IBC Announces Second Quarter Earnings
04 8์ 2007 - 7:05AM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC) today reported
net income for the second quarter of 2007 of $34.6 million or $.50
per share ๏ฟฝ basic ($.50 per share ๏ฟฝ diluted) compared to $34.7
million or $.50 per share ๏ฟฝ basic ($.49 per share ๏ฟฝ diluted) for
the second quarter 2006, which represents an increase of 2.0
percent in diluted earnings per share and a decrease of 0.2 percent
in net income. Net income for the first six months of 2007 was
$53.2 million, or $.77 per share ๏ฟฝ basic ($.76 per share diluted)
compared to $58.6 million, or $.84 per share ๏ฟฝ basic ($.83 per
share ๏ฟฝ diluted) for the first six months of 2006, which represents
a decrease of 9.2 percent in net income and 8.4 percent in diluted
earnings per share. Net income for the first six months of 2007 was
negatively impacted by an impairment charge of $13.1 million, after
tax, on certain investments. A significant portion of the
impairment charge is a result of the Company๏ฟฝs strategic
identification of certain investment securities that were sold in
the second quarter of 2007 with the proceeds from the sales used to
reduce Federal Home Loan Bank (FHLB) borrowings. Net income for the
same period was positively affected by the sale of the securities,
which generated gains of $1.5 million, after tax. The investments
sold were certain hybrid mortgage backed securities with a coupon
re-set date that exceeded 30 months and a weighted average yield to
coupon re-set that was approximately 100 basis points less than the
FHLB certificate of indebtedness short-term rate. The sale of the
securities facilitated a re-positioning of the balance sheet to a
more neutral position in terms of interest rate risk and also
improved operating ratios. 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 a IRS tax lawsuit that was
litigated during the third quarter of 2005 in the Federal District
Court in San Antonio, Texas and relates to certain leasing
transactions previously discussed in Note 17 of the Notes to
Consolidated Financial Statements set forth in the Company๏ฟฝs 2006
Annual Report. Because of the trial court judgment, uncertainty of
the outcome at the appellate level and the similarity between the
litigated lawsuit and one that is pending, the Company took the
$8.9 million charge, net of tax. "I'm pleased with the Company๏ฟฝs
second quarter earnings, as well as the results of the first six
months, despite the impairment charge related to the investment
securities. The Company believes the re-positioning of the balance
sheet to a more neutral position in terms of interest rate risk
will positively impact the Company๏ฟฝs operations in the long-term
and the second quarter earnings are reflective of the commitment to
superior performance. Additionally, the Company has continued to
grow its operations and enhance long-term shareholder value through
aggressive de novo branch expansions," said Dennis E. Nixon,
President and CEO. Total assets at June 30, 2007 were $10.4 billion
compared to $10.9 billion at December 31, 2006. Total net loans
were $5.1 billion at June 30, 2007 and $5.0 billion at December 31,
2006. Total deposits were $7.1 billion at June 30, 2007 and $7.0
billion at December 31, 2006. IBC is a $10.4 billion multi-bank
financial holding company headquartered in Laredo, Texas, with more
than 230 facilities and more than 380 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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International Bancshares (NASDAQ:IBOC)
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