PR Newswire
LAFAYETTE, La., July 20, 2018
LAFAYETTE, La., July 20, 2018 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 131-year-old IBERIABANK (www.iberiabank.com), reported financial results for the second quarter ended June 30, 2018. For the quarter, the Company reported net income available to common shareholders of $74.2 million, or $1.30 diluted earnings per common share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the second quarter of 2018 was $1.71 per common share, compared to $1.10 in the year-ago period, an increase of 55% (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics).
Daryl G. Byrd, President and Chief Executive Officer, commented, "Our strong financial performance this quarter is the result of solid franchise momentum, growth in loans and deposits, and a pickup in our fee income businesses. Building upon the client growth we have achieved, and managing expenses remain our fundamental objectives and key to successfully achieving earnings expectations for 2018 and beyond.
We are proud of our diversified franchise, and we have the right team and platforms in place to drive outstanding client growth amongst favorable economic conditions. We remain laser-focused on delivering sustainable, profitable returns for our shareholders, and we believe that our 2018 financial performance will position us to achieve or exceed our 2020 Strategic Goals," Byrd continued.
Highlights for the second quarter of 2018 and at June 30, 2018:
On a linked quarter basis, both GAAP and Core EPS significantly improved, driven by increases in loan interest income as a result of higher loan yields and a seasonal improvement in our fee income businesses in the second quarter. Merger-related expenses, branch closure expenses and an adjustment to provisional tax amounts comprised the majority of the variance between GAAP and Core EPS. Return metrics and efficiency ratios significantly improved in the current quarter primarily as a result of revenue growth.
| For the three months ended | ||||||||||||
| GAAP ARIVA.DE Börsen-Geflüster | | Non-GAAP Core | ||||||||||
| 2Q18 | 1Q18 | | 2Q18 | 1Q18 | ||||||||
Earnings Per Common Share | $ | 1.30 | | $ | 1.10 | | | $ | 1.71 | | $ | 1.37 | |
Return on Average Assets | 1.01 | % | 0.92 | % | | 1.32 | % | 1.13 | % | ||||
Return on Average Common Equity | 7.87 | % | 6.79 | % | | 10.30 | % | 8.45 | % | ||||
Return on Average Tangible Common Equity | N/A | N/A | | 16.70 | % | 13.83 | % | ||||||
Efficiency Ratio | 63.5 | % | 67.9 | % | | 56.6 | % | 61.1 | % | ||||
Tangible Efficiency Ratio (TE) | N/A | N/A | | 54.3 | % | 58.8 | % |
Table A - Summary Financial Results | ||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||
| | | | | | | | | | | ||||||||
| For the Three Months Ended | |||||||||||||||||
| 6/30/2018 | | | 3/31/2018 | | % Change | | 6/30/2017 | | % Change | ||||||||
GAAP BASIS: | | | | | | | | | | | ||||||||
Income available to common shareholders | $ | 74,175 | | | | $ | 60,023 | | | 23.6 | | | $ | 51,069 | | | 45.2 | |
Earnings per common share - diluted | 1.30 | | | | 1.10 | | | 18.2 | | | 0.99 | | | 31.3 | | |||
| | | | | | | | | | | ||||||||
Average loans and leases, net of unearned income | $ | 21,830,720 | | | | $ | 20,181,390 | | | 8.2 | | | $ | 15,284,007 | | | 42.8 | |
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