Business
IBC Continues Stellar Earnings
LAREDO, Texas--(BUSINESS WIRE)-- International Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today
About this update from International Bancshares Corporation
[{"type":"text","content":" LAREDO, Texas--(BUSINESS WIRE)--\nInternational Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today reported net income for the six months ended June 30, 2023 of $202.1 million, or $3.25 diluted earnings per common share ($3.25 per share basic) compared to $111.5 million or $1.76 diluted earnings per common share ($1.77 per share basic) for the same period of 2022, which represents an increase of 81.3% in net income and an increase of 84.7% in diluted earnings per common share. Net income for the three months ended June 30, 2023 was $100.5 million or $1.62 diluted earnings per common share ($1.62 per share basic) compared to $58.0 million or $.92 diluted earnings per common share ($.92 per share basic), which represents an increase of 73.3% in net income and an increase of 76.1% in diluted earnings per share over the corresponding period in 2022.\n\n\nNet income for the first six months of 2023 was positively impacted by an increase in net interest income, which was primarily attributable to an increase in the size of our investment portfolio, the interest earned on funds held at the Federal Reserve Bank and an increase in loan interest income, of which the latter two have increased consistently with Federal Reserve Board 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 to capture the risk of potential losses in our portfolio arising from those uncertain economic conditions.\n\n\n“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. The management of interest rate risk is paramount in the current environment. We are confident that our balance sheet management strategies, including our asset liability management, which have been in place for many years, will continue to position us for success. We are also continuing to adjust our deposit pricing to remain competitive in an effort to retai...