PR Newswire
LAFAYETTE, La., April 27, 2017
In the news release, IBERIABANK Corporation Reports First Quarter Results, issued 27-Apr-2017 by IBERIABANK Corporation over PR Newswire, we are advised by the company that the "Highlights for the first quarter of 2017 and at March 31, 2017:" bulleted section, in the second sentence of the first bullet, should read "...cash net interest margins of 15 and 11 basis points, respectively." rather than "...cash net interest margins of 15 and 14 basis points, respectively." as originally issued inadvertently. The complete, corrected release follows:
LAFAYETTE, La., April 27, 2017 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 130-year-old IBERIABANK (www.iberiabank.com), reported financial results for the quarter ended March 31, 2017. For the quarter, the Company reported income available to common shareholders of $46.9 million, or $1.00 fully diluted earnings per common share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the first quarter of 2017 was $1.02 per common share (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics), which exceeded consensus analyst expectations.
Daryl G. Byrd, President and Chief Executive Officer, commented, "Many events transpired this quarter as we expected and as we communicated to our investors last quarter. First, asset quality statistics associated with our energy-related loans continued to show significant improvements this quarter, and energy-related loans grew slightly during the first quarter. Second, we are well-positioned for rising short-term interest rates, and the Federal Reserve's short-term rate increases in December 2016 and March 2017 resulted in a rebound in our margin and significant improvement in net interest income this quarter. We expect these benefits to continue into future quarters as well. Third, we anticipated our loan growth would slow during the first quarter, due in part to typical seasonal trends, and we expected a portion of the massive inflow of deposits that we experienced in the final quarter of 2016 would begin to flow out during the first quarter of 2017. While some deposit outflow occurred as expected, we maintained a considerable amount of excess liquidity throughout the quarter. Finally, in December 2016, we issued and sold common equity with the expectation we would find an excellent investment opportunity in which we could deploy that capital. With our recently signed agreement to acquire Sabadell United Bank, we now have an excellent opportunity in which to deploy that capital, as well as capital raised in March 2017 when we issued and sold additional common shares. We are very excited to partner with the team at Sabadell United and double the size of our Florida franchise."
Byrd continued, "Our financial performance in the first quarter of 2017 has started off well this year. During the first quarter, we experienced favorable average earning asset growth and a tremendous improvement in the net interest margin. We achieved our strongest first quarter EPS in nine years, and we achieved record first quarter core EPS. Those results were achieved despite the 11-cent negative EPS carrying cost in this quarter associated with the two common stock sales. Our core return on average assets was 0.96% in the first quarter, an improvement of six basis points compared to the same quarter last year, and despite the traditional seasonal slowness in our fee income businesses. We are still carrying a significant amount of capital and liquidity, which once deployed, should further enhance our financial performance."
Highlights for the first quarter of 2017 and at March 31, 2017:
Table A - Summary Financial Results | ||||||||||
(Dollars in thousands, except per share data) | ||||||||||
| | | | | | | | | | |
| For the Three Months Ended | |||||||||
| 3/31/2017 | | | 12/31/2016 | | % Change | | 3/31/2016 | | % Change |
GAAP BASIS: | | | | | | | | | | |
Income available to common shareholders | $ 46,874 | | | $ 44,173 | | 6.1 | | $ 40,193 | | 16.6 |
Earnings per common share - diluted | 1.00 | | | 1.04 | | (3.8) | | 0.97 | | 3.1 |
| | | | | | | | | | |
Average loans, net of unearned income | $15,045,755 | | | $14,912,350 | | 0.9 | | $14,354,410 | | 4.8 |
Average total deposits | 17,511,324 | | | 16,893,643 | | 3.7 | | 15,945,069 | | 9.8 |
Net interest margin (TE) (1) | 3.53 | % | | 3.38 | % | | | 3.68 | % | |
| | | | | | | | | | |
Total revenues | $ 220,164 | | | $ 214,903 | | 2.4 | | $ 217,248 | | 1.3 |
Total non-interest expense | 141,018 | | | 151,570 | | (7.0) | | 137,452 | | 2.6 |
Efficiency ratio | 64.1 | % | | 70.5 | % | | | 63.3 | % | |
Return on average assets | 0.94 | | | 0.85 | | | | 0.87 | | |
Return on average common equity | 6.41 | | | 6.70 | | | | 6.59 | | |
| | | | | | | | | | |
NON-GAAP BASIS (2): | | | | | | | | | | |
Core revenues | $ 220,163 | | | $ 214,898 | | 2.4 | | $ 217,052 | | 1.4 |
Core non-interest expense | 139,437 | | | 133,562 | | 4.4 | | 134,860 | | 3.4 |
Core earnings per common share - diluted | 1.02 | | | 1.16 | | (12.1) | | 1.01 | | 1.0 |
Core tangible efficiency ratio (TE) (1) (4) | 61.6 | % | | 60.3 | % | | | 60.3 Werbung Mehr Nachrichten zur Iberiabank Aktie kostenlos abonnieren
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