Among financials, Texas-based International Bancshares (IBOC) reported healthy first quarter 2014 results, with a 55% rise in net income and 54.8% increase in diluted earnings per share compared to the prior year period. The banking institution pointed to rising net interest margins, attributable to higher net interest income from its investment portfolio, an increase in outstanding high quality loans, and a decrease in interest expense on securities sold under repurchase agreements.
From Bernard Horn (Trades, Portfolio)’s Polaris Global Value Fund Second Quarter 2014 Shareholder Letter.
