IBC Reports Strong 2019 Earnings
November 06 2019 - 2:04PM
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 Sept. 30, 2019 was
$153.4 million, or $2.33 diluted earnings per common
share ($2.34 per share basic), compared to $157.4
million, or $2.36 per share diluted earnings per common
share ($2.38 per share basic), for the same period of 2018.
This represents a 1.3 percent decrease in diluted earnings
per share and a 2.5 percent decrease in net income. Net
income for the three months ended Sept. 30, 2019 was $51.4
million, or $.78 diluted earnings per common share
($.79 per share basic), compared to $51.1 million, or
$.77 per share diluted earnings per common share
($.77 per share basic), for the same period of 2018.
“Net income for the first nine months of the year continues to
be strong, resulting in superior financial results. Our earnings
were above most peers in 2018. That trend has continued in 2019 and
can be attributed to our focus on the performance of our core bank
operations and our emphasis on cost control- all of which has been
augmented by the reform of the tax laws at the end of 2017,
resulting in additional net earnings. Our earnings performance
continues to exceed most of our peers based on Bank Holding Company
Performance Reports compiled by the Federal Financial Institutions
Examination Council. Furthermore, we are confident in the strength
of our balance sheet and our strong capital position, enhanced by
our proven track record for over 50 years,” said Dennis E. Nixon,
President and CEO.
Total assets at Sept. 30, 2019 were $12.0 billion
compared to $11.9 billion at Dec. 31, 2018. Total net loans
were $6.8 billion at Sept. 30, 2019 compared to $6.5
billion at Dec. 31, 2018. Deposits were $8.8 billion at
Sept. 30, 2019 compared to $8.7 billion at Dec. 31,
2018.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 189 facilities and 285 ATMs serving 89
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: https://www.businesswire.com/news/home/20191106005866/en/
Judith Wawroski, Treasurer and Principal Financial Officer
International Bancshares Corporation (956) 722-7611
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