Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): November 7, 2024

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INTERNATIONAL BANCSHARES CORPORATION

(Exact name of registrant as specified in its charter)

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

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

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Registrant's telephone number, including area code [phone]

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None

(Former name or former address, if changed since last report)

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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):

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

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

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

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

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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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Emerging growth company ☐

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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. ☐

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Title of Each Class:	​	Trading Symbol (s):	​	Name of each exchange on which registered:	​
Common Stock, $1.00 par value	​	IBOC	​	The Nasdaq Stock Market	​

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Item 2.02          Results of Operations and Financial Condition.

On November 7, 2024, International Bancshares Corporation issued a news release announcing net income for the three and nine months ended September 30, 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
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99	​	News Release of International Bancshares Corporation dated November 7, 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.

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​	INTERNATIONAL BANCSHARES CORPORATION
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​	By:	/s/ Dennis E. Nixon
​	​	DENNIS E. NIXON, President
​	​	and Chief Executive Officer

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Date: November 7, 2024

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EXHIBIT 99

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Contact:		Judith Wawroski, Treasurer and Principal Financial Officer
		International Bancshares Corporation
		[phone]

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FOR IMMEDIATE RELEASE:

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IBC Reports Strong Earnings for the Third Quarter of 2024

 

LAREDO, Texas—(BUSINESS WIRE)— November 7, 2024—International Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today reported net income for the nine months ended September 30, 2024 of $294.1 million or $4.72 diluted earnings per common share ($4.73 per share basic) compared to $305.4 million or $4.91 diluted earnings per common share ($4.92 per share basic), which represents a decrease of 3.7% in net income and 3.9% in diluted earnings per share over the corresponding period of 2023.  Net income for the three months ended September 30, 2024 was $99.8 million or $1.60 diluted earnings per common share ($1.60 per share basic) compared to $103.3 million or $1.66 diluted earnings per common share ($1.66 per share basic), which represents a decrease of 3.6% in diluted earnings per share and a 3.4% decrease in net income over the corresponding period in 2023.

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Net income for the first nine months of 2024 continues to be positively impacted by an increase in interest income earned on our investment and loan portfolios driven primarily by both an increase in the size of our investment and loan portfolios and the current rate environment, which remains elevated as a result of Federal Reserve Board actions to raise interest rates in 2022 and 2023.  Net interest income has been negatively impacted by an increase in interest expense, primarily driven by increases in rates paid on deposits. We continue to closely monitor and adjust rates paid on deposits to remain competitive to grow and retain deposits. Net income for the nine months ended September 30, 2024 was negatively impacted by an increase in non-interest expenses driven by inflation and an increase in our salary and compensation costs in order to attract and retain staff.

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“With three quarters of 2024 over, we continue to be pleased with our industry-leading financial results, which we feel will continue to keep us at the top of the rankings against other publicly held banks in America.  We will remain focused and vigilant on superior customer service, continued execution of our long-standing practices of balance sheet, asset, liability and liquidity management, strong cost controls and continued identification of opportunities for efficiencies across our system. We will also continue to closely monitor changes in interest rates and make decisions to minimize the impact of those rate changes.  We believe that with continued focus on these long-standing practices supported by new initiatives, IBC will continue to deliver industry-leading financial results,” said Dennis E. Nixon, president and CEO.

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Total assets at September 30, 2024 were $15.9 billion compared to $15.1 billion at December 31, 2023. Total net loans were $8.4 billion at September 30, 2024 compared to $7.9 billion at December 31, 2023. Deposits were $12.1 billion at September 30, 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.

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Document and Entity Information	Nov. 07, 2024
Document and Entity Information
Document Type	8-K
Document Period End Date	Nov. 07, 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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