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IBOC on Nasdaq

International Bancshares Corporation

Logo: International Bancshares Corporation, Public domain, via Wikimedia Commons5

American financial services company

International Bancshares Corporation is a bank holding company based in Laredo, Texas whose primary subsidiary is International Bank of Commerce. Through its bank subsidiaries, it has 217 banking offices and 315 automated teller machines serving 88 communities in the U.S. states of Texas and Oklahoma. In 2002, Tony Sanchez, a member of the Sanchez family that is the largest owner of IBC, ran as the Democratic Party candidate for Governor of Texas, but lost to incumbent Republican Rick Perry.3 Its shares trade on Nasdaq under the symbol IBOC.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

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  • TickerIBOC on Nasdaq1
  • Industryfinancial services1
  • HeadquartersLaredo1
  • Websitewww.ibc.com
  • Legal formFor-Profit Corporation1
  • Incorporated inTX6
  • Business address12Oo San Bernardo Ave, Po Box 1359, Laredo, Tx 78040-13596
  • Filer categoryLarge accelerated filer6
  • LEI549300Y16R531AU8TX774
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O DENNIS E NIXON, 78041 Laredo, United States4
  • Registered withCorporations Section (Texas Secretary of State), 01358412004

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International Bancshares Corporation is a bank holding company based in Laredo, Texas whose primary subsidiary is International Bank of Commerce. Through its bank subsidiaries, it has 217 banking offices and 315 automated teller machines serving 88 communities in the U.S. states of Texas and Oklahoma.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Service Charges on Deposit Accounts brought in 52% of the revenue International Bancshares Corporation broke down this way in fiscal 2025.

  1. Service Charges on Deposit Accounts$74.3M852%up 1% from 2024
  2. Other service charges, commissions and fees Banking$59.0M841%up 1% from 2024
  3. Other service charges, commissions and fees, Non-banking$10.5M87%up 1% from 2024
Products and services by year
Products and services202320242025
Service Charges on Deposit Accounts$73.9M$73.7M$74.3M
Other service charges, commissions and fees Banking$57.9M$58.7M$59.0M
Other service charges, commissions and fees, Non-banking$9.5M$10.4M$10.5M

Financial statements

Net income91011128$412.3M in 2025+101% since 2019
0$200.0M$400.0M$600.0M2019: $205.1M$205.1M20192020: $167.3M$167.3M2020−18%2021: $253.9M$253.9M2021+52%2022: $300.2M$300.2M2022+18%2023: $411.8M$411.8M2023+37%2024: $409.2M$409.2M2024−1%2025: $412.3M$412.3M2025+1%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Loans, including fees$699.9M$681.3M$620.0M
Taxable$164.6M$153.5M$132.2M
Tax-exempt$6.0M$6.1M$6.3M
Other interest income$15.9M$25.1M$41.7M
Total interest income$886.3M$866.0M$800.2M
Savings deposits$82.9M$81.9M$60.3M
Time deposits$102.9M$97.0M$53.2M
Securities sold under repurchase agreements$19.0M$22.3M$14.8M
Other borrowings$2.3M$281.0K$283.0K
Junior subordinated deferrable interest debentures$6.7M$7.8M$8.1M
Total interest expense$213.9M$209.3M$136.7M
Net interest income$672.4M$656.7M$663.5M
Credit loss expense$15.1M$31.8M$34.6M
Net interest income after provision for credit losses$657.3M$624.9M$628.9M
Investment securities transactions, net-$1.0K-$1.0K-$3.0K
Other investments income, net$6.9M$13.1M$9.6M
Other income$19.1M$21.0M$18.9M
Total non-interest income$169.8M$176.9M$169.9M
Employee compensation and benefits$153.3M$145.9M$134.4M
Occupancy$29.7M$27.0M$25.8M
Depreciation of bank premises and equipment$23.3M$22.5M$21.9M
Professional fees$13.6M$15.7M$14.0M
Deposit insurance assessments$7.2M$6.9M$6.3M
Net operations, other real estate owned$2.4M$1.3M-$4.0M
Advertising$5.3M$6.3M$5.0M
Software and software maintenance$22.6M$21.1M$20.0M
Other$49.3M$46.4M$51.8M
Total non-interest expense$306.7M$293.1M$275.4M
Income before income taxes$520.4M$508.7M$523.5M
Provision for income taxes$108.1M$99.6M$111.7M
Net income$412.3M$409.2M$411.8M
Weighted average number of shares outstanding (in shares)62.2M shares62.2M shares62.1M shares
Net income per common share (in dollars per share)$6.63$6.58$6.63
Weighted average number of shares outstanding (in shares)62.3M shares62.3M shares62.2M shares
Net income per common share (in dollars per share)$6.62$6.57$6.62

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Corporate structure

International Bancshares Corporation sits at the top of its group. 16 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of International Bancshares Corporation

  • International Bancshares Corporation Laredo, Texas, United States
    • Commerce Bank Subsidiary · Texas, United States
    • Diamond Beach Holdings, LLC Subsidiary · Texas, United States
    • Gulfstar Merchant Banking I, Ltd. Subsidiary · Texas, United States
    • Gulfstar Merchant Banking II, Ltd. Subsidiary · Texas, United States
    • Gulfstar Merchant Banking III, Ltd. Subsidiary · Texas, United States
    • Gulfstar Merchant Banking IV, Ltd. Subsidiary · Texas, United States
    • IBC Capital Corporation Subsidiary · Delaware, United States
    • IBC Charitable and Community Development Corporation Subsidiary · Texas, United States
    • IBC Trading Company Subsidiary · Texas, United States
    • International Bank of Commerce Subsidiary · Zapata, Texas, United States
    • International Bank of Commerce, Brownsville Subsidiary · Texas, United States
    • International Bank of Commerce, Oklahoma Subsidiary · Oklahoma, United States
    • International Bank of Commerce, Zapata Subsidiary · Texas, United States
    • Premier Tierra Holdings, Inc. Subsidiary · Texas, United States
    • WCMH, LLC Subsidiary · Texas, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What International Bancshares Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$616.8M8 Dec 31, 2025$602.0M8 Dec 31, 2024+2.5%
Property and equipment, net$423.0M8 Dec 31, 2025$428.2M8 Dec 31, 2024−1.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$536.5M8 Dec 31, 2025$352.7M8 Dec 31, 2024+52.1%
Marketable securities, current$5.0B8 Dec 31, 2025$5.0B8 Dec 31, 2024−0.4%
Stakes in other companies (equity method)$289.2M8 Dec 31, 2025$269.0M8 Dec 31, 2024+7.5%
Loans, net of allowance$9.3B8 Dec 31, 2025$8.7B8 Dec 31, 2024+7.5%
Deposits held (banks)$12.4B8 Dec 31, 2025$12.1B8 Dec 31, 2024+2.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$282.5M8 Dec 31, 2025$282.5M8 Dec 31, 20240%

Properties, in its own words

Our principal offices are located at 1200 San Bernardo Avenue, Laredo, Texas and 2418 Jacaman Road, Laredo, Texas in buildings we own and completely occupy and containing approximately 147,000 square feet. The Subsidiary Banks have main banking and branch facilities. All the facilities are customary to the banking industry. The Subsidiary Banks own most of their banking facilities and the remainder are leased. The facilities are located in the regions of Laredo, San Antonio, Austin, Dallas, Houston, Zapata, Eagle Pass, the Rio Grande Valley of Texas, the Coastal Bend area of Texas, and throughout the State of Oklahoma.

None of our Texas state chartered Subsidiary Banks, without the prior written consent of the Texas Banking Commissioner, may invest in an amount in excess of its Tier 1 capital in bank facilities, furniture, fixtures and equipment. Our Oklahoma state chartered Subsidiary Bank, without the prior written consent of the Oklahoma Banking Commissioner, may not invest in an amount in excess of its Tier 1 and Tier 2 capital in bank facilities, furniture, fixtures and equipment. None of the Subsidiary Banks exceeds such applicable limitation.

Item 2 of the 10-K filed Feb 26, 2026.16

Leadership

Who has led International Bancshares Corporation, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Dennis E. Nixon2006–2024
2010201520202025
Board members and other officers (23)

Subsidiaries and ownership

Subsidiaries

Subsidiaries (Exhibit 21)

  • Commerce Bank Texas7
  • Diamond Beach Holdings, LLC Texas7
  • Gulfstar Merchant Banking I, Ltd. Texas7
  • Gulfstar Merchant Banking II, Ltd. Texas7
  • Gulfstar Merchant Banking III, Ltd. Texas7
  • Gulfstar Merchant Banking IV, Ltd. Texas7
  • IBC Capital Corporation Delaware7
  • IBC Charitable and Community Development Corporation Texas7
  • IBC Trading Company Texas7
  • International Bank of Commerce Texas7
  • International Bank of Commerce, Brownsville Texas7
  • International Bank of Commerce, Oklahoma Oklahoma7
  • International Bank of Commerce, Zapata Texas7
  • Premier Tierra Holdings, Inc. Texas7
  • WCMH, LLC Texas7

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 6, 20268-K Listing notice or transfer; Regulation FD disclosure40
  2. Aug 6, 20268-K Results of operations41
  3. Aug 3, 20268-K Other events42
  4. May 20, 20268-K Shareholder vote43
  5. May 12, 20268-K Bylaws or fiscal year changed44
  6. May 7, 20268-K Results of operations45
  7. Feb 26, 20268-K Results of operations46
  8. Feb 2, 20268-K Other events47
  9. Nov 6, 20258-K Results of operations48
  10. Aug 12, 20258-K Bylaws or fiscal year changed49
  11. Aug 7, 20258-K Results of operations50
  12. Aug 1, 20258-K Other events51
  13. Jan 24, 2006New chief executive Dennis E. Nixon becomes CEO17
  14. Jun 7, 1995Founded International Bancshares Corporation is founded4

Calendar

Coming up

  1. Around Nov 5, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results41
  2. May 7, 2026Reported quarterly or annual results45
  3. Feb 26, 2026Reported quarterly or annual results46
  4. Nov 6, 2025Reported quarterly or annual results48
  5. Aug 7, 2025Reported quarterly or annual results50
  6. May 5, 2025Reported quarterly or annual results52
  7. Feb 27, 2025Reported quarterly or annual results53
  8. Nov 7, 2024Reported quarterly or annual results54

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

145 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 46 major events, 32 insider forms, 18 large holders, 29 other. The latest 20:

  1. Oct 13, 2026CERT IBOC 8A CERTIFICATION EDGAR
  2. Oct 13, 20268-A12B EDGAR
  3. Oct 6, 20268-K EDGAR
  4. Aug 6, 202610-Q EDGAR
  5. Aug 6, 20268-K EDGAR
  6. Aug 3, 20268-K EDGAR
  7. May 22, 20264 EDGAR
  8. May 21, 2026144 EDGAR
  9. May 20, 20268-K EDGAR
  10. May 12, 20268-K EDGAR
  11. May 7, 202610-Q EDGAR
  12. May 7, 20268-K EDGAR
  13. Apr 29, 2026SCHEDULE 13G EDGAR
  14. Apr 20, 2026ARS EDGAR
  15. Apr 20, 2026DEFA14A EDGAR
  16. Apr 20, 2026DEF 14A FORM- DEF 14A EDGAR
  17. Mar 27, 2026SCHEDULE 13G/A EDGAR
  18. Feb 26, 202610-K EDGAR
  19. Feb 26, 20268-K EDGAR
  20. Feb 13, 2026SCHEDULE 13G EDGAR

The 145 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

19 open-market trades by officers, directors and large owners since October 2021: 3 buys and 16 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 21, 2026Norton Larry ADirectorSale10,000$72.00$720.0KForm 4
Aug 15, 2025SANCHEZ ANTONIO R JRDirectorSale40,000$68.12$2.7MForm 4
Aug 14, 2025SANCHEZ ANTONIO R JRDirectorSale80,000$69.83$5.6MForm 4
Nov 13, 2024NIXON DENNIS ECEOSale65,185$71.47$4.7MForm 4
Nov 12, 2024NIXON DENNIS ECEOSale34,815$72.18$2.5MForm 4
May 22, 2024SANCHEZ ANTONIO R JRDirectorSale49,888$58.39$2.9MForm 4
May 21, 2024SANCHEZ ANTONIO R JRDirectorSale30,112$59.75$1.8MForm 4
Mar 11, 2024SANCHEZ ANTONIO R JRDirectorSale40,000$54.22$2.2MForm 4
Dec 8, 2023SANCHEZ ANTONIO R JRDirectorSale75,000$48.86$3.7MForm 4
Dec 7, 2023SANCHEZ ANTONIO R JRDirectorSale75,000$49.06$3.7MForm 4
Nov 28, 2023SANCHEZ ANTONIO R JRDirectorSale15,000$44.63$669.5KForm 4
Nov 27, 2023SANCHEZ ANTONIO R JRDirectorSale45,000$44.79$2.0MForm 4
Nov 16, 2023SANCHEZ ANTONIO R JRDirectorSale30,000$46.62$1.4MForm 4
Nov 15, 2023SANCHEZ ANTONIO R JRDirectorSale30,000$47.77$1.4MForm 4
Feb 24, 2023ZUNIGA DIANA GDirectorBuy30$46.70$1.4KForm 4
Nov 29, 2022SANCHEZ ANTONIO R JRDirectorSale50,000$51.78$2.6MForm 4
Nov 28, 2022SANCHEZ ANTONIO R JRDirectorSale50,000$52.01$2.6MForm 4
Aug 25, 2022ZUNIGA DIANA GDirectorBuy30$43.32$1.3KForm 4
Feb 24, 2022ZUNIGA DIANA GDirectorBuy33$39.47$1.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Dennis E. NixonChairman of the Board; President and Director of the Company; and CEO and Director of IBC$670.0K$2.5M61
2025Dalia F. MartinezVice President of the Company; and Executive Vice President of IBC$225.9K$353.5K61
2025Judith I. WawroskiChief Financial Officer of the Company; and Executive Vice President of IBC$218.5K$343.0K61
2024Dennis E. NixonChairman of the Board; President and Director of the Company; and CEO and Director of IBC$660.0K$2.4M61
2024Dalia F. MartinezVice President of the Company; and Executive Vice President of IBC$221.7K$347.1K61
2024Judith I. WawroskiChief Financial Officer of the Company; and Executive Vice President of IBC$212.1K$337.5K61
2023Dennis E. NixonChairman of the Board; President and Director of the Company; and CEO and Director of IBC$660.0K$2.4M61
2023Dalia F. MartinezVice President of the Company; and Executive Vice President of IBC$210.1K$330.2K61
2023Judith I. WawroskiChief Financial Officer of the Company; and Executive Vice President of IBC$197.4K$308.3K61

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.7,048,194$535.3M0.0%+403,102
Vanguard Portfolio Management LLC3,350,198$254.4M0.0%−51,411
Dimensional Fund Advisors LP3,258,656$247.5M0.0%+71,836
American Century Companies Inc3,128,416$237.6M0.1%−100,162
State Street Corp2,810,776$213.5M0.0%+185,882
Vanguard Capital Management LLC2,495,909$189.6M0.0%+21,395
Geode Capital Management, LLC1,573,378$119.5M0.0%+82,481
Boston Trust Walden Corp1,306,605$99.2M0.8%+218,944
Goldman Sachs Group Inc1,035,745$78.7M0.0%+111,826
Azora Capital LP885,768$67.3M2.8%−426,906
First Trust Advisors LP820,840$62.3M0.0%−316,732
Northern Trust Corp750,864$57.0M0.0%+83,890
Reinhart Partners, Llc.749,761$56.9M1.3%+4,065
Tamar Securities, LLC721,211$54.8M5.1%−35,729
Norges Bank700,374$53.2M0.0%New
Charles Schwab Investment Management Inc694,616$52.8M0.0%−9,417
Millennium Management LLC650,775$49.4M0.0%−61,660
Aqr Capital Management LLC587,610$44.6M0.0%+91,744
Bank of New York Mellon Corp436,744$33.2M0.0%−11,508
Panagora Asset Management Inc423,256$32.1M0.1%+37,308
ProShare Advisors LLC377,605$28.7M0.0%+10,486
Vanguard Fiduciary Trust Co365,865$27.8M0.0%+9,869
Polaris Capital Management, LLC321,100$24.4M2.3%−141,904
Bank Of America Corp /de/311,061$23.6M0.0%+116,520
Two Sigma Investments, LP306,839$23.3M0.0%+138,257

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How International Bancshares Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARINTERNATIONAL BANCSHARES CORP2
  • CIK0000315709
  • Employer ID (EIN)74-215713816
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inTexas16
  • Fiscal year endsDecember 312
  • Industry code (SIC)6022 State Commercial Banks2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address12Oo San Bernardo Ave, Po Box 1359, Laredo, TX 78040-13592
  • Mailing addressP O Box 1359, 1200 San Bernardo, Laredo, TX 780402
  • Phone95672276112
  • Shares outstanding62,191,514 as of Aug 3, 202614
  • Public float$4.1B as of Jun 30, 202516
  • AuditorRSM US LLP, Austin, Texas PCAOB ID 49; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceMay 15, 19952
  • Filings943 in all: 4 (316), 8-K (281), 10-Q (95), SC 13G/A (43), DEF 14A (32), 10-K (26), UPLOAD (20), SC 13D/A (18)2
    All 36 form types

    CORRESP (14), DEFA14A (14), 144 (10), 3 (10), 4/A (9), SC 13G (7), PRE 14A (6), SC TO-T/A (6), 10-K405 (5), ARS (4), S-8 (4), 8-K/A (3), 425 (2), S-8 POS (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), 25-NSE (1), 3/A (1), 5 (1), 8-A12B (1), CERT (1), EFFECT (1), PRER14A (1), S-3 (1), S-4 (1), S-4/A (1), SC TO-C (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 20, 2026
    Latest 8-K (8-K) Oct 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $1.00 par valueIBOCThe Nasdaq Stock Market

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks International Bancshares Corporation names in Item 1A of its 10-K filed Feb 26, 2026: 32 risks under these headings, as written.16

  • Risks Related to Our Business
  • Our allowance for probable loan losses may be insufficient.
  • If real estate values in our target markets decline, the loan portfolio would be impaired.
  • We operate in a highly competitive industry and market area.
  • The regulatory landscape for cryptocurrencies, decentralized finance, and fintech services remains uncertain and may create additional competitive challenges for traditional banks like ours.
  • Failure to successfully invest in, adapt to, integrate, and compete with technological developments, including new services and products that incorporate artificial intelligence (“AI”) into banking services and products, could impair our competitive position and adversely affect our business, revenue, and profitability.
  • The development, adoption, and integration of AI in our banking services, processes, and products may subject us to increased technological risks, costs, uncertainties, and unpredictable outcomes while increasing our compliance costs and exposing us to new operational challenges.
  • External funding which we rely on, in part, to provide liquidity may not be available to us on favorable terms or at all.
  • Our earnings are subject to interest rate risk.
  • We are subject to or may become subject to extensive government regulation and supervision.
  • Our potential future acquisitions and branch expansion could be adversely affected by a number of factors.
  • We rely heavily on our chief executive officer.
The other 21 risks
  • Our information systems may experience an interruption or breach in security.
  • Additional capital or funding to increase liquidity levels may not be available when needed or at all.
  • Our holding company relies on dividends from our Subsidiary Banks for most of our revenue.
  • Severe weather, natural disasters, pandemics, acts of war or terrorism and other external events could significantly impact our business.
  • An impairment in the carrying value of our goodwill could negatively impact our earnings and capital.
  • We are subject to environmental liability risks as a result of certain lending activities.
  • Our controls and procedures may fail or be circumvented.
  • New lines of business or new products and services may subject us to additional risks.
  • Our accounting estimates and risk management processes rely on analytical and forecasting tools and models.
  • We may be adversely affected by declining crude oil prices.
  • Risks Related to the Company’s Industry
  • Our success depends significantly on economic conditions in the local markets in which we operate.
  • We depend on the accuracy and completeness of information about customers and counterparties as well as the soundness of other financial institutions.
  • If we do not adjust to rapid changes in the financial services industry, our financial performance may suffer.
  • We are subject to claims and litigation pertaining to intellectual property.
  • Our financial condition, results of operation and stock price may be negatively impacted by negative publicity risk, diminished depositor confidence in depository institutions, and the increased threat of bank-run contagion.
  • Recent volatility in the banking industry could prompt new legislation, regulations, and policy changes that could cause us to be subjected to additional regulatory oversight and supervision.
  • The Dodd-Frank Act, the powers of the CFPB, and the FDIC Overdraft Payment Supervisory Guidance may increase the likelihood of lawsuits against financial institutions.
  • The imposition of new or increased international tariffs may have a material adverse effect on our business, financial condition, and results of operations.
  • Macroeconomic conditions could have a material adverse effect on our business, results of operations, and financial condition.
  • Risks Related to the Company’s Stock
  • The trading price of our common stock may be volatile.
  • The holders of our junior subordinated debentures have rights that are senior to those of our shareholders.

Legal proceedings

We and our subsidiaries are involved in various legal proceedings that are in various stages of litigation. We and our subsidiaries have determined, based on discussions with our counsel that any material loss in such actions, individually or in the aggregate, is remote or the damages sought, even if fully recovered, would not be considered material to our consolidated financial position or results of operations. Many of these matters are in various stages of proceedings and

further developments could cause management to revise our assessment of these matters. Further information regarding legal proceedings has been provided in Note 15 of the Notes to Consolidated Financial Statements located on page 65 of the 2025 Annual Report to Shareholders, which is filed as Exhibit 13 hereto and incorporated herein by reference.

The opening of Item 3, Legal Proceedings.16

Sources

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