IBERIABANK Corporation Reports Record Yearly Results for Fourth Quarter

Jan 28, 2010, 00:38 ET from IBERIABANK Corporation

LAFAYETTE, La., Jan. 28 /PRNewswire-FirstCall/ -- IBERIABANK Corporation (Nasdaq: IBKC), holding company of the 122-year-old IBERIABANK (www.iberiabank.com) and IBERIABANK fsb (www.IBERIABANKfsb.com), announced income available to common shareholders of $106 million for the quarter ended December 31, 2009, an increase of 340% compared to the third quarter of 2009 (“linked quarter basis”). Fully diluted earnings per share (“EPS”) were $5.23 in the fourth quarter of 2009, an increase of 332% on a linked quarter basis compared to $1.21 in the third quarter of 2009. For the full year of 2009, the Company reported net income to common shareholders of $144 million, up 273% compared to $39 million in 2008.  EPS for 2009 was $8.03, up 171% compared to $2.96 in 2008.  According to First Call, the consensus analyst EPS estimate for the Company for the fourth quarter of 2009 was $1.82 and $4.02 for the full year of 2009.

Daryl G. Byrd, President and Chief Executive Officer commented, “2009 was a year of tremendous achievement and opportunity for our Company.  Our shareholders and other constituents benefitted from our many years of sacrifice, hard work, discipline, and foresight.  Our fourth quarter and year-end results are a clear demonstration of our profitability, capital strength, and sound asset quality compared to the severe strife within the financial services industry.”  Byrd continued, “Despite the industry challenges, our shareholders received a total return on their investment of 522% between year-ends 1999 and 2009, assuming reinvestment of quarterly cash dividends.  This equated to a total annual shareholder return of 20% over that period.”

Significant Influences on the Quarter Ended December 31, 2009

  • CapitalSouth Bank Conversion.  In the third quarter of 2009, the Company acquired in a FDIC-assisted transaction selected assets and assumed selected liabilities of CapitalSouth Bank, a bank formerly headquartered in Birmingham, Alabama, with 10 offices in the metropolitan statistical areas (“MSAs”) of Birmingham, Montgomery, and Huntsville, Alabama and Jacksonville, Florida.  Over the weekend of November 7-8, 2009, the Company completed the conversion of the operating systems of CapitalSouth Bank.
  • Orion Bank and Century Bank Acquisitions.  The Company completed its FDIC-assisted acquisitions of selected assets and assumptions of selected liabilities associated with Orion Bank and Century Bank, FSB on November 13, 2009.  Orion Bank was formerly headquartered in Naples, Florida, with 23 offices in the Florida MSAs of Naples, Ft. Myers, Key West, Miami-Ft. Lauderdale, and Bradenton-Sarasota.  Century Bank was formerly headquartered in Sarasota, Florida, with 11 offices in the Florida MSAs of Bradenton-Sarasota and Miami-Ft. Lauderdale.

The Company recorded a $170 million pre-tax gain for the Orion Bank and Century Bank acquisitions under FAS141R in accordance with generally accepted accounting principles. The Company incurred one-time pre-tax acquisition-related costs of $7.9 million, or $0.25 per share on an after-tax basis during the fourth quarter of 2009.

The majority of assets acquired in each of the three FDIC-assisted transactions are covered under the loss sharing arrangements with the FDIC and loan valuations incorporate estimated losses.  Based on current modeling, management estimates each of the three acquisitions will be accretive to earnings and EPS of the Company over the next few years.

  • Capital Strength.  At December 31, 2009, the Company reported a tangible common equity ratio of 7.35%, a Tier 1 leverage ratio of 9.90%, and a total risk based capital ratio of 13.50%.  During the third quarter of 2009 the Company issued and sold 4,427,500 shares of common stock in an underwritten public offering for net proceeds of approximately $165 million.
  • Asset Quality. The majority of assets acquired in all three FDIC-assisted transactions in 2009 are covered under FDIC loss sharing arrangements, and loan valuations incorporate estimated losses.  As a result, a significant portion of the Company’s nonperforming assets have minimum loss exposure.  Total Nonperforming Assets (“NPAs”) at December 31, 2009 were $1 billion which included $949 million in nonperforming assets covered under the FDIC loss sharing agreements (“covered assets”).  Excluding the FDIC transactions, NPAs were $60 million, up $6 million, or 11%, on a linked quarter basis.  The ratio of NPAs to total assets was 10.40% at December 31, 2009, and 0.91% excluding the FDIC transactions, compared to 0.93% on a similar basis at September 30, 2009 and 0.84% one year ago.

The Company reported net charge-offs totaling $2 million in the fourth quarter of 2009, or 0.18% of average loans on an annualized basis.  On a similar basis, this figure compares to $23 million, or 2.26% of average loans, in the third quarter of 2009.  The Company recorded a loan loss provision of $9 million, down 64% compared to $25 million on a linked quarter basis.  The loan loss provision was elevated in the third quarter of 2009 primarily due to the higher charge-offs.  The Company’s ratio of loan loss reserves to total loans was 0.96% at December 31, 2009 and 1.36% excluding the FDIC transactions, compared to 1.25% at September 30, 2009.

  • Net Interest Margin. The Company’s tax-equivalent net interest margin (“margin”) improved 13 basis points on a linked quarter basis, from 3.02% in the third quarter of 2009 to 3.15% in the fourth quarter of 2009.  The margin improvement was driven by a significant expansion in noninterest bearing deposits, favorable deposit pricing, strong loan growth, and improved competitive dynamics in many of the Company’s markets and businesses.  Excluding the FDIC-assisted transactions, the Company’s net interest margin improved 24 basis points, to 3.26% at December 31, 2009.
    
    
                                                                            
    ($ in thousands)      Reported    CapitalSouth   3Q09 Organic Reported  
                         6/30/2009    Acquisition *     Growth    9/30/2009 
                         ---------    -------------  ------------ --------- 
          Assets                                                            
          ------                                                            
    Investments           1,023,388         46,027       26,404   1,095,819 
    Loans                 3,829,326        366,788      102,298   4,298,412 
    Allowance               (46,329)             -       (2,462)    (48,791)
    OREO                     17,352          9,556       (3,947)     22,961 
    Other Assets            878,890        188,152       31,924   1,098,966 
                            -------        -------       ------   --------- 
    Total Assets          5,702,627        610,523      154,217   6,467,367 
                                                                            
       Liabilities                                                          
       -----------                                                          
    Deposits              4,172,895        517,153       85,685   4,775,733 
    L/T Borrowings          538,161         30,624      (42,679)    526,106 
    Other Liabilities       330,997          4,916      (20,966)    314,947 
                            -------          -----      -------     ------- 
    Total Liabilities     5,042,053        552,693       22,040   5,616,786 
    Equity                  660,574         57,830      132,177     850,581 
                            -------         ------      -------     ------- 
    Liabs & Equity        5,702,627        610,523      154,217   6,467,367 
                                                                            
                                                                            
                                                                            
    ($ in thousands)        Orion         Century    4Q09 Organic  Reported  
                        Acquisition *  Acquisition *    Growth    12/31/2009 
                        -------------  ------------- ------------ ---------- 
          Assets                                                            
          ------                                                            
    Investments             230,968         22,128      231,922   1,580,837 
    Loans                   961,094        417,561      107,298   5,784,365 
    Allowance                     -              -       (6,977)    (55,768)
    OREO                     28,505         21,150        1,475      74,091 
    Other Assets          1,141,120        351,170     (274,379)  2,316,877 
                          ---------        -------     --------   --------- 
    Total Assets          2,361,687        812,009       59,339   9,700,402 
                                                                            
       Liabilities                                                          
       -----------                                                          
    Deposits              1,883,087        615,815      281,513   7,556,148 
    L/T Borrowings          344,689        143,006     (267,937)    745,864 
    Other Liabilities        61,176         21,453       46,599     444,175 
                             ------         ------       ------     ------- 
    Total Liabilities     2,288,952        780,274       60,175   8,746,187 
    Equity                   72,735         31,735         (836)    954,215 
                             ------         ------         ----     ------- 
    Liabs & Equity        2,361,687        812,009       59,339   9,700,402 
                                                                            
                                                                            
      *  Unaudited. Derived from financial information furnished by the FDIC 
         at acquisition.     
         Subsequently revised to include fair value adjustments    

Balance Sheet and Yields

Total assets increased $3.2 billion, or 50%, to $9.7 billion at December 31, 2009, and up $59 million, or 1%, excluding the FDIC acquisitions of Orion Bank and Century Bank.  Over the last 10 years, the Company’s asset base grew at a 22% annual compounded growth rate.  Total shareholders’ equity increased $104 million, or 12%, since September 30, 2009 and grew at a 10-year compounded annual rate of 23%. The Company’s market capitalization was $1.1 billion at year-end 2009 and climbed at a 10-year compounded annual growth rate of 28%.

Total investment securities increased $485 million, or 44%, to $1.6 billion during the fourth quarter of 2009, as the Company received cash associated with the FDIC-assisted transactions and excess cash was moved into the investment portfolio.  As a percentage of total assets, the investment portfolio decreased from 18% at September 30, 2009 to 16% at December 31, 2009.  Excluding the Orion Bank and Century Bank transactions, the investment portfolio had a modified duration of 3.0 years at December 31, 2009, up slightly compared to 2.8 years at September 30, 2009.  Based on projected prepayment speeds and other assumptions at December 31, 2009, the portfolio was expected to generate approximately $357 million in cash flows, or about 27% of the portfolio, over the next 12 months. The average yield on investment securities decreased 21 basis points on a linked quarter basis, to 3.82% in the fourth quarter of 2009.  The Company holds in its investment portfolio primarily government agency and municipal securities.

Loans

Since September 30, 2009, total loans increased $1.5 billion, or 35%, and $107 million, or 2%, excluding the FDIC-assisted transactions. Between the time of the acquisitions and December 31, 2009, Orion Bank and Century Bank-related loans decreased approximately $42 million, or 2%, which was consistent with the Company’s expectations.  Over the last 10 years, total loans grew at a 21% compounded annual growth rate.

The loan portfolio is comprised of disparate components.  Approximately 29% of the Company’s $5.8 billion loan portfolio is comprised of assets covered under the FDIC’s loss share agreements, which provide considerable protection against credit risk on those covered assets.  Covered under the FDIC loss agreements were the acquired loan portfolios of CapitalSouth ($0.4 billion and 6% of total gross loans), Orion Bank ($1.8 billion and 26% of total gross loans), and Century Bank ($0.7 billion and 10% of total gross loans).  In addition, the Company purchased these loans at an aggregate discount of $1.3 billion, or 42% of loans acquired and 18% of total gross loans).  Finally, $4.1 billion in loans are associated with the legacy franchise, which were underwritten under the Company’s guidelines.

Period-End Loan Volumes ($ in Millions)

    
    
    Loans                             IBERIABANK                            
                                      ----------                            
                                                                            
                     12/31/08  3/31/09  6/30/09  9/30/09  12/31/09          
                     --------  -------  -------  -------  --------          
                                                                            
    Commercial        $1,768   $1,806   $1,877   $1,935    $2,045           
    Consumer             672      673      686      687       680           
    Mortgage             461      438      409      399       385           
                         ---      ---      ---      ---       ---           
    Non-FDIC Loans    $2,901   $2,917   $2,972   $3,021    $3,110           
    Covered Loans                                  $353    $1,670           
                                                   ----    ------           
    Total Loans                                  $3,374    $4,780           
    Non-FDIC Growth        4%       1%       2%      14%        3%          
                                                                            
                                                                            
    Loans                                IBERIABANK fsb                     
                                         --------------                     
                                                                     Since  
                     12/31/08  3/31/09  6/30/09  9/30/09  12/31/09    Acq.  
                     --------  -------  -------  -------  --------  --------
                                                                            
    Commercial          $530     $536     $554     $621      $704        58%
    Consumer             239      233      234      236       234        -2%
    Mortgage              74       72       69       68        68         1%
                         ---      ---      ---      ---       ---       --- 
    Non-FDIC Loans      $843     $841     $857     $925    $1,006        33%
    Covered Loans                                                           
    Total Loans                                                             
    Non-FDIC Growth        0%       0%       2%       8%        9%          

On a linked quarter basis, the yield on average total loans increased 33 basis points to 5.56%.  Yields on mortgage and consumer loans declined 54 and 60 basis points, respectively, on a linked quarter basis.  Over this period, the yield on commercial loans increased 86 basis points.

The IBERIABANK fsb builder construction portfolio has declined to $9 million at December 31, 2009 (equal to only 0.2% of the Company’s consolidated total loan portfolio).  The Company’s Louisiana C&D loans totaled $248 million, or 4.3% of total loans.  The Louisiana C&D portfolio continues to perform well; only 0.91% of this portfolio was past due 30 days or more (1.53% at September 30, 2009).

The Company’s commercial real estate (“CRE”) loan portfolio is composed of four parts.  First, a significant portion of the total CRE portfolio is covered under the loss share agreements with the FDIC. Second, much of the acquired CRE portfolio was purchased at substantial discounts from the FDIC that are expected to offset much of the remaining credit exposure and servicing costs.  Third, a portion of the CRE portfolio is associated with the IBERIABANK fsb builder construction portfolio which has compressed significantly over the last two years.  Finally, a portion of the CRE portfolio is comprised of legacy CRE loans, underwritten under the Company’s guidelines. At December 31, 2009, the average loan size in the legacy CRE portfolio was approximately $604,000, and loans past due 30 days or more (including nonaccruing loans) equated to 1.72% of the CRE loans outstanding (1.81% at September 30, 2009).  Approximately 61% of the legacy CRE portfolio was based in southern Louisiana, 14% in northern Louisiana, and 24% in IBERIABANK fsb’s markets.  At December 31, 2009, many of the local markets in southern Louisiana remained economically healthy compared to the national economy.  Excluding construction-related credits and FDIC-related loans, at December 31, 2009, approximately 47% of the Company’s CRE portfolio was owner-occupied and 53% non-owner occupied.  Non-owner occupied CRE loans equated to 104% of total risk based capital at December 31, 2009.

At December 31, 2009, approximately 42% of the Company’s consumer loan portfolio was covered under the FDIC loss share agreements.  The remaining legacy consumer portfolio maintained favorable asset quality.  The average credit score of the legacy consumer loan portfolio was 716, and loans past due 30 days or more were 1.32% at December 31, 2009 (compared to 0.86% at September 30, 2009).  Legacy home equity loans totaled $342 million, with 1.38% past due 30 days or more (1.11% at September 30, 2009).  Legacy home equity lines of credit totaled $196 million, with 0.98% past due 30 days or more (0.62% at September 30, 2009).  Annualized net charge-offs in this portfolio were 0.66% of loans in the fourth quarter of 2009 (1.13% in the third quarter of 2009).  The weighted average loan-to-value at origination for this portfolio over the last three years was approximately 70%.

The indirect automobile portfolio totaled $259 million at December 31, 2009, down 3% compared to September 30, 2009.  This portfolio equated to 4% of total loans and had 1.19% in loans past due 30 days or more (including nonaccruing loans) at December 31, 2009 (1.05% at September 30, 2009).  Annualized net charge-offs in the indirect loan portfolio equated to approximately 0.45% of average loans in the fourth quarter of 2009 (0.45% in the third quarter of 2009).  Approximately 87% of the indirect automobile portfolio was in the Acadiana region of Louisiana, which currently experiences a relatively favorable unemployment rate.

Deposits

During the fourth quarter of 2009, total deposits increased $2.8 billion, or 58%, and $282 million, or 6%, excluding the FDIC transactions. Between the time of the acquisitions and January 27, 2010, Orion Bank and Century Bank-related deposits, excluding brokered deposits, decreased approximately $17 million, or 6%, which was more favorable than the Company’s expectations.

Period-End Deposit Volumes ($ in Millions)

    
    
    Deposits                         IBERIABANK                            
                                     ----------                            
                                                                           
                    12/31/08  3/31/09  6/30/09  9/30/09  12/31/09           
                    --------  -------  -------  -------  --------           
                                                                           
    Noninterest        $465     $452     $451     $501      $832           
    NOW Accounts        615      747      750      764     1,038           
    Savings/MMkt        755      851      888    1,048     1,948           
    Time Deposits     1,006    1,009    1,014    1,356     2,589           
                      -----    -----    -----    -----     -----           
    Total Deposits   $2,842   $3,059   $3,103   $3,669    $6,407           
        Growth            5%       8%       1%      18%       75%          
                                                                           
                                                                           
                                                                           
    Deposits                            IBERIABANK fsb                     
                                        --------------                     
                                                                    Since  
                    12/31/08  3/31/09  6/30/09  9/30/09  12/31/09    Acq.   
                    --------  -------  -------  -------  --------  -------- 
                                                                           
    Noninterest        $156     $129     $126     $128      $153        59%
    NOW Accounts        206      205      198      195       203         5%
    Savings/MMkt        199      220      240      279       305        73%
    Time Deposits       593      520      507      504       488        -9%
                        ---      ---      ---      ---       ---       --- 
    Total Deposits   $1,154   $1,074   $1,071   $1,105    $1,149        14%
        Growth           -5%      -7%       0%       3%        4%          
    

Between September 30 and December 31, 2009, deposits at IBERIABANK increased $2.7 billion, or 75%, and $239 million, or 7% excluding Orion Bank and Century Bank.  Deposits at IBERIABANK fsb increased $44 million, or 4% over this same period.

Noninterest bearing deposits totaled $985 million at December 31, 2009, up $356 million, or 57%, compared to September 30, 2009.  Excluding the FDIC-assisted transactions, noninterest bearing deposits climbed $138 million, or 22%, over this period.  On a linked quarter basis, average noninterest bearing deposits increased $222 million, or 38%, and interest-bearing deposits increased $1.5 billion, or 39%.  The rate on average interest bearing deposits in the fourth quarter of 2009 was 1.75%, a decrease of three basis points on a linked quarter basis, compared to a 19 basis point decline in the cost of average interest bearing liabilities. The Company had only $90 million in short-term borrowings at December 31, 2009, or approximately 1% of total liabilities.

Interest Rate Risk Position

The Company’s interest rate risk modeling at December 31, 2009 excluding the Orion Bank and Century Bank transactions 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 is estimated to increase net interest income over 12 months by approximately 1.3%.  Similarly, a 100 basis point decrease in interest rates is expected to decrease net interest income by approximately 3.7%.  At December 31, 2009, approximately 59% of the Company’s loan portfolio had fixed interest rates.  Eliminating fixed rate loans that mature within a one-year time frame reduces this percentage to 55%.  Approximately 75% of the Company’s time deposit base will re-price within 12 months from December 31, 2009.  The rapid decline in short-term interest rates over the last few years and changes in the Company’s balance sheet mix have caused the Company’s interest rate risk position to become more asset sensitive over time.

Quarterly Average Yields/Cost (Taxable Equivalent Basis)

    
    
                                         IBERIABANK          
                                         ----------          
                                4Q08  1Q09  2Q09  3Q09  4Q09 
                                ----  ----  ----  ----  ---- 
                                                           
    Earning Asset Yield         5.60% 4.92% 4.91% 4.65% 4.64%
    Cost Of Int-Bearing Liabs   2.43% 2.10% 1.97% 1.84% 1.77%
                                ----  ----  ----  ----  ---- 
    Net Interest Spread         3.17% 2.82% 2.94% 2.81% 2.87%
                                                           
    Net Interest Margin         3.56% 3.15% 3.26% 3.09% 3.15%
                                ----  ----  ----  ----  ---- 
                                                           
                                                           
                                                           
                                       IBERIABANK fsb        
                                       --------------        
                                4Q08  1Q09  2Q09  3Q09  4Q09 
                                ----  ----  ----  ----  ---- 
                                                           
    Earning Asset Yield         5.37% 5.41% 5.29% 4.79% 4.89%
    Cost Of Int-Bearing Liabs   2.99% 2.55% 2.32% 2.13% 1.95%
                                ----  ----  ----  ----  ---- 
    Net Interest Spread         2.37% 2.86% 2.97% 2.66% 2.94%
                                                           
    Net Interest Margin         2.78% 3.19% 3.28% 2.97% 3.26%
                                ----  ----  ----  ----  ---- 

Operating Results

Tax-equivalent net interest income increased $17.2 million, or 41% on a linked quarter basis.   Average earning assets increased $1.9 billion (up 34%) and the tax-equivalent net interest spread and margin improved 18 and 13 basis points, respectively, on a linked quarter basis.  The average earning asset yield decreased two basis points.  The Company’s excess liquidity position increased from approximately $250 million at September 30, 2009 to $342 million at December 31, 2009 ($261 million in Fed Funds Sold and $81 million in interest bearing cash).  Interest bearing deposits and liabilities declined three and 19 basis points, respectively.

Aggregate noninterest income increased $115 million, or 143%, on a linked quarter basis.  The primary changes on a linked quarter basis were (1) a $170 million gain on completion of the Orion Bank and Century Bank acquisitions in the fourth quarter compared to $57 million in the third quarter of 2009, (2) a $0.9 million gain on the sale of investment securities, and (3) a $0.5 million decline in title insurance income on a linked quarter basis.

The Company’s mortgage origination business experienced continued strength during the fourth quarter of 2009.  The Company originated $351 million in mortgage loans during the fourth quarter of 2009, up $49 million, or 16%, on a linked quarter basis.  Client loan refinancing opportunities accounted for approximately 30% of mortgage loan originations in the fourth quarter of 2009, compared to 27% in the third quarter of 2009.  The Company sold $335 million in mortgage loans during this period, down $5 million, or 1%, compared to the third quarter of 2009.  Sales margins improved on a linked quarter basis.  Gains on the sale of mortgage loans totaled $8.5 million in the fourth quarter of 2009, an increase of $1.2 million, or 17%, on a linked quarter basis.  The mortgage pipeline was approximately $76 million at year-end 2009, and has since risen to a level of approximately $87 million at January 22, 2009.  In recent weeks, loan refinancings accounted for approximately one-quarter of mortgage activity.

Noninterest expense increased $20.6 million, or 38%, on a linked quarter basis.  A substantial portion of the increase in noninterest expense during the fourth quarter was associated with a goodwill impairment charge.  The Company’s annual goodwill impairment tests determined a portion of the goodwill associated with the Company’s title insurance businesses was impaired by $9.7 million.  A non-cash impairment charge was incurred for this amount during the fourth quarter of 2009.  Other increases in expenses on a linked quarter basis were compensation (up $3.1 million), contract labor/temporary help (up $2.7 million), legal and professional (up $1.2 million), occupancy and equipment ($1.2 million), marketing and business development (up $1.1 million) and FDIC deposit insurance premium assessments (up $1.0 million).  Partially offsetting those expense increases were reductions in OREO expense (down $3.9 million) and annual bonus accrual (down $1.9 million).  One-time merger-related costs (included in some of the previously described expense categories) totaled $7.9 million in the fourth quarter of 2009, compared to $0.6 million in the third quarter.  In aggregate, the combined tangible efficiency ratio of the Company’s bank subsidiaries was approximately 18.9% in the fourth quarter of 2009 (33.7% in the third quarter of 2009).

Basic net income to common shareholders in the fourth quarter of 2009 totaled $106 million, up 340% on a linked quarter basis.  Return on average assets (“ROA”) was 5.29% for the fourth quarter of 2009, return on average common equity (“ROE”) was 46.94%, and return on average tangible common equity was 66.26%.

Asset Quality

The Company’s credit quality statistics were significantly affected by the FDIC-assisted acquisitions, though the loss share arrangements with the FDIC and discounts on the assets acquired should provide substantial protection against loss on those assets.  Under the loss share agreements, the FDIC will cover 80% of the losses on the disposition of loans and OREO up to $970 million, or $776 million (the Company would cover the remaining $194 million amount).  In addition, the FDIC will cover 95% of losses that exceed that $970 million threshold level. The Company estimates its maximum loss exposure will be approximately $297 million, assuming all loans experience 100% losses with no recoveries, over the loss share period.  The Company received a discount of approximately $500 million on the purchase of assets in the transactions.

Excluding the FDIC-assisted transactions, NPAs and loans past due 30 days or more increased marginally during the fourth quarter of 2009 at both IBERIABANK and IBERIABANK fsb.  The legacy Company had no troubled debt restructurings at December 31, 2009.

Summary Asset Quality Statistics

    
    
         ($thousands)            IBERIABANK               IBERIABANK fsb      
                                 ----------               --------------      
                           2Q09    3Q09*    4Q09**    2Q09     3Q09     4Q09  
                           ----    -----    ------    ----     ----     ----  
                                                                              
    Nonaccruals          $14,110  $13,600  $11,899  $14,409  $22,655  $27,947 
    OREO & Foreclosed      1,199    2,277    4,000   16,153   11,192   11,281 
    90+ Days Past Due      3,596    1,999    3,193    9,663    2,651    1,767 
                           -----    -----    -----    -----    -----    ----- 
      Nonperforming                                                           
       Assets            $18,905  $17,877  $19,092  $40,225  $36,498  $40,996 
                                                                              
    NPAs/Assets             0.45%    0.42%    0.38%    2.78%    2.43%    2.68%
    NPAs/(Loans + OREO)     0.64%    0.59%    0.61%    4.60%    3.90%    4.03%
    LLR/Loans               1.01%    1.05%    1.10%    1.89%    1.86%    2.12%
    Net Charge-Offs/                                                          
     Loans                  0.08%    1.21%    0.04%    1.22%    6.16%    0.78%
                            ----     ----     ----     ----     ----     ---- 
                                                                              
                                                                              
                                                                              
         ($thousands)         IBERIABANK Corp.                                
                              ----------------                                
                           2Q09    3Q09*    4Q09**                            
                           ----    -----    ------                            
                                                                              
    Nonaccruals          $28,519  $36,256  $39,847                            
    OREO & Foreclosed     17,352   13,469   15,281                            
    90+ Days Past Due     13,259    4,650    4,960                            
                          ------    -----    -----                            
      Nonperforming                                                           
       Assets            $59,130  $54,375  $60,088                            
                                                                              
    NPAs/Assets             1.04%    0.93%    0.91%                           
    NPAs/(Loans + OREO)     1.54%    1.38%    1.45%                           
    LLR/Loans               1.21%    1.25%    1.36%                           
    Net Charge-Offs/                                                          
     Loans                  0.33%    2.38%    0.22%                           
                            ----     ----     ----                            
                                                                              
    *  Excludes the impact of the CapitalSouth acquisition 
    ** Excludes the impact of all FDIC-assisted acquisitions 

The FDIC-assisted transactions accounted for $949 million, or 94% of the Company’s $1 billion in total NPAs at December 31, 2009, and the legacy IBERIABANK Corporation franchise accounted for the remaining $60 million in NPAs.  Excluding the FDIC-assisted transactions, NPAs equated to 0.91% of total assets at December 31, 2009, compared to 0.93% at September 30, 2009.  On this same basis, total loans past due 30 days or more (including nonaccruing loans) represented 1.67% of total loans at December 31, 2009, up 25 basis points, compared to 1.42% of total loans at September 30, 2009.

    
    
                                  Loans Past Due                             
        Loans Past Due 30 Days Or More And Nonaccruing Loans As % Of Loans   
                                    Outstanding                              
                                                                             
        By Entity:    9/30/08  12/31/08  3/31/09  6/30/09  9/30/09  12/31/09 
        ----------    -------  --------  -------  -------  -------  -------- 
                                                                             
    IBERIABANK                                                               
        30+ days                                                            
         past due       0.28%     0.69%    0.31%    0.33%    0.32%     0.58%
        Non-accrual     0.21%     0.22%    0.54%    0.47%    0.45%     0.38%
                        ----      ----     ----     ----     ----      ---- 
        Total Past                                                          
         Due            0.49%     0.92%    0.85%    0.80%    0.77%     0.96%
                                                                            
    IBERIABANK fsb                                                           
        30+ days                                                            
         past due       1.29%     1.57%    1.85%    1.73%    1.09%     1.12%
        Non-accrual     2.42%     2.53%    2.12%    1.68%    2.45%     2.78%
                        ----      ----     ----     ----     ----      ---- 
        Total Past                                                          
         Due            3.71%     4.10%    3.97%    3.41%    3.54%     3.90%
                                                                            
    Consolidated                                                             
     (Ex-FDIC                                                                
     Covered Assets)                                                         
        30+ days                                                            
         past due       0.52%     0.89%    0.65%    0.64%    0.50%     0.71%
        Non-accrual     0.72%     0.74%    0.90%    0.74%    0.92%     0.96%
                        ----      ----     ----     ----     ----      ---- 
        Total Past                                                          
         Due            1.24%     1.63%    1.55%    1.38%    1.42%     1.67%
    ---------           ----      ----     ----     ----     ----      ---- 
                                                                             
    CapitalSouth Only                                                        
        30+ days                                                            
         past due                                            7.62%     7.59%
        Non-accrual                                         24.64%    29.68%
                                                             -----     ----- 
        Total Past                                                           
         Due                                                32.26%    37.27%
                                                                             
    Orion Only                                                               
        30+ days                                                            
         past due                                                     16.55%
        Non-accrual                                                   57.63%
                                                                      ----- 
        Total Past                                                          
         Due                                                          74.18%
                                                                             
    Century Only                                                             
        30+ days                                                            
         past due                                                     10.52%
        Non-accrual                                                   52.88%
                                                                      ----- 
        Total Past                                                          
         Due                                                          63.40%
                                                                             
    Consolidated                                                             
     With FDIC                                                               
     Covered Assets                                                          
        30+ days                                                            
         past due                                            1.08%     4.35%
        Non-accrual                                          2.87%    15.33%
                                                              ----     ----- 
        Total Past                                                           
         Due                                                 3.95%    19.68%
    ---------                                                ----     ----- 

At December 31, 2009, the allowance for loan losses was 0.96%, down compared to 1.14% at September 30, 2009.  In accordance with generally accepted accounting principles, the assets acquired in the FDIC-assisted transactions were marked to market at consummation, including estimated loan impairment.  As a result, no loan loss reserves are expected on these loans at this time.  Excluding the acquired loans, the Company’s ratio of loan loss reserves to loans increased from 1.24% at September 30, 2009 to 1.36% at December 31, 2009.

The Company reported net charge-offs of $2 million in the fourth quarter of 2009, compared to $23 million in the third quarter of 2009.  The ratio of net charge-offs to average loans was 0.18% in the fourth quarter of 2009, compared to 2.26% in the third quarter of 2009.  The elevated charge-offs in the third quarter were primarily due to valuations on appraisals of collateral securing certain loans, the Company’s credit portfolio management process, general economic conditions, and other third quarter factors.  The Company recorded a $9 million loan loss provision in the fourth quarter of 2009, compared to $25 million in the third quarter of 2009.  Management considers the loan loss reserve adequate to absorb credit losses inherent in the loan portfolio at December 31, 2009.

Capital Position

The Company maintains strong capital ratios compared to peers.  The equity-to-assets ratio was 9.84% at December 31, 2009, compared to 13.15% at each of September 30, 2009 and December 31, 2008.  At December 31, 2009, the Company reported a tangible common equity ratio of 7.35%, compared to 9.59% at September 30, 2009 and 7.23% one year ago.  The Company’s Tier 1 leverage ratio was 9.90%, compared to 11.54% at September 30, 2009 and 11.27% one year ago.  The Company’s total risk based capital ratio was 13.50%, compared to 16.83% at September 30, 2009 and 15.69% one year ago.  The Company’s tangible common equity to risk weighted assets ratio was 14.49%, compared to 13.38% at September 30, 2009, and 9.48% one year ago.

In July 2009, the Company issued and sold 4,427,500 shares of common stock for net proceeds of approximately $165 million in a public underwritten equity offering.  Shares were sold in the offering at a price of $39.00 per share.

    
    
                             Regulatory Capital Ratios                    
                                At December 31, 2009                      
                                                      
    Capital            Well                                 IBERIABANK  
     Ratio         Capitalized  IBERIABANK  IBERIABANK fsb  Corporation 
    -------        -----------  ----------  --------------  ----------- 
                                                                     
    Tier 1                                                           
     Leverage          5.00%       8.40%         10.25%         9.90%
    Tier 1                                                           
     Risk Based        6.00%      10.73%         12.81%        12.23%
    Total Risk                                                       
     Based            10.00%      11.89%         14.04%        13.50%

At December 31, 2009, book value per share was $46.04, up $4.63, or 11%, compared to September 30, 2009, and up 14% compared to one year ago. Tangible book value per share improved $4.64, or 16%, over that period to $33.53, and up 39% compared to one year ago.

On December 14, 2009, 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 2.46%, based on the closing stock price of the Company’s common stock on January 27, 2009 of $55.32 per share.  Based on that closing stock price, the Company’s common stock traded at a price-to-earnings ratio of 6.9 times $8.03 per fully diluted EPS for 2009.  This price equated to 1.20 times December 31, 2009 book value per share of $46.04 and 1.65 times tangible book value per share of $33.53.

IBERIABANK Corporation

IBERIABANK Corporation is a multi-bank financial holding company with 209 combined offices, including 136 bank branch offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, and Florida, 26 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 47 locations in 12 states. The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “IBKC” and the Company’s market capitalization is approximately $1.2 billion, based on the closing stock price on January 27, 2009.

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

  • B. Riley & Company
  • FIG Partners, LLC
  • Howe Barnes Hoefer & Arnett, Inc.
  • Keefe, Bruyette & Woods
  • Raymond James & Associates, Inc.
  • Robert W. Baird & Company
  • Soleil Securities Corporation/Tenner Investment Research
  • 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, January 28, 2010, beginning at 8:00 a.m. Central Time by dialing 1-800-288-8961. The confirmation code for the call is 141829.  A replay of the call will be available until midnight Central Time on February 4, 2010 by dialing 1-800-475-6701. The confirmation code for the replay is 141829.  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, unanticipated losses related to the integration of 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, rapid changes in the financial services industry, dependence on our operational, technological, and organizational infrastructure, hurricanes and other adverse weather events, the volatility 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, available at the SEC’s website, www.sec.gov, and the Company’s website, www.iberiabank.com.  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.

    
    
                                IBERIABANK CORPORATION                     
                                 FINANCIAL HIGHLIGHTS                         
                                                                              
                                                                              
                                  For The Quarter            For The Quarter  
                                       Ended                      Ended       
                                    December 31,              September 30,   
                             ----------------------------    ---------------  
                             2009        2008    % Change     2009  % Change 
                             ----        ----    --------     ----  -------- 
                                                                              
    Income Data                                                               
     (in thousands):                                                          
      Net Interest                                                            
       Income              $57,556     $37,167        55%    $40,666     42%
      Net Interest                                                            
       Income (TE) (1)      59,452      38,417        55%     42,297     41%
      Net Income           108,902       8,276      1216%     24,729    340%
      Earnings                                                                
       Available to                                                           
       Common                                                                 
       Shareholders-                                                          
       Basic               108,902       7,928      1274%     24,729    340%
      Earnings                                                                
       Available to                                                           
       Common                                                                 
       Shareholders-                                                          
       Diluted             106,185       7,716      1276%     24,126    340%
                                                                              
    Per Share Data:                                                           
      Earnings                                                                
       Available to                                                           
       Common                                                                 
       Shareholders -                                                         
       Basic                 $5.27       $0.58       808%      $1.22    332%
      Earnings                                                                
       Available to                                                           
       Common                                                                 
       Shareholders -                                                         
       Diluted                5.23        0.57       818%       1.21    332%
      Book Value                                                              
       Per Common                                                             
       Share                 46.04       40.53        14%      41.41     11%
      Tangible Book                                                           
       Value Per                                                              
       Common Share                                                           
       (2)                   33.53       24.20        39%      28.89     16%
      Cash                                                                    
       Dividends              0.34        0.34         -        0.34      - 
                                                                              
    Number of                                                                 
     Shares                                                                   
     Outstanding:                                                             
      Basic Shares                                                            
       (Average)        20,617,155  13,650,667        51% 20,253,317      2%
      Diluted                                                                 
       Shares                                                                 
       (Average)        20,301,633  13,537,539        50% 19,944,420      2%
      Book Value                                                              
       Shares                                                                 
       (Period End)(3)  20,797,218  15,900,820        31% 20,623,541      1%
                                                                              
    Key                                                                       
     Ratios:                                                                  
     (4)                                                                      
      Return on                                                               
       Average                                                                
       Assets                 5.29%       0.62%                 1.60%         
      Return on                                                               
       Average                                                                
       Common                                                                 
       Equity                46.94%       5.80%                11.66%         
      Return on                                                               
       Average                                                                
       Tangible                                                               
       Common                                                                 
       Equity (2)            66.26%      11.74%                17.10%         
      Net Interest                                                            
       Margin (TE)(1)         3.15%       3.17%                 3.02%         
      Efficiency                                                              
       Ratio                  29.6%       70.5%                 44.9%         
      Tangible                                                                
       Efficiency                                                             
       Ratio (TE)(1)(2)       28.9%       67.4%                 43.6%         
      Average Loans                                                           
       to Average                                                             
       Deposits               82.1%       92.4%                 91.0%         
      Nonperforming                                                           
       Assets to Total                                                        
       Assets (5)            10.40%       0.84%                 2.33%         
      Allowance                                                               
       for Loan                                                               
       Losses to                                                              
       Loans                  0.96%       1.09%                 1.14%         
      Net Charge-                                                             
       offs to                                                                
       Average                                                                
       Loans                  0.18%       0.53%                 2.25%         
      Average                                                                 
       Equity to                                                              
       Average                                                                
       Total Assets          11.24%      10.71%                13.67%         
      Tier 1                                                                  
       Leverage                                                               
       Ratio                  9.90%      11.27%                11.54%         
      Common Stock                                                            
       Dividend                                                               
       Payout Ratio            6.5%       68.2%                 28.4%         
      Tangible                                                                
       Common                                                                 
       Equity Ratio           7.35%       7.23%                 9.59%         
      Tangible                                                                
       Common                                                                 
       Equity to                                                              
       Risk-                                                                  
       Weighted                                                               
       Assets                14.49%       9.48%                13.38%         
                                                                              
                                                                              
                                                                              
                                                                              
    (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)  Shares used for book value purposes exclude shares held in treasury 
         at the end of the period.     
    (4)  All ratios are calculated on an annualized basis for the period 
         indicated.    
    (5)  Nonperforming assets consist of nonaccruing loans, accruing loans 90
         days or more past due and other real estate owned, including 
         repossessed assets.    
    
    
                             IBERIABANK CORPORATION                        
                  CONDENSED CONSOLIDATED FINANCIAL INFORMATION             
                  (dollars in thousands except per share data)             
                                                                           
    BALANCE SHEET                                                          
     (End of Period)                   December 31,            September 30,
    ----------------           -----------------------------   
                               2009        2008     % Change        2009 
                               ----        ----     --------        ---- 
    ASSETS                                                                 
    ------                                                                 
    Cash and Due From                                                      
     Banks                   $94,674    $159,716     (40.7%)       $66,579 
    Interest-                                                              
     bearing                                                               
     Deposits in                                                           
     Banks                    80,723     186,149     (56.6%)       273,982 
                              ------     -------     -----         ------- 
        Total Cash and                                                      
         Equivalents         175,397     345,865     (49.3%)       340,561 
    Investment                                                             
     Securities                                                            
     Available for                                                         
     Sale                  1,320,476     828,743      59.3%      1,024,868 
    Investment                                                             
     Securities Held                                                       
     to Maturity             260,361      60,733     328.7%         70,951 
                             -------      ------     -----          ------ 
        Total                                                               
         Investment                                                         
         Securities        1,580,837     889,476      77.7%      1,095,819 
    Mortgage Loans                                                         
     Held for Sale            66,945      63,503       5.4%         52,796 
    Loans, Net of                                                          
     Unearned Income       5,784,365   3,744,402      54.5%      4,298,412 
    Allowance for                                                          
     Loan Losses             (55,768)    (40,872)     36.4%        (48,791)
                             -------     -------      ----         ------- 
        Loans, net         5,728,597   3,703,530      54.7%      4,249,621 
    Loss Share                                                             
     Receivable            1,034,734           -     100.0%         88,093 
    Premises and                                                           
     Equipment               137,426     131,404       4.6%        130,453 
    Goodwill and                                                           
     Other                                                                 
     Intangibles             260,144     259,683       0.2%        258,186 
    Mortgage                                                               
     Servicing                                                             
     Rights                      229         188      22.2%            219 
    Other Assets             716,093     189,577     277.7%        251,619 
                             -------     -------     -----         ------- 
        Total Assets      $9,700,402  $5,583,226      73.7%     $6,467,367 
                          ==========  ==========      ====      ========== 
                                                                           
    LIABILITIES AND                                                        
     SHAREHOLDERS'                                                         
     EQUITY                                                                
    ---------------                                                        
    Noninterest-                                                           
     bearing Deposits       $985,253    $620,637      58.7%       $628,800 
    Interest-bearing                                                       
     Deposits              6,570,895   3,375,179      94.7%      4,146,933 
                           ---------   ---------      ----       --------- 
        Total Deposits     7,556,148   3,995,816      89.1%      4,775,733 
    Short-term                                                             
     Borrowings               90,000      58,000      55.2%         15,000 
    Securities Sold                                                        
     Under                                                                 
     Agreements to                                                         
     Repurchase              173,351     150,213      15.4%        193,234 
    Long-term Debt           745,864     568,479      31.2%        526,106 
    Other Liabilities        180,824      76,510     136.3%        106,713 
                             -------      ------     -----         ------- 
        Total                                                               
         Liabilities       8,746,187   4,849,018      80.4%      5,616,786 
    Total                                                                  
     Shareholders'                                                         
     Equity                  954,215     734,208      30.0%        850,581 
                             -------     -------      ----         ------- 
        Total Liabilities                                                   
         and Shareholders'                                                  
         Equity           $9,700,402  $5,583,226      73.7%     $6,467,367 
                          ==========  ==========      ====      ========== 
    
    
                                                                         
                                             For The Three Months Ended  
    INCOME STATEMENT                                December 31,         
    ----------------                         --------------------------  
                                               2009      2008    % Change  
                                               ----      ----    --------  
                                                                         
    Interest Income                         $85,538   $65,074      31.4% 
    Interest Expense                         27,982    27,907       0.3% 
                                             ------    ------       ---  
        Net Interest Income                  57,556    37,167      54.9% 
    Provision for Loan Losses                 9,260     6,206      49.2% 
                                              -----     -----      ----  
        Net Interest Income After                                         
         Provision for Loan Losses           48,296    30,961      56.0% 
    Service Charges                           6,253     5,851       6.9% 
    ATM / Debit Card Fee Income               2,340     1,804      29.7% 
    BOLI Proceeds and Cash Surrender Value                               
     Income                                     729       679       7.5% 
    Gain on Acquisition                     169,872         -     100.0% 
    Gain on Sale of Loans, net                8,506     4,292      98.2% 
    Gain (Loss) on Sale of                                               
     Investments, net                           878       525      67.3% 
    Title Revenue                             4,127     3,806       8.4% 
    Broker Commissions                        1,048     1,156      (9.4%)
    Other Noninterest Income                  2,600     2,275      14.3% 
                                              -----     -----      ----  
        Total Noninterest Income            196,353    20,388     863.1% 
    Salaries and Employee Benefits           34,339    22,362      53.6% 
    Occupancy and Equipment                   7,068     5,702      23.9% 
    Amortization of Acquisition                                          
     Intangibles                              1,022       684      49.5% 
    Other Noninterest Expense                32,685    11,804     176.9% 
                                             ------    ------     -----  
        Total Noninterest Expense            75,114    40,552      85.2% 
        Income Before Income Taxes          169,535    10,797   (1470.2%)
    Income Taxes                             60,633     2,521   (2304.7%)
                                             ------     -----   -------  
        Net Income                         $108,902    $8,276   (1215.9%)
                                           ========    ======   =======  
        Preferred Stock Dividends                 -      (348)      0.0% 
                                               ----      ----       ===  
        Earnings Available to Common                                      
         Shareholders -Basic                108,902     7,928   (1273.7%)
                                            =======     =====   =======  
        Earnings Allocated to Unvested                                    
         Restricted Stock                    (2,717)     (212)   1184.5% 
                                             ------      ----    ======  
        Earnings Available to Common                                      
         Shareholders -Diluted              106,185     7,716    1276.1% 
                                            =======     =====    ======  
                                                                         
    Earnings Per Share, diluted               $5.23     $0.57     817.6% 
                                              =====     =====     =====  
                                                                         
                                                                         
                                                                         
                                            For The Twelve Months Ended  
    INCOME STATEMENT                                December 31,         
    ----------------                        ---------------------------  
                                               2009      2008   % Change  
                                               ----      ----   --------  
                                                                         
    Interest Income                        $270,387  $263,827       2.5% 
    Interest Expense                         97,602   126,183     (22.7%)
                                             ------   -------     -----  
        Net Interest Income                 172,785   137,644      25.5% 
    Provision for Loan Losses                45,370    12,568     261.0% 
                                             ------    ------     -----  
        Net Interest Income After                                         
         Provision for Loan Losses          127,415   125,076       1.9% 
    Service Charges                          22,986    23,025      (0.2%)
    ATM / Debit Card Fee Income               7,975     6,820      16.9% 
    BOLI Proceeds and Cash Surrender Value                               
     Income                                   2,892     2,966      (2.5%)
    Gain on Acquisition                     227,342         -     100.0% 
    Gain on Sale of Loans, net               35,108    25,295      38.8% 
    Gain (Loss) on Sale of                                               
     Investments, net                         6,736     1,137     492.2% 
    Title Revenue                            18,476    19,003      (2.8%)
    Broker Commissions                        4,592     5,528     (16.9%)
    Other Noninterest Income                  6,879     8,158     (15.7%)
                                              -----     -----     -----  
        Total Noninterest Income            332,986    91,932     262.2% 
    Salaries and Employee Benefits          114,379    88,971      28.6% 
    Occupancy and Equipment                  24,337    23,294       4.5% 
    Amortization of Acquisition                                          
     Intangibles                              2,893     2,408      20.1% 
    Other Noninterest Expense                81,651    46,553      75.4% 
                                             ------    ------      ----  
        Total Noninterest Expense           223,260   161,226      38.5% 
        Income Before Income Taxes          237,141    55,782     325.1% 
    Income Taxes                             85,891    15,870     441.2% 
                                             ------    ------     -----  
        Net Income                         $151,250   $39,912     279.0% 
                                           ========   =======     =====  
        Preferred Stock Dividends            (3,350)     (348)    100.0% 
                                             ------      ----     =====  
        Earnings Available to Common                                      
         Shareholders -Basic                147,900    39,564     273.8% 
                                            =======    ======     =====  
        Earnings Allocated to Unvested                                    
         Restricted Stock                    (3,733)     (905)    312.5% 
                                             ------      ----     =====  
        Earnings Available to Common                                      
         Shareholders -Diluted              144,167    38,659     272.9% 
                                            =======    ======     =====  
                                                                         
    Earnings Per Share, diluted               $8.03     $2.96     170.8% 
                                              =====     =====     =====  
    
    
                                 IBERIABANK CORPORATION              
                      CONDENSED CONSOLIDATED FINANCIAL INFORMATION       
                      (dollars in thousands except per share data)       
                                                                             
                                       For The Quarter Ended        
                       ----------------------------------------------------
    BALANCE SHEET      December    September   June       March    December 
     (Average)            31,         30,       30,         31,       31,    
    -------------        2009        2009      2009        2009      2008  
                         ----        ----      ----        ----      ---- 
    ASSETS                                                                   
    ------                                                                   
    Cash and                                                                 
    Due From                                                                 
     Banks              $75,435    $59,975    $78,939    $78,204    $77,896 
    Interest-                                                                 
     bearing                                                                  
     Deposits in                                                              
     Banks              305,371    299,591     61,115    130,584    106,618 
    Investment                                                                
     Securities       1,327,579  1,074,896  1,033,274    995,766    889,983 
    Mortgage                                                                  
     Loans                                                                    
     Held for Sale       58,785     60,350     89,298     81,910     44,841 
    Loans, Net of                                                             
     Unearned                                                                 
     Income           5,070,584  4,049,351  3,788,273  3,743,032  3,662,020 
    Allowance for                                                             
     Loan Losses        (49,442)   (45,711)   (42,970)   (40,711)   (39,640)
    Loss Share                                                                
     Receivable         590,804     38,784          -          -          - 
    Other Assets        787,488    592,455    585,016    583,373    583,147 
                        -------    -------    -------    -------    ------- 
      Total Assets   $8,166,604 $6,129,691 $5,592,945 $5,572,158 $5,324,865 
                     ========== ========== ========== ========== ========== 
                                                                              
    LIABILITIES AND                                                           
     SHAREHOLDERS'                                                            
     EQUITY                                                                   
    ---------------                                                           
    Noninterest-                                                              
     bearing                                                                  
    Deposits           $804,918   $583,229   $570,298   $554,269   $575,738 
    Interest-                                                                 
    bearing                                                                   
     Deposits         5,368,692  3,864,927  3,558,739  3,461,866  3,388,765 
                      ---------  ---------  ---------  ---------  --------- 
      Total                                                                  
       Deposits       6,173,610  4,448,156  4,129,037  4,016,135  3,964,503 
    Short-term                                                                
     Borrowings          31,054      2,174     22,489     45,760     32,367 
    Securities Sold                                                           
     Under                                                                    
     Agreements to                                                            
     Repurchase         188,339    210,115    149,664    141,186    138,763 
    Long-term                                                                 
     Debt               681,789    536,877    541,557    552,838    567,562 
    Other                                                                     
     Liabilities        174,133     94,189     86,819     72,430     51,473 
                        -------     ------     ------     ------     ------ 
      Total                                                                  
       Liabilities    7,248,925  5,291,511  4,929,566  4,828,349  4,754,668 
    Total                                                                     
     Shareholders'                                                            
     Equity             917,679    838,180    663,379    743,809    570,197 
                        -------    -------    -------    -------    ------- 
      Total                                                                  
       Liabilities                                                            
       and                                                                   
       Shareholders'                                                          
       Equity        $8,166,604 $6,129,691 $5,592,945 $5,572,158 $5,324,865 
                     ========== ========== ========== ========== ========== 
                                                                             
                                                                             
                                           2009                       2008 
                        ----------------------------------------      ---- 
                        Fourth      Third      Second     First      Fourth  
    INCOME STATEMENT    Quarter    Quarter     Quarter   Quarter     Quarter 
    ----------------    -------    -------     -------   -------     -------  
                                                                             
    Interest                                                                 
     Income             $85,538    $63,554    $60,974    $60,321    $65,074 
    Interest                                                                
     Expense             27,982     22,888     22,698     24,034     27,907 
                         ------     ------     ------     ------     ------ 
      Net                                                                   
       Interest                                                             
       Income            57,556     40,666     38,276     36,287     37,167 
    Provision                                                               
     for Loan                                                               
     Losses               9,260     25,295      7,783      3,032      6,206 
                          -----     ------      -----      -----      ----- 
      Net                                                                   
       Interest                                                             
       Income                                                               
       After                                                                
       Provision                                                            
       for Loan                                                             
       Losses            48,296     15,371     30,493     33,255     30,961 
    Total                                                                   
     Noninterest                                                            
     Income             196,353     80,874     32,030     23,730     20,388 
    Total                                                                   
     Noninterest                                                            
     Expense             75,114     54,540     49,814     43,792     40,552 
                         ------     ------     ------     ------     ------ 
      Income                                                                
       Before                                                               
       Income                                                               
       Taxes            169,535     41,705     12,709     13,193     10,797 
    Income                                                                  
     Taxes               60,633     16,976      4,235      4,048      2,521 
                         ------     ------      -----      -----      ----- 
      Net                                                                  
       Income          $108,902    $24,729     $8,474     $9,145     $8,276 
                       ========    =======     ======     ======     ====== 
      Preferred                                                             
       Stock                                                                
       Dividends              -          -          -     (3,350)      (348)
                           ====       ====       ====     ======       ==== 
      Earnings                                                              
       Available to                                                         
       Common                                                               
       Shareholders
       - Basic         $108,902    $24,729     $8,474     $5,795     $7,928 
                       ========    =======     ======     ======     ====== 
      Earnings                                                              
       Allocated to                                                         
       Unvested                                                             
       Restricted                                                           
       Stock             (2,717)      (603)      (250)      (169)      (212)
                         ------       ----       ----       ----       ---- 
      Earnings                                                              
       Available to                                                         
       Common                                                               
       Shareholders
       - Diluted       $106,185    $24,126     $8,224     $5,626     $7,716 
                       ========    =======     ======     ======     ====== 
                                                                            
    Earnings Per                                                            
     Share, basic         $5.27      $1.22      $0.53      $0.36      $0.58 
                          =====      =====      =====      =====      ===== 
                                                                            
    Earnings Per                                                            
     Share, diluted       $5.23      $1.21      $0.52      $0.36      $0.57 
                          =====      =====      =====      =====      ===== 
                                                                            
    Book Value Per                                                          
     Share               $46.04     $41.41     $41.13     $40.98     $40.53 
                         ======     ======     ======     ======     ====== 
                                                                            
    Return on                                                               
     Average                                                                
     Assets                5.29%      1.60%      0.61%      0.68%      0.62%
    Return on                                                               
     Average                                                                
     Common                                                                 
     Equity               46.94%     11.66%      5.11%      3.59%      5.80%
    Return on                                                               
     Average                                                                
     Tangible                                                               
     Common                                                                 
     Equity               66.26%     17.10%      8.75%      6.35%     11.74%
    
    
                                IBERIABANK CORPORATION                   
                       CONDENSED CONSOLIDATED FINANCIAL INFORMATION        
                                 (dollars in thousands)                    
                                                                           
    LOANS RECEIVABLE                    December 31,             September 30,
    ----------------         --------------------------------    
                             2009          2008      % Change         2009 
                             ----          ----      --------         ---- 
    Residential                                                             
     Mortgage                                                               
     Loans:                                                                 
      Residential 1-                                                       
       4 Family           $975,395      $498,740        95.6%       $514,111 
      Construction/                                                         
       Owner Occupied       32,857        36,693       (10.5%)        19,737 
                            ------        ------       -----          ------ 
        Total                                                                
         Residential                                                         
         Mortgage Loans  1,008,252       535,433        88.3%        533,848 
    Commercial Loans:                                                        
      Real Estate        2,499,843     1,522,965        64.1%      1,817,634 
      Business           1,218,014       775,625        57.0%      1,005,862 
                         ---------       -------        ----       --------- 
        Total                                                              
         Commercial                                                        
         Loans           3,717,857     2,298,590        61.7%      2,823,496 
    Consumer Loans:                                                          
      Indirect                                                              
       Automobile          259,339       265,722        (2.4%)       267,801 
      Home Equity          649,821       501,036        29.7%        523,227 
      Automobile            30,552        28,464         7.3%         30,782 
      Credit Card                                                            
       Loans                44,561        38,014        17.2%         42,527 
      Other                 73,983        77,143        (4.1%)        76,731 
                            ------        ------        ----          ------ 
        Total                                                                
         Consumer                                                            
         Loans           1,058,256       910,379        16.2%        941,068 
                         ---------       -------        ----         ------- 
        Total Loans                                                          
         Receivable      5,784,365     3,744,402        54.5%      4,298,412 
                                                        ====                 
    Allowance for                                                            
     Loan Losses           (55,768)      (40,872)                    (48,791)
                           -------       -------                     ------- 
      Loans                                                                 
       Receivable,                                                          
       Net              $5,728,597    $3,703,530                  $4,249,621 
                        ==========    ==========                  ========== 
                                                                             
                                                                             
    ASSET QUALITY
     DATA                               December 31,             September 30,
    -------------            ---------------------------------  
                             2009          2008       % Change        2009 
                             ----          ----       --------        ---- 
    Nonaccrual Loans      $890,993       $27,825      3102.2%       $123,304 
    Foreclosed Assets           35            38        (6.2%)            55 
    Other Real Estate                                                        
     Owned                  74,056        16,274       355.1%         22,906 
    Accruing Loans                                                           
     More Than 90                                                            
     Days Past Due          43,952         2,481      1671.6%          4,698 
                            ------         -----      ------           ----- 
    Total                                                                    
     Nonperforming                                                           
     Assets             $1,009,036       $46,618      2064.5%       $150,963 
                        ==========       =======      ======        ======== 
                                                                             
    Nonperforming                                                            
     Assets to Total                                                         
     Assets                  10.40%         0.83%     1160.3%           2.33%
    Nonperforming                                                            
     Assets to Total                                                         
     Loans and OREO          17.22%         1.24%     1289.5%           3.49%
    Allowance for                                                            
     Loan Losses to                                                          
     Nonperforming                                                           
     Loans (1)                 6.0%        134.9%      (95.6%)          38.1%
    Allowance for                                                            
     Loan Losses to                                                          
     Nonperforming                                                           
     Assets                    5.5%         87.7%      (93.7%)          32.3%
    Allowance for                                                            
     Loan Losses to                                                          
     Total Loans              0.96%         1.09%      (11.7%)          1.14%
    Year to Date                                                             
     Charge-offs           $33,267       $12,882       158.2%        $29,892 
    Year to Date                                                             
     Recoveries             (2,646)       (2,900)       (8.8%)        (1,554)
                            ------        ------        ----          ------ 
    Year to Date                                                             
     Net Charge-                                                             
     offs                  $30,621        $9,982       206.8%        $28,338 
                           =======        ======       =====         ======= 
    Quarter to Date                                                          
     Net Charge-offs        $2,283        $4,885       (53.3%)       $22,980 
                            ======        ======       =====         ======= 
                                                                             
    (1) Nonperforming loans consist of nonaccruing loans and accruing loans 90
        days or more past due.   
                                                                             
    
                                                                             
    DEPOSITS                           December 31,              September 30,
    --------                ----------------------------------               
                            2009          2008        % Change        2009 
                            ----          ----        --------        ---- 
                                                                             
    Noninterest-                                                             
     bearing Demand                                                          
     Accounts             $985,253      $620,637        58.7%       $628,800 
    NOW Accounts         1,241,241       821,649        51.1%        959,041 
    Savings                                                                  
     and Money                                                               
     Market                                                                  
     Accounts            2,253,065       954,408       136.1%      1,326,202 
    Certificates                                                             
     of Deposit          3,076,589     1,599,122        92.4%      1,861,690 
                         ---------     ---------        ----       --------- 
      Total                                                                  
       Deposits         $7,556,148    $3,995,816        89.1%     $4,775,733 
                        ==========    ==========        ====      ========== 
    
    
                                  IBERIABANK CORPORATION                 
                       CONDENSED CONSOLIDATED FINANCIAL INFORMATION          
                                 Taxable Equivalent Basis                    
                                  (dollars in thousands)                     
                                                                             
                                                                             
                                         For The Quarter Ended     
                                         ---------------------     
                                December 31, 2009      September 30, 2009  
                                -----------------      ------------------  
                                           Average                Average 
                              Average       Yield/    Average      Yield/ 
                              Balance      Rate (%)   Balance     Rate (%)
                              -------      --------   -------     --------
    ASSETS                                                                    
    Earning  Assets:                                                          
      Loans Receivable:                                                       
        Mortgage Loans        $875,454       5.06%   $501,196      5.60%
        Commercial Loans                                                 
         (TE) (1)            3,134,273       5.61%  2,614,911      4.75%
        Consumer and                                                     
         Other Loans         1,060,857       5.82%    933,244      6.42%
                             ---------       ----     -------      ---- 
          Total  Loans       5,070,584       5.56%  4,049,351      5.23%
      Mortgage Loans Held                                                
       for Sale                 58,785       4.75%     60,350      4.72%
      Investment                                                         
       Securities (TE)                                                   
       (1)(2)                1,265,385       3.82%  1,040,275      4.03%
      Other  Earning                                                     
       Assets                1,030,554       0.18%    380,080      0.28%
                             ---------       ----     -------      ---- 
          Total  Earning                                                 
           Assets            7,425,308       4.64%  5,530,056      4.66%
    Allowance for Loan                                                  
     Losses                    (49,442)               (45,711)          
    Nonearning Assets          790,738                645,346           
                               -------                -------           
          Total Assets      $8,166,604             $6,129,691           
                            ==========             ==========           
                                                                         
    LIABILITIES AND                                                      
     SHAREHOLDERS'                                                       
     EQUITY                                                              
    Interest-bearing                                                     
     Liabilities:                                                        
      Deposits:                                                         
        NOW Accounts        $1,083,574       0.76%   $945,141      0.77%
        Savings and                                                    
         Money Market                                                  
         Accounts            1,806,497       1.48%  1,222,273      1.31%
        Certificates                                                   
         of Deposit          2,478,621       2.37%  1,697,513      2.69%
                             ---------       ----   ---------      ---- 
          Total                                                       
           Interest-                                                  
           bearing                                                    
           Deposits          5,368,692       1.75%  3,864,927      1.78%
      Short-term                                                        
       Borrowings              219,394       0.46%    212,289      0.68%
      Long-term Debt           681,789       2.33%    536,877      3.75%
                               -------       ----     -------      ---- 
          Total                                                       
           Interest-                                                  
           bearing                                                    
           Liabilities       6,269,875       1.77%  4,614,093      1.96%
    Noninterest-                                                         
     bearing Demand                                                      
     Deposits                  804,918                583,229           
    Noninterest-bearing                                                  
     Liabilities               174,132                 94,189           
                               -------                 ------           
          Total                                                       
           Liabilities       7,248,925              5,291,511           
    Shareholders'                                                        
     Equity                    917,679                838,180           
                               -------                -------           
          Total                                                       
           Liabilities                                                
           and                                                        
           Shareholders'                                              
           Equity           $8,166,604             $6,129,691           
                            ==========             ==========           
                                                                         
                                                                         
    Net Interest Spread        $57,556       2.87%    $40,666      2.69%
    Tax-equivalent                                                       
     Benefit                     1,896       0.09%      1,631      0.12%
    Net Interest                                                         
     Income (TE) /                                                       
     Net Interest                                                        
     Margin (TE)(1)            $59,452       3.15%    $42,297      3.02%
                                                                         
                                                                         
                                                                         
                               For The Quarter Ended                     
                               ---------------------                         
                                 December 31, 2008                           
                                 -----------------                           
                               Average      Average                           
                               Balance   Yield/Rate (%)                       
                               -------   --------------                       
    ASSETS                                                                    
    Earning  Assets:                                                          
      Loans Receivable:                                                       
        Mortgage Loans        $529,449       5.80%                      
        Commercial Loans                                                     
         (TE) (1)            2,222,997       5.40%                      
        Consumer and                                                         
         Other Loans           909,574       6.85%                      
                               -------       ----                       
          Total  Loans       3,662,020       5.83%                      
      Mortgage Loans Held                                                    
       for Sale                 44,841       5.77%                      
      Investment                                                             
       Securities (TE)                                                       
       (1)(2)                  886,132       5.07%                      
      Other  Earning                                                         
       Assets                  185,657       0.87%                      
                               -------       ----                       
          Total  Earning                                                     
           Assets            4,778,650       5.49%                      
    Allowance for Loan                                                       
     Losses                    (39,640)                                 
    Nonearning Assets          585,855                                  
                               -------                                  
          Total Assets      $5,324,865                                  
                            ==========                                  
                                                                           
    LIABILITIES AND                                                        
     SHAREHOLDERS'                                                         
     EQUITY                                                                
    Interest-bearing                                                       
     Liabilities:                                                          
      Deposits:                                                            
        NOW Accounts          $792,032       1.13%                      
        Savings and                                                         
         Money Market                                                       
         Accounts              979,841       1.76%                      
        Certificates                                                        
         of Deposit          1,616,892       3.54%                      
                             ---------       ----                       
          Total                                                             
           Interest-                                                        
           bearing                                                          
           Deposits          3,388,765       2.46%                      
      Short-term                                                            
       Borrowings              171,130       1.10%                      
      Long-term Debt           567,562       4.47%                      
                               -------       ----                       
          Total                                                             
           Interest-                                                        
           bearing                                                          
           Liabilities       4,127,457       2.67%                      
    Noninterest-                                                            
     bearing Demand                                                         
     Deposits                  575,738                                  
    Noninterest-bearing                                                     
     Liabilities                51,473                                  
                                ------                                  
          Total                                                             
           Liabilities       4,754,668                                  
    Shareholders'                                                           
     Equity                    570,197                                  
                               -------                                  
          Total                                                             
           Liabilities                                                      
           and                                                              
           Shareholders'                                                    
           Equity           $5,324,865                                  
                            ==========                                  
                                                                            
                                                                            
    Net Interest Spread        $37,167       2.82%                      
    Tax-equivalent                                                          
     Benefit                     1,250       0.10%                      
    Net Interest                                                            
     Income (TE) /                                                          
     Net Interest                                                           
     Margin (TE)(1)            $38,417       3.17%                      
                                                                            
                                                                            
    (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)  Balances exclude unrealized gain or loss on securities available for 
         sale and impact of trade date accounting. 
    
    
                              IBERIABANK CORPORATION                          
                    CONDENSED CONSOLIDATED FINANCIAL INFORMATION              
                              Taxable Equivalent Basis                        
                               (dollars in thousands)                         
                                                                              
                                                                              
                                             For The Twelve Months Ended      
                                             ---------------------------      
                                       December 31, 2009    December 31, 2008
                                       -----------------    -----------------
                                                Average              Average  
                                    Average      Yield/    Average    Yield/  
                                    Balance     Rate (%)   Balance   Rate (%) 
                                    -------     --------   -------   -------- 
    ASSETS                                                                    
    ------                                                                    
    Earning  Assets:                                                          
      Loans Receivable:                                                       
        Mortgage Loans              $598,237      5.42%   $554,943      5.88%
        Commercial Loans (TE)(1)   2,614,425      4.97%  2,113,145      5.68%
        Consumer and Other                                                    
         Loans                       953,474      6.32%    867,715      7.12%
                                     -------      ----     -------      ---- 
          Total Loans              4,166,136      5.35%  3,535,803      6.07%
      Mortgage Loans Held                                                     
       for Sale                       72,489      4.76%     59,551      5.83%
      Investment Securities                                                   
       (TE)(1)(2)                  1,070,701      4.20%    876,380      5.08%
      Other Earning Assets           423,743      0.27%    188,694      2.28%
                                     -------      ----     -------      ---- 
          Total  Earning Assets    5,733,069      4.79%  4,660,428      5.72%
    Allowance for Loan                                                        
     Losses                          (44,735)              (39,138)          
    Nonearning Assets                683,481               585,074           
                                     -------               -------           
          Total Assets            $6,371,815            $5,206,364           
                                  ==========            ==========           
                                                                              
    LIABILITIES AND                                                           
     SHAREHOLDERS' EQUITY                                                     
    ---------------------                                                     
    Interest-bearing                                                          
     Liabilities:                                                             
      Deposits:                                                               
        NOW Accounts                $971,990      0.82%   $817,708      1.48%
        Savings and                                                           
         Money Market                                                         
         Accounts                  1,286,254      1.44%    937,026      2.13%
        Certificates of                                                       
         Deposit                   1,809,992      2.72%  1,604,973      4.01%
                                   ---------      ----   ---------      ---- 
          Total                                                              
           Interest-                                                         
           bearing                                                           
           Deposits                4,068,236      1.86%  3,359,707      2.87%
      Short-term                                                              
       Borrowings                    197,824      0.66%    205,120      2.14%
      Long-term Debt                 578,505      3.51%    554,288      4.50%
                                     -------      ----     -------      ---- 
          Total                                                              
           Interest-                                                         
           bearing                                                           
           Liabilities             4,844,565      2.01%  4,119,115      3.05%
    Noninterest-bearing                                                       
     Demand Deposits                 628,742               509,769           
    Noninterest-bearing                                                       
     Liabilities                     107,137                49,314           
                                     -------                ------           
          Total                                                              
           Liabilities             5,580,444             4,678,198           
    Shareholders' Equity             791,371               528,166           
                                     -------               -------           
          Total Liabilities                                                  
           and Shareholders'                                                 
           Equity                 $6,371,815            $5,206,364           
                                  ==========            ==========           
                                                                              
                                                                              
    Net Interest Spread             $172,785      2.78%   $137,644      2.67%
    Tax-equivalent Benefit             6,282      0.11%      4,902      0.10%
    Net Interest Income                                                       
     (TE) /Net Interest                                                       
     Margin (TE) (1)                $179,067      3.09%   $142,546      3.03%
                                                                              
                                                                              
    (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)  Balances exclude unrealized gain or loss on securities available for
         sale and impact of trade date accounting. 
    
    
                              IBERIABANK CORPORATION       
                   RECONCILIATION OF NON-GAAP FINANCIAL MEASURES      
                               (dollars in thousands)       
                                                                            
                                               For The Quarter Ended         
                                               ---------------------         
                                        12/31/2009   9/30/2009   12/31/2008  
                                        ----------   ---------   ----------  
                                                                            
    Net Interest Income                   $57,556     $40,666      $37,167  
    Effect of Tax Benefit on Interest                                       
     Income                                 1,896       1,631        1,250  
                                            -----       -----        -----  
        Net Interest Income (TE) (1)       59,452      42,297       38,417  
                                           ------      ------       ------  
    Noninterest Income                    196,353      80,874       20,388  
    Effect of Tax Benefit on                                                
     Noninterest Income                       393         393          365  
                                              ---         ---          ---  
        Noninterest Income (TE) (1)       196,746      81,267       20,753  
                                          -------      ------       ------  
          Total Revenues (TE) (1)        $256,198    $123,564      $59,170  
                                         ========    ========      =======  
                                                                            
    Total Noninterest Expense             $75,114     $54,540      $40,552  
    Less Intangible Amortization                                            
     Expense                               (1,022)       (627)        (684) 
                                           ------        ----         ----  
        Tangible Operating Expense (2)    $74,092     $53,913      $39,868  
                                          =======     =======      =======  
                                                                            
    Return on Average Common Equity         46.94%      11.66%        5.80% 
      Effect of Intangibles (2)             19.32%       5.44%        5.94% 
                                            -----        ----         ----  
    Return on Average Tangible Common                                       
     Equity (2)                             66.26%      17.10%       11.74% 
                                            =====       =====        =====  
                                                                            
    Efficiency Ratio                         29.6%       44.9%        70.5% 
    Effect of Tax Benefit Related                                           
     to Tax Exempt Income                    (0.3%)      (0.8%)       (1.9%)
                                             ----        ----         ----  
      Efficiency Ratio (TE) (1)              29.3%       44.1%        68.6% 
    Effect of Amortization of                                               
     Intangibles                             (0.4%)      (0.5%)       (1.2%)
                                             ----        ----         ----  
      Tangible Efficiency Ratio (TE)(1)(2)   28.9%       43.6%        67.4% 
                                             ====        ====         ====  
                                                                            
    (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.    

SOURCE IBERIABANK Corporation



RELATED LINKS

http://www.iberiabank.com