IBC Reports First Quarter 2020 Earnings
08 5월 2020 - 2:16AM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income for the three months ended March 31, 2020 was
$34.8 million or $.53 diluted earnings per common
share ($.54 per share basic), compared to $51.9
million or $.79 diluted earnings per common share
($.79 per share basic) for the same period in 2019,
representing a decrease of 32.9 percent in net income and
diluted earnings per share.
Net income for the three months ended March 31, 2020 was
primarily impacted by an increase in the provision for credit
losses arising from economic changes that occurred in the first
quarter as a result of COVID-19 and the impact of those changes on
our first quarter allowance for credit loss calculation. We adopted
the provisions of ASU 2016-13 on Jan. 1, 2020, resulting in a
transition from the long-standing incurred loss model to an
expected credit loss model that recognizes credit losses over the
life of a financial asset. Expected credit losses capture
historical information, current conditions and reasonable and
supportable forecasts of future conditions. Under the new model,
our provision for credit losses increased to $13.3 million, net of
tax. Net income was also impacted by the Federal Reserve Board
action to decrease interest rates in March 2020.
In March 2020, the World Health Organization recognized the
outbreak of the novel coronavirus (“COVID-19”) as a pandemic. The
global health crisis from COVID-19 and government responses to the
crisis have created never-before-seen consequences and disruption
in all areas of the U.S. and global economies. We have continued to
work with our customers to assist them through these difficult
times. We are capitalizing on our strong capital position and
strong liquidity to ensure that we are correctly positioned and
have the financial strength to navigate the crisis to protect our
company, our employees, our customers and our shareholders. We are
working with our customers on a case-by-case basis on temporary
deferrals of interest and/or principal payments on loans, and have
taken an active role in assisting customers in obtaining loans
through the Small Business Administration’s Paycheck Protection
Program.
“The current global health crisis resulting from COVID-19 has
affected our business, and with future economic conditions
remaining uncertain, the full impact of the current crisis has yet
to be seen. However, we are confident in our exceptionally strong
capital position, significant liquidity, relationship deposit base
and responsive management strategies to guide us through the
current crisis and continue providing superior returns to our
shareholders. We remain fully committed to making the best
decisions possible as we navigate this crisis to protect the future
of our company for our customers, employees and shareholders,” said
President and CEO Dennis E. Nixon. “The first quarter of 2020 also
saw the transition to a new methodology to calculate our allowance
for credit losses. That transition to a current expected credit
loss model from the long-standing incurred loss model resulted in a
small capital charge at transition, and an increase in our
provision for credit losses. This is due to the nature of the
calculation that now incorporates not only historical losses, but
also factors in current conditions and reasonable and supportable
forecasts of future conditions. We will continue to monitor the
crisis and the impact on our business and are confident that we are
making prudent choices to ensure that we continue the 54-plus years
of success we have delivered.”
Total assets at March 31, 2020 were $12.5 billion
compared to $12.1 billion at Dec. 31, 2019. Total net loans
were $6.9 billion at March 31, 2020 compared to $6.8
billion at Dec. 31, 2019. Deposits were $9.0 billion at
March 31, 2020 compared to $8.8 billion at Dec. 31,
2019.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 187 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/20200507005844/en/
Judith Wawroski, Treasurer and Principal Financial Officer
International Bancshares Corporation (956) 722-7611
International Bancshares (NASDAQ:IBOC)
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International Bancshares (NASDAQ:IBOC)
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