IBC Reports 40% Increase in Year to Date 2018 Earnings
2018年11月8日 - 2:39AM
ビジネスワイヤ(英語)
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas (“IBC”), today
reported net income for the nine months ended September 30, 2018 of
$157.4 million or $2.36 diluted earnings per common
share ($2.38 per share basic) compared to $112.2
million or $1.68 diluted earnings per common share
($1.70 per share basic), which results in an increase of
40% in net income and 40% in diluted earnings per
share over the corresponding period of 2017. Net income for the
three months ended September 30, 2018 was $51.1 million or
$.77 diluted earnings per common share ($.77 per
share basic) compared to $39.6 million or $.59
diluted per common share ($.60 per share basic), which
represents a 29% increase in net income and a 31%
increase in diluted earnings per share over the corresponding
period of 2017.
Net income for the three and nine months ended September 30,
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 for the
same period and can be attributed to an increase in the cost of
borrowings expense and the rates paid on deposit liabilities, which
have increased as a result of recent Federal Reserve Board actions
to raise interest rates. Net income for the same periods was
positively impacted by a decrease in the provision for probable
loan losses compared to the same periods in 2017 as a result of a
decrease in the historical loss experience in the commercial
category of the allowance for probable loan losses calculation. Net
income for the nine months ended September 30, 2018 was also
positively impacted by a decrease in the effective tax rate on
IBC’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% from 35%, income tax expense decreased
by approximately $27.9 million.
“I continue to be extremely pleased with our exceptional
earnings success for the third quarter and year to date as we move
through the latter half of 2018. Our focus on continued cost
control and improving performance in our core bank operations has
been complemented by the actions taken to reform the tax laws at
the end of 2017, which have benefitted IBC 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. We are confident in the strength of our balance sheet and
our strong capital position,” said Dennis E. Nixon, President and
CEO.
Total assets at September 30, 2018 were $11.8 billion
compared to $12.2 billion at December 31, 2017. Total net
loans were $6.4 billion at September 30, 2018 compared to
$6.3 billion at December 31, 2017. Deposits were
$8.6 billion at September 30, 2018 compared to $8.5
billion at December 31, 2017.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 191 facilities and 288 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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International Bancshares CorporationJudith Wawroski,
956-722-7611Treasurer
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