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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.82 | 1.81% | 46.04 | 18.30 | 56.60 | 46.085 | 45.06 | 45.27 | 86,863 | 22:30:00 |
Independent Bank Group Chairman and Chief Executive Officer David R. Brooks said, "We are very pleased with our results for the second quarter. Loans and deposits have continued to grow and earnings have remained strong. We continue to execute on our plan in a very competitive environment."
Highlights:
Second Quarter 2013 Results:
Earnings Remain Solid
Earnings continued to be strong during the quarter due to strong loan growth and continuing improvement in the efficiency ratio. Mr. Brooks noted, "The significant increase in interest-earning assets, fueled by our loan growth, enabled us to absorb compression in our net interest margin and report very solid earnings for the second quarter."
Net Interest Income
Noninterest Income
Noninterest Expense
Provision for Loan Losses
Income Taxes
Second Quarter 2013 Balance Sheet Highlights
Continued Growth
The Company's underlying organic growth continued during the quarter and for the year. Overall asset quality remains strong and the Company remains well capitalized. Mr. Brooks stated, "We are beginning to recognize significant organic loan growth resulting from the addition of new lending teams associated with our Dallas and Austin locations." Brooks continued, "Credit quality continues to be the foundation of our Company with all metrics remaining at historically low levels." Loans
Asset Quality
Deposits and Borrowings
Capital
Collin Bank Acquisition
On July 19, 2013, the Company announced the execution of a definitive agreement to acquire Collin Bank, Plano, Texas ("Collin Bank"), a Texas state chartered bank with total assets of $204.1 million, total deposits of $161.9 million, and total equity capital of $25.8 million as of March 31, 2013. Collin Bank is a full service commercial bank with one office located on the Dallas North Tollway.
Mr. Brooks stated "We are pleased to announce the first acquisition following our initial public offering. Acquisitions within our existing markets are a component of our growth strategy and this one adds to our presence in Collin County, one of the most affluent counties in Texas. Collin Bank has a proven record of loan growth with a good deposit base. Additionally, the acquisition will provide us with a prominent location on the Dallas North Tollway, which will allow us to consolidate our current Plano office and lending team with the Collin Bank location serving as a stronger platform to grow additional loans and deposits in the Dallas/North Texas Region."
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 29 banking offices in 26 communities in two market regions located in the Dallas/Fort Worth metropolitan area and the greater Austin area. As of June 30, 2013, Independent Bank Group had total assets of $1.906 billion, total loans of $1.520 billion and total deposits of $1.485 billion.
Conference Call
A conference call covering Independent Bank Group's quarter earnings announcement will be held today, Tuesday, July 30, at 7:30 a.m. (CST) and can be accessed by calling 1-877-303-7611 and by identifying the conference ID number 93877540. A recording of the conference call will be available from July 30, 2013 through August 6, 2013 by calling 1-800-585-8367 and by identifying the conference ID number 93877540.
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 10-Q for the quarter ended March 31, 2013 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 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 June 30, 2013, March 31, 2013, December 31, 2012 and June 30, 2012 | ||||
(Dollars in thousands, except for per share data) | ||||
(Unaudited) | ||||
As of and for the Three Months Ended | ||||
June 30, | March 31, | December 31, | June 30, | |
2013 | 2012 | |||
Selected Income Statement Data | ||||
Interest income | $21,105 | $21,421 | $20,214 | $17,716 |
Interest expense | 3,255 | 3,206 | 3,423 | 3,411 |
Net interest income | 17,850 | 18,215 | 16,791 | 14,305 |
Provision for loan losses | 1,079 | 1,030 | 929 | 667 |
Net interest income after provision for loan losses | 16,771 | 17,185 | 15,862 | 13,638 |
Noninterest income | 2,732 | 2,426 | 3,556 | 1,634 |
Noninterest expense | 13,384 | 13,923 | 13,329 | 11,601 |
Net income | 5,874 | 5,688 | 6,089 | 3,671 |
Proforma net income-after tax (2) | 4,114 | 3,822 | 4,256 | 2,566 |
Core net interest income (1) | 18,034 | 17,147 | 16,656 | 14,303 |
Core Pre-Tax Pre-Provision Earnings (1) | 7,246 | 6,499 | 6,392 | 5,346 |
Per Share Data (Common Stock) | ||||
Earnings: | ||||
Basic | $0.49 | $0.69 | $0.74 | $0.47 |
Diluted | 0.49 | 0.68 | 0.74 | 0.47 |
Pro forma earnings (after tax): | ||||
Basic (2) | 0.34 | 0.46 | 0.50 | 0.33 |
Diluted (2) | 0.34 | 0.46 | 0.50 | 0.33 |
Dividends | — | 0.65 | 0.38 | 0.24 |
Book value | 17.75 | 15.01 | 15.06 | 14.02 |
Tangible book value (1) | 15.13 | 11.16 | 11.19 | 10.50 |
Common shares outstanding | 12,064,967 | 8,269,707 | 8,269,707 | 7,842,288 |
Selected Period End Balance Sheet Data | ||||
Total assets | $1,905,851 | $1,764,134 | $1,740,060 | $1,476,554 |
Cash and cash equivalents | 126,519 | 80,890 | 102,290 | 50,129 |
Securities available for sale | 110,932 | 114,540 | 113,355 | 95,746 |
Loans, held for sale | 8,458 | 6,090 | 9,162 | 5,704 |
Loans, held for investment | 1,511,915 | 1,415,906 | 1,369,514 | 1,179,665 |
Allowance for loan losses | 12,762 | 11,984 | 11,478 | 9,894 |
Goodwill and core deposit intangible | 31,641 | 31,817 | 31,993 | 27,628 |
Other real estate owned | 8,182 | 8,459 | 6,819 | 8,696 |
Adriatica real estate owned | 9,656 | 9,724 | 9,727 | 9,727 |
Noninterest-bearing deposits | 261,618 | 243,235 | 259,664 | 190,612 |
Interest-bearing deposits | 1,223,511 | 1,171,864 | 1,131,076 | 1,011,153 |
Borrowings (other than junior subordinated debentures) | 181,094 | 200,234 | 201,118 | 145,411 |
Junior subordinated debentures | 18,147 | 18,147 | 18,147 | 14,538 |
Total stockholders' equity | 214,182 | 124,142 | 124,510 | 109,951 |
Independent Bank Group, Inc. and Subsidiaries | ||||
Consolidated Selected Financial Data | ||||
Three months ended June 30, 2013, March 31, 2013, December 31, 2012 and June 30, 2012 | ||||
(Dollars in thousands, except for per share data) | ||||
(Unaudited) | ||||
As of and for the Six Months Ended | ||||
June 30, | March 31, | December 31, | June 30, | |
2013 | 2012 | |||
Selected Performance Metrics | ||||
Return on average assets | 1.25% | 1.33% | 1.43% | 0.99% |
Return on average equity | 11.11 | 18.49 | 20.00 | 13.62 |
Pro forma return on average assets (2) | 0.88 | 0.89 | 1.00 | 0.69 |
Pro forma return on average equity (2) | 7.78 | 12.43 | 13.98 | 9.52 |
Adjusted return on average assets (1) | 1.54 | 1.52 | 1.50 | 1.44 |
Adjusted return on average equity (1) | 13.63 | 21.14 | 20.99 | 19.83 |
Net interest margin | 4.16 | 4.68 | 4.41 | 4.38 |
Adjusted net interest margin (3) | 4.20 | 4.40 | 4.35 | 4.38 |
Efficiency ratio | 65.03 | 67.45 | 65.41 | 72.78 |
Core efficiency ratio (1) | 64.98 | 66.80 | 66.30 | 67.15 |
Credit Quality Ratios | ||||
Nonperforming assets to total assets | 1.27% | 1.35% | 1.59% | 2.30% |
Nonperforming loans to total loans | 0.43 | 0.40 | 0.81 | 0.81 |
Allowance for loan losses to non-performing loans | 198.14 | 209.73 | 104.02 | 103.63 |
Allowance for loan losses to total loans | 0.84 | 0.85 | 0.84 | 0.84 |
Net charge-offs to average loans outstanding (annualized) | 0.08 | 0.15 | 0.10 | 0.04 |
Capital Ratios | ||||
Tier 1 capital to average assets | 10.91% | 6.29% | 6.45% | 6.91% |
Tier 1 capital to risk-weighted assets (1) | 13.80 | 8.01 | 8.22 | 8.35 |
Total capital to risk-weighted assets | 15.69 | 10.20 | 10.51 | 10.58 |
Total stockholders' equity to total assets | 11.24 | 7.04 | 7.16 | 7.45 |
Tangible common equity to tangible assets (1) | 9.74 | 5.33 | 5.42 | 5.68 |
(1) Non-GAAP financial measures. See reconciliation. | ||||
(2) Income tax expense calculated using effective tax rate as if the Company had been a C corporation for the periods presented prior to second quarter 2013 (32.8%, 30.1% and 30.1%, respectively). The three months ended June 30, 2013 excludes $1,760 tax credit related to the initial recording of the deferred tax asset. | ||||
(3) Excludes income recognized on acquired loans of $77, $1,068, $135, and $2, respectively and the recognition of a $223 expense related to the write-off of previously issued warrants related to subordinated debt retired in the second quarter of 2013. |
Independent Bank Group, Inc. and Subsidiaries | ||||
Consolidated Statements of Income | ||||
Three and six months ended June 30, 2013 and June 30, 2012 | ||||
(Dollars in thousands) | ||||
(Unaudited) | ||||
Three months ended June 30, | Six months ended June 30, | |||
2013 | 2012 | 2013 | 2012 | |
Interest income: | ||||
Interest and fees on loans | $20,448 | $17,107 | $41,207 | $32,006 |
Interest on taxable securities | 308 | 313 | 641 | 660 |
Interest on nontaxable securities | 258 | 200 | 507 | 399 |
Interest on federal funds sold and other | 91 | 96 | 171 | 157 |
Total interest income | 21,105 | 17,716 | 42,526 | 33,222 |
Interest expense: | ||||
Interest on deposits | 1,733 | 2,167 | 3,461 | 4,301 |
Interest on FHLB advances | 828 | 595 | 1,656 | 1,087 |
Interest on notes payable and other borrowings | 558 | 524 | 1,073 | 974 |
Interest on junior subordinated debentures | 136 | 125 | 271 | 253 |
Total interest expense | 3,255 | 3,411 | 6,461 | 6,615 |
Net interest income | 17,850 | 14,305 | 36,065 | 26,607 |
Provision for loan losses | 1,079 | 667 | 2,109 | 1,242 |
Net interest income after provision for loan losses | 16,771 | 13,638 | 33,956 | 25,365 |
Noninterest income: | ||||
Service charges on deposit accounts | 1,210 | 838 | 2,349 | 1,647 |
Mortgage fee income | 1,097 | 894 | 2,163 | 1,857 |
Gain (loss) on sale of other real estate | 148 | 9 | 173 | (44) |
Loss on sale of securities available for sale | — | — | — | (3) |
Loss on sale of premises and equipment | (2) | (346) | (1) | (345) |
Increase in cash surrender value of BOLI | 79 | 81 | 160 | 163 |
Other | 200 | 158 | 314 | 250 |
Total noninterest income | 2,732 | 1,634 | 5,158 | 3,525 |
Noninterest expense: | ||||
Salaries and employee benefits | 7,964 | 6,417 | 15,712 | 12,257 |
Occupancy | 2,298 | 1,824 | 4,445 | 3,494 |
Data processing | 316 | 292 | 612 | 559 |
FDIC assessment | (258) | 214 | (12) | 413 |
Advertising and public relations | 188 | 185 | 404 | 339 |
Communications | 338 | 335 | 678 | 643 |
Net other real estate owned expenses (including taxes) | 91 | 68 | 257 | 141 |
Operations of IBG Adriatica, net | 175 | 228 | 372 | 528 |
Other real estate impairment | 15 | 56 | 463 | 56 |
Core deposit intangible amortization | 176 | 169 | 352 | 311 |
Professional fees | 293 | 205 | 565 | 448 |
Acquisition expense, including legal | (9) | 389 | 128 | 605 |
Other | 1,797 | 1,219 | 3,331 | 2,301 |
Total noninterest expense | 13,384 | 11,601 | 27,307 | 22,095 |
Income before taxes | 6,119 | 3,671 | 11,807 | 6,795 |
Income tax expense | 245 | — | 245 | — |
Net income | $5,874 | $3,671 | $11,562 | $6,795 |
Pro Forma: | ||||
Income tax expense | 2,005 | 1,105 | 3,871 | 2,045 |
Net income | $4,114 | $2,566 | $7,936 | $4,750 |
Independent Bank Group, Inc. and Subsidiaries | |||
Consolidated Balance Sheets | |||
As of June 30, 2013, June 30, 2012 and December 31, 2012 | |||
(Dollars in thousands, except share information) | |||
(Unaudited) | |||
June 30, | June 30, | December 31, | |
2013 | 2012 | 2012 | |
Assets | |||
Cash and due from banks | $21,444 | $18,654 | $30,920 |
Federal Reserve Excess Balance Account (EBA) | 70,075 | 31,475 | 71,370 |
Federal funds sold | 35,000 | — | — |
Cash and cash equivalents | 126,519 | 50,129 | 102,290 |
Certificates of deposit held in other banks | 3,785 | 15,683 | 7,720 |
Securities available for sale (amortized cost of $113,704 and $110,777, respectively) | 110,932 | 95,746 | 113,355 |
Loans held for sale | 8,458 | 5,704 | 9,162 |
Loans, net of allowance for loan losses of $12,762 and $11,478, respectively | 1,499,153 | 1,169,771 | 1,358,036 |
Premises and equipment, net | 73,620 | 60,803 | 70,581 |
Other real estate owned | 8,182 | 8,696 | 6,819 |
Adriatica real estate | 9,656 | 15,779 | 9,727 |
Goodwill | 28,742 | 24,178 | 28,742 |
Core deposit intangible, net | 2,899 | 3,450 | 3,251 |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 8,317 | 5,674 | 8,165 |
Bank-owned life insurance (BOLI) | 11,084 | 10,760 | 10,924 |
Deferred tax asset | 3,444 | — | — |
Other assets | 11,060 | 10,181 | 11,288 |
Total assets | $1,905,851 | $1,476,554 | $1,740,060 |
Liabilities and Stockholders' Equity | |||
Deposits: | |||
Noninterest-bearing | 261,618 | 190,612 | 259,664 |
Interest-bearing | 1,223,511 | 1,011,153 | 1,131,076 |
Total deposits | 1,485,129 | 1,201,765 | 1,390,740 |
FHLB advances | 164,529 | 104,697 | 164,601 |
Notes payable | — | 23,986 | 15,729 |
Other borrowings | 16,565 | 16,728 | 20,788 |
Junior subordinated debentures | 18,147 | 14,538 | 18,147 |
Other liabilities | 7,299 | 4,889 | 5,545 |
Total liabilities | 1,691,669 | 1,366,603 | 1,615,550 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock (12,064,967 and 8,278,354 shares outstanding, respectively) | 121 | 79 | 83 |
Additional paid-in capital | 209,396 | 79,626 | 88,791 |
Retained earnings | 5,874 | 28,084 | 33,290 |
Treasury stock, at cost (0 and 8,647 shares, respectively) | — | (24) | (232) |
Accumulated other comprehensive income | (1,209) | 2,186 | 2,578 |
Total stockholders' equity | 214,182 | 109,951 | 124,510 |
Total liabilities and stockholders' equity | $1,905,851 | $1,476,554 | $1,740,060 |
Independent Bank Group, Inc. and Subsidiaries | ||||||
Consolidated Average Balance Sheet Amounts, Interest Earned and Yield Analysis | ||||||
Three months ended June 30, 2013 and June 30, 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 Three Months Ended June 30, | ||||||
2013 | 2012 | |||||
Average | Average | |||||
Outstanding | Yield/ | Outstanding | Yield/ | |||
Balance | Interest | Rate | Balance | Interest | Rate | |
Interest-earning assets: | ||||||
Loans | $1,469,684 | $20,448 | 5.58% | $1,147,876 | $17,107 | 5.99% |
Taxable securities | 81,385 | 308 | 1.52 | 68,593 | 313 | 1.84 |
Nontaxable securities | 32,671 | 258 | 3.17 | 22,572 | 200 | 3.56 |
Federal funds sold and other | 136,851 | 91 | 0.27 | 73,916 | 96 | 0.52 |
Total interest-earning assets | 1,720,591 | $21,105 | 4.92 | 1,312,957 | $17,716 | 5.43 |
Noninterest-earning assets | 157,036 | 177,273 | ||||
Total assets | $1,877,627 | $1,490,230 | ||||
Interest-bearing liabilities: | ||||||
Checking accounts | 720,363 | 963 | 0.54 | 578,164 | 1,164 | 0.81 |
Savings accounts | 112,532 | 94 | 0.34 | 109,881 | 179 | 0.66 |
Limited access money market accounts | 55,441 | 40 | 0.29 | 35,426 | 37 | 0.42 |
Certificates of deposit | 320,139 | 636 | 0.80 | 290,586 | 787 | 1.09 |
Total deposits | 1,208,475 | 1,733 | 0.58 | 1,014,057 | 2,167 | 0.86 |
FHLB advances | 164,542 | 828 | 2.02 | 101,976 | 595 | 2.35 |
Notes payable and other borrowings | 17,651 | 558 | 12.68 | 41,472 | 524 | 5.08 |
Junior subordinated debentures | 18,147 | 136 | 3.01 | 14,538 | 125 | 3.46 |
Total interest-bearing liabilities | 1,408,815 | 3,255 | 0.93 | 1,172,043 | 3,411 | 1.17 |
Noninterest-bearing checking accounts | 249,838 | 201,307 | ||||
Noninterest-bearing liabilities | 6,840 | 8,460 | ||||
Stockholders' equity | 212,134 | 108,420 | ||||
Total liabilities and equity | $1,877,627 | $1,490,230 | ||||
Net interest income | $17,850 | $14,305 | ||||
Interest rate spread | 3.99% | 4.26% | ||||
Net interest margin | 4.16 | 4.38 | ||||
Average interest-earning assets to average interest bearing liabilities | 122.13% | 112.02% |
Independent Bank Group, Inc. and Subsidiaries | ||||||
Consolidated Average Balance Sheet Amounts, Interest Earned and Yield Analysis | ||||||
Six months ended June 30, 2013 and June 30, 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 Six Months Ended June 30, | ||||||
2013 | 2012 | |||||
Average | Average | |||||
Outstanding | Yield/ | Outstanding | Yield/ | |||
Balance | Interest | Rate | Balance | Interest | Rate | |
Interest-earning assets: | ||||||
Loans | $1,433,650 | $41,207 | 5.80% | $1,073,096 | $32,006 | 6.00% |
Taxable securities | 81,875 | 641 | 1.58 | 68,793 | 660 | 1.93 |
Nontaxable securities | 32,245 | 507 | 3.17 | 22,451 | 399 | 3.57 |
Federal funds sold and other | 104,429 | 171 | 0.33 | 62,085 | 157 | 0.51 |
Total interest-earning assets | 1,652,199 | 42,526 | 5.19 | 1,226,425 | 33,222 | 5.45 |
Noninterest-earning assets | 155,313 | 154,649 | ||||
Total assets | $1,807,512 | $1,381,074 | ||||
Interest-bearing liabilities: | ||||||
Checking accounts | 706,830 | 1,909 | 0.54 | 530,445 | 2,280 | 0.86 |
Savings accounts | 113,476 | 185 | 0.33 | 106,578 | 403 | 0.76 |
Limited access money market accounts | 47,057 | 64 | 0.27 | 31,721 | 64 | 0.41 |
Certificates of deposit | 312,188 | 1,303 | 0.84 | 279,525 | 1,554 | 1.12 |
Total deposits | 1,179,551 | 3,461 | 0.59 | 948,269 | 4,301 | 0.91 |
FHLB advances | 164,562 | 1,656 | 2.03 | 92,123 | 1,087 | 2.37 |
Notes payable and other borrowings | 25,030 | 1,073 | 8.64 | 39,579 | 974 | 4.95 |
Junior subordinated debentures | 18,147 | 271 | 3.01 | 14,538 | 253 | 3.50 |
Total interest-bearing liabilities | 1,387,290 | 6,461 | 0.94 | 1,094,509 | 6,615 | 1.22 |
Noninterest-bearing checking accounts | 237,942 | 181,758 | ||||
Noninterest-bearing liabilities | 5,269 | 5,816 | ||||
Stockholders' equity | 177,011 | 98,991 | ||||
Total liabilities and equity | $1,807,512 | $1,381,074 | ||||
Net interest income | $36,065 | $26,607 | ||||
Interest rate spread | 4.25% | 4.23% | ||||
Net interest margin | 4.40 | 4.36 | ||||
Average interest-earning assets to average interest bearing liabilities | 119.10% | 112.05% |
Independent Bank Group, Inc. and Subsidiaries | ||||||
Loan Portfolio Composition | ||||||
As of June 30, 2013, June 30, 2012 and December 31, 2012 | ||||||
(Dollars in thousands) | ||||||
(Unaudited) | ||||||
The following table sets forth loan totals by category as of the dates presented: | ||||||
June 30, 2013 | June 30, 2012 | December 31, 2012 | ||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | |
Commercial | $200,755 | 13.2% | $118,805 | 10.0% | $169,882 | 12.3% |
Real estate: | ||||||
Commercial real estate | 731,030 | 48.1 | 541,275 | 45.7 | 648,494 | 47.0 |
Commercial construction, land and land development | 101,755 | 6.7 | 92,200 | 7.8 | 97,329 | 7.1 |
Residential real estate (1) | 337,274 | 22.2 | 294,700 | 24.9 | 315,349 | 22.9 |
Single-family interim construction | 71,844 | 4.7 | 61,508 | 5.2 | 67,920 | 4.9 |
Agricultural | 34,491 | 2.3 | 38,187 | 3.2 | 40,127 | 2.9 |
Consumer | 43,160 | 2.8 | 38,631 | 3.2 | 39,502 | 2.9 |
Other | 64 | 0.0 | 63 | 0.0 | 73 | 0.0 |
Total loans | 1,520,373 | 100.0% | 1,185,369 | 100.0% | 1,378,676 | 100.0% |
Other items: | ||||||
Allowance for losses | (12,762) | (9,894) | (11,478) | |||
Total loans, net | $1,507,611 | $1,175,475 | $1,367,198 | |||
(1) Includes loans held for sale at June 30, 2013, June 30, 2012 and December 31, 2012 of $8,458, $5,704 and $9,162, respectively. |
Independent Bank Group, Inc. and Subsidiaries | |||||
Reconciliation of Non GAAP Financial Measures | |||||
Three months ended June 30, 2013, March 31, 2013, December 31, 2012 and June 30, 2012 | |||||
(Dollars in thousands, except for per share data) | |||||
(Unaudited) | |||||
The following tables reconcile non GAAP financial measures: | |||||
For the Three Months Ended | |||||
June 30, 2013 | March 31, 2013 | December 31, 2012 | June 30, 2012 | ||
Net Interest Income - Reported | (a) | $17,850 | $18,215 | $16,791 | $14,305 |
Write-off of debt origination warrants | 223 | — | — | — | |
Income recognized on acquired loans | (77) | (1,068) | (135) | (2) | |
Adjusted Net Interest Income | (b) | 17,996 | 17,147 | 16,656 | 14,303 |
Provision Expense - Reported | (c) | 1,079 | 1,030 | 929 | 667 |
Noninterest Income - Reported | (d) | 2,732 | 2,426 | 3,556 | 1,634 |
Loss / (Gain) on Sale of OREO | (148) | (25) | (1,210) | (9) | |
Loss / (Gain) on Sale of PP&E | 2 | (1) | — | 346 | |
Adjusted Noninterest Income | (e) | 2,586 | 2,400 | 2,346 | 1,971 |
Noninterest Expense - Reported | (f) | 13,384 | 13,923 | 13,329 | 11,601 |
Adriatica Expenses | (175) | (197) | (91) | (228) | |
OREO Impairment | (15) | (448) | (38) | (56) | |
FDIC refund | 504 | — | — | — | |
IPO related stock grant and bonus expense | (333) | — | — | — | |
OREO back property tax | — | (93) | — | — | |
Acquisition Expense | 9 | (137) | (590) | (389) | |
Adjusted Noninterest Expense | (g) | 13,374 | 13,048 | 12,610 | 10,928 |
Pre-Tax Pre-Provision Earnings | (a) + (d) - (f) | $7,198 | $6,718 | $7,018 | $4,338 |
Core Pre-Tax Pre-Provision Earnings | (b) + (e) - (g) | $7,208 | $6,499 | $6,392 | $5,346 |
Reported Efficiency Ratio | (f) / (a + d) | 65.0% | 67.5% | 65.4% | 72.8% |
Core Efficiency Ratio | (g) / (b + e) | 64.9% | 66.8% | 66.3% | 67.2% |
Adjusted Return on Average Assets (1) | 1.54% | 1.52% | 1.50% | 1.44% | |
Adjusted Return on Average Equity (1) | 13.63% | 21.14% | 20.99% | 19.83% | |
Total Average Assets | $1,877,627 | $1,733,924 | $1,698,779 | $1,490,230 | |
Total Average Stockholders' Equity | $212,134 | $124,731 | $121,121 | $108,420 | |
(1) Calculated using core pre-tax pre-provision earnings |
Independent Bank Group, Inc. and Subsidiaries | |||
Reconciliation of Non GAAP Financial Measures | |||
As of June 30, 2013, June 30, 2012 and December 31, 2012 | |||
(Dollars in thousands, except per share information) | |||
(Unaudited) | |||
Tangible Book Value Per Common Share | |||
June 30, | December 31, | ||
2013 | 2012 | 2012 | |
Tangible Common Equity | |||
Total stockholders' equity | $214,182 | $109,951 | $124,510 |
Adjustments: | |||
Goodwill | (28,742) | (24,178) | (28,742) |
Core deposit intangibles | (2,899) | (3,450) | (3,251) |
Tangible common equity | $182,541 | $82,323 | $92,517 |
Common shares outstanding | 12,064,967 | 7,842,288 | 8,269,707 |
Book value per common share | $17.75 | $14.02 | $15.06 |
Tangible book value per common share | 15.13 | 10.50 | 11.19 |
Tier 1 Capital to Risk-Weighted Assets Ratio | |||
June 30, | December 31, | ||
2013 | 2012 | 2012 | |
Tier 1 Common Equity | |||
Total stockholders' equity - GAAP | $214,182 | $109,951 | $124,510 |
Adjustments: | |||
Unrealized (gain) loss on available-for-sale securities | 1,209 | (2,186) | (2,578) |
Goodwill | (28,742) | (24,178) | (28,742) |
Other intangibles | (2,899) | (3,450) | (3,251) |
Qualifying Restricted Core Capital Elements (TRUPS) | 17,600 | 14,100 | 17,600 |
Tier 1 common equity | $201,350 | $94,237 | $107,539 |
Total Risk-Weighted Assets | |||
On balance sheet | $1,437,610 | $1,099,364 | $1,297,795 |
Off balance sheet | 21,845 | 12,370 | 10,860 |
Total risk-weighted assets | $1,459,455 | $1,111,734 | $1,308,655 |
Total stockholders' equity to risk-weighted assets ratio | 14.68% | 9.89% | 9.51% |
Tier 1 common equity to risk-weighted assets ratio | 13.80 | 8.48 | 8.22 |
CONTACT: Analysts/Investors: Torry Berntsen President and Chief Operating Officer (972) 562-9004 tberntsen@independent-bank.com Michelle Hickox Executive Vice President and Chief Financial Officer (972) 562-9004 mhickox@independent-bank.com Media: Eileen Ponce Marketing Director (469) 742-9437 eponce@independent-bank.com
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