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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549   

FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the quarterly period ended September 30, 2022.
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from                 to                    .
Commission file number 001-35854
Independent Bank Group, Inc.
(Exact name of registrant as specified in its charter)   
Texas   13-4219346
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
7777 Henneman Way   
McKinney,
Texas75070-1711
(Address of principal executive offices)   (Zip Code)
(972) 562-9004
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on Which Registered
Common Stock, par value $0.01 per shareIBTXNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-Accelerated Filer(Do not check if a smaller reporting company)
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.
Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Applicable Only to Corporate Issuers
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.
Common Stock, Par Value $0.01 Per Share – 41,196,213 shares as of October 21, 2022.




INDEPENDENT BANK GROUP, INC. AND SUBSIDIARIES
Form 10-Q
September 30, 2022

PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2
Item 3.
Item 4.
Item 5.
Item 6.
   

***






PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
Independent Bank Group, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2022 (unaudited) and December 31, 2021
(Dollars in thousands, except share information)
   September 30,December 31,
Assets20222021
Cash and due from banks$145,036 $243,926 
Interest-bearing deposits in other banks371,123 2,364,518 
Cash and cash equivalents516,159 2,608,444 
Certificates of deposit held in other banks744 3,245 
Securities available for sale, at fair value1,730,163 2,006,727 
Securities held to maturity, net of allowance for credit losses of $0 and $0, respectively
207,516  
Loans held for sale (includes $17,248 and $28,249 carried at fair value, respectively)
21,973 32,124 
Loans, net of allowance for credit losses of $146,395 and $148,706, respectively
13,548,406 12,290,740 
Premises and equipment, net343,004 308,023 
Other real estate owned23,900  
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock19,361 21,573 
Bank-owned life insurance (BOLI)239,064 235,637 
Deferred tax asset82,018 26,178 
Goodwill994,021 994,021 
Other intangible assets, net66,110 75,490 
Other assets152,054 130,446 
Total assets$17,944,493 $18,732,648 
Liabilities and Stockholders’ Equity      
Deposits:      
Noninterest-bearing$5,107,001 $5,066,588 
Interest-bearing9,854,007 10,487,320 
Total deposits14,961,008 15,553,908 
FHLB advances200,000 150,000 
Other borrowings266,892 283,371 
Junior subordinated debentures54,370 54,221 
Other liabilities107,883 114,498 
Total liabilities15,590,153 16,155,998 
Commitments and contingencies  
Stockholders’ equity:      
Preferred stock (0 and 0 shares outstanding, respectively)
  
Common stock (41,165,006 and 42,756,234 shares outstanding, respectively)
412 428 
Additional paid-in capital1,955,096 1,945,497 
Retained earnings613,889 625,484 
Accumulated other comprehensive (loss) income(215,057)5,241 
Total stockholders’ equity2,354,340 2,576,650 
Total liabilities and stockholders’ equity$17,944,493 $18,732,648 
See Notes to Consolidated Financial Statements
1



Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Income
Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)
(Dollars in thousands, except per share information)
   Three Months Ended September 30,Nine Months Ended September 30,
   2022202120222021
Interest income:      
Interest and fees on loans$160,160 $134,540 $427,765 $412,312 
Interest on taxable securities8,306 6,059 24,908 16,068 
Interest on nontaxable securities2,655 2,077 7,729 6,207 
Interest on interest-bearing deposits and other2,566 1,356 4,846 3,021 
Total interest income173,687 144,032 465,248 437,608 
Interest expense:   
Interest on deposits21,586 10,847 35,306 35,341 
Interest on FHLB advances443 463 786 1,533 
Interest on other borrowings3,635 3,640 10,986 11,743 
Interest on junior subordinated debentures749 437 1,749 1,320 
Total interest expense26,413 15,387 48,827 49,937 
Net interest income147,274 128,645 416,421 387,671 
Provision for credit losses3,100  1,657 (9,000)
Net interest income after provision for credit losses144,174 128,645 414,764 396,671 
Noninterest income:   
Service charges on deposit accounts3,194 2,619 8,996 7,130 
Investment management fees2,156 2,210 6,998 6,339 
Mortgage banking revenue2,179 5,982 7,695 18,714 
Mortgage warehouse purchase program fees596 1,714 2,285 5,413 
(Loss) gain on sale of loans  (1,501)26 
Gain on sale of other real estate 63  63 
Loss on sale and disposal of premises and equipment(101)(41)(310)(61)
Increase in cash surrender value of BOLI1,350 1,282 3,987 3,841 
Other4,103 3,067 12,089 9,966 
Total noninterest income13,477 16,896 40,239 51,431 
Noninterest expense:   
Salaries and employee benefits54,152 46,572 154,837 134,068 
Occupancy11,493 10,258 31,526 30,716 
Communications and technology6,545 5,479 18,276 16,596 
FDIC assessment1,749 1,327 4,831 4,499 
Advertising and public relations424 266 1,583 880 
Other real estate owned expenses, net133 (8)199 4 
Amortization of other intangible assets3,117 3,145 9,380 9,435 
Professional fees3,457 4,546 10,990 11,972 
Other10,663 8,987 28,493 25,528 
Total noninterest expense91,733 80,572 260,115 233,698 
Income before taxes65,918 64,969 194,888 214,404 
Income tax expense13,481 12,629 39,351 43,841 
Net income$52,437 $52,340 $155,537 $170,563 
Basic earnings per share$1.27 $1.22 $3.71 $3.95 
Diluted earnings per share$1.27 $1.21 $3.71 $3.95 
See Notes to Consolidated Financial Statements
2



Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)
(Dollars in thousands)
   Three Months Ended September 30,Nine Months Ended September 30,
   2022202120222021
Net income$52,437 $52,340 $155,537 $170,563 
Other comprehensive loss before tax:   
Unrealized (losses) gains on securities:
Unrealized (losses) gains arising during the period, excluding the change attributable to available for sale securities reclassified to held to maturity(58,857)330 (267,832)(17,558)
Tax effect(12,360)73 (56,245)(3,687)
Unrealized (losses) gains arising during the period, net of tax, excluding the change attributable to available for sale securities reclassified to held to maturity(46,497)257 (211,587)(13,871)
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities(6) (16) 
Tax effect(1) (3) 
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities, net of tax(5) (13) 
Change in unrealized (losses) gains on securities, net of tax(46,502)257 (211,600)(13,871)
Unrealized (losses) gains on derivative financial instruments:
Unrealized holding (losses) gains arising during the period(4,068)(127)(11,088)418 
Tax effect(854)(28)(2,328)88 
Unrealized (losses) gains arising during the period, net of tax(3,214)(99)(8,760)330 
Reclassification of amount of losses (gains) recognized into income321 (221)78 (378)
Tax effect67 (49)16 (80)
Reclassification of amount of losses (gains) recognized into income, net of tax254 (172)62 (298)
Change in unrealized (losses) gains on derivative financial instruments(2,960)(271)(8,698)32 
Other comprehensive loss, net of tax(49,462)(14)(220,298)(13,839)
Comprehensive income (loss)$2,975 $52,326 $(64,761)$156,724 
See Notes to Consolidated Financial Statements
3




Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
Three Months Ended September 30, 2022 and 2021 (unaudited)
(Dollars in thousands, except for par value, share and per share information)
   
Preferred Stock
$0.01 Par
Common Stock
$0.01 Par Value
Additional
Paid in Capital
Retained
Earnings
Accumulated Other Comprehensive Income (Loss)Total
Value
10 million shares authorized
100 million shares authorized
   SharesAmount
Three Months Ended
Balance, June 30, 2022$ 41,156,261 $412 $1,951,317 $578,201 $(165,595)$2,364,335 
Net income— — — — 52,437 — 52,437 
Other comprehensive loss, net of tax— — — — — (49,462)(49,462)
Common stock repurchased— (15,311) — (1,054)— (1,054)
Restricted stock forfeited— (2,755)— — — —  
Restricted stock granted— 26,811   — —  
Stock based compensation expense— — — 3,779 — — 3,779 
Cash dividends ($0.38 per share)
— — — — (15,695)— (15,695)
Balance, September 30, 2022$ 41,165,006 $412 $1,955,096 $613,889 $(215,057)$2,354,340 
Three Months Ended
Balance, June 30, 2021$ 43,180,607 $432 $1,940,360 $579,585 $22,508 $2,542,885 
Net income— — — — 52,340 — 52,340 
Other comprehensive loss, net of tax— — — — — (14)(14)
Common stock repurchased— (232,069)(3)— (16,253)— (16,256)
Restricted stock forfeited— (12,495)— — — —  
Restricted stock granted— 5,672   — —  
Stock based compensation expense— — — 2,423 — — 2,423 
Cash dividends ($0.34 per share)
— — — — (14,685)— (14,685)
Balance, September 30, 2021$ 42,941,715 $429 $1,942,783 $600,987 $22,494 $2,566,693 
4






Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Continued)
Nine Months Ended September 30, 2022 and 2021 (unaudited)
(Dollars in thousands, except for par value, share and per share information)

Preferred Stock
$0.01 Par
Common Stock
$0.01 Par Value
Additional
Paid in Capital
Retained
Earnings
Accumulated Other Comprehensive Income (Loss)Total
Value
10 million shares authorized
100 million shares authorized
SharesAmount
Nine Months Ended
Balance, December 31, 2021$ 42,756,234 $428 $1,945,497 $625,484 $5,241 $2,576,650 
Net income— — — — 155,537 — 155,537 
Other comprehensive loss, net of tax— — — — — (220,298)(220,298)
Common stock repurchased— (1,695,022)(17)— (119,148)— (119,165)
Restricted stock forfeited— (7,301)— — — —  
Restricted stock granted— 111,095 1 (1)— —  
Stock based compensation expense— — — 9,600 — — 9,600 
Cash dividends ($1.14 per share)
— — — — (47,984)— (47,984)
Balance, September 30, 2022$ 41,165,006 $412 $1,955,096 $613,889 $(215,057)$2,354,340 
Nine Months Ended
Balance, December 31, 2020$ 43,137,104 $431 $1,934,807 $543,800 $36,333 $2,515,371 
Cumulative effect of change in accounting principles (1)
— — — — (53,880)— (53,880)
Adjusted beginning balance 43,137,104 431 1,934,807 489,920 36,333 2,461,491 
Net income— — — — 170,563 — 170,563 
Other comprehensive loss, net of tax— — — — — (13,839)(13,839)
Common stock repurchased— (257,280)(