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 reported a net loss of $37.5 million, or $0.91 per diluted share for Q1 2023, primarily impacted by a $100 million legal settlement. Adjusted net income stood at $44.1 million or $1.07 per diluted share excluding non-recurring items. The Board declared a quarterly cash dividend of $0.38 per share, payable on May 18, 2023. The bank maintained strong liquidity with nonperforming assets at 0.32% of total assets and net charge-offs at 0.04% annualized. Capital ratios remain robust, with a total capital ratio of 11.85%. Total loans held for investment were stable at $13.6 billion, and total deposits decreased to $14.1 billion.
The Independent Bank Group (IBTX) will hold a conference call on April 25, 2023, at 8:30 AM ET to discuss first quarter 2023 results. A related press release will be issued on April 24, 2023, at 5:00 PM ET. Investors can access the call via the provided webcast link or by calling 1-877-407-0989 (Meeting Number: 13737850). Conference materials will also be available on the Investor Relations page of the company's website. IBTX offers a diverse range of commercial banking products and services through its subsidiary, Independent Financial, focusing on the needs of businesses and individuals in Texas and the Colorado Front Range.
Independent Bank Group, Inc. (NASDAQ: IBTX) reported a net income of $40.8 million, or $0.99 per diluted share, for Q4 2022, down from $54.2 million and $1.26 per diluted share in Q4 2021. The for the full year 2022, net income was $196.3 million, or $4.70 per diluted share, compared to $224.8 million in 2021. The Board declared a quarterly cash dividend of $0.38 per share and authorized a $125 million stock repurchase program. Key highlights include 9.6% annualized loan growth in Q4 and improved credit metrics, with nonperforming assets at 0.35% of total assets.
Independent Bank Group (NASDAQ: IBTX) will host a conference call on January 24, 2023, at 8:30 am ET to discuss its fourth quarter 2022 results. The press release detailing these results will be released on January 23, 2023, at 5:00 pm ET. Investors can access the call via the provided webcast link or by phone. Independent Bank Group operates through its subsidiary, Independent Financial, offering a variety of commercial banking products primarily in Texas and Colorado regions.
Independent Bank Group, Inc. (NASDAQ: IBTX) reported a net income of $52.4 million, or $1.27 per diluted share for Q3 2022, slightly up from $52.3 million in Q3 2021. Adjusted net income rose to $54.9 million, or $1.33 per diluted share, reflecting strong loan growth of 10.0% annualized. The net interest margin increased to 3.64%. A quarterly cash dividend of $0.38 per share was declared, payable on November 17, 2022. However, total noninterest income fell by $3.4 million year-over-year, primarily due to reduced mortgage banking revenue.
Independent Bank Group, Inc. (NASDAQ: IBTX) will host a conference call to discuss its third quarter 2022 results on October 25, 2022, at 8:30 am ET. Interested parties can access the call via a webcast link or by dialing 1-877-407-0989 with meeting number 13732987. A press release detailing the results will be available on October 24, 2022, at 5:00 pm ET. Independent Bank Group offers a variety of commercial banking services throughout Texas and Colorado, operating in regions such as Dallas/Ft. Worth, Austin, and Houston.
Independent Bank Group (NASDAQ: IBTX) has appointed Dan Strodel as the new Executive Vice President and Chief Banking Officer. Strodel will oversee key revenue-generating divisions including Commercial and Specialty Banking, Treasury Solutions, and Mortgage. He has over 39 years of experience, joining the bank in 2012 as Dallas Market President. His extensive background in commercial real estate and private banking positions him to drive growth. President Michael Hobbs expressed confidence in Strodel's leadership as the company aims for future expansion.
Independent Bank Group, Inc. (NASDAQ: IBTX) has appointed Paul Langdale as the new Chief Financial Officer, succeeding Michelle Hickox, who held the position since 2012. Hickox will assist with the transition until October 1, 2022. Langdale joined the company in 2018 and previously served as Executive Vice President of Corporate Development & Strategy. Chairman & CEO David Brooks expressed confidence in Langdale's capabilities, citing his strong finance background and strategic insight as essential for the company’s growth and value creation for shareholders.
Independent Bank Group (NASDAQ: IBTX) reported net income of $52.4 million, or $1.25 per diluted share, for Q2 2022, down from $58.2 million year-over-year. The company achieved a strong organic loan growth of 36% annualized, while net interest income rose by 5.2% to $138 million. The net interest margin improved to 3.51%.
A quarterly dividend of $0.38 per share was declared, payable on August 18, 2022. Share repurchases amounted to over 1.6 million shares for $115.2 million, reflecting a commitment to enhance shareholder value.
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