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Mar 31, 2020
IBC Q1 2020 Earnings Report
Reported a decrease in net income and diluted earnings per share due to an increase in the provision for credit losses and Federal Reserve Board action to decrease interest rates.
Key Takeaways
International Bancshares Corporation reported a net income of $34.8 million, or $0.53 diluted earnings per common share, for the three months ended March 31, 2020. This represents a decrease of 32.9 percent compared to the same period in 2019. The decrease was primarily due to an increase in the provision for credit losses arising from economic changes related to COVID-19 and the impact of those changes on the allowance for credit loss calculation, as well as the Federal Reserve Board's action to decrease interest rates.
Net income for Q1 2020 was $34.8 million, a decrease of 32.9% compared to Q1 2019.
Diluted earnings per share were $0.53, also a decrease of 32.9% compared to Q1 2019.
The decrease in net income was primarily due to an increase in the provision for credit losses related to COVID-19 and the impact of interest rate decreases.
Total assets increased to $12.5 billion at March 31, 2020, compared to $12.1 billion at December 31, 2019.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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