IBC Reports Strong Third Quarter 2014 Earnings
11 November 2014 - 3:01AM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income available to common shareholders for the three months
ended September 30, 2014 of $33.2 million, or $.50
diluted earnings per common share and $.50 basic earnings
per common share, compared to $31.8 million or $.47
diluted earnings per common share and $.47 basic earnings
per common share for the same period in 2013, representing an
increase of 4.4 percent in net income available to common
shareholders and an increase of 6.4 percent in diluted
earnings per common share. Net income available to common
shareholders for the nine months ended September 30, 2014 was
$114.6 million, or $1.71 diluted earnings per common
share and $1.71 basic earnings per common share, compared to
$87.4 million or $1.30 diluted earnings per common
share and $1.30 basic earnings per common share for the same
period of 2013, representing an increase of 31.1 percent in
net income available to common shareholders and an increase of
31.5 percent diluted earnings per common share.
Net income for the three and nine months ended September 30,
2014 was positively impacted by an increase in the Company’s net
interest margin, as well as a 51.4% decrease in the provision for
probable loan losses for the nine months ended September 30, 2014.
The increase in the net interest margin can be primarily attributed
to increased levels of interest income arising from the
repositioning of the investment portfolio the Company undertook in
2013, an increase in loans outstanding, and a decrease in interest
expense on securities sold under repurchase agreements arising from
the early termination of some of the long-term repurchase
agreements by the lead bank subsidiary.
“I’m pleased with the Company’s earnings for the quarter and
nine months ended September 30, 2014. The earnings in 2014 continue
to reflect the Company’s commitment to superior earnings,
especially in light of the continued regulatory challenges facing
the industry, as well as the still unsettled economic environment
in the U.S. 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 were $12.1 billion at both September 30,
2014 and December 31, 2013. Net loans were $5.6 billion
at September 30, 2014 compared to $5.1 billion at
December 31, 2013. Deposits were $8.4 billion at
September 30, 2014 and $8.2 billion at December 31,
2013.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 217 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.
International Bancshares CorporationJudith Wawroski,
956-722-7611First Vice President
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