Independent Bank Group, Inc. Reports First Quarter Financial Results and Declares Quarterly Dividend
- Net income of $24.2 million, or $0.58 per diluted share, for Q1 2024
- Adjusted net income of $26.0 million, or $0.63 per diluted share for Q1 2024
- Quarterly dividend declared at $0.38 per share of common stock
- Net charge-offs of 0.00% annualized and low nonperforming assets at 0.34%
- Total capital ratio grew to 11.68% and TCE ratio to 7.62%
- Opened first full-service branch in San Antonio, Texas market
- Focused strategy on credit quality, reduced borrowings, and capital growth
- None.
Insights
The Company also announced that its Board of Directors declared a quarterly cash dividend of
Highlights
-
Net charge-offs of
0.00% annualized -
Low nonperforming assets of
0.34% -
Loan portfolio yield expanded by 10 basis points to
5.93% - Reduced borrowing balances to the lowest level in over a year
-
Total capital ratio grew by 11 basis points to
11.68% , and (non-GAAP) tangible common equity (TCE) ratio grew by 7 basis points to7.62% -
Opened first full-service branch in the
San Antonio, Texas market on March 6, 2024
“For the first quarter, we maintained exceptional credit quality while continuing to reprice our maturing fixed-rate loans upward. While growth was seasonally slow during the first quarter, we were able to reduce our borrowings to the lowest level in over a year and grow our total capital and TCE ratios. This positions us well to capitalize on new opportunities such as our expansion into the
First Quarter 2024 Balance Sheet Highlights
Loans
-
Total loans held for investment, excluding mortgage warehouse purchase loans, were
at March 31, 2024 compared to$14.1 billion at December 31, 2023 and$14.2 billion at March 31, 2023. Loans held for investment, excluding mortgage warehouse purchase loans, decreased$13.6 billion , or$101.3 million 2.9% on an annualized basis, during first quarter 2024. -
Average mortgage warehouse purchase loans were
for the quarter ended March 31, 2024 compared to$455.7 million for the quarter ended December 31, 2023, and$408.4 million for the quarter ended March 31, 2023, an increase of$298.0 million , or$47.3 million 11.6% from the linked quarter and an increase of , or$157.7 million 52.9% year over year.
Asset Quality
-
Nonperforming assets totaled
, or$65.1 million 0.34% of total assets at March 31, 2024, compared to or$61.4 million 0.32% of total assets at December 31, 2023, and , or$60.1 million 0.32% of total assets at March 31, 2023. -
Nonperforming loans totaled
, or$56.3 million 0.40% of total loans held for investment at March 31, 2024, compared to , or$51.8 million 0.37% at December 31, 2023 and , or$37.3 million 0.27% at March 31, 2023. -
The increase in nonperforming loans for the linked period was primarily due to two commercial loan relationships totaling
and a$2.9 million commercial real estate loan added to nonaccrual, while the year over year period also reflects the addition of a$1.5 million commercial real estate loan to nonaccrual in fourth quarter 2023.$13.0 million -
The increase in nonperforming assets for the linked quarter reflects the nonperforming loan additions discussed above offset by the sale of an
other real estate property. The year over year change in nonperforming assets was due to the nonaccrual additions discussed above offset by the disposition and partial write-down of an$805 thousand other real estate property and a$11.0 million write-down on the only remaining other real estate property, both occurring in fourth quarter 2023.$3.0 million -
Net charge-offs were
0.00% annualized in the first quarter 2024 compared to0.01% annualized in the linked quarter and0.04% annualized in the prior year quarter.
Deposits, Borrowings and Liquidity
-
Total deposits were
at March 31, 2024 and December 31, 2023 compared to$15.7 billion at March 31, 2023.$14.1 billion -
Total borrowings (other than junior subordinated debentures) were
at March 31, 2024, a decrease of$497.0 million from December 31, 2023 and a decrease of$124.8 million from March 31, 2023. The linked quarter change reflects the payoff of$1.6 billion in FHLB advances offset by$350.0 million in lower costing BTFP advances taken in first quarter 2024. The year over year change primarily reflects a$225.0 million reduction in short-term FHLB advances as well as paydowns of$1.8 billion on the Company's unsecured line of credit offset by an increase of$66.3 million in borrowings against the BTFP as discussed above.$225.0 million
Capital
-
The Company continues to be well capitalized under regulatory guidelines. At March 31, 2024, the estimated common equity Tier 1 to risk-weighted assets, Tier 1 capital to average assets, Tier 1 capital to risk-weighted assets and total capital to risk-weighted asset ratios were
9.60% ,8.91% ,9.94% and11.68% , respectively, compared to9.58% ,8.94% ,9.93% , and11.57% , respectively, at December 31, 2023 and9.70% ,9.01% ,10.05% , and11.88% , respectively at March 31, 2023.
First Quarter 2024 Operating Results
Net Interest Income
-
Net interest income was
for first quarter 2024 compared to$103.0 million for first quarter 2023 and$127.9 million for fourth quarter 2023. The decrease from the prior year was primarily due to the increased funding costs on our deposit products, including brokered deposits, as well as FHLB advances and other borrowings due to Fed rate increases over the last year offset to a lesser extent by increased earnings on interest-earning assets, primarily loans and interest-bearing cash accounts. The decrease from the linked quarter was primarily due to continued increases in deposit funding costs due to the competitive environment as well as increased average brokered deposits offset by increased earnings on higher average loans due to organic loan growth in the linked quarter. The first quarter 2024 includes$106.3 million in acquired loan accretion compared to$753 thousand in first quarter 2023 and$1.0 million in fourth quarter 2023.$725 thousand -
The average balance of total interest-earning assets grew by
and totaled$734.2 million for the quarter ended March 31, 2024 compared to$17.1 billion for the quarter ended March 31, 2023 and increased$16.4 billion from$162.7 million for the quarter ended December 31, 2023. The increase from the prior year and linked quarter is primarily due to increases in average loans of$16.9 billion and$681.9 million due to organic growth primarily occurring in the second half of 2023 while the prior year increase also reflects a$178.2 million increase in average interest-bearing cash balances offset by declines in average securities balances.$151.7 million -
The yield on interest-earning assets was
5.53% for first quarter 2024 compared to4.98% for first quarter 2023 and5.44% for fourth quarter 2023. The increase in asset yield compared to the prior year and linked quarter is primarily a result of increases in the benchmark rates over the last year. The average loan yield, net of acquired loan accretion was5.91% for the current quarter, compared to5.33% for prior year quarter and5.81% for the linked quarter. -
The cost of interest-bearing liabilities, including borrowings, was
4.11% for first quarter 2024 compared to2.63% for first quarter 2023 and3.98% for fourth quarter 2023. The increase from the prior year is reflective of higher funding costs, primarily on deposit products, FHLB advances and other short-term borrowings as a result of Fed Funds rate increases in 2023. Both period funding costs were negatively impacted by the shift from non-interest bearing deposits into interest-bearing products as well as an increase in higher cost brokered deposits for the respective periods. The linked quarter change positively reflects a shift in borrowings from higher cost FHLB advances into other lower cost borrowing products. -
The net interest margin was
2.42% for first quarter 2024 compared to3.17% for first quarter 2023 and2.49% for fourth quarter 2023. The net interest margin excluding acquired loan accretion was2.40% for first quarter 2024 compared to3.14% for first quarter 2023 and2.47% for fourth quarter 2023. The decrease in net interest margin from the prior year and linked quarter was primarily due to the increased funding costs on deposits, offset by higher earnings on loans due to organic growth and rate increases for the respective periods.
Noninterest Income
-
Total noninterest income increased
compared to first quarter 2023 and increased$116 thousand compared to fourth quarter 2023.$2.3 million -
The increase from the prior year quarter is primarily due to increases of
in service charges on deposit accounts,$251 thousand on investment management fees,$343 thousand in mortgage warehouse purchase program fees and$216 thousand in increase in cash surrender value of BOLI, offset by a$178 thousand decrease in other noninterest income. Other noninterest income was elevated in the prior year quarter primarily due to a$923 thousand BOLI benefit claim as well as other increases in various types of miscellaneous income.$318 thousand -
The increase from the linked quarter primarily reflects a
loss on sale of an other real estate property recognized in fourth quarter 2023, compared to a$1.8 million gain recorded in first quarter 2024.$13 thousand
Noninterest Expense
-
Total noninterest expense decreased
compared to first quarter 2023 and decreased$100.9 million compared to fourth quarter 2023.$6.7 million -
The decrease in noninterest expense in first quarter 2024 compared to the prior year is due primarily to the
litigation settlement occurring in first quarter 2023. In addition, there were decreases of$102.5 million in professional fees and$1.3 million in other noninterest expense offset by increases of$2.3 million in salaries and employee benefits and$1.1 million in FDIC assessment.$3.4 million -
The decrease from the linked quarter primarily reflects decreases of
in FDIC assessment and$5.8 million in other noninterest expense offset by a$1.8 million increase in salaries and benefits expense. In addition, other real estate impairment was$2.7 million in the current quarter compared to$345 thousand in the linked quarter.$3.0 million -
The increase in salaries and benefits from the prior year is due primarily to
higher combined salaries, bonus, employee insurance, payroll taxes and 401(k) expenses compared to the prior year quarter offset by$1.3 million in lower contract labor costs. The linked quarter change reflects higher salaries of$560 thousand due to merit increases occurring mid-quarter as well as$415 thousand additional stock grant amortization due to equity compensation shares granted as part of the merit process. The linked quarter was also impacted by higher employee insurance costs of$685 thousand and$466 thousand more payroll taxes, which are seasonally higher in the first quarter.$1.1 million -
The increase in FDIC assessment compared to the prior year was due to an additional special assessment of
accrued in first quarter 2024 assessed to recover uninsured deposit losses due to bank failures in early 2023, as well as increases in the quarterly assessment's liquidity stress rates for the year over year period. The linked quarter was impacted by the accrual of a special assessment totaling$2.1 million .$8.3 million -
The decrease in professional fees from the linked quarter was primarily due to lower consulting fees of
due to less active projects. The decrease in other noninterest expense from the prior year was primarily due to a decrease of$912 thousand in loan-related expenses as well as an$673 thousand asset impairment charge in the prior year, compared to none in the current quarter. The decrease from the linked quarter was due primarily to decreases of$802 thousand in charitable contributions and$565 thousand in business meals, entertainment and travel expenses as well as decreases in other miscellaneous expenses.$488 thousand
Provision for Credit Losses
-
The Company reversed provision for credit losses of
for first quarter 2024, compared to recording provision expense of$3.2 million for first quarter 2023 and$90 thousand for the linked quarter. Provision expense (reversal) during a given period is generally dependent on changes in various factors, including economic conditions, credit quality and past due trends, as well as loan growth or decline and charge-offs or specific credit loss allocations taken during the respective period. The credit provision for first quarter 2024 reflects negative loan growth in addition to an improved economic forecast.$3.5 million -
The allowance for credit losses on loans was
, or$148.4 million 1.06% of total loans held for investment, net of mortgage warehouse purchase loans, at March 31, 2024, compared to , or$146.9 million 1.08% at March 31, 2023 and compared to , or$151.9 million 1.07% at December 31, 2023. -
The allowance for credit losses on off-balance sheet exposures was
at March 31, 2024 compared to$4.1 million at March 31, 2023, compared to$4.8 million at December 31, 2023. Changes in the allowance for unfunded commitments are generally driven by the remaining unfunded amount and the expected utilization rate of a given loan segment.$3.9 million
Income Taxes
-
Federal income tax expense of
was recorded for the first quarter 2024, an effective rate of$6.5 million 21.2% compared to federal tax benefit of and an effective rate of$11.3 million 23.1% for the prior year quarter and income tax expense of and an effective rate of$3.5 million 18.9% for the linked quarter. The higher effective tax rate for first quarter 2023 reflects the Company's loss position for the period, while the lower effective rate for fourth quarter 2023 resulted from the recognition of a tax benefit due to the expiration of the statute of limitations on an immaterial uncertain tax position.
Subsequent Events
The Company is required, under generally accepted accounting principles, to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended March 31, 2024 on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2024 and will adjust amounts preliminarily reported, if necessary.
About Independent Bank Group, Inc.
Independent Bank Group, Inc. is a bank holding company headquartered in
Conference Call
A conference call covering Independent Bank Group’s first quarter earnings announcement will be held on Tuesday, April 23, 2024 at 8:30 am (ET) and can be accessed by the webcast link, https://www.webcast-eqs.com/indepbankgroupq12024_en/en or by calling 1-877-407-0989 and by identifying the meeting number 13745780 or by identifying "Independent Bank Group First Quarter 2024 Earnings Conference Call." The conference materials will also be available by accessing the Investor Relations page of our website, https://ir.ifinancial.com. If you are unable to participate in the live event, a recording of the conference call will be accessible via the Investor Relations page of our website.
Forward-Looking Statements
From time to time the Company’s comments and releases may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other related federal security laws. Forward-looking statements include information about the Company’s possible or assumed future results of operations, including its future revenues, income, expenses, provision for taxes, effective tax rate, earnings (loss) per share and cash flows, its future capital expenditures and dividends, its future financial condition and changes therein, including changes in the Company’s loan portfolio and allowance for credit losses, the Company’s future capital structure or changes therein, the plan and objectives of management for future operations, the Company’s future or proposed acquisitions, the future or expected effect of acquisitions on the Company’s operations, results of operations and financial condition, the Company’s future economic performance and the statements of the assumptions underlying any such statement. Such statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as “aim,” “anticipate,” “estimate,” “expect,” “goal,” “guidance,” “intend,” “is anticipated,” “is estimated,” “is expected,” “is intended,” “objective,” “plan,” “projected,” “projection,” “will affect,” “will be,” “will continue,” “will decrease,” “will grow,” “will impact,” “will increase,” “will incur,” “will reduce,” “will remain,” “will result,” “would be,” variations of such words or phrases (including where the word “could,” “may” or “would” is used rather than the word “will” in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. The forward-looking statements that the Company makes are based on its current expectations and assumptions regarding its business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Many possible events or factors could affect the Company’s future financial results and performance and could cause those results or performance to differ materially from those expressed in the forward-looking statements. These possible events or factors include, but are not limited to: 1) the Company’s ability to sustain its current internal growth rate and total growth rate; 2) changes in geopolitical, business and economic events, occurrences and conditions, including changes in rates of inflation or deflation, nationally, regionally and in the Company’s target markets, particularly in
Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. These measures and ratios include “adjusted net income,” “adjusted earnings,” “tangible book value,” “tangible book value per common share,” “adjusted efficiency ratio,” “tangible common equity to tangible assets,” “adjusted net interest margin,” “return on tangible equity,” “adjusted return on average assets” and “adjusted return on average equity” and are supplemental measures that are not required by, or are not presented in accordance with, accounting principles generally accepted in
We believe that these measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however we acknowledge that our financial measures have a number of limitations relative to GAAP financial measures. Certain non-GAAP financial measures exclude items of income, expenditures, expenses, assets, or liabilities, including provisions for credit losses and the effect of goodwill, other intangible assets and income from accretion on acquired loans arising from purchase accounting adjustments, that we believe cause certain aspects of our results of operations or financial condition to be not indicative of our primary operating results. All of these items significantly impact our financial statements. Additionally, the items that we exclude in our adjustments are not necessarily consistent with the items that our peers may exclude from their results of operations and key financial measures and therefore may limit the comparability of similarly named financial measures and ratios. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.
A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statements tables.
Independent Bank Group, Inc. and Subsidiaries |
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Consolidated Financial Data |
||||||||||||||||
Three Months Ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023 |
||||||||||||||||
(Dollars in thousands, except for share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
As of and for the Quarter Ended |
|||||||||||||||
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|||||||
Selected Income Statement Data |
|
|
|
|
|
|
|
|
|
|||||||
Interest income |
$ |
235,205 |
|
|
$ |
232,522 |
|
$ |
222,744 |
|
$ |
215,294 |
|
$ |
201,176 |
|
Interest expense |
|
132,174 |
|
|
|
126,217 |
|
|
113,695 |
|
|
101,687 |
|
|
73,254 |
|
Net interest income |
|
103,031 |
|
|
|
106,305 |
|
|
109,049 |
|
|
113,607 |
|
|
127,922 |
|
Provision for credit losses |
|
(3,200 |
) |
|
|
3,480 |
|
|
340 |
|
|
220 |
|
|
90 |
|
Net interest income after provision for credit losses |
|
106,231 |
|
|
|
102,825 |
|
|
108,709 |
|
|
113,387 |
|
|
127,832 |
|
Noninterest income |
|
12,870 |
|
|
|
10,614 |
|
|
13,646 |
|
|
14,095 |
|
|
12,754 |
|
Noninterest expense |
|
88,473 |
|
|
|
95,125 |
|
|
81,334 |
|
|
85,705 |
|
|
189,380 |
|
Income tax expense (benefit) |
|
6,478 |
|
|
|
3,455 |
|
|
8,246 |
|
|
8,700 |
|
|
(11,284 |
) |
Net income (loss) |
|
24,150 |
|
|
|
14,859 |
|
|
32,775 |
|
|
33,077 |
|
|
(37,510 |
) |
Adjusted net income (1) |
|
26,001 |
|
|
|
25,509 |
|
|
32,624 |
|
|
33,726 |
|
|
44,083 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Per Share Data (Common Stock) |
|
|
|
|
|
|
|
|
|
|||||||
Earnings (loss): |
|
|
|
|
|
|
|
|
|
|||||||
Basic |
$ |
0.58 |
|
|
$ |
0.36 |
|
$ |
0.79 |
|
$ |
0.80 |
|
$ |
(0.91 |
) |
Diluted |
|
0.58 |
|
|
|
0.36 |
|
|
0.79 |
|
|
0.80 |
|
|
(0.91 |
) |
Adjusted earnings: |
|
|
|
|
|
|
|
|
|
|||||||
Basic (1) |
|
0.63 |
|
|
|
0.62 |
|
|
0.79 |
|
|
0.82 |
|
|
1.07 |
|
Diluted (1) |
|
0.63 |
|
|
|
0.62 |
|
|
0.79 |
|
|
0.82 |
|
|
1.07 |
|
Dividends |
|
0.38 |
|
|
|
0.38 |
|
|
0.38 |
|
|
0.38 |
|
|
0.38 |
|
Book value |
|
58.02 |
|
|
|
58.20 |
|
|
56.49 |
|
|
57.00 |
|
|
56.95 |
|
Tangible book value (1) |
|
32.85 |
|
|
|
32.90 |
|
|
31.11 |
|
|
31.55 |
|
|
31.42 |
|
Common shares outstanding |
|
41,377,745 |
|
|
|
41,281,919 |
|
|
41,284,003 |
|
|
41,279,460 |
|
|
41,281,904 |
|
Weighted average basic shares outstanding (2) |
|
41,322,744 |
|
|
|
41,283,041 |
|
|
41,284,964 |
|
|
41,280,312 |
|
|
41,223,376 |
|
Weighted average diluted shares outstanding (2) |
|
41,432,042 |
|
|
|
41,388,564 |
|
|
41,381,034 |
|
|
41,365,275 |
|
|
41,316,798 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Selected Period End Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|||||||
Total assets |
$ |
18,871,452 |
|
|
$ |
19,035,102 |
|
$ |
18,519,872 |
|
$ |
18,719,802 |
|
$ |
18,798,354 |
|
Cash and cash equivalents |
|
729,998 |
|
|
|
721,989 |
|
|
711,709 |
|
|
902,882 |
|
|
1,048,590 |
|
Securities available for sale |
|
1,543,247 |
|
|
|
1,593,751 |
|
|
1,545,904 |
|
|
1,637,682 |
|
|
1,675,415 |
|
Securities held to maturity |
|
204,776 |
|
|
|
205,232 |
|
|
205,689 |
|
|
206,146 |
|
|
206,602 |
|
Loans, held for sale |
|
21,299 |
|
|
|
16,420 |
|
|
18,068 |
|
|
18,624 |
|
|
16,576 |
|
Loans, held for investment (3) |
|
14,059,277 |
|
|
|
14,160,853 |
|
|
13,781,102 |
|
|
13,628,025 |
|
|
13,606,039 |
|
Mortgage warehouse purchase loans |
|
554,616 |
|
|
|
549,689 |
|
|
442,302 |
|
|
491,090 |
|
|
400,547 |
|
Allowance for credit losses on loans |
|
148,437 |
|
|
|
151,861 |
|
|
148,249 |
|
|
147,804 |
|
|
146,850 |
|
Goodwill and other intangible assets |
|
1,041,506 |
|
|
|
1,044,581 |
|
|
1,047,687 |
|
|
1,050,798 |
|
|
1,053,909 |
|
Other real estate owned |
|
8,685 |
|
|
|
9,490 |
|
|
22,505 |
|
|
22,505 |
|
|
22,700 |
|
Noninterest-bearing deposits |
|
3,300,773 |
|
|
|
3,530,704 |
|
|
3,703,784 |
|
|
3,905,492 |
|
|
4,148,360 |
|
Interest-bearing deposits |
|
12,370,942 |
|
|
|
12,192,331 |
|
|
11,637,185 |
|
|
10,968,014 |
|
|
9,907,327 |
|
Borrowings (other than junior subordinated debentures) |
|
496,975 |
|
|
|
621,821 |
|
|
546,666 |
|
|
1,180,262 |
|
|
2,137,607 |
|
Junior subordinated debentures |
|
54,667 |
|
|
|
54,617 |
|
|
54,568 |
|
|
54,518 |
|
|
54,469 |
|
Total stockholders' equity |
|
2,400,807 |
|
|
|
2,402,593 |
|
|
2,332,098 |
|
|
2,353,042 |
|
|
2,350,857 |
|
Independent Bank Group, Inc. and Subsidiaries |
||||||||||||||
Consolidated Financial Data |
||||||||||||||
Three Months Ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023 |
||||||||||||||
(Dollars in thousands, except for share data) |
||||||||||||||
(Unaudited) |
||||||||||||||
|
As of and for the Quarter Ended |
|||||||||||||
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|||||
Selected Performance Metrics |
|
|
|
|
|
|
|
|
|
|||||
Return on average assets |
0.51 |
% |
|
0.31 |
% |
|
0.70 |
% |
|
0.71 |
% |
|
(0.83 |
)% |
Return on average equity |
4.05 |
|
|
2.51 |
|
|
5.51 |
|
|
5.62 |
|
|
(6.39 |
) |
Return on tangible equity (4) |
7.16 |
|
|
4.54 |
|
|
9.92 |
|
|
10.14 |
|
|
(11.48 |
) |
Adjusted return on average assets (1) |
0.55 |
|
|
0.54 |
|
|
0.70 |
|
|
0.73 |
|
|
0.98 |
|
Adjusted return on average equity (1) |
4.36 |
|
|
4.32 |
|
|
5.48 |
|
|
5.73 |
|
|
7.51 |
|
Adjusted return on tangible equity (1) (4) |
7.71 |
|
|
7.79 |
|
|
9.87 |
|
|
10.34 |
|
|
13.49 |
|
Net interest margin |
2.42 |
|
|
2.49 |
|
|
2.60 |
|
|
2.71 |
|
|
3.17 |
|
Efficiency ratio (5) |
73.68 |
|
|
78.70 |
|
|
63.75 |
|
|
64.68 |
|
|
132.41 |
|
Adjusted efficiency ratio (1) (5) |
71.63 |
|
|
67.96 |
|
|
63.84 |
|
|
63.93 |
|
|
58.17 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Credit Quality Ratios (3) (6) |
|
|
|
|
|
|
|
|
|
|||||
Nonperforming assets to total assets |
0.34 |
% |
|
0.32 |
% |
|
0.33 |
% |
|
0.32 |
% |
|
0.32 |
% |
Nonperforming loans to total loans held for investment |
0.40 |
|
|
0.37 |
|
|
0.28 |
|
|
0.28 |
|
|
0.27 |
|
Nonperforming assets to total loans held for investment and other real estate |
0.46 |
|
|
0.43 |
|
|
0.44 |
|
|
0.44 |
|
|
0.44 |
|
Allowance for credit losses on loans to nonperforming loans |
263.85 |
|
|
293.17 |
|
|
385.81 |
|
|
389.84 |
|
|
393.69 |
|
Allowance for credit losses to total loans held for investment |
1.06 |
|
|
1.07 |
|
|
1.08 |
|
|
1.08 |
|
|
1.08 |
|
Net charge-offs (recoveries) to average loans outstanding (annualized) |
— |
|
|
0.01 |
|
|
0.01 |
|
|
(0.03 |
) |
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital Ratios |
|
|
|
|
|
|
|
|
|
|||||
Estimated common equity Tier 1 capital to risk-weighted assets |
9.60 |
% |
|
9.58 |
% |
|
9.86 |
% |
|
9.78 |
% |
|
9.70 |
% |
Estimated tier 1 capital to average assets |
8.91 |
|
|
8.94 |
|
|
9.09 |
|
|
8.92 |
|
|
9.01 |
|
Estimated tier 1 capital to risk-weighted assets |
9.94 |
|
|
9.93 |
|
|
10.21 |
|
|
10.13 |
|
|
10.05 |
|
Estimated total capital to risk-weighted assets |
11.68 |
|
|
11.57 |
|
|
11.89 |
|
|
11.95 |
|
|
11.88 |
|
Total stockholders' equity to total assets |
12.72 |
|
|
12.62 |
|
|
12.59 |
|
|
12.57 |
|
|
12.51 |
|
Tangible common equity to tangible assets (1) |
7.62 |
|
|
7.55 |
|
|
7.35 |
|
|
7.37 |
|
|
7.31 |
|
____________
(1) Non-GAAP financial measure. See reconciliation.
(2) Total number of shares includes participating shares (those with dividend rights).
(3) Loans held for investment excludes mortgage warehouse purchase loans.
(4) Non-GAAP financial measure. Excludes average balance of goodwill and net other intangible assets.
(5) Efficiency ratio excludes amortization of other intangible assets. See reconciliation of Non-GAAP financial measures.
(6) Credit metrics - Nonperforming assets, which consist of nonperforming loans, OREO and other repossessed assets, totaled
Independent Bank Group, Inc. and Subsidiaries |
||||||||
Consolidated Statements of Income (Loss) |
||||||||
Three Months Ended March 31, 2024 and 2023 |
||||||||
(Dollars in thousands) |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
2023 |
||||
Interest income: |
|
|
|
|
||||
Interest and fees on loans |
|
$ |
215,511 |
|
|
$ |
184,294 |
|
Interest on taxable securities |
|
|
7,645 |
|
|
|
7,858 |
|
Interest on nontaxable securities |
|
|
2,518 |
|
|
|
2,603 |
|
Interest on interest-bearing deposits and other |
|
|
9,531 |
|
|
|
6,421 |
|
Total interest income |
|
|
235,205 |
|
|
|
201,176 |
|
Interest expense: |
|
|
|
|
||||
Interest on deposits |
|
|
122,510 |
|
|
|
62,261 |
|
Interest on FHLB advances |
|
|
2,855 |
|
|
|
5,824 |
|
Interest on other borrowings |
|
|
5,582 |
|
|
|
4,079 |
|
Interest on junior subordinated debentures |
|
|
1,227 |
|
|
|
1,090 |
|
Total interest expense |
|
|
132,174 |
|
|
|
73,254 |
|
Net interest income |
|
|
103,031 |
|
|
|
127,922 |
|
Provision for credit losses |
|
|
(3,200 |
) |
|
|
90 |
|
Net interest income after provision for credit losses |
|
|
106,231 |
|
|
|
127,832 |
|
Noninterest income: |
|
|
|
|
||||
Service charges on deposit accounts |
|
|
3,600 |
|
|
|
3,349 |
|
Investment management fees |
|
|
2,644 |
|
|
|
2,301 |
|
Mortgage banking revenue |
|
|
1,635 |
|
|
|
1,624 |
|
Mortgage warehouse purchase program fees |
|
|
540 |
|
|
|
324 |
|
Gain on sale of loans |
|
|
74 |
|
|
|
— |
|
Gain on sale of other real estate |
|
|
13 |
|
|
|
— |
|
Gain on sale and disposal of premises and equipment |
|
|
— |
|
|
|
47 |
|
Increase in cash surrender value of BOLI |
|
|
1,555 |
|
|
|
1,377 |
|
Other |
|
|
2,809 |
|
|
|
3,732 |
|
Total noninterest income |
|
|
12,870 |
|
|
|
12,754 |
|
Noninterest expense: |
|
|
|
|
||||
Salaries and employee benefits |
|
|
47,333 |
|
|
|
46,275 |
|
Occupancy |
|
|
12,549 |
|
|
|
11,559 |
|
Communications and technology |
|
|
7,685 |
|
|
|
7,090 |
|
FDIC assessment |
|
|
6,142 |
|
|
|
2,712 |
|
Advertising and public relations |
|
|
415 |
|
|
|
604 |
|
Other real estate owned expenses (income), net |
|
|
65 |
|
|
|
(44 |
) |
Impairment of other real estate |
|
|
345 |
|
|
|
1,200 |
|
Amortization of other intangible assets |
|
|
3,075 |
|
|
|
3,111 |
|
Litigation settlement |
|
|
— |
|
|
|
102,500 |
|
Professional fees |
|
|
1,809 |
|
|
|
3,065 |
|
Other |
|
|
9,055 |
|
|
|
11,308 |
|
Total noninterest expense |
|
|
88,473 |
|
|
|
189,380 |
|
Income (loss) before taxes |
|
|
30,628 |
|
|
|
(48,794 |
) |
Income tax expense (benefit) |
|
|
6,478 |
|
|
|
(11,284 |
) |
Net income (loss) |
|
$ |
24,150 |
|
|
$ |
(37,510 |
) |
Independent Bank Group, Inc. and Subsidiaries |
|||||||
Consolidated Balance Sheets |
|||||||
As of March 31, 2024 and December 31, 2023 |
|||||||
(Dollars in thousands) |
|||||||
(Unaudited) |
|||||||
|
March 31, |
|
December 31, |
||||
Assets |
2024 |
|
2023 |
||||
Cash and due from banks |
$ |
80,599 |
|
|
$ |
98,396 |
|
Interest-bearing deposits in other banks |
|
649,399 |
|
|
|
623,593 |
|
Cash and cash equivalents |
|
729,998 |
|
|
|
721,989 |
|
Certificates of deposit held in other banks |
|
248 |
|
|
|
248 |
|
Securities available for sale, at fair value |
|
1,543,247 |
|
|
|
1,593,751 |
|
Securities held to maturity, net of allowance for credit losses of |
|
204,776 |
|
|
|
205,232 |
|
Loans held for sale (includes |
|
21,299 |
|
|
|
16,420 |
|
Loans, net of allowance for credit losses of |
|
14,465,456 |
|
|
|
14,558,681 |
|
Premises and equipment, net |
|
352,325 |
|
|
|
355,833 |
|
Other real estate owned |
|
8,685 |
|
|
|
9,490 |
|
Federal Home Loan Bank (FHLB) of |
|
11,493 |
|
|
|
34,915 |
|
Bank-owned life insurance (BOLI) |
|
247,052 |
|
|
|
245,497 |
|
Deferred tax asset |
|
95,063 |
|
|
|
92,665 |
|
Goodwill |
|
994,021 |
|
|
|
994,021 |
|
Other intangible assets, net |
|
47,485 |
|
|
|
50,560 |
|
Other assets |
|
150,304 |
|
|
|
155,800 |
|
Total assets |
$ |
18,871,452 |
|
|
$ |
19,035,102 |
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
Deposits: |
|
|
|
||||
Noninterest-bearing |
$ |
3,300,773 |
|
|
$ |
3,530,704 |
|
Interest-bearing |
|
12,370,942 |
|
|
|
12,192,331 |
|
Total deposits |
|
15,671,715 |
|
|
|
15,723,035 |
|
FHLB advances |
|
— |
|
|
|
350,000 |
|
Other borrowings |
|
496,975 |
|
|
|
271,821 |
|
Junior subordinated debentures |
|
54,667 |
|
|
|
54,617 |
|
Other liabilities |
|
247,288 |
|
|
|
233,036 |
|
Total liabilities |
|
16,470,645 |
|
|
|
16,632,509 |
|
Commitments and contingencies |
|
— |
|
|
|
— |
|
Stockholders’ equity: |
|
|
|
||||
Preferred stock (0 and 0 shares outstanding, respectively) |
|
— |
|
|
|
— |
|
Common stock (41,377,745 and 41,281,919 shares outstanding, respectively) |
|
414 |
|
|
|
413 |
|
Additional paid-in capital |
|
1,969,291 |
|
|
|
1,966,686 |
|
Retained earnings |
|
624,017 |
|
|
|
616,724 |
|
Accumulated other comprehensive loss |
|
(192,915 |
) |
|
|
(181,230 |
) |
Total stockholders’ equity |
|
2,400,807 |
|
|
|
2,402,593 |
|
Total liabilities and stockholders’ equity |
$ |
18,871,452 |
|
|
$ |
19,035,102 |
|
Independent Bank Group, Inc. and Subsidiaries |
||||||||||||||||||
Consolidated Average Balance Sheet Amounts, Interest Earned and Yield Analysis |
||||||||||||||||||
Three Months Ended March 31, 2024 and 2023 |
||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
The analysis below shows average interest-earning assets and interest-bearing liabilities together with the average yield on the interest-earning assets and the average cost of the interest-bearing liabilities for the periods presented. |
||||||||||||||||||
|
|
Three Months Ended March 31, |
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
|
|
Average Outstanding Balance |
|
Interest |
|
Yield/ Rate (4) |
|
Average Outstanding Balance |
|
Interest |
|
Yield/ Rate (4) |
||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans (1) |
|
$ |
14,613,613 |
|
$ |
215,511 |
|
5.93 |
% |
|
$ |
13,931,726 |
|
$ |
184,294 |
|
5.36 |
% |
Taxable securities |
|
|
1,390,812 |
|
|
7,645 |
|
2.21 |
|
|
|
1,464,977 |
|
|
7,858 |
|
2.18 |
|
Nontaxable securities |
|
|
398,313 |
|
|
2,518 |
|
2.54 |
|
|
|
423,557 |
|
|
2,603 |
|
2.49 |
|
Interest-bearing deposits and other |
|
|
702,665 |
|
|
9,531 |
|
5.46 |
|
|
|
550,963 |
|
|
6,421 |
|
4.73 |
|
Total interest-earning assets |
|
|
17,105,403 |
|
|
235,205 |
|
5.53 |
|
|
|
16,371,223 |
|
|
201,176 |
|
4.98 |
|
Noninterest-earning assets |
|
|
1,832,605 |
|
|
|
|
|
|
1,857,298 |
|
|
|
|
||||
Total assets |
|
$ |
18,938,008 |
|
|
|
|
|
$ |
18,228,521 |
|
|
|
|
||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Checking accounts |
|
$ |
5,547,926 |
|
$ |
49,899 |
|
3.62 |
% |
|
$ |
6,273,149 |
|
$ |
38,893 |
|
2.51 |
% |
Savings accounts |
|
|
533,485 |
|
|
164 |
|
0.12 |
|
|
|
728,851 |
|
|
90 |
|
0.05 |
|
Money market accounts |
|
|
1,869,226 |
|
|
19,453 |
|
4.19 |
|
|
|
1,777,249 |
|
|
12,434 |
|
2.84 |
|
Certificates of deposit |
|
|
4,291,077 |
|
|
52,994 |
|
4.97 |
|
|
|
1,611,259 |
|
|
10,844 |
|
2.73 |
|
Total deposits |
|
|
12,241,714 |
|
|
122,510 |
|
4.03 |
|
|
|
10,390,508 |
|
|
62,261 |
|
2.43 |
|
FHLB advances |
|
|
208,791 |
|
|
2,855 |
|
5.50 |
|
|
|
576,944 |
|
|
5,824 |
|
4.09 |
|
Other borrowings - short-term |
|
|
186,098 |
|
|
2,512 |
|
5.43 |
|
|
|
4,456 |
|
|
53 |
|
4.82 |
|
Other borrowings - long-term |
|
|
238,172 |
|
|
3,070 |
|
5.18 |
|
|
|
266,519 |
|
|
4,026 |
|
6.13 |
|
Junior subordinated debentures |
|
|
54,650 |
|
|
1,227 |
|
9.03 |
|
|
|
54,451 |
|
|
1,090 |
|
8.12 |
|
Total interest-bearing liabilities |
|
|
12,929,425 |
|
|
132,174 |
|
4.11 |
|
|
|
11,292,878 |
|
|
73,254 |
|
2.63 |
|
Noninterest-bearing demand accounts |
|
|
3,368,089 |
|
|
|
|
|
|
4,404,814 |
|
|
|
|
||||
Noninterest-bearing liabilities |
|
|
241,921 |
|
|
|
|
|
|
150,408 |
|
|
|
|
||||
Stockholders’ equity |
|
|
2,398,573 |
|
|
|
|
|
|
2,380,421 |
|
|
|
|
||||
Total liabilities and equity |
|
$ |
18,938,008 |
|
|
|
|
|
$ |
18,228,521 |
|
|
|
|
||||
Net interest income |
|
|
|
$ |
103,031 |
|
|
|
|
|
$ |
127,922 |
|
|
||||
Interest rate spread |
|
|
|
|
|
1.42 |
% |
|
|
|
|
|
2.35 |
% |
||||
Net interest margin (2) |
|
|
|
|
|
2.42 |
|
|
|
|
|
|
3.17 |
|
||||
Net interest income and margin (tax equivalent basis) (3) |
|
|
|
$ |
104,107 |
|
2.45 |
|
|
|
|
$ |
128,962 |
|
3.19 |
|
||
Average interest-earning assets to interest-bearing liabilities |
|
|
|
|
|
132.30 |
|
|
|
|
|
|
144.97 |
|
____________
(1) Average loan balances include nonaccrual loans.
(2) Net interest margins for the periods presented represent: (i) the difference between interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (ii) average interest-earning assets for the period.
(3) A tax-equivalent adjustment has been computed using a federal income tax rate of
(4) Yield and rates for the three month periods are annualized.
Independent Bank Group, Inc. and Subsidiaries |
||||||||||||||
Loan Portfolio Composition |
||||||||||||||
As of March 31, 2024 and December 31, 2023 |
||||||||||||||
(Dollars in thousands) |
||||||||||||||
(Unaudited) |
||||||||||||||
Total Loans By Class |
|
|
|
|
||||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
||||||||||
|
|
Amount |
|
% of Total |
|
Amount |
|
% of Total |
||||||
Commercial |
|
$ |
2,194,304 |
|
|
15.0 |
% |
|
$ |
2,266,851 |
|
|
15.4 |
% |
Mortgage warehouse purchase loans |
|
|
554,616 |
|
|
3.8 |
|
|
|
549,689 |
|
|
3.7 |
|
Real estate: |
|
|
|
|
|
|
|
|
||||||
Commercial real estate |
|
|
8,356,403 |
|
|
57.1 |
|
|
|
8,289,124 |
|
|
56.3 |
|
Commercial construction, land and land development |
|
|
1,169,555 |
|
|
8.0 |
|
|
|
1,231,484 |
|
|
8.4 |
|
Residential real estate (1) |
|
|
1,711,303 |
|
|
11.7 |
|
|
|
1,686,206 |
|
|
11.5 |
|
Single-family interim construction |
|
|
460,568 |
|
|
3.1 |
|
|
|
517,928 |
|
|
3.5 |
|
Agricultural |
|
|
112,070 |
|
|
0.8 |
|
|
|
109,451 |
|
|
0.7 |
|
Consumer |
|
|
76,373 |
|
|
0.5 |
|
|
|
76,229 |
|
|
0.5 |
|
Total loans |
|
|
14,635,192 |
|
|
100.0 |
% |
|
|
14,726,962 |
|
|
100.0 |
% |
Allowance for credit losses |
|
|
(148,437 |
) |
|
|
|
|
(151,861 |
) |
|
|
||
Total loans, net |
|
$ |
14,486,755 |
|
|
|
|
$ |
14,575,101 |
|
|
|
____________
(1) Includes loans held for sale of
Independent Bank Group, Inc. and Subsidiaries |
||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
||||||||||||||||||||
Three Months Ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023 |
||||||||||||||||||||
(Dollars in thousands, except for share data) |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
||||||||||
ADJUSTED NET INCOME |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Interest Income - Reported |
(a) |
$ |
103,031 |
|
|
$ |
106,305 |
|
|
$ |
109,049 |
|
|
$ |
113,607 |
|
|
$ |
127,922 |
|
Provision for Credit Losses - Reported |
(b) |
|
(3,200 |
) |
|
|
3,480 |
|
|
|
340 |
|
|
|
220 |
|
|
|
90 |
|
Noninterest Income - Reported |
(c) |
|
12,870 |
|
|
|
10,614 |
|
|
|
13,646 |
|
|
|
14,095 |
|
|
|
12,754 |
|
(Gain) loss on sale of loans |
|
|
(74 |
) |
|
|
— |
|
|
|
7 |
|
|
|
7 |
|
|
|
— |
|
(Gain) loss on sale of other real estate |
|
|
(13 |
) |
|
|
1,797 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss (gain) on sale and disposal of premises and equipment |
|
|
— |
|
|
|
22 |
|
|
|
56 |
|
|
|
(354 |
) |
|
|
(47 |
) |
Recoveries on loans charged off prior to acquisition |
|
|
(5 |
) |
|
|
(64 |
) |
|
|
(279 |
) |
|
|
(13 |
) |
|
|
(117 |
) |
Adjusted Noninterest Income |
(d) |
|
12,778 |
|
|
|
12,369 |
|
|
|
13,430 |
|
|
|
13,735 |
|
|
|
12,590 |
|
Noninterest Expense - Reported |
(e) |
|
88,473 |
|
|
|
95,125 |
|
|
|
81,334 |
|
|
|
85,705 |
|
|
|
189,380 |
|
Litigation settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(102,500 |
) |
OREO impairment |
|
|
(345 |
) |
|
|
(3,015 |
) |
|
|
— |
|
|
|
(1,000 |
) |
|
|
(1,200 |
) |
FDIC special assessment |
|
|
(2,095 |
) |
|
|
(8,329 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Impairment of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(153 |
) |
|
|
(802 |
) |
Acquisition expense (1) |
|
|
— |
|
|
|
(27 |
) |
|
|
(27 |
) |
|
|
(27 |
) |
|
|
(26 |
) |
Adjusted Noninterest Expense |
(f) |
|
86,033 |
|
|
|
83,754 |
|
|
|
81,307 |
|
|
|
84,525 |
|
|
|
84,852 |
|
Income Tax Expense (Benefit) - Reported |
(g) |
|
6,478 |
|
|
|
3,455 |
|
|
|
8,246 |
|
|
|
8,700 |
|
|
|
(11,284 |
) |
Net Income (Loss) - Reported |
(a) - (b) + (c) - (e) - (g) = (h) |
|
24,150 |
|
|
|
14,859 |
|
|
|
32,775 |
|
|
|
33,077 |
|
|
|
(37,510 |
) |
Adjusted Net Income (2) |
(a) - (b) + (d) - (f) = (i) |
$ |
26,001 |
|
|
$ |
25,509 |
|
|
$ |
32,624 |
|
|
$ |
33,726 |
|
|
$ |
44,083 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ADJUSTED PROFITABILITY (3) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Average Assets |
(j) |
$ |
18,938,008 |
|
|
$ |
18,815,342 |
|
|
$ |
18,520,600 |
|
|
$ |
18,652,450 |
|
|
$ |
18,228,521 |
|
Total Average Stockholders' Equity |
(k) |
|
2,398,573 |
|
|
|
2,344,652 |
|
|
|
2,360,175 |
|
|
|
2,360,226 |
|
|
|
2,380,421 |
|
Total Average Tangible Stockholders' Equity (4) |
(l) |
|
1,356,042 |
|
|
|
1,299,026 |
|
|
|
1,311,417 |
|
|
|
1,308,368 |
|
|
|
1,325,475 |
|
Reported Return on Average Assets |
(h) / (j) |
|
0.51 |
% |
|
|
0.31 |
% |
|
|
0.70 |
% |
|
|
0.71 |
% |
|
|
(0.83 |
)% |
Reported Return on Average Equity |
(h) / (k) |
|
4.05 |
|
|
|
2.51 |
|
|
|
5.51 |
|
|
|
5.62 |
|
|
|
(6.39 |
) |
Reported Return on Average Tangible Equity |
(h) / (l) |
|
7.16 |
|
|
|
4.54 |
|
|
|
9.92 |
|
|
|
10.14 |
|
|
|
(11.48 |
) |
Adjusted Return on Average Assets (5) |
(i) / (j) |
|
0.55 |
|
|
|
0.54 |
|
|
|
0.70 |
|
|
|
0.73 |
|
|
|
0.98 |
|
Adjusted Return on Average Equity (5) |
(i) / (k) |
|
4.36 |
|
|
|
4.32 |
|
|
|
5.48 |
|
|
|
5.73 |
|
|
|
7.51 |
|
Adjusted Return on Tangible Equity (5) |
(i) / (l) |
|
7.71 |
|
|
|
7.79 |
|
|
|
9.87 |
|
|
|
10.34 |
|
|
|
13.49 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EFFICIENCY RATIO |
|
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of other intangible assets |
(m) |
$ |
3,075 |
|
|
$ |
3,106 |
|
|
$ |
3,111 |
|
|
$ |
3,111 |
|
|
$ |
3,111 |
|
Reported Efficiency Ratio |
(e - m) / (a + c) |
|
73.68 |
% |
|
|
78.70 |
% |
|
|
63.75 |
% |
|
|
64.68 |
% |
|
|
132.41 |
% |
Adjusted Efficiency Ratio |
(f - m) / (a + d) |
|
71.63 |
|
|
|
67.96 |
|
|
|
63.84 |
|
|
|
63.93 |
|
|
|
58.17 |
|
____________
(1) Acquisition expenses includes compensation related expenses for equity awards granted at acquisition.
(2) Assumes an adjusted effective tax rate of
(3) Quarterly metrics are annualized.
(4) Excludes average balance of goodwill and net other intangible assets.
(5) Calculated using adjusted net income.
Independent Bank Group, Inc. and Subsidiaries |
|||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||||||||
As of March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023 |
|||||||||||||||||||
(Dollars in thousands, except per share information) |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
Tangible Book Value & Tangible Common Equity To Tangible Assets Ratio |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
As of the Quarter Ended |
||||||||||||||||||
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
||||||||||
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
||||||||||
Total common stockholders' equity |
$ |
2,400,807 |
|
|
$ |
2,402,593 |
|
|
$ |
2,332,098 |
|
|
$ |
2,353,042 |
|
|
$ |
2,350,857 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill |
|
(994,021 |
) |
|
|
(994,021 |
) |
|
|
(994,021 |
) |
|
|
(994,021 |
) |
|
|
(994,021 |
) |
Other intangible assets, net |
|
(47,485 |
) |
|
|
(50,560 |
) |
|
|
(53,666 |
) |
|
|
(56,777 |
) |
|
|
(59,888 |
) |
Tangible common equity |
$ |
1,359,301 |
|
|
$ |
1,358,012 |
|
|
$ |
1,284,411 |
|
|
$ |
1,302,244 |
|
|
$ |
1,296,948 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible Assets |
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
$ |
18,871,452 |
|
|
$ |
19,035,102 |
|
|
$ |
18,519,872 |
|
|
$ |
18,719,802 |
|
|
$ |
18,798,354 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill |
|
(994,021 |
) |
|
|
(994,021 |
) |
|
|
(994,021 |
) |
|
|
(994,021 |
) |
|
|
(994,021 |
) |
Other intangible assets, net |
|
(47,485 |
) |
|
|
(50,560 |
) |
|
|
(53,666 |
) |
|
|
(56,777 |
) |
|
|
(59,888 |
) |
Tangible assets |
$ |
17,829,946 |
|
|
$ |
17,990,521 |
|
|
$ |
17,472,185 |
|
|
$ |
17,669,004 |
|
|
$ |
17,744,445 |
|
Common shares outstanding |
|
41,377,745 |
|
|
|
41,281,919 |
|
|
|
41,284,003 |
|
|
|
41,279,460 |
|
|
|
41,281,904 |
|
Tangible common equity to tangible assets |
|
7.62 |
% |
|
|
7.55 |
% |
|
|
7.35 |
% |
|
|
7.37 |
% |
|
|
7.31 |
% |
Book value per common share |
$ |
58.02 |
|
|
$ |
58.20 |
|
|
$ |
56.49 |
|
|
$ |
57.00 |
|
|
$ |
56.95 |
|
Tangible book value per common share |
|
32.85 |
|
|
|
32.90 |
|
|
|
31.11 |
|
|
|
31.55 |
|
|
|
31.42 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240422144510/en/
Analysts/Investors:
Paul Langdale
Executive Vice President, Chief Financial Officer
(972) 562-9004
Paul.Langdale@ifinancial.com
Media:
Wendi Costlow
Executive Vice President, Chief Marketing Officer
(972) 562-9004
Wendi.Costlow@ifinancial.com
Source: Independent Bank Group, Inc.
FAQ
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