IBC Reports Strong Second Quarter 2017 Earnings
August 07 2017 - 1:18PM
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, 2017 of $72.6
million, or $1.09 diluted earnings per common share and
$1.10 basic earnings per common share, compared to
$62.7 million, or $.95 diluted earnings per common
share and $.95 basic earnings per common share for the same
period of 2016, representing a 15.8 percent increase in net
income and a 14.7 percent increase in diluted earnings per
share. Net income for the three months ended June 30, 2017 was
$40.6 million or $.61 diluted earnings per common
share ($.61 per share basic) compared to $29.7
million or $.45 diluted earnings per common share
($.45 per share basic), which represents a 36.7
percent increase in net income and a 35.6 percent increase
in diluted earnings per share over the corresponding period in
2016.
Net income for the three and six months ended June 30, 2017 was
positively impacted by a continued decrease in the provision for
probable loan losses charged to expense of $4.1 million and $8.9
million, after tax, for the three and six months ended June 30,
2017 compared to the same periods of 2016, respectively. Net income
for 2017 was also positively impacted by a tax refund of $4.9
million received in the second quarter as a result of an amended
tax return for the 2012 tax year. Net income for the same period in
2017 was negatively impacted by a charge of $5.8 million, $3.7
million after tax, taken in connection with the termination of a
portion of its long-term repurchase agreements outstanding in order
to reduce funding costs.
“I’m extremely pleased with the Company’s earnings success in
2017. Management remains committed to achieving superior earnings
despite the challenges the Company faces with the economy and the
uncertain regulatory environment. We have a proven track record of
success and 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.
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, 2017 were $12.0 billion compared
to $11.8 billion at December 31, 2016. Total net loans were
$6.1 billion at June 30, 2017 compared to $5.9
billion at December 31, 2016. Deposits were $8.7
billion at June 30, 2017 compared to $8.6 billion at
December 31, 2016.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 192 facilities and 297 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 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: http://www.businesswire.com/news/home/20170807005769/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611Senior Vice President
International Bancshares (NASDAQ:IBOC)
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