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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.73 | 1.61% | 45.95 | 45.89 | 45.96 | 45.9652 | 45.06 | 45.27 | 32,628 | 20:30:21 |
Highlights
Independent Bank Group Chairman and Chief Executive Officer, David Brooks said, "We are pleased with our results from the first quarter. We experienced solid loan growth across our footprint without compromising our credit culture. Despite the challenges brought on by the lower energy commodity prices, we feel good about the quality of our existing loan portfolio and our ability to continue to grow. Our core customers are still making investments and the diversified Texas economy is holding up well." Brooks added, "We strengthened our lending team by hiring six new lenders in the first quarter and further enhanced our infrastructure. We believe these efforts position us well for a successful year."
First Quarter 2015 Operating Results
Net Interest Income
Noninterest Income
Noninterest Expense
Provision for Loan Losses
Income Taxes
First Quarter 2015 Balance Sheet Highlights:
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 40 banking offices in three market regions located in the Dallas/Fort Worth, Austin and Houston, Texas areas.
Conference Call
A conference call covering Independent Bank Group's first quarter earnings announcement will be held tomorrow, Tuesday, April 28, at 8:30 a.m. (EDT) and can be accessed by calling 1-877-303-7611 and by identifying the conference ID number 21885404. A recording of the conference call will be available from April 28 2015 through May 5, 2015 by accessing our website, www.ibtx.com.
Forward-Looking Statements
The numbers as of and for the quarter ended March 31, 2015 are unaudited. 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 Annual Report on Form 10-K filed on February 27, 2015 under the heading "Risk Factors" and other reports and statements filed by the Company with the SEC. 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 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", "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 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 Financial Data | |||||
Three Months Ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 | |||||
(Dollars in thousands, except for share data) | |||||
(Unaudited) | |||||
As of and for the quarter ended | |||||
March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | |
Selected Income Statement Data | |||||
Interest income | $40,736 | $42,952 | $36,940 | $35,078 | $25,162 |
Interest expense | 4,658 | 4,777 | 4,509 | 3,674 | 3,027 |
Net interest income | 36,078 | 38,175 | 32,431 | 31,404 | 22,135 |
Provision for loan losses | 1,670 | 1,751 | 976 | 1,379 | 1,253 |
Net interest income after provision for loan losses | 34,408 | 36,424 | 31,455 | 30,025 | 20,882 |
Noninterest income | 3,966 | 3,961 | 4,210 | 3,119 | 2,334 |
Noninterest expense | 24,386 | 24,931 | 22,162 | 25,343 | 16,076 |
Income tax expense | 4,536 | 5,356 | 4,543 | 2,682 | 2,339 |
Net income | 9,452 | 10,098 | 8,960 | 5,119 | 4,801 |
Preferred stock dividends | 60 | 60 | 60 | 49 | — |
Net income available to common shareholders | 9,392 | 10,038 | 8,900 | 5,070 | 4,801 |
Core net interest income (1) | 35,965 | 37,187 | 32,259 | 30,967 | 21,772 |
Core Pre-Tax Pre-Provision Earnings (1) | 16,810 | 18,003 | 15,266 | 14,683 | 8,652 |
Core Earnings (1) | 10,230 | 10,889 | 9,546 | 9,020 | 4,972 |
Per Share Data (Common Stock) | |||||
Earnings: | |||||
Basic | $0.55 | $0.59 | $0.54 | $0.32 | $0.38 |
Diluted | 0.55 | 0.59 | 0.54 | 0.32 | 0.38 |
Core earnings: | |||||
Basic (1) | 0.60 | 0.64 | 0.58 | 0.57 | 0.40 |
Diluted (1) | 0.60 | 0.64 | 0.58 | 0.57 | 0.39 |
Dividends | 0.08 | 0.06 | 0.06 | 0.06 | 0.06 |
Book value | 30.77 | 30.35 | 29.10 | 28.54 | 20.05 |
Tangible book value (1) | 16.65 | 16.15 | 15.78 | 15.22 | 16.37 |
Common shares outstanding | 17,119,793 | 17,032,669 | 16,370,313 | 16,370,707 | 12,592,935 |
Weighted average basic shares outstanding (4) | 17,091,663 | 17,032,452 | 16,370,506 | 15,788,927 | 12,583,874 |
Weighted average diluted shares outstanding (4) | 17,169,596 | 17,123,423 | 16,469,231 | 15,890,310 | 12,685,517 |
Selected Period End Balance Sheet Data | |||||
Total assets | $4,258,364 | $4,132,639 | $3,746,682 | $3,654,311 | $2,353,675 |
Cash and cash equivalents | 358,798 | 324,047 | 249,769 | 192,528 | 97,715 |
Securities available for sale | 198,149 | 206,062 | 235,844 | 249,856 | 204,539 |
Loans, held for sale | 7,034 | 4,453 | 1,811 | 5,500 | 2,191 |
Loans, held for investment | 3,303,248 | 3,201,084 | 2,890,924 | 2,844,543 | 1,893,082 |
Allowance for loan losses | 20,227 | 18,552 | 16,840 | 16,219 | 14,841 |
Goodwill and core deposit intangible | 241,722 | 241,912 | 218,025 | 217,954 | 46,388 |
Other real estate owned | 4,587 | 4,763 | 4,084 | 3,788 | 2,909 |
Noninterest-bearing deposits | 806,912 | 818,022 | 715,843 | 711,475 | 352,735 |
Interest-bearing deposits | 2,579,766 | 2,431,576 | 2,097,817 | 2,141,943 | 1,537,942 |
Borrowings (other than junior subordinated debentures) | 297,274 | 306,147 | 402,389 | 281,105 | 186,727 |
Junior subordinated debentures | 18,147 | 18,147 | 18,147 | 18,147 | 18,147 |
Series A Preferred Stock | 23,938 | 23,938 | 23,938 | 23,938 | — |
Total stockholders' equity | 550,728 | 540,851 | 500,311 | 491,091 | 252,508 |
Independent Bank Group, Inc. and Subsidiaries | |||||
Consolidated Financial Data | |||||
Three Months Ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 | |||||
(Dollars in thousands, except for share data) | |||||
(Unaudited) | |||||
As of and for the quarter ended | |||||
March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | |
Selected Performance Metrics | |||||
Return on average assets | 0.92% | 0.97% | 0.95% | 0.60% | 0.84% |
Return on average equity (2) | 7.31 | 7.65 | 7.60 | 4.68 | 7.90 |
Return on tangible equity (2) (6) | 13.64 | 14.08 | 14.32 | 8.27 | 9.84 |
Adjusted return on average assets (1) | 1.00 | 1.05 | 1.02 | 1.06 | 0.87 |
Adjusted return on average equity (1) (2) | 7.96 | 8.30 | 8.15 | 8.25 | 8.18 |
Adjusted return on tangible equity (1) (2) (6) | 14.86 | 15.27 | 15.36 | 14.72 | 10.19 |
Net interest margin | 4.07 | 4.28 | 4.04 | 4.26 | 4.17 |
Adjusted net interest margin (3) | 4.05 | 4.17 | 4.02 | 4.20 | 4.10 |
Efficiency ratio | 60.90 | 59.17 | 60.48 | 73.41 | 65.70 |
Core efficiency ratio (1) | 57.76 | 55.85 | 56.87 | 56.92 | 64.05 |
Credit Quality Ratios | |||||
Nonperforming assets to total assets | 0.43% | 0.36% | 0.33% | 0.35% | 0.51% |
Nonperforming loans to total loans | 0.41 | 0.32 | 0.29 | 0.32 | 0.48 |
Nonperforming assets to total loans and other real estate | 0.55 | 0.46 | 0.43 | 0.45 | 0.63 |
Allowance for loan losses to non-performing loans | 148.06 | 183.43 | 200.83 | 177.86 | 162.96 |
Allowance for loan losses to total loans | 0.61 | 0.58 | 0.58 | 0.57 | 0.78 |
Net charge-offs to average loans outstanding (annualized) | — | 0.01 | 0.05 | — | 0.08 |
Capital Ratios | |||||
Common equity tier 1 capital to risk-weighted assets (5) | 8.35% | n/a | n/a | n/a | n/a |
Tier 1 capital to average assets | 7.78 | 8.15% | 8.50% | 9.07% | 9.77% |
Tier 1 capital to risk-weighted assets (1) (5) | 9.02 | 9.83 | 10.34 | 10.21 | 11.96 |
Total capital to risk-weighted assets (5) | 11.51 | 12.59 | 13.36 | 11.00 | 13.08 |
Total stockholders' equity to total assets | 12.93 | 13.09 | 13.35 | 13.44 | 10.73 |
Tangible common equity to tangible assets (1) | 7.10 | 7.07 | 7.32 | 7.25 | 8.93 |
(1) Non-GAAP financial measures. See reconciliation. | |||||
(2) Excludes average balance of Series A preferred stock. | |||||
(3) Excludes income recognized on acquired loans of $113, $988, $172, $437 and $363, respectively. | |||||
(4) Total number of shares includes participating shares (those with dividend rights). | |||||
(5) March 31, 2015 ratios calculated under Basel III rules, which became effective January 1, 2015. | |||||
(6) Excludes average balance of goodwill and net core deposit intangibles. |
Independent Bank Group, Inc. and Subsidiaries | ||
Consolidated Statements of Income | ||
Three Months Ended March 31, 2015 and 2014 | ||
(Dollars in thousands) | ||
(Unaudited) | ||
Three Months Ended March 31, | ||
2015 | 2014 | |
Interest income: | ||
Interest and fees on loans | $39,580 | $24,123 |
Interest on taxable securities | 609 | 699 |
Interest on nontaxable securities | 414 | 257 |
Interest on federal funds sold and other | 133 | 83 |
Total interest income | 40,736 | 25,162 |
Interest expense: | ||
Interest on deposits | 2,709 | 1,907 |
Interest on FHLB advances | 752 | 852 |
Interest on repurchase agreements and other borrowings | 1,069 | 135 |
Interest on junior subordinated debentures | 128 | 133 |
Total interest expense | 4,658 | 3,027 |
Net interest income | 36,078 | 22,135 |
Provision for loan losses | 1,670 | 1,253 |
Net interest income after provision for loan losses | 34,408 | 20,882 |
Noninterest income: | ||
Service charges on deposit accounts | 1,805 | 1,211 |
Mortgage fee income | 1,300 | 730 |
Gain on sale of other real estate | 130 | 39 |
Increase in cash surrender value of BOLI | 270 | 149 |
Other | 461 | 205 |
Total noninterest income | 3,966 | 2,334 |
Noninterest expense: | ||
Salaries and employee benefits | 14,424 | 9,134 |
Occupancy | 3,910 | 2,538 |
Data processing | 688 | 496 |
FDIC assessment | 519 | 304 |
Advertising and public relations | 346 | 234 |
Communications | 539 | 320 |
Net other real estate owned expenses (including taxes) | 59 | 79 |
Operations of IBG Adriatica, net | — | 23 |
Core deposit intangible amortization | 372 | 199 |
Professional fees | 490 | 368 |
Acquisition expense, including legal | 472 | 476 |
Other | 2,567 | 1,905 |
Total noninterest expense | 24,386 | 16,076 |
Income before taxes | 13,988 | 7,140 |
Income tax expense | 4,536 | 2,339 |
Net income | $9,452 | $4,801 |
Consolidated Balance Sheets | ||
As of March 31, 2015 and December 31, 2014 | ||
(Dollars in thousands, except share information) | ||
(Unaudited) | ||
March 31, | December 31, | |
Assets | 2015 | 2014 |
Cash and due from banks | $136,525 | $153,158 |
Interest-bearing deposits in other banks | 222,273 | 170,889 |
Cash and cash equivalents | 358,798 | 324,047 |
Securities available for sale | 198,149 | 206,062 |
Loans held for sale | 7,034 | 4,453 |
Loans, net of allowance for loan losses | 3,283,021 | 3,182,045 |
Premises and equipment, net | 88,163 | 88,902 |
Other real estate owned | 4,587 | 4,763 |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 12,333 | 12,321 |
Bank-owned life insurance (BOLI) | 40,054 | 39,784 |
Deferred tax asset | 2,351 | 2,235 |
Goodwill | 229,639 | 229,457 |
Core deposit intangible, net | 12,083 | 12,455 |
Other assets | 22,152 | 26,115 |
Total assets | $4,258,364 | $4,132,639 |
Liabilities and Stockholders' Equity | ||
Deposits: | ||
Noninterest-bearing | 806,912 | 818,022 |
Interest-bearing | 2,579,766 | 2,431,576 |
Total deposits | 3,386,678 | 3,249,598 |
FHLB advances | 219,386 | 229,405 |
Repurchase agreements | 5,783 | 4,012 |
Other borrowings | 68,785 | 69,410 |
Other borrowings, related parties | 3,320 | 3,320 |
Junior subordinated debentures | 18,147 | 18,147 |
Other liabilities | 5,537 | 17,896 |
Total liabilities | 3,707,636 | 3,591,788 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Series A Preferred Stock | 23,938 | 23,938 |
Common stock | 171 | 170 |
Additional paid-in capital | 477,564 | 476,609 |
Retained earnings | 45,754 | 37,731 |
Accumulated other comprehensive income | 3,301 | 2,403 |
Total stockholders' equity | 550,728 | 540,851 |
Total liabilities and stockholders' equity | $4,258,364 | $4,132,639 |
Independent Bank Group, Inc. and Subsidiaries | ||||||
Consolidated Average Balance Sheet Amounts, Interest Earned and Yield Analysis | ||||||
Three Months Ended March 31, 2015 and 2014 | ||||||
(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 Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Average Outstanding Balance | Interest | Yield/ Rate | Average Outstanding Balance | Interest | Yield/ Rate | |
Interest-earning assets: | ||||||
Loans | $3,254,038 | $39,580 | 4.93% | $1,835,154 | $24,123 | 5.33% |
Taxable securities | 134,015 | 609 | 1.84 | 174,880 | 699 | 1.62 |
Nontaxable securities | 69,245 | 414 | 2.42 | 32,282 | 257 | 3.23 |
Federal funds sold and other | 141,968 | 133 | 0.38 | 108,676 | 83 | 0.31 |
Total interest-earning assets | 3,599,266 | $40,736 | 4.59 | 2,150,992 | $25,162 | 4.74 |
Noninterest-earning assets | 554,741 | 179,940 | ||||
Total assets | $4,154,007 | $2,330,932 | ||||
Interest-bearing liabilities: | ||||||
Checking accounts | $1,267,242 | $1,358 | 0.43% | $814,583 | $998 | 0.50% |
Savings accounts | 143,754 | 65 | 0.18 | 122,038 | 88 | 0.29 |
Money market accounts | 236,589 | 100 | 0.17 | 91,836 | 56 | 0.25 |
Certificates of deposit | 818,773 | 1,186 | 0.59 | 487,408 | 765 | 0.64 |
Total deposits | 2,466,358 | 2,709 | 0.45 | 1,515,865 | 1,907 | 0.51 |
FHLB advances | 219,842 | 752 | 1.39 | 178,375 | 852 | 1.94 |
Repurchase agreements and other borrowings | 76,951 | 1,069 | 5.63 | 11,773 | 135 | 4.65 |
Junior subordinated debentures | 18,147 | 128 | 2.86 | 18,147 | 133 | 2.97 |
Total interest-bearing liabilities | 2,781,298 | 4,658 | 0.68 | 1,724,160 | 3,027 | 0.71 |
Noninterest-bearing checking accounts | 819,330 | 350,136 | ||||
Noninterest-bearing liabilities | 8,542 | 10,229 | ||||
Stockholders' equity | 544,837 | 246,407 | ||||
Total liabilities and equity | $4,154,007 | $2,330,932 | ||||
Net interest income | $36,078 | $22,135 | ||||
Interest rate spread | 3.91% | 4.03% | ||||
Net interest margin | 4.07 | 4.17 | ||||
Average interest earning assets to interest bearing liabilities | 129.41 | 124.76 |
Independent Bank Group, Inc. and Subsidiaries | ||||
Loan Portfolio Composition | ||||
As of March 31, 2015 and December 31, 2014 | ||||
(Dollars in thousands) | ||||
(Unaudited) | ||||
The following table sets forth loan totals by category as of the dates presented: | ||||
March 31, 2015 | December 31, 2014 | |||
Amount | % of Total | Amount | % of Total | |
Commercial | $697,449 | 21.1% | $672,052 | 21.0% |
Real estate: | ||||
Commercial real estate | 1,555,462 | 47.0 | 1,450,434 | 45.2 |
Commercial construction, land and land development | 301,944 | 9.1 | 334,964 | 10.5 |
Residential real estate (1) | 522,750 | 15.8 | 518,478 | 16.2 |
Single-family interim construction | 148,202 | 4.5 | 138,278 | 4.3 |
Agricultural | 37,650 | 1.1 | 38,822 | 1.2 |
Consumer | 47,387 | 1.4 | 52,267 | 1.6 |
Other | 139 | — | 242 | — |
Total loans | 3,310,983 | 100.0% | 3,205,537 | 100.0% |
Deferred loan fees | (701) | (487) | ||
Allowance for losses | (20,227) | (18,552) | ||
Total loans, net | $3,290,055 | $3,186,498 | ||
(1) Includes loans held for sale at March 31, 2015 and December 31, 2014 of $7,034 and $4,453, respectively. |
Independent Bank Group, Inc. and Subsidiaries | ||||||
Reconciliation of Non-GAAP Financial Measures | ||||||
Three Months Ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 | ||||||
(Dollars in thousands, except for share data) | ||||||
(Unaudited) | ||||||
For the Three Months Ended | ||||||
March 31, 2015 | December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||
Net Interest Income - Reported | (a) | $36,078 | $38,175 | $32,431 | $31,404 | $22,135 |
Income recognized on acquired loans | (113) | (988) | (172) | (437) | (363) | |
Adjusted Net Interest Income | (b) | 35,965 | 37,187 | 32,259 | 30,967 | 21,772 |
Provision Expense - Reported | (c) | 1,670 | 1,751 | 976 | 1,379 | 1,253 |
Noninterest Income - Reported | (d) | 3,966 | 3,961 | 4,210 | 3,119 | 2,334 |
Gain on sale of loans | — | — | (1,078) | — | — | |
Gain on sale of OREO | (130) | (12) | (20) | — | (39) | |
Gain on sale of securities | — | (362) | — | — | — | |
Loss on sale of premises and equipment | — | — | 22 | — | — | |
Adjusted Noninterest Income | (e) | 3,836 | 3,587 | 3,134 | 3,119 | 2,295 |
Noninterest Expense - Reported | (f) | 24,386 | 24,931 | 22,162 | 25,343 | 16,076 |
Adriatica Expenses | — | — | — | — | (23) | |
OREO Impairment | — | — | (22) | — | — | |
IPO related stock grant and bonus expense | (156) | (156) | (156) | (156) | (162) | |
Registration statements | — | (163) | (456) | — | — | |
Core system conversion implementation expenses | — | — | — | (265) | — | |
Acquisition Expense (5) | (1,239) | (1,841) | (1,401) | (5,519) | (476) | |
Adjusted Noninterest Expense | (g) | 22,991 | 22,771 | 20,127 | 19,403 | 15,415 |
Pre-Tax Pre-Provision Earnings | (a) + (d) - (f) | $15,658 | $17,205 | $14,479 | $9,180 | $8,393 |
Core Pre-Tax Pre-Provision Earnings | (b) + (e) - (g) | $16,810 | $18,003 | $15,266 | $14,683 | $8,652 |
Core Earnings (2) | (b) - (c) + (e) - (g) | $10,230 | $10,889 | $9,546 | $9,020 | $4,972 |
Reported Efficiency Ratio | (f) / (a + d) | 60.90% | 59.17% | 60.48% | 73.41% | 65.70% |
Core Efficiency Ratio | (g) / (b + e) | 57.76% | 55.85% | 56.87% | 56.92% | 64.05% |
Adjusted Return on Average Assets (1) | 1.00% | 1.05% | 1.02% | 1.06% | 0.87% | |
Adjusted Return on Average Equity (1) | 7.96% | 8.30% | 8.15% | 8.25% | 8.18% | |
Adjusted Return on Tangible Equity (1) | 14.86% | 15.27% | 15.36% | 14.72% | 10.19% | |
Total Average Assets | $4,154,007 | $4,098,671 | $3,721,323 | $3,403,619 | $2,330,932 | |
Total Average Stockholders' Equity (3) | $520,899 | $520,800 | $464,528 | $438,713 | $246,407 | |
Total Average Tangible Stockholders' Equity (3) (4) | $279,149 | $282,907 | $246,500 | $245,830 | $197,899 | |
(1) Calculated using core earnings | ||||||
(2) Assumes actual effective tax rate of 32.4%, 33.0%, 33.2%, 32.2% and 32.8%, respectively. March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 tax rate adjusted for effect of non-deductible acquisition expenses. | ||||||
(3) Excludes average balance of Series A preferred stock. | ||||||
(4) Excludes average balance of goodwill and net core deposit intangibles. | ||||||
(5) Acquisition expenses include $767 thousand, $843 thousand, $772 thousand, $3.996 million and $0 of compensation and bonus expenses in addition to $472 thousand, $998 thousand, $629 thousand, $1.523 million and $476 thousand of merger-related expenses for the quarters ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively. | ||||||
Independent Bank Group, Inc. and Subsidiaries | ||
Reconciliation of Non-GAAP Financial Measures | ||
As of March 31, 2015 and December 31, 2014 | ||
(Dollars in thousands, except per share information) | ||
(Unaudited) | ||
Tangible Book Value Per Common Share | ||
March 31, | December 31, | |
2015 | 2014 | |
Tangible Common Equity | ||
Total common stockholders' equity | $526,790 | $516,913 |
Adjustments: | ||
Goodwill | (229,639) | (229,457) |
Core deposit intangibles, net | (12,083) | (12,455) |
Tangible common equity | $285,068 | $275,001 |
Tangible assets | $4,016,642 | $3,890,727 |
Common shares outstanding | 17,119,793 | 17,032,669 |
Tangible common equity to tangible assets | 7.10% | 7.07% |
Book value per common share | $30.77 | $30.35 |
Tangible book value per common share | 16.65 | 16.15 |
Tier 1 Capital to Risk-Weighted Assets Ratio | ||
March 31, | December 31, | |
2015 | 2014 | |
Tier 1 Common Equity | ||
Total common stockholders' equity - GAAP | $526,790 | $516,913 |
Adjustments: | ||
Unrealized gain on available-for-sale securities | (3,301) | (2,403) |
Goodwill | (229,639) | (229,457) |
Core deposit intangibles, net | (12,083) | (12,455) |
Qualifying Restricted Core Capital Elements (junior subordinated debentures) | 17,600 | 17,600 |
Tier 1 common equity | $299,367 | $290,198 |
Preferred Stock | 23,938 | 23,938 |
Tier 1 Equity | $323,305 | $314,136 |
Total Risk-Weighted Assets | ||
On balance sheet | $3,291,476 | $3,059,172 |
Off balance sheet | 294,601 | 136,241 |
Total risk-weighted assets | $3,586,077 | $3,195,413 |
Total common stockholders' equity to risk-weighted assets ratio | 14.69% | 16.18% |
Tier 1 equity to risk-weighted assets ratio | 9.02 | 9.83 |
Tier 1 common equity to risk-weighted assets ratio | 8.35 | 9.08 |
CONTACT: Analysts/Investors: Torry Berntsen President and Chief Operating Officer (972) 562-9004 tberntsen@ibtx.com Michelle Hickox Executive Vice President and Chief Financial Officer (972) 562-9004 mhickox@ibtx.com Media: Robb Temple Executive Vice President and Chief Administrative Officer (972) 562-9004 rtemple@ibtx.com
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