IBC Reports Strong 2015 Earnings
November 06 2015 - 12:35PM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income for the nine months ended September 30, 2015 of
$101.8 million, or $1.53 diluted earnings per common
share and $1.53 basic earnings per common share, compared to
$114.6 million, or $1.71 diluted earnings per common
share and $1.71 basic earnings per common share for the same
period of 2014, representing a decrease of 11.2 percent in
net income and 10.5 percent diluted earnings per common
share. Net income for the three months ended September 30, 2015 was
$32.0 million, or $.48 diluted earnings per common
share and $.48 basic earnings per common share, compared to
$33.2 million or $.50 diluted earnings per common
share and $.50 basic earnings per common share for the same
period in 2014, representing a decrease of 3.6 percent in
net income and a decrease of 4.0 percent in diluted earnings
per common share.
Net income for the three and nine months ended September 30,
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. The increase in the
allowance for probable loan loss charged to expense for the nine
months ended September 30, 2015 compared to the same period of 2014
was approximately $6.8 million, after tax. Net income for the first
nine months of 2014 was positively impacted by the sale of an
equity investment by a merchant banking company in which the
Company holds a 50% interest, insurance proceeds from a policy the
lead bank subsidiary had purchased to cover the cost of employee
compensation and benefit programs, the sale of property originally
held by the bank subsidiaries and the discount recorded in
connection with the buyback of $10.3 million of the outstanding
capital securities issued by one of the statutory business trusts
formed by the Company and gains on sales of investments of $5.0
million, after tax.
“I’m pleased with the Company’s earnings for the first nine
months of 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 September 30, 2015 were $12.1 billion
compared to $12.2 billion at December 31, 2014. Net loans
were $5.9 billion at September 30, 2015 compared to
$5.6 billion at December 31, 2014. Deposits were $8.5
billion at September 30, 2015 and $8.4 billion at December
31, 2014.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 208 facilities and more than 320 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/20151106005847/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611First Vice President
International Bancshares (NASDAQ:IBOC)
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