IBC Reports 67 Percent Increase in First Quarter 2018 Earnings
2018年5月9日 - 2:50AM
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
first quarter net income for 2018 of $53.4 million or
$.80 diluted earnings per common share ($.81 per
share basic) compared to $32.0 million or $.48
diluted per common share ($.48 per share basic), which
represents a 67 percent increase in net income and a 67
percent increase in diluted earnings per share over the
corresponding period of 2017.
Net income for the three months ended March 31, 2018 was
positively impacted by an increase in net interest income due to a
higher volume of loans and an increase in the overall yield of the
loan portfolio. Interest expense increased slightly for the same
period and can be attributed to an increase in the cost of
borrowings expense, which has increased as a result of recent
Federal Reserve Board actions to raise interest rates. Net income
for the first quarter of 2018 was also positively impacted by a
decrease in the effective tax rate on the Company’s taxable income,
arising from the Tax Cut and Jobs Act signed into law on December
22, 2017. As a result of the decrease in corporate tax rates to 21
percent from 35 percent, income tax expense decreased by
approximately $9.5 million.
“I’m pleased with the Company’s exceptional earnings success for
the first quarter. The success was achieved by improved performance
in the Company’s core bank operations, but also by the actions
taken to reform the tax laws at the end of 2017, which have
benefitted the Company and the economy as a whole, including the
communities we serve. We have a proven track record of success and
continue to achieve earnings that exceed the majority of our peers
based on Bank Holding Company Performance Reports compiled by the
Federal Financial Institutions Examination Council, and are
confident in the strength of our balance sheet and our strong
capital position,” said Dennis E. Nixon, President and CEO.
Total assets at March 31, 2018 were $12.1 billion
compared to $12.2 billion at December 31, 2017. Total net
loans were $6.4 billion at March 31, 2018 compared to
$6.3 billion at December 31, 2017. Deposits were
$8.9 billion at March 31, 2018 compared to $8.5
billion at December 31, 2017.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 188 facilities and 291 ATMs serving 90
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/20180508006371/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611Treasurer
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