PR Newswire
LAFAYETTE, La., Oct. 19, 2018
LAFAYETTE, La., Oct. 19, 2018 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 131-year-old IBERIABANK (www.iberiabank.com), reported financial results for the third quarter ended September 30, 2018. For the quarter, the Company reported net income available to common shareholders of $97.9 million, or $1.73 diluted earnings per common share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the third quarter of 2018 was $1.74 per common share, compared to $1.00 in the year-ago period, an increase of 74% (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics). Excluding quarters where we had bargain purchase gains, Core EPS
was a record in the third quarter of 2018.
Daryl G. Byrd, President and Chief Executive Officer, commented, "We are pleased to report another quarter of solid financial performance driven by loan growth, increased revenues, and a reduced expense base. Today, we are providing initial financial guidance for 2019. Our focus on delivering sustainable, profitable returns to our shareholders is reflected in our guidance as we continue to work toward achieving our 2020 Strategic Goals, which we expect to attain in 2019."
Highlights for the third quarter of 2018 and at September 30, 2018:
| For the three months ended | ||||||||||||
| GAAP | | Non-GAAP Core | ||||||||||
| 3Q18 ARIVA.DE Börsen-Geflüster | 2Q18 | | 3Q18 | 2Q18 | ||||||||
Earnings Per Common Share | $ | 1.73 | | $ | 1.30 | | | $ | 1.74 | | $ | 1.71 | |
Return on Average Assets | 1.34 | % | 1.01 | % | | 1.35 | % | 1.32 | % | ||||
Return on Average Common Equity | 10.21 | % | 7.87 | % | | 10.27 | % | 10.30 | % | ||||
Return on Average Tangible Common Equity | N/A | N/A | | 16.34 | % | 16.70 | % | ||||||
Efficiency Ratio | 54.2 | % | 63.5 | % | | 54.0 | % | 56.6 | % | ||||
Tangible Efficiency Ratio (TE) | N/A | N/A | | 52.0 | % | 54.3 | % |
4Q18 Special Items
In connection with filing its 2017 income tax returns, the Company anticipates recognizing a non-core, permanent net income tax benefit of approximately $55 million in the fourth quarter of 2018. This anticipated benefit is based on the repricing of its current and deferred income tax position associated with the Tax Cuts and Jobs Act of 2017 following the filing of the Company's remaining state income tax returns and the receipt of written consent from the IRS on a tax accounting method change. The Company expects these items to be finalized in the fourth quarter of 2018.
2019 Financial Guidance
The Company is providing initial financial guidance for 2019 as listed below:
2019 Guidance | |
Average Earning Assets | $28.6B ~ $28.9B |
Consolidated Loan Growth | 5% ~ 7% |
Consolidated Deposit Growth | 5% ~ 7% |
Provision Expense | $35MM ~ $49MM |
Non-Interest Income (Core Basis) | $215MM ~ $225MM |
Non-Interest Expense (Core Basis) | $685MM ~ $700MM |
Net Interest Margin | 3.60% ~ 3.70% |
Tax Rate | 22.5% ~ 23.5% |
Preferred Dividend & Unrestricted Shares | $12.5 ~ $13.5 |
Share Repurchase Activity | $135MM ~ $150MM |
Credit Quality | Stable |
Table A - Summary Financial Results | ||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||
| | | | | | | | | | | ||||||||
| For the Three Months Ended | |||||||||||||||||
| 9/30/2018 | | | 6/30/2018 | | % Change | | 9/30/2017 | | % Change 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. |