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IBC.. $15.74.. Not a small bank but it

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10 bagger   Monday, 11/02/09 02:37:11 PM
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IBC.. $15.74.. Not a small bank but it has Location,, Location,, Location.. hank

IBC Reports Strong Earnings Performance

Business Wire - Nov 02 at 09:05 NONE

Company Symbols: NASDAQ-NMS:IBOC


LAREDO, Texas--(BUSINESS WIRE)-- International Bancshares Corporation (NASDAQ: IBOC), one of the largest independent bank holding companies in Texas, today reported net income of $105.6 million for the nine months ended September 30, 2009, an increase of 5.2 percent compared to the same period of 2008; net income for the three months ended September 30, 2009 was $37.0 million, an increase of 9.1 percent compared to the same period of 2008, prior to amounts related to participation in the TARP program, including preferred stock dividends and amounts related to the Warrants. After these amounts, net income for the third quarter of 2009 applicable to common shareholders was $33.7 million, or $.49 diluted earnings per common share and $.49 basic earnings per common share, as compared to $33.9 million or $.49 diluted earnings per common share and $.49 basic earnings per common share for the same period of 2008, absent any TARP program amounts, as the TARP funds were not received until December 23, 2008, which represents a decrease of .6 percent in net income available to common shareholders. Net income for the nine months ended September 30, 2009 applicable to common shareholders was $95.9 million, or $1.40 diluted earnings per common share and $1.40 basic earnings per common share, as compared to $100.4 million or $1.46 diluted earnings per common share and $1.46 basic earnings per common share for the same period of 2008, absent any TARP program amounts, as the TARP funds were not received until December 23, 2008, representing a decrease of 4.1 percent in diluted earnings per common share and a decrease of 4.5 percent in net income available to common shareholders.

Net income was negatively impacted during the first nine months by an increase in the provision for probable loan losses that the Company recorded during the first three quarters of 2009. The increase in the provision can be attributed to the general weakness in the economy and the impact that weakness has on the Company's loan portfolio and borrowers. Additionally, the Company was negatively impacted in the second quarter by an industry-wide FDIC special assessment of $3.3 million, net of tax. Net income for the first nine months of 2009 was positively affected by the increase in net interest margin of the Company, and gains on sales of investment securities of approximately $7.7 million, net of tax.

"I'm extremely pleased with the results of the first nine months of 2009, especially in light of this difficult banking environment. The Company's strong performance has provided us with the ability to offset the costs of the industry-wide FDIC special assessment and the increasing loan provisioning for probable loan losses. Additionally, the Company's strong earnings substantially neutralized the cost of the TARP funding. We are confident in the strength of our balance sheet and especially the long-term quality of our loan portfolio as further evidenced by the decline in our non-performing assets during this period. We are pleased that the economies of Texas and Oklahoma continue to perform better than the national economy. This performance was further supported by a recent Brookings Institution's MetroMonitor study, which was used by BusinessWeek.com to rank the nation's top 40 economies on October 22, 2009. That study placed IBC's key markets in Texas and Oklahoma as the clear winners, ranking San Antonio number one, Austin-Round Rock number two, Oklahoma City number three, Tulsa number seven, Houston number nine and McAllen-Edinburg-Mission number twelve," said Dennis E. Nixon, President and CEO.

"Additionally, during the first three quarters, the substantial increase in shareholders' equity further strengthened the Company's capital ratios. Our securities portfolio has continued to benefit from the Federal Reserve Board and U.S. Treasury actions in the bond markets, which have kept interest rates down and bond prices up. IBC continues to seek out qualified borrowers and is actively lending and investing. We are committed to serving the needs of our customers as well as enhancing our shareholder value," commented Mr. Nixon.

Total assets at September 30, 2009 were $11.7 billion compared to $12.4 billion at December 31, 2008. Total net loans were $5.7 billion at September 30, 2009 compared to $5.8 billion at December 31, 2008. Deposits were $6.9 billion at September 30, 2009 and December 31, 2008.

IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 280 facilities and more than 440 ATMs serving 104 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.



Source: International Bancshares Corporation


Copyright Business Wire 2009




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