IBC Announces Strong First Quarter Earnings
06 5월 2010 - 11:28PM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income of $32 million for the first quarter of 2010,
prior to costs related to participation in the TARP program,
including preferred stock dividends and expenses related to the
Warrants. Net income for the first quarter 2010 decreased
14.7 percent compared to the same period in 2009. Net income
for the first quarter of 2010 applicable to common shareholders was
$28.8 million, or $.42 diluted earnings per common
share and $.42 basic earnings per common share, as compared
to $34.3 million or $.50 diluted earnings per common
share and $.50 basic earnings per common share for the same
period of 2009, representing a decrease of 16.0 percent in
diluted earnings per common share and a 16.0 percent
decrease in net income.
Net income for the first quarter of 2010 was negatively affected
by a $14.2 million additional reserve, after tax, related to a
dispute inherited by the Company in its 2004 acquisition of Local
Financial Corporation (“LFIN”). On March 5, 2010, a judgment was
entered on a jury verdict rendered against the Company in the U.S.
District Court for the Western District of Oklahoma. The dispute
involves claims by the former controlling shareholders of LFIN
related to approximately $14 million of tax refunds received by IBC
based on deductions taken in 2003 by LFIN in connection with losses
on loans acquired from a failed thrift and a dispute LFIN had with
the FDIC regarding the tax benefits related to a failed thrift
acquisition which originated in 1988. Other than the tax refunds
that are in dispute, the Company does not have any other disputes
regarding tax refunds received in connection with the LFIN
acquisition. The Company is disappointed with the judgment, but
believes it has a number of valid grounds for appeal which it
intends to pursue. Net income was positively impacted during the
first quarter of 2010 by investment securities gains in the amount
of $18.4 million, after tax. Additionally, net income for the first
quarter of 2010 and 2009 was negatively affected by the provision
for probable loan losses. The increased provisions in the 2010 and
2009 quarters can be attributed to the weakness in the economy and
the impact of that weakness on IBC’s loan portfolio.
“I’m extremely pleased with the first quarter results, in light
of this continuing difficult economic environment, but I am
especially disappointed in the judgment relating from a dispute on
certain items inherited from our acquisition of LFIN. The Company’s
strong earnings performance has mostly offset the additional
reserve related to the judgment and the cost of the TARP funding.
We are confident in the strength of our balance sheet and the
quality of our loan portfolio. We are pleased that the economies of
Texas and Oklahoma continue to perform better than the national
economy during this weakened economic environment and we are
starting to see improvements in the Texas and Oklahoma markets
compared to earlier in this recessionary period,” said Mr. Nixon,
President and CEO.
“Additionally, our securities portfolio has benefited from the
Federal Reserve Board and US Treasury continued actions in the bond
markets during the first quarter, which kept interest rates down
and bond prices up. The gain in the portfolio is at record levels,”
further commented Mr. Nixon. During the first quarter, the increase
in shareholders’ equity further strengthened the Company’s strong
capital ratios. Mr. Nixon commented that “the Company
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.”
Total assets at March 31, 2010 were $10.8 billion
compared to $11.8 billion at December 31, 2009. The
decrease in total assets was primarily due to the sale of
mortgage-backed securities to facilitate a re-positioning of the
Company’s investment portfolio. Net loans were $5.5 billion
at March 31, 2010 compared to $5.6 billion at
December 31, 2009. Deposits were $7.5 billion at
March 31, 2010 and $7.2 billion at December 31,
2009.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 279 facilities and more than 430 ATMs serving
105 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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