IBC Reports Earnings Gain For 2007, Fourth Quarter

International Bancshares Corp. reported annual net income for 2007 of $121.3 million or $1.76 per share – basic ($1.75 per share – diluted) compared to $117.0 million or $1.68 per share – basic ($1.67 per share – diluted), which represents a 3.7 percent increase in net income and a 4.8 percent increase in diluted earnings per share over the corresponding period in 2006.
Net income for the fourth quarter of 2007 was $35.4 million, compared to $31.8 million, which represents an 11.3 percent increase in net income and a 15.6 percent increase in diluted earnings per share over the corresponding period in 2006.
Net income increased for the year ended Dec. 31, as compared to the year ended Dec. 31, 2006, despite a $13.1 million, after tax, impairment charge on certain investment securities.
Net income for 2007 and 2006 was negatively affected by the aggressive de novo branching activity of IBC. The company added 70 new branches in 2007 and 2006. ?



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