IBC Announces Strong First Quarter 2014 Earnings
May 05 2014 - 12:54PM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
first quarter net income for 2014 of $43.6 million, or
$.65 diluted and basic earnings per common share, as
compared to $28.1 million, or $.42 diluted and basic
earnings per share for the corresponding period in 2013. The change
in net income represents a 55.5 percent increase in net
income available to common shareholders over the corresponding
period in 2013 and an increase of 54.8 percent in diluted
earnings per share comparing the same period.
Net income for the first quarter of 2014 was positively affected
by an increase in the Company’s net interest margin. The increase
in the net interest margin can be primarily attributed to increased
levels of interest income arising from the re-positioning of the
investment portfolio the Company undertook in 2013, an increase in
loans outstanding, and a decrease in interest expense on securities
sold under repurchase agreements arising from the early termination
of some of the long-term repurchase agreements by the lead bank
subsidiary. Net income for the first quarter of 2014 was also
positively impacted by several other one-time transactions that
contributed to a 9.3 percent increase in non-interest income for
the first quarter of 2014 compared to the corresponding period in
2013.
“I’m very pleased with the Company’s continued earnings success
in 2014. The earnings for the first quarter of 2014 reflect the
Company’s commitment to superior earnings, especially in view of
the continued regulatory challenges facing the industry and the
unsettled economic environment. The Company continues to maintain
strong liquidity, focused expense control, sound credit
underwriting standards and a healthy investment strategy. 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 March 31, 2014 and December 31, 2013 were
$12.1 billion. Total net loans were $5.2 billion at
March 31, 2014 compared to $5.1 billion at December 31,
2013. Deposits were $8.4 billion at March 31, 2014 and
$8.2 billion at December 31, 2013.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 216 facilities and more than 320 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 CorporationJudith Wawroski,
956-722-7611First Vice President
International Bancshares (NASDAQ:IBOC)
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