Independent Bank Group, Inc. (NASDAQ: IBTX) today announced net
income of $32.8 million, or $0.79 per diluted share, for the
quarter ended September 30, 2023, compared to net income of $52.4
million, or $1.27 per diluted share for the quarter ended September
30, 2022 and $33.1 million, or $0.80 per diluted share for the
quarter ended June 30, 2023. Adjusted net income for the quarter
ended September 30, 2023 was $32.6 million, or $0.79 per diluted
share, compared to $54.9 million, or $1.33 per diluted share for
the quarter ended September 30, 2022 and $33.7 million, or $0.82
per diluted share for the quarter ended June 30, 2023.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.38 per share of common stock. The
dividend will be payable on November 16, 2023 to stockholders of
record as of the close of business on November 2, 2023.
Highlights
- Organic loan growth of 4.5% annualized for the quarter
(excluding warehouse)
- Resilient credit quality with nonperforming assets of 0.33% of
total assets and net charge-offs of 0.01% annualized for the
quarter
- Continued expense discipline with total noninterest expense of
$81.3 million for the quarter
- Decreased loan to deposit ratio to 92.7% at quarter-end
compared to 95.1% at the end of second quarter
- Capital remains strong, with ratios well above the standards to
be considered well-capitalized under regulatory requirements, with
an estimated total capital ratio of 11.89%, leverage ratio of
9.09%, and (non-GAAP) tangible common equity (TCE) ratio of
7.35%
“Our third quarter results illustrate our through-cycle growth
story, strong balance sheet, and consistent performance on credit
quality. We were pleased to report healthy core loan growth for the
quarter as our teams of bankers capitalized on renewed activity
from our longtime customers across the Texas and Colorado markets.
In addition, we took tangible steps to further strengthen our
balance sheet and reported just one basis point of annualized
charge-offs for the quarter,” said Independent Bank Group Chairman
& CEO David R. Brooks. “As we finish the year, we continue to
be encouraged by the strength of our loan and deposit pipelines,
the continued repricing of our fixed-rate assets, and the sustained
economic tailwinds across our footprint. We remain disciplined and
focused on executing our strategic plan, pursuing healthy growth,
and delivering exceptional service to our customers across Texas
and Colorado.”
Third Quarter 2023 Balance Sheet Highlights
Loans
- Total loans held for investment, excluding mortgage warehouse
purchase loans, were $13.8 billion at September 30, 2023 compared
to $13.6 billion at June 30, 2023 and $13.3 billion at September
30, 2022. Loans held for investment, excluding mortgage warehouse
loans, increased $154.7 million, or 4.5% on an annualized basis,
during third quarter 2023.
- Average mortgage warehouse purchase loans were $425.9 million
for the quarter ended September 30, 2023 compared to $413.2 million
for the quarter ended June 30, 2023, and $402.2 million for the
quarter ended September 30, 2022, an increase of $12.8 million, or
3.1% from the linked quarter and an increase of $23.7 million, or
5.9% year over year.
Asset Quality
- Nonperforming assets totaled $61.0 million, or 0.33% of total
assets at September 30, 2023, compared to $60.5 million or 0.32% of
total assets at June 30, 2023, and $81.1 million, or 0.45% of total
assets at September 30, 2022.
- Nonperforming loans totaled $38.4 million, or 0.28% of total
loans held for investment at September 30, 2023, compared to $37.9
million, or 0.28% at June 30, 2023 and $57.0 million, or 0.43% at
September 30, 2022.
- The decrease in nonperforming loans and nonperforming assets
for the year over year period was primarily due to the sale of a
$7.7 million commercial nonaccrual loan and the payoff and partial
charge-off of a $10.2 million commercial nonaccrual loan, both
occurring in fourth quarter 2022, as well as $2.2 million in
writedowns on other real estate properties for the year-over-year
period.
- Net charge-offs (recoveries) were 0.01% annualized in the third
quarter 2023 compared to (0.03)% annualized in the linked quarter
and 0.04% annualized in the prior year quarter.
Deposits, Borrowings and Liquidity
- Total deposits were $15.3 billion at September 30, 2023
compared to $14.9 billion at June 30, 2023 and compared to $15.0
billion at September 30, 2022.
- Estimated uninsured deposits, excluding public funds deposits
totaled $4.6 billion, or 29.9% of total deposits as of September
30, 2023 compared to $4.6 billion, or 31.1% as of June 30,
2023.
- Total borrowings (other than junior subordinated debentures)
were $546.7 million at September 30, 2023, a decrease of $633.6
million from June 30, 2023 and an increase of $79.8 million from
September 30, 2022. The year over year change primarily reflects a
$75.0 million increase in short-term FHLB advances and $33.8
million outstanding on the Company's unsecured line of credit at
quarter-end offset by the redemption of $30.0 million of
subordinated debentures in first quarter 2023. The linked quarter
change reflects reductions in FHLB advances of $600.0 million as
well as a $33.8 million paydown on the Company's line of
credit.
Capital
- The Company continues to be well capitalized under regulatory
guidelines. At September 30, 2023, 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 9.86%, 9.09%, 10.21% and 11.89%, respectively,
compared to 9.78%, 8.92%, 10.13%, and 11.95%, respectively, at June
30, 2023 and 10.00%, 9.41%, 10.35%, and 12.27%, respectively at
September 30, 2022.
Third Quarter 2023 Operating Results
Net Interest Income
- Net interest income was $109.0 million for third quarter 2023
compared to $147.3 million for third quarter 2022 and $113.6
million for second quarter 2023. The decrease from the prior year
was primarily due to the increased funding costs on our deposit
products and FHLB advances 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 prior year decrease also reflects lower acquired loan accretion
for the year over year period. The decrease from the linked quarter
was primarily due to continued increases in deposit funding costs
offset by lower interest expense on FHLB advances due to a $948.7
million reduction in average balances as well as increased earnings
on loans due to growth. The third quarter 2023 includes $940
thousand in acquired loan accretion compared to $2.1 million in
third quarter 2022 and $870 thousand in second quarter 2023.
- The average balance of total interest-earning assets grew by
$616.6 million and totaled $16.7 billion for the quarter ended
September 30, 2023 compared to $16.0 billion for the quarter ended
September 30, 2022 and decreased $140.5 million from $16.8 billion
for the quarter ended June 30, 2023. The increase from the prior
year is primarily due to higher average loans of $579.1 million due
to organic growth for the year over year period but also due in
part to a $258.0 million increase in average interest-bearing cash
balances offset by a $192.1 million decrease in average taxable
securities balances. The decrease from the linked quarter is
primarily due to lower average interest-bearing cash balances
offset by an increase in average loan balances.
- The yield on interest-earning assets was 5.31% for third
quarter 2023 compared to 4.30% for third quarter 2022 and 5.14% for
second quarter 2023. The increase in asset yield compared to the
linked quarter and prior year is primarily a result of increases in
the Fed Funds rate over the last year. The average loan yield, net
of acquired loan accretion and PPP income was 5.67% for the current
quarter, compared to 4.62% for prior year quarter and 5.51% for the
linked quarter.
- The cost of interest-bearing liabilities, including borrowings,
was 3.72% for third quarter 2023 compared to 1.02% for third
quarter 2022 and 3.37% for second quarter 2023. The increase from
the linked quarter and prior year is reflective of higher funding
costs, primarily on deposit products and FHLB advances as a result
of Fed Funds rate increases. In addition, deposit funding costs
were also higher due to promotional campaigns for certificate of
deposit accounts.
- The net interest margin was 2.60% for third quarter 2023
compared to 3.64% for third quarter 2022 and 2.71% for second
quarter 2023. The net interest margin excluding acquired loan
accretion was 2.58% for third quarter 2023 compared to 3.59% for
third quarter 2022 and 2.69% for second quarter 2023. The decrease
in net interest margin from the prior year was primarily due to the
increased funding costs on deposits and short-term advances
resulting from continued Fed rate increases over the year, offset
by higher earnings on loans due to organic growth and rate
increases and higher earnings on interest-bearing cash balances due
to rate increases for the respective periods. The decrease from the
linked quarter also reflects the increased funding costs on
deposits offset by higher earnings due to loan growth and lower
interest expense on FHLB advances.
Noninterest Income
- Total noninterest income increased $169 thousand compared to
third quarter 2022 and decreased $449 thousand compared to second
quarter 2023.
- The change from the prior year quarter reflects increases of
$374 thousand in service charge income and $314 thousand in
investment management fees offset by decreases of $405 thousand in
mortgage banking revenue and $226 thousand in other noninterest
income.
- The change from the linked quarter primarily reflects a
decrease of $474 thousand in mortgage banking revenue offset by a
$285 thousand increase in other noninterest income. In addition, a
$367 thousand gain on the sale of vacant land was recognized in the
linked quarter.
Noninterest Expense
- Total noninterest expense decreased $10.4 million compared to
third quarter 2022 and $4.4 million compared to second quarter
2023.
- The net decrease in noninterest expense in third quarter 2023
compared to the prior year is due primarily to decreases of $10.5
million in salaries and benefits expense and $2.2 million in
professional fees offset by an increase of $1.9 million in FDIC
assessment.
- The decrease in noninterest expense in third quarter 2023
compared to the linked quarter is due primarily to decreases of
$3.3 million in salaries and benefits expense. In addition,
impairment expense of $1.0 million was recorded in second quarter
2023 on an other real estate property.
- The decrease in salaries and benefits from the prior year is
due primarily to $5.3 million in lower combined salaries and bonus
expenses due to the fourth quarter 2022 reduction-in-force and
overall strategic efforts to reduce costs, as well as lower
contract labor costs of $1.4 million. Furthermore, third quarter
2022 includes $2.6 million in severance and stock grant
amortization related to the separation of an executive officer
offset by a $1.0 million economic development incentive grant
related to job growth that was recorded in third quarter 2022 as a
reduction to salaries expense. Third quarter 2023 was also impacted
by lower stock grant amortization of $2.2 million related to
performance-based executive compensation. The linked quarter change
also reflects $377 thousand lower contract labor costs in addition
to the lower stock amortization expense mentioned above.
- The decrease in professional fees compared to the prior year
was due primarily to lower legal fees as a result of the settlement
of litigation in first quarter 2023 but also due to lower
consulting fees compared to the prior year.
- The increase in FDIC assessment compared to prior year was due
to increases in the assessment rate charged by the FDIC which took
effect in 2023, as well as an increase in the liquidity stress
rate.
Provision for Credit Losses
- The Company recorded $340 thousand provision for credit losses
for third quarter 2023, compared to $3.1 million provision for
third quarter 2022 and $220 thousand provision for the linked
quarter. Provision expense 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 and charge-offs or specific credit loss allocations taken
during the respective period. The higher provision expense in third
quarter 2022 reflects loan growth during that period.
- The allowance for credit losses on loans was $148.2 million, or
1.08% of total loans held for investment, net of mortgage warehouse
purchase loans, at September 30, 2023, compared to $146.4 million,
or 1.10% at September 30, 2022 and compared to $147.8 million, or
1.08% at June 30, 2023.
- The allowance for credit losses on off-balance sheet exposures
was $4.4 million at September 30, 2023 compared to $4.3 million at
September 30, 2022 and compared to $4.9 million at June 30, 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.
Income Taxes
- Federal income tax expense of $8.2 million was recorded for the
third quarter 2023, an effective rate of 20.1% compared to tax
expense of $13.5 million and an effective rate of 20.5% for the
prior year quarter and income tax expense of $8.7 million and an
effective rate of 20.5% for the linked quarter.
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 September
30, 2023 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 September 30, 2023 and will
adjust amounts preliminarily reported, if necessary.
About Independent Bank Group, Inc.
Independent Bank Group, Inc. is a bank holding company
headquartered in McKinney, Texas. Through its wholly owned
subsidiary, Independent Bank, doing business as Independent
Financial, Independent Bank Group serves customers across Texas and
Colorado with a wide range of relationship-driven banking services
tailored to meet the needs of businesses, professionals and
individuals. Independent Bank Group, Inc. operates in four market
regions located in the Dallas/Fort Worth, Austin and Houston areas
in Texas and the Colorado Front Range area, including Denver,
Colorado Springs and Fort Collins.
Conference Call
A conference call covering Independent Bank Group’s third
quarter earnings announcement will be held on Tuesday, October 24,
2023 at 8:30 am (ET) and can be accessed by the webcast link,
https://www.webcast-eqs.com/indepbankgroup10242023_en/en
or by calling 1-877-407-0989 and by identifying the meeting number
13741490 or by identifying "Independent Bank Group Third Quarter
2023 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 effects of infectious
disease outbreaks, including the ongoing COVID-19 pandemic and the
significant impact that the COVID-19 pandemic and associated
efforts to limit its spread have had and may continue to have on
economic conditions and the Company's business, employees,
customers, asset quality and financial performance; 2) the
Company’s ability to sustain its current internal growth rate and
total growth rate; 3) 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 Texas and Colorado; 4)
worsening business and economic conditions nationally, regionally
and in the Company’s target markets, particularly in Texas and
Colorado, and the geographic areas in those states in which the
Company operates; 5) the Company’s dependence on its management
team and its ability to attract, motivate and retain qualified
personnel; 6) the concentration of the Company’s business within
its geographic areas of operation in Texas and Colorado; 7) changes
in asset quality, including increases in default rates on loans and
higher levels of nonperforming loans and loan charge-offs
generally; 8) concentration of the loan portfolio of Independent
Financial, before and after the completion of acquisitions of
financial institutions, in commercial and residential real estate
loans and changes in the prices, values and sales volumes of
commercial and residential real estate; 9) the ability of
Independent Financial to make loans with acceptable net interest
margins and levels of risk of repayment and to otherwise invest in
assets at acceptable yields and that present acceptable investment
risks; 10) inaccuracy of the assumptions and estimates that the
managements of the Company and the financial institutions that the
Company acquires make in establishing reserves for credit losses
and other estimates generally; 11) lack of liquidity, including as
a result of a reduction in the amount of sources of liquidity the
Company currently has; 12) material increases or decreases in the
amount of deposits held by Independent Financial or other financial
institutions that the Company acquires and the cost of those
deposits; 13) the Company’s access to the debt and equity markets
and the overall cost of funding its operations; 14) regulatory
requirements to maintain minimum capital levels or maintenance of
capital at levels sufficient to support the Company’s anticipated
growth; 15) changes in market interest rates that affect the
pricing of the loans and deposits of each of Independent Financial
and the financial institutions that the Company acquires and that
affect the net interest income, other future cash flows, or the
market value of the assets of each of Independent Financial and the
financial institutions that the Company acquires, including
investment securities; 16) fluctuations in the market value and
liquidity of the securities the Company holds for sale, including
as a result of changes in market interest rates; 17) effects of
competition from a wide variety of local, regional, national and
other providers of financial, investment and insurance services;
18) changes in economic and market conditions, that affect the
amount and value of the assets of Independent Financial and of
financial institutions that the Company acquires; 19) the
institution and outcome of, and costs associated with, litigation
and other legal proceedings against one or more of the Company,
Independent Financial and financial institutions that the Company
acquired or will acquire or to which any of such entities is
subject; 20) the occurrence of market conditions adversely
affecting the financial industry generally; 21) the impact of
recent and future legislative regulatory changes, including changes
in banking, securities, and tax laws and regulations and their
application by the Company’s regulators, and changes in federal
government policies, as well as regulatory requirements applicable
to, and resulting from regulatory supervision of, the Company and
Independent Financial as a financial institution with total assets
greater than $10 billion; 22) changes in accounting policies,
practices, principles and guidelines, as may be adopted by the bank
regulatory agencies, the Financial Accounting Standards Board, the
SEC and the Public Company Accounting Oversight Board, as the case
may be; 23) governmental monetary and fiscal policies; 24) changes
in the scope and cost of FDIC insurance and other coverage; 25) the
effects of war or other conflicts, including, but not limited to,
the conflicts between Russia and the Ukraine and Israel and Hamas,
acts of terrorism (including cyberattacks) or other catastrophic
events, including natural disasters such as storms, droughts,
tornadoes, hurricanes and flooding, that may affect general
economic conditions; 26) the Company’s actual cost savings
resulting from previous or future acquisitions are less than
expected, the Company is unable to realize those cost savings as
soon as expected, or the Company incurs additional or unexpected
costs; 27) the Company’s revenues after previous or future
acquisitions are less than expected; 28) the liquidity of, and
changes in the amounts and sources of liquidity available to the
Company, before and after the acquisition of any financial
institutions that the Company acquires; 29) deposit attrition,
operating costs, customer loss and business disruption before and
after the Company completed acquisitions, including, without
limitation, difficulties in maintaining relationships with
employees, may be greater than the Company expected; 30) the
effects of the combination of the operations of financial
institutions that the Company has acquired in the recent past or
may acquire in the future with the Company’s operations and the
operations of Independent Financial, the effects of the integration
of such operations being unsuccessful, and the effects of such
integration being more difficult, time consuming, or costly than
expected or not yielding the cost savings the Company expects; 31)
the impact of investments that the Company or Independent Financial
may have made or may make and the changes in the value of those
investments; 32) the quality of the assets of financial
institutions and companies that the Company has acquired in the
recent past or may acquire in the future being different than it
determined or determine in its due diligence investigation in
connection with the acquisition of such financial institutions and
any inadequacy of credit loss reserves relating to, and exposure to
unrecoverable losses on, loans acquired; 33) the Company’s ability
to continue to identify acquisition targets and successfully
acquire desirable financial institutions to sustain its growth, to
expand its presence in the Company’s markets and to enter new
markets; 34) changes in general business and economic conditions in
the markets in which the Company currently operates and may operate
in the future; 35) changes occur in business conditions and
inflation generally; 36) an increase in the rate of personal or
commercial customers’ bankruptcies generally; 37)
technology-related changes are harder to make or are more expensive
than expected; 38) attacks on the security of, and breaches of, the
Company's and Independent Financial's digital infrastructure or
information systems, the costs the Company or Independent Financial
incur to provide security against such attacks and any costs and
liability the Company or Independent Financial incurs in connection
with any breach of those systems; 39) the potential impact of
climate change and related government regulation on the Company and
its customers; 40) the potential impact of technology and “FinTech”
entities on the banking industry generally; 41) other economic,
competitive, governmental, regulatory, technological and
geopolitical factors affecting the Company's operations, pricing
and services; and 42) the other factors that are described or
referenced in Part I, Item 1A, of the Company’s Annual Report on
Form 10-K filed with the SEC on February 21, 2023, the Company’s
Quarterly Reports on Form 10-Q, in each case under the caption
“Risk Factors”; and The Company urges you to consider all of these
risks, uncertainties and other factors carefully in evaluating all
such forward-looking statements made by the Company. As a result of
these and other matters, including changes in facts, assumptions
not being realized or other factors, the actual results relating to
the subject matter of any forward-looking statement may differ
materially from the anticipated results expressed or implied in
that forward-looking statement. Any forward-looking statement made
in this filing or made by the Company in any report, filing,
document or information incorporated by reference in this filing,
speaks only as of the date on which it is made. The Company
undertakes no obligation to update any such forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law. A
forward-looking statement may include a statement of the
assumptions or bases underlying the forward-looking statement. The
Company believes that these assumptions or bases have been chosen
in good faith and that they are reasonable. However, the Company
cautions you that assumptions as to future occurrences or results
almost always vary from actual future occurrences or results, and
the differences between assumptions and actual occurrences and
results can be material. Therefore, the Company cautions you not to
place undue reliance on the forward-looking statements contained in
this filing or incorporated by reference herein.
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 the United States. We
consider the use of select non-GAAP financial measures and ratios
to be useful for financial operational decision making and useful
in evaluating period-to-period comparisons. We believe that these
non-GAAP financial measures provide meaningful supplemental
information regarding our performance by excluding certain
expenditures or assets that we believe are not indicative of our
primary business operating results. We believe that management and
investors benefit from referring to these non-GAAP financial
measures in assessing our performance and when planning,
forecasting, analyzing and comparing past, present and future
periods.
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
Consolidated Financial Data
Three Months Ended September 30, 2023,
June 30, 2023, March 31, 2023, December 31, 2022 and September 30,
2022
(Dollars in thousands, except for share
data)
(Unaudited)
As of and for the Quarter
Ended
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
September 30, 2022
Selected Income Statement Data
Interest income
$
222,744
$
215,294
$
201,176
$
189,769
$
173,687
Interest expense
113,695
101,687
73,254
47,982
26,413
Net interest income
109,049
113,607
127,922
141,787
147,274
Provision for credit losses
340
220
90
2,833
3,100
Net interest income after provision for
credit losses
108,709
113,387
127,832
138,954
144,174
Noninterest income
13,646
14,095
12,754
11,227
13,477
Noninterest expense
81,334
85,705
189,380
98,774
91,733
Income tax expense (benefit)
8,246
8,700
(11,284
)
10,653
13,481
Net income (loss)
32,775
33,077
(37,510
)
40,754
52,437
Adjusted net income (1)
32,624
33,726
44,083
49,433
54,880
Per Share Data (Common Stock)
Earnings (loss):
Basic
$
0.79
$
0.80
$
(0.91
)
$
0.99
$
1.27
Diluted
0.79
0.80
(0.91
)
0.99
1.27
Adjusted earnings:
Basic (1)
0.79
0.82
1.07
1.20
1.33
Diluted (1)
0.79
0.82
1.07
1.20
1.33
Dividends
0.38
0.38
0.38
0.38
0.38
Book value
56.49
57.00
56.95
57.91
57.19
Tangible book value (1)
31.11
31.55
31.42
32.25
31.44
Common shares outstanding
41,284,003
41,279,460
41,281,904
41,190,677
41,165,006
Weighted average basic shares outstanding
(2)
41,284,964
41,280,312
41,223,376
41,193,716
41,167,258
Weighted average diluted shares
outstanding (2)
41,381,034
41,365,275
41,316,798
41,285,383
41,253,662
Selected Period End Balance Sheet
Data
Total assets
$
18,519,872
$
18,719,802
$
18,798,354
$
18,258,414
$
17,944,493
Cash and cash equivalents
711,709
902,882
1,048,590
654,322
516,159
Securities available for sale
1,545,904
1,637,682
1,675,415
1,691,784
1,730,163
Securities held to maturity
205,689
206,146
206,602
207,059
207,516
Loans, held for sale
18,068
18,624
16,576
11,310
21,973
Loans, held for investment (3)
13,781,102
13,628,025
13,606,039
13,597,264
13,285,757
Mortgage warehouse purchase loans
442,302
491,090
400,547
312,099
409,044
Allowance for credit losses on loans
148,249
147,804
146,850
148,787
146,395
Goodwill and other intangible assets
1,047,687
1,050,798
1,053,909
1,057,020
1,060,131
Other real estate owned
22,505
22,505
22,700
23,900
23,900
Noninterest-bearing deposits
3,703,784
3,905,492
4,148,360
4,736,830
5,107,001
Interest-bearing deposits
11,637,185
10,968,014
9,907,327
10,384,587
9,854,007
Borrowings (other than junior subordinated
debentures)
546,666
1,180,262
2,137,607
567,066
466,892
Junior subordinated debentures
54,568
54,518
54,469
54,419
54,370
Total stockholders' equity
2,332,098
2,353,042
2,350,857
2,385,383
2,354,340
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Financial Data
Three Months Ended September 30, 2023,
June 30, 2023, March 31, 2023, December 31, 2022 and September 30,
2022
(Dollars in thousands, except for share
data)
(Unaudited)
As of and for the Quarter
Ended
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
September 30, 2022
Selected Performance Metrics
Return on average assets
0.70
%
0.71
%
(0.83
)%
0.90
%
1.16
%
Return on average equity
5.51
5.62
(6.39
)
6.85
8.66
Return on tangible equity (4)
9.92
10.14
(11.48
)
12.42
15.52
Adjusted return on average assets (1)
0.70
0.73
0.98
1.09
1.22
Adjusted return on average equity (1)
5.48
5.73
7.51
8.31
9.07
Adjusted return on tangible equity (1)
(4)
9.87
10.34
13.49
15.07
16.24
Net interest margin
2.60
2.71
3.17
3.49
3.64
Efficiency ratio (5)
63.75
64.68
132.41
62.52
55.13
Adjusted efficiency ratio (1) (5)
63.84
63.93
58.17
55.51
53.23
Credit Quality Ratios (3) (6)
Nonperforming assets to total assets
0.33
%
0.32
%
0.32
%
0.35
%
0.45
%
Nonperforming loans to total loans held
for investment
0.28
0.28
0.27
0.29
0.43
Nonperforming assets to total loans held
for investment and other real estate
0.44
0.44
0.44
0.47
0.61
Allowance for credit losses on loans to
nonperforming loans
385.81
389.84
393.69
371.14
256.65
Allowance for credit losses to total loans
held for investment
1.08
1.08
1.08
1.09
1.10
Net (recoveries) charge-offs to average
loans outstanding (annualized)
0.01
(0.03
)
0.04
0.02
0.04
Capital Ratios
Estimated common equity Tier 1 capital to
risk-weighted assets
9.86
%
9.78
%
9.70
%
10.09
%
10.00
%
Estimated tier 1 capital to average
assets
9.09
8.92
9.01
9.49
9.41
Estimated tier 1 capital to risk-weighted
assets
10.21
10.13
10.05
10.45
10.35
Estimated total capital to risk-weighted
assets
11.89
11.95
11.88
12.35
12.27
Total stockholders' equity to total
assets
12.59
12.57
12.51
13.06
13.12
Tangible common equity to tangible assets
(1)
7.35
7.37
7.31
7.72
7.67
____________
(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 $61,044, $60,533, $60,115, $64,109 and $81,054,
respectively. Nonperforming loans, which consists of nonaccrual
loans, loans delinquent 90 days and still accruing interest, and
troubled debt restructurings (TDR) totaled $38,425, $37,914,
$37,301, $40,089 and $57,040, respectively. With the adoption of
ASU 2022-02, effective January 1, 2023, TDR accounting has been
eliminated.
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Statements of Income
Three and Nine Months Ended September 30,
2023 and 2022
(Dollars in thousands)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Interest income:
Interest and fees on loans
$
202,725
$
160,160
$
580,631
$
427,765
Interest on taxable securities
7,674
8,306
23,323
24,908
Interest on nontaxable securities
2,558
2,655
7,747
7,729
Interest on interest-bearing deposits and
other
9,787
2,566
27,513
4,846
Total interest income
222,744
173,687
639,214
465,248
Interest expense:
Interest on deposits
102,600
21,586
243,005
35,306
Interest on FHLB advances
6,054
443
29,903
786
Interest on other borrowings
3,808
3,635
12,248
10,986
Interest on junior subordinated
debentures
1,233
749
3,480
1,749
Total interest expense
113,695
26,413
288,636
48,827
Net interest income
109,049
147,274
350,578
416,421
Provision for credit losses
340
3,100
650
1,657
Net interest income after provision for
credit losses
108,709
144,174
349,928
414,764
Noninterest income:
Service charges on deposit accounts
3,568
3,194
10,436
8,996
Investment management fees
2,470
2,156
7,215
6,998
Mortgage banking revenue
1,774
2,179
5,646
7,695
Mortgage warehouse purchase program
fees
555
596
1,414
2,285
Loss on sale of loans
(7
)
—
(14
)
(1,501
)
(Loss) gain on sale and disposal of
premises and equipment
(56
)
(101
)
345
(310
)
Increase in cash surrender value of
BOLI
1,465
1,350
4,252
3,987
Other
3,877
4,103
11,201
12,089
Total noninterest income
13,646
13,477
40,495
40,239
Noninterest expense:
Salaries and employee benefits
43,618
54,152
136,833
154,837
Occupancy
12,408
11,493
35,607
31,526
Communications and technology
6,916
6,545
21,202
18,276
FDIC assessment
3,653
1,749
10,171
4,831
Advertising and public relations
587
424
2,195
1,583
Other real estate owned (income) expenses,
net
(253
)
133
(482
)
199
Impairment of other real estate
—
—
2,200
—
Amortization of other intangible
assets
3,111
3,117
9,333
9,380
Litigation settlement
—
—
102,500
—
Professional fees
1,262
3,457
6,112
10,990
Other
10,032
10,663
30,748
28,493
Total noninterest expense
81,334
91,733
356,419
260,115
Income before taxes
41,021
65,918
34,004
194,888
Income tax expense
8,246
13,481
5,662
39,351
Net income
$
32,775
$
52,437
$
28,342
$
155,537
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Balance Sheets
As of September 30, 2023 and December 31,
2022
(Dollars in thousands)
(Unaudited)
September 30,
December 31,
Assets
2023
2022
Cash and due from banks
$
92,921
$
134,183
Interest-bearing deposits in other
banks
618,788
520,139
Cash and cash equivalents
711,709
654,322
Certificates of deposit held in other
banks
248
496
Securities available for sale, at fair
value
1,545,904
1,691,784
Securities held to maturity, net of
allowance for credit losses of $0 and $0, respectively
205,689
207,059
Loans held for sale (includes $10,499 and
$10,612 carried at fair value, respectively)
18,068
11,310
Loans, net of allowance for credit losses
of $148,249 and $148,787, respectively
14,075,155
13,760,576
Premises and equipment, net
355,533
355,368
Other real estate owned
22,505
23,900
Federal Home Loan Bank (FHLB) of Dallas
stock and other restricted stock
25,496
23,436
Bank-owned life insurance (BOLI)
243,980
240,448
Deferred tax asset
106,658
78,669
Goodwill
994,021
994,021
Other intangible assets, net
53,666
62,999
Other assets
161,240
154,026
Total assets
$
18,519,872
$
18,258,414
Liabilities and Stockholders’
Equity
Deposits:
Noninterest-bearing
$
3,703,784
$
4,736,830
Interest-bearing
11,637,185
10,384,587
Total deposits
15,340,969
15,121,417
FHLB advances
275,000
300,000
Other borrowings
271,666
267,066
Junior subordinated debentures
54,568
54,419
Other liabilities
245,571
130,129
Total liabilities
16,187,774
15,873,031
Commitments and contingencies
—
—
Stockholders’ equity:
Preferred stock (0 and 0 shares
outstanding, respectively)
—
—
Common stock (41,284,003 and 41,190,677
shares outstanding, respectively)
413
412
Additional paid-in capital
1,964,764
1,959,193
Retained earnings
617,673
638,354
Accumulated other comprehensive loss
(250,752
)
(212,576
)
Total stockholders’ equity
2,332,098
2,385,383
Total liabilities and stockholders’
equity
$
18,519,872
$
18,258,414
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Average Balance Sheet
Amounts, Interest Earned and Yield Analysis
Three Months Ended September 30, 2023 and
2022
(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 September
30,
2023
2022
Average
Outstanding
Balance
Interest
Yield/
Rate (4)
Average
Outstanding
Balance
Interest
Yield/
Rate (4)
Interest-earning assets:
Loans (1)
$
14,118,264
$
202,725
5.70
%
$
13,539,196
$
160,160
4.69
%
Taxable securities
1,411,578
7,674
2.16
1,603,668
8,306
2.05
Nontaxable securities
410,391
2,558
2.47
438,728
2,655
2.40
Interest-bearing deposits and other
716,271
9,787
5.42
458,276
2,566
2.22
Total interest-earning assets
16,656,504
222,744
5.31
16,039,868
173,687
4.30
Noninterest-earning assets
1,864,096
1,853,204
Total assets
$
18,520,600
$
17,893,072
Interest-bearing liabilities:
Checking accounts
$
5,596,274
$
47,657
3.38
%
$
5,906,102
$
12,296
0.83
%
Savings accounts
590,577
90
0.06
795,401
98
0.05
Money market accounts
1,565,181
15,200
3.85
2,181,812
6,770
1.23
Certificates of deposit
3,566,496
39,653
4.41
976,105
2,422
0.98
Total deposits
11,318,528
102,600
3.60
9,859,420
21,586
0.87
FHLB advances
463,967
6,054
5.18
102,717
443
1.71
Other borrowings - short-term
41,087
738
7.13
17,809
171
3.81
Other borrowings - long-term
237,862
3,070
5.12
266,832
3,464
5.15
Junior subordinated debentures
54,550
1,233
8.97
54,352
749
5.47
Total interest-bearing
liabilities
12,115,994
113,695
3.72
10,301,130
26,413
1.02
Noninterest-bearing checking accounts
3,798,091
5,081,649
Noninterest-bearing liabilities
246,340
108,749
Stockholders’ equity
2,360,175
2,401,544
Total liabilities and equity
$
18,520,600
$
17,893,072
Net interest income
$
109,049
$
147,274
Interest rate spread
1.59
%
3.28
%
Net interest margin (2)
2.60
3.64
Net interest income and margin (tax
equivalent basis) (3)
$
110,077
2.62
$
148,454
3.67
Average interest-earning assets to
interest-bearing liabilities
137.48
155.71
____________
(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 21%.
(4) Yield and rates for the three month
periods are annualized.
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Average Balance Sheet
Amounts, Interest Earned and Yield Analysis
Nine Months Ended September 30, 2023 and
2022
(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.
Nine Months Ended September
30,
2023
2022
Average
Outstanding
Balance
Interest
Yield/Rate (4)
Average
Outstanding
Balance
Interest
Yield/Rate (4)
Interest-earning assets:
Loans (1)
$
14,026,604
$
580,631
5.53
%
$
12,955,318
$
427,765
4.41
%
Taxable securities
1,444,280
23,323
2.16
1,665,264
24,908
2.00
Nontaxable securities
417,459
7,747
2.48
430,586
7,729
2.40
Interest-bearing deposits and other
724,787
27,513
5.08
1,067,991
4,846
0.61
Total interest-earning assets
16,613,130
639,214
5.14
16,119,159
465,248
3.86
Noninterest-earning assets
1,855,135
1,894,972
Total assets
$
18,468,265
$
18,014,131
Interest-bearing liabilities:
Checking accounts
$
5,836,196
$
128,493
2.94
%
$
6,007,021
$
19,965
0.44
%
Savings accounts
652,067
263
0.05
791,052
289
0.05
Money market accounts
1,587,340
38,646
3.26
2,196,900
11,182
0.68
Certificates of deposit
2,604,697
75,603
3.88
942,288
3,870
0.55
Total deposits
10,680,300
243,005
3.04
9,937,261
35,306
0.48
FHLB advances
817,436
29,903
4.89
128,114
786
0.82
Other borrowings - short-term
40,196
2,082
6.93
21,282
593
3.73
Other borrowings - long-term
247,258
10,166
5.50
266,659
10,393
5.21
Junior subordinated debentures
54,501
3,480
8.54
54,303
1,749
4.31
Total interest-bearing
liabilities
11,839,691
288,636
3.26
10,407,619
48,827
0.63
Noninterest-bearing checking accounts
4,058,686
5,028,921
Noninterest-bearing liabilities
203,021
107,414
Stockholders’ equity
2,366,867
2,470,177
Total liabilities and equity
$
18,468,265
$
18,014,131
Net interest income
$
350,578
$
416,421
Interest rate spread
1.88
%
3.23
%
Net interest margin (2)
2.82
3.45
Net interest income and margin (tax
equivalent basis) (3)
$
353,680
2.85
$
419,788
3.48
Average interest-earning assets to
interest-bearing liabilities
140.32
154.88
____________
(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 21%.
(4) Yield and rates for the nine month
periods are annualized.
Independent Bank Group, Inc. and
Subsidiaries
Loan Portfolio Composition
As of September 30, 2023 and December 31,
2022
(Dollars in thousands)
(Unaudited)
Total Loans By Class
September 30, 2023
December 31, 2022
Amount
% of Total
Amount
% of Total
Commercial
$
2,208,032
15.5
%
$
2,240,959
16.1
%
Mortgage warehouse purchase loans
442,302
3.1
312,099
2.2
Real estate:
Commercial real estate
8,088,783
56.8
7,817,447
56.2
Commercial construction, land and land
development
1,156,877
8.1
1,231,071
8.8
Residential real estate (1)
1,652,964
11.6
1,604,169
11.5
Single-family interim construction
491,051
3.4
508,839
3.7
Agricultural
121,883
0.9
124,422
0.9
Consumer
79,580
0.6
81,667
0.6
Total loans
14,241,472
100.0
%
13,920,673
100.0
%
Allowance for credit losses
(148,249
)
(148,787
)
Total loans, net
$
14,093,223
$
13,771,886
____________
(1) Includes loans held for sale of
$18,068 and $11,310 at September 30, 2023 and December 31, 2022,
respectively.
Independent Bank Group, Inc. and
Subsidiaries
Reconciliation of Non-GAAP Financial
Measures
Three Months Ended September 30, 2023,
June 30, 2023, March 31, 2023, December 31, 2022 and September 30,
2022
(Dollars in thousands, except for share
data)
(Unaudited)
For the Three Months Ended
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
September 30, 2022
ADJUSTED NET INCOME
Net Interest Income - Reported
(a)
$
109,049
$
113,607
$
127,922
$
141,787
$
147,274
Provision Expense - Reported
(b)
340
220
90
2,833
3,100
Noninterest Income - Reported
(c)
13,646
14,095
12,754
11,227
13,477
Loss on sale of loans
7
7
—
343
—
Loss (gain) on sale and disposal of
premises and equipment
56
(354
)
(47
)
184
101
Recoveries on loans charged off prior to
acquisition
(279
)
(13
)
(117
)
(36
)
(60
)
Adjusted Noninterest Income
(d)
13,430
13,735
12,590
11,718
13,518
Noninterest Expense - Reported
(e)
81,334
85,705
189,380
98,774
91,733
Litigation settlement
—
—
(102,500
)
—
—
Separation expense (1)
—
—
—
(7,131
)
(2,809
)
Economic development employee incentive
grant
—
—
—
—
1,000
OREO impairment
—
(1,000
)
(1,200
)
—
—
Impairment of assets
—
(153
)
(802
)
(3,286
)
(1,156
)
Acquisition expense (2)
(27
)
(27
)
(26
)
(40
)
(65
)
Adjusted Noninterest Expense
(f)
81,307
84,525
84,852
88,317
88,703
Income Tax Expense (Benefit) -
Reported
(g)
8,246
8,700
(11,284
)
10,653
13,481
Net Income (Loss) - Reported
(a) - (b) + (c) - (e) - (g) = (h)
32,775
33,077
(37,510
)
40,754
52,437
Adjusted Net Income (3)
(a) - (b) + (d) - (f) = (i)
$
32,624
$
33,726
$
44,083
$
49,433
$
54,880
ADJUSTED PROFITABILITY (4)
Total Average Assets
(j)
$
18,520,600
$
18,652,450
$
18,228,521
$
17,994,131
$
17,893,072
Total Average Stockholders' Equity
(k)
2,360,175
2,360,226
2,380,421
2,359,637
2,401,544
Total Average Tangible Stockholders'
Equity (5)
(l)
1,311,417
1,308,368
1,325,475
1,301,558
1,340,363
Reported Return on Average
Assets
(h) / (j)
0.70
%
0.71
%
(0.83
)%
0.90
%
1.16
%
Reported Return on Average
Equity
(h) / (k)
5.51
5.62
(6.39
)
6.85
8.66
Reported Return on Average Tangible
Equity
(h) / (l)
9.92
10.14
(11.48
)
12.42
15.52
Adjusted Return on Average Assets
(6)
(i) / (j)
0.70
0.73
0.98
1.09
1.22
Adjusted Return on Average Equity
(6)
(i) / (k)
5.48
5.73
7.51
8.31
9.07
Adjusted Return on Tangible Equity
(6)
(i) / (l)
9.87
10.34
13.49
15.07
16.24
EFFICIENCY RATIO
Amortization of other intangible
assets
(m)
$
3,111
$
3,111
$
3,111
$
3,111
$
3,117
Reported Efficiency Ratio
(e - m) / (a + c)
63.75
%
64.68
%
132.41
%
62.52
%
55.13
%
Adjusted Efficiency Ratio
(f - m) / (a + d)
63.84
63.93
58.17
55.51
53.23
____________
(1) Separation expenses include severance
and accelerated vesting expense for stock awards related to the
separation of certain employees. The quarter ended December 31,
2022 reflects a reduction in workforce due to the restructuring of
certain departments and business lines. The quarter ended September
30, 2022 reflect payments made due to the separation of an
executive officer and also includes $202 thousand in severance
payments and accelerated vesting expense for stock awards related
to the dissolution of a Company department.
(2) Acquisition expenses includes
compensation related expenses for equity awards granted at
acquisition.
(3) Assumes an adjusted effective tax rate
of 20.1%, 20.8%, 20.7%, 20.7%, and 20.5%, respectively. First
quarter 2023 normalized rate excludes the effect of the litigation
settlement.
(4) Quarterly metrics are annualized.
(5) Excludes average balance of goodwill
and net other intangible assets.
(6) Calculated using adjusted net
income.
Independent Bank Group, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial
Measures
As of September 30, 2023, June 30, 2023,
March 31, 2023, December 31, 2022 and September 30, 2022
(Dollars in thousands, except per share
information)
(Unaudited)
Tangible Book Value & Tangible
Common Equity To Tangible Assets Ratio
As of the Quarter Ended
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
September 30, 2022
Tangible Common Equity
Total common stockholders' equity
$
2,332,098
$
2,353,042
$
2,350,857
$
2,385,383
$
2,354,340
Adjustments:
Goodwill
(994,021
)
(994,021
)
(994,021
)
(994,021
)
(994,021
)
Other intangible assets, net
(53,666
)
(56,777
)
(59,888
)
(62,999
)
(66,110
)
Tangible common equity
$
1,284,411
$
1,302,244
$
1,296,948
$
1,328,363
$
1,294,209
Tangible Assets
Total assets
$
18,519,872
$
18,719,802
$
18,798,354
$
18,258,414
$
17,944,493
Adjustments:
Goodwill
(994,021
)
(994,021
)
(994,021
)
(994,021
)
(994,021
)
Other intangible assets, net
(53,666
)
(56,777
)
(59,888
)
(62,999
)
(66,110
)
Tangible assets
$
17,472,185
$
17,669,004
$
17,744,445
$
17,201,394
$
16,884,362
Common shares outstanding
41,284,003
41,279,460
41,281,904
41,190,677
41,165,006
Tangible common equity to tangible
assets
7.35
%
7.37
%
7.31
%
7.72
%
7.67
%
Book value per common share
$
56.49
$
57.00
$
56.95
$
57.91
$
57.19
Tangible book value per common share
31.11
31.55
31.42
32.25
31.44
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231023673403/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
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