-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pgo7whJKGH5GLPmiYqBCkKbyf4HyAW9EhIGzzIQsXN+qFa67eXMtQByRPY1Y/45B sBssJAK4XZrZSXGlIe4JrA== 0000890566-01-000196.txt : 20010307 0000890566-01-000196.hdr.sgml : 20010307 ACCESSION NUMBER: 0000890566-01-000196 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010302 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL BANCSHARES CORP CENTRAL INDEX KEY: 0000315709 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 742157138 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-09439 FILM NUMBER: 1560121 BUSINESS ADDRESS: STREET 1: 12OO SAN BERNARDO AVE STREET 2: PO BOX 1359 CITY: LAREDO STATE: TX ZIP: 78040-1359 BUSINESS PHONE: 9567227611 MAIL ADDRESS: STREET 1: P O BOX 1359 STREET 2: 1200 SAN BERNARDO CITY: LAREDO STATE: TX ZIP: 78040 8-K 1 0001.txt 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): MARCH 2, 2001 INTERNATIONAL BANCSHARES CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) COMMISSION FILE NUMBER 0-9439 TEXAS 74-2157138 - -------------------------------------------- ------------------------------- (STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER OF INCORPORATION OR ORGANIZATION) 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) ITEM 5. OTHER EVENTS ON FEBRUARY 21, 2001, INTERNATIONAL BANCSHARES CORPORATION ISSUED A NEWS RELEASE ANNOUNCING ANNUAL 2000 EARNINGS, ATTACHED HERETO AND FILED HEREWITH AS EXHIBIT 99 AND IS INCORPORATED HEREIN BY REFERENCE. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS C. EXHIBITS THE FOLLOWING EXHIBIT IS FILED AS PART OF THIS REPORT: (99) NEWS RELEASE OF INTERNATIONAL BANCSHARES CORPORATION DATED FEBRUARY 21, 2001. 2 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 (REGISTRANT) BY: /s/ DENNIS E. NIXON -------------------------------------------- DENNIS E. NIXON, PRESIDENT AND CHIEF EXECUTIVE OFFICER DATE: MARCH 2, 2001 3 EXHIBIT INDEX EXHIBIT PAGE NUMBER DESCRIPTION NUMBER 99 NEWS RELEASE OF INTERNATIONAL 5 BANCSHARES CORPORATION DATED FEBRUARY 21, 2001. 4 EX-99 2 0002.txt Contact: Dennis E. Nixon Chairman & CEO International Bancshares Corporation (956) 722-7611 Anne Seay or Brian Dwyer KGBrickman, Inc. (210) 826-8899 FOR IMMEDIATE RELEASE: INTERNATIONAL BANCSHARES CORPORATION REPORTS ANNUAL 2000 EARNINGS LAREDO, Texas--(BUSINESS WIRE)--February 21, 2001-International Bancshares Corporation (NASDAQ:IBOC) today reported solid growth in annual earnings achieving a new milestone in total net income for the Company of $75.2 million for the year ended December 31, 2000, or $3.46 diluted earnings per share versus $66.2 million for the year ended December 31, 1999, or $2.98 diluted earnings per share taking into consideration the effect of the 25% stock dividend paid on June 14, 2000. These very positive numbers represent a 16.1% increase in earnings per share or a 13.5% increase in net income over 1999. INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL SUMMARY DECEMBER 31, ----------- 2000 1999 --------- --------- (Dollars in thousands, except per share data) Interest income .............. $ 421,627 $ 340,736 Interest expense ............. (251,756) (185,205) --------- --------- Net interest income .......... 169,871 155,531 Provision for possible loan losses ................ (6,824) (6,379) Non-interest income .......... 57,501 60,966 Non-interest expense ......... (111,957) (106,983) --------- --------- Income before income taxes ... 108,591 103,135 Income taxes ................. (33,417) (36,887) --------- --------- Net income ................... $ 75,174 $ 66,248 ========= ========= Net income per common share: Basic .................. $ 3.51 $ 3.03 Diluted ................ $ 3.46 $ 2.98 5 Income before goodwill charges, which excludes the amortization of core deposit intangibles and goodwill, increased 13.1% to $79.0 million for the year ended December 31, 2000, or $3.64 diluted income before goodwill charges per share versus $69.8 million for the year ended December 31, 1999, or $3.14 diluted income before goodwill charges per share. The table below reconciles reported earnings to net income excluding intangible amortization to help facilitate peer group comparisons.
DECEMBER 31, -------------------- 2000 1999 -------- -------- (Dollars in thousands, except per share data) Reported net income ............................ $ 75,174 $ 66,248 Amortization of intangible assets .............. 4,219 3,898 Income tax adjustment .......................... (421) (309) -------- -------- Income before goodwill charges ................. $ 78,972 $ 69,837 ======== ======== Income before goodwill charges per common share: Basic ................................... $ 3.69 $ 3.20 Diluted ................................. $ 3.64 $ 3.14
Total assets at December 31, 2000, were $5.8 billion compared to $5.4 billion at December 31, 1999. Deposits at December 31, 2000, were $3.7 billion compared to $3.5 billion at December 31, 1999. Net Income for the fourth quarter of 2000, was $16.1 million or $.75 diluted earnings per share compared to $16.4 million or $.75 diluted earnings per share in the corresponding period in 1999. Fourth quarter 2000 earnings were negatively affected by a bond program resumed by management in the fourth quarter to reposition a portion of the Company's bond portfolio to take advantage of higher bond yields. This bond program reduced after tax earnings in the fourth quarter by $2.2 million and 2000 earnings by $2.8 million. Dennis E. Nixon, CEO and Chairman of the Board, stated that the action taken to enhance the yield on the bond portfolio will have a positive effect on future earnings as management fully expects to recover the losses taken through enhanced earnings performance. IBC is a $5.8 billion multi-bank financial holding company headquartered in Laredo, Texas, with over 100 facilities and 204 ATM's serving 30 communities including Houston, San Antonio, Corpus Christi, McAllen, Brownsville, Port Lavaca, Zapata and throughout the Rio Grande Valley and the Texas Gulf Coast. "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 Internet at no charge from FreeEDGAR, a real-time access to SEC filings site located at HTTP://WWW.FREEEDGAR.COM. 6 -----END PRIVACY-ENHANCED MESSAGE-----