Independent Bank Group, Inc. (NASDAQ: IBTX) today announced net
loss of $493.5 million, or $11.89 per diluted share, for the
quarter ended June 30, 2024, which was significantly impacted by
$518.0 million of goodwill impairment recognized as a result of the
Company's stock price trading below book value and the announced
merger with SouthState Corporation. Goodwill impairment is a
non-cash charge and has no impact on cash flows, liquidity,
(non-GAAP) tangible equity, or regulatory capital. Excluding the
goodwill impairment charge and other non-recurring items, adjusted
(non-GAAP) net income for the quarter ended June 30, 2024 was $24.9
million, or $0.60 per diluted share.
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 August 19, 2024 to stockholders of
record as of the close of business on August 5, 2024.
Highlights
- Pending acquisition by SouthState Corporation announced on May
20, 2024
- Net interest margin expanded by 5 basis points to 2.47%
compared to 2.42% in linked quarter
- Loan yields expanded by 10 basis points to 6.03%
- Continued healthy credit metrics with nonperforming asset ratio
of 0.35% and last twelve months' net charge-off to average total
loans ratio of 0.03%
- Total capital ratio grew by 7 basis points to 11.75%, and
(non-GAAP) tangible common equity (TCE) ratio grew by 10 basis
points to 7.72%
“During the quarter, we were pleased to see the anticipated
expansion of our net interest margin as increases in loan yields
began to outpace deposit cost pressures. We are encouraged by
strong economic tailwinds across Texas and Colorado. Importantly,
our loan portfolio remains bolstered by resilient credit quality
across product types,” said Independent Bank Group Chairman &
CEO David R. Brooks. “We look forward to remaining disciplined and
focused on the execution of all our key strategic initiatives as we
work toward the completion of our pending merger with SouthState
Corporation. We are very excited to join SouthState, a company
whose culture, business model, and credit discipline matches
ours.”
Second Quarter 2024 Balance Sheet Highlights
Loans
- Total loans held for investment, excluding mortgage warehouse
purchase loans, were $14.0 billion at June 30, 2024 compared to
$14.1 billion at March 31, 2024 and $13.6 billion at June 30, 2023.
Loans held for investment, excluding mortgage warehouse purchase
loans, decreased $72.1 million, or 2.1% on an annualized basis,
during second quarter 2024.
- Average mortgage warehouse purchase loans were $538.5 million
for the quarter ended June 30, 2024 compared to $455.7 million for
the quarter ended March 31, 2024, and $413.2 million for the
quarter ended June 30, 2023, an increase of $82.8 million, or 18.2%
from the linked quarter and an increase of $125.3 million, or 30.3%
year over year.
Asset Quality
- Nonperforming assets totaled $64.9 million, or 0.35% of total
assets at June 30, 2024, compared to $65.1 million or 0.34% of
total assets at March 31, 2024, and $60.5 million, or 0.32% of
total assets at June 30, 2023.
- Nonperforming loans totaled $56.1 million, or 0.40% of total
loans held for investment at June 30, 2024, compared to $56.3
million, or 0.40% at March 31, 2024 and $37.9 million, or 0.28% at
June 30, 2023.
- The decrease in nonperforming loans for the linked quarter was
primarily due to $906 thousand in charge-offs on one commercial
relationship offset by individually insignificant net additions of
nonperforming loans. The year over year period reflects $18.2
million in net additions primarily related to a $13.0 million
commercial real estate loan added to nonaccrual in fourth quarter
2023 and a $2.0 million commercial relationship added in first
quarter 2024.
- The changes in nonperforming assets for the linked quarter and
prior year reflects the nonperforming loan changes discussed above.
In addition, the prior year change also includes reductions of
$13.8 million in other real estate owned.
- Net charge-offs were 0.10% annualized in the second quarter
2024 compared to 0.00% annualized in the linked quarter and (0.03)%
annualized in the prior year quarter. The elevated level of
charge-offs in second quarter 2024 was due primarily to the
commercial relationship mentioned above as well as charge-offs
totaling $2.6 million related to a single-family construction
relationship.
Deposits, Borrowings and Liquidity
- Total deposits were $15.8 billion at June 30, 2024 compared to
$15.7 billion at March 31, 2024 and $14.9 billion at June 30,
2023.
- Total borrowings (other than junior subordinated debentures)
were $427.1 million at June 30, 2024, a decrease of $69.8 million
from March 31, 2024 and a decrease of $753.1 million from June 30,
2023. The linked quarter change reflects the payoff of a $70.0
million BTFP advance. The year over year change primarily reflects
reductions of $875.0 million in short-term FHLB advances and $33.8
million in line of credit borrowings, offset by a $155.0 million
BTFP advance taken in first quarter 2024.
Capital
- The Company continues to be well capitalized under regulatory
guidelines. At June 30, 2024, 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 9.69%, 8.76%, 10.03% and 11.75%, respectively,
compared to 9.60%, 8.91%, 9.94%, and 11.68%, respectively, at March
31, 2024 and 9.78%, 8.92%, 10.13%, and 11.95%, respectively at June
30, 2023.
Second Quarter 2024 Operating Results
Net Interest Income
- Net interest income was $105.1 million for second quarter 2024
compared to $113.6 million for second quarter 2023 and $103.0
million for first quarter 2024. The decrease from the prior year
was primarily due to the increased funding costs on our deposit
products, including brokered deposits due to the interest rate
environment over the period offset to a lesser extent by increased
earnings on average loan balances. The increase from the linked
quarter was primarily due to increased earnings on loans offset to
a lesser extent by increased deposit funding costs for the quarter.
The second quarter 2024 includes $1.0 million in acquired loan
accretion compared to $870 thousand in second quarter 2023 and $753
thousand in first quarter 2024.
- The average balance of total interest-earning assets grew by
$298.6 million and totaled $17.1 billion for the quarter ended June
30, 2024 compared to $16.8 billion for the quarter ended June 30,
2023 and decreased minimally by $9.9 million from $17.1 billion for
the quarter ended March 31, 2024. The increase from the prior year
is primarily due to an increase in average loans of $608.0 million
due to organic growth primarily occurring in the second half of
2023 offset by decreases in average securities and interest-bearing
cash balances.
- The yield on interest-earning assets was 5.62% for second
quarter 2024 compared to 5.14% for second quarter 2023 and 5.53%
for first quarter 2024. The increase in asset yield compared to the
prior year and linked quarter is primarily a result of increases in
the benchmark rates over the last year. The average loan yield, net
of acquired loan accretion was 6.00% for the current quarter,
compared to 5.51% for prior year quarter and 5.91% for the linked
quarter.
- The cost of interest-bearing liabilities, including borrowings,
was 4.16% for second quarter 2024 compared to 3.37% for second
quarter 2023 and 4.11% for first quarter 2024. The increase from
the prior year is reflective of higher funding costs, primarily on
deposit products as a result of Fed Funds rate increases in 2023
offset by decreased costs on FHLB advances, primarily due to lower
holdings based on liquidity needs resulting in a shift in funding
sources during the year-over-year period. The linked quarter change
also reflects a slight increase in funding costs on deposits. Both
period funding costs were negatively impacted by the shift from
non-interest bearing deposits into interest-bearing products as
well as an increase in higher cost brokered deposits for the
respective periods.
- The net interest margin was 2.47% for second quarter 2024
compared to 2.71% for second quarter 2023 and 2.42% for first
quarter 2024. The net interest margin excluding acquired loan
accretion was 2.45% for second quarter 2024 compared to 2.69% for
second quarter 2023 and 2.40% for first quarter 2024. The decrease
in net interest margin from the prior year was primarily due to the
increased funding costs on deposits, offset by a reduction in
funding costs on FHLB advances and higher earnings on loans due to
organic growth and rate increases for the respective periods. The
linked quarter change positively reflects the increased rates
earned on fixed rate loans, which have reset at a faster pace than
the offsetting increase in deposit funding costs for the
quarter.
Noninterest Income
- Total noninterest income decreased $662 thousand compared to
second quarter 2023 and increased $563 thousand compared to first
quarter 2024.
- The decrease from the prior year quarter primarily reflects a
$708 thousand decrease in mortgage banking revenue due to lower
volumes resulting from rate increases for the year over year
period.
- The increase from the linked quarter primarily reflects a $469
thousand increase in other noninterest income, comprised of net
increases in various miscellaneous income streams.
Noninterest Expense
- Total noninterest expense increased $521.2 million compared to
second quarter 2023 and increased $518.4 million compared to first
quarter 2024. Adjusted noninterest expense (non-GAAP) increased
$2.7 million compared to second quarter 2023 and $1.2 million
compared to first quarter 2024. As previously explained, a goodwill
impairment charge of $518.0 million was recognized in second
quarter 2024, in addition to $2.3 million in merger-related
expenses and a $645 thousand credit true-up to the additional FDIC
special assessment accrued in first quarter 2024.
- As a result of entering into a merger agreement with SouthState
Corporation along with continued stock price volatility in the
banking sector during the quarter, the Company determined such
events triggered an interim goodwill assessment. As required by
GAAP, the Company recorded impairment to goodwill as its estimated
fair value of equity, which is equal to the implied valuation of
the merger transaction based upon the conversion ratio to
SouthState’s stock price, was less than book value as of June 30,
2024.
- The increase in adjusted noninterest expense (non-GAAP) in
second quarter 2024 compared to the prior year is due primarily to
increases of $2.1 million in salaries and benefits and $620
thousand in other noninterest expense offset by a $484 thousand
decrease in professional fees.
- The increase from the linked quarter primarily reflects
increases of $1.7 million in salaries and benefits expense and $820
thousand in other noninterest expense offset by decreases of $586
thousand in FDIC assessment, as adjusted, and $508 thousand in
professional fees.
- The increase in salaries and benefits from the prior year is
due primarily to $2.9 million higher combined salaries and bonus
expenses compared to the prior year quarter offset by $386 thousand
in lower contract labor costs and $670 thousand in lower employee
insurance expenses. The linked quarter change reflects higher
salaries, bonus and stock amortization expenses of $3.1 million due
to a full quarter of salary increases and equity compensation
expenses granted as part of the merit process that occurred in mid
first quarter, offset by $859 thousand in lower employee insurance
costs and $491 thousand lower payroll taxes, which are seasonably
higher in the first quarter.
- The decrease in professional fees from the prior year and
linked quarter was primarily due to lower consulting fees due to
less active projects and lower audit and tax-related expenses.
- The increase in other noninterest expense from the prior year
and linked quarter was primarily due to operational losses related
to increased check and debit card fraud. The decrease in adjusted
FDIC assessment compared to the linked quarter was due to
improvements in the quarterly assessment's liquidity stress
rates.
Provision for Credit Losses
- The Company recorded zero provision for credit losses for
second quarter 2024, compared to provision expense of $220 thousand
for second quarter 2023 and provision reversal of $3.2 million for
the linked quarter. Provision expense (reversal) 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 or decline and charge-offs or specific
credit loss allocations taken during the respective period.
- The allowance for credit losses on loans was $145.3 million, or
1.04% of total loans held for investment, net of mortgage warehouse
purchase loans, at June 30, 2024, compared to $147.8 million, or
1.08% at June 30, 2023 and compared to $148.4 million, or 1.06% at
March 31, 2024.
- The allowance for credit losses on off-balance sheet exposures
was $3.5 million at June 30, 2024 compared to $4.9 million at June
30, 2023, compared to $4.1 million at March 31, 2024. 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 $5.1 million was recorded for the
second quarter 2024, an effective rate of (1.0)% compared to
federal tax expense of $8.7 million and an effective rate of 20.8%
for the prior year quarter and income tax expense of $6.5 million
and an effective rate of 21.2% for the linked quarter. The decrease
in the effective tax rate from the linked quarter was predominately
due to the goodwill impairment charge, of which $512.4 million is
not deductible for tax purposes. Excluding the goodwill impairment
and other non-deductible expenses, the estimated tax rate for the
second quarter is 20.5%.
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 June 30,
2024 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 June 30, 2024 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.
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 Company’s ability to
sustain its current internal growth rate and total growth rate; 2)
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; 3) 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; 4)
the Company’s dependence on its management team and its ability to
attract, motivate and retain qualified personnel; 5) the
concentration of the Company’s business within its geographic areas
of operation in Texas and Colorado; 6) changes in asset quality,
including increases in default rates on loans and higher levels of
nonperforming loans and loan charge-offs generally; 7)
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; 8) 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; 9) 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; 10) lack of liquidity, including as a result of a
reduction in the amount of sources of liquidity the Company
currently has; 11) material increases or decreases in the amount of
insured and/or uninsured deposits held by Independent Financial or
other financial institutions that the Company acquires and the cost
of those deposits; 12) the Company’s access to the debt and equity
markets and the overall cost of funding its operations; 13)
regulatory requirements to maintain minimum capital levels or
maintenance of capital at levels sufficient to support the
Company’s anticipated growth; 14) 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; 15) 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; 16) effects of competition from a wide variety of local,
regional, national and other providers of financial, investment and
insurance services; 17) 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;
18) 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; 19) the occurrence of market conditions adversely
affecting the financial industry generally; 20) 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; 21) 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; 22) governmental monetary and fiscal policies; 23) changes
in the scope and cost of FDIC insurance and other coverage; 24) 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; 25) 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; 26) the Company’s revenues after previous or future
acquisitions are less than expected; 27) 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; 28) 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; 29) 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; 30)
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; 31) 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; 32) 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; 33) changes in general business and economic conditions in
the markets in which the Company currently operates and may operate
in the future; 34) changes occur in business conditions and
inflation generally; 35) an increase in the rate of personal or
commercial customers’ bankruptcies generally; 36)
technology-related changes are harder to make or are more expensive
than expected; 37) 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; 38) the potential impact of
climate change and related government regulation on the Company and
its customers; 39) the potential impact of technology and “FinTech”
entities on the banking industry generally; 40) other economic,
competitive, governmental, regulatory, technological and
geopolitical factors affecting the Company's operations, pricing
and services; 41) the possibility that the Company’s pending merger
with SouthState Corporation (the “Merger”) does not close when
expected or at all because required regulatory, shareholder or
other approvals and other conditions to closing are not received or
satisfied on a timely basis or at all (and the risk that such
approvals may result in the imposition of conditions that could
adversely affect the combined company or the expected benefits of
the Merger); 42) the risk that the benefits from the Merger may not
be fully realized or may take longer to realize than expected; 43)
the risk of disruption to the parties’ businesses as a result of
the announcement and pendency of the Merger; 44) the possibility
that the Merger may be more expensive to complete than anticipated,
including as a result of unexpected factors or events; and 45) 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 20, 2024, 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 June 30, 2024, March
31, 2024, December 31, 2023, September 30, 2023 and June 30,
2023
(Dollars in thousands, except for share
data)
(Unaudited)
As of and for the Quarter
Ended
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Selected Income Statement Data
Interest income
$
239,085
$
235,205
$
232,522
$
222,744
$
215,294
Interest expense
133,937
132,174
126,217
113,695
101,687
Net interest income
105,148
103,031
106,305
109,049
113,607
Provision for credit losses
—
(3,200
)
3,480
340
220
Net interest income after provision for
credit losses
105,148
106,231
102,825
108,709
113,387
Noninterest income
13,433
12,870
10,614
13,646
14,095
Noninterest expense
606,911
88,473
95,125
81,334
85,705
Income tax expense
5,125
6,478
3,455
8,246
8,700
Net (loss) income
(493,455
)
24,150
14,859
32,775
33,077
Adjusted net income (1)
24,884
26,001
25,509
32,624
33,726
Per Share Data (Common Stock)
Earnings (loss):
Basic
$
(11.93
)
$
0.58
$
0.36
$
0.79
$
0.80
Diluted
(11.89
)
0.58
0.36
0.79
0.80
Adjusted earnings:
Basic (1)
0.60
0.63
0.62
0.79
0.82
Diluted (1)
0.60
0.63
0.62
0.79
0.82
Dividends
0.38
0.38
0.38
0.38
0.38
Book value
45.85
58.02
58.20
56.49
57.00
Tangible book value (1)
33.27
32.85
32.90
31.11
31.55
Common shares outstanding
41,376,169
41,377,745
41,281,919
41,284,003
41,279,460
Weighted average basic shares outstanding
(2)
41,377,917
41,322,744
41,283,041
41,284,964
41,280,312
Weighted average diluted shares
outstanding (2)
41,488,442
41,432,042
41,388,564
41,381,034
41,365,275
Selected Period End Balance Sheet
Data
Total assets
$
18,359,162
$
18,871,452
$
19,035,102
$
18,519,872
$
18,719,802
Cash and cash equivalents
770,749
729,998
721,989
711,709
902,882
Securities available for sale
1,494,470
1,543,247
1,593,751
1,545,904
1,637,682
Securities held to maturity
204,319
204,776
205,232
205,689
206,146
Loans, held for sale
12,012
21,299
16,420
18,068
18,624
Loans, held for investment (3)
13,988,169
14,059,277
14,160,853
13,781,102
13,628,025
Mortgage warehouse purchase loans
633,654
554,616
549,689
442,302
491,090
Allowance for credit losses on loans
145,323
148,437
151,861
148,249
147,804
Goodwill and other intangible assets
520,553
1,041,506
1,044,581
1,047,687
1,050,798
Other real estate owned
8,685
8,685
9,490
22,505
22,505
Noninterest-bearing deposits
3,378,493
3,300,773
3,530,704
3,703,784
3,905,492
Interest-bearing deposits
12,464,183
12,370,942
12,192,331
11,637,185
10,968,014
Borrowings (other than junior subordinated
debentures)
427,129
496,975
621,821
546,666
1,180,262
Junior subordinated debentures
54,717
54,667
54,617
54,568
54,518
Total stockholders' equity
1,897,083
2,400,807
2,402,593
2,332,098
2,353,042
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Financial Data
Three Months Ended June 30, 2024, March
31, 2024, December 31, 2023, September 30, 2023 and June 30,
2023
(Dollars in thousands, except for share
data)
(Unaudited)
As of and for the Quarter
Ended
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Selected Performance Metrics
Return on average assets
(10.55
)%
0.51
%
0.31
%
0.70
%
0.71
%
Return on average equity
(87.53
)
4.05
2.51
5.51
5.62
Return on tangible equity (4)
(146.65
)
7.16
4.54
9.92
10.14
Adjusted return on average assets (1)
0.53
0.55
0.54
0.70
0.73
Adjusted return on average equity (1)
4.41
4.36
4.32
5.48
5.73
Adjusted return on tangible equity (1)
(4)
7.40
7.71
7.79
9.87
10.34
Net interest margin
2.47
2.42
2.49
2.60
2.71
Efficiency ratio (5)
509.32
73.68
78.70
63.75
64.68
Adjusted efficiency ratio (1) (5)
71.09
71.63
67.96
63.84
63.93
Credit Quality Ratios (3) (6)
Nonperforming assets to total assets
0.35
%
0.34
%
0.32
%
0.33
%
0.32
%
Nonperforming loans to total loans held
for investment
0.40
0.40
0.37
0.28
0.28
Nonperforming assets to total loans held
for investment and other real estate
0.46
0.46
0.43
0.44
0.44
Allowance for credit losses on loans to
nonperforming loans
258.83
263.85
293.17
385.81
389.84
Allowance for credit losses to total loans
held for investment
1.04
1.06
1.07
1.08
1.08
Net charge-offs (recoveries) to average
loans outstanding (annualized)
0.10
—
0.01
0.01
(0.03
)
Capital Ratios
Estimated common equity Tier 1 capital to
risk-weighted assets
9.69
%
9.60
%
9.58
%
9.86
%
9.78
%
Estimated tier 1 capital to average
assets
8.76
8.91
8.94
9.09
8.92
Estimated tier 1 capital to risk-weighted
assets
10.03
9.94
9.93
10.21
10.13
Estimated total capital to risk-weighted
assets
11.75
11.68
11.57
11.89
11.95
Total stockholders' equity to total
assets
10.33
12.72
12.62
12.59
12.57
Tangible common equity to tangible assets
(1)
7.72
7.62
7.55
7.35
7.37
____________
(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 $64,946, $65,057, $61,404, $61,044 and $60,533,
respectively. Nonperforming loans, which consists of nonaccrual
loans and loans delinquent 90 days and still accruing interest
totaled $56,147, $56,258, $51,800, $38,425 and $37,914,
respectively.
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Statements of Income
(Loss)
Three and Six Months Ended June 30, 2024
and 2023
(Dollars in thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Interest income:
Interest and fees on loans
$
219,291
$
193,612
$
434,802
$
377,906
Interest on taxable securities
8,032
7,791
15,677
15,649
Interest on nontaxable securities
2,524
2,586
5,042
5,189
Interest on interest-bearing deposits and
other
9,238
11,305
18,769
17,726
Total interest income
239,085
215,294
474,290
416,470
Interest expense:
Interest on deposits
125,248
78,144
247,758
140,405
Interest on FHLB advances
1,750
18,025
4,605
23,849
Interest on other borrowings
5,716
4,361
11,298
8,440
Interest on junior subordinated
debentures
1,223
1,157
2,450
2,247
Total interest expense
133,937
101,687
266,111
174,941
Net interest income
105,148
113,607
208,179
241,529
Provision for credit losses
—
220
(3,200
)
310
Net interest income after provision for
credit losses
105,148
113,387
211,379
241,219
Noninterest income:
Service charges on deposit accounts
3,586
3,519
7,186
6,868
Investment management fees
2,813
2,444
5,457
4,745
Mortgage banking revenue
1,540
2,248
3,175
3,872
Mortgage warehouse purchase program
fees
655
535
1,195
859
(Loss) gain on sale of loans
—
(7
)
74
(7
)
Gain on sale of other real estate
—
—
13
—
(Loss) gain on sale and disposal of
premises and equipment
(11
)
354
(11
)
401
Increase in cash surrender value of
BOLI
1,572
1,410
3,127
2,787
Other
3,278
3,592
6,087
7,324
Total noninterest income
13,433
14,095
26,303
26,849
Noninterest expense:
Salaries and employee benefits
49,060
46,940
96,393
93,215
Occupancy
12,076
11,640
24,625
23,199
Communications and technology
7,676
7,196
15,361
14,286
FDIC assessment
2,816
3,806
8,958
6,518
Advertising and public relations
853
1,004
1,268
1,608
Other real estate owned (income) expenses,
net
(37
)
(185
)
28
(229
)
Impairment of other real estate
—
1,000
345
2,200
Amortization of other intangible
assets
2,953
3,111
6,028
6,222
Litigation settlement
—
—
—
102,500
Professional fees
1,301
1,785
3,110
4,850
Acquisition expense, including legal
2,338
—
2,338
—
Goodwill impairment
518,000
—
518,000
—
Other
9,875
9,408
18,930
20,716
Total noninterest expense
606,911
85,705
695,384
275,085
(Loss) income before taxes
(488,330
)
41,777
(457,702
)
(7,017
)
Income tax expense (benefit)
5,125
8,700
11,603
(2,584
)
Net (loss) income
$
(493,455
)
$
33,077
$
(469,305
)
$
(4,433
)
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Balance Sheets
As of June 30, 2024 and December 31,
2023
(Dollars in thousands)
(Unaudited)
June 30,
December 31,
Assets
2024
2023
Cash and due from banks
$
93,978
$
98,396
Interest-bearing deposits in other
banks
676,771
623,593
Cash and cash equivalents
770,749
721,989
Certificates of deposit held in other
banks
248
248
Securities available for sale, at fair
value
1,494,470
1,593,751
Securities held to maturity, net of
allowance for credit losses of $0 and $0, respectively, fair value
of $165,869 and $170,997, respectively
204,319
205,232
Loans held for sale (includes $8,268 and
$12,016 carried at fair value, respectively)
12,012
16,420
Loans, net of allowance for credit losses
of $145,323 and $151,861, respectively
14,476,500
14,558,681
Premises and equipment, net
351,694
355,833
Other real estate owned
8,685
9,490
Federal Home Loan Bank (FHLB) of Dallas
stock and other restricted stock
14,253
34,915
Bank-owned life insurance (BOLI)
248,624
245,497
Deferred tax asset
84,769
92,665
Goodwill
476,021
994,021
Other intangible assets, net
44,532
50,560
Other assets
172,286
155,800
Total assets
$
18,359,162
$
19,035,102
Liabilities and Stockholders’
Equity
Deposits:
Noninterest-bearing
$
3,378,493
$
3,530,704
Interest-bearing
12,464,183
12,192,331
Total deposits
15,842,676
15,723,035
FHLB advances
—
350,000
Other borrowings
427,129
271,821
Junior subordinated debentures
54,717
54,617
Other liabilities
137,557
233,036
Total liabilities
16,462,079
16,632,509
Commitments and contingencies
—
—
Stockholders’ equity:
Preferred stock (0 and 0 shares
outstanding, respectively)
—
—
Common stock (41,376,169 and 41,281,919
shares outstanding, respectively)
414
413
Additional paid-in capital
1,972,019
1,966,686
Retained earnings
114,763
616,724
Accumulated other comprehensive loss
(190,113
)
(181,230
)
Total stockholders’ equity
1,897,083
2,402,593
Total liabilities and stockholders’
equity
$
18,359,162
$
19,035,102
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Average Balance Sheet
Amounts, Interest Earned and Yield Analysis
Three Months Ended June 30, 2024 and
2023
(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 June
30,
2024
2023
Average Outstanding
Balance
Interest
Yield/Rate (4)
Average Outstanding
Balance
Interest
Yield/Rate (4)
Interest-earning assets:
Loans (1)
$
14,635,773
$
219,291
6.03
%
$
14,027,773
$
193,612
5.54
%
Taxable securities
1,385,384
8,032
2.33
1,456,873
7,791
2.14
Nontaxable securities
392,178
2,524
2.59
418,575
2,586
2.48
Interest-bearing deposits and other
682,216
9,238
5.45
893,752
11,305
5.07
Total interest-earning assets
17,095,551
239,085
5.62
16,796,973
215,294
5.14
Noninterest-earning assets
1,708,326
1,855,477
Total assets
$
18,803,877
$
18,652,450
Interest-bearing liabilities:
Checking accounts
$
5,446,233
$
49,661
3.67
%
$
5,646,603
$
41,943
2.98
%
Savings accounts
514,419
225
0.18
638,292
83
0.05
Money market accounts
2,020,883
21,072
4.19
1,421,920
11,012
3.11
Certificates of deposit
4,349,560
54,290
5.02
2,614,849
25,106
3.85
Total deposits
12,331,095
125,248
4.09
10,321,664
78,144
3.04
FHLB advances
128,571
1,750
5.47
1,412,637
18,025
5.12
Other borrowings - short-term
200,243
2,646
5.31
74,643
1,291
6.94
Other borrowings - long-term
238,325
3,070
5.18
237,708
3,070
5.18
Junior subordinated debentures
54,699
1,223
8.99
54,501
1,157
8.51
Total interest-bearing
liabilities
12,952,933
133,937
4.16
12,101,153
101,687
3.37
Noninterest-bearing demand accounts
3,334,724
3,979,818
Noninterest-bearing liabilities
248,931
211,253
Stockholders’ equity
2,267,289
2,360,226
Total liabilities and equity
$
18,803,877
$
18,652,450
Net interest income
$
105,148
$
113,607
Interest rate spread
1.46
%
1.77
%
Net interest margin (2)
2.47
2.71
Net interest income and margin (tax
equivalent basis) (3)
$
106,223
2.50
$
114,642
2.74
Average interest-earning assets to
interest-bearing liabilities
131.98
138.80
____________
(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
Six Months Ended June 30, 2024 and
2023
(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.
Six Months Ended June
30,
2024
2023
Average Outstanding
Balance
Interest
Yield/Rate
Average Outstanding
Balance
Interest
Yield/Rate
Interest-earning assets:
Loans (1)
$
14,624,693
$
434,802
5.98
%
$
13,980,015
$
377,906
5.45
%
Taxable securities
1,388,098
15,677
2.27
1,460,902
15,649
2.16
Nontaxable securities
395,246
5,042
2.57
421,052
5,189
2.49
Interest-bearing deposits and other
692,441
18,769
5.45
723,305
17,726
4.94
Total interest-earning assets
17,100,478
474,290
5.58
16,585,274
416,470
5.06
Noninterest-earning assets
1,770,464
1,856,383
Total assets
$
18,870,942
$
18,441,657
Interest-bearing liabilities:
Checking accounts
$
5,497,080
$
99,560
3.64
%
$
5,958,145
$
80,836
2.74
%
Savings accounts
523,952
389
0.15
683,321
173
0.05
Money market accounts
1,945,055
40,525
4.19
1,598,603
23,446
2.96
Certificates of deposit
4,320,318
107,284
4.99
2,115,827
35,950
3.43
Total deposits
12,286,405
247,758
4.06
10,355,896
140,405
2.73
FHLB advances
168,681
4,605
5.49
997,099
23,849
4.82
Other borrowings - short-term
193,170
5,158
5.37
39,743
1,344
6.82
Other borrowings - long-term
238,248
6,140
5.18
252,034
7,096
5.68
Junior subordinated debentures
54,674
2,450
9.01
54,476
2,247
8.32
Total interest-bearing
liabilities
12,941,178
266,111
4.14
11,699,248
174,941
3.02
Noninterest-bearing demand accounts
3,351,407
4,191,141
Noninterest-bearing liabilities
245,426
181,000
Stockholders’ equity
2,332,931
2,370,268
Total liabilities and equity
$
18,870,942
$
18,441,657
Net interest income
$
208,179
$
241,529
Interest rate spread
1.44
%
2.04
%
Net interest margin (2)
2.45
2.94
Net interest income and margin (tax
equivalent basis) (3)
$
210,330
2.47
$
243,604
2.96
Average interest-earning assets to
interest-bearing liabilities
132.14
141.76
____________
(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%.
Independent Bank Group, Inc. and
Subsidiaries
Loan Portfolio Composition
As of June 30, 2024 and December 31,
2023
(Dollars in thousands)
(Unaudited)
Total Loans By Class
June 30, 2024
December 31, 2023
Amount
% of Total
Amount
% of Total
Commercial
$
2,152,792
14.7
%
$
2,266,851
15.4
%
Mortgage warehouse purchase loans
633,654
4.3
549,689
3.7
Real estate:
Commercial real estate
8,406,528
57.5
8,289,124
56.3
Commercial construction, land and land
development
1,131,384
7.7
1,231,484
8.4
Residential real estate (1)
1,699,220
11.6
1,686,206
11.5
Single-family interim construction
427,678
2.9
517,928
3.5
Agricultural
110,416
0.8
109,451
0.7
Consumer
72,163
0.5
76,229
0.5
Total loans
14,633,835
100.0
%
14,726,962
100.0
%
Allowance for credit losses
(145,323
)
(151,861
)
Total loans, net
$
14,488,512
$
14,575,101
____________
(1) Includes loans held for sale of
$12,012 and $16,420 at June 30, 2024 and December 31, 2023,
respectively.
Independent Bank Group, Inc. and
Subsidiaries
Reconciliation of Non-GAAP Financial
Measures
Three Months Ended June 30, 2024, March
31, 2024, December 31, 2023, September 30, 2023 and June 30,
2023
(Dollars in thousands, except for share
data)
(Unaudited)
For the Three Months Ended
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
ADJUSTED NET INCOME
Net Interest Income - Reported
(a)
$
105,148
$
103,031
$
106,305
$
109,049
$
113,607
Provision for Credit Losses -
Reported
(b)
—
(3,200
)
3,480
340
220
Noninterest Income - Reported
(c)
13,433
12,870
10,614
13,646
14,095
(Gain) loss on sale of loans
—
(74
)
—
7
7
(Gain) loss on sale of other real
estate
—
(13
)
1,797
—
—
Loss (gain) on sale and disposal of
premises and equipment
11
—
22
56
(354
)
Recoveries on loans charged off prior to
acquisition
(57
)
(5
)
(64
)
(279
)
(13
)
Adjusted Noninterest Income
(d)
13,387
12,778
12,369
13,430
13,735
Noninterest Expense - Reported
(e)
606,911
88,473
95,125
81,334
85,705
OREO impairment
—
(345
)
(3,015
)
—
(1,000
)
FDIC special assessment
645
(2,095
)
(8,329
)
—
—
Goodwill and asset impairment
(518,000
)
—
—
—
(153
)
Acquisition expense (1)
(2,338
)
—
(27
)
(27
)
(27
)
Adjusted Noninterest Expense
(f)
87,218
86,033
83,754
81,307
84,525
Income Tax Expense - Reported
(g)
5,125
6,478
3,455
8,246
8,700
Net (Loss) Income - Reported
(a) - (b) + (c) - (e) - (g) = (h)
(493,455
)
24,150
14,859
32,775
33,077
Adjusted Net Income (2)
(a) - (b) + (d) - (f) = (i)
$
24,884
$
26,001
$
25,509
$
32,624
$
33,726
ADJUSTED PROFITABILITY (3)
Total Average Assets
(j)
$
18,803,877
$
18,938,008
$
18,815,342
$
18,520,600
$
18,652,450
Total Average Stockholders' Equity
(k)
2,267,289
2,398,573
2,344,652
2,360,175
2,360,226
Total Average Tangible Stockholders'
Equity (4)
(l)
1,353,313
1,356,042
1,299,026
1,311,417
1,308,368
Reported Return on Average
Assets
(h) / (j)
(10.55
)%
0.51
%
0.31
%
0.70
%
0.71
%
Reported Return on Average
Equity
(h) / (k)
(87.53
)
4.05
2.51
5.51
5.62
Reported Return on Average Tangible
Equity
(h) / (l)
(146.65
)
7.16
4.54
9.92
10.14
Adjusted Return on Average Assets
(5)
(i) / (j)
0.53
0.55
0.54
0.70
0.73
Adjusted Return on Average Equity
(5)
(i) / (k)
4.41
4.36
4.32
5.48
5.73
Adjusted Return on Tangible Equity
(5)
(i) / (l)
7.40
7.71
7.79
9.87
10.34
EFFICIENCY RATIO
Amortization of other intangible
assets
(m)
$
2,953
$
3,075
$
3,106
$
3,111
$
3,111
Reported Efficiency Ratio
(e - m) / (a + c)
509.32
%
73.68
%
78.70
%
63.75
%
64.68
%
Adjusted Efficiency Ratio
(f - m) / (a + d)
71.09
71.63
67.96
63.84
63.93
____________
(1) Prior to 2024, acquisition expenses
include compensation related expenses for equity awards granted at
acquisition. Second quarter 2024 includes merger-related expenses
related to the announced merger with SouthState Corporation.
(2) Assumes an adjusted effective tax rate
of 20.5%, 21.2%, 18.9%, 20.1%, and 20.8%, respectively. Second
quarter 2024 normalized rate excludes the effect of nondeductible
acquisition expenses and goodwill impairment charges.
(3) Quarterly metrics are annualized.
(4) Excludes average balance of goodwill
and net other intangible assets.
(5) Calculated using adjusted net
income.
Independent Bank Group, Inc. and
Subsidiaries
Reconciliation of Non-GAAP Financial
Measures
As of June 30, 2024, March 31, 2024,
December 31, 2023, September 30, 2023 and June 30, 2023
(Dollars in thousands, except per share
information)
(Unaudited)
Tangible Book Value & Tangible
Common Equity To Tangible Assets Ratio
As of the Quarter Ended
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
Tangible Common Equity
Total common stockholders' equity
$
1,897,083
$
2,400,807
$
2,402,593
$
2,332,098
$
2,353,042
Adjustments:
Goodwill
(476,021
)
(994,021
)
(994,021
)
(994,021
)
(994,021
)
Other intangible assets, net
(44,532
)
(47,485
)
(50,560
)
(53,666
)
(56,777
)
Tangible common equity
$
1,376,530
$
1,359,301
$
1,358,012
$
1,284,411
$
1,302,244
Tangible Assets
Total assets
$
18,359,162
$
18,871,452
$
19,035,102
$
18,519,872
$
18,719,802
Adjustments:
Goodwill
(476,021
)
(994,021
)
(994,021
)
(994,021
)
(994,021
)
Other intangible assets, net
(44,532
)
(47,485
)
(50,560
)
(53,666
)
(56,777
)
Tangible assets
$
17,838,609
$
17,829,946
$
17,990,521
$
17,472,185
$
17,669,004
Common shares outstanding
41,376,169
41,377,745
41,281,919
41,284,003
41,279,460
Tangible common equity to tangible
assets
7.72
%
7.62
%
7.55
%
7.35
%
7.37
%
Book value per common share
$
45.85
$
58.02
$
58.20
$
56.49
$
57.00
Tangible book value per common share
33.27
32.85
32.90
31.11
31.55
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240724185557/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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