IBC Announces First Quarter 2016 Earnings
May 09 2016 - 12:56PM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
first quarter net income for 2016 of $33.0 million, or
$.50 diluted and basic earnings per common share, as
compared to $35.9 million, or $.54 diluted and basic
earnings per common share for the corresponding period in 2015. The
change in net income represents an 8.1 percent decrease in
net income available to common shareholders, and a decrease of
7.4 percent in diluted earnings per share over the
corresponding period in 2015.
Net income for the three months ended March 31, 2016 was
positively impacted by the sale of two investments by a merchant
banking entity in which the Company holds a majority interest. Net
income for the three months ended March 31, 2016 was negatively
impacted by an increase in the provision for probable loan losses
during the period as a result of an increase in the portion of the
allowance for probable loan losses calculated based on actual
historical loss experience in the commercial loan category of the
Company’s loan portfolio and losses charged to the allowance for
probable loan losses attributable to further deterioration of a
previously identified loan relationship.
“I’m very pleased with the Company’s continued earnings success
in 2016. The Company remains committed to achieving superior
earnings, despite the continued regulatory challenges facing the
industry, including the continued difficult economic environment
across the United States and overseas. The Company continues to
maintain strong liquidity, focused expense control, sound credit
underwriting standards and a healthy investment strategy. We
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, 2016 were $11.9 billion
compared to $11.8 billion at December 31, 2015. Total net
loans were $5.9 billion at March 31, 2016 and at
December 31, 2015. Deposits were $8.6 billion at March
31, 2016 and $8.5 billion at December 31, 2015.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 206 facilities and more than 315 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 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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version on businesswire.com: http://www.businesswire.com/news/home/20160509006264/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611Senior Vice President
International Bancshares (NASDAQ:IBOC)
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