IBC Reports Strong Earnings Performance
2011年8月8日 - 11:04PM
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 $66.1 million for the six months ended June
30, 2011, compared to $66.1 million for the same period of
2010, prior to amounts related to participation in the TARP
program, including preferred stock dividends and amounts related to
the Warrants. After the TARP program amounts, net income for the
six months ended June 30, 2011 applicable to common
shareholders was $59.5 million, or $.88 diluted
earnings per common share and $.88 basic earnings per common
share, as compared to $59.5 million or $.87 diluted
earnings per common share and $.87 basic earnings per common
share for the same period of 2010, representing an increase of 1.1
percent in diluted earnings per common share. Net income for the
three months ended June 30, 2011 was $32.6 million, a decrease of
4.1 percent compared to net income of $34.0 million for the
same period of 2010, prior to amounts related to participation in
the TARP program, including preferred stock dividends and amounts
related to the Warrants. After these amounts, net income for the
second quarter of 2011 applicable to common shareholders was
$29.3 million, or $.43 diluted earnings per common
share and $.43 basic earnings per common share, as compared
to $30.7 million or $.45 diluted earnings per common
share and $.45 basic earnings per common share for the same
period in 2010, representing a decrease of 4.4 percent in diluted
earnings per common share and a decrease of 4.6 percent in net
income.
Net income during the first six months of 2011 was positively
affected by a lower provision for probable loan losses of
approximately $2.2 million, $1.4 million after tax, compared to
approximately $8.7 million, $5.7 million, after tax, in the first
six months of 2010. Net income for the first six months of 2010 was
negatively affected by a dispute related to certain tax matters
that were inherited by the Company in its 2004 acquisition of LFIN
in the amount of $21.8 million, $14.2 million, after tax. The
Company is currently appealing the judgment. Net income for the six
months ended June 30, 2010 was positively affected by gains on the
sale of investment securities of $30.8 million, $20.0 million,
after tax, to facilitate a re-positioning of the Company’s
investment portfolio.
“I’m extremely pleased with the second quarter and year-to-date
results, especially in light of this difficult economic environment
and all the challenges faced by the industry. Even in the face of
all these problems, IBC has continued to produce solid earnings. We
are confident in the strength of our balance sheet and the quality
of our loan portfolio. The Company continues to seek out qualified
borrowers and is actively lending and financing. We are pleased
that the economies of Texas and Oklahoma continue to perform better
than the national economy and we are continuing to see improvements
in the Texas and Oklahoma markets compared to earlier in this
recessionary period,” said Dennis E. Nixon, President and CEO.
Total assets at June 30, 2011 were $11.8 billion compared
to $11.9 billion at December 31, 2010. Net loans were
$5.2 billion at June 30, 2011 compared to $5.3
million at December 31, 2010. Deposits were $7.8
billion at June 30, 2011 and $7.6 billion at
December 31, 2010.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 275 facilities and more than 440 ATMs serving
107 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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