IBERIABANK Corporation Reports Second Quarter Results

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Jul 19, 2019, 07:00 ET

LAFAYETTE, La., July 19, 2019 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 132-year-old IBERIABANK (www.iberiabank.com), reported financial results for the second quarter ended June 30, 2019. For the quarter, the Company reported net income available to common shareholders of $100.6 million, or $1.86 diluted earnings per common share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the second quarter of 2019 was $1.87 per common share, compared to $1.71 in the year-ago period, an increase of 9% (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics).

Daryl G. Byrd, President and Chief Executive Officer, commented, "We reported very strong financial results in the second quarter driven by solid increases in revenues, strong loan growth, a stable net interest margin and improvements in our non-interest income fee businesses. Looking to the second half of 2019, we remain confident in our ability to navigate through an ever-changing economic environment and deliver solid results."

Highlights for the second quarter of 2019 and at June 30, 2019:

	For the three months ended
	GAAP						Non-GAAP Core
	2Q19			1Q19			2Q19			1Q19
Diluted Earnings Per Common Share	$	1.86		$	1.75		$	1.87		$	1.72
Return on Average Assets	1.30		%	1.32		%	1.31		%	1.29		%
Return on Average Common Equity	10.05		%	9.85		%	10.13		%	9.66		%
Return on Average Tangible Common Equity	N/A			N/A			15.58		%	15.03		%
Efficiency Ratio	54.0		%	52.4		%	53.8		%	53.2		%
Tangible Efficiency Ratio (TE)	N/A			N/A			52.0		%	51.3		%

Strong 2Q19 for both GAAP and Core EPS, improving 6% and 9%, respectively, on a linked quarter basis.
Total revenue grew $11.2 million, or 4%, on a linked quarter basis, primarily as a result of strong loan growth and improvements in non-interest income.
Solid growth in non-interest income on a GAAP basis, increasing $6.3 million, or 12%, from 1Q19:

Mortgage income increased $6.6 million, or 56%, on a linked quarter basis.
Title revenue increased $1.7 million, or 32%, on a linked quarter basis.
Customer swap income decreased $1.7 million on a linked quarter basis.

Total loan growth of $387.0 million on a linked quarter basis, or 7% annualized, primarily driven by growth in corporate asset finance, energy, and mortgage.
The Company's reported and cash net interest margins decreased 2 and 5 basis points on a linked quarter basis, to 3.57% and 3.37%, respectively. The Company realized $7.2 million in recoveries.
Credit metrics remained strong and stable. No signs of deterioration in the loan portfolio.
During 2Q19, the Company repurchased 1.76 million common shares at a weighted average price of $76.59 per common share.
On April 4, 2019, the Company issued and sold 4.0 million depositary shares, each representing 1/400th interest in a share of non-cumulative perpetual preferred stock. The Series D preferred stock has an initial coupon equal to 6.100% for a period of five years, and thereafter floats at a rate of LIBOR plus 385.9 basis points. The Company raised approximately $100.0 million in gross proceeds from the transaction.

Recent Events:

On July 17, 2019, the Company announced a third quarter cash dividend equal to $0.45 per common share payable on October 25, 2019. This represents a 5% increase in the quarterly dividend.
Also on July 17, 2019, the Company announced the completion of its November 2018 share repurchase program for 2.765 million shares of IBERIABANK Corporation common stock. Additionally, the Company announced the commencement of a new share repurchase program of up to 1.6 million shares, or approximately 3% of outstanding common shares.

Table A - Summary Financial Results
(Dollars in thousands, except per share data)

	For the Three Months Ended
	6/30/2019			3/31/2019			*% Change*	6/30/2018			*% Change*
GAAP BASIS:
Income available to common shareholders	$	100,649		$	96,533		4.3	$	74,175		35.7
Earnings per common share - diluted	1.86			1.75			6.3	1.30			43.1

Average loans and leases, net of unearned income	$	23,120,689		$	22,599,686		2.3	$	21,830,720		5.9
Average total deposits	24,102,704			23,678,400			1.8	23,155,871			4.1
Net interest margin (TE) ⁽¹⁾	3.57		%	3.59		%		3.76		%

Total revenues	$	314,164		$	302,993		3.7	$	310,053		1.3
Total non-interest expense	169,618			158,753			6.8	196,776			(13.8)
Efficiency ratio	54.0		%	52.4		%		63.5		%
Return on average assets	1.30			1.32				1.01
Return on average common equity	10.05			9.85				7.87

NON-GAAP BASIS ⁽²⁾:
Core revenues	$	315,176		$	302,993		4.0	$	310,050		1.7
Core non-interest expense	169,543			161,239			5.2	175,344			(3.3)
Core earnings per common share - diluted	1.87			1.72			8.7	1.71			9.4
Core tangible efficiency ratio (TE) ^{(1) (3)}	52.0		%	51.3		%		54.3		%
Core return on average assets	1.31			1.29				1.32
Core return on average common equity	10.13			9.66				10.30
Core return on average tangible common equity	15.58			15.03				16.70
Net interest margin (TE) - cash basis ⁽¹⁾	3.37			3.42				3.49

⁽¹⁾ Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

⁽²⁾ See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.

⁽³⁾ Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

Operating Results

Net interest income increased $4.9 million, or 2%, on a linked quarter basis. Average loans increased $521.0 million, or 9% annualized, and the associated taxable-equivalent yield increased 5 basis points. On a linked quarter basis, the yield on total earning assets was 2 basis points higher at 4.70% compared to 4.68% in the prior quarter. The increase in loan yield was primarily driven by higher recoveries in the acquired loan portfolio.

Average interest-bearing deposits increased $253.4 million, or 6% annualized, and the cost of interest-bearing deposits rose 10 basis points to 1.50% on a linked quarter basis. Total average interest-bearing liabilities increased by $100.6 million, or 2% annualized, and the cost of interest-bearing liabilities rose 8 basis points to 1.61%. The total cost of funding in the second quarter of 2019 was 1.22%, compared to 1.17% in the prior quarter. The increase in cost of funds was primarily due to brokered wholesale CD issuances and promotional activity in customer time deposits, as well as an upward repricing of certain variable rate deposits. The increase in cost of funds resulted in a decrease in the reported and cash net interest margins of 2 and 5 basis points to 3.57% and 3.37%, respectively.

The provision for credit losses totaled $10.8 million, compared to $13.8 million in the prior quarter. Asset quality measures remained strong and stable. Net charge-offs to average loans on an annualized basis were 0.14% compared to 0.13% in the prior quarter. Non-performing assets to total assets were 0.60% compared to 0.58% in the prior quarter. On a linked quarter basis, the allowance for loan and lease losses to total loans and leases increased slightly to 0.63% compared to 0.62% in the prior quarter and covered 92% of non-performing loans.

Non-interest income increased $6.3 million, or 12%, on a linked quarter basis. Excluding $1.0 million in losses on the sale of available-for-sale securities, core non-interest income increased $7.3 million, or 14% from the first quarter. The increases were primarily driven by a $6.6 million increase in mortgage income and a $1.7 million increase in title revenue. These increases were partially offset by a decrease of $1.7 million in customer swap income.

Non-interest expense increased $10.9 million, or 7%, compared to the linked quarter, primarily driven by a $5.1 million increase in salaries and employee benefits expenses (including commissions), a $1.8 million increase in professional services expenses, and a $1.3 million increase in credit and other loan related expenses.

The effective tax rate increased from 23.3% in the first quarter of 2019 to 24.1% in the second quarter of 2019, resulting in an increase in income tax expense of $1.8 million when compared to the prior quarter.

On a linked quarter basis, the efficiency ratio increased to 54.0% from 52.4%, primarily due to an increase in salaries and employee benefits expenses, while the non-GAAP core tangible efficiency ratio increased to 52.0% compared to 51.3%. The Company continues to focus on cost containment and revenue enhancement efforts to deliver positive operating leverage in 2019. Refer to Table A for a summary of financial results on both a GAAP and non-GAAP basis.

Table B - Summary Financial Condition Results
(Dollars in thousands, except per share data)

		As of and For the Three Months Ended
		6/30/2019			3/31/2019			*% Change*	6/30/2018			*% Change*
PERIOD-END BALANCES:
	Total loans and leases, net of unearned income	$	23,355,311		$	22,968,295		1.7	$	22,075,783		5.8
	Total deposits	24,295,331			24,092,062			0.8	23,430,458			3.7

ASSET QUALITY RATIOS:
	Loans 30-89 days past due and still accruing as a percentage of total loans ⁽¹⁾	0.18		%	0.20		%		0.20		%
	Loans 90 days or more past due and still accruing as a percentage of total loans ⁽¹⁾	0.00			0.02				0.04
	Non-performing assets to total assets ⁽¹⁾⁽²⁾	0.60			0.58				0.54
	Classified assets to total assets ⁽³⁾	0.97			1.01				1.33

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) ^{(4) (5)}	8.97		%	9.01		%		8.56		%
	Tier 1 leverage ratio ⁽⁶⁾	9.71			9.67				9.54
	Total risk-based capital ratio ⁽⁶⁾	12.34			12.33				12.37

PER COMMON SHARE DATA:
	Book value	$	75.93		$	73.50		3.3	$	67.06		13.2
	Tangible book value (Non-GAAP) ^{(4) (5)}	51.20			49.48			3.5	43.75			17.0
	Closing stock price	75.85			71.71			5.8	75.80			0.1
	Cash dividends	0.43			0.43			—	0.38			13.2

(1)	Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.
(2)	Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. Refer to Table 5 for further detail.
(3)	Classified assets include loans rated substandard or worse, non-performing mortgage and consumer loans, and OREO and foreclosed property and include acquired impaired loans accounted for under ASC 310-30. Classified assets were $306 million, $315 million and $401 million at June 30, 2019, March 31, 2019, and June 30, 2018, respectively.
(4)	See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
(5)	Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.
(6)	Regulatory capital ratios as of June 30, 2019 are preliminary.

Loans and Other Assets

On a linked quarter basis, total loans increased $387.0 million, or 7% annualized, to $23.4 billion at June 30, 2019. Period-end loan growth during the second quarter of 2019 was strongest in the Energy Group (reserve-based and midstream lending), the Corporate Asset Finance Group (equipment financing and leasing business), and the New Orleans and Dallas markets. The Company believes it is well-positioned for diversified loan growth based on our strategic presence in significant MSAs in the Southeastern United States.

Table C - Period-End Loans
(Dollars in thousands)

	As of and For the Three Months Ended
							*Linked Qtr Change*				*Year/Year Change*		Mix
	6/30/2019		3/31/2019		6/30/2018		$	%	*Annualized*		$	%	6/30/2019		3/31/2019
Commercial loans and leases	$	15,980,029	$	15,628,158	$	14,804,720	351,871	2.3	9.0	%	1,175,309	7.9	68.5	%	68.1	%
Residential mortgage loans	4,538,194		4,415,267		4,124,538		122,927	2.8	11.2	%	413,656	10.0	19.4	%	19.2	%
Consumer and other loans	2,837,088		2,924,870		3,146,525		(87,782)	(3.0)	(12.0)	%	(309,437)	(9.8)	12.1	%	12.7	%
Total loans and leases	$	23,355,311	$	22,968,295	$	22,075,783	387,016	1.7	6.8	%	1,279,528	5.8	100.0	%	100.0	%

On an average balance and linked quarter basis, the investment portfolio decreased $173.1 million, or 14% annualized, to $4.8 billion, primarily due to sales of available-for-sale securities. On a period-end basis, investment securities were $4.6 billion, or 15% of total assets. At June 30, 2019, approximately 96% of the investment portfolio was in available-for-sale securities, which experience unrealized gains as interest rates fall. The investment portfolio had an effective duration of 2.6 years at June 30, 2019, down from 3.0 years at March 31, 2019, and a $58.4 million unrealized gain at June 30, 2019, up from a $6.0 million unrealized loss at March 31, 2019. The average yield on investment securities decreased 7 basis points to 2.83% in the second quarter of 2019. The investment portfolio primarily consists of government agency securities. Municipal securities comprised 7% of total investments at June 30, 2019.

Deposits and Funding

Total deposits increased $203.3 million, or 3% annualized, to $24.3 billion at June 30, 2019.

Table D - Period-End Deposits
(Dollars in thousands)
							*Linked Qtr Change*				*Year/Year Change*		Mix
	6/30/2019		3/31/2019		6/30/2018		$	%	*Annualized*		$	%	6/30/2019		3/31/2019
Non-interest-bearing	$	6,474,394	$	6,448,613	$	6,814,441	25,781	0.4	1.6	%	(340,047)	(5.0)	26.6	%	26.8	%
NOW accounts	4,610,577		4,452,966		4,453,152		157,611	3.5	14.2	%	157,425	3.5	19.0	%	18.5	%
Money market accounts	8,192,752		8,348,509		8,467,906		(155,757)	(1.9)	(7.5)	%	(275,154)	(3.2)	33.7	%	34.6	%
Savings accounts	702,711		770,754		850,425		(68,043)	(8.8)	(35.4)	%	(147,714)	(17.4)	2.9	%	3.2	%
Time deposits	4,314,897		4,071,220		2,844,534		243,677	6.0	24.0	%	1,470,363	51.7	17.8	%	16.9	%
Total deposits	$	24,295,331	$	24,092,062	$	23,430,458	203,269	0.8	3.4	%	864,873	3.7	100.0	%	100.0	%

Asset Quality

Credit quality remained strong and stable. Classified assets decreased $10.8 million, or 3%, from March 31, 2019 and were 0.97% of total assets, compared to 1.01% in the prior quarter and 1.33% in the prior year. Non-performing assets to total assets were 0.60% at June 30, 2019, compared to 0.58% in the prior quarter. Loans 30-89 days past due and still accruing decreased $2.3 million, or 5%, compared to the prior quarter and represented 0.18% of total loans and leases, compared to 0.20% in the prior quarter. As a percentage of average loans and leases, annualized net charge-offs were 0.14%, up 1 basis point compared to the prior quarter.

The allowance for loan and lease losses was $146.4 million, up $3.4 million compared to the prior quarter. As of June 30, 2019, the allowance for loan and lease losses was 0.63% of total loans and leases, up 1 basis point compared to March 31, 2019.

Refer to Table 5 - Loans and Asset Quality Data for further information.

Capital Position

At June 30, 2019, the non-GAAP tangible common equity ratio was 8.97%, down 4 basis points compared to March 31, 2019, and the preliminary Tier 1 leverage ratio was 9.71%, up 4 basis points compared to March 31, 2019. The preliminary calculation of the total risk-based capital ratio at June 30, 2019, was 12.34%, up 1 basis point compared to March 31, 2019.

At June 30, 2019, book value per common share was $75.93, up $2.43 per share, compared to March 31, 2019. Tangible book value per common share was $51.20, up $1.72 per share, compared to March 31, 2019. Based on the closing stock price of the Company's common stock of $75.27 per share on July 18, 2019, this price equated to 0.99 times June 30, 2019 book value per common share and 1.47 times June 30, 2019 tangible book value per common share.

Dividends On Capital Stock. The declaration of dividends is at the discretion of the Board of Directors. The following details the recent dividend declarations:

Common Stock. On May 9, 2019, the Company announced a quarterly cash dividend of $0.43 per common share, consistent with the common dividend declared in March 2019. The dividend is payable on July 26, 2019 to shareholders of record as of June 28, 2019. Additionally, on July 17, 2019 the Company announced a third quarter dividend of $0.45 per common share payable on October 25, 2019 to shareholders of record as of September 30, 2019.

Preferred Stock. On July 3, 2019, the Company announced a semi-annual cash dividend of $0.8281 per depositary share of Series B Preferred Stock that is payable on August 1, 2019 to shareholders of record as of July 17, 2019. On July 3, 2019, the Company also announced a quarterly cash dividend of $0.4125 per depositary share of Series C Preferred Stock that is payable on August 1, 2019 to shareholders of record as of July 17, 2019.

On April 4, 2019, the Company issued and sold 4.0 million depositary shares, each representing a 1/400th ownership interest in a share of non-cumulative perpetual preferred stock. The Series D preferred stock has an initial coupon equal to 6.100% for a period of five years, and thereafter floats at a rate of LIBOR plus 385.9 basis points. The Company raised approximately $100.0 million in gross proceeds from the transaction.

Common Stock Repurchase Program. During the second quarter of 2019, the Company repurchased 1,759,849 common shares, at a weighted average price of $76.59 per common share. At June 30, 2019, the Company had approximately 117,230 remaining shares to be repurchased under the Board-approved plan. On July 17, 2019, the Company announced the completion of this plan. The Company's recently completed share repurchase program was announced on November 5, 2018 and completed on July 12, 2019. During that time, the Company purchased 2,765,000 shares of its common stock at a weighted average price of $75.52 per share. On July 17, 2019 the Board of Directors authorized a new repurchase plan of up to 1,600,000 shares of the Company's common stock. This repurchase authorization equated to approximately 3% of total common shares outstanding. Stock repurchases under this program will be made from time to time, on the open market or in privately negotiated transactions at the discretion of the management of the Company. The timing of these repurchases will depend on market conditions and other requirements. The Company currently anticipates the share repurchase program will extend over a two-year period, or earlier if the shares have been repurchased.

Updated 2019 Financial Guidance

Updated 2019 Guidance
Average Earning Assets	$28.6B ~ $28.8B
Consolidated Loan Growth	5% ~ 7%
Consolidated Deposit Growth	5% ~ 7%
Provision Expense	$41MM ~ $45MM
Non-Interest Income (Core Basis)	$222MM ~ $230MM
Non-Interest Expense (Core Basis)	$667MM ~ $677MM
Net Interest Margin	3.48% ~ 3.54%
Tax Rate	23.0% ~ 24.0%
Preferred Dividend	$17.0MM ~ $18.0MM
Share Repurchase Activity	$235MM ~ $240MM
Credit Quality	Stable

Updated guidance includes two interest rate cuts of 25 basis points; one each in July and September 2019

IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company with locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York offering commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, mortgage, and title insurance services.

The Company's common stock trades on the NASDAQ Global Select Market under the symbol "IBKC". The Company's Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock also trade on the NASDAQ Global Select Market under the symbols "IBKCP", "IBKCO", and "IBKCN", respectively. The Company's common stock market capitalization was approximately $4.0 billion, based on the closing stock price on July 18, 2019.

The following 10 investment firms currently provide equity research coverage on the Company:

Bank of America Merrill Lynch
Janney Montgomery Scott, LLC
Hovde Group, LLC
Jefferies & Co., Inc.
Keefe, Bruyette & Woods, Inc.
Piper Jaffray & Co.
Raymond James & Associates, Inc.
Sandler O'Neill + Partners, L.P.
Stephens, Inc.
SunTrust Robinson-Humphrey

Conference Call

In association with this earnings release, the Company will host a live conference call to discuss the financial results for the quarter just completed. The telephone conference call will be held on Friday, July 19, 2019, beginning at 8:30 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 4057575. A replay of the call will be available until midnight Central Time on July 26, 2019, by dialing 1-877-344-7529. The confirmation code for the replay is 10131974. 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 "Financial Information" and "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. Non-GAAP measures in this press release include, but are not limited to, descriptions such as core, tangible, and pre-tax pre-provision. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that in management's opinion can distort period-to-period comparisons of the Company's performance. Transactions that are typically excluded from non-GAAP performance measures include realized and unrealized gains/losses on former bank owned real estate, realized gains/losses on securities, income tax gains/losses, merger-related charges and recoveries, litigation charges and recoveries, debt repayment penalties, and gains, losses, and impairment charges on long-lived assets. 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 presented in the supplemental tables at the end of this release. Please refer to the supplemental tables for these reconciliations.

Caution About Forward-Looking Statements

This press release contains "forward-looking statements," which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. Due to various factors, actual results may differ materially from our forward-looking statements. Factors that could cause our actual results to differ materially from our forward-looking statements are described under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors" and "Regulation and Supervision" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website, www.sec.gov, and the Company's website, www.iberiabank.com. To the extent that statements in this press release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology.

Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this press release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

Table 1 - IBERIABANK CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)

		As of and For the Three Months Ended
INCOME DATA:		6/30/2019			3/31/2019			*% Change*	6/30/2018			*% Change*
	Net interest income	$	255,339		$	250,484		1.9	$	256,113		(0.3)
	Net interest income (TE) ⁽¹⁾	256,677			251,833			1.9	257,562			(0.3)
	Total revenues	314,164			302,993			3.7	310,053			1.3
	Provision for credit losses	10,755			13,763			(21.9)	7,696			39.7
	Non-interest expense	169,618			158,753			6.8	196,776			(13.8)
	Net income available to common shareholders	100,649			96,533			4.3	74,175			35.7

PER COMMON SHARE DATA:
	Earnings available to common shareholders - basic	$	1.87		$	1.76		6.3	$	1.31		42.7
	Earnings available to common shareholders - diluted	1.86			1.75			6.3	1.30			43.1
	Core earnings (Non-GAAP) ⁽²⁾	1.87			1.72			8.7	1.71			9.4
	Book value	75.93			73.50			3.3	67.06			13.2
	Tangible book value (Non-GAAP)^{(2) (3)}	51.20			49.48			3.5	43.75			17.0
	Closing stock price	75.85			71.71			5.8	75.80			0.1
	Cash dividends	0.43			0.43			—	0.38			13.2

KEY RATIOS AND OTHER DATA ⁽⁶⁾:
	Net interest margin (TE) ⁽¹⁾	3.57		%	3.59		%		3.76		%
	Efficiency ratio	54.0			52.4				63.5
	Core tangible efficiency ratio (TE) (Non-GAAP) ^{(1) (2) (3)}	52.0			51.3				54.3
	Return on average assets	1.30			1.32				1.01
	Return on average common equity	10.05			9.85				7.87
	Core return on average tangible common equity (Non-GAAP) ⁽²⁾⁽³⁾	15.58			15.03				16.70
	Effective tax rate	24.1			23.3				28.8
	Full-time equivalent employees	3,418			3,384				3,543

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) ^{(2) (3)}	8.97		%	9.01		%		8.56		%
	Tangible common equity to risk-weighted assets ⁽³⁾	10.45			10.60				10.18
	Tier 1 leverage ratio ⁽⁴⁾	9.71			9.67				9.54
	Common equity Tier 1 (CET 1) ratio ⁽⁴⁾	10.38			10.73				10.72
	Tier 1 capital ratio ⁽⁴⁾	11.26			11.24				11.27
	Total risk-based capital ratio ⁽⁴⁾	12.34			12.33				12.37
	Common stock dividend payout ratio	22.6			24.3				28.9
	Classified assets to Tier 1 capital ⁽⁷⁾	10.4			11.0				14.7

ASSET QUALITY RATIOS:
	Non-performing assets to total assets ⁽⁵⁾	0.60		%	0.58		%		0.54		%
	ALLL to total loans and leases	0.63			0.62				0.62
	Net charge-offs to average loans (annualized)	0.14			0.13				0.21
	Non-performing assets to total loans and OREO ⁽⁵⁾	0.80			0.79				0.74

(1)	Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.
(2)	See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
(3)	Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.
(4)	Regulatory capital ratios as of June 30, 2019 are preliminary.
(5)	Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. For purposes of this table, past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.
(6)	All ratios are calculated on an annualized basis for the periods indicated.
(7)	Classified assets include loans rated substandard or worse, non-performing mortgage and consumer loans, and OREO and foreclosed property and include acquired impaired loans accounted for under ASC 310-30.

Table 2 - IBERIABANK CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, except per share data)

	For the Three Months Ended
					*Linked Qtr* *Change*								*Year/Year Change*
	6/30/2019		3/31/2019		$	%	12/31/2018		9/30/2018		6/30/2018		$	%
Interest income	$	335,967	$	326,084	9,883	3.0	$	330,196	$	317,067	$	303,823	32,144	10.6
Interest expense	80,628		75,600		5,028	6.7	65,175		57,842		47,710		32,918	69.0
Net interest income	255,339		250,484		4,855	1.9	265,021		259,225		256,113		(774)	(0.3)
Provision for credit losses	10,755		13,763		(3,008)	(21.9)	13,094		11,384		7,696		3,059	39.7
Net interest income after provision for credit losses	244,584		236,721		7,863	3.3	251,927		247,841		248,417		(3,833)	(1.5)
Mortgage income	18,444		11,849		6,595	55.7	10,379		12,729		13,721		4,723	34.4
Service charges on deposit accounts	12,847		12,810		37	0.3	13,425		13,520		12,950		(103)	(0.8)
Title revenue	6,895		5,225		1,670	32.0	5,996		6,280		6,846		49	0.7
Broker commissions	2,044		1,953		91	4.7	1,951		2,627		2,396		(352)	(14.7)
ATM/debit card fee income	3,032		2,582		450	17.4	2,267		2,470		2,925		107	3.7
Income from bank owned life insurance	1,750		1,797		(47)	(2.6)	2,023		1,744		1,261		489	38.8
(Loss) gain on sale of available-for-sale securities	(1,014)		—		(1,014)	(100.0)	(49,844)		—		3		(1,017)	(33,900.0)
Trust department income	4,388		4,167		221	5.3	4,319		3,993		4,243		145	3.4
Other non-interest income	10,439		12,126		(1,687)	(13.9)	10,453		9,724		9,595		844	8.8
Total non-interest income	58,825		52,509		6,316	12.0	969		53,087		53,940		4,885	9.1
Salaries and employee benefits	103,375		98,296		5,079	5.2	101,551		101,159		107,445		(4,070)	(3.8)
Occupancy and equipment	18,999		18,564		435	2.3	18,379		18,889		19,931		(932)	(4.7)
Amortization of acquisition intangibles	4,786		5,009		(223)	(4.5)	5,083		5,382		6,111		(1,325)	(21.7)
Computer services expense	9,383		9,157		226	2.5	8,942		9,036		9,309		74	0.8
Professional services	6,244		4,450		1,794	40.3	8,628		5,519		7,160		(916)	(12.8)
Credit and other loan related expense	4,141		2,859		1,282	44.8	4,776		4,830		5,089		(948)	(18.6)
Other non-interest expense	22,690		20,418		2,272	11.1	21,630		24,247		41,731		(19,041)	(45.6)
Total non-interest expense	169,618		158,753		10,865	6.8	168,989		169,062		196,776		(27,158)	(13.8)
Income before income taxes	133,791		130,477		3,314	2.5	83,907		131,866		105,581		28,210	26.7
Income tax expense (benefit)	32,193		30,346		1,847	6.1	(46,132)		30,401		30,457		1,736	5.7
Net income	101,598		100,131		1,467	1.5	130,039		101,465		75,124		26,474	35.2
Less: Preferred stock dividends	949		3,598		(2,649)	(73.6)	949		3,599		949		—	—
Net income available to common shareholders	$	100,649	$	96,533	4,116	4.3	$	129,090	$	97,866	$	74,175	26,474	35.7

Income available to common shareholders - basic	$	100,649	$	96,533	4,116	4.3	$	129,090	$	97,866	$	74,175	26,474	35.7
Less: Earnings allocated to unvested restricted stock	999		933		66	7.1	1,214		908		767		232	30.2
Earnings allocated to common shareholders	$	99,650	$	95,600	4,050	4.2	$	127,876	$	96,958	$	73,408	26,242	35.7

Earnings per common share - basic	$	1.87	$	1.76	0.11	6.3	$	2.33	$	1.74	$	1.31	0.56	42.7

Earnings per common share - diluted	1.86		1.75		0.11	6.3	2.32		1.73		1.30		0.56	43.1
Impact of non-core items (Non-GAAP)⁽¹⁾	0.01		(0.03)		0.04	133.3	(0.46)		0.01		0.41		(0.40)	(97.6)
Earnings per share - diluted, excluding non-core items (Non-GAAP)⁽¹⁾	$	1.87	$	1.72	0.15	8.7	$	1.86	$	1.74	$	1.71	0.16	9.4

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic	53,345		54,177		(832)	(1.5)	54,892		55,571		55,931		(2,586)	(4.6)
Weighted average common shares outstanding - diluted	53,674		54,539		(865)	(1.6)	55,215		55,945		56,287		(2,613)	(4.6)
Book value shares (period end)	52,805		54,551		(1,746)	(3.2)	54,796		56,007		56,390		(3,585)	(6.4)

⁽¹⁾ See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.

Table 3 - IBERIABANK CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, except per share data)

	For the Six Months Ended
					*Change*
	6/30/2019		6/30/2018		$	%
Interest income	$	662,051	$	574,366	87,685	15.3
Interest expense	156,228		85,364		70,864	83.0
Net interest income	505,823		489,002		16,821	3.4
Provision for credit losses	24,518		15,907		8,611	54.1
Net interest income after provision for credit losses	481,305		473,095		8,210	1.7
Mortgage income	30,293		23,316		6,977	29.9
Service charges on deposit accounts	25,657		25,858		(201)	(0.8)
Title revenue	12,120		11,873		247	2.1
Broker commissions	3,997		4,617		(620)	(13.4)
ATM/debit card fee income	5,614		5,558		56	1.0
Income from bank owned life insurance	3,547		2,543		1,004	39.5
(Loss) gain on sale of available-for-sale securities	(1,014)		(56)		(958)	(1,710.7)
Trust department income	8,555		7,669		886	11.6
Other non-interest income	22,565		17,128		5,437	31.7
Total non-interest income	111,334		98,506		12,828	13.0
Salaries and employee benefits	201,671		212,031		(10,360)	(4.9)
Occupancy and equipment	37,563		39,978		(2,415)	(6.0)
Amortization of acquisition intangibles	9,795		11,213		(1,418)	(12.6)
Computer services expense	18,540		21,702		(3,162)	(14.6)
Professional services	10,694		14,551		(3,857)	(26.5)
Credit and other loan related expense	7,000		9,482		(2,482)	(26.2)
Other non-interest expense	43,108		75,890		(32,782)	(43.2)
Total non-interest expense	328,371		384,847		(56,476)	(14.7)
Income before income taxes	264,268		186,754		77,514	41.5
Income tax expense	62,539		48,009		14,530	30.3
Net income	201,729		138,745		62,984	45.4
Less: Preferred stock dividends	4,547		4,547		—	—
Net income available to common shareholders	$	197,182	$	134,198	62,984	46.9

Income available to common shareholders - basic	$	197,182	$	134,198	62,984	46.9
Less: Earnings allocated to unvested restricted stock	1,931		1,409		522	37.0
Earnings allocated to common shareholders	$	195,251	$	132,789	62,462	47.0

Earnings per common share - basic	$	3.63	$	2.42	1.21	50.0

Earnings per common share - diluted	3.61		2.41		1.20	49.8
Impact of non-core items (Non-GAAP) ⁽¹⁾	(0.01)		0.68		(0.69)	(101.5)
Earnings per share - diluted, excluding non-core items (Non-GAAP) ⁽¹⁾	$	3.60	$	3.09	0.51	16.5

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic	53,758		54,780		(1,022)	(1.9)
Weighted average common shares outstanding - diluted	54,104		55,133		(1,029)	(1.9)
Book value shares (period end)	52,805		56,390		(3,585)	(6.4)

(1) See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.

TABLE 4 - IBERIABANK CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

PERIOD-END BALANCES					*Linked Qtr Change*								*Year/Year Change*
ASSETS	6/30/2019		3/31/2019		$	%	12/31/2018		9/30/2018		6/30/2018		$	%
Cash and due from banks	$	289,502	$	280,680	8,822	3.1	$	294,186	$	291,083	$	299,268	(9,766)	(3.3)
Interest-bearing deposits in other banks	499,813		391,217		108,596	27.8	396,267		184,852		428,120		71,693	16.7
Total cash and cash equivalents	789,315		671,897		117,418	17.5	690,453		475,935		727,388		61,927	8.5
Investment securities available for sale	4,455,308		4,873,778		(418,470)	(8.6)	4,783,579		4,634,124		4,650,915		(195,607)	(4.2)
Investment securities held to maturity	192,917		198,958		(6,041)	(3.0)	207,446		213,561		221,030		(28,113)	(12.7)
Total investment securities	4,648,225		5,072,736		(424,511)	(8.4)	4,991,025		4,847,685		4,871,945		(223,720)	(4.6)
Mortgage loans held for sale	187,987		128,451		59,536	46.3	107,734		42,976		78,843		109,144	138.4
Loans and leases, net of unearned income	23,355,311		22,968,295		387,016	1.7	22,519,815		22,343,906		22,075,783		1,279,528	5.8
Allowance for loan and lease losses	(146,386)		(142,966)		(3,420)	2.4	(140,571)		(136,950)		(136,576)		(9,810)	7.2
Loans and leases, net	23,208,925		22,825,329		383,596	1.7	22,379,244		22,206,956		21,939,207		1,269,718	5.8
Premises and equipment, net	295,897		297,342		(1,445)	(0.5)	300,507		304,605		326,213		(30,316)	(9.3)
Goodwill and other intangible assets	1,317,151		1,319,992		(2,841)	(0.2)	1,324,269		1,313,478		1,320,664		(3,513)	(0.3)
Other assets	999,032		944,442		54,590	5.8	1,039,783		926,752		861,902		137,130	15.9
Total assets	$	31,446,532	$	31,260,189	186,343	0.6	$	30,833,015	$	30,118,387	$	30,126,162	1,320,370	4.4

LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	6,474,394	$	6,448,613	25,781	0.4	$	6,542,490	$	6,544,926	$	6,814,441	(340,047)	(5.0)
NOW accounts	4,610,577		4,452,966		157,611	3.5	4,514,113		4,247,533		4,453,152		157,425	3.5
Savings and money market accounts	8,895,463		9,119,263		(223,800)	(2.5)	9,066,205		9,159,036		9,318,331		(422,868)	(4.5)
Time deposits	4,314,897		4,071,220		243,677	6.0	3,640,623		3,241,951		2,844,534		1,470,363	51.7
Total deposits	24,295,331		24,092,062		203,269	0.8	23,763,431		23,193,446		23,430,458		864,873	3.7
Short-term borrowings	813,000		845,000		(32,000)	(3.8)	1,167,000		790,000		595,000		218,000	36.6
Securities sold under agreements to repurchase	184,507		261,131		(76,624)	(29.3)	315,882		452,719		459,213		(274,706)	(59.8)
Trust preferred securities	120,110		120,110		—	—	120,110		120,110		120,110		—	—
Other long-term debt	1,254,649		1,355,345		(100,696)	(7.4)	1,046,041		1,346,700		1,318,504		(63,855)	(4.8)
Other liabilities	540,935		444,710		96,225	21.6	364,274		273,051		289,468		251,467	86.9
Total liabilities	27,208,532		27,118,358		90,174	0.3	26,776,738		26,176,026		26,212,753		995,779	3.8
Total shareholders' equity	4,238,000		4,141,831		96,169	2.3	4,056,277		3,942,361		3,913,409		324,591	8.3
Total liabilities and shareholders' equity	$	31,446,532	$	31,260,189	186,343	0.6	$	30,833,015	$	30,118,387	$	30,126,162	1,320,370	4.4

TABLE 4 Continued - IBERIABANK CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

AVERAGE BALANCES					*Linked Qtr Change*								*Year/Year Change*
ASSETS	6/30/2019		3/31/2019		$	%	12/31/2018		9/30/2018		6/30/2018		$	%
Cash and due from banks	$	275,917	$	291,659	(15,742)	(5.4)	$	281,509	$	279,918	$	296,907	(20,990)	(7.1)
Interest-bearing deposits in other banks	436,948		332,638		104,310	31.4	385,619		259,455		392,906		44,042	11.2
Total cash and cash equivalents	712,865		624,297		88,568	14.2	667,128		539,373		689,813		23,052	3.3
Investment securities available for sale	4,650,757		4,816,855		(166,098)	(3.4)	4,567,564		4,673,454		4,629,177		21,580	0.5
Investment securities held to maturity	195,639		202,601		(6,962)	(3.4)	211,333		216,419		222,764		(27,125)	(12.2)
Total investment securities	4,846,396		5,019,456		(173,060)	(3.4)	4,778,897		4,889,873		4,851,941		(5,545)	(0.1)
Mortgage loans held for sale	159,931		95,588		64,343	67.3	63,033		87,823		72,917		87,014	119.3
Loans and leases, net of unearned income	23,120,689		22,599,686		521,003	2.3	22,364,188		22,162,373		21,830,720		1,289,969	5.9
Allowance for loan and lease losses	(145,854)		(140,915)		(4,939)	3.5	(138,675)		(139,075)		(145,565)		(289)	0.2
Loans and leases, net	22,974,835		22,458,771		516,064	2.3	22,225,513		22,023,298		21,685,155		1,289,680	5.9
Premises and equipment, net	298,119		299,741		(1,622)	(0.5)	302,956		315,259		327,686		(29,567)	(9.0)
Goodwill and other intangible assets	1,318,182		1,322,288		(4,106)	(0.3)	1,318,200		1,316,527		1,338,420		(20,238)	(1.5)
Other assets	961,494		1,013,359		(51,865)	(5.1)	977,740		874,078		804,920		156,574	19.5
Total assets	$	31,271,822	$	30,833,500	438,322	1.4	$	30,333,467	$	30,046,231	$	29,770,852	1,500,970	5.0

LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	6,442,217	$	6,271,313	170,904	2.7	$	6,646,071	$	6,684,343	$	6,795,878	(353,661)	(5.2)
NOW accounts	4,488,691		4,458,634		30,057	0.7	4,212,304		4,296,392		4,494,064		(5,373)	(0.1)
Savings and money market accounts	9,014,822		9,089,099		(74,277)	(0.8)	9,169,184		9,237,614		9,146,302		(131,480)	(1.4)
Time deposits	4,156,974		3,859,354		297,620	7.7	3,457,017		3,023,180		2,719,627		1,437,347	52.9
Total deposits	24,102,704		23,678,400		424,304	1.8	23,484,576		23,241,529		23,155,871		946,833	4.1
Short-term borrowings	782,516		859,576		(77,060)	(9.0)	602,593		820,087		609,965		172,551	28.3
Securities sold under agreements to repurchase	214,090		291,643		(77,553)	(26.6)	386,563		376,078		427,508		(213,418)	(49.9)
Trust preferred securities	120,110		120,110		—	—	120,110		120,110		120,110		—	—
Other long-term debt	1,345,575		1,343,752		1,823	0.1	1,308,086		1,260,900		1,261,515		84,060	6.7
Other liabilities	463,803		434,516		29,287	6.7	470,501		292,445		281,820		181,983	64.6
Total liabilities	27,028,798		26,727,997		300,801	1.1	26,372,429		26,111,149		25,856,789		1,172,009	4.5
Total shareholders' equity	4,243,024		4,105,503		137,521	3.3	3,961,038		3,935,082		3,914,063		328,961	8.4
Total liabilities and shareholders' equity	$	31,271,822	$	30,833,500	438,322	1.4	$	30,333,467	$	30,046,231	$	29,770,852	1,500,970	5.0

Table 5 - IBERIABANK CORPORATION
LOANS AND ASSET QUALITY DATA
(Dollars in thousands)

							*Linked Qtr Change*											*Year/Year Change*
LOANS	6/30/2019			3/31/2019			$	%	12/31/2018			9/30/2018			6/30/2018			$	%
Commercial loans and leases:
Real estate- construction	$	1,342,984		$	1,219,647		123,337	10.1	$	1,196,366		$	1,127,988		$	1,183,367		159,617	13.5
Real estate- owner-occupied ⁽¹⁾	2,373,143			2,408,079			(34,936)	(1.5)	2,395,822			2,458,964			2,455,685			(82,542)	(3.4)
Real estate- non-owner occupied	6,102,143			6,147,864			(45,721)	(0.7)	5,796,117			5,794,931			5,653,252			448,891	7.9
Commercial and industrial ⁽⁶⁾	6,161,759			5,852,568			309,191	5.3	5,737,017			5,581,040			5,512,416			649,343	11.8
Total commercial loans and leases	15,980,029			15,628,158			351,871	2.3	15,125,322			14,962,923			14,804,720			1,175,309	7.9

Residential mortgage loans	4,538,194			4,415,267			122,927	2.8	4,359,156			4,300,163			4,124,538			413,656	10.0

Consumer and other loans:
Home equity	2,147,897			2,220,648			(72,751)	(3.3)	2,304,694			2,350,176			2,410,617			(262,720)	(10.9)
Other	689,191			704,222			(15,031)	(2.1)	730,643			730,644			735,908			(46,717)	(6.3)
Total consumer and other loans	2,837,088			2,924,870			(87,782)	(3.0)	3,035,337			3,080,820			3,146,525			(309,437)	(9.8)
Total loans and leases	$	23,355,311		$	22,968,295		387,016	1.7	$	22,519,815		$	22,343,906		$	22,075,783		1,279,528	5.8

Allowance for loan and lease losses ⁽²⁾	$	(146,386)		$	(142,966)		(3,420)	(2.4)	$	(140,571)		$	(136,950)		$	(136,576)		(9,810)	(7.2)
Loans and leases, net	23,208,925			22,825,329			383,596	1.7	22,379,244			22,206,956			21,939,207			1,269,718	5.8

Reserve for unfunded commitments	(15,281)			(15,981)			700	4.4	(14,830)			(14,721)			(14,433)			(848)	(5.9)
Allowance for credit losses	(161,667)			(158,947)			(2,720)	(1.7)	(155,401)			(151,671)			(151,009)			(10,658)	(7.1)

ASSET QUALITY DATA
Non-accrual loans ⁽³⁾	$	158,992		$	148,056		10,936	7.4	$	137,184		$	143,595		$	131,155		27,837	21.2
Other real estate owned and foreclosed assets	28,106			30,606			(2,500)	(8.2)	30,394			32,418			22,267			5,839	26.2
Accruing loans more than 90 days past due ⁽³⁾	851			4,111			(3,260)	(79.3)	2,128			12,452			9,314			(8,463)	(90.9)
Total non-performing assets ⁽³⁾⁽⁴⁾	$	187,949		$	182,773		5,176	2.8	$	169,706		$	188,465		$	162,736		25,213	15.5

Loans 30-89 days past due ⁽³⁾	$	43,021		$	45,334		(2,313)	(5.1)	$	57,332		$	70,624		$	43,159		(138)	(0.3)

Non-performing assets to total assets ⁽³⁾⁽⁴⁾	0.60		%	0.58		%			0.55		%	0.63		%	0.54		%
Non-performing assets to total loans and OREO⁽³⁾⁽⁴⁾	0.80			0.79					0.75			0.84			0.74
ALLL to non-performing loans ⁽³⁾⁽⁵⁾	91.6			94.0					100.9			87.8			97.2
ALLL to non-performing assets ⁽³⁾⁽⁴⁾	77.9			78.2					82.8			72.7			83.9
ALLL to total loans and leases	0.63			0.62					0.62			0.61			0.62

Quarter-to-date charge-offs	$	10,275		$	8,918		1,357	15.2	$	10,806		$	12,006		$	13,618		(3,343)	(24.5)
Quarter-to-date recoveries	(2,218)			(1,586)			(632)	(39.8)	(3,097)			(3,049)			(1,968)			(250)	(12.7)
Quarter-to-date net charge-offs	$	8,057		$	7,332		725	9.9	$	7,709		$	8,957		$	11,650		(3,593)	(30.8)

Net charge-offs to average loans (annualized)	0.14		%	0.13		%			0.14		%	0.16		%	0.21		%

(1) Real estate- owner-occupied is defined as loans with a "1E1" call report code (loans secured by owner-occupied non-farm non-residential properties).

(2) The allowance for loan and lease losses includes impairment reserves attributable to acquired impaired loans.

(3) For purposes of this table, past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.

(4) Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.

(5) Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past due.

(6) Includes equipment financing leases.

TABLE 6 - IBERIABANK CORPORATION
QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES
(Dollars in thousands)

	For the Three Months Ended
	6/30/2019						3/31/2019						Basis Point Change
ASSETS	Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Yield/Rate (TE)⁽¹⁾
Earning assets:
Commercial loans and leases	$	15,766,423	$	205,093	5.24	%	$	15,253,655	$	194,510	5.19	%	5
Residential mortgage loans	4,482,150		49,388		4.41		4,385,634		47,829		4.36		5
Consumer and other loans	2,872,116		42,205		5.89		2,960,397		42,540		5.83		6
Total loans and leases	23,120,689		296,686		5.16		22,599,686		284,879		5.11		5
Mortgage loans held for sale	159,931		1,588		3.97		95,588		1,054		4.41		(44)
Investment securities⁽²⁾	4,853,858		33,803		2.83		5,052,922		36,125		2.90		(7)
Other earning assets	639,232		3,890		2.44		533,745		4,026		3.06		(62)
Total earning assets	28,773,710		335,967		4.70		28,281,941		326,084		4.68		2
Allowance for loan and lease losses	(145,854)						(140,915)
Non-earning assets	2,643,966						2,692,474
Total assets	$	31,271,822					$	30,833,500

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	4,488,691	$	11,623	1.04	%	$	4,458,634	$	11,396	1.04	%	0
Savings and money market accounts	9,014,822		30,845		1.37		9,089,099		28,762		1.28		9
Time deposits	4,156,974		23,398		2.26		3,859,354		20,077		2.11		15
Total interest-bearing deposits⁽³⁾	17,660,487		65,866		1.50		17,407,087		60,235		1.40		10
Short-term borrowings	996,606		5,197		2.09		1,151,219		5,716		2.01		8
Long-term debt	1,465,685		9,565		2.62		1,463,862		9,649		2.67		(5)
Total interest-bearing liabilities	20,122,778		80,628		1.61		20,022,168		75,600		1.53		8
Non-interest-bearing deposits	6,442,217						6,271,313
Non-interest-bearing liabilities	463,803						434,516
Total liabilities	27,028,798						26,727,997
Total shareholders' equity	4,243,024						4,105,503
Total liabilities and shareholders' equity	$	31,271,822					$	30,833,500

Net interest income/Net interest spread			$	255,339	3.09	%			$	250,484	3.15	%	(6)
Taxable equivalent benefit			1,338		0.02				1,349		0.02		—
Net interest income (TE)/Net interest margin (TE) ⁽¹⁾			$	256,677	3.57	%			$	251,833	3.59	%	(2)

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.

(3) Total deposit costs for the three months ended June 30, 2019 and March 31, 2019 were 1.10% and 1.03%, respectively.

TABLE 6 Continued - IBERIABANK CORPORATION
QUARTERLY AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES
(Dollars in thousands)

	For the Three Months Ended
	12/31/2018						9/30/2018							6/30/2018
ASSETS	Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾			Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾			Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾
Earning assets:
Commercial loans and leases	$	14,978,169	$	196,881	5.24	%		$	14,825,572	$	191,014	5.13	%		$	14,631,985	$	178,830	4.92	%
Residential mortgage loans	4,345,811		53,836		4.96			4,230,471		48,145		4.55			4,041,259		47,215		4.67
Consumer and other loans	3,040,208		44,275		5.78			3,106,330		43,966		5.62			3,157,476		44,431		5.64
Total loans and leases	22,364,188		294,992		5.26			22,162,373		283,125		5.09			21,830,720		270,476		4.98
Mortgage loans held for sale	63,033		721		4.58			87,823		1,037		4.72			72,917		836		4.59
Investment securities⁽²⁾	4,782,844		30,559		2.61			5,016,163		29,793		2.43			4,958,769		29,325		2.42
Other earning assets	581,673		3,924		2.68			456,120		3,112		2.71			580,477		3,186		2.20
Total earning assets	27,791,738		330,196		4.74			27,722,479		317,067		4.57			27,442,883		303,823		4.46
Allowance for loan and lease losses	(138,675)							(139,075)							(145,565)
Non-earning assets	2,680,404							2,462,827							2,473,534
Total assets	$	30,333,467						$	30,046,231						$	29,770,852

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	4,212,304	$	9,420	0.89	%		$	4,296,392	$	8,841	0.82	%		$	4,494,064	$	8,620	0.77	%
Savings and money market accounts	9,169,184		26,062		1.13			9,237,614		23,076		0.99			9,146,302		18,434		0.81
Time deposits	3,457,017		16,666		1.91			3,023,180		12,484		1.64			2,719,627		9,105		1.34
Total interest-bearing deposits⁽³⁾	16,838,505		52,148		1.23			16,557,186		44,401		1.06			16,359,993		36,159		0.89
Short-term borrowings	989,156		4,104		1.65			1,196,165		4,727		1.57			1,037,473		3,327		1.29
Long-term debt	1,428,196		8,923		2.48			1,381,010		8,714		2.50			1,381,625		8,224		2.39
Total interest-bearing liabilities	19,255,857		65,175		1.34			19,134,361		57,842		1.20			18,779,091		47,710		1.02
Non-interest-bearing deposits	6,646,071							6,684,343							6,795,878
Non-interest-bearing liabilities	470,501							292,445							281,820
Total liabilities	26,372,429							26,111,149							25,856,789
Total shareholders' equity	3,961,038							3,935,082							3,914,063
Total liabilities and shareholders' equity	$	30,333,467						$	30,046,231						$	29,770,852

Net interest income/Net interest spread			$	265,021	3.40	%				$	259,225	3.37	%				$	256,113	3.44	%
Taxable equivalent benefit			1,427		0.02					1,461		0.02					1,449		0.02
Net interest income (TE)/Net interest margin (TE)⁽¹⁾			$	266,448	3.81	%				$	260,686	3.74	%				$	257,562	3.76	%

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.

(3) Total deposit costs for the three months ended December 31, 2018, September 30, 2018, and June 30, 2018, were 0.88%, 0.76% and 0.63%, respectively.

TABLE 7 - IBERIABANK CORPORATION
YEAR-TO-DATE AVERAGE BALANCES, NET INTEREST INCOME AND YIELDS/RATES
(Dollars in thousands)

	For the Six Months Ended
	6/30/2019						6/30/2018						*Basis Point* *Change*
ASSETS	Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Yield/Rate (TE)⁽¹⁾
Earning assets:
Commercial loans and leases	$	15,511,456	$	399,603	5.22	%	$	14,361,314	$	343,490	4.84	%	38
Residential mortgage loans	4,434,159		97,217		4.38		3,598,974		81,709		4.54		(16)
Consumer and other loans	2,916,013		84,745		5.86		3,050,324		83,346		5.51		35
Total loans and leases	22,861,628		581,565		5.14		21,010,612		508,545		4.89		25
Mortgage loans held for sale	127,937		2,642		4.13		90,873		1,990		4.38		(25)
Investment securities ⁽²⁾	4,952,840		69,928		2.87		4,901,427		57,419		2.40		47
Other earning assets	586,780		7,916		2.72		629,915		6,412		2.05		67
Total earning assets	28,529,185		662,051		4.69		26,632,827		574,366		4.36		33
Allowance for loan and lease losses	(143,398)						(144,934)
Non-earning assets	2,668,085						2,468,169
Total assets	$	31,053,872					$	28,956,062

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	4,473,746	$	23,020	1.04	%	$	4,429,171	$	15,701	0.71	%	33
Savings and money market accounts	9,051,755		59,606		1.33		8,906,526		33,013		0.75		58
Time deposits	4,008,986		43,475		2.19		2,596,241		15,689		1.22		97
Total interest-bearing deposits ⁽³⁾	17,534,487		126,101		1.45		15,931,938		64,403		0.82		63
Short-term borrowings	1,073,485		10,913		2.05		1,010,843		5,851		1.17		88
Long-term debt	1,464,779		19,214		2.65		1,379,487		15,110		2.21		44
Total interest-bearing liabilities	20,072,751		156,228		1.57		18,322,268		85,364		0.94		63
Non-interest-bearing deposits	6,357,237						6,538,622
Non-interest-bearing liabilities	449,240						278,861
Total liabilities	26,879,228						25,139,751
Total shareholders' equity	4,174,644						3,816,311
Total liabilities and shareholders' equity	$	31,053,872					$	28,956,062

Net interest income/Net interest spread			$	505,823	3.12	%			$	489,002	3.42	%	(30)
Tax-equivalent benefit			2,679		0.02				2,910		0.02		—
Net interest income (TE)/Net interest margin (TE) ⁽¹⁾			$	508,502	3.58	%			$	491,912	3.72	%	(14)

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.

(3) Total deposit costs for the six months ended June 30, 2019 and 2018 were 1.06% and 0.58%, respectively.

Table 8 - IBERIABANK CORPORATION
LEGACY AND ACQUIRED LOAN PORTFOLIO VOLUMES AND YIELDS
(Dollars in millions)

	For the Three Months Ended
	6/30/2019						3/31/2019						12/31/2018						9/30/2018						6/30/2018
AS REPORTED (US GAAP)	Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield
Legacy loans, net	$	225	$	17,984	5.00	%	$	213	$	17,192	5.02	%	$	209	$	16,616	4.99	%	$	193	$	15,957	4.80	%	$	179	$	15,217	4.73	%
Acquired loans	72		5,137		5.64		72		5,408		5.35		86		5,748		5.97		90		6,205		5.78		91		6,614		5.51
Total loans	$	297	$	23,121	5.14	%	$	285	$	22,600	5.10	%	$	295	$	22,364	5.24	%	$	283	$	22,162	5.08	%	$	270	$	21,831	4.97	%

	6/30/2019						3/31/2019						12/31/2018						9/30/2018						6/30/2018
ADJUSTMENTS	Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield
Legacy loans, net	$	—	$	—	0.00	%	$	—	$	—	0.00	%	$	—	$	—	0.00	%	$	—	$	—	0.00	%	$	—	$	—	0.00	%
Acquired loans	(14)		124		(1.15)		(11)		136		(0.92)		(19)		144		(1.46)		(17)		144		(1.23)		(16)		142		(1.12)
Total loans	$	(14)	$	124	(0.25)	%	$	(11)	$	136	(0.22)	%	$	(19)	$	144	(0.38)	%	$	(17)	$	144	(0.35)	%	$	(16)	$	142	(0.34)	%

	6/30/2019						3/31/2019						12/31/2018						9/30/2018						6/30/2018
AS ADJUSTED (CASH YIELD, NON-GAAP)	Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield
Legacy loans, net	$	225	$	17,984	5.00	%	$	213	$	17,192	5.02	%	$	209	$	16,616	4.99	%	$	193	$	15,957	4.80	%	$	179	$	15,217	4.73	%
Acquired loans	58		5,261		4.49		61		5,544		4.43		67		5,892		4.51		73		6,349		4.55		75		6,756		4.39
Total loans	$	283	$	23,245	4.89	%	$	274	$	22,736	4.88	%	$	276	$	22,508	4.86	%	$	266	$	22,306	4.73	%	$	254	$	21,973	4.63	%

Table 9 - IBERIABANK CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share amounts)

	For the Three Months Ended
	6/30/2019						3/31/2019						12/31/2018
	Pre-tax		After-tax		Per share ⁽²⁾		Pre-tax		After-tax		Per share ⁽²⁾		Pre-tax		After-tax		Per share ⁽²⁾
Net income	$	133,791	$	101,598	$	1.88	$	130,477	$	100,131	$	1.82	$	83,907	$	130,039	$	2.34
Less: Preferred stock dividends	—		949		0.02		—		3,598		0.07		—		949		0.02
Income available to common shareholders (GAAP)	$	133,791	$	100,649	$	1.86	$	130,477	$	96,533	$	1.75	$	83,907	$	129,090	$	2.32

Non-interest income adjustments ⁽¹⁾⁽³⁾:
Loss (gain) on sale of investments	1,012		769		0.01		—		—		—		49,844		37,882		0.68
Other non-core non-interest income	—		—		—		—		—		—		415		316		—
Total non-interest income adjustments	1,012		769		0.01		—		—		—		50,259		38,198		0.68

Non-interest expense adjustments⁽¹⁾⁽³⁾:
Merger-related expense	(10)		(7)		—		(334)		(254)		—		(238)		(353)		—
Compensation-related expense	—		—		—		(9)		(7)		—		184		140		—
Impairment of long-lived assets, net of (gain) loss on sale	(22)		(17)		—		986		749		0.01		64		49		—
Other non-core non-interest expense	107		81		—		(3,129)		(2,378)		(0.04)		2,600		1,976		0.04
Total non-interest expense adjustments	75		57		—		(2,486)		(1,890)		(0.03)		2,610		1,812		0.04
Income tax expense (benefit) - impact of the Tax Cuts and Jobs Act	—		—		—		—		—		—		—		(65,317)		(1.18)
Core earnings (Non-GAAP)	134,878		101,475		1.87		127,991		94,643		1.72		136,776		103,783		1.86
Provision for credit losses ⁽¹⁾	10,755		8,174				13,763		10,460				13,094		9,951
Pre-provision earnings, as adjusted (Non-GAAP) ⁽³⁾	$	145,633	$	109,649			$	141,754	$	105,103			$	149,870	$	113,734



	For the Three Months Ended
	9/30/2018						6/30/2018
	Pre-tax		After-tax		Per share ⁽²⁾		Pre-tax		After-tax		Per share ⁽²⁾
Net income	$	131,866	$	101,465	$	1.79	$	105,581	$	75,124	$	1.32
Less: Preferred stock dividends	—		3,599		0.06		—		949		0.02
Income available to common shareholders (GAAP)	$	131,866	$	97,866	$	1.73	$	105,581	$	74,175	$	1.30

Non-interest income adjustments ⁽¹⁾⁽³⁾:
(Gain) loss on sale of investments	(1)		(1)		—		(3)		(2)		—

Non-interest expense adjustments ⁽¹⁾⁽³⁾:
Merger-related expense	973		743		0.01		14,333		11,012		0.20
Compensation-related expense	1,104		839		0.01		1,781		1,354		0.02
Impairment of long-lived assets, net of (gain) loss on sale	3,286		2,497		0.05		5,413		4,114		0.07
Gain on early termination of loss share agreements	(2,708)		(2,058)		(0.04)		—		—		—
Other non-core non-interest expense	(1,955)		(1,486)		(0.02)		(95)		(72)		—
Total non-interest expense adjustments	700		535		0.01		21,432		16,408		0.29
Income tax expense - impact of the Tax Cuts and Jobs Act	—		—		—		—		6,572		0.12
Core earnings (Non-GAAP)	132,565		98,400		1.74		127,010		97,153		1.71
Provision for credit losses ⁽¹⁾	11,384		8,652				7,696		5,849
Pre-provision earnings, as adjusted (Non-GAAP) ⁽³⁾	$	143,949	$	107,052			$	134,706	$	103,002

(1) Excluding preferred stock dividends and merger-related expense, after-tax amounts are calculated using a tax rate of 24%, which approximates the marginal tax rate.

(2) Diluted per share amounts may not appear to foot due to rounding.

(3) Adjustments to GAAP results include certain significant activities or transactions that, in management's opinion, can distort period-to-period comparisons of the Company's performance. These adjustments include, but are not limited to, realized and unrealized gains or losses on former bank-owned real estate, realized gains or losses on the sale of investment securities, merger-related expenses, and gains, losses, and impairment charges on long-lived assets.

	For the Six Months Ended
	6/30/2019						6/30/2018
	Pre-tax		After-tax		Per share ⁽²⁾		Pre-tax		After-tax		Per share ⁽²⁾
Net income	$	264,268	$	201,729	$	3.69	$	186,754	$	138,745	$	2.49
Less: Preferred stock dividends	—		4,547		0.08		—		4,547		0.08
Income available to common shareholders (GAAP)	$	264,268	$	197,182	$	3.61	$	186,754	$	134,198	$	2.41

Non-interest income adjustments ⁽¹⁾⁽³⁾:
Loss (gain) on sale of investments	1,012		769		0.01		56		42		—

Non-interest expense adjustments ⁽¹⁾⁽³⁾:
Merger-related expense	(344)		(261)		—		30,560		23,529		0.43
Compensation-related expense	(9)		(7)		—		3,002		2,282		0.04
Impairment of long-lived assets, net of (gain) loss on sale	964		732		0.01		7,487		5,690		0.10
Other non-core non-interest expense	(3,022)		(2,297)		(0.04)		(778)		(592)		(0.01)
Total non-interest expense adjustments	(2,411)		(1,833)		(0.03)		40,271		30,909		0.56
Income tax expense (benefit) - impact of the Tax Cuts and Jobs Act	—		—		—		—		6,572		0.12
Income tax expense (benefit) - other	—		—		—		—		173		—
Core earnings (Non-GAAP)	262,869		196,118		3.59		227,081		171,894		3.09
Provision for credit losses ⁽¹⁾	24,518		18,634				15,907		12,089
Pre-provision earnings, as adjusted (Non-GAAP)⁽³⁾	$	287,387	$	214,752			$	242,988	$	183,983

(1) Excluding preferred stock dividends and merger-related expense, after-tax amounts are calculated using a tax rate of 24% , which approximates the marginal tax rate.

(2) Diluted per share amounts may not appear to foot due to rounding.

Table 10 - IBERIABANK CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

	For the Three Months Ended
	6/30/2019			3/31/2019			12/31/2018			9/30/2018			6/30/2018
Net interest income (GAAP)	$	255,339		$	250,484		$	265,021		$	259,225		$	256,113
Taxable equivalent benefit	1,338			1,349			1,427			1,461			1,449
Net interest income (TE) (Non-GAAP) ⁽¹⁾	256,677			251,833			266,448			260,686			257,562

Non-interest income (GAAP)	58,825			52,509			969			53,087			53,940
Taxable equivalent benefit	465			478			539			463			336
Non-interest income (TE) (Non-GAAP) ⁽¹⁾	59,290			52,987			1,508			53,550			54,276
Taxable equivalent revenues (Non-GAAP) ⁽¹⁾	315,967			304,820			267,956			314,236			311,838
Securities (gains) losses and other non-interest income	1,012			—			50,259			(1)			(3)
Core taxable equivalent revenues (Non-GAAP) ⁽¹⁾	$	316,979		$	304,820		$	318,215		$	314,235		$	311,835

Total non-interest expense (GAAP)	$	169,618		$	158,753		$	168,989		$	169,062		$	196,776
Less: Intangible amortization expense	4,786			5,009			5,083			5,382			6,111
Tangible non-interest expense (Non-GAAP) ⁽²⁾	164,832			153,744			163,906			163,680			190,665
Less: Merger-related expense	(10)			(334)			(238)			973			14,333
Compensation-related expense	—			(9)			184			1,104			1,781
Impairment of long-lived assets, net of (gain) loss on sale	(22)			986			64			3,286			5,413
Gain on early termination of loss share agreements	—			—			—			(2,708)			—
Other non-core non-interest expense	107			(3,129)			2,600			(1,955)			(95)
Core tangible non-interest expense (Non-GAAP) ⁽²⁾	$	164,757		$	156,230		$	161,296		$	162,980		$	169,233

Return on average assets (GAAP)	1.30		%	1.32		%	1.70		%	1.34		%	1.01		%
Effect of non-core revenues and expenses	0.01			(0.03)			(0.33)			0.01			0.31
Core return on average assets (Non-GAAP)	1.31		%	1.29		%	1.37		%	1.35		%	1.32		%

Efficiency ratio (GAAP)	54.0		%	52.4		%	63.5		%	54.1		%	63.5		%
Effect of tax benefit related to tax-exempt income	(0.3)			(0.3)			(0.4)			(0.3)			(0.4)
Efficiency ratio (TE) (Non-GAAP) ⁽¹⁾	53.7		%	52.1		%	63.1		%	53.8		%	63.1		%
Effect of amortization of intangibles	(1.5)			(1.6)			(1.9)			(1.7)			(1.9)
Effect of non-core items	(0.2)			0.8			(10.5)			(0.2)			(6.9)
Core tangible efficiency ratio (TE) (Non-GAAP) ^{(1) (2)}	52.0		%	51.3		%	50.7		%	51.9		%	54.3		%

Return on average common equity (GAAP)	10.05		%	9.85		%	13.38		%	10.21		%	7.87		%
Effect of non-core revenues and expenses	0.08			(0.19)			(2.63)			0.06			2.43
Core return on average common equity (Non-GAAP)	10.13		%	9.66		%	10.75		%	10.27		%	10.30		%
Effect of intangibles ⁽²⁾	5.45			5.37			6.23			6.07			6.40
Core return on average tangible common equity (Non-GAAP) ⁽²⁾	15.58		%	15.03		%	16.98		%	16.34		%	16.70		%

Total shareholders' equity (GAAP)	$	4,238,000		$	4,141,831		$	4,056,277		$	3,942,361		$	3,913,409
Less: Goodwill and other intangibles	1,305,752			1,310,458			1,315,462			1,305,915			1,314,165
Preferred stock	228,485			132,097			132,097			132,097			132,097
Tangible common equity (Non-GAAP) ⁽²⁾	$	2,703,763		$	2,699,276		$	2,608,718		$	2,504,349		$	2,467,147

Total assets (GAAP)	$	31,446,532		$	31,260,189		$	30,833,015		$	30,118,387		$	30,126,162
Less: Goodwill and other intangibles	1,305,752			1,310,458			1,315,462			1,305,915			1,314,165
Tangible assets (Non-GAAP) ⁽²⁾	$	30,140,780		$	29,949,731		$	29,517,553		$	28,812,472		$	28,811,997
Tangible common equity ratio (Non-GAAP) ⁽²⁾	8.97		%	9.01		%	8.84		%	8.69		%	8.56		%

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.

(2) Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis where applicable.

	For the Six Months Ended
	6/30/2019			6/30/2018
Net interest income (GAAP)	$	505,823		$	489,002
Taxable equivalent benefit	2,687			2,913
Net interest income (TE) (Non-GAAP) ⁽¹⁾	508,510			491,915

Non-interest income (GAAP)	111,334			98,506
Taxable equivalent benefit	943			677
Non-interest income (TE) (Non-GAAP) ⁽¹⁾	112,277			99,183
Taxable equivalent revenues (Non-GAAP) ⁽¹⁾	620,787			591,098
Securities (gains) losses and other non-interest income	1,012			56
Core taxable equivalent revenues (Non-GAAP) ⁽¹⁾	$	621,799		$	591,154

Total non-interest expense (GAAP)	$	328,371		$	384,847
Less: Intangible amortization expense	9,795			11,213
Tangible non-interest expense (Non-GAAP) ⁽²⁾	318,576			373,634
Less: Merger-related expense	(344)			30,560
Compensation-related expense	(9)			3,002
Impairment of long-lived assets, net of (gain) loss on sale	964			7,487
Other non-core non-interest expense	(3,022)			(778)
Core tangible non-interest expense (Non-GAAP) ⁽²⁾	$	320,987		$	333,364

Return on average assets (GAAP)	1.31		%	0.97		%
Effect of non-core revenues and expenses	0.01			0.21
Core return on average assets (Non-GAAP)	1.30		%	1.18		%

Efficiency ratio (GAAP)	53.2		%	65.5		%
Effect of tax benefit related to tax-exempt income	(0.3)			(0.4)
Efficiency ratio (TE) (Non-GAAP) ⁽¹⁾	52.9		%	65.1		%
Effect of amortization of intangibles	(1.6)			(1.9)
Effect of non-core items	0.3			(6.8)
Core tangible efficiency ratio (TE) (Non-GAAP) ^{(1) (2)}	51.6		%	56.4		%

Return on average common equity (GAAP)	9.95		%	7.35		%
Effect of non-core revenues and expenses	(0.05)			1.69
Core return on average common equity (Non-GAAP)	9.90		%	9.04		%
Effect of intangibles ⁽²⁾	5.41			6.28
Core return on average tangible common equity (Non-GAAP) ⁽²⁾	15.31		%	15.32		%

Total shareholders' equity (GAAP)	$	4,238,000		$	3,913,409
Less: Goodwill and other intangibles	1,305,752			1,314,165
Preferred stock	228,485			132,097
Tangible common equity (Non-GAAP) ⁽²⁾	$	2,703,763		$	2,467,147

Total assets (GAAP)	$	31,446,532		$	30,126,162
Less: Goodwill and other intangibles	1,305,752			1,314,165
Tangible assets (Non-GAAP) ⁽²⁾	$	30,140,780		$	28,811,997
Tangible common equity ratio (Non-GAAP) ⁽²⁾	8.97		%	8.56		%


(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.
(2) Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis where applicable.

SOURCE IBERIABANK Corporation

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