LAREDO, Texas – Ending June 30, 2019, IBC (NAS- DAQ:IBOC), reports a strong net income at $101.9 million or $1.55 diluted earnings per common share ($1.55 per share basic) compared to $106.3 million or $1.59 diluted earnings per common share ($1.61 per share basic) for the same period of 2018, representing a 3.7 percent decrease in diluted earnings per share and a 4.1 percent decrease in net income.
LAREDO, Texas – Ending June 30, 2019, IBC (NAS- DAQ:IBOC), reports a strong net income at $101.9 million or $1.55 diluted earnings per common share ($1.55 per share basic) compared to $106.3 million or $1.59 diluted earnings per common share ($1.61 per share basic) for the same period of 2018, representing a 3.7 percent decrease in diluted earnings per share and a 4.1 percent decrease in net income.
Contributing factors include increased interest income due to a higher volume of loans and an increase in the overall yield of the loan portfolio.
Those figures were offset somewhat by increases in interest expense and interest paid on savings and time deposit accounts.
Total assets at June 30, 2019, were $12.2 billion compared to $11.9 billion at Dec.31, 2018. Total net loans were$6.8 billion at June 30, 2019, compared to $6.5 billion at Dec. 31, 2018. Deposits were$8.8 billion at June 30, 2019, compared to $8.7 billion at Dec. 31, 2018.
“Our earnings performance continues to exceed most of our peers based on Bank Holding Company Performance Reports compiled by the Federal Financial Institutions ExaminationCouncil. 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.
IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 189 facilities and 288 ATMs serving 89 communities in Texas and Oklahoma.