Edgar Filing: IBERIABANK CORP

CURRENT REPORT

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2003

IBERIABANK CORPORATION

(Exact name of Registrant as Specified in Charter)

Louisiana

(State or Other Jurisdiction

of Incorporation)

0-25756

(Commission

File Number)

72-1280718

(I.R.S. Employer

Identification No.)

200 West Congress Street, Lafayette, Louisiana 70501

(Address of Principal Executive Offices)

(337) 521-4003

Registrant’s telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report)

Item 9. Regulation FD Disclosure

Presentation by management of the Registrant to Gulf South Conference, May 5, 2003.

Investor Presentation
Gulf South Conference
May 5, 2003

Presentation Outline

• Pathways To Growth

• Our Current Paths

• A Path of Lower Risk

• Investment Perspective

• Comparatives

Forward Looking Statements
Safe Harbor

Statements contained in this presentation which are not historical facts and which pertain to future operating results of IBERIABANK Corporation and its subsidiaries constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the Company's periodic filings with the SEC.

Pathways
To Growth

Pathways To Growth
Brief History

One Of Oldest Banks In LA - March 12, 1887
Mutual Thrift Until IPO In 1995
Converted To Bank Charter In 1997
Acquired Branches From FCOM in 1998
New Leadership Team In Place In Late 1999
New Strategic Direction Set 3 Years Ago
Focus On Core earnings And Performance

Pathways To Growth
Our Current Position

• $2 Billion One-Bank Holding Company
• 3rd Largest Independent BHC In Louisiana
• Market Capitalization Of Over $300 Million
• 30 Offices Serving Acadiana, New Orleans, and Northeast Louisiana
• Excellent Geographic Diversification
• Commercial Bank With A Relationship Focus

Pathways to Growth
Our Unique Position In Louisiana

	LA ($m m)	LA % Total
HIB	$ 10,652	87%
ONE	9,171	10%
WTNY	4,266	78%
RGBK	3,291	12%
IBKC	1,406	100%
ASO	1,371	5%
HBHC	1,206	41%
UPC	705	3%
BXS	348	4%

Deposits On 6/30/2002; IBKC Figures Include Completed Acquisition of Acadiana Bancshares, Inc.

Pathways To Growth
Underlying Focus

Belief In The Power Of Progression
Shareholder Returns
Predictability - Clients, Associates And Shareholders
Remain Disciplined And Conservative
Critical Issues:
     Focus On People And Relationships, Less On Facilities And Products
     Make The Right Kind Of Investments
     Continuous Improvement - A Way Of Life

Critical Issues:
Focusing On The People

Rapidly Expanding Commercial And Private Banking/High Net Worth Franchise
Tremendous Strategic Hires
People Incented and "Wear Many Hats"
Outstanding Advisory Board In Place
Exceptional Growth In New Orleans
Focus On Taking Market Share - Selectively

Critical Issues:
Making Right Investments

Substantial Infrastructure Improvements
New Telephone System
New Routers/Servers
New Desktops/Laptops
Branch/ATM Additions And Improvements
Simplifying Product Set
Share Repurchase Programs
Acquisition Of Acadiana Bancshares

Critical Issues:
The Markets We Serve

Our Current Paths

Our Current Paths
Loan Portfolio Transformation

Our Current Paths
Loan Portfolio Composition

Consumer

	Amount	%Group	%Total
Indirect	$228	51%	17%
Home Equity	147	33%	11%
Credit Card	9	2%	1%
Other Consumer	67	15%	5%
Total	$451	100%	34%

Mortgage

	Amount	%Group	%Total
Private Banking	$41	12%	3%
Fixed	104	30%	8%
ARM	115	33%	9%
ANA Acquisition	85	25%	6%
Residential RE	$344	100%	26%

Commercial

	Amount	%Group	%Total
Institutional	$54	11%	4%
Commercial RE	130	25%	10%
C&I/Private Banking*	258	50%	20%
IBKC Sub-Total	442	86%	34%
LBA 03/31/2003	71	14%	5%
Total IBKC + LBA	$513	100%	39%

* Includes Private Banking Loans Not Secured By Real Estate
**Excludes Acadiana Bancshares, Inc.

Figures on 3/31/03; Dollars in Millions

Our Current Paths
Deposit Base Transformation

Our Current Paths
Deposit Base Composition

Noninterest

	Amount	%Total
Commercial	$119	63%
Retail	42	22%
ANA Acquisition	20	11%
Public Funds/Other	8	4%
Total	$189	100%

Market

	Amount	%Total
Lafayette	$447	30%
ANA Acquisition	205	14%
New Iberia	384	26%
New Orleans	252	17%
North Louisiana	196	13%
All Other	7	0%
Total	$1,490	100%

Segment

	Amount	%Total
Retail	$967	65%
Commercial	189	13%
ANA Acquisition	205	14%
Public Funds/Other	129	9%
Total	$1,490	100%

Figures on 3/31/03; Dollars in Millions

Continuous
Improvement

Continuous Improvement
Average Earning Assets

Continuous Improvement
Net Interest Margin (T/E)

Continuous Improvement
Total Revenues (T/E)

Continuous Improvement
Book Value Per Share

Continuous Improvement
Profitability - Quarterly EPS

Continuous Improvement
Toward Financial Goals

3-5 Year Goals

Focus: Core Profitability
13% to 15% ROE In 3-5 Years
Tangible Efficiency (less than)50%
Annual Growth
Throughout:
     Loans: 7% to 10%
     Deposits: 2% to 4%
     EPS: Double-Digit

Continuous Improvement
Dividend Payout Ratio

A Path Of
Lower Risk

A Path of Lower Risk
Credit Risk Statistics

	12/31/01	12/31/02	3/31/03
Total NPAs* ($ millions)	$13.0	$6.6	$6.1
Total OREO ($ millions)	$5.8	$2.1	$2.1
NPAs*/Total Assets	0.91%	0.42%	0.31%
30+ Days Past Due **	1.43%	0.89%	0.66%

Allowance For Loan Losses	$11.1	$13.1	$16.1
Loan Loss Reserve / Loans	1.16%	1.25%	1.23%
Reserve Coverage Of NPAs*	86%	198%	262%
Reserve Coverage Of NPLs	160%	302%	403%

Quarterly Net C/O's *** / Loans	0.44%	0.44%	0.38%
Provision/Net Charge-Offs	1.2	1.5	1.5

                                                              *     NPAs Include Nonaccruing Loans, Foreclosed Assets, OREO, And Accruing
                                                                     Loans More Than 90 Days Past Due
                                                              **   30+ Days Past Due Include Nonaccruing Loans
                                                              *** 4Q 2002 Net Charge-Offs On An Annualized Basis

A Path Of Lower Risk
NPA Ratio Vs. Gulf South Banks

A Path Of Lower Risk
Interest Rate Risk

	-200 bps	-100 bps	Base Case	+100 bps	+200 bps
Change In NII	-1%	-2%	0%	2%	1%
Change in EVE	14%	7%	0%	-5%	-14%

Source: Bancware model, as of March 31, 2003. Does not include Acadiana Bancshares, Inc. acquisition

New ALCO/Budget/Forecast/FTP System
Limited Inherent Interest Rate Risk
Relatively Few Fixed Mortgages
Time Deposits Only 41% Of Total Deposits
Short Bond Portfolio (About 2 1/2 Years)
No Material Extension Risk

A Path Of Lower Risk
Lower Risk Posture

We Have:
     No Airline Exposure
     No Telecom Exposure
     No High-Technology Exposure
     No Broadly Syndicated Transactions
     No REIT Subsidiaries
     No Pension Plans (Only 401k And ESOP)
     No Material MSRs

Investment
Perspective

Investment Perspective
EPS "Comfort Ranges"

Year	EPS Range	Act/Est.	% Change
2000	$2.10-2.15	$2.12	+18%
2001	$2.36-2.41	$2.36	+11%
2002 Ex-FAS142	$2.60-2.65	$2.69	+14%
W/FAS142	$2.93-2.98	$3.02	+28%
2003 (est.)	$3.32-3.42	$3.40*	+13%*
2004 (est.)	"Double Digit"	$3.75*	+10%*

*Average IBES Analyst Estimates On 3/30/03 For Years 2003 and 2004

Investment Perspective
Stock Price

Investment Perspective
Price-To-Earnings Ratio

Investment Perspective
Market-To-Book Ratio

Investment Perspective
Institutional Holders

Investment Perspective
Excellent Analyst Coverage

Comparatives

Comparatives - Gulf South
IBKC Stock Price Appreciation

Comparatives - Gulf South
Analyst Recommendations

Comparatives - Gulf South
2003 P/E Ratios

Comparatives - Gulf South
2004 P/E Ratios

Comparatives - Gulf South
Market-to-Book Ratios

Comparatives - Gulf South
Price-to-Cash Flow Ratios

Comparatives - Gulf South
Earnings Surprises

Summary Of IBKC

Large Bank Resources & Small Bank Agility
People And Relationship Focused
Emphasis On Taking Market Share
Turnaround; Now Showing Growth Results
EPS/Stock Price Linkage - Shareholder Focus
Reducing Risk Posture In Many Ways
Building A Solid Platform For Future Growth
Tremendous Expansion Opportunities

Appendix A

Background
Markets - Acadiana

Trade Area of About 600,000

Record Retail Sales In 2001 & 2002

Record Home Sales In 2001 & 2002

Construction - 3rd Best Year

Lafayette Unemployment Rate = 4.1% (4th)

Lafayette Had Largest Job Growth In The State

3rd Highest Per Capita Income In The State (2000)

Inc. Magazine: 13th Best US City To Start/Grow Business

Milken Institute: 44th In Relative Output Growth in 1990's

Background
Markets - North Louisiana

Trade Area Of About 300,000
Regional Hub For Commerce, Health Care, Transportation
Major Employers: Chase Manhattan Mtg., State Farm, CenturyTel
Consistent, Steady Employment Performance
Ouachita Parish Unemployment Rate = 4.5% (6th); Lincoln Parish = 4.5% (7th)
Ouachita - 12th Highest Per Capita Income; Lincoln Parish - 24th Highest in The State

Background
Markets - New Orleans

Trade Area of About 1.5 Million
Tourism Holding Up Well
Port; Strong Military Presence
Awarded Hornets NBA Team
Excellent Commercial Middle Market
Jefferson Parish Unemployment Rate = 4.4% (5th); Orleans Parish = 6.0% (17th)
Jefferson Parish Per Capita Income 2nd Highest In The State; Orleans Parish is 6th Highest

Appendix B

Recent Merger
Acadiana Bancshares, Inc.

Recent Merger
Company Overview

$313mm Savings Bank Founded in 1900
IPO in July 1996 At $12.00 (Symbol "ANA")
Acquisition Completed February 28, 2003
5 Offices In Lafayette And New Iberia
ROA = 0.77%, ROE = 8.74%, Effic. Ratio = 70%
Mortgage Loans = 57% Of Total Loans, Time Deposits = 69% Of Total Deposits
Minimal Credit Risk And Interest Rate Risk

Recent Merger
Deal Overview

$39.38 In Value Per ANA Share

20% Cash / 80% Stock

One-Time Costs of $5-$6mm

Synergies of 50% of ANA Expense Base

New Corporate Headquarters In ANA Building

No Board Seats; Only One Contract (1-Year)

Accretive To Annual EPS Around 1%-To-2%, Excluding Merger Related Costs
And 3%-To-4% On Cash EPS

Recent Merger
Deal Overview (Continued)

Lower Tier 1 Leverage Ratio To 6.89%
Issued $10mm Trust Preferred
Repurchase Program Of 60,000-130,000 Shares
IRR In Mid-To-High Teens
Purchase Price Multiples:
        Market-To-Book (And Tangible) = 166%
        Price-To-12-Month Earnings = 19.2x
        Deposit Premium = 11.5%
        Premium Over Current Market = 66%

Recent Merger
Summary Of Merger

Compelling Synergies--Cross-town HQs
#1 Market Share With Excellent Distribution System
Excellent Returns For Shareholders Of Both Companies
Provides Diversity--Retail Shareholders
Excellent Asset Quality; Relatively Low Interest Rate Risk
Our View Of The Deal: Low Risk & Good Return

Appendix C

DARYL BYRD
President & Chief Executive Officer

1981  Trust Company Bank, Atlanta
          Banking Officer, Corporate Banking
1983  First National Bank of South Carolina
          Vice President, Commercial Lending Officer
1984  BB&T (North Carolina)
          Vice President, Business Services Manager
          Commercial Lending Officer
1985  FNB-Lafayette (First Commerce Corp.)
          Executive Vice President, Corporate Banking Manager
1990  Rapides Bank & Trust (First Commerce Corp.)
          President & CEO
1992  First National Bank of Commerce, New Orleans
          Executive Vice President in charge of the commercial bank and mortgage banking groups.
          Managed the strategic development for multiple businesses and had responsibility for other business lines and support functions.
1998  Bank One Louisiana
          President and CEO New Orleans Region

MICHAEL BROWN
New Orleans President; Chief Credit Officer

1987  Wachovia Bank
          Treasury Services Representative and Assistant Vice President
          Vice President and Relationship Manager - Managed all aspects of bank relationships with Fortune 500 clients in
          Texas and Louisiana.
          Loan Administration Manager - Managed the loan administration and credit policy functions for the Midwest and Chicago credit portfolios.
1996  First Commerce Corporation, New Orleans
          Senior Vice President, Manager of Credit and Client Services - Re-engineered and managed consumer and commercial credit
          processes.
1998  Bank One Louisiana
          Chief Credit Officer for the Commercial Line of Business in Louisiana
          Capital Markets Specialist - Responsible for the sale of capital market products and served as corporate finance advisor to the bank's
          client base.

Chartered Financial Analyst (CFA)

JOHN DAVIS
Finance And Retail Strategy

1983  BB&T (NC)
          Senior Vice President and Manager of the Financial Planning Department
          Responsible for mergers and acquisitions, strategic planning, and budgeting.
1993  First Commerce Corporation, New Orleans
          Senior Vice President
          Responsibilities included mergers and acquisitions, corporate finance, and President of Marquis Insurance Agency.
1997  Crestar Financial Corporation (VA)
          Corporate Senior Vice President
          Responsibilities included strategic planning, forecasting, and budgeting for the corporation.

Chartered Financial Analyst (CFA)

MARILYN BURCH
Executive Vice President &
Chief Financial Officer

1973  First Commerce Corporation, New Orleans
          Accounting Supervisor
1978  Reamco, Lafayette
          Manager of Accounting
1980  American Bank, Lafayette
          Vice President and Controller
1985  FNB-Lafayette (First Commerce Corp.)
          Senior Vice President and Controller
1999  IBERIABANK
          Senior Vice President and Controller

Certified Public Accountant (CPA)

GEORGE BECKER
Secretary; Technology & Operations

1973  First National Bank of Commerce, New Orleans
          Vice President and Controller - Managed the bank's accounting, budgeting, planning, systems, and asset/liability management activities.
1983  First National Bank of Lafayette
          Executive Vice President and Chief Financial Officer
          Managed all financial and administrative areas, as well as Investments, Brokerage Services and Private Banking area.
1989  Rapides Bank & Trust Company
          Executive Vice President - Managed all financial and administrative areas, Investments, Brokerage Services, Private Banking,
          as well as the Mortgage and Retail areas.
1991  First Commerce Corporation, New Orleans
          Senior Vice President - Strategic Management Information Systems and Automation activities state-wide.
1997  Bank One Louisiana
          Worked on various special acquisition related projects.

Certified Public Accountant (CPA)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	IBERIABANK CORPORATION
DATE: May 5, 2003	By:	/s/ Daryl G. Byrd
		Daryl G. Byrd
		President and Chief Executive
		Officer