IBC Reports 2021 Earnings
Net income for the year ended
Consolidated Financial Summary |
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Years Ended
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2021 |
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2020 |
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2019 |
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(Dollars in thousands, except per share data) |
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Interest income |
$ |
398,103 |
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$ |
427,008 |
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$ |
492,401 |
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Interest expense |
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(26,831 |
) |
(39,119 |
) |
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(58,629 |
) |
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Net interest income |
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371,272 |
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387,889 |
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433,772 |
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Provision for credit losses |
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(7,955 |
) |
(45,379 |
) |
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(18,843 |
) |
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Non-interest income |
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222,326 |
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150,579 |
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154,826 |
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Non-interest expense |
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(236,316 |
) |
(281,331 |
) |
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(309,801 |
) |
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Income before income taxes |
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322,327 |
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211,758 |
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259,954 |
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Income taxes |
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(68,405 |
) |
(44,439 |
) |
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(54,850 |
) |
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Net income |
$ |
253,922 |
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$ |
167,319 |
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$ |
205,104 |
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Net income per common share |
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Basic |
$ |
4.01 |
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$ |
2.63 |
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$ |
3.13 |
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Diluted |
$ |
4.00 |
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$ |
2.62 |
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$ |
3.12 |
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“The global health crisis resulting from COVID-19 has continued to impact our business. However, because of management’s forward-looking vision and legacy commitment to expense control, we took aggressive steps to reduce expenses at the inception of the pandemic. Given the high level of uncertainty the pandemic would have on our operations and revenue streams, the swift and broad-based actions management took have resulted in a decrease in non-interest expenses of approximately
Total assets at
IBC is a multi-bank financial holding company headquartered in
“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
Copies of IBC’s
View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005889/en/
Treasurer and Principal Financial Officer
(956) 722-7611
Source: