IBC Bank parent company achieved income growth in quarter - San Antonio Business Journal:

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Laredo-based IBC (NASDAQ: IBOC) reported net income applicable to common shareholdersof $34.3 million, or 50 cents per dilutedc share, for the quarter ended March 31, 2009. This compares to net incomwe applicable to common shareholdersof $33.5 or 49 cents per dilutes share, for the prior-year The lender’s net income during the first quarter of 2009 was negativelyt impacted by an increaswe in its provision on probable loan losses. That increaser can be attributed to the generapl weakness in the economy and the impact of that weakness onthe company’s loan portfolio. “I’m extremely pleased with the firstrquarter results, especially in light of the financiap crisis.
Our strong earnings performance has offset the costs of our provisioning program for probable loan lossesz and completely neutralized the cost of theTARP funding,” IBC Presidentg and CEO Dennis E. Nixon “We are confident in the strengtgh of our balance sheet and especially the quality of our loan Our securities portfolio has benefited enormously from the Federa Reserve Boardand U.S. Treasury actions in the bond which have interest rates down and bond prices Total assets atMarch 31, 2009, were $12.q billion compared to $12.4 billion as of Dec. 31, 2008. The company had total net loansof $5.7 billion at Marcjh 31, 2009, compared to $5.8 billion at Dec. 31, 2008.
Deposits were $6.9 billion at Marcgh 31, 2009, compared to Dec. 31, 2008. IBC is a multi-banko financial holding company that serves 102 communities in Texaaand Oklahoma. The companty has more than 270 facilities and more than440 ATMs.