UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction | (Commission File | (IRS Employer | ||
of incorporation) | Number) | Identification No.) |
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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):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Title of Each Class: | Trading Symbol (s): | Name of each exchange on which registered: | |||
Item 2.02 Results of Operations and Financial Condition.
On May 5, 2022, International Bancshares Corporation issued a news release announcing net income for the three months ended March 31, 2022. The news release, attached hereto and filed herewith as Exhibit 99, is incorporated 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 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 - The following exhibit is being furnished with this Current Report on Form 8-K.
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EXHIBIT INDEX
Exhibit Number |
| Description |
99 | News Release of International Bancshares Corporation dated May 5, 2022 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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.
INTERNATIONAL BANCSHARES CORPORATION | ||
By: | /s/ Dennis E. Nixon | |
DENNIS E. NIXON, President | ||
and Chief Executive Officer | ||
Date: May 5, 2022
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EXHIBIT 99
Contact: |
| Judith Wawroski, Treasurer and Principal Financial Officer | |
|
| International Bancshares Corporation | |
|
| (956) 722-7611 |
FOR IMMEDIATE RELEASE:
LAREDO, Texas—(BUSINESS WIRE)— May 5, 2022—International Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today reported net income for the first three months of 2022 of $53.5 million or $.84 diluted earnings per common share ($.84 per share basic) compared to $50.8 million or $.80 diluted earnings per common share ($.80 per share basic) for the same period of 2021, which represents an increase of 5.0 percent in diluted earnings per share and a 5.3 percent increase in net income.
“The global health crisis resulting from COVID-19 has continued to have a lingering effect on our business and the economy as a whole. Throughout this period, our forward-looking vision and legacy commitment to expense control along with the aggressive steps we took to reduce controllable expenses at the inception of the pandemic resulted in an approximate 15% decrease or $46.5 million in expenses for the year ended December 31, 2021 compared to December 31, 2019 and an approximate decrease of 12% or $8.8 million for the first quarter of 2022 compared to the same period of 2019. In light of current economic issues including global supply chain issues and inflationary pressures, we will continue to emphasize our expense control strategies and focus on growing non-interest income in order to continue to maintain our strong earnings performance. We are confident in our exceptionally strong capital position, significant liquidity, strong relationship deposit base, and responsive management strategies to position us for continued success,” said Dennis E. Nixon, president and CEO.
Total assets at March 31, 2022 were $16.1 billion compared to $16.0 billion at December 31, 2021. Total net loans were $6.9 billion at March 31, 2022 compared to $7.1 billion at December 31, 2021. Deposits were $12.8 billion at March 31, 2022 compared to $12.6 billion at December 31, 2021.
IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 167 facilities and 261 ATMs serving 75 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 plans, projections or future performance of IBC and its subsidiaries, the occurrence of which involve certain risks and uncertainties 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.
Document and Entity Information |
May 05, 2022 |
|---|---|
| Document and Entity Information | |
| Document Type | 8-K |
| Document Period End Date | May 05, 2022 |
| Entity Registrant Name | INTERNATIONAL BANCSHARES CORPORATION |
| Entity Incorporation, State or Country Code | TX |
| Entity File Number | 000-9439 |
| Entity Tax Identification Number | 74-2157138 |
| Entity Address, Address Line One | 1200 San Bernardo |
| Entity Address, City or Town | Laredo |
| Entity Address, State or Province | TX |
| Entity Address, Postal Zip Code | 78040-1359 |
| City Area Code | 956 |
| Local Phone Number | 722-7611 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock |
| Trading Symbol | IBOC |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0000315709 |
| Amendment Flag | false |
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