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IBERIABANK 8-K 2012

Documents found in this filing:

  1. 8-K
  2. 8-K
Form 8-K

 

 

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 29, 2012

 

 

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)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


ITEM 8.01 OTHER EVENTS

The Registrant is filing this Form 8-K to disclose the impact of the adoption of a new accounting standard (ASU No. 2011-05, as amended by ASU No. 2011-12) on its historical financial statements in the Registrant’s most recent Annual Report on Form 10-K. ASU No. 2011-05, which the Registrant adopted beginning with its fiscal quarter ended March 31, 2012, requires, among other things, that the Registrant retrospectively report additional information related to the presentation of total comprehensive income, namely net income, the components of other comprehensive income, total other comprehensive income, and total comprehensive income on the face of the financial statements, either in a single continuous statement of comprehensive income or in two separate but consecutive statements.

The following table presents selected components of the unaudited Consolidated Statements of Comprehensive Income for the Registrant for each of the three years ended December 31, 2011, 2010 and 2009 and should be read in conjunction with the information in the Registrant’s 2011 Annual Report on Form 10-K.


     For the Years Ended December 31,  
(dollars in thousands)    2011     2010     2009  

Net income

   $ 53,538      $ 48,826      $ 158,354   

Preferred stock dividends

     —          —          (3,350
  

 

 

   

 

 

   

 

 

 

Income available to common shareholders – Basic

     53,538        48,826        155,004   

Earnings allocated to unvested restricted stock

     (967     (971     (3,910
  

 

 

   

 

 

   

 

 

 

Earnings available to common shareholders – Diluted

     52,571        47,855        151,094   

Other comprehensive income

      

Unrealized gain (loss) on securities:

      

Unrealized holding gains (losses) arising during the period

     36,328        (2,103     2,746   

Other than temporary impairment realized in net income

     (509     (517     —     

Reclassification adjustment for gains included in net income

     (3,422     (5,172     (6,735
  

 

 

   

 

 

   

 

 

 

Unrealized gain (loss) on securities, before tax

     32,397        (7,792     (3,989

Fair value of derivative instruments designated as cash flow hedges:

      

Change in fair value of derivative instruments designated as cash flow hedges during the period

     (19,078     (5,752     19,437   

Reclassification adjustment for losses (gains) included in net income

     1,723        1,644        124   
  

 

 

   

 

 

   

 

 

 

Fair value of derivative instruments designated as cash flow hedges, before tax

     (17,355     (4,108     19,561   

Other comprehensive income (loss), before tax

     15,042        (11,900     15,572   

Income tax expense (benefit) related to items of other comprehensive income

     5,265        (4,164     5,450   
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss), net of tax

     9,777        (7,736     10,122   
  

 

 

   

 

 

   

 

 

 

Total comprehensive income

   $ 63,315      $ 41,090      $ 168,476   
  

 

 

   

 

 

   

 

 

 


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 29, 2012     By:  

/s/ Daryl G. Byrd

    Daryl G. Byrd
    President and Chief Executive Officer
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