iberiabank corp (IBKC) Key Developments
IberiaBank Corp. Proposes Amendment to the Articles of Incorporation
Feb 27 15
IberiaBank Corp. announced that a Special Meeting of Shareholders will be held on March 31, 2015, to consider approval of a proposed amendment to the Corporation's Articles of Incorporation to increase the number of authorized shares of common stock, par value $1.00 per share, from 50 million to 100 million.
IBERIABANK Corporation Announces Executive Changes, Effective February 28, 2015 and April 1, 2015
Feb 25 15
IBERIABANK Corporation reported the receipt of regulatory approvals for its three previously announced pending acquisitions and shareholder approvals for two of these transactions, along with an update regarding expected closing dates. At December 31, 2014, the three pending acquisitions had total assets of $3.0 billion, gross loans of $2.1 billion, and total deposits of $2.5 billion. Florida Bank Group Inc.: On October 3, 2014, the Company announced the signing of a definitive agreement to acquire by merger Florida Bank Group, based in Tampa, Florida. Susan Martinez, President and Chief Executive Officer of Florida Bank Group will become the Company's Florida Regional President effective February 28, 2015. Old Florida Bancshares Inc.: On October 27, 2014, the Company announced the signing of a definitive agreement to acquire by merger Old Florida, based in Orlando, Florida. John O. Burden, Sr., President and Chief Executive Officer of Old Florida will become Market President for Central Florida effective April 1, 2015. Georgia Commerce Bancshares Inc.: On December 8, 2014, the Company announced the signing of a definitive agreement to acquire by merger Georgia Commerce, based in Atlanta, Georgia. Mark W. Tipton, Chairman and Chief Executive Officer of Georgia Commerce will become Georgia Regional President, and Rodney L. Hall, President of Georgia Commerce, will become Market President for Atlanta effective upon completion of the merger transaction.
IberiaBank Corp. Declares Quarterly Cash Dividend
Jan 29 15
On December 15, 2014, IberiaBank Corp. declared a quarterly cash dividend of $0.34 per share. This dividend level equated to an annualized dividend rate of $1.36 per share and an indicated dividend yield of 2.46%.
IberiaBank Mulls Acquisitions
Jan 29 15
IberiaBank Corp. (NasdaqGS:IBKC) may look at acquisition opportunities. Daryl Byrd, President and Chief Executive Officer of IberiaBank said: “In fact, we and our clients may seek some unique buying opportunities over the next couple of years if others potentially struggle.” He added: “Our conversion integration teams with each of our merger partners are making excellent progress and remain on track. We continue to see some excellent merger partner opportunities; however, with the three acquisitions and four conversions to successfully complete, those activities are naturally our primary focus.”
IberiaBank Corp. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year of 2015
Jan 28 15
IberiaBank Corp. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported interest income of $137.276 million compared to $114.092 million a year ago. Net interest income of $124.680 million compared to $103.438 million a year ago. Income before income taxes was of $45.875 million compared to $34.779 million a year ago. Earnings available to common shareholders were of $35.406 million or $1.07 per diluted share compared to $25.148 million or $0.86 per diluted share a year ago. Book value per common share was $55.39 compared to $51.40 a year ago. Return on average assets was 0.91% compared to 0.77% a year ago. Return on average common equity was 7.78% compared to 6.62% a year ago. Non-GAAP pre-tax pre-provision operating earnings were of $55.170 million compared to $39.706 million a year ago. Non-GAAP after-tax pre-provision operating earnings were of $39.245 million or $1.17 per share compared to $28.808 million or $0.97 per share a year ago. Operating EPS was $1.05 per share, up $0.01 from the prior quarter.
For the year, the company reported interest income of $504.815 million compared to $437.197 million a year ago. Net interest income of $460.111 million compared to $390.244 million a year ago. Income before income taxes was of $140.200 million compared to $80.972 million a year ago. Earnings available to common shareholders were of $103.765 million or $3.30 per diluted share compared to $63.894 million or $2.20 per diluted share a year ago. Non-GAAP pre-tax pre-provision operating earnings were of $185.023 million compared to $128.326 million a year ago. Non-GAAP after-tax pre-provision operating earnings were of $131.392 million or $4.12 per share compared to $95.883 million or $3.23 per share a year ago. Operating EPS was $3.73, up 20% compared to 2013.
The company expects projected operating EPS to be in the range of $4.45 to $4.50 for the full year of 2015.