IBC Announces 2012 Earnings
2013年2月26日 - 3:40AM
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
annual net income for 2012 of $107.8 million compared to
$127.1 million, which represents a 15.2 percent
decrease in net income over the corresponding period in 2011, prior
to amounts related to participation in the TARP program, including
preferred stock dividends and amounts related to the Warrants.
After these amounts, annual net income for 2012 applicable to
common shareholders was $93.5 million, or $1.39
diluted earnings per common share ($1.39 per share basic), as
compared to net income of $113.9 million or $1.69
diluted earnings per common share ($1.69 per share basic) for the
same period of 2011. On November 28, 2012, the Company exited the
TARP Capital Purchase program when it completed the repurchase of
all of the Series A Preferred shares from the U.S. Treasury. Net
income for the three months ended December 31, 2012 was
$25.7 million, 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
fourth quarter of 2012 applicable to common shareholders was
$21.9 million, or $.32 diluted earnings per common
share ($.32 per share basic), as compared to $27.0
million or $.40 diluted earnings per common share
($.40 per share basic) for the same period of 2011, which
represents a decrease of 18.9 percent in net income
available to common shareholders. As part of completing its exit
from the TARP Capital Purchase program, the Company was required to
accelerate the discount associated with the preferred stock so that
the discount was fully accreted at the time of the last payment on
November 28, 2012. The accretion is recognized as an increase to
preferred stock dividends, resulting in a larger than usual impact
to preferred stock dividends in the fourth quarter of 2012.
Net income available to common shareholders for the year ended
December 31, 2012 decreased by 17.9% as compared to the same period
in 2011. Net income for the year ended December 31, 2012 was
negatively impacted by narrowing interest margins caused by slow
loan demand and declining yields in the bond markets coupled with
lower levels of revenue on interchange fee income and overdraft
programs due to regulatory changes, as well as the burden of
increasing compliance costs arising from the Dodd-Frank Act and
heightened regulatory oversight. Net income for the years ended
December 31, 2012 and 2011 was positively impacted by the sale of
available-for-sale investment securities totaling $25 million, net
of tax, and $11.2 million, net of tax, respectively. The securities
were sold to facilitate a re-positioning of a portion of the
Company’s investment portfolio. Net income for the year ended
December 31, 2012 was negatively impacted by a one-time charge of
$20.5 million, net of tax, recorded in the third quarter as a
result of the Company’s lead bank subsidiary’s termination of a
portion of its long-term repurchase agreements in order to help
manage its long-term funding costs.
International Bancshares Corporation
and Subsidiaries
Consolidated Financial Summary
Years EndedDecember 31, 2012
2011
(Dollars in thousands, except per share
data)Unaudited
Interest income $ 375,639 $ 418,124 Interest expense
(74,499 ) (94,298
)
Net interest income 301,140 323,826 Provision for probable loan
losses (27,959 ) (17,318 ) Non-interest income 200,591 201,493
Non-interest expense (315,372 ) (316,774
)
Income before income taxes 158,400 191,227 Income taxes
(50,565 ) (64,078
)
Net income $
107,835 $
127,149
Preferred stock dividends (14,362 )
(13,280 ) Net income available to
common shareholders $
93,473 $
113,869 Net income per common share
Basic $ 1.39 $ 1.69 Diluted $ 1.39 $ 1.69
“I’m pleased with the Company’s continued earnings success for
2012. Earnings challenges for the industry, especially community
banks, have become a significant factor in operating community
banks in today’s uncertain economic and regulatory environment.
Management has taken and will continue to take aggressive steps to
improve revenues and control expenses in this difficult period with
the goal of improving performance. We are confident in the strength
of our balance sheet and especially its strong capital position. We
are also pleased that the economies of Texas and Oklahoma continue
to perform better than the national economy,” said Dennis E. Nixon,
President and CEO. Mr. Nixon further commented, “The Company exited
the TARP Capital Purchase program on November 28, 2012, which will
eliminate dividend payments on preferred stock and favorably impact
the return for the common shareholders.”
Total assets at December 31, 2012 were $11.9 billion
compared to $11.7 billion at December 31, 2011. Total
net loans were $4.7 billion at December 31, 2012
compared to $5.0 billion at December 31, 2011. Deposits
were $8.3 billion at December 31, 2012 compared to
$7.9 billion at December 31, 2011.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 215 facilities and 339 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.
International Bancshares (NASDAQ:IBOC)
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