IBC Reports Strong Earnings Performance
06 8월 2010 - 5:15AM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income of $34.0 million for the three months ended
June 30, 2010, an increase of 9.3 percent as compared to
$31.1 million for the same period in 2009, 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 second quarter of 2010 applicable to
common shareholders was $30.7 million, or $.45
diluted earnings per common share and $.45 basic earnings
per common share, as compared to $27.9 million or
$.41 diluted earnings per common share and $.41 basic
earnings per common share for the same period in 2009, representing
an increase of 9.8 percent in diluted earnings per common share and
an increase of 10.0 percent in net income. After the TARP program
amounts, net income for the six months ended June 30, 2010
applicable to common shareholders was $59.5 million, or
$.87 diluted earnings per common share and $.87 basic
earnings per common share, as compared to $62.2 million or
$.91 diluted earnings per common share and $.91 basic
earnings per common share for the same period of 2009, representing
a decrease of 4.4 percent in diluted earnings per common share and
a decrease of 4.3 percent in net income available to common
shareholders.
Net income for the six months ended June 30, 2010 and June 30,
2009 were positively affected by gains from the sale of investment
securities totaling $20.0 million and $7.6 million, net of tax,
respectively. The sales of the securities were to facilitate a
re-positioning of the Company’s investment portfolio. Additionally,
net income for the first six months ended 2010 were affected by a
decrease in the Company’s provision for probable loan losses as
compared to the provision for probable loan losses for the
corresponding six month period in 2009. Net income was negatively
affected for the six months ended 2010 because of a $14.2 million,
after tax, reserve created from a dispute related to certain tax
matters that were inherited by the Company in its 2004 acquisition
of Local Financial Corporation (LFIN). Other than the $14.2, after
tax, charge inherited by Company, the Company does not have any
other LFIN disputes regarding tax refunds in connection with the
acquisition. As of June 30, 2010, the Company has determined that
the reserve currently established for this matter is still
appropriate. During the first six months of 2009, the Company was
negatively impacted by an industry-wide FDIC special assessment,
resulting in a charge to earnings of $3.3 million, after tax.
“I’m extremely pleased with the second quarter results and the
Company’s performance for the first six months especially in light
of the difficult economic environment. 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 continuing 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 and second quarters, which kept interest
rates down and bond prices up. The gain in the securities
portfolio is at record levels,” further commented Mr. Nixon.
During the first and second quarters, 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 June 30, 2010 were $11.3 billion
compared to $11.8 billion at December 31, 2009. Total
net loans were $5.4 billion at June 30, 2010 compared
to $5.6 billion at December 31, 2009. Deposits were
$7.5 billion at June 30, 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 435 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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International Bancshares (NASDAQ:IBOC)
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