IBC Reports Exceptional 2017 Earnings
01 3월 2018 - 3:35AM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
annual net income for 2017 of $157.4 million or $2.36
diluted earnings per common share ($2.38 per share basic)
compared to $133.9 million or $2.02 diluted earnings
per common share ($2.03 per share basic), which represents a
17.6 percent increase in net income and a 16.8
percent increase in diluted earnings per share over the
corresponding period in 2016. Net income for the three months ended
December 31, 2017 was $45.2 million or $.68 diluted
earnings per common share ($.69 per share basic) for the
same period in 2016, compared to $35.5 million or
$.53 diluted earnings per common share ($.54 per
share basic), representing an increase of 27.3 percent in
net income and a 28.3 percent increase in diluted earnings
per share.
Net income for the year ended December 31, 2017 was positively
impacted by a decrease in the provision for probable loan losses
compared to 2016 and a tax refund received in the second quarter of
2017. The provision for probable loan losses decreased as a result
of a decrease in the historical loss experience in the commercial
category of the allowance for probable loan loss calculation. Net
income was also positively impacted by a tax refund of $4.9 million
received in the second quarter as a result of an amended tax return
for the 2012 tax year. Net income for the year ended December 31,
2017 was negatively impacted by a charge of $5.8 million, $3.7
million after tax, taken by the lead bank subsidiary in connection
with the termination of its long-term repurchase agreements
outstanding in order to help manage its long-term funding costs,
recorded in the first quarter of 2017.
International Bancshares Corporation and
Subsidiaries Consolidated Financial Summary
Years EndedDecember 31, 2017
2016 (Dollars in thousands, except per
share data)
Interest income $ 415,136 $ 387,914 Interest expense (38,931
) (43,129 ) Net interest income 376,205 344,785 Provision for
probable loan losses (11,221 ) (19,859 ) Non-interest income
150,406 161,702 Non-interest expense (293,748 )
(289,625 ) Income before income taxes 221,642 197,003 Income
taxes (64,206 ) (63,071 ) Net income $
157,436
$
133,932 Net income per
common share Basic $ 2.38 $ 2.03 Diluted $ 2.36 $ 2.02
“I’m pleased with the Company’s exceptional earnings success for
the quarter and year ended December 31, 2017. We have a proven
track record of success and continue to achieve earnings that
exceed the majority of our peers based on Bank Holding Company
Performance Reports compiled by the Federal Financial Institutions
Examination Council, and are confident in the strength of our
balance sheet and our strong capital position,” said Dennis E.
Nixon, President and CEO.
Total assets at December 31, 2017 were $12.2 billion
compared to $11.8 billion at December 31, 2016. Total net
loans were $6.3 billion at December 31, 2017 compared
to $5.9 billion at December 31, 2016. Deposits were
$8.5 billion at December 31, 2017 compared to
$8.6 billion at December 31, 2016.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 192 facilities and 294 ATMs serving 87
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180228006257/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611Treasurer
International Bancshares (NASDAQ:IBOC)
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