1Q12 Earnings Conference Call 1Q12 Earnings Conference Call Supplemental Materials April 18, 2012 April 18, 2012 |
Safe Harbor Language Safe Harbor Language 2 Statements contained in this presentation which are not historical facts and which pertain to future operating results of IBERIABANK Corporation and its subsidiaries constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the Company’s periodic filings with the SEC. In connection with the proposed acquisition of Florida Gulf Bancorp, Inc., IBERIABANK Corporation will file a Registration Statement on Form S-4 that will contain a proxy statement/prospectus. INVESTORS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors may obtain a free copy of the proxy statement/prospectus (when it is available) and other documents containing information about IBERIABANK Corporation and Florida Gulf Bancorp, Inc., without charge, at the SEC's web site at http://www.sec.gov. Copies of the proxy statement/prospectus and the SEC filings that will be incorporated by reference in the proxy statement/prospectus may also be This communication is not a solicitation of any vote or approval, is not an offer to purchase shares of Florida Gulf Bancorp, Inc. common stock, nor is it an offer to sell shares of IBERIABANK Corporation common stock which may be issued in the proposed merger. Any issuance of IBERIABANK Corporation common stock in the proposed merger would have to be registered under the Securities Act of 1933, as amended, and such IBERIABANK Corporation common stock would be offered only by means of a prospectus complying with the Act. obtained for free from the IBERIABANK Corporation website, www.iberiabank.com, under the heading “Investor Information”. |
Introductory Comments 3 |
Introductory Comments Summary – Position • Stable Balance Sheet Composition • Very Balanced; Core Funded; Low C&D Exposure • Continued Good Asset Quality; Extraordinary Capital • Well Positioned On Interest Rates And Credit Risk • Favorable Capital Ratios of Bank Holding Companies With More Than $5 Billion in Assets • Legacy Deposit Growth in 1Q12 And Improved Deposit Mix • Future Growth Engines in Multiple Markets • Strategic Recruiting Continued During The 1 st Quarter • Fortunately, We Avoided What Ails The Banking Industry • Remain Well Positioned For Future Opportunities 4 |
IBKC Overview Our Locations Arkansas 34 Branches $1.0 bil deposits #12 Rank 30 Non-bank Offices Texas 4 Branches $185 mm deposits #227 Rank 3 Non-bank Offices Louisiana 79 Branches $5.1 bil deposits #5 Rank 30 Non-bank Offices Alabama 13 Branches $500 mm deposits #20 Rank 6 Non-bank Offices Florida 50 Branches $2.5 bil deposits #22 Rank 12 Non-bank Offices Tennessee 3 Branches $155 mm deposits #113 Rank 1 Non-bank Office Deposit Market Share as of June 30, 2011 Florida branch and deposit information reflects pro forma Florida Gulf Bank acquisition Source: SNL Financial Map Reflects Locations as of April 15, 2012 *Other Mortgage Locations not shown = 9 |
Financial Overview 6 |
Financial Overview Summary – 1Q12 and 3/31/12 • T/E Net Interest Income Down $1mm (-1%) • Credit Quality Statistics Excluding FDIC Covered Assets And Acquired Assets Marked To Fair Value: • NPA/Assets = 0.83% (0.87% in 4Q11) • 30+ Days Past Due = 1.28% (1.37% in 4Q11) • Loan Loss Reserve/Loans = 1.21% (1.24% in 4Q11) • Net COs/Average Loans = 0.09% (0.31% in 4Q11) • Provision = $3mm ($4mm in 4Q11) • Reported EPS Of $0.66, Up 11% from 4Q11. Significant Items Impacting 4Q11 Results Include: 7 • ORE write-down = $2 mm or $0.03 • Gains on sale of investments = $3 mm or $0.06 • One-time acquisition and conversion costs = $1 mm or $0.02 |
Financial Overview Favorable Balance Sheet Growth 1Q12 Results •Loans +$90mm, +1% •Deposits +$172mm +2% •Loan/Deposits = 79% •Equity = +$13mm, +1% •Equity/Assets = 12.68% •Tier 1 Leverage = 10.51% •Div Payout = 51.8% •ROA = 0.67% •ROE = 5.21% •ROTE = 7.43% •Efficiency Ratio = 77% •Tang Eff. Ratio = 75% •BV/Share = $50.67 •Tang BV/Share = $37.23 8 |
Financial Overview Low Risk Balance Sheet At March 31, 2012 39% Of Balance Sheet In Very Low Risk Components 9 |
Financial Overview Trends - Mortgage Interest Rates • Conforming Rates Are Bouncing Around New Lows • Refi Activity Has Diminished • Sales Spreads Remain Favorable • Improved Competitive Dynamics In Mortgage Business Source: Bloomberg as of April 16, 2012 10 |
Financial Overview Mortgage Quarterly Revenues • Total 2011 Originations Of $1.7 Billion • In 1Q12 Closed $451mm (-13% Vs. 4Q11) • In 1Q12 Sold $476mm (-4% Vs. 4Q11) • 1Q12 Vs. 4Q11: 3% Increase In Mtg. Revenues • $220mm Locked Pipeline on 4/13/12 11 |
Financial Overview Title Insurance Quarterly Revenues • Title & Mortgage Footprints Don’t Necessarily Overlap • 1Q12: $4.5mm In Revenues (-7% Vs. 4Q11) 12 |
Financial Overview Service Charges/Revenues • Less Reliance On Service Charge Income And Consumer Fees Than Peers 13 Source: SNL Data as of most recent quarter Non-Interest Income Excludes Gains on Acquisitions and Investment Sales |
Financial Overview Total Revenues - IBERIA Wealth Advisors and IBERIA Capital Partners 14 • ICP/IWA Revenues of $1.9 million (+25% Vs. 4Q11) $0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 $2.0 1Q11 2Q11 3Q11 4Q11 1Q12 IBERIA CAPITAL PARTNERS/ IBERIA WEALTH ADVISORS |
Financial Overview Quarterly Repricing Schedule 15 • $1.8 Billion In Aggregate Time Deposits Repricing Over The Next 12 Months At A Weighted Average Rate Of 1.16% 2Q12 3Q12 4Q12 1Q13 2Q13 Cash Equivalents 450.7 $ - $ - $ - $ - $ 0.61% 0.00% 0.00% 0.00% 0.00% Investments 176.5 $ 142.2 $ 97.6 $ 84.6 $ 90.5 $ 3.15% 3.24% 3.23% 3.29% 3.17% Loans 3,633.8 $ 354.1 $ 289.3 $ 293.8 $ 283.6 $ 3.94% 5.43% 5.50% 5.41% 4.82% Time Deposits 653.5 $ 527.4 $ 355.5 $ 250.3 $ 84.3 $ 1.19% 1.27% 1.00% 1.04% 1.01% Borrowed Funds 407.8 $ 1.5 $ 5.8 $ 7.1 $ 37.7 $ 1.22% 4.00% 2.23% 3.28% 3.44% |
Financial Overview Interest Rate Simulations Source: Bancware model, as of March 31, 2012 • Slightly Asset Sensitive From An Interest Rate Risk Position • Degree Is A Function Of The Reaction Of Competitors To Changes In Deposit Pricing • Forward Curve Has A Positive Impact Over 12 Months 16 Base Blue Forward Change In: -200 bp -100 bp Case +100 bp +200 bp Chip Curve Net Interest Income -0.5% -0.1% 0.0% 2.6% 5.6% -0.2% 0.9% Economic Value of Equity -1.1% -1.6% 0.0% 4.7% 7.8% -0.1% -0.3% |
Financial Overview Annual Change In Stock Price Source: Bloomberg as of April 16, 2012 17 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 -4% 16% -14% S&P Banks NASDAQ Banks DJIA S&P 500 Russell 2000 |
Financial Overview Price Change By Index Since August 2007 Source: SNL Through April 16, 2012 18 |
Asset Quality 19 |
Asset Quality Loan Portfolio Mix % based on gross portfolio – excluding discounts on loans acquired in FDIC-assisted transactions 20 $000s % of CRE % Loans C&D-IBERIABANK 381,682 16% 5% CRE-Owner Occupied 961,762 40% 13% CRE-Non-Owner Occupied 1,038,132 44% 14% Total Commercial RE 2,381,577 $ 100% 32% |
Asset Quality 1Q12 Compared To Prior Quarters Note: Includes FDIC Assisted Acquisitions 21 ($thousands) 1Q11 2Q11 3Q11 4Q11 1Q12 Nonaccruals 800,265 $ 790,953 $ 805,247 $ 719,236 $ 677,619 $ OREO & Foreclosed 83,186 112,234 117,643 125,046 126,657 90+ Days Past Due 29,279 23,070 24,741 29,003 7,320 Nonperforming Assets 912,730 $ 926,257 $ 947,631 $ 873,285 $ 811,596 $ NPAs/Assets 9.18% 8.12% 8.25% 7.43% 6.88% NPAs/(Loans + OREO) 14.71% 12.76% 13.00% 11.62% 10.67% LLR/Loans 2.44% 2.38% 2.45% 2.62% 2.37% Net Charge-Offs/Loans -0.05% 0.11% 0.10% 0.29% 0.09% Past Dues: 30-89 Days Past Due 107,725 $ 86,880 $ 74,604 $ 86,467 $ 35,228 $ 90+ days Past Due 29,279 23,070 24,741 29,003 7,320 Nonaccual Loans 800,265 790,953 805,247 719,236 677,619 Total 30+ Past Dues 937,269 $ 900,903 $ 904,592 $ 834,705 $ 720,167 $ % Loans 15.31% 12.61% 12.62% 11.30% 9.63% Loan Mix: Commercial 67.5% 60.6% 61.4% 64.6% 64.9% Consumer 16.0% 16.2% 16.0% 16.3% 16.5% Mortgage 10.8% 8.9% 8.3% 7.7% 7.3% Business Banking 1.4% 10.5% 10.3% 7.5% 7.1% Indirect 3.7% 3.2% 3.4% 3.3% 3.6% Credit Cards 0.6% 0.6% 0.6% 0.6% 0.6% Total Loans 100.0% 100.0% 100.0% 100.0% 100.0% IBERIABANK Corporation |
3/31/11 6/30/11 9/30/11 12/31/11 3/31/12 Consolidated (Ex-FDIC Covered Assets and SOP 03-3) 30+ days past due 0.35% 0.41% 0.46% 0.38% 0.30% Non-accrual 1.30% 0.99% 1.22% 0.99% 0.98% Total Past Due 1.65% 1.40% 1.68% 1.37% 1.28% CapitalSouth Only 30+ days past due 7.85% 6.57% 6.09% 7.57% 1.70% Non-accrual 21.47% 21.05% 21.20% 16.53% 22.07% Total Past Due 29.32% 27.62% 27.29% 24.10% 23.77% Orion Only 30+ days past due 4.24% 3.31% 2.85% 5.13% 0.92% Non-accrual 36.07% 35.16% 37.56% 35.66% 35.46% Total Past Due 40.31% 38.47% 40.41% 40.79% 36.38% Century Only 30+ days past due 5.18% 3.82% 4.09% 3.07% 2.59% Non-accrual 42.15% 42.74% 43.95% 44.29% 41.87% Total Past Due 47.33% 46.56% 48.04% 47.36% 44.46% Sterling Only 30+ days past due 12.17% 3.83% 2.69% 3.60% 0.86% Non-accrual 28.59% 31.97% 34.68% 37.60% 41.85% Total Past Due 40.76% 35.80% 37.37% 41.20% 42.71% Consolidated (With FDIC Covered Assets) 30+ days past due 2.04% 1.41% 1.28% 1.46% 0.54% Non-accrual 11.89% 10.17% 10.36% 9.11% 8.55% Total Past Due 13.93% 11.58% 11.64% 10.57% 9.09% Asset Quality Loans Past Due + Non-Accruals ** Beginning in 2011, IBERIABANK fsb was merged with IBERIABANK 22 |
Asset Quality Trends – Entity NPAs & Past Dues Note: Includes FDIC Assisted Acquisitions 23 (Dollars in $000s) 1Q11* 2Q11 3Q11 4Q11 1Q12 $Chg 3/31/11 6/30/11 9/30/11 12/31/11 3/31/12 Last Qtr. Nonaccrual Loans 800,265 $ 790,953 $ 805,247 $ 719,236 $ 677,619 $ (41,617) $ OREO & Foreclosed Assets 83,186 $ 112,234 $ 117,643 $ 125,046 $ 126,657 $ 1,612 $ Accruing 90+ Days Past Due 29,279 $ 23,070 $ 24,741 $ 29,003 $ 7,320 $ (21,683) $ Total NPAs 912,730 $ 926,257 $ 947,631 $ 873,285 $ 811,596 $ (61,689) $ NPAs / Total Assets 9.18% 8.12% 8.25% 7.43% 6.88% 30-89 Days Past Due 107,725 $ 86,880 $ 74,604 $ 86,467 $ 35,228 $ (51,239) $ 30-89 Days PDs / Loans 1.76% 1.22% 1.04% 1.17% 0.47% |
Asset Quality Trends – Entity LLR & Net COs Note: Includes FDIC Assisted Acquisitions 24 (Dollars in $000s) 1Q11 2Q11 3Q11 4Q11 1Q12 $Chg 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 Last Qtr. Loan Loss Reserve* 149,119 $ 169,988 $ 175,320 $ 193,761 $ 177,192 $ (16,569) $ LLR / Total Loans 2.44% 2.36% 2.43% 2.62% 2.37% Net Charge-Offs (764) $ 1,718 $ 1,880 $ 5,350 $ 1,695 $ (3,656) $ Net COs/Avg Loans -0.05% 0.11% 0.10% 0.29% 0.09% LLR Coverage Of NPAs 16% 18% 18% 22% 22% * Does not include loan discounts associated with acquisitions. |
Asset Quality Loan Mix And 30 Days+ Past Due 25 1Q11 2Q11 3Q11 4Q11 1Q12 1Q12* 3/31/11 6/30/11 9/30/11 12/31/11 3/31/12 3/31/12 % of Outstandings Commercial 67.5% 60.6% 61.4% 64.6% 64.9% 65.4% Mortgage 10.8% 8.9% 8.3% 7.7% 7.3% 4.2% Consumer 16.0% 16.2% 16.0% 16.3% 16.5% 16.4% Indirect 3.7% 3.2% 3.4% 3.3% 3.6% 4.6% Business Banking 1.4% 10.5% 10.3% 7.5% 7.1% 8.6% Credit Cards 0.6% 0.6% 0.6% 0.6% 0.6% 0.8% Total Loans 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Past Due 30+ Days* Commercial 14.78% 12.97% 12.80% 11.25% 9.57% 1.09% Mortgage 15.21% 14.89% 15.84% 16.69% 16.14% 2.27% Consumer 14.71% 11.33% 10.52% 9.82% 7.91% 1.31% Indirect 0.74% 0.78% 0.96% 1.08% 0.63% 0.59% Business Banking 2.82% 4.91% 7.01% 4.87% 5.04% 2.59% Credit Cards 1.74% 1.56% 1.90% 2.20% 1.45% 1.33% Total Loans 13.93% 11.58% 11.64% 10.57% 9.09% 1.28% * Excludes FDIC assisted acquisitions and SOP 03-3 loans acquired from OMNI and Cameron |
Asset Quality Classified Assets • “Classified Assets” Are Loans That Exhibit Stress And Warrant Close Watching • Classified Assets were $206 million at December 31, 2011 and $194 million at March 31, 2012 • Our Classified Assets As A Percentage Of Total Assets Are Very Low, Particularly Compared To Our Local Peers 26 Classified Assets -to-Total Assets At December 31 ,2011 Source: SNL, Company Filings for 2011 IBKC Data as of December 31, 2011 -Excludes covered loans related to FDIC-Assisted Acquisitions |
Asset Quality Loan Loss Reserve • Legacy IBERIABANK Credits Performing Very Well • Classified Assets And NPAs Remain Favorable • $2.9 Million Loan Loss Provision In 1Q12 (4Q11 = $4.3 Million) $1.3 Million In Net Charge-Offs In 1Q12 Excluding FDIC Covered and SOP 03-3 Loans (0.09% Of Average Loans) 27 1Q11 2Q11 3Q11 4Q11 1Q12 Net Charge-Offs - legacy (655) $ 1,895 $ 1,711 $ 4,622 $ 1,339 $ Loan Growth 2,043 4,737 615 5,684 2,139 Change In Asset Quality 2,313 719 3,976 (7,686) (2,474) Loan Loss Provision - legacy 3,701 $ 7,351 $ 6,302 $ 2,620 $ 1,004 $ Loan Loss Provision - OMNI/Cameron - - - - 1,106 Loan Loss Provision - FDIC Acqs. 1,770 2,639 (175) 1,659 747 Total Loan Loss Provision 5,471 $ 9,990 $ 6,127 $ 4,279 $ 2,858 $ Net Charge-Offs/Avg. Loans -0.05% 0.11% 0.10% 0.29% 0.09% Loan Loss Reserve/Loans 2.44% 2.38% 2.45% 2.62% 2.37% |
• The Lowest Level Of C&D Loan Exposure Compared To Peers • One Of The Lowest Levels Of NPAs Compared To Peers Asset Quality C&D Loans And NPAs Compared To Peers Source: SNL, using most recent quarterly information NPA/Adjusted Total Assets excludes FDIC covered assets IBKC data also excludes acquired assets marked to fair value C&D Loans / Total Loans NPAs / Adjusted Total Assets 28 |
Asset Quality Commercial Real Estate Loan Portfolio Excludes covered loans related to FDIC-Assisted Acquisitions 29 |
Asset Quality Commercial Real Estate Loan Portfolio Note: Includes commercial construction and land development loans Excludes covered loans related to FDIC-Assisted Acquisitions 30 Mar 2011 Jun 2011 Sep 2011 Dec 2011 March 2012 Non-Owner Occupied Current 916.1 $ 1,215.2 $ 1,193.0 $ 1,223.8 $ 1,263.9 $ Past Due 6.8 10.8 16.2 7.3 2.6 Nonaccrual 31.9 50.7 57.1 45.2 44.6 Total 954.8 $ 1,276.7 $ 1,266.4 $ 1,276.3 $ 1,311.1 $ % Nonaccrual 3.34% 3.97% 4.51% 3.54% 3.40% Owner Occupied Current 691.2 $ 982.7 $ 1,009.0 $ 1,056.8 $ 1,058.3 $ Past Due 0.8 1.2 0.5 3.5 3.0 Nonaccrual 5.9 7.5 7.3 8.6 9.2 Total 697.9 $ 991.4 $ 1,016.7 $ 1,068.9 $ 1,070.5 $ % Nonaccrual 0.84% 0.75% 0.72% 0.81% 0.86% Total CRE 1,652.7 $ 2,268.1 $ 2,283.1 $ 2,345.2 $ 2,381.6 $ % Nonaccrual 2.29% 2.56% 2.82% 2.30% 2.26% Non-Owner Occup/Risk Based Cap. 100% 120% 100% 101% 102% |
Asset Quality Commercial Loan Composition Note: At March 31 ,2012; Includes commercial construction and land development loans – excludes Covered Assets 31 |
Consumer Loan Portfolio 32 |
Consumer Loan Portfolio By Product – Score Distribution Note: Excludes Credit Cards Excludes Covered Loans from FDIC Acquisitions 33 Score Intervals HELOC Home Equity Loans Unsecured Lines Unsecured Other Secured Indirect Auto 800 + 12% 12% 6% 8% 11% 11% 750 - 799 41% 38% 30% 30% 27% 27% 700 - 749 24% 23% 24% 25% 22% 23% 650 - 699 14% 14% 19% 19% 19% 20% 600 - 649 4% 5% 9% 7% 8% 9% 550 - 599 2% 4% 5% 4% 5% 5% 500 - 549 1% 2% 4% 3% 3% 3% 450 - 499 0% 1% 1% 1% 1% 1% 400 - 449 0% 0% 0% 0% 0% 0% Other 1% 1% 2% 2% 3% 2% Total 100% 100% 100% 100% 100% 100% Avg. Score 745 723 730 709 702 715 Consumer Portfolio - Score Distribution By Product |
Consumer Loan Portfolio Past Dues By Product • Generally Good And Stable Asset Quality Across Consumer Products Excludes FDIC Loss Share Covered Assets 34 3/31/11 6/30/11 9/30/11 12/31/11 3/31/12 Home Equity Lines of Credit 30 to 59 Days Past Due 0.21% 0.13% 0.17% 0.36% 0.23% 60 to 89 Days Past Due 0.01% 0.04% 0.08% 0.08% 0.01% Over 90 Days Past Due 0.00% 0.00% 0.00% 0.00% 0.00% Total 30+ Days Past Due 0.22% 0.17% 0.25% 0.44% 0.24% Net Charge-Offs 0.90% 0.02% 0.38% 0.03% -0.06% Home Equity Term Loans 30 to 59 Days Past Due 0.29% 0.50% 0.59% 0.89% 0.50% 60 to 89 Days Past Due 0.01% 0.13% 0.21% 0.12% 0.09% Over 90 Days Past Due 0.00% 0.00% 0.01% 0.10% 0.10% Total 30+ Days Past Due 0.31% 0.63% 0.81% 1.11% 0.68% Net Charge-Offs 0.82% 0.26% 0.07% 0.02% 0.19% Indirect Loans 30 to 59 Days Past Due 0.33% 0.37% 0.44% 0.54% 0.20% 60 to 89 Days Past Due 0.02% 0.09% 0.11% 0.06% 0.07% Over 90 Days Past Due 0.00% 0.00% 0.00% 0.00% 0.00% Non Accrual 0.39% 0.32% 0.41% 0.48% 0.36% Total 30+ Days Past Due 0.74% 0.78% 0.96% 1.08% 0.63% Net Charge-Offs 0.24% 0.09% 0.20% 0.38% 0.08% Credit Card Loans 30 to 59 Days Past Due 0.26% 0.28% 0.37% 0.98% 0.27% 60 to 89 Days Past Due 0.32% 0.13% 0.25% 0.22% 0.17% Over 90 Days Past Due 0.00% 0.00% 0.00% 0.00% 0.00% Non Accrual 1.02% 0.97% 1.11% 0.84% 0.89% Total 30+ Days Past Due 1.60% 1.39% 1.73% 2.05% 1.33% Net Charge-Offs 1.76% 1.95% 1.67% 2.58% 1.81% Other Consumer Loans 30 to 59 Days Past Due 0.26% 0.30% 0.28% 0.55% 0.36% 60 to 89 Days Past Due 0.09% 0.30% 0.05% 0.56% 0.05% Over 90 Days Past Due 0.00% 0.00% 0.00% 0.13% 0.00% Total 30+ Days Past Due 0.35% 0.60% 0.33% 1.24% 0.42% Net Charge-Offs 0.74% 0.73% 0.56% 0.77% 0.62% Total Consumer Loans Total 30+ Days Past Due 0.31% 0.47% 0.56% 0.85% 0.44% Net Charge-Offs 0.71% 0.28% 0.29% 0.27% 0.20% Consumer Loan Portfolio - Quarterly Credit Statistics Loans Past Due As A % of Product Loans |
Consumer Loan Portfolio By Product – Origination Mix 35 |
Consumer Loan Portfolio By Product – Loan-To-Values 36 |
Consumer Loan Portfolio Indirect – 30+ Days Past Dues 37 |
Consumer Loan Portfolio Indirect – Net Charge-Offs 38 |
FDIC Loss Share Performance 39 |
Loss Share Performance Covered Loan Portfolio Rollforward 40 Average Income / Expense Average Yield Average Income / Expense Average Yield Average Income / Expense Average Yield Average Income / Expense Average Yield Covered Loans 1,489,782 40,454 10.768% 1,421,784 28,201 7.819% 1,350,935 55,518 16.139% 1,293,160 52,019 15.968% Mortgage Loans 243,303 4,487 7.378% 229,678 5,209 9.072% 218,922 4,799 8.768% 211,640 4,946 9.347% Indirect Automobile - - 0.000% - - 0.000% - - 0.000% - - 0.000% Credit Card 1,026 17 6.721% 972 16 6.693% 957 15 6.246% 901 14 6.199% Consumer 189,022 (234) -0.497% 172,391 3,780 8.698% 162,815 3,701 9.019% 155,406 3,895 10.080% Line Of Credit-Consumer Loans 81,575 2,967 14.588% 80,650 2,372 11.669% 79,220 2,502 12.528% 75,164 2,927 15.663% Commercial & Business Banking 975,301 33,217 13.477% 938,554 16,824 7.018% 889,481 44,502 19.581% 850,519 40,238 18.719% Loans in Process (445) - 0.000% (460) - 0.000% (461) - 0.000% (469) - 0.000% Overdrafts 0 - 0.000% 0 - 0.000% 0 - 0.000% 0 - 0.000% FDIC Loss Share Receivable 666,159 (18,315) -10.877% 626,551 (2,602) -1.625% 592,985 (29,255) -19.305% 573,776 (27,927) -19.255% Net Covered Loan Portfolio 2,155,941 22,139 4.080% 2,048,335 25,599 4.930% 1,943,920 26,263 5.327% 1,866,937 24,092 5.142% Average Income / Expense Average Yield Average Income / Expense Average Yield Average Income / Expense Average Yield 419,756 4,500 4.252% 401,069 4,317 4.309% Sterling Bank 188,032 2,293 4.838% 178,257 2,290 5.043% 169,542 2,963 6.841% 158,148 2,294 5.763% 4Q2011 4Q2011 3Q2011 1Q2012 2Q2011 3Q2011 1Q2012 2Q2011 Average Income / Expense Average Yield Covered Loans 1,489,782 40,454 10.768% 1,421,784 28,201 7.819% 1,350,935 55,518 16.139% 1,293,160 52,019 15.968% CapitalSouth Bank 240,511 5,196 8.536% 227,549 (1,827) -3.080% 209,043 14,372 26.967% 198,491 6,203 12.416% Orion Bank 794,202 29,013 14.479% 759,860 24,875 12.861% 734,021 29,565 15.817% 710,111 34,820 19.448% Century Bank 323,681 4,105 5.072% 303,773 3,024 3.979% 281,888 5,261 7.387% 264,864 6,697 10.080% Sterling Bank 131,388 2,140 6.464% 130,602 2,130 6.405% 125,983 6,319 19.631% 119,694 4,299 14.239% FDIC Loss Share Receivable 666,159 (18,315) -10.877% 626,551 (2,602) -1.625% 592,985 (29,255) -19.305% 573,776 (27,927) -19.255% CapitalSouth Bank 58,676 (4,456) -30.041% 57,146 5,754 39.402% 56,241 (8,707) -60.581% 49,433 (1,917) -15.338% Orion Bank 392,880 (13,256) -13.348% 375,943 (11,021) -11.472% 355,317 (16,430) -18.095% 349,685 (21,626) -24.466% Century Bank 157,959 (756) -1.894% 145,807 2,505 6.723% 137,868 (761) -2.160% 136,205 (2,380) -6.913% Sterling Bank 56,644 152 1.065% 47,655 159 1.310% 43,559 (3,357) -30.153% 38,453 (2,004) -20.621% Net Covered Loan Portfolio 2,155,941 22,139 4.080% 2,048,335 25,599 4.930% 1,943,920 26,263 5.327% 1,866,937 24,092 5.142% CapitalSouth Bank 299,187 740 0.954% 284,696 3,927 5.448% 265,284 5,665 8.406% 247,924 4,286 6.882% Orion Bank 1,187,083 15,757 5.269% 1,135,803 13,853 4.807% 1,089,338 13,135 4.756% 1,059,796 13,194 4.952% Century Bank 481,639 3,349 2.787% 449,580 5,529 4.869% |
Acquisition of Florida Gulf Bancorp, Inc. 41 |
Florida Gulf Bancorp Acquisition Florida Gulf Bancorp Acquisition Source: SNL Financial Deposit Data as of June 2011 42 • Announced March 19, 2012 • Adds 8 branches in Fort Myers-Cape Coral, Florida MSA • Attractive, established client base complements our existing client base • Total Loans: $262 million • Total Assets: $350 million • Total Deposits: $279 million • Total Equity: $24 million common stock plus $4 million preferred stock • Total deal value of $35 million for common stock, $4 million for preferred stock outstanding, plus up to additional $4 million based on performance of certain acquired loans over 3-year period • Includes $28 million, pre-tax credit mark (11% of loans) • Price / Tangible Book: 1.41x • Adjusted Core Deposit Premium: 4.9% • Accretive to EPS • Slightly dilutive to TVBS • IRR in excess of cost of capital |
Financial Assumptions & Impact Financial Assumptions & Impact Credit Mark: $28 million, pre-tax; 11% of total Florida Gulf loans Including prior NCOs, represents cumulative loss of 11% of Florida Gulf’s legacy portfolio Other Marks: Estimated to be immaterial in aggregate No Core Deposit Intangible Cost Savings: Cost savings of approximately $3 million, pre-tax annually Represents approximately 30% of Florida Gulf’s 2011 operating non-interest expenses Fully achieved by the first quarter of 2013 Revenue synergies identified, but not included in estimates Merger Related Costs: Approximately $6 million, pre-tax Conservative Financial Assumptions Attractive Financial Impact Accretive to EPS, excluding impact of merger-related costs in the first year and after fully phased-in cost savings; approximately 1% accretive when full savings phased in Slightly dilutive to tangible book value per share (approximately 1%) Strong pro forma capital ratios: Tangible Common Equity Ratio 9.34% (down 17 bps) Total Risk Based Capital Ratio 15.92% (down 29 bps) Internal rate of return in mid-teens; well in excess of our cost of capital 43 |
Fort Myers-Cape Coral MSA Fort Myers-Cape Coral MSA Distribution Distribution College Pointe Deposits: $92 million First Street Deposits: $65 million Daniels Parkway Deposits: $27 million Del Prado Blvd Deposits: $21 million Winkler Road Deposits: $30 million Dani Drive Deposits: $20 million 44 |
Markets 45 |
Markets – Local Economies Unemployment – vs. U.S. MSAs Source: U.S. Department of Labor, Bureau of Labor Statistics • Consistently Low Rates Of Unemploy-ment In Our Legacy MSAs • Many Of Our Legacy Markets Not Dependent On Housing For Growth • Assets In FDIC- Assisted Acquisition Markets Are Protected Under Loss-Share Agreements 46 |
Markets – Local Economies Freddie Mac – Regional Prices Source: Freddie Mac, FMHPI data series for 4Q2011 47 Last 5-Year Housing Price Last 12 4Q11 vs. Region States Included Change Months 3Q11 West North Central IA, KS, MN, MO, ND, NE, SD -4.3% 1.7% 1.9% West South Central LA, AR, TX, OK -3.9% -0.3% -2.5% East South Central TN, AL, MS, KY -11.2% -0.8% -3.9% East North Central IL, IN, MI, OH, WI -19.9% -1.5% -3.1% New England CT, MA, ME, NH, RI, VT -15.9% -1.7% -2.4% Pacific CA, OR, WA, HI, AK -22.8% -1.9% 3.4% South Atlantic NC, SC, FL, GA, VA, MD, WV, DC, DE -18.8% -2.1% -4.5% Mountain AZ, CO, ID, MT, NM, NV, UT, WY -27.0% -3.1% -5.4% Middle Atlantic NY, NJ, PA -14.5% -4.2% -9.4% US Average -25.1% -3.0% -4.9% |
Markets – Local Economies Housing Price Change Vs. U.S. MSAs Source: Freddie Mac, FMHPI data series for 4Q2011 48 |
Markets – Local Economies Housing Price Trends – IBKC Markets 49 Source: Local Market Monitor 4Q2011 |
Markets – Local Economies Housing Price Trends – IBKC Markets 50 Source: Local Market Monitor 4Q2011 |
Markets – Local Economies Housing Price Trends – IBKC Markets 51 Source: Local Market Monitor 4Q2011 |
Markets – Local Economies Housing Price Trends – IBKC Markets 52 Source: Local Market Monitor 4Q2011 |
Markets – Local Economies House Price Decline Probability Source: PMI Economic Real Estate Trends as of 2Q11 53 |
Source: SNL Financial 54 MSA IBKC Market Rank IBKC Offices IBKC Deposits IBKC Dep Mkt. Share (%) Percent of IBKC Franchise Market Population Population Change 2000-10 (%) Projected Population Change 2010-15 (%) Median HH Income 2010 ($) HH Income Change 2000-10 (%) Projected HH Income Change 2010-15 (%) FLORIDA North Port-Bradenton-Sarasota, FL 6 13 706,045 4.30 7.63 712,761 20.82 4.06 51,943 27.68 10.66 Naples-Marco Island, FL 5 7 623,371 6.25 6.74 332,156 32.13 5.99 62,368 28.82 11.33 Miami-Fort Lauderdale-Pompano Beach, FL 34 11 526,968 0.33 5.70 5,513,060 10.09 1.37 51,835 28.66 13.46 Key West, FL 5 5 185,312 8.21 2.00 73,868 (7.19) (4.68) 53,763 25.83 10.94 Cape Coral-Fort Myers, FL 18 4 158,839 1.39 1.72 628,829 42.63 8.17 51,699 28.21 10.86 Jacksonville, FL 30 3 53,557 0.11 0.58 1,389,042 23.72 7.08 54,392 27.54 11.94 LOUISIANA New Orleans-Metairie-Kenner, LA 5 24 1,404,895 4.82 15.18 1,187,772 (9.78) 8.77 42,621 20.67 6.36 Lafayette, LA 1 13 1,280,381 23.15 13.84 263,368 10.16 4.27 40,904 15.26 8.20 New Iberia, LA 1 4 786,474 45.05 8.50 75,402 2.92 0.17 35,185 13.27 7.36 Lake Charles, LA 3 17 508,287 15.17 5.49 194,964 0.72 (0.15) 40,423 14.49 9.42 Baton Rouge, LA 5 5 430,652 2.72 4.65 789,682 11.86 4.80 42,872 14.54 7.08 Monroe, LA 3 6 316,612 11.31 3.42 174,353 2.53 1.13 35,606 12.22 10.11 Shreveport-Bossier City, LA 7 2 189,816 2.85 2.05 394,961 5.05 1.61 37,988 14.48 8.83 Ruston, LA 4 2 89,832 7.88 0.97 57,874 (0.06) (0.30) 30,621 11.16 4.98 Crowley, LA 6 2 52,234 6.52 0.56 60,988 3.61 0.49 29,921 12.20 4.42 Abbeville, LA 9 2 46,760 5.12 0.51 56,867 5.69 1.46 31,930 8.45 6.64 Bastrop, LA 6 2 17,509 6.49 0.19 28,799 (7.16) (3.98) 27,955 11.26 5.29 Houma-Bayou Cane-Thibodaux, LA 14 1 13,291 0.31 0.14 204,128 4.96 0.46 39,560 12.74 9.36 ARKANSAS Little Rock-North Little Rock-Conway, AR 9 11 389,999 2.87 4.22 694,164 13.70 5.87 51,146 31.38 13.27 Jonesboro, AR 3 6 213,547 8.31 2.31 119,895 11.26 6.02 39,890 28.23 16.63 Fayetteville-Springdale-Rogers, AR-MO 17 8 118,343 1.44 1.28 461,723 33.04 10.17 48,929 35.01 9.83 Paragould, AR 9 2 7,324 0.98 0.08 41,398 10.89 4.05 39,063 26.62 15.16 TENNESSEE Memphis, TN-MS-AR 25 2 155,202 0.68 1.68 1,325,833 10.01 4.28 51,618 30.32 11.85 TEXAS Houston-Sugar Land-Baytown, TX 54 4 185,288 0.13 2.00 6,017,013 27.60 10.46 58,086 30.07 14.35 ALABAMA Birmingham-Hoover, AL 13 4 245,181 0.84 2.65 1,133,874 7.76 3.39 45,636 20.09 6.12 Montgomery, AL 12 2 104,538 1.45 1.13 372,902 7.61 3.06 44,338 19.12 8.45 Mobile, AL 9 2 99,878 1.65 1.08 410,234 2.60 1.01 39,492 17.15 9.17 Huntsville, AL 19 2 41,820 0.63 0.45 407,958 19.15 9.36 51,241 18.68 7.69 Daphne-Fairhope-Foley, AL 18 1 14,260 0.44 0.15 186,407 32.75 11.05 46,476 15.47 3.91 Aggregate: National 169 9,603,738 96.86 23,310,275 9.60 4.06 45,656 21.40 9.47 Markets-Local Economies IBKC Market Demographics |
Markets – Local Economies Oil & Gas Impact Source: Bloomberg 55 |
Summary Of IBKC • Industry Operating Environment--Challenging • Housing • Credit Risk • Interest Rate Risk • Operations Risk • We Tend To Move “Ahead Of The Curve” • Focus On Long-Term Investments & Payback • Organic And External Growth • Expense Controls And Revenue Growth • EPS/Stock Price Linkage - Shareholder Focus • Favorable Risk/Return Compared To Peers 56 |