IBERIABANK Corporation Reports Second Quarter Results

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LAFAYETTE, La., July 20, 2018 /PRNewswire/ -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 131-year-old IBERIABANK (www.iberiabank.com), reported financial results for the second quarter ended June 30, 2018. For the quarter, the Company reported net income available to common shareholders of $74.2 million, or $1.30 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 2018 was $1.71 per common share, compared to $1.10 in the year-ago period, an increase of 55% (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics).

Daryl G. Byrd, President and Chief Executive Officer, commented, "Our strong financial performance this quarter is the result of solid franchise momentum, growth in loans and deposits, and a pickup in our fee income businesses. Building upon the client growth we have achieved, and managing expenses remain our fundamental objectives and key to successfully achieving earnings expectations for 2018 and beyond.

We are proud of our diversified franchise, and we have the right team and platforms in place to drive outstanding client growth amongst favorable economic conditions. We remain laser-focused on delivering sustainable, profitable returns for our shareholders, and we believe that our 2018 financial performance will position us to achieve or exceed our 2020 Strategic Goals," Byrd continued.

Highlights for the second quarter of 2018 and at June 30, 2018:

On a linked quarter basis, both GAAP and Core EPS significantly improved, driven by increases in loan interest income as a result of higher loan yields and a seasonal improvement in our fee income businesses in the second quarter. Merger-related expenses, branch closure expenses and an adjustment to provisional tax amounts comprised the majority of the variance between GAAP and Core EPS. Return metrics and efficiency ratios significantly improved in the current quarter primarily as a result of revenue growth.

	For the three months ended
	GAAP						Non-GAAP Core
	2Q18			1Q18			2Q18			1Q18
Earnings Per Common Share	$	1.30		$	1.10		$	1.71		$	1.37
Return on Average Assets	1.01		%	0.92		%	1.32		%	1.13		%
Return on Average Common Equity	7.87		%	6.79		%	10.30		%	8.45		%
Return on Average Tangible Common Equity	N/A			N/A			16.70		%	13.83		%
Efficiency Ratio	63.5		%	67.9		%	56.6		%	61.1		%
Tangible Efficiency Ratio (TE)	N/A			N/A			54.3		%	58.8		%

Revenue growth and cost containment relative to the linked quarter produced positive operating leverage multiples of 3.8 on a GAAP basis and 5.4 on a Core basis.
The Company's reported and cash net interest margins improved 9 and 7 basis points on a linked quarter basis, to 3.76% and 3.49%, respectively, primarily driven by $7.4 million (or $0.10 impact to EPS after-tax, 11 basis points impact to reported net interest margin) of higher recoveries and incremental accelerated accretion on acquired loans, as well as rising short-term interest rates.
Non-interest income in 2Q18 increased $9.4 million, or 21%, on a linked quarter basis, primarily as a result of seasonal growth in the Company's fee income businesses, including increases in mortgage income and title revenue.
Non-interest expense increased $8.6 million on a linked quarter basis, primarily due to increased salary and employee benefits expenses and branch closure expenses. 2Q18 non-interest expense included $14.3 million in pre-tax merger-related expense ($0.20 impact to EPS after-tax), compared to $16.2 million ($0.23 impact to EPS after-tax) in 1Q18.
Total loan growth was $369.7 million, or 1.7% (6.8% annualized rate), in 2Q18.
Total deposits increased $459.3 million, or 2.0% (8.0% annualized rate), in 2Q18.
Credit metrics remain stable. Net charge-offs were $11.7 million, of which $4.2 million was covered by specific reserves recorded in prior periods.
Income tax expense was impacted by a $6.6 million (or $0.12 impact to EPS) write-down of deferred tax assets associated with the finalization of the accounting for the Sabadell acquisition and the related impact of the Tax Cuts and Jobs Act (the "Tax Act") on those adjustments.
Integration and assimilation of both Sabadell and Gibraltar remain on track and performing in-line with original expectations.
On May 10, 2018, the Board of Directors of the Company authorized the repurchase of up to 1,137,500 shares of the Company's common stock. During 2Q18, the Company repurchased 400,000 common shares at a weighted average price of $76.67 per common share.

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

	For the Three Months Ended
	6/30/2018			3/31/2018			*% Change*	6/30/2017			*% Change*
GAAP BASIS:
Income available to common shareholders	$	74,175		$	60,023		23.6	$	51,069		45.2
Earnings per common share - diluted	1.30			1.10			18.2	0.99			31.3

Average loans and leases, net of unearned income	$	21,830,720		$	20,181,390		8.2	$	15,284,007		42.8
Average total deposits	23,155,871			21,777,634			6.3	17,160,848			34.9
Net interest margin (TE) (1)	3.76		%	3.67		%		3.71		%

Total revenues (2)	$	310,053		$	277,455		11.7	$	237,481		30.6
Total non-interest expense (2)	196,877			188,296			4.6	145,380			35.4
Efficiency ratio (2)	63.5		%	67.9		%		61.2		%
Return on average assets	1.01			0.92				0.96
Return on average common equity	7.87			6.79				6.08

NON-GAAP BASIS (3):
Core revenues (2)	$	310,050		$	277,514		11.7	$	237,422		30.6
Core non-interest expense (2)	175,445			169,457			3.5	139,242			26.0
Core earnings per common share - diluted	1.71			1.37			24.8	1.10			55.5
Core tangible efficiency ratio (TE) (1) (2) (4)	54.3		%	58.8		%		57.2		%
Core return on average assets	1.32			1.13				1.06
Core return on average common equity	10.30			8.45				6.75
Core return on average tangible common equity	16.70			13.83				8.86
Net interest margin (TE) - cash basis (1)	3.49			3.42				3.45

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21% for 2018 and a rate of 35% for 2017.

(2) Certain prior period amounts have been reclassified to conform to the net presentation requirements of ASU No. 2014-09, Revenue from Contracts with Customers, which was adopted effective January 1, 2018. The adoption resulted in a reduction of non-interest income and non-interest expense of approximately $2.1 million and had no impact on net income.

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

(4) 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

The Company's reported and cash net interest margins increased 9 and 7 basis points on a linked quarter basis, to 3.76% and 3.49%, respectively, primarily as a result of increased recoveries and discount accretion on the acquired loan portfolio, as well as rising short-term interest rates. Absent the non-recurring items associated with the acquired loan portfolio, margin would have been essentially flat with the linked quarter, due to a combination of lower yields on loans acquired from Gibraltar and increased deposit costs.

Net interest income increased $23.2 million, or 10%, on a linked quarter basis. Average loans increased $1.6 billion, or 8%, and the associated taxable-equivalent yield increased 19 basis points. All other average earning assets decreased by $20.2 million from the linked quarter. The yield on total earning assets was 20 basis points higher at 4.46% compared to 4.26% in the linked quarter.

Average interest-bearing deposits increased $860.9 million, or 6%, and the average cost of interest-bearing deposits rose 15 basis points to 89 basis points on a linked quarter basis. Total average interest-bearing liabilities increased by $918.7 million, or 5%, while the average cost of interest-bearing liabilities rose 16 basis points to 102 basis points. The total cost of interest-bearing liabilities rose primarily due to an upward repricing of indexed deposits, promotional deposit pricing, and increases in the average rate paid on short-term and long-term FHLB advances. The total cost of funding in 2Q18 was 75 basis points, compared to 63 basis points in 1Q18.

The Company's provision for loan losses decreased 5% to $7.6 million and covered net charge-offs in 2Q18 by 65% compared to 186% in 1Q18. The overall decline in provision was mainly attributable to recoveries on acquired loans that reduced the required ALLL for that portfolio. Net charge-offs totaled $11.7 million in 2Q18, compared to $4.3 million in 1Q18, due primarily to the charge-off of one large legacy loan, which was specifically reserved for in a prior period, as well as lower legacy recoveries. Annualized net charge-offs remain at relatively low levels, equating to 21 basis points of average loans in 2Q18.

In 2Q18, non-interest income increased $9.4 million compared to 1Q18, primarily as a result of seasonal growth in the Company's fee income businesses, including an increase of $4.1 million in mortgage income and an increase of $1.8 million in title revenue. In addition, trust department income increased by $0.8 million, or 24%, over 1Q18.

Non-interest expense increased $8.6 million on a linked quarter basis, primarily due to increased salary and employee benefits expenses and branch closure expenses. During 2Q18, non-interest expense included $14.3 million in merger and conversion-related expenses, $1.8 million in compensation-related expenses, and $5.4 million in branch closure and other impairment expenses that are considered non-core items by management.

Excluding these items, core non-interest expense increased $6.0 million, or 4%, primarily driven by an increase of $1.5 million in occupancy and equipment expenses attributable to the recently acquired Gibraltar locations, an increase of $1.3 million in the accrual for mortgage loan repurchase reserves and an increase of $1.0 million in CDI amortization resulting from the full-quarter impact of the Gibraltar acquisition.

On a linked quarter basis, the efficiency ratio improved to 63.5% from 67.9%, while the non-GAAP core tangible efficiency ratio improved to 54.3% from 58.8%. The Company continues to focus on cost containment and revenue enhancement efforts to deliver positive operating leverage in 2018. Refer to Table A for a summary of financial results on both a GAAP and non-GAAP basis.

Income tax expense was impacted by a $6.6 million write-down of deferred tax assets associated with the finalization of the accounting for the Sabadell acquisition and the related adjustment to provisional amounts recorded upon enactment of the Tax Act, resulting in an effective tax rate of 28.8% for 2Q18, compared to 21.6% in 1Q18.

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

		As of and For the Three Months Ended
		6/30/2018			3/31/2018			*% Change*	6/30/2017			*% Change*
PERIOD-END BALANCES:
	Total loans and leases, net of unearned income	$	22,075,783		$	21,706,090		1.7	$	15,556,016		41.9
	Total deposits	23,430,458			22,971,192			2.0	16,853,116			39.0

ASSET QUALITY RATIOS:
	Loans 30-89 days past due and still accruing as a percentage of total loans (1)	0.20		%	0.36		%		0.33		%
	Loans 90 days or more past due and still accruing as a percentage of total loans (1)	0.04			0.04				0.01
	Non-performing assets to total assets (1)(2)	0.54			0.64				0.91
	Classified assets to total assets (3)	1.26			1.40				1.78

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) (4) (5)	8.56		%	8.66		%		12.45		%
	Tier 1 leverage ratio (6)	9.55			9.97				13.19
	Total risk-based capital ratio (6)	12.37			12.48				16.74

PER COMMON SHARE DATA:
	Book value	$	67.06		$	66.38		1.0	$	66.08		1.5
	Tangible book value (Non-GAAP) (4) (5)	43.75			42.91			2.0	51.33			(14.8)
	Closing stock price	75.80			78.00			(2.8)	81.50			(7.0)
	Cash dividends	0.38			0.38			—	0.36			5.6


(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 commercial loans rated substandard or worse and non-performing mortgage and consumer loans and include acquired impaired loans accounted for under ASC 310-30. Classified assets were $379 million, $412 million and $387 million at June 30, 2018, March 31, 2018, and June 30, 2017, 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, 2018 are preliminary.

Loans and Other Assets

Total loans increased $369.7 million, or 2%, to $22.1 billion at June 30, 2018. Period-end loan growth during 2Q18 was strongest in the Energy Group (reserve-based lending), the Corporate Asset Finance division (equipment financing business), and the New Orleans, Birmingham and Atlanta markets. The Company believes it is well-positioned for diversified loan growth based on our strategic presence in the South Florida, Atlanta and Texas markets, as well as other 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
	6/30/2018		3/31/2018		6/30/2017		$	%	*Annualized*		$	%	6/30/2018		3/31/2018
Legacy loans:
Commercial(1)	$	11,500,907	$	11,094,464	$	10,055,791	406,443	3.7	14.7	%	1,445,116	14.4	73.7	%	74.4	%
Residential mortgage	1,534,294		1,280,580		970,961		253,714	19.8	79.5	%	563,333	58.0	9.8	%	8.6	%
Consumer	2,574,834		2,538,878		2,466,658		35,956	1.4	5.7	%	108,176	4.4	16.5	%	17.0	%
Total legacy loans	15,610,035		14,913,922		13,493,410		696,113	4.7	18.7	%	2,116,625	15.7	100.0	%	100.0	%

Acquired loans:
Balance at beginning of period	6,792,168		5,595,030		2,208,758		1,197,138	21.4			4,583,410	207.5
Loans acquired during the period	—		1,465,319		—		(1,465,319)	N/M			—	—
Net paydown activity	(326,420)		(268,181)		(146,152)		(58,239)	21.7			(180,268)	123.3
Total acquired loans	6,465,748		6,792,168		2,062,606		(326,420)	(4.8)			4,403,142	213.5
Total loans	$	22,075,783	$	21,706,090	$	15,556,016	369,693	1.7			6,519,767	41.9

(1) Includes equipment financing leases.

N/M= not meaningful

On an average balance and linked quarter basis, the investment portfolio increased $80.9 million, or 2%, in 2Q18, to $4.9 billion, mainly due to purchases of additional investment securities, partially offset by unfavorable market valuation on available-for-sale securities. Approximately 95% of the Company's investment portfolio is in available-for-sale securities, which experience unrealized losses as interest rates rise. On a period-end basis, the investment portfolio equated to $4.9 billion, or 16% of total assets, at June 30, 2018. The investment portfolio had an effective duration of 3.9 years at June 30, 2018, down from 4.2 years at March 31, 2018, and a $151.4 million unrealized loss at June 30, 2018, up from $129.9 million at March 31, 2018. The average yield on investment securities increased 4 basis points to 2.42% in 2Q18. The Company holds in its investment portfolio primarily government agency securities. Municipal securities comprised 9% of total investments at June 30, 2018.

Deposits and Funding

Total deposits increased $459.3 million, or 2%, to $23.4 billion at June 30, 2018. Deposit growth during 2Q18 was strongest in the Energy Group (reserve-based lending), the Dade, Florida market, and the Virtual Bank division (digital banking).

Table D - Period-End Deposits
(Dollars in thousands)
							*Linked Qtr Change*				*Year/Year Change*		Mix
	6/30/2018		3/31/2018		6/30/2017		$	%	*Annualized*		$	%	6/30/2018		3/31/2018
Non-interest-bearing	$	6,814,441	$	6,595,495	$	5,020,195	218,946	3.3	13.2	%	1,794,246	35.7	29.1	%	28.7	%
NOW accounts	4,453,152		4,500,181		3,089,482		(47,029)	(1.0)	(4.0)	%	1,363,670	44.1	19.0	%	19.6	%
Money market accounts	8,467,906		8,271,969		6,017,654		195,937	2.4	9.6	%	2,450,252	40.7	36.1	%	36.0	%
Savings accounts	850,425		874,741		797,859		(24,316)	(2.8)	(11.2)	%	52,566	6.6	3.6	%	3.8	%
Time deposits	2,844,534		2,728,806		1,927,926		115,728	4.2	16.8	%	916,608	47.5	12.2	%	11.9	%
Total deposits	$	23,430,458	$	22,971,192	$	16,853,116	459,266	2.0	8.0	%	6,577,342	39.0	100.0	%	100.0	%

Asset Quality

Non-performing assets ("NPAs") to total assets were 54 basis points in 2Q18, compared to 64 basis points in 1Q18 and 91 basis points in 2Q17, a 41% year-over-year decrease. Accruing loans past due 30 to 89 days equated to 0.20% of total loans at June 30, 2018, compared to 0.36% at March 31, 2018.

Net charge-offs totaled $11.7 million in 2Q18, compared to $4.3 million in 1Q18, due primarily to the charge-off of one large legacy loan in 2Q18, which was specifically reserved for in a prior period, compared to one large legacy loan recovery in 1Q18. Annualized net charge-offs equated to 21 basis points of average loans in 2Q18, a 12 basis points increase on a linked quarter basis, but remain at historically low levels.

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

Capital Position

At June 30, 2018, the Company reported a non-GAAP tangible common equity ratio of 8.56%, down 10 basis points compared to March 31, 2018, and the preliminary Tier 1 leverage ratio was 9.55%, down 42 basis points compared to March 31, 2018. The Company's preliminary calculation of its total risk-based capital ratio at June 30, 2018, was 12.37%, down 11 basis points compared to March 31, 2018.

At June 30, 2018, book value per common share was $67.06, up $0.68 per share, compared to March 31, 2018. Tangible book value per common share was $43.75, up $0.84 per share, compared to March 31, 2018. Based on the closing stock price of the Company's common stock of $78.50 per share on July 19, 2018, this price equated to 1.17 times June 30, 2018 book value per common share and 1.79 times June 30, 2018 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 June 19, 2018, the Company declared a quarterly cash dividend of $0.38 per common share, consistent with the common dividend declared in March 2018. The dividend is payable on July 27, 2018, to shareholders of record as of June 29, 2018.

Preferred Stock. On June 19, 2018, the Company declared a quarterly cash dividend of $0.4125 per depositary share of Series C Preferred Stock that is payable on August 1, 2018. On July 6, 2018, the Company declared a semi-annual cash dividend of $0.8281 per depositary share of Series B Preferred Stock that is payable on August 1, 2018.

Common Stock Repurchase Program. On May 10, 2018, the Board of Directors of the Company authorized the repurchase of up to 1,137,500 shares of the Company's common stock. This repurchase authorization equates to approximately 2% of total 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 time frame. During 2Q18, the Company repurchased 400,000 common shares, at a weighted average price of $76.67 per common share, of which 335,000 were repurchased under a prior Board-authorized plan. At June 30, 2018, there were approximately 1,073,500 remaining shares that may be repurchased under the plan authorized by the Board on May 10, 2018.

IBERIABANK Corporation

IBERIABANK Corporation is a regional financial holding company with offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, 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 and Series C Preferred Stock also trade on the NASDAQ Global Select Market under the symbols "IBKCP" and "IBKCO", respectively. The Company's common stock market capitalization was approximately $4.4 billion, based on the NASDAQ Global Select Market closing stock price on July 19, 2018.

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

Bank of America Merrill Lynch
FIG Partners, LLC
Hovde Group, LLC
Jefferies & Co., Inc.
Keefe, Bruyette & Woods, Inc.
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 20, 2018, beginning at 8:00 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 2301786. A replay of the call will be available until midnight Central Time on July 27, 2018 by dialing 1-877-344-7529. The confirmation code for the replay is 10121508. 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, and debt repayment penalties. 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, 2017, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website, http://www.sec.gov, and the Company's website, http://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:		6/30/2018			3/31/2018			*% Change*	6/30/2017			*% Change*
	Net interest income	$	256,113		$	232,889		10.0	$	183,643		39.5
	Net interest income (TE) (1)	257,562			234,353			9.9	186,131			38.4
	Total revenues (2)	310,053			277,455			11.7	237,481			30.6
	Provision for loan losses	7,595			7,986			(4.9)	12,050			(37.0)
	Non-interest expense (2)	196,877			188,296			4.6	145,380			35.4
	Net income available to common shareholders	74,175			60,023			23.6	51,069			45.2

PER COMMON SHARE DATA:
	Earnings available to common shareholders - basic	$	1.31		$	1.11		18.0	$	1.00		31.0
	Earnings available to common shareholders - diluted	1.30			1.10			18.2	0.99			31.3
	Core earnings (Non-GAAP) (3)	1.71			1.37			24.8	1.10			55.5
	Book value	67.06			66.38			1.0	66.08			1.5
	Tangible book value (Non-GAAP) (3) (4)	43.75			42.91			2.0	51.33			(14.8)
	Closing stock price	75.80			78.00			(2.8)	81.50			(7.0)
	Cash dividends	0.38			0.38			—	0.36			5.6

KEY RATIOS AND OTHER DATA (7):
	Net interest margin (TE) (1)	3.76		%	3.67		%		3.71		%
	Efficiency ratio (2)	63.5			67.9				61.2
	Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) (3) (4)	54.3			58.8				57.2
	Return on average assets	1.01			0.92				0.96
	Return on average common equity	7.87			6.79				6.08
	Core return on average tangible common equity (Non-GAAP) (3)(4)	16.70			13.83				8.86
	Effective tax rate	28.8			21.6				35.0
	Full-time equivalent employees	3,543			3,726				3,190

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) (3) (4)	8.56		%	8.66		%		12.45		%
	Tangible common equity to risk-weighted assets (4)	10.18			10.27				14.32
	Tier 1 leverage ratio (5)	9.55			9.97				13.19
	Common equity Tier 1 (CET 1) ratio (5)	10.72			10.77				14.52
	Tier 1 capital ratio (5)	11.27			11.32				15.24
	Total risk-based capital ratio (5)	12.37			12.48				16.74
	Common stock dividend payout ratio	28.9			36.0				36.2
	Classified assets to Tier 1 capital (8)	13.9			15.3				13.9

ASSET QUALITY RATIOS:
	Non-performing assets to total assets (6)	0.54		%	0.64		%		0.91		%
	ALLL to loans and leases	0.62			0.67				0.94
	Net charge-offs to average loans (annualized)	0.21			0.09				0.29
	Non-performing assets to total loans and OREO (6)	0.74			0.87				1.27


(1)	Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21% for 2018 and a rate of 35% for 2017.
(2)	Certain prior period amounts have been reclassified to conform to the net presentation requirements of ASU No. 2014-09, Revenue from Contracts with Customers, which was adopted effective January 1, 2018. The adoption resulted in a reduction of non-interest income and non-interest expense of approximately $2.1 million and had no impact on net income.
(3)	See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
(4)	Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.
(5)	Regulatory capital ratios as of June 30, 2018 are preliminary.
(6)	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.
(7)	All ratios are calculated on an annualized basis for the periods indicated.
(8)	Classified assets include commercial loans rated substandard or worse and non-performing mortgage and consumer loans 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*
	6/30/2018		3/31/2018		$	%	12/31/2017		9/30/2017		6/30/2017		$	%
Interest income	$	303,823	$	270,543	33,280	12.3	$	269,703	$	246,972	$	204,575	99,248	48.5
Interest expense	47,710		37,654		10,056	26.7	34,201		30,089		20,932		26,778	127.9
Net interest income	256,113		232,889		23,224	10.0	235,502		216,883		183,643		72,470	39.5
Provision for loan losses	7,595		7,986		(391)	(4.9)	14,393		18,514		12,050		(4,455)	(37.0)
Net interest income after provision for loan losses	248,518		224,903		23,615	10.5	221,109		198,369		171,593		76,925	44.8
Mortgage income	13,721		9,595		4,126	43.0	13,675		16,050		19,730		(6,009)	(30.5)
Service charges on deposit accounts	12,950		12,908		42	0.3	12,581		12,534		11,410		1,540	13.5
Title revenue	6,846		5,027		1,819	36.2	5,398		5,643		6,190		656	10.6
Broker commissions(1)	2,396		2,221		175	7.9	1,958		2,094		2,562		(166)	(6.5)
ATM/debit card fee income(1)	2,925		2,633		292	11.1	2,583		2,486		2,646		279	10.5
Income from bank owned life insurance	1,261		1,282		(21)	(1.6)	1,267		1,263		1,241		20	1.6
Gain (loss) on sale of available-for-sale securities	3		(59)		62	105.1	35		(242)		59		(56)	(94.9)
Trust department income	4,243		3,426		817	23.8	3,081		2,686		2,026		2,217	109.4
Other non-interest income(1)	9,595		7,533		2,062	27.4	11,764		8,329		7,974		1,621	20.3
Total non-interest income(1)	53,940		44,566		9,374	21.0	52,342		50,843		53,838		102	0.2
Salaries and employee benefits	107,445		104,586		2,859	2.7	104,387		106,970		86,317		21,128	24.5
Occupancy and equipment	19,931		20,047		(116)	(0.6)	19,211		19,139		16,292		3,639	22.3
Amortization of acquisition intangibles	6,111		5,102		1,009	19.8	4,642		4,527		1,651		4,460	270.1
Data processing(1)	9,309		12,393		(3,084)	(24.9)	11,416		12,300		6,713		2,596	38.7
Professional services	7,160		7,391		(231)	(3.1)	9,441		22,550		11,219		(4,059)	(36.2)
Credit and other loan related expense	5,190		4,618		572	12.4	3,170		7,532		3,780		1,410	37.3
Other non-interest expense(1)	41,731		34,159		7,572	22.2	29,798		27,744		19,408		22,323	115.0
Total non-interest expense(1)	196,877		188,296		8,581	4.6	182,065		200,762		145,380		51,497	35.4
Income before income taxes	105,581		81,173		24,408	30.1	91,386		48,450		80,051		25,530	31.9
Income tax expense	30,457		17,552		12,905	73.5	81,108		18,806		28,033		2,424	8.6
Net income	75,124		63,621		11,503	18.1	10,278		29,644		52,018		23,106	44.4
Less: Preferred stock dividends	949		3,598		(2,649)	(73.6)	949		3,598		949		—	—
Net income available to common shareholders	$	74,175	$	60,023	14,152	23.6	$	9,329	$	26,046	$	51,069	23,106	45.2

Income available to common shareholders - basic	$	74,175	$	60,023	14,152	23.6	$	9,329	$	26,046	$	51,069	23,106	45.2
Less: Earnings allocated to unvested restricted stock	767		639		128	20.0	101		283		361		406	112.5
Earnings allocated to common shareholders	$	73,408	$	59,384	14,024	23.6	$	9,228	$	25,763	$	50,708	22,700	44.8

Earnings per common share - basic	$	1.31	$	1.11	0.20	18.0	$	0.17	$	0.49	$	1.00	0.31	31.0

Earnings per common share - diluted	1.30		1.10		0.20	18.2	0.17		0.49		0.99		0.31	31.3
Impact of non-core items (Non-GAAP) (2)	0.41		0.27		0.14	51.9	1.16		0.51		0.11		0.30	272.7
Earnings per share - diluted, excluding non-core items (Non-GAAP) (2)	$	1.71	$	1.37	0.34	24.8	$	1.33	$	1.00	$	1.10	0.61	55.5

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic	55,931		53,616		2,315	4.3	53,287		52,424		50,630		5,301	10.5
Weighted average common shares outstanding - diluted	56,287		53,967		2,320	4.3	53,621		52,770		50,984		5,303	10.4
Book value shares (period end)	56,390		56,779		(389)	(0.7)	53,872		53,864		51,015		5,375	10.5

(1) Certain prior period amounts have been reclassified to conform to the net presentation requirements of ASU No. 2014-09, Revenue from Contracts with Customers, which was adopted effective January 1, 2018. On average, the adoption resulted in a reduction of non-interest income and non-interest expense of approximately $2.3 million on a quarterly basis, and had no impact on net income.

(2) 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*
	6/30/2018		6/30/2017		$	%
Interest income	$	574,366	$	397,108	177,258	44.6
Interest expense	85,364		40,647		44,717	110.0
Net interest income	489,002		356,461		132,541	37.2
Provision for loan losses	15,581		18,204		(2,623)	(14.4)
Net interest income after provision for loan losses	473,421		338,257		135,164	40.0
Mortgage income	23,316		33,845		(10,529)	(31.1)
Service charges on deposit accounts	25,858		22,563		3,295	14.6
Title revenue	11,873		10,931		942	8.6
Broker commissions (1)	4,617		5,109		(492)	(9.6)
ATM/debit card fee income (1)	5,558		5,129		429	8.4
Income from bank owned life insurance	2,543		2,552		(9)	(0.4)
(Loss) gain on sale of available-for-sale securities	(56)		59		(115)	(194.9)
Trust department income	7,669		3,939		3,730	94.7
Other non-interest income (1)	17,128		14,835		2,293	15.5
Total non-interest income (1)	98,506		98,962		(456)	(0.5)
Salaries and employee benefits	212,031		168,170		43,861	26.1
Occupancy and equipment	39,978		32,313		7,665	23.7
Amortization of acquisition intangibles	11,213		3,421		7,792	227.8
Data processing (1)	21,702		13,074		8,628	66.0
Professional services	14,551		16,553		(2,002)	(12.1)
Credit and other loan related expense	9,808		8,306		1,502	18.1
Other non-interest expense (1)	75,890		42,339		33,551	79.2
Total non-interest expense (1)	385,173		284,176		100,997	35.5
Income before income taxes	186,754		153,043		33,711	22.0
Income tax expense	48,009		50,552		(2,543)	(5.0)
Net income	138,745		102,491		36,254	35.4
Less: Preferred stock dividends	4,547		4,548		(1)	—
Net income available to common shareholders	$	134,198	$	97,943	36,255	37.0

Income available to common shareholders - basic	$	134,198	$	97,943	36,255	37.0
Less: Earnings allocated to unvested restricted stock	1,409		707		702	99.3
Earnings allocated to common shareholders	$	132,789	$	97,236	35,553	36.6

Earnings per common share - basic	$	2.42	$	2.01	0.41	20.4

Earnings per common share - diluted	2.41		1.99		0.42	21.1
Impact of non-core items (Non-GAAP) (2)	0.68		0.14		0.54	385.7
Earnings per share - diluted, excluding non-core items (Non-GAAP) (2)	$	3.09	$	2.13	0.96	45.1

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic	54,780		48,389		6,391	13.2
Weighted average common shares outstanding - diluted	55,133		48,751		6,382	13.1
Book value shares (period end)	56,390		51,015		5,375	10.5

(1) Certain prior period amounts have been reclassified to conform to the net presentation requirements of ASU No. 2014-09, Revenue from Contracts with Customers, which was adopted effective January 1, 2018. The adoption resulted in a reduction of non-interest income and non-interest expense of approximately $4.4 million and had no impact on net income.

(2) 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	6/30/2018		3/31/2018		$	%	12/31/2017		9/30/2017		6/30/2017		$	%
Cash and due from banks	$	299,268	$	253,527	45,741	18.0	$	319,156	$	298,173	$	301,910	(2,642)	(0.9)
Interest-bearing deposits in other banks	428,120		310,565		117,555	37.9	306,568		583,043		167,450		260,670	155.7
Total cash and cash equivalents	727,388		564,092		163,296	28.9	625,724		881,216		469,360		258,028	55.0
Investment securities available for sale	4,650,915		4,542,486		108,429	2.4	4,590,062		4,736,339		4,009,299		641,616	16.0
Investment securities held to maturity	221,030		224,241		(3,211)	(1.4)	227,318		175,906		84,517		136,513	161.5
Total investment securities	4,871,945		4,766,727		105,218	2.2	4,817,380		4,912,245		4,093,816		778,129	19.0
Mortgage loans held for sale	78,843		110,348		(31,505)	(28.6)	134,916		141,218		140,959		(62,116)	(44.1)
Loans and leases, net of unearned income	22,075,783		21,706,090		369,693	1.7	20,078,181		19,795,085		15,556,016		6,519,767	41.9
Allowance for loan and lease losses	(136,576)		(144,527)		7,951	(5.5)	(140,891)		(136,628)		(146,225)		9,649	(6.6)
Loans and leases, net	21,939,207		21,561,563		377,644	1.8	19,937,290		19,658,457		15,409,791		6,529,416	42.4
Premises and equipment, net	326,213		329,454		(3,241)	(1.0)	331,413		330,800		318,167		8,046	2.5
Goodwill and other intangible assets	1,320,664		1,338,573		(17,909)	(1.3)	1,277,464		1,281,479		757,025		563,639	74.5
Other assets	861,902		801,880		60,022	7.5	779,942		771,220		601,609		260,293	43.3
Total assets	$	30,126,162	$	29,472,637	653,525	2.2	$	27,904,129	$	27,976,635	$	21,790,727	8,335,435	38.3

LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	6,814,441	$	6,595,495	218,946	3.3	$	6,209,925	$	5,963,943	$	5,020,195	1,794,246	35.7
NOW accounts	4,453,152		4,500,181		(47,029)	(1.0)	4,348,939		3,547,761		3,089,482		1,363,670	44.1
Savings and money market accounts	9,318,331		9,146,710		171,621	1.9	8,520,365		9,165,417		6,815,513		2,502,818	36.7
Certificates of deposit	2,844,534		2,728,806		115,728	4.2	2,387,488		2,657,150		1,927,926		916,608	47.5
Total deposits	23,430,458		22,971,192		459,266	2.0	21,466,717		21,334,271		16,853,116		6,577,342	39.0
Short-term borrowings	595,000		375,000		220,000	58.7	475,000		975,008		250,000		345,000	138.0
Securities sold under agreements to repurchase	459,213		525,496		(66,283)	(12.6)	516,297		548,696		333,935		125,278	37.5
Trust preferred securities	120,110		120,110		—	—	120,110		120,110		120,110		—	—
Other long-term debt	1,318,504		1,329,192		(10,688)	(0.8)	1,375,725		1,007,474		547,133		771,371	141.0
Other liabilities	289,468		250,740		38,728	15.4	253,489		264,302		183,191		106,277	58.0
Total liabilities	26,212,753		25,571,730		641,023	2.5	24,207,338		24,249,861		18,287,485		7,925,268	43.3
Total shareholders' equity	3,913,409		3,900,907		12,502	0.3	3,696,791		3,726,774		3,503,242		410,167	11.7
Total liabilities and shareholders' equity	$	30,126,162	$	29,472,637	653,525	2.2	$	27,904,129	$	27,976,635	$	21,790,727	8,335,435	38.3

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

AVERAGE BALANCES					*Linked Qtr Change*								*Year/Year Change*
ASSETS	6/30/2018		3/31/2018		$	%	12/31/2017		9/30/2017		6/30/2017		$	%
Cash and due from banks	$	296,907	$	308,319	(11,412)	(3.7)	$	307,328	$	277,968	$	277,047	19,860	7.2
Interest-bearing deposits in other banks	392,906		486,298		(93,392)	(19.2)	538,733		615,445		555,431		(162,525)	(29.3)
Total cash and cash equivalents	689,813		794,617		(104,804)	(13.2)	846,061		893,413		832,478		(142,665)	(17.1)
Investment securities available for sale	4,629,177		4,544,836		84,341	1.9	4,674,496		4,593,798		3,970,021		659,156	16.6
Investment securities held to maturity	222,764		226,229		(3,465)	(1.5)	191,067		114,895		85,516		137,248	160.5
Total investment securities	4,851,941		4,771,065		80,876	1.7	4,865,563		4,708,693		4,055,537		796,404	19.6
Mortgage loans held for sale	72,917		109,027		(36,110)	(33.1)	126,216		132,309		145,274		(72,357)	(49.8)
Loans and leases, net of unearned income	21,830,720		20,181,390		1,649,330	8.2	19,941,500		18,341,154		15,284,007		6,546,713	42.8
Allowance for loan and lease losses	(145,565)		(144,295)		(1,270)	0.9	(138,927)		(147,046)		(146,448)		883	(0.6)
Loans and leases, net	21,685,155		20,037,095		1,648,060	8.2	19,802,573		18,194,108		15,137,559		6,547,596	43.3
Premises and equipment, net	327,686		331,640		(3,954)	(1.2)	329,957		327,917		309,622		18,064	5.8
Goodwill and other intangible assets	1,338,420		1,281,598		56,822	4.4	1,277,293		1,047,355		757,528		580,892	76.7
Other assets	804,920		807,177		(2,257)	(0.3)	787,400		793,126		605,539		199,381	32.9
Total assets	$	29,770,852	$	28,132,219	1,638,633	5.8	$	28,035,063	$	26,096,921	$	21,843,537	7,927,315	36.3

LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing deposits	$	6,795,878	$	6,278,507	517,371	8.2	$	6,176,347	$	5,601,071	$	4,992,598	1,803,280	36.1
NOW accounts	4,494,064		4,363,557		130,507	3.0	3,987,908		3,203,657		3,124,243		1,369,821	43.8
Savings and money market accounts	9,146,302		8,664,085		482,217	5.6	8,769,464		8,566,873		7,079,773		2,066,529	29.2
Certificates of deposit	2,719,627		2,471,485		248,142	10.0	2,444,403		2,413,727		1,964,234		755,393	38.5
Total deposits	23,155,871		21,777,634		1,378,237	6.3	21,378,122		19,785,328		17,160,848		5,995,023	34.9
Short-term borrowings	609,965		506,056		103,909	20.5	729,111		1,180,165		38,320		571,645	1,491.8
Securities sold under agreements to repurchase	427,508		477,862		(50,354)	(10.5)	494,757		439,077		314,090		113,418	36.1
Trust preferred securities	120,110		120,110		—	—	120,110		120,110		120,110		—	—
Other long-term debt	1,261,515		1,257,213		4,302	0.3	1,300,114		622,655		508,522		752,993	148.1
Other liabilities	281,820		275,869		5,951	2.2	264,790		273,163		200,673		81,147	40.4
Total liabilities	25,856,789		24,414,744		1,442,045	5.9	24,287,004		22,420,498		18,342,563		7,514,226	41.0
Total shareholders' equity	3,914,063		3,717,475		196,588	5.3	3,748,059		3,676,423		3,500,974		413,089	11.8
Total liabilities and shareholders' equity	$	29,770,852	$	28,132,219	1,638,633	5.8	$	28,035,063	$	26,096,921	$	21,843,537	7,927,315	36.3

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

							*Linked Qtr Change*											*Year/Year Change*
LOANS	6/30/2018			3/31/2018			$	%	12/31/2017			9/30/2017			6/30/2017			$	%
Commercial loans and leases:
Real estate- construction	$	1,183,367		$	1,199,625		(16,258)	(1.4)	$	1,240,396		$	1,298,282		$	1,100,504		82,863	7.5
Real estate- owner-occupied (1)	2,641,824			2,612,244			29,580	1.1	2,529,885			2,448,826			2,242,275			399,549	17.8
Real estate- non-owner occupied	5,467,113			5,437,082			30,031	0.6	5,167,949			5,020,778			3,839,777			1,627,336	42.4
Commercial and industrial (6)	5,512,416			5,325,682			186,734	3.5	5,135,067			5,016,437			4,195,096			1,317,320	31.4
Total commercial loans and leases	14,804,720			14,574,633			230,087	1.6	14,073,297			13,784,323			11,377,652			3,427,068	30.1

Residential mortgage loans	4,124,538			3,971,067			153,471	3.9	3,056,352			3,024,970			1,346,467			2,778,071	206.3

Consumer loans:
Home equity	2,410,617			2,421,186			(10,569)	(0.4)	2,292,275			2,320,233			2,158,948			251,669	11.7
Other	735,908			739,204			(3,296)	(0.4)	656,257			665,559			672,949			62,959	9.4
Total consumer loans	3,146,525			3,160,390			(13,865)	(0.4)	2,948,532			2,985,792			2,831,897			314,628	11.1
Total loans and leases	$	22,075,783		$	21,706,090		369,693	1.7	$	20,078,181		$	19,795,085		$	15,556,016		6,519,767	41.9

Allowance for loan and lease losses (2)	$	(136,576)		$	(144,527)		7,951	(5.5)	$	(140,891)		$	(136,628)		$	(146,225)		9,649	(6.6)
Loans and leases, net	21,939,207			21,561,563			377,644	1.8	19,937,290			19,658,457			15,409,791			6,529,416	42.4

Reserve for unfunded commitments	(14,433)			(13,432)			(1,001)	7.5	(13,208)			(21,032)			(10,462)			(3,971)	38.0
Allowance for credit losses	(151,009)			(157,959)			6,950	(4.4)	(154,099)			(157,660)			(156,687)			5,678	(3.6)

ASSET QUALITY DATA
Non-accrual loans (3)	$	131,155		$	153,975		(22,820)	(14.8)	$	145,388		$	145,491		$	177,942		(46,787)	(26.3)
Other real estate owned and foreclosed assets	22,267			27,117			(4,850)	(17.9)	26,533			28,338			19,718			2,549	12.9
Accruing loans more than 90 days past due (3)	9,314			8,288			1,026	12.4	6,900			2,190			802			8,512	1,061.3
Total non-performing assets (3)(4)	$	162,736		$	189,380		(26,644)	(14.1)	$	178,821		$	176,019		$	198,462		(35,726)	(18.0)

Loans 30-89 days past due (3)	$	43,159		$	78,293		(35,134)	(44.9)	$	61,717		$	58,327		$	50,871		(7,712)	(15.2)

Non-performing assets to total assets (3)(4)	0.54		%	0.64		%			0.64		%	0.63		%	0.91		%
Non-performing assets to total loans and OREO (3)(4)	0.74			0.87					0.89			0.89			1.27
ALLL to non-performing loans (3)(5)	97.2			89.1					92.5			92.5			81.8
ALLL to non-performing assets (3)(4)	83.9			76.3					78.8			77.6			73.7
ALLL to total loans	0.62			0.67					0.70			0.69			0.94

Quarter-to-date charge-offs	$	13,618		$	9,116		4,502	49.4	$	12,526		$	30,460		$	12,189		1,429	11.7
Quarter-to-date recoveries	(1,968)			(4,813)			2,845	(59.1)	(2,425)			(1,644)			(1,289)			(679)	52.7
Quarter-to-date net charge-offs	$	11,650		$	4,303		7,347	170.7	$	10,101		$	28,816		$	10,900		750	6.9

Net charge-offs to average loans (annualized)	0.21		%	0.09		%			0.20		%	0.62		%	0.29		%

(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
	6/30/2018						3/31/2018						*Basis PointChange*
ASSETS	AverageBalance		InterestIncome/Expense		Yield/Rate(TE)(1)		AverageBalance		InterestIncome/Expense		Yield/Rate(TE)(1)		*Yield/Rate(TE)(1)*
Earning assets:
Commercial loans and leases	$	14,631,985	$	178,830	4.92	%	$	14,087,635	$	164,660	4.76	%	16
Residential mortgage loans	4,041,259		47,215		4.67		3,151,775		34,494		4.38		29
Consumer loans	3,157,476		44,431		5.64		2,941,980		38,915		5.36		28
Total loans and leases	21,830,720		270,476		4.98		20,181,390		238,069		4.79		19
Mortgage loans held for sale	72,917		836		4.59		109,027		1,154		4.23		36
Investment securities (2)	4,958,769		29,325		2.42		4,843,448		28,094		2.38		4
Other earning assets	580,477		3,186		2.20		679,902		3,226		1.92		28
Total earning assets	27,442,883		303,823		4.46		25,813,767		270,543		4.26		20
Allowance for loan and lease losses	(145,565)						(144,295)
Non-earning assets	2,473,534						2,462,747
Total assets	$	29,770,852					$	28,132,219

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	4,494,064	$	8,620	0.77	%	$	4,363,557	$	7,081	0.66	%	11
Savings and money market accounts	9,146,302		18,434		0.81		8,664,085		14,579		0.68		13
Certificates of deposit	2,719,627		9,105		1.34		2,471,485		6,584		1.08		26
Total interest-bearing deposits (3)	16,359,993		36,159		0.89		15,499,127		28,244		0.74		15
Short-term borrowings	1,037,473		3,327		1.29		983,918		2,524		1.04		25
Long-term debt	1,381,625		8,224		2.39		1,377,323		6,886		2.03		36
Total interest-bearing liabilities	18,779,091		47,710		1.02		17,860,368		37,654		0.86		16
Non-interest-bearing deposits	6,795,878						6,278,507
Non-interest-bearing liabilities	281,820						275,869
Total liabilities	25,856,789						24,414,744
Total shareholders' equity	3,914,063						3,717,475
Total liabilities and shareholders' equity	$	29,770,852					$	28,132,219

Net interest income/Net interest spread			$	256,113	3.44	%			$	232,889	3.40	%	4
Taxable equivalent benefit			1,449		0.02				1,464		0.02		—
Net interest income (TE)/Net interest margin (TE) (1)			$	257,562	3.76	%			$	234,353	3.67	%	9

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21% for 2018 and a rate of 35% for 2017.

(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, 2018 and March 31, 2018 were 0.63% and 0.53%, respectively.

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

	For the Three Months Ended
	12/31/2017						9/30/2017						6/30/2017
ASSETS	AverageBalance		InterestIncome/Expense		Yield/Rate(TE)(1)		AverageBalance		InterestIncome/Expense		Yield/Rate(TE)(1)		AverageBalance		InterestIncome/Expense		Yield/Rate(TE)(1)
Earning assets:
Commercial loans and leases	$	13,964,340	$	163,974	4.70	%	$	12,951,243	$	146,003	4.52	%	$	11,136,842	$	127,301	4.64	%
Residential mortgage loans	3,049,947		35,007		4.59		2,464,348		28,645		4.65		1,319,207		14,345		4.35
Consumer loans	2,927,213		38,836		5.26		2,925,563		42,240		5.73		2,827,958		37,620		5.34
Total loans and leases	19,941,500		237,817		4.77		18,341,154		216,888		4.73		15,284,007		179,266		4.74
Mortgage loans held for sale	126,216		1,251		3.96		132,309		1,209		3.66		145,274		1,248		3.44
Investment securities (2)	4,893,538		27,714		2.37		4,709,526		26,246		2.32		4,029,491		22,306		2.32
Other earning assets	725,042		2,921		1.60		789,223		2,629		1.32		650,083		1,755		1.08
Total earning assets	25,686,296		269,703		4.22		23,972,212		246,972		4.14		20,108,855		204,575		4.13
Allowance for loan and lease losses	(138,927)						(147,046)						(146,448)
Non-earning assets	2,487,694						2,271,755						1,881,130
Total assets	$	28,035,063					$	26,096,921					$	21,843,537

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	3,987,908	$	5,404	0.54	%	$	3,203,657	$	4,384	0.54	%	$	3,124,243	$	3,507	0.45	%
Savings and money market accounts	8,769,464		13,345		0.60		8,566,873		11,650		0.54		7,079,773		9,029		0.51
Certificates of deposit	2,444,403		6,115		0.99		2,413,727		5,766		0.95		1,964,234		4,576		0.93
Total interest-bearing deposits (3)	15,201,775		24,864		0.65		14,184,257		21,800		0.61		12,168,250		17,112		0.56
Short-term borrowings	1,223,868		2,901		0.94		1,619,242		4,152		1.02		352,410		227		0.26
Long-term debt	1,420,224		6,436		1.80		742,765		4,137		2.21		628,632		3,593		2.29
Total interest-bearing liabilities	17,845,867		34,201		0.76		16,546,264		30,089		0.72		13,149,292		20,932		0.64
Non-interest-bearing deposits	6,176,347						5,601,071						4,992,598
Non-interest-bearing liabilities	264,790						273,163						200,673
Total liabilities	24,287,004						22,420,498						18,342,563
Total shareholders' equity	3,748,059						3,676,423						3,500,974
Total liabilities and shareholders' equity	$	28,035,063					$	26,096,921					$	21,843,537

Net interest income/Net interest spread			$	235,502	3.46	%			$	216,883	3.42	%			$	183,643	3.49	%
Taxable equivalent benefit			2,812		0.04				2,585		0.04				2,488		0.05
Net interest income (TE)/Net interest margin (TE) (1)			$	238,314	3.69	%			$	219,468	3.64	%			$	186,131	3.71	%

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35% for 2017 and a rate of 21% for 2018.

(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, 2017, September 30, 2017, and June 30, 2017 were 0.46%, 0.44% and 0.40%, respectively.

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

	For the Six Months Ended
	6/30/2018						6/30/2017						*Basis PointChange*
ASSETS	AverageBalance		InterestIncome/Expense		Yield/Rate(TE)(1)		AverageBalance		InterestIncome/Expense		Yield/Rate(TE)(1)		*Yield/Rate(TE)(1)*
Earning assets:
Commercial loans and leases	$	14,361,314	$	343,490	4.84	%	$	11,027,883	$	246,906	4.57	%	27
Residential mortgage loans	3,598,974		81,709		4.54		1,296,266		27,193		4.20		34
Consumer loans	3,050,324		83,346		5.51		2,841,390		74,143		5.26		25
Total loans and leases	21,010,612		508,545		4.89		15,165,539		348,242		4.67		22
Mortgage loans held for sale	90,873		1,990		4.38		160,309		2,219		2.77		161
Investment securities (2)	4,901,427		57,419		2.40		3,886,106		42,234		2.28		12
Other earning assets	629,915		6,412		2.05		885,278		4,413		1.01		104
Total earning assets	26,632,827		574,366		4.36		20,097,232		397,108		4.03		33
Allowance for loan and lease losses	(144,934)						(145,890)
Non-earning assets	2,468,169						1,901,127
Total assets	$	28,956,062					$	21,852,469

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts	$	4,429,171	$	15,701	0.71	%	$	3,181,347	$	6,597	0.42	%	29
Savings and money market accounts	8,906,526		33,013		0.75		7,145,295		17,358		0.49		26
Certificates of deposit	2,596,241		15,689		1.22		2,023,661		9,214		0.92		30
Total interest-bearing deposits (3)	15,931,938		64,403		0.82		12,350,303		33,169		0.54		28
Short-term borrowings	1,010,843		5,851		1.17		381,407		504		0.27		90
Long-term debt	1,379,487		15,110		2.21		623,591		6,974		2.26		(5)
Total interest-bearing liabilities	18,322,268		85,364		0.94		13,355,301		40,647		0.62		32
Non-interest-bearing deposits	6,538,622						4,984,815
Non-interest-bearing liabilities	278,861						211,274
Total liabilities	25,139,751						18,551,390
Total shareholders' equity	3,816,311						3,301,079
Total liabilities and shareholders' equity	$	28,956,062					$	21,852,469

Net interest income/Net interest spread			$	489,002	3.42	%			$	356,461	3.41	%	1
Tax-equivalent benefit			2,910		0.02				4,974		0.05		(3)
Net interest income (TE)/Net interest margin (TE) (1)			$	491,912	3.72	%			$	361,435	3.62	%	10

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21% for 2018 and a rate of 35% for 2017.

(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, 2018 and 2017 were 0.58% and 0.39%, respectively.

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

	For the Three Months Ended
	6/30/2018						3/31/2018						12/31/2017						9/30/2017						6/30/2017
AS REPORTED (US GAAP)	Income		AverageBalance		Yield		Income		AverageBalance		Yield		Income		AverageBalance		Yield		Income		AverageBalance		Yield		Income		AverageBalance		Yield
Legacy loans, net	$	179	$	15,217	4.73	%	$	166	$	14,556	4.61	%	$	157	$	14,235	4.39	%	$	148	$	13,638	4.29	%	$	140	$	13,150	4.27	%
Acquired loans	91		6,614		5.51		72		5,625		5.20		81		5,706		5.61		69		4,703		5.86		39		2,134		7.40
Total loans	$	270	$	21,831	4.97	%	$	238	$	20,181	4.77	%	$	238	$	19,941	4.74	%	$	217	$	18,341	4.70	%	$	179	$	15,284	4.70	%

	6/30/2018						3/31/2018						12/31/2017						9/30/2017						6/30/2017
ADJUSTMENTS	Income		AverageBalance		Yield		Income		AverageBalance		Yield		Income		AverageBalance		Yield		Income		AverageBalance		Yield		Income		AverageBalance		Yield
Legacy loans, net	$	—	$	—	0.00	%	$	—	$	—	0.00	%	$	—	$	—	0.00	%	$	—	$	—	0.00	%	$	—	$	—	0.00	%
Acquired loans	(16)		142		(1.12)		(15)		142		(1.16)		(21)		161		(1.60)		(20)		120		(1.76)		(12)		72		(2.46)
Total loans	$	(16)	$	142	(0.34)	%	$	(15)	$	142	(0.32)	%	$	(21)	$	161	(0.46)	%	$	(20)	$	120	(0.45)	%	$	(12)	$	72	(0.34)	%

	6/30/2018						3/31/2018						12/31/2017						9/30/2017						6/30/2017
AS ADJUSTED (CASH YIELD, NON-GAAP)	Income		AverageBalance		Yield		Income		AverageBalance		Yield		Income		AverageBalance		Yield		Income		AverageBalance		Yield		Income		AverageBalance		Yield
Legacy loans, net	$	179	$	15,217	4.73	%	$	166	$	14,556	4.61	%	$	157	$	14,235	4.39	%	$	148	$	13,638	4.29	%	$	140	$	13,150	4.27	%
Acquired loans	75		6,756		4.39		57		5,767		4.04		60		5,867		4.01		49		4,823		4.10		27		2,206		4.94
Total loans	$	254	$	21,973	4.63	%	$	223	$	20,323	4.45	%	$	217	$	20,102	4.28	%	$	197	$	18,461	4.25	%	$	167	$	15,356	4.36	%

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

	For the Three Months Ended
	6/30/2018						3/31/2018						12/31/2017
	Pre-tax		After-tax		Per share (2)		Pre-tax		After-tax		Per share (2)		Pre-tax		After-tax		Per share (2)
Net income	$	105,581	$	75,124	$	1.32	$	81,173	$	63,621	$	1.17	$	91,386	$	10,278	$	0.19
Less: Preferred stock dividends	—		949		0.02		—		3,598		0.07		—		949		0.02
Income available to common shareholders (GAAP)	$	105,581	$	74,175	$	1.30	$	81,173	$	60,023	$	1.10	$	91,386	$	9,329	$	0.17

Non-interest income adjustments (1)(3):
(Gain) loss on sale of investments and other non-interest income	(3)		(2)		—		59		44		—		(35)		(22)		—

Non-interest expense adjustments (1)(3):
Merger-related expense	14,333		11,012		0.20		16,227		12,517		0.23		11,373		8,487		0.16
Compensation-related expense	1,781		1,354		0.02		1,221		928		0.02		1,457		947		0.01
Impairment of long-lived assets, net of (gain) loss on sale	5,413		4,114		0.07		2,074		1,576		0.03		3,177		2,065		0.04
Litigation expense	—		—		—		—		—		—		—		1,228		0.02
Other non-core non-interest expense	(95)		(72)		—		(683)		(520)		(0.01)		467		358		0.01
Total non-interest expense adjustments	21,432		16,408		0.29		18,839		14,501		0.27		16,474		13,085		0.24
Income tax expense (benefit) - provisional impact of TCJA (4)	—		6,572		0.12		—		—		—		—		51,023		0.94
Income tax expense (benefit) - other	—		—		—		—		173		—		—		(1,237)		(0.02)
Core earnings (Non-GAAP)	127,010		97,153		1.71		100,071		74,741		1.37		107,825		72,178		1.33
Provision for loan losses (1)	7,595		5,772				7,986		6,069				14,393		9,355
Pre-provision earnings, as adjusted (Non-GAAP) (3)	$	134,605	$	102,925			$	108,057	$	80,810			$	122,218	$	81,533



	For the Three Months Ended
	9/30/2017						6/30/2017
	Pre-tax		After-tax		Per share (2)		Pre-tax		After-tax		Per share (2)
Net income	$	48,450	$	29,644	$	0.56	$	80,051	$	52,018	$	1.01
Less: Preferred stock dividends	—		3,598		0.07		—		949		0.02
Income available to common shareholders (GAAP)	$	48,450	$	26,046	$	0.49	$	80,051	$	51,069	$	0.99

Non-interest income adjustments (1)(3):
(Gain) loss on sale of investments and other non-interest income	242		157		—		(59)		(38)		—

Non-interest expense adjustments (1)(3):
Merger-related expense	28,478		19,255		0.36		1,066		789		0.02
Compensation-related expense	1,092		710		0.02		378		246		—
Impairment of long-lived assets, net of (gain) loss on sale	3,661		2,380		0.04		(1,306)		(849)		(0.02)
Litigation expense	5,692		4,696		0.09		6,000		5,481		0.11
Other non-core non-interest expense	377		245		—		—		—		—
Total non-interest expense adjustments	39,300		27,286		0.51		6,138		5,667		0.11
Core earnings (Non-GAAP)	87,992		53,489		1.00		86,130		56,698		1.10
Provision for loan losses (1)	18,514		12,034				12,050		7,833
Pre-provision earnings, as adjusted (Non-GAAP) (3)	$	106,506	$	65,523			$	98,180	$	64,531

(1) Excluding preferred stock dividends, merger-related expense, and litigation expense, after-tax amounts are calculated using a tax rate of 24% in 2018 and 35% in 2017, 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, litigation charges and recoveries, debt prepayment penalties, and gains, losses, and impairment charges on long-lived assets.

(4) Estimated net impact of the Tax Cuts and Jobs Act ("TCJA") enacted on December 22, 2017 is subject to refinement in future periods as further information becomes available.



	For the Six Months Ended
	6/30/2018						6/30/2017
	Pre-tax		After-tax		Per share (2)		Pre-tax		After-tax		Per share (2)
Net income	$	186,754	$	138,745	$	2.49	$	153,043	$	102,491	$	2.08
Less: Preferred stock dividends	—		4,547		0.08		—		4,548		0.09
Income available to common shareholders (GAAP)	$	186,754	$	134,198	$	2.41	$	153,043	$	97,943	$	1.99

Non-interest income adjustments (1)(3):
(Gain) loss on sale of investments and other non-interest income	56		42		—		(59)		(38)		—

Non-interest expense adjustments (1)(3):
Merger-related expense	30,560		23,529		0.43		1,120		824		0.02
Compensation-related expense	3,002		2,282		0.04		476		309		0.01
Impairment of long-lived assets, net of (gain) loss on sale	7,487		5,690		0.10		123		80		—
Litigation expense	—		—		—		6,000		5,481		0.11
Other non-core non-interest expense	(778)		(592)		(0.01)		—		—		—
Total non-interest expense adjustments	40,271		30,909		0.56		7,719		6,694		0.14
Income tax expense (benefit) - provisional impact of TCJA (4)	—		6,572		0.12		—		—		—
Income tax expense (benefit) - other	—		173		—		—		—		—
Core earnings (Non-GAAP)	227,081		171,894		3.09		160,703		104,599		2.13
Provision for loan losses (1)	15,581		11,841				18,204		11,833
Pre-provision earnings, as adjusted (Non-GAAP) (3)	$	242,662	$	183,735			$	178,907	$	116,432

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

(4) Estimated net impact of the Tax Cuts and Jobs Act ("TCJA") enacted on December 22, 2017 is subject to refinement in future periods as further information becomes available.

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

	For the Three Months Ended
	6/30/2018			3/31/2018			12/31/2017			9/30/2017			6/30/2017
Net interest income (GAAP)	$	256,113		$	232,889		$	235,502		$	216,883		$	183,643
Taxable equivalent benefit	1,449			1,464			2,812			2,585			2,488
Net interest income (TE) (Non-GAAP) (1)	257,562			234,353			238,314			219,468			186,131

Non-interest income (GAAP) (3)	53,940			44,566			52,342			50,843			53,838
Taxable equivalent benefit	336			341			683			680			668
Non-interest income (TE) (Non-GAAP) (1) (3)	54,276			44,907			53,025			51,523			54,506
Taxable equivalent revenues (Non-GAAP) (1) (3)	311,838			279,260			291,339			270,991			240,637
Securities (gains) losses and other non-interest income	(3)			59			(35)			242			(59)
Core taxable equivalent revenues (Non-GAAP) (1) (3)	$	311,835		$	279,319		$	291,304		$	271,233		$	240,578

Total non-interest expense (GAAP) (3)	$	196,877		$	188,296		$	182,065		$	200,762		$	145,380
Less: Intangible amortization expense	6,111			5,102			4,642			4,527			1,651
Tangible non-interest expense (Non-GAAP) (2) (3)	190,766			183,194			177,423			196,235			143,729
Less: Merger-related expense	14,333			16,227			11,373			28,478			1,066
Compensation-related expense	1,781			1,221			1,457			1,092			378
Impairment of long-lived assets, net of (gain) loss on sale	5,413			2,074			3,177			3,661			(1,306)
Litigation expense	—			—			—			5,692			6,000
Other non-core non-interest expense	(95)			(683)			467			377			—
Core tangible non-interest expense (Non-GAAP) (2) (3)	$	169,334		$	164,355		$	160,949		$	156,935		$	137,591

Return on average assets (GAAP)	1.01		%	0.92		%	0.15		%	0.45		%	0.96		%
Effect of non-core revenues and expenses	0.31			0.21			0.88			0.42			0.10
Core return on average assets (Non-GAAP)	1.32		%	1.13		%	1.03		%	0.87		%	1.06		%

Efficiency ratio (GAAP) (3)	63.5		%	67.9		%	63.3		%	75.0		%	61.2		%
Effect of tax benefit related to tax-exempt income (3)	(0.4)			(0.5)			(0.8)			(1.0)			(0.8)
Efficiency ratio (TE) (Non-GAAP) (1) (3)	63.1		%	67.4		%	62.5		%	74.0		%	60.4		%
Effect of amortization of intangibles	(1.9)			(1.8)			(1.6)			(1.7)			(0.7)
Effect of non-core items	(6.9)			(6.8)			(5.6)			(14.4)			(2.5)
Core tangible efficiency ratio (TE) (Non-GAAP) (1) (2) (3)	54.3		%	58.8		%	55.3		%	57.9		%	57.2		%

Return on average common equity (GAAP)	7.87		%	6.79		%	1.02		%	2.92		%	6.08		%
Effect of non-core revenues and expenses	2.43			1.66			6.90			3.07			0.67
Core return on average common equity (Non-GAAP)	10.30		%	8.45		%	7.92		%	5.99		%	6.75		%
Effect of intangibles (2)	6.40			5.38			4.81			2.96			2.11
Core return on average tangible common equity (Non-GAAP) (2)	16.70		%	13.83		%	12.73		%	8.95		%	8.86		%

Total shareholders' equity (GAAP)	$	3,913,409		$	3,900,907		$	3,696,791		$	3,726,774		$	3,503,242
Less: Goodwill and other intangibles	1,314,165			1,332,672			1,271,807			1,276,241			752,336
Preferred stock	132,097			132,097			132,097			132,097			132,097
Tangible common equity (Non-GAAP) (2)	$	2,467,147		$	2,436,138		$	2,292,887		$	2,318,436		$	2,618,809

Total assets (GAAP)	$	30,126,162		$	29,472,637		$	27,904,129		$	27,976,635		$	21,790,727
Less: Goodwill and other intangibles	1,314,165			1,332,672			1,271,807			1,276,241			752,336
Tangible assets (Non-GAAP) (2)	$	28,811,997		$	28,139,965		$	26,632,322		$	26,700,394		$	21,038,391
Tangible common equity ratio (Non-GAAP) (2)	8.56		%	8.66		%	8.61		%	8.68		%	12.45		%

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21% for 2018 and a rate of 35% for 2017.

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

(3) Certain prior period amounts have been reclassified to conform to the net presentation requirements of ASU No. 2014-09, Revenue from Contracts with Customers, which was adopted effective January 1, 2018. On average, the adoption resulted in a reduction of non-interest income and non-interest expense of approximately $2.3 million on a quarterly basis, and had no impact on net income.

(PRNewsfoto/IBERIABANK Corporation)