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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 June 30, 2022

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

62,242,125 shares outstanding at August 1, 2022

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Condition (Unaudited)

(Dollars in Thousands)

June 30,

December 31,

    

2022

    

2021

 

Assets

Cash and cash equivalents

$

3,416,716

$

3,209,242

Investment securities:

Held to maturity debt securities (Market value of $3,400 on June 30, 2022 and $3,400 on December 31, 2021)

 

3,400

 

3,400

Available for sale debt securities (Amortized cost of $4,648,031 on June 30, 2022 and $4,254,960 on December 31, 2021)

 

4,294,360

 

4,213,920

Equity securities with readily determinable fair values

5,581

6,079

Total investment securities

 

4,303,341

 

4,223,399

Loans

 

7,027,129

 

7,209,151

Less allowance for credit losses

 

(112,572)

 

(110,374)

Net loans

 

6,914,557

 

7,098,777

Bank premises and equipment, net

 

435,183

 

447,082

Accrued interest receivable

 

30,730

 

30,593

Other investments

 

368,601

 

296,882

Cash surrender value of life insurance policies

300,494

297,218

Goodwill

 

282,532

 

282,532

Other assets

 

219,025

 

160,511

Total assets

$

16,271,179

$

16,046,236

1

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Condition, continued (Unaudited)

(Dollars in Thousands)

June 30,

December 31,

    

2022

    

2021

 

Liabilities and Shareholders’ Equity

Liabilities:

Deposits:

Demand—non-interest bearing

$

6,102,050

$

5,838,526

Savings and interest bearing demand

 

4,660,835

 

4,590,548

Time

 

2,180,367

 

2,188,803

Total deposits

 

12,943,252

 

12,617,877

Securities sold under repurchase agreements

 

513,368

 

439,672

Other borrowed funds

 

436,042

 

436,138

Junior subordinated deferrable interest debentures

 

134,642

 

134,642

Other liabilities

 

146,644

 

109,426

Total liabilities

 

14,173,948

 

13,737,755

Shareholders’ equity:

Common shares of $1.00 par value. Authorized 275,000,000 shares; issued 96,368,414 shares on June 30, 2022 and 96,350,977 shares on December 31, 2021

 

96,368

 

96,351

Surplus

 

152,743

 

152,144

Retained earnings

 

2,544,148

 

2,470,710

Accumulated other comprehensive loss

 

(276,735)

 

(31,980)

 

2,516,524

 

2,687,225

Less cost of shares in treasury, 33,993,101 shares on June 30, 2022 and 32,979,273 on December 31, 2021

 

(419,293)

 

(378,744)

Total shareholders’ equity

 

2,097,231

 

2,308,481

Total liabilities and shareholders’ equity

$

16,271,179

$

16,046,236

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

Six Months Ended

    

June 30,

June 30,

2022

    

2021

    

2022

    

2021

Interest income:

Loans, including fees

$

87,630

$

91,816

$

169,118

$

183,930

Investment securities:

Taxable

16,938

5,014

 

30,128

9,889

Tax-exempt

 

351

377

 

701

772

Other interest income

 

4,665

772

 

6,069

1,262

Total interest income

 

109,584

97,979

 

206,016

195,853

Interest expense:

Savings deposits

 

1,296

990

 

2,397

1,919

Time deposits

 

2,277

2,929

 

4,781

6,127

Securities sold under repurchase agreements

 

241

142

 

425

283

Other borrowings

 

1,907

1,908

 

3,795

3,797

Junior subordinated deferrable interest debentures

 

962

702

 

1,671

1,410

Total interest expense

 

6,683

6,671

 

13,069

13,536

Net interest income

102,901

91,308

 

192,947

182,317

Provision for credit losses

 

3,735

1,144

 

5,216

2,336

Net interest income after provision for credit losses

 

99,166

90,164

 

187,731

179,981

Non-interest income:

Service charges on deposit accounts

 

18,248

15,774

 

35,505

30,677

Other service charges, commissions and fees

Banking

 

12,935

13,233

 

25,451

25,416

Non-banking

 

2,042

2,345

 

3,807

3,785

Investment securities transactions, net

 

 

(4)

Other investments, net

 

1,219

58,920

 

4,101

63,005

Other income

 

8,798

7,634

 

17,890

11,264

Total non-interest income

$

43,242

$

97,906

$

86,754

$

134,143

3

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income, continued (Unaudited)

(Dollars in Thousands, except per share data)

Three Months Ended

Six Months Ended

    

June 30,

June 30,

2022

    

2021

    

2022

    

2021

Non-interest expense:

Employee compensation and benefits

$

31,045

$

30,548

$

62,164

$

60,710

Occupancy

 

6,189

 

6,530

 

12,461

 

12,147

Depreciation of bank premises and equipment

 

5,455

 

6,436

 

10,930

 

13,235

Professional fees

 

2,942

 

2,281

 

5,260

 

5,117

Deposit insurance assessments

 

1,979

 

927

 

3,036

 

1,814

Net operations, other real estate owned

 

(47)

 

3,668

 

(455)

 

4,913

Advertising

 

1,455

 

1,456

 

2,895

 

2,879

Software and software maintenance

4,372

4,526

8,549

8,966

Other

 

15,366

 

13,582

 

28,034

 

22,358

Total non-interest expense

 

68,756

 

69,954

 

132,874

 

132,139

Income before income taxes

73,652

 

118,116

 

141,611

 

181,985

Provision for income taxes

 

15,681

 

26,090

 

30,147

 

39,188

Net income

$

57,971

$

92,026

$

111,464

$

142,797

Basic earnings per common share:

Weighted average number of shares outstanding

 

62,950,103

 

63,362,817

 

63,150,061

 

63,335,289

Net income

$

0.92

$

1.45

$

1.77

$

2.25

Fully diluted earnings per common share:

 

 

 

 

Weighted average number of shares outstanding

 

63,085,429

 

63,518,556

63,290,738

63,469,284

Net income

$

0.92

$

1.45

$

1.76

$

2.25

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

Six Months Ended

    

June 30,

June 30,

2022

    

2021

    

2022

    

2021

Net income

$

57,971

$

92,026

$

111,464

$

142,797

Other comprehensive loss, net of tax:

Net unrealized holding (losses) gains on securities available for sale arising during period (net of tax effects of $(19,033), $127, $(65,061), and $(674))

 

(71,599)

 

479

 

(244,755)

 

(2,536)

Reclassification adjustment for losses on securities available for sale included in net income (net of tax effects of $0, $0, $0 and $1)

 

 

 

 

3

 

(71,599)

 

479

 

(244,755)

 

(2,533)

Comprehensive (loss) income

$

(13,628)

$

92,505

$

(133,291)

$

140,264

See accompanying notes to consolidated financial statements.

5

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity

Three and Six Months ended June 30, 2022 and 2021

(in Thousands, except per share amounts)

   

Number

   

   

   

   

Other

   

   

of

Common

Retained

Comprehensive

Treasury

Shares

Stock

Surplus

Earnings

Income (Loss)

Stock

Total

Balance at March 31, 2022

96,357

$

96,357

$

152,405

$

2,486,177

$

(205,136)

$

(382,124)

$

2,147,679

Net income

57,971

57,971

Purchase of treasury stock (930,762 shares)

(37,169)

(37,169)

Exercise of stock options

11

11

230

241

Stock compensation expense recognized in earnings

108

108

Other comprehensive income, net of tax:

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

(71,599)

(71,599)

Balance at June 30, 2022

96,368

$

96,368

$

152,743

$

2,544,148

$

(276,735)

$

(419,293)

$

2,097,231

   

Number

   

   

   

   

Other

   

   

of

Common

Retained

Comprehensive

Treasury

Shares

Stock

Surplus

Earnings

Income (Loss)

Stock

Total

Balance at March 31, 2021

96,312

$

96,312

$

150,972

$

2,305,584

$

17,813

$

(378,076)

$

2,192,605

Net income

92,026

92,026

Exercise of stock options

20

20

426

446

Stock compensation expense recognized in earnings

114

114

Other comprehensive income, net of tax:

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

479

479

Balance at June 30, 2021

96,332

$

96,332

$

151,512

$

2,397,610

$

18,292

$

(378,076)

$

2,285,670

   

Number

   

   

   

   

Other

   

   

of

Common

Retained

Comprehensive

Treasury

Shares

Stock

Surplus

Earnings

Income (Loss)

Stock

Total

Balance at December 31, 2021

96,351

$

96,351

$

152,144

$

2,470,710

$

(31,980)

$

(378,744)

$

2,308,481

Net income

111,464

111,464

Dividends:

Cash ($.60 per share)

(38,026)

(38,026)

Purchase of treasury stock (1,013,828 shares)

(40,549)

(40,549)

Exercise of stock options

17

17

370

387

Stock compensation expense recognized in earnings

229

229

Other comprehensive income, net of tax:

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