Last $26.21 USD
Change Today +0.44 / 1.71%
Volume 78.3K
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As of 3:56 PM 08/21/14 All times are local (Market data is delayed by at least 15 minutes).

international bancshares crp (IBOC) Key Developments

International Bancshares Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

International Bancshares Corporation reported earnings results for the second quarter and six months ended June 30, 2014. For the quarter, net income was $37.7 million, or $0.56 diluted earnings per common share and $0.56 basic earnings per common share, compared to $27.5 million or $0.41 diluted earnings per common share and $0.41 basic earnings per common share for the same period in 2013, representing an increase of 37% in net income and an increase of 37% in diluted earnings per common share. For the six months, net income was $81.4 million, or $1.21 diluted earnings per common share and $1.21 basic earnings per common share, compared to $55.6 million or $0.83 diluted earnings per common share and $0.83 basic earnings per common share for the same period of 2013, representing an increase of 46% in net income and 46% diluted earnings per common share. Net income for the three and six months ended June 30, 2014 was positively impacted by an increase in the company's net interest margin, as well as a 51% decrease in the provision for probable loan losses for the six months ended June 30, 2014. The increase in the net interest margin can be primarily attributed to increased levels of interest income arising from the company's repositioning of its investment portfolio in 2013, an increase in loans outstanding, and a decrease in interest expense on securities sold under repurchase agreements arising from the early termination of some of the long-term repurchase agreements by the Company's lead bank subsidiary.

International Bancshares Corporation Announces Earnings Results for the First Quarter Ended March 31, 2014

International Bancshares Corporation announced earnings results for the first quarter ended March 31, 2014. For the quarter, the company announced net income of $43.6 million, or $0.65 diluted and basic earnings per common share, as compared to $28.1 million, or $0.42 diluted and basic earnings per share for the corresponding period in 2013. The change in net income represents a 55.5% increase in net income available to common shareholders over the corresponding period in 2013 and an increase of 54.8% in diluted earnings per share comparing the same period. Net income for the first quarter of 2014 was positively affected by an increase in the company's net interest margin. Net income for the first quarter of 2014 was also positively impacted by several other one-time transactions that contributed to a 9.3% increase in non-interest income for the first quarter of 2014 compared to the corresponding period in 2013.

International Bancshares Corporation Declares Cash Dividend, Payable on April 18, 2014

International Bancshares Corporation announced that on March 20, 2014, its Board of Directors approved the declaration of a 25 cents per share cash dividend for shareholders of record as of the close of business on April 1, 2014, payable on April 18, 2014.

International Bancshares Corporation Reports Unaudited Consolidated Group Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

International Bancshares Corporation reported unaudited consolidated group earnings results for the fourth quarter and full year ended December 31, 2013. For full year, the company reported annual net income available to common shareholders of $126.4 million or $1.88 basic and diluted earnings per common share compared to $93.5 million or $1.39 basic and diluted earnings per common share over the corresponding period in 2012. Net income was $126,351,000 against $107,835,000 for the same period a year ago. Net interest income was $308,585,000 against $301,140,000 for the same period a year ago. Income before income taxes was $182,590,000 against $158,400,000 for the same period a year ago. Net income available to common shareholders for the year ended December 31, 2013 was positively affected by the repayment of the TARP funds in the fourth quarter of 2012, which eliminated the continued payment of dividends on the Senior Preferred Stock that had been held by the U.S. Treasury, as well as the sale of available for sale securities totaling $6.2 million, net of tax. Net income for the years ended December 31, 2013 and 2012 was negatively impacted by slow loan demand, although it is improving, and yields in the bond markets. Total net loans were $5.1 billion at December 31, 2013. For the quarter, net income available to common shareholders was $38.9 million or $0.58 basic diluted earnings per common share compared to $21.9 million or $0.32 basic and diluted earnings per common share.

International Bancshares Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

International Bancshares Corporation reported earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net income available to common shareholders was $31.8 million, or $0.47 diluted earnings per common share and $0.47 basic earnings per common share, compared to $22.0 million or $0.33 diluted earnings per common share and $0.33 basic earnings per common share for the same period in 2012, representing an increase of 44.5% in net income available to common shareholders and an increase of 42.4% in diluted earnings per common share. For the nine months, net income available to common shareholders was $87.4 million, or $1.30 diluted earnings per common share and $1.30 basic earnings per common share, compared to $71.6 million or $1.06 diluted earnings per common share and $1.06 basic earnings per common share for the same period of 2012, representing an increase of 22.1% in net income available to common shareholders and an increase of 22.6% diluted earnings per common share. Net income was positively affected by the repayment of the TARP funds in the fourth quarter of 2012, which eliminated the continued payment of dividends on the Senior Preferred Stock that had been held by the U.S. Treasury, as well as the sale of available-for-sale investment securities totaling $6.2 million, net of tax Net income for the same period was negatively impacted by a charge of $8.0 million, net of tax, as a result of the company's lead bank subsidiary's early termination of a portion of its long-term repurchase agreements in order to help manage its long-term funding costs. Net income was also negatively impacted by narrowing interest margins caused by slow loan demand, although loan demand is slightly improving, and declining yields in the bond markets. Net income also continues to be negatively affected by the burden of increasing compliance costs arising from the Dodd-Frank Act and heightened regulatory oversight.

 

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IBOC

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Valuation IBOC Industry Range
Price/Earnings 11.4x
Price/Sales 3.4x
Price/Book 1.1x
Price/Cash Flow 11.3x
TEV/Sales NM Not Meaningful
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