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IBERIABANK Corporation (NASDAQ:IBKC)
Q1 2013 Earnings Call
January 20, 2013 9:00 am ET
John Davis - Senior EVP
Daryl Byrd - President & CEO
Michael Brown - Vice Chairman
Jeff Parker - Vice Chairman and Managing Director of Brokerage, Trust, Wealth Management and IBERIA Capital Partners
Anthony Restel - CFO
Randy Bryan - CRO
Catherine Mealor - KBW
Terry McEvoy - Oppenheimer
Kevin Reynolds - Wunderlich
Chris Marinac - FIG Partners
Matt Olney - Stephens, Inc.
Ladies and gentlemen, good morning, thank you for standing by, today's conference assembled, and welcome to the IBERIABANK Corporation First Quarter Earnings Conference Call. At this time, all lines are in a listen-only mode. Later there will be an opportunity for your questions. (Operator Instructions) As a reminder today's conference is being recorded.
I would now like to turn the conference over to our host, Senior Executive Vice President, Mr. John Davis. Please go ahead.
John Davis
Good morning and thanks for joining us today for this conference call. My name is John Davis, and joining me today is Daryl Byrd, our President and CEO; Michael Brown, Vice Chairman and responsible for our Markets; Jeff Parker, Vice Chairman and Managing Director of Brokerage, Trust, Wealth Management, and IBERIA Capital Partners; Anthony Restel, our Chief Financial Officer; and Randy Bryan, our Chief Risk Officer.
If you have not already obtained a copy of our press release, you may access this document from our website at www.iberiabank.com under Investor Relations and then Press Releases. We also prepared a PowerPoint presentation of the useful tool for this morning's discussion. The PowerPoint format will follow the prepared remarks associated with the call. The link to the PowerPoint presentation is available on our website in the Investor Relation section under Investor Presentations.
A replay of this call will be available until midnight on May 3rd, by dialing 1-800-475-6701 with the same confirmation call as this current call namely 290483.
Our discussion deals with both historical and forward-looking information, and as a result, I will recite our Safe Harbor disclaimer. To the extent that statements in this report relate to the plans, objectives, or future performance of IBERIABANK Corporation, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and the current economic environment. IBERIABANK Corporation's actually strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties.
A discussion of factors affecting IBERIABANK Corporation's business and prospects is contained in the company's periodic filings with the SEC. In fairness to everyone listening to the call, we ask that you push the mute button on your telephone to limit any background noise that may occur during the call.
I will now turn it over to Daryl for some introductory comments. Daryl?
Daryl Byrd
Thanks, John, and good morning everyone. As described in our press release we announced operating earnings of $0.02 per share after the negative impact of the two FDIC loss share items, we discussed two weeks ago. As a reminder, we took a $32 million charge or $0.70 per share after-tax to establish a valuation allowance on the FDIC loss share portfolio.
We also accelerated the amortization of the indemnification asset as a result of an accounting rule change. The impact of the accelerated indemnification asset amortization, on the first quarter's financial results was $5.5 million or $0.12 per share. We believe these actions address the potential losses in the portfolio that occur beyond the termination of the collection period in our loss share agreements with the FDIC. Going with the caveat that statement was a reminder that our estimates are based on modeling future cash flows, which can be different than expected. Adding the FDIC loss share items, plus $0.02 in other non-operating items, would result in a non-GAAP operating figure of $0.86 per share.
Other influences in the quarter's results included fewer business days in the quarter and the usual seasonal slowdown in loan growth and mortgage and title insurance that typically happens in the first quarter.
Anthony will provide some commentary on the margin, the debt extinguishment, and our earnings improvement initiatives. Before we provide you with earnings improvement details, let me remind you that this is an ongoing process that we started in the second quarter of last year. We're very focused on achieving actionable expense savings and clearly identifiable and sustainable revenue enhancements. Now we're clearly weighted if the direction of expense savings.
We intend to achieve these results, without distracting us from our growth initiatives. Now, Anthony will provide you the details regarding the sources and timing of those improvements and the tracking of these initiatives, you should expect from us going forward.
While historical credit results have been solid, we saw further significant improvements in that regard in the first quarter. As a result, we needed to record a negative loan loss provision. Randy will provide additional commentary on our credit performance this quarter.
Overall, we had excellent quarter with only 6 basis points to net charge-offs, including non-performing assets, including past dues, and significant decline in classified assets and special mention loans. Also our capital position remained strong with what we believe is approximately $250 million in unlevered more excess capital.
We believe client growth in the first quarter was solid, but that doesn't match with few large pay-downs and first quarter seasonality. While many banks would be thrilled to have 5% annualized growth, and 2% annualized growth excluding the winding down of the FDIC portfolio, it was a little slow compared to what we're accustomed to, but it was typical of historical seasonal trends. Total deposits were down $62 million from year-end, but up $14 million on the core deposit basis. The deposit growth figures were negatively impacted by reduction in seasonal deposits, which John will discuss.
Non-interest deposits continued to improve and recently we passed the $2 billion mark. Our near markets continue to show excellent class growth. Houston, for example, surpassed $1 billion from loans outstanding and we passed a billion dollar deposit threshold in the first quarter.
Overall, we remain pleased with our client growth, asset quality, and our focus on our annuities and earnings improvements. We've strengthened our risk management and have excess capital and liquidity. The banking industry continues to evolve and we believe we're well-positioned, to capitalize on opportunities to improve shareholder return. John?
John Davis
Thanks Daryl. Our financial results and many of the ratios on Slide 4 were significantly impacted by the impairment charge and the accelerated indemnification asset amortization we discussed a week ago. I provide in the first release a schedule that shows some of our ratios excluding the impact of those two items. I'll now briefly walk you through the first quarter results compared to the fourth quarter.
As Anthony will describe in more detail shortly, despite $437 million in average earning asset growth on a linked quarter bases, our net interest income and margin were negatively impacted this quarter by multiple factors including the FDIC covered loan yield decline due to accelerated IA amortization. Our non-covered loans grew, but the yields on those loans declined, and our excess liquidity increased in those funds are very low yields. As a result, average earning asset yield declined 36 basis points. This was only partially offset by 7 basis points decline in the cost of interest bearing liabilities, resulting in a 32 basis point decline in the margin, and $7 million decline in tax equivalent net interest income. Keep in mind, $5.50 million of that $7 million decline was due solely to the accelerated IA amortization.
Average loan growth was a strong $159 million or 8% annualized though, period-end loan growth was less so at $96 million or 5% annualized due to several loan pay-downs and seasonality. Excess liquidity impacted our balance sheet and margin this quarter, due in large part to the strong deposit inflows we've received near the end of the year, which for the most part stayed with us, but haven't been fully deployed into higher yielding instruments. Average interest bearing deposits were very strong this quarter, up $378 million or 18% annualized growth. But period-end figures were much lower primarily due to $115 million decline in temporary seasonal deposits, which we suggested in last quarter's conference call might happen and also a reduction in time deposits.
Noninterest bearing deposits increased slightly on an average balance basis and Tier 1 basis. Again, we're very pleased with our noninterest bearing growth, though much of the financial benefit of the growth here in this category is currently new due to the low interest rate environment. With the nearly across the board improvement in asset quality this quarter, we recorded a negative provision of nearly $4 million compared to a positive provision of nearly $5 million last quarter.
Slide 5 provides a summary of noninterest income items and trends. Our noninterest income was down $6 million or 12% on a linked quarter basis, of which $4 million of the decline was mortgage related. Our mortgage origination business had seasonally strong originations of $546 million, which were up $95 million compared to last year, but down $131 million or 19% compared to the fourth quarter.
Refinancings accounted for about 40% of originations, which is about half the industry average, and suggest we're likely to be much less dependent than our peers on the refinancing driving on mortgage production volume.
Sales volume was $616 million up 1% compared to the fourth quarter, but up 30% compared to last year. The margin on sales has been fairly stable throughout the year, and up slightly compared to the same quarter last year.
Mortgage revenues were up 38% compared to year ago, but declined $4 million or 17% on a linked quarter basis, due to a lower net valuation of derivatives and mortgage loans held-for-sale, mainly mortgage rates had increased during the quarter, and the pipeline was lower throughout much of the quarter, so the valuation on the pipeline declined compared to the fourth quarter.
Recall the locked pipeline volumes declined from $297 million at the end of the third quarter to $241 million at the end of the year, and then increased to $281 million by the end of the first quarter, and has since climbed quite rapidly to $322 million on April 21st, so we've seen a significant swing in the size of the locked pipeline throughout this period, and to place the current locked pipeline level in perspective, we're approaching the highest locked pipeline level we've ever experienced.
Seasonal influence has affected mortgage, title insurance, and service charge income this quarter. Service charge income was down 7%, title insurance revenues were down 9% on a linked quarter basis, but still very good results given the seasonal impact. IBERIA Capital Partners had its second best quarter probably down on a linked quarter basis. Last quarter, we had a non-operating gain of $2.2 million under redemption of an investment that we inherited from OMNI with no similar gains this quarter.
We recorded $2.4 million in gains on the sale of investment securities this quarter, due to some due to some odd lot cleanup that we periodically do. During the first quarter we also incurred $2.3 million in expense associated with the extinguishment of Federal Home Loan Bank debt, which Anthony will discuss.
In aggregate, total tax equivalent revenues were down $13 million, primarily as a result of $5.5 million in accelerated IA amortization, $1.6 million in other margin related compression, $4 million due to the mortgage pipeline valuation, and nearly $2 million in seasonably slower title insurance revenues, deposits, service charge income, and lower brokerage and capital markets revenues.
Noninterest expense trending is provided on the bottom half of Slide 6. Total noninterest expenses increased $31 million to 28% on a linked quarter basis. The primary drivers of the increase were $32 million impairment of the indemnification asset we disclosed a week ago, and the $2.3 million cost to extinguish the $90 million Federal Home Loan Bank debt. Excluding those two items, noninterest expenses were fairly flat on a linked quarter basis.
If you look at the right corner of Slide 6 provides a breakout of the other more significant changes in expenses. About half of the $1.9 million payroll effect increase, was typical of increases we've seen in the first quarter of each year. The mortgage commission decline was due to lower origination volumes for the quarter, and the decline in business development and marketing were associated with the campaigns from last quarter that we didn't have this quarter.
Slide 7 provides a summary of non-GAAP reconciliation of income and EPS on a reported and operating basis. We reported $0.02 in GAAP EPS for the quarter. Two distinct factors affecting the first quarter was $0.70 in the IA impairment charge, $0.12 per share in accelerated IA amortization. The two offsetting items the $0.05 gain on the sale of investments and the $0.05 loss on FHLB debt extinguishment, and approximately $0.02 in after-tax merger related severance and branch closure cost. Again Anthony will provide some details regarding the earnings enhancement initiative update that we announced last night, that once fully implemented will produce approximately $21 million in pre-tax earnings on a run rate basis.
Our capital ratios have been very strong. The leverage ratio at year-end was 9.37% and our TCE ratio was 8.75%. The Tier 1 common ratio at year-end was very strong, as very strong 11.39%. Those shares repurchased under the current share repurchase program, so we have a little under 47,000 shares remaining to be purchased under the current authorized program.
At this stage, I'll turn it over to Anthony for his comments. Anthony?
Anthony Restel
Thanks, John. The first item I want to comment on is the decline in margin during the quarter of 32 basis points from 3.55% to 3.23%. The decline in the margin is almost entirely related to the $5.5 million increase in the amortization of the uncollectable indemnification asset, and mixed shifting within the FDIC covered pools. Mainly we had no lumpy pools payoff this quarter to push the income higher that we had in the fourth quarter.
The total impact on the margin of the changes in the covered portfolio this quarter made up 27 of the 32 basis point decline. Therefore, the decline in the core NIM was about 5 basis points. The 5 basis points of decline in the core net-interest margins was spread across numerous categories with about 2 basis points high to the $335 million improvement in our average liquidity position during the first quarter, which was in cash and in new investment portfolio yielding approximately 1%.
As most of the industry, we continue to face significant interest rate related head wins taken continuous action offset asset low compression through deposit rate reductions, working to improve our overall fundamentals.
The decline in the asset yield trend and our work to offset those declines will likely continue through this year. Although it is very difficult to project the exact asset growth and specific yields for the upcoming quarter on a 2b originated or acquired assets, I can tell you that this week we pushed through another round of deposit rate reductions, even adjustments, where we reduced our annual interest expense on interest bearing deposits by approximately $2.1 million based on today's mix and balances and reduced our deposit cost by 2 basis points going forward.
Second item that occurred during the quarter was an odd lot cleanup of small core value investment securities. The bank sold 133 q sets with aggregate par value of $45.1 million that generated a gain of $2.3 million.
The bonds had an average life of 2.3 years on a yield of 3.89%. The sale was no different than the odd lot cleanup exercises we completed in 2009 and 2011. The simple goal with those exercise was to reduce the throughputs within the bond portfolio to improve the efficiency in managing the portfolio.
During the quarter, we also prepaid $90 million of FHLB debt and incurred a $2.3 million prepayment penalty. The debt had an effective rate of 2.54% and a remaining life of approximately 14 months.
Additionally, I want to talk a little bit about our earnings enhancement initiatives that were mentioned in our press release dated April 15th and in our subsequent press release on initiatives issued yesterday.
As part of our ongoing efforts to improve the efficiency and risk adjusted profitability of the company, we've announced an additional $21 million of earnings initiatives that began in the second quarter of 2012.
Slide 10 and 11 in the supplemental PowerPoint provide detail on the major categories that makeup the $21 million.
Projected expense savings from indentified initiatives account for approximately 92% of the estimated financial benefits, with the remaining 8% of benefits achieved through revenue enhancements.
Expense reduction initiatives include the expectation to close or consolidate nine branch offices, renegotiate contracts, salary and benefit savings, and with these expenses and other non-interest expense areas. Revenue enhancement initiatives are expected to provide income, mortgage, origination income, increasing the percentage of loans sold due to mandatory delivery versus best assets, targeting service fee income increases and other non-interest revenue items.
Based on the coagulant and projected completion dates of these initiatives, the company estimates approximately $2.1 million in financial benefits are expected to be achieved during the second quarter of 2013. Implementation cost totaling $2.8 billion are expected to be incurred in the second quarter, equal to 76% of the total implementation cost, and substantially will offset the financial benefits achieved in the second quarter. In the remaining six months of 2013, the pre-tax financial benefits are projected to total approximately $8.5 million on a pre-tax basis with incremental cost implement the programs following pre-tax $1.1 million. No additional implementation costs associated with these initiatives are currently forecasted after year-end 2013. Thereafter, the company estimates incremental aggregate pre-tax benefits in 2014 and beyond, equal to approximately $21 million per year.
We're very confident in our ability to achieve these targets in the timeframe outlined with you today. Our goal is continue to additional opportunity or initiatives to enhance the earnings for the company.
We will provide detailed tracking in the future, indicating our progress on these initiatives. Our last comment deals with taxes for the quarter. The effective tax rate for the quarter has been significantly impacted by the $32 million IA impairment. Keep in mind, this item is taxed at approximately 38% although the bank's effective tax rate of approximately 29% is impacted by tax preference items such as, tax credits and municipal bonds and debt. We do expect the tax rate to revert to the more historical norms in future quarters.
Now, I'll turn the call over to Randy.
Randy Bryan
Thanks Anthony, and good morning everyone. Our comments today will cover two general topics. First, a review of our overall asset quality performance for the quarter; and second, an update on our efforts to further strengthen our enterprise risk enhancement capabilities.
Let us start with credit on page 12, and good day. I'll speak first from the legacy back standpoint, which I should now excludes both the FDIC covered loan portfolios, as well as the acquired impaired loan portfolios. For the quarter, nonperforming assets decreased $2.50 million to $96 million, and represented 83 basis points of assets down from 85 at year-end; this is also flat to Q1, 2012. The change in NPAs can be attributed to $4 million decrease in nonaccrual loans; a $1 million increase in accrual loans greater than 90 days past due and OREO was essentially flat.
During the fourth quarter of 2012, the bank reported a legacy net charge-offs of $91,000 or an 1 basis point of average loans. And as most of you would have loved to see that number remain at nearly zero to the quarter that was not the case. It did increase to an annualized 6 basis points in the first quarter. This is slightly below the 7 basis points we've averaged over the past five quarters.
At quarter end, total classified loans declined 8% or $18 million to $214 million. As noted earlier, we recorded a negative provision $3.9 million in the quarter. The loan loss reserve excluding the covered loan portfolio and acquired impaired loan portfolios decreased from 108 basis points at the end of the fourth quarter to 99 basis points at the end of the first, primarily as a result of growth in the portfolio and our continued asset quality strength. The allowance stood at 107% of nonperforming loans at the end of the quarter. IBERIA Bank continued low and declining historical loss levels, strong and improving asset quality, low net charge-offs in Q1 all impacted our need for reserves and resulting negative provision in the quarter.
Turning the page, let's shift our focus from the legacy books to the entire portfolio, which includes the covered assets and acquired impaired loans where the story is much the same in terms of improving matrix.
During the quarter nonaccruals declined 14%, OREO increased 8%, resulting 10% decrease in overall NPA. The increase in OREO was driven primarily by the FDIC growth and is reflective of our significant foreclosure efforts aimed at cycling these loans back to cash. Total past dues declined 15%.
Shifting gears to broader topic of enterprise risk management. We're essentially three quarters through a major enhancement in our overall risk management infrastructure. While our credit risk management capabilities have always been strong, we've taken steps to improve them even further and to advance our other enterprise risk management functions to a much more sophisticated level. In addition, we worked to meet the regulatory expectations and comply with guidance applicable to banks with assets in excess of $10 billion and the accompanying large bank designation.
We were proud with work performed by our team of professionals under Gregg and Spurgeon's leadership. All of our teams, my senior credit officers and underwriters, to our credit administration and lending services groups to BCS stat and collection that performed very, very well. Over recent quarters we've long been at that great work by investing in additional portfolio analytics and management processes. All of this, combined with our strong market leadership group and their great teams of bankers sustained our stellar asset quality.
In addition to enhancing our credit risk management capabilities, we've undertaken the following and in many cases supplementing the work of our teams and services from outside firms. With the results in these scorecard driven risk rating system. This new system will span the granularity of our rating system, enabling more consistent rating; better risk adjusted pricing, more effective long review, and more advancing system identification and changing positions. We've developed a new allowance for credit loss system in line with larger bank requirements. This new methodology will provide significantly more granularity, and better enable us to manage the portfolio. As the portfolio grows and changes overtime, we'll be able to utilize enhanced probability default and loss given default measures across more than 1100 loan categories and we'll provide perfectly.
We commenced the development of a more advanced profitability management system. With this, we'll enhance our pricing, decision making, and provide us improved tools for enhancing profitability across our firm. The bulk of the heavy listing will be completed by the end of this quarter, with full implementation in the third quarter to be in place for 2014 plan.
In order to prepare for new capital planning stress testing requirements, we conducted a complete GAAP analysis on our current stress testing and capital planning processes and systems. The GAAP analysis is guiding our work to greatly enhance our capabilities more effectively evaluate our capital plans to organic growth, growth through acquisition, and wide variety of economic scenarios. This will position us to meet new scenario planning requirements and make necessary first quarter 2014 submissions. The items delineated above represent a cross-section of some of the enhancements we've made. There have been many others and the efforts have been driven by associates all across our firm.
Finally, early in the first quarter, we completed the build-out of our senior risk management team. Given the dynamics of our industry and challenging overall conditions, this team positioned us well to manage risk across the spectrum as we execute our strategic plans, ensuring proper mitigations and risk adjusted returns are in place, while we're executing expense reduction, developing new business as normal organic growth or conducting M&A activities.
In conclusion, we've invested heavily in the people, systems, and processes that will serve us well in the changing environment, building on a strong tradition of proven risk taken and management.
Now, I'll turn the call over to Michael.
Michael Brown
Thanks Randy. One of the items I covered in last quarter's conference call was the focus on market returns. Currently, as we've discussed the bank has made some significant investments over the last three or four years, either through de novo expansion or acquisition. The good news is that the majority of these investments are working and contributing to shareholder value. The offset is that some investments are not working as planned, either because the timeframe to target returns is stretched to unreasonable levels or something is fundamentally changed that precludes a reasonable return in any timeframe.
With this understanding in mind, the markets have completed an extensive review of their strategies, employees, facilities and general expenditures and made a determination of what can be done to improve performance, but not negatively impact what is working well.
Certainly this review has been accelerated by the general headwind our industry has face off late, margin compression, slow economic growth, and suspect competition, and of course the specific headwind we've faced with respect to loss share portfolio income. These headwinds are not abating, so action is required.
In basic terms, as Anthony discussed this will reduce market level staffing, and close a number of branches. It is always disappointing to take these actions because of the impact it has on employees, but clearly at times it is necessary. We've taken small bites of this before, but again considering circumstances a larger bite is necessary.
With respect to past actions, I'll note that we closed four branches during the first quarter, those are previously being announced. As a reminder, these were closed as part of our normal branch review process, which is designed to enhance the near-term and long-term performance of our branch network. It is worth noting that this optimization process, which extends the branch level staffing, is aided by technological advancement, and allows for efficiencies within the branch itself or frankly eliminates the need for the branch completely.
As we've taken these actions, we've left the loan parts of our business that are performing at or above expectations. The good news is this is the vast majority of our company. In fact, we will continue to invest in businesses and markets as we see defined and we need to get opportunity to add value.
With respect to what is working well, we as a whole, now continue to add clients despite significant competition. We believe that money competitors are in the pressure to spur growth have become less disciplined with respect to pricing, terms and structure. This has required us to reinforce our credit culture and return the sequence to our personnel to ensure that we're not taking unintended risk that will become evident in future periods.
Moving to the fourth quarter, growth is coming from more sources than it has historically, the growth evident in commercial, business banking, and retail. As I define growth, I'll start with loans. However, we'd focused our business development activities on generating income from all sources and maximizing client by client returns.
As reminder, our first quarter tends to be the slowest for our company. A combination of traditional seasonality and frankly a very busy fourth quarter certainly made the first quarter this year no different.
All that said, I'll outline to Slide 14. Funded growth is still very much evident with a $185 million of net core loan growth. Please note that our defined core growth without consideration of FDIC related runoff. What is worth noting about our first quarter growth is although down from the previous three quarters it is the highest first quarter net loan growth we've reported as a company.
If you look at Slide 15 and supplements, you'll see you get a sense for that. During the first quarter, we originated commitments of $873 million of the total originations 57% were fixed and 43% floating that's basically unchanged from the fourth quarter. Average loan term was 7.9 years, which was also basically unchanged from the fourth quarter. Longer life consumer products offset a full year average churn from our commercial originations during the quarter.
As we consider funded growth, I'd like to break into three individual categories; commercial, business banking, and consumer related. Commercial growth was $78 million of the $185 million, with Houston and South Louisiana having the highest level of originations as outlined on Slide 16 market-by-market originations. Houston's growth continued to benefit from impact of the new hires that we added in the third quarter of last year as well as the efforts of the legacy team and we expect better balance from the other markets as we move into the remaining quarters of this year.
Unrealized commercial growth was 7.5%, which is below historical trend that I don't believe represents the rest of the year for our commercial business within the markets. About 80% of the growth during the quarter for commercial was tied the floating rate loans. Floating rate loans represent about 50% of the overall commercial portfolio.
Business banking growth for the quarter is around $44 million, which equates to annualized rate of increase of 28%. We've discussed our investment business bank in the past and feel like we are starting to see some benefit from this business. Unlike the commercial portfolio growth and the charge of the business banking growth during the quarter was fixed rate. Our expectation is depends on owner-occupied fixed rate financing will decline as we expand our business banking footprint, the economy improves and clients start using lines of credit more for working capital financing.
For consumer growth during the quarter was $63 million or 13% annualized, and when I reference consumer I'm including home equity, indirect, mortgage and credit card. Primary driving behind growth in the quarter was home equity originations with line fundings exceeding fundings under home equity loans. Now, loans in direct mortgages the majority of our consumer origination were fixed rate however.
From a deposit perspective as discussed we saw deposits declined during the first quarter and that's not unusual considering the seasonal activity which tends to inflate deposits at the end of the year. Although overall deposits declined by $62 million, non-interest bearing deposits remained stable and now constitute 19% of overall deposits as year-over-year growth in non-interest of 23%.
As stated earlier, we're trying to ensure that we continue to focus on growth and income beyond interest income. With that in mind, we have been focus on expanding depository capital relationships with client types. Perhaps the best example of this effort, which is easily quantifiable, is the growth in new account in both retail and business banking.
For retail, consumer accounts opened during the first quarter of 2013 represents an 84% increase over the same period of 2012 was aided by internal marketing efforts as well as mail-based advertising in fourth quarter, which is previously discussed in fourth quarter results.
For business banking, accounts opened in the first quarter were up 27% in the same quarter of last year. So, we've been reminding those in the call the seasonality impacts more than just loan and deposit balances, service charges of various types, mortgage income as discussed by John, and final income are also subject to first quarter seasonal reductions.
With that in mind, a better point of reference for progress is first quarter versus first quarter. If you look at slide 5, you will notice service charges on deposit accounts, ATM, debit card income and title income so 14%, 8% and 11% growth respectively. This aligned with the account opening staff discussed a moment ago and reinforce that we are making progress in expanding non-interest income. It will continue obviously it will be a focus for us.
In conclusion, we are pleased discussing often addressing issues we are facing in our company right now. It is the difficult environment for banks. All that said, the actions we're taking at a market level will better positions for stronger bottom line and allow us continue to grow our company in a more profitable way. Jeff?
Jeff Parker
Thank you, Michael, and good morning. The brokerage trust and wealth management businesses showed mixed results for the first quarter. I will call your attention to slide 22 in our PowerPoint presentation that highlights the revenues of our IBERIA Capital Partners and IBERIA Wealth Advisors. The combined top-line numbers were the second highest in the brief history of these businesses and the results were in line with our budget expectations.
On the other hand, IBERIA Financial Services showed weakness in the first quarter versus our expectations. IBERIA Wealth Advisors, out trust and asset management business, grew assets under management to $1.067 billion at the end of the quarter, an increase of a $114 million or 12% over the fourth quarter assets under management of $955 million and an increase of $198 million or 23% from Q1 2012 assets under management of $869 million.
Revenue was $1.255 million, our best quarter since formation, but up only 1% on the linked quarter basis versus $1.2 million. IBERIA Wealth Advisors' revenue was up 30% year-over-year from $962,000 in the first quarter of 2012. When we count our revenue year-over-year was up 59% and that team again deserves special recognition.
Alabama revenues up 166% year-over-year as our focus shifted from building the platform to a sales oriented focus in 2012. Florida struggled so we expect the first half of the year to be their low point as they emerge from the impact of turnover and system convergence.
IBERIA Capital Partners had our second best quarters, as John mentioned, since we launched our broker dealer in the fourth quarter of 2010. Our results were driven by investment banking, which came in nicely above budget. This strength masked the weakness in day-to-day trading activity. Revenue was $1.66 million in Q1, down from $2 million on a linked quarter basis.
We were providing research coverage of 68 companies at quarter end, which is up from 61 companies at the end of the fourth quarter. We're continuing to add coverage on additional energy companies and as a goal of providing research on a 100 companies by year end.
IBERIA Financial Services, the bank's branch brokerage business have revenues of $1.87 million down 14% from Q4. Quarterly revenue was down 10% year-over-year. Our results were impacted by some changes of personnel in three different markets, one in Louisiana, one in Arkansas, and one in Florida. In each case, the relocated IFS veterans and as they establish connectivity in their new markets, we expected we will see continued improvement.
We mentioned in the fourth quarter call that we were focusing on stimulating activities in our Florida, Arkansas and Alabama markets and believe that we are seeing leading indicators that suggest this business will return to our budgeted levels.
In summary, we've continued to build these businesses, and as with new groups, much of our focus has been on the top-line growth. Our annual revenue run rate for this group based on Q1 revenues is now $19 million, up from about $4 million in 2010.
Our focus will continue to be top-line oriented, but we will also be very focused on bottom line profitability in line with comments that Daryl and others have made regarding our corporate initiatives.
In the early years we have solved the expense of adding people, systems, infrastructure and locations. We're now moving into the phase where we focus on both growth and profitability.
I'll now turn it back to Daryl Byrd.
Daryl Byrd
Jeff thanks. I hope we provided enough detail and disclosure around the loss share portfolio issues and our expense initiatives. I want to thank all of our associates across their innovation for their team work and dedication to making us a better organization. In particular, I appreciate the many ideas generated to help us to be more efficient. As we've mentioned today this is an ongoing process and we work appropriately evaluate those additional ideas in the coming weeks to continue to generate either revenue or expense opportunities.
At this time, I will now open the call for questions. John, our Operator.
Question-and-Answer Session
(Operator Instructions) Our first question today comes from the line of Catherine Mealor with KBW. Please go ahead.
Catherine Mealor - KBW
Can you just dig in to slide 24 a little a bit. Anthony, I'm assuming this one is for you.
Daryl Byrd
Catherine, we lost you there at the beginning. Could you start your question over again because we missed part of it?
Catherine Mealor - KBW
Yes, sir. Can you hear me now?
Daryl Byrd
I can hear you now, thank you.
Catherine Mealor - KBW
Can you dig into slide 24 a little bit? Which I think is for Anthony, and I just wanted to talk little about your -- first, I want to thank you for giving this disclosure; it is very helpful on modeling. I wanted to ask about your revenue expectation. And a couple questions on that. First is, Anthony, can you talk a little bit about why the big dip in revenue from 1Q13 to 2Q13? And also, it feels like your expectations for the balance, is it your covered loan portfolio, it feels like it has been running up at about $50 million to $75 million pace previously and that is accelerating to may be about 125 million or so a quarter. Can you talk little bit about the dynamics behind why that is accelerating as well?
Anthony Restel
Yeah. So, Catherine, as we mentioned in the last call, we look through a large mix as possible and reviewed all of our loans, which had build a lot of trusting cash flow and timing. As part of that we did an estimate acceleration of a few items into the first quarter and you will see that's really magnified here. We also had an impact of some of those changes comes off now and this is our level of the battle to go right on the asset loss loan reserve. Those kind of adjustments are kind of really one-time in nature. I think that here you're just seeing the focus on really has changed in the net income. So although the bad news are going to drop considering the net income difference is about $1.50 million. And if you look at the current (inaudible) going back to the fourth quarter there is $5.50 million on that to see there's a differential about $1.6 million give or take.
So I think you get kind of lost within the noise of, we extended out time cash loans within the stock will bring down income going-forward that pushes out over a longer period of time. We made some timely adjustments, as well as other modeling adjustments, which just kind of make the first quarter numbers stay that as an odd number. We did try to provide you the bottom-line, just to make you -- for you to kind of follow the path.
In terms of the new trajectory on the loan balance, clearly we struggled over the last couple of years, which I would like to describe people playing games with not letting those being able to foreclose and being able to say how it has been doing with other things over a thousand days hangs around some of those items. We believe that a large portion of credit that starts coming to an end. And we expect to see the average rate of the portfolio go down. Just like a point for reference since last night for the quarter we're already down $38.2 million just to give you some reference. So, we are as expected, we are expecting to see some accelerated movement on those loans, so that really -- that's my context around the two questions.
Catherine Mealor - KBW
And as you look at these -- I know this will change as we move quarter-to-quarter. But as we look at these projections, would you say that this is more conservative and some of these estimates maybe have a more likelihood to increase or decrease from here as you -- I would assume you would have more likelihood to increase, as you have may be some lumpy payoffs or acceleration in moving through some of these covered assets. Would that be a fair statement?
Jeff Parker
Catherine, I'll start, Anthony will jump back in on this. Clearly, we are always conservative. And that is our -- that's somebody who run the company that's where you always want the company and we've got new blood and we tend to have a history of getting it out there and leaving behind us, so yes we are conservative.
Anthony Restel
Yeah, Catharine, the way we have modeled has a few things in there. I tried to point this out when we talked on the 15th but largely speaking, we show in the whole portfolio kind of go into its maturity and we are not showing the renewal of any loans, right so. And the reason we are going to doing that like on the commercial portfolio, there are large loans that we expect to perform and renew. The problems is I do not know which ones. And I'm trying to avoid introducing new volatility in because I am making bad assumptions about which loan is stay and go.
So clearly, this modeling shows the portfolio really burning down to pretty small level of the column. I do expect the portfolio will need some loans. Unfortunately, in the SOP accounting it's really not easy to take it out. And so, the balance will probably be higher and the income therefore, over time will be higher as well. But it is just hard for me to model. And to be honest with you, I know that people who follow our stock are a little bit aggravated by the volatility. So, I am doing what I can do to try to give you the best color with what I have got. Clearly, we will continue to collect on loans that we did not expect to collect on and that has the ability to improve earnings, pools could close out that could improve earnings in quarters. But on the flip side, I am not trying to hedge myself because it is not my intent but just realized the timing that has caused challenges and we need to take that and that could also go against us. If I had to call it for you, I would say, I think it is a conservative estimate that we have got out there for you.
Question today comes from the line of Austin Nicholas with Oppenheimer. Please go ahead.
Terry McEvoy - Oppenheimer
Thanks, its Terry McEvoy.
Daryl Byrd
Good morning.
Terry McEvoy - Oppenheimer
Good morning. The first question. How should we think about the revenue risk coming from the expense initiative? You are shutting branches; you are cutting back on business travel, so you are touching customers less. Is that something we should think about and how was it taken into consideration as you were putting together this program?
Daryl Byrd
Well, Terry just want to jump in and I'll let Michael and Jeff comment too but sort of my opening comments are we absolutely intended mainly turning our focus on client growth. We have had excellent client growth, pretty consistently for a very long time. We don't intend for that to change in any way. So we are going to stay very focus with the organization, really on both sides of this. We're focused on the expense side, which we need to dip, we're focused on the revenue opportunities that we think are out there, but we're not going to lose our focus on higher growth. I think we demonstrated a pretty good ability to do that, not only also saying but we intend to execute this process pretty quickly now and get it behind us. We want to create a dynamic where our associates understand that we have done what we need to do and particularly any of the issues that are a bit more painful, we will do those, do them quickly getting behind us and try to make sure everybody is back focused.
Now, obviously, as we kind of evaluate new ideas, we will have process improvements may be revenue or expense would come up in addition to what we found today and we've kind of highlighted that we'll do that, but again I have no intention of losing our focus on our growth opportunities. Michael?
Michael Brown
Yeah, we do actually, Terry, one of things I guess I would emphasize from a starting point perspective is this was not a knee jerk reaction relative to the expense reduction effort it's the outcome of an extensive review of our individual market strategies with an understanding of what's effectively working in those markets and what is effectively not. And then our effort here is to basically cull the efforts that are not working. So, completely understanding what we can do well, what we were doing poorly allowed us to basically carve out the underperforming assets, so we can continue to grow in the areas that we are doing well.
So I'm not worried about revenue growth on an ongoing basis. I think that we are still very well positioned as an organization. In one of the supplements there is an item that's tied to our commercial pipeline and I think it's over $600 million. So, growth has really not been an issue for us, it's again if you take the conglomeration of assets that we put together through time, through acquisitions and we had varied investments we made, as I said in my comments, some of them have worked, vast majority of work, some of them have not and we kind of gone through a process of targeting those that are not.
Now, relative to things like travel and entertainment you mentioned we were not going to cut back on client contact; we're just been more efficient relative to things we do and the most simplistic example of that is we have a extensive video conference system that was put in place over the last three to six months, which allows employees to travel less. That's been a fairly significant guidance for us for our geographically distributed franchise.
Daryl Byrd
Yeah, Michael, the use of this video conference has been an exponential for us.
Michael Brown
Yes, so and people buying into that usage. So, again picking very simplistic item on the income statement we can have tremendous effect by just implementing that. So again, extensive review, we feel very good about the decisions that have been made and the relative impact on our growth is going to be minimal all the reason –all the more reason to do what we did.
Terry McEvoy - Oppenheimer
As a follow-up, and I'll also say thank you for page 24 and 25. When you think about the core margin for the second quarter, do you the same type of compression or should the reduction in deposit cost that you highlighted earlier FHLB debt extinguisher, will that provide some real cushion over the near-term?
Daryl Byrd
Terry, Anthony is absolutely excited to take this one on.
Terry McEvoy - Oppenheimer
Okay, great.
Anthony Restel
Terry, what I will you tell is, we got a couple of items I think that are going to help us out in terms of on -- and please allow me just talk about what I know on the liability side because to be honest with you I don't exactly know where all the assets buys and origination yield are going to come. But obviously we pushed through fairly meaningful deposit increase that went through effective yesterday. There's about $2.1 million annualized reduction in that.
I will also give the benefit of the debt prepayment that we paid. From on an annualized basis we saved about $2.3 million from that item, so that we'll get the full impact of that. Recall that trigger rate at the end of the first quarter. Outside of that we got the continued repricing of the CD book, so you will notice on slide, I believe its slide 9, that we got time deposits pretty stout kind moving through that will get you this quarter, as well as we will get about $40 million to $50 million worth of debt that going to be rolling off as well. So you got good movement still on the liability side driving them.
I would expect to see some asset yield compressions just quite honestly we are rolling off we're putting stuff back in that portfolio like everybody else. I think we got enough kind of keep the margin fairly in line but cannot tell you to be exactly up or down basis points, I don't know. But I don't see it shifting significantly next quarter.
Your next question comes from the line of Kevin Reynolds representing Wunderlich. Please go ahead
Kevin Reynolds - Wunderlich
I got, I guess, one question; most of my questions have been answered. I do want to say thank you Daryl everyone for putting a lot of meat on the bone on the expense saving bone. There is a still lot there that are announcing they are intend to do this kind of stuff that haven't provided any details at all as to how do that. So thank you for doing that for us.
Daryl Byrd
Kevin, as I said on the last call, we intend to track this from, you remember how we track the construction lines we had in the Arkansas. We are going to track this in detailed a fashion and keep you updated in the same fashion as we did for that issue. So I think you will find that plenty of times trends around what we intend to do from an expense perspective.
Kevin Reynolds - Wunderlich
I guess one minor question that you may address as you're trying to keep up with what you guys earlier on the call, with respect to the mortgage origination activity we know it was down, not unexpected sequentially, did you comment on the pipeline and how it developed over the first quarter and just maybe what that points to as we go forward would you expect more pressure or is it leveling up?
Daryl Byrd
I'll tell you. We're done very good job, I'm excited to talk first on the (inaudible) fabulous pipeline.
John Davis
Well, Kevin, I'll be glad to give it to you. I will say as you all know the mortgage business is affected by interest rates, so it's all subject to that. There's also a general seasonality that typically takes place. And as I think as you said repeatedly the fourth quarter and first quarter typically going to be our softest quarter just based on some of that seasonality. We had been operating I think our mortgage has really done a terrific job.
Daryl Byrd
John, I'll add to that, chuck work and we did a fabulous job.
John Davis
Managing through the cycle has been amazing. But I would also say that you know given the fact that we just don't have the same exposure on the refis that others do much of our business really is purchase money oriented which is we think much more sustainable.
As far as the volume as it occurred we did see a drop off some is going from third quarter to the end of the year, and then it's been really kind of almost a steady build since that time. It's been really interesting to see really accelerate I would say more so over the last month or two, it's really very positive sign I think. And again, I don't know if the industry is seeing the same thing we are in that respect, but as mortgage rates are kind of held in and given the quality of the team that we have and the markets in which we operate we're really pleased with the acceleration that's taking place in the pipeline particularly in the last couple of weeks, it's really all been amazing. Again I think it's a very different situation when we had at the end of the year, again when you compare this past first quarter to same quarter last year it's just really phenomenal growth that's really been existing even outside of the seasonal nature. So, I don't know if I addressed your question.
Next question today comes from Christopher Marinac with FIG Partners. Please go ahead.
Chris Marinac - FIG Partners
Michael, I was looking at slide 16 and the loan on these by market, this quarter and the last quarter, the bars are bigger Baton Rouge and Lafayette, a little smaller in Birmingham and Memphis. I was just curious if that's more seasonality in time of the year or if there's something else more substantive happening?
Michael Brown
No, there's no -- it's going to come out wrong. There's nothing substantive happening in those markets. There is no change of strategy, a function of timing. Those markets tend to be more commercially oriented, and as a result of activity tends to sort of fluctuate more little less triangular than in say New Orleans. So, again, we feel very good about those markets, the bars will change quarter-versus-quarter depending upon activity. So, I hope that answered your question.
Daryl Byrd
We had fabulous origination growth front.
Michael Brown
Yeah, we did. I mean, from just a pure commitment perspective, we were $873 million, so we felt very good about it, that we were not relying on syndications to get there. And the syndication originations were less than 10% of that number. This is just -- and when I said in my comments amended, it was very good to see a good solid contribution from commercial business banking and retail was very balanced. And historically what you would have seen is more of a commercial dependence. And we clearly made investments to try and get away from that, not because we do not want to be in the commercial business because we are very focused on commercial lending, but we think we are going to see higher levels of return from the business banking in the retail businesses and that's proven to be the case. So again, it feels good to see those strategies are working its way through our markets.
Daryl Byrd
And that supports certainly more granularity in those businesses as well.
Michael Brown
Yes, very much so.
Chris Marinac - FIG Partners
And then, Daryl, just a quick one for you on expenses. As you implement this new initiative here the next several quarters, what does that do strategically as you working acquisitions? Are you going to look at any potential acquisitions even if they are small banks with even tougher eye with the idea that you could even have more savings as you integrate them into the new cost structure here?
Daryl Byrd
Chris, look, we think we're extraordinarily well-positioned. And if you listen to the color through the call we think we have made kind of less investments in a lot of our infrastructure we think we're a -- we get a lot of capital. And we have seen environments where we should have a specific advantage and we will take advantage of that with a clear focus. We got to track what we're doing from an expense perspective, so there are all opportunities to create most synergies than others, and we'll think about that. But I think it could be an interesting and very curious to see how this year evolves from a merger and acquisition perspective. And I think that we should be done for us. We are going to be very focused in maintaining our discipline around expenses. We have a process of giving you some clarity on sort of an internal process but we will be very, very disciplined.
(Operator Instructions)
And we are on the line of Matt Olney with Stephens. Please go ahead.
Matt Olney - Stephens, Inc.
Anthony, another question on the margin. I think in the past you provided some commentary around that net covered loan yield and what direction you expect that to go. How should be we thinking about that net covered loan yields in 2Q relative to these new disclosures you provide to us now?
Anthony Restel
We expect net covered yield to be largely the same as it was in the first quarter, Matt. And if you ask me for the rest of the year, I would say I expected it to be largely the same for the rest of the year. It is also in the press release. So it is about -- we are expecting it to be around 450 give or take 50 basis points. And I do not see that changing. Keep in mind, we will have some old pay-off and lot of things will happen, which I will move the number a little bit like we have always had. But generally, speaking that is kind of the level.
Matt Olney - Stephens, Inc.
Okay. So if I understand all this commentary about the margin going-forward, it sounds like the total margin out will also to be somewhat stable from prior level. So, it sounds like you are more or less kind of resetting the bar at this current level. Am I understanding this correctly or am I missing something?
Anthony Restel
No, that is what we are telling.
Matt Olney - Stephens, Inc.
Okay. And lastly, can you give us any commentary, as far as the excess capital and your share repurchase plan and how much you have on that remaining?
Anthony Restel
I think we gave you the numbers. And John --
John Davis
Anthony Restel
40,000 shares something like --
John Davis
Yeah. I guess, Matt, you're looking it probably good $250 million-ish and give or take some excess capital and we have got just under 47,000 shares remaining under the current program. We did not buy any share during the most of the quarter.
And there are no further questions at this time. I will turn the conference back over to Mr. Byrd. Please go ahead.
Daryl Byrd
I want to thank everybody for listening today. Appreciate your confidence in our organization. And I hope everybody has a great day and a wonderful weekend. You all have a nice day. Thanks.
Ladies and gentlemen, that does concludes our conference for today. Thank you for your participation and using the AT&T Executive Teleconference Service. You may now disconnect.
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Repaving of Downtown Streets to Begin Tuesday
The Tinsley Asphalt Company has completed milling downtown city streets and paving is expected to begin Tuesday, September 13.
According to City Public Works Director Kevin Robinson, Officials of Tinsley have informed him that the work is tentatively scheduled for Tuesday but that is subject to change. The project should be completed within a few days thereafter.
In addition to the public square around the courthouse, streets to paved are Don Cantrell Street by City Hall, West Walnut Street, East Main Street, West Main Street, and West Market Street. The work is being done in sections and only the sections being worked on will be closed. The remainder of the square and streets are open
The courthouse and all businesses in the area will also remain open during this period


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The latest hot and happening news from B-Town for you to catch up on....
Megastar Amitabh Bachchan says he will meet producer Firoz A. Nadiadwala next week to discuss a role in upcoming movie "Welcome Back".Friday, August 30, 2013 2:58:08 PM
Actress Manjari Phadnis, known for her girl-next-door performance in "Jaane Tu... Ya Jaane Na", will be seen donning a desi avatar in her forthcoming movie "Grand Masti".Friday, August 30, 2013 2:38:04 PM
Superstar Shah Rukh Khan has urged men to respect women and elderly people, saying those who do so will be blessed.Friday, August 30, 2013 2:22:22 PM
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Actor-director Pooja Bhatt has stood up for international pop star Miley Cyrus' performance with singer Robin Thicke at a recent music awards ceremony for which she has been criticised.Friday, August 30, 2013 1:56:26 PM
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Actor and standup comedian Vir Das says his new theatrical, "Battle of Da Sexes", is laced with "intellectual comedy".Thursday, August 29, 2013 6:32:21 PM
Actor-filmmaker Farhan Akhtar, who launched the Men Against Rape and Discrimination (MARD) campaign earlier this year, believes that the concept of fast-track courts must live up to its name, thereby granting speedy justice to victimThursday, August 29, 2013 5:38:04 PM
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Bollywood action director Tinnu Verma, who was absconding after allegedly attacking his step-brother Manohar, is now in police custody, police officials here confirmed Thursday.Thursday, August 29, 2013 4:18:04 PM
Farhan Akhtar's performance in "Bhaag Milkha Bhaag" has been applauded by everyone, but a special moment of praise for him was when veteran actress Jaya Bachchan hugged him after watching the film.Thursday, August 29, 2013 3:27:29 PM
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You can make a difference in a child's life as a competent, caring educational support professional. Our program will prepare you to play a vital role in the classroom supporting students with special needs.
Fall 2017
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You will also have a chance to learn a whole new language - American Sign Language.
In the second and third semesters, the roles of teacher and educational assistant will be explored and more clearly defined. You'll learn how to:
• manage behaviour
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During third semester, you will spend three days a week in class at the College and two days a week in a classroom in an area school. The final part of the program is an intensive, semester-long, practical learning experience in an educational setting or agency. During this extensive placement experience, you'll work with students with a range of exceptionalities including autism, physical disabilities, cognitive disabilities, visual impairments, and learning disabilities. This placement can take place in the location of your choice, whether that's in your home town, in the Kawartha region or a larger city in Ontario.
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In the 20 years plus that the Educational Support program has been offering training, area school boards have said this is the diploma program they want their Educational Support staff to have. In short, the Fleming program has a reputation for excellence, and well-rounded graduates.
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Labyrinths, New Age Feminism, and Skepticism
A Skeptic Reads the Newspaper with Benjamin Radford
March 21, 2012
Skepticism and feminism clash over the ancient (and New Agey) labyrinth symbol.
Read more… | 2 Comments
The Morning Heresy 3/21/12
The Morning Heresy with Paul the Morning Heretic
March 21, 2012
Your daily digest of relevant news and links from Paul Fidalgo
I lend a quote to a WaPo/RNS piece on the rally, which prominently features SSA's (and Rally press wrangler) Jesse Galef
Fred Edwords in WaPo: More atheists are "coming out," in part, because we seem more interesting.
Read more… | 3 Comments
The Morning Heresy 3/20/12
The Morning Heresy with Paul the Morning Heretic
March 20, 2012
Your daily digest of relevant news and links from Paul Fidalgo
(Explanation of what this series is about here.)
USA Today has a big, mostly-positive piece on Reason Rally (by Cathy Lynn Grossman, not exactly a fan of the movement, as evidenced here, comparing American Humanist Association to Westboro Baptist Church in 2010)
PZ is still not happy, but McCreight wants him to suck it up
Dave Silverman at WaPo on why we need the Rally to begin with
Read more… | 3 Comments
Limbaugh Caught at For-Pay Sex Talk!
Investigative Briefs with Joe Nickell
March 19, 2012
Rush Limbaugh often refers to feminists as "feminazis," but he simply appears to be projecting his own misogynist tendencies. Now Limbaugh is caught in another contradiction—and in an exposé of his sexual proclivities.
The Morning Heresy 3/19/12
The Morning Heresy with Paul the Morning Heretic
March 19, 2012
Welcome to a new feature of CFI's Free Thinking blog, "The Morning Heresy." There's so much going on in the news, both above and below the radar, that relates to the mission of CFI and its affiliate groups, so the management here decided it would be a good idea to get a kind of daily roundup of relevant items in order to keep everyone in the loop. Then it occurred to us, hey, this could be valuable to everyone in the secularist and skeptic movements...
Read more… | 3 Comments
Is there Nothing Wrong with Being Religious?
It's Only Natural with John Shook
March 17, 2012
Every time an atheist praises religious things, an angel gets his wings.
Read more… | 8 Comments
Shouldn't Arizona Scrutinize How Men Are Using Viagra?
No Faith Value with Ronald A. Lindsay
March 16, 2012
In the controversy over contraceptive coverage for women in health care plans, things get crazier by the minute. Arizona is considering legislation that would permit religious employers to require women who want reimbursement for the cost of contraception to submit a claim, supported by evidence, that the pills are not being used for contraception, but to treat some other medical issue. Incredible, right?
Read more… | 1 Comment
Being Clear About Our Objectives
No Faith Value with Ronald A. Lindsay
March 14, 2012
Moving Secularism Forward, the joint conference of CFI and the Council for Secular Humanism, took place in Orlando a little over a week ago. The presentations at the conferences have generated a fair amount of commentary (for examples, see here and here). This is a good thing. One of the purposes of our conferences is to get people to think, to debate, and, in some cases, to look at issues from a different perspective.
Read more… | 14 Comments
CFI, IHEU Issue Statement on Religious Tolerance at UN Human Rights Council
Democratic Discourse with Michael De Dora
March 14, 2012
The Center for Inquiry and International Humanist and Ethical Union issue a joint statement at the UN Human Rights Council urging Islamic states to protect basic human rights at home if they are truly concerned about religious tolerance.
Read more… | 2 Comments
Lady Sword Swallower
Investigative Briefs with Joe Nickell
March 12, 2012
On February 25, 2012, more than twenty of the world's dwindling number of sword swallowers "dropped swords" at Ripley's Believe It or Not! Odditoriums worldwide to celebrate the Sixth Annual World Sword Swallower's Day. My wife Diana and I were at the Niagara Falls, Ontario, Ripley's with Vanessa, Canada's celebrated female sword swallower, to watch her have a snack of cold steel.


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text: Bone Densitometry Test & Examinations Preparation Scheduling and Directions Your healthcare provider may order a bone mineral density test, sometimes called a bone densitometry test or a DXA scan, to help confirm a diagnosis of osteoporosis. DeKalb Medical also offers bone densitometry examinations in Atlanta to follow bone changes and monitor the effects of age, diet or treatments of your bone status. Osteoporosis is the most common type of bone disease and occurs when the body fails to form enough new bone, when too much old bone is reabsorbed by the body, or both. This thinning of bone tissue and loss of bone density over time is a skeletal disease that affects men and women as it weakens the bones, making them brittle and more susceptible to fractures. Any bone in the body can be affected by osteoporosis, but the most common place for fractures are in the back, hips and wrist. Unfortunately, most people do not realize they have osteoporosis until a bone fracture occurs. Early diagnosis using bone densitometry examinations and treatment may help to lessen the risk of broken bones. Those at risk for developing osteoporosis include: Women with a small, thin frame. Individuals who do little or no exercise. Individuals with an inadequate consumption of calcium. Women who are postmenopausal. Those who have a family history of osteoporosis. Those who smoke or abuse alcohol. Women, especially Caucasian women. Those with an eating disorder. Those taking certain medications such as steroids or anticonvulsants. Those older in age. If your bone densitometry test in Atlanta at DeKalb Medical shows that you have osteoporosis, medications are available that can help minimize bone loss. Your physician will determine your treatment plan according to your health history. It always is recommended that you continue to exercise, get plenty of calcium and limit use of alcohol and cigarettes. Preparing for Your Bone Densitometry Examinations There is no preparation for a bone densitometry test. You can follow your normal daily diet and routine before having your bone densitometry test. You will need to remove any jewelry before the test and let the technologist know if you may be pregnant. In most cases, you won't be asked to undress. Once in the room, you will be asked to lie on a table while a scanner arm passes over you. While you are being scanned, the amounts of bone mineral in your spine and hips are measured. This gives a calculation known as a T-Score, which your doctor will use to make your diagnosis. Bone densitometry examinations take approximately 15 minutes. You will be able to resume all normal activity following your bone densitometry test. Scheduling and Directions Your bone densitometry can be scheduled in one of two ways. Your physician can contact DeKalb Medical to schedule your bone densitometry test for you. Or, your physician can send DeKalb Medical his or her orders for the test and you can schedule your own bone densitometry when we have received your doctor's orders. To schedule your bone densitometry, call 404.501.2660. If your bone densitometry is being performed at the Diagnostic Breast Center at DeKalb Medical at North Decatur, go to the 2665 Professional Building. From North Decatur Road, enter the hospital campus via Wash Lively Road. At road end, turn right. At stop sign, turn left and park in the Visitor/Patient parking deck. In the parking deck, use elevators A or E or take the stairs to Level 1. Cross the street and proceed to the front entrance of the 2665 Professional Building. Upon entering the building, the Diagnostic Breast Center entrance is on your left. If your bone densitometry test is at the Breast Center at DeKalb Medical at Hillandale, go to the 5900 Professional Building. Park in the hospital parking lot near the Professional Buildings. The Breast Center is in the 5900 Professional Building. When you enter the 5900 building proceed to the registration desk.


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|114 Reviews
|Property type
Your booking will be backed by our Book with Confidence Guarantee when you complete your reservation online and finalise payment on HomeAway.Learn more
ONLY PRESIDENTIAL PENTHOUSE SUITE in enclave & South Beach w/ the above 2 miles of spectacular South East Ocean Front View.
- 700 SF Exquisitely Unique Marble Private Ocean Front Rooftop Terrace w/ Jacuzzi encased in Muguet du Bois, 4 Person Dining, Wetbar, Outdoor Music System.
NO OTHER SOUTH BEACH SUITE offers this harmony of Extra Private Ocean Front Features, Beauty & Ambiance, 5 Star Quality Amenities & Service, Private Outdoor & Ensuite Dining, Prestigious, Tranquil & Convenient Art Deco District Location.
- 200 SF Oceanview Covered Balcony w/ Dining Area
Penthouse 09 is an open luxury loft design with floor to ceiling high glass walls affording beautiful ocean views from any area of the suite.
ACTUAL PHOTOS of the Extra-Private, Ultra-Luxurious South East Corner Suite Penthouse 09 w/ 1,400 SF of Indoor & Outdoor Living Space.
CHRISTIAN FRANCIS' SAPPHIRE, PENTHOUSE 09. The most requested penthouse suite debuts in South Beach with a 700 sq.ft. Private Rooftop Terrace w/ Jacuzzi. The Sapphire Suite is a luxurious hotel penthouse exclusively available through Christian Francis, the premier leader in the extra exclusive, ultra luxurious, one of kind getaway. A quiet oasis in the most picturesque section of South Beach. If you have ever wanted the best. If you have ever waited for the best. Make no mistake about it. Nothing has ever prepared you to be pampered like this. No suite has better views, superior amenities, accommodation, and location. It is located right in the heart of the historic South Beach Art Deco District within steps to the famous Lincoln Road and historic Espanola Way. This ocean front corner suite has 1,400 sq.ft. of indoor and outdoor living space for entertainment, dining, and relaxation.
- HIGH CEILING GLASS WALLS: 12 foot high floor to ceiling sound-proof glass walls cover the entire west and southeast side of the Sapphire Suite, Penthouse 09 affording panoramic views of the glorious vastness of blue with its breathtaking sunsets, sunrise, and the indomitable memory of full moon over turquoise waters. Watch sailboats and cruise ships in the horizon as you wine, dine, and entertain on your own private Rooftop Terrace with butler service door.
This BRAND NEW BUILDING'S unique design sets it apart from all others. Elegant, modern, intimate, and within steps to everything desirable under the sun--Lincoln Road shops, Miami Beach Convention Center, Jackie Gleason Theater, Bass Museum, Miami Beach Marina. American Airlines Arena and Bal Harbour shops are within 10-15 minute drive.
- OCEAN FRONT/SOUTH BEACH. The Sapphire Suite is the definition of seamless relaxation, elegance, and refined subtle unobtrusive service. Be transported to a private world of opulence with breathtaking Oceanview, an incredible 270 degree view spanning the entire length of Ocean Drive from the bedroom, living room, kitchen, & shower like no other before or after.
- An elegantly designed private spiraling staircase leads from a 200 sq.ft extra-wide oceanview balcony to a 700 sq.ft. marbled rooftop terrace replete with 4 person Roman Hot Tub encased with the fragile beauty of flower beds reminiscent of the French countryside, 'muguet du bois'.
- SUB ZERO OUTDOOR FRIDGE which can be stocked with all you need for your own gourmet margaritas and mojitos.
- DINING TABLE, 4 person.
- PRIVATE BUTLER SERVICE DOOR for Rooftop Dining Butler Style and 5 Star Quality En-suite European Spa Services performed under the sky with a view of the Atlantic Ocean.
It is appointed with a luxury king size bed w/ European Pillowtop mattress, full and twin size American Leather Comfort Sleepers with unparalleled comfort, style and function compliments of the patented 24/7 Tiffany platform sleep system. The Comfort sleepers are better constructed than most luxury beds and are extremely comfortable. Our esteemed clients high praise allude to this fact. They are not sofa beds, whose primary function is to serve as a chair. The Comfort Sleepers are made first as Luxury leather beds which convert into sofas. Luxurious Sferra 600TC Italian Bedding, Down Comforter, and hypo-allergenic pillows. Abyss and Habidecor bathrobes and oversized towels. (New & Exclusive to PH09)
- ONLY SUITE WITH VIP PRIVATE ENTRY KEYS Available Only to Christian Francis' Guests.
- EN-SUITE DINING provided by on-site restaurant, named by Bon Appetit as one of the top 50 restaurants in the US. A restaurant design and atmosphere fit for kings, at once open, intimate, and elegantly delicate.
- STATE OF THE ART EUROPEAN KITCHENETTE with Microwave, Nespresso Machine, Margarita Blender, Ice Maker, Skybar Wine System to Chill, Preserve, and Pour your choice of wine, 2 Fridges, Reidel Wine glasses, Apilco Plates, Mugs, and Saucers, Laguiole cutlery, etc.
- 5-STAR QUALITY MASSAGE/SPA SERVICES performed either In-Suite or on Private Rooftop Terrace.
- DAILY HOUSEKEEPING and Maid Service with DO NOT DISTURB button.
- 12 FT. HIGH FLOOR TO CEILING SOUND-PROOF HIGH IMPACT GLASS WALLS cover the entire west and southeast view of the Sapphire Suite affording panoramic views of the blue ocean from the bedroom, living room, kitchen, & shower like no other before or after.
- Elegantly designed private SPIRALING STAIRCASE leads from 200 SQ.FT. BALCONY TO A MARBLED 700 SQ.FT PRIVATE ROOFTOP TERRACE replete w/ 4 person Roman Hot Tub encased with the fragile beauty of flower beds reminiscent of the French countryside, 'muguet du bois', outdoor Bose sound system, chaise lounger, & dining table.
- PRIVATE BALCONY: 200 SQ.FT. with Oceanview and 4 Person Brown Jordan Dining Table Set.
- ON SITE COVERED VALET PARKING with 24 hour in & out privileges.
- OCEANVIEW DUAL SHOWER w/ rain showerhead & wall sprays unique to the Sapphire Suite.
- L'OCCITANE/GILCHRIST AND SOAMES extravaganzas of aromatherapy, grooming and bath essentials, triple milled soaps, shampoos, hand & body emulsion, essential oils & fragrances provided complimentary and exclusive to the Sapphire Suite.
- 24 Hour FITNESS CENTER for in-house guests.
- Multi-Lingual CONCIERGE SERVICES.
- Daily FRESH FLOWER SERVICE upon request.
- Pick-up and Delivery for LAUNDRY and DRY CLEANING upon request.
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Keywords: South Beach Vacation Rental
The Sapphire Suite is a luxurious hotel penthouse exclusively available through Christian Francis, the premier leader in the extra exclusive, ultra luxurious, one of kind getaway. A quiet oasis in the most picturesque section of South Beach.
The Sapphire Suite, Penthouse 09 is the Presidential Suite, the most private South East Corner Penthouse and the only suite in the building which affords Full South East Oceanviews from all areas of the Suite.
If you have ever wanted the best. If you have ever waited for the best. Make no mistake about it. Nothing has ever prepared you to be pampered like this. No suite has better views, superior amenities, accommodation, and location.
My husband and I just got back from a very quick but well needed few days away. Penthouse 09 was perfect for us. We got the rush of the perfect South Beach location and the privacy of our very own roof top oasis. The room has all the amenities you need to enjoy a meal in, and is spacious and inviting. We were within walking distance to the crazy night life as well as the Lincoln Road shopping and restaurants. The owner was very responsive and easy to work with. I would definitely recommend this spot to enjoy a great South Beach vacation.
We were in town for the boat show and decided to extend our stay to enjoy a long weekend in South Beach. We couldn't have picked a better place to spoil ourselves and relax for a couple of days! Mr. Francis and his team were more than accommodating and checked in with us daily to be sure we had everything we needed. The location is perfect and within walking distance to everything and the personal suggestions for restaurants and things to do were very helpful. The Penthouse is beautiful and stocked with everything we needed for the relaxing weekend. The pictures are spot on but the views are even better in person! We look forward to coming back to South Beach and staying in Penthouse 09!! Thanks to David Francis and his team!
So enjoyed our time at this Penthouse. Location is great and the Penthouse is beautiful. The suggestions of places to eat and things to do were right on. And we made sure to enjoy the view from the rooftop deck. Thank you to everyone that helped to make this time away so easy to enjoy. We are looking forward to returning.
My wife and I usually leave the country for our anniversary but we decided to head south from NY to Miami. We landed early and the penthouse was exactly as pictured. Beautiful ocean views, across the street from the beach and a large rooftop deck to launch, get messages and relax in the hot tub. Location to restaurants and bars all a few blocks walking too. We also received concierge style help from the owner and his team. We were able to do so much in only a few days. A wonderful anniversary trip.
My son and I had a terrific time staying in this Penthouse. I am so glad that I cancelled my reservation at the W hotel in favor of staying here. Indoor space is extraordinarily comfortable and stylish. We spent several hours each day relaxing on the huge rooftop deck. If you enjoy pure relaxation in a beautiful outdoor space, I highly doubt there is anything comparable to this Penthouse in Sobe. The deck has a very large Roman tub from which one can enjoy a commanding (and unobtructed) view of the beach and Lummus Park. We enjoyed the rooftop so much that we ordered (dinner) room service which was delivered to our private rootop paradise. The owner always responded immediately to any questions I had. He is a true gentleman who understands service of the highest quality; he was always immediately available to answer any questions we had about the Penthouse or Sobe in general. Do NOT hesitate to stay here; you will love this place....perfect spot for romantic st
ay in Sobe....I very much look forward to bringing my wife here upon return to Sobe
Perfect luxury getaway! The location of the Penthouse was ideal for the view, the proximity to the beach, within walking distance of everything. The amenities from coffee and wine to the sound system both inside and outside were second to none. The service was impeccable, from the day of arrival to anytime we needed something. An excellent place for a romantic getaway for two. HIGHLY recommended.
The Penthouse is centrally located amidst the plethora of restaurants, boutiques, galleries on the prime and most coveted section of South Beach within steps to Lincoln Road Mall and the blue ocean.
Within steps to everything desirable under the sun, Lincoln Road Mall and the historic Espanola Way, art galleries, renowned restaurants such as Prime One Twelve, Smith & Wollensky's, Joe's Stone Crabs, Convention Center, Jackie Gleason Theater, Bass Museum, Miami Beach Marina. American Airlines Arena and Bal Harbour are within 10-15 minute drive.
On-site Restaurant: Named by Bon Appetit Magazine as one of the top 50 restaurants in US.
~Extraordinary Culinary experience by celebrity chef.
~Spacious outdoor dining patio area.
~VIP & Private dining booths.
~Private Wine Room.
~In-room and Rooftop Terrace Massage/Spa Services.
~80 ft. long heated glass bottom pool w/ poolside bar.
~Whirlpool hot tub.
~On-site boutique clothing store.
~On-site Fitness Center.
~Free Wi-Fi in suite, public areas, & meeting rooms.
~High-Tech Security Features.
Other Activities: On-site nationally acclaimed Restaurant.
|Rental Period
|Minimum Price
|Additional Nights
|Weekend Night
|Event Price
Special Summer Rate
1 Jun 2016 - 30 Sep 2016
1 night minimum stay
for 1 night
Shoulder Season Rate
1 Oct 2016 - 31 Oct 2016
1 night minimum stay
for 1 night
Fall Rate
1 Nov 2016 - 25 Dec 2016
1 night minimum stay
for 1 night
New Year
26 Dec 2016 - 1 Jan 2017
1 night minimum stay
for 1 night
Early Winter
2 Jan 2017 - 30 Apr 2017
1 night minimum stay
for 1 night
My Standard Rate
1 night minimum stay
for 1 night
Rates quoted are in USD, based upon double occupancy and are subject to change up until a booking is confirmed. Each additional guest is $75/night. Rates do not include tax, which will be due upon arrival. Special Rates may incur a Check Out Cleaning Fee based upon length of stay and number of persons. Weekend Dates requires a 3 night minimum. On specialty, holidays and festival dates each additional guest is $200/night. We accept all major credit cards. We will never request, nor do we accept wire transfers.