Exhibit 99.1
FOR IMMEDIATE RELEASE
July 21, 2004
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 Earnings
LAFAYETTE, LOUISIANA — IBERIABANK Corporation(NASDAQ: IBKC), the holding company of the 117-year-old IBERIABANK (http://www.iberiabank.com), announced quarterly earnings for the quarter ended June 30, 2004 of $6.5 million, an 8% increase over the same period in 2003, and equal to the first quarter of 2004. The Company earned $0.88 per diluted share for the quarter, up 4% from the same period in 2003, and down 1% compared to the first quarter of 2004. The Company’s results of $0.88 per diluted share matched average analyst expectations for the quarter.
Total assets climbed $81 million, or 4% compared to March 31, 2004 and $342 million, or 17% compared to June 30, 2003. Similarly, deposits grew $35 million, or 2% since March 31, 2004 and $266 million, or 17% compared to one year ago. Total shareholders’ equity declined $13 million, or 6% compared to March 31, 2004 and increased $17 million, or 9% compared to one year ago. The recent decline in equity resulted from the completion of the Company’s share repurchase program and the decline in market value of securities available for sale due to a general increase in interest rates during the quarter. At June 30, 2004 the Company’s equity-to-assets ratio was 8.69% compared to 9.57% at March 31, 2004 and 9.30% one year ago. Book value per share at June 30, 2004 was $29.74 per share, a decline of 4% compared to March 31, 2004 and an increase of 6% compared to one year ago.
Daryl G. Byrd, President and CEO of IBERIABANK Corporation, remarked, “The second quarter of 2004 was very challenging for our Company, given the recent dramatic swings in interest rates and the near-term costs associated with investments for our future that were incurred during the quarter”. Byrd continued, “We provided the investment community early guidance regarding these anticipated challenges for the quarter and our expectations for improved results in the third and fourth quarters of 2004. We remain comfortable with our guidance of 10% to 11% growth in fully diluted EPS in 2004 compared to 2003. Our franchise remains strong and we are continuing to have exceptional success in attracting clients.”
Additional Highlights For The Quarter Ended June 30, 2004
| | • | The acquisition of Alliance Bank of Baton Rouge (“Alliance Bank”) was completed on February 29, 2004 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 29, 2004. As such, balances prior to February 29, 2004 do not incorporate the impact of the acquisition. |
| | • | Tax-equivalent net interest margin was 3.53% in the second quarter of 2004, down 22 basis points from 3.75% for the first quarter of 2004. The yield on average earning assets declined 19 |
basis points between the first quarter of 2004 and the second quarter of 2004 (a “linked quarter basis”). Average investment yield declined 23 basis points over the same period, as a result of additional bond premium amortization. Average loan yield declined 17 basis points between the first and second quarters of 2004. Interest-bearing liability costs increased three basis points on a linked quarter basis.
| | • | For the second quarter of 2004, return on average assets (“ROA”) was 1.12%, return on average equity (“ROE”) was 12.42% and return on average tangible equity was 18.90%. |
| | • | Asset quality remained outstanding during the quarter. Annualized net charge-offs as a percentage of average loans were 0.11% in the second quarter of 2004, compared to 0.13% in the first quarter of 2004. Nonperforming assets (“NPAs”) as a percentage of total assets, remained stable at 0.21% at June 30, 2004 and March 31, 2004, compared to 0.37% one year ago. The allowance for loan losses was 1.29% at June 30, 2004, compared to 1.32% at March 31, 2004 and 1.26% one year ago. |
| | • | Equity-to-assets ratio was 8.69% at June 30, 2004 compared to 9.57% at March 31, 2004 and 9.30% one year ago. Tier 1 leverage ratio was 7.12%, 7.86%, and 7.38%, respectively at the same periods. At June 30, 2004, the Company’s Tier 1 risk-based capital ratio was 10.57% and total risk-based capital ratio was 11.82%. |
| | • | On May 25, 2004, the Company declared a quarterly cash dividend of $0.26 per share, an increase of 8% compared to the first quarter of 2004 and up 18% from the same quarter last year. The dividend payout ratio was 27.5% in the second quarter of 2004 compared to 25.5% in the first quarter of 2004 and 24.3% one year ago. |
| | • | On June 25, 2004, the Company announced the successful completion of its stock repurchase program previously announced on September 17, 2003. The Company acquired 216,200 shares during the second quarter at a weighted average cost of $57.64 per share. In aggregate under this program, the Company purchased 300,000 shares at an average cost of $58.05 per share. The Board of Directors authorized a new share repurchase program of up to 175,000 shares. |
Mr. Byrd remarked, “We were challenged in the second quarter with a significant increase in bond premium amortization, delayed leveraging of our capital position and delayed loan growth. These three impediments appear to have since been reduced and, as a result, we remain optimistic regarding the last half of 2004. Asset quality continues to be an exceptional bright spot for our Company. Excellent credit quality levels and a strong loan pipeline demonstrate the extraordinary origination and underwriting efforts of our associates and the caliber of clients looking for a better banking solution.”
Loans And Deposits
The volume of mortgage loan originations totaled $67 million in the second quarter of 2004, up 41% compared to $48 million in the first quarter of 2004 and up 19% compared to $56 million in the fourth quarter of 2003. The pipeline of mortgage loans at June 30, 2004 was $56 million, down 6% compared to $60 million at March 31, 2004. During the quarter, the Company sold into the secondary market $13 million in residential mortgage loans and mortgage loans recently released from construction that were held in the loan portfolio, down 55% compared to $29 million in the first quarter of 2004 and down 47% compared to $24 million in the fourth quarter of 2003. These loan sales were consistent with the Company’s stated plans to accelerate the sale into the secondary market of long-maturity, recently originated, mortgage production, including mortgage loans coming out of construction.
Total loans grew $58 million, or 4%, between June 30, 2004 and March 31, 2004, and up 15% from one year ago. The average yield on loans declined 17 basis points between the first and second quarters of 2004 as average loan volume climbed $68 million, or 5%. During this period, average mortgage, consumer, and commercial loan yields declined by 10, 19, and 17 basis points, respectively.
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Exclusive of the Alliance Bank acquisition, total deposits grew $106 million between year-end 2003 and March 31, 2004. Between March 31, 2004 and June 30, 2004, total deposits grew an additional $35 million, or 2%. Primary deposit growth during the second quarter was focused in the retail and commercial segments. The Company’s cost of average interest bearing deposits increased six basis points in the second quarter of 2004 compared to the first quarter of 2004. Average interest bearing deposits climbed $85 million, or 6%, during the quarter. Average non-interest bearing deposit volume increased $18 million, or 10%, during this period.
Investment Portfolio And Funding
The investment portfolio totaled $590 million at June 30, 2004, up 8% compared to $547 million at March 31, 2004. As a percentage of assets, the investment portfolio edged up slightly from 24% at March 31, 2004 to 25% at June 30, 2004. The yield on the investment portfolio decreased 23 basis points compared to the first quarter. In the fourth quarter of 2003 and the first quarter of 2004, the investment yield improved 79 and 23 basis points, respectively. Bond premium amortization was $1.0 million in the second quarter of 2004, compared to $0.7 million in the first quarter of 2004 and $1.1 million in the fourth quarter of 2003. The increased premium amortization accounted for nearly the entire decline in the portfolio yield during the quarter. Given anticipated prepayment speeds, cash flows and reinvestment opportunities, management estimates premium amortization in the third and fourth quarters of 2004 to be at levels similar to the first quarter of 2004.
At June 30, 2004, the Company’s investment portfolio had a modified duration of 4.2 years, compared to 3.1 years at March 31, 2004 and 3.4 years at year-end 2003. The Company’s investment portfolio has very limited extension risk. Based on modeling at June 30, 2004, a parallel and instantaneous 300 basis point increase in interest rates would extend the portfolio by only an additional 0.6 years. At current projected speeds, the portfolio is expected to generate approximately $115 million in cash flow over the next 18 months. The portfolio had an unrealized loss of $7.2 million at June 30, 2004, compared to a gain of $7.7 million at March 31, 2004, and a gain of $3.1 million at year-end 2003.
The Company’s ratio of loans to deposits edged up slightly as $58 million in loan growth exceeded $35 million in deposit growth since March 31, 2004. At June 30, 2004, the Company’s loan to deposit ratio was 85%, compared to 84% at March 31, 2004 and 87% one year ago. Client repurchase agreements increased $19 million and short-term borrowings increased $47 million since March 31, 2004.
Asset Quality
The Company continued to demonstrate exceptional asset quality during the quarter relative to both historical trends and peer results. The ratio of net charge-offs to average loans improved from 0.13% during the first quarter of 2004 to 0.11% in the second quarter of 2004. This charge-off level is the lowest level in 18 consecutive quarters. The Company’s provision for loan losses was $0.7 million in the second quarter, compared to $1.1 million on a linked quarter basis. The provision covered net charge-offs 1.7 times, compared to 2.2 times on a linked quarter basis. The allowance for loan losses was 1.29% at June 30, 2004, compared to 1.32% at March 31, 2004, and 1.26% one year ago. 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. NPAs amounted to $5.0 million at June 30, 2004, compared to $4.8 million at March 31, 2004, and $7.5 million one year ago. NPAs equated to 0.21% of total assets at each of June 30, 2004 and March 31, 2004, and 0.37% one year ago. At the same period ends, the Company’s reserve coverage of NPAs was 397%, 406%, 225%, respectively. Loans past due 30 days or more, including nonaccruing loans represented 0.68% of total loans at June 30, 2004, compared to 0.73% at March 31, 2004 and 0.91% one year ago. The current level of past due loans is the second lowest the Company has experienced in last 23 consecutive quarters.
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Operating Results
Total revenues increased $0.4 million, or 2% on a linked quarter basis. Tax-equivalent net interest income increased $0.2 million between the two quarters, while average earning assets increased $138 million between quarters. The growth in average earnings assets was split nearly evenly between growth in the investment portfolio and growth in loans and loans held for sale. The Company’s tax-equivalent net interest margin declined 22 basis points from 3.75% in the first quarter of 2004 to 3.53% in the second quarter. The yield on earning assets declined 19 basis points on a linked quarter basis. The increase in bond premium amortization in the second quarter of 2004 negatively impacted the earning asset yield and net interest margin for the quarter by approximately six basis points and net interest income by $0.3 million. The cost of interest-bearing liabilities edged up three basis points on a linked quarter basis.
Noninterest income in the second quarter increased $0.3 million, or 5% compared to the first quarter of 2004. Mortgage loan gains totaled $0.6 million in the second quarter, down $0.3 million compared to $0.9 million in both the first quarter of 2004 and in the fourth quarter of 2003. The Company recorded $0.1 million in gains on asset sales in both the first quarter of 2004 and in the fourth quarter of 2003, and $0.4 million in gains in the second quarter of 2004. The asset sale gains in the second quarter included a gain on the sale of an interest in a check cashing business that the Company acquired in association with the Acadiana Bancshares acquisition in February 2003. Regulatory approval of the Acadiana acquisition required divestiture of this business, and the divestiture was completed in the prescribed period. The divested business reported insignificant profitability. Service charges on deposit accounts, ATM fee income, and other noninterest income each increased approximately $0.1 million on a linked quarter basis. On a percentage basis compared to the first quarter of 2004, these three income categories increased 5%, 20%, and 8%, respectively.
Total noninterest expense increased $0.8 million, or 6%, compared to the first quarter of 2004. Approximately half of the increase in noninterest expenses was associated with higher personnel-related costs. The Company’s opportunistic recruiting efforts and annual seasonal compensation increases were the primary drivers for this increase. The remaining increase was attributable to loan-related expenses and legal and compliance-related costs. The Company’s tax-equivalent tangible efficiency ratio (a measure of a bank’s operating efficiency) increased from 53.2% in the first quarter of 2004 to 55.5% in the second quarter. The Company anticipates this ratio to improve in the second half of 2004 as bond premium amortization is reduced and other revenue sources improve.
Return on average assets was 1.12% for the second quarter of 2004, down eight basis points compared to the first quarter of 2004. Return on average equity for the second quarter of 2004 was 12.42%, down 33 basis points from 12.75% on a linked quarter basis, due primarily to a $5 million increase in average equity. Management believes traditional ROE measures penalize companies, such as IBERIABANK Corporation, that historically 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, which excludes the effects of intangible assets and related amortization expenses. Return on average tangible equity was 18.90% in the second quarter of 2004 compared to 19.07% in the first quarter of 2004.
Management of the Company announced today continued comfort with the 2004 EPS comfort range presented on May 25, 2004 of $3.75 to $3.80 per fully diluted share. This EPS range equates to an increase of 10% to 11% growth over 2003 fully diluted EPS of $3.42. The range of $3.75 to $3.80 compares to a current average analyst estimate for 2004 of $3.76 per fully diluted share.
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Given recent movements in interest rates—both historical and projected—earnings expectations for the year 2005 are more difficult. Management previously stated comfort with “double–digit growth” in fully diluted EPS in 2005 over estimated 2004 guidance. To date, management has not provided any specific range or guidance regarding expectations for 2005 and periods beyond. Upon the recent completion of a comprehensive review of the Company’s loan and deposit pipelines, near-term and long-term growth prospects, interest rate risk positioning, expected interest rate environment, investments for the future, and other factors, management has determined a 2005 fully diluted EPS comfort range of $4.05 to $4.15. Based on the current average analyst estimates for 2004 of $3.76 per share, this range equates to a projected increase of approximately 8% to 10%. The Company considers this level of growth consistent with other high quality bank holding companies nationwide. The assumption on which these projections are based are subject to modification as warranted by changing conditions, growth prospects, and opportunistic investment alternatives.
Based on a closing stock price on July 21, 2004 of $57.10 per share, the Company’s common stock traded at a price-to-earnings ratio of 15.2 times current average analyst estimates of $3.76 per fully diluted EPS for 2004. In addition, the Company’s stock traded at 1.92 times June 30, 2004 book value per share of $29.74. On May 25, 2004, the Company declared a quarterly cash dividend of $0.26 per share, payable to shareholders of record as of June 30, 2004. This dividend level represented an 18% increase over the same period last year and equated to an annualized dividend rate of $1.04 per share and an indicated dividend yield of 1.82%.
In association with this earnings release, the Company will host a live conference call to discuss the financial results for the quarter just completed. The telephone conference call will be held on Thursday, July 22, 2004, beginning at 8:30 a.m. Central Daylight Time by dialing 1-888-276-0006. The confirmation code for the call is 736440. A replay of the call will be available until midnight Central Daylight Time on July 29, 2004 by dialing 1-800-475-6701. The confirmation code for the replay is 736440.
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 42 full service offices located in New Orleans, Baton Rouge, Shreveport, Monroe, and the Acadiana region of Louisiana. 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 the Company’s market capitalization is approximately $400 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 press release relate to future plans, objectives, financial results or performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which are based on management’s current information, estimates and assumptions and the current economic environment, are generally identified by the use of the words “plan”, “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. IBERIABANK Corporation’s actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. Factors that may cause actual results to differ materially from these forward-looking statements include, but are not limited to, changes in market and economic conditions; changes in interest rates, deposit flows, loan demand and real estate values; competitive pressures; changes in accounting
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principles, policies or guidelines; changes in the Company’s loan or investment portfolio; legislative or regulatory changes; changes in monetary or fiscal policies; military or terrorist activities; litigation costs and expenses; and other economic, competitive, governmental, regulatory and technological factors affecting the Company’s business activities and prospects. Factors affecting IBERIABANK Corporation are discussed in the Company’s periodic and other filings with the Securities and Exchange Commission, available at the SEC’s website,www.sec.gov, and the Company’s website,www.iberiabank.com.
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IBERIABANK CORPORATION
FINANCIAL HIGHLIGHTS
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| | | For The Quarter Ended June 30,
| | | For The Quarter Ended
March 31,
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| | | 2004
| | | 2003
| | | % Change
| | | 2004
| | | % Change
| |
Income Data (in thousands): | | | | | | | | | | | | | | | | | | |
Net Interest Income | | $ | 18,119 | | | $ | 17,065 | | | 6 | % | | $ | 17,966 | | | 1 | % |
Net Interest Income (TE)(1) | | | 18,801 | | | | 17,712 | | | 6 | % | | | 18,648 | | | 1 | % |
Net Income | | | 6,487 | | | | 5,979 | | | 8 | % | | | 6,491 | | | 0 | % |
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Per Share Data: | | | | | | | | | | | | | | | | | | |
Net Income - Basic | | $ | 0.96 | | | $ | 0.92 | | | 4 | % | | $ | 0.98 | | | -2 | % |
Net Income - Diluted | | | 0.88 | | | | 0.85 | | | 4 | % | | | 0.90 | | | -1 | % |
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Book Value | | | 29.74 | | | | 28.18 | | | 6 | % | | | 31.02 | | | -4 | % |
Tangible Book Value(2) | | | 19.74 | | | | 18.49 | | | 7 | % | | | 21.19 | | | -7 | % |
Cash Dividends | | | 0.26 | | | | 0.22 | | | 18 | % | | | 0.24 | | | 8 | % |
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Key Ratios:(3) | | | | | | | | | | | | | | | | | | |
Return on Average Assets | | | 1.12 | % | | | 1.21 | % | | | | | | 1.20 | % | | | |
Return on Average Equity | | | 12.42 | % | | | 12.88 | % | | | | | | 12.75 | % | | | |
Return on Average Tangible Equity(2) | | | 18.90 | % | | | 20.22 | % | | | | | | 19.07 | % | | | |
Net Interest Margin (TE)(1) | | | 3.53 | % | | | 3.90 | % | | | | | | 3.75 | % | | | |
Efficiency Ratio | | | 58.5 | % | | | 55.8 | % | | | | | | 56.2 | % | | | |
Tangible Efficiency Ratio (TE)(1)(2) | | | 55.5 | % | | | 52.8 | % | | | | | | 53.2 | % | | | |
Average Loans to Average Deposits | | | 84.5 | % | | | 86.5 | % | | | | | | 85.7 | % | | | |
Nonperforming Assets to Total Assets(4) | | | 0.21 | % | | | 0.37 | % | | | | | | 0.21 | % | | | |
Allowance for Loan Losses to Loans | | | 1.29 | % | | | 1.26 | % | | | | | | 1.32 | % | | | |
Net Charge-Offs to Average Loans | | | 0.11 | % | | | 0.25 | % | | | | | | 0.13 | % | | | |
Average Equity to Average Total Assets | | | 9.01 | % | | | 9.38 | % | | | | | | 9.38 | % | | | |
Tier 1 Leverage Ratio | | | 7.12 | % | | | 7.38 | % | | | | | | 7.86 | % | | | |
Dividend Payout Ratio | | | 27.5 | % | | | 24.3 | % | | | | | | 25.5 | % | | | |
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Number of Shares Outstanding: | | | | | | | | | | | | | | | | | | |
Basic Shares (Average) | | | 6,784,770 | | | | 6,485,180 | | | | | | | 6,645,834 | | | | |
Diluted Shares (Average) | | | 7,339,858 | | | | 7,015,872 | | | | | | | 7,244,386 | | | | |
Book Value Shares (Period End)(5) | | | 6,870,080 | | | | 6,634,511 | | | | | | | 7,002,283 | | | | |
| (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. |
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IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands except per share data)
| | | | | | | | | | | | | | | | | | | |
| | | June 30,
| | | March 31, 2004
| | | December 31, 2003
| |
BALANCE SHEET (End of Period)
| | 2004
| | | 2003
| | | % Change
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ASSETS | | | | | | | | | | | | | | | | | | | |
Cash and Due From Banks | | $ | 46,360 | | | $ | 40,441 | | | 14.6 | % | | $ | 54,910 | | | $ | 48,849 | |
Interest-Bearing Deposits in Banks | | | 15,070 | | | | 15,449 | | | (2.5 | )% | | | 28,244 | | | | 20,722 | |
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Total Cash and Equivalents | | | 61,430 | | | | 55,890 | | | 9.9 | % | | | 83,154 | | | | 69,571 | |
Investment Securities Available for Sale | | | 544,839 | | | | 392,953 | | | 38.7 | % | | | 498,611 | | | | 426,130 | |
Investment Securities Held to Maturity | | | 44,841 | | | | 67,615 | | | (33.7 | )% | | | 48,339 | | | | 53,492 | |
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Total Investment Securities | | | 589,680 | | | | 460,568 | | | 28.0 | % | | | 546,950 | | | | 479,622 | |
Mortgage Loans Held for Sale | | | 6,273 | | | | 18,540 | | | (66.2 | )% | | | 10,991 | | | | 5,781 | |
Loans, Net of Unearned Income | | | 1,529,362 | | | | 1,333,705 | | | 14.7 | % | | | 1,471,747 | | | | 1,412,349 | |
Allowance for Loan Losses | | | (19,683 | ) | | | (16,772 | ) | | 17.4 | % | | | (19,394 | ) | | | (18,230 | ) |
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Loans, net | | | 1,509,679 | | | | 1,316,933 | | | 14.6 | % | | | 1,452,353 | | | | 1,394,119 | |
Premises and Equipment | | | 36,728 | | | | 28,929 | | | 27.0 | % | | | 35,850 | | | | 31,992 | |
Goodwill and Acquisition Intangibles | | | 68,665 | | | | 64,276 | | | 6.8 | % | | | 68,815 | | | | 62,786 | |
Mortgage Servicing Rights | | | 224 | | | | 398 | | | (43.7 | )% | | | 251 | | | | 279 | |
Other Assets | | | 79,091 | | | | 63,763 | | | 24.0 | % | | | 72,088 | | | | 71,661 | |
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Total Assets | | $ | 2,351,770 | | | $ | 2,009,297 | | | 17.0 | % | | $ | 2,270,452 | | | $ | 2,115,811 | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | |
Noninterest-Bearing Deposits | | $ | 216,111 | | | $ | 190,212 | | | 13.6 | % | | $ | 207,048 | | | $ | 189,786 | |
Interest-Bearing Deposits | | | 1,576,580 | | | | 1,336,032 | | | 18.0 | % | | | 1,550,231 | | | | 1,399,320 | |
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Total Deposits | | | 1,792,691 | | | | 1,526,244 | | | 17.5 | % | | | 1,757,279 | | | | 1,589,106 | |
Short-Term Borrowings | | | 139,000 | | | | 87,000 | | | 59.8 | % | | | 92,000 | | | | 143,000 | |
Securities Sold Under Agreements to Repurchase | | | 48,128 | | | | 22,593 | | | 113.0 | % | | | 29,014 | | | | 19,590 | |
Long-Term Debt | | | 155,500 | | | | 166,041 | | | (6.3 | )% | | | 155,896 | | | | 156,291 | |
Other Liabilities | | | 12,142 | | | | 20,471 | | | (40.7 | )% | | | 19,083 | | | | 12,655 | |
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Total Liabilities | | | 2,147,461 | | | | 1,822,349 | | | 17.8 | % | | | 2,053,272 | | | | 1,920,642 | |
Total Shareholders’ Equity | | | 204,309 | | | | 186,948 | | | 9.3 | % | | | 217,180 | | | | 195,169 | |
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Total Liabilities and Shareholders’ Equity | | $ | 2,351,770 | | | $ | 2,009,297 | | | 17.0 | % | | $ | 2,270,452 | | | $ | 2,115,811 | |
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| | | For The Three Months Ended June 30,
| | | For The Six Months Ended June 30,
| |
INCOME STATEMENT
| | 2004
| | 2003
| | % Change
| | | 2004
| | 2003
| | % Change
| |
Interest Income | | $ | 26,192 | | $ | 24,707 | | 6.0 | % | | $ | 51,594 | | $ | 47,319 | | 9.0 | % |
Interest Expense | | | 8,073 | | | 7,642 | | 5.6 | % | | | 15,509 | | | 14,341 | | 8.1 | % |
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|
Net Interest Income | | | 18,119 | | | 17,065 | | 6.2 | % | | | 36,085 | | | 32,978 | | 9.4 | % |
Provision for Loan Losses | | | 704 | | | 1,574 | | (55.3 | )% | | | 1,759 | | | 3,149 | | (44.1 | )% |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Net Interest Income After Provision for Loan Losses | | | 17,415 | | | 15,491 | | 12.4 | % | | | 34,326 | | | 29,829 | | 15.1 | % |
Service Charges | | | 3,043 | | | 2,954 | | 3.0 | % | | | 5,949 | | | 5,552 | | 7.2 | % |
ATM Fees | | | 519 | | | 504 | | 3.0 | % | | | 951 | | | 932 | | 2.0 | % |
Gain on Sale of Loans | | | 605 | | | 1,132 | | (46.6 | )% | | | 1,467 | | | 1,834 | | (20.0 | )% |
Other Gains (Losses) | | | 361 | | | 164 | | 120.1 | % | | | 514 | | | 265 | | 94.0 | % |
Other Noninterest Income | | | 1,297 | | | 1,242 | | 4.4 | % | | | 2,500 | | | 2,285 | | 9.4 | % |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Total Noninterest Income | | | 5,825 | | | 5,996 | | (2.9 | )% | | | 11,381 | | | 10,868 | | 4.7 | % |
Salaries and Employee Benefits | | | 7,521 | | | 6,718 | | 12.0 | % | | | 14,634 | | | 12,769 | | 14.6 | % |
Occupancy and Equipment | | | 1,713 | | | 1,627 | | 5.3 | % | | | 3,414 | | | 3,058 | | 11.6 | % |
Core Deposit Intangible Amortization | | | 234 | | | 248 | | (5.6 | )% | | | 452 | | | 332 | | 36.1 | % |
Other Noninterest Expense | | | 4,545 | | | 4,274 | | 6.3 | % | | | 8,728 | | | 8,430 | | 3.5 | % |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Total Noninterest Expense | | | 14,013 | | | 12,867 | | 8.9 | % | | | 27,228 | | | 24,589 | | 10.7 | % |
Income Before Income Taxes | | | 9,227 | | | 8,620 | | 7.0 | % | | | 18,479 | | | 16,108 | | 14.7 | % |
Income Taxes | | | 2,740 | | | 2,641 | | 3.7 | % | | | 5,501 | | | 4,911 | | 12.0 | % |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Net Income | | $ | 6,487 | | $ | 5,979 | | 8.5 | % | | $ | 12,978 | | $ | 11,197 | | 15.9 | % |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Earnings Per Share, diluted | | $ | 0.88 | | $ | 0.85 | | 3.7 | % | | $ | 1.78 | | $ | 1.68 | | 6.0 | % |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
8
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands except per share data)
| | | | | | | | | | | | | | | | | | | | |
| | | For The Quarter Ended
| |
| | | June 30,
2004
| | | March 31,
2004
| | | December 31,
2003
| | | September 30,
2003
| | | June 30,
2003
| |
BALANCE SHEET (Average) | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Cash and Due From Banks | | $ | 59,721 | | | $ | 55,939 | | | $ | 49,586 | | | $ | 43,453 | | | $ | 37,631 | |
Interest-Bearing Deposits in Banks | | | 16,295 | | | | 19,348 | | | | 14,949 | | | | 18,545 | | | | 29,228 | |
Investment Securities | | | 586,466 | | | | 515,131 | | | | 476,966 | | | | 453,977 | | | | 446,945 | |
Mortgage Loans Held for Sale | | | 9,375 | | | | 11,493 | | | | 6,479 | | | | 23,034 | | | | 18,796 | |
Loans, Net of Unearned Income | | | 1,496,990 | | | | 1,429,152 | | | | 1,407,634 | | | | 1,369,468 | | | | 1,313,405 | |
Allowance for Loan Losses | | | (19,509 | ) | | | (18,721 | ) | | | (17,727 | ) | | | (17,097 | ) | | | (16,629 | ) |
Other Assets | | | 180,308 | | | | 169,056 | | | | 163,471 | | | | 158,708 | | | | 155,382 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Assets | | $ | 2,329,646 | | | $ | 2,181,398 | | | $ | 2,101,358 | | | $ | 2,050,088 | | | $ | 1,984,758 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | |
Noninterest-Bearing Deposits | | $ | 208,417 | | | $ | 190,067 | | | $ | 190,407 | | | $ | 193,449 | | | $ | 183,952 | |
Interest-Bearing Deposits | | | 1,563,058 | | | | 1,477,782 | | | | 1,390,367 | | | | 1,380,762 | | | | 1,335,278 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Deposits | | | 1,771,475 | | | | 1,667,849 | | | | 1,580,774 | | | | 1,574,211 | | | | 1,519,230 | |
Short-Term Borrowings | | | 127,380 | | | | 108,698 | | | | 124,375 | | | | 78,321 | | | | 75,918 | |
Securities Sold Under Agreements to Repurchase | | | 42,271 | | | | 24,894 | | | | 19,925 | | | | 20,942 | | | | 20,828 | |
Long-Term Debt | | | 155,710 | | | | 156,104 | | | | 165,675 | | | | 165,840 | | | | 157,807 | |
Other Liabilities | | | 22,793 | | | | 19,142 | | | | 18,302 | | | | 23,158 | | | | 24,744 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Liabilities | | | 2,119,629 | | | | 1,976,687 | | | | 1,909,051 | | | | 1,862,472 | | | | 1,798,527 | |
Total Shareholders’ Equity | | | 210,017 | | | | 204,711 | | | | 192,307 | | | | 187,616 | | | | 186,231 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total Liabilities and Shareholders’ Equity | | $ | 2,329,646 | | | $ | 2,181,398 | | | $ | 2,101,358 | | | $ | 2,050,088 | | | $ | 1,984,758 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| | |
| | | 2004
| | | 2003
| |
| | | Second
Quarter
| | | First
Quarter
| | | Fourth
Quarter
| | | Third
Quarter
| | | Second
Quarter
| |
INCOME STATEMENT | | | | | | | | | | | | | | | | | | | | |
Interest Income | | $ | 26,192 | | | $ | 25,402 | | | $ | 25,161 | | | $ | 24,082 | | | $ | 24,707 | |
Interest Expense | | | 8,073 | | | | 7,436 | | | | 7,205 | | | | 7,383 | | | | 7,642 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Interest Income | | | 18,119 | | | | 17,966 | | | | 17,956 | | | | 16,699 | | | | 17,065 | |
Provision for Loan Losses | | | 704 | | | | 1,055 | | | | 1,552 | | | | 1,599 | | | | 1,574 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Interest Income After Provision for Loan Losses | | | 17,415 | | | | 16,911 | | | | 16,404 | | | | 15,100 | | | | 15,491 | |
Total Noninterest Income | | | 5,825 | | | | 5,556 | | | | 5,682 | | | | 6,514 | | | | 5,996 | |
Total Noninterest Expense | | | 14,013 | | | | 13,215 | | | | 13,117 | | | | 12,923 | | | | 12,867 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Income Before Income Taxes | | | 9,227 | | | | 9,252 | | | | 8,969 | | | | 8,691 | | | | 8,620 | |
Income Taxes | | | 2,740 | | | | 2,761 | | | | 2,691 | | | | 2,614 | | | | 2,641 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net Income | | $ | 6,487 | | | $ | 6,491 | | | $ | 6,278 | | | $ | 6,077 | | | $ | 5,979 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Earnings Per Share, basic | | $ | 0.96 | | | $ | 0.98 | | | $ | 0.96 | | | $ | 0.93 | | | $ | 0.92 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Earnings Per Share, diluted | | $ | 0.88 | | | $ | 0.90 | | | $ | 0.88 | | | $ | 0.86 | | | $ | 0.85 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Book Value Per Share | | $ | 29.74 | | | $ | 31.02 | | | $ | 29.28 | | | $ | 28.35 | | | $ | 28.18 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Return on Average Assets | | | 1.12 | % | | | 1.20 | % | | | 1.19 | % | | | 1.18 | % | | | 1.21 | % |
| | | | | |
Return on Average Equity | | | 12.42 | % | | | 12.75 | % | | | 12.95 | % | | | 12.85 | % | | | 12.88 | % |
| | | | | |
Return on Average Tangible Equity | | | 18.90 | % | | | 19.07 | % | | | 19.86 | % | | | 20.01 | % | | | 20.22 | % |
9
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | |
| | | June 30,
| | | March 31, 2004
| | | December 31, 2003
| |
| | | 2004
| | | 2003
| | | % Change
| | | |
LOANS RECEIVABLE | | | | | | | | | | | | | | | | | | | |
Residential Mortgage Loans: | | | | | | | | | | | | | | | | | | | |
Residential 1-4 Family | | $ | 357,618 | | | $ | 311,036 | | | 15.0 | % | | $ | 329,900 | | | $ | 338,965 | |
Construction | | | 39,612 | | | | 33,119 | | | 19.6 | % | | | 50,459 | | | | 50,295 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total Residential Mortgage Loans | | | 397,230 | | | | 344,155 | | | 15.4 | % | | | 380,359 | | | | 389,260 | |
Commercial Loans: | | | | | | | | | | | | | | | | | | | |
Real Estate | | | 372,084 | | | | 322,450 | | | 15.4 | % | | | 362,136 | | | | 352,031 | |
Business | | | 256,987 | | | | 194,764 | | | 31.9 | % | | | 234,929 | | | | 199,275 | |
Commercial Leases | | | 1,586 | | | | 1,900 | | | (16.5 | )% | | | 1,666 | | | | 1,745 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total Commercial Loans and Leases | | | 630,657 | | | | 519,114 | | | 21.5 | % | | | 598,731 | | | | 553,051 | |
Consumer Loans: | | | | | | | | | | | | | | | | | | | |
Indirect Automobile | | | 228,183 | | | | 234,189 | | | (2.6 | )% | | | 226,020 | | | | 229,636 | |
Home Equity | | | 205,032 | | | | 165,100 | | | 24.2 | % | | | 197,092 | | | | 174,740 | |
Automobile | | | 22,673 | | | | 27,216 | | | (16.7 | )% | | | 23,533 | | | | 24,795 | |
Credit Card Loans | | | 8,321 | | | | 8,984 | | | (7.4 | )% | | | 8,207 | | | | 9,007 | |
Other | | | 37,266 | | | | 34,947 | | | 6.6 | % | | | 37,805 | | | | 31,860 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total Consumer Loans | | | 501,475 | | | | 470,436 | | | 6.6 | % | | | 492,657 | | | | 470,038 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total Loans Receivable | | | 1,529,362 | | | | 1,333,705 | | | 14.7 | % | | | 1,471,747 | | | | 1,412,349 | |
| | | | | | | | | | |
|
| | | | | | | | |
Allowance for Loan Losses | | | (19,683 | ) | | | (16,772 | ) | | | | | | (19,394 | ) | | | (18,230 | ) |
| | |
|
|
| |
|
|
| | | | |
|
|
| |
|
|
|
Loans Receivable, Net | | $ | 1,509,679 | | | $ | 1,316,933 | | | | | | $ | 1,452,353 | | | $ | 1,394,119 | |
| | |
|
|
| |
|
|
| | | | |
|
|
| |
|
|
|
| | | |
| | | June 30,
| | | March 31, 2004
| | | December 31, 2003
| |
| | | 2004
| | | 2003
| | | % Change
| | | |
ASSET QUALITY DATA | | | | | | | | | | | | | | | | | | | |
Nonaccrual Loans | | $ | 3,284 | | | $ | 3,813 | | | (13.9 | )% | | $ | 3,844 | | | $ | 3,902 | |
Foreclosed Assets | | | 21 | | | | 88 | | | (76.1 | )% | | | 36 | | | | 67 | |
Other Real Estate Owned | | | 317 | | | | 2,021 | | | (84.3 | )% | | | 39 | | | | 2,067 | |
Accruing Loans More Than 90 Days Past Due | | | 1,336 | | | | 1,546 | | | (13.6 | )% | | | 862 | | | | 1,220 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Total Nonperforming Assets(1) | | $ | 4,958 | | | $ | 7,468 | | | (33.6 | )% | | $ | 4,781 | | | $ | 7,256 | |
| | |
|
|
| |
|
|
| |
|
| |
|
|
| |
|
|
|
Nonperforming Assets to Total Assets(1) | | | 0.21 | % | | | 0.37 | % | | (43.3 | )% | | | 0.21 | % | | | 0.34 | % |
Nonperforming Assets to Total Loans + OREO(1) | | | 0.32 | % | | | 0.56 | % | | (42.0 | )% | | | 0.32 | % | | | 0.51 | % |
Allowance for Loan Losses to Nonperforming Loans(1) | | | 426.0 | % | | | 313.0 | % | | 36.1 | % | | | 412.2 | % | | | 355.9 | % |
Allowance for Loan Losses to Nonperforming Assets(1) | | | 397.0 | % | | | 224.6 | % | | 76.8 | % | | | 405.7 | % | | | 251.2 | % |
Allowance for Loan Losses to Total Loans | | | 1.29 | % | | | 1.26 | % | | 2.3 | % | | | 1.32 | % | | | 1.29 | % |
Year to Date Charge-offs | | $ | 1,330 | | | $ | 2,509 | | | (47.0 | )% | | $ | 666 | | | $ | 4,782 | |
Year to Date Recoveries | | $ | 438 | | | $ | 592 | | | (26.1 | )% | | $ | 189 | | | $ | 1,172 | |
| (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, 2004
| | December 31, 2003
|
| | | 2004
| | 2003
| | % Change
| | | |
DEPOSITS | | | | | | | | | | | | | | | |
Noninterest-Bearing DDA | | $ | 216,111 | | $ | 190,212 | | 13.6 | % | | $ | 207,048 | | $ | 189,786 |
NOW Accounts | | | 535,615 | | | 336,951 | | 59.0 | % | | | 537,898 | | | 449,938 |
Savings and Money Market Accounts | | | 410,427 | | | 357,103 | | 14.9 | % | | | 380,804 | | | 350,295 |
Certificates of Deposit | | | 630,538 | | | 641,978 | | (1.8 | )% | | | 631,529 | | | 599,087 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
Total Deposits | | $ | 1,792,691 | | $ | 1,526,244 | | 17.5 | % | | $ | 1,757,279 | | $ | 1,589,106 |
| | |
|
| |
|
| |
|
| |
|
| |
|
|
10
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
Taxable Equivalent Basis
(dollars in thousands)
| | | | | | | | | | | | | | |
| | | For The Quarter Ended
| |
| | June 30, 2004
| | | June 30, 2003
| |
| | Average Balance
| | | Average Yield/Rate (%)
| | | Average Balance
| | | Average Yield/Rate (%)
| |
| | | | |
ASSETS | | | | | | | | | | | | | | |
Earning Assets: | | | | | | | | | | | | | | |
Loans Receivable: | | | | | | | | | | | | | | |
Mortgage Loans | | $ | 388,565 | | | 5.49 | % | | $ | 340,971 | | | 6.28 | % |
Commercial Loans (TE)(1) | | | 613,304 | | | 4.68 | % | | | 509,201 | | | 5.39 | % |
Consumer and Other Loans | | | 493,491 | | | 6.52 | % | | | 461,292 | | | 7.25 | % |
Lease Financing Receivables | | | 1,630 | | | 5.34 | % | | | 1,941 | | | 5.50 | % |
| | |
|
|
| | | | |
|
|
| | | |
Total Loans | | | 1,496,990 | | | 5.50 | % | | | 1,313,405 | | | 6.28 | % |
| | |
|
|
| | | | |
|
|
| | | |
Mortgage Loans Held for Sale | | | 9,375 | | | 5.50 | % | | | 18,796 | | | 5.38 | % |
Investment Securities (TE) (1)(2) | | | 579,011 | | | 4.12 | % | | | 432,070 | | | 3.91 | % |
Other Earning Assets | | | 37,250 | | | 1.90 | % | | | 46,145 | | | 1.94 | % |
| | |
|
|
| | | | |
|
|
| | | |
Total Earning Assets | | | 2,122,626 | | | 5.06 | % | | | 1,810,416 | | | 5.59 | % |
Allowance for Loan Losses | | | (19,509 | ) | | | | | | (16,629 | ) | | | |
Nonearning Assets | | | 226,529 | | | | | | | 190,971 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
Total Assets | | $ | 2,329,646 | | | | | | $ | 1,984,758 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | |
Interest-Bearing Liabilities: | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | |
NOW Accounts | | $ | 524,380 | | | 1.01 | % | | $ | 323,089 | | | 0.91 | % |
Savings and Money Market Accounts | | | 406,582 | | | 0.80 | % | | | 363,754 | | | 0.89 | % |
Certificates of Deposit | | | 632,096 | | | 2.40 | % | | | 648,435 | | | 2.55 | % |
| | |
|
|
| | | | |
|
|
| | | |
Total Interest-Bearing Deposits | | | 1,563,058 | | | 1.52 | % | | | 1,335,278 | | | 1.70 | % |
Short-Term Borrowings | | | 169,651 | | | 1.14 | % | | | 96,746 | | | 1.33 | % |
Long-Term Debt | | | 155,710 | | | 4.30 | % | | | 157,807 | | | 4.13 | % |
| | |
|
|
| | | | |
|
|
| | | |
Total Interest-Bearing Liabilities | | | 1,888,419 | | | 1.71 | % | | | 1,589,831 | | | 1.92 | % |
Noninterest-Bearing Demand Deposits | | | 208,417 | | | | | | | 183,952 | | | | |
Noninterest-Bearing Liabilities | | | 22,793 | | | | | | | 24,744 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
Total Liabilities | | | 2,119,629 | | | | | | | 1,798,527 | | | | |
Shareholders’ Equity | | | 210,017 | | | | | | | 186,231 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
Total Liabilities and Shareholders’ Equity | | $ | 2,329,646 | | | | | | $ | 1,984,758 | | | | |
| | |
|
|
| | | | |
|
|
| | | |
Net Earning Assets | | $ | 234,207 | | | | | | $ | 220,585 | | | | |
Net Interest Spread | | $ | 18,119 | | | 3.35 | % | | $ | 17,065 | | | 3.67 | % |
Tax-Equivalent Benefit | | $ | 682 | | | 0.12 | % | | $ | 647 | | | 0.14 | % |
Net Interest Income (TE) / Net Interest Margin (TE)(1) | | $ | 18,801 | | | 3.53 | % | | $ | 17,712 | | | 3.90 | % |
| (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. |
11
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
Taxable Equivalent Basis
(dollars in thousands)
| | | | | | | | | | | | | | |
| | | For The Six Months Ended
| |
| | | June 30, 2004
| | | June 30, 2003
| |
| | | Average
Balance
| | | Average Yield/Rate (%)
| | | Average
Balance
| | | Average
Yield/Rate (%)
| |
ASSETS | | | | | | | | | | | | | | |
Earning Assets: | | | | | | | | | | | | | | |
Loans Receivable: | | | | | | | | | | | | | | |
Mortgage Loans | | $ | 387,211 | | | 5.54 | % | | $ | 303,615 | | | 6.42 | % |
Commercial Loans (TE)(1) | | | 590,756 | | | 4.75 | % | | | 480,669 | | | 5.49 | % |
Consumer and Other Loans | | | 483,435 | | | 6.63 | % | | | 442,386 | | | 7.43 | % |
Lease Financing Receivables | | | 1,669 | | | 5.45 | % | | | 1,979 | | | 5.53 | % |
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Total Loans | | | 1,463,071 | | | 5.58 | % | | | 1,228,649 | | | 6.42 | % |
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Mortgage Loans Held for Sale | | | 10,434 | | | 4.98 | % | | | 13,579 | | | 5.46 | % |
Investment Securities (TE)(1)(2) | | | 541,370 | | | 4.23 | % | | | 409,535 | | | 4.11 | % |
Other Earning Assets | | | 38,320 | | | 1.86 | % | | | 42,758 | | | 1.90 | % |
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Total Earning Assets | | | 2,053,195 | | | 5.15 | % | | | 1,694,521 | | | 5.74 | % |
Allowance for Loan Losses | | | (19,115 | ) | | | | | | (15,555 | ) | | | |
Nonearning Assets | | | 221,449 | | | | | | | 170,538 | | | | |
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|
| | | |
Total Assets | | $ | 2,255,529 | | | | | | $ | 1,849,504 | | | | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | |
Interest-Bearing Liabilities: | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | |
NOW Accounts | | $ | 500,915 | | | 0.98 | % | | $ | 307,334 | | | 0.94 | % |
Savings and Money Market Accounts | | | 396,037 | | | 0.76 | % | | | 348,620 | | | 0.94 | % |
Certificates of Deposit | | | 623,467 | | | 2.35 | % | | | 586,633 | | | 2.65 | % |
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Total Interest-Bearing Deposits | | | 1,520,419 | | | 1.49 | % | | | 1,242,587 | | | 1.75 | % |
Short-Term Borrowings | | | 151,622 | | | 1.14 | % | | | 108,133 | | | 1.36 | % |
Long-Term Debt | | | 155,907 | | | 4.30 | % | | | 130,464 | | | 4.33 | % |
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Total Interest-Bearing Liabilities | | | 1,827,948 | | | 1.70 | % | | | 1,481,184 | | | 1.95 | % |
Noninterest-Bearing Demand Deposits | | | 199,243 | | | | | | | 175,200 | | | | |
Noninterest-Bearing Liabilities | | | 20,974 | | | | | | | 21,914 | | | | |
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| | | |
Total Liabilities | | | 2,048,165 | | | | | | | 1,678,298 | | | | |
Shareholders’ Equity | | | 207,364 | | | | | | | 171,206 | | | | |
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Total Liabilities and Shareholders’ Equity | | $ | 2,255,529 | | | | | | $ | 1,849,504 | | | | |
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Net Earning Assets | | $ | 225,247 | | | | | | $ | 213,337 | | | | |
Net Interest Spread | | $ | 36,085 | | | 3.45 | % | | $ | 32,978 | | | 3.79 | % |
Tax-Equivalent Benefit | | $ | 1,364 | | | 0.13 | % | | $ | 1,229 | | | 0.15 | % |
Net Interest Income (TE) / Net Interest Margin (TE) (1) | | $ | 37,449 | | | 3.64 | % | | $ | 34,207 | | | 4.04 | % |
| (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. |
12
IBERIABANK CORPORATION
RECONCILIATION TABLE
(dollars in thousands, except per share data)
| | | | | | | | | | | | |
| | | For The Three Months Ended
| |
| | | 06/30/2004
| | | 03/31/2004
| | | 06/30/2003
| |
Net Interest Income | | $ | 18,119 | | | $ | 17,966 | | | $ | 17,065 | |
Effect of Tax Benefit on Interest Income | | | 682 | | | | 682 | | | | 647 | |
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Net Interest Income (TE)(1) | | | 18,801 | | | | 18,648 | | | | 17,712 | |
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Noninterest Income | | | 5,825 | | | | 5,556 | | | | 5,996 | |
Effect of Tax Benefit on Noninterest Income | | | 209 | | | | 203 | | | | 211 | |
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Noninterest Income (TE)(1) | | | 6,034 | | | | 5,759 | | | | 6,207 | |
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Total Revenues (TE)(1) | | $ | 24,835 | | | $ | 24,407 | | | $ | 23,919 | |
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Total Noninterest Expense | | $ | 14,013 | | | $ | 13,215 | | | $ | 12,867 | |
Less Intangible Amortization Expense | | | (234 | ) | | | (218 | ) | | | (248 | ) |
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Tangible Operating Expense(2) | | $ | 13,779 | | | $ | 12,997 | | | $ | 12,619 | |
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Return on Average Equity | | | 12.42 | % | | | 12.75 | % | | | 12.88 | % |
Effect of Intangibles(2) | | | 6.48 | | | | 6.32 | | | | 7.34 | |
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Return on Average Tangible Equity(2) | | | 18.90 | % | | | 19.07 | % | | | 20.22 | % |
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Efficiency Ratio | | | 58.5 | % | | | 56.2 | % | | | 55.8 | % |
Effect of Tax Benefit Related to Tax Exempt Income | | | (2.1 | ) | | | (2.1 | ) | | | (2.0 | ) |
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Efficiency Ratio (TE)(1) | | | 56.4 | % | | | 54.1 | % | | | 53.8 | % |
Effect of Amortization of Intangibles | | | (0.9 | ) | | | (0.9 | ) | | | (1.0 | ) |
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|
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Tangible Efficiency Ratio (TE)(1) (2) | | | 55.5 | % | | | 53.2 | % | | | 52.8 | % |
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|
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|
|
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|
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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. |
13
