IBERIABANK Corporation Reports Fourth Quarter Results

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LAFAYETTE, La., Jan. 24, 2020 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 132-year-old IBERIABANK (www.iberiabank.com), reported financial results for the fourth quarter ended December 31, 2019. For the quarter, the Company reported net income available to common shareholders of $78.1 million, or $1.48 diluted earnings per common share ("EPS"). On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the fourth quarter of 2019 was $1.59 per common share, compared to $1.86 in the same quarter of 2018 (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 delivered a solid fourth quarter and a very successful 2019, continuing to execute on our strategic initiatives, grow our business and deliver a superior client experience throughout our franchise. During the fourth quarter, we incurred several items, both core and non-core that were merger-related expenses. Excluding these items, and assuming we had continued share repurchases as guided, Core EPS would have been in line with consensus analyst estimates. As we begin 2020, our Company continues to generate new opportunities in our markets, growing our loan and deposit base and increasing our fee revenues. We are seeing great business momentum with attractive client growth, new relationship managers joining the Company, and a strong lending pipeline."

Byrd continued, "We are extremely pleased with the teamwork and tangible progress made in the initial months of our merger planning process. Both institutions have similar cultures, bring significant experience to the transaction, and we have full confidence in our abilities to achieve targeted synergies. Our employees remain fully engaged and committed to creating a top tier regional banking institution. We are excited about the opportunities for clients and associates while increasing shareholder value, and look forward to all we can accomplish together as a combined franchise."

Fourth Quarter and Full Year 2019 Highlights

	For the three months ended												For the years ended December 31,
	GAAP						Non-GAAP Core						GAAP						Non-GAAP Core
	4Q19			3Q19			4Q19			3Q19			2019			2018			2019			2018
Diluted Earnings Per Common Share	$	1.48		$	1.82		$	1.59		$	1.82		$	6.92		$	6.46		$	7.01		$	6.69
Return on Average Assets	1.03		%	1.26		%	1.10		%	1.26		%	1.22		%	1.25		%	1.24		%	1.30		%
Return on Average Common Equity	7.58		%	9.46		%	8.13		%	9.46		%	9.22		%	9.63		%	9.33		%	9.97		%
Return on Average Tangible Common Equity	N/A			N/A			12.39		%	14.48		%	N/A			N/A			14.35		%	16.01		%
Efficiency Ratio	61.8		%	55.2		%	58.0		%	55.2		%	55.8		%	62.0		%	55.0		%	55.9		%
Tangible Efficiency Ratio (TE)	N/A			N/A			56.2		%	53.4		%	N/A			N/A			53.2		%	53.7		%

Total loan growth of $345.0 million on a linked quarter basis, or 6% annualized. Total loan growth on a year-to-date basis was $1.5 billion, or 7%. The Company continues to see good loan growth throughout its footprint.
Total deposits increased $242.1 million compared to the prior quarter, or 4% annualized. Total deposit growth on a year-to-date basis was $1.5 billion, or 6%. In the fourth quarter, the Company paid off short-term borrowings of $275.0 million and reduced its balance of brokered deposits by $362.2 million.
The investment portfolio decreased $306.8 million to $4.1 billion as a result of normal cash flow activity. At December 31, 2019, investment securities were 13% of total assets, down from 16% at December 31, 2018.
Non-interest income decreased $4.3 million, or 7%, on a linked quarter basis. The decrease was primarily driven by a $2.1 million decrease in mortgage income and the third quarter $3.2 million gain on sale of non-mortgage loans. In the fourth quarter of 2019, the Company recorded $4.3 million in swap income, a record quarter.
On a year-to-date basis, non-interest income was up $81.8 million, or 54%, primarily from lower losses on sales of securities during the year and a $16.6 million increase in mortgage income.

The locked mortgage pipeline at January 21, 2020 was $214.4 million, up 53% from the similar period a year ago. The Company continues to see strength in its mortgage originations.

Non-interest expense increased $9.1 million, or 5%, on a linked quarter basis, primarily as a result of a $9.9 million increase in professional services and a $3.7 million increase in salaries and employee benefits expense, partially offset by a $1.6 million decrease in credit and other loan-related expense.

Non-interest expense included $16.5 million in merger-related expense, of which $11.3 million was considered non-core and $5.2 million core. Core merger-related expense included $2.5 million in benefits, $2.4 million in compensation, and $0.3 million in marketing. Total core non-interest expense decreased $2.3 million, or 1%, on a linked quarter basis.

For the full-year 2019, non-interest expense decreased $40.1 million, or 6%, primarily as a result of branch closure and merger-related expense in 2018. On a core basis, non-interest expense was down $5.5 million, or 1%.
The Company's reported and cash net interest margins were down 23 and 16 basis points from the prior quarter at 3.21% and 3.08%, respectively. For the full-year 2019, net interest margin was 3.45% on a reported basis, and 3.28% on a cash basis.
Provision for credit losses totaled $8.2 million, compared to $9.0 million in the prior quarter. Asset quality measures remain strong and continue to improve.
Net charge-offs to average loans on an annualized basis decreased three basis points to 0.11% compared to the prior quarter. Non-performing assets to total assets were 0.54% compared to 0.58% in the prior quarter.
Capital ratios remain strong and grew during the quarter. There were no share repurchases in the fourth quarter of 2019 due to the pending merger with First Horizon National Corporation.
The Company will adopt CECL as of January 1, 2020 and expects to have an allowance for expected credit losses to loans of 0.90% to 1.05%. The final CECL allowance coverage ratio will depend on finalization of the methods and assumptions (including economic forecasts) used to derive the estimate of expected credit losses.

2019 Guidance Results

	2019 Guidance	Actual	Results
Average Earning Assets	$28.7B ~ $29.0B	$28.8B	✔
Consolidated Loan Growth %	6.50% ~ 7.25%	6.67%	✔
Consolidated Deposit Growth %	6.50% ~ 7.25%	6.13%	x
Provision Expense	$38MM ~ $43MM	$42MM	✔
Non-Interest Income (Non-GAAP Core)	$230MM ~ $235MM	$235MM	✔
Non-Interest Expense (Non-GAAP Core)	$667MM ~ $673MM	$674MM	x
Net Interest Margin	3.43% ~ 3.47%	3.45%	✔
Tax Rate (Non-GAAP Core)	23.5% ~ 24.0%	23.7%	✔
Preferred Dividend and Unrestricted Shares	$16.0MM ~ $17.0MM	$16.2MM	✔
Share Repurchase Activity	$235MM ~ $240MM	$205MM	x
Credit Quality	Stable	Improved	✔

Guidance Notes

Deposit Growth: Consolidated deposit growth was slightly under guidance due to a reduction in brokered deposit balances of $362.2 million during the fourth quarter of 2019. Excluding this reduction, deposit growth would have been above the 2019 guidance range.
Core Non-Interest Expense: Slightly above the guidance range. However, excluding the $5.2 million of certain merger-related core expense, total core non-interest expense would have been at the bottom end of the guidance range.
Share Repurchases: There were no share repurchases in the fourth quarter of 2019 due to the pending merger with First Horizon National Corporation.

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

	For the Three Months Ended
	12/31/2019			9/30/2019			*% Change*	12/31/2018			*% Change*
GAAP BASIS:
Income available to common shareholders	$	78,120		$	96,251		(18.8)	$	129,090		(39.5)
Earnings per common share - diluted	1.48			1.82			(18.7)	2.32			(36.2)

Average loans and leases, net of unearned income	$	23,830,962		$	23,522,892		1.3	$	22,364,188		6.6
Average total deposits	25,227,462			24,588,346			2.6	23,484,576			7.4
Net interest margin (TE) (1)	3.21		%	3.44		%		3.81		%

Total revenues	$	293,842		$	313,007		(6.1)	$	265,990		10.5
Total non-interest expense	181,723			172,662			5.2	168,989			7.5
Efficiency ratio	61.8		%	55.2		%		63.5		%
Return on average assets	1.03			1.26				1.70
Return on average common equity	7.58			9.46				13.38

NON-GAAP BASIS (2):
Core revenues	$	293,828		$	313,007		(6.1)	$	316,249		(7.1)
Core non-interest expense	170,380			172,662			(1.3)	166,379			2.4
Core earnings per common share - diluted	1.59			1.82			(12.6)	1.86			(14.5)
Core tangible efficiency ratio (TE) (1) (3)	56.2		%	53.4		%		50.7		%
Core return on average assets	1.10			1.26				1.37
Core return on average common equity	8.13			9.46				10.75
Core return on average tangible common equity	12.39			14.48				16.98
Net interest margin (TE) - cash basis (1)	3.08			3.24				3.52

(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 decreased $14.8 million, or 6%, on a linked quarter basis. The decrease in net interest income reflects a 23 basis point decline in the net interest margin to 3.21% compared to 3.44% in the prior quarter. The lower net interest margin was primarily the result of a 30 basis point decrease in loan yield somewhat offset by an 8 basis point decline in the cost of interest-bearing liabilities. The decrease in loan yield was primarily attributable to the repricing of variable rate loans, as well as origination rates below portfolio rates, as a result of recent cuts to the targeted federal funds rate and the corresponding impact to LIBOR. Additionally, the loan yield was impacted by lower pay-offs and related recoveries in the acquired loan portfolio during the fourth quarter. The decline in the cost of interest-bearing liabilities was primarily attributable to recent interest rate cuts.

The provision for credit losses totaled $8.2 million compared to $9.0 million in the prior quarter. Net charge-offs to average loans on an annualized basis decreased 3 basis points to 0.11% compared to the prior quarter. At December 31, 2019, the allowance for loan and lease losses to total loans and leases was 0.61% compared to 0.62% in the prior quarter and covered 103% of non-performing loans.

Non-interest income decreased $4.3 million, or 7%, on a linked quarter basis, primarily the result of a $2.1 million decrease in mortgage income in the current quarter and a $3.2 million gain on non-mortgage loan sales that occurred in the third quarter. These decreases were partially offset by a $0.7 million increase in swap income.

Non-interest expense increased $9.1 million, or 5%, compared to the linked quarter, primarily as a result of a $9.9 million increase in professional services expense and a $3.7 million increase in salaries and employee benefits expense. These increases were partially offset by a $1.6 million decrease in credit and other loan-related expense. Non-interest expense included $16.5 million in merger-related expense, of which $11.3 million was considered non-core and $5.2 million core. Core merger-related expense included $2.5 million in benefits, $2.4 million in compensation, and $0.3 million in marketing. Total core non-interest expense decreased $2.3 million, or 1%, on a linked quarter basis.

On a linked quarter basis, the efficiency ratio increased to 61.8% from 55.2%, primarily due to the decrease in net interest income and the impact of merger-related expense, while the non-GAAP core tangible efficiency ratio increased to 56.2% compared to 53.4%. 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
		12/31/2019			9/30/2019			*% Change*	12/31/2018			*% Change*
PERIOD-END BALANCES:
	Total loans and leases, net of unearned income	$	24,021,499		$	23,676,537		1.5	$	22,519,815		6.7
	Total deposits	25,219,349			24,977,285			1.0	23,763,431			6.1

ASSET QUALITY RATIOS:
	Loans 30-89 days past due and still accruing as a percentage of total loans (1)	0.28		%	0.23		%		0.25		%
	Loans 90 days or more past due and still accruing as a percentage of total loans (1)	0.01			0.02				0.01
	Non-performing assets to total assets (1)(2)	0.54			0.58				0.55
	Classified assets to total assets (3)	0.84			0.89				0.98

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) (4) (5)	9.24		%	9.05		%		8.84		%
	Tier 1 leverage ratio (6)	9.90			9.78				9.63
	Total risk-based capital ratio (6)	12.43			12.34				12.33

PER COMMON SHARE DATA:
	Book value	$	78.37		$	77.58		1.0	$	71.61		9.4
	Tangible book value (Non-GAAP) (4) (5)	53.63			52.68			1.8	47.61			12.6
	Closing stock price	74.83			75.54			(0.9)	64.28			16.4
	Cash dividends	0.45			0.45			—	0.41			9.8


(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 $265 million, $283 million and $302 million at December 31, 2019, September 30, 2019, and December 31, 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 December 31, 2019 are preliminary.

Loans and Leases

On a linked quarter basis, total loans and leases increased $345.0 million, or 6% annualized, to $24.0 billion at December 31, 2019. Growth during the fourth quarter of 2019 was strongest in the Birmingham, Houston, Atlanta, and New York 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 and Leases
(Dollars in thousands)

	As of and For the Three Months Ended
							*Linked Qtr Change*				*Year/Year Change*		Mix
	12/31/2019		9/30/2019		12/31/2018		$	%	*Annualized*		$	%	12/31/2019		9/30/2019
Commercial loans and leases	$	16,611,633	$	16,299,881	$	15,125,322	311,752	1.9	7.6	%	1,486,311	9.8	69.2	%	68.9	%
Residential mortgage loans	4,739,075		4,649,745		4,359,156		89,330	1.9	7.6	%	379,919	8.7	19.7	%	19.6	%
Consumer and other loans	2,670,791		2,726,911		3,035,337		(56,120)	(2.1)	(8.2)	%	(364,546)	(12.0)	11.1	%	11.5	%
Total loans and leases	$	24,021,499	$	23,676,537	$	22,519,815	344,962	1.5	5.8	%	1,501,684	6.7	100.0	%	100.0	%

Investment Securities

On a linked quarter basis, the investment portfolio decreased $306.8 million, or 28% annualized, to $4.1 billion, as a result of normal cash flow activity. At December 31, 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 2.7 years at December 31, 2019, up from 2.5 years at September 30, 2019, and a $57.8 million unrealized gain at December 31, 2019, down from $70.1 million at September 30, 2019. The average yield on investment securities decreased 20 basis points to 2.51% in the fourth quarter of 2019. The investment portfolio primarily consists of government agency securities. Municipal securities comprised 8% of total investments at December 31, 2019.

Deposits

Total deposits increased $242.1 million, or 4% annualized, to $25.2 billion at December 31, 2019. Growth during the fourth quarter of 2019 was strongest in the New Orleans, Acadiana, and Miami-Dade markets. Deposit growth during the quarter was partially offset by a $362.2 million reduction in brokered time deposits.

Table D - Period-End Deposits
(Dollars in thousands)
							*Linked Qtr Change*				*Year/Year Change*		Mix
	12/31/2019		9/30/2019		12/31/2018		$	%	*Annualized*		$	%	12/31/2019		9/30/2019
Non-interest-bearing	$	6,319,806	$	6,518,783	$	6,542,490	(198,977)	(3.1)	(12.1)	%	(222,684)	(3.4)	25.1	%	26.1	%
NOW accounts	4,821,252		4,503,353		4,514,113		317,899	7.1	28.0	%	307,139	6.8	19.1	%	18.0	%
Money market accounts	9,121,283		8,654,605		8,237,291		466,678	5.4	21.4	%	883,992	10.7	36.2	%	34.7	%
Savings accounts	683,366		671,156		828,914		12,210	1.8	7.2	%	(145,548)	(17.6)	2.7	%	2.7	%
Time deposits	4,273,642		4,629,388		3,640,623		(355,746)	(7.7)	(30.5)	%	633,019	17.4	16.9	%	18.5	%
Total deposits	$	25,219,349	$	24,977,285	$	23,763,431	242,064	1.0	3.8	%	1,455,918	6.1	100.0	%	100.0	%

Asset Quality

Credit quality remained strong and continued to improve. Classified assets decreased $17.4 million, or 6%, from September 30, 2019 and were 0.84% of total assets compared to 0.89% in the prior quarter and 0.98% in the prior year. Non-performing assets to total assets were 0.54% at December 31, 2019 compared to 0.58% in the prior quarter and 0.55% in the prior year. Loans 30-89 days past due and still accruing represented 0.28% of total loans and leases compared to 0.23% in the prior quarter and 0.25% one year ago. As a percentage of average loans and leases, annualized net charge-offs for the quarter decreased three basis points on a linked quarter basis to 0.11% and year-to-date net charge-offs decreased to 0.13%, down two basis points from the prior year.

The allowance for loan and lease losses was $146.6 million and represented 0.61% of total loans and leases compared to 0.62% as of September 30, 2019.

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

Capital Position

At December 31, 2019, the non-GAAP tangible common equity ratio was 9.24%, up 19 basis points compared to September 30, 2019, and the preliminary Tier 1 leverage ratio was 9.90%, up 12 basis points compared to September 30, 2019. The preliminary calculation of the total risk-based capital ratio at December 31, 2019, was 12.43%, up 9 basis points compared to September 30, 2019.

At December 31, 2019, book value per common share was $78.37, up $0.79 per share, compared to September 30, 2019. Tangible book value per common share was $53.63, up $0.95 per share, compared to September 30, 2019. Based on the closing stock price of the Company's common stock of $77.05 per share on January 23, 2020, this price equated to 0.98 times December 31, 2019 book value per common share and 1.44 times December 31, 2019 tangible book value per common share.

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

Common Stock On December 19, 2019, the Company announced a quarterly cash dividend of $0.45 per common share, consistent with the common dividend declared in July. The dividend is payable on January 24, 2020 to shareholders of record as of December 31, 2019.

Preferred Stock On January 6, 2020, the Company announced a semi-annual cash dividend of $0.8281 per depositary share of Series B Preferred Stock that is payable on February 3, 2020 to shareholders of record as of January 17, 2020. On January 6, 2020 the Company also announced a quarterly cash dividend of $0.4125 per depositary share of Series C Preferred Stock that is payable on February 3, 2020 to shareholders of record as of January 17, 2020.

Common Stock Repurchase Program On July 17, 2019, the Board of Directors authorized the repurchase 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. At December 31, 2019, the Company had approximately 1,165,000 remaining shares that may be repurchased under the current Board-approved plan. During the fourth quarter of 2019, the Company did not repurchase any common shares. No further stock repurchases are expected due to the pending merger with First Horizon National Corporation.

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, commercial leasing and equipment financing, 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 January 23, 2020.

The following 9 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.
Raymond James & Associates, Inc.
Piper Sandler
Stephens, Inc.
SunTrust Robinson-Humphrey

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:		12/31/2019			9/30/2019			*% Change*	12/31/2018			*% Change*
	Net interest income	$	234,490		$	249,333		(6.0)	$	265,021		(11.5)
	Net interest income (TE) (1)	235,858			250,653			(5.9)	266,448			(11.5)
	Total revenues	293,842			313,007			(6.1)	265,990			10.5
	Provision for credit losses	8,153			8,986			(9.3)	13,094			(37.7)
	Non-interest expense	181,723			172,662			5.2	168,989			7.5
	Net income available to common shareholders	78,120			96,251			(18.8)	129,090			(39.5)

PER COMMON SHARE DATA:
	Earnings available to common shareholders - basic	$	1.49		$	1.83		(18.6)	$	2.33		(36.1)
	Earnings available to common shareholders - diluted	1.48			1.82			(18.7)	2.32			(36.2)
	Core earnings (Non-GAAP) (2)	1.59			1.82			(12.6)	1.86			(14.5)
	Book value	78.37			77.58			1.0	71.61			9.4
	Tangible book value (Non-GAAP) (2) (3)	53.63			52.68			1.8	47.61			12.6
	Closing stock price	74.83			75.54			(0.9)	64.28			16.4
	Cash dividends	0.45			0.45			—	0.41			9.8

KEY RATIOS AND OTHER DATA (6):
	Net interest margin (TE) (1)	3.21		%	3.44		%		3.81		%
	Efficiency ratio	61.8			55.2				63.5
	Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) (3)	56.2			53.4				50.7
	Return on average assets	1.03			1.26				1.70
	Return on average common equity	7.58			9.46				13.38
	Core return on average tangible common equity (Non-GAAP) (2)(3)	12.39			14.48				16.98
	Effective tax rate	20.6			24.0				(55.0)
	Full-time equivalent employees	3,401			3,397				3,403

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) (2) (3)	9.24		%	9.05		%		8.84		%
	Tangible common equity to risk-weighted assets (3)	10.59			10.51				10.43
	Tier 1 leverage ratio (4)	9.90			9.78				9.63
	Common equity Tier 1 (CET 1) ratio(4)	10.52			10.41				10.72
	Tier 1 capital ratio (4)	11.38			11.28				11.25
	Total risk-based capital ratio (4)	12.43			12.34				12.33
	Common stock dividend payout ratio	30.2			24.4				17.8
	Classified assets to Tier 1 capital (7)	8.8			9.6				10.7

ASSET QUALITY RATIOS:
	Non-performing assets to total assets (5)	0.54		%	0.58		%		0.55		%
	ALLL to total loans and leases	0.61			0.62				0.62
	Net charge-offs to average loans (annualized)	0.11			0.14				0.14
	Non-performing assets to total loans and OREO (5)	0.71			0.78				0.75


(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 December 31, 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*
	12/31/2019		9/30/2019		$	%	6/30/2019		3/31/2019		12/31/2018		$	%
Interest income	$	314,779	$	333,178	(18,399)	(5.5)	$	335,967	$	326,084	$	330,196	(15,417)	(4.7)
Interest expense	80,289		83,845		(3,556)	(4.2)	80,628		75,600		65,175		15,114	23.2
Net interest income	234,490		249,333		(14,843)	(6.0)	255,339		250,484		265,021		(30,531)	(11.5)
Provision for credit losses	8,153		8,986		(833)	(9.3)	10,755		13,763		13,094		(4,941)	(37.7)
Net interest income after provision for credit losses	226,337		240,347		(14,010)	(5.8)	244,584		236,721		251,927		(25,590)	(10.2)
Mortgage income	15,305		17,432		(2,127)	(12.2)	18,444		11,849		10,379		4,926	47.5
Service charges on deposit accounts	12,970		13,209		(239)	(1.8)	12,847		12,810		13,425		(455)	(3.4)
Title revenue	6,638		7,170		(532)	(7.4)	6,895		5,225		5,996		642	10.7
Broker commissions	2,483		1,800		683	37.9	2,044		1,953		1,951		532	27.3
ATM/debit card fee income	3,309		2,948		361	12.2	3,032		2,582		2,267		1,042	46.0
Income from bank owned life insurance	1,887		1,760		127	7.2	1,750		1,797		2,023		(136)	(6.7)
Gain (loss) on sale of available-for-sale securities	8		27		(19)	(70.4)	(1,014)		—		(49,844)		49,852	NM
Trust department income	4,222		4,281		(59)	(1.4)	4,388		4,167		4,319		(97)	(2.2)
Other non-interest income	12,530		15,047		(2,517)	(16.7)	10,439		12,126		10,453		2,077	19.9
Total non-interest income	59,352		63,674		(4,322)	(6.8)	58,825		52,509		969		58,383	NM
Salaries and employee benefits	106,941		103,257		3,684	3.6	103,375		98,296		101,551		5,390	5.3
Occupancy and equipment	20,894		21,316		(422)	(2.0)	18,999		18,564		18,379		2,515	13.7
Amortization of acquisition intangibles	4,259		4,410		(151)	(3.4)	4,786		5,009		5,083		(824)	(16.2)
Computer services expense	9,930		9,638		292	3.0	9,383		9,157		8,942		988	11.0
Professional services	16,267		6,323		9,944	157.3	6,244		4,450		8,628		7,639	88.5
Credit and other loan-related expense	2,916		4,532		(1,616)	(35.7)	4,141		2,859		4,776		(1,860)	(38.9)
Other non-interest expense	20,516		23,186		(2,670)	(11.5)	22,690		20,418		21,630		(1,114)	(5.2)
Total non-interest expense	181,723		172,662		9,061	5.2	169,618		158,753		168,989		12,734	7.5
Income before income taxes	103,966		131,359		(27,393)	(20.9)	133,791		130,477		83,907		20,059	23.9
Income tax expense (benefit)	21,390		31,509		(10,119)	(32.1)	32,193		30,346		(46,132)		67,522	146.4
Net income	82,576		99,850		(17,274)	(17.3)	101,598		100,131		130,039		(47,463)	(36.5)
Less: Preferred stock dividends	4,456		3,599		857	23.8	949		3,598		949		3,507	369.5
Net income available to common shareholders	$	78,120	$	96,251	(18,131)	(18.8)	$	100,649	$	96,533	$	129,090	(50,970)	(39.5)

Income available to common shareholders - basic	$	78,120	$	96,251	(18,131)	(18.8)	$	100,649	$	96,533	$	129,090	(50,970)	(39.5)
Less: Earnings allocated to unvested restricted stock	752		874		(122)	(14.0)	999		933		1,214		(462)	(38.1)
Earnings allocated to common shareholders	$	77,368	$	95,377	(18,009)	(18.9)	$	99,650	$	95,600	$	127,876	(50,508)	(39.5)

Earnings per common share - basic	$	1.49	$	1.83	(0.34)	(18.6)	$	1.87	$	1.76	$	2.33	(0.84)	(36.1)

Earnings per common share - diluted	1.48		1.82		(0.34)	(18.7)	1.86		1.75		2.32		(0.84)	(36.2)
Impact of non-core items (Non-GAAP) (1)	0.11		—		0.11	100.0	0.01		(0.03)		(0.46)		0.57	123.9
Earnings per share - diluted, excluding non-core items (Non-GAAP)(1)	$	1.59	$	1.82	(0.23)	(12.6)	$	1.87	$	1.72	$	1.86	(0.27)	(14.5)

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic	51,835		51,984		(149)	(0.3)	53,345		54,177		54,892		(3,057)	(5.6)
Weighted average common shares outstanding - diluted	52,142		52,292		(150)	(0.3)	53,674		54,539		55,215		(3,073)	(5.6)
Book value shares (period end)	52,420		52,266		154	0.3	52,805		54,551		54,796		(2,376)	(4.3)

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

NM - not meaningful

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

	For the Years Ended
					*Change*
	12/31/2019		12/31/2018		$	%
Interest income	$	1,310,008	$	1,221,629	88,379	7.2
Interest expense	320,362		208,381		111,981	53.7
Net interest income	989,646		1,013,248		(23,602)	(2.3)
Provision for credit losses	41,657		40,385		1,272	3.1
Net interest income after provision for credit losses	947,989		972,863		(24,874)	(2.6)
Mortgage income	63,030		46,424		16,606	35.8
Service charges on deposit accounts	51,836		52,803		(967)	(1.8)
Title revenue	25,928		24,149		1,779	7.4
Broker commissions	8,280		9,195		(915)	(10.0)
ATM/debit card fee income	11,871		10,295		1,576	15.3
Income from bank owned life insurance	7,194		6,310		884	14.0
Loss on sale of available-for-sale securities	(979)		(49,900)		48,921	NM
Trust department income	17,058		15,981		1,077	6.7
Other non-interest income	50,142		37,305		12,837	34.4
Total non-interest income	234,360		152,562		81,798	53.6
Salaries and employee benefits	411,869		414,741		(2,872)	(0.7)
Occupancy and equipment	79,773		77,246		2,527	3.3
Amortization of acquisition intangibles	18,464		21,678		(3,214)	(14.8)
Computer services expense	38,108		39,680		(1,572)	(4.0)
Professional services	33,284		28,698		4,586	16.0
Credit and other loan-related expense	14,448		19,088		(4,640)	(24.3)
Other non-interest expense	86,810		121,767		(34,957)	(28.7)
Total non-interest expense	682,756		722,898		(40,142)	(5.6)
Income before income taxes	499,593		402,527		97,066	24.1
Income tax expense	115,438		32,278		83,160	257.6
Net income	384,155		370,249		13,906	3.8
Less: Preferred stock dividends	12,602		9,095		3,507	38.6
Net income available to common shareholders	$	371,553	$	361,154	10,399	2.9

Income available to common shareholders - basic	$	371,553	$	361,154	10,399	2.9
Less: Earnings allocated to unvested restricted stock	3,559		3,583		(24)	(0.7)
Earnings allocated to common shareholders	$	367,994	$	357,571	10,423	2.9

Earnings per common share - basic	$	6.97	$	6.50	0.47	7.2

Earnings per common share - diluted	6.92		6.46		0.46	7.1
Impact of non-core items (Non-GAAP) (1)	0.09		0.23		(0.14)	(60.9)
Earnings per share - diluted, excluding non-core items (Non-GAAP) (1)	$	7.01	$	6.69	0.32	4.8

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic	52,826		55,008		(2,182)	(4.0)
Weighted average common shares outstanding - diluted	53,153		55,360		(2,207)	(4.0)
Book value shares (period end)	52,420		54,796		(2,376)	(4.3)

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

NM - not meaningful

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

PERIOD-END BALANCES					*Linked Qtr Change*								*Year/Year Change*
ASSETS	12/31/2019		9/30/2019		$	%	6/30/2019		3/31/2019		12/31/2018		$	%
Cash and due from banks	$	289,794	$	353,346	(63,552)	(18.0)	$	289,502	$	280,680	$	294,186	(4,392)	(1.5)
Interest-bearing deposits in other banks	604,929		577,587		27,342	4.7	499,813		391,217		396,267		208,662	52.7
Total cash and cash equivalents	894,723		930,933		(36,210)	(3.9)	789,315		671,897		690,453		204,270	29.6
Investment securities available for sale	3,933,360		4,238,082		(304,722)	(7.2)	4,455,308		4,873,778		4,783,579		(850,219)	(17.8)
Investment securities held to maturity	182,961		185,007		(2,046)	(1.1)	192,917		198,958		207,446		(24,485)	(11.8)
Total investment securities	4,116,321		4,423,089		(306,768)	(6.9)	4,648,225		5,072,736		4,991,025		(874,704)	(17.5)
Mortgage loans held for sale	213,357		255,276		(41,919)	(16.4)	187,987		128,451		107,734		105,623	98.0
Loans and leases, net of unearned income	24,021,499		23,676,537		344,962	1.5	23,355,311		22,968,295		22,519,815		1,501,684	6.7
Allowance for loan and lease losses	(146,588)		(146,235)		353	0.2	(146,386)		(142,966)		(140,571)		6,017	4.3
Loans and leases, net	23,874,911		23,530,302		344,609	1.5	23,208,925		22,825,329		22,379,244		1,495,667	6.7
Premises and equipment, net	296,688		298,309		(1,621)	(0.5)	295,897		297,342		300,507		(3,819)	(1.3)
Goodwill and other intangible assets	1,312,701		1,314,676		(1,975)	(0.2)	1,317,151		1,319,992		1,324,269		(11,568)	(0.9)
Other assets	1,004,749		982,013		22,736	2.3	999,032		944,442		1,039,783		(35,034)	(3.4)
Total assets	$	31,713,450	$	31,734,598	(21,148)	(0.1)	$	31,446,532	$	31,260,189	$	30,833,015	880,435	2.9

LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	6,319,806	$	6,518,783	(198,977)	(3.1)	$	6,474,394	$	6,448,613	$	6,542,490	(222,684)	(3.4)
NOW accounts	4,821,252		4,503,353		317,899	7.1	4,610,577		4,452,966		4,514,113		307,139	6.8
Savings and money market accounts	9,804,649		9,325,761		478,888	5.1	8,895,463		9,119,263		9,066,205		738,444	8.1
Time deposits	4,273,642		4,629,388		(355,746)	(7.7)	4,314,897		4,071,220		3,640,623		633,019	17.4
Total deposits	25,219,349		24,977,285		242,064	1.0	24,295,331		24,092,062		23,763,431		1,455,918	6.1
Short-term borrowings	—		275,000		(275,000)	(100.0)	813,000		845,000		1,167,000		(1,167,000)	(100.0)
Securities sold under agreements to repurchase	204,208		223,049		(18,841)	(8.4)	184,507		261,131		315,882		(111,674)	(35.4)
Trust preferred securities	120,110		120,110		—	—	120,110		120,110		120,110		—	—
Other long-term debt	1,223,577		1,274,092		(50,515)	(4.0)	1,254,649		1,355,345		1,046,041		177,536	17.0
Other liabilities	609,472		581,762		27,710	4.8	540,935		444,710		364,274		245,198	67.3
Total liabilities	27,376,716		27,451,298		(74,582)	(0.3)	27,208,532		27,118,358		26,776,738		599,978	2.2
Total shareholders' equity	4,336,734		4,283,300		53,434	1.2	4,238,000		4,141,831		4,056,277		280,457	6.9
Total liabilities and shareholders' equity	$	31,713,450	$	31,734,598	(21,148)	(0.1)	$	31,446,532	$	31,260,189	$	30,833,015	880,435	2.9

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

AVERAGE BALANCES					*Linked Qtr Change*								*Year/Year Change*
ASSETS	12/31/2019		9/30/2019		$	%	6/30/2019		3/31/2019		12/31/2018		$	%
Cash and due from banks	$	294,487	$	272,273	22,214	8.2	$	275,917	$	291,659	$	281,509	12,978	4.6
Interest-bearing deposits in other banks	756,223		531,665		224,558	42.2	436,948		332,638		385,619		370,604	96.1
Total cash and cash equivalents	1,050,710		803,938		246,772	30.7	712,865		624,297		667,128		383,582	57.5
Investment securities available for sale	4,095,950		4,365,558		(269,608)	(6.2)	4,650,757		4,816,855		4,567,564		(471,614)	(10.3)
Investment securities held to maturity	184,272		189,400		(5,128)	(2.7)	195,639		202,601		211,333		(27,061)	(12.8)
Total investment securities	4,280,222		4,554,958		(274,736)	(6.0)	4,846,396		5,019,456		4,778,897		(498,675)	(10.4)
Mortgage loans held for sale	239,346		209,778		29,568	14.1	159,931		95,588		63,033		176,313	279.7
Loans and leases, net of unearned income	23,830,962		23,522,892		308,070	1.3	23,120,689		22,599,686		22,364,188		1,466,774	6.6
Allowance for loan and lease losses	(147,641)		(148,203)		562	(0.4)	(145,854)		(140,915)		(138,675)		(8,966)	6.5
Loans and leases, net	23,683,321		23,374,689		308,632	1.3	22,974,835		22,458,771		22,225,513		1,457,808	6.6
Premises and equipment, net	299,607		298,055		1,552	0.5	298,119		299,741		302,956		(3,349)	(1.1)
Goodwill and other intangible assets	1,313,169		1,315,359		(2,190)	(0.2)	1,318,182		1,322,288		1,318,200		(5,031)	(0.4)
Other assets	971,873		997,514		(25,641)	(2.6)	961,494		1,013,359		977,740		(5,867)	(0.6)
Total assets	$	31,838,248	$	31,554,291	283,957	0.9	$	31,271,822	$	30,833,500	$	30,333,467	1,504,781	5.0

LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	6,501,529	$	6,425,026	76,503	1.2	$	6,442,217	$	6,271,313	$	6,646,071	(144,542)	(2.2)
NOW accounts	4,526,694		4,451,579		75,115	1.7	4,488,691		4,458,634		4,212,304		314,390	7.5
Savings and money market accounts	9,708,541		9,188,186		520,355	5.7	9,014,822		9,089,099		9,169,184		539,357	5.9
Time deposits	4,490,698		4,523,555		(32,857)	(0.7)	4,156,974		3,859,354		3,457,017		1,033,681	29.9
Total deposits	25,227,462		24,588,346		639,116	2.6	24,102,704		23,678,400		23,484,576		1,742,886	7.4
Short-term borrowings	118,557		606,739		(488,182)	(80.5)	782,516		859,576		602,593		(484,036)	(80.3)
Securities sold under agreements to repurchase	207,478		187,305		20,173	10.8	214,090		291,643		386,563		(179,085)	(46.3)
Trust preferred securities	120,110		120,110		—	—	120,110		120,110		120,110		—	—
Other long-term debt	1,265,077		1,240,382		24,695	2.0	1,345,575		1,343,752		1,308,086		(43,009)	(3.3)
Other liabilities	582,643		545,838		36,805	6.7	463,803		434,516		470,501		112,142	23.8
Total liabilities	27,521,327		27,288,720		232,607	0.9	27,028,798		26,727,997		26,372,429		1,148,898	4.4
Total shareholders' equity	4,316,921		4,265,571		51,350	1.2	4,243,024		4,105,503		3,961,038		355,883	9.0
Total liabilities and shareholders' equity	$	31,838,248	$	31,554,291	283,957	0.9	$	31,271,822	$	30,833,500	$	30,333,467	1,504,781	5.0

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

							*Linked Qtr* *Change*											*Year/Year Change*
LOANS	12/31/2019			9/30/2019			$	%	6/30/2019			3/31/2019			12/31/2018			$	%
Commercial loans and leases:
Real estate- construction	$	1,321,663		$	1,330,014		(8,351)	(0.6)	$	1,342,984		$	1,219,647		$	1,196,366		125,297	10.5
Real estate- owner-occupied (1)	2,475,326			2,468,061			7,265	0.3	2,373,143			2,408,079			2,395,822			79,504	3.3
Real estate- non-owner occupied	6,267,106			6,011,681			255,425	4.2	6,102,143			6,147,864			5,796,117			470,989	8.1
Commercial and industrial (6)	6,547,538			6,490,125			57,413	0.9	6,161,759			5,852,568			5,737,017			810,521	14.1
Total commercial loans and leases	16,611,633			16,299,881			311,752	1.9	15,980,029			15,628,158			15,125,322			1,486,311	9.8

Residential mortgage loans	4,739,075			4,649,745			89,330	1.9	4,538,194			4,415,267			4,359,156			379,919	8.7

Consumer and other loans:
Home equity	1,987,336			2,053,588			(66,252)	(3.2)	2,147,897			2,220,648			2,304,694			(317,358)	(13.8)
Other	683,455			673,323			10,132	1.5	689,191			704,222			730,643			(47,188)	(6.5)
Total consumer and other loans	2,670,791			2,726,911			(56,120)	(2.1)	2,837,088			2,924,870			3,035,337			(364,546)	(12.0)
Total loans and leases	$	24,021,499		$	23,676,537		344,962	1.5	$	23,355,311		$	22,968,295		$	22,519,815		1,501,684	6.7

Allowance for loan and lease losses (2)	$	(146,588)		$	(146,235)		353	0.2	$	(146,386)		$	(142,966)		$	(140,571)		6,017	4.3
Loans and leases, net	23,874,911			23,530,302			344,609	1.5	23,208,925			22,825,329			22,379,244			1,495,667	6.7

Reserve for unfunded commitments	(16,637)			(16,144)			493	3.1	(15,281)			(15,981)			(14,830)			1,807	12.2
Allowance for credit losses	(163,225)			(162,379)			846	0.5	(161,667)			(158,947)			(155,401)			7,824	5.0

ASSET QUALITY DATA
Non-accrual loans (3)	$	138,905		$	153,113		(14,208)	(9.3)	$	158,992		$	148,056		$	137,184		1,721	1.3
Other real estate owned and foreclosed assets	27,985			27,075			910	3.4	28,106			30,606			30,394			(2,409)	(7.9)
Accruing loans more than 90 days past due (3)	3,257			4,790			(1,533)	(32.0)	851			4,111			2,128			1,129	53.1
Total non-performing assets (3)(4)	$	170,147		$	184,978		(14,831)	(8.0)	$	187,949		$	182,773		$	169,706		441	0.3

Loans 30-89 days past due (3)	$	68,204		$	54,618		13,586	24.9	$	43,021		$	45,334		$	57,332		10,872	19.0

Non-performing assets to total assets (3)(4)	0.54		%	0.58		%			0.60		%	0.58		%	0.55		%
Non-performing assets to total loans and OREO (3)(4)	0.71			0.78					0.80			0.79			0.75
ALLL to non-performing loans (3)(5)	103.1			92.6					91.6			94.0			100.9
ALLL to non-performing assets (3)(4)	86.2			79.1					77.9			78.2			82.8
ALLL to total loans and leases	0.61			0.62					0.63			0.62			0.62

Quarter-to-date charge-offs	$	8,398		$	10,777		(2,379)	(22.1)	$	10,275		$	8,918		$	10,806		(2,408)	(22.3)
Quarter-to-date recoveries	(1,683)			(2,336)			(653)	(28.0)	(2,218)			(1,586)			(3,097)			(1,414)	(45.7)
Quarter-to-date net charge-offs	$	6,715		$	8,441		(1,726)	(20.4)	$	8,057		$	7,332		$	7,709		(994)	(12.9)

Net charge-offs to average loans (annualized)	0.11		%	0.14		%			0.14		%	0.13		%	0.14		%

(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
	12/31/2019						9/30/2019						*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	$	16,441,658	$	195,487	4.74	%	$	16,155,962	$	205,350	5.06	%	(32)
Residential mortgage loans	4,706,745		50,879		4.32		4,588,549		50,939		4.44		(12)
Consumer and other loans	2,682,559		36,198		5.35		2,778,381		40,501		5.78		(43)
Total loans and leases	23,830,962		282,564		4.73		23,522,892		296,790		5.03		(30)
Mortgage loans held for sale	239,346		2,132		3.56		209,778		1,936		3.69		(13)
Investment securities (2)	4,218,720		25,926		2.51		4,493,789		29,932		2.71		(20)
Other earning assets	937,076		4,157		1.76		733,305		4,520		2.44		(68)
Total earning assets	29,226,104		314,779		4.30		28,959,764		333,178		4.59		(29)
Allowance for loan and lease losses	(147,641)						(148,203)
Non-earning assets	2,759,785						2,742,730
Total assets	$	31,838,248					$	31,554,291

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	4,526,694	$	10,091	0.88	%	$	4,451,579	$	11,305	1.01	%	(13)
Savings and money market accounts	9,708,541		34,422		1.41		9,188,186		32,959		1.42		(1)
Time deposits	4,490,698		25,860		2.28		4,523,555		26,489		2.32		(4)
Total interest-bearing deposits (3)	18,725,933		70,373		1.49		18,163,320		70,753		1.55		(6)
Short-term borrowings	326,035		946		1.15		794,044		3,880		1.94		(79)
Long-term debt	1,385,187		8,970		2.57		1,360,492		9,212		2.69		(12)
Total interest-bearing liabilities	20,437,155		80,289		1.56		20,317,856		83,845		1.64		(8)
Non-interest-bearing deposits	6,501,529						6,425,026
Non-interest-bearing liabilities	582,643						545,838
Total liabilities	27,521,327						27,288,720
Total shareholders' equity	4,316,921						4,265,571
Total liabilities and shareholders' equity	$	31,838,248					$	31,554,291

Net interest income/Net interest spread			$	234,490	2.74	%			$	249,333	2.95	%	(21)
Taxable equivalent benefit			1,368		0.02				1,320		0.02		—
Net interest income (TE)/Net interest margin (TE) (1)			$	235,858	3.21	%			$	250,653	3.44	%	(23)

(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, 2019 and September 30, 2019 were 1.11% and 1.14%, respectively.

TABLE 6 Continued - 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						12/31/2018
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	$	15,766,423	$	205,093	5.24	%	$	15,253,655	$	194,510	5.19	%	$	14,978,169	$	196,881	5.24	%
Residential mortgage loans	4,482,150		49,388		4.41		4,385,634		47,829		4.36		4,345,811		53,836		4.96
Consumer and other loans	2,872,116		42,205		5.89		2,960,397		42,540		5.83		3,040,208		44,275		5.78
Total loans and leases	23,120,689		296,686		5.16		22,599,686		284,879		5.11		22,364,188		294,992		5.26
Mortgage loans held for sale	159,931		1,588		3.97		95,588		1,054		4.41		63,033		721		4.58
Investment securities (2)	4,853,858		33,803		2.83		5,052,922		36,125		2.90		4,782,844		30,559		2.61
Other earning assets	639,232		3,890		2.44		533,745		4,026		3.06		581,673		3,924		2.68
Total earning assets	28,773,710		335,967		4.70		28,281,941		326,084		4.68		27,791,738		330,196		4.74
Allowance for loan and lease losses	(145,854)						(140,915)						(138,675)
Non-earning assets	2,643,966						2,692,474						2,680,404
Total assets	$	31,271,822					$	30,833,500					$	30,333,467

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	4,488,691	$	11,623	1.04	%	$	4,458,634	$	11,396	1.04	%	$	4,212,304	$	9,420	0.89	%
Savings and money market accounts	9,014,822		30,845		1.37		9,089,099		28,762		1.28		9,169,184		26,062		1.13
Time deposits	4,156,974		23,398		2.26		3,859,354		20,077		2.11		3,457,017		16,666		1.91
Total interest-bearing deposits (3)	17,660,487		65,866		1.50		17,407,087		60,235		1.40		16,838,505		52,148		1.23
Short-term borrowings	996,606		5,197		2.09		1,151,219		5,716		2.01		989,156		4,104		1.65
Long-term debt	1,465,685		9,565		2.62		1,463,862		9,649		2.67		1,428,196		8,923		2.48
Total interest-bearing liabilities	20,122,778		80,628		1.61		20,022,168		75,600		1.53		19,255,857		65,175		1.34
Non-interest-bearing deposits	6,442,217						6,271,313						6,646,071
Non-interest-bearing liabilities	463,803						434,516						470,501
Total liabilities	27,028,798						26,727,997						26,372,429
Total shareholders' equity	4,243,024						4,105,503						3,961,038
Total liabilities and shareholders' equity	$	31,271,822					$	30,833,500					$	30,333,467

Net interest income/Net interest spread			$	255,339	3.09	%			$	250,484	3.15	%			$	265,021	3.40	%
Taxable equivalent benefit			1,338		0.02				1,349		0.02				1,427		0.02
Net interest income (TE)/Net interest margin (TE) (1)			$	256,677	3.57	%			$	251,833	3.59	%			$	266,448	3.81	%

(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, March 31, 2019, and December 31, 2018, were 1.10%, 1.03% and 0.88%, respectively.

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

	For the Years Ended
	12/31/2019						12/31/2018						*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	$	15,908,368	$	800,440	5.05	%	$	14,633,814	$	731,385	5.02	%	3
Residential mortgage loans	4,541,780		199,035		4.38		3,946,390		183,690		4.65		(27)
Consumer and other loans	2,822,479		161,444		5.72		3,061,891		171,587		5.60		12
Total loans and leases	23,272,627		1,160,919		5.00		21,642,095		1,086,662		5.04		(4)
Mortgage loans held for sale	176,647		6,710		3.80		83,087		3,748		4.51		(71)
Investment securities (2)	4,652,096		125,786		2.75		4,900,457		117,771		2.46		29
Other earning assets	712,006		16,593		2.33		573,949		13,448		2.34		(1)
Total earning assets	28,813,376		1,310,008		4.57		27,199,588		1,221,629		4.51		6
Allowance for loan and lease losses	(145,679)						(141,880)
Non-earning assets	2,710,171						2,520,318
Total assets	$	31,377,868					$	29,578,026

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	4,481,504	$	44,415	0.99	%	$	4,341,041	$	33,962	0.78	%	21
Savings and money market accounts	9,251,689		126,988		1.37		9,056,182		82,151		0.91		46
Time deposits	4,260,104		95,824		2.25		2,920,817		44,839		1.54		71
Total interest-bearing deposits (3)	17,993,297		267,227		1.49		16,318,040		160,952		0.99		50
Short-term borrowings	814,653		15,739		1.93		1,052,088		14,682		1.40		53
Long-term debt	1,418,431		37,396		2.64		1,392,148		32,747		2.35		29
Total interest-bearing liabilities	20,226,381		320,362		1.58		18,762,276		208,381		1.11		47
Non-interest-bearing deposits	6,410,693						6,602,434
Non-interest-bearing liabilities	507,213						330,588
Total liabilities	27,144,287						25,695,298
Total shareholders' equity	4,233,581						3,882,728
Total liabilities and shareholders' equity	$	31,377,868					$	29,578,026

Net interest income/Net interest spread			$	989,646	2.99	%			$	1,013,248	3.40	%	(41)
Tax-equivalent benefit			5,517		0.02				5,760		0.02		—
Net interest income (TE)/Net interest margin (TE) (1)			$	995,163	3.45	%			$	1,019,008	3.75	%	(30)

(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 years ended December 31, 2019 and 2018 were 1.10% and 0.70%, respectively.

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

	For the Three Months Ended
	12/31/2019						9/30/2019						6/30/2019						3/31/2019						12/31/2018
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 and leases, net	$	225	$	19,374	4.60	%	$	229	$	18,721	4.86	%	$	225	$	17,984	5.00	%	$	213	$	17,192	5.02	%	$	209	$	16,616	4.99	%
Acquired loans	58		4,457		5.18		68		4,802		5.62		72		5,137		5.64		72		5,408		5.35		86		5,748		5.97
Total loans and leases	$	283	$	23,831	4.71	%	$	297	$	23,523	5.01	%	$	297	$	23,121	5.14	%	$	285	$	22,600	5.10	%	$	295	$	22,364	5.24	%

	12/31/2019						9/30/2019						6/30/2019						3/31/2019						12/31/2018
ADJUSTMENTS	Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield
Legacy loans and leases, net	$	—	$	—	—	%	$	—	$	—	—	%	$	—	$	—	—	%	$	—	$	—	—	%	$	—	$	—	—	%
Acquired loans	(9)		97		(0.90)		(14)		111		(1.24)		(14)		124		(1.15)		(11)		136		(0.92)		(19)		144		(1.46)
Total loans and leases	$	(9)	$	97	(0.17)	%	$	(14)	$	111	(0.25)	%	$	(14)	$	124	(0.25)	%	$	(11)	$	136	(0.22)	%	$	(19)	$	144	(0.38)	%

	12/31/2019						9/30/2019						6/30/2019						3/31/2019						12/31/2018
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 and leases, net	$	225	$	19,374	4.60	%	$	229	$	18,721	4.86	%	$	225	$	17,984	5.00	%	$	213	$	17,192	5.02	%	$	209	$	16,616	4.99	%
Acquired loans	49		4,554		4.28		54		4,913		4.38		58		5,261		4.49		61		5,544		4.43		67		5,892		4.51
Total loans and leases	$	274	$	23,928	4.54	%	$	283	$	23,634	4.76	%	$	283	$	23,245	4.89	%	$	274	$	22,736	4.88	%	$	276	$	22,508	4.86	%

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

	For the Three Months Ended
	12/31/2019						9/30/2019						6/30/2019
	Pre-tax		After-tax		Per share(2)		Pre-tax		After-tax		Per share(2)		Pre-tax		After-tax		Per share(2)
Net income	$	103,966	$	82,576	$	1.57	$	131,359	$	99,850	$	1.89	$	133,791	$	101,598	$	1.88
Less: Preferred stock dividends	—		4,456		0.09		—		3,599		0.07		—		949		0.02
Income available to common shareholders (GAAP)	$	103,966	$	78,120	$	1.48	$	131,359	$	96,251	$	1.82	$	133,791	$	100,649	$	1.86

Non-interest income adjustments (1)(3):
(Gain) loss on sale of investments	(14)		(11)		—		—		—		—		1,012		769		0.01

Non-interest expense adjustments (1)(3):
Merger-related expense	11,321		10,828		0.21		—		—		—		(10)		(7)		—
Impairment of long-lived assets, net of (gain) loss on sale	30		23		—		—		—		—		(22)		(17)		—
Other non-core non-interest expense	(8)		(6)		—		—		—		—		107		81		—
Total non-interest expense adjustments	11,343		10,845		0.21		—		—		—		75		57		—
Income tax benefit - other	—		(5,209)		(0.10)		—		—		—		—		—		—
Core earnings (Non-GAAP)	115,295		83,745		1.59		131,359		96,251		1.82		134,878		101,475		1.87
Provision for credit losses(1)	8,153		6,196				8,986		6,829				10,755		8,174
Pre-provision earnings, as adjusted (Non-GAAP) (3)	$	123,448	$	89,941			$	140,345	$	103,080			$	145,633	$	109,649



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

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

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

(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 gains or losses on the sale of investment securities, merger-related expenses, realized or unrealized gains or losses on former bank-owned real estate, and gains, losses, and impairment charges on long-lived assets.

	For the Year Ended
	12/31/2019						12/31/2018
	Pre-tax		After-tax		Per share (2)		Pre-tax		After-tax		Per share (2)
Net income	$	499,593	$	384,155	$	7.16	$	402,527	$	370,249	$	6.63
Less: Preferred stock dividends	—		12,602		0.24		—		9,095		0.17
Income available to common shareholders (GAAP)	$	499,593	$	371,553	$	6.92	$	402,527	$	361,154	$	6.46

Non-interest income adjustments (1)(3):
Loss on sale of investments	998		758		0.01		49,899		37,923		0.68
Other non-core non-interest income	—		—		—		415		316		—
Total non-interest income adjustments	998		758		0.01		50,314		38,239		0.68

Non-interest expense adjustments (1)(3):
Merger-related expense	10,977		10,567		0.20		31,295		23,919		0.44
Compensation-related expense	(9)		(7)		—		4,290		3,261		0.05
Impairment of long-lived assets, net of (gain) loss on sale	994		755		0.01		10,837		8,236		0.15
Gain on early termination of loss share agreements	—		—		—		(2,708)		(2,058)		(0.04)
Other non-core non-interest expense	(3,030)		(2,303)		(0.04)		(133)		(102)		0.01
Total non-interest expense adjustments	8,932		9,012		0.17		43,581		33,256		0.61
Income tax benefit - impact of the Tax Cuts and Jobs Act	—		—		—		—		(58,745)		(1.06)
Income tax expense (benefit) - other	—		(5,209)		(0.09)		—		173		—
Core earnings (Non-GAAP)	509,523		376,114		7.01		496,422		374,077		6.69
Provision for credit losses (1)	41,657		31,659				40,385		30,692
Pre-provision earnings, as adjusted (Non-GAAP) (3)	$	551,180	$	407,773			$	536,807	$	404,769

(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 gains or losses on the sale of investment securities, merger-related expenses, realized and unrealized gains or losses on former bank-owned real estate, and gains, losses, and impairment charges on long-lived assets.

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

	For the Three Months Ended
	12/31/2019			9/30/2019			6/30/2019			3/31/2019			12/31/2018
Net interest income (GAAP)	$	234,490		$	249,333		$	255,339		$	250,484		$	265,021
Taxable equivalent benefit	1,368			1,320			1,338			1,349			1,427
Net interest income (TE) (Non-GAAP) (1)	235,858			250,653			256,677			251,833			266,448

Non-interest income (GAAP)	59,352			63,674			58,825			52,509			969
Taxable equivalent benefit	502			468			465			478			539
Non-interest income (TE) (Non-GAAP) (1)	59,854			64,142			59,290			52,987			1,508
Taxable equivalent revenues (Non-GAAP) (1)	295,712			314,795			315,967			304,820			267,956
Securities (gains) losses and other non-interest income	(14)			—			1,012			—			50,259
Core taxable equivalent revenues (Non-GAAP) (1)	$	295,698		$	314,795		$	316,979		$	304,820		$	318,215

Total non-interest expense (GAAP)	$	181,723		$	172,662		$	169,618		$	158,753		$	168,989
Less: Intangible amortization expense	4,259			4,410			4,786			5,009			5,083
Tangible non-interest expense (Non-GAAP) (2)	177,464			168,252			164,832			153,744			163,906
Less: Merger-related expense	11,321			—			(10)			(334)			(238)
Compensation-related expense	—			—			—			(9)			184
Impairment of long-lived assets, net of (gain) loss on sale	30			—			(22)			986			64
Other non-core non-interest expense	(8)			—			107			(3,129)			2,600
Core tangible non-interest expense (Non-GAAP) (2)	$	166,121		$	168,252		$	164,757		$	156,230		$	161,296

Return on average assets (GAAP)	1.03		%	1.26		%	1.30		%	1.32		%	1.70		%
Effect of non-core revenues and expenses	0.07			—			0.01			(0.03)			(0.33)
Core return on average assets (Non-GAAP)	1.10		%	1.26		%	1.31		%	1.29		%	1.37		%

Efficiency ratio (GAAP)	61.8		%	55.2		%	54.0		%	52.4		%	63.5		%
Effect of tax benefit related to tax-exempt income	(0.3)			(0.3)			(0.3)			(0.3)			(0.4)
Efficiency ratio (TE) (Non-GAAP) (1)	61.5		%	54.9		%	53.7		%	52.1		%	63.1		%
Effect of amortization of intangibles	(1.5)			(1.5)			(1.5)			(1.6)			(1.9)
Effect of non-core items	(3.8)			—			(0.2)			0.8			(10.5)
Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2)	56.2		%	53.4		%	52.0		%	51.3		%	50.7		%

Return on average common equity (GAAP)	7.58		%	9.46		%	10.05		%	9.85		%	13.38		%
Effect of non-core revenues and expenses	0.55			—			0.08			(0.19)			(2.63)
Core return on average common equity (Non-GAAP)	8.13		%	9.46		%	10.13		%	9.66		%	10.75		%
Effect of intangibles (2)	4.26			5.02			5.45			5.37			6.23
Core return on average tangible common equity (Non-GAAP)(2)	12.39		%	14.48		%	15.58		%	15.03		%	16.98		%

Total shareholders' equity (GAAP)	$	4,336,734		$	4,283,300		$	4,238,000		$	4,141,831		$	4,056,277
Less: Goodwill and other intangibles	1,297,095			1,301,348			1,305,752			1,310,458			1,315,462
Preferred stock	228,485			228,485			228,485			132,097			132,097
Tangible common equity (Non-GAAP) (2)	$	2,811,154		$	2,753,467		$	2,703,763		$	2,699,276		$	2,608,718

Total assets (GAAP)	$	31,713,450		$	31,734,598		$	31,446,532		$	31,260,189		$	30,833,015
Less: Goodwill and other intangibles	1,297,095			1,301,348			1,305,752			1,310,458			1,315,462
Tangible assets (Non-GAAP) (2)	$	30,416,355		$	30,433,250		$	30,140,780		$	29,949,731		$	29,517,553
Tangible common equity ratio (Non-GAAP) (2)	9.24		%	9.05		%	8.97		%	9.01		%	8.84		%

(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 Years Ended
	12/31/2019			12/31/2018
Net interest income (GAAP)	$	989,646		$	1,013,248
Taxable equivalent benefit	5,375			5,760
Net interest income (TE) (Non-GAAP) (1)	995,021			1,019,008

Non-interest income (GAAP)	234,360			152,562
Taxable equivalent benefit	1,913			1,677
Non-interest income (TE) (Non-GAAP) (1)	236,273			154,239
Taxable equivalent revenues (Non-GAAP) (1)	1,231,294			1,173,247
Securities losses and other non-interest income	998			50,314
Core taxable equivalent revenues (Non-GAAP) (1)	$	1,232,292		$	1,223,561

Total non-interest expense (GAAP)	$	682,756		$	722,898
Less: Intangible amortization expense	18,464			21,678
Tangible non-interest expense (Non-GAAP) (2)	664,292			701,220
Less: Merger-related expense	10,977			31,295
Compensation-related expense	(9)			4,290
Impairment of long-lived assets, net of (gain) loss on sale	994			10,837
Gain on early termination of loss share agreements	—			(2,708)
Other non-core non-interest expense	(3,030)			(133)
Core tangible non-interest expense (Non-GAAP) (2)	$	655,360		$	657,639

Return on average assets (GAAP)	1.22		%	1.25		%
Effect of non-core revenues and expenses	0.02			0.05
Core return on average assets (Non-GAAP)	1.24		%	1.30		%

Efficiency ratio (GAAP)	55.8		%	62.0		%
Effect of tax benefit related to tax-exempt income	(0.3)			(0.4)
Efficiency ratio (TE) (Non-GAAP) (1)	55.5		%	61.6		%
Effect of amortization of intangibles	(1.5)			(1.9)
Effect of non-core items	(0.8)			(6.0)
Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2)	53.2		%	53.7		%

Return on average common equity (GAAP)	9.22		%	9.63		%
Effect of non-core revenues and expenses	0.11			0.34
Core return on average common equity (Non-GAAP)	9.33		%	9.97		%
Effect of intangibles (2)	5.02			6.04
Core return on average tangible common equity (Non-GAAP) (2)	14.35		%	16.01		%

Total shareholders' equity (GAAP)	$	4,336,734		$	4,056,277
Less: Goodwill and other intangibles	1,297,095			1,315,462
Preferred stock	228,485			132,097
Tangible common equity (Non-GAAP) (2)	$	2,811,154		$	2,608,718

Total assets (GAAP)	$	31,713,450		$	30,833,015
Less: Goodwill and other intangibles	1,297,095			1,315,462
Tangible assets (Non-GAAP) (2)	$	30,416,355		$	29,517,553
Tangible common equity ratio (Non-GAAP) (2)	9.24		%	8.84		%


(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.

(PRNewsfoto/IBERIABANK Corporation)