IBC Announces 2010 Earnings
01 3월 2011 - 1:03AM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
annual net income for 2010 of $130.0 million compared to
$142.7 million, which represents a 8.9 percent
decrease in net income over the corresponding 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, annual net income for 2010 applicable to
common shareholders was $116.9 million, or $1.72
diluted earnings per common share ($1.72 per share basic), as
compared to net income of $129.8 million or $1.90
diluted earnings per common share ($1.90 per share basic) for the
same period of 2009. Net income for the three months ended
December 31, 2010 was $30.4 million, compared to
$37.1 million, a decrease of 18.1 percent
compared to the same period of 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 fourth quarter of 2010 applicable to common
shareholders was $27.1 million, or $.40 diluted
earnings per common share ($.40 per share basic), as
compared to $33.8 million or $.50 diluted earnings
per common share ($.50 per share basic) for the same period
of 2009, which represents a decrease of 19.8 percent in
net income available to common shareholders.
Net income available to common shareholders for the year ended
December 31, 2010 decreased by 9.9% as compared to the same period
in 2009. Net income for the year ended December 31, 2010 was
positively affected by gains on investment securities sales
totaling $21.6 million, net of tax. The sales of the securities
were to facilitate a re-positioning of the Company’s investment
portfolio. Net income was negatively affected by an additional
reserve of $21.8 million that the Company recorded during the first
quarter of 2010 in connection with a dispute related to certain tax
matters that were inherited by the Company in its 2004 acquisition
of LFIN. The provision for probable loan losses charged to expense
decreased $23.4 million, after tax to $14.8 million, after tax from
the same period of 2009. The decrease is mainly due to a decrease
in required reserves for impaired loans analyzed on an individual
basis.
International Bancshares Corporation and Subsidiaries
Consolidated Financial Summary Years
Ended December 31, 2010
2009 (Dollars in thousands, except per
share data) Unaudited Interest income $ 458,769 $
527,377 Interest expense (114,036 )
(139,796
)
Net interest income 344,733 387,581 Provision for probable loan
losses (22,812 ) (58,833 ) Non-interest income 218,784 201,013
Non-interest expense (339,725 )
(309,031
)
Income before income taxes 200,980 220,730 Income taxes
(70,957 )
(77,988
)
Net income $
130,023 $
142,742
Preferred stock dividends (13,126 )
(12,984 ) Net income available to
common shareholders $
116,897 $
129,758 Net income per
common share Basic $ 1.72 $ 1.90 Diluted $ 1.72 $ 1.90
“I’m pleased with the Company’s earnings for 2010, especially in
light of this difficult economic environment and all the challenges
faced by the industry. IBC has continued to produce positive
results during this period of economic stress. 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
Dennis E. Nixon, President and CEO.
“Additionally, during the year the substantial increase in
shareholders’ equity further strengthened the Company’s capital
ratios, providing more opportunity for the Company to seek out
qualified borrowers and actively lend and invest. We are committed
to serving the needs of our customers as well as enhancing our
shareholder value,” commented Mr. Nixon.
Total assets at December 31, 2010 were $11.9 billion
compared to $11.8 billion at December 31, 2009. Total
net loans were $5.3 billion at December 31, 2010
compared to $5.6 billion at December 31, 2009. Deposits
were $7.6 billion at December 31, 2010 compared to
$7.2 billion at December 31, 2009.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 278 facilities and 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 plans, projections or future performance of IBC and its
subsidiaries, the occurrence of which involve certain risks and
uncertainties 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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