IBERIABANK CORP - FORM 8-K - EX-99.1 - December 22, 2014

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Exhibit 99.1

UNAUDITED SELECTED HISTORICAL CONSOLIDATED FINANCIAL AND OTHER DATA OF

GEORGIA COMMERCE BANCSHARES, INC.

The following tables set forth unaudited selected historical consolidated financial and other data of Georgia Commerce Bancshares, Inc. and subsidiaries for the periods and at the dates indicated. The information in the tables is derived in part from the audited financial statements of Georgia Commerce Bancshares, Inc. for the years ended December 31, 2013 to 2009. The information in the tables as of and for the nine months ended September 30, 2014 and 2013 is derived from the unaudited financial statements of Georgia Commerce Bancshares, Inc. The selected historical financial and other data was not audited, but in the opinion of management, represents all adjustments necessary for a fair presentation. Operating results for any historical period are not necessarily indicative of the results that might be expected for fiscal 2014 or any other future period.

 

    At or For The Nine
Months Ended
September 30,		     At or For The
Years Ended December 31,		  
(Dollars in thousands, except per share data)   2014     2013     2013     2012     2011     2010     2009  

Balance Sheet Data

              

Total assets

   $ 1,005,109      $ 734,348      $ 937,373     $ 728,339     $ 628,779     $ 395,802      $ 347,750  

Cash and cash equivalents

     80,508        77,901        107,593       100,997       33,708       74,728        23,828  

Loans receivable

     730,579        520,404        651,410       460,216       420,733       291,894        289,771   

Investment securities

     146,508        91,862        124,349       108,198       91,667       17,321        20,532  

Goodwill and other intangibles

     8,072        329        8,403       367       —         —          —    

Deposit accounts

     825,686        625,494        799,769       623,494       551,363       320,621        213,303  

Borrowings

     65,575        25,748        29,656       25,748       27,748       25,748        103,248  

Shareholders’ equity

     101,449        80,890        93,503       76,255       47,762       48,629        30,653  

Common book value per share

   $ 22.03      $ 20.68      $ 20.30     $ 21.36     $ 19.25     $ 17.91      $ 16.56  

Tangible common book value per share

   $ 20.28      $ 20.60      $ 18.48     $ 21.26     $ 19.25     $ 17.91      $ 16.56  

Income Statement Data

              

Interest income

   $ 34,126      $ 25,045      $ 33,794     $ 33,856     $ 24,145     $ 16,969     $ 15,851  

Interest expense

     2,980        3,123        4,052       5,016       4,757       3,779       2,943  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income

     31,146        21,992        29,743       28,840       19,388       13,190       12,907  

Provision (credit) for loan losses

     1,157        1,596        1,612       8,137       4,478       2,725       4,260  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net interest income after provision for loan losses

     29,990        20,237        28,130       20,703       14,910       10,465       8,647  

Non-interest income

     2,240        3,114        741       9,930       6,533       773       666  

Non-interest expense

     21,421        17,608        25,152       24,600       16,312       8,026       7,239  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before taxes

     10,808        5,833        3,719       6,032       5,131       3,213       2,073  

Income tax expense

     3,953        2,167        1,536       2,274       1,950       1,229       774  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

   $ 6,855      $ 3,666      $ 2,183     $ 3,759     $ 3,181     $ 1,984     $ 1,230  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) per share - basic

   $ 1.49      $ 0.97      $ 0.56     $ 1.44     $ 1.30     $ 1.40     $ 0.95  

Earnings (loss) per share - diluted

     1.38        0.92        0.53       1.23       1.11       1.06       0.69  

Cash dividends per share

     —          —         —         —         —         —         —    

Key Ratios

              

Return on average assets

     0.94 %     0.65 %      0.29 %      0.57 %      0.71 %      0.58 %      0.40 % 

Return on average common equity

     9.39        6.48        2.79       7.13       6.82       6.12       4.19  

Return on average tangible equity

     10.26        6.50        2.80       7.18       6.82       6.12       4.19  

Equity to assets at end of period

     10.09        11.02        9.97       10.47       7.60       12.29       8.81  

Earning assets to interest bearing liabilities

     129.06        127.65        127.27       116.86       117.36       117.47       120.22  

Interest rate spread

     4.61        4.13        4.21       4.82       4.24       3.83       4.16  

Net interest margin (TE)

     4.74        4.31        4.37       4.97       4.43       4.03       4.36  

Non-interest expense to average assets

     2.21        2.35        3.35       3.75       3.66       2.33       2.34  

Efficiency ratio

     64.16        70.13        82.51       63.45       62.93       57.48       53.34  

Tangible efficiency ratio (TE) (Non-GAAP)

     63.03        69.98        82.35       63.27       62.93       57.48       53.34  

Common stock dividend payout ratio

     —          —         —         —         —         —         —    

Asset Quality Data

              

Non-performing assets to total assets at end of period

     1.89 %      3.90 %      2.65 %      6.90 %     9.00 %      4.57 %      3.56 % 

Allowance for credit losses to non-performing loans

     37.97        23.45        28.07       19.29       13.00       54.42       117.39  

Allowance for credit losses to total loans at end of period

     0.98        1.29        1.07       2.10       1.75       1.83       1.43  

Consolidated Capital Ratios

              

Tier 1 leverage capital ratio

     10.41 %      11.81 %      12.64 %      11.88 %      8.84 %      11.96 %      11.30 % 

Tier 1 risk-based ratio

     12.74        16.46        13.55       17.49       13.47       14.44       12.31  

Total risk-based capital ratio

     13.64        17.69        14.55       18.75       14.73       15.69       13.56  

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