IBERIABANK Corporation Reports First Quarter Results

LAFAYETTE, La., April 25, 2019

Daryl G. Byrd, President and Chief Executive Officer, commented, "We are pleased to report another quarter of solid earnings and a very good start to 2019. Our results for the quarter reflect outstanding growth in loans, improvement in fee income, and continued reduction of non-interest expense. We had a lower net interest margin than we anticipated, which I expect to improve in future quarters. We believe the foundation laid in 2018 and in the first quarter sets us up well to deliver strong results in 2019."

Highlights for the first quarter of 2019 and at March 31, 2019:

	For the three months ended
	GAAP							Non-GAAP Core
	1Q19 ARIVA.DE Börsen-Geflüster Kurse Iberiabank -   0,00% IBERIABANK CORP Dep Shs Repstg 1/400th Int Fixed to Fltg Perp Pfd Ser B% -   0,00% IBERIABANK Corporation Depositary Shares Representing Series C Fixed to Floating -   0,00%			4Q18				1Q19			4Q18
Earnings Per Common Share	$	1.75		$	2.32			$	1.72		$	1.86
Return on Average Assets	1.32		%	1.70		%		1.29		%	1.37		%
Return on Average Common Equity	9.85		%	13.38		%		9.66		%	10.75		%
Return on Average Tangible Common Equity	N/A			N/A				15.03		%	16.98		%
Efficiency Ratio	52.4		%	63.5		%		53.2		%	52.6		%
Tangible Efficiency Ratio (TE)	N/A			N/A				51.3		%	50.7		%

• Strong 1Q19 for both GAAP and Core EPS, improving 59% and 26%, respectively on a year-over-year basis, as a result of excellent loan growth, non-interest income, and continued expense management.
• Total loan growth of $448.5 million, or 8% annualized. Loan growth was driven by strong originations and loan prepayments slowing.
• The Company's reported and cash net interest margins decreased 22 and 10 basis points on a linked quarter basis, to 3.59% and 3.42%, respectively. The decline in margin was primarily driven by lower recoveries as expected and higher cost of funding. Funding costs increased as the Company realized seasonal declines in lower cost deposits and strong loan growth primarily funded with wholesale funding sources.
• Strong growth in non-interest income influenced by the current yield curve.
• Mortgage income increased $1.5 million, or 14% on a linked quarter basis and 23% as compared to 1Q18.
• The Company realized record swap income of $4.2 million, up 124% on a linked quarter basis.
• The linked quarter increase of $51.5 million was primarily driven by $49.8 million in losses on sales of available securities that occurred during 4Q18.
• Continued focus on non-interest expense which decreased $10.2 million, or 6% on a linked quarter basis. Core non-interest expense declined $5.1 million, or 3%, from 4Q18.
• Year-over-year reduced FTEs by 342, or almost 10%, including employees from the Gibraltar acquisition.
• Produced the lowest quarterly level of non-interest expense to average assets over the past 15 years.
• Continued improvement in operating leverage.
• Credit metrics remained strong and stable. The provision expense rose slightly from the prior quarter to provide adequate reserve coverage of strong loan growth. We see no signs of deterioration in the portfolio.
• During 1Q19, the Company repurchased 387,921 common shares at a weighted average price of $77.19 per common share.
• On March 19, 2019, the Company announced a first quarter cash dividend equal to $0.43 per common share, payable on April 26, 2019. This equated to a 5% increase to the 4Q18 dividend.

Special Items

• On April 4, 2019, the Company issued and sold 4.0 million depositary shares, each representing 1/400th interest in a share of non-cumulative perpetual preferred stock. The Series D preferred stock has an initial coupon equal to 6.100% for a period of five years, and thereafter floats at a rate of LIBOR plus 385.9 basis points. The Company raised approximately $100.0 million in gross proceeds from the transaction. Proceeds from the transaction are currently expected to be used for repurchases of common stock. This re-stacking of capital is expected to provide a few incremental pennies of EPS and enhance the Company's ROTCE by approximately 50 basis points in 2020, based on IBKC's current stock price. The impact of this offering will be immaterial on 2019 earnings.

Table A - Summary Financial Results
(Dollars in thousands, except per share data)
	For the Three Months Ended
	3/31/2019					12/31/2018				% Change			3/31/2018				% Change
GAAP BASIS:
Income available to common shareholders	$	96,533				$	129,090			(25.2)			$	60,023			60.8
Earnings per common share - diluted	1.75					2.32				(24.6)			1.10				59.1
Average loans and leases, net of unearned income	$	22,599,686				$	22,364,188			1.1			$	20,181,390			12.0
Average total deposits	23,678,400 Werbung Mehr Nachrichten zur Iberiabank Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 28.04.24 - dpa-AFX DAZN/DFL-Streit mit Abmahnungen, 'Verleumdungen' und Millionen-Loch 28.04.24 - dpa-AFX Firmenchef-Umfrage: Über 70 Prozent fürchten Cyber-Angriff 28.04.24 - Boersia.de Nvidia Aktie: Kursanstieg nach Technologie-Investitionen Biotech-Einhorn!    Ist das die nächste Milliarden-CBD-Übernahmestory? weiterlesen» Anzeige wo-site-teaser-box-16782_site-teaser-box_2024-04-28_09%253A00%253A00_2024-04-29_09%253A00%253A59