At a glance
International Bancshares Corporation is worth $4.12B, about 10 times its fiscal 2025 earnings. Revenue grew 1.0% to $842.2M in fiscal 2025, with 49.0% kept as profit; over 5 years it has grown 9.4% a year. It pays a 2.21% dividend yield, raised every year for at least 9 years, and returned $458.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −0.1% over the past year with dividends reinvested and +12.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.6% in the 2020 crash (S&P 500: 33.7%) and 14.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 2 months after the lows.
The business in plain English
International Bancshares, based in Laredo, Texas, is a holding company that owns five banks. Four are named International Bank of Commerce (in Laredo, Brownsville, Zapata and Oklahoma City), and the fifth is Commerce Bank in Laredo. Its annual report filed February 26, 2026 counted 166 facilities and 247 ATMs serving 75 communities in Texas and Oklahoma. The banks take checking and savings deposits and make business, real estate, personal and auto loans. Small and medium-sized businesses have long been core customers, though the banks have put more weight on consumer banking and mortgages.
Like other banks, it earns most of its money from net interest income. That is the interest it collects on loans and securities minus the interest it pays on deposits and borrowings. In 2025 that was $672 million of $842 million in total revenue. The other $170 million was noninterest income, such as fees. Net income was $412 million.
What sets it apart is Mexico. Several of its banks finance trade along the US-Mexico border. They offer letters of credit (a bank's guarantee that a seller will be paid), business loans and foreign-exchange services. People and businesses based in Mexico, mostly Northern Mexico, supplied about 32% of the banks' deposits for 2025, up from 29% for 2023. The 10-K does not break revenue out by segment or region.
Price history
The interactive chart needs JavaScript.
IBOC -0.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $214.8M, up 3.2% from a year earlier, and net income was $95.8M (-4.3%).
- For fiscal 2025, revenue was $842.2M (+1.0% year over year; +9.4% a year from FY2020 to FY2025) with a 49% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.4% good |
|---|---|
| Return on equity | 12.7% good |
| Net income / revenue | 49% good |
| Deposits | $12.74B |
| Loans | $9.69B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $538.5M | $167.3M | — |
| FY2021 | $593.6M | $253.9M | — |
| FY2022 | $674.8M | $300.2M | — |
| FY2023 | $833.4M | $411.8M | — |
| FY2024 | $833.6M | $409.2M | — |
| FY2025 | $842.2M | $412.3M | — |
Valuation snapshot
| Market value | $4.12B |
|---|---|
| P/E ratio | 10 |
| Dividend yield | 2.21% |
Rank among 1514 US companies
Market value at each year end
International Bancshares’s market value went from $2.69B at the end of 2016 to $4.12B on Oct 28, 2026, up 53%; since the end of 2025 it is down 0%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.12B | -0.3% |
| 2025 | $4.13B | +5.1% |
| 2024 | $3.93B | +16.5% |
| 2023 | $3.37B | +18.6% |
| 2022 | $2.84B | +5.8% |
| 2021 | $2.69B | +13.4% |
| 2020 | $2.37B | -15.6% |
| 2019 | $2.81B | +23.4% |
| 2018 | $2.28B | -13.2% |
| 2017 | $2.62B | -2.5% |
| 2016 | $2.69B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| IBOC price data to Oct 28, 2026 | +1.6% | -0.1% | +18.5% | +12.3% | +10.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +1.6% |
| 2025 | +7.4% |
| 2024 | +20.6% |
| 2023 | +22.0% |
| 2022 | +10.9% |
| 2021 | +16.5% |
| 2020 | -9.6% |
| 2019 | +28.6% |
| 2018 | -11.8% |
| 2017 | -1.0% |
| 2016 | +62.3% |
| 2015 | -0.9% |
| 2014 | +2.8% |
| 2013 | +48.7% |
| 2012 | +0.6% |
| 2011 | -6.1% |
| 2010 | +7.9% |
| 2009 | -11.2% |
| 2008 | +7.0% |
| 2007 | -23.5% |
| 2006 | +7.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64.1% over that stretch · deepest drop along the way 76.6%, back to its old high 80 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 54.6% over that stretch · deepest drop along the way 58.6%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 5.6% over that stretch · deepest drop along the way 14.6%, back to its old high 2.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (3 read): 0 open-market purchases and 1 sales ($720K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 21, 2026 | Larry A Norton Director | sell | $720K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 5.51% | Mar 31, 2026 |
| American Century Investment Management, Inc. | 5.2% | Dec 31, 2025 |
| Dimensional Fund Advisors LP | 5.2% | Sep 30, 2025 |
ETFs with the most weight in IBOC
| QABA First Trust NASDAQ ABA Community Bank Index Fund | 2.08% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 1.27% |
| KBE SPDR S&P Bank ETF | 1.11% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1.01% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.85% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.79% |
| FNK First Trust Mid Cap Value AlphaDEX Fund | 0.45% |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 0.42% |
What could go wrong
- Heavy reliance on deposits from Mexico. People and businesses in Mexico supplied about 32% of the banks' deposits for 2025. Strained US-Mexico relations could push them toward banks more tied to Mexico's financial system, draining funding.
- Tariffs could hurt border trade. Several of its banks finance trade along the US-Mexico border. New or higher tariffs could weaken Mexico's economy, shrink that trade business and lead to lower deposit balances or withdrawals.
- Exposure to falling oil prices. The company names declining crude oil prices as a risk. In energy-producing states like Texas and Oklahoma, an oil slump can strain borrowers and slow the local economies its banks depend on.
- Loans tied to Texas and Oklahoma property. A significant portion of its loans is secured by real estate in the markets it serves. A regional slump or falling property values would cut what it could recover from defaulted loans.
- Heavy reliance on the chief executive. The 10-K says the company relies heavily on its chief executive officer. Losing that leader unexpectedly could disrupt the company's strategy and operations.
- Earnings depend on interest rates. Net interest income (interest earned on loans and securities minus interest paid on deposits and borrowings) was $672 million of $842 million in 2025 revenue. Rate changes can squeeze that spread.
Recent events
- Listing notice from the exchange; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Shareholder vote results
- Bylaws or fiscal year changed
- Quarterly results released
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
International Bancshares has raised its dividend in every fiscal year the SEC data covers, 2016 through 2025. That is a streak of at least nine increases. Dividends per share grew from $1.10 in 2020 to $1.40 in 2025, about 4.9% a year. That payout used only 21.1% of 2025 earnings, which leaves a wide cushion. The yield was 2.21% as of October 28, 2026. Buybacks are modest: $63 million over 2021–2025, against $396 million in dividends. The share count fell 1.9% between November 2021 and August 2026.
The stock has fallen hard in past crises. It dropped about 77% in the 2008 financial crisis and needed 80 months to regain its peak. In the 2020 COVID crash it fell about 59% but recovered in under 10 months. In the 2022 bear market it slipped about 15% and recovered in two months. A single stock carries more risk than a diversified fund, which spreads money across many companies.
Questions investors ask
Does International Bancshares raise its dividend every year?
Yes, based on SEC filings going back to fiscal 2016. Each fiscal year from 2016 through 2025 brought a higher dividend than the year before. That is a streak of at least nine straight increases, and it may run longer. Dividends per share reached $1.40 for 2025, up from $1.32 for 2024. That payout used about 21% of 2025 earnings. The dividend yield was 2.21% as of October 28, 2026.
How does International Bancshares make money?
Mostly by lending. Its five banks collect deposits and lend to businesses and households. They earn more interest on loans and securities than they pay out, and that gap is called net interest income. It was $672 million of $842 million in total revenue for 2025. The other $170 million was noninterest income, such as fees. Trade financing and foreign-exchange services for customers along the US-Mexico border are a distinctive part of the business.
How much does IBOC depend on Mexico?
A lot. People and businesses based in Mexico, mainly Northern Mexico, supplied about 32% of its banks' deposits for 2025. That was up from 31% for 2024 and 29% for 2023. The company calls these deposits large and stable. It also warns that tariffs or strained US-Mexico relations could lead to withdrawals. Several of its banks finance cross-border trade, so a weaker Mexican economy could affect lending as well as deposits.
What is International Bancshares' P/E ratio?
About 10, based on the share price on October 28, 2026 and fiscal 2025 earnings of $6.62 per share. A P/E ratio compares the share price with yearly profit per share. The company's market value was about $4.1 billion on that date. Its return on equity, which is profit as a share of shareholders' capital, was 12.7% for 2025. The ratio is worth comparing with other regional banks before drawing conclusions.
How has IBOC stock performed over the long term?
It returned about 10.8% a year over the 10 years to October 28, 2026, based on price data. Over five years it returned 12.3% a year. The past year was roughly flat at -0.1%. The ride has been bumpy. Calendar-year results ranged from a 23.5% loss in 2007 to a 62.3% gain in 2016. The stock fell about 77% in the 2008 financial crisis and took 80 months to recover. Past performance does not predict future results.