# EDGAR Filing Document

**Accession Number:** 0000315709
**File Stem:** 0001558370-23-001861
**Filing Date:** 2023-2
**Character Count:** 11531
**Document Hash:** a131db2ff38a6253d7a3fb488c7aaf5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-001861.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001558370-23-001861

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230223

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**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:** 1934 Act
- **SEC FILE NUMBER:** 000-09439
- **FILM NUMBER:** 23658621

**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

?xml version='1.0' encoding='UTF-8'?

**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 23, 2023

**INTERNATIONAL BANCSHARES CORPORATION**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;-<br>|  |  |
| &nbsp;&nbsp;**Texas** | &nbsp;&nbsp;**000-9439** | &nbsp;&nbsp;**74-2157138** |
| &nbsp;&nbsp;(State or other jurisdiction | &nbsp;&nbsp;(Commission File | &nbsp;&nbsp;(IRS Employer |
| &nbsp;&nbsp;of incorporation) | &nbsp;&nbsp;Number) | &nbsp;&nbsp;Identification No.) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**1200 San Bernardo, Laredo, Texas** | &nbsp;&nbsp;**78040-1359** |
| &nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;(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. ☐

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of Each Class:** | &nbsp;&nbsp;**Trading Symbol (s):** | &nbsp;&nbsp;**Name of each exchange on which registered:** |
| &nbsp;&nbsp;Common Stock, $1.00 par value | &nbsp;&nbsp;IBOC | &nbsp;&nbsp;NASDAQ |

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition.**

On February 23, 2023, International Bancshares Corporation issued a news release announcing net income for the three and twelve months ended December 31, 2022. 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

99 - [The following exhibit is being furnished with this Current Report on Form 8-K.](iboc-20230223xex99d1.htm)

**EXHIBIT INDEX**

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| | | |
|:---|:---|:---|
| **Exhibit Number** |  | **Description** |
| 99 |  | [News Release of International Bancshares Corporation dated February 23, 2023](iboc-20230223xex99d1.htm) |
| 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** | **INTERNATIONAL BANCSHARES CORPORATION** |
| By: | /s/ Dennis E. Nixon |
|  | DENNIS E. NIXON, President |
|  | and Chief Executive Officer |

---

Date: February 23, 2023

## Exhibit 99.1

#### EXHIBIT 99

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

---

**FOR IMMEDIATE RELEASE:**

**IBC Reports Record 2022 Earnings**

LAREDO, Texas—(BUSINESS WIRE)— February 23, 2023—International Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today reported annual net income for 2022 of **$300.2** million or **$4.78** diluted earnings per common share ($**4.79** per share basic) compared to **$253.9** million or $**4.00** diluted earnings per common share ($**4.01** per share basic), which represents an increase of **19.5** percent in diluted earnings per share and an **18.2** percent increase in net income over the corresponding period in 2021. Net income for the three months ended December 31, 2022 was $**105.4** million or **$1.69** diluted earnings per common share (**$1.69** per share basic), compared to **$56.5** million or **$.89** diluted earnings per common share (**$.90** per share basic) for the same period in 2021, representing an increase of **86.5** percent in net income and an **89.9** percent increase in diluted earnings per share.

Net income for the year ended December 31, 2022 was positively impacted by an increase in net interest income, which is primarily attributable to an increase in the size of our investment portfolio, interest earned on funds held at the Federal Reserve Bank, and an increase in loan interest income, of which the latter two have increased in line with Federal Reserve Board actions to raise interest rates throughout 2022. Cost control initiatives to streamline operations and greater operational efficiencies in recent years have been complemented by the increase in interest income to achieve these results. We have continued to monitor economic conditions, including a possible recession, impacting our loan portfolio and have factored those forecasts into our allowance for credit loss calculation to endeavor capturing the risk of potential losses in our portfolio arising from those uncertain economic conditions.

**International Bancshares Corporation and Subsidiaries**

**Consolidated Financial Summary**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** |
|  | **2022** | **2022** | **2021** | **2020** | **2019** |
|  |  | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** |
| Interest income | $525781 | 525781 | $398103 | $427008 | $492401 |
| Interest expense | (38156) | (38156) | (26831) | (39119) | (58629) |
| Net interest income | 487625 | 487625 | 371272 | 387889 | 433772 |
| Provision for probable loan losses | (21651) | (21651) | (7955) | (45379) | (18843) |
| Non-interest income | 187134 | 187134 | 222326 | 150579 | 154826 |
| Non-interest expense | (<u>270469</u>) | (<u>270469</u>) | (<u>263316)</u> | (<u>281331)</u> | (<u>309801)</u> |
| Income before income taxes | 382639 | 382639 | 322327 | 211758 | 259954 |
| Income taxes | (<u>82407</u>) | (<u>82407</u>) | (<u>68405)</u> | (<u>44439)</u> | (<u>54850)</u> |
| Net income | $<u>300232</u> | <u>300232</u> | $<u>253922</u> | $<u>167319</u> | $<u>205104</u> |
| Net income per common share |  |  |  |  |  |
| *Basic* | $4.79 | 4.79 | $4.01 | $2.63 | $3.13 |
| *Diluted* | $4.78 | 4.78 | $4.00 | $2.62 | $3.12 |

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"Economic conditions impacting the global economy remain highly volatile and uncertain. We continue to monitor and manage expenses in line with our legacy commitment to expense control and remain focused on growing non-interest income to support our historically strong earnings performance. Non-interest income was positively impacted in 2021 by a one-time merchant banking event adding $55.9 million to total non-interest income in 2021. Our net interest margin has been positively impacted by the increases in interest rates on earning assets while confronting rising interest expense from increasing deposit rates, which we have raised in a very measured way. We have proven throughout these

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last three-plus years that our forward-looking vision and legacy commitment to expense control, along with the aggressive steps we took to reduce controllable expenses at the inception of the pandemic have been realized and resulted in a decrease of approximately 12.7 percent or $39.3 million in expenses for the year ended December 31, 2022 compared to December 31, 2019. In addition to this stellar performance, 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," said Dennis E. Nixon, president and CEO.

Total assets at December 31, 2022 were **$15.5** billion compared to **$16.0** billion at December 31, 2021. Total net loans were **$7.3** billion at December 31, 2022 compared to **$7.1** billion at December 31, 2021. Deposits were **$12.7** billion at December 31, 2022 compared to **$12.6** billion at December 31, 2021.

IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 167 facilities and 257 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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