International Bancshares Corporation Announces Financial Results for Third Quarter 2024

International Bancshares Corporation (NASDAQ: IBOC) has released its financial results for the third quarter of 2024, reporting a net income of $294.1 million or $4.72 diluted earnings per common share ($4.73 per share basic) for the nine months ended September 30, 2024. This represents a decrease of 3.7% in net income and 3.9% in diluted earnings per share compared to the same period in 2023. For the three months ending on September 30, 2024, the net income was $99.8 million or $1.60 diluted earnings per common share ($1.60 per share basic), reflecting a 3.6% decrease in diluted earnings per share and a 3.4% decrease in net income compared to the previous year.

The positive impact on the net income for the first nine months of 2024 was primarily due to an increase in interest income earned on the investment and loan portfolios. This increase was driven by the growth in the size of the portfolios and the current elevated rate environment influenced by the actions of the Federal Reserve Board to raise interest rates in 2022 and 2023. However, the net interest income was negatively impacted by higher interest expenses, primarily due to increased rates on deposits. The company stated that it is actively monitoring and adjusting deposit rates to remain competitive and drive deposit growth.

Additionally, International Bancshares Corporation noted that the net income for the nine months ending September 30, 2024, was adversely affected by an increase in non-interest expenses driven by inflation and rising salary and compensation costs aimed at attracting and retaining talent within the organization.

Dennis E. Nixon, President, and CEO of International Bancshares Corporation expressed satisfaction with the company’s financial performance for the year, emphasizing their commitment to delivering exceptional customer service and maintaining strong financial management practices. He highlighted the importance of maintaining superior financial results, industry-leading practices, and adaptability to market changes.

By the end of September 30, 2024, the company reported total assets of $15.9 billion, total net loans at $8.4 billion, and deposits at $12.1 billion. International Bancshares Corporation operates as a multi-bank financial holding company with 166 facilities and 256 ATMs across 75 communities in Texas and Oklahoma.

Please be advised that the statements made in this release that are not historical facts contain forward-looking information concerning IBC and its subsidiaries. These statements involve risks and uncertainties outlined in IBC’s filings with the Securities and Exchange Commission. Copies of IBC’s SEC filings and Annual Report can be accessed on the SEC filings website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read International Bancshares’s 8K filing here.

About International Bancshares

International Bancshares Corporation, a financial holding company, provides commercial and retail banking services in Texas and the State of Oklahoma. It accepts checking and saving deposits; and offers commercial, real estate, personal, home improvement, automobile, and other installment and term loans.