IBERIABANK Corporation Reports First Quarter Results

LAFAYETTE, La., April 18, 2012 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 125-year-old IBERIABANK (www.iberiabank.com), reported operating results for the first quarter ended March 31, 2012.  For the quarter, the Company reported income available to common shareholders of $19 million and fully diluted earnings per share ("EPS") of $0.66.  The Company incurred pre-tax acquisition and conversion costs associated with the acquisitions of OMNI BANCSHARES, Inc. ("OMNI") and Cameron Bancshares, Inc. ("Cameron") in the first quarter of 2012 equal to less than $1 million, or $0.02 per share on an after-tax basis.  Excluding the acquisition and conversion costs, EPS in the first quarter of 2012 was $0.67 per share. The average analyst estimate for EPS for the first quarter of 2012 as reported in First Call was $0.67 per share.

Daryl G. Byrd, President and Chief Executive Officer commented, "We are extremely pleased with our continued loan and core deposit growth across our geographic footprint.  The high-quality market share growth will be of significant benefit to our shareholders once interest rates return to historically normalized levels.  Our asset quality and capital measures remain exceptional compared to peers and the banking industry in general, and position us well for client acquisition opportunities in the future."

Byrd continued, "On March 19, 2012, we announced our agreement to acquire Florida Gulf Bancorp, Inc. of Fort Myers, Florida, in a stock-for-stock exchange.  We are excited about the opportunity to join forces in Lee County, Florida.  We expect to consummate the transaction in the third quarter of 2012, subject to customary closing conditions, including receipt of required regulatory approvals and the approval of Florida Gulf's shareholders."

Highlights for the First Quarter of 2012 and March 31, 2012:

• Loan growth of $163 million, or 3%, between quarter-ends (11% annualized rate), excluding loans, OREO, and other assets covered under FDIC loss share agreements ("Covered Assets").
• Core deposit growth (excluding time deposits) of $334 million, or 5% (20% annualized growth), compared to December 31, 2011.
• Continued asset quality strength; Nonperforming assets ("NPAs"), excluding Covered Assets and impaired loans marked to fair value that were acquired in the OMNI and Cameron acquisitions, equated to 0.83% of total assets at March 31, 2012, compared to 0.87% at December 31, 2011.  On that basis, loans past due 30 days or more declined $3 million, or 4%, during the first quarter of 2012, to 1.28% of total loans.
• For the first quarter of 2012, net charge-offs excluding Covered Assets and acquired impaired loans were $1 million, or 0.09% of average loans, compared to $5 million, or 0.31% of average loans, in the fourth quarter of 2011.
• Capital ratios remained strong; At March 31, 2012, the Company's tangible common equity ratio was 9.64%, tier 1 leverage ratio was 10.51%, and total risk based capital ratio was 16.10%.
• During the first quarter of 2012, the Company wrote-down other real estate owned ("OREO") associated with FDIC-assisted acquisitions by approximately $2 million on a pre-tax basis, or $0.03 per share on an after-tax basis.  During that period, the Company realized $3 million in pre-tax gains on the sale of investment securities, or $0.06 per share on an after-tax basis.

Balance Sheet Summary

Since December 31, 2011, total assets increased $33 million, or less than 1%, to $11.8 billion at March 31, 2012.  Over this period, total loans increased $90 million, or 1%; investment securities increased $3 million, or less than 1%; and total deposits increased $172 million, or 2%.  Total shareholders' equity increased $13 million, or 1%, since December 31, 2011, to $1.5 billion at March 31, 2012.

Investments

Total investment securities increased $3 million during the first quarter of 2012, or less than 1%, to $2.0 billion at March 31, 2012.  As a percentage of total assets, the investment portfolio held constant at 17% at March 31, 2012, compared to year-end 2011.  The investment portfolio had a modified duration of 3.1 years at March 31, 2012, compared to 2.8 years at December 31, 2011.  The unrealized gain in the investment portfolio decreased from $46 million at December 31, 2011, to $42 million at March 31, 2012.  Based on projected prepayment speeds and other assumptions, at March 31, 2012, the portfolio was expected to generate approximately $419 million in cash flows, or about 21% of the portfolio, over the next nine months. The average yield on investment securities declined six basis points on a linked quarter basis, to 2.51% in the first quarter of 2012.  The Company holds in its investment portfolio primarily government agency and municipal securities.  Municipal securities comprised only 11% of the total investment portfolio at March 31, 2012.  The Company holds no sovereign debt or foreign derivative exposure and has an immaterial exposure to accelerated bond premium amortization.

Loans

In the first quarter of 2012, total loans increased $90 million, or 1%.  The loan portfolio associated with the FDIC-assisted acquisitions decreased $73 million, or 5%, compared to December 31, 2011.  Excluding loans associated with the FDIC-assisted transactions, total loans increased $163 million, or 3%, over that period (11% annualized rate).  On that basis, commercial and business banking loans grew $97 million, or 2% (9% annualized rate), and consumer loans increased $65 million, or 5% (20% annualized rate), while mortgage loans increased $1 million, or less than 1%, over that period.  Between the times at which the acquisitions were completed and March 31, 2012, loans acquired in FDIC-assisted acquisitions decreased by approximately $632 million, or 33%.

Of the $7.5 billion total loan portfolio at March 31, 2012, $1.3 billion (net of discounts), or 17% of total loans, were Covered Assets, which provide considerable protection against credit risk.  In addition, all of the impaired loans from OMNI and Cameron at the time of acquisition were marked to estimated fair values.

On a linked quarter basis, the yield on average total loans (non-FDIC loans and FDIC covered loans, net of the FDIC indemnification asset) decreased 15 basis points to 4.87%.  The decrease in this yield was the result of a 13-basis point decline in the yield on the non-covered loans, and 19-basis point decline in the FDIC net covered loan yield portfolio.

Non-Covered and Net Covered Loan Portfolio Volumes And Yields ($ in Millions)
	1Q 2011		2Q 2011		3Q 2011		4Q 2011		1Q 2012
	Avg Bal	Yield	Avg Bal	Yield	Avg Bal	Yield	Avg Bal	Yield	Avg Bal	Yield
Non-Covered Loans	$  4,506	4.89%	$  5,004	4.92%	$  5,743	4.99%	$  5,874	4.91%	$  6,088	4.78%
FDIC Covered Loans	$  1,546	14.20%	$  1,490	10.89%	$  1,422	7.82%	$  1,351	16.14%	$  1,293	15.97%
FDIC Indemnification Asset	709	-12.37%	666	-10.88%	627	-1.63%	593	-19.31%	574	-19.26%
Net Covered Loans	$  2,254	5.74%	$  2,156	4.08%	$  2,048	4.93%	$  1,944	5.33%	$  1,867	5.14%

For the second quarter of 2012, the Company projects the prospective yield on the net covered loan portfolio to approximate 5.05% and projects the average balance of the net covered loan portfolio to decline approximately $75 million, based on current FDIC loss share accounting assumptions and estimates.

Commercial real estate loans totaled $3.3 billion at March 31, 2012, of which approximately $0.7 billion, or 21%, were Covered Assets.   

At March 31, 2012, approximately 18% of the Company's direct consumer loan portfolio (net of discounts) consisted of Covered Assets and impaired loans marked to fair value.  The remaining legacy consumer portfolio maintained favorable asset quality.  The average credit score of a legacy consumer loan portfolio borrower was 721, and consumer loans past due 30 days or more were 0.48% of total consumer loans at March 31, 2012 (compared to 0.88% at December 31, 2011).  At March 31, 2012, legacy home equity loans totaled $526 million, with 0.68% past due 30 days or more (1.11% at December 31, 2011).  Legacy home equity lines of credit totaled $365 million, with 0.24% past due 30 days or more (0.44% at December 31, 2011).  The Company reported annualized net recoveries in this portfolio equal to 0.06% of total consumer loans in the first quarter of 2012 (compared to annualized net charge-offs equal to 0.03% of average loans in the fourth quarter of 2011).  The weighted average loan-to-value at origination for this portfolio over the last three years was 67%.

The indirect automobile loan portfolio totaled $288 million at March 31, 2012, up $26 million, or 10%, compared to this portfolio at December 31, 2011.  At March 31, 2012, this portfolio equated to 4% of total loans and had 0.63% in loans past due 30 days or more (including nonaccruing loans), compared to 1.08% at December 31, 2011.  Annualized net charge-offs in the indirect loan portfolio equated to approximately 0.09% of average loans in the first quarter of 2012, compared to 0.38% in the fourth quarter of 2011.  Approximately 76% of the indirect automobile portfolio was loans to borrowers in the Acadiana region of Louisiana, which currently experiences a relatively favorable unemployment rate (5.2% in February 2012, the 17^th lowest unemployment rate of 372 MSAs in the United States).

Asset Quality

The Company's credit quality statistics are significantly affected by the FDIC-assisted acquisitions.  However, the loss share arrangements with the FDIC are expected to provide substantial protection against losses on those Covered Assets.  Under loss share agreements in connection with the FDIC-assisted acquisitions, the FDIC will cover 80% of the losses on the disposition of loans and OREO up to $1.2 billion, or $965 million (the Company covered the remaining $241 million at acquisition).  In addition, the FDIC will cover 95% of losses that exceed a $970 million threshold level.  The Company received an aggregate discount of approximately $515 million on the purchase of assets in the transactions.

The majority of assets acquired in the four FDIC-assisted transactions completed in 2009 and 2010 are Covered Assets.  Total NPAs at March 31, 2012, were $812 million, down $62 million, or 7%, compared to December 31, 2011.  Excluding $729 million in NPAs which were Covered Assets or acquired impaired loans marked to fair value, NPAs at March 31, 2012 were $82 million, down $3 million, or 4%, compared to December 31, 2011.  On that basis, NPAs were 0.83% of total assets at March 31, 2012, compared to 0.87% of assets at December 31, 2011 and 1.01% one year ago.

Summary Asset Quality Statistics
($ thousands)		IBERIABANK Corp.
		1Q11*	2Q11**	3Q11**	4Q11**	1Q12**
Nonaccruals		$   60,034	$   56,434	$   70,833	$                60,303	$                61,160
OREO & Foreclosed		17,056	18,461	12,301	21,382	17,740
90+ Days Past Due		454	2,191	1,149	3,580	3,338
Nonperforming Assets		$   77,544	$   77,085	$   84,283	$                85,265	$                82,238
NPAs/Assets		1.01%	0.84%	0.89%	0.87%	0.83%
NPAs/(Loans + OREO)		1.68%	1.36%	1.47%	1.41%	1.33%
LLR/Loans		1.45%	1.28%	1.34%	1.24%	1.21%
Net Charge-Offs/Loans		-0.06%	0.13%	0.12%	0.31%	0.09%
* Excludes the impact of all FDIC-assisted acquisitions
** Excludes the impact of all FDIC-assisted acquisitions and acquired impaired loans from OMNI and Cameron

Excluding the FDIC-assisted transactions and impaired loans acquired at fair value, loans past due 30 days or more (including nonaccruing loans) decreased $3 million, or 4%, and represented 1.28% of total loans at March 31, 2012, compared to 1.37% of total loans at December 31, 2011.  On that basis, loans past due 30-89 days at March 31, 2012 totaled $15 million, or 0.25% of total loans (compared to 0.32% of total loans at December 31, 2011), and troubled debt restructurings at March 31, 2012, totaled $27 million, or 0.44% of total loans (compared to 0.40% of loans at December 31, 2011).  Substantially all of the troubled debt restructurings were included in the NPAs at March 31, 2012.   The Company reported classified assets excluding Covered Assets totaling $194 million at March 31, 2012, or 1.65% of total assets (compared to $206 million and 1.75% of total assets at December 31, 2011).

The Company reported net charge-offs of $2 million in the first quarter of 2012, compared to $5 million on a linked quarter basis.  The ratio of net charge-offs to average loans was 0.09% in the first quarter of 2012 (0.09% excluding Covered Assets and impaired loans acquired at fair value), compared to 0.29% in the fourth quarter of 2011.  The Company recorded a $3 million loan loss provision in the first quarter of 2012, down $1 million, or 33%, on a linked quarter basis. The loan loss provision in the first quarter of 2012 was related to organic loan growth and acquired loan portfolios, partially offset by reduced provision associated with the improvement in asset quality. 

At March 31, 2012, the allowance for loan losses was 2.37% of total loans, compared to 2.62% at December 31, 2011.  In accordance with generally accepted accounting principles, the Covered Assets and OMNI and Cameron acquired loans were marked to market at acquisition, including estimated loan impairments.  Excluding FDIC covered assets and impaired loans that were marked to fair value, the Company's ratio of loan loss reserves to loans decreased from 1.24% at December 31, 2011, to 1.21% at March 31, 2012. Excluding the Covered Assets and all other acquired loans, the Company's ratio of loan loss reserve to loans decreased from 1.39% at December 31, 2011, to 1.33% at March 31, 2012.  Management considered the loan loss reserve adequate to absorb credit losses inherent in the loan portfolio at March 31, 2012.

Deposits

During the first quarter of 2012, total deposits increased $172 million, or 2%.  Noninterest bearing deposits climbed $122 million, or 8% (33% annualized rate); NOW accounts increased $90 million, or 5% (19% annualized rate); savings and money market deposits increased $121 million, or 4% (14% annualized rate); and time deposits decreased $161 million, or 6%.

Average noninterest bearing deposits increased $75 million, or 5%, and interest-bearing deposits increased $53 million, or 1%, on a linked quarter basis.  The rate on average interest bearing deposits in the first quarter of 2012 was 0.72%, a decrease of eight basis points on a linked quarter basis.

Other Interest Bearing Liabilities

On a linked quarter basis, average long-term debt decreased $19 million, or 6%, and the cost of the debt increased eight basis points to 2.92%.  The Company had no short-term borrowings at March 31, 2012.  The cost of average interest bearing liabilities was 0.82% in the first quarter of 2012, a decrease of eight basis points on a linked quarter basis. For the month of March 2012, the average cost of interest bearing liabilities was 0.80%.

Capital Position

The Company maintains strong capital ratios.  The equity-to-assets ratio was 12.68% at March 31, 2012, compared to 12.61% at December 31, 2011, and 13.21% one year ago.  At March 31, 2012, the Company reported a tangible common equity ratio of 9.64%, compared to 9.52% at December 31, 2011 and 10.85% one year ago.  The Company's Tier 1 leverage ratio was 10.51%, compared to 10.45% at December 31, 2011 and 11.65% one year ago.  The Company's total risk-based capital ratio at March 31, 2012 was 16.10%, compared to 16.20% at December 31, 2011 and 19.52% one year ago.

At March 31, 2012, book value per share was $50.67, up $0.19 per share compared to year-end 2011. Tangible book value per share was $37.23, up $0.43 per share compared to year-end 2011.  Based on the closing stock price of the Company's common stock of $53.56 per share on April 18, 2012, this price equated to 1.06 times March 31, 2012 book value and 1.44 times March 31, 2012 tangible book value per share.

On March 21, 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 2.54%.

On October 26, 2011, the Company announced a share repurchase program totaling 900,000 shares of common stock to be completed over a one-year period. No shares were purchased during the first quarter of 2012.

Interest Rate Risk Position

The Company's interest rate risk modeling at March 31, 2012, indicated the Company is slightly asset sensitive over a 12-month time frame.  A 100 basis point instantaneous and parallel upward shift in interest rates at March 31, 2012, was estimated to increase net interest income over 12 months by approximately 2.6%.  Similarly, a 100 basis point decrease in interest rates was expected to decrease net interest income by less than 1%.  At March 31, 2012, approximately 50% of the Company's total loan portfolio had fixed interest rates.  Eliminating fixed rate loans that mature within a one-year time frame reduces this percentage to 48%.  Approximately 75% of the Company's time deposit base will re-price within 12 months from March 31, 2012. 

Operating Results

On a linked quarter basis, the average earning asset yield decreased 11 basis points, while the cost of interest bearing deposits and liabilities each decreased eight basis points. As a result, the tax-equivalent net interest spread and margin each decreased three basis points.  On a linked quarter basis, tax-equivalent net interest income decreased less than $1 million, or less than 1%, as average earning assets increased $124 million, or 1%, and the margin declined three basis points.

Aggregate noninterest income increased $2 million, or 5%, on a linked quarter basis.  The primary changes in noninterest income on a linked quarter basis were an increase in gains on the sale of investment securities of $2 million, or 258%, an increase in gains on the sale of mortgage loans of $0.4 million, or 3%, brokerage and capital markets revenues increased $0.6 million, or 25%, partially offset by a decline in service charges on deposit accounts of $0.6 million, or 10%, and a decrease in title insurance revenues of $0.3 million, or 6%.

In the first quarter of 2012, the Company originated $451 million in mortgage loans, down $65 million, or 13%, on a linked quarter basis.  Client loan refinancing opportunities accounted for approximately 41% of mortgage loan applications in the first quarter of 2012, compared to 48% in the fourth quarter of 2011, and approximately 29% between March 12, 2012, and April 13, 2012.  The Company sold $476 million in mortgage loans during the first quarter of 2012, down $19 million, or 4%, on a linked quarter basis.  Sales margins and gains on the sale of mortgage loans improved slightly on a linked quarter basis.  The mortgage origination pipeline was approximately $203 million at March 31, 2012, compared to $131 million at December 31, 2011, and approximately $220 million at April 13, 2012.  Mortgage loan repurchases and make-whole payments were $0.4 million in the first quarter of 2012, compared to less than $0.7 million in the fourth quarter of 2011. 

Noninterest expense increased $0.1 million, or less than 1%, on a linked quarter basis.  Excluding acquisition and conversion-related costs, noninterest expense increased $3.7 million, or 4%, over that period. During the first quarter of 2012, the Company wrote down OREO properties covered under FDIC loss sharing agreements by $1.6 million.  Excluding acquisition and conversion costs, salaries and benefit costs increased $3.3 million, or 6%, on a linked quarter basis.  Approximately 63% of this expense increase during the first quarter of 2012 was due to payroll tax expense (35%), hospitalization expense (14%), and relocation expense (14%).

The tangible efficiency ratio of IBERIABANK, excluding acquisition and conversion costs, was approximately 65% in the first quarter of 2012, compared to 68% in the fourth quarter of 2011.

IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company with 266 combined offices, including 175 bank branch offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 22 title insurance offices in Arkansas and Louisiana, mortgage representatives in 60 locations in 12 states, eight locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners, LLC office in New Orleans.  The Company opened two bank branch offices since December 31, 2011, in New Orleans and Baton Rouge, and new mortgage offices in Prattville, Alabama and Bedford, Texas.

The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC."  The Company's market capitalization was approximately $1.6 billion, based on the NASDAQ closing stock price on April 18, 2012.

The following 12 investment firms currently provide equity research coverage on IBERIABANK Corporation:

• FIG Partners, LLC
• Guggenheim Partners
• 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 Thursday, April 19, 2012, beginning at 9:00 a.m. Central Time by dialing 1-800-288-8960. The confirmation code for the call is 243990.  A replay of the call will be available until midnight Central Time on April 26, 2012 by dialing 1-800-475-6701. The confirmation code for the replay is 243990.  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 nonrecurring transactions. 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.

Forward Looking Statements

To the extent that statements in this press release 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 current level of market volatility and 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 accounting for, acquired businesses and assets and assumed liabilities in FDIC-assisted transactions, adjustments of fair values of acquired assets and assumed liabilities and of deferred taxes in FDIC-assisted 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, hurricanes and other adverse weather events, the volatility and low 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 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.

Additional Information About The Florida Gulf Bancorp, Inc. Transaction

In connection with the proposed merger, IBERIABANK Corporation will file a Registration Statement on Form S-4 that will contain a proxy statement/prospectus for shareholders of Florida Gulf Bancorp, Inc. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors may obtain a free copy of the proxy statement/prospectus (when it is available) and other documents containing information about IBERIABANK Corporation and Florida Gulf Bancorp, Inc., without charge, at the SEC's web site at http://www.sec.gov. Copies of the proxy statement/prospectus and the SEC filings that will be incorporated by reference in the proxy statement/prospectus may also be obtained, when available, for free from the IBERIABANK Corporation website, http://www.iberiabank.com, under the heading "Investor Information".  In addition, documents filed with the SEC for IBERIABANK Corporation will be available free of charge from the Secretary, IBERIABANK Corporation, 200 West Congress Street, 12^th Floor, Lafayette, Louisiana 70501 (337-521-4003).

This communication is not a solicitation of any vote or approval, is not an offer to purchase shares of Florida Gulf Bancorp, Inc. common stock, nor is it an offer to sell shares of IBERIABANK Corporation common stock which may be issued in the proposed merger with Florida Gulf Bancorp, Inc. Any issuance of IBERIABANK Corporation common stock in the proposed merger with Florida Gulf Bancorp, Inc. would have to be registered under the Securities Act of 1933, as amended, and such IBERIABANK Corporation common stock would be offered only by means of a prospectus complying with the Act.

Florida Gulf Bancorp, Inc. and its directors, executive officers, and certain other members of management and employees, may be deemed to be participants in the solicitation of proxies from shareholders in respect of the proposed transaction.  Information regarding the persons who may be deemed participants in the solicitation of shareholders in connection with the proposed transaction will be set forth in the relevant proxy statement/prospectus and other relevant documents filed with the SEC.

SOURCE IBERIABANK Corporation