IBC Reports Strong Earnings Performance
2009年8月5日 - 6:10AM
ビジネスワイヤ(英語)
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income of $68.7 million for the six months ended June
30, 2009, an increase of 3.2 percent compared to the same
period of 2008; net income for the three months ended June 30, 2009
was $31.1 million, a decrease of 5.8 percent compared
to the same period of 2008, prior to amounts related to
participation in the TARP program, including preferred stock
dividends and amounts related to the Warrants. After these TARP
program amounts, net income for the second quarter of 2009
applicable to common shareholders was $27.9 million, or
$.41 diluted earnings per common share and $.41 basic
earnings per common share, as compared to $33.0 million or
$.48 diluted earnings per common share and $.48 basic
earnings per common share for the same period of 2008, which 2008
period does not reflect any TARP program amounts, as the TARP funds
were not received until December 23, 2008. Net income for the six
months ended June 30, 2009 applicable to common shareholders was
$62.2 million, or $.91 diluted earnings per common
share and $.91 basic earnings per common share, as compared
to $66.5 million or $.97 diluted earnings per common
share and $.97 basic earnings per common share for the same
period of 2008, absent any TARP program amounts.
Net income was negatively impacted during the first six months
by an increase in the provision for probable loan losses that the
Company recorded during the first and second quarter of 2009. The
increase in the provision can be attributed to the general weakness
in the economy and the impact of that weakness on the Company’s
loan portfolio. Additionally, the Company was negatively impacted
by an industry-wide FDIC special assessment, resulting in a charge
to earnings of $3.3 million, after tax. Net income for the first
six months of 2009 was positively affected by the increasing net
interest margin of the Company, and gains on sales of investment
securities of approximately $7.2 million, after tax.
“I’m extremely pleased with the results for the first six months
of 2009, especially in light of this difficult banking environment.
Our strong performance has provided the Company with the ability to
offset the costs of the industry-wide FDIC special assessment and
the increasing loan provisioning for probable loan losses.
Additionally, the Company’s strong earnings substantially
neutralized the cost of the TARP funding. We are confident in the
strength of our balance sheet and especially the long-term quality
of our loan portfolio as further evidenced by the decline in our
non-performing assets during this period. The Company has had
strong performance relative to its peers. During the second
quarter, the Company was ranked as the top Hispanic-owned financial
institution in the nation and the number one Hispanic-owned
business in Texas. In February, IBC Bank ranked No.18 on Bank
Director Magazine’s Bank Performance Scorecard of Top 150 Banks and
Thrifts in the United States in addition to these positive reports.
We are pleased that the economies of Texas and Oklahoma continue to
perform better than the national economy. Our securities portfolio
has benefited substantially from the Federal Reserve Board and U.S.
Treasury actions in the bond markets, which have interest rates
down and bond prices up. The gain in the portfolio is at record
levels,” said Dennis E. Nixon, President and CEO.
“Additionally, during the first and second quarter, the
substantial increase in shareholders’ equity further strengthened
the Company’s capital ratios. IBC continues to seek out qualified
borrowers and is actively lending and investing. We are committed
to serving the needs of our customers as well as enhancing our
shareholder value,” commented Mr. Nixon.
Total assets at June 30, 2009 were $11.5 billion compared
to $12.4 billion at December 31, 2008. Total net loans
were $5.7 billion at June 30, 2009 compared to $5.8
billion at December 31, 2008. Deposits were $6.9
billion at June 30, 2009 and December 31, 2008.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with more than 275 facilities and more than 435 ATMs
serving 104 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 future developments or events, expectations, plans,
projections or future performance of IBC and its subsidiaries, the
occurrence of which involve certain risks and uncertainties,
including those 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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