IBOC reported $16.83B in total assets at March 31, 2026, up modestly from $16.61B at December 31, 2025. Under a liquidation lens, the recovery posture is characterized by a structurally large deposit liability stack that materially exceeds any reasonable haircut-adjusted asset realization. Total liabilities of $13.54B are held at face value in liquidation, dominated by $12.62B in deposits (face value, no haircut) and $604.9M in repos. Against this, the asset side receives significant haircuts: the loan portfolio ($9.65B gross, $9.49B net of ACL) recovers at substantially less than par in a distressed wind-down scenario given its 66% commercial real estate concentration, geographic concentration in south/central Texas, and a non-trivial $160.0M non-accrual balance. Investment securities ($4.97B AFS at fair value, $4.4M HTM) carry a net unrealized loss of $341.3M embedded in the AFS book, meaning even fair value already reflects a mark below amortized cost of $5.31B; a fire-sale scenario would pressure realized values further. The $282.5M goodwill balance is worthless in liquidation. The $267.1M accumulated other comprehensive loss (AOCI) embedded in equity reflects the AFS unrealized loss position on a tax-effected basis, not separately recoverable. PP&E of $421.5M is bank branch and data center-heavy; a 50-60% recovery haircut is appropriate, yielding roughly $210-250M. Cash of $585.9M recovers at par. Shareholders' equity of $3.29B as reported is the going-concern residual; adjusted equity under liquidation assumptions would be materially lower, primarily due to the AFS unrealized loss haircut, goodwill write-off ($282.5M), and reduced loan recovery. The bank holding company structure (five separately chartered subsidiary banks) adds legal complexity to any hypothetical wind-down but does not change the aggregate asset/liability math. No pension obligations, no material operating lease disclosures flagged in XBRL, and no restructuring charges are present. Junior subordinated debentures ($108.9M) remain at face value. CET1 ratio of 23.15% and Tier 1 leverage of 20.13% indicate the going-concern capital buffer is deep, but these regulatory ratios are irrelevant to a liquidation recovery calculation. QoQ, total loans grew $188M (+2.0%) and deposits grew $186M (+1.5%), neither materially shifting the recovery posture. The prior filing (10-K for December 31, 2025) confirms the balance sheet structure is stable period-over-period with no material structural change.
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