Welcome to our dedicated page for Independent Bank Group news (Ticker: IBTX), a resource for investors and traders seeking the latest updates and insights on Independent Bank Group stock.
Independent Bank Group, Inc. (NASDAQ: IBTX) is a bank holding company headquartered in McKinney, Texas. Through its wholly owned subsidiary, Independent Bank, also known as Independent Financial, the company provides a diverse range of relationship-driven commercial banking services. These services are designed to meet the needs of business owners, professionals, community organizations, working families, and individuals.
Independent Bank operates banking offices in key markets across Texas, including the Dallas, Waco, Austin, and Houston metro areas. The company, which went public in 2013, has shown impressive growth. In its first full year as a public entity, it achieved record earnings and expanded its assets to $4.1 billion. As of March 31, 2024, Independent Bank boasts approximately $18.9 billion in total assets, $15.7 billion in total deposits, and $14.6 billion in total loans.
Independent Bank offers a comprehensive suite of banking products and services, which include checking and savings accounts, debit cards, online and mobile banking, eStatements, and direct deposit services. The company also provides specialized business accounts and management services, such as analyzed business checking, business savings, and treasury management services. Income is primarily derived from interest earned on loans, with additional revenue from noninterest sources like fees for deposit services, mortgage banking operations, and investment advisory services.
Award-winning and recognized as one of the “best places to work” in Dallas, Independent Bank credits its success to a talented workforce. The company is also committed to making a positive impact on the community through charitable grants, employee volunteer programs, and matching donations.
In a significant recent development, Independent Bank Group entered into a definitive agreement with SouthState Corporation (NYSE: SSB) on May 20, 2024. This all-stock transaction, valued at approximately $2 billion, will see Independent Bank Group acquired by SouthState. Upon completion, the combined entity will have pro forma total assets of $65 billion, deposits of $55 billion, and gross loans of $48 billion. This merger, expected to close by the first quarter of 2025, will expand the company’s market presence significantly.
The collaboration between Independent Bank Group and SouthState is anticipated to bring numerous benefits, including enhanced competitive positioning in some of the fastest-growing markets in the United States. The merger was approved unanimously by the boards of both companies and awaits requisite regulatory and shareholder approvals.
Independent Bank Group (NASDAQ: IBTX) reported Q3 2024 net income of $20.4 million, or $0.49 per diluted share, compared to $32.8 million in Q3 2023. Adjusted net income was $20.6 million, or $0.50 per diluted share. The company declared a quarterly cash dividend of $0.38 per share. Highlights include:
- Net interest margin expanded by 3 basis points to 2.50%
- Loan yields expanded by 4 basis points to 6.07%
- Nonperforming asset ratio of 0.37% and net charge-off ratio of 0.00%
- Book value increased to $47.03 per share
- Total capital ratio grew by 151 basis points to 13.26%
The company plans to exit the mortgage warehouse line of business in Q4 2024. Total loans held for investment were $13.9 billion, and total deposits were $16.0 billion. The company remains well-capitalized under regulatory guidelines.
Independent Bank Group (NASDAQ: IBTX) reported a net loss of $493.5 million, or $11.89 per diluted share, for Q2 2024. This was significantly impacted by a $518.0 million non-cash goodwill impairment charge due to the company's stock price trading below book value and the announced merger with SouthState Excluding this and other non-recurring items, adjusted net income was $24.9 million, or $0.60 per diluted share.
Key highlights include:
- Net interest margin expanded by 5 basis points to 2.47%
- Loan yields increased by 10 basis points to 6.03%
- Nonperforming asset ratio remained healthy at 0.35%
- Total capital ratio grew to 11.75%
The Board of Directors declared a quarterly cash dividend of $0.38 per share, payable on August 19, 2024.
SouthState (NYSE: SSB) announced its agreement to acquire Texas-based Independent Bank Group (NASDAQ: IBTX) in an all-stock transaction valued at $2 billion. Independent Bank Group has $18.9 billion in assets, $15.7 billion in deposits, and $14.6 billion in loans. The merger will create a combined company with $65 billion in assets, $55 billion in deposits, and $48 billion in loans. Independent Bank Group shareholders will receive 0.60 shares of SouthState for each share of Independent Bank Group. The deal, approved by both boards, is expected to close by Q1 2025, pending regulatory and shareholder approvals.
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