Laredo, Texas-based independent bank holding company International Bancshares Corp. (IBOC), Monday, posted a slightly lower third quarter earnings attributable to common shareholders year-on-year. On a per share basis, earnings were in line with last year.
Third-quarter net earnings applicable to common shareholders declined slightly to $33.7 million from $33.9 million for the same period of 2008. Earnings per share were flat at $0.49 per share year-on-year. One analyst polled by Thomson Reuters expected IBOC to report earnings per share of $0.40 for the September quarter 2009.
Net income increased 9.1% to $37 million year-on-year, prior to amounts related to participation in the TARP program, including preferred stock dividends and amounts related to the Warrants.
Chief Executive Dennis Nixon said, "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."
Total assets at September 30 were $11.7 billion compared with $12.4 billion at December 31, 2008.
Total net loans were $5.7 billion at September 30 compared with $5.8 billion at December 31, 2008. Deposits were $6.9 billion at September 30, 2009 and December 31, 2008, the company said. For the nine months ended September 30, net income applicable to common shareholders declined to $95.9 million or $1.40 per share from $100.4 million or $1.46 per share for the same period of 2008. Net income increased 5.2% to $105.6 million year-on-year.
The company said none-month net income was negatively impacted during the first nine months by an increase in the provision for probable loan losses recorded during the first three quarters of 2009, the increase 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's result 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 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.
Currently, IBOC is trading up 2.69% at $15.25 on the Nasdaq, higher 40 cents.
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