IBC Continues to Deliver Exceptional Earnings
03 11월 2023 - 2:16AM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income for the nine months ended Sept. 30, 2023 of
$305.4 million, or $4.91 diluted earnings per common
share ($4.92 per share basic), compared to $194.8
million, or $3.09 diluted earnings per common share
($3.10 per share basic), for the same period of 2022, which
represents an increase of 56.8% in net income and an
increase of 58.9% in diluted earnings per common share. Net
income for the three months ended Sept. 30, 2023 was $103.3
million, or $1.66 diluted earnings per common share
($1.66 per share basic), compared to $83.4 million,
or $1.34 diluted earnings per common share ($1.34 per
share basic), which represents an increase of 23.9% in net
income and an increase of 23.9% in diluted earnings per
share over the corresponding period in 2022.
Net income for the first nine months of 2023 was positively
impacted by an increase in net interest income, which is primarily
attributable to an increase in the size of our investment
portfolio, and an increase in loan interest income, which has
increased consistently with the Federal Reserve Board’s actions to
raise interest rates in 2022 and 2023. The increase in those
revenue streams coupled with our cost control initiatives to
streamline operations and increase efficiency in recent years have
been the primary drivers in achieving these results. We are also
continuing to monitor economic conditions impacting our loan
portfolio and have factored these forecasts into our allowance for
credit loss calculation.
“Our net interest margin continues to be positively impacted by
the current interest rate environment in light of the Federal
Reserve Board’s actions to increase interest rates. Managing
interest income and expense is a major focus of management in this
environment. We are confident that our balance sheet management
strategies, including our asset liability and liquidity management,
which have been in place for many years, will continue to position
us for success, as we have just reported. Our executive leadership
team continues to carefully monitor and navigate the current
environment so that decisions made will continue to balance the
management of our deposit base with the cost of those deposits.
With five separately chartered banks in our holding company system,
we are uniquely positioned to work with our customers to maximize
their FDIC insurance coverage to protect our relationship deposits.
With future economic conditions still highly uncertain, we continue
to operate and make decisions carefully. The cornerstone of our
day-to-day decisions continues to be our proven legacy commitment
to expense control and non-interest income growth to protect our
earnings. We are confident in our exceptionally strong capital
position, significant liquidity, strong relationship deposit base
and responsive management strategies to position us for continued
success in 2023 and beyond,” said Dennis E. Nixon, president and
CEO.
Total assets at Sept. 30, 2023 were $14.9 billion,
compared to $15.5 billion at Dec. 31, 2022. Total net loans
were $7.7 billion at Sept. 30, 2023, compared to $7.3
billion at Dec. 31, 2022. Deposits were $11.9 billion at
Sept. 30, 2023, compared to $12.7 billion at Dec. 31,
2022.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 168 facilities and 258 ATMs serving 75
communities in Texas and Oklahoma.
“Safe Harbor” statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts contain forward looking information with
respect to plans, projections or future performance of IBC and its
subsidiaries, the occurrence of which involve certain risks and
uncertainties detailed in IBC’s filings with the Securities and
Exchange Commission.
Copies of IBC’s SEC filings and Annual Report (as an exhibit to
the 10-K) may be downloaded from the SEC filings site located at
http://www.sec.gov/edgar.shtml.
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version on businesswire.com: https://www.businesswire.com/news/home/20231102481980/en/
Judith Wawroski, Treasurer and Principal Financial Officer
International Bancshares Corporation (956) 722-7611
International Bancshares (NASDAQ:IBOC)
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