Investor Presentaiton
Key Assumptions
Synergies
Estimated pre-tax expense synergies of approximately $31 million in 2018 (60% of Gibraltar
annualized June 30, 2017 non-interest expense, excluding CDI) phased-in over a six-month period
Expected branch consolidation of 75%
($ in millions)
Transaction
Expenses
Pre-tax Impact
At Closing
Post Close: Over the
First Two Quarters
Post Close: Over the
Next Two Quarters
Total
Balance Sheet
Income Statement
$7.7
$7.7
$26.3
$0.3
$26.6
Equity Issuance
Balance Sheet
Mark-to-Market
Fixed exchange ratio of 1.9749 shares of IBERIABANK common stock for each Gibraltar Private
Bank & Trust, Co. ("Gibraltar") share within price collars and floating exchange ratios outside
collars(1)
$223 million for total equity (1) outstanding based on IBERIABANK share price of $80.15(1)
⚫ Gross credit mark: $9 million
.
All other marks, net: $10 million
Reversal, embedded purchase discounts: $14 million
Reversal, loan loss reserve: $21 million
Other
Assumptions
Tax rate of 39.0%
Estimated core deposit intangible of $16 million (amortized over seven years on an
accelerated basis)
(1) The agreement provides for a fixed exchange ratio with pricing collars that fix the value received by Gibraltar's shareholders if the weighted average trading price of
IBERIABANK Corporation's common stock were to decline below $70.13 per share, or exceed $94.88 per share, over a specified period. Total value for equity issued
based on IBKC share price of $80.15 equal to the closing price for IBKC common stock on October 19, 2017
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IBERIABANK
CorporationView entire presentation