IBC Reports Strong 2019 Earnings - September 2019
LAREDO, Texas—(BUSINESS WIRE)— Nov. 6, 2019— 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.