Business
IBC reports strong earnings
EDMOND — International Bancshares Corporation, one of the largest independent bank holding companies in Texas, reported this week 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 $37.0 million, an increase of 9.1 percent compared to the same period of 2008, prior to 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, or $.49 diluted earnings per common share and $.49 basic earnings per common share, as compared to $33.9 million or $.49 diluted earnings per common share and $.49 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, 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 diluted earnings per common share and $1.40 basic earnings per common share, as compared to $100.4 million or $1.46 diluted 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.
Net income was negatively impacted during the first nine months by an increase in the provision for probable loan losses that the company recorded during the first three quarters of 2009. The increase in the provision can be attributed to the general weakness in the economy and the impact that weakness has on the Company’s loan portfolio and borrowers. Additionally, the company was negatively impacted in the second quarter by an industry-wide FDIC special assessment of $3.3 million, net of tax. Net income for the first nine months of 2009 was positively affected by the increase in net interest margin of the company, and gains on sales of investment securities of about $7.7 million, net of tax.
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Sullivan urges homeowners ‘check homestead’
Oklahoma County Assessor Leonard Sullivan is urging county homeowners to review whether they are receiving all the tax breaks they are entitled to receive. Sullivan said potentially 50,000 homeowners are missing out on the homestead exemption.
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Potential problems with home purchases
When it comes to buying or selling a home, it is wise to anticipate for some problems in almost every transaction. Anyone who tells you that their transactions never have any problems is not someone you should trust. Think about it; could you honestly make that promise about what you do to earn a living?
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3-11 Business: in brief
Oklahoma Christian Academy partners for Flapjack Fundraiser at Applebee’s
The Apple Gold Group, franchisee of Applebee’s restaurants in North Carolina, Oklahoma and Arkansas, is proud to partner with Oklahoma Christian Academy to host a Flapjack Fundraiser on Saturday. All proceeds raised will directly go toward funding their Junior & Senior Class banquet. -
Rapid tax refund loan is no bargain to consumers
STILLWATER — With tax season now in full swing, many taxpayers are anticipating getting a refund.
Unfortunately, new figures indicate that some of the country’s most financially vulnerable taxpayers — those from low- and moderate-income families — lost about $800 million from their refunds last year. -
New overdraft rules set for debit and ATM cards
Beginning this summer, new rules set by the Federal Reserve will affect debit and ATM card users if they rely on overdrafts.
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Beware of the flaws in modern portfolio theory
Hockey legend Wayne Gretzky famously said, “I don’t skate to where the puck is. I skate to where the puck is going to be.”
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Green promoted to district manager with Waddell & Reed
Waddell & Reed recently announced that Nellie Green has been promoted to district manager with supervisory responsibilities in the Edmond/Oklahoma City area.
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3-6 Business in Brief
Appliance rebate program begins April 22
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3 options for upside-down homeowners
If you owe more on your home than it would bring in today’s housing market you may feel trapped with no options.
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Local EXIT Realty offices invite residents to Webinar
Local EXIT Realty offices have just announced that the company will host two public Webinars designed to help consumers make smart decisions before they buy or sell a home. Local homebuyers and sellers are encouraged to tune in for the discussion.
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Sullivan urges homeowners ‘check homestead’
