![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Independent Bank Group Inc | NASDAQ:IBTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.82 | 1.81% | 46.04 | 18.30 | 56.60 | 46.085 | 45.06 | 45.27 | 86,863 | 22:30:00 |
On a core pre-provision earnings basis, first quarter 2013 net income was $6.5 million compared to $6.4 million for fourth quarter 2012 and compared to $4.2 million for first quarter 2012.
First Quarter 2013 Highlights:
Independent Bank Group Chairman and Chief Executive Officer David R. Brooks said, "We are pleased to have completed our initial public offering on April 8, 2013, raising $87 million to support our continued organic growth and growth through strategic acquisitions. Since the beginning of the year, loans and deposits have continued to grow and earnings have remained solid. We are especially encouraged by first quarter 2013 results in that our first quarter has historically been our weakest."
First Quarter 2013 Results:
Earnings Remain Solid
Core pre-provision earnings increased during the quarter due to continued loan growth and a reduction in cost of funds, both of which improved net interest income, the primary driver of overall operating income. Mr. Brooks noted, "A year over year double-digit increase in total loans and the reduction in our cost of funds have contributed to continued solid earnings performance. We also improved our efficiency ratio as a result of increased revenue and by leveraging our existing infrastructure."
Net Interest Income
Noninterest Income
Noninterest Expense
Provision for Loan Losses
Income Taxes and Dividends
First Quarter 2013 Balance Sheet Highlights
Continued Growth
The Company's underlying organic growth continued during the quarter. Loans and deposits increased from year end 2012 and year over year. Overall asset quality remains strong and the Company remains well capitalized. Mr. Brooks stated, "We believe that our overall credit quality remains strong with past dues, charge-offs, ORE, and total nonperforming assets and loans at historically low levels."
Loans
Asset Quality
Deposits and Borrowings
Capital
About Independent Bank Group
Independent Bank Group, through its wholly owned subsidiary, Independent Bank, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Independent Bank Group operates 30 banking offices in 26 communities in two market regions located in the Dallas/Fort Worth metropolitan area and the greater Austin area. As of March 31, 2013, Independent Bank Group had total assets of $1.764 billion, total loans of $1.422 billion and total deposits of $1.415 billion.
Conference Call
A conference call covering Independent Bank Group's quarter earnings announcement will be held today, Tuesday, April 30, at 7:30 a.m. (CDT) and can be accessed by calling 1-559-726-1300 and entering the passcode 334099#. A recording of the conference call will be available from April 30, 2013 through May 7, 2013 by calling 1-559-726-1399 and entering the passcode 334099#.
Forward-Looking Statements
From time to time, our comments and releases may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements can be identified by words such as "believes," "anticipates," "expects," "forecast," "guidance," "intends," "targeted," "continue," "remain," "should," "may," "plans," "estimates," "will," "will continue," "will remain," variations on such words or phrases, or similar references to future occurrences or events in future periods; however, such words are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items; (ii) statements of plans, objectives, and expectations of Independent Bank Group or its management or Board of Directors; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Forward-looking statements are based on Independent Bank Group's current expectations and assumptions regarding its business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Independent Bank Group'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. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: (1) local, regional, national, and international economic conditions and the impact they may have on us and our customers and our assessment of that impact; (2) volatility and disruption in national and international financial markets; (3) government intervention in the U.S. financial system, whether through changes in the discount rate or money supply or otherwise; (4) changes in the level of non-performing assets and charge-offs; (5) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (6) adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio; (7) inflation, deflation, changes in market interest rates, developments in the securities market, and monetary fluctuations; (8) the timely development and acceptance of new products and services and perceived overall value of these products and services by customers; (9) changes in consumer spending, borrowings, and savings habits; (10) technological changes; (11) the ability to increase market share and control expenses; (12) changes in the competitive environment among banks, bank holding companies, and other financial service providers; (13) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) with which we and our subsidiaries must comply; (14) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; (15) the costs and effects of legal and regulatory developments including the resolution of legal proceedings; and (16) our success at managing the risks involved in the foregoing items and (17) the other factors that are described in the Company's Form S-1 Registration Statement, as amended, which became effective April 2, 2013, under the heading "Risk Factors." Any forward-looking statement made by the Company in this release speaks only as of the date on which it is made. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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 "core pre-provision earnings", "tangible book value", "tangible book value per common share", "core efficiency ratio", "Tier 1 capital to average assets", "Tier 1 capital to risk weighted assets", "tangible common equity to tangible assets", "net interest margin excluding purchase accounting accretion", "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 non-GAAP 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 loan losses and the effect of goodwill, core deposit intangibles 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 Selected Financial Data | |||
Three months ended March 31, 2013, March 31, 2012 and December 31, 2012 | |||
(Dollars in thousands, except for per share data) | |||
(Unaudited) | |||
As of and for the Quarter ended | |||
March 31 | December 31, | ||
2013 | 2012 | 2012 | |
Selected Income Statement Data | |||
Interest income | $ 21,421 | $ 15,506 | $ 20,214 |
Interest expense | 3,206 | 3,204 | 3,423 |
Net interest income | 18,215 | 12,302 | 16,791 |
Provision for loan losses | 1,030 | 575 | 929 |
Net interest income after provision for loan losses | 17,185 | 11,727 | 15,862 |
Noninterest income | 2,426 | 1,891 | 3,556 |
Noninterest expense | 13,923 | 10,494 | 13,329 |
Net income | 5,688 | 3,124 | 6,089 |
Pro forma net income-after tax (2) | 3,822 | 2,184 | 4,256 |
Core Pre-Provision Earnings (1) | 6,499 | 4,212 | 6,392 |
Per Share Data (Common Stock) | |||
Earnings: | |||
Basic | $ 0.69 | $ 0.44 | $ 0.74 |
Diluted | 0.68 | 0.43 | 0.74 |
Pro forma earnings: | |||
Basic | 0.46 | 0.30 | 0.50 |
Diluted | 0.46 | 0.30 | 0.50 |
Dividends | 0.65 | 0.20 | 0.38 |
Book value | 15.01 | 13.75 | 15.06 |
Tangible book value (1) | 11.16 | 12.00 | 11.19 |
Selected Period End Balance Sheet Data | |||
Total assets | $ 1,764,134 | $ 1,307,760 | $ 1,740,060 |
Cash and cash equivalents | 80,890 | 97,175 | 102,290 |
Securities available for sale | 114,540 | 91,089 | 113,355 |
Total loans (gross) | 1,421,996 | 1,005,083 | 1,378,676 |
Allowance for loan losses | 11,984 | 9,328 | 11,478 |
Goodwill and core deposit intangible | 31,817 | 13,744 | 31,965 |
Other real estate owned | 8,459 | 8,350 | 6,847 |
Adriatica real estate owned | 9,724 | 16,279 | 9,727 |
Noninterest-bearing deposits | 243,235 | 170,768 | 259,664 |
Interest-bearing deposits | 1,171,864 | 886,390 | 1,131,076 |
Borrowings (other than junior subordinated debentures) | 200,234 | 124,473 | 201,118 |
Junior subordinated debentures | 18,147 | 14,538 | 18,147 |
Total stockholders' equity | 124,142 | 107,844 | 124,510 |
Independent Bank Group, Inc. and Subsidiaries | |||
Consolidated Selected Financial Data | |||
Three months ended March 31, 2013, March 31, 2012 and December 31, 2012 | |||
(Dollars in thousands, except for per share data) | |||
(Unaudited) | |||
As of and for the Quarter ended | |||
March 31 | December 31, | ||
2013 | 2012 | 2012 | |
Selected Performance Metrics | |||
Return on average assets | 1.33% | 1.16% | 1.43% |
Return on average equity | 18.49 | 17.36 | 20.00 |
Pro forma return on average assets (2) | 0.89 | 0.79 | 1.00 |
Pro forma return on average equity (2) | 12.43 | 11.86 | 13.98 |
Adjusted return on average assets (1) | 1.52 | 1.33 | 1.50 |
Adjusted return on average equity (1) | 21.14 | 18.46 | 20.99 |
Net interest margin | 4.68 | 4.31 | 4.41 |
Net interest margin-less acquired loan income (3) | 4.40 | 4.29 | 4.35 |
Efficiency ratio | 67.45 | 73.94 | 65.41 |
Core efficiency ratio (1) | 66.80 | 70.30 | 66.30 |
Credit Quality Ratios | |||
Nonperforming assets to total assets | 1.35% | 2.51% | 1.59% |
Nonperforming loans to total loans | 0.40 | 0.82 | 0.81 |
Allowance for loan losses to non-performing loans | 209.73 | 113.88 | 104.02 |
Allowance for loan losses to total loans | 0.85 | 0.93 | 0.84 |
Net charge-offs to average loans outstanding | 0.15 | 0.12 | 0.10 |
Capital Ratios | |||
Tier 1 capital to average assets | 6.29% | 8.38% | 6.45% |
Tier 1 capital to risk-weighted assets (1) | 8.01 | 10.72 | 8.22 |
Total capital to risk-weighted assets | 10.20 | 13.23 | 10.51 |
Total stockholders' equity to total assets | 7.04 | 8.25 | 7.16 |
Tangible common equity to tangible assets (1) | 5.33 | 7.27 | 5.42 |
(1) Non GAAP financial measures. See reconciliation. | |||
(2) Income tax expense calculated using effective tax rate as if Company had been a C corporation for periods presented (32.8%, 30.1 % and 30.1%, respectively). | |||
(3) Income recognized on acquired loans totaled $1,068, $58 and $135, respectively. |
Independent Bank Group, Inc. and Subsidiaries | |||
Consolidated Statements of Income | |||
Three months ended March 31, 2013, March 31, 2012 and December 31, 2012 | |||
(Dollars in thousands) | |||
(Unaudited) | |||
Quarter ended | |||
March 31 | December 31, | ||
2013 | 2012 | 2012 | |
Interest income: | |||
Interest and fees on loans | $ 20,759 | $ 14,899 | $ 19,596 |
Interest on taxable securities | 366 | 385 | 355 |
Interest on nontaxable securities | 249 | 199 | 221 |
Interest on federal funds sold and other | 47 | 23 | 42 |
Total interest income | 21,421 | 15,506 | 20,214 |
Interest expense: | |||
Interest on deposits | 1,728 | 2,134 | 1,980 |
Interest on FHLB advances | 828 | 492 | 687 |
Interest on notes payable and other borrowings | 515 | 450 | 606 |
Interest on junior subordinated debentures | 135 | 128 | 150 |
Total interest expense | 3,206 | 3,204 | 3,423 |
Net interest income | 18,215 | 12,302 | 16,791 |
Provision for loan losses | 1,030 | 575 | 929 |
Net interest income after provision | 17,185 | 11,727 | 15,862 |
Noninterest income: | |||
Service charges on deposit accounts | 1,139 | 809 | 913 |
Mortgage fee income | 1,066 | 963 | 1,151 |
Gain (loss) on sale of other real estate | 25 | (53) | 1,210 |
Loss on sale of securities available for sale | -- | (3) | -- |
Gain on sale of premises and equipment | 1 | 1 | 3 |
Increase in cash surrender value of BOLI | 81 | 82 | 82 |
Other | 114 | 92 | 197 |
Total noninterest income | 2,426 | 1,891 | 3,556 |
Noninterest expense: | |||
Salaries and employee benefits | 7,748 | 5,840 | 7,659 |
Occupancy | 2,147 | 1,670 | 2,002 |
Data processing | 296 | 267 | 347 |
FDIC assessment | 246 | 199 | 176 |
Advertising and public relations | 216 | 154 | 104 |
Communications | 340 | 308 | 349 |
Net other real estate owned expenses | 166 | 73 | 15 |
Operations of IBG Adriatica , net | 197 | 300 | 91 |
Other real estate impairment | 448 | -- | 38 |
Core deposit intangible | 176 | 142 | 176 |
Professional fees | 272 | 243 | 352 |
Acquisition expense, including legal | 137 | 216 | 590 |
Other | 1,534 | 1,082 | 1,430 |
Total noninterest expense | 13,923 | 10,494 | 13,329 |
Net income | $ 5,688 | $ 3,124 | $ 6,089 |
Independent Bank Group, Inc. and Subsidiaries | |||
Consolidated Balance Sheets | |||
As of March 31, 2013, March 31, 2012 and December 31, 2012 | |||
(Dollars in thousands) | |||
(Unaudited) | |||
March 31, | March 31, | December 31, | |
Assets | 2013 | 2012 | 2012 |
Cash and due from banks | $ 17,560 | $ 17,300 | $ 30,920 |
Federal Reserve Excess Balance Account ("EBA") | 63,330 | 79,875 | 71,370 |
Cash and cash equivalents | 80,890 | 97,175 | 102,290 |
Certificates of deposit held in other banks | 4,682 | -- | 7,720 |
Securities available for sale | 114,540 | 91,089 | 113,355 |
Loans held for sale | 6,090 | 2,455 | 9,162 |
Loans, net of allowance for loan losses of $11,984 | |||
$9,328 and $11,478, respectively | 1,403,922 | 993,301 | 1,358,036 |
Premises and equipment, net | 72,903 | 61,099 | 70,581 |
Other real estate owned | 8,459 | 8,350 | 6,847 |
Adriatica real estate | 9,724 | 16,279 | 9,727 |
Goodwill | 28,742 | 11,222 | 28,714 |
Core deposit intangible, net | 3,075 | 2,522 | 3,251 |
Federal Home Loan Bank ("FHLB") of Dallas stock and other restricted stock | 8,170 | 4,885 | 8,165 |
Bank-owned life insurance ("BOLI") | 11,005 | 10,679 | 10,924 |
Deferred tax asset | -- | -- | -- |
Other assets | 11,932 | 8,704 | 11,288 |
Total assets | $ 1,764,134 | $ 1,307,760 | $ 1,740,060 |
Liabilities and Stockholders' Equity | |||
Deposits: | |||
Noninterest-bearing | 243,235 | 170,768 | 259,664 |
Interest-bearing | 1,171,864 | 886,390 | 1,131,076 |
Total deposits | 1,415,099 | 1,057,158 | 1,390,740 |
FHLB advances | 164,552 | 82,244 | 164,601 |
Notes payable | 15,082 | 25,314 | 15,729 |
Other borrowings | 20,600 | 16,915 | 20,788 |
Junior subordinated debentures | 18,147 | 14,538 | 18,147 |
Dividends payable | 2,324 | -- | -- |
Other liabilities | 4,188 | 3,747 | 5,545 |
Total liabilities | 1,639,992 | 1,199,916 | 1,615,550 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock | 83 | 78 | 83 |
Additional paid-in capital | 88,973 | 79,478 | 88,791 |
Retained earnings | 33,624 | 26,320 | 33,290 |
Treasury stock, at cost | (232) | (24) | (232) |
Accumulated other comprehensive income | 1,694 | 1,992 | 2,578 |
Total stockholders' equity | 124,142 | 107,844 | 124,510 |
Total liabilities and stockholders' equity | $ 1,764,134 | $ 1,307,760 | $ 1,740,060 |
Independent Bank Group, Inc. and Subsidiaries | ||||||
Consolidated Average Balance Sheet Amounts, Interest Earned, and Yield Analysis | ||||||
Three months ended March 31, 2013 and March 31, 2012 | ||||||
(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. | ||||||
For The Quarter Ended March 31, | ||||||
2013 | 2012 | |||||
Average | Average | |||||
Outstanding | Yield/ | Outstanding | Yield/ | |||
Balance | Interest | Rate | Balance | Interest | Rate (1) | |
Interest-earning assets: | ||||||
Loans | $ 1,397,215 | $ 20,759 | 6.03% | $ 998,316 | $ 14,899 | 5.94% |
Taxable securities | 82,370 | 366 | 1.80 | 68,994 | 385 | 2.22 |
Nontaxable securities | 31,815 | 249 | 3.17 | 22,330 | 199 | 3.55 |
Federal funds sold and other | 68,012 | 47 | 0.28 | 45,219 | 23 | 0.20 |
Total interest-earning assets | 1,579,412 | 21,421 | 5.50 | 1,134,859 | 15,506 | 5.44 |
Noninterest-earning assets | 154,513 | 137,042 | ||||
Total assets | $ 1,733,924 | $ 1,271,901 | ||||
Interest-bearing liabilities: | ||||||
Checking accounts | 694,492 | 946 | 0.55 | 482,706 | 1,116 | 0.92 |
Savings accounts | 114,429 | 91 | 0.32 | 103,275 | 224 | 0.86 |
Limited access money market accounts | 38,610 | 24 | 0.25 | 12,253 | 27 | 0.89 |
Certificates of deposit | 304,147 | 667 | 0.89 | 268,464 | 767 | 1.14 |
Total deposits | 1,151,679 | 1,728 | 0.61 | 866,698 | 2,134 | 0.98 |
FHLB advances | 164,582 | 828 | 2.04 | 82,269 | 492 | 2.38 |
Notes payable and other borrowings | 36,100 | 515 | 5.79 | 39,125 | 450 | 4.58 |
Junior subordinated debentures | 18,147 | 135 | 3.02 | 14,538 | 128 | 3.50 |
Total interest-bearing liabilities | 1,370,507 | 3,206 | 0.95 | 1,002,630 | 3,204 | 1.27 |
Noninterest-bearing checking accounts | 235,125 | 153,975 | ||||
Noninterest-bearing liabilities | 3,561 | 23,520 | ||||
Stockholders' equity | 124,731 | 91,776 | ||||
Total liabilities and equity | $ 1,733,924 | $ 1,271,901 | ||||
Net interest income | $ 18,215 | $ 12,302 | ||||
Interest rate spread | 4.55% | 4.16% | ||||
Net interest margin | 4.68 | 4.31 |
Independent Bank Group, Inc. and Subsidiaries | ||||||
Loan Portfolio Composition | ||||||
As of March 31, 2013, March 31, 2012 and December 31, 2012 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
The following table sets forth loan totals by category as of the dates presented: | ||||||
As of March 31, | As of December 31, 2012 | |||||
2013 | 2012 | 2012 | ||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | |
Commercial | $ 175,910 | 12.37% | $ 120,764 | 12.02 | $169,882 | 12.32 |
Real estate: | ||||||
Commercial real estate | 679,762 | 47.80 | 470,858 | 46.85 | $648,494 | 47.04 |
Commercial construction, land and land development | 100,586 | 7.07 | 86,823 | 8.64 | $97,329 | 7.06 |
Residential real estate (1) | 332,529 | 23.38 | 225,426 | 22.43 | $315,349 | 22.87 |
Single-family interim const. | 54,167 | 3.81 | 30,383 | 3.02 | $67,920 | 4.93 |
Agricultural | 36,806 | 2.59 | 35,954 | 3.58 | $40,127 | 2.91 |
Consumer | 42,032 | 2.96 | 34,819 | 3.46 | $39,502 | 2.87 |
Other | 204 | 0.01 | 56 | 0.01 | 73 | -- |
Total loans | 1,421,996 | 100% | 1,005,083 | 100.00 | 1,378,676 | 100.00 |
Other items: | ||||||
Allowance for losses | (12,084) | (9,328) | (11,478) | |||
Total loans, net | $ 1,409,911 | $ 995,755 | $ 1,367,198 | |||
(1) Includes loans held for sale at March 31, 2013, March 31, 2012 and December 31, 2012 of $6,090, $2,455 and $9,162, respectively. |
Independent Bank Group, Inc. and Subsidiaries | |||
Reconciliation of Non GAAP Financial Measures | |||
Three months ended March 31, 2013, March 31, 2012 and December 31, 2012 | |||
(Dollars in thousands except for per share data) | |||
(Unaudited) | |||
The following tables reconcile non GAAP financial measures: | |||
For the Quarter Ended | |||
31-Mar-13 | 31-Mar-12 | 31-Dec-12 | |
Net Interest Income - Reported (a) | $ 18,215 | $ 12,302 | $ 16,791 |
Income recognized on acquired loans (b) | (1,068) | (58) | (135) |
Net Interest Income less accretion on acquired loans (a + b = c) | 17,147 | 12,244 | 16,656 |
Provision Expense - Reported | 1,030 | 575 | 929 |
Noninterest Income - Reported (d) | 2,426 | 1,891 | 3,556 |
Loss / (Gain) on Sale of OREO | (25) | 53 | (1,210) |
Loss / (Gain) on Sale of Securities | 3 | -- | |
Loss / (Gain) on Sale of PP&E | (1) | (1) | -- |
Adjusted Noninterest Income (e) | 2,400 | 1,946 | 2,346 |
Noninterest Expense - Reported (f) | 13,923 | 10,494 | 13,329 |
Adriatica Expenses | (197) | (300) | (91) |
OREO Impairment | (448) | -- | (38) |
OREO Back Property Tax | (93) | -- | -- |
Acquisition Expense | (137) | (216) | (590) |
Adjusted Noninterest Expense (g) | 13,048 | 9,978 | 12,610 |
Pre-Provision Earnings (a + d) – f) | $ 6,718 | $ 3,699 | $ 7,018 |
Core Pre-Provision Earnings (c + e) – g) | $ 6,499 | $ 4,212 | $ 6,392 |
Reported Efficiency Ratio (f ÷ (a + b)) | 67.5% | 73.9% | 65.4% |
Core Efficiency Ratio (g ÷ (c + e)) | 66.8% | 70.3% | 66.3% |
Adjusted Return on Average Assets | 1.52% | 1.33% | 1.50% |
Adjusted Return on Average Equity | 21.14% | 18.46% | 20.99% |
Total Average Assets | $1,733,924 | $1,271,901 | $1,698,779 |
Total Average Stockholders' Equity | $ 124,731 | $ 91,776 | $ 121,121 |
Independent Bank Group, Inc. and Subsidiaries | |||
Reconciliation of Non GAAP Financial Measures | |||
Three months ended March 31, 2013, March 31, 2012 and December 31, 2012 | |||
(Dollars in thousands except for per share data) | |||
(Unaudited) | |||
Tangible Book Value Per Common Share | |||
March 31, | December 31, | ||
2013 | 2012 | 2012 | |
Tangible Common Equity | |||
Total stockholders' equity | $ 124,142 | $ 107,844 | $ 124,510 |
Adjustments: | |||
Goodwill | 28,742 | 11,222 | 28,742 |
Core deposit intangibles | 3,075 | 2,522 | 3,251 |
Tangible common equity | $ 92,325 | $ 94,100 | $ 92,517 |
Common shares outstanding | 8,269,707 | 7,842,288 | 8,269,707 |
Book value per common share | $ 15.01 | $ 13.75 | $ 15.06 |
Tangible book value per common share | 11.16 | 12.00 | 11.19 |
Tier 1 Capital to Risk-Weighted Assets Ratio | |||
March 31, | December 31, | ||
2013 | 2012 | 2012 | |
Tier 1 Common Equity | |||
Total stockholders' equity - GAAP | $ 124,142 | $ 107,844 | $ 124,510 |
Adjustments: | |||
Unrealized gain on available-for-sale securities | 1,694 | 1,992 | 2,578 |
Goodwill | 28,742 | 11,222 | 28,742 |
Other intangibles | 3,075 | 2,522 | 3,251 |
Other disallowed assets | -- | -- | -- |
Qualifying Restricted Core Capital Elements (TRUPS) | 17,600 | 14,100 | 17,600 |
Tier 1 common equity | $ 108,231 | $ 106,208 | $ 107,539 |
Total Risk-Weighted Assets | |||
On balance sheet | $ 1,339,808 | $ 980,934 | $1,297,795 |
Off balance sheet | 10,623 | 9,610 | 10,860 |
Total risk-weighted assets | $ 1,350,431 | $ 990,544 | $1,308,655 |
Total stockholders' equity to risk-weighted assets ratio | 9.19% | 10.89% | 9.51% |
Tier 1 common equity to risk-weighted assets ratio | 8.01 | 10.72 | 8.22 |
CONTACT: Analysts/Investors: Torry Berntsen President and Chief Operating Officer (972) 562-9004 tberntsen@independent-bank.com Michelle Hickox Chief Financial Officer (972) 562-9004 mhickox@independent-bank.com Media: Eileen Ponce (469) 742-9437 eponce@independent-bank.com
1 Year Independent Bank Chart |
1 Month Independent Bank Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions