IBC Reports Strong 2019 Earnings

About this update from International Bancshares Corporation

[{"type":"text","content":" LAREDO, Texas--(BUSINESS WIRE)--\nInternational Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today reported annual net income for 2019 of $205.1 million or $3.12 diluted earnings per common share ($3.13 per share basic), compared to $215.9 million or $3.24 diluted earnings per common share ($3.27 per share basic), which represents a decrease of 3.7 percent in diluted earnings per share and a 5.0 percent decrease in net income over the corresponding period in 2018. Net income for the three months ended Dec. 31, 2019 was $51.7 million or $.78 diluted earnings per common share ($.79 per share basic), compared to $58.5 million or $.88 diluted earnings per common share ($.89 per share basic) for the same period in 2018, representing a decrease of 11.6 percent in net income and an 11.4 percent decrease in diluted earnings per share.\n\n\nNet income for the year ended Dec. 31, 2019 continues to be positively impacted by an increase in net interest income due to a higher volume of loans and an increase in the overall yield on the loan portfolio. Interest expense increased for the same period and can be attributed to an increase in the cost of borrowings expense and the rates paid on deposit liabilities. Net income for the same period was negatively impacted by an increase in the provision for probable loan losses due to a specific reserve and subsequent charge-off of $7.5 million, net of tax, on a relationship that was secured by real property on which car dealerships are operated.\n\n\n\n\n\n\n \n\n\n\nInternational Bancshares Corporation and Subsidiaries\n\n\n\n\n\nConsolidated Financial Summary\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n\n \n\n\n\nYears Ended\nDecember 31,\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n2018\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n(Dollars in thousands, except per share data)\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nInterest income\n\n\n\n\n$\n\n\n\n492,401\n\n\n\n \n\n\n\n$\n\n\n\n465,822\n\n\n\n\n\nInterest expense\n\n\n\n\n \n\n\n\n(58,629)\n\n\n\n \n\n\n\n\n(52,668)\n\n\n\n\n\nNet interest income\n\n\n\n\n \n\n\n\n433,772\n\n\n\n \n\n\n\n \n\n\n\n413,154\n\n\n\n\n\nProvision for probable loan losses\n\n\n\n\n \n\n\n\n(18,843)\n\n\n\n \n\n\n\n\n(6,112)\n\n\n\n\n\nNon-interest income\n\n\n\n\n \n\n\n\n154,826\n\n\n\n \n\n\n\n ...

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