IBERIABANK Corporation Reports Earnings per Share Increase of 8%

LAFAYETTE, La., Jan. 24, 2013 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 125-year-old IBERIABANK (www.iberiabank.com), reported operating results for the fourth quarter ended December 31, 2012.  For the quarter, the Company reported income available to common shareholders of $23 million and fully diluted earnings per share ("EPS") of $0.79, up 8% compared to the third quarter of 2012.  During the fourth quarter of 2012, the Company incurred total non-operating costs of $3 million on a pre-tax basis, or $0.06 per share on an after-tax basis, and non-operating income of $2 million on a pre-tax basis, or $0.05 per share on an after-tax basis.  On an operating basis, EPS in the fourth quarter of 2012 was $0.80 per share (non-GAAP; refer to press release supplemental table), down $0.03 per share, or 4%, compared to the third quarter of 2012.

Daryl G. Byrd, President and Chief Executive Officer, commented, "We finished 2012 with extraordinary client growth, a fairly stable margin, and favorable operating results in our new businesses and expanded operations.  During 2012, our loan growth excluding FDIC-assisted loans was $1.4 billion, or 22%, and our total deposit growth was $1.5 billion, or 16%.  Importantly, the mix of deposits improved considerably, and our asset quality, capital, and liquidity positions remain stout.  We are extremely pleased with the client development opportunities throughout our footprint and future growth prospects."

Highlights for the Fourth Quarter of 2012 and December 31, 2012:

  • Increased net interest income and slight decline in net interest margin during the quarter.  Tax equivalent net interest income improved $3 million, and the net interest margin declined three basis points on a linked quarter basis to 3.55%.  Total tax-equivalent revenues increased approximately $7 million, or 5%, while total noninterest expenses increased $4 million, or 3%, on a linked quarter basis.
  • Loan growth of $315 million, or 4%, between quarter-ends (18% annualized rate), excluding loans and other assets covered under FDIC loss share agreements ("Covered Assets").  On that basis and excluding loans that were acquired from Florida Gulf Bancorp, Inc. ("Florida Gulf") on July 31, 2012, loans increased $1.1 billion, or 19%, over the past year.
  • Total deposit growth of $835 million, or 8% (34% annualized growth), during the quarter, and $1.2 billion, or 13%, over the past year (each excluding the Florida Gulf acquisition).
  • Noninterest bearing deposits climbed $116 million, or 6%, between September 30, 2012 and December 31, 2012, and $425 million, or 29%, over the past year (excluding the Florida Gulf acquisition).  Since year-end 2010, noninterest bearing deposits grew $1.1 billion, or 124%, and increased from 11% of total deposits at December 31, 2010, to 18% at December 31, 2012.
  • The loan loss provision in the fourth quarter of 2012 totaled $5 million, compared to $4 million in the third quarter of 2012.  Net charge-offs declined to $89,000 in the fourth quarter of 2012, or an annualized 0.00% of average loans, compared to $2 million in the third quarter of 2012, or an annualized 0.10% of average loans.
  • Continued legacy asset quality strength: Nonperforming assets ("NPAs"), excluding Covered Assets and impaired loans acquired in acquisitions, equated to 0.85% of total assets at December 31, 2012, compared to 0.81% at September 30, 2012.  On that basis, loans past due 30 days or more declined three basis points to 1.27% of total loans at December 31, 2012.  Classified assets excluding Covered Assets decreased $16 million, or 7%, during the fourth quarter, and decreased from 2.28% of total assets at September 30, 2012, to 1.99% at December 31, 2012.
  • Capital ratios remained strong. At December 31, 2012, the Company's tangible common equity ratio was 8.66%, tier 1 common ratio was 11.74%, and total risk based capital ratio was 14.19%.

Table A - Summary Financial Results


For Quarter Ended:

%/Basis Point


12/31/2011

9/30/2012

12/31/2012

Change

Net Income ($ in thousands)

$      17,357

$       21,234

$      23,208

9%








Per Share Data:






Fully Diluted Earnings 

$          0.59

$            0.73

$          0.79

8%


Operating Earnings (Non-GAAP)

0.67

0.83

0.80

-4%


Pre-provision Operating Earnings  (Non-GAAP)

0.77

0.92

0.91

-2%


Tangible Book Value 

36.80

37.07

37.34

1%








Key Ratios:






Return on Average Assets

0.59%

0.69%

0.73%

4

bps

Return on Average Common Equity

4.65%

5.56%

6.02%

46

bps

Return on Average Tangible Common Equity (Non-GAAP)

6.72%

7.91%

8.62%

71

bps

Net Interest Margin (TE)*

3.62%

3.58%

3.55%

(3)

bps

Tangible Efficiency Ratio (TE)* (Non-GAAP)

75.2%

74.3%

73.2%

(110)

bps

Tangible Common Equity Ratio (Non-GAAP)

9.52%

9.01%

8.66%

(35)

bps

Tier 1 Leverage Ratio

10.45%

10.01%

9.70%

(31)

bps

Tier 1 Common Ratio (Non-GAAP)

13.55%

12.04%

11.74%

(30)

bps

Total Risk Based Capital Ratio

16.21%

14.54%

14.19%

(35)

bps

Net Charge-Offs to Average Loans**

0.31%

0.11%

0.01%

(10)

bps

Nonperforming Assets to Total Assets**

0.86%

0.81%

0.85%

4

bps







* Fully taxable equivalent basis.






** Excluding FDIC Covered Assets and acquired impaired loans.




Refer to press release supplemental table for a reconciliation of GAAP and non-GAAP measures.

Operating Results

On a linked quarter basis, average earning assets increased $480 million, or 4%.  The average earning asset yield declined eight basis points, while the cost of interest bearing liabilities decreased four basis points. As a result, the tax-equivalent net interest spread and the net interest margin declined four and three basis points, respectively.  Tax-equivalent net interest income increased $3 million, or 3%, as the benefit of strong growth in average earning assets more than offset the slightly lower net interest spread in the fourth quarter of 2012.

Table B - Quarterly Average Yields/Cost (Taxable Equivalent Basis)


For Quarter Ended:

%/Basis Point


12/31/2011

9/30/2012

12/31/2012

Change

Investment Securities

2.57%

2.22%

2.09%

(13)

bps

Covered Loans, net of loss share receivable

5.33%

5.42%

5.55%

13

bps

Noncovered Loans

4.91%

4.55%

4.52%

(3)

bps

Loans & Loss Share Receivable

5.02%

4.71%

4.70%

(1)

bps

Mortgage Loans Held For Sale

3.21%

3.21%

2.96%

(25)

bps

Other Earning Assets

0.68%

0.85%

0.61%

(24)

bps

  Total Earning Assets

4.36%

4.14%

4.06%

(8)

bps







Interest Bearing Deposits

0.80%

0.58%

0.53%

(5)

bps

Short-Term Borrowings

0.27%

0.21%

0.21%

(0)

bps

Long-Term Borrowings

2.84%

3.10%

3.17%

7

bps

  Total Interest Bearing Liabilities

0.90%

0.69%

0.65%

(4)

bps

Net Interest Spread

3.46%

3.45%

3.41%

(4)

bps

Net Interest Margin

3.62%

3.58%

3.55%

(3)

bps







* Earning asset yields are shown on a fully taxable equivalent basis.









Movement in the net interest margin was tempered during the fourth quarter as the covered loan yield (net of loss share receivable) improved 13 basis points, offsetting the three basis point decline in the yield on non-covered loans.  In addition, the 13 basis point decline in average investment yield was partially offset by a five basis point decline in the cost of interest bearing deposits, and an increase in average noninterest bearing deposits of $155 million, or 9%, on a linked quarter basis.  For the first quarter of 2013, the Company projects the prospective yield on the covered loan portfolio net of the FDIC indemnification asset to approximate the level experienced in the fourth quarter of 2012 and projects the average balance of the net covered loan portfolio to decline approximately $50 million, based on current FDIC loss share accounting assumptions and estimates.

The Company recorded a $5 million loan loss provision in the fourth quarter of 2012, up less than $1 million, or 20%, on a linked quarter basis. The increase in provision was primarily attributable to loans covered under FDIC loss share agreements and acquired impaired loans, partially offset by lower required reserves on the legacy loan portfolio and acquired performing portfolio due to improved asset quality.  The Company reported net charge-offs of $89,000 in the fourth quarter of 2012, or 0.00% of average loans on an annualized basis.  Excluding Covered Assets and acquired impaired loans, net charge-offs were 0.01% of average loans in the fourth quarter of 2012.

Aggregate noninterest income increased $4 million, or 8%, on a linked quarter basis.  The primary changes in noninterest income on a linked quarter basis were increased IBERIA Capital Partners revenues of $1.2 million, higher service charge revenues of $0.3 million, or 5%, and a $2.2 million gain associated with the redemption of a business investment acquired in the acquisition of OMNI Bancshares, Inc.  Assets under management at IBERIA Wealth Advisors were $955 million at December 31, 2012.  Mortgage and title insurance income were relatively stable on a linked quarter basis.

In the fourth quarter of 2012, the Company originated $677 million in residential mortgage loans, down $30 million, or 4%, on a linked quarter basis.  Client loan refinancing opportunities accounted for approximately 47% of mortgage loan applications in the fourth quarter of 2012, compared to 45% in the third quarter of 2012 and approximately 40% between December 31, 2012, and January 11, 2013.  The Company sold $627 million in mortgage loans during the fourth quarter of 2012, down $50 million, or 7%, on a linked quarter basis.  Margins on the sale of mortgage loans edged slightly lower on a linked quarter basis.  The mortgage origination pipeline was approximately $241 million at December 31, 2012, compared to $297 million at September 30, 2012, and approximately $256 million at January 11, 2013.  Mortgage loan repurchases and make-whole payments were approximately $0.2 million in the fourth quarter of 2012, unchanged from the third quarter of 2012. 

Noninterest expense increased $3.6 million, or 3%, on a linked quarter basis.  One-time acquisition and conversion costs associated with the Florida Gulf transaction in the fourth quarter of 2012 were $1.2 million, or $0.03 per share, down $1.8 million on a linked quarter basis.  One-time acquisition and conversion costs are projected to be immaterial in the first quarter of 2013.  The Company also incurred pre-tax costs associated with multiple internal projects to improve long-term earnings, efficiency, risk posture, and growth prospects totaling $1.4 million, or $0.03 per share, in line with expectations.  Excluding acquisition and non-operating expenses, other changes in noninterest expense on a linked quarter basis were:

  • Increased salaries and benefits costs of $1.4 million, or 2% (due primarily to a $0.3 million increase in health care costs, $0.4 million associated with recently added revenue producers in Houston, and $0.2 million for the additional month impact of Florida Gulf personnel); 
  • Increased occupancy and equipment expense of $0.9 million, or 7% (due primarily to $0.4 million in seasonal property tax payments and $0.2 million for the additional month impact of Florida Gulf branches);
  • Increased donations, marketing, and business development expense of $2.3 million, or 111% ($1.2 million in costs associated with multiple loan and deposit campaigns and $0.7 million in business development contributions); and
  • Increased FDIC insurance premium of $0.4 million, or 17% (resulting from the Florida Gulf acquisition and organic balance sheet growth); partially offset by
  • Decreased mortgage commissions of $0.3 million, or 4%; and
  • Decreased credit and loan-related expense of $0.5 million, or 9%.

Loans

In the fourth quarter of 2012, total loans increased $269 million, or 3%.  The loan portfolio associated with FDIC-assisted acquisitions decreased $46 million, or 4%, compared to September 30, 2012.  Excluding loans associated with FDIC-assisted transactions, total loans increased $315 million, or 4%, over that period (18% annualized rate).  Legacy commercial loans increased $205 million, or 4%, legacy consumer loans increased $86 million, or 5%, and legacy mortgage loans increased $24 million, or 9%, during the quarter.  Loan growth during the fourth quarter of 2012 was strongest in the Houston, Memphis, Birmingham, and Naples markets.  Loans and commitments originated during the fourth quarter of 2012 totaled $1.2 billion, with 53% fixed rate and 47% floating rate.  Energy-related loans outstanding totaled $576 million at December 31, 2012, equal to approximately 7% of total loans.

Table C - Period-End Loans ($ in Millions)


Period-End Balances ($ Millions)




















9/30/2012



% Change 


Mix


12/31/11

Excluding Acquired

FGB

Total

12/31/12


Year/Year

Qtr/Qtr

Annualized


9/30/12

12/31/12














Commercial

$     4,504

$     5,093

$   145

$     5,237

$     5,442


21%

4%

16%


64%

64%

Consumer

1,288

1,560

28

1,588

1,674


30%

5%

22%


19%

20%

Mortgage

262

222

43

266

290


10%

9%

36%


3%

3%

Non-FDIC Loans

$     6,054

$     6,875

$   216

$     7,091

$     7,406


22%

4%

18%


86%

87%

Covered Assets

1,334

1,139

-

1,139

1,093


-18%

-4%

-16%


14%

13%

Total Loans

$     7,388

$     8,014

$   216

$     8,230

$     8,499


15%

3%

13%


100%

100%














Deposits

Total deposits increased $835 million, or 8%, from September 30, 2012 to December 31, 2012 (34% annualized growth). Noninterest bearing deposits increased $116 million, or 6%, and equated to 18% of total deposits at December 31, 2012. NOW accounts increased $484 million, or 24%, and money market and savings account volume increased $312 million, or 8% at December 31, 2012. Deposit growth in the fourth quarter was driven by commercial and retail client growth, seasonal deposits, and low-cost wholesale deposits. By year-end 2012, the Company received an influx of approximately $140 million in seasonal client deposits (primarily NOW accounts), the duration of which is expected to be less than 90 days. The Company assumed $170 million in short-term wholesale deposits at December 31, 2012 ($73 million on average during the fourth quarter of 2012 at a cost of 0.23%). Deposit growth excluding the estimated seasonal and wholesale deposits was $525 million, or 5% (21% annualized rate). Deposit growth during the fourth quarter of 2012 was strongest in the New Orleans, Houston, Birmingham, Lafayette, and Little Rock markets.

Table D - Period-End Deposits ($ in Millions)


Period-End Balances ($ Millions)




















9/30/2012



% Change 


Mix


12/31/11

Excluding Acquired

FGB

Total

12/31/12


Year/Year

Qtr/Qtr

Annualized


9/30/12

12/31/12














Noninterest

$     1,485

$     1,794

$     58

$     1,852

$     1,968


32%

6%

25%


19%

18%

NOW Accounts

1,877

1,997

42

2,039

2,523


34%

24%

95%


21%

24%

Savings/MMkt

3,381

3,652

139

3,791

4,103


21%

8%

33%


38%

38%

Time Deposits

2,546

2,184

47

2,231

2,154


-15%

-3%

-14%


22%

20%

Total Deposits

$     9,289

$     9,627

$   286

$     9,913

$    10,748


16%

8%

34%


100%

100%














On an average balance and linked quarter basis, noninterest bearing deposits increased $155 million, or 9%, and interest-bearing deposits increased $455 million, or 6%.  The rate on average interest bearing deposits in the fourth quarter of 2012 was 0.53%, a decrease of five basis points on a linked quarter basis.  Approximately $1.5 billion in time deposits are scheduled to re-price over the next 12 months at a weighted average cost of 0.74%.  An additional $0.3 billion in time deposits are scheduled to re-price the following 12 months at a weighted average cost of 1.27%.  During the fourth quarter of 2012, new and re-priced time deposits were booked at an average cost of 0.54%. The Company experienced a time deposit retention rate of 90% in 2012 with an average 46 basis point reduction in rate.

Other Assets And Funding

The Company significantly improved its liquidity position in the fourth quarter of 2012.  Total cash and equivalents increased $348 million, or 56%, to $1.0 billion.  The investment portfolio equated to $1.9 billion, or 15% of total assets at December 31, 2012, down slightly compared to 16% at September 30, 2012.  The investment portfolio had a modified duration of 2.8 years at December 31, 2012, up slightly compared to 2.7 years at September 30, 2012.  The unrealized gain in the portfolio decreased from $51 million at September 30, 2012, to $44 million at December 31, 2012.  The average yield on investment securities declined 13 basis points on a linked quarter basis to 2.09% in the fourth quarter of 2012.  The Company holds in its investment portfolio primarily government agency and municipal securities.  Municipal securities comprised only 11% of total investments at December 31, 2012.  The Company holds no sovereign debt or derivative exposure to foreign counterparties.

As a result of strong deposit growth, the Company paid off all overnight borrowings during the fourth quarter.  Long-term debt (including trust preferred securities) decreased $6 million, or 1%, between quarter-ends.  On a linked quarter basis, average long-term debt decreased $15 million, or 3%, and the cost of debt increased seven basis points to 3.17%.  The cost of average interest bearing liabilities was 0.65% in the fourth quarter of 2012, a decrease of four basis points on a linked quarter basis. For the month of December 2012, the average cost of interest bearing liabilities was 0.63%.

Asset Quality

Excluding $568 million in NPAs which were Covered Assets or acquired impaired loans marked to fair value, NPAs at December 31, 2012 were $99 million, up $10 million, or 11%, compared to September 30, 2012.  The increase in NPAs was primarily attributable to three loan relationships, of which the Company anticipates no material loss associated with the ultimate resolution of those loans.  NPAs equated to 0.85% of total assets at December 31, 2012, compared to 0.81% of assets at September 30, 2012.  Loans past due 30 days or more (including nonaccruing loans) increased $2 million, or 3%, and represented 1.27% of total loans at December 31, 2012, down compared to 1.30% at September 30, 2012.  Classified assets declined $16 million, or 7% during the fourth quarter of 2012.

Table E - Asset Quality Summary
Excludes the impact of all FDIC-assisted acquisitions and impaired loans



For Quarter Ended:


% or Basis Point Change

     ($ thousands)


12/31/2011

9/30/2012

12/31/2012


Year/Year

Qtr/Qtr









Nonperforming Assets


$   83,884

$   88,454

$   98,510


17%

11%

Past Due Loans


83,338

91,016

93,358


12%

3%

Classified Assets


205,920

247,923

231,586


12%

-7%









Nonperforming Assets/Assets


0.86%

0.81%

0.85%


(1) bps

4 bps

NPAs/(Loans + OREO)


1.39%

1.26%

1.34%


(5) bps

8 bps

Classified Assets/Total Assets


2.10%

2.28%

1.99%


(11) bps

(29) bps

(Past Dues & Nonaccruals)/Loans


1.38%

1.30%

1.27%


(11) bps

(3) bps









Provision For Credit Losses


$    2,620

$    1,735

$       362


-86%

-79%

Net Charge-Offs/(Recoveries)


4,622

1,923

91


-98%

-95%

Provision Less Net Charge-Offs


$   (2,002)

$      (188)

$       271


-114%

-244%









Net Charge-Offs/Average Loans


0.31%

0.11%

0.01%


(30)

(10)

Reserve For Credit Losses/Loans


1.24%

1.13%

1.08%


(16)

(5)









Excluding Covered Assets and acquired impaired loans, troubled debt restructurings at December 31, 2012, totaled $18 million, or 0.24% of total loans (compared to 0.31% of loans at September 30, 2012).  All but $2 million of the troubled debt restructurings were included in NPAs at December 31, 2012.

Capital Position

The Company maintains favorable capital strength.  At December 31, 2012, the Company reported a tangible common equity ratio of 8.66%, down 35 basis points compared to September 30, 2012.  At that date, the Company's preliminary Tier 1 leverage ratio was 9.70%, down 31 basis points compared to September 30, 2012.  The Company's preliminary total risk-based capital ratio at December 31, 2012 was 14.19%, down 35 basis points compared to September 30, 2012.  The declines in these capital ratios were the result of strong organic balance sheet growth.

On October 26, 2011, the Company announced a share repurchase program totaling 900,000 shares of common stock. No shares were repurchased under this program during the fourth quarter of 2012.  A total of 46,692 shares remain under the currently authorized share repurchase program.

At December 31, 2012, book value per share was $51.88, up $0.44 per share compared to September 30, 2012. Tangible book value per share was $37.34, up $0.27 per share compared to September 30, 2012.  Based on the closing stock price of the Company's common stock of $51.75 per share on January 24, 2013, this price equated to 1.00 times December 31, 2012 book value and 1.39 times December 31, 2012 tangible book value per share.

On December 10, 2012, the Company declared a quarterly cash dividend of $0.34 per share. This dividend level equated to an annualized dividend rate of $1.36 per share and an indicated dividend yield of 2.63%.

IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company with 278 combined offices, including 184 bank branch offices and one LPO in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 21 title insurance offices in Arkansas and Louisiana, mortgage representatives in 62 locations in 12 states, nine locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners, LLC office in New Orleans.  Since September 30, 2012, the Company opened seven bank branch offices in the New Orleans, Birmingham, Houston, Baton Rouge, and Naples markets.

The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC."  The Company's market capitalization was approximately $1.5 billion, based on the NASDAQ closing stock price on January 24, 2013.

The following 11 investment firms currently provide equity research coverage on IBERIABANK Corporation:

  • FIG Partners, LLC
  • Jefferies & Co., Inc.
  • Keefe, Bruyette & Woods
  • Oppenheimer & Co., Inc.
  • Raymond James & Associates, Inc.
  • Robert W. Baird & Company
  • Stephens, Inc.
  • Sterne, Agee & Leach
  • Stifel Nicolaus & Company
  • SunTrust Robinson-Humphrey
  • Wunderlich Securities

Conference Call

In association with this earnings release, the Company will host a live conference call to discuss the financial results for the quarter just completed. The telephone conference call will be held on Friday, January 25, 2013, beginning at 9:00 a.m. Central Time by dialing 1-800-230-1059. The confirmation code for the call is 276812.  A replay of the call will be available until midnight Central Time on February 1, 2013 by dialing 1-800-475-6701. The confirmation code for the replay is 276812.  The Company has prepared a PowerPoint presentation that supplements information contained in this press release.  The PowerPoint presentation may be accessed on the Company's web site, www.iberiabank.com, under "Investor Relations" and then "Presentations."

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with GAAP. The Company's management uses these non-GAAP financial measures in their analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that are infrequent in nature. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.  Reconciliations of GAAP to non-GAAP disclosures are included as tables at the end of this release.  Refer to press release supplemental table for this reconciliation.

Forward Looking Statements

To the extent that statements in this press release and the accompanying PowerPoint presentation relate to future plans, objectives, financial results or performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which are based on management's current information, estimates and assumptions and the current economic environment, are generally identified by the use of the words "plan", "believe", "expect", "intend", "anticipate", "estimate", "project" or similar expressions. IBERIABANK Corporation's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties.

Actual results could differ materially because of factors such as the level of market volatility, our ability to execute our growth strategy, including the availability of future FDIC-assisted failed bank opportunities, unanticipated losses related to the integration of, and refinements to purchase accounting adjustments for, acquired businesses and assets and assumed liabilities in these transactions, adjustments of fair values of acquired assets and assumed liabilities and of deferred taxes in acquisitions, credit risk of our customers, effects of the on-going correction in residential real estate prices and reduced levels of home sales, sufficiency of our allowance for loan losses, changes in interest rates, access to funding sources, reliance on the services of executive management, competition for loans, deposits and investment dollars, reputational risk and social factors, changes in government regulations and legislation, increases in FDIC insurance assessments, geographic concentration of our markets and economic conditions in these markets, rapid changes in the financial services industry, dependence on our operational, technological, and organizational systems or infrastructure and those of third-party providers of those services, hurricanes and other adverse weather events, the modest trading volume of our common stock, and valuation of intangible assets.  These and other factors that may cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission (the "SEC"), available at the SEC's website, http://www.sec.gov, and the Company's website, http://www.iberiabank.com, under the heading "Investor Information."  All information in this release and the accompanying PowerPoint presentation is as of the date of this release.  The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Certain tabular presentations may not reconcile because of rounding.



Table 1 - IBERIABANK CORPORATION


FINANCIAL HIGHLIGHTS
















 For The Quarter Ended 


 For The Quarter Ended 




 December 31, 


 September 30, 




2012


2011


% Change


2012


% Change













Income Data (in thousands):












Net Interest Income


$   99,990


$   92,573


8%


$   96,726


3%


Net Interest Income  (TE)   (1)


102,439


94,918


8%


99,143


3%


Net Income 


23,208


17,357


34%


21,234


9%


Earnings Available to Common Shareholders- Basic


23,208


17,357


34%


21,234


9%


Earnings Available to Common Shareholders- Diluted


22,780


17,050


34%


20,828


9%













Per Share Data:












Earnings Available to Common Shareholders - Basic


$      0.79


$     0.59


33%


$     0.73


8%


Earnings Available to Common Shareholders - Diluted


0.79


0.59


33%


0.73


8%


Operating Earnings (Non-GAAP)


0.80


0.67


19%


0.83


(4%)


Book Value 


51.88


50.48


3%


51.44


1%


Tangible Book Value (2)


37.34


36.80


1%


37.07


1%


Cash Dividends


0.34


0.34


-


0.34


-


Closing Stock Price


49.12


49.30


(0%)


45.80


7%













Key Ratios: (3)












Operating Ratios:











Return on Average Assets


0.73%


0.59%




0.69%




Return on Average Common Equity


6.02%


4.65%




5.56%




Return on Average Tangible Common Equity (2)


8.62%


6.72%




7.91%




Net Interest Margin  (TE)  (1)


3.55%


3.62%




3.58%




Efficiency Ratio


75.5%


77.9%




76.7%




Tangible Efficiency Ratio  (TE)  (1) (2)


73.2%


75.2%




74.3%




Full-time Equivalent Employees


2,697


2,582




2,684
















Capital Ratios:











Tangible Common Equity Ratio (Non-GAAP)


8.66%


9.52%




9.01%




Tangible Common Equity to Risk-Weighted Assets


12.01%


13.86%




12.35%




Tier 1 Leverage Ratio


9.70%


10.45%




10.01%




Tier 1 Capital Ratio


12.92%


14.94%




13.27%




Total Risk Based Capital Ratio


14.19%


16.21%




14.54%




Common Stock Dividend Payout Ratio


43.2%


57.5%




47.2%
















Asset Quality Ratios:











Excluding FDIC Covered Assets and acquired impaired loans











Nonperforming Assets to Total Assets (4)


0.85%


0.86%




0.81%




Allowance for Credit Losses to Loans


1.08%


1.24%




1.13%




Net Charge-offs to Average Loans 


0.01%


0.31%




0.11%




Nonperforming Assets to Total Loans and OREO (4)


1.34%


1.39%




1.26%


















 For The Quarter Ended 


 For The Quarter Ended 




 December 31, 


 September 30, 


 June 30, 


 March 31, 




2012


2012


2012


2012


2012

Balance Sheet Summary (in thousands):


End of Period


Average


Average


Average


Average


Excess Liquidity (5)


$  722,763


$  432,752


$  238,203


$  294,171


$  326,810


Total Investment Securities


1,950,066


1,957,542


2,005,975


2,048,001


2,047,168


Loans, Net of Unearned Income


8,498,580


8,384,218


8,016,829


7,592,677


7,381,188


Loans, Net of Unearned Income, Excluding Covered Loans and SOP 03-3

7,341,626


7,212,648


6,810,490


6,400,351


6,053,548


Total Assets


13,129,678


12,692,665


12,182,554


11,817,101


11,688,081


Total Deposits


10,748,277


10,315,944


9,705,957


9,463,392


9,380,956


Total Shareholders' Equity


1,529,868


1,533,561


1,519,338


1,504,102


1,496,782













(1)

Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%.

(2)

Tangible calculations eliminate the effect of goodwill and acquisition related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

(3)

All ratios are calculated on an annualized basis for the period indicated.

(4)

Nonperforming assets consist of nonaccruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.

(5)

Excess Liquidity includes interest-bearing deposits in banks and fed funds sold, but excludes liquidity sources and uses from off-balance sheet arrangements.



Table 2 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands except per share data)










BALANCE SHEET (End of Period)

December 31,


September 30,



2012


2011


% Change


2012


% Change


ASSETS











Cash and Due From Banks

$            248,214


$            194,171


27.8%


$            206,373


20.3%


Interest-bearing Deposits in Banks

722,763


379,125


90.6%


416,693


73.5%


   Total Cash and Equivalents

970,977


573,296


69.4%


623,066


55.8%


Investment Securities Available for Sale

1,745,004


1,805,205


(3.3%)


1,757,934


(0.7%)


Investment Securities Held to Maturity

205,062


192,764


6.4%


188,999


8.5%


   Total Investment Securities

1,950,066


1,997,969


(2.4%)


1,946,933


0.2%


Mortgage Loans Held for Sale

267,475


153,013


74.8%


211,132


26.7%


Loans, Net of Unearned Income

8,498,580


7,388,037


15.0%


8,229,946


3.3%


Allowance for Credit Losses

(251,603)


(193,761)


29.9%


(201,387)


24.9%


   Loans, Net

8,246,977


7,194,276


14.6%


8,028,559


2.7%


Loss Share Receivable

423,069


591,844


(28.5%)


431,167


(1.9%)


Premises and Equipment

303,523


285,607


6.3%


304,699


(0.4%)


Goodwill and Other Intangibles

429,584


401,888


6.9%


424,154


1.3%


Other Assets

538,007


560,035


(3.9%)


564,409


(4.7%)


   Total Assets

$      13,129,678


$      11,757,928


11.7%


$      12,534,119


4.8%













LIABILITIES AND SHAREHOLDERS' EQUITY











Noninterest-bearing Deposits

$         1,967,662


$         1,485,058


32.5%


$         1,851,569


6.3%


NOW Accounts

2,523,252


1,876,797


34.4%


2,038,783


23.8%


Savings and Money Market Accounts

4,103,183


3,381,502


21.3%


3,791,616


8.2%


Certificates of Deposit

2,154,180


2,545,656


(15.4%)


2,231,143


(3.4%)


   Total Deposits

10,748,277


9,289,013


15.7%


9,913,111


8.4%


Short-term Borrowings

-


192,000


(100.0%)


290,000


(100.0%)


Securities Sold Under Agreements to Repurchase

303,045


203,543


48.9%


241,501


25.5%


Trust Preferred Securities

111,862


111,862


0.0%


111,862


0.0%


Other Long-term Debt

311,515


340,871


(8.6%)


317,442


(1.9%)


Other Liabilities

125,111


137,978


(9.3%)


145,049


(13.7%)


   Total Liabilities

11,599,810


10,275,267


12.9%


11,018,965


5.3%


Total Shareholders' Equity

1,529,868


1,482,661


3.2%


1,515,154


1.0%


   Total Liabilities and Shareholders' Equity

$      13,129,678


$      11,757,928


11.7%


$      12,534,119


4.8%
























BALANCE SHEET (Average)

December 31,


September 30,


June 30,


March 31,


December 31,



2012


2012


2012


2012


2011


ASSETS











Cash and Due From Banks

$            212,404


$            192,891


$            188,260


$            189,182


$            188,517


Interest-bearing Deposits in Banks

432,752


236,653


294,171


326,810


328,869


Investment Securities

1,957,542


2,005,975


2,048,001


2,047,168


2,051,564


Mortgage Loans Held for Sale

212,432


182,543


135,273


117,186


131,787


Loans, Net of Unearned Income

8,384,218


8,016,829


7,592,677


7,381,188


7,224,613


Allowance for Credit Losses

(196,634)


(180,798)


(173,023)


(185,952)


(167,433)


Loss Share Receivable

411,328


448,746


508,443


573,776


592,985


Other Assets

1,278,623


1,279,715


1,223,299


1,238,723


1,234,283


   Total Assets

$      12,692,665


$      12,182,554


$      11,817,101


$      11,688,081


$      11,585,185













LIABILITIES AND SHAREHOLDERS' EQUITY











Noninterest-bearing Deposits

$         1,928,361


$         1,773,302


$         1,640,327


$         1,530,504


$         1,455,097


NOW Accounts

2,207,032


2,023,769


1,985,248


1,924,371


1,718,337


Savings and Money Market Accounts

3,935,675


3,701,947


3,524,641


3,481,073


3,413,278


Certificates of Deposit

2,244,876


2,206,939


2,313,176


2,445,008


2,665,935


   Total Deposits

10,315,944


9,705,957


9,463,392


9,380,956


9,252,647


Short-term Borrowings

9,239


121,957


27,857


4,220


4,337


Securities Sold Under Agreements to Repurchase

262,027


245,486


245,401


219,846


218,926


Trust Preferred Securities

111,862


113,905


111,862


111,862


111,862


Long-term Debt

312,190


324,923


313,451


324,468


343,687


Other Liabilities

147,842


150,988


151,036


149,947


173,188


   Total Liabilities

11,159,104


10,663,216


10,312,999


10,191,299


10,104,647


Total Shareholders' Equity

1,533,561


1,519,338


1,504,102


1,496,782


1,480,538


   Total Liabilities and Shareholders' Equity

$      12,692,665


$      12,182,554


$      11,817,101


$      11,688,081


$      11,585,185




Table 3 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands except per share data)












For The Three Months Ended

INCOME STATEMENT

December 31,


September 30,


2012


2011


% Change


2012


% Change











Interest Income

$     114,779


$     111,799


2.7%


$      111,951


2.5%

Interest Expense

14,789


19,226


(23.1%)


15,225


(2.9%)

   Net Interest Income

99,990


92,573


8.0%


96,726


3.4%

Provision for Credit Losses

4,866


4,278


13.7%


4,053


20.1%

   Net Interest Income After Provision for Loan Losses

95,124


88,295


7.7%


92,673


2.6%

Service Charges

7,295


6,613


10.3%


6,952


4.9%

ATM / Debit Card Fee Income

2,412


1,997


20.8%


2,377


1.5%

BOLI Proceeds and Cash Surrender Value Income

909


899


1.1%


916


(0.8%)

Mortgage Income

22,935


13,274


72.8%


23,215


(1.2%)

Gain (Loss) on Sale of Investments, Net

(4)


793


(100.5%)


41


(109.7%)

Title Revenue

5,492


4,846


13.3%


5,623


(2.3%)

Broker Commissions

4,192


2,457


70.6%


3,092


35.6%

Other Noninterest Income

7,123


4,576


55.7%


4,337


64.2%

   Total Noninterest Income

50,354


35,455


42.0%


46,553


8.2%

Salaries and Employee Benefits

60,899


51,416


18.4%


59,938


1.6%

Occupancy and Equipment

15,176


14,404


5.4%


13,869


9.4%

Amortization of Acquisition Intangibles

1,285


1,384


(7.1%)


1,287


(0.1%)

Other Noninterest Expense

36,081


32,522


10.9%


34,754


3.8%

   Total Noninterest Expense

113,441


99,726


13.8%


109,848


3.3%

   Income Before Income Taxes

32,037


24,024


33.4%


29,378


9.1%

Income Taxes

8,829


6,667


32.4%


8,144


8.4%

   Net Income

$        23,208


$       17,357


33.7%


$         21,234


9.3%

   Preferred Stock Dividends

-


-


-


-


-

   Earnings Available to Common Shareholders - Basic

23,208


17,357


33.7%


21,234


9.3%

   Earnings Allocated to Unvested Restricted Stock

(428)


(307)


39.5%


(406)


5.3%

   Earnings Available to Common Shareholders - Diluted

22,780


17,050


33.6%


20,828


9.4%

Earnings Per Share, Diluted

$            0.79


$            0.59


33.4%


$             0.73


8.0%

Impact of Non-Operating Expenses (Non-GAAP)

$            0.01


$            0.08


(88.4%)


$             0.10


(90.7%)

Earnings Per Share, Diluted, Excluding Non-operating Expenses (Non-GAAP)

$            0.80


$            0.67


18.7%


$             0.83


(4.2%)











NUMBER OF SHARES OUTSTANDING










Basic Shares - All Classes  (Average)

29,401,395


29,307,297


0.3%


29,066,000


1.2%

Diluted Shares - Common Shareholders (Average)

28,904,317


28,857,342


0.2%


28,548,432


1.2%

Book Value Shares  (Period End)  (1)

29,489,745


29,373,905


0.4%


29,456,748


0.1%












2012


2011

INCOME STATEMENT

Fourth


Third


Second


First


Fourth


Quarter


Quarter 


Quarter


Quarter


Quarter











Interest Income

$     114,779


$     111,951


$      109,283


$      109,187


$      111,799

Interest Expense

14,789


15,225


16,111


17,326


19,226

   Net Interest Income

99,990


96,726


93,172


91,861


92,573

Provision for Credit Losses

4,866


4,053


8,895


2,857


4,278

   Net Interest Income After Provision for Loan Losses

95,124


92,673


84,277


89,004


88,295

Total Noninterest Income

50,354


46,553


41,694


37,396


35,455

Total Noninterest Expense

113,441


109,848


109,022


99,873


99,726

   Income Before Income Taxes

32,037


29,378


16,949


26,527


24,024

Income Taxes

8,829


8,144


4,389


7,134


6,667

   Net Income

$        23,208


$       21,234


$        12,560


$         19,393


$         17,357

   Preferred Stock Dividends

-


-


-


-


-

   Earnings Available to Common Shareholders - Basic

23,208


21,234


12,560


19,393


17,357

   Earnings Allocated to Unvested Restricted Stock

(428)


(406)


(240)


(364)


(307)

   Earnings Available to Common Shareholders - Diluted

$        22,780


$       20,828


$        12,320


$         19,029


$         17,051











Earnings Per Share, Basic

$            0.79


$            0.73


$            0.43


$             0.66


$             0.59











Earnings Per Share, Diluted

$            0.79


$            0.73


$            0.43


$             0.66


$             0.59











Book Value Per Common Share

$          51.88


$         51.44


$          50.68


$           50.67


$           50.48

Tangible Book Value Per Common Share

$          37.34


$         37.07


$          37.28


$           37.23


$           36.80











Return on Average Assets

0.73%


0.69%


0.43%


0.67%


0.59%

Return on Average Common Equity

6.02%


5.56%


3.36%


5.21%


4.65%

Return on Average Tangible Common Equity

8.62%


7.91%


4.86%


7.43%


6.72%











(1) Shares used for book value purposes exclude shares held in treasury at the end of the period.  



Table 4 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands except per share data)








For The Year Ended

INCOME STATEMENT

December 31,


2012


2011


% Change







Interest Income

$     445,200


$     420,327


5.9%

Interest Expense

63,450


82,069


(22.7%)

   Net Interest Income

381,750


338,258


12.9%

Provision for Credit Losses

20,671


25,867


(20.1%)

   Net Interest Income After Provision for Loan Losses

361,079


312,391


15.6%

Service Charges

26,852


25,915


3.6%

ATM / Debit Card Fee Income

8,978


11,008


(18.4%)

BOLI Proceeds and Cash Surrender Value Income

3,680


3,296


11.6%

Mortgage Income

78,053


45,177


72.8%

Gain on Sale of Investments, net

3,775


3,475


8.6%

Title Revenue

20,987


18,048


16.3%

Broker Commissions

13,446


10,224


31.5%

Other Noninterest Income

20,226


14,716


37.4%

   Total Noninterest Income

175,997


131,859


33.5%

Salaries and Employee Benefits

233,777


193,773


20.6%

Occupancy and Equipment

54,672


49,600


10.2%

Amortization of Acquisition Intangibles

5,150


5,121


0.6%

Other Noninterest Expense

138,586


125,237


10.7%

   Total Noninterest Expense

432,185


373,731


15.6%

   Income Before Income Taxes

104,891


70,519


48.7%

Income Taxes

28,496


16,981


67.8%

   Net Income

$        76,395


$       53,538


42.7%

   Preferred Stock Dividends

-


-


-

   Earnings Available to Common Shareholders - Basic

76,395


53,538


42.7%

   Earnings Allocated to Unvested Restricted Stock

(1,433)


(967)


48.2%

   Earnings Available to Common Shareholders - Diluted

74,962


52,571


42.6%

Earnings Per Share, diluted

$            2.59


$            1.87


38.0%



Table 5 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands)












LOANS


December 31,


September 30,



2012


2011


% Change


2012


% Change

Residential Mortgage Loans:


476,852


538,500


(11.4%)


463,402


2.9%

Commercial Loans:











   Real Estate


3,632,045


3,363,891


8.0%


3,549,837


2.3%

   Business


2,537,716


2,005,234


26.6%


2,449,125


3.6%

      Total Commercial Loans


6,169,761


5,369,125


14.9%


5,998,962


2.8%

Consumer Loans:











   Indirect Automobile


327,985


261,896


25.2%


319,389


2.7%

   Home Equity


1,250,977


1,019,110


22.8%


1,200,886


4.2%

   Automobile


60,240


38,600


56.1%


55,244


9.0%

   Credit Card Loans


52,628


48,732


8.0%


49,330


6.7%

   Other 


160,137


112,074


42.9%


142,734


12.2%

      Total Consumer Loans


1,851,967


1,480,412


25.1%


1,767,582


4.8%

      Total Loans 


8,498,580


7,388,037


15.0%


8,229,946


3.3%

Allowance for Credit Losses


(251,603)


(193,761)




(201,387)



   Loans, Net


$     8,246,977


$     7,194,276




$     8,028,559

























ASSET QUALITY DATA (1)


December 31,


September 30,



2012


2011


% Change


2012


% Change

Nonaccrual Loans


$        540,867


$        719,236


(24.8%)


$        567,006


(4.6%)

Foreclosed Assets


1,473


4


40196.0%


1,648


(10.6%)

Other Real Estate Owned


120,063


125,042


(4.0%)


127,525


(5.9%)

Accruing Loans More Than 90 Days Past Due 


4,404


29,003


(84.8%)


5,538


(20.5%)

Total Nonperforming Assets


$        666,807


$        873,285


(23.6%)


$        701,717


(5.0%)












Loans 30-89 Days Past Due


$          47,899


$           86,467


(44.6%)


$          59,063


(18.9%)












Nonperforming Assets to Total Assets 


5.08%


7.43%


(31.6%)


5.60%


(9.3%)

Nonperforming Assets to Total Loans and OREO 


7.74%


11.62%


(33.4%)


8.39%


(7.9%)

Allowance for Credit Losses to Nonperforming Loans (2)


46.1%


25.9%


78.2%


35.2%


31.2%

Allowance for Credit Losses to Nonperforming Assets


37.7%


22.2%


70.1%


28.7%


31.5%

Allowance for Credit Losses to Total Loans


2.96%


2.62%


12.9%


2.45%


21.0%

Year to Date Charge-offs 


$          10,101


$           16,535


(38.9%)


$             7,230


N/M

Year to Date Recoveries


(5,277)


(8,351)


(36.8%)


(2,495)


N/M

Year to Date Net Charge-offs (Recoveries)


$             4,824


$             8,184


(41.1%)


$             4,735


N/M

Quarter to Date Net Charge-offs (Recoveries)


$                  89


$             5,350


(98.3%)


$             1,923


(95.4%)

Quarter to Date Net Charge-offs to Average Loans (Annualized)

0.00%


0.29%


(98.6%)


0.10%


(95.6%)












(1)For purposes of this table, nonperforming assets include all loans meeting nonperforming asset criteria, including assets acquired in FDIC-assisted transactions.

(2)Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.  

N/M - Comparison of the information presented is not meaningful given the periods presented.



Table 6 - IBERIABANK CORPORATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

(dollars in thousands)


LOANS (Ex-Covered Assets and Acquired Impaired Loans)(1)



December 31,


September 30,



2012


2011


% Change


2012


% Change

Residential Mortgage Loans:


289,357


283,113


2.2%


265,639


8.9%

Commercial Loans:











   Real Estate


2,935,839


2,586,694


13.5%


2,819,990


4.1%

   Business


2,447,196


1,869,965


30.9%


2,353,628


4.0%

      Total Commercial Loans


5,383,035


4,456,659


20.8%


5,173,618


4.0%

Consumer Loans:











   Indirect Automobile


327,916


261,879


25.2%


319,309


2.7%

   Home Equity


1,072,117


825,216


29.9%


1,018,983


5.2%

   Automobile


60,232


38,592


56.1%


55,234


9.0%

   Credit Card Loans


51,722


47,763


8.3%


48,454


6.7%

   Other 


157,247


105,387


49.2%


140,174


12.2%

      Total Consumer Loans


1,669,234


1,278,837


30.5%


1,582,154


5.5%

      Total Loans 


7,341,626


6,018,609


22.0%


7,021,411


4.6%

Allowance for Credit Losses


(79,537)


(74,861)




(79,562)



   Loans, Net


$     7,262,089


$     5,943,748




$     6,941,849














ASSET QUALITY DATA (Ex-Covered Assets and Acquired Impaired Loans) (1)



December 31,


September 30,



2012


2011


% Change


2012


% Change

Nonaccrual Loans


$          70,354


$           60,303


16.7%


$          66,201


6.3%

Foreclosed Assets


14


4


262.2%


19


(28.5%)

Other Real Estate Owned


26,366


19,997


31.9%


18,448


42.9%

Accruing Loans More Than 90 Days Past Due 


1,776


3,580


(50.4%)


3,786


(53.1%)

Total Nonperforming Assets


$          98,510


$           83,884


17.4%


$          88,454


11.4%












Loans 30-89 Days Past Due


$          21,228


$           19,455


9.1%


$          21,029


0.9%












Troubled Debt Restructurings (2)


17,710


23,953


(26.1%)


21,840


(18.9%)

Current Troubled Debt Restructurings (3)


2,354


55


4211.9%


483


386.9%












Nonperforming Assets to Total Assets 


0.85%


0.86%


(0.9%)


0.81%


4.5%

Nonperforming Assets to Total Loans and OREO 


1.34%


1.39%


(3.8%)


1.26%


6.4%

Allowance for Credit Losses to Nonperforming Loans (4)


110.3%


117.2%


(5.9%)


113.7%


(3.0%)

Allowance for Credit Losses to Nonperforming Assets


80.7%


89.2%


(9.5%)


89.9%


(10.2%)

Allowance for Credit Losses to Total Loans


1.08%


1.24%


(12.9%)


1.13%


(4.4%)

Year to Date Charge-offs 


$             9,751


$           15,398


(36.7%)


$             6,839


N/M

Year to Date Recoveries


(5,296)


(7,825)


(32.3%)


(2,475)


N/M

Year to Date Net Charge-offs (Recoveries)


$             4,455


$             7,573


(41.2%)


$             4,364


N/M

Quarter to Date Net Charge-offs (Recoveries)


$                  91


$             4,622


(98.0%)


$             1,923


(95.3%)

Quarter to Date Net Charge-offs to Average Loans (Annualized)


0.01%


0.31%


(98.4%)


0.11%


(95.5%)












(1) For purposes of this table, nonperforming assets include all loans meeting nonperforming asset criteria, excluding assets acquired in FDIC-assisted transactions and acquired impaired loans.

(2) Troubled debt restructurings meeting past due and nonaccruing criteria are included in loans past due and nonaccrual loans above.

(3) Current troubled debt restructurings are defined as troubled debt restructurings not past due or on nonaccrual status for the respective periods.

(4) Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.  

N/M - Comparison of the information presented is not meaningful given the periods presented.



Table 7 - Non-Covered and Net Covered Loan Portfolio Volumes And Yields ($ in Millions)
























4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012


Average Balance

Yield

Average Balance

Yield

Average Balance

Yield

Average Balance

Yield

Average Balance

Yield












Non Covered Loans

$     5,874

4.91%

$     6,088

4.78%

$     6,374

4.68%

$     6,863

4.55%

$     7,272

4.52%












FDIC Covered Loans

$     1,351

16.14%

$     1,293

15.97%