IBC Announces Solid Earnings
24 10์ 2008 - 6:54AM
Business Wire
International Bancshares Corporation (๏ฟฝIBC๏ฟฝ) (Nasdaq:IBOC) today
reported net income for the first nine months of 2008 of $100.4
million, or $1.46 per share ๏ฟฝ basic ($1.46 per share diluted)
compared to $85.9 million, or $1.24 per share ๏ฟฝ basic ($1.23 per
share diluted) for the first nine months of 2007, which represents
an increase of 18.7 percent in diluted earnings per share and 16.9
percent in net income. Net income for the third quarter of 2008 was
$33.9 million or $.49 per share - basic ($.49 per share - diluted)
compared to $32.7 million or $.47 per share - basic ($.47 per share
- diluted) for the third quarter 2007, which represents an increase
of 4.3 percent in diluted earnings per share and 3.7 percent in net
income. Net income for the first nine 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
was the result of the Company๏ฟฝs strategic identification of certain
investment securities sold in 2007 with the proceeds from the sales
used to reduce Federal Home Loan Bank (๏ฟฝFHLB๏ฟฝ) borrowings. ๏ฟฝNet
income for the first nine months and the third quarter of 2008
represents a solid level of performance and reflects positively on
IBC๏ฟฝs commitment to superior earnings despite the enormous
disruption in the national economy and the historic intervention
from the government that will potentially result in significant
changes in the financial services industry. I am pleased with the
Company๏ฟฝs performance, especially during this period of
extraordinary turmoil and anxiety existing in the U.S. and world
credit markets. During this crisis, the Company has maintained
strong liquidity, its sound credit underwriting standards and a
sound investment strategy. ๏ฟฝAs a further note, the Company is
currently studying the pros and cons of participating in the U.S.
Treasury Capital Purchase Program. Even though the Company
maintains strong levels of capital, and credit quality continues to
be good, the Company is considering participating in the Treasury๏ฟฝs
plan because the plan may offer significant benefits to the
Company, its shareholders and customers by providing the Company an
additional layer of capital,๏ฟฝ said Dennis E. Nixon, President and
CEO. Total assets at September 30, 2008 were $11.5 billion compared
to $11.2 billion at December๏ฟฝ31, 2007. Total loans were $5.7
billion at September 30, 2008 compared to $5.5 billion at
December๏ฟฝ31, 2007. Deposits were $7.0 billion at September 30, 2008
compared to $7.2 billion at December๏ฟฝ31, 2007. IBC is a multi-bank
financial holding company headquartered in Laredo, Texas, with 263
facilities and 420 ATMs serving 101 communities in Texas and
Oklahoma. ๏ฟฝSafe Harbor๏ฟฝ 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 future developments or events,
expectations, plans, projections or future performance of IBC and
its subsidiaries, the occurrence of which involve certain risks and
uncertainties, including those detailed in IBC๏ฟฝs filings with the
Securities and Exchange Commission. Copies of IBC๏ฟฝs 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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