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IBERIABANK Corporation Q3 net income $96.3 million

Christian Fernsby ▼ | October 19, 2019
IBERIABANK Corporation, holding company of the 132-year-old IBERIABANK, reported financial results for the third quarter ended September 30, 2019.
IBERIABANK
IBERIABANK Corporation   Total loan growth was $321.2 million
For the quarter, IBERIABANK Corporation reported net income available to common shareholders of $96.3 million, or $1.82 diluted earnings per common share ("EPS").

Topics: IBERIABANK

On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the third quarter of 2019 was $1.82 per common share, compared to $1.74 in the year-ago period, an increase of 5%.

Highlights:

Total loan growth of $321.2 million on a linked quarter basis, or 6% annualized, primarily driven by growth in corporate asset finance and energy, and in the Birmingham, Mobile, and New Orleans markets.

Total loan growth on a year-to-date basis was $1.2 billion, or 7%, on an annualized basis.

Total deposits increased $682.0 million compared to the prior quarter, or 11%, annualized.

IBERIABANK Corporation experienced deposit growth in all but three of its operating markets, with no increase in brokered deposits from the prior quarter.

On a year-to-date basis, we added $1.2 billion in total deposit balances, an annualized growth rate of 7%.

Non-interest income increased $4.8 million, or 8%, on a linked quarter basis.

The increase was primarily driven by a $3.2 million gain on non-mortgage loan sales and a $1.6 million increase in customer swap commission income.

IBERIABANK Corporation's reported and cash net interest margins both decreased 13 basis points on a linked quarter basis, to 3.44% and 3.24%, respectively.

IBERIABANK Corporation realized $7 million in recoveries, no significant change from the prior quarter.

The provision for credit losses totaled $9.0 million, compared to $10.8 million in the prior quarter.

Asset quality measures remained strong and stable.

Net charge-offs to average loans on an annualized basis remained flat at 0.14% as compared to the prior quarter.

Classified assets were 0.89% of total assets, compared to 0.97% in the prior quarter and 1.20% a year ago.

During the third quarter of 2019, IBERIABANK Corporation repurchased approximately 552 thousand shares of its outstanding common stock at a weighted average price of $72.46 per common share.

The current share repurchase program has an additional 1.2 million common shares available, which we expect to repurchase over the next three quarters.


 

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