![]() MAKING THE MOST OF IT 1Q15 Earnings Conference Call Supplemental Presentation Exhibit 99.2 April 22, 2015 |
![]() Safe Harbor And Legend 2 To the extent that statements in this press release and the accompanying PowerPoint presentation 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. The Company’s actual strategies, results and financial 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 and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. Consequently, no forward-looking statement can be guaranteed. In connection with the proposed merger with Georgia Commerce Bancshares, Inc., IBERIABANK Corporation has filed a Registration Statement on Form S-4 that contains a proxy statement/prospectus. INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/ PROSPECTUS REGARDING THE PROPOSED TRANSACTION BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the proxy statement/prospectus and other documents containing information about the pending transaction with Georgia Commerce Bancshares, Inc., without charge, at the SEC’s website at http://www.sec.gov. Copies of the proxy statement /prospectus and the SEC filing that is incorporated by reference in the proxy statement/prospectus may also be obtained for free from the IBERIABANK Corporation website, www.iberiabank.com, under the heading “Investor Information”. This communication is not a solicitation of any vote or approval, is not an offer to purchase shares of common stock of Georgia Commerce Bancshares, Inc., nor is it an offer to sell shares of IBERIABANK Corporation common stock which may be issued in the proposed merger. The issuance of IBERIABANK Corporation common stock in any 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 Securities Act of 1933, as amended. |
![]() • Reported EPS of $0.75 (down $0.32 from 4Q14) and non-GAAP operating EPS of $0.95 (down $0.10 from 4Q14) • Tax equivalent net interest income increased $1.1 million, or 1% from 4Q14, while average earning assets increased $312 million, or 2% • Completed the acquisitions of Florida Bank Group and Old Florida during the quarter. Converted Florida Bank Group over the weekend of March 13th. Anticipate conversions of Old Florida Bank and New Traditions Bank during 2Q15 • Pending shareholder approval, anticipate closing of Georgia Commerce Bancshares, Inc. acquisition on May 31, 2015 and converting and integrating within the next 70 days • Legacy loan growth: • Legacy deposit growth: • Net interest margin increased one basis point to 3.54%, slightly above management’s expectations • Significant operating influences: • Seasonality • Timing • Non-recurring expense • Energy-related provisions Overview Introductory Comments – First Quarter 2015 $181 million since December 31, 2014 (+7% annualized), including $69 million of commercial and $112 million of small business and consumer Energy-related loans down $61 million or 7% and indirect loans down $30 million or 8% Growth in the legacy loan portfolio was commercial 38%, small business 22%, consumer 25%, and mortgage 14% $351 million since December 31, 2014 (+11% annualized) $212 million increase in legacy non-interest bearing deposits (+27% annualized) 3 |
![]() Overview Energy Update Our overall outlook on our energy portfolio is generally consistent with views expressed at our February 27, 2015 Analyst-Investor Day • What we are seeing now: • Access to the capital markets has recently increased for many E&P companies • Oil prices have increased significantly • Total outstandings down $61 million or 6.7% • We are approximately 40% of the way through spring redeterminations. All clients are within their borrowing bases. • In the portfolio at quarter-end: • One $40,000 loan on non- accrual; no others classified or worse • Only one loan, with less than $4 million outstanding, was rated Special Mention 4 |
![]() Overview Non-Performing Assets Trends $ in millions NPA determination based on regulatory guidance for Acquired portfolios 1Q15 includes $14 million of bank-related properties reclassified to OREO Energy loans classified as non- performing assets at March 31, 2015 totaled only $40,000 Legacy includes Increase due to two legacy credits (not energy-related) Prior Period NPAs Acquired during 1Q15 Transfer from Covered Components of 1Q15 Non-Covered Acquired 5 |
![]() 6 Seasonal Influences Quarterly Organic Loan Growth • The first quarter of each year tends to exhibit slower loan growth than other quarters due to seasonal factors • 1Q15 net organic loan growth of $181 million, or +7% annualized growth; includes $61 million decline in energy loans and $30 million decline in indirect auto loans • 1Q15 organic growth consistent with historical seasonal trends • Anticipated run-rate decline of indirect auto portfolio is approximately $45 million per quarter |
![]() Excludes acquired deposits Seasonal Influences Deposit Growth $ in millions • Increase of $2.1 billion, or 17%, in 1Q15 • Deposits acquired from Florida Bank Group and Old Florida acquisitions equated to $1.8 billion • $669 million (+21%) growth in total non- interest bearing deposits for 1Q15, including $457 million of acquired non-interest bearing deposits Total Deposit Growth Very strong transaction account growth in 4Q12 7 |
![]() Financial Results Weekly Locked Mortgage Pipeline Trends • Seasonal rebound commences at the start of each year through spring months into early summer • Increased production due to a combination of favorable rate environment and improved recruiting in key markets • Weekly locked pipeline was $317 million at April 17, 2015, up 9% since March 31, 2015 and over two times the level at December 31, 2014 8 |
![]() 9 Acquisitions Update • HQ: Tampa, Florida • Offices: 13 in Florida • Assets: $571 million • Loans: $319 million • Deposits: $404 million • Collars: $56.79 & $76.83 • % Pro Forma IBKC: 3% • Announced: 10/3/14 • Days to Fed Approval Total Days • HQ: Orlando, Florida • Offices: 14 in Florida • Assets: $1.4 billion • Loans: $1.1 billion • Deposits: $1.2 billion • Collars: $57.31 & $70.05 • % Pro Forma IBKC: 7% • Announced: 10/27/14 • Days to Fed Approval Total Days • HQ: Atlanta, Georgia • Offices: 9 in Georgia • Assets: $1.0 billion • Loans: $746 million • Deposits: $858 million • Collars: $58.69 & $71.73 • % Pro Forma IBKC: 5% • Announced: 12/8/14 • Days to Fed Approval Total Days Old Florida Georgia Commerce Florida Bank Group. Unaudited Balance Sheet Information as of December 31, 2014 15 13 161 121 34 46 201 95 26 200 + Days to Close + Days to Convert + Days to Close + Days to Convert + Days to Close + Days to Convert 133 79 |
![]() Financial Results Influences to 1Q15 EPS • Seasonal influences impact first quarter results and tend to significantly diminish over the remainder of the year • Timing influences impact current results and should be recouped over next two years • The Company considers the non-recurring influences to be one-time in nature • Aggregate pre-tax impact equal to $9.0 million • Aggregate after-tax EPS impact equal to $0.18 per share $ in Millions Fewer Business Days $2.2 FDIC Recovery $1.5 Benefits Payment $0.6 Payroll Taxes $2.1 Service Charges $0.9 Title Income $0.9 Card Income $0.8 Pre-Tax Impact $6.9 $1.5 $0.6 EPS (After-Tax) 0.14 $ 0.03 $ 0.01 $ Seasonality Timing Non-Recurring 10 |
![]() Financial Results Non-Interest Income – 1Q15 Components • Operating non- interest income increased $1.8 million, or 4%, on a linked quarter basis • Non-operating income of $0.4 million mainly from gains on sales of investments 11 |
![]() • Mortgage non-interest income of $18.0 million was $4.4 million higher than 4Q14 driven by: • $6.4 million higher market value adjustment (positive $5.2 million recognized in 1Q15 versus negative $1.2 million in 4Q14) • $1.7 million lower gains on lower sales volume (-12%) and lower margins • $0.1 million lower servicing income. Financial Results Mortgage Income 12 |
![]() • Operating non- interest expense increased $6.8 million, or 6%, on a linked-quarter basis • Non-operating expense of $10.4 million includes: • $9.3 million of merger-related expense • $0.6 million in impairment of long-lived assets • $0.4 million of professional fees Financial Results Non-Interest Expense – 1Q15 Components 13 |
![]() Seasonal Influences Checking NSF Related Charges Influenced by impact of Teche acquisition completed in May 2014 1Q15 results include one month operating results from Florida Bank Group acquisition 14 |
![]() Seasonal Influences Payroll Taxes 2Q14 results influenced by impact of Teche Holding Company acquisition completed in May 2014 and First Private Holdings, Inc. acquisition completed in June 2014 1Q15 results include one month operating results from Florida Bank Group acquisition 15 |
![]() Seasonal Influences Retirement Contributions 1Q15 results include one month operating results from Florida Bank Group acquisition 16 |
![]() ![]() ![]() 17 Capital Preliminary Results and Anticipated Changes • 1Q15 Capital ratios fully reflect BASEL III presentation • 50% phase-out of trust preferred securities is reflected in updated ratios • Change in risk-weighted assets mainly driven by change in risk-weighting for commercial real- estate, past due and non-accrual loans and addition of off-balance sheet loan commitments to risk-weighted asset calculation • Net risk weighted assets increased approximately $509 million, or 4%, between calculations BASEL III Prior Common Equity Tier 1 (CET1) ratio 9.79% N/A N/A bps N/A Tier 1 Leverage 9.04% 9.42% (38) bps N/A Tier 1 Risk Based 10.19% 11.02% (83) bps N/A Total Risk Based 11.62% 12.09% (47) bps N/A BASEL III Prior Change Common Equity Tier 1 (CET1) ratio 9.55% N/A N/A bps 6.50% Tier 1 Leverage 8.48% 8.54% (6) bps 5.00% Tier 1 Risk Based 9.55% 9.99% (44) bps 8.00% Total Risk Based 10.59% 11.07% (48) bps 10.00% IBERIABANK Corporation Capital Ratios Well Capitalized Minimum IBERIABANK and Subsidiaries Capital Ratios Change March 31, 2015 March 31, 2015 Well Capitalized Minimum |
![]() Appendix 18 |
![]() 19 Appendix Performance Metrics – Quarterly Trends 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 Net Income ($ in thousands) 22,336 $ 16,217 $ 30,893 $ 35,936 $ 25,126 $ -30% Per Share Data: Fully Diluted Earnings 0.75 $ 0.53 $ 0.92 $ 1.07 $ 0.75 $ -31% Operating Earnings (Non-GAAP) 0.73 0.89 1.04 1.05 0.95 -10% Pre-provision Operating Earnings (Non-GAAP) 0.78 0.99 1.15 1.17 1.05 -11% Tangible Book Value 37.56 37.28 37.81 39.08 39.26 0% Key Ratios: Return on Average Assets 0.68% 0.46% 0.79% 0.91% 0.64% (27) bps Return on Average Common Equity 5.82% 3.99% 6.79% 7.79% 5.40% (239) bps Return on Average Tangible Common Equity (Non-GAAP) 8.35% 5.88% 10.10% 11.46% 7.93% (353) bps Net Interest Margin (TE) (1) 3.54% 3.49% 3.49% 3.53% 3.54% 1 bps Tangible Operating Efficiency Ratio (TE) (1) (Non-GAAP) 73.5% 69.8% 65.1% 65.7% 68.5% 282 bps Tangible Common Equity Ratio (Non-GAAP) 8.60% 8.43% 8.45% 8.59% 8.62% 3 bps Tier 1 Leverage Ratio (2) 9.61% 10.00% 9.21% 9.36% 9.04% (32) bps Common Equity Tier 1 (CET1) Ratio (2) 9.79% Total Risk Based Capital Ratio (2) 12.68% 12.40% 12.40% 12.30% 11.62% (68) bps Net Charge-Offs to Average Loans (3) 0.05% 0.04% 0.09% 0.06% 0.06% 0 bps Non-performing Assets to Total Assets (3) 0.49% 0.53% 0.46% 0.41% 0.55% 14 bps (1) Fully taxable equivalent basis. (2) March 31, 2015 Captial Ratios reflect full implementation of Basel III capital requirements, excluding the impact of the (3) Excluding FDIC Covered Assets and Acquired Assets. Linked Quarter %/Basis Point Change For Quarter Ended: • Average earning assets up $0.3 billion (+2%) • T/E net interest income up $1 million (+1%) • Provision for loan losses of $5 million: • Legacy net charge- offs: $1.6 million (annualized 0.06% of average loans) • Covered and acquired net charge-offs: $0.2 million (annualized 0.04% of average loans) • Legacy provision for loan losses: $4.2 million Old Florida Bancshares, Inc. acquisition. Prior periods have not been restated to reflect BASEL III implementation. |
![]() 20 Appendix Performance Metrics – Yields and Costs 12/31/2014 3/31/2015 Investment Securities 2.24% 2.22% (2) bps Covered Loans, net of loss share receivable 3.57% 3.82% 25 bps Legacy Loans, net 3.94% 3.90% (4) bps Non-Covered Acquired Loans, net 6.94% 6.91% (3) bps Loans & Loss Share Receivable 4.32% 4.33% 1 bps Mortgage Loans Held For Sale 3.95% 4.55% 60 bps Other Earning Assets 0.80% 0.81% 1 bps Total Earning Assets 3.88% 3.90% 2 bps Interest-bearing Deposits 0.41% 0.40% (1) bps Short-Term Borrowings 0.19% 0.19% (0) bps Long-Term Borrowings 2.73% 2.91% 18 bps Total Interest-bearing Liabilities 0.48% 0.49% 1 bps Net Interest Spread 3.41% 3.41% 0 bps Net Interest Margin 3.53% 3.54% 1 bps (1) Earning asset yields are shown on a fully taxable-equivalent basis. For Quarter Ended: Linked Quarter Basis Point Change |
![]() Appendix Non-GAAP Cash Margin • Adjustments represent accounting impacts of purchase discounts on acquired loans and related accretion as well as the indemnification asset and related amortization on the covered portfolio Balances, as Reported Adjustments As Adjusted 1Q14 Average Balance $12,088,186 $16,847 $12,105,029 Income 104,408 (2,517) 101,890 Rate 3.54% -0.09% 3.45% 2Q14 Average Balance 12,687,971 30,318 12,718,289 Income 109,273 392 109,665 Rate 3.49% 0.01% 3.50% 3Q14 Average Balance 13,990,358 44,149 14,034,507 Income 121,751 (4,170) 117,581 Rate 3.49% -0.13% 3.36% 4Q14 Average Balance 14,144,762 54,669 14,199,431 Income 124,680 (6,076) 118,603 Rate 3.53% -0.18% 3.35% 1Q15 Average Balance 14,456,891 67,056 14,523,947 Income 125,804 (8,969) 116,835 Rate 3.54% -0.30% 3.28% $ in millions 21 |
![]() 22 Appendix Non-Interest Income Trends • Mortgage income increased $4.4 million, or +32% • Title income decreased $0.9 million, or -16% • Service charges decreased $0.9 million, or -9% due to seasonal influences • Credit card fee income decreased $0.8 million, or -24% 1Q15 compared to 4Q14: 1Q15 includes one-month of Florida Bank Group results Non-interest Income ($000s) 1Q14 2Q14 3Q14 4Q14 1Q15 $ Change % Change Service Charges on Deposit Accounts 7,012 $ 8,203 $ 10,205 $ 10,153 $ 9,262 $ (891) $ -9% ATM / Debit Card Fee Income 2,467 2,937 3,287 3,331 3,275 (56) -2% BOLI Proceeds and CSV Income 934 934 1,047 1,050 1,092 42 4% Mortgage Income 10,133 13,755 14,263 13,646 18,023 4,377 32% Title Revenue 4,167 5,262 5,577 5,486 4,629 (857) -16% Broker Commissions 4,048 5,479 5,297 3,960 4,162 202 5% Other Noninterest Income 5,129 7,182 6,854 9,071 8,067 (1,005) -11% Noninterest income excluding non-operating income 33,890 43,752 46,530 46,697 48,510 1,812 4% Gain (Loss) on Sale of Investments, Net 19 8 582 164 389 225 138% Other Non-operating income 1,772 1 - 211 - (211) -100% Total Non-interest Income 35,681 $ 43,761 $ 47,112 $ 47,072 $ 48,899 $ 1,827 $ 4% 1Q15 vs. 4Q14 Originations up 8% Sale volume decreased 5% Refinancings declined from 36% to 24% of production Margins 10% lower in 1Q15 Pipeline of $278 million at quarter-end, double the pipeline level at December 31, 2014. At April 17, 2015, the locked pipeline was $317 million, or +9%, over March 31, 2015 |
![]() 23 Appendix Non-Interest Expense Trends • Non-interest expenses excluding non-operating items up $6.8 million, or 6%, as compared to 4Q14 • Total expenses up $14.0 million, or 12%, in 1Q15 • Severance expense down $0.1 million • Impairment of long-lived assets down $0.5 million • Merger-related expense increased $7.3 million, related primarily to Florida Bank Group and Old Florida transactions • Tangible Operating Efficiency Ratio of 68.5%, up from 65.7% in 4Q14 Linked quarter changes in operating expense: 1Q15 includes one-month of Florida Bank Group results 2.1 0.9 (0.9) (0.7) $0.7 mil Non-interest Expense ($000s) 1Q14 2Q14 3Q14 4Q14 1Q15 $ Change % Change Mortgage Commissions 2,215 $ 3,481 $ 3,912 $ 4,045 $ 4,085 $ 40 $ 1% Hospitalization Expense 3,944 3,661 4,611 4,606 5,181 575 12% Other Salaries and Benefits 53,582 55,921 54,898 56,784 62,091 5,307 9% Salaries and Employee Benefits 59,741 $ 63,063 $ 63,421 $ 65,435 $ 71,357 $ 5,922 $ 9% Credit/Loan Related 3,560 3,093 4,569 2,483 4,183 1,700 68% Occupancy and Equipment 13,775 13,918 14,580 14,526 16,055 1,529 11% Amortization of Acquisition Intangibles 1,218 1,347 1,623 1,618 1,525 (93) -6% All Other Non-interest Expense 27,134 28,567 29,523 31,899 29,667 (2,232) -7% Nonint. Exp. (Ex-Non-Operating Exp.) 105,428 $ 109,988 $ 113,717 $ 115,961 $ 122,787 $ 6,826 $ 6% Severance 119 5,466 1,226 139 41 (98) -71% Occupancy and Branch Closure Costs 17 14 - - - - 100% Storm-related expenses 184 4 1 2 20 18 760% Impairment of Long-lived Assets, net of gains on sales 541 1,241 4,213 1,078 579 (499) -46% Provision for FDIC clawback liability - - (797) - - - 0% Termination of Debit Card Rewards Program (22) - - - - - 0% Consulting and Professional - - - - 430 430 100% Merger-Related Expenses 967 10,419 1,752 1,955 9,296 7,341 376% Total Non-interest Expense 107,234 $ 127,132 $ 120,112 $ 119,135 $ 133,153 $ 14,017 $ 12% Tangible Efficiency Ratio - excl Nonop-Exp 73.5% 69.8% 65.1% 65.7% 68.5% 1Q15 vs. 4Q14 1.4 1.3 0.7 Total Florida Bank Group expenses Payroll taxes Occupancy and equipment expense Provision for unfunded commitment Marketing and business development Benefits expense Professional services OREO costs, net |
![]() 24 Appendix Non-Operating Items (Non-GAAP) Non-operating expenses equal to $10.4 million pre-tax, or $0.21 EPS after-tax: • 1Q15 Merger related expense of $9.3 million pre-tax, or $0.18 EPS after-tax • Net impairment expense of $0.6 million pre-tax or $0.01, EPS after-tax • Other non-operating items expense of $0.5 million pre-tax, or $0.01 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) 30,752 $ 22,336 $ 0.75 $ 46,122 $ 35,936 $ 1.07 $ 36,205 $ 25,126 $ 0.75 $ Non-interest income adjustments Gain on sale of investments and other non-interest income (1,791) (1,692) (0.06) (374) (243) (0.01) (389) (252) (0.01) Non-interest expense adjustments Merger-related expenses 967 629 0.02 1,955 1,496 0.04 9,296 6,139 0.18 Severance expenses 119 78 0.00 139 91 0.00 41 27 0.00 (Gain) Loss on sale of long-lived assets, net of impairment 541 352 0.01 1,078 701 0.02 579 376 0.01 Other non-operating non-interest expense 179 116 0.00 2 1 (0.00) 450 292 0.01 Total non-interest expense adjustments 1,806 1,175 0.03 3,174 2,289 0.07 10,366 6,834 0.21 Income tax benefits - - - - (2,959) (0.09) - - - Operating earnings (Non-GAAP) (3) 30,767 21,819 0.73 48,922 35,023 1.05 46,182 31,708 0.95 Covered and acquired impaired (reversal of) provision for loan losses 108 70 0.00 1,497 973 0.03 1,169 760 0.02 Other (reversal of) provision for loan losses 1,995 1,297 0.04 4,998 3,249 0.08 4,176 2,715 0.08 Pre-provision operating earnings (Non-GAAP) (3) 32,870 $ 23,186 $ 0.78 $ 55,417 $ 39,245 $ 1.17 $ 51,527 $ 35,183 $ 1.05 $ (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 March 31, 2014 December 31, 2014 March 31, 2015 Dollar Amount Dollar Amount Dollar Amount |
![]() 25 Appendix Market Highlights For 1Q15 • Competitive pressure remains strong for high quality commercial and business banking clients in terms of both pricing and structure • Birmingham, Houston, New Orleans, Memphis and Baton Rouge showed strong commercial loan originations • Total commitments originated during 1Q15 of $960 million with 37% fixed rate and 63% floating rate • Commercial loans originated and funded in 1Q15 totaled $405 million with a mix of 20% fixed and 80% floating ($584 million in commercial loan commitments during the quarter) • Strong commercial pipeline in excess of $800 million at quarter-end • Legacy period-end core deposit increase of $338 million, with non- interest bearing deposits up $212 million |
![]() 26 Overview Small Business and Retail – 1Q15 Progress • Small Business legacy loan growth of $39 million, or +5%, on a linked-quarter basis • Consumer Direct & Mortgage legacy loan growth of $105 million, or +5%, on a linked quarter basis • Credit Card legacy loan growth of ($0.6 million), or -1%, on a linked quarter basis • Expected seasonal decline. Experienced a similar decline during 1Q14 • Checking account growth: • Small Business checking accounts increased 10% year-over-year and an annualized 11% on a linked quarter basis • Consumer checking accounts decreased 3% year-over-year but increased an annualized 1% on a linked quarter basis, primarily due to the expected attrition from the Teche Holding Company portfolio that we converted last year • Continued focus on productivity and efficiency of the delivery network – opened one branch in 1Q15, did not close any branches in 1Q15, converted 12 branches and consolidated one branch into an existing IBKC branch related to the Florida Bank Group acquisition and 15 branches related to the Old Florida acquisition. • Acceptance and usage of digital delivery continues to increase among our client base: • Released Online Appointment Setting |
![]() 27 Appendix Loan Growth $ in millions 1st Quarter 2015: • Since YE 2009: • • $181 million legacy loan growth, or +2% (+7% annualized) $5.7 billion legacy loan growth, or +139% (+27% annualized) The FDIC covered loan portfolio declined 85%, or $1.4 billion (16% annualized rate) |
![]() 28 Appendix Loan Growth and Originations 1Q15 –Top Markets $ in millions Loan commitments and originations include renewals $ in millions • $181 million in legacy loan growth for 1Q15 • Top 5 markets represent 88% of legacy growth • $1.0 billion in total funded and unfunded loan commitments |
![]() Appendix Loan And Deposit Mix Deposits at March 31, 2015 $14.7 Billion Loans at March 31, 2015 $12.9 Billion 29 |
![]() Appendix Non-Interest Bearing Deposits % of Total Deposits Non-interest-bearing deposits at period-end $ in billions 30 • Houston • Lafayette • Sarasota • Naples • NE Arkansas • $669 million of incremental non- interest-bearing deposit growth, or +21%, in 1Q15 • $457 million increase related to acquired deposits from Florida Bank Group and Old Florida • Top 1Q15 legacy non-interest-bearing deposit growth markets include: |
![]() 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 26% of total deposits in 1Q15 31 |
![]() 32 Appendix Legacy Portfolio Asset Quality Summary (Excludes FDIC covered assets and all acquired loans) • NPAs equated to 0.55% of total assets, up 14 bps compared to 4Q14. Includes $14 million of bank-related properties • $91 million in classified loans (up $12 million from 4Q14) • Legacy net charge-offs of $1.6 million, or an annualized rate of 0.06% of average loans ($ thousands) 3/31/2014 12/31/2014 3/31/2015 Non-accrual Loans 32,983 $ 34,970 $ 60,064 $ 82% 72% OREO 26,204 21,243 21,654 -17% 2% Accruing Loans 90+ Days Past Due 269 754 239 -11% -68% Non-performing Assets 59,456 56,967 81,957 38% 44% Note: NPAs excluding Former Bank Properties 50,453 45,411 68,353 35% 51% Past Due Loans (excluding non-accrual loans) 11,453 30,321 17,845 56% -41% Classified Loans 64,476 78,890 91,248 42% 16% Non-performing Assets/Assets 0.49% 0.41% 0.55% 6 bps 14 bps NPAs/(Loans + OREO) 0.70% 0.59% 0.83% 13 bps 24 bps Classified Assets/Total Assets 0.53% 0.57% 0.61% 8 bps 4 bps Past Dues Loans/Loans 0.14% 0.31% 0.18% 4 bps (13) bps Provision For Loan Losses 1,995 $ 4,998 $ 4,176 $ 109% -16% Net Charge-Offs/(Recoveries) 1,014 1,538 1,578 56% 3% Provision Less Net Charge-Offs 981 $ 3,460 $ 2,598 $ 165% -25% Net Charge-Offs/Average Loans 0.05% 0.06% 0.06% 1 bps 0 bps Allowance For Loan Losses/Loans 0.81% 0.79% 0.80% (1) bps 1 bps Allowance For Credit Losses/Loans 0.94% 0.91% 0.93% (1) bps 2 bps For Quarter Ended: % or Basis Point Change Year/Year Qtr/Qtr |
![]() 33 Appendix Asset Quality Portfolio Trends ($thousands) Non-accruals 229,962 $ 169,686 $ 195,371 $ -15% 15% OREO & Foreclosed 93,165 53,947 53,194 -43% -1% 90+ Days Past Due 981 1,708 5,642 475% 230% Non-performing Assets 324,108 $ 225,341 $ 254,207 $ -22% 13% NPAs/Assets 2.39% 1.43% 1.41% (98) bps (2) bps NPAs/(Loans + OREO) 3.33% 1.96% 1.97% (136) bps 1 bps LLR/Loans 1.40% 1.14% 1.00% (40) bps (14) bps ACL/Loans 1.52% 1.24% 1.10% (42) bps (14) bps Net Charge-Offs/Loans 0.03% 0.06% 0.06% 3 bps (0) bps Past Dues: 30-89 Days Past Due 43,905 $ 51,141 $ 32,835 $ -25% -36% 90+ days Past Due 981 1,708 5,642 475% 230% Total 30+ Past Dues 44,886 $ 52,849 $ 38,477 $ -14% -27% % Loans 0.47% 0.46% 0.30% (17) bps (16) bps Total Portfolio % or Basis Point Change 1Q14 4Q14 1Q15 Year/Year Qtr/Qtr |
![]() Appendix Capital Markets and Wealth Management • ICP revenues +6% compared to 4Q14 • IWA revenues +5% compared to 4Q14 • IFS revenues +4% compared to 4Q14 • IWA assets under management increased $75 million (+6%) to $1.4 billion on March 31, 2015 34 |
![]() 35 Appendix Expected Quarterly Re-pricing Schedule $ in millions Note: Amounts exclude re-pricing of assets and liabilities from prior quarters Excludes FDIC loans and receivable, non-accrual loans and market value adjustments 2Q15 3Q15 4Q15 1Q16 2Q16 Cash Equivalents Balance 763.5 $ - $ - $ - $ - $ Rate 0.52% 0.00% 0.00% 0.00% 0.00% Investments Balance 159.9 $ 76.2 $ 76.1 $ 58.9 $ 63.1 $ Rate 1.70% 3.05% 3.14% 2.96% 2.97% Fixed Rate Loans Balance 472.0 $ 413.9 $ 379.8 $ 353.3 $ 351.2 $ Rate 5.12% 4.99% 4.97% 4.94% 4.90% Variable Rate Loans Balance 5,847.9 $ 98.0 $ 61.4 $ 48.2 $ 37.7 $ Rate 3.30% 3.18% 3.58% 3.49% 3.95% Time Deposits Balance 731.9 $ 400.9 $ 328.3 $ 259.2 $ 189.7 $ Rate 0.49% 0.74% 0.75% 0.89% 1.00% Repos/ST Debt Balance 544.1 $ 49.3 $ 10.0 $ - $ - $ Rate 0.19% 0.23% 0.29% 0.00% 0.00% Borrowed Funds Balance 127.0 $ 3.4 $ 1.9 $ 1.9 $ 12.0 $ Rate 3.27% 4.30% 4.40% 4.40% 4.11% |
![]() 36 Appendix Interest Rate Risk Simulation Source: Bancware model, as of March 31, 2015 * 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 -3.6% -2.1% 0.0% 4.8% 9.5% 1.7% 1.0% Economic Value of Equity -5.3% -9.8% 0.0% 12.9% 23.3% -0.3% -0.2% |
![]() Georgia Commerce Bancshares, Inc. • Announced December 8, 2014 • New market acquisition of a Georgia-based commercial bank headquartered in Atlanta, Georgia • Adds nine branches in Georgia – all offices are in the Atlanta, MSA As of December 31, 2014: • Total Loans: $746 million • Total Assets: $1,020 million • Total Deposits: $858 million • Total Equity: $104 million common stock • Tax-free, stock-for-stock exchange • Fixed exchange ratio of 0.6134 share of IBKC common stock for each Georgia Commerce Bancshares, Inc. share within collars and floating exchange ratios outside of collars (1) $189 million for total equity (2) outstanding based on IBKC’s closing price of $65.21 on December 5, 2014 $40.00 per Georgia Commerce common share outstanding (2) Estimated $5 million in cash liquidation value of all options outstanding (3) Approximately 1.6% accretive to EPS in 2016 and 5% accretive in 2017 TBVS dilution of approximately 1.8% at consummation TBVS breakeven in approximately three and one-half years IRR in excess of 20% Equity (2) Including Options (3) • • (1) The agreement provides for a fixed exchange ratio with pricing collars that fix the value received by Georgia Commerce’s shareholders if the weighted average trading price of IBERIABANK Corporation’s common stock were to decline below $58.69 per share, or exceed $71.73 per share, over a specified period. (2) Includes exercise of outstanding warrants and no exercise of stock options currently outstanding. (3) Assumes all stock options outstanding are cashed out at consummation. 37 Appendix 181% 196% 186% 202% Shareholders’ Aggregate Value Price / Total Book: Price / Tangible Book: • • • • • • • |
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