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Sydnee Gatewood
Sydnee Gatewood
Articles (3160) 

Bernard Horn Comments on International Bancshares

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October 22, 2020 | About:
International Bancshares (NASDAQ:IBOC) reported underwhelming quarterly earnings, due to added credit loss provisions and lower net interest margins. As one of the largest independent banks in Texas, International Bancshares remains in a position of relative strength, with a large capital position, strong liquidity and loyal deposit base. Many of these well-capitalized financial institutions are trading at single digit multiples, priced lower than assumptions for the industry's worst-case scenario. So, we believe the upside potential is substantial in an economic recovery, fits and spurts of which are already underway outside the U.S.

From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund third-quarter 2020 letter.

About the author:

Sydnee Gatewood
I am the editorial director at GuruFocus. I have a BA in journalism and a MA in mass communications from Texas Tech University. I have lived in Texas most of my life, but also have roots in New Mexico and Colorado. Follow me on Twitter! @gurusydneerg

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