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
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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 May 2, 2024, International Bancshares Corporation issued a news release announcing net income for the three months ended March 31, 2024. 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 2, 2024 | |
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 2, 2024
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EXHIBIT 99
Contact: |
| Judith Wawroski, Treasurer and Principal Financial Officer | |
|
| International Bancshares Corporation | |
|
| (956) 722-7611 |
FOR IMMEDIATE RELEASE:
IBC’s Strong Earnings Continue in the First Quarter of 2024
LAREDO, Texas—(BUSINESS WIRE)— May 2, 2024—International Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today reported net income for the three months ended March 31, 2024 of $97.3 million or $1.56 diluted earnings per common share ($1.57 per share basic) compared to $101.6 million or $1.63 diluted earnings per common share ($1.64 per share basic), which represents a decrease of 4.3% in diluted earnings per share and a 4.2% decrease in net income over the corresponding period in 2023.
Net income for the first quarter of 2024 continues to be positively impacted by an increase in interest income earned on our investment and loan portfolios. The increase in interest is being driven by both an increase in the size of our investment and loan portfolios, as well as rate changes as a result of the Federal Reserve Board actions to raise interest rates in 2022 and 2023. Net interest income has been impacted by an increase in interest expense, primarily driven by increases in rates paid on deposits throughout the latter part of 2023. We continue to closely monitor and adjust rates paid on deposits to remain competitive in the current economic environment and retain deposits. Net income for the period was negatively impacted by an increase in our provision for credit losses, which was primarily impacted by a charge-down of an impaired credit after the results of a bankruptcy related foreclosure.
“We are pleased with our continued success in 2024. We are also extremely pleased to have been ranked first in the S&P Global Market Intelligence best-performing Public Banks for 2023 listing and third in the Forbes America’s Best Banks listing. Our team is highly focused on ‘Doing More’ to deliver exceptional service and innovative products to our customers, as well as continuing our long-standing practices of balance sheet, asset liability and liquidity management. Those initiatives, coupled with strong cost controls and continued identification of opportunities for efficiencies across our system will continue to deliver positive financial results and ideally keep us at the top of the rankings in 2024,” said Dennis E. Nixon, president and CEO.
Total assets at March 31, 2024 were $15.4 billion compared to $15.1 billion at December 31, 2023. Total net loans were $8.0 billion at March 31, 2024 compared to $7.9 billion at December 31, 2023. Deposits were $12.0 billion at March 31, 2024 compared to $11.8 billion at December 31, 2023.
IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 166 facilities and 256 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 02, 2024 |
|---|---|
| Document and Entity Information | |
| Document Type | 8-K |
| Document Period End Date | May 02, 2024 |
| 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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