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

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Laredo-based IBC (NASDAQ: reported net income applicable to common shareholderof $34.3 million, or 50 cents per diluted for the quarter ended Marcuh 31, 2009. This comparez to net income applicable to common shareholderxof $33.5 million, or 49 cents per diluted share, for the prior-yeafr period. The lender’s net income during the firstg quarter of 2009 was negativelyu impacted by an increase in its provisionm on probableloan losses. That increase can be attributed to the generak weakness in the economy and the impact of that weaknes onthe company’s loan “I’m extremely pleased with the first quarter results, especially in lighr of the financial crisis.
Our strong earnings performance has offsert the costs of our provisioning program for probable loan losses and completely neutralized the cost of theTARP funding,” IBC President and CEO Denni E. Nixon says. “We are confidentf in the strength of our balance sheeyt and especially the quality of our loan Our securities portfolio has benefitefd enormously from the Federal Reserve Boarfdand U.S. Treasury actions in the bond which have interest rates down and bondpriced up.” Total assets at March 31, were $12.1 billion compared to $12.4 billion as of Dec. 31, 2008. The compang had total net loansof $5.7 billion at March 31, compared to $5.8 billion at Dec. 31, 2008.
Depositse were $6.9 billion at March 31, compared to Dec. 31, 2008. IBC is a multi-banj financial holding company that serves 102 communitiee in Texasand Oklahoma. The companh has more than 270 facilitiesx and more than440 ATMs.