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): May 9, 2019
INTERNATIONAL BANCSHARES CORPORATION
(Exact name of registrant as specified in its charter)
Texas |
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000-9439 |
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74‑2157138 |
(State or other jurisdiction |
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(Commission File |
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(IRS Employer |
of incorporation |
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Number) |
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Identification No.) |
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1200 San Bernardo, Laredo, Texas |
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78040‑1359 |
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(Address of principal executive offices) |
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(Zip Code) |
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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: |
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Trading Symbol (s): |
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Name of each exchange on which registered: |
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Common Stock, $1.00 par value |
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IBOC |
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NASDAQ |
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Item 2.02 Results of Operations and Financial Condition.
On May 9, 2019, International Bancshares Corporation issued a news release announcing net income for the three months ended March 31, 2019. 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 |
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Description |
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99 |
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News Release of International Bancshares Corporation dated May 9, 2019 |
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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 |
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DENNIS E. NIXON, President |
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and Chief Executive Officer |
Date: May 9, 2019
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EXHIBIT 99
Contact: |
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Judith Wawroski, Treasurer and Principal Financial Officer |
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International Bancshares Corporation |
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(956) 722-7611 |
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FOR IMMEDIATE RELEASE:
IBC Reports Strong First Quarter 2019 Earnings
LAREDO, Texas—(BUSINESS WIRE)— May 9, 2019—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, 2019 of $51.9 million or $.79 diluted earnings per common share ($.79 per share basic), compared to $53.4 million or $.80 diluted earnings per common share ($.81 per share basic) for the same period in 2018, representing a decrease of 1.3 percent in diluted earnings per share and a 2.8 percent decrease in net income.
Net income for the three months ended March 31, 2019 was positively affected by an increase in net interest income due to a higher volume of loans and an increase in the overall yield of the loan portfolio offset by an increase in interest expense primarily to an increase in the cost of borrowings expense, and an increase in the interest paid on savings and time deposit accounts. Net income for 2019 was negatively impacted by an increase in the provision for probable loan losses due to a specific reserve of $7.5 million, net of tax on a relationship secured by real property on which car dealerships are operated.
“I am pleased with our continued earnings success for the first quarter of 2019 especially considering the special reserve charge. The earnings success we saw in 2018 and continue to see for the first three months of 2019 can be attributed to our continued focus on building and improving the performance of our core bank operations and continued cost control, which have been complemented by the actions taken to reform the tax laws at the end of 2017. We are confident in the strength of our balance sheet and our strong capital position enhanced by our proven track record for over 50 years. We continue to exceed most of our peers based on Bank Holding Company Performance Reports compiled by the Federal Financial Institutions Examination Council,” said Dennis E. Nixon, President and CEO.
Total assets at March 31, 2019 were $12.0 billion compared to $11.9 billion at December 31, 2018. Total net loans were $6.6 billion at March 31, 2019 compared to $6.5 billion at December 31, 2018. Deposits were $8.9 billion at March 31, 2019 compared to $8.7 billion at December 31, 2018.
IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 189 facilities and 286 ATMs serving 89 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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