IBC Reports Record 2022 Earnings

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 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.\n\nNet 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.\n\n\n\nInternational Bancshares Corporation and Subsidiaries\n\n\n\n\n\nConsolidated Financial Summary\n\n\n\n\n\n\n\n\n\nYears Ended\nDec. 31,\n\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n \n\n\n\n2019\n\n\n\n\n\n \n\n\n\n(Dollars in thousands, except per share data)\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nInterest income\n\n\n\n$\n\n\n\n525,781\n\n\n\n \n\n\n\n$\n\n\n\n398,103\n\n\n\n \n\n\n\n$\n\n\n\n427,008\n\n\n\n \n\n\n\n$\n\n\n\n492,401\n\n...

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