International Bancshares Corporation Announces Cash Dividend Increase

Rhea-AI Summary

International Bancshares Corporation (IBOC) declared a $0.60 per share cash dividend on Aug. 3, 2021, for shareholders of record by Aug. 20, payable on Sept. 3. This marks a 9% increase from the previous dividend, attributed to the company's strong financial performance and capital position bolstered by the 2017 Tax Cut and Jobs Act. IBC operates with approximately $15.3 billion in total assets across 186 facilities and 281 ATMs in Texas and Oklahoma.

Positive

• Declared a $0.60 per share cash dividend, a 9% increase from the last dividend.
• Strong financial performance and capital position, attributed to tax benefits.

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• None.

International Bancshares Corporation (“IBC”) announced today that on Aug. 3, 2021, IBC’s Board of Directors approved the declaration of a .60 cents per share cash dividend for shareholders of record of Common Stock, $1.00 par value, as of the close of business on Aug. 20, 2021, payable on Sept. 3, 2021, in lieu of the discretionary dividend that IBC has historically paid in October. This dividend is a 9%, or 5-cent, increase above IBC’s last dividend paid.

“This discretionary cash dividend was made possible because of our Company’s strong financial performance, augmented by the benefits of the 2017 Tax Cut and Jobs Act, and our exceptionally strong capital position,” said Dennis E. Nixon, president and CEO of IBC.

IBC (NASDAQ:IBOC) is a multi-bank financial holding company headquartered in Laredo, Texas, with approximately $15.3 billion in total assets and 186 facilities and 281 ATMs serving 87 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 or IBC’s website at http://www.ibc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005531/en/

FAQ

What is the dividend amount declared by IBC on August 3, 2021?

IBC declared a cash dividend of $0.60 per share.

When is the dividend payable for IBC shareholders?

The dividend is payable on September 3, 2021.

What is the record date for IBC's dividend?

The record date for the dividend is August 20, 2021.

How much did IBC increase its dividend by?

IBC increased its dividend by 5 cents, which is a 9% increase.

How does IBC's financial performance influence its dividend?

IBC's strong financial performance enabled the increase in the dividend.