|
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Louisiana
|
|
72-1280718
|
(State or other jurisdiction of
incorporation or organization
|
|
(I.R.S. Employer
Identification Number)
|
200 West Congress Street
|
|
|
Lafayette, Louisiana
|
|
70501
|
(Address of principal executive office)
|
|
(Zip Code)
|
|
Large Accelerated Filer
|
|
x
|
|
Accelerated Filer
|
|
¨
|
|
|
|
|
|||
Non-accelerated Filer
|
|
¨
|
|
Smaller Reporting Company
|
|
¨
|
|
|
|
|
Page
|
Part I
.
Financial Information
|
|
|
|
Item 1. Financial Statements (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
||||
(Dollars in thousands, except share data)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
300,207
|
|
|
$
|
241,650
|
|
Interest-bearing deposits in banks
|
696,448
|
|
|
268,617
|
|
||
Total cash and cash equivalents
|
996,655
|
|
|
510,267
|
|
||
Securities available for sale, at fair value
|
2,755,425
|
|
|
2,800,286
|
|
||
Securities held to maturity (fair values of $99,039 and $100,961, respectively)
|
96,117
|
|
|
98,928
|
|
||
Mortgage loans held for sale, at fair value
|
192,545
|
|
|
166,247
|
|
||
Loans covered by loss share agreements
|
220,492
|
|
|
229,217
|
|
||
Non-covered loans, net of unearned income
|
14,230,752
|
|
|
14,098,211
|
|
||
Total loans, net of unearned income
|
14,451,244
|
|
|
14,327,428
|
|
||
Allowance for loan losses
|
(146,557
|
)
|
|
(138,378
|
)
|
||
Loans, net
|
14,304,687
|
|
|
14,189,050
|
|
||
FDIC loss share receivables
|
33,564
|
|
|
39,878
|
|
||
Premises and equipment, net
|
314,615
|
|
|
323,902
|
|
||
Goodwill
|
729,588
|
|
|
724,603
|
|
||
Other assets
|
669,367
|
|
|
650,907
|
|
||
Total Assets
|
$
|
20,092,563
|
|
|
$
|
19,504,068
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Non-interest-bearing
|
$
|
4,484,024
|
|
|
$
|
4,352,229
|
|
Interest-bearing
|
11,776,542
|
|
|
11,826,519
|
|
||
Total deposits
|
16,260,566
|
|
|
16,178,748
|
|
||
Short-term borrowings
|
498,238
|
|
|
326,617
|
|
||
Long-term debt
|
598,924
|
|
|
340,447
|
|
||
Other liabilities
|
186,926
|
|
|
159,421
|
|
||
Total Liabilities
|
17,544,654
|
|
|
17,005,233
|
|
||
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
||||
Preferred stock, $1 par value - 5,000,000 shares authorized
|
|
|
|
||||
Non-cumulative perpetual, liquidation preference $10,000 per share; 8,000 shares issued and outstanding, including related surplus
|
76,812
|
|
|
76,812
|
|
||
Common stock, $1 par value - 100,000,000 shares authorized; 41,231,860 and 41,139,537 shares issued and outstanding, respectively
|
41,232
|
|
|
41,140
|
|
||
Additional paid-in capital
|
1,799,597
|
|
|
1,797,982
|
|
||
Retained earnings
|
610,660
|
|
|
584,486
|
|
||
Accumulated other comprehensive income (loss)
|
19,608
|
|
|
(1,585
|
)
|
||
Total Shareholders’ Equity
|
2,547,909
|
|
|
2,498,835
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
20,092,563
|
|
|
$
|
19,504,068
|
|
|
Three Months Ended March 31,
|
||||||
(Dollars in thousands, except per share data)
|
2016
|
|
2015
|
||||
Interest and Dividend Income
|
|
|
|
||||
Loans, including fees
|
$
|
163,991
|
|
|
$
|
130,191
|
|
Mortgage loans held for sale, including fees
|
1,401
|
|
|
1,515
|
|
||
Investment securities:
|
|
|
|
||||
Taxable interest
|
13,548
|
|
|
10,792
|
|
||
Tax-exempt interest
|
1,664
|
|
|
1,305
|
|
||
Amortization of FDIC loss share receivable
|
(4,386
|
)
|
|
(6,013
|
)
|
||
Other
|
718
|
|
|
795
|
|
||
Total interest and dividend income
|
176,936
|
|
|
138,585
|
|
||
Interest Expense
|
|
|
|
||||
Deposits:
|
|
|
|
||||
NOW and MMDA
|
7,358
|
|
|
4,842
|
|
||
Savings
|
222
|
|
|
85
|
|
||
Time deposits
|
4,354
|
|
|
4,411
|
|
||
Short-term borrowings
|
485
|
|
|
363
|
|
||
Long-term debt
|
3,114
|
|
|
3,080
|
|
||
Total interest expense
|
15,533
|
|
|
12,781
|
|
||
Net interest income
|
161,403
|
|
|
125,804
|
|
||
Provision for loan losses
|
14,905
|
|
|
5,345
|
|
||
Net interest income after provision for loan losses
|
146,498
|
|
|
120,459
|
|
||
Non-interest Income
|
|
|
|
||||
Mortgage income
|
20,347
|
|
|
18,023
|
|
||
Service charges on deposit accounts
|
10,951
|
|
|
9,262
|
|
||
Title revenue
|
4,745
|
|
|
4,629
|
|
||
ATM/debit card fee income
|
3,503
|
|
|
3,275
|
|
||
Income from bank owned life insurance
|
1,202
|
|
|
1,092
|
|
||
Gain on sale of available for sale securities
|
196
|
|
|
386
|
|
||
Broker commissions
|
3,823
|
|
|
4,162
|
|
||
Other non-interest income
|
11,078
|
|
|
8,070
|
|
||
Total non-interest income
|
55,845
|
|
|
48,899
|
|
||
Non-interest Expense
|
|
|
|
||||
Salaries and employee benefits
|
80,742
|
|
|
72,696
|
|
||
Net occupancy and equipment
|
16,907
|
|
|
16,260
|
|
||
Communication and delivery
|
3,059
|
|
|
3,166
|
|
||
Marketing and business development
|
3,502
|
|
|
3,556
|
|
||
Data processing
|
5,918
|
|
|
9,761
|
|
||
Professional services
|
3,780
|
|
|
6,866
|
|
||
Credit and other loan related expense
|
2,671
|
|
|
4,183
|
|
||
Insurance
|
4,184
|
|
|
3,550
|
|
||
Travel and entertainment
|
2,383
|
|
|
2,515
|
|
||
Other non-interest expense
|
14,306
|
|
|
10,600
|
|
||
Total non-interest expense
|
137,452
|
|
|
133,153
|
|
||
Income before income tax expense
|
64,891
|
|
|
36,205
|
|
||
Income tax expense
|
22,122
|
|
|
11,079
|
|
||
Net Income
|
42,769
|
|
|
25,126
|
|
||
Preferred stock dividends
|
2,576
|
|
|
—
|
|
||
Net Income Available to Common Shareholders
|
$
|
40,193
|
|
|
$
|
25,126
|
|
|
|
|
|
||||
Income Available to Common Shareholders - Basic
|
$
|
40,193
|
|
|
$
|
25,126
|
|
Earnings Allocated to Unvested Restricted Stock
|
(460
|
)
|
|
(324
|
)
|
||
Earnings Allocated to Common Shareholders - Basic
|
$
|
39,733
|
|
|
$
|
24,802
|
|
|
|
|
|
||||
Earnings per common share - Basic
|
$
|
0.98
|
|
|
$
|
0.75
|
|
Earnings per common share - Diluted
|
0.97
|
|
|
0.75
|
|
||
Cash dividends declared per common share
|
0.34
|
|
|
0.34
|
|
||
Comprehensive Income
|
|
|
|
||||
Net Income
|
$
|
42,769
|
|
|
$
|
25,126
|
|
Other comprehensive income, net of tax:
|
|
|
|
||||
Unrealized gains (losses) on securities:
|
|
|
|
||||
Unrealized holding gains (losses) arising during the period (net of tax effects of $13,702 and $5,408, respectively)
|
25,447
|
|
|
10,043
|
|
||
Reclassification adjustment for gains included in net income (net of tax effects of $69 and $135, respectively)
|
(127
|
)
|
|
(251
|
)
|
||
Unrealized gains (losses) on securities, net of tax
|
25,320
|
|
|
9,792
|
|
||
Fair value of derivative instruments designated as cash flow hedges:
|
|
|
|
||||
Change in fair value of derivative instruments designated as cash flow hedges during the period (net of tax effects of $2,223 and $0, respectively)
|
(4,127
|
)
|
|
—
|
|
||
Reclassification adjustment for losses included in net income
|
—
|
|
|
—
|
|
||
Fair value of derivative instruments designated as cash flow hedges, net of tax
|
(4,127
|
)
|
|
—
|
|
||
Other comprehensive income, net of tax
|
21,193
|
|
|
9,792
|
|
||
Comprehensive Income
|
$
|
63,962
|
|
|
$
|
34,918
|
|
|
|
|
|
|
|
|
|
|
Additional Paid in Capital
|
|
Retained Earnings
|
|
Accumulated
Other Comprehensive Income (Loss)
|
|
Treasury Stock at Cost
|
|
Total
|
||||||||||||||||
|
Preferred Stock
|
|
Common Stock
|
|
|
|
|
|
|||||||||||||||||||||||||
(Dollars in thousands, except share and per share data)
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|||||||||||||||||||||
Balance, December 31, 2014
|
—
|
|
|
$
|
—
|
|
|
35,262,901
|
|
|
$
|
35,263
|
|
|
$
|
1,398,633
|
|
|
$
|
496,573
|
|
|
$
|
7,525
|
|
|
$
|
(85,846
|
)
|
|
$
|
1,852,148
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,126
|
|
|
—
|
|
|
—
|
|
|
25,126
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,792
|
|
|
—
|
|
|
9,792
|
|
|||||||
Cash dividends declared, $0.34 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,981
|
)
|
|
—
|
|
|
—
|
|
|
(12,981
|
)
|
|||||||
Reclassification of treasury stock under the LBCA
(1)
|
—
|
|
|
—
|
|
|
(1,809,497
|
)
|
|
(1,810
|
)
|
|
(84,036
|
)
|
|
—
|
|
|
—
|
|
|
85,846
|
|
|
—
|
|
|||||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit
|
—
|
|
|
—
|
|
|
132,969
|
|
|
133
|
|
|
656
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
789
|
|
|||||||
Common stock issued for acquisitions
|
—
|
|
|
—
|
|
|
4,592,047
|
|
|
4,592
|
|
|
284,912
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
289,504
|
|
|||||||
Share-based compensation cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,952
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,952
|
|
|||||||
Balance, March 31, 2015
|
—
|
|
|
$
|
—
|
|
|
38,178,420
|
|
|
$
|
38,178
|
|
|
$
|
1,603,117
|
|
|
$
|
508,718
|
|
|
$
|
17,317
|
|
|
$
|
—
|
|
|
$
|
2,167,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance, December 31, 2015
|
8,000
|
|
|
$
|
76,812
|
|
|
41,139,537
|
|
|
$
|
41,140
|
|
|
$
|
1,797,982
|
|
|
$
|
584,486
|
|
|
$
|
(1,585
|
)
|
|
$
|
—
|
|
|
$
|
2,498,835
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,769
|
|
|
—
|
|
|
—
|
|
|
42,769
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,193
|
|
|
—
|
|
|
21,193
|
|
|||||||
Cash dividends declared, $0.34 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,019
|
)
|
|
—
|
|
|
—
|
|
|
(14,019
|
)
|
|||||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,576
|
)
|
|
—
|
|
|
—
|
|
|
(2,576
|
)
|
|||||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit
|
—
|
|
|
—
|
|
|
92,323
|
|
|
92
|
|
|
(2,255
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,163
|
)
|
|||||||
Share-based compensation cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,870
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,870
|
|
|||||||
Balance, March 31, 2016
|
8,000
|
|
|
$
|
76,812
|
|
|
41,231,860
|
|
|
$
|
41,232
|
|
|
$
|
1,799,597
|
|
|
$
|
610,660
|
|
|
$
|
19,608
|
|
|
$
|
—
|
|
|
$
|
2,547,909
|
|
(1)
|
Effective January 1, 2015, companies incorporated in Louisiana became subject to the Louisiana Business Corporation Act (“LBCA”), which eliminates the concept of treasury stock and provides that shares reacquired by a company are to be treated as authorized but unissued. Refer to Note 1, Summary of Significant Accounting Policies, in the Annual Report on Form 10-K for the year ended December 31, 2015, for further discussion.
|
|
For the Three Months Ended
March 31, |
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Cash Flows from Operating Activities
|
|
|
|
||||
Net income
|
$
|
42,769
|
|
|
$
|
25,126
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation, amortization, and accretion
|
1,103
|
|
|
3,791
|
|
||
Amortization of purchase accounting adjustments, net
|
(2,695
|
)
|
|
(5,430
|
)
|
||
Provision for loan losses
|
14,905
|
|
|
5,345
|
|
||
Share-based compensation cost - equity awards
|
3,870
|
|
|
2,952
|
|
||
Loss (gain) on sale of assets, net
|
3
|
|
|
(16
|
)
|
||
Gain on sale of available for sale securities
|
(196
|
)
|
|
(386
|
)
|
||
Gain on sale of OREO, net
|
(3,534
|
)
|
|
(998
|
)
|
||
Amortization of premium/discount on securities, net
|
4,871
|
|
|
3,815
|
|
||
(Benefit) expense for deferred income taxes
|
(4,698
|
)
|
|
(62
|
)
|
||
Originations of mortgage loans held for sale
|
(517,661
|
)
|
|
(495,874
|
)
|
||
Proceeds from sales of mortgage loans held for sale
|
507,372
|
|
|
456,278
|
|
||
Gain on sale of mortgage loans held for sale, net
|
(19,668
|
)
|
|
(13,780
|
)
|
||
Tax benefit associated with share-based payment arrangements
|
—
|
|
|
(252
|
)
|
||
Change in other assets, net of other assets acquired
|
(3,800
|
)
|
|
56,842
|
|
||
Other operating activities, net
|
20,530
|
|
|
6,396
|
|
||
Net Cash Provided by Operating Activities
|
43,171
|
|
|
43,747
|
|
||
Cash Flows from Investing Activities
|
|
|
|
||||
Proceeds from sales of available for sale securities
|
49,531
|
|
|
40,887
|
|
||
Proceeds from maturities, prepayments and calls of available for sale securities
|
98,439
|
|
|
85,627
|
|
||
Purchases of available for sale securities
|
(68,609
|
)
|
|
(121,876
|
)
|
||
Proceeds from maturities, prepayments and calls of held to maturity securities
|
2,589
|
|
|
3,296
|
|
||
Purchases of equity securities
|
(21,569
|
)
|
|
(475
|
)
|
||
Reimbursement of recoverable covered asset losses (to) from the FDIC
|
(20
|
)
|
|
632
|
|
||
Increase in loans, net of loans acquired
|
(114,232
|
)
|
|
(71,686
|
)
|
||
Proceeds from sale of premises and equipment
|
1,158
|
|
|
47
|
|
||
Purchases of premises and equipment, net of premises and equipment acquired
|
(4,600
|
)
|
|
(1,837
|
)
|
||
Proceeds from disposition of OREO
|
13,240
|
|
|
10,769
|
|
||
Cash paid for additional investment in tax credit entities
|
(5,617
|
)
|
|
—
|
|
||
Cash received in excess of cash paid for acquisitions
|
—
|
|
|
325,444
|
|
||
Other investing activities, net
|
(750
|
)
|
|
2,255
|
|
||
Net Cash (Used in) Provided by Investing Activities
|
(50,440
|
)
|
|
273,083
|
|
||
Cash Flows from Financing Activities
|
|
|
|
||||
Increase in deposits, net of deposits acquired
|
81,931
|
|
|
365,847
|
|
||
Net change in short-term borrowings, net of borrowings acquired
|
171,621
|
|
|
(242,368
|
)
|
||
Proceeds from long-term debt
|
260,000
|
|
|
60,000
|
|
||
Repayments of long-term debt
|
(1,168
|
)
|
|
(70,527
|
)
|
||
Cash dividends paid on common stock
|
(13,988
|
)
|
|
(11,374
|
)
|
||
Cash dividends paid on preferred stock
|
(2,576
|
)
|
|
—
|
|
||
Proceeds from common stock transactions
|
17
|
|
|
3,087
|
|
||
Payments to repurchase common stock
|
(2,180
|
)
|
|
(2,552
|
)
|
||
Tax benefit associated with share-based payment arrangements
|
—
|
|
|
252
|
|
||
Net Cash Provided by Financing Activities
|
493,657
|
|
|
102,365
|
|
||
Net Increase in Cash and Cash Equivalents
|
486,388
|
|
|
419,195
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
510,267
|
|
|
548,095
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
996,655
|
|
|
$
|
967,290
|
|
Supplemental Schedule of Non-cash Activities
|
|
|
|
||||
Acquisition of real estate in settlement of loans
|
$
|
1,937
|
|
|
$
|
4,821
|
|
Common stock issued in acquisitions
|
$
|
—
|
|
|
$
|
289,504
|
|
Supplemental Disclosures
|
|
|
|
||||
Cash paid for:
|
|
|
|
||||
Interest on deposits and borrowings
|
$
|
14,703
|
|
|
$
|
11,988
|
|
Income taxes, net
|
$
|
4,150
|
|
|
$
|
900
|
|
•
|
how an entity could be both principal and agent in a contract with a customer that includes more than one specified good or service;
|
•
|
how an entity determines the nature of its promise (to provide each specified good or service);
|
•
|
how control over the good or service, prior to transfer to the customer, determines the assessment of principal or agency for each specified good or service in the contract;
|
•
|
how the indicators that an entity is the principal within the implementation guidance of Topic 606 support or assist in the assessment of control as one or more indicators may be more or less persuasive than others.
|
•
|
When identifying performance obligations, whether it is necessary to assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract.
|
•
|
Determining whether promised goods and services are separately identifiable (that is, distinct within the context of the contract).
|
(Dollars in thousands)
|
Number of Shares
|
|
Amount
|
|||
Equity consideration
|
|
|
|
|||
Common stock issued
|
752,493
|
|
|
$
|
47,497
|
|
Total equity consideration
|
|
|
47,497
|
|
||
Non-Equity consideration
|
|
|
|
|||
Cash
|
|
|
42,988
|
|
||
Total consideration paid
|
|
|
90,485
|
|
||
Fair value of net assets assumed including identifiable intangible assets
|
|
|
73,043
|
|
||
Goodwill
|
|
|
$
|
17,442
|
|
(Dollars in thousands)
|
As Acquired
|
|
Fair Value
Adjustments
|
|
As recorded by
the Company
|
||||||
Assets
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
72,982
|
|
|
$
|
—
|
|
|
$
|
72,982
|
|
Investment securities
|
107,236
|
|
|
136
|
|
(1)
|
107,372
|
|
|||
Loans
|
312,902
|
|
|
(5,371
|
)
|
(2)
|
307,531
|
|
|||
Other real estate owned
|
498
|
|
|
(75
|
)
|
(3)
|
423
|
|
|||
Core deposit intangible
|
—
|
|
|
4,489
|
|
(4)
|
4,489
|
|
|||
Deferred tax asset, net
|
18,151
|
|
|
8,569
|
|
(5)
|
26,720
|
|
|||
Other assets
|
29,817
|
|
|
(8,949
|
)
|
(6)
|
20,868
|
|
|||
Total Assets
|
$
|
541,586
|
|
|
$
|
(1,201
|
)
|
|
$
|
540,385
|
|
Liabilities
|
|
|
|
|
|
||||||
Interest-bearing deposits
|
$
|
282,417
|
|
|
$
|
263
|
|
(7)
|
$
|
282,680
|
|
Non-interest-bearing deposits
|
109,548
|
|
|
—
|
|
|
109,548
|
|
|||
Borrowings
|
60,000
|
|
|
8,598
|
|
(8)
|
68,598
|
|
|||
Other liabilities
|
1,898
|
|
|
4,618
|
|
(9)
|
6,516
|
|
|||
Total Liabilities
|
$
|
453,863
|
|
|
$
|
13,479
|
|
|
$
|
467,342
|
|
(1)
|
The amount represents the adjustment of the book value of Florida Bank Group’s investments to their estimated fair value on the date of acquisition.
|
(2)
|
The amount represents the adjustment of the book value of Florida Bank Group's loans to their estimated fair values based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio.
|
(3)
|
The adjustment represents the adjustment of Florida Bank Group's OREO to its estimated fair value less costs to sell on the date of acquisition.
|
(4)
|
The amount represents the fair value of the core deposit intangible asset created in the acquisition.
|
(5)
|
The amount represents the deferred tax asset recognized on the fair value adjustments of Florida Bank Group acquired assets and assumed liabilities.
|
(6)
|
The amount represents the adjustment of the book value of Florida Bank Group’s property, equipment, and other assets to their estimated fair value at the acquisition date based on their appraised value.
|
(7)
|
The amount represents the adjustment of the book value of Florida Bank Group's time deposits to their estimated fair values at the date of acquisition.
|
(8)
|
The amount represents the adjustment of the book value of Florida Bank Group’s borrowings to their estimated fair value based on current interest rates and the credit characteristics inherent in the liability.
|
(9)
|
The amount is necessary to record Florida Bank Group's rent liability at fair value.
|
(Dollars in thousands)
|
Number of Shares
|
|
Amount
|
|||
Equity consideration
|
|
|
|
|||
Common stock issued
|
3,839,554
|
|
|
$
|
242,007
|
|
Total equity consideration
|
|
|
242,007
|
|
||
Non-Equity consideration
|
|
|
|
|||
Cash
|
|
|
11,145
|
|
||
Total consideration paid
|
|
|
253,152
|
|
||
Fair value of net assets assumed including identifiable intangible assets
|
|
|
152,375
|
|
||
Goodwill
|
|
|
$
|
100,777
|
|
(Dollars in thousands)
|
As Acquired
|
|
Fair Value
Adjustments
|
|
As recorded by
the Company
|
|||||||
Assets
|
|
|
|
|
|
|||||||
Cash and cash equivalents
|
$
|
360,688
|
|
|
$
|
—
|
|
|
$
|
360,688
|
|
|
Investment securities
|
67,209
|
|
|
—
|
|
|
67,209
|
|
||||
Loans held for sale
|
5,952
|
|
|
—
|
|
|
5,952
|
|
||||
Loans
|
1,073,773
|
|
|
(10,822
|
)
|
(1)
|
1,062,951
|
|
||||
Other real estate owned
|
4,515
|
|
|
1,449
|
|
(2)
|
5,964
|
|
||||
Core deposit intangible
|
—
|
|
|
6,821
|
|
(3)
|
6,821
|
|
||||
Deferred tax asset, net
|
9,490
|
|
|
4,388
|
|
(4)
|
13,878
|
|
||||
Other assets
|
30,549
|
|
|
(7,238
|
)
|
(5)
|
23,311
|
|
||||
Total Assets
|
$
|
1,552,176
|
|
|
$
|
(5,402
|
)
|
|
$
|
1,546,774
|
|
|
Liabilities
|
|
|
|
|
|
|||||||
Interest-bearing deposits
|
$
|
1,048,765
|
|
|
$
|
123
|
|
(6)
|
$
|
1,048,888
|
|
|
Non-interest-bearing deposits
|
340,869
|
|
|
—
|
|
|
340,869
|
|
||||
Borrowings
|
1,528
|
|
|
—
|
|
|
1,528
|
|
||||
Other liabilities
|
3,038
|
|
|
76
|
|
(7)
|
3,114
|
|
||||
Total Liabilities
|
$
|
1,394,200
|
|
|
$
|
199
|
|
|
$
|
1,394,399
|
|
(1)
|
The amount represents the adjustment of the book value of Old Florida's loans to their estimated fair values based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio.
|
(2)
|
The adjustment represents the adjustment of Old Florida's OREO to its estimated fair value less costs to sell on the date of acquisition.
|
(3)
|
The amount represents the fair value of the core deposit intangible asset created in the acquisition.
|
(4)
|
The amount represents the net deferred tax asset recognized on the fair value adjustment of Old Florida acquired assets and assumed liabilities.
|
(5)
|
The amount represents the adjustment of the book value of Old Florida’s property, equipment, and other assets to their estimated fair value at the acquisition date based on their appraised value.
|
(6)
|
The amount represents the adjustment of the book value of Old Florida's time deposits to their estimated fair values on the date of acquisition.
|
(7)
|
The adjustment is necessary to record Old Florida's rent liability at fair value.
|
(Dollars in thousands)
|
Number of Shares
|
|
Amount
|
|||
Equity consideration
|
|
|
|
|||
Common stock issued
|
2,882,357
|
|
|
$
|
185,249
|
|
Total equity consideration
|
|
|
185,249
|
|
||
Non-Equity consideration
|
|
|
|
|||
Cash
|
|
|
5,015
|
|
||
Total consideration paid
|
|
|
190,264
|
|
||
Fair value of net assets assumed including identifiable intangible assets
|
|
|
100,837
|
|
||
Goodwill
|
|
|
$
|
89,427
|
|
(Dollars in thousands)
|
As Acquired
|
|
Preliminary
Fair Value Adjustments |
|
As recorded by
the Company |
||||||
Assets
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
51,059
|
|
|
$
|
—
|
|
|
$
|
51,059
|
|
Investment securities
|
135,710
|
|
|
(806
|
)
|
(1)
|
134,904
|
|
|||
Loans held for sale
|
1,249
|
|
|
—
|
|
|
1,249
|
|
|||
Loans
|
807,726
|
|
|
(15,606
|
)
|
(2)
|
792,120
|
|
|||
Other real estate owned
|
9,795
|
|
|
(4,207
|
)
|
(3)
|
5,588
|
|
|||
Core deposit intangible
|
—
|
|
|
6,720
|
|
(4)
|
6,720
|
|
|||
Deferred tax asset, net
|
2,897
|
|
|
5,451
|
|
(5)
|
8,348
|
|
|||
Other assets
|
28,952
|
|
|
(657
|
)
|
(6)
|
28,295
|
|
|||
Total Assets
|
$
|
1,037,388
|
|
|
$
|
(9,105
|
)
|
|
$
|
1,028,283
|
|
Liabilities
|
|
|
|
|
|
||||||
Interest-bearing deposits
|
658,133
|
|
|
176
|
|
(7)
|
658,309
|
|
|||
Non-interest-bearing deposits
|
249,739
|
|
|
—
|
|
|
249,739
|
|
|||
Borrowings
|
13,203
|
|
|
—
|
|
|
13,203
|
|
|||
Other liabilities
|
6,195
|
|
|
—
|
|
|
6,195
|
|
|||
Total Liabilities
|
$
|
927,270
|
|
|
$
|
176
|
|
|
$
|
927,446
|
|
(1)
|
The amount represents the adjustment of the book value of Georgia Commerce’s investments to their estimated fair value on the date of acquisition.
|
(2)
|
The amount represents the adjustment of the book value of Georgia Commerce's loans to their estimated fair value based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio.
|
(3)
|
The adjustment represents the adjustment of Georgia Commerce's OREO to its estimated fair value less costs to sell on the date of acquisition.
|
(4)
|
The amount represents the fair value of the core deposit intangible asset created in the acquisition.
|
(5)
|
The amount represents the net deferred tax asset recognized on the fair value adjustment of Georgia Commerce acquired assets and assumed liabilities.
|
(6)
|
The amount represents the adjustment of the book value of Georgia Commerce’s property, equipment, and other assets to their estimated fair value at the acquisition date based on their appraised value.
|
(7)
|
The amount represents the adjustment of the book value of Georgia Commerce's time deposits to their estimated fair values at the date of acquisition.
|
|
March 31, 2016
|
||||||||||||||
|
Amortized Cost
|
|
Gross
Unrealized Gains
|
|
Gross
Unrealized Losses
|
|
Estimated
Fair Value
|
||||||||
(Dollars in thousands)
|
|
|
|
||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Government-sponsored enterprise obligations
|
$
|
242,216
|
|
|
$
|
3,883
|
|
|
$
|
—
|
|
|
$
|
246,099
|
|
Obligations of states and political subdivisions
|
179,748
|
|
|
7,112
|
|
|
—
|
|
|
186,860
|
|
||||
Mortgage-backed securities
|
2,201,013
|
|
|
26,494
|
|
|
(2,154
|
)
|
|
2,225,353
|
|
||||
Other securities
|
96,639
|
|
|
918
|
|
|
(444
|
)
|
|
97,113
|
|
||||
Total securities available for sale
|
$
|
2,719,616
|
|
|
$
|
38,407
|
|
|
$
|
(2,598
|
)
|
|
$
|
2,755,425
|
|
Securities held to maturity:
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
68,292
|
|
|
$
|
3,061
|
|
|
$
|
(37
|
)
|
|
$
|
71,316
|
|
Mortgage-backed securities
|
27,825
|
|
|
281
|
|
|
(383
|
)
|
|
27,723
|
|
||||
Total securities held to maturity
|
$
|
96,117
|
|
|
$
|
3,342
|
|
|
$
|
(420
|
)
|
|
$
|
99,039
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2015
|
||||||||||||||
|
Amortized Cost
|
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Estimated
Fair Value |
||||||||
(Dollars in thousands)
|
|
|
|
||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Government-sponsored enterprise obligations
|
$
|
252,514
|
|
|
$
|
1,161
|
|
|
$
|
(1,592
|
)
|
|
$
|
252,083
|
|
Obligations of states and political subdivisions
|
182,541
|
|
|
5,429
|
|
|
(9
|
)
|
|
187,961
|
|
||||
Mortgage-backed securities
|
2,272,879
|
|
|
8,457
|
|
|
(16,523
|
)
|
|
2,264,813
|
|
||||
Other securities
|
95,496
|
|
|
430
|
|
|
(497
|
)
|
|
95,429
|
|
||||
Total securities available for sale
|
$
|
2,803,430
|
|
|
$
|
15,477
|
|
|
$
|
(18,621
|
)
|
|
$
|
2,800,286
|
|
Securities held to maturity:
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
69,979
|
|
|
$
|
2,803
|
|
|
$
|
(101
|
)
|
|
$
|
72,681
|
|
Mortgage-backed securities
|
28,949
|
|
|
107
|
|
|
(776
|
)
|
|
28,280
|
|
||||
Total securities held to maturity
|
$
|
98,928
|
|
|
$
|
2,910
|
|
|
$
|
(877
|
)
|
|
$
|
100,961
|
|
|
March 31, 2016
|
||||||||||||||||||||||
|
Less Than Twelve Months
|
|
Over Twelve Months
|
|
Total
|
||||||||||||||||||
|
Gross
Unrealized Losses
|
|
Estimated
Fair Value
|
|
Gross
Unrealized Losses |
|
Estimated
Fair Value |
|
Gross
Unrealized Losses |
|
Estimated
Fair Value |
||||||||||||
(Dollars in thousands)
|
|
|
|
|
|
||||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
$
|
(447
|
)
|
|
$
|
105,507
|
|
|
$
|
(1,707
|
)
|
|
$
|
186,400
|
|
|
$
|
(2,154
|
)
|
|
$
|
291,907
|
|
Other securities
|
(442
|
)
|
|
29,806
|
|
|
(2
|
)
|
|
506
|
|
|
(444
|
)
|
|
30,312
|
|
||||||
Total securities available for sale
|
$
|
(889
|
)
|
|
$
|
135,313
|
|
|
$
|
(1,709
|
)
|
|
$
|
186,906
|
|
|
$
|
(2,598
|
)
|
|
$
|
322,219
|
|
Securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
(16
|
)
|
|
$
|
884
|
|
|
$
|
(21
|
)
|
|
$
|
2,219
|
|
|
$
|
(37
|
)
|
|
$
|
3,103
|
|
Mortgage-backed securities
|
—
|
|
|
—
|
|
|
(383
|
)
|
|
18,390
|
|
|
(383
|
)
|
|
18,390
|
|
||||||
Total securities held to maturity
|
$
|
(16
|
)
|
|
$
|
884
|
|
|
$
|
(404
|
)
|
|
$
|
20,609
|
|
|
$
|
(420
|
)
|
|
$
|
21,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2015
|
||||||||||||||||||||||
|
Less Than Twelve Months
|
|
Over Twelve Months
|
|
Total
|
||||||||||||||||||
|
Gross
Unrealized Losses |
|
Estimated
Fair Value |
|
Gross
Unrealized Losses |
|
Estimated
Fair Value |
|
Gross
Unrealized Losses |
|
Estimated
Fair Value |
||||||||||||
(Dollars in thousands)
|
|
|
|
|
|
||||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government-sponsored enterprise obligations
|
$
|
(1,214
|
)
|
|
$
|
177,839
|
|
|
$
|
(378
|
)
|
|
$
|
28,116
|
|
|
$
|
(1,592
|
)
|
|
$
|
205,955
|
|
Obligations of states and political subdivisions
|
(9
|
)
|
|
5,765
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
5,765
|
|
||||||
Mortgage-backed securities
|
(11,737
|
)
|
|
1,279,914
|
|
|
(4,786
|
)
|
|
185,215
|
|
|
(16,523
|
)
|
|
1,465,129
|
|
||||||
Other securities
|
(488
|
)
|
|
51,975
|
|
|
(9
|
)
|
|
499
|
|
|
(497
|
)
|
|
52,474
|
|
||||||
Total securities available for sale
|
$
|
(13,448
|
)
|
|
$
|
1,515,493
|
|
|
$
|
(5,173
|
)
|
|
$
|
213,830
|
|
|
$
|
(18,621
|
)
|
|
$
|
1,729,323
|
|
Securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
(9
|
)
|
|
$
|
1,999
|
|
|
$
|
(92
|
)
|
|
$
|
4,162
|
|
|
$
|
(101
|
)
|
|
$
|
6,161
|
|
Mortgage-backed securities
|
(45
|
)
|
|
3,530
|
|
|
(731
|
)
|
|
17,573
|
|
|
(776
|
)
|
|
21,103
|
|
||||||
Total securities held to maturity
|
$
|
(54
|
)
|
|
$
|
5,529
|
|
|
$
|
(823
|
)
|
|
$
|
21,735
|
|
|
$
|
(877
|
)
|
|
$
|
27,264
|
|
•
|
The length of time and extent to which the estimated fair value of the securities was less than their amortized cost,
|
•
|
Whether adverse conditions were present in the operations, geographic area, or industry of the issuer,
|
•
|
The payment structure of the security, including scheduled interest and principal payments, the issuer’s failure to make scheduled payments, if any, and the likelihood of failure to make scheduled payments in the future,
|
•
|
Changes to the rating of the security by a rating agency, and
|
•
|
Subsequent recoveries or additional declines in fair value after the balance sheet date.
|
(Dollars in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Number of securities
|
|
|
|
||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
|
51
|
|
|
40
|
|
||
Issued by political subdivisions
|
1
|
|
|
2
|
|
||
Other
|
1
|
|
|
1
|
|
||
|
53
|
|
|
43
|
|
||
Amortized cost basis
|
|
|
|
||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
|
$
|
206,880
|
|
|
$
|
236,800
|
|
Issued by political subdivisions
|
2,240
|
|
|
4,253
|
|
||
Other
|
508
|
|
|
508
|
|
||
|
$
|
209,628
|
|
|
$
|
241,561
|
|
Unrealized loss
|
|
|
|
||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae
|
$
|
2,090
|
|
|
$
|
5,895
|
|
Issued by political subdivisions
|
21
|
|
|
92
|
|
||
Other
|
2
|
|
|
9
|
|
||
|
$
|
2,113
|
|
|
$
|
5,996
|
|
|
Securities Available for Sale
|
|
Securities Held to Maturity
|
||||||||||||||||||
|
Weighted
Average Yield
|
|
Amortized Cost
|
|
Estimated
Fair Value
|
|
Weighted
Average Yield |
|
Amortized Cost
|
|
Estimated
Fair Value |
||||||||||
(Dollars in thousands)
|
|
|
|
|
|
||||||||||||||||
Within one year or less
|
2.34
|
%
|
|
$
|
10,661
|
|
|
$
|
10,751
|
|
|
2.07
|
%
|
|
$
|
759
|
|
|
$
|
768
|
|
One through five years
|
1.75
|
%
|
|
309,881
|
|
|
314,811
|
|
|
3.16
|
%
|
|
11,876
|
|
|
12,222
|
|
||||
After five through ten years
|
2.36
|
%
|
|
494,729
|
|
|
507,477
|
|
|
2.89
|
%
|
|
18,389
|
|
|
19,246
|
|
||||
Over ten years
|
2.16
|
%
|
|
1,904,345
|
|
|
1,922,386
|
|
|
2.96
|
%
|
|
65,093
|
|
|
66,803
|
|
||||
|
2.15
|
%
|
|
$
|
2,719,616
|
|
|
$
|
2,755,425
|
|
|
2.96
|
%
|
|
$
|
96,117
|
|
|
$
|
99,039
|
|
|
Three Months Ended March 31,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Realized gains
|
$
|
462
|
|
|
$
|
407
|
|
Realized losses
|
(266
|
)
|
|
(21
|
)
|
||
|
$
|
196
|
|
|
$
|
386
|
|
(Dollars in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Federal Home Loan Bank (FHLB) stock
|
$
|
37,712
|
|
|
$
|
16,265
|
|
Federal Reserve Bank (FRB) stock
|
48,584
|
|
|
48,584
|
|
||
Other investments
|
1,309
|
|
|
1,159
|
|
||
|
$
|
87,605
|
|
|
$
|
66,008
|
|
|
March 31, 2016
|
||||||||||
(Dollars in thousands)
|
Legacy Loans
|
|
Acquired Loans
|
|
Total
|
||||||
Commercial loans:
|
|
|
|
|
|
||||||
Real estate
|
$
|
4,771,690
|
|
|
$
|
1,458,938
|
|
|
$
|
6,230,628
|
|
Commercial and industrial
|
2,926,686
|
|
|
447,696
|
|
|
3,374,382
|
|
|||
Energy-related
|
728,778
|
|
|
2,884
|
|
|
731,662
|
|
|||
|
8,427,154
|
|
|
1,909,518
|
|
|
10,336,672
|
|
|||
|
|
|
|
|
|
||||||
Residential mortgage loans:
|
730,621
|
|
|
477,770
|
|
|
1,208,391
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Consumer and other loans:
|
|
|
|
|
|
||||||
Home equity
|
1,625,812
|
|
|
465,702
|
|
|
2,091,514
|
|
|||
Indirect automobile
|
213,141
|
|
|
38
|
|
|
213,179
|
|
|||
Other
|
531,969
|
|
|
69,519
|
|
|
601,488
|
|
|||
|
2,370,922
|
|
|
535,259
|
|
|
2,906,181
|
|
|||
Total
|
$
|
11,528,697
|
|
|
$
|
2,922,547
|
|
|
$
|
14,451,244
|
|
|
December 31, 2015
|
||||||||||
(Dollars in thousands)
|
Legacy Loans
|
|
Acquired Loans
|
|
Total
|
||||||
Commercial loans:
|
|
|
|
|
|
||||||
Real estate
|
$
|
4,504,062
|
|
|
$
|
1,569,449
|
|
|
$
|
6,073,511
|
|
Commercial and industrial
|
2,952,102
|
|
|
492,476
|
|
|
3,444,578
|
|
|||
Energy-related
|
677,177
|
|
|
3,589
|
|
|
680,766
|
|
|||
|
8,133,341
|
|
|
2,065,514
|
|
|
10,198,855
|
|
|||
|
|
|
|
|
|
||||||
Residential mortgage loans:
|
694,023
|
|
|
501,296
|
|
|
1,195,319
|
|
|||
|
|
|
|
|
|
||||||
Consumer and other loans:
|
|
|
|
|
|
||||||
Home equity
|
1,575,643
|
|
|
490,524
|
|
|
2,066,167
|
|
|||
Indirect automobile
|
246,214
|
|
|
84
|
|
|
246,298
|
|
|||
Other
|
541,299
|
|
|
79,490
|
|
|
620,789
|
|
|||
|
2,363,156
|
|
|
570,098
|
|
|
2,933,254
|
|
|||
Total
|
$
|
11,190,520
|
|
|
$
|
3,136,908
|
|
|
$
|
14,327,428
|
|
|
March 31, 2016
|
||||||||||||||||||||||||||
|
Legacy loans
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Total Legacy
Loans, Net of
Unearned
Income
|
|
> 90 days and Accruing
|
||||||||||||||
|
Past Due
(1)
|
|
|
|
|||||||||||||||||||||||
(Dollars in thousands)
|
30-59 days
|
|
60-89 days
|
|
> 90 days
|
|
Total
|
|
Current
|
|
|||||||||||||||||
Commercial real estate - Construction
|
$
|
10,748
|
|
|
$
|
—
|
|
|
$
|
42
|
|
|
$
|
10,790
|
|
|
$
|
603,181
|
|
|
$
|
613,971
|
|
|
$
|
—
|
|
Commercial real estate - Other
|
10,875
|
|
|
859
|
|
|
13,686
|
|
|
25,420
|
|
|
4,132,299
|
|
|
4,157,719
|
|
|
21
|
|
|||||||
Commercial and industrial
|
4,241
|
|
|
1,576
|
|
|
12,538
|
|
|
18,355
|
|
|
2,908,331
|
|
|
2,926,686
|
|
|
—
|
|
|||||||
Energy-related
|
—
|
|
|
—
|
|
|
46,151
|
|
|
46,151
|
|
|
682,627
|
|
|
728,778
|
|
|
—
|
|
|||||||
Residential mortgage
|
2,890
|
|
|
1,254
|
|
|
13,057
|
|
|
17,201
|
|
|
713,420
|
|
|
730,621
|
|
|
104
|
|
|||||||
Consumer - Home equity
|
4,484
|
|
|
362
|
|
|
5,739
|
|
|
10,585
|
|
|
1,615,227
|
|
|
1,625,812
|
|
|
—
|
|
|||||||
Consumer - Indirect automobile
|
1,918
|
|
|
264
|
|
|
1,145
|
|
|
3,327
|
|
|
209,814
|
|
|
213,141
|
|
|
—
|
|
|||||||
Consumer - Credit card
|
209
|
|
|
56
|
|
|
468
|
|
|
733
|
|
|
75,514
|
|
|
76,247
|
|
|
—
|
|
|||||||
Consumer - Other
|
2,220
|
|
|
498
|
|
|
728
|
|
|
3,446
|
|
|
452,276
|
|
|
455,722
|
|
|
—
|
|
|||||||
Total
|
$
|
37,585
|
|
|
$
|
4,869
|
|
|
$
|
93,554
|
|
|
$
|
136,008
|
|
|
$
|
11,392,689
|
|
|
$
|
11,528,697
|
|
|
$
|
125
|
|
(1)
|
Past due loans greater than
90 days
include all loans on non-accrual status, regardless of past due status, as of the period indicated. Non-accrual loans are presented separately in the “Non-accrual Loans” section below.
|
|
March 31, 2016
|
||||||||||||||||||||||||||||||
|
Acquired loans
|
||||||||||||||||||||||||||||||
|
Past Due
(1)
|
|
|
|
Discount/Premium
|
|
Total Acquired Loans,
Net of Unearned Income
|
|
> 90 days
and
Accruing
|
||||||||||||||||||||||
(Dollars in thousands)
|
30-59 days
|
|
60-89 days
|
|
> 90 days
|
|
Total
|
|
Current
|
|
|
||||||||||||||||||||
Commercial real estate - Construction
|
$
|
602
|
|
|
$
|
9
|
|
|
$
|
6,771
|
|
|
$
|
7,382
|
|
|
$
|
104,280
|
|
|
$
|
14,943
|
|
|
$
|
126,605
|
|
|
$
|
6,590
|
|
Commercial real estate - Other
|
7,726
|
|
|
1,353
|
|
|
44,002
|
|
|
53,081
|
|
|
1,349,646
|
|
|
(70,394
|
)
|
|
1,332,333
|
|
|
42,397
|
|
||||||||
Commercial and industrial
|
1,382
|
|
|
806
|
|
|
6,133
|
|
|
8,321
|
|
|
443,954
|
|
|
(4,579
|
)
|
|
447,696
|
|
|
5,069
|
|
||||||||
Energy-related
|
—
|
|
|
—
|
|
|
81
|
|
|
81
|
|
|
2,803
|
|
|
—
|
|
|
2,884
|
|
|
81
|
|
||||||||
Residential mortgage
|
766
|
|
|
—
|
|
|
21,664
|
|
|
22,430
|
|
|
486,566
|
|
|
(31,226
|
)
|
|
477,770
|
|
|
20,817
|
|
||||||||
Consumer - Home equity
|
2,682
|
|
|
707
|
|
|
10,992
|
|
|
14,381
|
|
|
478,837
|
|
|
(27,516
|
)
|
|
465,702
|
|
|
9,725
|
|
||||||||
Consumer - Indirect automobile
|
—
|
|
|
1
|
|
|
4
|
|
|
5
|
|
|
66
|
|
|
(33
|
)
|
|
38
|
|
|
4
|
|
||||||||
Consumer - Credit Card
|
6
|
|
|
—
|
|
|
17
|
|
|
23
|
|
|
486
|
|
|
—
|
|
|
509
|
|
|
17
|
|
||||||||
Consumer - Other
|
481
|
|
|
98
|
|
|
607
|
|
|
1,186
|
|
|
68,971
|
|
|
(1,147
|
)
|
|
69,010
|
|
|
411
|
|
||||||||
Total
|
$
|
13,645
|
|
|
$
|
2,974
|
|
|
$
|
90,271
|
|
|
$
|
106,890
|
|
|
$
|
2,935,609
|
|
|
$
|
(119,952
|
)
|
|
$
|
2,922,547
|
|
|
$
|
85,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
||||||||||||||||||||||||||||||
|
Acquired loans
|
||||||||||||||||||||||||||||||
|
Past Due
(1)
|
|
|
|
Discount/Premium
|
|
Total Acquired Loans,
Net of
Unearned Income
|
|
> 90 days
and
Accruing
|
||||||||||||||||||||||
(Dollars in thousands)
|
30-59 days
|
|
60-89 days
|
|
> 90 days
|
|
Total
|
|
Current
|
|
|
||||||||||||||||||||
Commercial real estate - Construction
|
$
|
216
|
|
|
$
|
117
|
|
|
$
|
6,994
|
|
|
$
|
7,327
|
|
|
$
|
120,467
|
|
|
$
|
(2,368
|
)
|
|
$
|
125,426
|
|
|
$
|
6,994
|
|
Commercial real estate - Other
|
4,295
|
|
|
2,024
|
|
|
53,558
|
|
|
59,877
|
|
|
1,434,966
|
|
|
(50,820
|
)
|
|
1,444,023
|
|
|
52,067
|
|
||||||||
Commercial and industrial
|
1,016
|
|
|
1,276
|
|
|
6,829
|
|
|
9,121
|
|
|
490,255
|
|
|
(6,900
|
)
|
|
492,476
|
|
|
5,674
|
|
||||||||
Energy-related
|
—
|
|
|
—
|
|
|
1,368
|
|
|
1,368
|
|
|
2,221
|
|
|
—
|
|
|
3,589
|
|
|
1,198
|
|
||||||||
Residential mortgage
|
73
|
|
|
1,806
|
|
|
22,873
|
|
|
24,752
|
|
|
506,103
|
|
|
(29,559
|
)
|
|
501,296
|
|
|
21,765
|
|
||||||||
Consumer - Home equity
|
2,859
|
|
|
997
|
|
|
12,525
|
|
|
16,381
|
|
|
503,635
|
|
|
(29,492
|
)
|
|
490,524
|
|
|
11,234
|
|
||||||||
Consumer - Indirect automobile
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
72
|
|
|
—
|
|
|
84
|
|
|
12
|
|
||||||||
Consumer - Credit Card
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|
565
|
|
|
—
|
|
|
582
|
|
|
17
|
|
||||||||
Consumer - Other
|
580
|
|
|
211
|
|
|
667
|
|
|
1,458
|
|
|
79,167
|
|
|
(1,717
|
)
|
|
78,908
|
|
|
461
|
|
||||||||
Total
|
$
|
9,039
|
|
|
$
|
6,431
|
|
|
$
|
104,843
|
|
|
$
|
120,313
|
|
|
$
|
3,137,451
|
|
|
$
|
(120,856
|
)
|
|
$
|
3,136,908
|
|
|
$
|
99,422
|
|
(1)
|
Past due information presents acquired loans at the gross loan balance, prior to application of discounts.
|
(Dollars in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Commercial real estate - Construction
|
$
|
42
|
|
|
$
|
120
|
|
Commercial real estate - Other
|
13,665
|
|
|
15,422
|
|
||
Commercial and industrial
|
12,538
|
|
|
6,659
|
|
||
Energy-related
|
46,151
|
|
|
7,081
|
|
||
Residential mortgage
|
12,953
|
|
|
13,674
|
|
||
Consumer - Home equity
|
5,739
|
|
|
5,628
|
|
||
Consumer - Indirect automobile
|
1,145
|
|
|
1,181
|
|
||
Consumer - Credit card
|
468
|
|
|
394
|
|
||
Consumer - Other
|
728
|
|
|
769
|
|
||
Total
|
$
|
93,429
|
|
|
$
|
50,928
|
|
(Dollars in thousands)
|
Acquired
Impaired
Loans
|
||
Contractually required principal and interest at acquisition
|
$
|
76,445
|
|
Non-accretable difference (expected losses and foregone interest)
|
(11,867
|
)
|
|
Cash flows expected to be collected at acquisition
|
64,578
|
|
|
Accretable yield
|
(6,823
|
)
|
|
Basis in acquired loans at acquisition
|
$
|
57,755
|
|
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Balance at beginning of period
|
$
|
227,502
|
|
|
$
|
287,651
|
|
Acquisition
|
—
|
|
|
2,032
|
|
||
Transfers from non-accretable difference to accretable yield
|
2,106
|
|
|
(1
|
)
|
||
Accretion
|
(18,412
|
)
|
|
(22,818
|
)
|
||
Changes in expected cash flows not affecting non-accretable differences
(1)
|
8,688
|
|
|
(1,915
|
)
|
||
Balance at end of period
|
$
|
219,884
|
|
|
$
|
264,949
|
|
(1)
|
Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions.
|
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Extended maturities
|
$
|
3,061
|
|
|
$
|
—
|
|
Maturity and interest rate adjustment
|
253
|
|
|
14,812
|
|
||
Forbearance
|
5,296
|
|
|
—
|
|
||
Other concession(s)
(1)
|
36,172
|
|
|
—
|
|
||
Total
|
$
|
44,782
|
|
|
$
|
14,812
|
|
|
March 31, 2016
|
|
March 31, 2015
|
||||||||||||||||||
(In thousands, except number of loans)
|
Number of Loans
|
|
Pre-modification Outstanding Recorded Investment
|
|
Post-modification Outstanding Recorded Investment (1)
|
|
Number of Loans
|
|
Pre-modification Outstanding Recorded Investment
|
|
Post-modification Outstanding Recorded Investment (1)
|
||||||||||
Commercial real estate
|
9
|
|
|
$
|
1,228
|
|
|
$
|
1,228
|
|
|
1
|
|
|
$
|
1,935
|
|
|
$
|
1,743
|
|
Commercial and industrial
|
14
|
|
|
4,927
|
|
|
4,737
|
|
|
6
|
|
|
13,162
|
|
|
13,069
|
|
||||
Energy-related
|
9
|
|
|
33,925
|
|
|
33,925
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Residential mortgage
|
15
|
|
|
3,295
|
|
|
3,219
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer - Home Equity
|
22
|
|
|
1,372
|
|
|
1,316
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer - Other
|
25
|
|
|
442
|
|
|
357
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
94
|
|
|
$
|
45,189
|
|
|
$
|
44,782
|
|
|
7
|
|
|
$
|
15,097
|
|
|
$
|
14,812
|
|
(1)
|
Recorded investment includes any allowance for credit losses recorded on the TDRs at the dates indicated.
|
|
March 31, 2016
|
|
March 31, 2015
|
||||||||||
(In thousands, except number of loans)
|
Number of
Loans
|
|
Recorded
Investment
|
|
Number of
Loans
|
|
Recorded
Investment
|
||||||
Commercial real estate
|
9
|
|
|
$
|
1,228
|
|
|
31
|
|
|
$
|
—
|
|
Commercial and industrial
|
9
|
|
|
1,627
|
|
|
9
|
|
|
372
|
|
||
Energy-related
|
1
|
|
|
2,250
|
|
|
—
|
|
|
—
|
|
||
Residential mortgage
|
15
|
|
|
3,218
|
|
|
—
|
|
|
—
|
|
||
Consumer - Home Equity
|
10
|
|
|
595
|
|
|
—
|
|
|
—
|
|
||
Consumer - Other
|
7
|
|
|
170
|
|
|
1
|
|
|
—
|
|
||
Total
|
51
|
|
|
$
|
9,088
|
|
|
41
|
|
|
$
|
372
|
|
|
2016
|
||||||||||
(Dollars in thousands)
|
Legacy Loans
|
|
Acquired Loans
|
|
Total
|
||||||
Allowance for credit losses
|
|
|
|
|
|
||||||
Allowance for loan losses at beginning of period
|
$
|
93,808
|
|
|
$
|
44,570
|
|
|
$
|
138,378
|
|
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements
|
15,908
|
|
|
(1,261
|
)
|
|
14,647
|
|
|||
Adjustment attributable to FDIC loss share arrangements
|
—
|
|
|
258
|
|
|
258
|
|
|||
Net provision for loan losses
|
15,908
|
|
|
(1,003
|
)
|
|
14,905
|
|
|||
Adjustment attributable to FDIC loss share arrangements
|
—
|
|
|
(258
|
)
|
|
(258
|
)
|
|||
Transfer of balance to OREO
|
—
|
|
|
(109
|
)
|
|
(109
|
)
|
|||
Loans charged-off
|
(5,389
|
)
|
|
(2,521
|
)
|
|
(7,910
|
)
|
|||
Recoveries
|
1,247
|
|
|
304
|
|
|
1,551
|
|
|||
Allowance for loan losses at end of period
|
$
|
105,574
|
|
|
$
|
40,983
|
|
|
$
|
146,557
|
|
|
|
|
|
|
|
||||||
Reserve for unfunded commitments at beginning of period
|
14,145
|
|
|
—
|
|
|
14,145
|
|
|||
Provision for (Reversal of) unfunded lending commitments
|
(112
|
)
|
|
—
|
|
|
(112
|
)
|
|||
Reserve for unfunded commitments at end of period
|
$
|
14,033
|
|
|
$
|
—
|
|
|
$
|
14,033
|
|
Allowance for credit losses at end of period
|
$
|
119,607
|
|
|
$
|
40,983
|
|
|
$
|
160,590
|
|
|
2015
|
||||||||||
(Dollars in thousands)
|
Legacy Loans
|
|
Acquired Loans
|
|
Total
|
||||||
Allowance for credit losses
|
|
|
|
|
|
||||||
Allowance for loan losses at beginning of period
|
$
|
76,174
|
|
|
$
|
53,957
|
|
|
$
|
130,131
|
|
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements
|
4,177
|
|
|
(684
|
)
|
|
3,493
|
|
|||
Adjustment attributable to FDIC loss share arrangements
|
—
|
|
|
1,852
|
|
|
1,852
|
|
|||
Net provision for loan losses
|
4,177
|
|
|
1,168
|
|
|
5,345
|
|
|||
Adjustment attributable to FDIC loss share arrangements
|
—
|
|
|
(1,852
|
)
|
|
(1,852
|
)
|
|||
Transfer of balance to OREO
|
—
|
|
|
(26
|
)
|
|
(26
|
)
|
|||
Loans charged-off
|
(2,669
|
)
|
|
(3,859
|
)
|
|
(6,528
|
)
|
|||
Recoveries
|
1,091
|
|
|
152
|
|
|
1,243
|
|
|||
Allowance for loan losses at end of period
|
$
|
78,773
|
|
|
$
|
49,540
|
|
|
$
|
128,313
|
|
|
|
|
|
|
|
||||||
Reserve for unfunded commitments at beginning of period
|
11,801
|
|
|
—
|
|
|
11,801
|
|
|||
Provision for unfunded lending commitments
|
1,048
|
|
|
—
|
|
|
1,048
|
|
|||
Reserve for unfunded commitments at end of period
|
$
|
12,849
|
|
|
$
|
—
|
|
|
$
|
12,849
|
|
Allowance for credit losses at end of period
|
$
|
91,622
|
|
|
$
|
49,540
|
|
|
$
|
141,162
|
|
|
2016
|
||||||||||||||||||||||
|
Commercial Real Estate
|
|
Commercial and Industrial
|
|
Energy-related
|
|
Residential Mortgage
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
|
|
|
|
Consumer
|
|
Total
|
||||||||||||||||
Allowance for loan losses at beginning of period
|
$
|
24,658
|
|
|
$
|
23,283
|
|
|
$
|
23,863
|
|
|
$
|
3,947
|
|
|
$
|
18,057
|
|
|
$
|
93,808
|
|
Provision for (Reversal of) loan losses
|
1,297
|
|
|
(2,431
|
)
|
|
14,533
|
|
|
(115
|
)
|
|
2,624
|
|
|
15,908
|
|
||||||
Loans charged off
|
(1,738
|
)
|
|
(225
|
)
|
|
—
|
|
|
(14
|
)
|
|
(3,412
|
)
|
|
(5,389
|
)
|
||||||
Recoveries
|
487
|
|
|
30
|
|
|
—
|
|
|
18
|
|
|
712
|
|
|
1,247
|
|
||||||
Allowance for loan losses at end of period
|
$
|
24,704
|
|
|
$
|
20,657
|
|
|
$
|
38,396
|
|
|
$
|
3,836
|
|
|
$
|
17,981
|
|
|
$
|
105,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reserve for unfunded commitments at beginning of period
|
$
|
4,160
|
|
|
$
|
3,448
|
|
|
$
|
2,665
|
|
|
$
|
830
|
|
|
$
|
3,042
|
|
|
$
|
14,145
|
|
Provision for (Reversal of) unfunded commitments
|
(297
|
)
|
|
1,952
|
|
|
(1,766
|
)
|
|
(24
|
)
|
|
23
|
|
|
(112
|
)
|
||||||
Reserve for unfunded commitments at end of period
|
$
|
3,863
|
|
|
$
|
5,400
|
|
|
$
|
899
|
|
|
$
|
806
|
|
|
$
|
3,065
|
|
|
$
|
14,033
|
|
Allowance on loans individually evaluated for impairment
|
$
|
695
|
|
|
$
|
488
|
|
|
$
|
10,918
|
|
|
$
|
72
|
|
|
$
|
809
|
|
|
$
|
12,982
|
|
Allowance on loans collectively evaluated for impairment
|
24,009
|
|
|
20,169
|
|
|
27,478
|
|
|
3,764
|
|
|
17,172
|
|
|
92,592
|
|
||||||
Loans, net of unearned income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at end of period
|
$
|
4,771,690
|
|
|
$
|
2,926,686
|
|
|
$
|
728,778
|
|
|
$
|
730,621
|
|
|
$
|
2,370,922
|
|
|
$
|
11,528,697
|
|
Balance at end of period individually evaluated for impairment
|
26,608
|
|
|
23,302
|
|
|
79,417
|
|
|
2,724
|
|
|
5,909
|
|
|
137,960
|
|
||||||
Balance at end of period collectively evaluated for impairment
|
4,745,082
|
|
|
2,903,384
|
|
|
649,361
|
|
|
727,897
|
|
|
2,365,013
|
|
|
11,390,737
|
|
|
2015
|
||||||||||||||||||||||
|
Commercial Real Estate
|
|
Commercial and Industrial
|
|
Energy-related
|
|
Residential Mortgage
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
|
|
|
|
Consumer
|
|
Total
|
||||||||||||||||
Allowance for loan losses at beginning of period
|
$
|
26,752
|
|
|
$
|
24,455
|
|
|
$
|
5,949
|
|
|
$
|
2,678
|
|
|
$
|
16,340
|
|
|
$
|
76,174
|
|
Provision for (Reversal of) loan losses
|
(1,231
|
)
|
|
460
|
|
|
1,722
|
|
|
1,563
|
|
|
1,663
|
|
|
4,177
|
|
||||||
Loans charged off
|
—
|
|
(460
|
)
|
|
—
|
|
|
(48
|
)
|
|
(2,161
|
)
|
|
(2,669
|
)
|
|||||||
Recoveries
|
173
|
|
|
49
|
|
|
—
|
|
|
12
|
|
|
857
|
|
|
1,091
|
|
||||||
Allowance for loan losses at end of period
|
$
|
25,694
|
|
|
$
|
24,504
|
|
|
$
|
7,671
|
|
|
$
|
4,205
|
|
|
$
|
16,699
|
|
|
$
|
78,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reserve for unfunded commitments at beginning of period
|
$
|
3,370
|
|
|
$
|
3,733
|
|
|
$
|
1,596
|
|
|
$
|
168
|
|
|
$
|
2,934
|
|
|
$
|
11,801
|
|
Provision for (Reversal of) unfunded commitments
|
125
|
|
|
(347
|
)
|
|
534
|
|
|
660
|
|
|
76
|
|
|
1,048
|
|
||||||
Reserve for unfunded commitments at end of period
|
$
|
3,495
|
|
|
$
|
3,386
|
|
|
$
|
2,130
|
|
|
$
|
828
|
|
|
$
|
3,010
|
|
|
$
|
12,849
|
|
Allowance on loans individually evaluated for impairment
|
$
|
21
|
|
|
$
|
749
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
773
|
|
Allowance on loans collectively evaluated for impairment
|
25,673
|
|
|
23,755
|
|
|
7,671
|
|
|
4,205
|
|
|
16,696
|
|
|
78,000
|
|
||||||
Loans, net of unearned income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at end of period
|
$
|
3,845,551
|
|
|
$
|
2,496,258
|
|
|
$
|
815,281
|
|
|
$
|
553,815
|
|
|
$
|
2,183,964
|
|
|
$
|
9,894,869
|
|
Balance at end of period individually evaluated for impairment
|
20,077
|
|
|
12,593
|
|
|
—
|
|
|
—
|
|
|
693
|
|
|
33,363
|
|
||||||
Balance at end of period collectively evaluated for impairment
|
3,825,474
|
|
|
2,483,665
|
|
|
815,281
|
|
|
553,815
|
|
|
2,183,271
|
|
|
9,861,506
|
|
|
2016
|
||||||||||||||||||||||
|
Commercial Real Estate
|
|
Commercial and Industrial
|
|
Energy-related
|
|
Residential Mortgage
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
|
|
|
|
Consumer
|
|
Total
|
||||||||||||||||
Allowance for loan losses at beginning of period
|
$
|
25,979
|
|
|
$
|
2,819
|
|
|
$
|
125
|
|
|
$
|
7,841
|
|
|
$
|
7,806
|
|
|
$
|
44,570
|
|
Provision for (Reversal of) loan losses
|
(598
|
)
|
|
194
|
|
|
(25
|
)
|
|
662
|
|
|
(1,236
|
)
|
|
(1,003
|
)
|
||||||
Increase (Decrease) in FDIC loss share receivable
|
2
|
|
|
(34
|
)
|
|
—
|
|
|
(35
|
)
|
|
(191
|
)
|
|
(258
|
)
|
||||||
Transfer of balance to OREO
|
(15
|
)
|
|
(21
|
)
|
|
—
|
|
|
(45
|
)
|
|
(28
|
)
|
|
(109
|
)
|
||||||
Loans charged off
|
(1,808
|
)
|
|
(244
|
)
|
|
—
|
|
|
—
|
|
|
(469
|
)
|
|
(2,521
|
)
|
||||||
Recoveries
|
304
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
304
|
|
||||||
Allowance for loan losses at end of period
|
$
|
23,864
|
|
|
$
|
2,714
|
|
|
$
|
100
|
|
|
$
|
8,423
|
|
|
$
|
5,882
|
|
|
$
|
40,983
|
|
Allowance on loans individually evaluated for impairment
|
$
|
41
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
96
|
|
Allowance on loans collectively evaluated for impairment
|
23,823
|
|
|
2,709
|
|
|
100
|
|
|
8,423
|
|
|
5,832
|
|
|
40,887
|
|
||||||
Loans, net of unearned income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at end of period
|
$
|
1,458,938
|
|
|
$
|
447,696
|
|
|
$
|
2,884
|
|
|
$
|
477,770
|
|
|
$
|
535,259
|
|
|
$
|
2,922,547
|
|
Balance at end of period individually evaluated for impairment
|
911
|
|
|
1,582
|
|
|
34
|
|
|
—
|
|
|
4,718
|
|
|
7,245
|
|
||||||
Balance at end of period collectively evaluated for impairment
|
1,088,713
|
|
|
409,561
|
|
|
2,850
|
|
|
340,278
|
|
|
414,902
|
|
|
2,256,304
|
|
||||||
Balance at end of period acquired with deteriorated credit quality
|
369,314
|
|
|
36,553
|
|
|
—
|
|
|
137,492
|
|
|
115,639
|
|
|
658,998
|
|
|
2015
|
||||||||||||||||||||||
|
Commercial Real Estate
|
|
Commercial and Industrial
|
|
Energy-related
|
|
Residential Mortgage
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
|
|
|
|
Consumer
|
|
Total
|
||||||||||||||||
Allowance for loans losses at beginning of period
|
$
|
29,949
|
|
|
$
|
3,265
|
|
|
$
|
51
|
|
|
$
|
6,484
|
|
|
$
|
14,208
|
|
|
$
|
53,957
|
|
Provision for (Reversal of) loan losses
|
242
|
|
|
47
|
|
|
(16
|
)
|
|
75
|
|
|
820
|
|
|
1,168
|
|
||||||
(Decrease) Increase in FDIC loss share receivable
|
(22
|
)
|
|
(8
|
)
|
|
—
|
|
|
24
|
|
|
(1,846
|
)
|
|
(1,852
|
)
|
||||||
Transfer of balance to OREO
|
(4
|
)
|
|
(1
|
)
|
|
—
|
|
|
14
|
|
|
(35
|
)
|
|
(26
|
)
|
||||||
Loans charged off
|
(3,445
|
)
|
|
(105
|
)
|
|
—
|
|
|
(22
|
)
|
|
(287
|
)
|
|
(3,859
|
)
|
||||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
144
|
|
|
152
|
|
||||||
Allowance for loans losses at end of period
|
$
|
26,720
|
|
|
$
|
3,198
|
|
|
35
|
|
|
$
|
6,583
|
|
|
$
|
13,004
|
|
|
$
|
49,540
|
|
|
Allowance on loans individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Allowance on loans collectively evaluated for impairment
|
26,720
|
|
|
3,198
|
|
|
35
|
|
|
6,583
|
|
|
13,004
|
|
|
49,540
|
|
||||||
Loans, net of unearned income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at end of period
|
$
|
1,277,395
|
|
|
$
|
471,048
|
|
|
$
|
4,130
|
|
|
$
|
610,471
|
|
|
$
|
615,548
|
|
|
$
|
2,978,592
|
|
Balance at end of period individually evaluated for impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance at end of period collectively evaluated for impairment
|
790,520
|
|
|
413,972
|
|
|
4,130
|
|
|
448,220
|
|
|
484,112
|
|
|
2,140,954
|
|
||||||
Balance at end of period acquired with deteriorated credit quality
|
486,875
|
|
|
57,076
|
|
|
—
|
|
|
162,251
|
|
|
131,436
|
|
|
837,638
|
|
|
Legacy loans
|
||||||||||||||||||||||||||||||||||||||||||
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Pass
|
|
Special
Mention
|
|
Sub-standard
|
|
Doubtful
|
|
Loss
|
|
Total
|
|
Pass
|
|
Special
Mention
|
|
Sub-standard
|
|
Doubtful
|
|
Total
|
||||||||||||||||||||||
Commercial real estate - Construction
|
$
|
613,804
|
|
|
$
|
125
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
613,971
|
|
|
$
|
634,889
|
|
|
$
|
160
|
|
|
$
|
1,432
|
|
|
$
|
—
|
|
|
$
|
636,481
|
|
Commercial real estate - Other
|
4,098,025
|
|
|
18,736
|
|
|
40,644
|
|
|
314
|
|
|
—
|
|
|
4,157,719
|
|
|
3,806,528
|
|
|
21,877
|
|
|
37,001
|
|
|
2,175
|
|
|
3,867,581
|
|
|||||||||||
Commercial and industrial
|
2,871,108
|
|
|
26,940
|
|
|
25,857
|
|
|
2,781
|
|
|
—
|
|
|
2,926,686
|
|
|
2,911,396
|
|
|
14,826
|
|
|
19,888
|
|
|
5,992
|
|
|
2,952,102
|
|
|||||||||||
Energy-related
|
372,507
|
|
|
68,883
|
|
|
284,104
|
|
|
3,284
|
|
|
—
|
|
|
728,778
|
|
|
531,657
|
|
|
67,937
|
|
|
74,272
|
|
|
3,311
|
|
|
677,177
|
|
|||||||||||
Total
|
$
|
7,955,444
|
|
|
$
|
114,684
|
|
|
$
|
350,647
|
|
|
$
|
6,379
|
|
|
$
|
—
|
|
|
$
|
8,427,154
|
|
|
$
|
7,884,470
|
|
|
$
|
104,800
|
|
|
$
|
132,593
|
|
|
$
|
11,478
|
|
|
$
|
8,133,341
|
|
|
Legacy loans
|
||||||||||||||||||||||
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
(Dollars in thousands)
|
Current
|
|
30+ Days
Past Due
|
|
Total
|
|
Current
|
|
30+ Days
Past Due
|
|
Total
|
||||||||||||
Residential mortgage
|
$
|
713,420
|
|
|
$
|
17,201
|
|
|
$
|
730,621
|
|
|
$
|
676,347
|
|
|
$
|
17,676
|
|
|
$
|
694,023
|
|
Consumer - Home equity
|
1,615,227
|
|
|
10,585
|
|
|
1,625,812
|
|
|
1,565,596
|
|
|
10,047
|
|
|
1,575,643
|
|
||||||
Consumer - Indirect automobile
|
209,814
|
|
|
3,327
|
|
|
213,141
|
|
|
242,328
|
|
|
3,886
|
|
|
246,214
|
|
||||||
Consumer - Credit card
|
75,514
|
|
|
733
|
|
|
76,247
|
|
|
76,360
|
|
|
901
|
|
|
77,261
|
|
||||||
Consumer - Other
|
452,276
|
|
|
3,446
|
|
|
455,722
|
|
|
460,594
|
|
|
3,444
|
|
|
464,038
|
|
||||||
Total
|
$
|
3,066,251
|
|
|
$
|
35,292
|
|
|
$
|
3,101,543
|
|
|
$
|
3,021,225
|
|
|
$
|
35,954
|
|
|
$
|
3,057,179
|
|
|
Acquired loans
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Pass
|
|
Special
Mention
|
|
Sub-
standard
|
|
Doubtful
|
|
Loss
|
|
Discount
|
|
Total
|
|
Pass
|
|
Special
Mention
|
|
Sub-
standard
|
|
Doubtful
|
|
Loss
|
|
Discount
|
|
Total
|
||||||||||||||||||||||||||||
Commercial real estate-Construction
|
$
|
101,850
|
|
|
$
|
621
|
|
|
$
|
8,421
|
|
|
$
|
770
|
|
|
$
|
—
|
|
|
$
|
14,943
|
|
|
$
|
126,605
|
|
|
$
|
116,539
|
|
|
$
|
1,681
|
|
|
$
|
8,803
|
|
|
$
|
771
|
|
|
$
|
—
|
|
|
$
|
(2,368
|
)
|
|
$
|
125,426
|
|
Commercial real estate - Other
|
1,312,852
|
|
|
22,392
|
|
|
63,735
|
|
|
3,748
|
|
|
—
|
|
|
(70,394
|
)
|
|
1,332,333
|
|
|
1,383,409
|
|
|
26,080
|
|
|
79,119
|
|
|
6,124
|
|
|
111
|
|
|
(50,820
|
)
|
|
1,444,023
|
|
||||||||||||||
Commercial and industrial
|
429,631
|
|
|
6,776
|
|
|
14,709
|
|
|
1,159
|
|
|
—
|
|
|
(4,579
|
)
|
|
447,696
|
|
|
473,241
|
|
|
8,376
|
|
|
16,510
|
|
|
1,206
|
|
|
43
|
|
|
(6,900
|
)
|
|
492,476
|
|
||||||||||||||
Energy-related
|
2,750
|
|
|
53
|
|
|
81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,884
|
|
|
2,166
|
|
|
55
|
|
|
170
|
|
|
1,198
|
|
|
—
|
|
|
—
|
|
|
3,589
|
|
||||||||||||||
Total
|
$
|
1,847,083
|
|
|
$
|
29,842
|
|
|
$
|
86,946
|
|
|
$
|
5,677
|
|
|
$
|
—
|
|
|
$
|
(60,030
|
)
|
|
$
|
1,909,518
|
|
|
$
|
1,975,355
|
|
|
$
|
36,192
|
|
|
$
|
104,602
|
|
|
$
|
9,299
|
|
|
$
|
154
|
|
|
$
|
(60,088
|
)
|
|
$
|
2,065,514
|
|
|
Acquired loans
|
||||||||||||||||||||||||||||||
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
(Dollars in thousands)
|
Current
|
|
30+ Days
Past Due
|
|
Premium
(discount)
|
|
Total
|
|
Current
|
|
30+ Days
Past Due
|
|
Premium
(discount)
|
|
Total
|
||||||||||||||||
Residential mortgage
|
$
|
486,566
|
|
|
$
|
22,430
|
|
|
$
|
(31,226
|
)
|
|
$
|
477,770
|
|
|
$
|
506,103
|
|
|
$
|
24,752
|
|
|
$
|
(29,559
|
)
|
|
$
|
501,296
|
|
Consumer - Home equity
|
478,837
|
|
|
14,381
|
|
|
(27,516
|
)
|
|
465,702
|
|
|
503,635
|
|
|
16,381
|
|
|
(29,492
|
)
|
|
490,524
|
|
||||||||
Consumer - Indirect automobile
|
66
|
|
|
5
|
|
|
(33
|
)
|
|
38
|
|
|
72
|
|
|
12
|
|
|
—
|
|
|
84
|
|
||||||||
Consumer - Other
|
69,457
|
|
|
1,209
|
|
|
(1,147
|
)
|
|
69,519
|
|
|
79,732
|
|
|
1,475
|
|
|
(1,717
|
)
|
|
79,490
|
|
||||||||
Total
|
$
|
1,034,926
|
|
|
$
|
38,025
|
|
|
$
|
(59,922
|
)
|
|
$
|
1,013,029
|
|
|
$
|
1,089,542
|
|
|
$
|
42,620
|
|
|
$
|
(60,768
|
)
|
|
$
|
1,071,394
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Recorded Investment
|
|
Unpaid
Principal Balance
|
|
Related Allowance
|
|
Recorded Investment
|
|
Unpaid
Principal Balance
|
|
Related Allowance
|
||||||||||||
(Dollars in thousands)
|
|
|
|
|
|
||||||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
$
|
15,978
|
|
|
$
|
15,978
|
|
|
$
|
—
|
|
|
$
|
16,145
|
|
|
$
|
16,145
|
|
|
$
|
—
|
|
Commercial business
|
20,153
|
|
|
20,153
|
|
|
—
|
|
|
14,340
|
|
|
14,340
|
|
|
—
|
|
||||||
Energy-related
|
58,155
|
|
|
58,155
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Residential mortgage
|
1,279
|
|
|
1,279
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer - Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
730
|
|
|
730
|
|
|
—
|
|
||||||
Consumer -Other
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|
66
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
10,884
|
|
|
11,584
|
|
|
(700
|
)
|
|
12,500
|
|
|
13,753
|
|
|
(1,253
|
)
|
||||||
Commercial and industrial
|
3,011
|
|
|
3,504
|
|
|
(493
|
)
|
|
5,985
|
|
|
6,262
|
|
|
(277
|
)
|
||||||
Energy-related
|
10,759
|
|
|
21,681
|
|
|
(10,922
|
)
|
|
11,319
|
|
|
13,444
|
|
|
(2,125
|
)
|
||||||
Residential mortgage
|
13,709
|
|
|
13,834
|
|
|
(125
|
)
|
|
13,679
|
|
|
13,743
|
|
|
(64
|
)
|
||||||
Consumer - Home equity
|
10,089
|
|
|
10,793
|
|
|
(704
|
)
|
|
8,196
|
|
|
8,559
|
|
|
(363
|
)
|
||||||
Consumer - Indirect automobile
|
1,098
|
|
|
1,150
|
|
|
(52
|
)
|
|
1,171
|
|
|
1,181
|
|
|
(10
|
)
|
||||||
Consumer - Credit card
|
458
|
|
|
468
|
|
|
(10
|
)
|
|
386
|
|
|
394
|
|
|
(8
|
)
|
||||||
Consumer - Other
|
1,166
|
|
|
1,265
|
|
|
(99
|
)
|
|
876
|
|
|
899
|
|
|
(23
|
)
|
||||||
Total
|
$
|
146,739
|
|
|
$
|
159,844
|
|
|
$
|
(13,105
|
)
|
|
$
|
85,393
|
|
|
$
|
89,516
|
|
|
$
|
(4,123
|
)
|
Total commercial loans
|
$
|
118,940
|
|
|
$
|
131,055
|
|
|
$
|
(12,115
|
)
|
|
$
|
60,289
|
|
|
$
|
63,944
|
|
|
$
|
(3,655
|
)
|
Total mortgage loans
|
14,988
|
|
|
15,113
|
|
|
(125
|
)
|
|
13,679
|
|
|
13,743
|
|
|
(64
|
)
|
||||||
Total consumer loans
|
12,811
|
|
|
13,676
|
|
|
(865
|
)
|
|
11,425
|
|
|
11,829
|
|
|
(404
|
)
|
|
Three Months Ended
March 31, 2016 |
|
Three Months Ended
March 31, 2015 |
||||||||||||
|
Average
Recorded Investment
|
|
Interest
Income Recognized
|
|
Average
Recorded Investment
|
|
Interest
Income Recognized
|
||||||||
(Dollars in thousands)
|
|
|
|
||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
$
|
16,167
|
|
|
$
|
38
|
|
|
$
|
16,608
|
|
|
$
|
7
|
|
Commercial and industrial
|
27,540
|
|
|
286
|
|
|
1,690
|
|
|
18
|
|
||||
Energy-related
|
53,920
|
|
|
513
|
|
|
—
|
|
|
—
|
|
||||
Residential mortgage
|
1,289
|
|
|
16
|
|
|
—
|
|
|
—
|
|
||||
Consumer - Home equity
|
—
|
|
|
—
|
|
|
679
|
|
|
7
|
|
||||
With an allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
12,236
|
|
|
84
|
|
|
2,987
|
|
|
—
|
|
||||
Commercial and industrial
|
9,311
|
|
|
143
|
|
|
12,374
|
|
|
—
|
|
||||
Energy-related
|
21,712
|
|
|
225
|
|
|
27
|
|
|
—
|
|
||||
Residential mortgage
|
13,911
|
|
|
20
|
|
|
15,331
|
|
|
—
|
|
||||
Consumer - Home equity
|
10,453
|
|
|
61
|
|
|
9,720
|
|
|
—
|
|
||||
Consumer - Indirect automobile
|
1,353
|
|
|
8
|
|
|
1,658
|
|
|
—
|
|
||||
Consumer - Credit card
|
453
|
|
|
—
|
|
|
1,194
|
|
|
—
|
|
||||
Consumer - Other
|
1,420
|
|
|
20
|
|
|
971
|
|
|
—
|
|
||||
Total
|
$
|
169,765
|
|
|
$
|
1,414
|
|
|
$
|
63,239
|
|
|
$
|
32
|
|
Total commercial loans
|
$
|
140,886
|
|
|
$
|
1,289
|
|
|
$
|
33,686
|
|
|
$
|
25
|
|
Total mortgage loans
|
15,200
|
|
|
36
|
|
|
15,331
|
|
|
—
|
|
||||
Total consumer loans
|
13,679
|
|
|
89
|
|
|
14,222
|
|
|
7
|
|
|
Three Months Ended March 31,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Balance at beginning of period
|
$
|
39,878
|
|
|
$
|
69,627
|
|
Reversal of loan loss provision recorded on FDIC covered loans
|
(258
|
)
|
|
(1,852
|
)
|
||
Amortization
|
(4,386
|
)
|
|
(6,013
|
)
|
||
Submission of reimbursable losses to the FDIC
|
(1,658
|
)
|
|
(78
|
)
|
||
Changes in cash flow assumptions on OREO and other adjustments
|
(12
|
)
|
|
(712
|
)
|
||
Balance at end of period
|
$
|
33,564
|
|
|
$
|
60,972
|
|
(Dollars in thousands)
|
IBERIABANK
|
|
IMC
|
|
LTC
|
|
Total
|
||||||||
Balance, December 31, 2014
|
$
|
489,183
|
|
|
$
|
23,178
|
|
|
$
|
5,165
|
|
|
$
|
517,526
|
|
Goodwill acquired during the year
|
207,077
|
|
|
—
|
|
|
—
|
|
|
207,077
|
|
||||
Balance, December 31, 2015
|
$
|
696,260
|
|
|
$
|
23,178
|
|
|
$
|
5,165
|
|
|
$
|
724,603
|
|
Goodwill adjustments during the period
|
4,985
|
|
|
—
|
|
|
—
|
|
|
4,985
|
|
||||
Balance, March 31, 2016
|
$
|
701,245
|
|
|
$
|
23,178
|
|
|
$
|
5,165
|
|
|
$
|
729,588
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
(Dollars in thousands)
|
|
|
|
|
|
||||||||||||||||||
Mortgage servicing rights
|
$
|
6,034
|
|
|
$
|
(2,529
|
)
|
|
$
|
3,505
|
|
|
$
|
6,104
|
|
|
$
|
(2,320
|
)
|
|
$
|
3,784
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
(Dollars in thousands)
|
|
|
|
|
|
||||||||||||||||||
Core deposit intangibles
|
$
|
74,001
|
|
|
$
|
(46,017
|
)
|
|
$
|
27,984
|
|
|
$
|
74,001
|
|
|
$
|
(43,957
|
)
|
|
$
|
30,044
|
|
Customer relationship intangible asset
|
1,348
|
|
|
(946
|
)
|
|
402
|
|
|
1,348
|
|
|
(984
|
)
|
|
364
|
|
||||||
Non-compete agreement
|
112
|
|
|
(104
|
)
|
|
8
|
|
|
100
|
|
|
(79
|
)
|
|
21
|
|
||||||
Other intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
(114
|
)
|
|
91
|
|
||||||
Total
|
$
|
75,461
|
|
|
$
|
(47,067
|
)
|
|
$
|
28,394
|
|
|
$
|
75,654
|
|
|
$
|
(45,134
|
)
|
|
$
|
30,520
|
|
|
|
|
Asset Derivatives Fair Value
|
|
|
|
Liability Derivatives Fair Value
|
||||||||||||
(Dollars in thousands)
|
Balance Sheet
Location |
|
March 31, 2016
|
|
December 31, 2015
|
|
Balance Sheet
Location |
|
March 31, 2016
|
|
December 31, 2015
|
||||||||
Derivatives designated as hedging instruments under ASC Topic 815:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
Other assets
|
|
$
|
—
|
|
|
$
|
58
|
|
|
Other liabilities
|
|
$
|
6,292
|
|
|
$
|
—
|
|
Total derivatives designated as hedging instruments under ASC Topic 815
|
|
|
$
|
—
|
|
|
$
|
58
|
|
|
|
|
$
|
6,292
|
|
|
$
|
—
|
|
Derivatives not designated as hedging instruments under ASC Topic 815:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
Other assets
|
|
$
|
33,248
|
|
|
$
|
18,077
|
|
|
Other liabilities
|
|
$
|
33,248
|
|
|
$
|
18,077
|
|
Foreign exchange contracts
|
Other assets
|
|
102
|
|
|
156
|
|
|
Other liabilities
|
|
86
|
|
|
134
|
|
||||
Forward sales contracts
|
Other assets
|
|
44
|
|
|
1,588
|
|
|
Other liabilities
|
|
2,282
|
|
|
474
|
|
||||
Written and purchased options
|
Other assets
|
|
15,200
|
|
|
10,607
|
|
|
Other liabilities
|
|
6,864
|
|
|
6,254
|
|
||||
Total derivatives not designated as hedging instruments under ASC Topic 815
|
|
|
48,594
|
|
|
30,428
|
|
|
|
|
42,480
|
|
|
24,939
|
|
||||
Total
|
|
|
$
|
48,594
|
|
|
$
|
30,486
|
|
|
|
|
$
|
48,772
|
|
|
$
|
24,939
|
|
|
|
|
Asset Derivatives
Notional Amount |
|
|
|
Liability Derivatives
Notional Amount |
||||||||||||
(Dollars in thousands)
|
|
|
March 31, 2016
|
|
December 31, 2015
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||
Derivatives designated as hedging instruments under ASC Topic 815:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
|
$
|
—
|
|
|
$
|
108,500
|
|
|
|
|
$
|
108,500
|
|
|
$
|
—
|
|
Total derivatives designated as hedging instruments under ASC Topic 815
|
|
|
$
|
—
|
|
|
$
|
108,500
|
|
|
|
|
$
|
108,500
|
|
|
$
|
—
|
|
Derivatives not designated as hedging instruments under ASC Topic 815:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
|
$
|
725,878
|
|
|
$
|
590,334
|
|
|
|
|
$
|
725,878
|
|
|
$
|
590,334
|
|
Foreign exchange contracts
|
|
|
3,347
|
|
|
4,392
|
|
|
|
|
3,347
|
|
|
4,392
|
|
||||
Forward sales contracts
|
|
|
66,401
|
|
|
223,841
|
|
|
|
|
426,251
|
|
|
173,430
|
|
||||
Written and purchased options
|
|
|
411,805
|
|
|
328,210
|
|
|
|
|
191,904
|
|
|
181,949
|
|
||||
Total derivatives not designated as hedging instruments under ASC Topic 815
|
|
|
1,207,431
|
|
|
1,146,777
|
|
|
|
|
1,347,380
|
|
|
950,105
|
|
||||
Total
|
|
|
$
|
1,207,431
|
|
|
$
|
1,255,277
|
|
|
|
|
$
|
1,455,880
|
|
|
$
|
950,105
|
|
|
March 31, 2016
|
||||||||||||||
|
Gross Amounts
Presented in the Balance Sheet |
|
Gross Amounts Not Offset
in the Balance Sheet |
|
|
||||||||||
(Dollars in thousands)
|
|
Derivatives
|
|
Collateral
(1)
|
|
Net
|
|||||||||
Derivatives subject to master netting arrangements
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts designated as hedging instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate contracts not designated as hedging instruments
|
33,247
|
|
|
—
|
|
|
—
|
|
|
33,247
|
|
||||
Written and purchased options
|
6,790
|
|
|
(1,967
|
)
|
|
—
|
|
|
4,823
|
|
||||
Total derivative assets subject to master netting arrangements
|
$
|
40,037
|
|
|
$
|
(1,967
|
)
|
|
$
|
—
|
|
|
$
|
38,070
|
|
Derivative liabilities
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts designated as hedging instruments
|
$
|
6,292
|
|
|
$
|
(1,967
|
)
|
|
$
|
(2,663
|
)
|
|
$
|
1,662
|
|
Interest rate contracts not designated as hedging instruments
|
33,248
|
|
|
—
|
|
|
(9,515
|
)
|
|
23,733
|
|
||||
Written and purchased options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total derivative liabilities subject to master netting arrangements
|
$
|
39,540
|
|
|
$
|
(1,967
|
)
|
|
$
|
(12,178
|
)
|
|
$
|
25,395
|
|
(1)
|
Consists of cash collateral recorded at cost, which approximates fair value, and investment securities.
|
|
December 31, 2015
|
||||||||||||||
|
Gross Amounts
Presented in the Balance Sheet |
|
Gross Amounts Not Offset
in the Balance Sheet |
|
|
||||||||||
(Dollars in thousands)
|
|
Derivatives
|
|
Collateral
(1)
|
|
Net
|
|||||||||
Derivatives subject to master netting arrangements
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts designated as hedging instruments
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
(45
|
)
|
|
$
|
13
|
|
Interest rate contracts not designated as hedging instruments
|
18,058
|
|
|
—
|
|
|
—
|
|
|
18,058
|
|
||||
Written and purchased options
|
6,277
|
|
|
—
|
|
|
—
|
|
|
6,277
|
|
||||
Total derivative assets subject to master netting arrangements
|
$
|
24,393
|
|
|
$
|
—
|
|
|
$
|
(45
|
)
|
|
$
|
24,348
|
|
Derivative liabilities
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts designated as hedging instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate contracts not designated as hedging instruments
|
18,058
|
|
|
—
|
|
|
(9,428
|
)
|
|
8,630
|
|
||||
Total derivative liabilities subject to master netting arrangements
|
$
|
18,058
|
|
|
$
|
—
|
|
|
$
|
(9,428
|
)
|
|
$
|
8,630
|
|
(1)
|
Consists of cash collateral recorded at cost, which approximates fair value, and investment securities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing
|
|
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
||||||||||
|
|
|
Amount of Gain (Loss) Recognized in OCI net of taxes (Effective Portion)
|
|
Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
|
|
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||
(Dollars in thousands)
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
For the Three Months Ended March 31
|
|
|
||||||||||||||||||||||||
Derivatives in ASC Topic 815 Cash Flow Hedging Relationships
|
2016
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
2016
|
|
2015
|
|||||||||||||
|
Interest rate contracts
|
$
|
(4,127
|
)
|
|
$
|
—
|
|
|
Other income (expense)
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Other income (expense)
|
|
$
|
—
|
|
|
$
|
—
|
|
Total
|
$
|
(4,127
|
)
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of Gain (Loss) Recognized
in Income on Derivatives |
||||||
|
Location of Gain (Loss)
Recognized in Income on Derivatives |
|
For the Three Months Ended March 31
|
||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
|||||
Interest rate contracts
(1)
|
Other income
|
|
$
|
2,962
|
|
|
$
|
1,005
|
|
Foreign exchange contracts
|
Other income
|
|
1
|
|
|
—
|
|
||
Forward sales contracts
|
Mortgage income
|
|
(5,343
|
)
|
|
(253
|
)
|
||
Written and purchased options
|
Mortgage income
|
|
3,982
|
|
|
768
|
|
||
Total
|
|
|
$
|
1,602
|
|
|
$
|
1,520
|
|
|
March 31, 2016
|
|||||||||||||||||
|
Minimum
|
|
Well Capitalized
|
|
Actual
|
|||||||||||||
(Dollars in thousands)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||
Tier 1 Leverage
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated
|
$
|
755,536
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
$
|
1,777,629
|
|
|
9.41
|
%
|
IBERIABANK
|
753,099
|
|
|
4.00
|
|
|
941,373
|
|
|
5.00
|
|
1,725,728
|
|
|
9.17
|
|
||
Common Equity Tier 1 (CET1)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated
|
$
|
757,235
|
|
|
4.50
|
%
|
|
N/A
|
|
|
N/A
|
|
$
|
1,700,817
|
|
|
10.11
|
%
|
IBERIABANK
|
755,278
|
|
|
4.50
|
|
|
1,090,957
|
|
|
6.50
|
|
1,725,728
|
|
|
10.28
|
|
||
Tier 1 Risk-Based Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated
|
$
|
1,009,647
|
|
|
6.00
|
%
|
|
N/A
|
|
|
N/A
|
|
$
|
1,777,629
|
|
|
10.56
|
%
|
IBERIABANK
|
1,007,038
|
|
|
6.00
|
|
|
1,342,717
|
|
|
8.00
|
|
1,725,278
|
|
|
10.28
|
|
||
Total Risk-Based Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated
|
$
|
1,346,196
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
$
|
2,054,719
|
|
|
12.21
|
%
|
IBERIABANK
|
1,342,717
|
|
|
8.00
|
|
|
1,678,396
|
|
|
10.00
|
|
1,886,318
|
|
|
11.24
|
|
|
December 31, 2015
|
|||||||||||||||||
|
Minimum
|
|
Well Capitalized
|
|
Actual
|
|||||||||||||
(Dollars in thousands)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||
Tier 1 Leverage
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated
|
$
|
751,798
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
$
|
1,790,034
|
|
|
9.52
|
%
|
IBERIABANK
|
749,226
|
|
|
4.00
|
|
|
936,532
|
|
|
5.00
|
|
1,691,022
|
|
|
9.03
|
|
||
Common Equity Tier 1 (CET1)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated
|
$
|
752,610
|
|
|
4.50
|
%
|
|
N/A
|
|
|
N/A
|
|
$
|
1,684,097
|
|
|
10.07
|
%
|
IBERIABANK
|
750,660
|
|
|
4.50
|
|
|
1,084,287
|
|
|
6.50
|
|
1,691,022
|
|
|
10.14
|
|
||
Tier 1 Risk-Based Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated
|
$
|
1,003,479
|
|
|
6.00
|
%
|
|
N/A
|
|
|
N/A
|
|
$
|
1,790,034
|
|
|
10.70
|
%
|
IBERIABANK
|
1,000,880
|
|
|
6.00
|
|
|
1,334,507
|
|
|
8.00
|
|
1,691,022
|
|
|
10.14
|
|
||
Total Risk-Based Capital
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated
|
$
|
1,337,973
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
$
|
2,029,932
|
|
|
12.14
|
%
|
IBERIABANK
|
1,334,507
|
|
|
8.00
|
|
|
1,668,133
|
|
|
10.00
|
|
1,843,545
|
|
|
11.05
|
|
|
Three Months Ended March 31,
|
||||||
(In thousands, except per share data)
|
2016
|
|
2015
|
||||
Earnings per common share - basic
|
|
|
|
||||
Net income
|
$
|
42,769
|
|
|
$
|
25,126
|
|
Preferred stock dividends
|
(2,576
|
)
|
|
—
|
|
||
Dividends and undistributed earnings allocated to unvested restricted shares
|
(460
|
)
|
|
(324
|
)
|
||
Earnings allocated to common shareholders - basic
|
$
|
39,733
|
|
|
$
|
24,802
|
|
Weighted average common shares outstanding
|
40,711
|
|
|
33,168
|
|
||
Earnings per common share - basic
|
$
|
0.98
|
|
|
$
|
0.75
|
|
Earnings per common share - diluted
|
|
|
|
||||
Earnings allocated to common shareholders - basic
|
$
|
39,733
|
|
|
$
|
24,802
|
|
Dividends and undistributed earnings allocated to unvested restricted shares
|
(2
|
)
|
|
(20
|
)
|
||
Earnings allocated to common shareholders - diluted
|
$
|
39,731
|
|
|
$
|
24,782
|
|
Weighted average common shares outstanding
|
40,711
|
|
|
33,168
|
|
||
Dilutive potential common shares - stock options
|
54
|
|
|
67
|
|
||
Weighted average common shares outstanding - diluted
|
40,765
|
|
|
33,235
|
|
||
Earnings per common share - diluted
|
$
|
0.97
|
|
|
$
|
0.75
|
|
|
Number of shares
|
|
Weighted
Average
Exercise Price
|
|||
Outstanding options, December 31, 2015
|
813,777
|
|
|
$
|
56.99
|
|
Granted
|
148,684
|
|
|
47.35
|
|
|
Exercised
|
(466
|
)
|
|
36.48
|
|
|
Forfeited or expired
|
(43,612
|
)
|
|
61.26
|
|
|
Outstanding options, March 31, 2016
|
918,383
|
|
|
$
|
55.24
|
|
Exercisable options, March 31, 2016
|
606,046
|
|
|
$
|
56.32
|
|
|
|
|
|
|||
Outstanding options, December 31, 2014
|
867,682
|
|
|
$
|
55.92
|
|
Granted
|
78,856
|
|
|
62.54
|
|
|
Exercised
|
(61,884
|
)
|
|
49.89
|
|
|
Forfeited or expired
|
(10,469
|
)
|
|
71.52
|
|
|
Outstanding options, March 31, 2015
|
874,185
|
|
|
$
|
56.76
|
|
Exercisable options, March 31, 2015
|
579,727
|
|
|
$
|
56.22
|
|
|
For the Three Months Ended March 31
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Compensation expense related to stock options
|
$
|
484
|
|
|
$
|
471
|
|
|
For the Three Months Ended March 31
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Compensation expense related to restricted stock awards and restricted share units
|
$
|
3,386
|
|
|
$
|
2,972
|
|
|
For the Three Months Ended March 31
|
||||
|
2016
|
|
2015
|
||
Balance at beginning of period
|
507,130
|
|
|
506,289
|
|
Granted
|
226,176
|
|
|
142,196
|
|
Forfeited
|
(3,573
|
)
|
|
(10,267
|
)
|
Earned and issued
|
(136,126
|
)
|
|
(116,583
|
)
|
Balance at end of period
|
593,607
|
|
|
521,635
|
|
|
For the Three Months Ended March 31
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Compensation expense related to phantom stock and performance units
|
$
|
2,405
|
|
|
$
|
3,171
|
|
(Dollars in thousands)
|
Number of share
equivalents
(1)
|
|
Value of share
equivalents
(2)
|
|||
Balance, December 31, 2015
|
462,430
|
|
|
$
|
25,466
|
|
Granted
|
185,798
|
|
|
9,526
|
|
|
Forfeited share equivalents
|
(9,022
|
)
|
|
463
|
|
|
Vested share equivalents
|
(138,752
|
)
|
|
6,939
|
|
|
Balance, March 31, 2016
|
500,454
|
|
|
$
|
25,658
|
|
|
|
|
|
|||
Balance, December 31, 2014
|
475,347
|
|
|
$
|
30,826
|
|
Granted
|
136,413
|
|
|
8,598
|
|
|
Forfeited share equivalents
|
(9,896
|
)
|
|
624
|
|
|
Vested share equivalents
|
(114,616
|
)
|
|
7,209
|
|
|
Balance, March 31, 2015
|
487,248
|
|
|
$
|
30,711
|
|
(1)
|
Number of share equivalents includes all reinvested dividend equivalents for the periods indicated.
|
(2)
|
Except for share equivalents at the beginning of each period, which are based on the value at that time, and vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was
$51.27
and
$63.03
on
March 31, 2016
, and
2015
, respectively.
|
|
March 31, 2016
|
||||||||||||||
(Dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Securities available for sale
|
$
|
—
|
|
|
$
|
2,755,425
|
|
|
$
|
—
|
|
|
$
|
2,755,425
|
|
Mortgage loans held for sale
|
—
|
|
|
192,545
|
|
|
—
|
|
|
192,545
|
|
||||
Derivative instruments
|
—
|
|
|
48,594
|
|
|
—
|
|
|
48,594
|
|
||||
Total
|
$
|
—
|
|
|
$
|
2,996,564
|
|
|
$
|
—
|
|
|
$
|
2,996,564
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative instruments
|
$
|
—
|
|
|
$
|
48,772
|
|
|
$
|
—
|
|
|
$
|
48,772
|
|
Total
|
$
|
—
|
|
|
$
|
48,772
|
|
|
$
|
—
|
|
|
$
|
48,772
|
|
|
December 31, 2015
|
||||||||||||||
(Dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Securities available for sale
|
$
|
—
|
|
|
$
|
2,800,286
|
|
|
$
|
—
|
|
|
$
|
2,800,286
|
|
Mortgage loans held for sale
|
—
|
|
|
166,247
|
|
|
—
|
|
|
166,247
|
|
||||
Derivative instruments
|
—
|
|
|
30,486
|
|
|
—
|
|
|
30,486
|
|
||||
Total
|
$
|
—
|
|
|
$
|
2,997,019
|
|
|
$
|
—
|
|
|
$
|
2,997,019
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative instruments
|
$
|
—
|
|
|
$
|
24,939
|
|
|
$
|
—
|
|
|
$
|
24,939
|
|
Total
|
$
|
—
|
|
|
$
|
24,939
|
|
|
$
|
—
|
|
|
$
|
24,939
|
|
(Dollars in thousands)
|
Non-interest
income |
|
Other
comprehensive income |
||||
Net gains included in earnings
|
$
|
4,103
|
|
|
$
|
—
|
|
Change in unrealized net gains relating to assets still held at March 31, 2016
|
—
|
|
|
21,193
|
|
|
March 31, 2016
|
||||||||||||||
(Dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
OREO, net
|
$
|
—
|
|
|
$
|
2,051
|
|
|
$
|
—
|
|
|
$
|
2,051
|
|
Total
|
$
|
—
|
|
|
$
|
2,051
|
|
|
$
|
—
|
|
|
$
|
2,051
|
|
|
December 31, 2015
|
||||||||||||||
(Dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
OREO, net
|
$
|
—
|
|
|
$
|
1,106
|
|
|
$
|
—
|
|
|
$
|
1,106
|
|
Total
|
$
|
—
|
|
|
$
|
1,106
|
|
|
$
|
—
|
|
|
$
|
1,106
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
(Dollars in thousands)
|
Aggregate
Fair Value |
|
Aggregate
Unpaid Principal |
|
Aggregate
Fair Value Less Unpaid Principal |
|
Aggregate
Fair Value |
|
Aggregate
Unpaid Principal |
|
Aggregate
Fair Value Less Unpaid Principal |
||||||||||||
Mortgage loans held for sale, at fair value
|
$
|
192,545
|
|
|
$
|
185,483
|
|
|
$
|
7,062
|
|
|
$
|
166,247
|
|
|
$
|
161,083
|
|
|
$
|
5,164
|
|
|
March 31, 2016
|
||||||||||||||||||
(Dollars in thousands)
|
Carrying Amount
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
996,655
|
|
|
$
|
996,655
|
|
|
$
|
996,655
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Investment securities
|
2,851,542
|
|
|
2,854,464
|
|
|
—
|
|
|
2,854,464
|
|
|
—
|
|
|||||
Loans and loans held for sale, net of unearned income and allowance for loan losses
|
14,497,232
|
|
|
14,794,601
|
|
|
—
|
|
|
192,545
|
|
|
14,602,056
|
|
|||||
FDIC loss share receivables
|
33,564
|
|
|
6,282
|
|
|
—
|
|
|
—
|
|
|
6,282
|
|
|||||
Derivative instruments
|
48,594
|
|
|
48,594
|
|
|
—
|
|
|
48,594
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
16,260,566
|
|
|
$
|
16,090,782
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,090,782
|
|
Short-term borrowings
|
498,238
|
|
|
498,238
|
|
|
498,238
|
|
|
—
|
|
|
—
|
|
|||||
Long-term debt
|
598,924
|
|
|
563,571
|
|
|
—
|
|
|
—
|
|
|
563,571
|
|
|||||
Derivative instruments
|
48,772
|
|
|
48,772
|
|
|
—
|
|
|
48,772
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2015
|
||||||||||||||||||
(Dollars in thousands)
|
Carrying Amount
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
510,267
|
|
|
$
|
510,267
|
|
|
$
|
510,267
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Investment securities
|
2,899,214
|
|
|
2,901,247
|
|
|
—
|
|
|
2,901,247
|
|
|
—
|
|
|||||
Loans and loans held for sale, net of unearned income and allowance for loan losses
|
14,355,297
|
|
|
14,674,749
|
|
|
—
|
|
|
166,247
|
|
|
14,508,502
|
|
|||||
FDIC loss share receivables
|
39,878
|
|
|
9,163
|
|
|
—
|
|
|
—
|
|
|
9,163
|
|
|||||
Derivative instruments
|
30,486
|
|
|
30,486
|
|
|
—
|
|
|
30,486
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
16,178,748
|
|
|
$
|
15,696,245
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,696,245
|
|
Short-term borrowings
|
326,617
|
|
|
326,617
|
|
|
326,617
|
|
|
—
|
|
|
—
|
|
|||||
Long-term debt
|
340,447
|
|
|
309,847
|
|
|
—
|
|
|
—
|
|
|
309,847
|
|
|||||
Derivative instruments
|
24,939
|
|
|
24,939
|
|
|
—
|
|
|
24,939
|
|
|
—
|
|
•
|
Elimination of interest income and interest expense representing interest earned by IBERIABANK on interest-bearing checking accounts held by related companies, as well as the elimination of the related deposit balances at the IBERIABANK segment;
|
•
|
Elimination of investment in subsidiary balances on certain operating segments included in total and average segment assets; and
|
•
|
Elimination of intercompany due to and due from balances on certain operating segments that are included in total and average segment assets.
|
|
Three Months Ended March 31, 2016
|
||||||||||||||
(Dollars in thousands)
|
IBERIABANK
|
|
IMC
|
|
LTC
|
|
Consolidated
|
||||||||
Interest and dividend income
|
$
|
175,324
|
|
|
$
|
1,611
|
|
|
$
|
1
|
|
|
$
|
176,936
|
|
Interest expense
|
14,654
|
|
|
879
|
|
|
—
|
|
|
15,533
|
|
||||
Net interest income
|
160,670
|
|
|
732
|
|
|
1
|
|
|
161,403
|
|
||||
Provision for loan losses
|
14,905
|
|
|
—
|
|
|
—
|
|
|
14,905
|
|
||||
Mortgage income
|
406
|
|
|
19,941
|
|
|
—
|
|
|
20,347
|
|
||||
Service charges on deposit accounts
|
10,951
|
|
|
—
|
|
|
—
|
|
|
10,951
|
|
||||
Title revenue
|
—
|
|
|
—
|
|
|
4,745
|
|
|
4,745
|
|
||||
Other non-interest income
|
19,803
|
|
|
(1
|
)
|
|
—
|
|
|
19,802
|
|
||||
Allocated expenses
|
(2,669
|
)
|
|
2,050
|
|
|
619
|
|
|
—
|
|
||||
Non-interest expense
|
120,027
|
|
|
13,198
|
|
|
4,227
|
|
|
137,452
|
|
||||
Income before income tax expense
|
59,567
|
|
|
5,424
|
|
|
(100
|
)
|
|
64,891
|
|
||||
Income tax expense
|
20,001
|
|
|
2,153
|
|
|
(32
|
)
|
|
22,122
|
|
||||
Net income
|
$
|
39,566
|
|
|
$
|
3,271
|
|
|
$
|
(68
|
)
|
|
$
|
42,769
|
|
Total loans and loans held for sale, net of unearned income
|
$
|
14,428,613
|
|
|
$
|
215,176
|
|
|
$
|
—
|
|
|
$
|
14,643,789
|
|
Total assets
|
19,774,092
|
|
|
291,893
|
|
|
26,578
|
|
|
20,092,563
|
|
||||
Total deposits
|
16,256,147
|
|
|
4,419
|
|
|
—
|
|
|
16,260,566
|
|
||||
Average assets
|
19,381,718
|
|
|
252,281
|
|
|
27,312
|
|
|
19,661,311
|
|
|
Three Months Ended March 31, 2015
|
||||||||||||||
(Dollars in thousands)
|
IBERIABANK
|
|
IMC
|
|
LTC
|
|
Consolidated
|
||||||||
Interest and dividend income
|
$
|
136,830
|
|
|
$
|
1,754
|
|
|
$
|
1
|
|
|
$
|
138,585
|
|
Interest expense
|
12,290
|
|
|
491
|
|
|
—
|
|
|
12,781
|
|
||||
Net interest income
|
124,540
|
|
|
1,263
|
|
|
1
|
|
|
125,804
|
|
||||
Provision for loan losses
|
5,345
|
|
|
—
|
|
|
—
|
|
|
5,345
|
|
||||
Mortgage income
|
(1
|
)
|
|
18,024
|
|
|
—
|
|
|
18,023
|
|
||||
Service charges on deposit accounts
|
9,262
|
|
|
—
|
|
|
—
|
|
|
9,262
|
|
||||
Title revenue
|
—
|
|
|
—
|
|
|
4,629
|
|
|
4,629
|
|
||||
Other non-interest income
|
16,989
|
|
|
(2
|
)
|
|
(2
|
)
|
|
16,985
|
|
||||
Allocated expenses
|
(4,847
|
)
|
|
3,528
|
|
|
1,319
|
|
|
—
|
|
||||
Non-interest expense
|
116,005
|
|
|
12,916
|
|
|
4,232
|
|
|
133,153
|
|
||||
Income before income tax expense
|
34,287
|
|
|
2,841
|
|
|
(923
|
)
|
|
36,205
|
|
||||
Income tax expense
|
10,313
|
|
|
1,122
|
|
|
(356
|
)
|
|
11,079
|
|
||||
Net income
|
$
|
23,974
|
|
|
$
|
1,719
|
|
|
$
|
(567
|
)
|
|
$
|
25,126
|
|
Total loans and loans held for sale, net of unearned income
|
$
|
12,869,096
|
|
|
$
|
219,409
|
|
|
$
|
—
|
|
|
$
|
13,088,505
|
|
Total assets
|
17,772,632
|
|
|
254,401
|
|
|
24,729
|
|
|
18,051,762
|
|
||||
Total deposits
|
14,660,135
|
|
|
4,889
|
|
|
—
|
|
|
14,665,024
|
|
||||
Average assets
|
15,750,918
|
|
|
181,942
|
|
|
24,753
|
|
|
15,957,613
|
|
(Dollars in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Commitments to grant loans
|
$
|
104,152
|
|
|
$
|
61,240
|
|
Unfunded commitments under lines of credit
|
4,640,245
|
|
|
4,617,802
|
|
||
Commercial and standby letters of credit
|
169,873
|
|
|
150,281
|
|
||
Reserve for unfunded lending commitments
|
14,033
|
|
|
14,145
|
|
•
|
Return on Average Tangible Common Equity of 13% to 17% (operating basis);
|
•
|
Tangible Operating Efficiency Ratio of less than 60%;
|
•
|
Legacy Asset Quality in the top 10% of our peers;
|
•
|
Double-digit percentage growth in diluted operating EPS.
|
|
As of and For the Three Months Ended
March 31
|
||||
|
2016
|
|
2015
|
||
Key Ratios
(1)
|
|
|
|
||
Return on average assets
|
0.82
|
%
|
|
0.64
|
%
|
Operating return on average assets (Non-GAAP)
|
0.85
|
|
|
0.81
|
|
Return on average common equity
|
6.59
|
|
|
5.39
|
|
Return on average operating tangible common equity
(Non-GAAP)
(2)
|
10.26
|
|
|
9.92
|
|
Equity to assets at end of period
|
12.68
|
|
|
12.01
|
|
Earning assets to interest-bearing liabilities at end of period
|
142.02
|
|
|
137.76
|
|
Interest rate spread
(3)
|
3.50
|
|
|
3.41
|
|
Net interest margin (TE)
(3) (4)
|
3.64
|
|
|
3.54
|
|
Non-interest expense to average assets (annualized)
|
2.81
|
|
|
3.38
|
|
Efficiency ratio
(5)
|
63.3
|
|
|
76.2
|
|
Tangible operating efficiency ratio (TE) (Non-GAAP)
(2) (4) (5)
|
60.3
|
|
|
68.5
|
|
Common stock dividend payout ratio
|
34.9
|
|
|
51.7
|
|
Asset Quality Data
|
|
|
|
||
Non-performing assets to total assets at end of period
(6)
|
1.07
|
%
|
|
1.41
|
%
|
Allowance for credit losses to non-performing loans at end of period
(6)
|
87.36
|
|
|
70.22
|
|
Allowance for credit losses to total loans at end of period
|
1.11
|
|
|
1.10
|
|
Consolidated Capital Ratios
|
|
|
|
||
Tier 1 leverage ratio
|
9.41
|
%
|
|
8.87
|
%
|
Common Equity Tier 1 (CET1)
|
10.11
|
|
|
9.79
|
|
Tier 1 risk-based capital ratio
|
10.56
|
|
|
9.99
|
|
Total risk-based capital ratio
|
12.21
|
|
|
11.62
|
|
(1)
|
With the exception of end-of-period ratios, all ratios are based on average daily balances during the respective periods.
|
(2)
|
Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. See Table 17 for Non-GAAP reconciliations.
|
(3)
|
Interest rate spread represents the difference between the weighted average yield on earning assets and the weighted average cost of interest-bearing liabilities. Net interest margin represents net interest income as a percentage of average net earning assets.
|
(4)
|
Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%.
|
(5)
|
The efficiency ratio represents non-interest expense as a percentage of total revenues. Total revenues are the sum of net interest income and non-interest income.
|
(6)
|
Non-performing loans consist of non-accruing loans and loans 90 days or more past due. Non-performing assets consist of non-performing loans and repossessed assets.
|
|
Three Months Ended March 31
|
||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||
(Dollars in thousands)
|
Average
Balance
|
|
Interest
Income/Expense
(2)
|
|
Yield/
Rate
|
|
Average
Balance |
|
Interest
Income/Expense (2) |
|
Yield/
Rate |
||||||||||
Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loans (TE)
(3)
|
$
|
10,250,555
|
|
|
$
|
113,417
|
|
|
4.43
|
%
|
|
$
|
7,882,782
|
|
|
$
|
83,645
|
|
|
4.31
|
%
|
Mortgage loans
|
1,202,692
|
|
|
13,429
|
|
|
4.47
|
%
|
|
1,099,518
|
|
|
13,594
|
|
|
4.95
|
%
|
||||
Consumer and other loans
|
2,901,163
|
|
|
37,145
|
|
|
5.15
|
%
|
|
2,581,646
|
|
|
32,952
|
|
|
5.18
|
%
|
||||
Total loans (TE)
(3)
|
14,354,410
|
|
|
163,991
|
|
|
4.58
|
%
|
|
11,563,946
|
|
|
130,191
|
|
|
4.56
|
%
|
||||
Loans held for sale
|
160,873
|
|
|
1,401
|
|
|
3.48
|
%
|
|
133,304
|
|
|
1,515
|
|
|
4.55
|
%
|
||||
Investment securities
|
2,866,974
|
|
|
15,212
|
|
|
2.25
|
%
|
|
2,307,525
|
|
|
12,097
|
|
|
2.22
|
%
|
||||
FDIC loss share receivable
|
37,360
|
|
|
(4,386
|
)
|
|
(46.44
|
)%
|
|
66,165
|
|
|
(6,013
|
)
|
|
(36.35
|
)%
|
||||
Other earning assets
|
453,737
|
|
|
718
|
|
|
0.64
|
%
|
|
402,499
|
|
|
795
|
|
|
0.80
|
%
|
||||
Total earning assets
|
17,873,354
|
|
|
176,936
|
|
|
3.99
|
%
|
|
14,473,439
|
|
|
138,585
|
|
|
3.90
|
%
|
||||
Allowance for loan losses
|
(141,393
|
)
|
|
|
|
|
|
(128,519
|
)
|
|
|
|
|
||||||||
Non-earning assets
|
1,929,350
|
|
|
|
|
|
|
1,612,693
|
|
|
|
|
|
||||||||
Total assets
|
$
|
19,661,311
|
|
|
|
|
|
|
$
|
15,957,613
|
|
|
|
|
|
||||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW accounts
|
$
|
2,859,940
|
|
|
1,940
|
|
|
0.27
|
%
|
|
$
|
2,464,760
|
|
|
1,552
|
|
|
0.26
|
%
|
||
Savings and money market accounts
|
6,598,838
|
|
|
5,640
|
|
|
0.34
|
%
|
|
4,834,244
|
|
|
3,375
|
|
|
0.28
|
%
|
||||
Certificates of deposit
|
2,098,032
|
|
|
4,354
|
|
|
0.83
|
%
|
|
2,150,447
|
|
|
4,411
|
|
|
0.83
|
%
|
||||
Total interest-bearing deposits
|
11,556,810
|
|
|
11,934
|
|
|
0.42
|
%
|
|
9,449,451
|
|
|
9,338
|
|
|
0.40
|
%
|
||||
Short-term borrowings
|
494,670
|
|
|
485
|
|
|
0.39
|
%
|
|
747,058
|
|
|
363
|
|
|
0.19
|
%
|
||||
Long-term debt
|
523,503
|
|
|
3,114
|
|
|
2.35
|
%
|
|
423,495
|
|
|
3,080
|
|
|
2.91
|
%
|
||||
Total interest-bearing liabilities
|
12,574,983
|
|
|
15,533
|
|
|
0.49
|
%
|
|
10,620,004
|
|
|
12,781
|
|
|
0.49
|
%
|
||||
Non-interest-bearing demand deposits
|
4,388,259
|
|
|
|
|
|
|
3,312,357
|
|
|
|
|
|
||||||||
Non-interest-bearing liabilities
|
167,810
|
|
|
|
|
|
|
135,477
|
|
|
|
|
|
||||||||
Total liabilities
|
17,131,052
|
|
|
|
|
|
|
14,067,838
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
2,530,259
|
|
|
|
|
|
|
1,889,775
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
19,661,311
|
|
|
|
|
|
|
$
|
15,957,613
|
|
|
|
|
|
||||||
Net earning assets
|
$
|
5,298,371
|
|
|
|
|
|
|
$
|
3,853,435
|
|
|
|
|
|
||||||
Net interest income / Net interest spread
|
|
|
$
|
161,403
|
|
|
3.50
|
%
|
|
|
|
$
|
125,804
|
|
|
3.41
|
%
|
||||
Net interest income (TE) / Net interest margin (TE)
(3)
|
|
|
$
|
163,764
|
|
|
3.64
|
%
|
|
|
|
$
|
127,844
|
|
|
3.54
|
%
|
(1)
|
Total loans include non-accrual loans for all periods presented.
|
(2)
|
Interest income includes loan fees of $0.7 million and $0.6 million for the three-month periods ended March 31, 2016 and 2015, respectively.
|
(3)
|
Taxable equivalent yields are calculated using a marginal tax rate of 35%.
|
|
Three Months Ended March 31
|
||||||||||||
|
2016
|
|
2015
|
||||||||||
(Dollars in thousands)
|
Average Balance
|
|
Average Yield
|
|
Average Balance
|
|
Average Yield
|
||||||
Legacy loans
|
$
|
11,318,692
|
|
|
4.02
|
%
|
|
$
|
9,734,558
|
|
|
3.89
|
%
|
Acquired loans
|
3,035,718
|
|
|
6.48
|
%
|
|
1,829,388
|
|
|
7.88
|
%
|
||
Total loans
|
14,354,410
|
|
|
4.54
|
%
|
|
11,563,946
|
|
|
4.52
|
%
|
||
FDIC loss share receivables
|
37,360
|
|
|
(46.44
|
)%
|
|
66,165
|
|
|
(36.35
|
)%
|
||
Total loans and FDIC loss share receivables
|
$
|
14,391,770
|
|
|
4.46
|
%
|
|
$
|
11,630,111
|
|
|
4.32
|
%
|
|
March 31, 2016
|
||||||||||||||||||||||||||||||||||
|
Commercial
|
|
|
Consumer and Other
|
|
|
|||||||||||||||||||||||||||||
(Dollars in thousands)
|
Real Estate
|
|
Commercial and Industrial
|
|
Energy-related
|
|
Residential Mortgage
|
|
Indirect
automobile
|
|
Home
Equity
|
|
Credit
Card
|
|
Other
|
|
Total
|
||||||||||||||||||
Legacy
|
$
|
4,771,690
|
|
|
$
|
2,926,686
|
|
|
$
|
728,778
|
|
|
$
|
730,621
|
|
|
$
|
213,141
|
|
|
$
|
1,625,812
|
|
|
$
|
76,247
|
|
|
$
|
455,722
|
|
|
$
|
11,528,697
|
|
Acquired
|
1,458,938
|
|
|
447,696
|
|
|
2,884
|
|
|
477,770
|
|
|
38
|
|
|
465,702
|
|
|
509
|
|
|
69,010
|
|
|
2,922,547
|
|
|||||||||
Total
|
$
|
6,230,628
|
|
|
$
|
3,374,382
|
|
|
$
|
731,662
|
|
|
$
|
1,208,391
|
|
|
$
|
213,179
|
|
|
$
|
2,091,514
|
|
|
$
|
76,756
|
|
|
$
|
524,732
|
|
|
$
|
14,451,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
December 31, 2015
|
||||||||||||||||||||||||||||||||||
|
Commercial
|
|
|
Consumer and Other
|
|
|
|||||||||||||||||||||||||||||
(Dollars in thousands)
|
Real Estate
|
|
Commercial and Industrial
|
|
Energy-related
|
|
Residential Mortgage
|
|
Indirect
automobile
|
|
Home
Equity
|
|
Credit
Card
|
|
Other
|
|
Total
|
||||||||||||||||||
Legacy
|
$
|
4,504,062
|
|
|
$
|
2,952,102
|
|
|
$
|
677,177
|
|
|
$
|
694,023
|
|
|
$
|
246,214
|
|
|
$
|
1,575,643
|
|
|
$
|
77,261
|
|
|
$
|
464,038
|
|
|
$
|
11,190,520
|
|
Acquired
|
1,569,449
|
|
|
492,476
|
|
|
3,589
|
|
|
501,296
|
|
|
84
|
|
|
490,524
|
|
|
582
|
|
|
78,908
|
|
|
3,136,908
|
|
|||||||||
Total
|
$
|
6,073,511
|
|
|
$
|
3,444,578
|
|
|
$
|
680,766
|
|
|
$
|
1,195,319
|
|
|
$
|
246,298
|
|
|
$
|
2,066,167
|
|
|
$
|
77,843
|
|
|
$
|
542,946
|
|
|
$
|
14,327,428
|
|
(Dollars in thousands)
|
Louisiana
|
|
Florida
|
|
Alabama
|
|
Texas
|
|
Arkansas
|
|
Georgia
|
|
Tennessee
|
|
Other
|
|
Total
|
||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Legacy
|
$
|
3,041,351
|
|
|
$
|
1,132,499
|
|
|
$
|
1,088,260
|
|
|
$
|
1,897,190
|
|
|
$
|
564,631
|
|
|
$
|
170,875
|
|
|
$
|
473,471
|
|
|
$
|
58,877
|
|
|
$
|
8,427,154
|
|
Acquired
|
238,961
|
|
|
1,019,286
|
|
|
23,503
|
|
|
40,275
|
|
|
—
|
|
|
520,415
|
|
|
19,613
|
|
|
47,465
|
|
|
1,909,518
|
|
|||||||||
Total
|
$
|
3,280,312
|
|
|
$
|
2,151,785
|
|
|
$
|
1,111,763
|
|
|
$
|
1,937,465
|
|
|
$
|
564,631
|
|
|
$
|
691,290
|
|
|
$
|
493,084
|
|
|
$
|
106,342
|
|
|
$
|
10,336,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Legacy
|
$
|
3,081,494
|
|
|
$
|
947,812
|
|
|
$
|
1,059,604
|
|
|
$
|
1,812,055
|
|
|
$
|
569,384
|
|
|
$
|
125,493
|
|
|
$
|
486,703
|
|
|
$
|
50,796
|
|
|
$
|
8,133,341
|
|
Acquired
|
271,780
|
|
|
1,079,000
|
|
|
28,145
|
|
|
40,854
|
|
|
—
|
|
|
568,283
|
|
|
20,419
|
|
|
57,033
|
|
|
2,065,514
|
|
|||||||||
Total
|
$
|
3,353,274
|
|
|
$
|
2,026,812
|
|
|
$
|
1,087,749
|
|
|
$
|
1,852,909
|
|
|
$
|
569,384
|
|
|
$
|
693,776
|
|
|
$
|
507,122
|
|
|
$
|
107,829
|
|
|
$
|
10,198,855
|
|
(Dollars in thousands)
|
Louisiana
|
|
Florida
|
|
Alabama
|
|
Texas
|
|
Arkansas
|
|
Georgia
|
|
Tennessee
|
|
Other
|
|
Total
|
||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Legacy
|
$
|
1,017,822
|
|
|
$
|
320,092
|
|
|
$
|
251,212
|
|
|
$
|
117,468
|
|
|
$
|
248,787
|
|
|
$
|
35,019
|
|
|
$
|
57,448
|
|
|
$
|
323,074
|
|
|
$
|
2,370,922
|
|
Acquired
|
151,217
|
|
|
216,941
|
|
|
35,544
|
|
|
40,679
|
|
|
—
|
|
|
76,883
|
|
|
13,936
|
|
|
59
|
|
|
535,259
|
|
|||||||||
Total
|
$
|
1,169,039
|
|
|
$
|
537,033
|
|
|
$
|
286,756
|
|
|
$
|
158,147
|
|
|
$
|
248,787
|
|
|
$
|
111,902
|
|
|
$
|
71,384
|
|
|
$
|
323,133
|
|
|
$
|
2,906,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Legacy
|
$
|
1,023,828
|
|
|
$
|
286,539
|
|
|
$
|
246,837
|
|
|
$
|
113,773
|
|
|
$
|
252,289
|
|
|
$
|
32,562
|
|
|
$
|
51,182
|
|
|
$
|
356,146
|
|
|
$
|
2,363,156
|
|
Acquired
|
155,980
|
|
|
233,886
|
|
|
36,977
|
|
|
42,420
|
|
|
—
|
|
|
86,083
|
|
|
14,742
|
|
|
10
|
|
|
570,098
|
|
|||||||||
Total
|
$
|
1,179,808
|
|
|
$
|
520,425
|
|
|
$
|
283,814
|
|
|
$
|
156,193
|
|
|
$
|
252,289
|
|
|
$
|
118,645
|
|
|
$
|
65,924
|
|
|
$
|
356,156
|
|
|
$
|
2,933,254
|
|
(Dollars in thousands)
|
Below 660
|
|
660 - 720
|
|
Above 720
|
|
Discount
|
|
Total
|
||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Legacy
|
$
|
329,336
|
|
|
$
|
650,872
|
|
|
$
|
1,390,714
|
|
|
$
|
—
|
|
|
$
|
2,370,922
|
|
Acquired
|
94,236
|
|
|
150,909
|
|
|
318,810
|
|
|
(28,696
|
)
|
|
535,259
|
|
|||||
Total
|
$
|
423,572
|
|
|
$
|
801,781
|
|
|
$
|
1,709,524
|
|
|
$
|
(28,696
|
)
|
|
$
|
2,906,181
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Legacy
|
$
|
427,938
|
|
|
$
|
604,751
|
|
|
$
|
1,330,467
|
|
|
$
|
—
|
|
|
$
|
2,363,156
|
|
Acquired
|
122,619
|
|
|
144,665
|
|
|
334,023
|
|
|
(31,209
|
)
|
|
570,098
|
|
|||||
Total
|
$
|
550,557
|
|
|
$
|
749,416
|
|
|
$
|
1,664,490
|
|
|
$
|
(31,209
|
)
|
|
$
|
2,933,254
|
|
(Dollars in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
|
Increase (Decrease)
|
|||||||||
Non-accrual loans:
|
|
|
|
|
|
|
|
|||||||
Commercial
|
$
|
26,245
|
|
|
$
|
22,201
|
|
|
$
|
4,044
|
|
|
18.2
|
%
|
Energy-related
|
46,151
|
|
|
7,081
|
|
|
39,070
|
|
|
551.8
|
%
|
|||
Mortgage
|
12,953
|
|
|
13,674
|
|
|
(721
|
)
|
|
(5.3
|
)%
|
|||
Consumer and credit card
|
8,080
|
|
|
7,972
|
|
|
108
|
|
|
1.4
|
%
|
|||
Total non-accrual loans
|
93,429
|
|
|
50,928
|
|
|
42,501
|
|
|
83.5
|
%
|
|||
Accruing loans 90 days or more past due
|
125
|
|
|
624
|
|
|
(499
|
)
|
|
(80.0
|
)%
|
|||
Total non-performing loans
(1)
|
93,554
|
|
|
51,552
|
|
|
42,002
|
|
|
81.5
|
%
|
|||
OREO and foreclosed property
(2)
|
17,662
|
|
|
16,491
|
|
|
1,171
|
|
|
7.1
|
%
|
|||
Total non-performing assets
(1)
|
111,216
|
|
|
68,043
|
|
|
43,173
|
|
|
63.4
|
%
|
|||
Performing troubled debt restructuring
(3)
|
65,685
|
|
|
38,441
|
|
|
27,244
|
|
|
70.9
|
%
|
|||
Total non-performing assets and troubled debt restructurings
(1)
|
$
|
176,901
|
|
|
$
|
106,484
|
|
|
$
|
70,417
|
|
|
66.1
|
%
|
Non-performing loans to total loans
(1) (4)
|
0.81
|
%
|
|
0.46
|
%
|
|
|
|
|
|||||
Non-performing assets to total assets
(1) (4)
|
0.65
|
%
|
|
0.42
|
%
|
|
|
|
|
|||||
Non-performing assets and troubled debt restructurings to total assets
(1) (4)
|
1.03
|
%
|
|
0.65
|
%
|
|
|
|
|
|||||
Allowance for credit losses to non-performing loans
(4) (5)
|
127.85
|
%
|
|
209.41
|
%
|
|
|
|
|
|||||
Allowance for credit losses to total loans
(4) (5)
|
1.04
|
%
|
|
0.96
|
%
|
|
|
|
|
(1)
|
Non-performing loans and assets include accruing loans 90 days or more past due.
|
(2)
|
OREO and foreclosed property at March 31, 2016 and December 31, 2015 include $11.0 million and $8.1 million, respectively, of former bank properties held for development or resale.
|
(3)
|
Performing troubled debt restructurings for March 31, 2016 and December 31, 2015 exclude $27.3 million and $23.4 million, respectively, in troubled debt restructurings that meet non-performing asset criteria.
|
(4)
|
Total loans, total non-performing loans, and total assets exclude acquired loans and assets.
|
(5)
|
The allowance for credit losses excludes the portion of the allowance related to acquired loans.
|
|
March 31, 2016
|
|||||||||||||||||||
|
Legacy
|
|
Acquired
|
|
Total
|
|||||||||||||||
|
|
|
% of
Outstanding
|
|
|
|
% of
Outstanding
|
|
|
|
% of
Outstanding
|
|||||||||
(Dollars in thousands)
|
Amount
|
|
Balance
|
|
Amount
|
|
Balance
|
|
Amount
|
|
Balance
|
|||||||||
Accruing loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
30-59 days past due
|
$
|
37,585
|
|
|
0.33
|
%
|
|
$
|
13,645
|
|
|
0.47
|
%
|
|
$
|
51,230
|
|
|
0.35
|
%
|
60-89 days past due
|
4,869
|
|
|
0.04
|
|
|
2,974
|
|
|
0.10
|
|
|
7,843
|
|
|
0.05
|
|
|||
90-119 days past due
|
125
|
|
|
—
|
|
|
282
|
|
|
0.01
|
|
|
407
|
|
|
—
|
|
|||
120 days past due or more
|
—
|
|
|
—
|
|
|
661
|
|
|
0.02
|
|
|
661
|
|
|
—
|
|
|||
|
42,579
|
|
|
0.37
|
|
|
17,562
|
|
|
0.60
|
|
|
60,141
|
|
|
0.41
|
|
|||
Non-accrual loans
(1)
|
93,429
|
|
|
0.81
|
|
|
89,328
|
|
|
3.06
|
|
|
182,757
|
|
|
1.26
|
|
|||
Total past due loans
|
$
|
136,008
|
|
|
1.18
|
%
|
|
$
|
106,890
|
|
|
3.66
|
%
|
|
$
|
242,898
|
|
|
1.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
December 31, 2015
|
|||||||||||||||||||
|
Legacy
|
|
Acquired
|
|
Total
|
|||||||||||||||
|
|
|
% of Outstanding
|
|
|
|
% of Outstanding
|
|
|
|
% of Outstanding
|
|||||||||
(Dollars in thousands)
|
Amount
|
|
Balance
|
|
Amount
|
|
Balance
|
|
Amount
|
|
Balance
|
|||||||||
Accruing loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
30-59 days past due
|
$
|
13,839
|
|
|
0.12
|
%
|
|
$
|
9,039
|
|
|
0.29
|
%
|
|
$
|
22,878
|
|
|
0.16
|
%
|
60-89 days past due
|
6,270
|
|
|
0.07
|
|
|
6,431
|
|
|
0.21
|
|
|
12,701
|
|
|
0.09
|
|
|||
90-119 days past due
|
461
|
|
|
—
|
|
|
1,290
|
|
|
0.04
|
|
|
1,751
|
|
|
0.01
|
|
|||
120 days past due or more
|
163
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
219
|
|
|
—
|
|
|||
|
20,733
|
|
|
0.19
|
|
|
16,816
|
|
|
0.54
|
|
|
37,549
|
|
|
0.26
|
|
|||
Non-accrual loans
(1)
|
50,928
|
|
|
0.46
|
|
|
103,497
|
|
|
3.30
|
|
|
154,425
|
|
|
1.08
|
|
|||
Total past due loans
|
$
|
71,661
|
|
|
0.65
|
%
|
|
$
|
120,313
|
|
|
3.84
|
%
|
|
$
|
191,974
|
|
|
1.34
|
%
|
(1)
|
The acquired loans balance represents the outstanding balance of loans that would otherwise meet the Company’s definition of non-accrual loans.
|
|
March 31, 2016
|
|
March 31, 2015
|
||||||||||||||||||||
(Dollars in thousands)
|
Legacy
Loans
|
|
Acquired
Loans
|
|
Total
|
|
Legacy
Loans
|
|
Acquired
Loans
|
|
Total
|
||||||||||||
Allowance for loan losses at beginning of period
|
$
|
93,808
|
|
|
$
|
44,570
|
|
|
$
|
138,378
|
|
|
$
|
76,174
|
|
|
$
|
53,957
|
|
|
$
|
130,131
|
|
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements
|
15,908
|
|
|
(1,261
|
)
|
|
14,647
|
|
|
4,177
|
|
|
(684
|
)
|
|
3,493
|
|
||||||
Adjustment attributable to FDIC loss share arrangements
|
—
|
|
|
258
|
|
|
258
|
|
|
—
|
|
|
1,852
|
|
|
1,852
|
|
||||||
Net provision for (reversal of) loan losses
|
15,908
|
|
|
(1,003
|
)
|
|
14,905
|
|
|
4,177
|
|
|
1,168
|
|
|
5,345
|
|
||||||
Adjustment attributable to FDIC loss share arrangements
|
—
|
|
|
(258
|
)
|
|
(258
|
)
|
|
—
|
|
|
(1,852
|
)
|
|
(1,852
|
)
|
||||||
Transfer of balance to OREO
|
—
|
|
|
(109
|
)
|
|
(109
|
)
|
|
—
|
|
|
(26
|
)
|
|
(26
|
)
|
||||||
Loans charged-off
|
(5,389
|
)
|
|
(2,521
|
)
|
|
(7,910
|
)
|
|
(2,669
|
)
|
|
(3,859
|
)
|
|
(6,528
|
)
|
||||||
Recoveries
|
1,247
|
|
|
304
|
|
|
1,551
|
|
|
1,091
|
|
|
152
|
|
|
1,243
|
|
||||||
Allowance for loan losses at end of period
|
105,574
|
|
|
40,983
|
|
|
146,557
|
|
|
78,773
|
|
|
49,540
|
|
|
128,313
|
|
||||||
Reserve for unfunded commitments at beginning of period
|
14,145
|
|
|
—
|
|
|
14,145
|
|
|
11,801
|
|
|
—
|
|
|
11,801
|
|
||||||
Provision for unfunded lending commitments
|
(112
|
)
|
|
—
|
|
|
(112
|
)
|
|
1,048
|
|
|
—
|
|
|
1,048
|
|
||||||
Reserve for unfunded commitments at end of period
|
14,033
|
|
|
—
|
|
|
14,033
|
|
|
12,849
|
|
|
—
|
|
|
12,849
|
|
||||||
Allowance for credit losses at end of period
|
$
|
119,607
|
|
|
$
|
40,983
|
|
|
$
|
160,590
|
|
|
$
|
91,622
|
|
|
$
|
49,540
|
|
|
$
|
141,162
|
|
(Dollars in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
|
$ Change
|
|
% Change
|
|||||||||||||
Non-interest-bearing deposits
|
$
|
4,484,024
|
|
|
27.6
|
%
|
|
$
|
4,352,229
|
|
|
26.9
|
%
|
|
$
|
131,795
|
|
|
3.0
|
%
|
NOW accounts
|
2,960,562
|
|
|
18.2
|
|
|
2,974,176
|
|
|
18.4
|
|
|
(13,614
|
)
|
|
(0.5
|
)
|
|||
Money market accounts
|
5,964,029
|
|
|
36.7
|
|
|
6,010,882
|
|
|
37.2
|
|
|
(46,853
|
)
|
|
(0.8
|
)
|
|||
Savings accounts
|
772,117
|
|
|
4.7
|
|
|
716,838
|
|
|
4.4
|
|
|
55,279
|
|
|
7.7
|
|
|||
Certificates of deposit
|
2,079,834
|
|
|
12.8
|
|
|
2,124,623
|
|
|
13.1
|
|
|
(44,789
|
)
|
|
(2.1
|
)
|
|||
Total deposits
|
$
|
16,260,566
|
|
|
100.0
|
%
|
|
$
|
16,178,748
|
|
|
100.0
|
%
|
|
$
|
81,818
|
|
|
0.5
|
%
|
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Average balance
|
$
|
217,296
|
|
|
$
|
263,645
|
|
Ending balance
|
303,238
|
|
|
252,602
|
|
|
Well-Capitalized Minimums
|
|
March 31, 2016
|
|
December 31, 2015
|
|||
IBERIABANK Corporation
|
|
Actual
|
|
Actual
|
||||
Tier 1 Leverage
|
N/A
|
|
|
9.41
|
%
|
|
9.52
|
%
|
Common Equity Tier 1 (CET1)
|
N/A
|
|
|
10.11
|
|
|
10.07
|
|
Tier 1 risk-based capital
|
N/A
|
|
|
10.56
|
|
|
10.70
|
|
Total risk-based capital
|
N/A
|
|
|
12.21
|
|
|
12.14
|
|
IBERIABANK
|
|
|
|
|
|
|||
Tier 1 Leverage
|
5.00
|
%
|
|
9.17
|
%
|
|
9.03
|
%
|
Common Equity Tier 1 (CET1)
|
6.50
|
|
|
10.28
|
|
|
10.14
|
|
Tier 1 risk-based capital
|
8.00
|
|
|
10.28
|
|
|
10.14
|
|
Total risk-based capital
|
10.00
|
|
|
11.24
|
|
|
11.05
|
|
|
|
|
Shift in Interest
Rates (in bps)
|
|
% Change in
Projected Net Interest
Income (Yr 1)
|
+ 200
|
|
10.3%
|
+ 100
|
|
5.2%
|
- 100
|
|
(5.3)%
|
- 200
|
|
(7.6)%
|
(Dollars in thousands)
|
2Q 2016
|
|
3Q 2016
|
|
4Q 2016
|
|
1Q 2017
|
|
Total less than
one year
|
||||||||||
Investment securities
|
$
|
152,633
|
|
|
$
|
133,457
|
|
|
$
|
126,060
|
|
|
$
|
97,217
|
|
|
$
|
509,367
|
|
Fixed rate loans
|
640,385
|
|
|
497,311
|
|
|
474,616
|
|
|
436,159
|
|
|
2,048,471
|
|
|||||
Variable rate loans
|
6,932,107
|
|
|
108,716
|
|
|
47,110
|
|
|
47,376
|
|
|
7,135,309
|
|
|||||
Total loans
|
7,572,492
|
|
|
606,027
|
|
|
521,726
|
|
|
483,535
|
|
|
9,183,780
|
|
|||||
|
$
|
7,725,125
|
|
|
$
|
739,484
|
|
|
$
|
647,786
|
|
|
$
|
580,752
|
|
|
$
|
9,693,147
|
|
(Dollars in thousands)
|
2Q 2016
|
|
3Q 2016
|
|
4Q 2016
|
|
1Q 2017
|
|
Total less than
one year
|
||||||||||
Time deposits
|
$
|
802,582
|
|
|
$
|
389,777
|
|
|
$
|
270,285
|
|
|
$
|
229,477
|
|
|
$
|
1,692,121
|
|
Short-term borrowings
|
353,238
|
|
|
25,000
|
|
|
25,000
|
|
|
95,000
|
|
|
498,238
|
|
|||||
Long-term debt
|
145,634
|
|
|
7,450
|
|
|
15,501
|
|
|
10,104
|
|
|
178,689
|
|
|||||
|
$
|
1,301,454
|
|
|
$
|
422,227
|
|
|
$
|
310,786
|
|
|
$
|
334,581
|
|
|
$
|
2,369,048
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
March 31, 2016
|
|
March 31, 2015
|
||||||||||||||||||||
(Dollars in thousands, except per share amounts)
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
|
Pre-tax
|
|
After-tax
(1)
|
|
Per share
(2)
|
||||||||||||
Net income available to common shareholders (GAAP)
|
$
|
64,891
|
|
|
$
|
40,193
|
|
|
$
|
0.97
|
|
|
$
|
36,205
|
|
|
$
|
25,126
|
|
|
$
|
0.75
|
|
Non-interest income adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gain on sale of investments and other non-interest income
|
(196
|
)
|
|
(127
|
)
|
|
—
|
|
|
(389
|
)
|
|
(252
|
)
|
|
(0.01
|
)
|
||||||
Non-interest expense adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merger-related expenses
|
3
|
|
|
2
|
|
|
—
|
|
|
9,296
|
|
|
6,139
|
|
|
0.18
|
|
||||||
Severance expenses
|
454
|
|
|
295
|
|
|
0.01
|
|
|
41
|
|
|
27
|
|
|
—
|
|
||||||
Impairment of long-lived assets, net of (gain) loss on sale
|
1,044
|
|
|
679
|
|
|
0.01
|
|
|
579
|
|
|
376
|
|
|
0.01
|
|
||||||
Other non-operating non-interest expense
|
1,091
|
|
|
709
|
|
|
0.02
|
|
|
450
|
|
|
292
|
|
|
0.01
|
|
||||||
Total non-interest expense adjustments
|
2,592
|
|
|
1,685
|
|
|
0.04
|
|
|
10,366
|
|
|
6,834
|
|
|
0.20
|
|
||||||
Operating earnings (Non-GAAP)
|
67,287
|
|
|
41,751
|
|
|
1.01
|
|
|
46,182
|
|
|
31,708
|
|
|
0.95
|
|
||||||
Provision for loan losses
|
14,905
|
|
|
9,688
|
|
|
0.24
|
|
|
5,345
|
|
|
3,475
|
|
|
0.10
|
|
||||||
Pre-provision operating earnings (Non-GAAP)
|
$
|
82,192
|
|
|
$
|
51,439
|
|
|
$
|
1.25
|
|
|
$
|
51,527
|
|
|
$
|
35,183
|
|
|
$
|
1.05
|
|
(1)
|
After-tax amounts computed using a marginal tax rate of 35%.
|
(2)
|
Diluted per share amounts may not appear to foot due to rounding.
|
|
As of and For the Three Months Ended
March 31
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Net interest income (GAAP)
|
$
|
161,403
|
|
|
$
|
125,804
|
|
Add: Effect of tax benefit on interest income
|
2,361
|
|
|
2,040
|
|
||
Net interest income (TE) (Non-GAAP)
(1)
|
$
|
163,764
|
|
|
$
|
127,844
|
|
|
|
|
|
||||
Non-interest income (GAAP)
|
$
|
55,845
|
|
|
$
|
48,899
|
|
Add: Effect of tax benefit on non-interest income
|
647
|
|
|
588
|
|
||
Non-interest income (TE) (Non-GAAP)
(1)
|
56,492
|
|
|
49,487
|
|
||
Taxable equivalent revenues (Non-GAAP)
(1)
|
220,256
|
|
|
177,331
|
|
||
Securities gains and other non-interest income
|
(196
|
)
|
|
(389
|
)
|
||
Taxable equivalent operating revenues (Non-GAAP)
(1)
|
$
|
220,060
|
|
|
$
|
176,942
|
|
|
|
|
|
||||
Total non-interest expense (GAAP)
|
$
|
137,452
|
|
|
$
|
133,153
|
|
Less: Intangible amortization expense
|
2,113
|
|
|
1,523
|
|
||
Tangible non-interest expense (Non-GAAP)
(2)
|
135,339
|
|
|
131,630
|
|
||
Less: Merger-related expense
|
3
|
|
|
9,296
|
|
||
Severance expense
|
454
|
|
|
41
|
|
||
Loss on sale of long-lived assets, net of impairment
|
1,044
|
|
|
579
|
|
||
Other non-operating non-interest expense
|
1,091
|
|
|
450
|
|
||
Tangible operating non-interest expense (Non-GAAP)
(2)
|
$
|
132,747
|
|
|
$
|
121,264
|
|
|
|
|
|
||||
Total assets (GAAP)
|
$
|
20,092,563
|
|
|
$
|
18,051,762
|
|
Less: Goodwill and other intangibles
|
764,730
|
|
|
668,802
|
|
||
Tangible assets (Non-GAAP)
(2)
|
$
|
19,327,833
|
|
|
$
|
17,382,960
|
|
|
|
|
|
||||
Average assets (Non-GAAP)
|
$
|
19,661,311
|
|
|
$
|
15,957,613
|
|
Less: Average intangible assets, net
|
762,229
|
|
|
552,383
|
|
||
Total average tangible assets (Non-GAAP)
(2)
|
$
|
18,899,082
|
|
|
$
|
15,405,230
|
|
|
|
|
|
||||
Total shareholders’ equity (GAAP)
|
$
|
2,547,909
|
|
|
$
|
2,167,330
|
|
Less: Goodwill and other intangibles
|
764,730
|
|
|
668,802
|
|
||
Total tangible shareholders’ equity (Non-GAAP)
(2)
|
$
|
1,783,179
|
|
|
$
|
1,498,528
|
|
|
|
|
|
||||
Average shareholders’ equity (GAAP)
|
$
|
2,530,259
|
|
|
$
|
1,889,775
|
|
Less: Average preferred equity
|
76,812
|
|
|
—
|
|
||
Average common equity
|
2,453,447
|
|
|
1,889,775
|
|
||
Less: Average intangible assets, net
|
762,229
|
|
|
552,383
|
|
||
Average tangible common equity (Non-GAAP)
(2)
|
$
|
1,691,218
|
|
|
$
|
1,337,392
|
|
|
|
|
|
||||
Return on average assets (GAAP)
|
0.82
|
%
|
|
0.64
|
%
|
||
Add: Effect of non-operating revenues and expenses
|
0.03
|
|
|
0.17
|
|
||
Operating return on average assets (Non-GAAP)
|
0.85
|
%
|
|
0.81
|
%
|
||
|
|
|
|
||||
Return on average common equity (GAAP)
|
6.59
|
%
|
|
5.39
|
%
|
||
Add: Effect of intangibles
|
3.30
|
|
|
2.53
|
|
||
Effect of non-operating revenues and expenses
|
0.37
|
|
|
2.00
|
|
||
Return on average operating tangible common equity (Non-GAAP)
(2)
|
10.26
|
%
|
|
9.92
|
%
|
||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
|
As of and For the Three Months Ended
March 31
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Efficiency ratio (GAAP)
|
63.3
|
%
|
|
76.2
|
%
|
||
Less: Effect of tax benefit related to tax-exempt income
|
0.9
|
|
|
1.1
|
|
||
Efficiency ratio (TE) (Non-GAAP)
(1)
|
62.4
|
|
|
75.1
|
|
||
Less: Effect of amortization of intangibles
|
1.0
|
|
|
0.9
|
|
||
Effect of non-operating items
|
1.1
|
|
|
5.7
|
|
||
Tangible operating efficiency ratio (TE) (Non-GAAP)
(1), (2)
|
60.3
|
%
|
|
68.5
|
%
|
||
|
|
|
|
||||
Total shareholders' equity (GAAP)
|
$
|
2,547,909
|
|
|
$
|
2,167,330
|
|
Less: Goodwill and other intangibles
|
764,730
|
|
|
668,802
|
|
||
Preferred stock
|
76,812
|
|
|
—
|
|
||
Tangible common equity (Non-GAAP)
(2)
|
$
|
1,706,367
|
|
|
$
|
1,498,528
|
|
|
|
|
|
||||
Total assets (GAAP)
|
$
|
20,092,563
|
|
|
$
|
18,051,762
|
|
Less: Goodwill and other intangibles
|
764,730
|
|
|
668,802
|
|
||
Tangible assets (Non-GAAP)
(2)
|
$
|
19,327,833
|
|
|
$
|
17,382,960
|
|
Tangible common equity ratio (Non-GAAP)
(2)
|
8.83
|
%
|
|
8.62
|
%
|
||
|
|
|
|
||||
Cash Yield:
|
|
|
|
||||
Earning assets average balance (GAAP)
|
$
|
17,873,354
|
|
|
$
|
14,473,439
|
|
Add: Adjustments
|
86,010
|
|
|
67,056
|
|
||
Earning assets average balance, as adjusted (Non-GAAP)
|
$
|
17,959,364
|
|
|
$
|
14,540,495
|
|
|
|
|
|
||||
Net interest income (GAAP)
|
$
|
161,403
|
|
|
$
|
125,804
|
|
Add: Adjustments
|
(6,523
|
)
|
|
(8,968
|
)
|
||
Net interest income, as adjusted (Non-GAAP)
|
$
|
154,880
|
|
|
$
|
116,836
|
|
|
|
|
|
||||
Yield, as reported
|
3.64
|
%
|
|
3.54
|
%
|
||
Add: Adjustments
|
(0.16
|
)%
|
|
(0.26
|
)%
|
||
Yield, as adjusted (Non-GAAP)
|
3.48
|
%
|
|
3.28
|
%
|
(1)
|
Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a marginal tax rate of 35%.
|
(2)
|
Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis were applicable.
|
|
|
|
Term
|
|
Definition
|
ACL
|
|
Allowance for credit losses
|
Acquired loans
|
|
Loans acquired in a business combination
|
AFS
|
|
Available-for-sale securities
|
ALLL
|
|
Allowance for loan and lease losses
|
AOCI
|
|
Accumulated other comprehensive income (loss)
|
ASC
|
|
Accounting Standards Codification
|
ASU
|
|
Accounting Standards Update
|
Basel III
|
|
Global regulatory standards on bank capital adequacy and liquidity published by the BCBS
|
BCBS
|
|
Basel Committee on Banking Supervision
|
CET1
|
|
Common Equity Tier 1 Capital defined by Basel III capital rules
|
Company
|
|
IBERIABANK Corporation and Subsidiaries
|
Covered Loans
|
|
Acquired loans with loss protection provided by the FDIC
|
Dodd-Frank Act
|
|
Dodd-Frank Wall Street Reform and Consumer Protection Act
|
EPS
|
|
Earnings per share
|
FASB
|
|
Financial Accounting Standards Board
|
FDIC
|
|
Federal Deposit Insurance Corporation
|
FICO
|
|
Fair Isaac Corporation
|
FHLB
|
|
Federal Home Loan Bank
|
Florida Bank Group
|
|
Florida Bank Group, Inc.
|
FRB
|
|
Board of Governors of the Federal Reserve System
|
FTC
|
|
Florida Trust Company
|
GAAP
|
|
Accounting principles generally accepted in the United States of America
|
Georgia Commerce
|
|
Georgia Commerce Bancshares, Inc.
|
GSE
|
|
Government-sponsored enterprises
|
HTM
|
|
Held-to-maturity
|
Legacy loans
|
|
Loans that were originated directly by the Company
|
LIBOR
|
|
London Interbank Borrowing Offered Rate
|
MSA
|
|
Metropolitan statistical area
|
NPA
|
|
Non-performing asset
|
Old Florida
|
|
Old Florida Bancshares, Inc.
|
OREO
|
|
Other real estate owned
|
Parent
|
|
IBERIABANK Corporation
|
RULC
|
|
Reserve for unfunded lending commitments
|
SEC
|
|
Securities and Exchange Commission
|
TDR
|
|
Troubled debt restructuring
|
U.S.
|
|
United States of America
|
Exhibit No. 3.1
|
Articles of Incorporation of IBERIABANK Corporation
|
|
|
Exhibit No. 31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Exhibit No. 31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Exhibit No. 32.1
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
Exhibit No. 32.2
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
Exhibit No. 101.INS
|
XBRL Instance Document.
|
|
|
Exhibit No. 101.SCH
|
XBRL Taxonomy Extension Schema.
|
|
|
Exhibit No. 101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase.
|
|
|
Exhibit No. 101.DEF
|
XBRL Taxonomy Extension Definition Linkbase.
|
|
|
Exhibit No. 101.LAB
|
XBRL Taxonomy Extension Label Linkbase.
|
|
|
Exhibit No. 101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase.
|
|
|
|
|
|
|
|
IBERIABANK Corporation
|
||
|
|
|
||
Date: May 10, 2016
|
|
By:
|
|
/s/ Daryl G. Byrd
|
|
|
Daryl G. Byrd
|
||
|
|
President and Chief Executive Officer
|
||
|
|
|
||
Date: May 10, 2016
|
|
By:
|
|
/s/ Anthony J. Restel
|
|
|
Anthony J. Restel
|
||
|
|
Senior Executive Vice President and Chief Financial Officer
|
(a)
|
Designation
.
|
(b)
|
Number of Shares
.
|
(c)
|
Definitions
.
|
(d)
|
Dividends
.
|
(e)
|
Liquidation Rights
.
|
(f)
|
Redemption Rights
.
|
(g)
|
Voting Rights
.
|
(h)
|
Conversion Rights
.
|
(i)
|
No Sinking Fund
.
|
(j)
|
No Preemptive or Subscription Rights
.
|
(k)
|
No Other Rights
.
|
A.
|
Definitions
.
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
May 10, 2016
|
|
/s/ Daryl G. Byrd
|
|
|
|
Daryl G. Byrd
|
|
|
|
President and Chief Executive Officer
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
May 10, 2016
|
|
/s/ Anthony J. Restel
|
|
|
|
Anthony J. Restel
|
|
|
|
Senior Executive Vice President and Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in the Report.
|
/s/ Daryl G. Byrd
|
|
Daryl G. Byrd
|
|
President and Chief Executive Officer
|
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in the Report.
|
/s/ Anthony J. Restel
|
|
Anthony J. Restel
|
|
Senior Executive Vice President and Chief Financial Officer
|
|