Business
IBC Reports Strong Earnings for the First Half of 2024
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, 2024 of $194.3 million or $3.12 diluted earnings per common share ($3.13 per share basic) compared to $202.1 million or $3.25 diluted earnings per common share ($3.25 per share basic), which represents a decrease of 3.9% in net income and 4.0% in diluted earnings per share over the corresponding period of 2023. Net income for the three months ended June 30, 2024 was $97.0 million or $1.56 diluted earnings per common share ($1.56 per share basic) compared to $100.5 million or $1.62 diluted earnings per common share ($1.62 per share basic), which represents a decrease of 3.7% in diluted earnings per share and a 3.5% decrease in net income over the corresponding period in 2023.\n\n\nNet income for the first six months of 2024 continues to be positively supported by an increase in interest income earned on our investment and loan portfolios driven primarily by both an increase in the size of our investment and loan portfolios and the Federal Reserve Board actions to raise interest rates in 2022 and 2023 and to maintain those elevated rates so far in 2024. Net interest income has been negatively impacted by an increase in interest expense, primarily driven by increases in rates paid on deposits. We continue to closely monitor and adjust rates paid on deposits to remain competitive to grow and retain deposits. Net income for the six months ended June 30, 2024 was negatively impacted by an increase in our provision for credit losses, which was primarily driven by a charge-down of an impaired credit after the results of a bankruptcy related foreclosure.\n\n\n“With the first six months of 2024 over, we continue to be pleased with our industry-leading financial results, which we feel will continue to keep us at the top of the rankings against other publicly held banks in America. As we move into the last six months of 2024, our team remains focused on superior customer service, continued execution of our long-standing practices of balance sheet, asset liability and liquidity management, strong cost controls and continued identification of opportunities for efficiencies across our system. We believe that with continued focus on thes...