Texas Regional Bancshares Inc. in McAllen said Monday that its first-quarter earnings beat estimates despite falling about 3%, to $23 million.
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The $6.6 billion-asset company said its earnings of $32.8 million in the first quarter of 2005 were inflated because they included profits from its sale of the Pulse network of automated teller machines to Discover Financial Services.
If not for the gain on the sale of the Pulse network in last year's first quarter, Texas Regional said that earnings in the first quarter of 2006 would have increased by12.9%.
Earnings per share for the three months that ended March 31 fell a penny, to 42 cents, 1 cent above Wall Street's estimates.
In late trading Monday, Texas Regional's stock was down 1.64%, to $28.20.
