IBC Reports Strong Earnings Performance

International Bancshares Corp. reports net income of $105.6 million for the nine months ended Sept. 30, an increase of 5.2 percent compared to the same period of 2008.
Net income for the three months ended Sept. 30, was $37 million, an increase of 9.1 percent compared to the same period of 2008. Income impacted by amounts related to participation in the TARP program, including preferred stock dividends and amounts related to the warrants.
After these amounts, net income for the third quarter of 2009 applicable to common shareholders was $33.7 million, earnings per common share and 49 cents basic earnings per common share, as compared to $33.9 million or 49 cents earnings per common share for the same period of 2008, absent any TARP program amounts, as the TARP funds were not received until Dec. 23, 2008, which represents a decrease of .6 percent in net income available to common shareholders.
Net income for the nine months ended Sept. 30, applicable to common shareholders was $95.9 million, or $1.40 earnings per common share and $1.40 basic earnings per common share, as compared to $100.4 million or $1.46 earnings per common share and $1.46 basic earnings per common share for the same period of 2008, absent any TARP program amounts, as the TARP funds were not received until Dec. 23, 2008, representing a decrease of 4.1 percent in diluted earnings per common share and a decrease of 4.5 percent in net income available to common shareholders.  



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