IBC Reports 2020 Earnings
06 11월 2020 - 2:37AM
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 Sept. 30, 2020 was
$42.7 million or $.67 diluted earnings per common
share ($.68 per share basic), compared to $51.4
million or $.78 diluted earnings per common share
($.79 per share basic) for the same period in 2019,
representing a decrease of 14.1 percent in diluted earnings
per share and a decrease of 16.9 percent in net income. Net
income for the nine months ended Sept. 30, 2020 was $119.1
million or $1.86 diluted earnings per common share
($1.86 per share basic), compared to $153.4 million
or $2.33 diluted earnings per common share ($2.34 per
share basic) for the same period of 2019, representing a decrease
of 20.2 percent in diluted earnings per share and a decrease
of 22.4 percent in net income.
Net income for the nine months ended Sept. 30, 2020 continues to
be impacted by the provision for credit losses arising from the
economic downturn as a result of COVID-19 and the impact that
downturn had on the allowance for credit loss calculation for the
period. 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. Under the new model, our
provision for credit losses increased to $28.9 million, net of tax
for the nine months ended Sept. 30, 2020. Net income for the period
also continues to be impacted by low market rates as a result of
the Federal Reserve Board action that rapidly decreased interest
rates in March 2020, driving interest income down, as well as a
decline in non-interest income caused by lower transaction volumes
as a result of the pandemic.
We have continued to work with our customers to assist them
through these difficult times on a case-by-case basis on temporary
deferrals of interest and/or principal payments on loans. We took
an active role in assisting customers in obtaining loans through
the Small Business Administration’s Paycheck Protection Program
(“PPP”) and are now transitioning to helping those same customers
submit forgiveness applications in line with the parameters of the
PPP program.
“The global health crisis resulting from COVID-19 has continued
to impact our business. The long-term impact is still unknown,
since future economic conditions remain unclear,” said Dennis E.
Nixon, president and CEO. “Despite these uncertain times, we
continue to be confident in our exceptionally strong capital
position, significant liquidity, strong relationship deposit base
and responsive management strategies to guide us through the
crisis, all aimed at providing superior returns to our shareholders
as we have for the past 55 years. We remain fully committed to
making the best decisions possible as we navigate the effects of
the crisis to protect the future of our Company for our customers,
employees and shareholders.”
Total assets at Sept. 30, 2020 were $13.6 billion
compared to $12.1 billion at Dec. 31, 2019. Total net loans
were $7.5 billion at Sept. 30, 2020 compared to $6.8
billion at Dec. 31, 2019. Deposits were $10.3 billion at
Sept. 30, 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 281 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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Judith Wawroski, Treasurer and Principal Financial Officer
International Bancshares Corporation (956) 722-7611
International Bancshares (NASDAQ:IBOC)
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