International Bancshares Corporation (IBOC) | Investment Case

1. Company Snapshot

1.a. Company Description

International Bancshares Corporation, a financial holding company, provides commercial and retail banking services.It accepts checking and saving deposits; and offers commercial, real estate, personal, home improvement, automobile, and other installment and term loans.The company also provides international banking services, including letters of credit, commercial and industrial loans, and foreign exchange services.

In addition, it offers other banking related services, such as credit cards, safety deposit boxes, collection, notary public, escrow, drive up and walk up facilities, and other customary banking services; and Internet banking services, as well as securities products through third party providers.As of February 28, 2022, the company had 170 branch facilities and 263 ATMs serving 76 communities in Texas and Oklahoma.International Bancshares Corporation was founded in 1966 and is headquartered in Laredo, Texas.

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1.b. Last Insights on IBOC

Breaking News: International Bancshares Corporation reported annual net income for 2025 of approximately $412.3 million. The company announced strong earnings, showcasing a significant financial performance. No analyst recommendations are available. The earnings release was made on February 26, 2026. The company's annual results reflect a robust financial position. Further details on the earnings call and analyst recommendations are not provided. The information is based on the latest available earnings release.

1.c. Company Highlights

Last Price	68.38
Change Percentage	1.89%
Open	66.1
Previous Close	67.11
Market Cap ( Millions)	4251
Volume	372686
Year High	75.44
Year Low	54.11
M A 50	70.16
M A 200	68.35

FCF Yield	11.13%
Dividend Yield	2.09%
ROE	13.41%
Debt / Equity	3.67%
Net Debt / EBIDTA	-77.68%
Price To Book	1.31
Price Earnings Ratio	10.37
Price To FCF	8.99
Price To sales	4.02
EV / EBITDA	7.14

2. Transcript Summary

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3. NewsRoom

IBC Reports Strong Earnings in 2025

Feb -26

Source: businesswire.com

Financial Comparison: International Bancshares (NASDAQ:IBOC) & Pinnacle Bank (OTCMKTS:PBNK)

Feb -10

Source: defenseworld.net

International Bancshares Corporation Announces Increase in Cash Dividend

Feb -02

Source: businesswire.com

International Bancshares (NASDAQ:IBOC) Share Price Crosses Above 200 Day Moving Average – Time to Sell?

Jan -30

Source: defenseworld.net

Comparing BancFirst (NASDAQ:BANF) and International Bancshares (NASDAQ:IBOC)

Jan -10

Source: defenseworld.net

International Bancshares Corporation $IBOC Shares Sold by Texas Permanent School Fund Corp

Dec -22

Source: defenseworld.net

Commonwealth of Pennsylvania Public School Empls Retrmt SYS Raises Position in International Bancshares Corporation $IBOC

Nov -24

Source: defenseworld.net

Campbell & CO Investment Adviser LLC Buys Shares of 4,075 International Bancshares Corporation $IBOC

Nov -18

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Banking and Related Activities

Expected Growth: 4.5%

The growth of International Bancshares Corporation's Banking and Related Activities segment is driven by increasing demand for commercial and consumer banking services, expansion of digital banking channels, and a growing customer base in the Texas and Oklahoma markets.

7. Detailed Products

Commercial Banking

Provides financial solutions to businesses, including cash management, lending, and treasury management services.

Consumer Banking

Offers personal banking services, including checking and savings accounts, credit cards, and personal loans.

Wealth Management

Provides investment and wealth management services, including brokerage, trust, and insurance services.

Mortgage Banking

Offers mortgage lending services, including residential and commercial mortgage loans.

Insurance

Provides insurance products, including property, casualty, and life insurance.

International Banking

Offers international banking services, including trade finance, foreign exchange, and correspondent banking.

8. International Bancshares Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for International Bancshares Corporation is medium due to the presence of alternative financial institutions and digital payment systems.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of concentration of buyers and the high switching costs.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the moderate concentration of suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including regulatory requirements and capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high due to the high competition among existing players in the banking industry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	20.98%
Debt Cost	3.95%
Equity Weight	79.02%
Equity Cost	8.68%
WACC	7.69%
Leverage	26.56%

11. Quality Control: International Bancshares Corporation passed 6 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Bank OZK

A-Score: 7.1/10

Value: 7.9

Growth: 8.3

Quality: 7.6

Yield: 7.0

Momentum: 4.5

Volatility: 7.0

1-Year Total Return ->

Popular

A-Score: 6.8/10

Value: 6.7

Growth: 5.9

Quality: 7.1

Yield: 5.0

Momentum: 8.0

Volatility: 8.3

1-Year Total Return ->

First Bank

A-Score: 6.8/10

Value: 7.1

Growth: 6.6

Quality: 8.2

Yield: 6.0

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

Cathay Bank

A-Score: 6.3/10

Value: 6.0

Growth: 6.1

Quality: 7.4

Yield: 6.0

Momentum: 4.5

Volatility: 7.7

1-Year Total Return ->

Fulton Financial

A-Score: 6.2/10

Value: 6.3

Growth: 6.3

Quality: 6.1

Yield: 8.0

Momentum: 3.0

Volatility: 7.7

1-Year Total Return ->

IBOC

A-Score: 5.9/10

Value: 4.7

Growth: 7.0

Quality: 6.2

Yield: 5.0

Momentum: 4.0

Volatility: 8.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-5.71%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.69%

International Bancshares Corporation - US4590441030

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on IBOC

1.c. Company Highlights

Higher Growth

Better Quality

Stable Momentum

Medium Volatility

Strong Momentum

Average Growth

Fairly Valued

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Banking and Related Activities

Expected Growth: 4.5%

7. Detailed Products

Commercial Banking

Consumer Banking

Wealth Management

Mortgage Banking

Insurance

International Banking

8. International Bancshares Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: International Bancshares Corporation passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

68.38$

Current Price

68.38$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA