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):
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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).
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Item 2.02 Results of Operations and Financial Condition.
On August 4, 2022, International Bancshares Corporation issued a news release announcing net income for the three and six months ended June 30, 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 August 4, 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: August 4, 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)— August 4, 2022—International Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today reported net income for the first six months of 2022 of $111.5 million or $1.76 diluted earnings per common share ($1.77 per share basic) compared to $142.8 million or $2.25 diluted earnings per common share ($2.25 per share basic) for the same period of 2021, which represents a decrease of 21.8 percent in diluted earnings per common share and a decrease of 21.9 percent in net income. Net income for the three months ended June 30, 2022 was $58.0 million or $.92 diluted earnings per common share ($.92 per share basic) compared to $92.0 million or $1.45 diluted earnings per common share ($1.45 per share basic) for the same period of 2021, which represents a decrease of 36.6 percent in diluted earnings per share and a 37.0 percent decrease in net income.
The decrease in net income for the first six months of 2022 compared to the same period of 2021 is attributed to a non-recurring transaction in 2021 arising from the sale of an equity interest in a merchant banking investment held by one of our non-bank subsidiaries. The transaction resulted in income totaling $42.8 million, net of tax, and was recorded in the second quarter of 2021. Net income for the first six months of 2021 without the non-recurring item was $100.0 million, after tax, compared to $111.5 million for the same period of 2022, representing an 11.5 percent increase.
“The global health crisis resulting from COVID-19 has continued to have a lingering effect on our business and the economy as a whole. Global supply chain issues affecting most sectors of the economy have resulted in historically high levels of inflation. The Federal Reserve Board actions to control inflation may have begun too late and an economic recession may be in our future. We continue to monitor, manage and take action on reducing controllable expenses in line with our legacy commitment to expense control and remain focused on growing non-interest income to support our historically strong earnings performance. We have proven throughout these last two-plus years that 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 have worked and resulted in an approximate 15 percent decrease or $46.5 million in expenses for the year ended December 31, 2021 compared to December 31, 2019 and an approximate decrease of 12.9 percent or $19.7 million for the first six months of 2022 compared to the same period of 2019. 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 June 30, 2022 were $16.3 billion compared to $16.0 billion at December 31, 2021. Total net loans were $6.9 billion at June 30, 2022 compared to $7.1 billion at December 31, 2021. Deposits were $12.9 billion at June 30, 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 259 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 |
Aug. 04, 2022 |
|---|---|
| Document and Entity Information | |
| Document Type | 8-K |
| Document Period End Date | Aug. 04, 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 |