FOR IMMEDIATE RELEASE
July 22, 2003
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 2003 EPS Up 14%
LAFAYETTE, LOUISIANA—IBERIABANK Corporation(NASDAQ: IBKC), the holding company of the 116-year-old IBERIABANK (http://www.iberiabank.com), announced record quarterly earnings. For the quarter ended June 30, 2003, the Company earned $6.0 million, a 29% increase over the same period in 2002, and 15% compared to the first quarter of 2003. On a per share basis, the Company earned $0.85 per diluted share for the quarter, up 14% from the same period in 2002. The Company’s results of $0.85 per diluted share exceeded average analyst expectations of $0.84 per share. For 14 consecutive quarters, the Company has achieved record results that met or exceeded average analyst estimates.
For the six months ended June 30, 2003, net income totaled $11.2 million, up 24% compared to the same period last year. On a per share basis, the Company earned $1.68 per diluted share in the first half of 2003, up 14% from $1.47 per diluted share during the same six-month period in 2002.
Highlights For The Quarter Ended June 30, 2003
| | • | | The Company surpassed the $2 billion milestone for total assets during the quarter. |
| | • | | The acquisition of Acadiana Bancshares, Inc. was completed on February 28, 2003 using the purchase accounting method under generally accepted accounting principles (“GAAP”). Under this method of accounting, the financial statements of the Company were not restated prior to February 28, 2003. Results for the second quarter of 2003 incorporate the full impact of the acquisition. |
| | • | | Tax-equivalent net interest income was $17.7 million in the second quarter of 2003, an increase of 7% compared to the first quarter of 2003 and 16% compared to the second quarter of 2002. Total tax-equivalent revenues were $23.9 million, an increase of 11% compared to the first quarter of 2003 and 17% compared to the second quarter of 2002. |
| | • | | Tax-equivalent net interest margin in the second quarter of 2003 was 3.90%, down from 4.20% in the first quarter of 2003. For the second quarter of 2003, return on average assets (“ROA”) was 1.21% and return on average equity (“ROE”) was 12.88%. All of these figures were impacted by the Acadiana acquisition. |
| | • | | Annualized net charge-offs as a percentage of average loans declined to 0.25% in the second quarter of 2003, the lowest level in ten quarters. Nonperforming assets (“NPAs”) increased $1.3 million during the quarter. As a percentage of total assets, NPAs were 0.37% at June 30, 2003 compared to 0.31% at March 31, 2003, but down from 0.60% one year ago. Allowance for loan losses increased to 1.26% of total loans at June 30, 2003 from 1.23% at March 31, 2003. |
| | • | | Equity-to-assets ratio was 9.30% at June 30, 2003, up 41 basis points since year-end 2002. Tier 1 Leverage ratio was 7.38% at June 30, 2003. The Company issued $10 million in trust preferred securities on June 17, 2003, swapped to yield 5.88% for five years. |
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| | • | | On June 17, 2003, the Company raised the quarterly cash dividend to $0.22 per share, an increase of 22% compared to the same quarter last year. The dividend payout ratio was 24.3% in the second quarter of 2003, down from 25.3% in the first quarter of 2003. |
| | • | | The Company acquired a total of 40,800 shares of the Company’s common stock during the second quarter of 2003, at a weighted average cost of $45.34 per share. |
| | • | | Total deposits climbed $36 million, or 2%, between March 31, 2003 and June 30, 2003. Strong growth was exhibited in the second quarter of 2003 in noninterest bearing, NOW accounts and CDs. |
| | • | | Total loans grew $26 million, or 2%, between March 31, 2003 and June 30, 2003. The Company experienced strong growth in home equity loans, residential construction, and private banking loans. As described below, exclusive of the bulk sale of Acadiana loans, loan growth during the quarter was 4%, or a 16% annualized rate. |
| | • | | Quarterly mortgage loan origination volumes reached a record level of $123 million, up from the prior record of $74 million in the first quarter of 2003, or a 68% increase. The mortgage loan pipeline of applications was $92 million at June 30, 2003, the highest level in the Company’s history. |
Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, “The first half of 2003 has presented a very challenging environment for banks. The national economic slowdown and relatively flat yield curve have placed significant pressure on bank earnings. We have been fortunate that our conservative approach to business, our attention on the fundamentals of banking and the relatively favorable economic conditions in the markets we serve have enabled our Company to navigate these perilous waters. We believe our focus on growth, continuous improvement and consistency with our clients enhances our prospects and shareholder returns.”
Loans And Deposits
Total loans grew $26 million during the quarter, or an increase of 2%. On April 30, 2003, the Company sold to a third party $27 million in principal balance of residential mortgage loans that were acquired two months earlier as a result of the Acadiana acquisition. The Company concluded these high coupon loans were particularly vulnerable to prepayment, given historical and anticipated trends. Proceeds of the bulk loan sale were used to pay down overnight borrowings and fund volume growth in other loans originated during the quarter. As a result of the sale, the Company reduced by $1.2 million the loan premium and goodwill associated with the Acadiana acquisition.
Exclusive of the aforementioned bulk loan sale, total loans increased $53 million, or 4%, between March 31, 2003 and June 30, 2003 (16% annualized rate). On the same basis, residential mortgage and construction loans, increased $27 million, or 8%, during the second quarter (33% annualized rate). Home equity loans and lines climbed $18 million, or 12%, during the quarter (49% annualized rate). Commercial loans increased $6 million, or 1% (5% annualized rate). Indirect automobile loan volume grew $6 million, or nearly 3% (11% annualized rate).
The average yield on loans declined 32 basis points between the first and second quarters of 2003 as average loan volume climbed $173 million, or 15%. During this period, mortgage, consumer and commercial loan yields declined by 34, 39, and 23 basis points, respectively. The reduction in the average loan yield was significantly impacted by the Acadiana acquisition and continued refinancing of automobile and mortgage-related products.
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Between March 31, 2003 and June 30, 2003, total deposits grew $36 million, or over 2% (10% annualized rate). Deposit growth was experienced in all segments—commercial, retail, and institutional, and in nearly all deposit categories—noninterest bearing, interest checking and time deposits. The Company’s cost of interest bearing deposits declined 10 basis points in the second quarter of 2003 compared to the first quarter of 2003. Average interest bearing deposits climbed nearly $190 million, or over 16% in the second quarter compared to the first quarter of 2003. Similarly, average noninterest bearing deposit volume grew $17 million, or 10% during this period.
Investment Portfolio, Funding And Capital
The investment portfolio totaled $461 million at June 30, 2003, up $35 million or 8%, since March 31, 2003. The yield on the investment portfolio declined by 43 basis points between the first and second quarters of 2003. The primary reasons for the decline in yield were the increase in the size of the portfolio due to proactive purchases and accelerated bond premium amortization. The increase in the portfolio was a result of the Company’s proactive purchasing of $35 million in investment securities in advance of anticipated cash flows for the following two months at yields of around 3.70%. Prepayment speeds accelerated during the quarter, causing additional bond premium amortization to be recognized during the second quarter of 2003. Bond premium amortization increased $360,000 between the first and second quarters of 2003, which lowered the investment portfolio yield by 32 basis points (8 basis point impact on the margin). At June 30, 2003, the Company’s investment portfolio had a tax-equivalent yield of 3.74% and a modified duration of 2.9 years, compared to 3.92% and 2.4 years, respectively on March 31, 2003. The portfolio had a total unrealized gain of nearly $7 million on June 30, 2003.
Long-term debt increased $10 million during the quarter, as a result of the issuance of $10 million in trust preferred securities on June 17, 2003. The trust preferred securities were issued at a 315 basis point spread to 3-month LIBOR, swapped on June 30, 2003 to yield 5.88% for five years. No origination fee was paid associated with the issuance of these securities. The most recent trust preferred offering is the Company’s second issuance.
In association with the first trust preferred offering, the Company authorized a supplemental share repurchase program on November 18, 2002 totaling between 60,000 and 130,000 shares. During the quarter just completed, the Company acquired a total of 40,800 shares of the Company’s common stock, at a weighted average cost of $45.34 per share. In aggregate under this program, the Company has acquired 87,100 shares at a weighted average cost of $41.56 per share.
Capital ratios remain very strong despite the expansion of the balance sheet associated with the Acadiana acquisition and the supplemental share repurchase program. Shareholders’ equity jumped nearly $43 million between year-end 2002 and March 31, 2003 as a result of the Acadiana acquisition. Between March 31, 2003 and June 30, 2003, equity grew another $4.6 million. At June 30, 2003, shareholders’ equity was 9.30% of total assets, compared to 9.22% at March 31, 2003 and 8.89% at year-end 2002. At similar periods, the tier 1 leverage ratio was 7.38%, 7.81% and 7.62%, respectively.
Asset Quality
The ratio of net charge-offs to average loans was 0.25%, compared to 0.38% in the first quarter of 2003, and 0.63% in the same quarter one year ago. The Company’s provision for loan losses was $1.6 million in the second quarter of 2003, equal to the level recorded in first quarter of 2003. The provision covered net charge-offs 1.9 times in the second quarter of 2003, compared to 1.5 times in the first quarter. The allowance for loan losses was 1.26% at June 30, 2003 compared to 1.23% of total loans at March 31, 2003, and 1.25% at December 31, 2002. The Company believes that it uses a conservative definition of NPAs. The Company defines NPAs as non-accruing loans, accruing loans more than 90 days past due, foreclosed assets, and Other Real Estate Owned. Non-performing assets amounted to $7.5 million at June 30, 2003, up $1.3 million compared to March 31, 2003. The increase in nonperforming assets was
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associated with the Company’s proactive loan portfolio management approach, focused primarily on a few credits most of which were past due 90 days or more. The Company believes these credits are very well secured and no material losses are anticipated upon resolution of these credits. Nonperforming assets equated to 0.37% of total assets at June 30, 2003 compared to 0.31% at March 31, 2003 and 0.60% one year ago. Reserve coverage of nonperforming loans was 313% at June 30, 2003, compared to 403% at March 31, 2003 and 302% at December 31, 2002.
The Company negotiated recently the sale of the large motel credit, subject to certain conditions. The sale is anticipated to be completed late in the third quarter of 2003 with no material impact to the Company’s financial statements.
Operating Results
The Company’s tax-equivalent net interest margin declined 30 basis points in the second quarter of 2003 to 3.90%, compared to 4.20% in the first quarter of 2003. The primary causes for the margin decline were two-fold. First, the accelerated bond premium amortization negatively affected the margin for the quarter by 8 basis points. Second, the Acadiana acquisition accounted for the remaining margin compression due to both the mix of the balance sheet acquired and the mark-to-market adjustments. Despite the decline in the margin, tax-equivalent net interest income grew 7% in the second quarter of 2003 compared to the first quarter of 2003, and 16% from the same quarter last year. The Company believes the negative impact of the recent Federal Reserve rate reductions on June 25, 2003 was offset by improved liability pricing.
Noninterest income in the second quarter of 2003 climbed $1.1 million, or 23%, compared to the first quarter of 2003, and up 21% versus the same quarter last year. Income from the sale of mortgage loans recently originated totaled $1.1 million for the second quarter, up $430,000 or 61% compared to the first quarter of 2003. The Company recorded a $89,000 gain on the sale of excess property during the second quarter, approximately equal to the gain on the sale of investments reported in the first quarter of 2003. The remaining improvement in noninterest income was primarily a result of the Acadiana acquisition.
Total noninterest expense increased 9.8% versus the first quarter of 2003, and 14.9% versus the same quarter last year. The increase in noninterest expense was driven by three factors. First, mortgage-related commission expense increased by $138,000, or 79% between the first and second quarters of 2003 as production levels escalated. Second, the 20% improvement in the Company’s stock price during the quarter caused a $53,000 increase in compensation cost associated with the ESOP and other benefit plans. Finally, the full quarterly impact of the expense structure of the acquired Acadiana franchise was incurred during the second quarter of 2003. Systems conversions were completed on April 29, 2003 and branch consolidations will continue throughout the year. Management anticipates additional cost savings to be achieved from the acquisition will be phased in throughout 2003 as the branch consolidations are completed. The Company’s tax-equivalent tangible efficiency ratio (a measure of a bank’s operating efficiency) improved from 54.8% in the fourth quarter of 2002 to 54.0% in the first quarter of 2003 and 52.8% in the second quarter of 2003. The Company remains comfortable with the targeted ratio of 50%.
Return on average assets was 1.21% for the second quarter of 2003, down three basis points compared to both the first quarter of 2003 and 8 basis points in the same quarter last year. Return on average equity for the second quarter of 2003 was 12.88%, compared to 13.56% in the first quarter of 2003 and 13.21% in the same quarter last year. The decline in ROE was primarily a result of the Acadiana acquisition, as average equity increased substantially during the quarter just completed. Management believes traditional ROE measures penalize companies, such as IBERIABANK Corporation, that completed acquisitions using only purchase accounting treatment and not pooling of interests treatment. As a result, an alternative measure that the Company considers to “level the playing field” between purchase and pooling of interests accounting treatments is return on average tangible equity. Return on average tangible equity, defined as net income divided by average equity less average intangibles, was
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20.22% in the second quarter of 2003, compared to 19.10% in the first quarter of 2003 and 17.94% one year ago.
The Company announced it has raised the lower end of its prior stated EPS comfort range for full year 2003 by $0.05 per share. The revised 2003 EPS comfort range is $3.37 to $3.42 per fully diluted share. In addition, management confirmed prior stated guidance of double–digit growth in fully diluted EPS for 2004.
Based on a closing stock price on July 22, 2003 of $50.61 per share, the Company’s common stock traded at a price-to-earnings ratio of 14.8 times current average analyst estimates of $3.41 per fully diluted EPS for 2003 and 13.4 times average analyst estimates of $3.77 per fully diluted EPS for 2004. In addition, the Company’s stock traded at 1.80 times June 30, 2003 book value per share of $28.18. On June 16, 2003, the Company declared a 10% increase in the quarterly cash dividend to $0.22 per share, payable to shareholders of record as of June 30, 2003. This dividend level represents a 22% increase over the same period last year and equates to an annualized dividend rate of $0.88 per share and an indicated dividend yield of 1.74%.
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 Wednesday, July 23, 2003, beginning at 8:30 a.m. Central Daylight Time by dialing 888-273-9890. The confirmation code for the call is 688334. A replay of the call will be available until midnight Central Daylight Time on July 30, 2003 by dialing 800-475-6701. The confirmation code for the replay is 688334.
IBERIABANK Corporation is one of the oldest financial institutions with continuous operations in the State of Louisiana and the third largest Louisiana-based bank holding company. The Company operates full service offices located in south central Louisiana, north Louisiana, and the greater New Orleans area. Information regarding the Company can be obtained by visiting the Company’s website atwww.iberiabank.com. The Company’s common stock trades on NASDAQ under the symbol “IBKC” and Company’s market capitalization currently exceeds $330 million.
This press release contains financial information determined by methods other than in accordance with GAAP. The Company’s management uses these non-GAAP 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. 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 which may be presented by other companies.
To the extent that statements in this report relate to the plans, objectives, or future performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and the current economic environment. IBERIABANK Corporation’s actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. A discussion of factors affecting IBERIABANK Corporation’s business and prospects is contained in the Company’s periodic filings with the Securities and Exchange Commission.
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IBERIABANK CORPORATION
FINANCIAL HIGHLIGHTS
| | | For The Quarter Ended June 30,
| | | For The Quarter Ended March 31,
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| | | 2003
| | | 2002
| | | % Change
| | | 2003
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Income Data (in thousands): | | | | | | | | | | | | | | | | | | |
Net Interest Income | | $ | 17,065 | | | $ | 14,938 | | | 14 | % | | $ | 15,913 | | | 7 | % |
Net Interest Income (TE)(1) | | | 17,712 | | | | 15,267 | | | 16 | % | | | 16,495 | | | 7 | % |
Net Income | | | 5,979 | | | | 4,641 | | | 29 | % | | | 5,218 | | | 15 | % |
Per Share Data: | | | | | | | | | | | | | | | | | | |
Net Income—Basic | | $ | 0.92 | | | $ | 0.81 | | | 14 | % | | $ | 0.90 | | | 3 | % |
Net Income—Diluted | | | 0.85 | | | | 0.75 | | | 14 | % | | | 0.83 | | | 3 | % |
Book Value | | | 28.18 | | | | 24.38 | | | 16 | % | | | 27.60 | | | 2 | % |
Tangible Book Value(2) | | | 18.49 | | | | 18.35 | | | 1 | % | | | 18.00 | | | 3 | % |
Cash Dividends | | | 0.22 | | | | 0.18 | | | 22 | % | | | 0.20 | | | 10 | % |
Key Ratios:(3) | | | | | | | | | | | | | | | | | | |
Return on Average Assets | | | 1.21 | % | | | 1.29 | % | | | | | | 1.24 | % | | | |
Return on Average Equity | | | 12.88 | % | | | 13.21 | % | | | | | | 13.56 | % | | | |
Return on Average Tangible Equity(2) | | | 20.22 | % | | | 17.94 | % | | | | | | 19.10 | % | | | |
Net Interest Margin (TE)(1) | | | 3.90 | % | | | 4.61 | % | | | | | | 4.20 | % | | | |
Efficiency Ratio | | | 55.8 | % | | | 56.3 | % | | | | | | 56.4 | % | | | |
Tangible Efficiency Ratio (TE)(1)(2) | | | 52.8 | % | | | 54.6 | % | | | | | | 54.0 | % | | | |
Average Loans to Average Deposits | | | 86.5 | % | | | 78.1 | % | | | | | | 86.9 | % | | | |
Nonperforming Assets to Total Assets(4) | | | 0.37 | % | | | 0.60 | % | | | | | | 0.31 | % | | | |
Allowance for Loan Losses to Loans | | | 1.26 | % | | | 1.21 | % | | | | | | 1.23 | % | | | |
Net Charge-Offs to Average Loans | | | 0.25 | % | | | 0.63 | % | | | | | | 0.38 | % | | | |
Average Equity to Average Total Assets | | | 9.38 | % | | | 9.79 | % | | | | | | 9.10 | % | | | |
Tier 1 Leverage Ratio | | | 7.38 | % | | | 7.59 | % | | | | | | 7.81 | % | | | |
Dividend Payout Ratio | | | 24.3 | % | | | 22.7 | % | | | | | | 25.3 | % | | | |
Number of Shares Outstanding: | | | | | | | | | | | | | | | | | | |
Basic Shares (Average) | | | 6,485,180 | | | | 5,727,497 | | | | | | | 5,822,158 | | | | |
Diluted Shares (Average) | | | 7,015,872 | | | | 6,202,216 | | | | | | | 6,305,583 | | | | |
Book Value Shares (Period End)(5) | | | 6,634,511 | | | | 5,888,493 | | | | | | | 6,606,436 | | | | |
| (1) | | Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. |
| (2) | | Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
| (3) | | All ratios are calculated on an annualized basis for the period indicated. |
| (4) | | Nonperforming assets consist of nonaccruing loans, accruing loans 90 days or more past due and repossessed assets. |
| (5) | | Shares used for book value purposes exclude shares held in treasury and unreleased shares held by the Employee Stock Ownership Plan at the end of the period. |
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands except per share data)
| | | June 30,
| | | March 31, 2003
| | | December 31, 2002
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| | | 2003
| | | 2002
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| BALANCE SHEET (End of Period) | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | |
Cash and Due From Banks | | $ | 40,441 | | | $ | 34,077 | | | 18.7 | % | | $ | 48,817 | | | $ | 36,555 | |
Interest-Bearing Deposits in Banks | | | 15,449 | | | | 18,622 | | | (17.0 | )% | | | 45,504 | | | | 27,220 | |
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Total Cash and Equivalents | | | 55,890 | | | | 52,699 | | | 6.1 | % | | | 94,321 | | | | 63,775 | |
Investment Securities Available for Sale | | | 392,953 | | | | 233,862 | | | 68.0 | % | | | 351,228 | | | | 309,636 | |
Investment Securities Held to Maturity | | | 67,615 | | | | 90,023 | | | (24.9 | )% | | | 74,789 | | | | 58,486 | |
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Total Investment Securities | | | 460,568 | | | | 323,885 | | | 42.2 | % | | | 426,017 | | | | 368,122 | |
Mortgage Loans Held for Sale | | | 18,540 | | | | 2,419 | | | 666.4 | % | | | 11,795 | | | | 8,683 | |
Loans, Net of Unearned Income | | | 1,333,705 | | | | 972,628 | | | 37.1 | % | | | 1,307,810 | | | | 1,044,492 | |
Allowance for Loan Losses | | | (16,772 | ) | | | (11,770 | ) | | 42.5 | % | | | (16,089 | ) | | | (13,101 | ) |
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Loans, net | | | 1,316,933 | | | | 960,858 | | | 37.1 | % | | | 1,291,721 | | | | 1,031,391 | |
Premises and Equipment | | | 28,929 | | | | 18,978 | | | 52.4 | % | | | 27,798 | | | | 18,161 | |
Goodwill and Acquisition Intangibles | | | 64,276 | | | | 35,487 | | | 81.1 | % | | | 63,417 | | | | 35,401 | |
Mortgage Servicing Rights | | | 398 | | | | 136 | | | 192.6 | % | | | 423 | | | | 122 | |
Other Assets | | | 63,763 | | | | 42,297 | | | 50.8 | % | | | 61,712 | | | | 44,933 | |
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Total Assets | | $ | 2,009,297 | | | $ | 1,436,759 | | | 39.8 | % | | $ | 1,977,204 | | | $ | 1,570,588 | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | |
Noninterest-Bearing Deposits | | $ | 190,212 | | | $ | 144,341 | | | 31.8 | % | | $ | 188,859 | | | $ | 159,005 | |
Interest-Bearing Deposits | | | 1,336,032 | | | | 1,050,277 | | | 27.2 | % | | | 1,300,948 | | | | 1,083,227 | |
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Total Deposits | | | 1,526,244 | | | | 1,194,618 | | | 27.8 | % | | | 1,489,807 | | | | 1,242,232 | |
Short-Term Borrowings | | | 87,000 | | | | 35,000 | | | 148.6 | % | | | 105,600 | | | | 75,000 | |
Securities Sold Under Agreements to Repurchase | | | 22,593 | | | | 10,442 | | | 116.4 | % | | | 21,443 | | | | 21,803 | |
Long-Term Debt | | | 166,041 | | | | 42,615 | | | 289.6 | % | | | 156,463 | | | | 75,458 | |
Other Liabilities | | | 20,471 | | | | 10,537 | | | 94.3 | % | | | 21,573 | | | | 16,497 | |
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Total Liabilities | | | 1,822,349 | | | | 1,293,212 | | | 40.9 | % | | | 1,794,886 | | | | 1,430,990 | |
Total Shareholders’ Equity | | | 186,948 | | | | 143,547 | | | 30.2 | % | | | 182,318 | | | | 139,598 | |
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Total Liabilities and Shareholders’ Equity | | $ | 2,009,297 | | | $ | 1,436,759 | | | 39.8 | % | | $ | 1,977,204 | | | $ | 1,570,588 | |
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| | | For The Three Months Ended June 30,
| | | For The Six Months Ended June 30,
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| | | 2003
| | 2002
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| | | 2003
| | 2002
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| INCOME STATEMENT | | | | | | | | | | | | | | | | | | |
Interest Income | | $ | 24,707 | | $ | 22,016 | | 12.2 | % | | $ | 47,319 | | $ | 44,190 | | 7.1 | % |
Interest Expense | | | 7,642 | | | 7,078 | | 8.0 | % | | | 14,341 | | | 14,801 | | (3.1 | )% |
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Net Interest Income | | | 17,065 | | | 14,938 | | 14.2 | % | | | 32,978 | | | 29,389 | | 12.2 | % |
Provision for Loan Losses | | | 1,574 | | | 1,798 | | (12.5 | )% | | | 3,149 | | | 2,998 | | 5.0 | % |
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Net Interest Income After Provision for Loan Losses | | | 15,491 | | | 13,140 | | 17.9 | % | | | 29,829 | | | 26,391 | | 13.0 | % |
Service Charges | | | 2,954 | | | 2,629 | | 12.4 | % | | | 5,552 | | | 4,588 | | 21.0 | % |
ATM Fees | | | 504 | | | 419 | | 20.3 | % | | | 932 | | | 787 | | 18.4 | % |
Gain on Sale of Loans | | | 1,132 | | | 431 | | 162.6 | % | | | 1,834 | | | 796 | | 130.4 | % |
Other Gains | | | 164 | | | 391 | | (58.1 | )% | | | 265 | | | 406 | | (34.7 | )% |
Other Noninterest Income | | | 1,242 | | | 1,072 | | 15.9 | % | | | 2,285 | | | 1,952 | | 17.1 | % |
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|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Total Noninterest Income | | | 5,996 | | | 4,942 | | 21.3 | % | | | 10,868 | | | 8,529 | | 27.4 | % |
Salaries and Employee Benefits | | | 6,718 | | | 5,986 | | 12.2 | % | | | 12,769 | | | 11,654 | | 9.6 | % |
Occupancy and Equipment | | | 1,627 | | | 1,361 | | 19.5 | % | | | 3,058 | | | 2,724 | | 12.3 | % |
Goodwill and Acquisition Intangible Amortization | | | 248 | | | 75 | | 230.7 | % | | | 332 | | | 157 | | 111.5 | % |
Other Noninterest Expense | | | 4,274 | | | 3,773 | | 13.3 | % | | | 8,430 | | | 6,981 | | 20.8 | % |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Total Noninterest Expense | | | 12,867 | | | 11,195 | | 14.9 | % | | | 24,589 | | | 21,516 | | 14.3 | % |
Income Before Income Taxes | | | 8,620 | | | 6,887 | | 25.2 | % | | | 16,108 | | | 13,404 | | 20.2 | % |
Income Taxes | | | 2,641 | | | 2,246 | | 17.6 | % | | | 4,911 | | | 4,376 | | 12.2 | % |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Net Income | | $ | 5,979 | | $ | 4,641 | | 28.8 | % | | $ | 11,197 | | $ | 9,028 | | 24.0 | % |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Earnings Per Share, diluted | | $ | 0.85 | | $ | 0.75 | | 13.9 | % | | $ | 1.68 | | $ | 1.47 | | 14.3 | % |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands except per share data)
| | | For The Quarter Ended
| |
| | | June 30, 2003
| | | March 31, 2003
| | | December 31, 2002
| | | September 30, 2002
| | | June 30, 2002
| |
BALANCE SHEET (Average) | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Cash and Due From Banks | | $ | 37,631 | | | $ | 35,736 | | | $ | 32,610 | | | $ | 32,663 | | | $ | 31,258 | |
Interest-Bearing Deposits in Banks | | | 29,228 | | | | 25,886 | | | | 14,512 | | | | 9,655 | | | | 26,479 | |
Investment Securities | | | 435,364 | | | | 388,719 | | | | 348,547 | | | | 314,427 | | | | 332,007 | |
Mortgage Loans Held for Sale | | | 18,796 | | | | 8,274 | | | | 9,059 | | | | 4,643 | | | | 4,897 | |
Loans, Net of Unearned Income | | | 1,313,405 | | | | 1,140,216 | | | | 1,017,834 | | | | 989,364 | | | | 951,821 | |
Allowance for Loan Losses | | | (16,629 | ) | | | (14,267 | ) | | | (12,695 | ) | | | (12,000 | ) | | | (11,244 | ) |
Other Assets | | | 166,963 | | | | 128,958 | | | | 113,953 | | | | 105,713 | | | | 103,955 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Assets | | $ | 1,984,758 | | | $ | 1,713,522 | | | $ | 1,523,820 | | | $ | 1,444,465 | | | $ | 1,439,173 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | |
Noninterest-Bearing Deposits | | $ | 183,952 | | | $ | 166,709 | | | $ | 159,027 | | | $ | 146,818 | | | $ | 145,585 | |
Interest-Bearing Deposits | | | 1,335,278 | | | | 1,145,655 | | | | 1,073,038 | | | | 1,058,923 | | | | 1,073,764 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Deposits | | | 1,519,230 | | | | 1,312,364 | | | | 1,232,065 | | | | 1,205,741 | | | | 1,219,349 | |
Short-Term Borrowings | | | 75,918 | | | | 99,518 | | | | 42,235 | | | | 23,361 | | | | 7,760 | |
Securities Sold Under Agreements to Repurchase | | | 20,828 | | | | 20,115 | | | | 16,756 | | | | 14,054 | | | | 11,737 | |
Long-Term Debt | | | 157,807 | | | | 103,112 | | | | 64,868 | | | | 39,566 | | | | 42,921 | |
Other Liabilities | | | 24,744 | | | | 22,399 | | | | 27,102 | | | | 17,973 | | | | 16,457 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 1,798,527 | | | | 1,557,508 | | | | 1,383,026 | | | | 1,300,695 | | | | 1,298,224 | |
Total Shareholders’ Equity | | | 186,231 | | | | 156,014 | | | | 140,794 | | | | 143,770 | | | | 140,949 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Liabilities and Shareholders’ Equity | | $ | 1,984,758 | | | $ | 1,713,522 | | | $ | 1,523,820 | | | $ | 1,444,465 | | | $ | 1,439,173 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | |
| | | 2003
| | | 2002
| |
| | | Second Quarter
| | | First Quarter
| | | Fourth Quarter
| | | Third Quarter
| | | Second Quarter
| |
INCOME STATEMENT | | | | | | | | | | | | | | | | | | | | |
Interest Income | | $ | 24,707 | | | $ | 22,612 | | | $ | 21,642 | | | $ | 21,720 | | | $ | 22,016 | |
Interest Expense | | | 7,642 | | | | 6,699 | | | | 6,447 | | | | 6,710 | | | | 7,078 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Interest Income | | | 17,065 | | | | 15,913 | | | | 15,195 | | | | 15,010 | | | | 14,938 | |
Provision for Loan Losses | | | 1,574 | | | | 1,575 | | | | 1,699 | | | | 1,500 | | | | 1,798 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Interest Income After Provision for Loan Losses | | | 15,491 | | | | 14,338 | | | | 13,496 | | | | 13,510 | | | | 13,140 | |
Total Noninterest Income | | | 5,996 | | | | 4,872 | | | | 4,604 | | | | 4,733 | | | | 4,942 | |
Total Noninterest Expense | | | 12,867 | | | | 11,722 | | | | 11,217 | | | | 11,299 | | | | 11,195 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Income Before Income Taxes | | | 8,620 | | | | 7,488 | | | | 6,883 | | | | 6,944 | | | | 6,887 | |
Income Taxes | | | 2,641 | | | | 2,270 | | | | 2,166 | | | | 2,236 | | | | 2,246 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Income | | $ | 5,979 | | | $ | 5,218 | | | $ | 4,717 | | | $ | 4,708 | | | $ | 4,641 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Earnings Per Share, basic | | $ | 0.92 | | | $ | 0.90 | | | $ | 0.85 | | | $ | 0.83 | | | $ | 0.81 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Earnings Per Share, diluted | | $ | 0.85 | | | $ | 0.83 | | | $ | 0.79 | | | $ | 0.76 | | | $ | 0.75 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Book Value Per Share | | $ | 28.18 | | | $ | 27.60 | | | $ | 24.88 | | | $ | 24.71 | | | $ | 24.38 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Return on Average Assets | | | 1.21 | % | | | 1.24 | % | | | 1.23 | % | | | 1.29 | % | | | 1.29 | % |
Return on Average Equity | | | 12.88 | % | | | 13.56 | % | | | 13.29 | % | | | 12.99 | % | | | 13.21 | % |
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands)
| | | June 30,
| | | March 31, 2003
| | | December 31, 2002
| |
| | | 2003
| | | 2002
| | | % Change
| | | |
LOANS RECEIVABLE | | | | | | | | | | | | | | | | | | | |
Residential Mortgage Loans: | | | | | | | | | | | | | | | | | | | |
Residential 1-4 Family | | $ | 311,036 | | | $ | 180,670 | | | 72.2 | % | | $ | 320,855 | | | $ | 207,130 | |
Construction | | | 33,119 | | | | 11,798 | | | 180.7 | % | | | 23,625 | | | | 16,470 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total Residential Mortgage Loans | | | 344,155 | | | | 192,468 | | | 78.8 | % | | | 344,480 | | | | 223,600 | |
Commercial Loans: | | | | | | | | | | | | | | | | | | | |
Real Estate | | | 322,450 | | | | 244,116 | | | 32.1 | % | | | 321,504 | | | | 254,688 | |
Business | | | 194,764 | | | | 133,512 | | | 45.9 | % | | | 189,175 | | | | 157,288 | |
Commercial Leases | | | 1,900 | | | | 2,197 | | | (13.5 | )% | | | 1,976 | | | | 2,051 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total Commercial Loans and Leases | | | 519,114 | | | | 379,825 | | | 36.7 | % | | | 512,655 | | | | 414,027 | |
Consumer Loans: | | | | | | | | | | | | | | | | | | | |
Indirect Automobile | | | 234,189 | | | | 215,022 | | | 8.9 | % | | | 228,069 | | | | 219,280 | |
Home Equity | | | 165,100 | | | | 119,308 | | | 38.4 | % | | | 147,209 | | | | 122,799 | |
Automobile | | | 27,216 | | | | 26,956 | | | 1.0 | % | | | 29,526 | | | | 25,943 | |
Credit Card Loans | | | 8,984 | | | | 9,548 | | | (5.9 | )% | | | 8,727 | | | | 9,432 | |
Other | | | 34,947 | | | | 29,501 | | | 18.5 | % | | | 37,144 | | | | 29,411 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total Consumer Loans | | | 470,436 | | | | 400,335 | | | 17.5 | % | | | 450,675 | | | | 406,865 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total Loans Receivable | | | 1,333,705 | | | | 972,628 | | | 37.1 | % | | | 1,307,810 | | | | 1,044,492 | |
| | | | | | | | | | |
|
| | | | | | | | |
Allowance for Loan Losses | | | (16,772 | ) | | | (11,770 | ) | | | | | | (16,089 | ) | | | (13,101 | ) |
| | |
|
|
| |
|
|
| | | | |
|
|
| |
|
|
|
Loans Receivable, Net | | $ | 1,316,933 | | | $ | 960,858 | | | | | | $ | 1,291,721 | | | $ | 1,031,391 | |
| | |
|
|
| |
|
|
| | | | |
|
|
| |
|
|
|
| | | June 30,
| | | March 31, 2003
| | | December 31, 2002
| |
| | | 2003
| | | 2002
| | | % Change
| | | |
ASSET QUALITY DATA | | | | | | | | | | | | | | | | | | | |
Nonaccrual Loans | | $ | 3,813 | | | $ | 2,558 | | | 49.0 | % | | $ | 3,420 | | | $ | 3,257 | |
Foreclosed Assets | | | 88 | | | | 150 | | | (41.3 | )% | | | 72 | | | | 156 | |
Other Real Estate Owned | | | 2,021 | | | | 4,869 | | | (58.5 | )% | | | 2,075 | | | | 2,111 | |
Accruing Loans More Than 90 Days Past Due | | | 1,546 | | | | 1,029 | | | 50.2 | % | | | 573 | | | | 1,086 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total Nonperforming Assets(1) | | $ | 7,468 | | | $ | 8,607 | | | (13.2 | )% | | $ | 6,141 | | | $ | 6,610 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Nonperforming Assets to Total Assets(1) | | | 0.37 | % | | | 0.60 | % | | (38.0 | )% | | | 0.31 | % | | | 0.42 | % |
Nonperforming Assets to Total Loans + OREO(1) | | | 0.56 | % | | | 0.88 | % | | (36.5 | )% | | | 0.47 | % | | | 0.63 | % |
Allowance for Loan Losses to Nonperforming Loans(1) | | | 313.0 | % | | | 328.0 | % | | (4.6 | )% | | | 402.9 | % | | | 301.6 | % |
Allowance for Loan Losses to Nonperforming Assets(1) | | | 224.6 | % | | | 136.8 | % | | 64.2 | % | | | 262.0 | % | | | 198.2 | % |
Allowance for Loan Losses to Total Loans | | | 1.26 | % | | | 1.21 | % | | 3.9 | % | | | 1.23 | % | | | 1.25 | % |
Year to Date Charge-offs | | $ | 2,509 | | | $ | 2,619 | | | (4.2 | )% | | $ | 1,411 | | | $ | 4,782 | |
Year to Date Recoveries | | $ | 592 | | | $ | 273 | | | 117.1 | % | | $ | 329 | | | $ | 569 | |
| (1) | | Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due. Nonperforming assets consist of nonperforming loans and repossessed assets. |
| | | June 30,
| | | March 31, 2003
| | December 31, 2002
|
| | | 2003
| | 2002
| | % Change
| | | |
DEPOSITS | | | | | | | | | | | | | | | |
Noninterest-Bearing DDA | | $ | 190,212 | | $ | 144,341 | | 31.8 | % | | $ | 188,859 | | $ | 159,005 |
NOW Accounts | | | 336,951 | | | 253,938 | | 32.7 | % | | | 307,866 | | | 281,825 |
Savings and Money Market Accounts | | | 357,103 | | | 312,232 | | 14.4 | % | | | 366,903 | | | 319,495 |
Certificates of Deposit | | | 641,978 | | | 484,107 | | 32.6 | % | | | 626,179 | | | 481,907 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Deposits | | $ | 1,526,244 | | $ | 1,194,618 | | 27.8 | % | | $ | 1,489,807 | | $ | 1,242,232 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
Taxable Equivalent Basis
(dollars in thousands)
| | | For The Quarter Ended
| |
| | | June 30, 2003
| | | June 30, 2002
| |
| | | Average Balance
| | | Average Yield/Rate (%)
| | | Average Balance
| | | Average Yield/Rate (%)
| |
ASSETS | | | | | | | | | | | | | | |
Earning Assets: | | | | | | | | | | | | | | |
Loans Receivable: | | | | | | | | | | | | | | |
Mortgage Loans | | $ | 340,971 | | | 6.28 | % | | $ | 191,648 | | | 7.80 | % |
Commercial Loans (TE)(1) | | | 509,201 | | | 5.39 | % | | | 358,802 | | | 6.41 | % |
Consumer and Other Loans | | | 461,292 | | | 7.25 | % | | | 399,159 | | | 8.30 | % |
Lease Financing Receivables | | | 1,941 | | | 5.50 | % | | | 2,212 | | | 5.54 | % |
| | |
|
|
| | | | |
|
|
| | | |
Total Loans | | | 1,313,405 | | | 6.28 | % | | | 951,821 | | | 7.48 | % |
| | |
|
|
| | | | |
|
|
| | | |
Mortgage Loans Held for Sale | | | 18,796 | | | 5.38 | % | | | 4,897 | | | 4.82 | % |
Investment Securities (TE)(1)(2) | | | 432,070 | | | 3.91 | % | | | 331,197 | | | 5.18 | % |
Other Earning Assets | | | 46,145 | | | 1.94 | % | | | 32,122 | | | 1.92 | % |
| | |
|
|
| | | | |
|
|
| | | |
Total Earning Assets | | | 1,810,416 | | | 5.59 | % | | | 1,320,037 | | | 6.76 | % |
Allowance for Loan Losses | | | (16,629 | ) | | | | | | (11,244 | ) | | | |
Nonearning Assets | | | 190,971 | | | | | | | 130,380 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
Total Assets | | $ | 1,984,758 | | | | | | $ | 1,439,173 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | |
Interest-Bearing Liabilities: | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | |
NOW Accounts | | $ | 323,089 | | | 0.91 | % | | $ | 254,623 | | | 1.20 | % |
Savings and Money Market Accounts | | | 363,754 | | | 0.89 | % | | | 319,624 | | | 1.39 | % |
Certificates of Deposit | | | 648,435 | | | 2.55 | % | | | 499,517 | | | 3.56 | % |
| | |
|
|
| | | | |
|
|
| | | |
Total Interest-Bearing Deposits | | | 1,335,278 | | | 1.70 | % | | | 1,073,764 | | | 2.35 | % |
Short-Term Borrowings | | | 96,746 | | | 1.33 | % | | | 19,497 | | | 1.99 | % |
Long-Term Debt | | | 157,807 | | | 4.13 | % | | | 42,921 | | | 6.24 | % |
| | |
|
|
| | | | |
|
|
| | | |
Total Interest-Bearing Liabilities | | | 1,589,831 | | | 1.92 | % | | | 1,136,182 | | | 2.49 | % |
Noninterest-Bearing Demand Deposits | | | 183,952 | | | | | | | 145,585 | | | | |
Noninterest-Bearing Liabilities | | | 24,744 | | | | | | | 16,457 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
Total Liabilities | | | 1,798,527 | | | | | | | 1,298,224 | | | | |
Shareholders’ Equity | | | 186,231 | | | | | | | 140,949 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
Total Liabilities and Shareholders’ Equity | | $ | 1,984,758 | | | | | | $ | 1,439,173 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
Net Earning Assets | | $ | 220,585 | | | | | | $ | 183,855 | | | | |
Net Interest Spread | | $ | 17,065 | | | 3.67 | % | | $ | 14,938 | | | 4.27 | % |
Tax-Equivalent Benefit | | $ | 647 | | | 0.23 | % | | $ | 329 | | | 0.34 | % |
Net Interest Income (TE) / Net Interest Margin (TE)(1) | | $ | 17,712 | | | 3.90 | % | | $ | 15,267 | | | 4.61 | % |
| (1) | | Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. |
| (2) | | Balances exclude unrealized gain or loss on securities available for sale and impact of trade date accounting. |
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
Taxable Equivalent Basis
(dollars in thousands)
| | | For The Six Months Ended
| |
| | | June 30, 2003
| | | June 30, 2002
| |
| | | Average Balance
| | | Average Yield/Rate (%)
| | | Average Balance
| | | Average Yield/Rate (%)
| |
ASSETS | | | | | | | | | | | | | | |
Earning Assets: | | | | | | | | | | | | | | |
Loans Receivable: | | | | | | | | | | | | | | |
Mortgage Loans | | $ | 303,615 | | | 6.42 | % | | $ | 195,209 | | | 7.80 | % |
Commercial Loans (TE)(1) | | | 480,669 | | | 5.49 | % | | | 353,484 | | | 6.56 | % |
Consumer and Other Loans | | | 442,386 | | | 7.43 | % | | | 398,744 | | | 8.41 | % |
Lease Financing Receivables | | | 1,979 | | | 5.53 | % | | | 1,162 | | | 5.31 | % |
| | |
|
|
| | | | |
|
|
| | | |
Total Loans | | | 1,228,649 | | | 6.42 | % | | | 948,599 | | | 7.59 | % |
| | |
|
|
| | | | |
|
|
| | | |
Mortgage Loans Held for Sale | | | 13,579 | | | 5.45 | % | | | 5,436 | | | 5.78 | % |
Investment Securities (TE)(1)(2) | | | 409,535 | | | 4.11 | % | | | 318,376 | | | 5.19 | % |
Other Earning Assets | | | 42,758 | | | 1.90 | % | | | 52,092 | | | 1.77 | % |
| | |
|
|
| | | | |
|
|
| | | |
Total Earning Assets | | | 1,694,521 | | | 5.74 | % | | | 1,324,503 | | | 6.78 | % |
Allowance for Loan Losses | | | (15,555 | ) | | | | | | (11,192 | ) | | | |
Nonearning Assets | | | 170,538 | | | | | | | 131,244 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
Total Assets | | $ | 1,849,504 | | | | | | $ | 1,444,555 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | |
Interest-Bearing Liabilities: | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | |
NOW Accounts | | $ | 307,334 | | | 0.94 | % | | $ | 253,154 | | | 1.24 | % |
Savings and Money Market Accounts | | | 348,620 | | | 0.94 | % | | | 318,049 | | | 1.45 | % |
Certificates of Deposit | | | 586,633 | | | 2.65 | % | | | 512,528 | | | 3.73 | % |
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Total Interest-Bearing Deposits | | | 1,242,587 | | | 1.75 | % | | | 1,083,731 | | | 2.48 | % |
Short-Term Borrowings | | | 108,133 | | | 1.36 | % | | | 17,473 | | | 2.14 | % |
Long-Term Debt | | | 130,464 | | | 4.33 | % | | | 40,377 | | | 6.35 | % |
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Total Interest-Bearing Liabilities | | | 1,481,184 | | | 1.95 | % | | | 1,141,581 | | | 2.61 | % |
Noninterest-Bearing Demand Deposits | | | 175,200 | | | | | | | 146,505 | | | | |
Noninterest-Bearing Liabilities | | | 21,914 | | | | | | | 17,534 | | | | |
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Total Liabilities | | | 1,678,298 | | | | | | | 1,305,620 | | | | |
Shareholders’ Equity | | | 171,206 | | | | | | | 138,935 | | | | |
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Total Liabilities and Shareholders’ Equity | | $ | 1,849,504 | | | | | | $ | 1,444,555 | | | | |
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Net Earning Assets | | $ | 213,337 | | | | | | $ | 182,922 | | | | |
Net Interest Spread | | $ | 32,978 | | | 3.79 | % | | $ | 29,389 | | | 4.17 | % |
Tax-Equivalent Benefit | | $ | 1,229 | | | 0.25 | % | | $ | 626 | | | 0.36 | % |
Net Interest Income (TE) / Net Interest Margin (TE)(1) | | $ | 34,207 | | | 4.04 | % | | $ | 30,015 | | | 4.53 | % |
| (1) | | Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. |
| (2) | | Balances exclude unrealized gain or loss on securities available for sale and impact of trade date accounting. |
IBERIABANK CORPORATION
RECONCILIATION TABLE
(dollars in thousands, except per share data)
| | | For the Three Months Ended
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| | | 6/30/2003
| | | 3/31/2003
| | | 6/30/2002
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Net Interest Income | | $ | 17,065 | | | $ | 15,913 | | | $ | 14,938 | |
Effect of Tax Benefit on Interest Income | | | 647 | | | | 582 | | | | 329 | |
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Net Interest Income (TE)(1) | | | 17,712 | | | | 16,495 | | | | 15,267 | |
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Noninterest Income | | | 5,996 | | | | 4,872 | | | | 4,942 | |
Effect of Tax Benefit on Noninterest Income | | | 211 | | | | 174 | | | | 172 | |
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Noninterest Income (TE)(1) | | | 6,207 | | | | 5,046 | | | | 5,114 | |
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Total Revenues (TE)(1) | | $ | 23,919 | | | $ | 21,541 | | | $ | 20,381 | |
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Total Noninterest Expense | | $ | 12,867 | | | $ | 11,722 | | | $ | 11,195 | |
Less Intangible Amortization Expense | | | (248 | ) | | | (84 | ) | | | (75 | ) |
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Tangible Operating Expense(2) | | $ | 12,619 | | | $ | 11,638 | | | $ | 11,120 | |
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Return on Average Equity | | | 12.88 | % | | | 13.56 | % | | | 13.21 | % |
Effect of Intangibles(2) | | | 7.34 | | | | 5.54 | | | | 4.73 | |
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Return on Average Tangible Equity(2) | | | 20.22 | % | | | 19.10 | % | | | 17.94 | % |
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Efficiency Ratio | | | 55.8 | % | | | 56.4 | % | | | 56.3 | % |
Effect of Tax Benefit Related to Tax Exempt Income | | | (2.0 | ) | | | (2.0 | ) | | | (1.4 | ) |
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Efficiency Ratio (TE)(1) | | | 53.8 | % | | | 54.4 | % | | | 54.9 | % |
Effect of Amortization of Intangibles | | | (1.0 | ) | | | (0.4 | ) | | | (0.3 | ) |
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Tangible Efficiency Ratio (TE)(1)(2) | | | 52.8 | % | | | 54.0 | % | | | 54.6 | % |
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| (1) | | Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%. |
| (2) | | Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. |
