Earnings Alert: International Bancshares Corporation (NASDAQ: IBOC)

On Thursday, International Bancshares Corporation (NASDAQ: IBOC) shares price traded between $44.25 and $44.80 during the last trading session above with +0.34% at $44.60. The shares recorded a trading volume 155,288 million shares as compared to its average volume of 166,174 shares. The company has 66.11M shares outstanding and market value of 2.949B. Over the one year trading period, the stock has a peak price of $45.00 and its down is recorded at $33.85. The short ratio in the stock is 2.22 and the short float is around of 0.82%.

International Bancshares Corporation (NASDAQ: IBOC) stated first quarter net income for 2018 of $53.4M or $.80 diluted earnings per ordinary share ($.81 per share basic) contrast to $32.0M or $.48 diluted per ordinary share ($.48 per share basic), which represents a 67 percent increase in net income and a 67 percent increase in diluted earnings per share over the corresponding period of 2017.

 

Net income for the three months ended March 31, 2018 was positively influenced by a raise in net interest income Because of a higher volume of loans and a raise in the overall yield of the loan portfolio. Interest expense increased slightly for the same period and can be attributed to a raise in the cost of borrowings expense, which has increased as a result of recent Federal Reserve Board actions to raise interest rates. Net income for the first quarter of 2018 was also positively influenced by a decrease in the effective tax rate on the Company’s taxable income, arising from the Tax Cut and Jobs Act signed into law on December 22, 2017. As a result of the decrease in corporate tax rates to 21 percent from 35 percent, income tax expense reduced by about $9.5M.

 

President and CEO Dennis E. Nixon stated that he is happy with the Company’s exceptional earnings success for the first quarter. The success was achieved by improved performance in the Company’s core bank operations, but also by the actions taken to reform the tax laws at the end of 2017, which have benefitted the Company and the economy as a whole, including the communities we serve. they have a proven track record of success and continue to achieve earnings that exceed the majority of our peers based on Bank Holding Company Performance Reports compiled by the Federal Financial Institutions Examination Council.

Total assets at March 31, 2018 were $12.1B contrast to $12.2B at December 31, 2017. Total net loans were $6.4B at March 31, 2018 contrast to $6.3B at December 31, 2017. Deposits were $8.9B at March 31, 2018 contrast to $8.5B at December 31, 2017.

 

IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 188 facilities and 291 ATMs serving 90 communities in Texas and Oklahoma.

International Bancshares Corporation’s (IBOC) has price-to-cash ratio of 11.73 and price to sale ratio of 6.95. The company net profit margin is 41.60% and gross profit margin is # ref. A look on the firm performance, its monthly performance is 0.79% and a quarterly performance of 11.64%. The stock price is moving up from its 20 days moving average with 1.81% and isolated positively from 50 days moving average with 2.52%.

Andrew Carr

Andrew Carr covers the Business news across the all us market sectors for Streetobserver.com. He has over 5 years experience writing financial and business news. He is a graduate of the University of Florida graduating with an MBA. He focuses on adding value to investors' portfolios via thoroughly checked proprietary information and data sources. He has a very strong interest in stock trading, and other various investments. He currently lives in Fort Myers, FL with his wife Heidi.

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