Form 8-K INTERNATIONAL BANCSHARES For: Nov 07

 

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): November 7, 2016

 

 

INTERNATIONAL BANCSHARES CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

 

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))

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On November 7, 2016, International Bancshares Corporation issued a news release announcing earnings for the three and nine months ended September 30, 2016.  The news release, attached hereto and filed herewith as Exhibit 99, is incorporated herein 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 and 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 – News Release of International Bancshares Corporation dated November 7, 2016.

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.

 

 

 

Date: November 7, 2016

EXHIBIT INDEX

 

 

EXHIBIT 99

 

 

FOR IMMEDIATE RELEASE:

 

 

 

IBC Reports Strong Earnings 

 

LAREDO, Texas—(BUSINESS WIRE)—November 7, 2016—International Bancshares Corporation (NASDAQ: IBOC), one of the largest independent bank holding companies in Texas, today reported net income for the three months ended September 30, 2016 of $35.8 million, or $.54 diluted earnings per common share and $.54 basic earnings per common share, compared to $32.0 million or $.48 diluted earnings per common share and $.48 basic earnings per common share for the same period in 2015, representing an increase of 12.5 percent in diluted earnings per common share and a 11.9 percent increase in net income.  Net income for the nine months ended September 30, 2016 was $98.5 million, or $1.49 diluted earnings per common share and $1.49 basic earnings per common share, compared to $101.8 million, or $1.53 diluted earnings per common share and $1.53 basic earnings per common share for the same period of 2015, representing a decrease of 2.6 percent diluted earnings per common share and a 3.2 percent decrease in net income.    

 

Net income for the three months ended September 30, 2016 was positively impacted by a credit to the provision for possible loan loss expense of $875,000 after tax, compared to an expense of $5.74 million for the same period of 2015.  The credit to the provision can be attributed to a large recovery on a loan charged off in prior years that positively impacted the overall balance in the allowance for probable loan losses.  Net income for the nine months ended September 30, 2016 decreased by 3.2% when compared to the same periods in 2015.

 

 

 

“The Company continued to have earnings success for the first nine months of 2016.  Management remains committed to achieving superior earnings despite the continued regulatory challenges facing the industry, and the difficult economic environment across the United States and overseas.  The Company continues to maintain strong liquidity, focused expense control, sound credit underwriting standards and a healthy investment strategy.  Management was also pleased because of its focused effort to recover a significant past loan loss that added to the third quarter earnings.  We continue to achieve earnings that exceed the majority of our peers based on Bank Holding Company Performance Reports compiled by the Federal Financial Institutions Examination Council, and are confident in the strength of our balance sheet and our strong capital position,” said Dennis E. Nixon, President and CEO.  

 

 

Total assets at September 30, 2016 were $11.9 billion and $11.8 billion at December 31, 2015.  Net loans were $5.8 billion at September 30, 2016 and $5.9 billion at December 31, 2015. Deposits were $8.5 billion at September 30, 2016 and December 31, 2015.

 

IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 204 facilities and 309  ATMs serving 88 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 future developments or events, expectations, plans, projections or future performance of IBC and its subsidiaries, the occurrence of which involve certain risks and uncertainties, including those 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