Iberiabank (merged into First Horizon Bank)

What sets Iberiabank apart

How large is Iberiabank?

The balance sheet of Iberiabank at Q2 2020: assets $34.6 bn, deposits $28.4 bn, net loans $26.0 bn (loans equal to 91.40% of deposits). Securities make up 10.2% of total assets at Iberiabank. Since Q1 2016, when Iberiabank held $20.0 bn, its assets grew 72.8%. In the year to Q2 2020, deposits at Iberiabank rose 16.3% while its total assets rose 10.3%. At Q2 2020, Iberiabank employed 3,122 full-time equivalent staff across 192 offices, about $11.1 mn of assets per employee and $148.1 mn of deposits per office.

How much funding at Iberiabank is uninsured?

At Iberiabank, uninsured deposits (above the FDIC limit) made up 54.36% of domestic deposits at Q2 2020 (+1.54 pp on a year earlier). In dollars, Iberiabank estimated $15.5 bn of uninsured deposits.

Key facts, Q2 2020

US rank of Iberiabank: 1 = highest unless marked 1 = lowest.

The CET1 ratio of Iberiabank stood at 11.29% in Q2 2020, +0.22 pp year on year. Low and high at Iberiabank since Q1 2016: 10.30% (Q1 2016) to 11.29% (Q2 2020). Equity capital of Iberiabank at Q2 2020: $4.2 bn, or 12.2% of total assets. Iberiabank also reported a total capital ratio of 12.07% for Q2 2020, and a tier 1 leverage ratio of 9.07%.

On held-to-maturity securities, Iberiabank carried an unrealized gain of $12.5 mn at Q2 2020, equal to 0.3% of equity capital. The gain rose by $7.4 mn over the year. Its deepest point: $6.3 mn in Q3 2018. The available-for-sale portfolio of Iberiabank showed an unrealized gain of $121.6 mn at Q2 2020; the gain rose by $67.7 mn over the year.

For the year to Q2 2020, Iberiabank earned a return on equity of 1.48%; return on assets: 0.19%. Net interest margin at Iberiabank: 3.09%, -0.51 pp in a year. Iberiabank net income: $31.6 mn, down 84.5% year on year. The efficiency ratio of Iberiabank was 60.10%: about 60 cents cost per revenue dollar, against 51 cents at the median peer.

At Q2 2020, noncurrent loans were 0.74% of total loans at Iberiabank; net charge-offs: 0.21% of average loans. Gross loans and leases at Iberiabank: $26.4 bn at Q2 2020, against $23.5 bn at Q2 2019.

The peer group of Iberiabank is the 6 banks nearest to it by total assets at Q2 2020: 3 larger and 3 smaller. Of the peers, 2 share the charter type of Iberiabank (state member bank) and 0 have head offices in Louisiana. Against them, Iberiabank shows CET1 ratio 11.29% against a peer median of 11.37%, return on equity 1.48% against a peer median of 4.08% and uninsured deposit share 54.36% against a peer median of 49.98%.

The FDIC history of Iberiabank, oldest first; figures before and after each event are not like for like.

1. 1 August 2017. Absorbed Sabadell United Bank, National Association (FDIC certificate 21837).
2. 24 March 2018. Absorbed Gibraltar Private Bank & Trust Co. (FDIC certificate 32212).
3. 2 July 2020. Merged into First Horizon Bank (FDIC certificate 4977).

Large one-quarter moves at Iberiabank

• Total assets at Iberiabank changed by +28.4% in the quarter to 2017-09-30: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Sabadell United Bank, National Association.