IBERIABANK CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - 8-K - IBERIABANK CORP	earningsreleaseq42019c.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 24, 2020

Contact:

Daryl G. Byrd, President and CEO (337) 521-4003

Jefferson G. Parker, Vice Chairman, Director of Capital Markets, Energy Lending and Investor Relations (504) 310-7314

IBERIABANK Corporation Reports Fourth Quarter Results

LAFAYETTE, LOUISIANA -- IBERIABANK Corporation (NASDAQ: IBKC), holding company of the 132-year-old IBERIABANK (www.iberiabank.com), reported financial results for the fourth quarter ended December 31, 2019. For the quarter, the Company reported net income available to common shareholders of $78.1 million, or $1.48 diluted earnings per common share (“EPS”). On a non-GAAP basis, EPS excluding non-core revenues and non-core expenses ("Core EPS") in the fourth quarter of 2019 was $1.59 per common share, compared to $1.86 in the same quarter of 2018 (refer to press release supplemental tables for a reconciliation of GAAP to non-GAAP metrics).

Daryl G. Byrd, President and Chief Executive Officer, commented, “We delivered a solid fourth quarter and a very successful 2019, continuing to execute on our strategic initiatives, grow our business and deliver a superior client experience throughout our franchise. During the fourth quarter, we incurred several items, both core and non-core that were merger-related expenses. Excluding these items, and assuming we had continued share repurchases as guided, Core EPS would have been in line with consensus analyst estimates. As we begin 2020, our Company continues to generate new opportunities in our markets, growing our loan and deposit base and increasing our fee revenues. We are seeing great business momentum with attractive client growth, new relationship managers joining the Company, and a strong lending pipeline."

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

Fourth Quarter and Full Year 2019 Highlights



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


•	Total loan growth of $345.0 million on a linked quarter basis, or 6% annualized. Total loan growth on a year-to-date basis was $1.5 billion, or 7%. The Company continues to see good loan growth throughout its footprint.


•	Total deposits increased $242.1 million compared to the prior quarter, or 4% annualized. Total deposit growth on a year-to-date basis was $1.5 billion, or 6%. In the fourth quarter, the Company paid off short-term borrowings of $275.0 million and reduced its balance of brokered deposits by $362.2 million.


•	The investment portfolio decreased $306.8 million to $4.1 billion as a result of normal cash flow activity. At December 31, 2019, investment securities were 13% of total assets, down from 16% at December 31, 2018.


•	Non-interest income decreased $4.3 million, or 7%, on a linked quarter basis. The decrease was primarily driven by a $2.1 million decrease in mortgage income and the third quarter $3.2 million gain on sale of non-mortgage loans. In the fourth quarter of 2019, the Company recorded $4.3 million in swap income, a record quarter.


•	On a year-to-date basis, non-interest income was up $81.8 million, or 54%, primarily from lower losses on sales of securities during the year and a $16.6 million increase in mortgage income.


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


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


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


•	For the full-year 2019, non-interest expense decreased $40.1 million, or 6%, primarily as a result of branch closure and merger-related expense in 2018. On a core basis, non-interest expense was down $5.5 million, or 1%.


•	The Company's reported and cash net interest margins were down 23 and 16 basis points from the prior quarter at 3.21% and 3.08%, respectively. For the full-year 2019, net interest margin was 3.45% on a reported basis, and 3.28% on a cash basis.


•	Provision for credit losses totaled $8.2 million, compared to $9.0 million in the prior quarter. Asset quality measures remain strong and continue to improve.


•	Net charge-offs to average loans on an annualized basis decreased three basis points to 0.11% compared to the prior quarter. Non-performing assets to total assets were 0.54% compared to 0.58% in the prior quarter.


•	Capital ratios remain strong and grew during the quarter. There were no share repurchases in the fourth quarter of 2019 due to the pending merger with First Horizon National Corporation.


•	The Company will adopt CECL as of January 1, 2020 and expects to have an allowance for expected credit losses to loans of 0.90% to 1.05%. The final CECL allowance coverage ratio will depend on finalization of the methods and assumptions (including economic forecasts) used to derive the estimate of expected credit losses.

2019 Guidance Results



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

Guidance Notes


•	Deposit Growth: Consolidated deposit growth was slightly under guidance due to a reduction in brokered deposit balances of $362.2 million during the fourth quarter of 2019. Excluding this reduction, deposit growth would have been above the 2019 guidance range.


•	Core Non-Interest Expense: Slightly above the guidance range. However, excluding the $5.2 million of certain merger-related core expense, total core non-interest expense would have been at the bottom end of the guidance range.


•	Share Repurchases: There were no share repurchases in the fourth quarter of 2019 due to the pending merger with First Horizon National Corporation.



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

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

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

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

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

⁽¹⁾ Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.
⁽²⁾ See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
⁽³⁾ Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.

Operating Results

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

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

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

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

On a linked quarter basis, the efficiency ratio increased to 61.8% from 55.2%, primarily due to the decrease in net interest income and the impact of merger-related expense, while the non-GAAP core tangible efficiency ratio increased to 56.2% compared to 53.4%. Refer to Table A for a summary of financial results on both a GAAP and non-GAAP basis.



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

		As of and For the Three Months Ended
		12/31/2019			9/30/2019			% Change		12/31/2018			% Change
PERIOD-END BALANCES:
	Total loans and leases, net of unearned income	$	24,021,499		$	23,676,537		1.5		$	22,519,815		6.7
	Total deposits	25,219,349			24,977,285			1.0		23,763,431			6.1

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

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

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

₍₁₎	Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.
₍₂₎	Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. Refer to Table 5 for further detail.
₍₃₎	Classified assets include loans rated substandard or worse, non-performing mortgage and consumer loans, and OREO and foreclosed property and include acquired impaired loans accounted for under ASC 310-30. Classified assets were $265 million, $283 million and $302 million at December 31, 2019, September 30, 2019, and December 31, 2018, respectively.
₍₄₎	See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
₍₅₎	Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.
₍₆₎	Regulatory capital ratios as of December 31, 2019 are preliminary.

Loans and Leases

On a linked quarter basis, total loans and leases increased $345.0 million, or 6% annualized, to $24.0 billion at December 31, 2019. Growth during the fourth quarter of 2019 was strongest in the Birmingham, Houston, Atlanta, and New York markets. The Company believes it is well-positioned for diversified loan growth based on our strategic presence in significant MSAs in the Southeastern United States.



Table C - Period-End Loans and Leases
(Dollars in thousands)

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

Investment Securities

On a linked quarter basis, the investment portfolio decreased $306.8 million, or 28% annualized, to $4.1 billion, as a result of normal cash flow activity. At December 31, 2019, approximately 96% of the investment portfolio was in available-for-sale securities, which experience unrealized gains as interest rates fall. The investment portfolio had an effective duration of 2.7 years at December 31, 2019, up from 2.5 years at September 30, 2019, and a $57.8 million unrealized gain at December 31, 2019, down from $70.1 million at September 30, 2019. The average yield on investment securities decreased 20 basis points to 2.51% in the fourth quarter of 2019. The investment portfolio primarily consists of government agency securities. Municipal securities comprised 8% of total investments at December 31, 2019.

Deposits

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



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

Asset Quality

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

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

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

Capital Position

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

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

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

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

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

Common Stock Repurchase Program On July 17, 2019, the Board of Directors authorized the repurchase of up to 1,600,000 shares of the Company's common stock. This repurchase authorization equated to approximately 3% of total common shares outstanding. At December 31, 2019, the Company had approximately 1,165,000 remaining shares that may be repurchased under the current Board-approved plan. During the fourth quarter of 2019, the Company did not repurchase any common shares. No further stock repurchases are expected due to the pending merger with First Horizon National Corporation.

IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company with locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York offering commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, mortgage, commercial leasing and equipment financing, and title insurance services.

The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “IBKC”. The Company's Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock also trade on the NASDAQ Global Select Market under the symbols "IBKCP", "IBKCO", and "IBKCN", respectively. The Company’s common stock market capitalization was approximately $4.0 billion, based on the closing stock price on January 23, 2020.

The following 9 investment firms currently provide equity research coverage on the Company:


•	Bank of America Merrill Lynch


•	Janney Montgomery Scott, LLC


•	Hovde Group, LLC


•	Jefferies & Co., Inc.


•	Keefe, Bruyette & Woods, Inc.


•	Raymond James & Associates, Inc.


•	Piper Sandler


•	Stephens, Inc.


•	SunTrust Robinson-Humphrey

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with GAAP. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. Non-GAAP measures in this press release include, but are not limited to, descriptions such as core, tangible, and pre-tax pre-provision. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or transactions that in management’s opinion can distort period-to-period comparisons of the Company’s performance. Transactions that are typically excluded from non-GAAP performance measures include realized and unrealized gains/losses on former bank owned real estate, realized gains/losses on securities, income tax gains/losses, merger-related charges and recoveries, litigation charges and recoveries, debt repayment penalties, and gains, losses, and impairment charges on long-lived assets. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP disclosures are presented in the supplemental tables at the end of this release. Please refer to the supplemental tables for these reconciliations.

Caution About Forward-Looking Statements

This press release contains "forward-looking statements," which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations. Do not place undue reliance on forward-looking statements. Due to various factors, actual results may differ materially from our forward-looking statements. Factors that could cause our actual results to differ materially from our forward-looking statements are described under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors" and "Regulation and Supervision" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC's website, www.sec.gov, and the Company's website, www.iberiabank.com. To the extent that statements in this press release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology.

Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. All information is as of the date of this press release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.



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

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

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

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

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



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

₍₁₎	Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.
₍₂₎	See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
₍₃₎	Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.
₍₄₎	Regulatory capital ratios as of December 31, 2019 are preliminary.
₍₅₎	Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. For purposes of this table, past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.
₍₆₎	All ratios are calculated on an annualized basis for the periods indicated.
₍₇₎	Classified assets include loans rated substandard or worse, non-performing mortgage and consumer loans, and OREO and foreclosed property and include acquired impaired loans accounted for under ASC 310-30.



Table 2 - IBERIABANK CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, except per share data)

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

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



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

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

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

⁽¹⁾ See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
NM - not meaningful



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

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

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

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

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



NUMBER OF COMMON SHARES OUTSTANDING (in thousands)
Weighted average common shares outstanding - basic	52,826	55,008	(2,182	)	(4.0	)
Weighted average common shares outstanding - diluted	53,153	55,360	(2,207	)	(4.0	)
Book value shares (period end)	52,420	54,796	(2,376	)	(4.3	)
⁽¹⁾ See Table 9 and Table 10 for GAAP to Non-GAAP reconciliations.
NM - not meaningful



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

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

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



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

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

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



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

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

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

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

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

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

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

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

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



ALLL to total loans and leases	0.61			0.62							0.63			0.62			0.62

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

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

(1) Real estate- owner-occupied is defined as loans with a "1E1" call report code (loans secured by owner-occupied non-farm non-residential properties).
(2) The allowance for loan and lease losses includes impairment reserves attributable to acquired impaired loans.
(3) For purposes of this table, past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans.
(4) Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets.
(5) Non-performing loans consist of non-accruing loans and accruing loans 90 days or more past due.
(6) Includes equipment financing leases.



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

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

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

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

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.
(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.
(3) Total deposit costs for the three months ended December 31, 2019 and September 30, 2019 were 1.11% and 1.14%, respectively.



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

	For the Three Months Ended
	6/30/2019						3/31/2019						12/31/2018
ASSETS	Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾		Average Balance		Interest Income/Expense		Yield/Rate (TE)⁽¹⁾
Earning assets:
Commercial loans and leases	$	15,766,423	$	205,093	5.24	%	$	15,253,655	$	194,510	5.19	%	$	14,978,169	$	196,881	5.24	%
Residential mortgage loans	4,482,150		49,388		4.41		4,385,634		47,829		4.36		4,345,811		53,836		4.96
Consumer and other loans	2,872,116		42,205		5.89		2,960,397		42,540		5.83		3,040,208		44,275		5.78
Total loans and leases	23,120,689		296,686		5.16		22,599,686		284,879		5.11		22,364,188		294,992		5.26
Mortgage loans held for sale	159,931		1,588		3.97		95,588		1,054		4.41		63,033		721		4.58
Investment securities⁽²⁾	4,853,858		33,803		2.83		5,052,922		36,125		2.90		4,782,844		30,559		2.61
Other earning assets	639,232		3,890		2.44		533,745		4,026		3.06		581,673		3,924		2.68
Total earning assets	28,773,710		335,967		4.70		28,281,941		326,084		4.68		27,791,738		330,196		4.74
Allowance for loan and lease losses	(145,854)						(140,915)						(138,675)
Non-earning assets	2,643,966						2,692,474						2,680,404
Total assets	$	31,271,822					$	30,833,500					$	30,333,467

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

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

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.
(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.
(3) Total deposit costs for the three months ended June 30, 2019, March 31, 2019, and December 31, 2018, were 1.10%, 1.03% and 0.88%, respectively.



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

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

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

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

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.
(2) Balances exclude unrealized gain or loss on securities available for sale and the impact of trade date accounting.
(3) Total deposit costs for the years ended December 31, 2019 and 2018 were 1.10% and 0.70%, respectively.



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

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

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

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



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

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

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

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



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

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

Non-interest expense adjustments ⁽¹⁾⁽³⁾:
Merger-related expense	(334		)	(254		)	—			(238		)	(353		)	—
Compensation-related expense	(9		)	(7		)	—			184			140			—



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

(1) Excluding preferred stock dividends and merger-related expense, after-tax amounts are calculated using a tax rate of 24%, which approximates the marginal tax rate.
(2) Diluted per share amounts may not appear to foot due to rounding.
(3) Adjustments to GAAP results include certain significant activities or transactions that, in management's opinion, can distort period-to-period comparisons of the Company's performance. These adjustments include, but are not limited to, realized gains or losses on the sale of investment securities, merger-related expenses, realized or unrealized gains or losses on former bank-owned real estate, and gains, losses, and impairment charges on long-lived assets.




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

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

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

(1) Excluding preferred stock dividends and merger-related expense, after-tax amounts are calculated using a tax rate of 24% , which approximates the marginal tax rate.
(2) Diluted per share amounts may not appear to foot due to rounding.
(3) Adjustments to GAAP results include certain significant activities or transactions that, in management's opinion, can distort period-to-period comparisons of the Company's performance. These adjustments include, but are not limited to, realized gains or losses on the sale of investment securities, merger-related expenses, realized and unrealized gains or losses on former bank-owned real estate, and gains, losses, and impairment charges on long-lived assets.



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

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

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

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

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

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

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

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

Total assets (GAAP)	$	31,713,450		$	31,734,598		$	31,446,532		$	31,260,189		$	30,833,015
Less: Goodwill and other intangibles	1,297,095			1,301,348			1,305,752			1,310,458			1,315,462
Tangible assets (Non-GAAP) ⁽²⁾	$	30,416,355		$	30,433,250		$	30,140,780		$	29,949,731		$	29,517,553
Tangible common equity ratio (Non-GAAP) ⁽²⁾	9.24		%	9.05		%	8.97		%	9.01		%	8.84		%
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.
(2) Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis where applicable.



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

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

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

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

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

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

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

Total assets (GAAP)	$	31,713,450		$	30,833,015
Less: Goodwill and other intangibles	1,297,095			1,315,462
Tangible assets (Non-GAAP) ⁽²⁾	$	30,416,355		$	29,517,553
Tangible common equity ratio (Non-GAAP) ⁽²⁾	9.24		%	8.84		%
(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 21%.
(2) Tangible calculations eliminate the effect of goodwill and acquisition-related intangibles and the corresponding amortization expense on a tax-effected basis where applicable.

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