<SEC-DOCUMENT>0001104659-22-046771.txt : 20220418
<SEC-HEADER>0001104659-22-046771.hdr.sgml : 20220418
<ACCEPTANCE-DATETIME>20220418123913
ACCESSION NUMBER:		0001104659-22-046771
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220418
DATE AS OF CHANGE:		20220418

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL BANCSHARES CORP
		CENTRAL INDEX KEY:			0000315709
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				742157138
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-09439
		FILM NUMBER:		22831579

	BUSINESS ADDRESS:	
		STREET 1:		12OO SAN BERNARDO AVE
		STREET 2:		PO BOX 1359
		CITY:			LAREDO
		STATE:			TX
		ZIP:			78040-1359
		BUSINESS PHONE:		9567227611

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1359
		STREET 2:		1200 SAN BERNARDO
		CITY:			LAREDO
		STATE:			TX
		ZIP:			78040
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm223620-3_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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    <title>tm223620-3_defa14a - none - 1.7812647s</title>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
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          <font style="letter-spacing:-0.28pt;">UNITED STATES</font>
          <br >
          <font style="letter-spacing:-0.28pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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        <div style="margin-top:2pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Washington, D.C. 20549</font><font style="font-weight:normal;font-size:14pt;">&#8203;<font style="letter-spacing:0.28pt;"> </font></font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">SCHEDULE 14A</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
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        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">(Rule&#160;14a101)</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.28pt;">SCHEDULE 14A INFORMATION</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
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        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Proxy Statement Pursuant to Section&#160;14(a) of</font>
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          <font style="letter-spacing:0.2pt;">the Securities Exchange Act of 1934 (Amendment No.&#8199;&#8199; ) </font>
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          <font style="letter-spacing:0.2pt;">Filed by the Registrant &#9746; </font>
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          <font style="letter-spacing:0.2pt;">Filed by a Party other than the Registrant &#9744;</font>
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        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Check the appropriate box: </font>
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        <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Preliminary Proxy Statement </font>
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="font-weight:bold;letter-spacing:-0.2pt;">Confidential, for Use of the Commission Only (as permitted by Rule&#160;14a-6(e)(2))</font><font style="letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Definitive Proxy Statement </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9746;</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Definitive Additional Materials </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#9744;</font>
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Soliciting Material Pursuant to &#167;240.14a-12 </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:14pt;font-size:14pt;">
          <font style="font-weight:bold;letter-spacing:-0.28pt;">INTERNATIONAL BANCSHARES CORPORATION </font>
          <br >
          <font style="font-size:10pt;letter-spacing:0.2pt;">(Name of Registrant as Specified In Its Charter)</font><font style="letter-spacing:0.28pt;"> </font>
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        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </font>
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        <div style="margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Payment of Filing Fee (Check the appropriate box): </font>
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          <font style="letter-spacing:0.2pt;">No fee required. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <font style="letter-spacing:0.2pt;">&#9744;</font>
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Fee paid previously with preliminary materials. </font>
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          <font style="letter-spacing:0.2pt;">&#9744;</font>
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        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Fee computed on table in exhibit required by Item&#160;25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.</font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <hr >
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    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9.5pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:27.85pt;margin-bottom:21.86pt;margin-left:27pt;width:541.31pt;">
        <div style="width:541.31pt; line-height:11.5pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#8194;&nbsp;&nbsp;&nbsp;</font>
          <br >
          <font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font>
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        <div style="margin-top:8pt; width:541.31pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font>
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        <div style="margin-top:3pt; text-align:center; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.19pt;">April&#160;18, 2022 </font>
        </div>
        <div style="margin-top:3pt; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.19pt;">My Fellow Shareholders: </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; text-align:justify; width:541.31pt; line-height:10pt;font-weight:bold;">
          <font style="font-weight:normal;letter-spacing:0.19pt;">Once again, we are preparing for our </font><font style="letter-spacing:-0.19pt;">Annual Shareholders&#8217; Meeting on Monday, </font><font style=" text-decoration:underline #000000 solid;font-style:italic;letter-spacing:-0.19pt;">May&#160;16, 2022, at 5:00 p.m</font><font style="letter-spacing:-0.19pt;">. We are planning to hold our Annual Shareholders&#8217; Meeting in person as we did last year observing CDC best practices. We encourage everyone to arrive no later than 4:30&#160;p.m. to avoid delays in beginning the meeting promptly at 5:00 p.m</font><font style="font-weight:normal;letter-spacing:0.19pt;">. The meeting will be held at the </font><font style=" text-decoration:underline #000000 solid;letter-spacing:-0.19pt;">IBC Annex Building at 2416 Jacaman Rd. Laredo, Texas 78041</font><font style="font-weight:normal;letter-spacing:0.19pt;">. W</font><font style="letter-spacing:-0.19pt;">e will celebrate our 56</font><font style=" position:relative; bottom:4pt;font-size:7pt;letter-spacing:-0.14pt;">th</font><font style="letter-spacing:-0.19pt;"> anniversary in September of this year, and vow to continue working hard to achieve another successful 56&#160;years.</font><font style="font-weight:normal;letter-spacing:0.19pt;"> </font>
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          <font style="letter-spacing:0.19pt;">In preparation for the meeting, I&#8217;m enclosing the Annual Report to Shareholders containing financial statements audited by RSM US LLP, as well as the formal Notice of Annual Meeting of Shareholders, Proxy Statement and a Proxy Card. The Proxy Card has been provided for the purpose of voting on the election of Directors and other issues to be presented at the meeting. </font><font style="font-weight:bold;letter-spacing:-0.19pt;">In order to have a quorum at the meeting, I urge you to complete and sign the Proxy Card and return it in the enclosed self-addressed envelope.</font><font style="letter-spacing:0.19pt;"> </font>
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        <div style="text-indent:20pt; margin-top:3pt; text-align:justify; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.19pt;">IBC continues to achieve some of the best returns in its history even with the huge challenges we faced with COVID-19 in 2021, because we focused on revenue performance and especially cost controls. As we move forward, excellence must continue to be the objective to sustain our record of being a high-performance bank holding company. You have my commitment to keep that focus. </font>
        </div>
        <table style="width:461.31pt;height:61.71pt;margin-left:40pt;margin-top:3.89999999999998pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:295.87pt;text-align:left;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">2021 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:12pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:12pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1pt 0pt;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">2020 </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9.48999999999998pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9.5pt;">
            <td style="padding:1.257pt 0pt 0.5pt 0pt; width:295.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.19pt;">Net Income </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.257pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.257pt 0pt 0.5pt 0pt; min-width:48pt; text-align:right; white-space:nowrap;">253,922,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:12pt;">&#8203;</td>
            <td style="padding:0pt; width:12pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.257pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.257pt 0pt 0.5pt 0pt; min-width:48pt; text-align:right; white-space:nowrap;">167,319,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9.48999999999998pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9.5pt;">
            <td style="padding:1.507pt 0pt 0.5pt 0pt; width:295.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.19pt;">Total Assets </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:48pt; text-align:right; white-space:nowrap;">16,029,467,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:12pt;">&#8203;</td>
            <td style="padding:0pt; width:12pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:48pt; text-align:right; white-space:nowrap;">14,029,467,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9.48999999999998pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9.5pt;">
            <td style="padding:1.507pt 0pt 0.5pt 0pt; width:295.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.19pt;">Return on Your Shareholders&#8217; Equity </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:48pt; text-align:right; white-space:nowrap;">11.28<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:12pt;">&#8203;</td>
            <td style="padding:0pt; width:12pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:48pt; text-align:right; white-space:nowrap;">7.86<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:9.48999999999998pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:9.5pt;">
            <td style="padding:1.507pt 0pt 0.5pt 0pt; width:295.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.19pt;">Book Value of Each of Your Common Shares </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:48pt; text-align:right; white-space:nowrap;">38.17</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:12pt;">&#8203;</td>
            <td style="padding:0pt; width:12pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.507pt 0pt 0.5pt 0pt; min-width:48pt; text-align:right; white-space:nowrap;">36.14</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
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            <td style="padding:1.517pt 0pt 0.5pt 0pt; width:295.87pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.19pt;">Basic Earnings per Share&#8212;Adjusted for Dividends </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.517pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.517pt 0pt 0.5pt 0pt; min-width:48pt; text-align:right; white-space:nowrap;">4.01</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:12pt;">&#8203;</td>
            <td style="padding:0pt; width:12pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:1.517pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:1.517pt 0pt 0.5pt 0pt; min-width:48pt; text-align:right; white-space:nowrap;">2.63</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="text-indent:20pt; margin-top:10.8pt; text-align:justify; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.19pt;">As I write this letter, the world appears to be finally coming to grips with COVID-19. Many businesses are now operating normally. That is clearly the case at IBC. We are back to full operations. Although we had to briefly close some branches during the intense periods of COVID-19, we never shut our physical branches down and sent our people home. We stood our ground and continued to provide the essential services our customers and communities deserved. The effects of COVID-19 still linger, including with respect to supply chain disruptions, creating many problems for virtually every business. All these disruptions created by the pandemic are proving difficult to overcome. The struggles that we now face with exploding inflation and the terrible Ukraine war may prove more difficult to overcome than the pandemic. Time will tell how this next act of the economic disaster COVID-19 caused will play out. Hopefully, the leadership of our country and around the world will make the right decisions to allow our nation and the world to successfully navigate this challenging period. I want to make sure each shareholder understands, your management team has been intensely focused on protecting the future of IBC and your investment. As we pointed out in our earnings release on February&#160;24, 2022, your management team took immediate and effective steps to right-size IBC&#8217;s operation during 2020-2021 to make certain that every detail of your company was performing and doing so at the lowest cost possible. We reduced expenses in the last two&#160;years by 15% and continued to build the company&#8217;s non-interest income. Those effective steps are why we have produced an exceptional 2021. </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; text-align:justify; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.19pt;">On February&#160;3, 2022, your Board of Directors approved a sixty cents ($.60) per share cash dividend payable to all holders of common stock, $1.00 par value, of record on February&#160;15, 2022, which was paid to you on February&#160;28, 2022. Your Board decided to modify its discretionary dividend program due to COVID-19 by moving up the payment date, so future dividends, if declared, will likely occur in February and August going forward. Earlier this year, we advised each shareholder, the company would participate in the householding program, and each household will only receive one copy of IBC&#8217;s 2021 Annual Report, Notice of Annual Meeting and Proxy Statement. However, each registered shareholder in the household will receive a personalized Proxy Card with the voting shares, which will allow each shareholder to vote independently. </font><font style="font-weight:bold;letter-spacing:-0.19pt;">Furthermore, to reduce our cost and improve the dividend payment process, we urge you to select direct deposit to receive your cash dividend.</font><font style="letter-spacing:0.19pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; text-align:justify; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.19pt;">At the present moment, your health, safety, and wellbeing continue to be among my top priorities. Although we intend to hold our Annual Shareholders&#8217; Meeting in person in Laredo as set forth above, we are actively monitoring developments of the COVID-19 pandemic. We remain confident that the in-person meeting will occur on schedule, but if some unforeseen development would occur, we will immediately advise each shareholder of any alternatives. Any changes will be issued by press release, filed as additional proxy material with the Securities and Exchange Commission (SEC), and posted on the Investors tab of our website at https://www.ibc.com/investors. </font><font style="font-weight:bold;letter-spacing:-0.19pt;">AS ALWAYS, WE ENCOURAGE YOU TO VOTE YOUR SHARES PRIOR TO THE MEETING BY COMPLETING, SIGNING, AND RETURNING THE PROXY CARD.</font><font style="letter-spacing:0.19pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:3pt; text-align:justify; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.19pt;">If you are planning to attend our Annual Shareholders&#8217; Meeting, please check our public filings with the SEC and our website prior to the meeting date for the most updated information based on the continued threat from COVID-19. Subject to the potential changes detailed above, we plan on having a social time immediately following our business session to provide you an opportunity to visit with your staff and enjoy the evening if government regulations and CDC recommendations permit. Just one last reminder, </font><font style="font-weight:bold;letter-spacing:-0.19pt;">the meeting will begin promptly at 5:00&#160;p.m. and it will be held at the IBC Annex Building on Jacaman Road. Please plan on arriving early in order to be assembled for the start of the meeting.</font><font style="letter-spacing:0.19pt;"> </font>
        </div>
        <div style="margin-left:260pt; margin-top:3pt; width:281.31pt; line-height:10pt;">
          <font style="letter-spacing:0.19pt;">Sincerely yours, </font>
        </div>
        <div style="position:relative;margin-left:260pt; margin-top:0.8pt; width:281.31pt;">
          <img src="sg_dennisnixon-bw.jpg" alt="[MISSING IMAGE: sg_dennisnixon-bw.jpg]" height="37" width="43" >
        </div>
        <div style="margin-left:260pt; margin-top:4.2pt; width:281.31pt; line-height:10pt;">
          <font style="letter-spacing:0.19pt;">Dennis E. Nixon </font>
          <br >
          <font style="letter-spacing:0.19pt;">President </font>
        </div>
        <div style="margin-top:3pt; width:541.31pt; line-height:10pt;">
          <font style="letter-spacing:0.19pt;">Enclosures</font>
        </div>
      </div>
      <hr >
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
