IBC Reports First Quarter 2017 Earnings
May 08 2017 - 4:32PM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
first quarter net income for 2017 of $32.0 million or
$.48 diluted earnings per common share ($.48 per
share basic) compared to $33.0 million or $.50
diluted earnings per common share ($.50 per share basic),
which represents a 3.0 percent decrease in net income and a
4.0 percent decrease in diluted earnings per share over the
corresponding period in 2016.
Net income for the three months ended March 31, 2017, was
positively impacted by a decrease in the provision for probable
loan losses charged to expense of $7.4 million, $4.8 million after
tax, compared to the same period of 2016. 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 pleased with the Company’s earnings success for the first
quarter of 2017,” said Dennis E. Nixon, International Bancshares
Corporation president and CEO. “Management remains committed to
achieving superior earnings despite the continued challenges facing
the banking industry and the U.S. economy as a whole. 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.”
Total assets at March 31, 2017 were $12.0 billion
compared to $11.8 billion at December 31, 2016. Total net
loans were $5.9 billion at March 31, 2017 and
December 31, 2016. Deposits were $8.9 billion at
March 31, 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170508006392/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611Senior Vice President
International Bancshares (NASDAQ:IBOC)
Historical Stock Chart
From Mar 2024 to Apr 2024
International Bancshares (NASDAQ:IBOC)
Historical Stock Chart
From Apr 2023 to Apr 2024