IBC Reports Strong Earnings
04 Agosto 2022 - 1:09PM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income for the first six months of 2022 of $111.5
million or $1.76 diluted earnings per common share
($1.77 per share basic) compared to $142.8 million or
$2.25 diluted earnings per common share ($2.25 per
share basic) for the same period of 2021, which represents a
decrease of 21.8 percent in diluted earnings per common
share and a decrease of 21.9 percent in net income. Net
income for the three months ended June 30, 2022 was $58.0
million or $.92 diluted earnings per common share
($.92 per share basic) compared to $92.0 million or
$1.45 diluted earnings per common share ($1.45 per
share basic) for the same period of 2021, which represents a
decrease of 36.6 percent in diluted earnings per share and a
37.0 percent decrease in net income.
The decrease in net income for the first six months of 2022
compared to the same period of 2021 is attributed to a
non-recurring transaction in 2021 arising from the sale of an
equity interest in a merchant banking investment held by one of our
non-bank subsidiaries. The transaction resulted in income totaling
$42.8 million, net of tax, and was recorded in the second quarter
of 2021. Net income for the first six months of 2021 without the
non-recurring item was $100.0 million, after tax, compared to
$111.5 million for the same period of 2022, representing an 11.5
percent increase.
“The global health crisis resulting from COVID-19 has continued
to have a lingering effect on our business and the economy as a
whole. Global supply chain issues affecting most sectors of the
economy have resulted in historically high levels of inflation. The
Federal Reserve Board actions to control inflation may have begun
too late and an economic recession may be in our future. We
continue to monitor, manage and take action on reducing
controllable expenses in line with our legacy commitment to expense
control and remain focused on growing non-interest income to
support our historically strong earnings performance. We have
proven throughout these last two-plus years that our
forward-looking vision and legacy commitment to expense control,
along with the aggressive steps we took to reduce controllable
expenses at the inception of the pandemic have worked and resulted
in an approximate 15 percent decrease, or $46.5 million, in
expenses for the year ended Dec. 31, 2021 compared to Dec. 31,
2019, and an approximate 12.9 percent decrease, or $19.7 million,
for the first six months of 2022 compared to the same period of
2019. 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,” said Dennis E. Nixon, president and CEO.
Total assets at June 30, 2022 were $16.3 billion compared
to $16.0 billion at Dec. 31, 2021. Total net loans were
$6.9 billion at June 30, 2022 compared to $7.1
billion at Dec. 31, 2021. Deposits were $12.9 billion at
June 30, 2022 compared to $12.6 billion at Dec. 31,
2021.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 167 facilities and 259 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/20220804005833/en/
Judith Wawroski, Treasurer and Principal Financial Officer
International Bancshares Corporation (956) 722-7611
International Bancshares (NASDAQ:IBOC)
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