IBC Reports Strong Earnings Performance
02 11월 2010 - 1:49AM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income of $33.5 million for the three months ended
September 30, 2010, a decrease of 9.5 percent as compared to
$37.0 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 third quarter of 2010 applicable to
common shareholders was $30.3 million, or $.45
diluted earnings per common share and $.45 basic earnings
per common share, as compared to $33.7 million or
$.49 diluted earnings per common share and $.49 basic
earnings per common share for the same period in 2009, representing
a decrease of 8.2 percent in diluted earnings per common share and
a decrease of 10.1 percent in net income. After the TARP program
amounts, net income for the nine months ended September 30,
2010 applicable to common shareholders was $89.8 million, or
$1.32 diluted earnings per common share and $1.32
basic earnings per common share, as compared to $95.9
million or $1.40 diluted earnings per common share and
$1.40 basic earnings per common share for the same period of
2009, representing a decrease of 5.7 percent in diluted earnings
per common share and a decrease of 6.4 percent in net income
available to common shareholders.
Net income for the nine months ended September 30, 2010 and
September 30, 2009 was positively affected by gains from the sale
of investment securities totaling $20.0 million and $7.7 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 nine months ended 2010 was
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 nine month period in 2009. Net income was
negatively affected for the nine 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 September 30, 2010, the Company has
determined that the reserve currently established for this matter
is still appropriate. Net income for the first nine months of 2010
was also negatively impacted because of a decrease in net interest
margin compared to the same period in 2009 because of investment
securities sales, increasing liquidity, and the net interest margin
returning to more traditional levels. During the first nine 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 pleased with the third quarter results and the Company’s
performance for the first nine months especially in light of the
difficult economic environment and the challenges the industry
continued to face. We are confident in the strength of our balance
sheet and the quality of our loan portfolio. The Company continues
to seek out qualified borrowers and is actively lending and
financing. 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.
Total assets at September 30, 2010 were $12.1
billion compared to $11.8 billion at December 31, 2009.
Total net loans were $5.4 billion at September 30, 2010
compared to $5.6 billion at December 31, 2009. Deposits
were $7.5 billion at September 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 440 ATMs serving
107 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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