IBC Reports 2015 Earnings
February 26 2016 - 11:29AM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
annual net income available to common shareholders for 2015 of
$136.7 million or $2.05 diluted earnings per common
share ($2.06 per share basic) compared to $153.2
million or $2.28 diluted earnings per common share
($2.29 per share basic), which represents a 10.8
percent decrease in net income and a 10.1 percent decrease
in diluted earnings per share over the corresponding period in
2014. Net income available to common shareholders for the three
months ended December 31, 2015 was $35.0 million or
$.52 diluted earnings per common share ($.53 per
share basic), compared to $38.6 million or $.57
diluted earnings per common share ($.58 per share basic),
representing a decrease of 9.3 percent in net income
available to common shareholders and a 8.8 percent decrease
in diluted earnings per share.
Net income for the year ended December 31, 2015 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, resulting in an increase of 69.2 percent
in the provision charged to expense. Non-interest income for the
period also decreased, primarily as a result of infrequent
transactions that occurred in 2014, including the sale of an equity
investment by a merchant banking company in which the Company holds
a 50 percent interest, the sale of property originally held by the
bank subsidiaries, the discount recorded in connection with the
buy-back of a portion of the outstanding capital securities issued
by one of the statutory business trusts formed by the Company, a
decrease in overdraft income due to a decrease in volume and gains
on sales of investments of $5.0 million, after tax.
International Bancshares Corporation and
Subsidiaries Consolidated Financial Summary
Years Ended December 31,
2015 2014
(Dollars in thousands,except per share
data)
Interest income $ 396,754 $ 393,599 Interest expense
44,317 46,543 Net interest income 352,437 347,056 Provision
for probable loan losses 24,405 14,423 Non-interest income 155,734
178,348 Non-interest expense 276,924 281,043 Income
before income taxes 206,842 229,938 Income taxes 70,116
76,787 Net income $ 136,726 $ 153,151 Net income per
common share Basic $ 2.06 $ 2.29 Diluted $ 2.05 $ 2.28
“I’m pleased with the Company’s earnings for 2015. The Company
remains committed to achieving superior earnings, especially in
light of the continued regulatory challenges facing the industry,
as well as 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 December 31, 2015 were $11.8 billion
compared to $12.2 billion at December 31, 2014. Net loans
were $5.9 billion at December 31, 2015 compared to
$5.6 billion at December 31, 2014. Deposits were $8.5
billion at December 31, 2015 and $8.4 billion at December
31, 2014.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 207 facilities and more than 320 ATMs serving
87 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/20160226005765/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611First Vice President
International Bancshares (NASDAQ:IBOC)
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