Exhibit 99.1
FOR IMMEDIATE RELEASE
January 24, 2001
Contact:
Daryl G. Byrd, President and CEO (337) 267-4458 ext. 4708
John R. Davis, Senior Executive Vice President (919) 676-7641
IBERIABANK Corporation Reports Record Fourth Quarter Earnings
NEW IBERIA, LOUISIANA (NASDAQ/NMS: IBKC) -- IBERIABANK Corporation, the
holding company of the 114-year-old IBERIABANK (http://www.iberiabank.com),
announced today that the Company earned record earnings for the full year
2000 and the fourth quarter of 2000. For the fiscal year ended December
31, 2000, the Company earned $13.0 million, a 36% increase over the same
period in 1999. On a per share basis, the Company earned a record $2.12
per diluted share, up 39% from the same period last year and exceeded
average analyst expectations by $0.02 per share.
During the fourth quarter of 2000, the Company earned a record $3.5
million, or $0.57 per diluted share. These results compared to $2.7
million, or $0.44 per diluted share, for the fourth quarter of 1999,
exclusive of one-time items. This represents a 30% increase in diluted
earnings per share over a one-year period.
Daryl Byrd, President and CEO of IBERIABANK Corporation, remarked "the
fourth quarter results capped an extraordinary year for our company. We remain
on the targeted earnings trajectory we communicated to our shareholders on
February 17, 2000. We continue to make dramatic improvements in our core
profitability, which we believe translates into improved shareholder value. As
evidence of this, our stock price increased 58% during the year, combined with a
4% dividend yield, resulting in a 62% total return to our shareholders during
the year 2000."
Total assets at December 31, 2000 were $1.4 billion. Compared to year-
end 1999, loans increased $98 million, or approximately 12%, while deposits grew
$43 million or approximately 4%.
Return on average equity eased slightly to 10.96% for the quarter
ended December 31, 2000, from 11.08% for the third quarter of 2000 and from
9.00% for the fourth quarter of 1999 (exclusive of one-time items). For full
year 2000, return on average equity was 10.75%, compared to 9.20% for the same
period in 1999 (exclusive of one-time items). The net interest margin for the
quarter ended December 31, 2000 was 3.90%, compared to 3.97% for the third
quarter of 2000. For full year 2000, the net interest margin was 3.94%,
compared to 4.00% for the same period in 1999. For full year 2000, the
Company's tangible efficiency ratio improved to 56.9%, an improvement of 670
basis points compared to 63.6% in 1999 (excluding one-time items).
Nonperforming assets, consisting of nonaccruing loans, accruing loans more
than 90 days past due and foreclosed property, amounted to $8.0 million, or
0.57% of total assets at December 31, 2000, compared to $3.6 million or 0.26% of
total assets at September 30, 2000. The increase in nonperforming assets was
primarily attributable to the $4.5 million commercial real estate loan that was
previously announced on November 9, 2000. The allowance for loan losses was
1.09% of loans at December 31, 2000, compared to 1.02% at September 30, 2000.
The allowance for loan losses as a percent of nonperforming loans was 136% at
December 31, 2000, compared to 278% at September 30, 2000.
Book value, or shareholders' equity, per share at December 31, 2000
was $20.99 and tangible book value per share was $14.58, or an increase of 22%
from December 31, 1999. The Company's Tier 1 Leverage Ratio was 6.67% at
December 31, 2000. On December 13, 2000, the Company announced the completion
of the February 17, 2000 share repurchase program for 300,000 shares of common
stock at an average cost of $17.93 per share. On that date, the Board of
Directors authorized a new share repurchase program for an additional 300,000
shares of IBERIABANK Corporation common stock. Since the December 13, 2000
announcement, no shares have been purchased under the new program.
On January 11, 2001, IBERIABANK announced the formation of a joint
venture to provide insurance services. The new company is a joint effort of
IBERIABANK and Burch, Marcus, Pool, Krupp, Daniel & Babineaux, Inc., one of
Louisiana's largest agent-owned independent insurance agencies with annual
premiums in excess of $50 million. IBERIABANK operates 23 offices located in
south central Louisiana, 11 offices located in northeast Louisiana and seven
offices located in the greater New Orleans area.
To the extent that statements in this report relate to the plans,
objectives, or future performance of IBERIABANK Corporation, these statements
are deemed to be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based on
management's current expectations and the current economic environment.
IBERIABANK Corporation's actual strategies and results in future periods may
differ materially from those currently expected due to various risks and
uncertainties. A discussion of factors affecting IBERIABANK Corporation's
business and prospects is contained in the Company's periodic filings with the
Securities and Exchange Commission.
IBERIABANK CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
For The Three
For The Three Months Ended Months Ended
December 31, September 30,
--------------------------------- -------------
2000 1999 % Change 2000
-----------------------------------------------------------------------
Income Data
Net Income $ 3,474 $ 1,055 229% $ 3,426
Net Interest Income 12,840 12,612 2% 13,145
Per Share Data
Net Income - Basic $ 0.58 $ 0.17 233% $ 0.56
Net Income - Diluted 0.57 0.17 227% 0.56
Cash Earnings - Diluted 0.67 0.28 137% 0.66
Book Value (End of Period) 20.99 18.62 13% 19.80
Tangible Book Value (End of Period) 14.58 11.94 22% 13.48
Cash Dividends 0.17 0.16 6% 0.17
Average Balance Sheet Data
Loans $ 942,442 $ 831,339 13% $ 941,706
Earning Assets 1,308,191 1,242,297 5% 1,315,668
Total Assets 1,394,787 1,354,887 3% 1,401,588
Deposits 1,133,561 1,100,821 3% 1,128,694
Shareholders' Equity 126,086 120,025 5% 122,989
Key Ratios
Return on Average Assets 0.99% 0.31% 0.97%
Return on Average Equity 10.96% 3.49% 11.08%
Net Interest Margin (Tax-equivalent Basis) 3.90% 4.05% 3.97%
Net Charge-Offs to Average Loans 0.26% 0.15% 0.15%
Tangible Efficiency Ratio 49.6% 71.8% 56.7%
Average Loans to Average Deposits 83.1% 75.5% 83.4%
Nonperforming Assets to Total Assets 0.57% 0.24% 0.26%
Allowance For Loan Losses to Loans 1.09% 1.04% 1.02%
Tier 1 Leverage Ratio 6.67% 6.26% 6.71%
IBERIABANK CORPORATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands)
For The Three Months For The Year
INCOME STATEMENT Ended December 31, Ended December 31,
---------------- -------------------------------- -----------------------------
2000 1999 2000 1999
---- ---- ---- ----
Interest Income $ 26,708 $ 24,442 $ 104,046 $ 95,085
Interest Expense 13,868 11,830 52,730 45,380
--------- ---------- ---------- --------
Net Interest Income 12,840 12,612 51,316 49,705
Provision For Loan Losses 1,965 1,913 3,861 2,836
--------- ---------- ---------- --------
Net Interest Income After Provision 10,875 10,699 47,455 46,869
For Loan Losses
Noninterest Income 3,253 3,888 12,738 13,679
Noninterest Expense 7,980 11,844 36,437 41,481
Goodwill Amortization 806 850 3,267 3,400
--------- ---------- ---------- --------
Income Before Income Taxes 5,342 1,893 20,489 15,667
Income Taxes 1,868 838 7,514 6,138
--------- ---------- ---------- --------
Net Income $ 3,474 $ 1,055 $ 12,975 $ 9,529
========= ========== ========== ========
December 31, December 31,
BALANCE SHEET 2000 1999 % Change
------------- ------------ ------------ --------
ASSETS
- ------
Cash and Due From Banks $ 32,000 $ 39,443 -18.9%
Interest-Bearing Deposits in Banks 2,541 8,270 -69.3%
Investment Securities Available for Sale 268,223 299,388 -10.4%
Investment Securities Held to Maturity 76,322 85,493 -10.7%
Federal Home Loan Bank Stock 7,997 6,821 17.2%
Loans Held For Sale 3,347 4,771 -29.8%
Loans Receivable, Net 930,286 834,129 11.5%
Accrued Interest Receivable 9,142 8,017 14.0%
Premises and Equipment 21,465 25,957 -17.3%
Goodwill and Acquisition Intangibles 38,796 42,063 -7.8%
Other Assets 6,043 9,226 -34.5%
----------- ----------- ------
Total Assets $ 1,396,162 $ 1,363,578 2.4%
=========== =========== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Noninterest-Bearing Deposits $ 129,468 $ 116,493 11.1%
Interest-Bearing Deposits 1,013,719 983,521 3.1%
Short-Term Borrowings 63,225 83,000 -23.8%
Accrued Interest Payable 5,480 5,385 1.8%
Long-Term Debt 51,618 52,053 -0.8%
Other Liabilities 5,610 5,937 -5.5%
----------- ----------- ------
Total Liabilities 1,269,120 1,246,389 1.8%
Total Shareholders' Equity 127,042 117,189 8.4%
----------- ----------- ------
Total Liabilities and Shareholders' Equity $ 1,396,162 $ 1,363,578 2.4%
=========== =========== ======
IBERIABANK CORPORATION
LOANS RECEIVABLE
(Dollars in thousands)
December 31, % of December 31, % of %
2000 Total 1999 Total Change
------------ ----- ------------ ----- ------
Residential Mortgage Loans:
Residential 1-4 family $ 279,193 29.7% $ 266,161 31.6% 4.9%
Construction 7,482 0.8% 6,381 0.8% 17.3%
---------- ------ ---------- ----- -----
Total Mortgage Loans 286,675 30.5% 272,542 32.3% 5.2%
Commercial Loans:
Business 78,986 8.4% 82,485 9.8% -4.2%
Real Estate 196,479 20.9% 157,248 18.7% 24.9%
---------- ------ ---------- ----- -----
Total Commercial Loans 275,465 29.3% 239,733 28.4% 14.9%
Consumer Loans:
Home Equity 108,070 11.5% 91,531 10.9% 18.1%
Automobile 25,297 2.7% 23,432 2.8% 8.0%
Indirect Automobile 205,143 21.8% 179,350 21.3% 14.4%
Credit Card loans 9,559 1.0% 6,436 0.8% 48.5%
Other 30,316 3.2% 29,854 3.5% 1.5%
---------- ------ ---------- ----- -----
Total Consumer Loans 378,385 40.2% 330,603 39.2% 14.5%
---------- ------ ---------- ----- -----
Total Loans Receivable 940,525 100.0% 842,878 100.0% 11.6%
====== ====== =====
Allowance for Loan Losses (10,239) (8,749)
---------- ----------
Loans Receivable, Net $ 930,286 $ 834,129
========== ==========
ASSET QUALITY DATA
(Dollars in thousands)
Total Nonperforming Assets (*) $ 7,962 $ 3,318
Nonperforming Assets to Total Assets 0.57% 0.24%
Allowance For Loan Losses to Nonperforming Loans 135.8% 279.3%
(*) Nonperforming Assets consist of nonaccruing loans, accruing loans more than
90 days past due and foreclosed property.
DEPOSITS
(Dollars in thousands)
December 31, % of December 31, % of %
2000 Total 1999 Total Change
------------ ----- ------------ ----- ------
Noninterest Bearing DDA $ 129,468 11.3% $ 116,493 10.6% 11.1%
NOW Accounts 182,668 16.0% 187,312 17.0% -2.5%
Money Market Deposits 75,204 6.6% 72,176 6.6% 4.2%
---------- ------ ---------- ------ ------
Total Demand Deposits 387,340 33.9% 375,981 34.2% 3.0%
Savings Deposits 186,782 16.3% 137,738 12.5% 35.6%
Certificates of Deposit 569,065 49.8% 586,295 53.3% -2.9%
---------- ------ ---------- ------ ------
Total Deposits $1,143,187 100.0% $1,100,014 100.0% 3.9%
========== ====== ========== ====== ======