International Bancshares Reports Mixed Annual Results with Strong Quarterly Performance

LAREDO, Texas, February 27, 2025 – International Bancshares Corporation (NASDAQ: IBOC), one of Texas’ largest independent bank holding companies, announced its financial results for 2024 in a recent SEC Form 8-K filing. While annual net income and earnings per share registered marginal declines compared to 2023, the company posted improved profitability in the fourth quarter.

For the full year 2024, International Bancshares reported net income of approximately $409.2 million, or $6.57 diluted earnings per share, compared to $411.8 million and $6.62 diluted earnings per share in 2023. This represents a decrease of about 0.6 percent in net income and 0.8 percent in diluted earnings per share. However, for the three months ended December 31, 2024, net income jumped to around $115.1 million, or $1.85 diluted earnings per common share, up from approximately $106.4 million and $1.71 per share in 2023—an increase of roughly 8.2 percent in net income and 8.1 percent in diluted earnings per share.

The company attributed annual performance to a higher interest income from its growing investment and loan portfolios amid an elevated rate environment, a consequence of ongoing Federal Reserve Board actions to raise rates. Despite the positive impact on interest income, heightened interest expenses, primarily related to increased rates paid on deposits, continued to influence net interest income. Management remains focused on adjusting deposit rates to remain competitive and sustain deposit growth.

“We are extremely pleased and proud to continue our industry-leading financial results in 2024, which we feel will continue to keep us at the top of the rankings against other publicly held banks in America,” said Dennis E. Nixon, President and Chief Executive Officer. “As we move into 2025, we will remain focused and vigilant on delivering superior customer service, maintaining disciplined balance sheet and liquidity management, and leveraging new initiatives that drive efficiencies across the organization.”

The balance sheet also reflected growth, with total assets increasing to approximately $15.7 billion at December 31, 2024, up from about $15.1 billion at the close of 2023. Total net loans grew to roughly $8.7 billion from approximately $7.9 billion, and deposits rose to around $12.1 billion compared to $11.8 billion at the end of the previous year.

The report, originally disseminated via a press release and attached as Exhibit 99 to the SEC filing, emphasizes International Bancshares’ dedication to prudent financial management and continual service excellence as it navigates a dynamic interest rate environment.

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.