IBERIABANK Corporation Reports Fourth Quarter Results

LAFAYETTE, La., Jan. 25, 2018

Daryl G. Byrd, President and Chief Executive Officer, commented, "We delivered solid core earnings during the fourth quarter of 2017, achieving our Company's highest quarterly Core EPS result and providing a glimpse into the strong underlying earnings power of the franchise.  Our team's focus and strategic positioning drove significant improvement over the prior quarter as we continue to reap the benefits of our asset sensitive balance sheet and start to realize the synergies from the Sabadell acquisition following the conversion in mid-October.  Similar to many other banks, our GAAP metrics were materially impacted by one-time charges - the most significant of which was a write-down of deferred tax assets resulting from the enactment of the Tax Cuts and Jobs Act on December 22, 2017. Despite the one-time DTA adjustment in the quarter, we expect this tax change will significantly benefit our net income in future periods."

Byrd continued, "We are proud of the results we have achieved in the fourth quarter of 2017 and recognize the opportunity to build on current momentum in delivering improved financial results.  In December, we provided financial guidance for our 2018 earnings and we continue to work towards achieving those goals to provide outstanding returns for our shareholders.  During the first quarter of 2018, we will be providing our three-year goals, which we will refer to as our 2020 Goals."

Highlights for the fourth quarter of 2017 and at December 31, 2017:

While GAAP EPS and returns were negatively impacted by one-time items, the Company reported solid improvement in Core EPS driven by a strong core operating leverage multiple of 4.7, GAAP and cash margin expansion, cost containment and balance sheet growth during the quarter.

	For the three months ended
	GAAP ARIVA.DE Börsen-Geflüster Kurse Iberiabank -   0,00%					Non-GAAP Core
	4Q17		3Q17			4Q17		3Q17
Earnings Per Common Share	$ 0.17		$ 0.49			$ 1.33		$ 1.00
Return on Average Assets	0.15	%	0.45	%		1.03	%	0.87	%
Return on Average Common Equity	1.02	%	2.92	%		7.92	%	5.99	%
Return on Average Tangible Common Equity	—		—			12.73	%	8.95	%
Efficiency Ratio	63.5	%	75.2	%		57.9	%	60.6	%
Tangible Efficiency Ratio (TE)	—		—			55.6	%	58.2	%

• The Company's reported and cash net interest margins increased 5 and 4 basis points on a linked quarter basis, to 3.69% and 3.33%, respectively, primarily as a result of increases in average earning assets and higher loan yields, offset by smaller increases in average interest-bearing liabilities and costs of deposits.
• 4Q17 results include a $51.0 million estimated net impact of the Tax Cuts and Jobs Act enacted on December 22, 2017 ($0.94 per share decrease in earnings), subject to refinement in future periods as further information becomes available.
• The effective tax rate in 2018 is expected to be 21% - 22%, which revises our previous guidance of 32.5% - 33.5% disclosed prior to the passing of tax reform.
• Total loan growth was $0.3 billion, or 1.4% (5.6% annualized rate), in 4Q17, driven by originations in New Orleans, Atlanta and Tampa.
• Total deposits increased $0.1 billion, or 0.6% (2.4% annualized rate), in 4Q17, driven by growth in the Houston, Acadiana, New Orleans and Baton Rouge markets.
• Net charge-offs decreased $18.7 million on a linked quarter basis, and equated to an annualized 0.20% of average loans. The provision for loan losses decreased $4.1 million, or 22%.
• The Company successfully completed the conversion of branch and operating systems associated with the Sabadell  acquisition over the weekend of October 13 - 15, 2017. The Company incurred $11.4 million of pre-tax merger-related expense in 4Q17 ($0.16 per share decrease in earnings).
• On October 19, 2017, the Company entered into a Merger Agreement with Gibraltar Private Bank & Trust Company ("Gibraltar"). The Merger Agreement has been approved by the boards of directors of each company and is expected to close in the first quarter of 2018, subject to the required approval of Gibraltar's shareholders, the receipt of required regulatory approvals, and other customary closing conditions.

Table A - Summary Financial Results
(Dollars in thousands, except per share data)
	For the Three Months Ended
	12/31/2017					9/30/2017				% Change			12/31/2016				% Change
GAAP BASIS:
Income available to common shareholders	$	9,329				$	26,046			(64.2)			$	44,173			(78.9)
Earnings per common share - diluted	0.17					0.49				(65.3)			1.04				(83.7)
Average loans, net of unearned income	$	19,941,500				$	18,341,154			8.7			$	14,912,350			33.7
Average total deposits	21,378,122					19,785,328				8.1			16,893,643 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 19.04.24 - PR Newswire Fidelity China Special Situations Plc - Transaction in Own Shares 19.04.24 - PR Newswire Rightmove Plc - Holding(s) in Company Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59