IBC Reports 2021 Earnings
February 24 2022 - 12:58PM
Business Wire
International Bancshares Corporation (NASDAQ:IBOC), one of the
largest independent bank holding companies in Texas, today reported
annual net income for 2021 of $253.9 million or $4.00
diluted earnings per common share ($4.01 per share basic)
compared to $167.3 million or $2.62 diluted earnings
per common share ($2.63 per share basic), which represents
an increase of 52.7 percent in diluted earnings per share
and a 51.8 percent increase in net income over the
corresponding period in 2020. Net income for the three months ended
Dec. 31, 2021 was $56.5 million or $.89 diluted
earnings per common share ($.90 per share basic), compared
to $48.2 million or $.76 diluted earnings per common
share ($.76 per share basic) for the same period in 2020,
representing an increase of 17.2 percent in net income and a
17.1 percent increase in diluted earnings per share.
Net income for the year ended Dec. 31, 2021 was positively
impacted by the sale of an equity interest in a merchant banking
investment held by one of our non-bank subsidiaries totaling $42.8
million, net of tax, in the second quarter of 2021. Net income was
also positively impacted by a decrease in the provision for credit
losses compared to the same period of 2020 as economic conditions
have stabilized or improved, positively impacting certain segments
of our portfolio and our allowance for credit loss calculation.
International Bancshares
Corporation and Subsidiaries
Consolidated Financial
Summary
Years Ended Dec. 31,
2021
2020
2019
(Dollars in thousands, except
per share data)
Interest income
$
398,103
$
427,008
$
492,401
Interest expense
(26,831
)
(39,119
)
(58,629
)
Net interest income
371,272
387,889
433,772
Provision for credit losses
(7,955
)
(45,379
)
(18,843
)
Non-interest income
222,326
150,579
154,826
Non-interest expense
(236,316
)
(281,331
)
(309,801
)
Income before income taxes
322,327
211,758
259,954
Income taxes
(68,405
)
(44,439
)
(54,850
)
Net income
$
253,922
$
167,319
$
205,104
Net income per common share
Basic
$
4.01
$
2.63
$
3.13
Diluted
$
4.00
$
2.62
$
3.12
“The global health crisis resulting from COVID-19 has continued
to impact our business. However, because of management’s
forward-looking vision and legacy commitment to expense control, we
took aggressive steps to reduce expenses at the inception of the
pandemic. Given the high level of uncertainty the pandemic would
have on our operations and revenue streams, the swift and
broad-based actions management took have resulted in a decrease in
non-interest expenses of approximately 15%, or $46.5 million before
tax for the two-year period ended Dec. 31, 2021. The successful
execution of the cost-savings initiatives as well as our focus on
growing non-interest income positioned us to continue our history
of high-performance results for our shareholders and separating us
from the performance of our peers. Furthermore, 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 for many years to
come, as we have clearly demonstrated for more than 55 years,” said
Dennis E. Nixon, president and CEO.
Total assets at Dec. 31, 2021 were $16.0 billion compared
to $14.0 billion at Dec. 31, 2020. Total net loans were
$7.1 billion at Dec. 31, 2021 compared to $7.4
billion at Dec. 31, 2020. Deposits were $12.6 billion at
Dec. 31, 2021 compared to $10.7 billion at Dec. 31,
2020.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 170 facilities and 263 ATMs serving 76
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/20220224005889/en/
Judith Wawroski, Treasurer and Principal Financial Officer
International Bancshares Corporation (956) 722-7611
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