IBC Reports Strong Earnings
May 05 2022 - 11:17AM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income for the first three months of 2022 of $53.5
million or $.84 diluted earnings per common share
($.84 per share basic) compared to $50.8 million or
$.80 diluted earnings per common share ($.80 per
share basic) for the same period of 2021, which represents an
increase of 5.0 percent in diluted earnings per share and a
5.3 percent increase in net income.
“The global health crisis resulting from COVID-19 has continued
to have a lingering effect on our business and the economy as a
whole. Throughout this period, 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 resulted in an approximate 15% decrease or $46.5
million in expenses for the year ended Dec. 31, 2021 compared to
Dec. 31, 2019 and an approximate decrease of 12% or $8.8 million
for the first quarter of 2022 compared to the same period of 2019.
In light of current economic issues including global supply chain
issues and inflationary pressures, we will continue to emphasize
our expense control strategies and focus on growing non-interest
income in order to continue to maintain our strong earnings
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 March 31, 2022 were $16.1 billion
compared to $16.0 billion at Dec. 31, 2021. Total net loans
were $6.9 billion at March 31, 2022 compared to $7.1
billion at Dec. 31, 2021. Deposits were $12.8 billion at
March 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 261 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/20220505005949/en/
Judith Wawroski, Treasurer and Principal Financial Officer
International Bancshares Corporation (956) 722-7611
International Bancshares (NASDAQ:IBOC)
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