IBOC International Bancshares Corporation

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): February 26, 2024

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INTERNATIONAL BANCSHARES CORPORATION

(Exact name of registrant as specified in its charter)

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Registrant's telephone number, including area code (956) 722-7611

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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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Item 2.02          Results of Operations and Financial Condition.

On February 26, 2024, International Bancshares Corporation issued a news release announcing net income for the twelve months ended December 31, 2023.  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

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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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Date: February 26, 2024

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EXHIBIT 99

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FOR IMMEDIATE RELEASE:

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IBC Reports 37% Increase in Earnings in 2023

LAREDO, Texas—(BUSINESS WIRE)— February 26, 2024—International Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today reported annual net income for 2023 of $411.8 million or $6.62 diluted earnings per common share ($6.63 per share basic) compared to $300.2 million or $4.78 diluted earnings per common share ($4.79 per share basic), which represents an increase of 38.5 percent in diluted earnings per share and a 37.2 percent increase in net income over the corresponding period in 2022. Net income for the three months ended December 31, 2023 was $106.4 million or $1.71 diluted earnings per common share ($1.71 per share basic), compared to $105.4 million or $1.68 diluted earnings per common share ($1.69 per share basic) for the same period in 2022, representing an increase of 1.0 percent in net income and a 1.8 percent increase in diluted earnings per share.

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Net income for the year ended December 31, 2023 was positively impacted by an increase in net interest income, which is primarily attributable to an increase in the size of our investment portfolio, the interest earned on funds held at the Federal Reserve Bank, and an increase in loan interest income, of which the latter two have increased consistently with Federal Reserve Board actions to raise interest rates in 2022 and 2023.  Net income for the period has also been impacted by increases in interest expense, primarily driven by an increase in interest paid on deposits.  We closely monitor rates paid on deposits to remain competitive in the current economic environment and retain deposits.  The increase in those revenue streams coupled with the cost control initiatives to streamline operations and increase efficiency in recent years have been the primary drivers in achieving these results.

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International Bancshares Corporation and Subsidiaries

Consolidated Financial Summary

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“Our net interest margin continues to be positively impacted by the current interest rate environment.  Managing interest income and expense continues to be a major focus of our executive leadership team, who continue to carefully monitor the current interest rate environment so that decisions made will balance the management of our deposit base with the cost of those deposits. We are confident that our balance sheet management strategies, including our asset liability and liquidity management, which have been in place for many years, will continue to position us for success as we have just

reported. Our outstanding earnings performance continues to prove that our long-standing strategies and commitment to cost control and non-interest income growth continues to be timely and successful.  Our return on assets (ROA) puts IBOC among the top of publicly traded bank holding companies in the nation.  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 in 2024 and beyond,” said Dennis E. Nixon, president and CEO.  

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Total assets at December 31, 2023 were $15.1 billion compared to $15.5 billion at December 31, 2022.  Total net loans were $7.9 billion at December 31, 2023 compared to $7.3 billion at December 31, 2022. Deposits were $11.8 billion at December 31, 2023 compared to $12.7 billion at December 31, 2022.

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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