IBC Reports Strong Earnings for the Third Quarter of 2024
Net income for the first nine months of 2024 continues to be positively impacted 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 current rate environment, which remains elevated as a result of Federal Reserve Board actions to raise interest rates in 2022 and 2023. 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 nine months ended Sept. 30, 2024 was negatively impacted by an increase in non-interest expenses driven by inflation and an increase in our salary and compensation costs in order to attract and retain staff.
“With three quarters 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. We will remain focused and vigilant 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 will also continue to closely monitor changes in interest rates and make decisions to minimize the impact of those rate changes. We believe that with continued focus on these long-standing practices supported by new initiatives, IBC will continue to deliver industry-leading financial results,” said Dennis E. Nixon, president and CEO.
Total assets at Sept. 30, 2024 were
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 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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Judith Wawroski,
Treasurer and Principal Financial Officer
International Bancshares Corporation
(956) 722-7611
Source: International Bancshares Corporation