IBC Reports Strong Third Quarter 2016 Earnings
November 07 2016 - 01:04PM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income for the three months ended September 30, 2016 of
$35.8 million, or $.54 diluted earnings per common
share and $.54 basic earnings per common share, compared to
$32.0 million or $.48 diluted earnings per common
share and $.48 basic earnings per common share for the same
period in 2015, representing an increase of 12.5 percent in
diluted earnings per common share and a 11.9 percent
increase in net income. Net income for the nine months ended
September 30, 2016 was $98.5 million, or $1.49
diluted earnings per common share and $1.49 basic earnings
per common share, compared to $101.8 million, or
$1.53 diluted earnings per common share and $1.53
basic earnings per common share for the same period of 2015,
representing a decrease of 2.6 percent diluted earnings per
common share and a 3.2 percent decrease in net income.
Net income for the three months ended September 30, 2016 was
positively impacted by a credit to the provision for possible loan
loss expense of $875,000 after tax, compared to an expense of $5.74
million for the same period of 2015. The credit to the provision
can be attributed to a large recovery on a loan charged off in
prior years that positively impacted the overall balance in the
allowance for probable loan losses. Net income for the nine months
ended September 30, 2016 decreased by 3.2% when compared to the
same periods in 2015.
“The Company continued to have earnings success for the first
nine months of 2016. Management remains committed to achieving
superior earnings despite the continued regulatory challenges
facing the industry, and the 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.
Management was also pleased because of its focused effort to
recover a significant past loan loss that added to the third
quarter earnings. 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 September 30, 2016 were $11.9 billion and
$11.8 billion at December 31, 2015. Net loans were
$5.8 billion at September 30, 2016 and $5.9 billion
at December 31, 2015. Deposits were $8.5 billion at
September 30, 2016 and December 31, 2015.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 204 facilities and 309 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/20161107006245/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611Senior Vice President
International Bancshares (NASDAQ:IBOC)
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