IBOC International Bancshares Corporation

 

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 26, 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 February 26, 2016, International Bancshares Corporation issued a news release announcing fourth quarter and year to date earnings for the period ended December 31, 2015.  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 February 26, 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: February 26, 2016

EXHIBIT INDEX

 

 

EXHIBIT 99

 

 

FOR IMMEDIATE RELEASE:

 

IBC Reports 2015 Earnings

 

LAREDO, Texas—(BUSINESS WIRE)—February 26, 2016—International Bancshares Corporation (NASDAQ:IBOC), one of the largest independent bank holding companies in Texas, today reported annual net income available to common shareholders for 2015 of $136.7 million or $2.05 diluted earnings per common share ($2.06 per share basic) compared to $153.2 million or $2.28 diluted earnings per common share ($2.29 per share basic), which represents a 10.8 percent decrease in net income and a 10.1 percent decrease in diluted earnings per share over the corresponding period in 2014.  Net income available to common shareholders for the three months ended December 31, 2015 was $35.0 million or $.52 diluted earnings per common share ($.53 per share basic), compared to $38.6 million or $.57 diluted earnings per common share ($.58 per share basic), representing a decrease of 9.3 percent in net income available to common shareholders and a 8.8 percent decrease in diluted earnings per share. 

 

Net income for the year ended December 31, 2015 was negatively impacted by an increase in the provision for probable loan losses during the period as a result of an increase in the portion of the allowance for probable loan losses calculated based on actual historical loss experience in the commercial loan category of the Company’s loan portfolio, resulting in an increase of 69.2 percent in the provision charged to expense.  Non-interest income for the period also decreased, primarily as a result of infrequent transactions that occurred in 2014, including the sale of an equity investment by a merchant banking company in which the Company holds a 50 percent interest, the sale of property originally held by the bank subsidiaries, the discount recorded in connection with the buy-back of a portion of the outstanding capital securities issued by one of the statutory business trusts formed by the Company, a decrease in overdraft income due to a decrease in volume and gains on sales of investments of $5.0 million, after tax. 

 

 

 

“I’m pleased with the Company’s earnings for 2015.  The Company remains committed to achieving superior earnings, especially in light of the continued regulatory challenges facing the industry, as well as the continued 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.  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 December 31, 2015 were $11.8 billion compared to $12.2 billion at December 31, 2014.  Net loans were $5.9 billion at December 31, 2015 compared to $5.6 billion at December 31, 2014. Deposits were $8.5 billion at December 31, 2015 and $8.4 billion at December 31, 2014.

IBC is a multi-bank financial holding company headquartered in Laredo, Texas, with 207 facilities and more than 320 ATMs serving 87 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