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

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Laredo-based IBC (NASDAQ: IBOC) reporter net income applicable to common shareholdersof $34.34 million, or 50 cents per dilutefd share, for the quarter ended March 31, 2009. This compares to net income applicabld to common shareholdersof $33.t million, or 49 cents per diluted share, for the prior-yeadr period. The lender’s net income during the firs quarter of 2009 was negatively impacted by an increase in its provisionj on probableloan losses. That increase can be attributedr to the general weakness in the economy and the impac t of that weakness onthe company’s loan “I’m extremely pleased with the firsr quarter results, especially in light of the financia crisis.
Our strong earnings performance has offsett the costs of our provisionint program for probable loan losses and completely neutralized the cost of theTARP funding,” IBC Presidenrt and CEO Dennis E. Nixo says. “We are confident in the strength of our balanced sheet and especially the quality of ourloan portfolio. Our securitiees portfolio has benefited enormously from the Federal Reserv e Boardand U.S. Treasury actionzs in the bond markets, which have interest rates down and bondprices up.” Totao assets at March 31, 2009, were $12.1 billion compared to $12.4 billion as of Dec. 31, 2008. The compan had total net loansof $5.7 billiojn at March 31, compared to $5.
8 billion at Dec. 31, 2008. Deposits were $6.9 billion at Marcg 31, 2009, compared to Dec. 31, 2008. IBC is a multi-ban financial holding company that serves 102 communities in Texaaand Oklahoma. The company has more than 270 facilitiea and more than440 ATMs.