IBERIABANK Corporation Reports Fourth Quarter Results

LAFAYETTE, La., Jan. 25, 2018 /PRNewswire/ — IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 130-year-old IBERIABANK (www.iberiabank.com), reported financial results for the fourth quarter ended December 31, 2017. For the quarter, the Company reported income available to common shareholders of $9.3 million, or $0.17 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 2017 was $1.33 per common share vs. $1.16 per common share in the year-ago period, an increase of 15% (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 solid core earnings during the fourth quarter of 2017, achieving our Company’s highest quarterly Core EPS result and providing a glimpse into the strong underlying earnings power of the franchise. Our team’s focus and strategic positioning drove significant improvement over the prior quarter as we continue to reap the benefits of our asset sensitive balance sheet and start to realize the synergies from the Sabadell acquisition following the conversion in mid-October. Similar to many other banks, our GAAP metrics were materially impacted by one-time charges – the most significant of which was a write-down of deferred tax assets resulting from the enactment of the Tax Cuts and Jobs Act on December 22, 2017. Despite the one-time DTA adjustment in the quarter, we expect this tax change will significantly benefit our net income in future periods.”

Byrd continued, “We are proud of the results we have achieved in the fourth quarter of 2017 and recognize the opportunity to build on current momentum in delivering improved financial results. In December, we provided financial guidance for our 2018 earnings and we continue to work towards achieving those goals to provide outstanding returns for our shareholders. During the first quarter of 2018, we will be providing our three-year goals, which we will refer to as our 2020 Goals.”

Highlights for the fourth quarter of 2017 and at December 31, 2017:

While GAAP EPS and returns were negatively impacted by one-time items, the Company reported solid improvement in Core EPS driven by a strong core operating leverage multiple of 4.7, GAAP and cash margin expansion, cost containment and balance sheet growth during the quarter.

	For the three months ended
	GAAP				Non-GAAP Core
	4Q17		3Q17		4Q17		3Q17
Earnings Per Common Share	$ 0.17		$ 0.49		$ 1.33		$ 1.00
Return on Average Assets	0.15	%	0.45	%	1.03	%	0.87	%
Return on Average Common Equity	1.02	%	2.92	%	7.92	%	5.99	%
Return on Average Tangible Common Equity	—		—		12.73	%	8.95	%
Efficiency Ratio	63.5	%	75.2	%	57.9	%	60.6	%
Tangible Efficiency Ratio (TE)	—		—		55.6	%	58.2	%

The Company’s reported and cash net interest margins increased 5 and 4 basis points on a linked quarter basis, to 3.69% and 3.33%, respectively, primarily as a result of increases in average earning assets and higher loan yields, offset by smaller increases in average interest-bearing liabilities and costs of deposits.
4Q17 results include a $51.0 million estimated net impact of the Tax Cuts and Jobs Act enacted on December 22, 2017 ($0.94 per share decrease in earnings), subject to refinement in future periods as further information becomes available.
The effective tax rate in 2018 is expected to be 21% – 22%, which revises our previous guidance of 32.5% – 33.5% disclosed prior to the passing of tax reform.
Total loan growth was $0.3 billion, or 1.4% (5.6% annualized rate), in 4Q17, driven by originations in New Orleans, Atlanta and Tampa.
Total deposits increased $0.1 billion, or 0.6% (2.4% annualized rate), in 4Q17, driven by growth in the Houston, Acadiana, New Orleans and Baton Rouge markets.
Net charge-offs decreased $18.7 million on a linked quarter basis, and equated to an annualized 0.20% of average loans. The provision for loan losses decreased $4.1 million, or 22%.
The Company successfully completed the conversion of branch and operating systems associated with the Sabadell acquisition over the weekend of October 13 – 15, 2017. The Company incurred $11.4 million of pre-tax merger-related expense in 4Q17 ($0.16 per share decrease in earnings).
On October 19, 2017, the Company entered into a Merger Agreement with Gibraltar Private Bank & Trust Company (“Gibraltar“). The Merger Agreement has been approved by the boards of directors of each company and is expected to close in the first quarter of 2018, subject to the required approval of Gibraltar’s shareholders, the receipt of required regulatory approvals, and other customary closing conditions.

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

	For the Three Months Ended
	12/31/2017			9/30/2017			*% Change*	12/31/2016			*% Change*
GAAP BASIS:
Income available to common shareholders	$	9,329		$	26,046		(64.2)	$	44,173		(78.9)
Earnings per common share – diluted	0.17			0.49			(65.3)	1.04			(83.7)

Average loans, net of unearned income	$	19,941,500		$	18,341,154		8.7	$	14,912,350		33.7
Average total deposits	21,378,122			19,785,328			8.1	16,893,643			26.5
Net interest margin (TE) ⁽¹⁾	3.69		%	3.64		%		3.38		%

Total revenues	$	290,163		$	269,950		7.5	$	214,903		35.0
Total non-interest expense	184,384			202,986			(9.2)	151,570			21.6
Efficiency ratio	63.5		%	75.2		%		70.5		%
Return on average assets	0.15			0.45				0.85
Return on average common equity	1.02			2.92				6.70

NON-GAAP BASIS ⁽²⁾:
Core revenues	$	290,128		$	270,192		7.4	$	214,898		35.0
Core non-interest expense	167,910			163,686			2.6	133,562			25.7
Core earnings per common share – diluted	1.33			1.00			33.0	1.16			14.7
Core tangible efficiency ratio (TE) ^{(1) (4)}	55.6		%	58.2		%		60.3		%
Core return on average assets	1.03			0.87				0.94
Core return on average common equity	7.92			5.99				7.44
Core return on average tangible common equity ⁽⁴⁾	12.73			8.95				10.75
Net interest margin (TE) – cash basis ^{(1) (3)}	3.33			3.29				3.16

⁽¹⁾ Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

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

⁽³⁾ See Table 8 for adjustments related to purchase discounts on acquired loans and related accretion and the impact of the FDIC indemnification asset.

⁽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

Net interest income increased 9% on a linked quarter basis. Average loans increased $1.6 billion, or 9%, and the associated taxable-equivalent yield increased 4 basis points. All other average earning assets increased a net of $113.7 million, or 2%, versus the prior quarter. The yield on interest earning assets was 8 basis points higher at 4.22% compared to 4.14% in the prior quarter. The average cost of interest-bearing deposits rose 4 basis points to 65 basis points compared to 61 basis points in the prior quarter.

The increase in average earning assets and higher loan yields, offset by increases in average interest-bearing liabilities and costs of deposits, resulted in net increases on a linked quarter basis to the Company’s reported and cash net interest margins of 5 and 4 basis points to 3.69% and 3.33%, respectively.

The Company’s provision for loan losses decreased 22% to $14.4 million primarily due to a decline in net charge-offs. The provision for loan losses covered net charge-offs in 4Q17 by 142% compared to 64% in 3Q17.

In the fourth quarter of 2017, non-interest income increased $1.6 million compared to the third quarter of 2017. The primary changes in non-interest income on a linked quarter basis were increased treasury management and customer swap commission income of $1.2 million, or 18%, increased deferred COLI income of $1.0 million, or 351%, and decreased mortgage income of $2.4 million, or 15%, of which $1.5 million was volume/mix-related and $0.9 million was margin-related.

Non-interest expense decreased $18.6 million on a linked quarter basis primarily due to higher merger-related and professional services expenses incurred in 3Q17 related to the Sabadell acquisition and the Department of Housing and Urban Development (“HUD”) lawsuit. The HUD lawsuit was settled on December 11, 2017, in the amount of $11.7 million, which was previously provided for in the second ($6.0 million) and third ($5.7 million) quarters of 2017.

Non-interest expense in 4Q17 included $11.4 million in merger and conversion-related expenses, $1.5 million in compensation-related expense, $3.2 million in branch closure and other impairment expense, and $0.5 million in tax penalties and interest and storm-related expenses. Excluding these items, core non-interest expense increased $4.2 million, or 3%, primarily related to a full quarter of Sabadell expenses.

The efficiency ratio improved to 63.5% from 75.2% on a linked quarter basis, while the non-GAAP core tangible efficiency ratio decreased to 55.6% from 58.2%, over the same period. 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
		12/31/2017			9/30/2017			*% Change*	12/31/2016			*% Change*
PERIOD-END BALANCES:
	Total loans, net of unearned income	$	20,078,181		$	19,795,085		1.4	$	15,064,971		33.3
	Total deposits	21,466,717			21,334,271			0.6	17,408,283			23.3

ASSET QUALITY RATIOS:
	Loans 30-89 days past due and still accruing as a percentage of total loans ⁽¹⁾	0.31		%	0.30		%		0.19		%
	Loans 90 days or more past due and still accruing as a percentage of total loans ⁽¹⁾	0.03			0.01				0.01
	Non-performing assets to total assets ⁽¹⁾⁽²⁾	0.64			0.63				1.16
	Classified assets to total assets ⁽³⁾	1.45			1.47				2.25

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) ^{(4) (5)}	8.61		%	8.68		%		9.82		%
	Tier 1 leverage ratio ⁽⁶⁾	9.36			10.17				10.86
	Total risk-based capital ratio ⁽⁶⁾	12.37			12.77				14.13

PER COMMON SHARE DATA:
	Book value	$	66.17		$	66.74		(0.9)	$	62.68		5.6
	Tangible book value (Non-GAAP) ^{(4) (5)}	42.56			43.04			(1.1)	45.80			(7.1)
	Closing stock price	77.50			82.15			(5.7)	83.75			(7.5)
	Cash dividends	0.37			0.37			—	0.36			2.8

_⁽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 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 $404 million, $410 million and $487 million at December 31, 2017, September 30, 2017, and December 31, 2016, 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, 2017 are preliminary.

Loans and Other Assets

Total loans increased $283.1 million, or 1.4% (5.6% annualized rate), to $20.1 billion at December 31, 2017. Period-end loan growth during 4Q17 was strongest in the New Orleans, Atlanta and Tampa markets.

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

	As of and For the Three Months Ended
							*Linked Qtr Change*				*Year/Year Change*		Mix
	12/31/2017		9/30/2017		12/31/2016		$	%	*Annualized*		$	%	12/31/2017		9/30/2017
Legacy loans:
Commercial	$	10,781,778	$	10,295,455	$	9,377,399	486,323	4.7	18.7	%	1,404,379	15.0	74.5	%	74.4	%
Residential mortgage	1,176,365		1,040,990		854,216		135,375	13.0	51.6	%	322,149	37.7	8.1	%	7.5	%
Consumer	2,525,008		2,496,701		2,463,309		28,307	1.1	4.5	%	61,699	2.5	17.4	%	18.1	%
Total legacy loans	14,483,151		13,833,146		12,694,924		650,005	4.7	18.6	%	1,788,227	14.1	100.0	%	100.0	%

Acquired loans:
Balance at beginning of period	5,961,939		2,062,606		2,511,129		3,899,333	189.0			3,450,810	137.4
Loans acquired during the period	—		4,026,020		—		(4,026,020)	(100.0)			—	—
Net paydown activity	(366,909)		(126,687)		(141,082)		(240,222)	189.6			(225,827)	160.1
Total acquired loans	5,595,030		5,961,939		2,370,047		(366,909)	(6.2)			3,224,983	136.1
Total loans	$	20,078,181	$	19,795,085	$	15,064,971	283,096	1.4			5,013,210	33.3

On an average balance and linked quarter basis, the investment portfolio increased $184.0 million in 4Q17, to $4.9 billion. On a period-end basis, the investment portfolio equated to $4.8 billion, or 17% of total assets, at December 31, 2017, compared to $4.9 billion, or 18% of total assets, at September 30, 2017. The investment portfolio had an effective duration of 3.7 years at December 31, 2017, up from 3.5 years at September 30, 2017. The investment portfolio had a $57.2 million unrealized loss at December 31, 2017, up from an $18.4 million unrealized loss at September 30, 2017. The average yield on investment securities increased 5 basis points to 2.37% in 4Q17. The Company holds in its investment portfolio primarily government agency securities. Municipal securities comprised 9% of total investments at December 31, 2017.

Deposits and Funding

Total deposits increased $132.4 million, or 0.6% (2.4% annualized rate), to $21.5 billion at December 31, 2017. Deposit growth during 4Q17 was strongest in the Houston, Acadiana, New Orleans and Baton Rouge markets. Quarterly fluctuations in NOW and money market accounts were caused by conversion-related mapping changes.

Table D – Period-End Deposits
(Dollars in thousands)
							*Linked Qtr Change*				*Year/Year Change*		Mix
	12/31/2017		9/30/2017		12/31/2016		$	%	*Annualized*		$	%	12/31/2017		9/30/2017
Non-interest-bearing	$	6,209,925	$	5,963,943	$	4,928,878	245,982	4.1	16.3	%	1,281,047	26.0	28.9	%	28.0	%
NOW accounts	4,348,939		3,547,761		3,314,281		801,178	22.6	89.7	%	1,034,658	31.2	20.3	%	16.6	%
Money market accounts	7,674,291		8,321,755		6,219,532		(647,464)	(7.8)	(30.9)	%	1,454,759	23.4	35.7	%	39.0	%
Savings accounts	846,074		843,662		814,385		2,412	0.3	1.2	%	31,689	3.9	4.0	%	4.0	%
Time deposits	2,387,488		2,657,150		2,131,207		(269,662)	(10.1)	(40.1)	%	256,281	12.0	11.1	%	12.4	%
Total deposits	$	21,466,717	$	21,334,271	$	17,408,283	132,446	0.6	2.4	%	4,058,434	23.3	100.0	%	100.0	%

On an average balance and linked quarter basis, both non-interest-bearing deposits and interest-bearing deposits increased. The rate on average interest-bearing deposits in 4Q17 was 0.65%, while the cost of total deposits (including non-interest bearing deposits) was 0.46%, increases of 4 basis points and 2 basis points, respectively, compared to 3Q17. The increase in the cost of interest-bearing deposits was primarily driven by interest-rate sensitive money market deposits. Cycle-to-date deposit beta is 22% through December 31, 2017.

On a linked quarter basis, average borrowings increased $282.1 million, or 12%, and the cost of average borrowings was unchanged between periods. The cost of average total interest-bearing liabilities was 0.76% in 4Q17, an increase of 4 basis points over the linked quarter, primarily driven by the costs of deposits. Total funding costs, inclusive of non-interest-bearing deposits was 57 basis points in 4Q17, compared to 54 basis points in 3Q17.

Asset Quality

Non-performing assets (“NPAs”) to total assets remained relatively flat at 64 basis points at December 31, 2017 compared to 63 basis points at the linked quarter-end. Accruing loans past due 30 to 89 days equated to 0.31% of total loans at December 31, 2017, compared to 0.30% at September 30, 2017.

Net charge-offs totaled $10.1 million in 4Q17, down $18.7 million, or 65%, compared to 3Q17. Annualized net charge-offs equated to 0.20% of average loans in 4Q17, a 42 basis point decrease on a linked quarter basis.

Capital Position

At December 31, 2017, the Company reported a non-GAAP tangible common equity ratio of 8.61%, down 7 basis points compared to September 30, 2017, and the preliminary Tier 1 leverage ratio was 9.36%, down 81 basis points compared to September 30, 2017. The Company’s preliminary calculation of its total risk-based capital ratio at December 31, 2017, was 12.37%, down 40 basis points compared to September 30, 2017. The write-down of deferred tax assets in conjunction with the Tax Cuts and Jobs Act in December 2017 resulted in a 23 basis points decline in risk-based capital ratios.

At December 31, 2017, book value per common share was $66.17, down $0.57 per share, compared to September 30, 2017. Tangible book value per common share was $42.56, down $0.48 per share, compared to September 30, 2017. The 4Q17 write-down of deferred tax assets negatively impacted both book value and tangible book value by $0.95 per common share compared to the linked quarter. Based on the closing stock price of the Company’s common stock of $82.05 per share on January 25, 2018, this price equated to 1.24 times December 31, 2017 book value per common share and 1.93 times December 31, 2017 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 December 19, 2017, the Company declared a quarterly cash dividend of $0.37 per common share, consistent with the common dividend declared in September 2017. This common dividend level equated to an annualized dividend rate of $1.48 per common share. Based on the Company’s closing common stock price on December 18, 2017, of $79.25 per common share, the indicated dividend yield was 1.87% per common share. The dividend is payable on January 26, 2018, to shareholders of record as of December 29, 2017.

Preferred Stock. On December 19, 2017, the Company declared a quarterly cash dividend of $0.4125 per depositary share of Series C preferred stock that is payable on February 1, 2018. On January 5, 2018, the Company declared a semi-annual cash dividend of $0.8281 per depositary share of Series B preferred stock that is payable on February 1, 2018.

Common Stock Repurchase Program. On May 4, 2016, the Board of Directors of the Company authorized the repurchase of up to 950,000 shares of the Company’s common stock. The Company did not repurchase common shares under the authorized program during the fourth quarter of 2017. The Company has approximately 747,000 shares of common stock remaining that may be purchased under the currently authorized program.

IBERIABANK Corporation

IBERIABANK Corporation is a regional financial holding company with offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, and South Carolina, 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 January 25, 2018.

The following 11 investment firms currently provide equity research coverage on the Company:

Bank of America Merrill Lynch
FIG Partners, LLC
Hovde Group, LLC
Jefferies & Co., Inc.
JMP Securities LLC
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, January 26, 2018, beginning at 8:30 a.m. Central Time by dialing 1-888-317-6003. The confirmation code for the call is 6105557. A replay of the call will be available until midnight Central Time on February 2, 2018 by dialing 1-877-344-7529. The confirmation code for the replay is 10115138. 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, 2016, 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.

Important Additional Information and Where to Find It

This communication is being made in respect of the proposed merger transaction involving IBERIABANK Corporation (“IBKC”), IBERIABANK and Gibraltar Private Bank & Trust Company (“Gibraltar“). In connection with the proposed merger, IBKC filed a registration statement on Form S-4 (Registration No. 333-222200) with the Securities and Exchange Commission (the “SEC”), which included a preliminary proxy statement of Gibraltar and a preliminary prospectus of IBKC. The Form S-4, as amended, was declared effective by the SEC on January 19, 2018 and the definitive Proxy Statement/Prospectus was first mailed to stockholders of Gibraltar on or about January 22, 2018. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Before making any voting or investment decision, investors and securityholders of Gibraltar are urged to carefully read the entire registration statement and Proxy Statement/Prospectus regarding the merger and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they do and will contain important information about the proposed transaction.

A copy of the definitive Proxy Statement/Prospectus is, and other filings containing information about IBKC and Gibraltar will be, available without charge at the SEC’s website at http://www.sec.gov. Alternatively, these documents can be obtained without charge from IBKC’s website at http://www.iberiabank.com.

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

		As of and For the Three Months Ended
INCOME DATA:		12/31/2017			9/30/2017			*% Change*	12/31/2016			*% Change*
	Net interest income	$	235,502		$	216,883		8.6	$	161,665		45.7
	Net interest income (TE) ⁽¹⁾	238,314			219,468			8.6	164,005			45.3
	Total revenues	290,163			269,950			7.5	214,903			35.0
	Provision for loan losses	14,393			18,514			(22.3)	5,169			178.4
	Non-interest expense	184,384			202,986			(9.2)	151,570			21.6
	Net income available to common shareholders	9,329			26,046			(64.2)	44,173			(78.9)

PER COMMON SHARE DATA:
	Earnings available to common shareholders – basic	$	0.17		$	0.49		(65.3)	$	1.05		(83.8)
	Earnings available to common shareholders – diluted	0.17			0.49			(65.3)	1.04			(83.7)
	Core earnings (Non-GAAP) ⁽²⁾	1.33			1.00			33.0	1.16			14.7
	Book value	66.17			66.74			(0.9)	62.68			5.6
	Tangible book value (Non-GAAP) ^{(2) (3)}	42.56			43.04			(1.1)	45.80			(7.1)
	Closing stock price	77.50			82.15			(5.7)	83.75			(7.5)
	Cash dividends	0.37			0.37			—	0.36			2.8

KEY RATIOS AND OTHER DATA ⁽⁶⁾:
	Net interest margin (TE) ⁽¹⁾	3.69		%	3.64		%		3.38		%
	Efficiency ratio	63.5			75.2				70.5
	Core tangible efficiency ratio (TE) (Non-GAAP) ^{(1) (2) (3)}	55.6			58.2				60.3
	Return on average assets	0.15			0.45				0.85
	Return on average common equity	1.02			2.92				6.70
	Core return on average tangible common equity (Non-GAAP) ⁽²⁾⁽³⁾	12.73			8.95				10.75
	Effective tax rate	88.8			38.8				22.4
	Full-time equivalent employees	3,552			3,646				3,100

CAPITAL RATIOS:
	Tangible common equity ratio (Non-GAAP) ^{(2) (3)}	8.61		%	8.68		%		9.82		%
	Tangible common equity to risk-weighted assets ⁽³⁾	10.20			10.56				11.62
	Tier 1 leverage ratio ⁽⁴⁾	9.36			10.17				10.86
	Common equity Tier 1 (CET 1) (transitional) ⁽⁴⁾	10.58			10.93				11.84
	Common equity Tier 1 (CET 1) (fully phased-in) ⁽⁴⁾	10.53			10.86				11.77
	Tier 1 capital (transitional) ⁽⁴⁾	11.17			11.53				12.59
	Total risk-based capital ratio ⁽⁴⁾	12.37			12.77				14.13
	Common stock dividend payout ratio	213.6			76.5				36.4
	Classified assets to Tier 1 capital ⁽⁷⁾	16.1			16.2				21.9

ASSET QUALITY RATIOS:
	Non-performing assets to total assets ⁽⁵⁾	0.64		%	0.63		%		1.16		%
	Allowance for loan losses to loans	0.70			0.69				0.96
	Net charge-offs to average loans (annualized)	0.20			0.62				0.21
	Non-performing assets to total loans and OREO ⁽⁵⁾	0.89			0.89				1.66

_⁽¹⁾

Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

_⁽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, 2017 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 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*
	12/31/2017		9/30/2017		$	%	6/30/2017		3/31/2017		12/31/2016		$	%
Interest income	$	269,703	$	246,972	22,731	9.2	$	204,575	$	192,533	$	180,805	88,898	49.2
Interest expense	34,201		30,089		4,112	13.7	20,932		19,715		19,140		15,061	78.7
Net interest income	235,502		216,883		18,619	8.6	183,643		172,818		161,665		73,837	45.7
Provision for loan losses	14,393		18,514		(4,121)	(22.3)	12,050		6,154		5,169		9,224	178.4
Net interest income after provision for loan losses	221,109		198,369		22,740	11.5	171,593		166,664		156,496		64,613	41.3
Mortgage income	13,675		16,050		(2,375)	(14.8)	19,730		14,115		16,115		(2,440)	(15.1)
Service charges on deposit accounts	12,581		12,534		47	0.4	11,410		11,153		11,178		1,403	12.6
Title revenue	5,398		5,643		(245)	(4.3)	6,190		4,741		5,332		66	1.2
Broker commissions	2,151		2,269		(118)	(5.2)	2,744		2,738		4,006		(1,855)	(46.3)
ATM/debit card fee income	3,779		3,658		121	3.3	3,800		3,585		3,604		175	4.9
Income from bank owned life insurance	1,267		1,263		4	0.3	1,241		1,311		1,323		(56)	(4.2)
Gain (loss) on sale of available-for-sale securities	35		(242)		277	114.5	59		—		4		31	775.0
Other non-interest income	15,775		11,892		3,883	32.7	10,792		9,703		11,676		4,099	35.1
Total non-interest income	54,661		53,067		1,594	3.0	55,966		47,346		53,238		1,423	2.7
Salaries and employee benefits	104,387		106,970		(2,583)	(2.4)	86,317		81,853		80,811		23,576	29.2
Occupancy and equipment	19,211		19,139		72	0.4	16,292		16,021		15,551		3,660	23.5
Loss on early termination of loss share agreements	—		—		—	—	—		—		17,798		(17,798)	(100.0)
Amortization of acquisition intangibles	4,642		4,527		115	2.5	1,651		1,770		2,087		2,555	122.4
Data processing	12,030		12,899		(869)	(6.7)	7,306		6,941		6,996		5,034	72.0
Professional services	9,441		22,550		(13,109)	(58.1)	11,219		5,335		4,881		4,560	93.4
Credit and other loan related expense	3,170		7,532		(4,362)	(57.9)	3,780		4,526		3,407		(237)	(7.0)
Other non-interest expense	31,503		29,369		2,134	7.3	20,943		24,572		20,039		11,464	57.2
Total non-interest expense	184,384		202,986		(18,602)	(9.2)	147,508		141,018		151,570		32,814	21.6
Income before income taxes	91,386		48,450		42,936	88.6	80,051		72,992		58,164		33,222	57.1
Income tax expense	81,108		18,806		62,302	331.3	28,033		22,519		13,034		68,074	522.3
Net income	10,278		29,644		(19,366)	(65.3)	52,018		50,473		45,130		(34,852)	(77.2)
Less: Preferred stock dividends	949		3,598		(2,649)	(73.6)	949		3,599		957		(8)	(0.8)
Net income available to common shareholders	$	9,329	$	26,046	(16,717)	(64.2)	$	51,069	$	46,874	$	44,173	(34,844)	(78.9)

Income available to common shareholders – basic	$	9,329	$	26,046	(16,717)	(64.2)	$	51,069	$	46,874	$	44,173	(34,844)	(78.9)
Less: Earnings allocated to unvested restricted stock	101		283		(182)	(64.3)	361		346		414		(313)	(75.6)
Earnings allocated to common shareholders	$	9,228	$	25,763	(16,535)	(64.2)	$	50,708	$	46,528	$	43,759	(34,531)	(78.9)

Earnings per common share – basic	$	0.17	$	0.49	(0.32)	(65.3)	$	1.00	$	1.01	$	1.05	(0.88)	(83.8)

Earnings per common share – diluted	0.17		0.49		(0.32)	(65.3)	0.99		1.00		1.04		(0.87)	(83.7)
Impact of non-core items (Non-GAAP) ⁽¹⁾	1.16		0.51		0.65	127.5	0.11		0.02		0.12		1.04	866.7
Earnings per share – diluted, excluding non-core items (Non-GAAP) ⁽¹⁾	$	1.33	$	1.00	0.33	33.0	$	1.10	$	1.02	$	1.16	0.17	14.7

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding – basic	53,287		52,424		863	1.6	50,630		46,123		41,688		11,599	27.8
Weighted average common shares outstanding – diluted	53,621		52,770		851	1.6	50,984		46,496		41,950		11,671	27.8
Book value shares (period end)	53,872		53,864		8	—	51,015		50,970		44,795		9,077	20.3

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

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

	For the Years Ended
					*Year/Year Change*
	12/31/2017		12/31/2016		$	%
Interest income	$	913,783	$	716,939	196,844	27.5
Interest expense	104,937		67,701		37,236	55.0
Net interest income	808,846		649,238		159,608	24.6
Provision for loan losses	51,111		44,424		6,687	15.1
Net interest income after provision for loan losses	757,735		604,814		152,921	25.3
Mortgage income	63,570		83,853		(20,283)	(24.2)
Service charges on deposit accounts	47,678		44,135		3,543	8.0
Title revenue	21,972		22,213		(241)	(1.1)
Broker commissions	9,902		15,338		(5,436)	(35.4)
ATM/debit card fee income	14,822		14,240		582	4.1
Income from bank owned life insurance	5,082		5,241		(159)	(3.0)
Gain (loss) on sale of available-for-sale securities	(148)		2,001		(2,149)	(107.4)
Other non-interest income	48,162		46,800		1,362	2.9
Total non-interest income	211,040		233,821		(22,781)	(9.7)
Salaries and employee benefits	379,527		331,686		47,841	14.4
Occupancy and equipment	70,663		65,797		4,866	7.4
Loss on early termination of loss share agreements	—		17,798		(17,798)	(100.0)
Amortization of acquisition intangibles	12,590		8,415		4,175	49.6
Data processing	39,176		25,091		14,085	56.1
Professional services	48,545		19,153		29,392	153.5
Credit and other loan related expense	19,008		10,937		8,071	73.8
Other non-interest expense	106,387		87,788		18,599	21.2
Total non-interest expense	675,896		566,665		109,231	19.3
Income before income taxes	292,879		271,970		20,909	7.7
Income tax expense	150,466		85,193		65,273	76.6
Net income	142,413		186,777		(44,364)	(23.8)
Less: Preferred stock dividends	9,095		7,977		1,118	14.0
Net income available to common shareholders	$	133,318	$	178,800	(45,482)	(25.4)

Income available to common shareholders – basic	$	133,318	$	178,800	(45,482)	(25.4)
Less: Earnings allocated to unvested restricted stock	1,210		1,872		(662)	(35.4)
Earnings allocated to common shareholders	$	132,108	$	176,928	(44,820)	(25.3)

Earnings per common share – basic	$	2.61	$	4.32	(1.71)	(39.6)

Earnings per common share – diluted	2.59		4.30		(1.71)	(39.8)
Impact of non-core items (Non-GAAP) ⁽¹⁾	1.88		0.13		1.75	1,346.2
Earnings per share – diluted, excluding non-core items (Non-GAAP) ⁽¹⁾	$	4.47	$	4.43	0.04	0.9

NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding – basic	50,640		41,396		9,244	22.3
Weighted average common shares outstanding – diluted	50,992		41,106		9,886	24.1
Book value shares (period end)	53,872		44,795		9,077	20.3

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

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

PERIOD-END BALANCES					*Linked Qtr Change*								*Year/Year Change*
ASSETS	12/31/2017		9/30/2017		$	%	6/30/2017		3/31/2017		12/31/2016		$	%
Cash and due from banks	$	319,156	$	298,173	20,983	7.0	$	301,910	$	276,979	$	295,896	23,260	7.9
Interest-bearing deposits in other banks	306,568		583,043		(276,475)	(47.4)	167,450		1,024,139		1,066,230		(759,662)	(71.2)
Total cash and cash equivalents	625,724		881,216		(255,492)	(29.0)	469,360		1,301,118		1,362,126		(736,402)	(54.1)
Investment securities available for sale	4,590,062		4,736,339		(146,277)	(3.1)	4,009,299		3,823,953		3,446,097		1,143,965	33.2
Investment securities held to maturity	227,318		175,906		51,412	29.2	84,517		86,018		89,216		138,102	154.8
Total investment securities	4,817,380		4,912,245		(94,865)	(1.9)	4,093,816		3,909,971		3,535,313		1,282,067	36.3
Mortgage loans held for sale	134,916		141,218		(6,302)	(4.5)	140,959		122,333		157,041		(22,125)	(14.1)
Loans, net of unearned income	20,078,181		19,795,085		283,096	1.4	15,556,016		15,132,202		15,064,971		5,013,210	33.3
Allowance for loan losses	(140,891)		(136,628)		(4,263)	3.1	(146,225)		(144,890)		(144,719)		3,828	(2.6)
Loans, net	19,937,290		19,658,457		278,833	1.4	15,409,791		14,987,312		14,920,252		5,017,038	33.6
Loss share receivable	8,622		9,780		(1,158)	(11.8)	—		—		—		8,622	N/M
Premises and equipment	331,413		330,800		613	0.2	318,167		303,978		306,373		25,040	8.2
Goodwill and other intangible assets	1,277,464		1,281,479		(4,015)	(0.3)	757,025		758,340		759,823		517,641	68.1
Other assets	771,320		761,440		9,880	1.3	601,609		625,427		618,262		153,058	24.8
Total assets	$	27,904,129	$	27,976,635	(72,506)	(0.3)	$	21,790,727	$	22,008,479	$	21,659,190	6,244,939	28.8

LIABILITIES AND SHAREHOLDERS’ EQUITY
Non-interest-bearing deposits	$	6,209,925	$	5,963,943	245,982	4.1	$	5,020,195	$	5,031,583	$	4,928,878	1,281,047	26.0
NOW accounts	4,348,939		3,547,761		801,178	22.6	3,089,482		3,085,720		3,314,281		1,034,658	31.2
Savings and money market accounts	8,520,365		9,165,417		(645,052)	(7.0)	6,815,513		7,185,864		7,033,917		1,486,448	21.1
Certificates of deposit	2,387,488		2,657,150		(269,662)	(10.1)	1,927,926		2,009,098		2,131,207		256,281	12.0
Total deposits	21,466,717		21,334,271		132,446	0.6	16,853,116		17,312,265		17,408,283		4,058,434	23.3
Short-term borrowings	475,000		975,008		(500,008)	(51.3)	250,000		80,000		175,000		300,000	171.4
Securities sold under agreements to repurchase	516,297		548,696		(32,399)	(5.9)	333,935		368,696		334,136		182,161	54.5
Trust preferred securities	120,110		120,110		—	—	120,110		120,110		120,110		—	—
Other long-term debt	1,375,725		1,007,474		368,251	36.6	547,133		507,975		508,843		866,882	170.4
Other liabilities	253,489		264,302		(10,813)	(4.1)	183,191		161,458		173,124		80,365	46.4
Total liabilities	24,207,338		24,249,861		(42,523)	(0.2)	18,287,485		18,550,504		18,719,496		5,487,842	29.3
Total shareholders’ equity	3,696,791		3,726,774		(29,983)	(0.8)	3,503,242		3,457,975		2,939,694		757,097	25.8
Total liabilities and shareholders’ equity	$	27,904,129	$	27,976,635	(72,506)	(0.3)	$	21,790,727	$	22,008,479	$	21,659,190	6,244,939	28.8

N/M = not meaningful

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

AVERAGE BALANCES					*Linked Qtr Change*								*Year/Year Change*
ASSETS	12/31/2017		9/30/2017		$	%	6/30/2017		3/31/2017		12/31/2016		$	%
Cash and due from banks	$	307,328	$	277,968	29,360	10.6	$	277,047	$	302,585	$	310,132	(2,804)	(0.9)
Interest-bearing deposits in other banks	538,733		615,445		(76,712)	(12.5)	555,431		1,023,688		930,524		(391,791)	(42.1)
Total cash and cash equivalents	846,061		893,413		(47,352)	(5.3)	832,478		1,326,273		1,240,656		(394,595)	(31.8)
Investment securities available for sale	4,674,496		4,593,798		80,698	1.8	3,970,021		3,679,817		3,192,040		1,482,456	46.4
Investment securities held to maturity	191,067		114,895		76,172	66.3	85,516		87,246		90,161		100,906	111.9
Total investment securities	4,865,563		4,708,693		156,870	3.3	4,055,537		3,767,063		3,282,201		1,583,362	48.2
Mortgage loans held for sale	126,216		132,309		(6,093)	(4.6)	145,274		175,512		226,565		(100,349)	(44.3)
Loans, net of unearned income	19,941,500		18,341,154		1,600,346	8.7	15,284,007		15,045,755		14,912,350		5,029,150	33.7
Allowance for loan losses	(138,927)		(147,046)		8,119	(5.5)	(146,448)		(145,326)		(150,499)		11,572	(7.7)
Loans, net	19,802,573		18,194,108		1,608,465	8.8	15,137,559		14,900,429		14,761,851		5,040,722	34.1
Loss share receivable	9,295		21,042		(11,747)	(55.8)	—		—		20,456		(11,161)	(54.6)
Premises and equipment	329,957		327,917		2,040	0.6	309,622		305,245		308,861		21,096	6.8
Goodwill and other intangible assets	1,277,293		1,047,355		229,938	22.0	757,528		758,887		760,003		517,290	68.1
Other assets	778,105		772,084		6,021	0.8	605,539		628,092		615,666		162,439	26.4
Total assets	$	28,035,063	$	26,096,921	1,938,142	7.4	$	21,843,537	$	21,861,501	$	21,216,259	6,818,804	32.1

LIABILITIES AND SHAREHOLDERS’ EQUITY
Non-interest-bearing deposits	$	6,176,347	$	5,601,071	575,276	10.3	$	4,992,598	$	4,976,945	$	4,869,095	1,307,252	26.8
NOW accounts	3,987,908		3,203,657		784,251	24.5	3,124,243		3,239,085		2,981,967		1,005,941	33.7
Savings and money market accounts	8,769,464		8,566,873		202,591	2.4	7,079,773		7,211,545		6,869,614		1,899,850	27.7
Certificates of deposit	2,444,403		2,413,727		30,676	1.3	1,964,234		2,083,749		2,172,967		271,436	12.5
Total deposits	21,378,122		19,785,328		1,592,794	8.1	17,160,848		17,511,324		16,893,643		4,484,479	26.5
Short-term borrowings	729,111		1,180,165		(451,054)	(38.2)	38,320		99,000		260,730		468,381	179.6
Securities sold under agreements to repurchase	494,757		439,077		55,680	12.7	314,090		311,726		342,953		151,804	44.3
Trust preferred securities	120,110		120,110		—	—	120,110		120,110		120,110		—	—
Other long-term debt	1,300,114		622,655		677,459	108.8	508,522		498,384		544,353		755,761	138.8
Other liabilities	264,790		273,163		(8,373)	(3.1)	200,673		221,993		300,768		(35,978)	(12.0)
Total liabilities	24,287,004		22,420,498		1,866,506	8.3	18,342,563		18,762,537		18,462,557		5,824,447	31.5
Total shareholders’ equity	3,748,059		3,676,423		71,636	1.9	3,500,974		3,098,964		2,753,702		994,357	36.1
Total liabilities and shareholders’ equity	$	28,035,063	$	26,096,921	1,938,142	7.4	$	21,843,537	$	21,861,501	$	21,216,259	6,818,804	32.1

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

							*Linked Qtr Change*											*Year/Year Change*
LOANS	12/31/2017			9/30/2017			$	%	6/30/2017			3/31/2017			12/31/2016			$	%
Commercial loans:
Real estate- construction	$	1,240,396		$	1,298,282		(57,886)	(4.5)	$	1,100,504		$	946,477		$	802,242		438,154	54.6
Real estate- owner-occupied ⁽¹⁾	2,529,885			2,448,826			81,059	3.3	2,242,275			2,230,041			2,277,749			252,136	11.1
Real estate- non-owner occupied	5,167,949			5,020,778			147,171	2.9	3,839,777			3,844,823			3,766,558			1,401,391	37.2
Commercial and industrial	5,135,067			5,016,437			118,630	2.4	4,195,096			3,975,734			4,060,032			1,075,035	26.5
Total commercial loans	14,073,297			13,784,323			288,974	2.1	11,377,652			10,997,075			10,906,581			3,166,716	29.0

Residential mortgage loans	3,056,352			3,024,970			31,382	1.0	1,346,467			1,296,358			1,267,400			1,788,952	141.2

Consumer loans:
Home equity	2,292,275			2,320,233			(27,958)	(1.2)	2,158,948			2,146,796			2,155,926			136,349	6.3
Automobile	127,531			130,847			(3,316)	(2.5)	135,012			142,139			147,662			(20,131)	(13.6)
Credit card	96,368			88,454			7,914	8.9	87,088			84,113			82,992			13,376	16.1
Other	432,358			446,258			(13,900)	(3.1)	450,849			465,721			504,410			(72,052)	(14.3)
Total consumer loans	2,948,532			2,985,792			(37,260)	(1.2)	2,831,897			2,838,769			2,890,990			57,542	2.0
Total loans	$	20,078,181		$	19,795,085		283,096	1.4	$	15,556,016		$	15,132,202		$	15,064,971		5,013,210	33.3

Allowance for loan losses ⁽²⁾	$	(140,891)		$	(136,628)		(4,263)	3.1	$	(146,225)		$	(144,890)		$	(144,719)		3,828	(2.6)
Loans, net	19,937,290			19,658,457			278,833	1.4	15,409,791			14,987,312			14,920,252			5,017,038	33.6

Reserve for unfunded commitments	(13,208)			(21,032)			7,824	(37.2)	(10,462)			(11,660)			(11,241)			(1,967)	17.5
Allowance for credit losses	(154,099)			(157,660)			3,561	(2.3)	(156,687)			(156,550)			(155,960)			1,861	(1.2)

ASSET QUALITY DATA
Non-accrual loans ⁽³⁾	$	145,390		$	145,422		(32)	—	$	177,956		$	191,582		$	228,501		(83,111)	(36.4)
Other real estate owned and foreclosed assets	26,533			28,338			(1,805)	(6.4)	19,718			20,055			21,199			5,334	25.2
Accruing loans more than 90 days past due ⁽³⁾	6,901			2,193			4,708	214.7	802			7,980			1,386			5,515	397.9
Total non-performing assets ⁽³⁾⁽⁴⁾	$	178,824		$	175,953		2,871	1.6	$	198,476		$	219,617		$	251,086		(72,262)	(28.8)

Loans 30-89 days past due ⁽³⁾	$	61,809		$	58,773		3,036	5.2	$	50,840		$	36,172		$	28,869		32,940	114.1

Non-performing assets to total assets ⁽³⁾⁽⁴⁾	0.64		%	0.63		%			0.91		%	1.00		%	1.16		%
Non-performing assets to total loans and OREO ⁽³⁾⁽⁴⁾	0.89			0.89					1.27			1.45			1.66
Allowance for loan losses to non-performing loans ⁽³⁾⁽⁵⁾	92.5			92.6					81.8			72.6			63.0
Allowance for loan losses to non-performing assets ⁽³⁾⁽⁴⁾	78.8			77.7					73.7			66.0			57.6
Allowance for loan losses to total loans	0.70			0.69					0.94			0.96			0.96

Quarter-to-date charge-offs	$	12,526		$	30,460		(17,934)	(58.9)	$	12,189		$	7,291		$	9,785		2,741	28.0
Quarter-to-date recoveries	(2,425)			(1,644)			(781)	47.5	(1,289)			(1,235)			(2,135)			(290)	13.6
Quarter-to-date net charge-offs	$	10,101		$	28,816		(18,715)	(64.9)	$	10,900		$	6,056		$	7,650		2,451	32.0

Net charge-offs to average loans (annualized)	0.20		%	0.62		%			0.29		%	0.16		%	0.21		%

(1) Real estate- owner-occupied is defined as loans with a “1E1” Call Report Code (loans secured by owner-occupied non-farm non-residential properties).

(2) The allowance for loan 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.

TABLE 6 – 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						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	$	13,964,340	$	163,974	4.70	%	$	12,951,243	$	146,003	4.52	%	18
Residential mortgage loans	3,049,947		35,007		4.59		2,464,348		28,645		4.65		(6)
Consumer loans	2,927,213		38,836		5.26		2,925,563		42,240		5.73		(47)
Total loans	19,941,500		237,817		4.77		18,341,154		216,888		4.73		4
Loss share receivable	9,295		—		—		21,042		—		—		—
Total loans and loss share receivable	19,950,795		237,817		4.77		18,362,196		216,888		4.72		5
Mortgage loans held for sale	126,216		1,251		3.96		132,309		1,209		3.66		30
Investment securities ⁽²⁾	4,893,538		27,714		2.37		4,709,526		26,246		2.32		5
Other earning assets	715,747		2,921		1.62		768,181		2,629		1.36		26
Total earning assets	25,686,296		269,703		4.22		23,972,212		246,972		4.14		8
Allowance for loan losses	(138,927)						(147,046)
Non-earning assets	2,487,694						2,271,755
Total assets	$	28,035,063					$	26,096,921

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
NOW accounts	$	3,987,908	$	5,404	0.54	%	$	3,203,657	$	4,384	0.54	%	—
Savings and money market accounts	8,769,464		13,345		0.60		8,566,873		11,650		0.54		6
Certificates of deposit	2,444,403		6,115		0.99		2,413,727		5,766		0.95		4
Total interest-bearing deposits ⁽³⁾	15,201,775		24,864		0.65		14,184,257		21,800		0.61		4
Short-term borrowings	1,223,868		2,901		0.94		1,619,242		4,152		1.02		(8)
Long-term debt	1,420,224		6,436		1.80		742,765		4,137		2.21		(41)
Total interest-bearing liabilities	17,845,867		34,201		0.76		16,546,264		30,089		0.72		4
Non-interest-bearing deposits	6,176,347						5,601,071
Non-interest-bearing liabilities	264,790						273,163
Total liabilities	24,287,004						22,420,498
Total shareholders’ equity	3,748,059						3,676,423
Total liabilities and shareholders’ equity	$	28,035,063					$	26,096,921

Net interest income/Net interest spread			$	235,502	3.46	%			$	216,883	3.42	%	4
Taxable equivalent benefit			2,812		0.04				2,585		0.04		—
Net interest income (TE)/Net interest margin (TE) ⁽¹⁾			$	238,314	3.69	%			$	219,468	3.64	%	5

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

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

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

	For the Three Months Ended
	6/30/2017						3/31/2017						12/31/2016
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	$	11,136,842	$	127,301	4.64	%	$	10,917,714	$	119,605	4.50	%	$	10,759,264	$	114,694	4.29	%
Residential mortgage loans	1,319,207		14,345		4.35		1,273,069		12,848		4.04		1,267,413		14,038		4.43
Consumer loans	2,827,958		37,619		5.34		2,854,972		36,524		5.19		2,885,673		36,960		5.10
Total loans	15,284,007		179,265		4.74		15,045,755		168,977		4.59		14,912,350		165,692		4.46
Loss share receivable	—		—		—		—		—		—		20,456		(3,539)		(68.83)
Total loans and loss share receivable	15,284,007		179,265		4.74		15,045,755		168,977		4.59		14,932,806		162,153		4.36
Mortgage loans held for sale	145,274		1,249		3.44		175,512		971		2.21		226,565		1,539		2.72
Investment securities ⁽²⁾	4,029,491		22,307		2.32		3,741,128		19,927		2.24		3,154,252		15,464		2.09
Other earning assets	650,083		1,754		1.08		1,123,087		2,658		0.96		1,034,980		1,649		0.63
Total earning assets	20,108,855		204,575		4.13		20,085,482		192,533		3.93		19,348,603		180,805		3.77
Allowance for loan losses	(146,448)						(145,326)						(150,499)
Non-earning assets	1,881,130						1,921,345						2,018,155
Total assets	$	21,843,537					$	21,861,501					$	21,216,259

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
NOW accounts	$	3,124,243	$	3,507	0.45	%	$	3,239,085	$	3,090	0.39	%	$	2,981,967	$	2,483	0.33	%
Savings and money market accounts	7,079,773		9,030		0.51		7,211,545		8,329		0.47		6,869,614		7,732		0.45
Certificates of deposit	1,964,234		4,576		0.93		2,083,749		4,638		0.90		2,172,967		4,785		0.88
Total interest-bearing deposits ⁽³⁾	12,168,250		17,113		0.56		12,534,379		16,057		0.52		12,024,548		15,000		0.50
Short-term borrowings	352,410		226		0.26		410,726		277		0.27		603,683		552		0.36
Long-term debt	628,632		3,593		2.29		618,494		3,381		2.22		664,463		3,588		2.15
Total interest-bearing liabilities	13,149,292		20,932		0.64		13,563,599		19,715		0.59		13,292,694		19,140		0.57
Non-interest-bearing deposits	4,992,598						4,976,945						4,869,095
Non-interest-bearing liabilities	200,673						221,993						300,768
Total liabilities	18,342,563						18,762,537						18,462,557
Total shareholders’ equity	3,500,974						3,098,964						2,753,702
Total liabilities and shareholders’ equity	$	21,843,537					$	21,861,501					$	21,216,259

Net interest income/Net interest spread			$	183,643	3.49	%			$	172,818	3.34	%			$	161,665	3.20	%
Taxable equivalent benefit			2,492		0.05				2,491		0.05				2,340		0.05
Net interest income (TE)/Net interest margin (TE) ⁽¹⁾			$	186,135	3.71	%			$	175,309	3.53	%			$	164,005	3.38	%

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

(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, 2017, March 31, 2017, and December 31, 2016 were 0.40%, 0.37% and 0.35%, respectively.

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

	For the Years Ended
	12/31/2017						12/31/2016						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	$	12,252,823	$	556,883	4.59	%	$	10,529,830	$	459,352	4.42	%	17
Residential mortgage loans	2,032,710		90,845		4.47		1,236,640		54,966		4.44		3
Consumer loans	2,884,239		155,219		5.38		2,894,584		148,718		5.14		24
Total loans	17,169,772		802,947		4.71		14,661,054		663,036		4.56		15
Loss share receivable	7,646		—		—		29,396		(16,023)		(54.51)		5,451
Total loans and loss share receivable	17,177,418		802,947		4.71		14,690,450		647,013		4.44		27
Mortgage loans held for sale	144,658		4,679		3.23		204,669		6,564		3.21		2
Investment securities ⁽²⁾	4,347,581		96,194		2.31		2,927,588		59,154		2.14		17
Other earning assets	813,032		9,963		1.23		654,357		4,208		0.64		59
Total earning assets	22,482,689		913,783		4.11		18,477,064		716,939		3.93		18
Allowance for loan losses	(144,426)						(147,520)
Non-earning assets	2,142,393						1,991,690
Total assets	$	24,480,656					$	20,321,234

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
NOW accounts	$	3,390,268	$	16,385	0.48	%	$	2,922,587	$	8,816	0.30	%	18
Savings and money market accounts	7,912,990		42,353		0.54		6,578,622		24,725		0.38		16
Certificates of deposit	2,228,029		21,095		0.95		2,141,399		18,040		0.84		11
Total interest-bearing deposits ⁽³⁾	13,531,287		79,833		0.59		11,642,608		51,581		0.44		15
Short-term borrowings	905,755		7,557		0.83		614,073		2,452		0.40		43
Long-term debt	854,425		17,547		2.05		616,309		13,668		2.22		(17)
Total interest-bearing liabilities	15,291,467		104,937		0.69		12,872,990		67,701		0.53		16
Non-interest-bearing deposits	5,440,477						4,582,533
Non-interest-bearing liabilities	240,362						228,117
Total liabilities	20,972,306						17,683,640
Total shareholders’ equity	3,508,350						2,637,594
Total liabilities and shareholders’ equity	$	24,480,656					$	20,321,234

Net interest income/Net interest spread			$	808,846	3.42	%			$	649,238	3.40	%	2
Tax-equivalent benefit			10,261		0.05				9,201		0.05		—
Net interest income (TE)/Net interest margin (TE) ⁽¹⁾			$	819,107	3.64	%			$	658,439	3.56	%	8

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

(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, 2017 and 2016 were 0.42% and 0.32%, respectively.

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

	For the Three Months Ended
	12/31/2017						9/30/2017						6/30/2017						3/31/2017						12/31/2016
AS REPORTED (US GAAP)	Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield
Legacy loans, net	$	157	$	14,235	4.39	%	$	148	$	13,638	4.29	%	$	140	$	13,150	4.27	%	$	131	$	12,760	4.12	%	$	125	$	12,481	3.97	%
Acquired loans ⁽¹⁾	81		5,706		5.61		69		4,703		5.86		39		2,134		7.40		38		2,286		6.81		37		2,452		5.99
Total loans	$	238	$	19,941	4.74	%	$	217	$	18,341	4.70	%	$	179	$	15,284	4.70	%	$	169	$	15,046	4.55	%	$	162	$	14,933	4.30	%

	12/31/2017						9/30/2017						6/30/2017						3/31/2017						12/31/2016
ADJUSTMENTS	Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield
Legacy loans, net	$	—	$	—	0.00	%	$	—	$	—	0.00	%	$	—	$	—	0.00	%	$	—	$	—	0.00	%	$	—	$	—	0.00	%
Acquired loans ⁽¹⁾	(21)		161		(1.60)		(20)		120		(1.76)		(12)		72		(2.46)		(11)		87		(2.08)		(8)		73		(1.43)
Total loans	$	(21)	$	161	(0.46)	%	$	(20)	$	120	(0.45)	%	$	(12)	$	72	(0.34)	%	$	(11)	$	87	(0.31)	%	$	(8)	$	73	(0.23)	%

	12/31/2017						9/30/2017						6/30/2017						3/31/2017						12/31/2016
AS ADJUSTED (CASH YIELD, NON-GAAP)	Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield		Income		Average Balance		Yield
Legacy loans, net	$	157	$	14,235	4.39	%	$	148	$	13,638	4.29	%	$	140	$	13,150	4.27	%	$	131	$	12,760	4.12	%	$	125	$	12,481	3.97	%
Acquired loans ⁽¹⁾	60		5,867		4.01		49		4,823		4.10		27		2,206		4.94		27		2,373		4.73		29		2,525		4.56
Total loans	$	217	$	20,102	4.28	%	$	197	$	18,461	4.25	%	$	167	$	15,356	4.36	%	$	158	$	15,133	4.24	%	$	154	$	15,006	4.07	%


(1) Acquired loans include the impact of the FDIC Indemnification Asset in periods prior to loss share termination in December 2016.

Table 9 – IBERIABANK CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

	For the Three Months Ended
	12/31/2017						9/30/2017						6/30/2017
	Pre-tax		After-tax		Per share ⁽²⁾		Pre-tax		After-tax		Per share ⁽²⁾		Pre-tax		After-tax		Per share ⁽²⁾
Net income	$	91,386	$	10,278	$	0.19	$	48,450	$	29,644	$	0.56	$	80,051	$	52,018	$	1.01
Less: Preferred stock dividends	—		949		0.02		—		3,598		0.07		—		949		0.02
Income available to common shareholders (GAAP)	$	91,386	$	9,329	$	0.17	$	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	(35)		(22)		—		242		157		—		(59)		(38)		—

Non-interest expense adjustments ⁽¹⁾⁽³⁾:
Merger-related expense	11,373		8,487		0.16		28,478		19,255		0.36		1,066		789		0.02
Compensation-related expense	1,457		947		0.01		1,092		710		0.02		378		246		—
Impairment of long-lived assets, net of (gain) loss on sale	3,177		2,065		0.04		3,661		2,380		0.04		(1,306)		(849)		(0.02)
Litigation expense	—		1,228		0.02		5,692		4,696		0.09		6,000		5,481		0.11
Other non-core non-interest expense	467		358		0.01		377		245		—		—		—		—
Total non-interest expense adjustments	16,474		13,085		0.24		39,300		27,286		0.51		6,138		5,667		0.11
Income tax expense (benefit) – provisional impact of TCJA ⁽⁴⁾	—		51,023		0.94		—		—		—		—		—		—
Income tax expense (benefit) – other	—		(1,237)		(0.02)		—		—		—		—		—		—
Core earnings (Non-GAAP)	107,825		72,178		1.33		87,992		53,489		1.00		86,130		56,698		1.10
Provision for loan losses ⁽¹⁾	14,393		9,355				18,514		12,034				12,050		7,833
Pre-provision earnings, as adjusted (Non-GAAP) ⁽³⁾	$	122,218	$	81,533			$	106,506	$	65,523			$	98,180	$	64,531



	For the Three Months Ended
	3/31/2017						12/31/2016
	Pre-tax		After-tax		Per share ⁽²⁾		Pre-tax		After-tax		Per share ⁽²⁾
Net income	$	72,992	$	50,473	$	1.08	$	58,164	$	45,130	$	1.06
Less: Preferred stock dividends	—		3,599		0.08		—		957		0.02
Income available to common shareholders (GAAP)	$	72,992	$	46,874	$	1.00	$	58,164	$	44,173	$	1.04

Non-interest income adjustments ⁽¹⁾⁽³⁾:
(Gain) loss on sale of investments and other non-interest income	—		—		—		(4)		(3)		—

Non-interest expense adjustments ⁽¹⁾⁽³⁾:
Merger-related expense	54		35		—		—		—		—
Compensation-related expense	98		63		—		188		122		—
Impairment of long-lived assets, net of (gain) loss on sale	1,429		929		0.02		(462)		(300)		(0.01)
Loss on early termination of loss share agreements	—		—		—		17,798		11,569		0.28
Other non-core non-interest expense	—		—		—		484		314		0.01
Total non-interest expense adjustments	1,581		1,027		0.02		18,008		11,705		0.28
Income tax expense (benefit)	—		—		—		—		(6,836)		(0.16)
Core earnings (Non-GAAP)	74,573		47,901		1.02		76,168		49,039		1.16
Provision for loan losses ⁽¹⁾	6,154		4,000				5,169		3,360
Pre-provision earnings, as adjusted (Non-GAAP) ⁽³⁾	$	80,727	$	51,901			$	81,337	$	52,399

(1) Excluding preferred stock dividends, merger-related expense, and litigation expense, after-tax amounts are calculated using a tax rate of 35%, 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 Years Ended
	12/31/2017						12/31/2016
	Pre-tax		After-tax		Per share ⁽²⁾		Pre-tax		After-tax		Per share ⁽²⁾
Net income	$	292,879	$	142,413	$	2.77	$	271,970	$	186,777	$	4.49
Less: Preferred stock dividends	—		9,095		0.18		—		7,977		0.19
Income available to common shareholders (GAAP)	$	292,879	$	133,318	$	2.59	$	271,970	$	178,800	$	4.30

Non-interest income adjustments ⁽¹⁾⁽³⁾:
(Gain) loss on sale of investments and other non-interest income	148		97		—		(2,001)		(1,301)		(0.03)

Non-interest expense adjustments ⁽¹⁾⁽³⁾:
Merger-related expense	40,971		28,566		0.55		3		2		—
Compensation-related expense	3,025		1,966		0.04		782		508		0.01
Impairment of long-lived assets, net of (gain) loss on sale	6,961		4,525		0.09		(674)		(437)		(0.01)
Litigation expense	11,692		11,405		0.22		17,798		11,569		0.28
Loss on early termination of loss share agreements	—		—		—		—		—		—
Other non-core non-interest expense	844		603		0.01		2,752		1,788		0.04
Total non-interest expense adjustments	63,493		47,065		0.91		20,661		13,430		0.32
Income tax expense (benefit) – provisional impact of TCJA ⁽⁴⁾	—		51,023		0.99		—		—		—
Income tax expense (benefit) – other	—		(1,237)		(0.02)		—		(6,836)		(0.16)
Core earnings (Non-GAAP)	356,520		230,266		4.47		290,630		184,093		4.43
Provision for loan losses ⁽¹⁾	51,111		33,222				44,424		28,875
Pre-provision earnings, as adjusted (Non-GAAP)	$	407,631	$	263,488			$	335,054	$	212,968

(1) Excluding preferred stock dividends, merger-related expense, and litigation expense, after-tax amounts are calculated using a tax rate of 35%, 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.

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

	For the Three Months Ended
	12/31/2017			9/30/2017			6/30/2017			3/31/2017			12/31/2016
Net interest income (GAAP)	$	235,502		$	216,883		$	183,643		$	172,818		$	161,665
Taxable equivalent benefit	2,812			2,585			2,492			2,491			2,340
Net interest income (TE) (Non-GAAP) ⁽¹⁾	238,314			219,468			186,135			175,309			164,005

Non-interest income (GAAP)	54,661			53,067			55,966			47,346			53,238
Taxable equivalent benefit	683			680			668			706			713
Non-interest income (TE) (Non-GAAP) ⁽¹⁾	55,344			53,747			56,634			48,052			53,951
Taxable equivalent revenues (Non-GAAP) ⁽¹⁾	293,658			273,215			242,769			223,361			217,956
Securities (gains) losses and other non-interest income	(35)			242			(59)			—			(4)
Core taxable equivalent revenues (Non-GAAP) ⁽¹⁾	$	293,623		$	273,457		$	242,710		$	223,361		$	217,952

Total non-interest expense (GAAP)	$	184,384		$	202,986		$	147,508		$	141,018		$	151,570
Less: Intangible amortization expense	4,642			4,527			1,651			1,770			2,087
Tangible non-interest expense (Non-GAAP) ⁽²⁾	179,742			198,459			145,857			139,248			149,483
Less: Merger-related expense	11,373			28,478			1,066			54			—
Compensation-related expense	1,457			1,092			378			98			188
Impairment of long-lived assets, net of (gain) loss on sale	3,177			3,661			(1,306)			1,429			(462)
Litigation expense	—			5,692			6,000			—			—
Loss on early termination of loss share agreements	—			—			—			—			17,798
Other non-core non-interest expense	467			377			—			—			484
Core tangible non-interest expense (Non-GAAP) ⁽²⁾	$	163,268		$	159,159		$	139,719		$	137,667		$	131,475

Return on average assets (GAAP)	0.15		%	0.45		%	0.96		%	0.94		%	0.85		%
Effect of non-core revenues and expenses	0.88			0.42			0.10			0.02			0.09
Core return on average assets (Non-GAAP)	1.03		%	0.87		%	1.06		%	0.96		%	0.94		%

Efficiency ratio (GAAP)	63.5		%	75.2		%	61.6		%	64.1		%	70.5		%
Effect of tax benefit related to tax-exempt income	(0.7)			(0.9)			(0.8)			(1.0)			(1.0)
Efficiency ratio (TE) (Non-GAAP) ⁽¹⁾	62.8		%	74.3		%	60.8		%	63.1		%	69.5		%
Effect of amortization of intangibles	(1.6)			(1.7)			(0.7)			(0.8)			(1.0)
Effect of non-core items	(5.6)			(14.4)			(2.5)			(0.7)			(8.2)
Core tangible efficiency ratio (TE) (Non-GAAP) ^{(1) (2)}	55.6		%	58.2		%	57.6		%	61.6		%	60.3		%

Return on average common equity (GAAP)	1.02		%	2.92		%	6.08		%	6.41		%	6.70		%
Effect of non-core revenues and expenses	6.90			3.07			0.67			0.14			0.74
Core return on average common equity (Non-GAAP)	7.92		%	5.99		%	6.75		%	6.55		%	7.44		%
Effect of intangibles ⁽²⁾	4.81			2.96			2.11			2.44			3.31
Core return on average tangible common equity (Non-GAAP) ⁽²⁾	12.73		%	8.95		%	8.86		%	8.99		%	10.75		%

Total shareholders’ equity (GAAP)	$	3,696,791		$	3,726,774		$	3,503,242		$	3,457,975		$	2,939,694
Less: Goodwill and other intangibles	1,271,807			1,276,241			752,336			753,991			755,765
Preferred stock	132,097			132,097			132,097			132,097			132,097
Tangible common equity (Non-GAAP) ⁽²⁾	$	2,292,887		$	2,318,436		$	2,618,809		$	2,571,887		$	2,051,832

Total assets (GAAP)	$	27,904,129		$	27,976,635		$	21,790,727		$	22,008,479		$	21,659,190
Less: Goodwill and other intangibles	1,271,807			1,276,241			752,336			753,991			755,765
Tangible assets (Non-GAAP) ⁽²⁾	$	26,632,322		$	26,700,394		$	21,038,391		$	21,254,488		$	20,903,425
Tangible common equity ratio (Non-GAAP) ⁽²⁾	8.61		%	8.68		%	12.45		%	12.10		%	9.82		%

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.

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

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