IBC Reports Strong 2015 Earnings
08 August 2015 - 2:22AM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income for the six months ended June 30, 2015 of $69.7
million, or $1.05 diluted earnings per common share and
$1.05 basic earnings per common share, compared to
$81.4 million, or $1.21 diluted earnings per common
share and $1.21 basic earnings per common share for the same
period of 2014, representing a decrease of 14.4 percent in
net income and 13.2 percent diluted earnings per common
share. Net income for the three months ended June 30, 2015 was
$33.9 million, or $.51 diluted earnings per common
share and $.51 basic earnings per common share, compared to
$37.7 million or $.56 diluted earnings per common
share and $.56 basic earnings per common share for the same
period in 2014, representing a decrease of 10.1 percent in
net income and a decrease of 8.9 percent in diluted earnings
per common share.
Net income for the three and six months ended June 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 was
approximately $2.9 million, after tax. Net income for the first six
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, 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 six
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 June 30, 2015 were $12.1 billion compared
to $12.2 billion at December 31, 2014. Net loans were
$5.7 billion at June 30, 2015 compared to $5.6
billion at December 31, 2014. Deposits were $8.5
billion at June 30, 2015 and $8.4 billion at
December 31, 2014.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 210 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/20150807005649/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611First Vice President
International Bancshares (NASDAQ:IBOC)
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