IBC Reports Strong Third Quarter 2017 Earnings
09 November 2017 - 6:48AM
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, 2017 of
$112.2 million, or $1.68 diluted earnings per common
share and $1.70 basic earnings per common share, compared to
$98.5 million, or $1.49 diluted earnings per common
share and $1.49 basic earnings per common share for the same
period of 2016, representing a 14.0 percent increase in net
income and a 12.8 percent increase in diluted earnings per
share. Net income for the three months ended September 30, 2017 was
$39.6 million or $.59 diluted earnings per common
share ($.60 per share basic) compared to $35.8
million or $.54 diluted earnings per common share
($.54 per share basic), which represents a 10.7
percent increase in net income and a 9.3 percent increase in
diluted earnings per share over the corresponding period in
2016.
“I’m extremely pleased with the Company’s earnings success in
2017. Management remains committed to achieving superior earnings
despite the challenges the Company faces with the economy and the
uncertain regulatory environment. We have a proven track record of
success and 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.
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 September 30, 2017 were $12.2 billion
compared to $11.8 billion at December 31, 2016. Total net
loans were $6.1 billion at September 30, 2017 compared to
$5.9 billion at December 31, 2016. Deposits were
$8.6 billion at September 30, 2017 compared to $8.6
billion at December 31, 2016.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 193 facilities and 296 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 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171108006396/en/
International Bancshares CorporationJudith Wawroski,
956-722-7611Senior Vice President
International Bancshares (NASDAQ:IBOC)
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