IBERIABANK Corporation Reports First Quarter Results

LAFAYETTE, La., April 19, 2018

Daryl G. Byrd, President and Chief Executive Officer, commented, "I am very pleased with our first quarter 2018 results, as we achieved our Company's highest quarterly Core EPS result and are well- positioned for a strong year. More specifically, the quarter was in-line with our internal expectations, reflective of the predictable seasonality we have historically experienced.  As such, we also wanted to re-affirm our confidence in our previously provided 2018 guidance."

"Our results demonstrated continued franchise momentum, in particular the asset sensitive nature of our balance sheet, focus on core deposit growth and strong credit quality. While the results of our fee income businesses were consistent with our expectations, our ongoing efforts to retool the mortgage business should accelerate its performance and bottom-line contribution going forward.  In addition, the execution of synergy opportunities from the Sabadell and Gibraltar transactions should help to drive operating leverage over the balance of the year," Byrd added.

Byrd concluded, "Today, we are also releasing our 2020 Strategic Goals, outlining financial metrics we intend to achieve over the coming three years. Our team is committed to providing sustainable, profitable growth and realizing outstanding returns for our shareholders."

The Company completed its acquisition of Gibraltar Private Bank & Trust on March 23, 2018, and successfully and efficiently converted branch and operating systems of Gibraltar over the weekend of March 23-25.  The acquisition of Gibraltar added $1.5 billion in loans and $1.1 billion in deposits, based on preliminary purchase accounting adjustments. The Company incurred approximately $16.2 million in pre-tax merger-related expenses during the first quarter of 2018, resulting in a $0.23 reduction to GAAP EPS. Gibraltar operated eight offices in total, which will be consolidated into two offices. The Company anticipates that the operating metrics and expense savings provided at acquisition announcement will be fully achieved in 2018.

Highlights for the first quarter of 2018 and at March 31, 2018:

For the quarter, both GAAP and Core EPS improved on a linked quarter basis, both of which benefited from the recent enactment of the Tax Cuts and Jobs Act in the prior quarter.  Results were also impacted by certain non-core merger-related expenses associated with the branch and operating systems conversion of the Gibraltar acquisition.  Return metrics improved significantly in the quarter, while our efficiency ratio increased slightly, reflective of traditional revenue and expense headwinds the Company experiences in the first quarter of the year.