SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2003
IBERIABANK CORPORATION
(Exact name of Registrant as Specified in Charter)
Louisiana (State or Other Jurisdiction of Incorporation) | 0-25756 (Commission File Number) | 72-1280718 (I.R.S. Employer Identification No.) |
200 West Congress Street, Lafayette, Louisiana 70501
(Address of Principal Executive Offices)
(337) 521-4003
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
Item 9. Regulation FD Disclosure
Presentation by management of the Registrant to Gulf South Conference, May 5, 2003.
Investor Presentation
Gulf South Conference
May 5, 2003
Presentation Outline
• Pathways To Growth
• Our Current Paths
• A Path of Lower Risk
• Investment Perspective
• Comparatives
Forward Looking Statements
Safe Harbor
Statements contained in this presentation which are not historical facts and which pertain to future operating results of IBERIABANK Corporation and its subsidiaries constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the Company's periodic filings with the SEC.
Pathways
To Growth
Pathways To Growth
Brief History
One Of Oldest Banks In LA - March 12, 1887
Mutual Thrift Until IPO In 1995
Converted To Bank Charter In 1997
Acquired Branches From FCOM in 1998
New Leadership Team In Place In Late 1999
New Strategic Direction Set 3 Years Ago
Focus On Core earnings And Performance
Pathways To Growth
Our Current Position
• $2 Billion One-Bank Holding Company
• 3rd Largest Independent BHC In Louisiana
• Market Capitalization Of Over $300 Million
• 30 Offices Serving Acadiana, New Orleans, and Northeast Louisiana
• Excellent Geographic Diversification
• Commercial Bank With A Relationship Focus
Pathways to Growth
Our Unique Position In Louisiana
| LA % Total | ||
| HIB | $ 10,652 | 87% |
| ONE | 9,171 | 10% |
| WTNY | 4,266 | 78% |
| RGBK | 3,291 | 12% |
| IBKC | 1,406 | 100% |
| ASO | 1,371 | 5% |
| HBHC | 1,206 | 41% |
| UPC | 705 | 3% |
| BXS | 348 | 4% |
Deposits On 6/30/2002; IBKC Figures Include Completed Acquisition of Acadiana Bancshares, Inc.
Pathways To Growth
Underlying Focus
Belief In The Power Of Progression
Shareholder Returns
Predictability - Clients, Associates And Shareholders
Remain Disciplined And Conservative
Critical Issues:
Focus On People And Relationships, Less On Facilities And Products
Make The Right Kind Of Investments
Continuous Improvement - A Way Of Life
Critical Issues:
Focusing On The People
Rapidly Expanding Commercial And Private Banking/High Net Worth Franchise
Tremendous Strategic Hires
People Incented and "Wear Many Hats"
Outstanding Advisory Board In Place
Exceptional Growth In New Orleans
Focus On Taking Market Share - Selectively
Critical Issues:
Making Right Investments
Substantial Infrastructure Improvements
New Telephone System
New Routers/Servers
New Desktops/Laptops
Branch/ATM Additions And Improvements
Simplifying Product Set
Share Repurchase Programs
Acquisition Of Acadiana Bancshares
Critical Issues:
The Markets We Serve
Our Current Paths
Our Current Paths
Loan Portfolio Transformation
Our Current Paths
Loan Portfolio Composition
Consumer
| Indirect | $228 | 51% | 17% |
| Home Equity | 147 | 33% | 11% |
| Credit Card | 9 | 2% | 1% |
| Other Consumer | 67 | 15% | 5% |
| Total | $451 | 100% | 34% |
Mortgage
| Private Banking | $41 | 12% | 3% |
| Fixed | 104 | 30% | 8% |
| ARM | 115 | 33% | 9% |
| ANA Acquisition | 85 | 25% | 6% |
| Residential RE | $344 | 100% | 26% |
Commercial
| Institutional | $54 | 11% | 4% |
| Commercial RE | 130 | 25% | 10% |
| C&I/Private Banking* | 258 | 50% | 20% |
| IBKC Sub-Total | 442 | 86% | 34% |
| LBA 03/31/2003 | 71 | 14% | 5% |
| Total IBKC + LBA | $513 | 100% | 39% |
* Includes Private Banking Loans Not Secured By Real Estate
**Excludes Acadiana Bancshares, Inc.
Figures on 3/31/03; Dollars in Millions
Our Current Paths
Deposit Base Transformation
Our Current Paths
Deposit Base Composition
Noninterest
| Commercial | $119 | 63% |
| Retail | 42 | 22% |
| ANA Acquisition | 20 | 11% |
| Public Funds/Other | 8 | 4% |
| Total | $189 | 100% |
Market
| Lafayette | $447 | 30% |
| ANA Acquisition | 205 | 14% |
| New Iberia | 384 | 26% |
| New Orleans | 252 | 17% |
| North Louisiana | 196 | 13% |
| All Other | 7 | 0% |
| Total | $1,490 | 100% |
Segment
| Retail | $967 | 65% |
| Commercial | 189 | 13% |
| ANA Acquisition | 205 | 14% |
| Public Funds/Other | 129 | 9% |
| Total | $1,490 | 100% |
Figures on 3/31/03; Dollars in Millions
Continuous
Improvement
Continuous Improvement
Average Earning Assets
Continuous Improvement
Net Interest Margin (T/E)
Continuous Improvement
Total Revenues (T/E)
Continuous Improvement
Book Value Per Share
Continuous Improvement
Profitability - Quarterly EPS
Continuous Improvement
Toward Financial Goals
3-5 Year Goals
Focus: Core Profitability
13% to 15% ROE In 3-5 Years
Tangible Efficiency (less than)50%
Annual Growth
Throughout:
Loans: 7% to 10%
Deposits: 2% to 4%
EPS: Double-Digit
Continuous Improvement
Dividend Payout Ratio
A Path Of
Lower Risk
A Path of Lower Risk
Credit Risk Statistics
| 12/31/01 | 12/31/02 | 3/31/03 | |
| Total NPAs* ($ millions) | $13.0 | $6.6 | $6.1 |
| Total OREO ($ millions) | $5.8 | $2.1 | $2.1 |
| NPAs*/Total Assets | 0.91% | 0.42% | 0.31% |
| 30+ Days Past Due ** | 1.43% | 0.89% | 0.66% |
| Allowance For Loan Losses | $11.1 | $13.1 | $16.1 |
| Loan Loss Reserve / Loans | 1.16% | 1.25% | 1.23% |
| Reserve Coverage Of NPAs* | 86% | 198% | 262% |
| Reserve Coverage Of NPLs | 160% | 302% | 403% |
| Quarterly Net C/O's *** / Loans | 0.44% | 0.44% | 0.38% |
| Provision/Net Charge-Offs | 1.2 | 1.5 | 1.5 |
* NPAs Include Nonaccruing Loans, Foreclosed Assets, OREO, And Accruing
Loans More Than 90 Days Past Due
** 30+ Days Past Due Include Nonaccruing Loans
*** 4Q 2002 Net Charge-Offs On An Annualized Basis
A Path Of Lower Risk
NPA Ratio Vs. Gulf South Banks
A Path Of Lower Risk
Interest Rate Risk
| Change In NII | |||||
| Change in EVE |
Source: Bancware model, as of March 31, 2003. Does not include Acadiana Bancshares, Inc. acquisition
New ALCO/Budget/Forecast/FTP System
Limited Inherent Interest Rate Risk
Relatively Few Fixed Mortgages
Time Deposits Only 41% Of Total Deposits
Short Bond Portfolio (About 2 1/2 Years)
No Material Extension Risk
A Path Of Lower Risk
Lower Risk Posture
We Have:
No Airline Exposure
No Telecom Exposure
No High-Technology Exposure
No Broadly Syndicated Transactions
No REIT Subsidiaries
No Pension Plans (Only 401k And ESOP)
No Material MSRs
Investment
Perspective
Investment Perspective
EPS "Comfort Ranges"
% Change | |||
| 2000 | |||
| 2001 | |||
| 2002 Ex-FAS142 | |||
| W/FAS142 | |||
| 2003 (est.) | |||
| 2004 (est.) |
*Average IBES Analyst Estimates On 3/30/03 For Years 2003 and 2004
Investment Perspective
Stock Price
Investment Perspective
Price-To-Earnings Ratio
Investment Perspective
Market-To-Book Ratio
Investment Perspective
Institutional Holders
Investment Perspective
Excellent Analyst Coverage
Comparatives
Comparatives - Gulf South
IBKC Stock Price Appreciation
Comparatives - Gulf South
Analyst Recommendations
Comparatives - Gulf South
2003 P/E Ratios
Comparatives - Gulf South
2004 P/E Ratios
Comparatives - Gulf South
Market-to-Book Ratios
Comparatives - Gulf South
Price-to-Cash Flow Ratios
Comparatives - Gulf South
Earnings Surprises
Summary Of IBKC
Large Bank Resources & Small Bank Agility
People And Relationship Focused
Emphasis On Taking Market Share
Turnaround; Now Showing Growth Results
EPS/Stock Price Linkage - Shareholder Focus
Reducing Risk Posture In Many Ways
Building A Solid Platform For Future Growth
Tremendous Expansion Opportunities
Appendix A
Background
Markets - Acadiana
- Trade Area of About 600,000
- Record Retail Sales In 2001 & 2002
- Record Home Sales In 2001 & 2002
- Construction - 3rd Best Year
- Lafayette Unemployment Rate = 4.1% (4th)
- Lafayette Had Largest Job Growth In The State
- 3rd Highest Per Capita Income In The State (2000)
- Inc. Magazine: 13th Best US City To Start/Grow Business
- Milken Institute: 44th In Relative Output Growth in 1990's
Background
Markets - North Louisiana
Trade Area Of About 300,000
Regional Hub For Commerce, Health Care, Transportation
Major Employers: Chase Manhattan Mtg., State Farm, CenturyTel
Consistent, Steady Employment Performance
Ouachita Parish Unemployment Rate = 4.5% (6th); Lincoln Parish = 4.5% (7th)
Ouachita - 12th Highest Per Capita Income; Lincoln Parish - 24th Highest in The State
Background
Markets - New Orleans
Trade Area of About 1.5 Million
Tourism Holding Up Well
Port; Strong Military Presence
Awarded Hornets NBA Team
Excellent Commercial Middle Market
Jefferson Parish Unemployment Rate = 4.4% (5th); Orleans Parish = 6.0% (17th)
Jefferson Parish Per Capita Income 2nd Highest In The State; Orleans Parish is 6th Highest
Appendix B
Recent Merger
Acadiana Bancshares, Inc.
Recent Merger
Company Overview
$313mm Savings Bank Founded in 1900
IPO in July 1996 At $12.00 (Symbol "ANA")
Acquisition Completed February 28, 2003
5 Offices In Lafayette And New Iberia
ROA = 0.77%, ROE = 8.74%, Effic. Ratio = 70%
Mortgage Loans = 57% Of Total Loans, Time Deposits = 69% Of Total Deposits
Minimal Credit Risk And Interest Rate Risk
Recent Merger
Deal Overview
$39.38 In Value Per ANA Share20% Cash / 80% StockOne-Time Costs of $5-$6mmSynergies of 50% of ANA Expense BaseNew Corporate Headquarters In ANA BuildingNo Board Seats; Only One Contract (1-Year)Accretive To Annual EPS Around 1%-To-2%, Excluding Merger Related Costs
And 3%-To-4% On Cash EPS
Recent Merger
Deal Overview (Continued)
Lower Tier 1 Leverage Ratio To 6.89%
Issued $10mm Trust Preferred
Repurchase Program Of 60,000-130,000 Shares
IRR In Mid-To-High Teens
Purchase Price Multiples:
Market-To-Book (And Tangible) = 166%
Price-To-12-Month Earnings = 19.2x
Deposit Premium = 11.5%
Premium Over Current Market = 66%
Recent Merger
Summary Of Merger
Compelling Synergies--Cross-town HQs
#1 Market Share With Excellent Distribution System
Excellent Returns For Shareholders Of Both Companies
Provides Diversity--Retail Shareholders
Excellent Asset Quality; Relatively Low Interest Rate Risk
Our View Of The Deal: Low Risk & Good Return
Appendix C
DARYL BYRD
President & Chief Executive Officer
1981 Trust Company Bank, Atlanta
Banking Officer, Corporate Banking
1983 First National Bank of South Carolina
Vice President, Commercial Lending Officer
1984 BB&T (North Carolina)
Vice President, Business Services Manager
Commercial Lending Officer
1985 FNB-Lafayette (First Commerce Corp.)
Executive Vice President, Corporate Banking Manager
1990 Rapides Bank & Trust (First Commerce Corp.)
President & CEO
1992 First National Bank of Commerce, New Orleans
Executive Vice President in charge of the commercial bank and mortgage banking groups.
Managed the strategic development for multiple businesses and had responsibility for other business lines and support functions.
1998 Bank One Louisiana
President and CEO New Orleans Region
MICHAEL BROWN
New Orleans President; Chief Credit Officer
1987 Wachovia Bank
Treasury Services Representative and Assistant Vice President
Vice President and Relationship Manager - Managed all aspects of bank relationships with Fortune 500 clients in
Texas and Louisiana.
Loan Administration Manager - Managed the loan administration and credit policy functions for the Midwest and Chicago credit portfolios.
1996 First Commerce Corporation, New Orleans
Senior Vice President, Manager of Credit and Client Services - Re-engineered and managed consumer and commercial credit
processes.
1998 Bank One Louisiana
Chief Credit Officer for the Commercial Line of Business in Louisiana
Capital Markets Specialist - Responsible for the sale of capital market products and served as corporate finance advisor to the bank's
client base.
Chartered Financial Analyst (CFA)
JOHN DAVIS
Finance And Retail Strategy
1983 BB&T (NC)
Senior Vice President and Manager of the Financial Planning Department
Responsible for mergers and acquisitions, strategic planning, and budgeting.
1993 First Commerce Corporation, New Orleans
Senior Vice President
Responsibilities included mergers and acquisitions, corporate finance, and President of Marquis Insurance Agency.
1997 Crestar Financial Corporation (VA)
Corporate Senior Vice President
Responsibilities included strategic planning, forecasting, and budgeting for the corporation.
Chartered Financial Analyst (CFA)
MARILYN BURCH
Executive Vice President &
Chief Financial Officer
1973 First Commerce Corporation, New Orleans
Accounting Supervisor
1978 Reamco, Lafayette
Manager of Accounting
1980 American Bank, Lafayette
Vice President and Controller
1985 FNB-Lafayette (First Commerce Corp.)
Senior Vice President and Controller
1999 IBERIABANK
Senior Vice President and Controller
Certified Public Accountant (CPA)
GEORGE BECKER
Secretary; Technology & Operations
1973 First National Bank of Commerce, New Orleans
Vice President and Controller - Managed the bank's accounting, budgeting, planning, systems, and asset/liability management activities.
1983 First National Bank of Lafayette
Executive Vice President and Chief Financial Officer
Managed all financial and administrative areas, as well as Investments, Brokerage Services and Private Banking area.
1989 Rapides Bank & Trust Company
Executive Vice President - Managed all financial and administrative areas, Investments, Brokerage Services, Private Banking,
as well as the Mortgage and Retail areas.
1991 First Commerce Corporation, New Orleans
Senior Vice President - Strategic Management Information Systems and Automation activities state-wide.
1997 Bank One Louisiana
Worked on various special acquisition related projects.
Certified Public Accountant (CPA)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IBERIABANK CORPORATION | ||||
DATE:May 5, 2003 | By: | /s/ Daryl G. Byrd | ||
Daryl G. Byrd | ||||
President and Chief Executive | ||||
Officer | ||||