IBC Continues to Deliver Exceptional Earnings
International Bancshares Corporation (NASDAQ:IBOC) reported a net income of $305.4 million for the nine months ended Sept. 30, 2023, representing a 56.8% increase compared to the same period in 2022. Diluted earnings per common share also increased by 58.9%. Net income for the three months ended Sept. 30, 2023, was $103.3 million, a 23.9% increase compared to the corresponding period in 2022. The increase in net income was primarily due to an increase in net interest income and loan interest income. Total assets at Sept. 30, 2023, were $14.9 billion.
Positive
Net income for the nine months ended Sept. 30, 2023, increased by 56.8% compared to the same period in 2022.
Diluted earnings per common share increased by 58.9% for the nine months ended Sept. 30, 2023.
Net income for the three months ended Sept. 30, 2023, increased by 23.9% compared to the corresponding period in 2022.
The increase in net income was primarily due to an increase in net interest income and loan interest income.
Total assets at Sept. 30, 2023, were $14.9 billion.
11/02/2023 - 01:16 PM
LAREDO, Texas --(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 $4.92 $194.8 $3.09 $3.10 56.8% 58.9% $103.3 $1.66 $1.66 $83.4 1.34 diluted earnings per common share ($1.34 per share basic), which represents an increase of 23.9% 23.9%
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 $15.5 $7.7 $7.3 $11.9 $12.7
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 .
View source version on businesswire.com: https://www.businesswire.com/news/home/20231102481980/en/
Judith Wawroski,
Source: International Bancshares Corporation
What is the ticker symbol of International Bancshares Corporation?
The ticker symbol of International Bancshares Corporation is IBOC.
What was the net income for the nine months ended Sept. 30, 2023?
The net income for the nine months ended Sept. 30, 2023, was $305.4 million.
What is the increase in net income for the three months ended Sept. 30, 2023, compared to the corresponding period in 2022?
The net income for the three months ended Sept. 30, 2023, increased by 23.9% compared to the corresponding period in 2022.
What contributed to the increase in net income?
The increase in net income was primarily due to an increase in net interest income and loan interest income.
What were the total assets at Sept. 30, 2023?
The total assets at Sept. 30, 2023, were $14.9 billion.
