Karl John Hickle joins CPL Retail Energy; IBC announces annual earnings

 

CPL Retail Energy L.P. has appointed Karl John Hickle to the newly established position of regional manager - commercial accounts based in Laredo .

Hickle joins CPL Retail Energy from Proviron Natural Gas, where he served as a gas sales and marketing representative for four years. During his tenure, he helped the company to double gas volume sales primarily through commercial contracts. For 10 years prior to that Hickle was a key account manager for CPL Retail Energy's predecessor company, Central Power & Light. His responsibilities included providing all aspects of customer service for the largest customers in the company's western region and participating in city council meetings as a rate expert.

Hickle graduated from Texas A&M International University with a bachelor of science degree in building construction. He is a member of the City of Laredo Sub-Standard Housing Board and of the Laredo Noon Host Lions Club.

 

Interna-tional Banchshares Corporation has reported annual net income for 2003 of $122.1 million or $3.16 per share - basic ($3.10 per share - diluted) compared to $100.6 million or $2.52 per share - basic ($2.46 per share - diluted), which represents a 26 percent increase in diluted earnings per share and a 21 percent increase in net income over the corresponding period in 2002.

Net Income for the fourth quarter of 2003 was $28.5 million, or 74 cents per share – basic (72 cents per share diluted) compared to $27.5 million, or 70 cents per share – basic (68 cents per share diluted), which represents a 6 percent increase in diluted earnings per share and a 4 percent increase in net income over the corresponding period in 2002.

The increase for 2003 compared to 2002 can be partially attributed to impairment charges taken by the company during 2002 due to the adoption of Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets" ("SFAS 142") and the company's share of losses on its investment in the Aircraft Finance Trust ("AFT"). The adoption of SFAS 142 resulted in an impairment charge of $5.1 million, after tax, on its investment services unit during the first quarter 2002. The total losses recorded on its investment in AFT totaled $8.4 million, after tax, for the year ended Dec.31, 2002. Investment securities gains of $15.2 million, after tax, positively impacted 2003 earnings, compared to $1.5 million, after tax, recognized in 2002. The securities gains arose from a program in place to reposition a portion of the company's bond portfolio to realize the equity that is eroding in the portfolio due to rapid principal repayments.

IBOC also recently signed a definitive agreement with Local Financial Corporation (NASDAQ: LFIN), an Oklahoma bank holding company, pursuant to which IBOC will acquire LFIN for approximately $385 million in cash and stock.

Total assets at Dec. 31, 2003, were $6.6 billion compared to $6.5 billion at Dec. 31, 2002. Total net loans were $2.7 billion at Dec. 31, 2003, and at Dec. 31, 2002. Deposits at Dec. 31, 2003, were $4.4 billion compared to $4.2 billion at Dec. 31, 2002.