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, Inc. (NASDAQ: IBTX) will hold a conference call on July 26, 2022, at 8:30 am ET to discuss its second quarter 2022 results. A press release detailing these results will be issued on July 25, 2022, at 5:00 pm ET. The call can be accessed via a webcast or by calling 1-877-407-0989 using the meeting number 13731449. Conference materials will be available on the company's Investor Relations page.
Independent Bank Group (NASDAQ: IBTX) announced leadership changes in its operations and technology departments. James C. White will retire as COO effective July 1, 2022. Bill Wade has been appointed as CIO immediately, and Daniel App becomes EVP, Head of Operations from May 9, 2022. Wade brings over 36 years of technology experience, while App has 33 years in banking operations. The changes aim to enhance the company’s technological capacity and operational efficiency, supporting its growth trajectory.
Independent Bank Group (NASDAQ: IBTX) reported net income of $50.7 million, or $1.18 per diluted share, for Q1 2022, a decrease from $60.0 million or $1.39 per share in Q1 2021. Organic loan growth reached 13.1% annually, with a net interest margin increase to 3.22%. The company declared a quarterly dividend of $0.38 per share, payable May 19, 2022. Total noninterest income fell by $5.7 million year-over-year, primarily due to drops in mortgage banking revenue. Credit provisions for losses were $1.4 million, showing improvement against $2.5 million in Q1 2021.
Independent Bank Group (NASDAQ: IBTX) will host a conference call on April 26, 2022, at 8:30 am EDT to discuss its first quarter 2022 results. A press release detailing the earnings will be published on April 25, 2022, at 5:00 pm EDT. Investors can join the call via a webcast link or by calling 1-877-407-0989 and entering the meeting number 13728479. The conference materials will be available on the Investor Relations page of their website, www.ifinancial.com.
On February 15, 2022, Jack Henry & Associates (NASDAQ: JKHY) announced that Independent Financial, a Texas-based bank, has chosen its LoanVantage® digital lending platform to automate commercial loans. This collaboration aims to improve the bank's lending efficiency for small and medium-sized businesses. Independent Financial, with $18.7 billion in assets, is expanding its digital capabilities to enhance customer experience and streamline lending operations. The partnership follows Independent Financial's acquisition of a Jack Henry Lending user in 2019, showcasing its commitment to technological advancement.
Independent Bank Group, Inc. (NASDAQ: IBTX) has declared a quarterly cash dividend of
Independent Bank Group reported a net income of $54.2 million ($1.26 per diluted share) for Q4 2021, compared to $58.3 million ($1.35) in Q4 2020. For the full year, net income rose to $224.8 million ($5.21 per diluted share), an 11.7% increase year-over-year. The bank achieved loan growth of 11.2% annualized during Q4 and improved its nonperforming asset ratio to 0.31%. Capital ratios remain strong, with a total capital ratio of 13.67%. Despite these positives, net interest income declined slightly due to lower yields.
Independent Bank Group (NASDAQ: IBTX) will hold a conference call on January 25, 2022, at 8:30 am EST to discuss its fourth quarter 2021 results. The press release detailing the results will be available on January 24, 2022, at 5:00 pm EST. Investors can access the call via webcast link or by phone at 1-877-407-0989, using meeting number 13725843. The event will highlight key financial metrics and company developments.
Independent Bank Group has declared a quarterly cash dividend of $0.36 per share, marking a 5.9% increase from the previous $0.34. This dividend will be payable on November 24, 2021, to stockholders on record as of November 11, 2021. This decision reflects the company's ongoing commitment to shareholder value amidst a challenging economic environment.
Independent Bank Group reported a net income of $52.3 million, or $1.21 per diluted share, for Q3 2021, down from $60.1 million a year prior. Organic loan growth was 4.6% annualized, while deposits grew 12.1%. Net interest income fell to $128.6 million from $132.0 million. Noninterest income decreased by $8.3 million, mainly due to lower mortgage banking revenue. The company maintained strong capital ratios: total capital ratio at 13.64% and leverage ratio at 8.94%. No provision for credit losses was recorded.
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