8-K - IBOC - Equibles

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): **** February 24, 2022

INTERNATIONAL BANCSHARES CORPORATION

(Exact name of registrant as specified in its charter)

-
Texas	000-9439	74-2157138
(State or other jurisdiction	(Commission File	(IRS Employer
of incorporation)	Number)	Identification No.)


	1200 San Bernardo , Laredo , Texas		78040-1359
	(Address of principal executive offices)		(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):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4 (c ) under the Exchange Act (17 CFR 240.13e-4 (c))

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:
Common Stock, $1.00 par value		IBOC		NASDAQ

Item 2.02 Results of Operations and Financial Condition.

On February 24, 2022, International Bancshares Corporation issued a news release announcing net income for the twelve months ended December 31, 2021. 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.

EXHIBIT INDEX

Exhibit Number	****	Description

99		News Release of International Bancshares Corporation dated February 24, 2022
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: February 24, 2022

EXHIBIT 99


Contact:	Judith Wawroski,<br><br>Treasurer and Principal Financial Officer
	International Bancshares Corporation
	(956) 722-7611

FOR IMMEDIATE RELEASE:

IBC Reports 2021 Earnings

LAREDO, Texas—(BUSINESS WIRE)— February 24, 2022—International Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today reported annual net income for 2021 of $253.9 million or $4.00 diluted earnings per common share ($4.01 per share basic) compared to $167.3 million or $2.62 diluted earnings per common share ($2.63 per share basic), which represents an increase of 52.7 percent in diluted earnings per share and a 51.8 percent increase in net income over the corresponding period in 2020. Net income for the three months ended December 31, 2021 was $56.5 million or $.89 diluted earnings per common share ($.90 per share basic), compared to $48.2 million or $.76 diluted earnings per common share ($.76 per share basic) for the same period in 2020, representing an increase of 17.2 percent in net income and a 17.1 percent increase in diluted earnings per share.

Net income for the year ended December 31, 2021 was positively impacted by the sale of an equity interest in a merchant banking investment held by one of our non-bank subsidiaries totaling $42.8 million, net of tax, in the second quarter of 2021. Net income was also positively impacted by a decrease in the provision for credit losses compared to the same period of 2020 as economic conditions have stabilized or improved, positively impacting certain segments of our portfolio and our allowance for credit loss calculation.

International Bancshares Corporation and Subsidiaries

Consolidated Financial Summary


****	****		Years EndedDecember 31,
****	****	2021		****	2020		2019
****	****		(Dollars in thousands, except per share data)

Interest income	$	398,103		$	427,008	$	492,401
Interest expense		(26,831)			(39,119)		(58,629)
Net interest income		371,272			387,889		433,772
Provision for credit losses		(7,955)			(45,379)		(18,843)
Non-interest income		222,326			150,579		154,826
Non-interest expense		(236,316)			(281,331)		(309,801)

Income before income taxes		322,327			211,758		259,954
Income taxes		(68,405)			(44,439)		(54,850)
Net income	$	253,922		$	167,319	$	205,104

Net income per common share
Basic	$	4.01		$	2.63	$	3.13
Diluted	$	4.00		$	2.62	$	3.12

“The global health crisis resulting from COVID-19 has continued to impact our business; however, because of management’s forward-looking vision and legacy commitment to expense control, we took aggressive steps to reduce expenses at the inception of the pandemic. Given the high level of uncertainty the pandemic would have on our operations and revenue streams, the swift and broad-based actions management took have resulted in a decrease in non-interest expenses of approximately 15% or $46.5 million, before tax, for the two-year period ended December 31, 2021. The successful execution of the cost savings initiatives as well as our focus on growing non-interest income, positioned us to

continue our history of high-performance results for our shareholders and separating us from the performance of our peers. Furthermore, 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 for many years to come, as we have clearly demonstrated for more than 55 years,” said Dennis E. Nixon, president and CEO.

Total assets at December 31, 2021 were $16.0 billion compared to $14.0 billion at December 31, 2020. Total net loans were $7.1 billion at December 31, 2021 compared to $7.4 billion at December 31, 2020. Deposits were $12.6 billion at December 31, 2021 compared to $10.7 billion at December 31, 2020.

IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 170 facilities and 263 ATMs serving 76 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