IBC Reports Strong 2014 Earnings
August 11 2014 - 3:43PM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income for the six months ended June 30, 2014 of $81.4
million, or $1.21 diluted earnings per common share and
$1.21 basic earnings per common share, compared to
$55.6 million or $.83 diluted earnings per common
share and $.83 basic earnings per common share for the same
period of 2013, representing an increase of 46 percent in
net income and 46 percent diluted earnings per common share.
Net income for the three months ended June 30, 2014 was
$37.7 million, or $.56 diluted earnings per common
share and $.56 basic earnings per common share, compared to
$27.5 million or $.41 diluted earnings per common
share and $.41 basic earnings per common share for the same
period in 2013, representing an increase of 37 percent in
net income and an increase of 37 percent in diluted earnings
per common share.
Net income for the three and six months ended June 30, 2014 was
positively impacted by an increase in the Company’s net interest
margin, as well as a 51% decrease in the provision for probable
loan losses for the six months ended June 30, 2014. The increase in
the net interest margin can be primarily attributed to increased
levels of interest income arising from the Company’s repositioning
of its investment portfolio 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 Company’s lead
bank subsidiary.
“I’m pleased with the Company’s earnings for the first six
months of 2014. The earnings continue to reflect the Company’s
commitment to superior earnings, especially in light of the
continued regulatory challenges facing the industry, as well as the
still unsettled economic environment in the U.S. 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 June 30, 2014 were $12.4 billion compared
to $12.1 billion at December 31, 2013. Net loans were
$5.4 billion at June 30, 2014 compared to $5.1
billion at December 31, 2013. Deposits were $8.4
billion at June 30, 2014 and $8.2 billion at
December 31, 2013.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 217 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
International Bancshares CorporationJudith Wawroski,
956-722-7611First Vice President
International Bancshares (NASDAQ:IBOC)
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