Iberiabank (IBKC) 8-K IBERIABANK Corporation Reports Significant Progress In Operating Leverage

MAKING THE MOST OF IT

2Q14 Earnings Conference Call

Supplemental Presentation

July 23, 2014

Exhibit 99.2

Safe Harbor And Legend

2

To the extent that statements in this press release and the accompanying PowerPoint presentation relat

to future plans, objectives, financial results or performance of IBERIABANK Corporation, these statements ar

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 curren

economic environment, are generally identified by the use of the words “plan”, “believe”, “expect”, “intend”

“anticipate”, “estimate”, “project” or similar expressions. The Company’s actual strategies, results and financia

condition in future periods may differ materially from those currently expected due to various risks and uncertainties

Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time an

could cause actual results or financial condition to differ materially from those expressed in or implied by suc

statements.  Consequently, no forward-looking statement can be guaranteed.

Actual results or financial condition could differ materially because of factors such as the level of market

volatility, our ability to execute our growth strategy, including the availability of future  bank acquisition opportunities,

unanticipated losses related to the integration of, and refinements to purchase accounting adjustments for, acquired

businesses and assets and assumed liabilities in these transactions, adjustments of fair values of acquired assets

and assumed liabilities and of deferred taxes in acquisitions, actual results deviating from the Company’s current

estimates and assumptions of timing and amounts of cash flows, credit risk of our customers, effects of the on-going

correction in residential real estate prices and reduced levels of home sales, our ability to satisfy new capital and

liquidity standards such as those imposed by the Dodd-Frank Act and those adopted by the Basel Committee and

federal banking regulators,  sufficiency of our allowance for loan losses, changes in interest rates, access to funding

sources, reliance on the services of executive management, competition for loans, deposits and investment dollars,

reputational risk and social factors, changes in government regulations and legislation, increases in FDIC insurance

assessments, geographic concentration of our markets and economic conditions in these markets, rapid changes in

the financial services industry, dependence on our operational, technological, and organizational systems or

infrastructure and those of third-party providers of those services, hurricanes and other adverse weather events, the

modest trading volume of our common stock, and valuation of intangible assets. These and other factors that may

cause actual results or financial condition to differ materially from these forward-looking statements are discussed in

the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other filings with the

Securities and Exchange Commission (the “SEC”), available at the SEC’s website, http://www.sec.gov, and at the

Company’s website, http://www.iberiabank.com, under the heading “Investor Information.” All information in this

release and the accompanying PowerPoint presentation is as of the date of this release. The Company undertakes no

duty to update any forward-looking statement to conform the statement to actual results or financial condition or to

changes in the Company’s expectations. Certain tabular presentations may not reconcile because of rounding.

3

•

Reported EPS of $0.60 and non-GAAP operating EPS of $0.96

•

Tax

equivalent

net

interest

income

increased

$4.5

million,

or

4%

from

1Q14,

while

average earning assets increased $605 million, or 5%.

•

Operating non-interest income increased $14 million, or 42%, as compared to 1Q14

•

Acquisition

of

Teche

Holding

Company

completed

on

May

31,

2014.

Acquisition

of

First

Private Bank completed on June 30, 2014

•

Legacy loan growth:

•

Legacy deposit growth:

•

Net interest margin decreased six bps to 3.48% from March 31, 2014, due mainly to a

decrease

in

the

yield

on

the

non-covered

acquired

loan

portfolio

--

within

previously

disclosed guidance range of 3.45% to 3.50%

•

Operating tangible efficiency ratio decreased from 73.6% to 68.3%.  Company forecasts

operating

tangible

efficiency

ratio

of

approximately

67%

for

the

remainder

of

2014

•

Tax-equivalent operating revenues increased $17.8 million, or 13%, on a linked quarter

basis while operating expenses increased $4.6 million, or 4%, resulting in improved

operating leverage

Overview

Introductory Comments

$382 million since March 31, 2014 (+18% annualized), including:

Commercial $194 million, Small Business $51 million and Consumer

$136 million

Growth mix was 49% Retail and Small Business and 51% Commercial

$156 million since March 31, 2014 (+6% annualized)

$77 million increase in non-interest bearing deposits (+11% annualized)

4

Overview

Non-Interest Income –

2Q14 Components

•

Operating non-interest income

increased $14.1 million, or

42%, on a linked quarter basis

5

•

Non-operating

non-interest

expense of $17.1

million before-tax,

or $11.2 million

after-tax or $0.36

per share

•

Operating non-

interest expense

increased $4.6

million, or 4%, on

a linked-quarter

basis

Overview

Non-Interest Expense –

2Q14 Components

6

Earnings Enhancement Initiative –

2Q14

Composition of Benefits

Expense Initiatives

Compensation

Branch closures

Other reductions

Branch closings

Closing 3 branch offices

Contracts

Consulting

Operating

Telecommunications

Consolidation

Revenue Enhancements

Service fees

$ in millions

$10.7 million pre-tax net annual run-rate

benefit

$5.7 million improvement expected to

be realized in 2014

65% complete as of July 22, 2014

Salary

and

Benefits

68%

Branch

Closings

8%

Telecom

6%

Interest

income

6%

Contract

3%

Revenues

1%

Other

expenses

9%

Total

100%

7

Overview

Small Business and Retail –

2Q14 Progress

•

Small Business loan growth of $51 million, or +8%, on a linked-quarter basis

•

Indirect loan growth of $13 million, or +4%, on a linked-quarter basis

•

Consumer Direct & Mortgage loan growth of $105 million, or +6%, on a linked quarter basis

•

Credit Card loan growth of $2 million, or +3%, on a linked quarter basis

•

Checking account growth:

•

Small Business checking accounts increased 11% year-over-year and an

annualized 14% on a linked quarter basis

•

Consumer checking accounts were flat year-over-year but increased an annualized

4% on a linked quarter basis

•

Added 11 branches, net of closures and consolidations, with the Teche acquisition.  In

addition, two branches were added with the First Private Bank acquisition

•

Continued

focus

on

productivity

and

efficiency

of

the

delivery

network

–

opened

two

branches

in 2Q14, closed three branches in 2Q14, and three additional branch openings targeted by

year-end 2014

•

Acceptance and usage of digital delivery continues to increase among our client base

•

Released the annual update of our  mobile banking app for iPhone, Android, and

iPad.  iPad now supports Small Business clients in addition to retail clients

•

Implemented the ability for clients to make loan payments online, outside of online

banking.  Clients can pay via eCheck (ACH) or debit card

Excludes acquired loans and deposits

8

Overview

Non-Interest Bearing Deposits

% of Total

Deposits

•

$318 million of

incremental non-interest

bearing deposit growth

or +12% (+47%

annualized) in 2Q14

•

2Q14 includes $191

million of non-interest

bearing deposits

acquired in the Teche

acquisition and $50

acquired in the First

Private acquisition

•

Excluding acquired

deposits, top 2Q14 non-

interest bearing deposit

growth markets include

Lafayette, Little Rock,

Houston, Southeast

Florida and Memphis

Noninterest bearing deposits at period-end

2Q14 Includes deposits acquired in Teche and First Private acquisitions

$ in billions

9

Overview

Non-Performing Assets Trends

$ in millions

NPA

determination

based

on

regulatory

guidance

for

Acquired

portfolios

2Q14

includes

$18

million

of

Bank

property

reclassified

to

OREO

–

a

significant

portion

of

which

is

under

contract

to

sell

10

Overview

Legacy Portfolio

Asset Quality Summary

(Excludes FDIC covered assets and all acquired loans)

•

NPAs equated to

0.53% of total assets,

up 4 bps compared to

1Q14.  Includes $19

million of bank-owned

property --

$10 million

of which was added

during 2Q14

•

$68 million in

classified assets       

(+15% from 1Q14)

•

Legacy net charge-

offs of $0.8 million, or

an annualized rate of

0.04% of average

loans

•

$3 million provision

for legacy franchise in

2Q14

($ thousands)

6/30/2013

3/31/2014

6/30/2014

Non-accrual Loans

49,069

$    

32,983

$    

34,187

$    

-30%

4%

OREO

25,893

26,204

34,794

34%

33%

Accruing Loans 90+ Days Past Due

1,071

269

20

-98%

-93%

Non-performing Assets

76,033

59,456

69,001

-9%

16%

Note: NPAs excl. Former Bank Properties

67,599

50,453

50,415

-25%

0%

Past Due Loans

65,316

44,436

48,189

-26%

8%

Classified Loans

97,818

59,017

67,796

-31%

15%

Non-performing Assets/Assets

0.69%

0.49%

0.53%

(16)

bps

4

bps

NPAs/(Loans + OREO)

1.02%

0.70%

0.78%

(24)

bps

8

bps

Classified Assets/Total Assets

0.85%

0.49%

0.52%

(33)

bps

3

bps

(Past Dues & Nonaccruals)/Loans

0.88%

0.53%

0.55%

(33)

bps

2

bps

Provision For Loan Losses

3,416

$      

1,995

$      

3,004

$      

-12%

51%

Net Charge-Offs/(Recoveries)

1,028

1,014

759

-26%

-25%

Provision Less Net Charge-Offs

2,388

$      

981

$          

2,245

$      

-6%

129%

Net Charge-Offs/Average Loans

0.06%

0.05%

0.04%

(2)

bps

(1)

bps

Allowance For Loan Losses/Loans

0.83%

0.81%

0.80%

(3)

bps

(1)

bps

Allowance For Credit Losses/Loans

0.97%

0.94%

0.93%

(4)

bps

(1)

bps

For Quarter Ended:

% or Basis Point Change

Year/Year

Qtr/Qtr

11

Overview

Allowance Coverage To NPAs –

Legacy IBKC

•

2Q14 Allowance for

loan losses of $70.6

million

•

2Q14 Reserve for

unfunded lending

commitments of $11.3

million

•

Legacy NPAs of $69.0

million; including

approximately $19

million of OREO bank

properties with a

significant portion

already under contract

•

ACL/NPAs equals

118.7%

Excludes all covered and acquired assets

12

Seasonal Influences

13

Seasonal Influences

Quarterly Organic Loan Growth

*Organic

loan

growth

excludes

the

outstanding

balance

of

loans

acquired

in

all

transactions

at

the

date

of

the

acquisition

in

the

respective

acquisition

periods

•

First quarter of each year tends to

exhibit slower loan growth than other

quarters

•

2Q14 organic loan growth of $382

million, up $217 million, or 132%,

compared to 1Q14

14

Seasonal Influences

Mortgage Income

•

Mortgage 2Q14 Non-Interest Income of $18.0

million is $7.8 million higher than 1Q14 driven by

•

$6.0 million higher gains on increased sales

volume (27%) and higher margins (33%)

•

$1.7 million higher market value adjustment

gains ($2.5 million recognized in 2Q14 versus

$0.8 million in 1Q14)

•

$94 thousand higher servicing income

•

Loan originations were up $123 million in 2Q14 to

$436 million from $313 million in 1Q14 (39%)

•

The Pipeline plus Loans HFS at June 30th were

24% higher than at March 31, 2014

15

Seasonal Influences

Weekly Locked Mortgage Pipeline Trends

•

Significant pipeline

declines in winter

months

•

Seasonal rebound

commences at the

start of each year

through spring

months into early

summer

•

Most recent decline

was 40% since

start of October

2013

•

2014 trending is

consistent with

prior years

•

Weekly locked

pipeline was $184

million at July 18,

2014, up 3% since

June 30, 2014

16

Seasonal Influences

Capital Markets and Wealth Management

•

ICP revenues of  $3.0

million, or +79%,

compared to 1Q14

•

IWA revenues of $1.5

million, or +6%,

compared to 1Q14

•

IFS revenues of $2.5

million, or +5,

compared to 1Q14

•

ICP currently

provides research

coverage on 78 public

energy companies

•

IWA assets under

management

increased to $1.2

billion on June 30,

2014, up 4%

compared to

March 31, 2014

17

Seasonal Influences

Payroll Taxes and Retirement Contributions

2Q14

includes

one

month

of

Teche

results

18

Seasonal Influences

Checking NSF Related Charges

2Q14 includes one month of Teche results

Appendix

19

20

Appendix

Performance Metrics –

Quarterly Trends

•

Average earning

assets up $605

million (+5%)

•

T/E net interest

income up $5

million (+4%)

•

Provision for loan

losses of $5 million:

•

Legacy net charge-

offs: $0.8 million

(0.04% annualized

rate)

•

Covered and

acquired net

charge offs: $0.1

million (0.03%

annualized rate)

•

Legacy provision

for loan losses:

$3.0 million

6/30/2013

9/30/2013

12/31/2013

3/31/2014

6/30/2014

Net Income ($ in thousands)

15,590

$   

23,192

$     

25,604

$     

22,395

$     

18,548

$     

-17%

Per Share Data:

Fully Diluted Earnings

0.53

$        

0.78

$         

0.86

$         

0.75

$         

0.60

$         

-20%

Operating

Earnings

(Non-GAAP)

0.69

0.83

0.87

0.73

0.96

32%

Pre-provision

Operating

Earnings

(Non-GAAP)

0.73

0.89

0.97

0.78

1.06

37%

Tangible Book Value

36.30

37.00

37.17

37.59

37.41

0%

Key Ratios:

Return

on

Average

Assets

0.49%

0.71%

0.77%

0.68%

0.53%

(15)

bps

Return

on

Average

Common

Equity

4.09%

6.08%

6.62%

5.83%

4.56%

(126)

bps

Return

on

Average

Tangible

Common

Equity

(Non-GAAP)

5.96%

8.74%

9.43%

8.36%

6.62%

(174)

bps

Net Interest Margin (TE)

(1)

3.39%

3.37%

3.52%

3.54%

3.48%

(6)

bps

Tangible

Operating

Efficiency

Ratio

(TE)

(1)

(Non-GAAP)

76.8%

73.0%

69.9%

73.6%

68.3%

(532)

bps

Tangible

Common

Equity

Ratio

(Non-GAAP)

8.69%

8.64%

8.55%

8.61%

8.46%

(15)

bps

Tier 1 Leverage Ratio

9.59%

9.65%

9.70%

9.61%

10.03%

42

bps

Tier

1

Common

Ratio

(Non-GAAP)

11.08%

10.95%

10.55%

10.44%

10.33%

(11)

bps

Total

Risk

Based

Capital

Ratio

13.45%

13.28%

12.82%

12.69%

12.43%

(26)

bps

Net

Charge-Offs

to

Average

Loans

(2)

0.06%

0.02%

0.07%

0.05%

0.04%

(1)

bps

Non-performing

Assets

to

Total

Assets

(2)

0.69%

0.66%

0.61%

0.49%

0.53%

4

bps

(1)

Fully

taxable

equivalent

basis.

(2)

Excluding

FDIC

Covered

Assets

and

Acquired

Assets.

For Quarter Ended:

Linked Quarter

%/Basis Point

Change

21

Appendix

Non-Interest Income Trends

•

Mortgage income increased $7.8 million or 77%

•

Increased Broker Commissions income of $1.4 million or 35%

•

Title revenue increased $1.1 million, or 26%

•

Deposit service charge income increased $1.2 million or 17%

•

Other non-operating income declined $1.8 million

2Q14 originations up 39% from 1Q14

Refinancings were 13% of production,

down from 16% in 1Q14

Sales up 27% in 2Q14

Margins 33% higher in 2Q14

Pipeline of $179 million at quarter-end,

up 14% as compared to March 31,

2014.  At July 18, 2014, the locked

pipeline was $184 million or +3% over

June 30, 2014

2Q14 includes one month of Teche results

Non-interest Income ($000s)

2Q13

3Q13

4Q13

1Q14

2Q14

$ Change

% Change

Service

Charges

on

Deposit

Accounts

7,106

$     

7,512

$     

7,455

$     

7,012

$     

8,203

$     

1,191

$     

17%

ATM / Debit Card Fee Income

2,357

2,476

2,493

2,467

2,937

470

19%

BOLI Proceeds and CSV Income

901

908

900

934

934

0

0%

Mortgage Income

17,708

15,202

12,356

10,133

17,957

7,824

77%

Title Revenue

5,696

5,482

4,327

4,167

5,262

1,095

26%

Broker Commissions

3,863

3,950

4,986

4,048

5,479

1,431

35%

Other Noninterest Income

4,915

7,720

6,179

5,129

7,182

2,053

40%

Noninterest

income

excluding

non-operating

income

42,546

43,250

38,696

33,890

47,954

14,064

42%

Gain (Loss) on Sale of Investments, Net

(57)

13

19

19

8

(11)

-56%

Other Non-operating income

-

-

-

1,772

1

(1,772)

-100%

Total Non-interest Income

42,489

$  

43,263

$  

38,715

$  

35,681

$  

47,963

$  

12,282

$  

34%

2Q14 vs. 1Q14

22

Appendix

Non-Interest Expense Trends

•

Non-interest expenses excluding non-operating items

up $4.6 million, or 4%, as compared to 1Q14

•

Total expenses up $19.9 million, or 19%, in 2Q14

•

Severance expense up $5.3 million, mostly related to

Teche acquisition

•

Impairment of long-lived assets up $0.7 million

•

Merger-related expense increased $9.5 million

Linked

quarter

increases/decreases

of:

Salary

and

benefits

expense

$3.3

mil

Mortgage

commissions

and

incentives

1.3

Other

incentives

1.6

Payroll

taxes

(0.9)

2Q14 includes one month of Teche results

Non-interest Expense ($000s)

2Q13

3Q13

4Q13

1Q14

2Q14

$

Change

%

Change

Mortgage Commissions

6,127

$     

4,238

$     

3,169

$     

2,215

$     

3,481

$     

1,266

$     

57%

Hospitalization Expense

3,994

4,303

3,899

3,944

3,661

(283)

-7%

Other Salaries and Benefits

52,024

50,140

52,108

53,582

55,921

2,339

4%

Salaries and Employee Benefits

62,145

$  

58,681

$  

59,176

$  

59,741

$  

63,063

$  

3,322

$     

6%

Credit/Loan Related

4,168

5,248

2,776

3,560

3,093

(467)

-13%

Occupancy and Equipment

14,321

13,863

13,971

13,775

13,918

143

1%

Amortization of Acquisition Intangibles

1,181

1,179

1,177

1,218

1,244

26

2%

All Other Non-interest Expense

28,222

26,933

25,328

27,328

28,913

1,585

6%

Nonint. Exp. (Ex-Non-Operating Exp.)

110,036

$

105,904

$

102,428

$

105,622

$

110,231

$

4,609

$     

4%

Severance

1,670

554

216

119

5,466

5,347

4494%

Occupancy and Branch Closure Costs

4,925

594

-

17

14

(3)

-19%

Storm-related expenses

-

-

-

184

4

(180)

-98%

Impairment of Long-lived Assets

-

977

(225)

541

1,241

700

129%

Provision for FDIC clawback liability

130

667

-

-

-

-

0%

Debt Prepayment

-

-

-

-

-

-

0%

Termination

of

Debit

Card

Rewards

Program

450

-

(311)

(22)

-

22

-100%

Consulting and Professional

150

(630)

-

-

-

-

0%

Merger-Related Expenses

-

85

566

967

10,419

9,452

977%

Total Non-interest Expense

117,361

$

108,152

$

102,674

$

107,428

$

127,375

$

19,946

$  

19%

Tangible

Efficiency

Ratio

-

excl

Nonop

Exp

76.8%

73.0%

69.9%

73.6%

68.3%

2Q14 vs. 1Q14

The

acquisition

of

Teche

added

approximately

$1.4

million

in

operating

expenses

in

2Q14

23

Appendix

Deposits Costs

•

Our deposit costs

declined greater

than peers

•

A portion of the

lower costs were

due to improved

mix of deposits

•

Non-interest-

bearing deposits

grew from 11% of

total deposits in

2010 to 25% Of

total deposits in

2Q14

2Q14 Includes deposits acquired in Teche and First Private acquisitions

24

Appendix

Loan Growth Since Year-End 2008

December 31, 2008

$3.7 Billion

June 30, 2014

$10.9 Billion

Acquired loans, net of discount

+$4.0 billion

Acquired loan pay downs

($1.9 billion)

Legacy loan growth

+$5.1 billion

Total net growth

+$7.2 billion

25

Appendix

Loan Growth

Legacy Loan Growth

$ in millions

2

st

Quarter

2014:

•

$382 million, or

+4% (+18%

annualized)

Since YE 2011:

•

$3.5 billion, or

+65% (+26%

annualized)

Since YE 2009:

•

$4.7 billion, or

+115% (+25%

annualized)

•

The FDIC

covered loan

portfolio declined

65%, or $1.1

billion (14%

annualized rate)

Acquired

loan

growth

reflects

impact

of

loans

acquired

in

Teche

and

First

Private

acquisitions

completed

in

2Q14

26

Appendix

Loan Originations 2Q14 –Top Markets

$ in millions

•

$967 million in total

funded loans and

unfunded loan

commitments

originated in 2Q14

•

Significant growth in

Houston, New

Orleans, Baton Rouge,

Birmingham, Memphis

and Lafayette

•

Continued growth in

other markets in which

we have invested

heavily

Loan

commitments

and

originations

include

renewals

27

Appendix

Deposit Growth Since Year-End 2008

December 31, 2008

$4.0 Billion

June 30, 2014

$12.0 Billion

•

$8.0 billion growth in total

deposits or +200% (+36%

annualized)

28

Excludes acquired deposits

Appendix

Deposit Growth

$ in millions

•

Increase of $1.1

billion, or 10% in

2Q14 (+40%

Annualized)

•

Includes $926

million in deposits

acquired in Teche

and First Private

acquisitions

•

$318 million (+12%)

growth in NIB

deposits for 2Q14;

includes $241

million from Teche

and First Private

acquisitions

Total Deposit Growth

Very strong

transaction account

growth in 4Q12

29

Appendix

Market Highlights For 2Q14

•

Competitive

pressure

remains

strong

for

high

quality

commercial

and

business

banking

clients

in

terms

of

both

pricing

and

structure

•

Houston,

Baton

Rouge,

Birmingham,

Memphis,

and

New

Orleans

showed

strong

commercial

loan

originations

•

Total

commitments

originated

during

2Q14

of

$967

million

with

44%

fixed

rate

and

56%

floating

rate

•

Commercial

loans

originated

and

funded

in

2Q14

totaled

$399

million

with

a

mix

of

22%

fixed

and

78%

floating

($566

million

in

commercial

loan

commitments

during

the

quarter)

•

Strong

commercial

pipeline

in

excess

of

$660

million

at

quarter-end

•

Small

Business

loan

growth

of

$51

million,

or

+8%,

on

a

linked-quarter

basis

•

Period-end

core

deposit

increase

of

$697

million,

with

non-interest

bearing

deposits

up

$319

million

(up

$125

million

linked

quarter

growth

on

an

average

balance

basis)

–

mainly

as

a

result

of

the

Teche

and

First

Private

acquisitions

30

Appendix

Asset Quality Portfolio Trends

     ($thousands)

Non-accruals

409,775

$       

229,962

$        

208,673

$   

-49%

-9%

OREO & Foreclosed

129,607

93,165

84,479

-35%

-9%

90+ Days Past Due

4,126

981

1,095

-73%

12%

  Non-performing Assets

543,508

$       

324,108

$        

294,247

$   

-46%

-9%

NPAs/Assets

4.24%

2.39%

1.92%

(232)

bps

(47)

bps

NPAs/(Loans + OREO)

6.02%

3.33%

2.68%

(334)

bps

(65)

bps

LLR/Loans

1.83%

1.40%

1.23%

(60)

bps

(17)

bps

ACL/Loans

1.95%

1.52%

1.33%

(62)

bps

(19)

bps

Net Charge-Offs/Loans

0.05%

0.03%

0.03%

(2)

bps

0

bps

Past Dues:

30-89 Days Past Due

35,204

$        

43,905

$         

31,875

$     

-9%

-27%

90+ days Past Due

4,126

981

1,095

-73%

12%

Non-accual Loans

409,775

229,962

208,673

-49%

-9%

Total 30+ Past Dues

449,105

$       

274,848

$        

241,642

$   

-46%

-12%

% Loans

5.04%

2.85%

2.22%

(282)

bps

(63)

bps

2Q14

% or Basis Point Change

Year/Year

Qtr/Qtr

1Q14

2Q13

Total Portfolio

31

Appendix

Non-Operating Items (Non-GAAP)

•

2Q14 Merger related expense of $10.4 million pre-tax or $0.22 EPS after-tax

•

2Q14 Severance expense of $5.5 million pre-tax or $0.11 EPS after-tax

•

Impairment expense of $1.2 million pre-tax or $0.03 EPS after-tax

Pre-tax

After-tax

(2)

Per share

Pre-tax

After-tax

(2)

Per share

Pre-tax

After-tax

(2)

Per share

Net Income (Loss) (GAAP)

19,803

$    

15,590

$    

0.53

$         

30,558

$    

22,395

$    

0.75

$         

24,819

$    

18,548

$    

0.60

$         

Non-interest income adjustments

Loss (Gain) on sale of investments

57

37

0.00

(19)

(12)

(0.00)

(8)

(5)

(0.00)

Other non-interest income

-

-

-

(1,772)

(1,680)

(0)

(1)

(1)

(0)

Non-interest expense adjustments

Merger-related expenses

-

-

-

967

629

0.02

10,419

6,840

0.22

Severance expenses

1,670

1,086

0.04

119

78

0.00

5,466

3,553

0.11

Storm-related expenses

-

-

-

184

120

0.00

4

3

0.00

(Gain)

Loss

on

sale

of

long-lived

assets,

net

of

impairment

4,618

3,002

0.10

541

352

0.01

1,241

807

0.03

Provision for FDIC clawback liability

130

130

0.00

-

-

-

-

-

-

Debt prepayment

-

-

-

-

-

-

-

-

-

Occupancy expenses and branch closure expenses

306

199

0.01

17

11

0.00

14

9

0.00

Termination of debit card rewards program

450

293

0.01

(22)

(15)

(0.00)

-

-

(0.00)

Professional expenses and litigation settlements

150

97

0.00

-

-

-

-

-

-

Operating earnings (Non-GAAP)

(3)

27,186

20,388

0.69

30,573

21,878

0.73

41,954

29,754

0.96

Covered

and

acquired

impaired

(reversal

of)

provision

for

loan

losses

(1,609)

(1,046)

(0.03)

108

70

0.00

1,744

1,134

0.04

Other (reversal of) provision for loan losses

3,416

2,221

0.07

1,995

1,297

0.04

3,004

1,953

0.06

Pre-provision operating earnings (Non-GAAP)

(3)

28,992

$    

21,563

$    

0.73

$         

32,676

$    

23,245

$    

0.78

$         

46,702

$    

32,841

$    

1.06

$         

(1)

Per

share

amounts

may

not

appear

to

foot

due

to

rounding.

(2)

After-tax

amounts

estimated

based

on

a

35%

marginal

tax

rate.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(1)

(dollars in thousands)

For The Quarter Ended

June 30, 2013

March 31, 2014

June 30, 2014

Dollar Amount

Dollar Amount

Dollar Amount

32

•

Investment yield

increased 2 bps

•

Non-covered loan yield

decreased 8 bps from

1Q14

•

Net covered loan yield

decreased 2 bps

•

Average non-interest-

bearing deposits up $125

million (+5% linked

quarter basis)

•

Interest-bearing deposit

costs declined 1 bps

•

Margin declined 6 bps to

3.48%

Appendix

Performance Metrics –

Yields and Costs

3/31/2014

6/30/2014

Investment Securities

2.22%

2.24%

2

bps

Covered

Loans,

net

of

loss

share

receivable

3.18%

3.16%

(2)

bps

Non-covered Loans

4.38%

4.30%

(8)

bps

Loans & Loss Share Receivable

4.27%

4.22%

(5)

bps

Mortgage Loans Held For Sale

3.69%

4.21%

52

bps

Other Earning Assets

1.27%

0.82%

(45)

bps

Total Earning Assets

3.87%

3.80%

(7)

bps

Interest-bearing Deposits

0.36%

0.35%

(1)

bps

Short-Term Borrowings

0.17%

0.16%

(1)

bps

Long-Term Borrowings

3.42%

3.34%

(8)

bps

Total

Interest-bearing

Liabilities

0.44%

0.43%

(1)

bps

Net Interest Spread

3.43%

3.38%

(5)

bps

Net Interest Margin

3.54%

3.48%

(6)

bps

(1)

Earning

asset

yields

are

shown

on

a

fully

taxable-equivalent

basis.

Linked

Quarter

Change

For Quarter Ended:

Basis Point

33

Appendix

Expected Quarterly Re-pricing Schedule

$ in millions

Note:  Amounts exclude re-pricing of assets and liabilities from prior quarters

Schedule excludes acquired deposits from Teche and First Private

Excludes FDIC loans and receivable, non-accrual loans and market value adjustments

3Q14

4Q14

1Q15

2Q15

3Q15

Cash Equivalents

Balance

515.3

$      

-

$         

-

$         

-

$         

-

$         

Rate

0.58%

0.00%

0.00%

0.00%

0.00%

Investments

Balance

89.8

$       

63.5

$       

57.8

$       

72.2

$       

78.4

$       

Rate

3.04%

3.03%

3.00%

2.94%

2.76%

Fixed Rate Loans

Balance

372.8

$      

330.5

$      

291.2

$      

299.4

$      

303.4

$      

Rate

4.96%

4.93%

4.97%

4.98%

4.89%

Variable Rate Loans

Balance

4,541.5

$   

35.8

$       

30.1

$       

32.3

$       

19.6

$       

Rate

3.23%

3.22%

3.03%

3.00%

3.29%

Held for Sale Loans

Balance

178.6

$      

-

$         

-

$         

-

$         

-

$         

Rate

4.30%

0.00%

0.00%

0.00%

0.00%

Time Deposits

Balance

686.4

$      

344.9

$      

265.6

$      

281.8

$      

99.9

$       

Rate

0.40%

0.47%

0.69%

0.75%

1.03%

Repos

Balance

581.7

$      

195.0

$      

130.0

$      

125.0

$      

-

$         

Rate

0.14%

0.15%

0.17%

0.20%

0.00%

Borrowed Funds

Balance

142.1

$      

2.1

$         

2.1

$         

10.0

$       

3.2

$         

Rate

3.34%

3.21%

3.25%

3.50%

3.98%

34

Appendix

Interest Rate Risk Simulation

Source:

Bancware

model,

as

of

June

30,

2014

–

excludes

Teche

and

First

Private

acquisitions

*

Assumes

instantaneous

and

parallel

shift

in

interest

rates

based

on

static

balance

sheet

•

Asset

sensitive

from

an

interest

rate

risk

position

•

The

degree

of

asset

sensitivity

is

a

function

of

the

reaction

of

competitors

to

changes

in

deposit

pricing

•

Forward

curve

has

a

positive

impact

over

12

months

Base

Blue

Forward

Change In:

-200 bp*

-100 bp*

Case

+100 bp*

+200 bp*

Chip

Curve

Net Interest

Income

-4.8%

-2.2%

0.0%

4.5%

9.1%

0.8%

0.9%

Economic

Value of

Equity

-8.8%

-12.9%

0.0%

7.6%

13.5%

0.0%

0.0%

35

Appendix

Performance Compared To Peers Since Year-End 1999

Measurement

Measure

Period

Total Asset Growth

Period-End CAGR

6.8%

9.4%

16.4%

Return on Average Assets

Annual Average

0.46%

0.98%

0.98%

Return on Average Tangible Common Equity

Annual Average

7.30%

14.16%

15.44%

Nonperforming Assets-to-Total Assets

Average of Year-Ends

1.65%

1.12%

0.59%

Net Charge-Offs-to-Average Loans

Annual Average

0.48%

0.56%

0.25%

Operating EPS Growth

Annual Average

18.1%

15.7%

19.5%

Tangible Book Value Per Share Growth

(3)

Period-End CAGR

3.8%

6.6%

10.5%

Cumulative Shareholder Return

(4)

Period-End Growth

139.9%

233.6%

690.3%

(1)

U.S. publicly-traded bank holding companies at year-end 2013.  Does not include entities that failed or were acquired.

(2)

U.S. publicly-traded bank holding companies at year-end 2013 with total assets between $10 billion and $30 billion.

Does

not

include

entities

that

failed

or

were

acquired.

(3)

Excludes bank holding companies with tangible book value per share less than zero at 12/31/13.

(4)

Assuming common stock price appreciation and the reinvestment of dividends since year-end 1999.

Average Over Period 2000-2013

BHC

Peers

(2)

U.S. Publicly-

Traded

BHCs

(1)

Publicly-Traded

IBERIABANK

Corporation

36

Appendix

FDIC Covered Loan Portfolio Roll Forward

Average

Income /

Expense

Average

Yield

Average

Income /

Expense

Average

Yield

Average

Income /

Expense

Average

Yield

Average

Income /

Expense

Average

Yield

Covered Loans

871,768

30,858

13.896%

751,482

37,180

19.462%

691,460

25,927

14.999%

624,612

22,959

14.703%

Mortgage Loans

163,485

2,718

6.650%

149,834

4,329

11.556%

150,981

3,776

10.005%

144,418

3,479

9.636%

Indirect Automobile

-

-

0.000%

-

-

0.000%

-

-

0.000%

-

-

0.000%

Credit Card

728

13

6.971%

679

13

7.377%

646

12

7.416%

621

0

0.094%

Consumer

104,668

3,029

11.481%

88,260

2,944

13.232%

77,967

2,047

10.648%

69,998

1,408

8.070%

Line Of Credit-Consumer Loans

50,939

(190)

-1.476%

59,651

4,142

27.551%

53,361

1,881

14.294%

47,373

2,603

22.040%

Commercial & Business Banking

551,950

25,288

17.928%

453,062

25,753

22.242%

408,507

18,211

17.832%

362,202

15,469

16.895%

Loans in Process

(2)

-

0.000%

(4)

-

0.000%

(2)

-

0.000%

(0)

-

0.000%

Overdrafts

-

-

0.000%

-

-

0.000%

-

-

0.000%

-

-

0.000%

FDIC Loss Share Receivable

228,047

(22,875)

-39.252%

188,932

(29,142)

-60.357%

154,634

(19,264)

-49.831%

131,375

(17,009)

-51.219%

Net Covered Loan Portfolio

1,099,815

7,983

2.876%

940,414

8,038

3.426%

846,094

6,663

3.176%

755,987

5,950

3.163%

Average

Income /

Expense

Average

Yield

Average

Income /

Expense

Average

Yield

Average

Income /

Expense

Average

Yield

Average

Income /

Expense

Average

Yield

Covered Loans

871,768

30,858

13.896%

751,482

37,180

19.462%

691,460

25,927

14.999%

624,612

22,959

14.703%

CapitalSouth Bank

123,412

3,248

10.332%

109,390

2,948

10.610%

95,557

2,426

10.167%

84,629

2,572

12.068%

Orion Bank

504,934

17,935

13.924%

431,840

18,778

17.104%

401,765

14,554

14.515%

361,370

13,405

14.720%

Century Bank

175,247

6,751

15.184%

157,460

12,280

30.697%

147,595

5,449

14.834%

137,440

4,332

12.580%

Sterling Bank

68,174

2,924

16.831%

52,792

3,174

23.576%

46,543

3,498

30.091%

41,173

2,651

25.515%

FDIC Loss Share Receivable

228,047

(22,875)

-39.252%

188,932

(29,142)

-60.357%

154,634

(19,264)

-49.831%

131,375

(17,009)

-51.219%

CapitalSouth Bank

14,720

(2,538)

-67.473%

10,394

(535)

-20.145%

7,656

(938)

-49.012%

5,540

(1,268)

-90.567%

Orion Bank

141,213

(12,702)

-35.199%

115,061

(22,595)

-76.842%

93,198

(13,056)

-56.033%

77,597

(11,466)

-58.453%

Century Bank

55,021

(5,304)

-37.719%

49,048

(5,808)

-46.333%

42,600

(3,895)

-36.573%

39,867

(2,056)

-20.404%

Sterling Bank

17,093

(2,331)

-53.365%

14,430

(205)

-5.547%

11,179

(1,375)

-49.212%

8,371

(2,219)

-104.874%

Net Covered Loan Portfolio

1,099,815

7,983

2.876%

940,414

8,038

3.426%

846,094

6,663

3.176%

755,987

5,950

3.163%

CapitalSouth Bank

138,132

710

2.041%

119,784

2,413

7.941%

103,213

1,488

5.777%

90,169

1,304

5.762%

Orion Bank

646,147

5,232

3.188%

546,901

(3,817)

-2.661%

494,964

1,498

1.231%

438,968

1,939

1.785%

Century Bank

230,268

1,448

2.543%

206,508

6,472

12.401%

190,195

1,554

3.320%

177,307

2,275

5.164%

Sterling Bank

85,267

593

2.759%

67,221

2,970

17.325%

57,722

2,123

14.732%

49,544

432

3.484%

3Q2013

4Q2013

2Q2014

1Q2014

3Q2013

4Q2013

1Q2014

2Q2014

37

Appendix

Expected Amortization

Projected

average

balance

includes

the

balance

of

the

IA