IBC Reports Strong Earnings Performance
02 11월 2009 - 11:05PM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income of $105.6 million for the nine months ended
September 30, 2009, an increase of 5.2 percent compared to the same
period of 2008; net income for the three months ended
September 30, 2009 was $37.0 million, an increase of
9.1 percent compared to the same period of 2008, prior to amounts
related to participation in the TARP program, including preferred
stock dividends and amounts related to the Warrants. After these
amounts, net income for the third quarter of 2009 applicable to
common shareholders was $33.7 million, or $.49
diluted earnings per common share and $.49 basic earnings
per common share, as compared to $33.9 million or
$.49 diluted earnings per common share and $.49 basic
earnings per common share for the same period of 2008, absent any
TARP program amounts, as the TARP funds were not received until
December 23, 2008, which represents a decrease of .6 percent
in net income available to common shareholders. Net income for the
nine months ended September 30, 2009 applicable to common
shareholders was $95.9 million, or $1.40 diluted
earnings per common share and $1.40 basic earnings per
common share, as compared to $100.4 million or $1.46
diluted earnings per common share and $1.46 basic earnings
per common share for the same period of 2008, absent any TARP
program amounts, as the TARP funds were not received until
December 23, 2008, representing a decrease of 4.1 percent in
diluted earnings per common share and a decrease of 4.5 percent in
net income available to common shareholders.
Net income was negatively impacted during the first nine months
by an increase in the provision for probable loan losses that the
Company recorded during the first three quarters of 2009. The
increase in the provision can be attributed to the general weakness
in the economy and the impact that weakness has on the Company’s
loan portfolio and borrowers. Additionally, the Company was
negatively impacted in the second quarter by an industry-wide FDIC
special assessment of $3.3 million, net of tax. Net income for the
first nine months of 2009 was positively affected by the increase
in net interest margin of the Company, and gains on sales of
investment securities of approximately $7.7 million, net of
tax.
“I’m extremely pleased with the results of the first nine months
of 2009, especially in light of this difficult banking environment.
The Company’s strong performance has provided us with the ability
to offset the costs of the industry-wide FDIC special assessment
and the increasing loan provisioning for probable loan losses.
Additionally, the Company’s strong earnings substantially
neutralized the cost of the TARP funding. We are confident in the
strength of our balance sheet and especially the long-term quality
of our loan portfolio as further evidenced by the decline in our
non-performing assets during this period. We are pleased that the
economies of Texas and Oklahoma continue to perform better than the
national economy. This performance was further supported by a
recent Brookings Institution’s MetroMonitor study, which was used
by BusinessWeek.com to rank the nation’s top 40 economies on
October 22, 2009. That study placed IBC’s key markets in Texas and
Oklahoma as the clear winners, ranking San Antonio number one,
Austin-Round Rock number two, Oklahoma City number three, Tulsa
number seven, Houston number nine and McAllen-Edinburg-Mission
number twelve,” said Dennis E. Nixon, President and CEO.
“Additionally, during the first three quarters, the substantial
increase in shareholders’ equity further strengthened the Company’s
capital ratios. Our securities portfolio has continued to benefit
from the Federal Reserve Board and U.S. Treasury actions in the
bond markets, which have kept interest rates down and bond prices
up. IBC continues to seek out qualified borrowers and is actively
lending and investing. We are committed to serving the needs of our
customers as well as enhancing our shareholder value,” commented
Mr. Nixon.
Total assets at September 30, 2009 were $11.7 billion
compared to $12.4 billion at December 31, 2008. Total
net loans were $5.7 billion at September 30, 2009
compared to $5.8 billion at December 31, 2008. Deposits
were $6.9 billion at September 30, 2009 and
December 31, 2008.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 280 facilities and more than 440 ATMs serving
104 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 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’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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