IBC Reports Record 2022 Earnings
23 Fevereiro 2023 - 3:58PM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
annual net income for 2022 of $300.2 million or $4.78
diluted earnings per common share ($4.79 per share basic)
compared to $253.9 million or $4.00 diluted earnings
per common share ($4.01 per share basic), which represents
an increase of 19.5 percent in diluted earnings per share
and an 18.2 percent increase in net income over the
corresponding period in 2021. Net income for the three months ended
Dec. 31, 2022 was $105.4 million or $1.69 diluted
earnings per common share ($1.69 per share basic), compared
to $56.5 million or $.89 diluted earnings per common
share ($.90 per share basic) for the same period in 2021,
representing an increase of 86.5 percent in net income and
an 89.9 percent increase in diluted earnings per share.
Net income for the year ended Dec. 31, 2022 was positively
impacted by an increase in net interest income, which is primarily
attributable to an increase in the size of our investment
portfolio, interest earned on funds held at the Federal Reserve
Bank and an increase in loan interest income, of which the latter
two have increased in line with Federal Reserve Board actions to
raise interest rates throughout 2022. Cost control initiatives to
streamline operations and greater operational efficiencies in
recent years have been complemented by the increase in interest
income to achieve these results. We have continued to monitor
economic conditions, including a possible recession, impacting our
loan portfolio and have factored those forecasts into our allowance
for credit loss calculation to endeavor capturing the risk of
potential losses in our portfolio arising from those uncertain
economic conditions.
International Bancshares
Corporation and Subsidiaries
Consolidated Financial
Summary
Years Ended Dec. 31,
2022
2021
2020
2019
(Dollars in thousands, except
per share data)
Interest income
$
525,781
$
398,103
$
427,008
$
492,401
Interest expense
(38,156)
(26,831)
(39,119)
(58,629)
Net interest income
487,625
371,272
387,889
433,772
Provision for probable loan losses
(21,651)
(7,955)
(45,379)
(18,843)
Non-interest income
187,134
222,326
150,579
154,826
Non-interest expense
(270,46)
(263,316)
(281,331)
(309,801)
Income before income taxes
382,639
322,327
211,758
259,954
Income taxes
(82,407)
(68,405)
(44,439)
(54,850)
Net income
$
300,232
$
253,922
$
167,319
$
205,104
Net income per common share
Basic
$
4.79
$
4.01
$
2.63
$
3.13
Diluted
$
4.78
$
4.00
$
2.62
$
3.12
“Economic conditions impacting the global economy remain highly
volatile and uncertain. We continue to monitor and manage 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. Non-interest income was positively
impacted in 2021 by a one-time merchant banking event adding $55.9
million to total non-interest income in 2021. Our net interest
margin has been positively impacted by the increases in interest
rates on earning assets while confronting rising interest expense
from increasing deposit rates, which we have raised in a very
measured way. We have proven throughout these last three-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 been
realized and resulted in a decrease of approximately 12.7 percent
or $39.3 million in expenses for the year ended Dec. 31, 2022
compared to Dec. 31, 2019. In addition to this stellar performance,
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 Dec. 31, 2022 were $15.5 billion compared
to $16.0 billion at Dec. 31, 2021. Total net loans were
$7.3 billion at Dec. 31, 2022 compared to $7.1
billion at Dec. 31, 2021. Deposits were $12.7 billion at
Dec. 31, 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 257 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/20230223005880/en/
Judith Wawroski Treasurer and Principal Financial Officer
International Bancshares Corporation (956) 722-7611
International Bancshares (NASDAQ:IBOC)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
International Bancshares (NASDAQ:IBOC)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024