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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to           

Commission file number 000-09439

INTERNATIONAL BANCSHARES CORPORATION

(Exact name of registrant as specified in its charter)

Texas

74-2157138

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

1200 San Bernardo Avenue, Laredo, Texas 78042-1359

(Address of principal executive offices)

(Zip Code)

(956) 722-7611

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Common Stock, $1.00 par value

IBOC

NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark if the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company, in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date

Class

Shares Issued and Outstanding

Common Stock, $1.00 par value

62,176,953 shares outstanding at April 29, 2024

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Condition (Unaudited)

(Dollars in Thousands)

March 31,

December 31,

    

2024

    

2023

 

Assets

Cash and cash equivalents

$

908,953

$

651,058

Investment securities:

Held to maturity debt securities (Market value of $4,400 on March 31, 2024 and $3,400 on December 31, 2023)

 

4,400

 

3,400

Available for sale debt securities (Amortized cost of $5,306,234 on March 31, 2024 and $5,330,814 on December 31, 2023)

 

4,769,630

 

4,822,341

Equity securities with readily determinable fair values

5,360

5,417

Total investment securities

 

4,779,390

 

4,831,158

Loans

 

8,112,481

 

8,058,961

Less allowance for credit losses

 

(142,798)

 

(157,069)

Net loans

 

7,969,683

 

7,901,892

Bank premises and equipment, net

 

438,006

 

437,094

Accrued interest receivable

 

66,338

 

65,302

Other investments

 

351,372

 

343,452

Cash surrender value of life insurance policies

301,209

303,486

Goodwill

 

282,532

 

282,532

Other assets

 

263,437

 

250,215

Total assets

$

15,360,920

$

15,066,189

1

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Condition, continued (Unaudited)

(Dollars in Thousands)

March 31,

December 31,

    

2024

    

2023

 

Liabilities and Shareholders’ Equity

Liabilities:

Deposits:

Demand—non-interest bearing

$

4,984,520

$

5,030,845

Savings and interest bearing demand

 

4,512,846

 

4,368,532

Time

 

2,518,040

 

2,425,177

Total deposits

 

12,015,406

 

11,824,554

Securities sold under repurchase agreements

 

584,968

 

530,416

Other borrowed funds

 

10,695

 

10,745

Junior subordinated deferrable interest debentures

 

108,868

 

108,868

Other liabilities

 

157,093

 

143,832

Total liabilities

 

12,877,030

 

12,618,415

Shareholders’ equity:

Common shares of $1.00 par value. Authorized 275,000,000 shares; issued 96,570,475 shares on March 31, 2024 and 96,466,900 shares on December 31, 2023

 

96,570

 

96,467

Surplus

 

157,775

 

155,511

Retained earnings

 

3,085,388

 

3,029,088

Accumulated other comprehensive loss

 

(419,945)

 

(397,889)

 

2,919,788

 

2,883,177

Less cost of shares in treasury, 34,400,468 shares on March 31, 2024 and 34,391,184 on December 31, 2023

 

(435,898)

 

(435,403)

Total shareholders’ equity

 

2,483,890

 

2,447,774

Total liabilities and shareholders’ equity

$

15,360,920

$

15,066,189

See accompanying notes to consolidated financial statements.

2

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

(Dollars in Thousands, except per share data)

Three Months Ended

March 31,

    

2024

    

2023

Interest income:

Loans, including fees

$

168,328

$

142,270

Investment securities:

Taxable

 

36,263

29,809

Tax-exempt

 

1,546

1,578

Other interest income

 

5,952

14,492

Total interest income

 

212,089

188,149

Interest expense:

Savings deposits

 

19,916

11,694

Time deposits

 

21,276

6,829

Securities sold under repurchase agreements

 

5,240

2,142

Other borrowings

 

70

71

Junior subordinated deferrable interest debentures

 

1,979

2,228

Total interest expense

 

48,481

22,964

Net interest income

 

163,608

165,185

Credit loss expense

 

12,978

8,587

Net interest income after provision for credit losses

 

150,630

156,598

Non-interest income:

Service charges on deposit accounts

 

18,267

17,553

Other service charges, commissions and fees

Banking

 

14,475

14,055

Non-banking

 

2,274

1,954

Other investments income, net

 

1,623

2,955

Other income

 

5,603

3,845

Total non-interest income

$

42,242

$

40,362

3

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income, continued (Unaudited)

(Dollars in Thousands, except per share data)

Three Months Ended

    

March 31,

2024

    

2023

    

Non-interest expense:

Employee compensation and benefits

$

35,867

$

32,859

Occupancy

 

5,677

 

6,326

Depreciation of bank premises and equipment

 

5,629

 

5,466

Professional fees

 

3,691

 

3,590

Deposit insurance assessments

 

1,699

 

4,138

Net operations, other real estate owned

 

30

 

(1,745)

Advertising

 

1,820

 

1,264

Software and software maintenance

5,312

4,969

Other

 

9,918

 

11,162

Total non-interest expense

 

69,643

 

68,029

Income before income taxes

123,229

 

128,931

Provision for income taxes

 

25,898

 

27,288

Net income

$

97,331

$

101,643

Basic earnings per common share:

Weighted average number of shares outstanding

 

62,150,378

 

62,142,264

Net income per common share

$

1.57

$

1.64

Fully diluted earnings per common share:

 

 

Weighted average number of shares outstanding

 

62,267,293

 

62,282,328

Net income per common share

$

1.56

$

1.63

See accompanying notes to consolidated financial statements.

4

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in Thousands)

Three Months Ended

    

March 31,

2024

    

2023

    

Net income

$

97,331

$

101,643

Other comprehensive income (loss), net of tax:

Net change in unrealized holding losses on securities available for sale arising during period (net of tax effects of $(5,863) and $13,293)

 

(22,056)

 

50,006

 

(22,056)

 

50,006

Comprehensive income

$

75,275

$

151,649

See accompanying notes to consolidated financial statements.

5

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity

Three Months ended March 31, 2024 and 2023

(in Thousands, except per share amounts)

   

Number

   

   

   

   

Other

   

   

of

Common

Retained

Comprehensive

Treasury

Shares

Stock

Surplus

Earnings

Income (Loss)

Stock

Total

Balance at December 31, 2023

96,467

$

96,467

$

155,511

$

3,029,088

$

(397,889)

$

(435,403)

$

2,447,774

Net income

97,331

97,331

Dividends:

Payable ($.66 per share)

(41,031)

(41,031)

Purchase of treasury stock (9,284 shares)

(495)

(495)

Exercise of stock options

103

103

2,190

2,293

Stock compensation expense recognized in earnings

74

74

Other comprehensive loss, net of tax:

Net change in unrealized gains and losses on available for sale securities, net of reclassification adjustments

(22,056)

(22,056)

Balance at March 31, 2024

96,570

$

96,570

$

157,775

$

3,085,388

$

(419,945)

$

(435,898)

$

2,483,890

   

Number

   

   

   

   

Other

   

   

of

Common

Retained

Comprehensive

Treasury

Shares

Stock

Surplus

Earnings

Income (Loss)

Stock

Total

Balance at December 31, 2022

96,420

$

96,420

$

154,061

$

2,695,567

$

(470,497)

$

(430,792)

$

2,044,759

Net income

101,643

101,643

Dividends:

Payable ($.63 per share)

(39,151)

(39,151)

Purchase of treasury stock (25,000 shares)

(1,036)

(1,036)

Exercise of stock options

4

4

81

85

Stock compensation expense recognized in earnings

102

102

Other comprehensive income, net of tax:

Net change in unrealized gains and losses on available for sale securities, net of reclassification adjustments

50,006

50,006

Balance at March 31, 2023

96,424

$

96,424

$

154,244

$

2,758,059

$

(420,491)

$

(431,828)

$

2,156,408

See accompanying notes to consolidated financial statements.

6

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in Thousands)

Three Months Ended

    

March 31,

2024

    

2023

Operating activities:

Net income

$

97,331

$

101,643

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit loss

12,978

8,587

Specific reserve, other real estate owned

250

Depreciation of bank premises and equipment

 

5,629

5,466

Gain on sale of bank premises and equipment

 

(2)

Gain on sale of other real estate owned

 

(258)

(2,372)

Accretion of investment securities discounts

 

(455)

(589)

Amortization of investment securities premiums

 

1,427

1,817

Unrealized loss (gain) on equity securities with readily determinable fair values

57

(34)

Stock based compensation expense

 

74

102

Earnings from affiliates and other investments

 

(955)

(802)

Deferred tax expense (benefit)

 

6,278

(1,841)

Increase in accrued interest receivable

 

(1,036)

(3,233)

(Increase) decrease in other assets

 

(9,587)

1,277

Increase in other liabilities

 

23,914

32,419

Net cash provided by operating activities

 

135,395

142,690

Investing activities:

Proceeds from maturities of securities

1,075

1,200

Proceeds from sales and calls of available for sale securities

1,720

450

Purchases of available for sale securities

(135,249)

(595,184)

Principal collected on mortgage backed securities

 

155,062

134,171

Net increase in loans

(80,879)

(102,525)

Purchases of other investments

 

(21,246)

(9,935)

Distributions from other investments

 

1,800

5,124

Purchases of bank premises and equipment

 

(6,541)

(4,290)

Proceeds from sales of bank premises and equipment

 

2

Proceeds from sales of other real estate owned

 

635

2,691

Net cash used in investing activities

$

(83,621)

$

(568,298)

7

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows, continued (Unaudited)

(Dollars in Thousands)

Three Months Ended

    

March 31,

2024

    

2023

Financing activities:

Net decrease in non-interest bearing demand deposits

$

(46,325)

$

(297,310)

Net increase (decrease) in savings and interest bearing demand deposits

 

144,314

 

(158,129)

Net increase in time deposits

 

92,863

 

76,211

Net increase (decrease) in securities sold under repurchase agreements

 

54,552

 

(47,689)

Net decrease in other borrowed funds

 

(50)

 

(49)

Purchase of treasury stock

 

(495)

 

(1,036)

Proceeds from stock transactions

 

2,293

 

85

Payments of cash dividends

 

(41,031)

 

(39,151)

Net cash provided by (used in) financing activities

 

206,121

 

(467,068)

Increase (decrease) in cash and cash equivalents

257,895

 

(892,676)

Cash and cash equivalents at beginning of period

 

651,058

 

2,087,724

Cash and cash equivalents at end of period

$

908,953

$

1,195,048

Supplemental cash flow information:

Interest paid

$

48,181

$

19,731

Non-cash investing and financing activities:

Net transfers from loans to other real estate owned

$

110

$

353

See accompanying notes to consolidated financial statements.

8

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

As used in this report, the words “Company,” “we,” “us” and “our” refer to International Bancshares Corporation, a Texas corporation, its five wholly owned subsidiary banks, and other subsidiaries. The information that follows may contain forward-looking statements, which are qualified as indicated under “Special Cautionary Notice Regarding Forward-Looking Information” in Item 2 (Management’s Discussion and Analysis of Financial Condition and Results of Operations) of this report. Our website address is www.ibc.com.

Note 1 — Basis of Presentation

Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America (“US GAAP”) and to general practices within the banking industry. Our consolidated financial statements include the accounts of International Bancshares Corporation, and our five wholly-owned bank subsidiaries, International Bank of Commerce, Laredo (“IBC”), Commerce Bank, International Bank of Commerce, Zapata, International Bank of Commerce, Brownsville, International Bank of Commerce, Oklahoma (the “Subsidiary Banks”) and our five wholly-owned non-bank subsidiaries, IBC Trading Company, Premier Tierra Holdings, Inc., IBC Charitable and Community Development Corporation, IBC Capital Corporation, and Diamond Beach Holdings, LLC. Our consolidated financial statements are unaudited but include all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in our latest Annual Report to Shareholders on Form ARS for the fiscal year ended December 31, 2023, furnished to the U.S. Securities and Exchange Commission (“SEC”) on April 22, 2024 (our “2023 Annual Report”). Our consolidated statement of condition at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by US GAAP for complete financial statements.

We operate as one segment. The operating information used by our chief executive officer for purposes of assessing performance and making operating decisions is the consolidated statements presented in this report. We have five active operating subsidiaries, the Subsidiary Banks. We apply the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), FASB ASC 280, “Segment Reporting,” in determining our reportable segments and related disclosures.

We have evaluated all events or transactions that occurred through the date we issued these financial statements. During this period, we did not have any material recognizable or non-recognizable subsequent events.

Note 2 — Fair Value Measurements

FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. ASC 820 applies to all financial instruments that are being measured and reported on a fair value basis. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; it also establishes a fair value hierarchy that prioritizes the inputs used in valuation methodologies into the following three levels:

Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs - Observable inputs other than Level 1 inputs, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 Inputs - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or other

9

valuation techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy is set forth below.

The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of March 31, 2024 by level within the fair value measurement hierarchy:

Fair Value Measurements at

Reporting Date Using

(in Thousands)

Quoted

Prices in

Active

Significant

Assets/Liabilities

Markets for

Other

Significant

Measured at

Identical

Observable

Unobservable

Fair Value

Assets

Inputs

Inputs

March 31, 2024

(Level 1)

(Level 2)

(Level 3)

Measured on a recurring basis:

    

    

    

    

    

    

    

    

Assets:

Available for sale debt securities

Residential mortgage-backed securities

$

4,612,306

$

$

4,612,306

$

States and political subdivisions

 

157,324

 

 

157,324