IBC Reports First Quarter 2015 Earnings
May 08 2015 - 12:53PM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
first quarter net income for 2015 of $35.9 million, or
$.54 diluted and basic earnings per common share, as
compared to $43.6 million, or $.65 diluted and basic
earnings per share for the corresponding period in 2014. The change
in net income represents a 17.7 percent decrease in net
income available to common shareholders over the corresponding
period in 2014 and a decrease of 16.9 percent in diluted
earnings per share comparing the same period.
Net income for the first quarter of 2015 continues to be
positively impacted by an increase in the net interest margin. The
increase can be attributed to increased levels of interest income
arising from the re-positioning of the investment portfolio the
Company undertook in prior periods, an increase in loans
outstanding and a decrease in interest expense on time deposits and
securities sold under repurchase agreements. For the first quarter
2014, earnings were positively impacted by a number of one-time
events, including 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, 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 investment securities of $5.6 million, after tax.
Negatively impacting net income for the first quarter of 2014 was a
charge of $7.2 million, after tax, recorded by the Company’s lead
bank subsidiary as a result of the early termination of a portion
of its long-term repurchase agreements outstanding in order to help
manage its long-term funding costs.
“I’m very pleased with the Company’s continued earnings success
in 2015. The Company remains committed to achieving superior
earnings, despite the continued regulatory challenges facing the
industry, the unprecedented debt and large deficit of the U.S. and
the continued difficult economic environment across the country.
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 March 31, 2015 were $12.4 billion
compared to $12.2 billion at December 31, 2014. Total net
loans were $5.7 billion at March 31, 2015 compared to
$5.6 billion at December 31, 2014. Deposits were
$8.6 billion at March 31, 2015 and $8.4 billion at
December 31, 2014.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 212 facilities and 325 ATMs serving 90
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.
International Bancshares CorporationJudith Wawroski,
956-722-7611First 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