Intrinsic value of International Bancshares - IBOC

Previous Close

$44.80

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$44.80

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as IBOC.

We calculate the intrinsic value of IBOC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  545
  577
  610
  645
  681
  718
  758
  799
  842
  887
  934
  983
  1,035
  1,089
  1,146
  1,205
  1,268
  1,333
  1,401
  1,473
  1,548
  1,627
  1,710
  1,797
  1,888
  1,984
  2,084
  2,189
  2,300
  2,416
Variable operating expenses, $m
  109
  115
  122
  129
  136
  144
  152
  160
  168
  177
  187
  197
  207
  218
  229
  241
  254
  267
  280
  295
  310
  325
  342
  359
  378
  397
  417
  438
  460
  483
Fixed operating expenses, $m
  193
  197
  202
  206
  211
  215
  220
  225
  230
  235
  240
  245
  251
  256
  262
  268
  274
  280
  286
  292
  298
  305
  312
  319
  326
  333
  340
  348
  355
  363
Total operating expenses, $m
  302
  312
  324
  335
  347
  359
  372
  385
  398
  412
  427
  442
  458
  474
  491
  509
  528
  547
  566
  587
  608
  630
  654
  678
  704
  730
  757
  786
  815
  846
Operating income, $m
  243
  264
  286
  310
  334
  359
  386
  414
  444
  475
  507
  541
  577
  615
  655
  696
  740
  787
  835
  886
  940
  997
  1,056
  1,119
  1,185
  1,254
  1,327
  1,404
  1,485
  1,570
EBITDA, $m
  1,512
  1,607
  1,706
  1,810
  1,918
  2,031
  2,149
  2,273
  2,403
  2,539
  2,681
  2,830
  2,986
  3,150
  3,321
  3,501
  3,690
  3,888
  4,096
  4,314
  4,543
  4,784
  5,036
  5,301
  5,579
  5,870
  6,177
  6,499
  6,837
  7,191
Interest expense (income), $m
  44
  596
  575
  600
  627
  655
  684
  715
  747
  780
  815
  851
  889
  929
  971
  1,015
  1,061
  1,109
  1,160
  1,213
  1,268
  1,326
  1,387
  1,451
  1,518
  1,588
  1,662
  1,740
  1,821
  1,906
  1,996
Earnings before tax, $m
  -353
  -310
  -314
  -318
  -321
  -325
  -329
  -333
  -336
  -340
  -344
  -348
  -352
  -356
  -360
  -365
  -369
  -373
  -377
  -382
  -386
  -390
  -395
  -399
  -404
  -408
  -413
  -417
  -422
  -426
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -353
  -310
  -314
  -318
  -321
  -325
  -329
  -333
  -336
  -340
  -344
  -348
  -352
  -356
  -360
  -365
  -369
  -373
  -377
  -382
  -386
  -390
  -395
  -399
  -404
  -408
  -413
  -417
  -422
  -426

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,090
  9,618
  10,169
  10,744
  11,345
  11,972
  12,628
  13,314
  14,031
  14,782
  15,567
  16,389
  17,251
  18,152
  19,097
  20,088
  21,126
  22,214
  23,354
  24,550
  25,805
  27,120
  28,501
  29,948
  31,467
  33,061
  34,733
  36,488
  38,330
  40,262
Adjusted assets (=assets-cash), $m
  9,090
  9,618
  10,169
  10,744
  11,345
  11,972
  12,628
  13,314
  14,031
  14,782
  15,567
  16,389
  17,251
  18,152
  19,097
  20,088
  21,126
  22,214
  23,354
  24,550
  25,805
  27,120
  28,501
  29,948
  31,467
  33,061
  34,733
  36,488
  38,330
  40,262
Revenue / Adjusted assets
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
Average production assets, $m
  12,692
  13,430
  14,199
  15,002
  15,841
  16,717
  17,633
  18,590
  19,592
  20,640
  21,737
  22,885
  24,087
  25,347
  26,666
  28,049
  29,498
  31,017
  32,610
  34,280
  36,032
  37,869
  39,796
  41,817
  43,938
  46,164
  48,499
  50,949
  53,520
  56,219
Working capital, $m
  -10,649
  -11,267
  -11,913
  -12,587
  -13,290
  -14,025
  -14,794
  -15,597
  -16,437
  -17,317
  -18,237
  -19,200
  -20,209
  -21,266
  -22,373
  -23,533
  -24,749
  -26,023
  -27,360
  -28,761
  -30,230
  -31,772
  -33,388
  -35,084
  -36,864
  -38,731
  -40,690
  -42,746
  -44,903
  -47,167
Total debt, $m
  10,642
  11,118
  11,613
  12,131
  12,672
  13,236
  13,827
  14,444
  15,089
  15,765
  16,472
  17,212
  17,987
  18,799
  19,649
  20,540
  21,475
  22,454
  23,480
  24,557
  25,686
  26,870
  28,112
  29,415
  30,782
  32,216
  33,721
  35,301
  36,958
  38,698
Total liabilities, $m
  8,181
  8,656
  9,152
  9,670
  10,210
  10,775
  11,365
  11,982
  12,628
  13,303
  14,010
  14,750
  15,525
  16,337
  17,188
  18,079
  19,013
  19,992
  21,019
  22,095
  23,224
  24,408
  25,650
  26,953
  28,320
  29,755
  31,260
  32,839
  34,497
  36,236
Total equity, $m
  909
  962
  1,017
  1,074
  1,134
  1,197
  1,263
  1,331
  1,403
  1,478
  1,557
  1,639
  1,725
  1,815
  1,910
  2,009
  2,113
  2,221
  2,335
  2,455
  2,580
  2,712
  2,850
  2,995
  3,147
  3,306
  3,473
  3,649
  3,833
  4,026
Total liabilities and equity, $m
  9,090
  9,618
  10,169
  10,744
  11,344
  11,972
  12,628
  13,313
  14,031
  14,781
  15,567
  16,389
  17,250
  18,152
  19,098
  20,088
  21,126
  22,213
  23,354
  24,550
  25,804
  27,120
  28,500
  29,948
  31,467
  33,061
  34,733
  36,488
  38,330
  40,262
Debt-to-equity ratio
  11.710
  11.560
  11.420
  11.290
  11.170
  11.060
  10.950
  10.850
  10.750
  10.670
  10.580
  10.500
  10.430
  10.360
  10.290
  10.230
  10.170
  10.110
  10.050
  10.000
  9.950
  9.910
  9.860
  9.820
  9.780
  9.740
  9.710
  9.670
  9.640
  9.610
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -353
  -310
  -314
  -318
  -321
  -325
  -329
  -333
  -336
  -340
  -344
  -348
  -352
  -356
  -360
  -365
  -369
  -373
  -377
  -382
  -386
  -390
  -395
  -399
  -404
  -408
  -413
  -417
  -422
  -426
Depreciation, amort., depletion, $m
  1,269
  1,343
  1,420
  1,500
  1,584
  1,672
  1,763
  1,859
  1,959
  2,064
  2,174
  2,288
  2,409
  2,535
  2,667
  2,805
  2,950
  3,102
  3,261
  3,428
  3,603
  3,787
  3,980
  4,182
  4,394
  4,616
  4,850
  5,095
  5,352
  5,622
Funds from operations, $m
  916
  1,033
  1,106
  1,183
  1,263
  1,347
  1,435
  1,527
  1,623
  1,724
  1,829
  1,940
  2,057
  2,178
  2,306
  2,440
  2,581
  2,729
  2,884
  3,046
  3,217
  3,397
  3,585
  3,783
  3,990
  4,208
  4,437
  4,678
  4,930
  5,196
Change in working capital, $m
  -593
  -619
  -646
  -674
  -704
  -735
  -768
  -803
  -840
  -879
  -920
  -963
  -1,009
  -1,057
  -1,107
  -1,160
  -1,216
  -1,275
  -1,336
  -1,401
  -1,470
  -1,541
  -1,617
  -1,696
  -1,779
  -1,867
  -1,959
  -2,056
  -2,157
  -2,264
Cash from operations, $m
  1,510
  1,651
  1,751
  1,856
  1,966
  2,082
  2,203
  2,330
  2,463
  2,603
  2,750
  2,904
  3,065
  3,235
  3,413
  3,600
  3,797
  4,003
  4,220
  4,448
  4,687
  4,938
  5,202
  5,479
  5,770
  6,075
  6,396
  6,734
  7,088
  7,460
Maintenance CAPEX, $m
  -1,199
  -1,269
  -1,343
  -1,420
  -1,500
  -1,584
  -1,672
  -1,763
  -1,859
  -1,959
  -2,064
  -2,174
  -2,288
  -2,409
  -2,535
  -2,667
  -2,805
  -2,950
  -3,102
  -3,261
  -3,428
  -3,603
  -3,787
  -3,980
  -4,182
  -4,394
  -4,616
  -4,850
  -5,095
  -5,352
New CAPEX, $m
  -698
  -737
  -769
  -803
  -839
  -876
  -916
  -958
  -1,002
  -1,048
  -1,097
  -1,148
  -1,202
  -1,259
  -1,320
  -1,383
  -1,449
  -1,519
  -1,593
  -1,670
  -1,752
  -1,837
  -1,927
  -2,022
  -2,121
  -2,225
  -2,335
  -2,450
  -2,571
  -2,699
Cash from investing activities, $m
  -1,897
  -2,006
  -2,112
  -2,223
  -2,339
  -2,460
  -2,588
  -2,721
  -2,861
  -3,007
  -3,161
  -3,322
  -3,490
  -3,668
  -3,855
  -4,050
  -4,254
  -4,469
  -4,695
  -4,931
  -5,180
  -5,440
  -5,714
  -6,002
  -6,303
  -6,619
  -6,951
  -7,300
  -7,666
  -8,051
Free cash flow, $m
  -388
  -355
  -361
  -367
  -372
  -378
  -385
  -391
  -397
  -404
  -411
  -418
  -426
  -433
  -441
  -449
  -457
  -466
  -474
  -483
  -493
  -502
  -512
  -522
  -533
  -544
  -555
  -567
  -579
  -591
Issuance/(repayment) of debt, $m
  -393
  475
  496
  518
  541
  565
  590
  617
  646
  675
  707
  740
  775
  812
  850
  891
  934
  979
  1,027
  1,076
  1,129
  1,184
  1,242
  1,303
  1,367
  1,434
  1,505
  1,579
  1,657
  1,739
Issuance/(repurchase) of shares, $m
  1,290
  363
  369
  375
  381
  388
  394
  401
  408
  415
  423
  430
  438
  446
  455
  464
  473
  482
  491
  501
  511
  522
  533
  544
  556
  567
  580
  593
  606
  619
Cash from financing (excl. dividends), $m  
  897
  838
  865
  893
  922
  953
  984
  1,018
  1,054
  1,090
  1,130
  1,170
  1,213
  1,258
  1,305
  1,355
  1,407
  1,461
  1,518
  1,577
  1,640
  1,706
  1,775
  1,847
  1,923
  2,001
  2,085
  2,172
  2,263
  2,358
Total cash flow (excl. dividends), $m
  510
  483
  504
  526
  549
  574
  600
  627
  656
  687
  719
  752
  788
  825
  864
  906
  949
  995
  1,044
  1,094
  1,148
  1,204
  1,262
  1,324
  1,390
  1,458
  1,530
  1,605
  1,685
  1,768
Retained Cash Flow (-), $m
  -1,290
  -363
  -369
  -375
  -381
  -388
  -394
  -401
  -408
  -415
  -423
  -430
  -438
  -446
  -455
  -464
  -473
  -482
  -491
  -501
  -511
  -522
  -533
  -544
  -556
  -567
  -580
  -593
  -606
  -619
Prev. year cash balance distribution, $m
  28
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
Cash available for distribution, $m
  -752
  120
  135
  151
  168
  186
  206
  226
  248
  271
  296
  322
  349
  379
  410
  442
  477
  514
  552
  593
  636
  682
  730
  780
  834
  890
  950
  1,013
  1,079
  1,149
Discount rate, %
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.66
  30.09
  31.60
  33.18
  34.84
  36.58
  38.41
  40.33
  42.35
  44.46
  46.69
  49.02
  51.47
  54.05
  56.75
  59.59
  62.57
PV of cash for distribution, $m
  -652
  89
  85
  79
  72
  64
  56
  48
  40
  33
  26
  20
  15
  11
  8
  5
  4
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  35.7
  25.8
  18.9
  13.9
  10.4
  7.8
  5.9
  4.5
  3.5
  2.7
  2.1
  1.7
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1

International Bancshares Corporation is a financial holding company. The Company, through its subsidiaries, is primarily engaged in the business of banking, including the acceptance of checking and savings deposits, and the making of commercial, real estate, personal, home improvement, automobile, and other installment and term loans. The primary markets of the Company are South, Central and Southeast Texas, an area bordered on the east by the Galveston area, to the northwest by Round Rock, to the southwest by Del Rio and to the southeast by Brownsville, as well as the State of Oklahoma. Its banking subsidiaries facilitate international trade along the United States' border with Mexico and elsewhere. The Bank's subsidiaries primarily focus on providing commercial banking services to small and medium sized businesses located in their trade areas. The Company's bank subsidiaries include International Bank of Commerce (IBC); Commerce Bank, and International Bank of Commerce, Zapata.

FINANCIAL RATIOS  of  International Bancshares (IBOC)

Valuation Ratios
P/E Ratio 22.1
Price to Sales 0
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 14.6
Price to Free Cash Flow 18
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 95%
Cap. Spend. - 3 Yr. Gr. Rate -4.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 38.6%
Total Debt to Equity 38.6%
Interest Coverage 5
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 5.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 8.8%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 32%
Eff/ Tax Rate - 3 Yr. Avg. 33.1%
Payout Ratio 29.9%

IBOC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IBOC stock intrinsic value calculation we used $515 million for the last fiscal year's total revenue generated by International Bancshares. The default revenue input number comes from 2017 income statement of International Bancshares. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IBOC stock valuation model: a) initial revenue growth rate of 5.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.2%, whose default value for IBOC is calculated based on our internal credit rating of International Bancshares, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of International Bancshares.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IBOC stock the variable cost ratio is equal to 20%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $189 million in the base year in the intrinsic value calculation for IBOC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for International Bancshares.

Corporate tax rate of 27% is the nominal tax rate for International Bancshares. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IBOC stock is equal to 0.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IBOC are equal to 2327.2%.

Life of production assets of 10 years is the average useful life of capital assets used in International Bancshares operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IBOC is equal to -1952.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for International Bancshares - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 66 million for International Bancshares is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of International Bancshares at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ Camber Energy agrees to deal to sell assets, wipe out debt   [Jul-13-18 02:04PM  American City Business Journals]
▶ Camber Energy posts $24.8M loss for fiscal year; plans to eliminate debt   [Jul-06-18 10:57AM  American City Business Journals]
▶ Struggling SA oil company to sell most of its assets   [02:11PM  American City Business Journals]
▶ What you need to know about the Texas lender reshaping Nashville's skyline   [Jun-25-18 03:45PM  American City Business Journals]
▶ Texas money finances new 20-story tower on strip-club site   [Jun-20-18 08:09AM  American City Business Journals]
▶ International Bancshares: 1Q Earnings Snapshot   [May-08-18 03:29PM  Associated Press]
▶ IBC Bank Executive Testifies at Congressional Hearing   [May-01-18 05:18PM  Business Wire]
▶ IBC Bank profits rebound to 2014 levels amid tax reform   [Mar-01-18 10:53AM  American City Business Journals]
▶ IBC Reports Exceptional 2017 Earnings   [Feb-28-18 01:35PM  Business Wire]
▶ IBC Bank's executive suite reshuffled amid retirements, promotions   [Dec-29-17 03:40PM  American City Business Journals]
▶ International Bancshares posts 3Q profit   [Nov-08-17 02:55PM  Associated Press]
▶ Area financial institutions brace for Hurricane Harvey   [Aug-25-17 12:01PM  American City Business Journals]
▶ IBC Bank's profits rebound in second quarter   [Aug-10-17 12:49PM  American City Business Journals]
▶ International Bancshares posts 2Q profit   [Aug-07-17 11:46PM  Associated Press]
▶ International Bancshares posts 1Q profit   [May-08-17 04:38PM  Associated Press]
▶ IBC Reports First Quarter 2017 Earnings   [04:32PM  Business Wire]
▶ IBC Bank executive compensation drops in 2016   [Apr-19-17 11:05AM  American City Business Journals]
▶ IBC Bank earnings take a hit in 2016   [Feb-27-17 03:35PM  at bizjournals.com]
▶ IBC Bank earnings take a hit in 2016   [03:35PM  American City Business Journals]
▶ IBC Reports Strong 2016 Earnings   [01:32PM  Business Wire]
▶ Several institutional investors buy more shares of IBC Bank   [Feb-09-17 02:50PM  at bizjournals.com]
▶ Several institutional investors buy more shares of IBC Bank   [02:50PM  American City Business Journals]
▶ Is Rice Midstream Partners LP (RMP) A Good Stock To Buy?   [Dec-18-16 02:03PM  at Insider Monkey]
▶ Is International Bancshares Corp (IBOC) A Good Stock To Buy?   [Dec-12-16 04:16PM  at Insider Monkey]
▶ More and More Hedge Funds Are Buying Cosan Ltd (USA) (CZZ)   [Nov-28-16 10:36AM  at Insider Monkey]
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