UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2014
INTERNATIONAL BANCSHARES CORPORATION
(Exact name of registrant as specified in its charter)
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Texas |
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000-9439 |
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74-2157138 |
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(State or other jurisdiction |
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(Commission File |
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(IRS Employer |
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of incorporation |
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Number) |
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Identification No.) |
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1200 San Bernardo, Laredo, Texas |
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78040-1359 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code (956) 722-7611
None
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4 (c ) under the Exchange Act (17 CFR 240.13e-4 (c))
Item 2.02 Results of Operations and Financial Condition.
On August 11, 2014, International Bancshares Corporation issued a news release announcing second quarter and year to date June 30, 2014 earnings. The news release, attached hereto and filed herewith as Exhibit 99, is incorporated herein by reference.
All of the information furnished in Item 2.02 of this report, including the accompanying exhibits, is also intended to be included under “Item 7.01 — Regulation Fair Disclosure” and shall not be deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, is not subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
99 — News Release of International Bancshares Corporation dated August 11, 2014.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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INTERNATIONAL BANCSHARES CORPORATION | |
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By: |
/s/ Dennis E. Nixon |
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DENNIS E. NIXON, President and Chief Executive Officer |
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Date: August 11, 2014 |
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EXHIBIT 99
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Contact: |
Judith Wawroski |
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International Bancshares Corporation |
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(956) 722-7611 |
FOR IMMEDIATE RELEASE:
IBC Reports Strong 2014 Earnings
LAREDO, Texas—(BUSINESS WIRE)—August 11, 2014—International Bancshares Corporation (NASDAQ: IBOC), one of the largest independent bank holding companies in Texas, today reported net income for the six months ended June 30, 2014 of $81.4 million, or $1.21 diluted earnings per common share and $1.21 basic earnings per common share, compared to $55.6 million or $.83 diluted earnings per common share and $.83 basic earnings per common share for the same period of 2013, representing an increase of 46 percent in net income and 46 percent diluted earnings per common share. Net income for the three months ended June 30, 2014 was $37.7 million, or $.56 diluted earnings per common share and $.56 basic earnings per common share, compared to $27.5 million or $.41 diluted earnings per common share and $.41 basic earnings per common share for the same period in 2013, representing an increase of 37 percent in net income and an increase of 37 percent in diluted earnings per common share.
Net income for the three and six months ended June 30, 2014 was positively impacted by an increase in the Company’s net interest margin, as well as a 51% decrease in the provision for probable loan losses for the six months ended June 30, 2014. The increase in the net interest margin can be primarily attributed to increased levels of interest income arising from the Company’s repositioning of its investment portfolio in 2013, an increase in loans outstanding, and a decrease in interest expense on securities sold under repurchase agreements arising from the early termination of some of the long-term repurchase agreements by the Company’s lead bank subsidiary.
“I’m pleased with the Company’s earnings for the first six months of 2014. The earnings continue to reflect the Company’s commitment to superior earnings, especially in light of the continued regulatory challenges facing the industry, as well as the still unsettled economic environment in the U.S. The Company continues to maintain strong liquidity, focused expense control, sound credit underwriting standards and a healthy investment strategy. We are confident in the strength of our balance sheet and our strong capital position,” said Dennis E. Nixon, President and CEO.
Total assets at June 30, 2014 were $12.4 billion compared to $12.1 billion at December 31, 2013. Net loans were $5.4 billion at June 30, 2014 compared to $5.1 billion at December 31, 2013. Deposits were $8.4 billion at June 30, 2014 and $8.2 billion at December 31, 2013.
IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 217 facilities and more than 315 ATMs serving 88 communities in Texas and Oklahoma.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward looking information with respect to future developments or events, expectations, plans, projections or future performance of IBC and its subsidiaries, the occurrence of which involve certain risks and uncertainties, including those detailed in IBC’s filings with the Securities and Exchange Commission.
Copies of IBC’s SEC filings and Annual Report (as an exhibit to the 10-K) may be downloaded from the SEC filings site located at http://www.sec.gov/edgar.shtml