IBERIABANK Corporation Reports Earnings Enhancement Update

          IBERIABANK Corporation Reports Earnings Enhancement Update

PR Newswire

LAFAYETTE, La., April 25, 2013

LAFAYETTE, La., April 25, 2013 /PRNewswire/ --IBERIABANK Corporation (NASDAQ:
IBKC), holding company of the 126-year-old IBERIABANK (www.iberiabank.com),
provided an update regarding the ongoing effort to improve operating results
of the Company. The Company has identified and iscurrently executing
uponmore than 40expense reduction and revenue enhancing initiatives that,
fully implemented, are expected to result in estimated annual incremental
run-rate benefits of approximately $20.7 million on a pre-tax basis. Total
costs to implement these initiatives are estimated to be approximately $3.9
million and are expected to be incurred in 2013.

Daryl G. Byrd, President and Chief Executive Officer, commented, "Our Company
has experienced strong growth over the last 14 years with exceptional
financial performance. Evolving changes in the banking industry, client
needs, and our delivery channels combined with the challenges of the sustained
low interest rate environment led to our drive for consolidation and
efficiency opportunities. This has been an ongoing effort which wecommenced
in the second quarter of last year.It will continue to be a focus of our
Company, as we improve long-term shareholder value. We will provide the
investment community, on a quarterly basis, status reports regarding the
progress toward achieving our stated initiatives and the associated
implementation costs and benefits."

Byrd continued, "We are pleased with our ongoing progress and the teamwork
exhibited by our associates in this endeavor. Using internal resources, we
identified clearly achievable financial improvement opportunities and are
executing upon those initiatives. We recognize the importance of continuously
improving all aspects of our business in this competitive operating
environment, including improved operating efficiencies, optimal product
pricing that is fair to clients, and best-in-class client service."

Projected expense savings for the identified initiatives account for
approximately 92% of the estimated financial benefits, with the remaining 8%
of benefits achieved through revenue enhancements. Expense reduction
initiatives include the following:

  oclosure or consolidation of nine branch offices;
  orenegotiated contract costs;
  osalary and benefit savings; and
  oreduced expenses in:

       obusiness travel;
       ooccupancy and equipment;
       otelephone;
       oconsulting and professional services;
       oinformation technology; and
       oother noninterest expense categories.

Revenue enhancement initiatives include incremental mortgage origination
income and gains on sale of mortgage loans, targeted service fee income, and
other noninterest revenue items. Approximately 19% of these initiatives,
which represented 29% of the estimated financial benefits, were implemented in
April 2013.

Based on the currently projected completion dates of the initiatives, the
Company estimates approximately $2.1 million in financial benefits should be
achieved during the second quarter of 2013. Implementation costs totaling $2.8
millionare expected tobe incurred in the second quarter (equal to 76% of the
total implementation cost), substantially offsetting financial
benefitsexpected in that quarter. In the remaining six months of 2013, the
pre-tax financial benefits are projected to total approximately $8.5 million
on a pre-tax basis with incremental costs to implement the programs totaling
pre-tax $1.1 million. No additional implementation costs associated with
these initiatives are currently forecasted after year-end 2013. Thereafter,
the Company estimates incremental aggregate pre-tax benefits in 2014 and
beyond equal to approximately $20.7 million per year.

Summary Estimated Financial Impact
($ in          Quarterly Impact:                        Impact to Full Year
thousands)
               2Q13    3Q13   4Q13   1Q14   Thereafter  2013    2014    2015
Expense
Reductions:
 Branch       $585    $585   $1,045 $1,045 $1,045      $2,215  $4,178  $4,178
closings
 Contracts    123     397    528    683    683         1,048   2,732   2,732
 Marketing &  63      190    369    369    369         622     1,476   1,476
Technology
 Other        305     565    569    569    569         1,438   2,277   2,277
expense
 Salary &     1,056   1,628  2,018  2,078  2,078       4,702   8,310   8,310
benefits
Total expense  $2,131  $3,364 $4,529 $4,743 $4,743      $10,024 $18,973 $18,973
reductions
Revenue        -       213    422    422    422         634     1,688   1,688
improvements
Total earnings $2,131  $3,577 $4,951 $5,165 $5,165      $10,659 $20,661 $20,661
enhancement
Implementation (2,811) (811)  (242)  -      -           (3,863) -       -
cost
Net Benefit    ($679)  $2,766 $4,709 $5,165 $5,165      $6,796  $20,661 $20,661

IBERIABANK Corporation

IBERIABANK Corporation is a financial holding company with total assets of
nearly $13 billion at March 31, 2013. The Company serves clients through276
combined offices, including 181 bank branch offices andtwo LPOs in Louisiana,
Arkansas, Tennessee, Alabama, Texas, and Florida, 21 title insurance offices
in Arkansas and Louisiana, mortgage representatives in62 locations in 12
states, nine locations with representatives of IBERIA Wealth Advisors in four
states, and one IBERIA Capital Partners, L.L.C. office in New Orleans.

The Company's common stock trades on the NASDAQ Global Select Market under the
symbol "IBKC." The Company's market capitalization was approximately $1.5
billion, based on the NASDAQ closing stock price on April 25, 2013.

Conference Call

In association with this press release and the first quarter earnings release,
the Company will host a live conference call to discuss the financial results
for the quarter just completed and projected earnings enhancements. The
telephone conference call will be held on Friday, April 26, 2013, beginning at
8:00 a.m. Central Time by dialing 1-800-288-8968. The confirmation code for
the call is 290483. A replay of the call will be available until midnight
Central Time on May 3, 2013 by dialing 1-800-475-6701. The confirmation code
for the replay is 290483. The Company has prepared a PowerPoint presentation
that supplements information contained in this press release. The PowerPoint
presentation may be accessed on the Company's web site, www.iberiabank.com,
under "Investor Relations" and then "Presentations."

Forward Looking Statements

To the extent that statements in this press release and the accompanying
PowerPoint presentation relate to future plans, objectives, financial results
or performance of IBERIABANK Corporation, these statements are deemed to be
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements, which are based on
management's current information, estimates and assumptions and the current
economic environment, are generally identified by the use of the words "plan",
"believe", "expect", "intend", "anticipate", "estimate", "project" or similar
expressions. IBERIABANK Corporation's actual strategies and results in future
periods may differ materially from those currently expected due to various
risks and uncertainties.

Actual results could differ materially because of factors such as the level of
market volatility, our ability to execute our growth strategy, including the
availability of future FDIC-assisted failed bank opportunities, unanticipated
losses related to the integration of, and refinements to purchase accounting
adjustments for, acquired businesses and assets and assumed liabilities in
these transactions, adjustments of fair values of acquired assets and assumed
liabilities and of deferred taxes in acquisitions,actual results deviating
from the Company's current estimates and assumptions of timing and amounts of
cash flows, credit risk of our customers, effects of the on-going correction
in residential real estate prices and reduced levels of home sales,
sufficiency of our allowance for loan losses, changes in interest rates,
access to funding sources, reliance on the services of executive management,
competition for loans, deposits and investment dollars, reputational risk and
social factors, changes in government regulations and legislation, increases
in FDIC insurance assessments, geographic concentration of our markets and
economic conditions in these markets, rapid changes in the financial services
industry, dependence on our operational, technological, and organizational
systems or infrastructure and those of third-party providers of those
services, hurricanes and other adverse weather events, the modest trading
volume of our common stock, and valuation of intangible assets. These and
other factors that may cause actual results to differ materially from these
forward-looking statements are discussed in the Company's Annual Report on
Form 10-K and other filings with the Securities and Exchange Commission (the
"SEC"), available at the SEC's website, http://www.sec.gov, and at the
Company's website, http://www.iberiabank.com, under the heading "Investor
Information." All information in this release and the accompanying PowerPoint
presentation is as of the date of this release. The Company undertakes no
duty to update any forward-looking statement to conform the statement to
actual results or changes in the Company's expectations. Certain tabular
presentations may not reconcile because of rounding.

SOURCE IBERIABANK Corporation
 
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