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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
For the quarterly period ended September 30, 2023.
or
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☐ | 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)
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Texas | | 13-4219346 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
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7777 Henneman Way | | |
McKinney, | | |
Texas | | 75070-1711 |
(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:
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Title of Each Class | | Trading Symbol(s) | | Name of Exchange on Which Registered |
Common Stock, par value $0.01 per share | | IBTX | | NASDAQ 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.
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Large Accelerated Filer | | ☒ | | | Accelerated 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 – 41,283,178 shares as of October 20, 2023.
INDEPENDENT BANK GROUP, INC. AND SUBSIDIARIES
Form 10-Q
September 30, 2023
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PART I. | | | |
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Item 1. | | | |
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Item 2. | | | |
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Item 3. | | | |
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Item 4. | | | |
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PART II. | | | |
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Item 1. | | | |
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Item 1A. | | | |
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Item 2 | | | |
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Item 3. | | | |
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Item 4. | | | |
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Item 5. | | | |
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Item 6. | | | |
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PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
Independent Bank Group, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2023 (unaudited) and December 31, 2022
(Dollars in thousands, except share information)
| | | | | | | | | | | | | | |
| | September 30, | | December 31, |
Assets | | 2023 | | 2022 |
Cash and due from banks | | $ | 92,921 | | | $ | 134,183 | |
Interest-bearing deposits in other banks | | 618,788 | | | 520,139 | |
| | | | |
Cash and cash equivalents | | 711,709 | | | 654,322 | |
Certificates of deposit held in other banks | | 248 | | | 496 | |
Securities available for sale, at fair value | | 1,545,904 | | | 1,691,784 | |
Securities held to maturity, net of allowance for credit losses of $0 and $0, respectively | | 205,689 | | | 207,059 | |
Loans held for sale (includes $10,499 and $10,612 carried at fair value, respectively) | | 18,068 | | | 11,310 | |
Loans, net of allowance for credit losses of $148,249 and $148,787, respectively | | 14,075,155 | | | 13,760,576 | |
Premises and equipment, net | | 355,533 | | | 355,368 | |
Other real estate owned | | 22,505 | | | 23,900 | |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | | 25,496 | | | 23,436 | |
Bank-owned life insurance (BOLI) | | 243,980 | | | 240,448 | |
Deferred tax asset | | 106,658 | | | 78,669 | |
Goodwill | | 994,021 | | | 994,021 | |
Other intangible assets, net | | 53,666 | | | 62,999 | |
Other assets | | 161,240 | | | 154,026 | |
Total assets | | $ | 18,519,872 | | | $ | 18,258,414 | |
| | | | |
Liabilities and Stockholders’ Equity | | | | |
Deposits: | | | | |
Noninterest-bearing | | $ | 3,703,784 | | | $ | 4,736,830 | |
Interest-bearing | | 11,637,185 | | | 10,384,587 | |
Total deposits | | 15,340,969 | | | 15,121,417 | |
FHLB advances | | 275,000 | | | 300,000 | |
| | | | |
Other borrowings | | 271,666 | | | 267,066 | |
| | | | |
Junior subordinated debentures | | 54,568 | | | 54,419 | |
Other liabilities | | 245,571 | | | 130,129 | |
Total liabilities | | 16,187,774 | | | 15,873,031 | |
Commitments and contingencies | | — | | | — | |
Stockholders’ equity: | | | | |
Preferred stock (0 and 0 shares outstanding, respectively) | | — | | | — | |
Common stock (41,284,003 and 41,190,677 shares outstanding, respectively) | | 413 | | | 412 | |
Additional paid-in capital | | 1,964,764 | | | 1,959,193 | |
Retained earnings | | 617,673 | | | 638,354 | |
| | | | |
Accumulated other comprehensive loss | | (250,752) | | | (212,576) | |
Total stockholders’ equity | | 2,332,098 | | | 2,385,383 | |
Total liabilities and stockholders’ equity | | $ | 18,519,872 | | | $ | 18,258,414 | |
See Notes to Consolidated Financial Statements
Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Income
Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)
(Dollars in thousands, except per share information)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Interest income: | | | | | | | | |
Interest and fees on loans | | $ | 202,725 | | | $ | 160,160 | | | $ | 580,631 | | | $ | 427,765 | |
Interest on taxable securities | | 7,674 | | | 8,306 | | | 23,323 | | | 24,908 | |
Interest on nontaxable securities | | 2,558 | | | 2,655 | | | 7,747 | | | 7,729 | |
Interest on interest-bearing deposits and other | | 9,787 | | | 2,566 | | | 27,513 | | | 4,846 | |
Total interest income | | 222,744 | | | 173,687 | | | 639,214 | | | 465,248 | |
Interest expense: | | | | | | | | |
Interest on deposits | | 102,600 | | | 21,586 | | | 243,005 | | | 35,306 | |
Interest on FHLB advances | | 6,054 | | | 443 | | | 29,903 | | | 786 | |
Interest on other borrowings | | 3,808 | | | 3,635 | | | 12,248 | | | 10,986 | |
Interest on junior subordinated debentures | | 1,233 | | | 749 | | | 3,480 | | | 1,749 | |
Total interest expense | | 113,695 | | | 26,413 | | | 288,636 | | | 48,827 | |
Net interest income | | 109,049 | | | 147,274 | | | 350,578 | | | 416,421 | |
Provision for credit losses | | 340 | | | 3,100 | | | 650 | | | 1,657 | |
Net interest income after provision for credit losses | | 108,709 | | | 144,174 | | | 349,928 | | | 414,764 | |
Noninterest income: | | | | | | | | |
Service charges on deposit accounts | | 3,568 | | | 3,194 | | | 10,436 | | | 8,996 | |
Investment management fees | | 2,470 | | | 2,156 | | | 7,215 | | | 6,998 | |
Mortgage banking revenue | | 1,774 | | | 2,179 | | | 5,646 | | | 7,695 | |
Mortgage warehouse purchase program fees | | 555 | | | 596 | | | 1,414 | | | 2,285 | |
Loss on sale of loans | | (7) | | | — | | | (14) | | | (1,501) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
(Loss) gain on sale and disposal of premises and equipment | | (56) | | | (101) | | | 345 | | | (310) | |
Increase in cash surrender value of BOLI | | 1,465 | | | 1,350 | | | 4,252 | | | 3,987 | |
Other | | 3,877 | | | 4,103 | | | 11,201 | | | 12,089 | |
Total noninterest income | | 13,646 | | | 13,477 | | | 40,495 | | | 40,239 | |
Noninterest expense: | | | | | | | | |
Salaries and employee benefits | | 43,618 | | | 54,152 | | | 136,833 | | | 154,837 | |
Occupancy | | 12,408 | | | 11,493 | | | 35,607 | | | 31,526 | |
Communications and technology | | 6,916 | | | 6,545 | | | 21,202 | | | 18,276 | |
FDIC assessment | | 3,653 | | | 1,749 | | | 10,171 | | | 4,831 | |
Advertising and public relations | | 587 | | | 424 | | | 2,195 | | | 1,583 | |
Other real estate owned (income) expenses, net | | (253) | | | 133 | | | (482) | | | 199 | |
Impairment of other real estate | | — | | | — | | | 2,200 | | | — | |
Amortization of other intangible assets | | 3,111 | | | 3,117 | | | 9,333 | | | 9,380 | |
Litigation settlement | | — | | | — | | | 102,500 | | | — | |
Professional fees | | 1,262 | | | 3,457 | | | 6,112 | | | 10,990 | |
| | | | | | | | |
Other | | 10,032 | | | 10,663 | | | 30,748 | | | 28,493 | |
Total noninterest expense | | 81,334 | | | 91,733 | | | 356,419 | | | 260,115 | |
Income before taxes | | 41,021 | | | 65,918 | | | 34,004 | | | 194,888 | |
Income tax expense | | 8,246 | | | 13,481 | | | 5,662 | | | 39,351 | |
Net income | | $ | 32,775 | | | $ | 52,437 | | | $ | 28,342 | | | $ | 155,537 | |
Basic earnings per share | | $ | 0.79 | | | $ | 1.27 | | | $ | 0.69 | | | $ | 3.71 | |
Diluted earnings per share | | $ | 0.79 | | | $ | 1.27 | | | $ | 0.69 | | | $ | 3.71 | |
See Notes to Consolidated Financial Statements
Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | | 2023 | | 2022 | | 2023 | | 2022 |
| Net income | | $ | 32,775 | | | $ | 52,437 | | | $ | 28,342 | | | $ | 155,537 | |
| Other comprehensive loss before tax: | | | | | | | | |
| Unrealized losses on securities: | | | | | | | | |
| Unrealized losses arising during the period, excluding the change attributable to available for sale securities reclassified to held to maturity | | (47,756) | | | (58,857) | | | (47,994) | | | (267,832) | |
| Tax effect | | (10,029) | | | (12,360) | | | (10,079) | | | (56,245) | |
| Unrealized losses arising during the period, net of tax, excluding the change attributable to available for sale securities reclassified to held to maturity | | (37,727) | | | (46,497) | | | (37,915) | | | (211,587) | |
| Change in net unamortized gains on available for sale securities reclassified into held to maturity securities | | (5) | | | (6) | | | (15) | | | (16) | |
| Tax effect | | (1) | | | (1) | | | (3) | | | (3) | |
| Change in net unamortized gains on available for sale securities reclassified into held to maturity securities, net of tax | | (4) | | | (5) | | | (12) | | | (13) | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Change in unrealized losses on securities, net of tax | | (37,731) | | | (46,502) | | | (37,927) | | | (211,600) | |
| | | | | | | | | |
| Unrealized losses on derivative financial instruments: | | | | | | | | |
| Unrealized holding losses arising during the period | | (1,720) | | | (4,068) | | | (3,347) | | | (11,088) | |
| Tax effect | | (361) | | | (854) | | | (703) | | | (2,328) | |
| Unrealized losses arising during the period, net of tax | | (1,359) | | | (3,214) | | | (2,644) | | | (8,760) | |
| Reclassification of amount of losses recognized into income | | 1,113 | | | 321 | | | 3,032 | | | 78 | |
| Tax effect | | 234 | | | 67 | | | 637 | | | 16 | |
| Reclassification of amount of losses recognized into income, net of tax | | 879 | | | 254 | | | 2,395 | | | 62 | |
| Change in unrealized losses on derivative financial instruments | | (480) | | | (2,960) | | | (249) | | | (8,698) | |
| Other comprehensive loss, net of tax | | (38,211) | | | (49,462) | | | (38,176) | | | (220,298) | |
| Comprehensive (loss) income | | $ | (5,436) | | | $ | 2,975 | | | $ | (9,834) | | | $ | (64,761) | |
See Notes to Consolidated Financial Statements
Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
Three Months Ended September 30, 2023 and 2022 (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 (Loss) Income | | Total |
| Value 10 million shares authorized | | 100 million shares authorized | |
| | Shares | | Amount | |
Three Months Ended | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | |
Balance, June 30, 2023 | $ | — | | | 41,279,460 | | | $ | 413 | | | $ | 1,964,341 | | | $ | 600,829 | | | | | $ | (212,541) | | | $ | 2,353,042 | |
Net income | — | | | — | | | — | | | — | | | 32,775 | | | | | — | | | 32,775 | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | — | | | | | (38,211) | | | (38,211) | |
Common stock repurchased | — | | | (11,476) | | | — | | | — | | | (418) | | | | | — | | | (418) | |
Restricted stock forfeited | — | | | (1,123) | | | — | | | — | | | — | | | | | — | | | — | |
Restricted stock granted | — | | | 17,142 | | | — | | | — | | | — | | | | | — | | | — | |
Stock based compensation expense | — | | | — | | | — | | | 423 | | | — | | | | | — | | | 423 | |
Cash dividends ($0.38 per share) | — | | | — | | | — | | | — | | | (15,513) | | | | | — | | | (15,513) | |
Balance, September 30, 2023 | $ | — | | | 41,284,003 | | | $ | 413 | | | $ | 1,964,764 | | | $ | 617,673 | | | | | $ | (250,752) | | | $ | 2,332,098 | |
| | | | | | | | | | | | | | | |
Three Months Ended | | | | | | | | | | | | | | | |
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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 | |
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Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Continued)
Nine Months Ended September 30, 2023 and 2022 (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 (Loss) Income | | Total |
| Value 10 million shares authorized | | 100 million shares authorized | |
| | Shares | | Amount | |
Nine Months Ended | | | | | | | | | | | | | | | |
Balance, December 31, 2022 | $ | — | | | 41,190,677 | | | $ | 412 | | | $ | 1,959,193 | | | $ | 638,354 | | | | | $ | (212,576) | | | $ | 2,385,383 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | — | | | 28,342 | | | | | — | | | 28,342 | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | — | | | | | (38,176) | | | (38,176) | |
| | | | | | | | | | | | | | | |
Common stock repurchased | — | | | (38,739) | | | — | | | — | | | (2,057) | | | | | — | | | (2,057) | |
Restricted stock forfeited | — | | | (4,844) | | | — | | | — | | | — | | | | | — | | | — | |
Restricted stock granted | — | | | 136,909 | | | 1 | | | (1) | | | — | | | | | — | | | — | |
Stock based compensation expense | — | | | — | | | — | | | 5,572 | | | — | | | | | — | | | 5,572 | |
Cash dividends ($1.14 per share) | — | | | — | | | — | | | — | | | (46,966) | | | | | — | | | (46,966) | |
Balance, September 30, 2023 | $ | — | | | 41,284,003 | | | $ | 413 | | | $ | 1,964,764 | | | $ | 617,673 | | | | | $ | (250,752) | | | $ | 2,332,098 | |
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Nine Months Ended | | | | | | | | | | | | | | | |
Balance, December 31, 2021 | $ | — | | | 42,756,234 | | | $ | 428 | | | $ | 1,945,497 | | | $ | 625,484 | | | | | $ | 5,241 | | | $ | 2,576,650 | |
| | | | | | | | | | | | | | | |
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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 | |
See Notes to Consolidated Financial Statements
Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2023 and 2022 (unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2023 | | 2022 |
Cash flows from operating activities: | | | | |
Net income | | $ | 28,342 | | | $ | 155,537 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation expense | | 13,629 | | | 10,674 | |
Accretion income recognized on loans | | (3,013) | | | (8,825) | |
Amortization of other intangibles assets | | 9,333 | | | 9,380 | |
Amortization of premium on securities, net | | 5,512 | | | 5,467 | |
Amortization of discount and origination costs on borrowings | | 999 | | | 670 | |
Stock based compensation expense | | 5,572 | | | 9,600 | |
Excess tax expense (benefit) on restricted stock vested | | 216 | | | (673) | |
FHLB stock dividends | | (2,296) | | | (125) | |
| | | | |
(Gain) loss on sale and disposal of premises and equipment | | (345) | | | 310 | |
Loss on sale of loans | | 14 | | | 1,501 | |
| | | | |
| | | | |
| | | | |
| | | | |
Impairment of other real estate | | 2,200 | | | — | |
Impairment of other assets | | 955 | | | 1,156 | |
Deferred tax (benefit) expense | | (17,841) | | | 2,720 | |
Provision for credit losses | | 650 | | | 1,657 | |
Increase in cash surrender value of BOLI | | (4,252) | | | (3,987) | |
Excess benefit claim on BOLI | | (522) | | | (784) | |
Net gain on mortgage loans held for sale | | (3,725) | | | (3,480) | |
Originations of loans held for sale | | (208,360) | | | (237,105) | |
Proceeds from sale of loans held for sale | | 205,327 | | | 250,736 | |
Net change in other assets | | (682) | | | (19,050) | |
Net change in other liabilities | | 88,839 | | | (26,751) | |
Net cash provided by operating activities | | 120,552 | | | 148,628 | |
Cash flows from investing activities: | | | | |
Investment securities available for sale: | | | | |
Proceeds from maturities, calls and paydowns | | 102,747 | | | 7,167,979 | |
| | | | |
Purchases | | (9,018) | | | (7,281,181) | |
Investment securities held to maturity: | | | | |
| | | | |
Purchases | | — | | | (91,065) | |
| | | | |
Proceeds from maturities of certificates of deposit held in other banks | | 248 | | | 2,501 | |
Proceeds from benefit claim of BOLI | | 1,242 | | | 1,344 | |
| | | | |
Purchases of FHLB stock and other restricted stock | | (79,084) | | | (830) | |
Proceeds from redemptions of FHLB stock and other restricted stock | | 79,320 | | | 3,167 | |
Proceeds from sale of loans | | 4,188 | | | 19,333 | |
Net loans originated held for investment | | (166,699) | | | (1,669,267) | |
Originations of mortgage warehouse purchase loans | | (8,510,472) | | | (11,284,831) | |
Proceeds from pay-offs of mortgage warehouse purchase loans | | 8,380,269 | | | 11,664,635 | |
Additions to premises and equipment | | (15,812) | | | (45,969) | |
Proceeds from sale of premises and equipment | | 681 | | | 174 | |
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Net cash used in investing activities | | (212,390) | | | (1,514,010) | |
Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Continued)
Nine Months Ended September 30, 2023 and 2022 (unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2023 | | 2022 |
| | | | |
Cash flows from financing activities: | | | | |
Net decrease in demand deposits, money market and savings accounts | | (2,284,130) | | | (608,272) | |
Net increase in time deposits | | 2,503,682 | | | 15,372 | |
Proceeds from FHLB advances | | 12,595,000 | | | 275,000 | |
Repayments of FHLB advances | | (12,620,000) | | | (225,000) | |
| | | | |
Proceeds from other borrowings | | 100,000 | | | 111,000 | |
Repayments of other borrowings | | (96,250) | | | (128,000) | |
| | | | |
| | | | |
Repurchase of common stock | | (2,057) | | | (119,165) | |
| | | | |
| | | | |
Dividends paid | | (47,020) | | | (47,838) | |
Net cash provided by (used in) financing activities | | 149,225 | | | (726,903) | |
Net change in cash and cash equivalents | | 57,387 | | | (2,092,285) | |
Cash and cash equivalents at beginning of period | | 654,322 | | | 2,608,444 | |
Cash and cash equivalents at end of period | | $ | 711,709 | | | $ | 516,159 | |
See Notes to Consolidated Financial Statements
Independent Bank Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(Dollars in thousands, except for share and per share information)
Note 1. Summary of Significant Accounting Policies
Nature of operations: Independent Bank Group, Inc. (IBG) through its subsidiary, Independent Bank, a Texas state banking corporation, doing business as Independent Financial, (Bank) (collectively known as the Company), provides a full range of banking services to individual and corporate customers in the North, Central and Southeast Texas areas and along the Colorado Front Range, through its various branch locations in those areas. The Company is engaged in traditional community banking activities, which include commercial and retail lending, deposit gathering, and investment and liquidity management activities. The Company’s primary deposit products are demand deposits, money market accounts and certificates of deposit and its primary lending products are commercial business and real estate, real estate mortgage and consumer loans.
Basis of presentation: The accompanying consolidated financial statements include the accounts of IBG and all other entities in which IBG has controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. In addition, the Company wholly-owns nine statutory business trusts that were formed for the purpose of issuing trust preferred securities and do not meet the criteria for consolidation.
The consolidated interim financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
Accounting standards codification: The Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) is the officially recognized source of authoritative U.S. generally accepted accounting principles (GAAP) applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the Securities and Exchange Commission (SEC) under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative.
Segment reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions.
Reclassifications: Certain prior period financial statement and disclosure amounts have been reclassified to conform to current period presentation. The reclassifications have no effect on net income or stockholders' equity as previously reported.
Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. The material estimates included in the financial statements relate to the allowance for credit losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations.
Goodwill assessment: The Company's policy is to test goodwill for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. During the nine months ended September 30, 2023, the economic uncertainty and market volatility resulting from the rising interest rate environment and the recent banking crisis resulted in a decrease in the Company's stock price and market capitalization. Management believed such decrease was a triggering indicator requiring an interim goodwill impairment quantitative analysis for second quarter 2023. Based on an analysis performed, the Company's estimated fair value to a market participant as of June 30, 2023, exceeded its carrying amount resulting in no impairment charge for the period. During the third quarter 2023, management evaluated current conditions and concluded there have been no significant changes in the economic environment or future projections and therefore, believes that there has been no further decline in the Company's fair value as of September 30, 2023. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes.
Independent Bank Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(Dollars in thousands, except for share and per share information)
Subsequent events: Companies are required to evaluate events and transactions that occur after the balance sheet date but before the date the financial statements are issued. They must recognize in the financial statements the effect of all events or transactions that provide additional evidence of conditions that existed at the balance sheet date, including the estimates inherent in the financial statement preparation process. Entities shall not recognize the impact of events or transactions that provide evidence about conditions that did not exist at the balance sheet date but arose after that date. The Company has evaluated subsequent events through the date of filing these financial statements with the SEC and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 13. Subsequent Events. Earnings per share: Basic earnings per common share is calculated as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under participating nonvested restricted stock awards as well as performance stock units (PSUs). The participating nonvested restricted stock awards were not included in dilutive shares as they were anti-dilutive for the three and nine months ended September 30, 2023 and 2022. Proceeds from the assumed exercise of dilutive participating nonvested restricted stock awards and PSUs are assumed to be used to repurchase common stock at the average market price.
The following table presents a reconciliation of net income available to common shareholders and the number of shares used in the calculation of basic and diluted earnings per common share:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Basic earnings per share: | | | | | | | |
Net income | $ | 32,775 | | | $ | 52,437 | | | $ | 28,342 | | | $ | 155,537 | |
Less: | | | | | | | |
Undistributed earnings (loss) allocated to participating securities | 31 | | | 277 | | | (43) | | | 843 | |
Dividends paid on participating securities | 29 | | | 118 | | | 110 | | | 374 | |
Net income available to common shareholders | $ | 32,715 | | | $ | 52,042 | | | $ | 28,275 | | | $ | 154,320 | |
Weighted average basic shares outstanding | 41,209,088 | | | 40,856,786 | | | 41,166,274 | | | 41,557,304 | |
Basic earnings per share | $ | 0.79 | | | $ | 1.27 | | | $ | 0.69 | | | $ | 3.71 | |
Diluted earnings per share: | | | | | | | |
Net income available to common shareholders | $ | 32,715 | | | $ | 52,042 | | | $ | 28,275 | | | $ | 154,320 | |
Total weighted average basic shares outstanding | 41,209,088 | | | 40,856,786 | | | 41,166,274 | | | 41,557,304 | |
Add dilutive performance stock units | 96,070 | | | 86,404 | | | 91,025 | | | 80,521 | |
| | | | | | | |
Total weighted average diluted shares outstanding | 41,305,158 | | | 40,943,190 | | | 41,257,299 | | | 41,637,825 | |
Diluted earnings per share | $ | 0.79 | | | $ | 1.27 | | | $ | 0.69 | | | $ | 3.71 | |
Anti-dilutive participating securities | 18,639 | | | 100,019 | | | 36,484 | | | 125,664 | |
Independent Bank Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(Dollars in thousands, except for share and per share information)
Note 2. Statement of Cash Flows
As allowed by the accounting standards, the Company has chosen to report, on a net basis, its cash receipts and cash payments for time deposits accepted and repayments of those deposits, and loans made to customers and principal collections on those loans. The Company uses the indirect method to present cash flows from operating activities. Other supplemental cash flow information is presented below:
| | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, | | |
| | 2023 | | 2022 | | |
Cash transactions: | | | | | | |
Interest expense paid | | $ | 263,694 | | | $ | 50,154 | | | |
Income taxes paid | | $ | 18,781 | | | $ | 33,638 | | | |
Noncash transactions: | | | | | | |
| | | | | | |
Deferred dividend equivalents | | $ | (54) | | | $ | 146 | | | |
Transfer of loans to other real estate owned | | $ | — | | | $ | 23,900 | | | |
Transfer of securities available for sale to held to maturity | | $ | — | | | $ | 117,583 | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Right-of-use assets obtained in exchange for lease liabilities | | $ | 6,625 | | | $ | 4,011 | | | |
Loans purchased, not yet settled | | $ | 19,095 | | | $ | 5,898 | | | |
Transfer of bank premises to other real estate | | $ | 805 | | | $ | — | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Independent Bank Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(Dollars in thousands, except for share and per share information)
Note 3. Securities
Securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost of securities and their approximate fair values at September 30, 2023 and December 31, 2022 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Amortized Cost (1) | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value |
Securities Available for Sale | | | | | | | | |
September 30, 2023 | | | | | | | | |
U.S. treasuries | | $ | 236,068 | | | $ | — | | | $ | (19,600) | | | $ | 216,468 | |
Government agency securities | | 467,813 | | | — | | | (93,721) | | | 374,092 | |
Obligations of state and municipal subdivisions | | 246,890 | | | 17 | | | (22,205) | | | 224,702 | |
Corporate bonds | | 43,000 | | | — | | | (7,563) | | | 35,437 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | | 858,269 | | | — | | | (163,564) | | | 694,705 | |
Other securities | | 500 | | | — | | | — | | | 500 | |
| | $ | |