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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, 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

63,172,175 shares outstanding at May 2, 2022

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,

    

2022

    

2021

 

Assets

Cash and cash equivalents

$

3,448,199

$

3,209,242

Investment securities:

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

 

3,400

 

3,400

Available for sale debt securities (Amortized cost of $4,404,302 on March 31, 2022 and $4,254,960 on December 31, 2021)

 

4,141,997

 

4,213,920

Equity securities with readily determinable fair values

5,810

6,079

Total investment securities

 

4,151,207

 

4,223,399

Loans

 

7,048,277

 

7,209,151

Less allowance for credit losses

 

(110,227)

 

(110,374)

Net loans

 

6,938,050

 

7,098,777

Bank premises and equipment, net

 

438,147

 

447,082

Accrued interest receivable

 

27,555

 

30,593

Other investments

 

353,185

 

296,882

Cash surrender value of life insurance policies

298,863

297,218

Goodwill

 

282,532

 

282,532

Other assets

 

198,951

 

160,511

Total assets

$

16,136,689

$

16,046,236

1

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Condition, continued (Unaudited)

(Dollars in Thousands)

March 31,

December 31,

    

2022

    

2021

 

Liabilities and Shareholders’ Equity

Liabilities:

Deposits:

Demand—non-interest bearing

$

6,037,206

$

5,838,526

Savings and interest bearing demand

 

4,561,651

 

4,590,548

Time

 

2,196,479

 

2,188,803

Total deposits

 

12,795,336

 

12,617,877

Securities sold under repurchase agreements

 

490,091

 

439,672

Other borrowed funds

 

436,090

 

436,138

Junior subordinated deferrable interest debentures

 

134,642

 

134,642

Other liabilities

 

132,851

 

109,426

Total liabilities

 

13,989,010

 

13,737,755

Shareholders’ equity:

Common shares of $1.00 par value. Authorized 275,000,000 shares; issued 96,357,314 shares on March 31, 2022 and 96,350,977 shares on December 31, 2021

 

96,357

 

96,351

Surplus

 

152,405

 

152,144

Retained earnings

 

2,486,177

 

2,470,710

Accumulated other comprehensive loss

 

(205,136)

 

(31,980)

 

2,529,803

 

2,687,225

Less cost of shares in treasury, 33,062,339 shares on March 31, 2022 and 32,979,273 on December 31, 2021

 

(382,124)

 

(378,744)

Total shareholders’ equity

 

2,147,679

 

2,308,481

Total liabilities and shareholders’ equity

$

16,136,689

$

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

    

March 31,

2022

    

2021

    

Interest income:

Loans, including fees

$

81,488

$

92,114

Investment securities:

Taxable

13,190

4,875

Tax-exempt

 

350

395

Other interest income

 

1,404

490

Total interest income

 

96,432

97,874

Interest expense:

Savings deposits

 

1,101

929

Time deposits

 

2,504

3,198

Securities sold under repurchase agreements

 

184

141

Other borrowings

 

1,888

1,889

Junior subordinated deferrable interest debentures

 

709

708

Total interest expense

 

6,386

6,865

Net interest income

90,046

91,009

Provision for credit losses

 

1,481

1,192

Net interest income after provision for credit losses

 

88,565

89,817

Non-interest income:

Service charges on deposit accounts

 

17,257

14,903

Other service charges, commissions and fees

Banking

 

12,516

12,183

Non-banking

 

1,765

1,440

Investment securities transactions, net

 

(4)

Other investments, net

 

2,882

4,085

Other income

 

9,092

3,630

Total non-interest income

$

43,512

$

36,237

3

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income, continued (Unaudited)

(Dollars in Thousands, except per share data)

Three Months Ended

    

March 31,

2022

    

2021

    

Non-interest expense:

Employee compensation and benefits

$

31,119

$

30,162

Occupancy

 

6,272

 

5,617

Depreciation of bank premises and equipment

 

5,475

 

6,799

Professional fees

 

2,318

 

2,836

Deposit insurance assessments

 

1,057

 

887

Net operations, other real estate owned

 

(408)

 

1,245

Advertising

 

1,440

 

1,423

Software and software maintenance

4,177

4,440

Other

 

12,668

 

8,776

Total non-interest expense

 

64,118

 

62,185

Income before income taxes

67,959

 

63,869

Provision for income taxes

 

14,466

 

13,098

Net income

$

53,493

$

50,771

Basic earnings per common share:

Weighted average number of shares outstanding

 

63,352,240

 

63,307,455

Net income

$

0.84

$

0.80

Fully diluted earnings per common share:

 

 

Weighted average number of shares outstanding

 

63,498,268

 

63,419,706

Net income

$

0.84

$

0.80

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,

2022

    

2021

    

Net income

$

53,493

$

50,771

Other comprehensive loss, net of tax:

Net unrealized holding losses on securities available for sale arising during period (net of tax effects of $(46,029), and $(801))

 

(173,156)

 

(3,015)

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

 

 

3

 

(173,156)

 

(3,012)

Comprehensive (loss) income

$

(119,663)

$

47,759

See accompanying notes to consolidated financial statements.

5

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity

Three Months ended March 31, 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 December 31, 2021

96,351

$

96,351

$

152,144

$

2,470,710

$

(31,980)

$

(378,744)

$

2,308,481

Net income

53,493

53,493

Dividends:

Payable ($.60 per share)

(38,026)

(38,026)

Purchase of treasury stock (83,066 shares)

(3,380)

(3,380)

Exercise of stock options

6

6

140

146

Stock compensation expense recognized in earnings

121

121

Other comprehensive income, net of tax:

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

(173,156)

(173,156)

Balance at March 31, 2022

96,357

$

96,357

$

152,405

$

2,486,177

$

(205,136)

$

(382,124)

$

2,147,679

   

Number

   

   

   

   

Other

   

   

of

Common

Retained

Comprehensive

Treasury

Shares

Stock

Surplus

Earnings

Income (Loss)

Stock

Total

Balance at December 31, 2020

96,241

$

96,241

$

149,334

$

2,289,626

$

20,825

$

(378,028)

$

2,177,998

Net income

50,771

50,771

Dividends:

Payable ($.55 per share)

(34,813)

(34,813)

Purchase of treasury (999 shares)

(48)

(48)

Exercise of stock options

71

71

1,479

1,550

Stock compensation expense recognized in earnings

159

159

Other comprehensive income, net of tax:

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

(3,012)

(3,012)

Balance at March 31, 2021

96,312

$

96,312

$

150,972

$

2,305,584

$

17,813

$

(378,076)

$

2,192,605

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,

2022

    

2021

Operating activities:

Net income

$

53,493

$

50,771

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

Provision for credit loss

1,481

1,192

Specific reserve, other real estate owned

150

Depreciation of bank premises and equipment

 

5,475

6,799

Gain on sale of bank premises and equipment

 

(2,991)

(34)

Gain on sale of other real estate owned

 

(777)

(219)

Accretion of investment securities discounts

 

(235)

(138)

Amortization of investment securities premiums

 

5,262

11,576

Investment securities transactions, net

 

4

Unrealized loss on equity securities with readily determinable fair values

269

77

Proceeds from settlements of claims

 

2,870

Stock based compensation expense

 

121

159

Earnings from affiliates and other investments

 

(2,474)

(2,448)

Deferred income taxes

 

80

(64)

Decrease in accrued interest receivable

 

3,038

6,091

(Increase) decrease in other assets

 

(4,455)

9,931

Increase in other liabilities

 

20,810

8,788

Net cash provided by operating activities

 

79,097

95,505

Investing activities:

Proceeds from maturities of securities

1,075

1,200

Proceeds from sales and calls of available for sale securities

2,510

Purchases of available for sale securities

(362,746)

(517,004)

Principal collected on mortgage backed securities

 

207,302

568,011

Net decrease in loans

159,246

60,966

Purchases of other investments

 

(42,043)

(34,086)

Distributions from other investments

 

1,583

2,201

Purchases of bank premises and equipment

 

(2,486)

(1,614)

Proceeds from sales of bank premises and equipment

 

6,461

34

Proceeds from sales of other real estate owned

 

4,898

1,544

Net cash (used in) provided by investing activities

$

(26,710)

$

83,762

7

INTERNATIONAL BANCSHARES CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows, continued (Unaudited)

(Dollars in Thousands)

Three Months Ended

    

March 31,

2022

    

2021

Financing activities:

Net increase in non-interest bearing demand deposits

$

198,680

$

506,083

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

 

(28,897)

 

262,432

Net increase (decrease) in time deposits

 

7,676

 

(9,395)

Net increase in securities sold under repurchase agreements

 

50,419

 

11,185

Net decrease in other borrowed funds

 

(48)

 

(47)

Purchase of treasury stock

 

(3,380)

 

(48)

Proceeds from stock transactions

 

146

 

1,550

Payments of cash dividends

 

(38,026)

 

(34,813)

Net cash provided by financing activities

 

186,570

 

736,947

Increase in cash and cash equivalents

238,957

 

916,214

Cash and cash equivalents at beginning of period

 

3,209,242

 

1,997,238

Cash and cash equivalents at end of period

$

3,448,199

$

2,913,452

Supplemental cash flow information:

Interest paid

$

6,297

$

7,984

Income taxes paid

 

Non-cash investing and financing activities:

Purchases of available-for-sale securities not yet settled

$

$

100,933

Net transfers from loans to other real estate owned

16,587

Net transfers from bank premises and equipment to other assets

2,476

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 “Cautionary Notice Regarding Forward-Looking Statements” 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 and to general practices within the banking industry. Our consolidated financial statements include the accounts of International Bancshares Corporation, and our 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 wholly-owned non-bank subsidiaries, IBC Trading Company, Premier Tierra Holdings, Inc., IBC Charitable and Community Development Corporation, Emerald Galveston Holdings, LLC, IBC Capital Corporation, and Diamond Beach Holdings, LLC. Our consolidated financial statements are unaudited, but include all adjustments, which, 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 on Form 10-K. Our consolidated statement of condition at December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“US GAAP”) for complete financial statements. Certain reclassifications have been made to make prior periods comparable. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2022 or any future period.

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

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.

9

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 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, 2022 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