IBC Reports 37% Increase in Earnings in 2023
Net income for the year ended
Consolidated Financial Summary |
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Years Ended
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2023 |
2022 |
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2021 |
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2020 |
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2019 |
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(Dollars in thousands, except per share data) |
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Interest income |
$ |
800,162 |
$ |
525,781 |
|
$ |
398,103 |
|
$ |
427,008 |
|
$ |
492,401 |
|
Interest expense |
|
(136,661) |
|
(38,156) |
|
|
(26,831) |
|
|
(39,119) |
|
|
(58,629) |
|
Net interest income |
|
663,501 |
|
487,625 |
|
|
371,272 |
|
|
387,889 |
|
|
433,772 |
|
Provision for probable loan losses |
|
(34,576) |
|
(21,651) |
|
|
(7,955) |
|
|
(45,379) |
|
|
(18,843) |
|
Non-interest income |
|
169,941 |
|
187,134 |
|
|
222,326 |
|
|
150,579 |
|
|
154,826 |
|
Non-interest expense |
|
(275,354) |
|
(270,469) |
|
|
(263,316) |
|
|
(281,331) |
|
|
(309,801) |
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Income before income taxes |
|
523,512 |
|
382,639 |
|
|
322,327 |
|
|
211,758 |
|
|
259,954 |
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Income taxes |
|
(111,744) |
|
(82,407) |
|
|
(68,405) |
|
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(44,439) |
|
|
(54,850) |
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Net income |
$ |
411,768 |
$ |
300,232 |
|
$ |
253,922 |
|
$ |
167,319 |
|
$ |
205,104 |
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Net income per common share |
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Basic |
$ |
6.63 |
|
4.79 |
|
$ |
4.01 |
|
$ |
2.63 |
|
$ |
3.13 |
|
Diluted |
$ |
6.62 |
|
4.78 |
|
$ |
4.00 |
|
$ |
2.62 |
|
$ |
3.12 |
“Our net interest margin continues to be positively impacted by the current interest rate environment. Managing interest income and expense continues to be a major focus of our executive leadership team, who continue to carefully monitor the current interest rate environment so that decisions made will balance the management of our deposit base with the cost of those deposits. We are confident that our balance sheet management strategies, including our asset liability and liquidity management, which have been in place for many years, will continue to position us for success as we have just reported. Our outstanding earnings performance continues to prove that our long-standing strategies and commitment to cost control and non-interest income growth continues to be timely and successful. Our return on assets (ROA) puts IBOC among the top of publicly traded bank holding companies in the nation. 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 in 2024 and beyond,” said
Total assets at
IBC is a multi-bank financial holding company headquartered in
“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
Copies of IBC’s
View source version on businesswire.com: https://www.businesswire.com/news/home/20240226192153/en/
Treasurer and Principal Financial Officer
(956) 722-7611
Source: