International Bancshares Corp. in Laredo, Texas, reported that its fourth-quarter earnings fell less than 1% from a year earlier, to $27 million, as both income and expenses declined.
The $11.7 billion-asset company also said Monday that its 2011 net income declined 2.6% compared to 2010, to $113.9 million. Profit for last year was hurt by a $14.2 million additional reserve recorded for a tax dispute inherited by the company's 2004 purchase of Local Financial Corp. in Oklahoma City.
IBC reported $11.2 million in securities gains as it reworks its investment portfolio. Net interest income for the year fell 6%, to $324 million, and noninterest income slipped almost 8%, to $201 million.
Expenses declined more than 9% to $411 million for the year. The bank said in late September that it would close 55 of its in-store IBC Bank branches and cut about 500 jobs.