Average total deposits	23,155,871			21,777,634			6.3	17,160,848			34.9
Net interest margin (TE) ⁽¹⁾	3.76		%	3.67		%		3.71		%

Total revenues ⁽²⁾	$	310,053		$	277,455		11.7	$	237,481		30.6
Total non-interest expense ⁽²⁾	196,877			188,296			4.6	145,380			35.4
Efficiency ratio ⁽²⁾	63.5		%	67.9		%		61.2		%
Return on average assets	1.01			0.92				0.96
Return on average common equity	7.87			6.79				6.08

NON-GAAP BASIS ⁽³⁾:
Core revenues ⁽²⁾	$	310,050		$	277,514		11.7	$	237,422		30.6
Core non-interest expense ⁽²⁾	175,445			169,457			3.5	139,242			26.0
Core earnings per common share - diluted	1.71			1.37			24.8	1.10			55.5
Core tangible efficiency ratio (TE) ^{(1) (2) (4)}	54.3		%	58.8		%		57.2		%
Core return on average assets	1.32			1.13				1.06
Core return on average common equity	10.30			8.45				6.75
Core return on average tangible common equity	16.70			13.83				8.86
Net interest margin (TE) - cash basis ⁽¹⁾	3.49			3.42				3.45

⁽¹⁾ Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21% for 2018 and a rate of 35% for 2017.
⁽²⁾ Certain prior period amounts have been reclassified to conform to the net presentation requirements of ASU No. 2014-09, Revenue from Contracts with Customers, which was adopted effective January 1, 2018. The adoption resulted in a reduction of non-interest income and non-interest expense of approximately $2.1 million and had no impact on net income.
⁽³⁾ See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
⁽⁴⁾ Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

Operating Results

The Company's reported and cash net interest margins increased 9 and 7 basis points on a linked quarter basis, to 3.76% and 3.49%, respectively, primarily as a result of increased recoveries and discount accretion on the acquired loan portfolio, as well as rising short-term interest rates. Absent the non-recurring items associated with the acquired loan portfolio, margin would have been essentially flat with the linked quarter, due to a combination of lower yields on loans acquired from Gibraltar and increased deposit costs.

Net interest income increased $23.2 million, or 10%, on a linked quarter basis. Average loans increased $1.6 billion, or 8%, and the associated taxable-equivalent yield increased 19 basis points. All other average earning assets decreased by $20.2 million from the linked quarter. The yield on total earning assets was 20 basis points higher at 4.46% compared to 4.26% in the linked quarter.

Average interest-bearing deposits increased $860.9 million, or 6%, and the average cost of interest-bearing deposits rose 15 basis points to 89 basis points on a linked quarter basis. Total average interest-bearing liabilities increased by $918.7 million, or 5%, while the average cost of interest-bearing liabilities rose 16 basis points to 102 basis points. The total cost of interest-bearing liabilities rose primarily due to an upward repricing of indexed deposits, promotional deposit pricing, and increases in the average rate paid on short-term and long-term FHLB advances. The total cost of funding in 2Q18 was 75 basis points, compared to 63 basis points in 1Q18.

The Company’s provision for loan losses decreased 5% to $7.6 million and covered net charge-offs in 2Q18 by 65% compared to 186% in 1Q18. The overall decline in provision was mainly attributable to recoveries on acquired loans that reduced the required ALLL for that portfolio. Net charge-offs totaled $11.7 million in 2Q18, compared to $4.3 million in 1Q18, due primarily to the charge-off of one large legacy loan, which was specifically reserved for in a prior period, as well as lower legacy recoveries. Annualized net charge-offs remain at relatively low levels, equating to 21 basis points of average loans in 2Q18.

In 2Q18, non-interest income increased $9.4 million compared to 1Q18, primarily as a result of seasonal growth in the Company's fee income businesses, including an increase of $4.1 million in mortgage income and an increase of $1.8 million in title revenue. In addition, trust department income increased by $0.8 million, or 24%, over 1Q18.

Non-interest expense increased $8.6 million on a linked quarter basis, primarily due to increased salary and employee benefits expenses and branch closure expenses. During 2Q18, non-interest expense included $14.3 million in merger and conversion-related expenses, $1.8 million in compensation-related expenses, and $5.4 million in branch closure and other impairment expenses that are considered non-core items by management.

Excluding these items, core non-interest expense increased $6.0 million, or 4%, primarily driven by an increase of $1.5 million in occupancy and equipment expenses attributable to the recently acquired Gibraltar locations, an increase of $1.3 million in the accrual for mortgage loan repurchase reserves and an increase of $1.0 million in CDI amortization resulting from the full-quarter impact of the Gibraltar acquisition.

On a linked quarter basis, the efficiency ratio improved to 63.5% from 67.9%, while the non-GAAP core tangible efficiency ratio improved to 54.3% from 58.8%. The Company continues to focus on cost containment and revenue enhancement efforts to deliver positive operating leverage in 2018. Refer to Table A for a summary of financial results on both a GAAP and non-GAAP basis.

Income tax expense was impacted by a $6.6 million write-down of deferred tax assets associated with the finalization of the accounting for the Sabadell acquisition and the related adjustment to provisional amounts recorded upon enactment of the Tax Act, resulting in an effective tax rate of 28.8% for 2Q18, compared to 21.6% in 1Q18.



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

		As of and For the Three Months Ended
		6/30/2018			3/31/2018			% Change		6/30/2017			% Change
PERIOD-END BALANCES:
	Total loans and leases, net of unearned income	$	22,075,783		$	21,706,090		1.7		$	15,556,016		41.9
	Total deposits	23,430,458			22,971,192			2.0		16,853,116			39.0

ASSET QUALITY RATIOS:
	Loans 30-89 days past due and still accruing as a percentage of total loans ⁽¹⁾	0.20		%	0.36		%			0.33		%
	Loans 90 days or more past due and still accruing as a percentage of total loans ⁽¹⁾	0.04			0.04					0.01
	Non-performing assets to total assets ⁽¹⁾⁽²⁾	0.54			0.64					0.91
	Classified assets to total assets ⁽³⁾	1.26			1.40					1.78

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) ^{(4) (5)}	8.56		%	8.66		%			12.45		%
	Tier 1 leverage ratio ⁽⁶⁾	9.55			9.97					13.19
	Total risk-based capital ratio ⁽⁶⁾	12.37			12.48					16.74

PER COMMON SHARE DATA:
	Book value	$	67.06		$	66.38		1.0		$	66.08		1.5
	Tangible book value (Non-GAAP) ^{(4) (5)}	43.75			42.91			2.0		51.33			(14.8	)
	Closing stock price	75.80			78.00			(2.8	)	81.50			(7.0	)
	Cash dividends	0.38			0.38			—		0.36			5.6

₍₁₎	Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.
₍₂₎	Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. Refer to Table 5 for further detail.
₍₃₎	Classified assets include commercial loans rated substandard or worse and non-performing mortgage and consumer loans and include acquired impaired loans accounted for under ASC 310-30. Classified assets were $379 million, $412 million and $387 million at June 30, 2018, March 31, 2018, and June 30, 2017, respectively.
₍₄₎	See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
₍₅₎	Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.
₍₆₎	Regulatory capital ratios as of June 30, 2018 are preliminary.

Loans and Other Assets

Total loans increased $369.7 million, or 2%, to $22.1 billion at June 30, 2018. Period-end loan growth during 2Q18 was strongest in the Energy Group (reserve-based lending), the Corporate Asset Finance division (equipment financing business), and the New Orleans, Birmingham and Atlanta markets. The Company believes it is well-positioned for diversified loan growth based on our strategic presence in the South Florida, Atlanta and Texas markets, as well as other significant MSAs in the Southeastern United States.



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

	As of and For the Three Months Ended
								Linked Qtr Change						Year/Year Change			Mix
	6/30/2018			3/31/2018		6/30/2017		$		%		Annualized		$		%	6/30/2018		3/31/2018
Legacy loans:
Commercial⁽¹⁾	$	11,500,907		$	11,094,464	$	10,055,791	406,443		3.7		14.7	%	1,445,116		14.4	73.7	%	74.4	%
Residential mortgage	1,534,294			1,280,580		970,961		253,714		19.8		79.5	%	563,333		58.0	9.8	%	8.6	%
Consumer	2,574,834			2,538,878		2,466,658		35,956		1.4		5.7	%	108,176		4.4	16.5	%	17.0	%
Total legacy loans	15,610,035			14,913,922		13,493,410		696,113		4.7		18.7	%	2,116,625		15.7	100.0	%	100.0	%

Acquired loans:
Balance at beginning of period	6,792,168			5,595,030		2,208,758		1,197,138		21.4				4,583,410		207.5
Loans acquired during the period	—			1,465,319		—		(1,465,319	)	N/M				—		—
Net paydown activity	(326,420		)	(268,181)		(146,152)		(58,239	)	21.7				(180,268	)	123.3
Total acquired loans	6,465,748			6,792,168		2,062,606		(326,420	)	(4.8	)			4,403,142		213.5
Total loans	$	22,075,783		$	21,706,090	$	15,556,016	369,693		1.7				6,519,767		41.9
⁽¹⁾ Includes equipment financing leases.
N/M= not meaningful

On an average balance and linked quarter basis, the investment portfolio increased $80.9 million, or 2%, in 2Q18, to $4.9 billion, mainly due to purchases of additional investment securities, partially offset by unfavorable market valuation on available-for-sale securities. Approximately 95% of the Company's investment portfolio is in available-for-sale securities, which experience unrealized losses as interest rates rise. On a period-end basis, the investment portfolio equated to $4.9 billion, or 16% of total assets, at June 30, 2018. The investment portfolio had an effective duration of 3.9 years at June 30, 2018, down from 4.2 years at March 31, 2018, and a $151.4 million unrealized loss at June 30, 2018, up from $129.9 million at March 31, 2018. The average yield on investment securities increased 4 basis points to 2.42% in 2Q18. The Company holds in its investment portfolio primarily government agency securities. Municipal securities comprised 9% of total investments at June 30, 2018.

Deposits and Funding

Total deposits increased $459.3 million, or 2%, to $23.4 billion at June 30, 2018. Deposit growth during 2Q18 was strongest in the Energy Group (reserve-based lending), the Dade, Florida market, and the Virtual Bank division (digital banking).



Table D - Period-End Deposits
(Dollars in thousands)
							Linked Qtr Change						Year/Year Change		Mix
	6/30/2018		3/31/2018		6/30/2017		$		%		Annualized		$	%	6/30/2018		3/31/2018
Non-interest-bearing	$	6,814,441	$	6,595,495	$	5,020,195	218,946		3.3		13.2	%	1,794,246	35.7	29.1	%	28.7	%
NOW accounts	4,453,152		4,500,181		3,089,482		(47,029	)	(1.0	)	(4.0	)%	1,363,670	44.1	19.0	%	19.6	%
Money market accounts	8,467,906		8,271,969		6,017,654		195,937		2.4		9.6	%	2,450,252	40.7	36.1	%	36.0	%
Savings accounts	850,425		874,741		797,859		(24,316	)	(2.8	)	(11.2	)%	52,566	6.6	3.6	%	3.8	%
Time deposits	2,844,534		2,728,806		1,927,926		115,728		4.2		16.8	%	916,608	47.5	12.2	%	11.9	%
Total deposits	$	23,430,458	$	22,971,192	$	16,853,116	459,266		2.0		8.0	%	6,577,342	39.0	100.0	%	100.0	%

Asset Quality

Non-performing assets ("NPAs") to total assets were 54 basis points in 2Q18, compared to 64 basis points in 1Q18 and 91 basis points in 2Q17, a 41% year-over-year decrease. Accruing loans past due 30 to 89 days equated to 0.20% of total loans at June 30, 2018, compared to 0.36% at March 31, 2018.

Net charge-offs totaled $11.7 million in 2Q18, compared to $4.3 million in 1Q18, due primarily to the charge-off of one large legacy loan in 2Q18, which was specifically reserved for in a prior period, compared to one large legacy loan recovery in 1Q18. Annualized net charge-offs equated to 21 basis points of average loans in 2Q18, a 12 basis points increase on a linked quarter basis, but remain at historically low levels.

Refer to Table 5 - Loans and Asset Quality Data for further information.

Capital Position

At June 30, 2018, the Company reported a non-GAAP tangible common equity ratio of 8.56%, down 10 basis points compared to March 31, 2018, and the preliminary Tier 1 leverage ratio was 9.55%, down 42 basis points compared to March 31, 2018. The Company’s preliminary calculation of its total risk-based capital ratio at June 30, 2018, was 12.37%, down 11 basis points compared to March 31, 2018.

At June 30, 2018, book value per common share was $67.06, up $0.68 per share, compared to March 31, 2018. Tangible book value per common share was $43.75, up $0.84 per share, compared to March 31, 2018. Based on the closing stock price of the Company’s common stock of $78.50 per share on July 19, 2018, this price equated to 1.17 times June 30, 2018 book value per common share and 1.79 times June 30, 2018 tangible book value per common share.

Dividends On Capital Stock. The declaration of dividends is at the discretion of the Board of Directors. The following details the recent dividend declarations:

Common Stock. On June 19, 2018, the Company declared a quarterly cash dividend of $0.38 per common share, consistent with the common dividend declared in March 2018. The dividend is payable on July 27, 2018, to shareholders of record as of June 29, 2018.

Preferred Stock. On June 19, 2018, the Company declared a quarterly cash dividend of $0.4125 per depositary share of Series C Preferred Stock that is payable on August 1, 2018. On July 6, 2018, the Company declared a semi-annual cash dividend of $0.8281 per depositary share of Series B Preferred Stock that is payable on August 1, 2018.

Common Stock Repurchase Program. On May 10, 2018, the Board of Directors of the Company authorized the repurchase of up to 1,137,500 shares of the Company's common stock. This repurchase authorization equates to approximately 2% of total shares outstanding. Stock repurchases under this program will be made from time to time, on the open market or in privately negotiated transactions, at the discretion of the management of the Company. The timing of these repurchases will depend on market conditions and other requirements. The Company currently anticipates the share repurchase program will extend over a two-year time frame. During 2Q18, the Company repurchased 400,000 common shares, at a weighted average price of $76.67 per common share, of which 335,000 were repurchased under a prior Board-authorized plan. At June 30, 2018, there were approximately 1,073,500 remaining shares that may be repurchased under the plan authorized by the Board on May 10, 2018.

IBERIABANK Corporation

IBERIABANK Corporation is a regional financial holding company with offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, and New York offering commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, mortgage, and title insurance services.

The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “IBKC”. The Company's Series B Preferred Stock and Series C Preferred Stock also trade on the NASDAQ Global Select Market under the symbols "IBKCP" and "IBKCO", respectively. The Company’s common stock market capitalization was approximately $4.4 billion, based on the NASDAQ Global Select Market closing stock price on July 19, 2018.

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.


•	Piper Jaffray & Co.


•	Raymond James & Associates, Inc.


•	Sandler O’Neill + Partners, L.P.


•	Stephens, Inc.


•	SunTrust Robinson-Humphrey

Conference Call

In association with this earnings release, the Company will host a live conference call to discuss the financial results for the quarter just completed. The telephone conference call will be held on Friday, July 20, 2018, beginning at 8:00 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 2301786. A replay of the call will be available until midnight Central Time on July 27, 2018 by dialing 1-877-344-7529. The confirmation code for the replay is 10121508. The Company has prepared a PowerPoint presentation that supplements information contained in this press release. The PowerPoint presentation may be accessed on the Company’s web site, www.iberiabank.com, under “Investor Relations” and then "Financial Information" and “Presentations.”

Non-GAAP Financial Measures

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

Caution About Forward-Looking Statements

This press release contains "forward-looking statements," which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. Due to various factors, actual results may differ materially from our forward-looking statements. Factors that could cause our actual results to differ materially from our forward-looking statements are described under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors" and "Regulation and Supervision" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, 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. All information is as of the date of this press release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.



Table 1 - IBERIABANK CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)

		As of and For the Three Months Ended
INCOME DATA:		6/30/2018			3/31/2018			% Change		6/30/2017			% Change
	Net interest income	$	256,113		$	232,889		10.0		$	183,643		39.5
	Net interest income (TE) ⁽¹⁾	257,562			234,353			9.9		186,131			38.4
	Total revenues ⁽²⁾	310,053			277,455			11.7		237,481			30.6
	Provision for loan losses	7,595			7,986			(4.9	)	12,050			(37.0	)
	Non-interest expense ⁽²⁾	196,877			188,296			4.6		145,380			35.4
	Net income available to common shareholders	74,175			60,023			23.6		51,069			45.2

PER COMMON SHARE DATA:
	Earnings available to common shareholders - basic	$	1.31		$	1.11		18.0		$	1.00		31.0
	Earnings available to common shareholders - diluted	1.30			1.10			18.2		0.99			31.3
	Core earnings (Non-GAAP) ⁽³⁾	1.71			1.37			24.8		1.10			55.5
	Book value	67.06			66.38			1.0		66.08			1.5
	Tangible book value (Non-GAAP)^{(3) (4)}	43.75			42.91			2.0		51.33			(14.8	)
	Closing stock price	75.80			78.00			(2.8	)	81.50			(7.0	)
	Cash dividends	0.38			0.38			—		0.36			5.6

KEY RATIOS AND OTHER DATA ⁽⁷⁾:
	Net interest margin (TE) ⁽¹⁾	3.76		%	3.67		%			3.71		%
	Efficiency ratio ⁽²⁾	63.5			67.9					61.2
	Core tangible efficiency ratio (TE) (Non-GAAP) ^{(1) (2) (3) (4)}	54.3			58.8					57.2
	Return on average assets	1.01			0.92					0.96
	Return on average common equity	7.87			6.79					6.08
	Core return on average tangible common equity (Non-GAAP) ⁽³⁾⁽⁴⁾	16.70			13.83					8.86
	Effective tax rate	28.8			21.6					35.0
	Full-time equivalent employees	3,543			3,726					3,190

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) ^{(3) (4)}	8.56		%	8.66		%			12.45		%
	Tangible common equity to risk-weighted assets ⁽⁴⁾	10.18			10.27					14.32
	Tier 1 leverage ratio ⁽⁵⁾	9.55			9.97					13.19
	Common equity Tier 1 (CET 1) ratio ⁽⁵⁾	10.72			10.77					14.52
	Tier 1 capital ratio ⁽⁵⁾	11.27			11.32					15.24
	Total risk-based capital ratio ⁽⁵⁾	12.37			12.48					16.74
	Common stock dividend payout ratio	28.9			36.0					36.2
	Classified assets to Tier 1 capital ⁽⁸⁾	13.9			15.3					13.9



ASSET QUALITY RATIOS:
	Non-performing assets to total assets ⁽⁶⁾	0.54	%	0.64	%	0.91	%
	ALLL to loans and leases	0.62		0.67		0.94
	Net charge-offs to average loans (annualized)	0.21		0.09		0.29
	Non-performing assets to total loans and OREO ⁽⁶⁾	0.74		0.87		1.27

₍₁₎	Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21% for 2018 and a rate of 35% for 2017.
₍₂₎	Certain prior period amounts have been reclassified to conform to the net presentation requirements of ASU No. 2014-09, Revenue from Contracts with Customers, which was adopted effective January 1, 2018. The adoption resulted in a reduction of non-interest income and non-interest expense of approximately $2.1 million and had no impact on net income.
₍₃₎	See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
₍₄₎	Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.
₍₅₎	Regulatory capital ratios as of June 30, 2018 are preliminary.
₍₆₎	Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. For purposes of this table, past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.
₍₇₎	All ratios are calculated on an annualized basis for the periods indicated.
₍₈₎	Classified assets include commercial loans rated substandard or worse and non-performing mortgage and consumer loans and include acquired impaired loans accounted for under ASC 310-30.



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

	For the Three Months Ended
						Linked Qtr Change											Year/Year Change
	6/30/2018		3/31/2018			$		%		12/31/2017		9/30/2017			6/30/2017		$		%
Interest income	$	303,823	$	270,543		33,280		12.3		$	269,703	$	246,972		$	204,575	99,248		48.5
Interest expense	47,710		37,654			10,056		26.7		34,201		30,089			20,932		26,778		127.9
Net interest income	256,113		232,889			23,224		10.0		235,502		216,883			183,643		72,470		39.5
Provision for loan losses	7,595		7,986			(391	)	(4.9	)	14,393		18,514			12,050		(4,455	)	(37.0	)
Net interest income after provision for loan losses	248,518		224,903			23,615		10.5		221,109		198,369			171,593		76,925		44.8
Mortgage income	13,721		9,595			4,126		43.0		13,675		16,050			19,730		(6,009	)	(30.5	)
Service charges on deposit accounts	12,950		12,908			42		0.3		12,581		12,534			11,410		1,540		13.5
Title revenue	6,846		5,027			1,819		36.2		5,398		5,643			6,190		656		10.6
Broker commissions⁽¹⁾	2,396		2,221			175		7.9		1,958		2,094			2,562		(166	)	(6.5	)
ATM/debit card fee income⁽¹⁾	2,925		2,633			292		11.1		2,583		2,486			2,646		279		10.5
Income from bank owned life insurance	1,261		1,282			(21	)	(1.6	)	1,267		1,263			1,241		20		1.6
Gain (loss) on sale of available-for-sale securities	3		(59		)	62		105.1		35		(242		)	59		(56	)	(94.9	)
Trust department income	4,243		3,426			817		23.8		3,081		2,686			2,026		2,217		109.4
Other non-interest income⁽¹⁾	9,595		7,533			2,062		27.4		11,764		8,329			7,974		1,621		20.3
Total non-interest income⁽¹⁾	53,940		44,566			9,374		21.0		52,342		50,843			53,838		102		0.2
Salaries and employee benefits	107,445		104,586			2,859		2.7		104,387		106,970			86,317		21,128		24.5
Occupancy and equipment	19,931		20,047			(116	)	(0.6	)	19,211		19,139			16,292		3,639		22.3
Amortization of acquisition intangibles	6,111		5,102			1,009		19.8		4,642		4,527			1,651		4,460		270.1
Data processing⁽¹⁾	9,309		12,393			(3,084	)	(24.9	)	11,416		12,300			6,713		2,596		38.7
Professional services	7,160		7,391			(231	)	(3.1	)	9,441		22,550			11,219		(4,059	)	(36.2	)
Credit and other loan related expense	5,190		4,618			572		12.4		3,170		7,532			3,780		1,410		37.3
Other non-interest expense⁽¹⁾	41,731		34,159			7,572		22.2		29,798		27,744			19,408		22,323		115.0
Total non-interest expense⁽¹⁾	196,877		188,296			8,581		4.6		182,065		200,762			145,380		51,497		35.4
Income before income taxes	105,581		81,173			24,408		30.1		91,386		48,450			80,051		25,530		31.9
Income tax expense	30,457		17,552			12,905		73.5		81,108		18,806			28,033		2,424		8.6
Net income	75,124		63,621			11,503		18.1		10,278		29,644			52,018		23,106		44.4
Less: Preferred stock dividends	949		3,598			(2,649	)	(73.6	)	949		3,598			949		—		—
Net income available to common shareholders	$	74,175	$	60,023		14,152		23.6		$	9,329	$	26,046		$	51,069	23,106		45.2

Income available to common shareholders - basic	$	74,175	$	60,023		14,152		23.6		$	9,329	$	26,046		$	51,069	23,106		45.2
Less: Earnings allocated to unvested restricted stock	767		639			128		20.0		101		283			361		406		112.5
Earnings allocated to common shareholders	$	73,408	$	59,384		14,024		23.6		$	9,228	$	25,763		$	50,708	22,700		44.8



Earnings per common share - basic	$	1.31	$	1.11	0.20		18.0		$	0.17	$	0.49	$	1.00	0.31	31.0

Earnings per common share - diluted	1.30		1.10		0.20		18.2		0.17		0.49		0.99		0.31	31.3
Impact of non-core items (Non-GAAP)⁽²⁾	0.41		0.27		0.14		51.9		1.16		0.51		0.11		0.30	272.7
Earnings per share - diluted, excluding non-core items (Non-GAAP)⁽²⁾	$	1.71	$	1.37	0.34		24.8		$	1.33	$	1.00	$	1.10	0.61	55.5

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic	55,931		53,616		2,315		4.3		53,287		52,424		50,630		5,301	10.5
Weighted average common shares outstanding - diluted	56,287		53,967		2,320		4.3		53,621		52,770		50,984		5,303	10.4
Book value shares (period end)	56,390		56,779		(389	)	(0.7	)	53,872		53,864		51,015		5,375	10.5

⁽¹⁾ Certain prior period amounts have been reclassified to conform to the net presentation requirements of ASU No. 2014-09, Revenue from Contracts with Customers, which was adopted effective January 1, 2018. On average, the adoption resulted in a reduction of non-interest income and non-interest expense of approximately $2.3 million on a quarterly basis, and had no impact on net income.
⁽²⁾ See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.



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

	For the Six Months Ended
						Change
	6/30/2018			6/30/2017		$		%
Interest income	$	574,366		$	397,108	177,258		44.6
Interest expense	85,364			40,647		44,717		110.0
Net interest income	489,002			356,461		132,541		37.2
Provision for loan losses	15,581			18,204		(2,623	)	(14.4	)
Net interest income after provision for loan losses	473,421			338,257		135,164		40.0
Mortgage income	23,316			33,845		(10,529	)	(31.1	)
Service charges on deposit accounts	25,858			22,563		3,295		14.6
Title revenue	11,873			10,931		942		8.6
Broker commissions ⁽¹⁾	4,617			5,109		(492	)	(9.6	)
ATM/debit card fee income ⁽¹⁾	5,558			5,129		429		8.4
Income from bank owned life insurance	2,543			2,552		(9	)	(0.4	)
(Loss) gain on sale of available-for-sale securities	(56		)	59		(115	)	(194.9	)
Trust department income	7,669			3,939		3,730		94.7
Other non-interest income ⁽¹⁾	17,128			14,835		2,293		15.5
Total non-interest income ⁽¹⁾	98,506			98,962		(456	)	(0.5	)
Salaries and employee benefits	212,031			168,170		43,861		26.1
Occupancy and equipment	39,978			32,313		7,665		23.7
Amortization of acquisition intangibles	11,213			3,421		7,792		227.8
Data processing ⁽¹⁾	21,702			13,074		8,628		66.0
Professional services	14,551			16,553		(2,002	)	(12.1	)
Credit and other loan related expense	9,808			8,306		1,502		18.1
Other non-interest expense ⁽¹⁾	75,890			42,339		33,551		79.2
Total non-interest expense ⁽¹⁾	385,173			284,176		100,997		35.5
Income before income taxes	186,754			153,043		33,711		22.0
Income tax expense	48,009			50,552		(2,543	)	(5.0	)
Net income	138,745			102,491		36,254		35.4
Less: Preferred stock dividends	4,547			4,548		(1	)	—
Net income available to common shareholders	$	134,198		$	97,943	36,255		37.0

Income available to common shareholders - basic	$	134,198		$	97,943	36,255		37.0
Less: Earnings allocated to unvested restricted stock	1,409			707		702		99.3
Earnings allocated to common shareholders	$	132,789		$	97,236	35,553		36.6

Earnings per common share - basic	$	2.42		$	2.01	0.41		20.4

Earnings per common share - diluted	2.41			1.99		0.42		21.1
Impact of non-core items (Non-GAAP) ⁽²⁾	0.68			0.14		0.54		385.7
Earnings per share - diluted, excluding non-core items (Non-GAAP) ⁽²⁾	$	3.09		$	2.13	0.96		45.1

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic	54,780			48,389		6,391		13.2
Weighted average common shares outstanding - diluted	55,133			48,751		6,382		13.1
Book value shares (period end)	56,390			51,015		5,375		10.5

⁽¹⁾ Certain prior period amounts have been reclassified to conform to the net presentation requirements of ASU No. 2014-09, Revenue from Contracts with Customers, which was adopted effective January 1, 2018. The adoption resulted in a reduction of non-interest income and non-interest expense of approximately $4.4 million and had no impact on net income.

⁽²⁾ See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.



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

PERIOD-END BALANCES							Linked Qtr Change													Year/Year Change
ASSETS	6/30/2018			3/31/2018			$		%		12/31/2017			9/30/2017			6/30/2017			$		%
Cash and due from banks	$	299,268		$	253,527		45,741		18.0		$	319,156		$	298,173		$	301,910		(2,642	)	(0.9	)
Interest-bearing deposits in other banks	428,120			310,565			117,555		37.9		306,568			583,043			167,450			260,670		155.7
Total cash and cash equivalents	727,388			564,092			163,296		28.9		625,724			881,216			469,360			258,028		55.0
Investment securities available for sale	4,650,915			4,542,486			108,429		2.4		4,590,062			4,736,339			4,009,299			641,616		16.0
Investment securities held to maturity	221,030			224,241			(3,211	)	(1.4	)	227,318			175,906			84,517			136,513		161.5
Total investment securities	4,871,945			4,766,727			105,218		2.2		4,817,380			4,912,245			4,093,816			778,129		19.0
Mortgage loans held for sale	78,843			110,348			(31,505	)	(28.6	)	134,916			141,218			140,959			(62,116	)	(44.1	)
Loans and leases, net of unearned income	22,075,783			21,706,090			369,693		1.7		20,078,181			19,795,085			15,556,016			6,519,767		41.9
Allowance for loan and lease losses	(136,576		)	(144,527		)	7,951		(5.5	)	(140,891		)	(136,628		)	(146,225		)	9,649		(6.6	)
Loans and leases, net	21,939,207			21,561,563			377,644		1.8		19,937,290			19,658,457			15,409,791			6,529,416		42.4
Premises and equipment, net	326,213			329,454			(3,241	)	(1.0	)	331,413			330,800			318,167			8,046		2.5
Goodwill and other intangible assets	1,320,664			1,338,573			(17,909	)	(1.3	)	1,277,464			1,281,479			757,025			563,639		74.5
Other assets	861,902			801,880			60,022		7.5		779,942			771,220			601,609			260,293		43.3
Total assets	$	30,126,162		$	29,472,637		653,525		2.2		$	27,904,129		$	27,976,635		$	21,790,727		8,335,435		38.3

LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	6,814,441		$	6,595,495		218,946		3.3		$	6,209,925		$	5,963,943		$	5,020,195		1,794,246		35.7
NOW accounts	4,453,152			4,500,181			(47,029	)	(1.0	)	4,348,939			3,547,761			3,089,482			1,363,670		44.1
Savings and money market accounts	9,318,331			9,146,710			171,621		1.9		8,520,365			9,165,417			6,815,513			2,502,818		36.7
Certificates of deposit	2,844,534			2,728,806			115,728		4.2		2,387,488			2,657,150			1,927,926			916,608		47.5
Total deposits	23,430,458			22,971,192			459,266		2.0		21,466,717			21,334,271			16,853,116			6,577,342		39.0
Short-term borrowings	595,000			375,000			220,000		58.7		475,000			975,008			250,000			345,000		138.0
Securities sold under agreements to repurchase	459,213			525,496			(66,283	)	(12.6	)	516,297			548,696			333,935			125,278		37.5
Trust preferred securities	120,110			120,110			—		—		120,110			120,110			120,110			—		—
Other long-term debt	1,318,504			1,329,192			(10,688	)	(0.8	)	1,375,725			1,007,474			547,133			771,371		141.0
Other liabilities	289,468			250,740			38,728		15.4		253,489			264,302			183,191			106,277		58.0
Total liabilities	26,212,753			25,571,730			641,023		2.5		24,207,338			24,249,861			18,287,485			7,925,268		43.3
Total shareholders' equity	3,913,409			3,900,907			12,502		0.3		3,696,791			3,726,774			3,503,242			410,167		11.7
Total liabilities and shareholders' equity	$	30,126,162		$	29,472,637		653,525		2.2		$	27,904,129		$	27,976,635		$	21,790,727		8,335,435		38.3



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

AVERAGE BALANCES							Linked Qtr Change													Year/Year Change
ASSETS	6/30/2018			3/31/2018			$		%		12/31/2017			9/30/2017			6/30/2017			$		%
Cash and due from banks	$	296,907		$	308,319		(11,412	)	(3.7	)	$	307,328		$	277,968		$	277,047		19,860		7.2
Interest-bearing deposits in other banks	392,906			486,298			(93,392	)	(19.2	)	538,733			615,445			555,431			(162,525	)	(29.3	)
Total cash and cash equivalents	689,813			794,617			(104,804	)	(13.2	)	846,061			893,413			832,478			(142,665	)	(17.1	)
Investment securities available for sale	4,629,177			4,544,836			84,341		1.9		4,674,496			4,593,798			3,970,021			659,156		16.6
Investment securities held to maturity	222,764			226,229			(3,465	)	(1.5	)	191,067			114,895			85,516			137,248		160.5
Total investment securities	4,851,941			4,771,065			80,876		1.7		4,865,563			4,708,693			4,055,537			796,404		19.6
Mortgage loans held for sale	72,917			109,027			(36,110	)	(33.1	)	126,216			132,309			145,274			(72,357	)	(49.8	)
Loans and leases, net of unearned income	21,830,720			20,181,390			1,649,330		8.2		19,941,500			18,341,154			15,284,007			6,546,713		42.8
Allowance for loan and lease losses	(145,565		)	(144,295		)	(1,270	)	0.9		(138,927		)	(147,046		)	(146,448		)	883		(0.6	)
Loans and leases, net	21,685,155			20,037,095			1,648,060		8.2		19,802,573			18,194,108			15,137,559			6,547,596		43.3
Premises and equipment, net	327,686			331,640			(3,954	)	(1.2	)	329,957			327,917			309,622			18,064		5.8
Goodwill and other intangible assets	1,338,420			1,281,598			56,822		4.4		1,277,293			1,047,355			757,528			580,892		76.7
Other assets	804,920			807,177			(2,257	)	(0.3	)	787,400			793,126			605,539			199,381		32.9
Total assets	$	29,770,852		$	28,132,219		1,638,633		5.8		$	28,035,063		$	26,096,921		$	21,843,537		7,927,315		36.3

LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	6,795,878		$	6,278,507		517,371		8.2		$	6,176,347		$	5,601,071		$	4,992,598		1,803,280		36.1
NOW accounts	4,494,064			4,363,557			130,507		3.0		3,987,908			3,203,657			3,124,243			1,369,821		43.8
Savings and money market accounts	9,146,302			8,664,085			482,217		5.6		8,769,464			8,566,873			7,079,773			2,066,529		29.2
Certificates of deposit	2,719,627			2,471,485			248,142		10.0		2,444,403			2,413,727			1,964,234			755,393		38.5
Total deposits	23,155,871			21,777,634			1,378,237		6.3		21,378,122			19,785,328			17,160,848			5,995,023		34.9
Short-term borrowings	609,965			506,056			103,909		20.5		729,111			1,180,165			38,320			571,645		1,491.8
Securities sold under agreements to repurchase	427,508			477,862			(50,354	)	(10.5	)	494,757			439,077			314,090			113,418		36.1
Trust preferred securities	120,110			120,110			—		—		120,110			120,110			120,110			—		—
Other long-term debt	1,261,515			1,257,213			4,302		0.3		1,300,114			622,655			508,522			752,993		148.1
Other liabilities	281,820			275,869			5,951		2.2		264,790			273,163			200,673			81,147		40.4
Total liabilities	25,856,789			24,414,744			1,442,045		5.9		24,287,004			22,420,498			18,342,563			7,514,226		41.0
Total shareholders' equity	3,914,063			3,717,475			196,588		5.3		3,748,059			3,676,423			3,500,974			413,089		11.8
Total liabilities and shareholders' equity	$	29,770,852		$	28,132,219		1,638,633		5.8		$	28,035,063		$	26,096,921		$	21,843,537		7,927,315		36.3



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

							Linked Qtr Change													Year/Year Change
LOANS	6/30/2018			3/31/2018			$		%		12/31/2017			9/30/2017			6/30/2017			$		%
Commercial loans and leases:
Real estate- construction	$	1,183,367		$	1,199,625		(16,258	)	(1.4	)	$	1,240,396		$	1,298,282		$	1,100,504		82,863		7.5
Real estate- owner-occupied ⁽¹⁾	2,641,824			2,612,244			29,580		1.1		2,529,885			2,448,826			2,242,275			399,549		17.8
Real estate- non-owner occupied	5,467,113			5,437,082			30,031		0.6		5,167,949			5,020,778			3,839,777			1,627,336		42.4
Commercial and industrial ⁽⁶⁾	5,512,416			5,325,682			186,734		3.5		5,135,067			5,016,437			4,195,096			1,317,320		31.4
Total commercial loans and leases	14,804,720			14,574,633			230,087		1.6		14,073,297			13,784,323			11,377,652			3,427,068		30.1

Residential mortgage loans	4,124,538			3,971,067			153,471		3.9		3,056,352			3,024,970			1,346,467			2,778,071		206.3

Consumer loans:
Home equity	2,410,617			2,421,186			(10,569	)	(0.4	)	2,292,275			2,320,233			2,158,948			251,669		11.7
Other	735,908			739,204			(3,296	)	(0.4	)	656,257			665,559			672,949			62,959		9.4
Total consumer loans	3,146,525			3,160,390			(13,865	)	(0.4	)	2,948,532			2,985,792			2,831,897			314,628		11.1
Total loans and leases	$	22,075,783		$	21,706,090		369,693		1.7		$	20,078,181		$	19,795,085		$	15,556,016		6,519,767		41.9

Allowance for loan and lease losses ⁽²⁾	$	(136,576	)	$	(144,527	)	7,951		(5.5	)	$	(140,891	)	$	(136,628	)	$	(146,225	)	9,649		(6.6	)
Loans and leases, net	21,939,207			21,561,563			377,644		1.8		19,937,290			19,658,457			15,409,791			6,529,416		42.4

Reserve for unfunded commitments	(14,433		)	(13,432		)	(1,001	)	7.5		(13,208		)	(21,032		)	(10,462		)	(3,971	)	38.0
Allowance for credit losses	(151,009		)	(157,959		)	6,950		(4.4	)	(154,099		)	(157,660		)	(156,687		)	5,678		(3.6	)

ASSET QUALITY DATA
Non-accrual loans ⁽³⁾	$	131,155		$	153,975		(22,820	)	(14.8	)	$	145,388		$	145,491		$	177,942		(46,787	)	(26.3	)
Other real estate owned and foreclosed assets	22,267			27,117			(4,850	)	(17.9	)	26,533			28,338			19,718			2,549		12.9
Accruing loans more than 90 days past due ⁽³⁾	9,314			8,288			1,026		12.4		6,900			2,190			802			8,512		1,061.3
Total non-performing assets ⁽³⁾⁽⁴⁾	$	162,736		$	189,380		(26,644	)	(14.1	)	$	178,821		$	176,019		$	198,462		(35,726	)	(18.0	)

Loans 30-89 days past due ⁽³⁾	$	43,159		$	78,293		(35,134	)	(44.9	)	$	61,717		$	58,327		$	50,871		(7,712	)	(15.2	)

Non-performing assets to total assets ⁽³⁾⁽⁴⁾	0.54		%	0.64		%					0.64		%	0.63		%	0.91		%
Non-performing assets to total loans and OREO⁽³⁾⁽⁴⁾	0.74			0.87							0.89			0.89			1.27
ALLL to non-performing loans ⁽³⁾⁽⁵⁾	97.2			89.1							92.5			92.5			81.8
ALLL to non-performing assets ⁽³⁾⁽⁴⁾	83.9			76.3							78.8			77.6			73.7



ALLL to total loans	0.62			0.67						0.70			0.69			0.94

Quarter-to-date charge-offs	$	13,618		$	9,116		4,502	49.4		$	12,526		$	30,460		$	12,189		1,429		11.7
Quarter-to-date recoveries	(1,968		)	(4,813		)	2,845	(59.1	)	(2,425		)	(1,644		)	(1,289		)	(679	)	52.7
Quarter-to-date net charge-offs	$	11,650		$	4,303		7,347	170.7		$	10,101		$	28,816		$	10,900		750		6.9

Net charge-offs to average loans (annualized)	0.21		%	0.09		%				0.20		%	0.62		%	0.29		%

(1) Real estate- owner-occupied is defined as loans with a "1E1" Call Report Code (loans secured by owner-occupied non-farm non-residential properties).
(2) The allowance for loan and lease losses includes impairment reserves attributable to acquired impaired loans.
(3) For purposes of this table, past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.
(4) Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.
(5) Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past due.
(6) Includes equipment financing leases.



TABLE 6 - IBERIABANK CORPORATION
QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES
(Dollars in thousands)

	For the Three Months Ended
	6/30/2018							3/31/2018						Basis Point Change
ASSETS	Average Balance			Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Yield/Rate (TE)⁽¹⁾
Earning assets:
Commercial loans and leases	$	14,631,985		$	178,830	4.92	%	$	14,087,635	$	164,660	4.76	%	16
Residential mortgage loans	4,041,259			47,215		4.67		3,151,775		34,494		4.38		29
Consumer loans	3,157,476			44,431		5.64		2,941,980		38,915		5.36		28
Total loans and leases	21,830,720			270,476		4.98		20,181,390		238,069		4.79		19
Mortgage loans held for sale	72,917			836		4.59		109,027		1,154		4.23		36
Investment securities⁽²⁾	4,958,769			29,325		2.42		4,843,448		28,094		2.38		4
Other earning assets	580,477			3,186		2.20		679,902		3,226		1.92		28
Total earning assets	27,442,883			303,823		4.46		25,813,767		270,543		4.26		20
Allowance for loan and lease losses	(145,565		)					(144,295)
Non-earning assets	2,473,534							2,462,747
Total assets	$	29,770,852						$	28,132,219

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	4,494,064		$	8,620	0.77	%	$	4,363,557	$	7,081	0.66	%	11
Savings and money market accounts	9,146,302			18,434		0.81		8,664,085		14,579		0.68		13
Certificates of deposit	2,719,627			9,105		1.34		2,471,485		6,584		1.08		26
Total interest-bearing deposits⁽³⁾	16,359,993			36,159		0.89		15,499,127		28,244		0.74		15
Short-term borrowings	1,037,473			3,327		1.29		983,918		2,524		1.04		25
Long-term debt	1,381,625			8,224		2.39		1,377,323		6,886		2.03		36
Total interest-bearing liabilities	18,779,091			47,710		1.02		17,860,368		37,654		0.86		16
Non-interest-bearing deposits	6,795,878							6,278,507
Non-interest-bearing liabilities	281,820							275,869
Total liabilities	25,856,789							24,414,744
Total shareholders' equity	3,914,063							3,717,475
Total liabilities and shareholders' equity	$	29,770,852						$	28,132,219

Net interest income/Net interest spread				$	256,113	3.44	%			$	232,889	3.40	%	4
Taxable equivalent benefit				1,449		0.02				1,464		0.02		—
Net interest income (TE)/Net interest margin (TE) ⁽¹⁾				$	257,562	3.76	%			$	234,353	3.67	%	9

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21% for 2018 and a rate of 35% for 2017.
(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, 2018 and March 31, 2018 were 0.63% and 0.53%, respectively.



TABLE 6 Continued - IBERIABANK CORPORATION
QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES
(Dollars in thousands)

	For the Three Months Ended
	12/31/2017						9/30/2017						6/30/2017
ASSETS	Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾
Earning assets:
Commercial loans and leases	$	13,964,340	$	163,974	4.70	%	$	12,951,243	$	146,003	4.52	%	$	11,136,842	$	127,301	4.64	%
Residential mortgage loans	3,049,947		35,007		4.59		2,464,348		28,645		4.65		1,319,207		14,345		4.35
Consumer loans	2,927,213		38,836		5.26		2,925,563		42,240		5.73		2,827,958		37,620		5.34
Total loans and leases	19,941,500		237,817		4.77		18,341,154		216,888		4.73		15,284,007		179,266		4.74
Mortgage loans held for sale	126,216		1,251		3.96		132,309		1,209		3.66		145,274		1,248		3.44
Investment securities⁽²⁾	4,893,538		27,714		2.37		4,709,526		26,246		2.32		4,029,491		22,306		2.32
Other earning assets	725,042		2,921		1.60		789,223		2,629		1.32		650,083		1,755		1.08
Total earning assets	25,686,296		269,703		4.22		23,972,212		246,972		4.14		20,108,855		204,575		4.13
Allowance for loan and lease losses	(138,927)						(147,046)						(146,448)
Non-earning assets	2,487,694						2,271,755						1,881,130
Total assets	$	28,035,063					$	26,096,921					$	21,843,537

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	3,987,908	$	5,404	0.54	%	$	3,203,657	$	4,384	0.54	%	$	3,124,243	$	3,507	0.45	%
Savings and money market accounts	8,769,464		13,345		0.60		8,566,873		11,650		0.54		7,079,773		9,029		0.51
Certificates of deposit	2,444,403		6,115		0.99		2,413,727		5,766		0.95		1,964,234		4,576		0.93
Total interest-bearing deposits⁽³⁾	15,201,775		24,864		0.65		14,184,257		21,800		0.61		12,168,250		17,112		0.56
Short-term borrowings	1,223,868		2,901		0.94		1,619,242		4,152		1.02		352,410		227		0.26
Long-term debt	1,420,224		6,436		1.80		742,765		4,137		2.21		628,632		3,593		2.29
Total interest-bearing liabilities	17,845,867		34,201		0.76		16,546,264		30,089		0.72		13,149,292		20,932		0.64
Non-interest-bearing deposits	6,176,347						5,601,071						4,992,598
Non-interest-bearing liabilities	264,790						273,163						200,673
Total liabilities	24,287,004						22,420,498						18,342,563
Total shareholders' equity	3,748,059						3,676,423						3,500,974
Total liabilities and shareholders' equity	$	28,035,063					$	26,096,921					$	21,843,537

Net interest income/Net interest spread			$	235,502	3.46	%			$	216,883	3.42	%			$	183,643	3.49	%
Taxable equivalent benefit			2,812		0.04				2,585		0.04				2,488		0.05
Net interest income (TE)/Net interest margin (TE)⁽¹⁾			$	238,314	3.69	%			$	219,468	3.64	%			$	186,131	3.71	%

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35% for 2017 and a rate of 21% for 2018.
(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, 2017, September 30, 2017, and June 30, 2017 were 0.46%, 0.44% and 0.40%, respectively.



TABLE 7 - IBERIABANK CORPORATION
YEAR-TO-DATE AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES
(Dollars in thousands)

	For the Six Months Ended
	6/30/2018							6/30/2017						Basis Point Change
ASSETS	Average Balance			Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Yield/Rate (TE)⁽¹⁾
Earning assets:
Commercial loans and leases	$	14,361,314		$	343,490	4.84	%	$	11,027,883	$	246,906	4.57	%	27
Residential mortgage loans	3,598,974			81,709		4.54		1,296,266		27,193		4.20		34
Consumer loans	3,050,324			83,346		5.51		2,841,390		74,143		5.26		25
Total loans and leases	21,010,612			508,545		4.89		15,165,539		348,242		4.67		22
Mortgage loans held for sale	90,873			1,990		4.38		160,309		2,219		2.77		161
Investment securities ⁽²⁾	4,901,427			57,419		2.40		3,886,106		42,234		2.28		12
Other earning assets	629,915			6,412		2.05		885,278		4,413		1.01		104
Total earning assets	26,632,827			574,366		4.36		20,097,232		397,108		4.03		33
Allowance for loan and lease losses	(144,934		)					(145,890)
Non-earning assets	2,468,169							1,901,127
Total assets	$	28,956,062						$	21,852,469

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	4,429,171		$	15,701	0.71	%	$	3,181,347	$	6,597	0.42	%	29
Savings and money market accounts	8,906,526			33,013		0.75		7,145,295		17,358		0.49		26
Certificates of deposit	2,596,241			15,689		1.22		2,023,661		9,214		0.92		30
Total interest-bearing deposits ⁽³⁾	15,931,938			64,403		0.82		12,350,303		33,169		0.54		28
Short-term borrowings	1,010,843			5,851		1.17		381,407		504		0.27		90
Long-term debt	1,379,487			15,110		2.21		623,591		6,974		2.26		(5)
Total interest-bearing liabilities	18,322,268			85,364		0.94		13,355,301		40,647		0.62		32
Non-interest-bearing deposits	6,538,622							4,984,815
Non-interest-bearing liabilities	278,861							211,274
Total liabilities	25,139,751							18,551,390
Total shareholders' equity	3,816,311							3,301,079
Total liabilities and shareholders' equity	$	28,956,062						$	21,852,469

Net interest income/Net interest spread				$	489,002	3.42	%			$	356,461	3.41	%	1
Tax-equivalent benefit				2,910		0.02				4,974		0.05		(3)
Net interest income (TE)/Net interest margin (TE) ⁽¹⁾				$	491,912	3.72	%			$	361,435	3.62	%	10

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21% for 2018 and a rate of 35% for 2017.
(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, 2018 and 2017 were 0.58% and 0.39%, respectively.



Table 8 - IBERIABANK CORPORATION
LEGACY AND ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
(Dollars in millions)

	For the Three Months Ended
	6/30/2018							3/31/2018							12/31/2017							9/30/2017							6/30/2017
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	$	179		$	15,217	4.73	%	$	166		$	14,556	4.61	%	$	157		$	14,235	4.39	%	$	148		$	13,638	4.29	%	$	140		$	13,150	4.27	%
Acquired loans	91			6,614		5.51		72			5,625		5.20		81			5,706		5.61		69			4,703		5.86		39			2,134		7.40
Total loans	$	270		$	21,831	4.97	%	$	238		$	20,181	4.77	%	$	238		$	19,941	4.74	%	$	217		$	18,341	4.70	%	$	179		$	15,284	4.70	%

	6/30/2018							3/31/2018							12/31/2017							9/30/2017							6/30/2017
ADJUSTMENTS	Income			Average Balance		Yield		Income			Average Balance		Yield		Income			Average Balance		Yield		Income			Average Balance		Yield		Income			Average Balance		Yield
Legacy loans, net	$	—		$	—	0.00	%	$	—		$	—	0.00	%	$	—		$	—	0.00	%	$	—		$	—	0.00	%	$	—		$	—	0.00	%
Acquired loans	(16		)	142		(1.12	)	(15		)	142		(1.16	)	(21		)	161		(1.60	)	(20		)	120		(1.76	)	(12		)	72		(2.46	)
Total loans	$	(16	)	$	142	(0.34	)%	$	(15	)	$	142	(0.32	)%	$	(21	)	$	161	(0.46	)%	$	(20	)	$	120	(0.45	)%	$	(12	)	$	72	(0.34	)%

	6/30/2018							3/31/2018							12/31/2017							9/30/2017							6/30/2017
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	$	179		$	15,217	4.73	%	$	166		$	14,556	4.61	%	$	157		$	14,235	4.39	%	$	148		$	13,638	4.29	%	$	140		$	13,150	4.27	%
Acquired loans	75			6,756		4.39		57			5,767		4.04		60			5,867		4.01		49			4,823		4.10		27			2,206		4.94
Total loans	$	254		$	21,973	4.63	%	$	223		$	20,323	4.45	%	$	217		$	20,102	4.28	%	$	197		$	18,461	4.25	%	$	167		$	15,356	4.36	%



Table 9 - IBERIABANK CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share amounts)

	For the Three Months Ended
	6/30/2018								3/31/2018									12/31/2017
	Pre-tax			After-tax			Per share ⁽²⁾		Pre-tax			After-tax			Per share ⁽²⁾			Pre-tax			After-tax			Per share ⁽²⁾
Net income	$	105,581		$	75,124		$	1.32	$	81,173		$	63,621		$	1.17		$	91,386		$	10,278		$	0.19
Less: Preferred stock dividends	—			949			0.02		—			3,598			0.07			—			949			0.02
Income available to common shareholders (GAAP)	$	105,581		$	74,175		$	1.30	$	81,173		$	60,023		$	1.10		$	91,386		$	9,329		$	0.17

Non-interest income adjustments ⁽¹⁾⁽³⁾:
(Gain) loss on sale of investments and other non-interest income	(3		)	(2		)	—		59			44			—			(35		)	(22		)	—

Non-interest expense adjustments⁽¹⁾⁽³⁾:
Merger-related expense	14,333			11,012			0.20		16,227			12,517			0.23			11,373			8,487			0.16
Compensation-related expense	1,781			1,354			0.02		1,221			928			0.02			1,457			947			0.01
Impairment of long-lived assets, net of (gain) loss on sale	5,413			4,114			0.07		2,074			1,576			0.03			3,177			2,065			0.04
Litigation expense	—			—			—		—			—			—			—			1,228			0.02
Other non-core non-interest expense	(95		)	(72		)	—		(683		)	(520		)	(0.01		)	467			358			0.01
Total non-interest expense adjustments	21,432			16,408			0.29		18,839			14,501			0.27			16,474			13,085			0.24
Income tax expense (benefit) - provisional impact of TCJA ⁽⁴⁾	—			6,572			0.12		—			—			—			—			51,023			0.94
Income tax expense (benefit) - other	—			—			—		—			173			—			—			(1,237		)	(0.02		)
Core earnings (Non-GAAP)	127,010			97,153			1.71		100,071			74,741			1.37			107,825			72,178			1.33
Provision for loan losses ⁽¹⁾	7,595			5,772					7,986			6,069						14,393			9,355
Pre-provision earnings, as adjusted (Non-GAAP) ⁽³⁾	$	134,605		$	102,925				$	108,057		$	80,810					$	122,218		$	81,533



	For the Three Months Ended
	9/30/2017								6/30/2017
	Pre-tax			After-tax			Per share ⁽²⁾		Pre-tax			After-tax			Per share ⁽²⁾
Net income	$	48,450		$	29,644		$	0.56	$	80,051		$	52,018		$	1.01
Less: Preferred stock dividends	—			3,598			0.07		—			949			0.02
Income available to common shareholders (GAAP)	$	48,450		$	26,046		$	0.49	$	80,051		$	51,069		$	0.99

Non-interest income adjustments ⁽¹⁾⁽³⁾:
(Gain) loss on sale of investments and other non-interest income	242			157			—		(59		)	(38		)	—

Non-interest expense adjustments ⁽¹⁾⁽³⁾:
Merger-related expense	28,478			19,255			0.36		1,066			789			0.02



Compensation-related expense	1,092		710		0.02	378			246			—
Impairment of long-lived assets, net of (gain) loss on sale	3,661		2,380		0.04	(1,306		)	(849		)	(0.02	)
Litigation expense	5,692		4,696		0.09	6,000			5,481			0.11
Other non-core non-interest expense	377		245		—	—			—			—
Total non-interest expense adjustments	39,300		27,286		0.51	6,138			5,667			0.11
Core earnings (Non-GAAP)	87,992		53,489		1.00	86,130			56,698			1.10
Provision for loan losses ⁽¹⁾	18,514		12,034			12,050			7,833
Pre-provision earnings, as adjusted (Non-GAAP) ⁽³⁾	$	106,506	$	65,523		$	98,180		$	64,531

(1) Excluding preferred stock dividends, merger-related expense, and litigation expense, after-tax amounts are calculated using a tax rate of 24% in 2018 and 35% in 2017, which approximates the marginal tax rate.
(2) Diluted per share amounts may not appear to foot due to rounding.
(3) Adjustments to GAAP results include certain significant activities or transactions that, in management's opinion, can distort period-to-period comparisons of the Company's performance. These adjustments include, but are not limited to, realized and unrealized gains or losses on former bank-owned real estate, realized gains or losses on the sale of investment securities, merger-related expenses, litigation charges and recoveries, debt prepayment penalties, and gains, losses, and impairment charges on long-lived assets.
(4) Estimated net impact of the Tax Cuts and Jobs Act ("TCJA") enacted on December 22, 2017 is subject to refinement in future periods as further information becomes available.




	For the Six Months Ended
	6/30/2018									6/30/2017
	Pre-tax			After-tax			Per share ⁽²⁾			Pre-tax			After-tax			Per share ⁽²⁾
Net income	$	186,754		$	138,745		$	2.49		$	153,043		$	102,491		$	2.08
Less: Preferred stock dividends	—			4,547			0.08			—			4,548			0.09
Income available to common shareholders (GAAP)	$	186,754		$	134,198		$	2.41		$	153,043		$	97,943		$	1.99

Non-interest income adjustments ⁽¹⁾⁽³⁾:
(Gain) loss on sale of investments and other non-interest income	56			42			—			(59		)	(38		)	—

Non-interest expense adjustments ⁽¹⁾⁽³⁾:
Merger-related expense	30,560			23,529			0.43			1,120			824			0.02
Compensation-related expense	3,002			2,282			0.04			476			309			0.01
Impairment of long-lived assets, net of (gain) loss on sale	7,487			5,690			0.10			123			80			—
Litigation expense	—			—			—			6,000			5,481			0.11
Other non-core non-interest expense	(778		)	(592		)	(0.01		)	—			—			—
Total non-interest expense adjustments	40,271			30,909			0.56			7,719			6,694			0.14
Income tax expense (benefit) - provisional impact of TCJA ⁽⁴⁾	—			6,572			0.12			—			—			—
Income tax expense (benefit) - other	—			173			—			—			—			—
Core earnings (Non-GAAP)	227,081			171,894			3.09			160,703			104,599			2.13
Provision for loan losses ⁽¹⁾	15,581			11,841						18,204			11,833
Pre-provision earnings, as adjusted (Non-GAAP) ⁽³⁾	$	242,662		$	183,735					$	178,907		$	116,432

(1) Excluding preferred stock dividends, merger-related expense, and litigation expense, after-tax amounts are calculated using a tax rate of 24% in 2018 and 35% in 2017, which approximates the marginal tax rate.
(2) Diluted per share amounts may not appear to foot due to rounding.
(3) Adjustments to GAAP results include certain significant activities or transactions that, in management's opinion, can distort period-to-period comparisons of the Company's performance. These adjustments include, but are not limited to, realized and unrealized gains or losses on former bank-owned real estate, realized gains or losses on the sale of investment securities, merger-related expenses, litigation charges and recoveries, debt prepayment penalties, and gains, losses, and impairment charges on long-lived assets.
(4) Estimated net impact of the Tax Cuts and Jobs Act ("TCJA") enacted on December 22, 2017 is subject to refinement in future periods as further information becomes available.



Table 10 - IBERIABANK CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

	For the Three Months Ended
	6/30/2018			3/31/2018			12/31/2017			9/30/2017			6/30/2017
Net interest income (GAAP)	$	256,113		$	232,889		$	235,502		$	216,883		$	183,643
Taxable equivalent benefit	1,449			1,464			2,812			2,585			2,488
Net interest income (TE) (Non-GAAP) ⁽¹⁾	257,562			234,353			238,314			219,468			186,131

Non-interest income (GAAP) ⁽³⁾	53,940			44,566			52,342			50,843			53,838
Taxable equivalent benefit	336			341			683			680			668
Non-interest income (TE) (Non-GAAP) ^{(1) (3)}	54,276			44,907			53,025			51,523			54,506
Taxable equivalent revenues (Non-GAAP) ^{(1) (3)}	311,838			279,260			291,339			270,991			240,637
Securities (gains) losses and other non-interest income	(3		)	59			(35		)	242			(59		)
Core taxable equivalent revenues (Non-GAAP) ^{(1) (3)}	$	311,835		$	279,319		$	291,304		$	271,233		$	240,578

Total non-interest expense (GAAP) ⁽³⁾	$	196,877		$	188,296		$	182,065		$	200,762		$	145,380
Less: Intangible amortization expense	6,111			5,102			4,642			4,527			1,651
Tangible non-interest expense (Non-GAAP) ^{(2) (3)}	190,766			183,194			177,423			196,235			143,729
Less: Merger-related expense	14,333			16,227			11,373			28,478			1,066
Compensation-related expense	1,781			1,221			1,457			1,092			378
Impairment of long-lived assets, net of (gain) loss on sale	5,413			2,074			3,177			3,661			(1,306		)
Litigation expense	—			—			—			5,692			6,000
Other non-core non-interest expense	(95		)	(683		)	467			377			—
Core tangible non-interest expense (Non-GAAP) ^{(2) (3)}	$	169,334		$	164,355		$	160,949		$	156,935		$	137,591

Return on average assets (GAAP)	1.01		%	0.92		%	0.15		%	0.45		%	0.96		%
Effect of non-core revenues and expenses	0.31			0.21			0.88			0.42			0.10
Core return on average assets (Non-GAAP)	1.32		%	1.13		%	1.03		%	0.87		%	1.06		%

Efficiency ratio (GAAP) ⁽³⁾	63.5		%	67.9		%	63.3		%	75.0		%	61.2		%
Effect of tax benefit related to tax-exempt income ⁽³⁾	(0.4		)	(0.5		)	(0.8		)	(1.0		)	(0.8		)
Efficiency ratio (TE) (Non-GAAP) ^{(1) (3)}	63.1		%	67.4		%	62.5		%	74.0		%	60.4		%
Effect of amortization of intangibles	(1.9		)	(1.8		)	(1.6		)	(1.7		)	(0.7		)
Effect of non-core items	(6.9		)	(6.8		)	(5.6		)	(14.4		)	(2.5		)
Core tangible efficiency ratio (TE) (Non-GAAP) ^{(1) (2) (3)}	54.3		%	58.8		%	55.3		%	57.9		%	57.2		%

Return on average common equity (GAAP)	7.87		%	6.79		%	1.02		%	2.92		%	6.08		%
Effect of non-core revenues and expenses	2.43			1.66			6.90			3.07			0.67
Core return on average common equity (Non-GAAP)	10.30		%	8.45		%	7.92		%	5.99		%	6.75		%
Effect of intangibles ⁽²⁾	6.40			5.38			4.81			2.96			2.11
Core return on average tangible common equity (Non-GAAP) ⁽²⁾	16.70		%	13.83		%	12.73		%	8.95		%	8.86		%

Total shareholders' equity (GAAP)	$	3,913,409		$	3,900,907		$	3,696,791		$	3,726,774		$	3,503,242
Less: Goodwill and other intangibles	1,314,165			1,332,672			1,271,807			1,276,241			752,336
Preferred stock	132,097			132,097			132,097			132,097			132,097
Tangible common equity (Non-GAAP) ⁽²⁾	$	2,467,147		$	2,436,138		$	2,292,887		$	2,318,436		$	2,618,809

Total assets (GAAP)	$	30,126,162		$	29,472,637		$	27,904,129		$	27,976,635		$	21,790,727
Less: Goodwill and other intangibles	1,314,165			1,332,672			1,271,807			1,276,241			752,336
Tangible assets (Non-GAAP) ⁽²⁾	$	28,811,997		$	28,139,965		$	26,632,322		$	26,700,394		$	21,038,391
Tangible common equity ratio (Non-GAAP) ⁽²⁾	8.56		%	8.66		%	8.61		%	8.68		%	12.45		%
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21% for 2018 and a rate of 35% for 2017.
(2) Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis where applicable.
(3) Certain prior period amounts have been reclassified to conform to the net presentation requirements of ASU No. 2014-09, Revenue from Contracts with Customers, which was adopted effective January 1, 2018. On average, the adoption resulted in a reduction of non-interest income and non-interest expense of approximately $2.3 million on a quarterly basis, and had no impact on net income.

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