Texas Regional Bancshares
, the holding company for Texas State Bank, said Monday its third-quarter earnings fell 17.5%, hit by a big loan loss reserve.
The company earned $16.4 million, or 30 cents a share, compared with $19.8 million, or 36 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 43 cents a share.
Third-quarter net interest margin, on a tax-equivalent basis, fell 15 basis point to 4.07%, negatively impacted by the reversal of interest on loans placed on nonaccrual status during the quarter. Net interest income rose 6.2% to $63.4 million, led by a rise in average interest-earning assets, the company said.
Noninterest income rose 7.7% to $21.5 million in the quarter. Noninterest expense rose 15% to $47.1 million in the quarter.
This story was created through a joint venture between TheStreet.com and IRIS.