IBC Reports Record 2018 Earnings
2019年2月28日 - 3:37AM
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 2018 of $215.9 million or $3.24
diluted earnings per common share ($3.27 per share basic)
compared to $157.4 million or $2.36 diluted earnings
per common share ($2.38 per share basic), which represents a
37.2 percent increase in net income and a 37.3
percent increase in diluted earnings per share over the
corresponding period in 2018. Net income for the three months ended
December 31, 2018 was $58.5 million or $.88 diluted
earnings per common share ($.89 per share basic), compared
to $45.2 million or $.68 diluted earnings per common
share ($.69 per share basic) for the same period in 2017,
representing an increase of 29.4 percent in net income and a
29.4 percent increase in diluted earnings per share.
Net income for the year ended December 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 on 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 twelve months
ended December 31, 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 $38.6 million for
2018.
International Bancshares Corporation and Subsidiaries
Consolidated Financial Summary Years
Ended December 31, 2018 2017
(Dollars in thousands, except per share data)
Interest income $ 465,822 $ 415,136 Interest expense (52,668 )
(38,931 ) Net interest income 413,154 376,205 Provision for
probable loan losses (6,112 ) (11,221 ) Non-interest income 165,042
150,406 Non-interest expense (299,501 ) (293,748 )
Income before income taxes 272,583 221,642 Income taxes
(56,652 ) (64,206 ) Net income $
215,931
$
157,436 Net income per common
share Basic $ 3.27 $ 2.38 Diluted $ 3.24 $ 2.36
“The twelve months ended December 31, 2018 have proven to be a
record year in terms of earnings success for IBOC. The earnings
success we have seen for 2018 can be attributed to our continued
focus on building and improving the performance of our core bank
operations and continued cost control, which have been complemented
by the actions taken to reform the tax laws at the end of 2017. The
reformed tax laws have benefitted us, the economy, and the
communities we serve. We are confident in the strength of our
balance sheet and our strong capital position enhanced by our
proven track record for over 50 years. We continue to exceed most
of our peers based on Bank Holding Company Performance Reports
compiled by the Federal Financial Institutions Examination
Council,” said Dennis E. Nixon, President and CEO.
Total assets at December 31, 2018 were $11.9 billion
compared to $12.2 billion at December 31, 2017. Total net
loans were $6.5 billion at December 31, 2018 compared
to $6.3 billion at December 31, 2017. Deposits were
$8.7 billion at December 31, 2018 compared to
$8.5 billion at December 31, 2017.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 189 facilities and 287 ATMs serving 89
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/20190227005801/en/
Judith WawroskiTreasurer and Principal Financial
OfficerInternational Bancshares Corporation(956) 722-7611
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