International Bancshares Corp. reported Thursday that its net income fell by 16 percent in the first quarter.
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The Associated Press
International Bancshares Corp. on Thursday said its net income fell 16 percent in the first quarter primarily because of a tax judgment.
For the three months ending March 31, the bank holding company earned $28.8 million, or 42 cents per share. That compared with $34.3 million, or 50 cents per share in the year-ago period.
On average, analysts polled by Thomson Reuters expected earnings of 47 cents per share. The stock of International Bancshares slipped fell 69 cents, or 3 percent, to $21.50 in afternoon trading.
The results took into account a tax judgment involving Local Financial Corp., which International Bancshares bought in 2004.
The dispute involves claims by former Local Financial shareholders over about $14 million in tax refunds received by International Bancshares. The refunds were based on deductions taken by Local Financial in connection with loan losses.
International Bancshares said in a filing with the Securities and Exchange Commission Thursday that it was disappointed with the judgment and believes it has "a number of valid grounds for appeal" that it intends to pursue.
Meanwhile, the company said net interest income in the quarter slipped to $82.7 million, from $85.9 million.
Total non-interest income, which includes service charges and fees on accounts, rose to $71.6 million, from $42 million.
Total assets at the end of the quarter were $10.8 billion compared to $11.8 billion at the end of last year. The decrease was primarily due to the sale of mortgage-backed securities.
Thursday, May 6, 2010
Tuesday, May 4, 2010
Texas Border Coalition workshop focuses on legislative agenda ...
The Texas Border Coalition held a legislative agenda workshop on Tuesday at Laredo Community College.
According to its mission statement, the TBC is a collective voice of border mayors, county judges, and economic development commissions focused on issues that affect more than 2.1 million people along the Texas-Mexico border region and economically disadvantaged counties from El Paso to Brownsville. Its website is www.texasbordercoalition.org.
In opening Tuesday's session, Blas Castaneda, chairman of the TBC Education and Workforce Development Committee, offered these remarks.
More about the TBC workshop will be covered in this coming Monday's LMT Business Journal.
According to its mission statement, the TBC is a collective voice of border mayors, county judges, and economic development commissions focused on issues that affect more than 2.1 million people along the Texas-Mexico border region and economically disadvantaged counties from El Paso to Brownsville. Its website is www.texasbordercoalition.org.
In opening Tuesday's session, Blas Castaneda, chairman of the TBC Education and Workforce Development Committee, offered these remarks.
More about the TBC workshop will be covered in this coming Monday's LMT Business Journal.
Monday, May 3, 2010
Vision 2010 leaves its mark ...
While I realize the Vision 2010 Economic Outlook Conference is now over, there were many topics touched upon within a nearly 24-hour time frame.
Admittedly, I tried covering them all in the LMT Business Journal center piece story in Monday's Laredo Morning Times. Yet I don't feel like I gave a lot of them justice ... justice as in offering more information.
So over the next few weeks, I'll take pieces of topics touched upon from an infrastructure and economic picture and expound upon them.
I hope you were able to enjoy our expanding social media (Twitter, blogs, Facebook) usage during Vision 2010. I'm not perfect and am quite sure I missed something important along the way.
Hey, I do the best I can and that's all I can do, my friends.
Have a great week and we'll be in touch.
Admittedly, I tried covering them all in the LMT Business Journal center piece story in Monday's Laredo Morning Times. Yet I don't feel like I gave a lot of them justice ... justice as in offering more information.
So over the next few weeks, I'll take pieces of topics touched upon from an infrastructure and economic picture and expound upon them.
I hope you were able to enjoy our expanding social media (Twitter, blogs, Facebook) usage during Vision 2010. I'm not perfect and am quite sure I missed something important along the way.
Hey, I do the best I can and that's all I can do, my friends.
Have a great week and we'll be in touch.
Texas housing market continues recovery ...
The Texas Association of Realtors released its first-quarter findings on Monday. Here's an overview ...
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AUSTIN – The latest Texas Quarterly Housing Report, released today, shows statewide increases in both sales volume and price. Texas sales volume for existing single-family homes was 42,682 for the first quarter of this year, up four percent from the first quarter of last year. The median home price in Texas jumped from $137,200 in first quarter 2009 to $141,500 in 2010, a 3.13 percent increase.
The Texas Quarterly Housing Report is issued four times a year by the Texas Association of Realtors with multiple listing service (MLS) data compiled and analyzed by the Real Estate Center at Texas A&M University. "First quarter 2010 figures were up compared to 2009, despite sales being down in January and February," said Jim Gaines, Ph.D., an economist with the center. Gaines noted that the positive year-over-year gain was due solely to significant March sales being strong enough to bring up the whole quarter. "With March’s increased figures we are cautiously optimistic that we’ll continue to see positive results in the second quarter," he said.
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AUSTIN – The latest Texas Quarterly Housing Report, released today, shows statewide increases in both sales volume and price. Texas sales volume for existing single-family homes was 42,682 for the first quarter of this year, up four percent from the first quarter of last year. The median home price in Texas jumped from $137,200 in first quarter 2009 to $141,500 in 2010, a 3.13 percent increase.
The Texas Quarterly Housing Report is issued four times a year by the Texas Association of Realtors with multiple listing service (MLS) data compiled and analyzed by the Real Estate Center at Texas A&M University. "First quarter 2010 figures were up compared to 2009, despite sales being down in January and February," said Jim Gaines, Ph.D., an economist with the center. Gaines noted that the positive year-over-year gain was due solely to significant March sales being strong enough to bring up the whole quarter. "With March’s increased figures we are cautiously optimistic that we’ll continue to see positive results in the second quarter," he said.
Wednesday, April 28, 2010
Laredo Business Hall of Fame next Thursday ...
Three laureates will be inducted into the Laredo Business Hall of Fame next Thursday at the Laredo Country Club.
Junior Achievement of Laredo founded this event 16 years ago and continues to provide reminders for young people how far in life they can go through determination, skill, effort and ... yes ... hard work.
The 2010 laureates are Tom Lamont of LOG Energy and Hal's Landing, Rod Lewis of Lewis Energy Group, and Imelda Navarro of International Bank of Commerce.
They will join an illustrious list of Laredo's who's-who in the business world.
Laredo Morning Times will present a special section in Sunday's paper dedicated to this prestigious event.
We also will have coverage of next Thursday's event, too.
Keep it dialed up online at www.lmtonline.com.
Junior Achievement of Laredo founded this event 16 years ago and continues to provide reminders for young people how far in life they can go through determination, skill, effort and ... yes ... hard work.
The 2010 laureates are Tom Lamont of LOG Energy and Hal's Landing, Rod Lewis of Lewis Energy Group, and Imelda Navarro of International Bank of Commerce.
They will join an illustrious list of Laredo's who's-who in the business world.
Laredo Morning Times will present a special section in Sunday's paper dedicated to this prestigious event.
We also will have coverage of next Thursday's event, too.
Keep it dialed up online at www.lmtonline.com.
Vision 2010 coming up ...
It should be an interesting Vision 2010 Economic Outlook Conference this year.
While the Laredo Chamber of Commerce and others help put this event on here in Laredo, most years have attempted to address weighty economic issues specifically geared for our border region.
I believe, though, they might have really outdone themselves this year.
Featured speakers are Mexican newspaper magnate Alejandro Junco de la Vega, Grupo Reforma president, and Bob Rivard, San Antonio Express-News editor. Both men have a unique perspective upon how the violence in Mexico has played a role in providing accurate, fair reporting. They should provide really good food for thought.
Junco de la Vega will be receiving the initial 2010 Visionary Award. This will become a regular part of future Vision conferences.
There will be stories in Friday and Saturday's main news section of Laredo Morning Times on this event.
While the Laredo Chamber of Commerce and others help put this event on here in Laredo, most years have attempted to address weighty economic issues specifically geared for our border region.
I believe, though, they might have really outdone themselves this year.
Featured speakers are Mexican newspaper magnate Alejandro Junco de la Vega, Grupo Reforma president, and Bob Rivard, San Antonio Express-News editor. Both men have a unique perspective upon how the violence in Mexico has played a role in providing accurate, fair reporting. They should provide really good food for thought.
Junco de la Vega will be receiving the initial 2010 Visionary Award. This will become a regular part of future Vision conferences.
There will be stories in Friday and Saturday's main news section of Laredo Morning Times on this event.
Friday, April 23, 2010
GM moves its ad business ...
Man, it's tough out there ... especially in Detroit. So General Motors is taking its Chevrolet ad business elsewhere.
I particularly like the line in this Associated Press story: "GM thanked Campball-Ewald for its years of service."
How sweet ...
Anyway, here's the AP story on GM's moves:
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GM replaces longtime Chevrolet advertising agency
DETROIT — The agency that created the line "See the U.S.A. in Your Chevrolet" and other memorable ad campaigns for the car brand over the past 91 years is being replaced.
General Motors Co. said Friday it is shifting the Chevrolet ad business from Campbell-Ewald of suburban Detroit to Publicis Worldwide.
Campbell-Ewald has been the Chevrolet ad agency since 1919. Its other ad themes for Chevy have included "Heartbeat of America" and "Like a Rock."
GM thanked Campbell-Ewald for its years of service.
I particularly like the line in this Associated Press story: "GM thanked Campball-Ewald for its years of service."
How sweet ...
Anyway, here's the AP story on GM's moves:
---------------
GM replaces longtime Chevrolet advertising agency
DETROIT — The agency that created the line "See the U.S.A. in Your Chevrolet" and other memorable ad campaigns for the car brand over the past 91 years is being replaced.
General Motors Co. said Friday it is shifting the Chevrolet ad business from Campbell-Ewald of suburban Detroit to Publicis Worldwide.
Campbell-Ewald has been the Chevrolet ad agency since 1919. Its other ad themes for Chevy have included "Heartbeat of America" and "Like a Rock."
GM thanked Campbell-Ewald for its years of service.
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