IBC Reports Strong 2019 Earnings
28 2월 2020 - 3:32AM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
annual net income for 2019 of $205.1 million or $3.12
diluted earnings per common share ($3.13 per share basic),
compared to $215.9 million or $3.24 diluted earnings
per common share ($3.27 per share basic), which represents a
decrease of 3.7 percent in diluted earnings per share and a
5.0 percent decrease in net income over the corresponding
period in 2018. Net income for the three months ended Dec. 31, 2019
was $51.7 million or $.78 diluted earnings per common
share ($.79 per share basic), compared to $58.5
million or $.88 diluted earnings per common share
($.89 per share basic) for the same period in 2018,
representing a decrease of 11.6 percent in net income and an
11.4 percent decrease in diluted earnings per share.
Net income for the year ended Dec. 31, 2019 continues to be
positively impacted by an increase in net interest income due to a
higher volume of loans and an increase in the overall yield on the
loan portfolio. Interest expense increased for the same period and
can be attributed to an increase in the cost of borrowings expense
and the rates paid on deposit liabilities. Net income for the same
period was negatively impacted by an increase in the provision for
probable loan losses due to a specific reserve and subsequent
charge-off of $7.5 million, net of tax, on a relationship that was
secured by real property on which car dealerships are operated.
International Bancshares
Corporation and Subsidiaries
Consolidated Financial
Summary
Years Ended December
31,
2019
2018
(Dollars in thousands, except
per share data)
Interest income
$
492,401
$
465,822
Interest expense
(58,629)
(52,668)
Net interest income
433,772
413,154
Provision for probable loan losses
(18,843)
(6,112)
Non-interest income
154,826
165,042
Non-interest expense
(309,801)
(299,501)
Income before income taxes
259,954
272,583
Income taxes
(54,850)
(56,652)
Net income
$
205,104
$
215,931
Net income per common share
Basic
$
3.13
$
3.27
Diluted
$
3.12
$
3.24
“The twelve months ended Dec. 31, 2019 have continued to
demonstrate strong earnings success for IBOC. The earnings success
we have seen over recent years can be attributed to our continued
focus on building and improving the performance of our core bank
operations and continued cost control, which have been complemented
by the actions taken to reform the tax laws at the end of 2017,
resulting in additional earnings. The reformed tax laws have
benefitted us, the economy and the communities we serve. We are
confident in the strength of our balance sheet and our strong
capital position, which continue to be enhanced by our earnings
success for over 50 years. We continue to exceed most of our peers
based on Bank Holding Company Performance Reports compiled by the
Federal Financial Institutions Examination Council,” said Dennis E.
Nixon, president and CEO.
Total assets at Dec. 31, 2019 were $12.1 billion compared
to $11.9 billion at Dec. 31, 2018. Total net loans were
$6.8 billion at Dec. 31, 2019 compared to $6.5
billion at Dec. 31, 2018. Deposits were $8.8 billion at Dec.
31, 2019 compared to $8.7 billion at Dec. 31, 2018.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 188 facilities and 284 ATMs serving 88
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: https://www.businesswire.com/news/home/20200227005857/en/
Judith Wawroski, Treasurer and Principal Financial Officer
International Bancshares Corporation (956) 722-7611
International Bancshares (NASDAQ:IBOC)
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