IBERIABANK Corporation Reports First Quarter Results

LAFAYETTE, La., April 22, 2015 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 128-year-old IBERIABANK (www.iberiabank.com), reported operating results for the first quarter ended March 31, 2015.  For the quarter, the Company reported income available to common shareholders of $25.1 million, or $0.75 fully diluted earnings per share ("EPS").  In the first quarter of 2015, the Company incurred non-operating expenses net of non-operating revenue equal to $10.0 million on a pre-tax basis, or $0.20 per share on an after-tax basis.   Excluding non-operating items, EPS in the first quarter of 2015 was $0.95 per share on a non-GAAP operating basis (refer to press release supplemental table.)  

The Company completed the acquisition of Florida Bank Group, Inc. ("Florida Bank Group") on February 28, 2015, and Old Florida Bancshares, Inc. ("Old Florida") on March 31, 2015. Financial statements reflect the impact of the acquisitions beginning on their respective acquisition dates and are subject to future refinements to purchase accounting adjustments.  The Company incurred approximately $9.3 million in pre-tax acquisition and conversion-related costs during the first quarter of 2015.

Florida Bank Group was headquartered in Tampa, Florida, and added 12 bank offices in the Tampa Bay area, Jacksonville, and Tallahassee.  The acquisition added $305 million in loans (after preliminary discounts) and $392 million in deposits.  The conversions of branch and operating systems of Florida Bank Group were successfully completed on March 14-15, 2015.  

Old Florida was headquartered in Orlando, Florida, and added 14 bank offices in Orlando and surrounding areas.  The acquisition added $1.1 billion in loans (after preliminary discounts) and $1.4 billion in deposits.  The conversions of branch and operating systems are anticipated to be completed in the second quarter of 2015.

The Company signed a definitive agreement to acquire by merger Georgia Commerce Bancshares, Inc. ("Georgia Commerce") based in Atlanta, Georgia.  The pending acquisition received regulatory approval, the registration statement was declared effective by the Securities and Exchange Commission, and the special meeting of Georgia Commerce shareholders is scheduled for May 21, 2015.  At December 31, 2014, Georgia Commerce had total assets of $1.0 billion, gross loans of $746 million, total deposits of $858 million, and nine bank offices.  The Company anticipates closing the transaction on May 31, 2015, subject to the approval of Georgia Commerce shareholders.

Daryl G. Byrd, President and Chief Executive Officer, commented, "We welcome the shareholders of Florida Bank Group and Old Florida to our Company.  The branch and operating conversions of Florida Bank Group were successfully completed in 13 days after closing and Old Florida's conversions are expected to be completed within 46 days of closing.  Pending approval of their shareholders, the Georgia Commerce merger is scheduled to be completed in 39 days with conversions to be completed by the end of the second quarter, or within 26 days of closing.  We are very excited about the growth prospects, synergies, diversifications, and 35 banks offices that these three mergers bring to our clients and Company."

Byrd continued, "We had a solid first quarter with a one-basis point increase in the margin on a linked quarter basis, 7% annualized legacy loan growth and 11% annualized legacy deposit growth (with particular strength in non-interest bearing and money market deposits), and the results were within a penny of our budgeted and forecasted operating EPS results for the first quarter. A few 'timing-related' items masked the true strength of the quarter's operating results, including enhancing the reserves for energy credits and related markets to buffer against potential loses given current industry conditions, some non-recurring benefit expenses, and FDIC recovery expenses – all of which we consider to be operating in nature.  We feel very good about the second quarter, with seasonal influences abating, synergies from Florida Bank, and strength of the mortgage business.  Based on current market interest rate expectations and assumptions, we remain comfortable with the previously provided guidance range for operating EPS for the full year of 2015 in the range of $4.45 to $4.50 per share, equal to a 19% to 21% increase compared to 2014 operating results."

Highlights for the first quarter of 2015 and March 31, 2015:

• The net interest margin increased one basis point on a linked quarter basis to 3.54%, which was slightly above management's expectations.
• Energy-related loans declined $61 million, or 7%, between December 31, 2014 and March 31, 2015, due to loan pay-downs and pay-offs.  Energy-related loans declined from 7.7% of total loans at year-end 2014 to 6.4% at March 31, 2015. The Company expects energy-related loans to be less than 6.0% of total loans upon completion of the Georgia Commerce acquisition. During the first quarter of 2015, the Company accrued $1.3 million in provisions for loan loss and unfunded commitments associated with the Company's energy portfolio and market exposure. At March 31, 2015, the Company had accrued $9.8 million in aggregate reserves for energy-related loans and unfunded commitments.  The Company continues to forecast little or no losses on the exploration and production or midstream energy loans outstanding (69% of energy loans outstanding at March 31, 2015.)
• Total loan growth was $1.4 billion, or 13%, between December 31, 2014 and March 31, 2015. Despite a $61 million decline in energy-related loans and $30 million decline in indirect automobile loans between quarter-ends, legacy loan growth, which excludes all assets covered under FDIC loss share agreements and other non-covered acquired assets (collectively, "Acquired Assets"), increased $181 million, or 2% (7% annualized rate). The legacy loan growth was spread between commercial (38%), small business (22%), consumer (25%), and mortgage (14%).
• Total deposits increased $2.1 billion, or 17%, between quarter-ends, and increased $351 million, or 3%, excluding acquisitions (11% annualized rate).  Legacy non-interest-bearing and money market deposits increased by 27% and 14%, respectively, on an annualized growth rate basis.
• Operating results were impacted by seasonal influences and one month's results from Florida Bank (prior to the achievement of anticipated synergistic benefits).  On a linked quarter basis, operating revenues increased $2.9 million, while operating expenses increased $6.8 million.  Operating revenues included seasonal declines in service charges on deposit accounts (down $0.9 million), title income (down $0.9 million), and credit card income (down $0.8 million).  In addition, seasonally fewer business days negatively impacted net interest income by $2.2 million.  On an operating basis, the Company incurred $1.5 million in FDIC recovery expenses that will be reversed primarily over the next two years and $0.6 million in non-recurring benefit costs.

 

Operating Results

On a linked quarter basis, average earning assets increased $312 million, or 2%, as average loans increased $280 million, or 2%, average indemnification assets ("IA") declined $20 million, or 23%, average investment securities increased $73 million, or 3%, and other earning assets decreased $21 million, or 4%. Also on a linked quarter basis, the average earning asset yield increased two basis points, the cost of interest-bearing deposits decreased one basis point, and the cost of interest-bearing liabilities increased one basis point.  As a result, the net interest spread remained stable, and the net interest margin increased one basis point.  Tax-equivalent net interest income increased $1 million, or 1%, as average earning assets and the net interest margin increased on a linked quarter basis.

During the first quarter, the legacy loan yield declined four basis points, while the non-covered acquired loan yield decreased three basis points, and the net covered loan yield (net of IA amortization) increased 25 basis points.  The average covered loan volume declined $203 million, or 44%, average non-covered acquired loans increased $188 million, or 14%, and average legacy loans increased $295 million, or 3%.  As a result of changes in volumes and yields, the associated net covered income declined $2 million on a linked quarter basis.  Changes in volumes and yields were influenced by the transfer from covered to non-covered acquired categories of loans associated with FDIC-related loan portfolios in which non-single family residential FDIC loss share coverage expired.

In the first quarter of 2015, non-interest income on both an aggregate basis and operating basis each increased $1.8 million, or 4%, compared to the fourth quarter of 2014.  The primary changes in operating non-interest income on a linked quarter basis were:

• Increased mortgage income of $4.4 million, or 32%; partially offset by
• Decreased title insurance income of $0.9 million, or 16%;
• Decreased service charge income on deposit accounts of $0.9 million, or 9%; and
• Decreased credit card fee income of $0.8 million, or 24%.

Mortgage non-interest income increased $4.4 million on a linked quarter basis due to increased origination volume of $36 million and growth in the mortgage origination locked pipeline of $211 million.  The Company experienced unseasonably strong production and sales volumes, with less favorable pricing dynamics in the first quarter of 2015. Mortgage commission and production incentives expense (which is included in non-interest expense) increased less than $0.1 million, or 1%, on a linked quarter basis.

In the first quarter of 2015, the Company originated $495 million in residential mortgage loans, up $36 million, or 8%, on a linked quarter basis.  Client loan refinancing opportunities accounted for approximately 24% of mortgage loan applications in the first quarter of 2015, down compared to 36% in the fourth quarter of 2014.  The Company sold $442 million in mortgage loans during the first quarter of 2015, down $22 million, or 5%, on a linked quarter basis.  The mortgage origination locked pipeline and loans held for sale doubled between December 31, 2014, and March 31, 2015, to $278 million at quarter-end.  At April 17, 2015, the locked pipeline was $317 million, up $25 million, or 9%, compared to March 31, 2015.  The mortgage loan origination business primarily focuses on retail mortgage loans originated by the Company.

Assets under management at IBERIA Wealth Advisors ("IWA") were $1.4 billion at March 31, 2015, up 6% compared to December 31, 2014.  Revenues for IWA increased 5% on a linked quarter basis, and were up 16% compared to the first quarter of 2014.  IBERIA Financial Services revenues increased 4% on a linked quarter basis, and were down 2% compared to the first quarter of 2014.  The rapid decline in energy prices since November 2014 resulted in a general softness in activities at IBERIA Capital Partners ("ICP") since that time.  ICP experienced a 6% increase in revenues on a linked quarter basis. Through the first 22 days of April 2015, ICP's total revenues were 82% of the unit's total revenues in the first quarter of 2015.  

Non-interest expense increased $14.0 million, or 12%, on a linked quarter basis, while operating expense increased $6.8 million, or 6%.  Operating expense changes included the following on a linked-quarter basis:

• Increased Florida Bank Group operating expenses of $0.7 million for the month of March 2015;
• Increased payroll tax expense (excluding Florida Bank Group) of $2.1 million;
• Increased occupancy and equipment expense of $1.4 million;
• Increased provision for unfunded commitments of $1.3 million;
• Increased marketing and business development expenses of $0.7 million; and
• Increased benefit expense of $0.9 million; partially offset by
• Decreased professional services expenses of $0.9 million; and
• Decreased net OREO costs of $0.7 million.

During the fourth quarter of 2014, the Company realized $2.9 million in tax benefits, primarily a result of amending previously filed tax returns for federal and state tax credits not previously claimed.  Absent this benefit, the Company's effective tax rate was 28.1% in the fourth quarter of 2014 compared to 30.6% in the first quarter of 2015.  No additional tax benefits of this nature were realized during the first quarter of 2015.  The Company considered the tax benefit to be of a non-operating nature.

Loans

Total loans increased $1.4 billion, or 13%, between December 31, 2014, and March 31, 2015.  The Company acquired $305 million in loans in the Florida Bank Group acquisition and $1.1 billion in the Old Florida acquisition.  The loan portfolio covered under FDIC loss share protection at March 31, 2015, decreased $193 million, or 43%, compared to December 31, 2014.  Excluding covered and Acquired Assets, total loans increased $181 million, or 2% (7% annualized rate), during the first quarter. Legacy commercial loans increased $109 million, or 2% (which included $39 million in business banking loan growth, up 5%, or 18% annualized rate), legacy consumer loans increased $46 million, or 2%, and legacy mortgage loans increased $26 million, or 5%, during the quarter.  Period-end legacy loan growth during the first quarter of 2015 was strongest in the Dallas, Birmingham, Tampa Bay, Southeast Florida, and Baton Rouge markets.  Funded loan origination and renewal mix in the first quarter of 2015 was 35% fixed rate and 65% floating rate, and total loans outstanding (excluding nonaccruals) were 49% fixed and 51% floating.  Loans and commitments originated and/or renewed during the first quarter of 2015 totaled $1.0 billion (down 29% on a linked quarter basis).

 

Energy-related loans outstanding totaled $819 million at March 31, 2015, down $61 million, or 7%, compared to December 31, 2014, and equated to approximately 6.4% of total loans.  Loans to exploration and production companies accounted for 52% of energy loans outstanding and 54% of energy commitments at March 31, 2015.  Midstream companies accounted for 17% of energy loans and commitments, and service company loans accounted for 31% of energy loans and 29% of energy commitments.  Additional information regarding the Company's energy loan and commitment exposure is provided in the supplemental investor presentation.

In January 2015, the Company announced it was exiting the indirect automobile lending business, a service the Company has successfully provided to select automobile dealers in the Company's footprint for 20 years.  The Company concluded compliance risk associated with the indirect automobile lending business in general had become unbalanced relative to potential returns generated by the business on a risk-adjusted basis.  At March 31, 2015, the Company's indirect automobile lending business had approximately $367 million in loans outstanding, down $30 million, or 8%, compared to December 31, 2014 (2.9% of total loans outstanding compared to 3.5% at year-end 2014).

Deposits

Total deposits increased $2.1 billion, or 17%, from December 31, 2014 to March 31, 2015.  The Company acquired $392 million in deposits in the Florida Bank Group merger and $1.4 billion in the Old Florida merger.   Excluding the acquisitions, total deposits increased $351 million, or 3% (an 11% annualized growth rate), since year-end 2014. 

The two acquired companies had $457 million in aggregate non-interest-bearing deposits, or 25% of their aggregate total deposits.  Legacy non-interest-bearing deposits increased $212 million, or 7% (27% annualized basis), and equated to 26% of total deposits at March 31, 2015.  Legacy NOW accounts decreased $35 million, or 1%, while money market and savings account volume increased $162 million, or 3% (14% annualized basis), between December 31, 2014 and March 31, 2015.  Time deposits increased $13 million, or 1%, between quarter-ends.  Period-end deposit growth during the first quarter of 2015 was strongest in the Naples, Little Rock, Birmingham, Dallas, and Lake Charles markets.

On an average balance and linked quarter basis, non-interest-bearing deposits increased $80 million, or 2%, and interest-bearing deposits increased $152 million, or 2%.  The rate on average interest-bearing deposits in the first quarter of 2015 was 0.40%, a decrease of one basis point on a linked quarter basis.

Other Assets And Funding

On a linked quarter basis, excess liquidity averaged $320 million in the first quarter of 2015, down $33 million, or 9%, and increased to $696 million at March 31, 2015.  Also on a linked quarter basis, the investment portfolio increased $73 million, or 3%, to $2.3 billion on average in the first quarter of 2015.  On a period-end basis, the investment portfolio equated to $2.5 billion, or 14% of total assets at March 31, 2015, unchanged compared to December 31, 2014.  The investment portfolio had an effective duration of 2.7 years at March 31, 2015, compared to 2.9 years at December 31, 2014.  The investment portfolio had a $28.8 million unrealized gain at March 31, 2015.  The average yield on investment securities decreased two basis points on a linked quarter basis to 2.22% in the first quarter of 2015.  The Company holds in its investment portfolio primarily government agency securities.  Municipal securities comprised only 6.5% of total investments at March 31, 2015.  The Company holds for investment no sovereign debt, corporate debt or equity securities, trust preferred securities, or derivative exposure to foreign counterparties.

On a linked quarter basis, average short-term debt increased $34 million, or 5%, and the cost of short-term debt remained stable at 0.19%.  Average long-term debt increased $28 million, or 7%, and the cost of debt increased 18 basis points to 2.91%.  The cost of average interest-bearing liabilities was 0.49% in the first quarter of 2015, an increase of one basis point on a linked quarter basis.

Asset Quality

Legacy assets consist of assets originated by the Company and not acquired.  To provide additional consistency and transparency for financial reporting of Acquired Assets, the Company divides Acquired Assets into these distinct categories:

1. Acquired Assets that no longer provide FDIC loss share coverage beginning April 1, 2015;
2. Acquired Assets that are scheduled to lose FDIC loss share coverage over the next 12 months;
3. Acquired Assets that will continue to be covered under FDIC loss share coverage beyond the next 12 months;
4. Acquired Assets not covered under FDIC loss share agreements using SOP accounting treatment (in accordance with ASC Topic 310-30); and
5. Acquired Assets not covered under FDIC loss share agreements not using SOP accounting treatment.

Between December 31, 2014 and March 31, 2015, legacy NPAs increased $25 million, or 44%, due primarily to two legacy non-energy-related relationships totaling $24 million that moved to non-accrual status. The Company believes these loan relationships are well secured and sufficiently reserved to address credit concerns. The increase in NPAs also included a $2 million increase in former bank branches and related land.  At March 31, 2015, those bank-related properties in OREO totaled $14 million, or 17% of total legacy NPAs. At March 31, 2015, legacy NPAs equated to 0.55% of total assets, and 0.46% of total assets excluding bank-related properties.

Legacy loans past due 30 days or more (excluding non-accruing loans) decreased $12 million, or 41%, and represented 0.18% of total loans at March 31, 2015, compared to 0.31% at December 31, 2014. 

Table F provides a breakdown of Acquired Assets under the other five categories pertaining to Acquired Assets and the asset quality performance measures associated with Acquired Assets in each category. 

 

Capital Position

The Company maintains favorable capital strength.  At March 31, 2015, the Company reported a tangible common equity ratio of 8.62%, up three basis points compared to December 31, 2014.  At March 31, 2015, the Company's preliminary Tier 1 leverage ratio was 9.04%, down 32 basis points compared to December 31, 2014. The Company's preliminary total risk-based capital ratio at March 31, 2015, was 11.62%, down 68 basis points compared to December 31, 2014. 

Commencing in the first quarter of 2015, the Company experienced a 50% phase-out of Tier 1 capital treatment for its trust preferred securities with no commensurate change in total regulatory capital.  At year-end 2014, the Company experienced the expiration of FDIC loss share protection on non-single family loans associated with three FDIC-assisted transactions.  The expiration of FDIC loss share coverage on those assets resulted in increased risk weighting associated with those assets. The influence of the phase-out of Tier 1 treatment on trust preferred securities, the expiration of certain FDIC loss share coverage, and full implementation of risk-weighting according to BASEL III capital requirements reduced the Company's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk based capital ratio by approximately 38, 96, and 60 basis points, respectively, at March 31, 2015.

At March 31, 2015, book value per share was $56.77, up $1.40 per share, or 3%, compared to December 31, 2014. Tangible book value per share was $39.26, up $0.18 per share, or less than 1%, compared to December 31, 2014.  Based on the closing stock price of the Company's common stock of $63.83 per share on April 22, 2015, this price equated to 1.12 times March 31, 2015 book value and 1.63 times March 31, 2015 tangible book value per share.

On March 25, 2015, 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 2.13%.

IBERIABANK Corporation

The Company is a financial holding company with 314 combined offices, including 216 bank branch offices and three loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 23 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 63 locations in 10 states.  The Company has eight locations with representatives of IBERIA Wealth Advisors in five states, and one IBERIA Capital Partners, L.L.C. office in New Orleans.

The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC."  The Company's market capitalization was approximately $2.4 billion, based on the NASDAQ Global Select Market closing stock price on April 22, 2015.

The following 11 investment firms currently provide equity research coverage on the Company:

• Bank of America Merrill Lynch
• FIG Partners, LLC
• Hovde Group, LLC
• Jefferies & Co., Inc.
• Keefe, Bruyette & Woods, Inc.
• Raymond James & Associates, Inc.
• Robert W. Baird & Company
• Sandler O'Neill + Partners, L.P.
• Stephens, Inc.
• 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 23, 2015, beginning at 8:30 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 3576101.  A replay of the call will be available until midnight Central Time on April 30, 2015 by dialing 1-877-344-7529. The confirmation code for the replay is 10062708.  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 in management's opinion can distort period-to-period comparisons of the Company's performance. 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.

Assumptions Regarding Projected Earnings in Future Periods

The Company's operating EPS guidance for full year 2015 was based on the following significant assumptions:

• Recent forward interest rate curve projections;
• Completion of the currently pending acquisition in the first half of 2015;
• No significant change in credit quality;
• No significant changes to the preliminary purchase accounting marks assumed on the Company's most recently completed acquisitions;
• No significant cash flow or credit quality changes on Acquired Assets;
• Mortgage, title insurance, and capital markets projections continue to reflect the current environment and expectations.

Caution About Forward-Looking Statements

This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995.  In general, forward-looking statements usually use words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, including statements related to the expected timing of the closing of the proposed merger with Georgia Commerce Bancshares, Inc., the expected returns and other benefits of the proposed merger to shareholders, expected improvement in operating efficiency resulting from the proposed merger, estimated expense reductions resulting from the transaction and the timing of achievement of such reductions, the impact on and timing of the recovery of the impact on tangible book value, and the effect of the merger on the Company's capital ratios.  Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance.  Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements, and there can be no assurances that: the proposed merger will close when expected, the expected returns and other benefits of the proposed merger to shareholders will be achieved, the expected operating efficiencies will result, estimated expense reductions resulting from the transaction will occur as and when expected, the impact on tangible book value will be recovered or as expected or that the effect on the Company's capital ratios will be as expected.  Factors that could cause or contribute to such differences include, but are not limited to, the possibility that expected benefits may not materialize in the time frames expected or at all, or may be more costly to achieve; that the merger transaction may not be timely completed, if at all; that prior to completion of the merger transaction or thereafter, the parties' respective businesses may not perform as expected due to transaction-related uncertainties or other factors; that the parties are unable to implement successful integration strategies; that the required regulatory, shareholder, or other closing conditions are not satisfied in a timely manner, or at all; reputational risks and the reaction of the parties' customers to the merger transaction; diversion of management time to merger-related issues; and other factors and risk influences contained in the cautionary language included under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's Form 10-K for the fiscal year ended December 31, 2014, and other documents subsequently filed by the Company with the SEC.  Consequently, no forward-looking statement can be guaranteed. Neither the Company nor Georgia Commerce Bancshares, Inc. undertakes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For any forward-looking statements made in this press release or any related documents, the Company and Georgia Commerce Bancshares, Inc., claim protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

This communication is being made in respect of the proposed merger transaction involving the Company and Georgia Commerce Bancshares, Inc. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed merger with Georgia Commerce Bancshares, Inc., the Company filed with the SEC a registration statement on Form S-4 that includes a proxy statement/prospectus for the shareholders of Georgia Commerce Bancshares, Inc. The Company also plans to file other documents with the SEC regarding the pending merger transaction with Georgia Commerce Bancshares, Inc.  Georgia Commerce Bancshares, Inc. will mail the final proxy statement/prospectus to its shareholders.  BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE RELEVANT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement/prospectus, as well as other filings containing information about the Company and Georgia Commerce Bancshares, Inc., is available without charge, at the SEC's Internet site (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectuses can also be obtained, when available, without charge, from  the Company's website (http://www.iberiabank.com), under the heading "Investor Information." 

The Company, Georgia Commerce Bancshares, Inc., and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Georgia Commerce Bancshares, Inc. in respect of the proposed merger transaction. Information regarding the directors and executive officers of the Company is set forth in the definitive proxy statement for the Company's 2015 annual meeting of shareholders, as filed with the SEC on April 9, 2015, and in Forms 3, 4 and 5 filed with the SEC by its officers and directors.  Information regarding the directors and executive officers of Georgia Commerce Bancshares, Inc. who may be deemed to be participants in the solicitation of shareholders of Georgia Commerce Bancshares, Inc. in connection with the proposed transaction is included in the proxy statement/prospectus for the Georgia Commerce Bancshares, Inc. special meeting of shareholders, which will be filed with the SEC.  Additional information regarding the interests of such participants will be included in the proxy statement/prospectus and other relevant documents regarding the proposed merger transaction filed with the SEC when they become available.

SOURCE IBERIABANK Corporation

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http://www.iberiabank.com