IBC Announces Second Quarter Earnings
02 8월 2006 - 7:40AM
Business Wire
International Bancshares Corporation ("IBC") (NASDAQ:IBOC) today
reported net income for the second quarter of 2006 of $34.7 million
or $.55 per share - basic ($.54 per share - diluted) compared to
$33.4 million or $.52 per share - basic ($.52 per share - diluted)
for the second quarter 2005, which represents an increase of 3.9
percent in net income and 3.8 percent in diluted earnings per
share. Net income for the first six months of 2006 was $58.6
million, or $.93 per share - basic ($.92 per share diluted)
compared to $71.0 million, or $1.12 per share - basic ($1.10 per
share diluted) for the first six months of 2005, which represents a
decrease of 17.5 percent in net income and 16.4 percent in diluted
earnings per share. Net income for the first six months of 2006 was
negatively impacted by a $8.9 million, net of tax, charge to
operations as a result of the loss of an IRS tax lawsuit that was
litigated during the third quarter of 2005 in the Federal District
Court in San Antonio, Texas and that relates to certain leasing
transactions previously discussed in Footnote 17 of the Notes to
Consolidated Financial Statements set forth in the Company's 2005
Annual Report. Because of the trial court judgment issued on March
31, 2006, the uncertainty of the outcome at the appellate level and
the similarity between the litigated lawsuit and the other tax case
that is pending, the Company took the $8.9 million charge, net of
tax. Net income for the first six months of 2005 was positively
impacted by a $5.6 million distribution, net of tax, from the
January 2005 merger of the PULSE EFT Association with Discover
Financial Services, a business unit of Morgan Stanley, received in
the first and second quarter 2005. The Company, as a member of the
PULSE EFT Association received the cash distributions based in part
upon its volume of transactions through the PULSE network. "I'm
pleased with the Company's second quarter earnings, as well as the
results of the first six months, despite the charge related to the
tax lawsuits. The Company has continued to grow its operations and
enhance long term shareholder value through aggressive de novo
branch expansion," said Dennis E. Nixon, President and CEO. Total
assets at June 30, 2006 were $10.6 billion compared to $10.4
billion at December 31, 2005. Total net loans were $4.8 billion at
June 30, 2006 and $4.5 billion at December 31, 2005. Total deposits
were $6.7 billion at June 30, 2006 and December 31, 2005. IBC is a
$10.6 billion multi-bank financial holding company headquartered in
Laredo, Texas, with more than 200 facilities and more than 300 ATMs
serving more than 90 communities in Texas and Oklahoma. "Safe
Harbor" statement under the Private Securities Litigation Reform
Act of 1995: The statements contained in this release which are not
historical facts contain forward-looking information with respect
to plans, projections or future performance of IBC and its
subsidiaries, the occurrence of which involve certain risks and
uncertainties detailed in IBC's filings with the Securities and
Exchange Commission. Copies of IBC's SEC filings and Annual Report
(as an exhibit to the 10-K) may be downloaded from the SEC filings
site located at http://www.sec.gov/edgar.shtml.
International Bancshares (NASDAQ:IBOC)
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