Company Quick10K Filing
⚲
Independent Bank Group
Financials
Price52.22 EPS3
Shares43 P/E16
MCap2,248 P/FCF16
Net Debt-570 EBIT294
TEV1,678 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-10-29
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-10-24
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-03-08
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-03-27
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-15
Reports
8-K 2020-11-02
8-K 2020-10-26
8-K 2020-09-10
8-K 2020-09-08
8-K 2020-08-27
8-K 2020-08-10
8-K 2020-07-29
8-K 2020-07-27
8-K 2020-06-10
8-K 2020-06-03
8-K 2020-05-26
8-K 2020-05-22
8-K 2020-04-29
8-K 2020-04-27
8-K 2020-02-03
8-K 2020-01-29
8-K 2020-01-27
8-K 2020-01-21
8-K 2019-12-09
8-K 2019-12-09
8-K 2019-11-11
8-K 2019-11-05
8-K 2019-10-23
8-K 2019-10-21
8-K 2019-08-07
8-K 2019-07-25
8-K 2019-07-24
8-K 2019-07-22
8-K 2019-05-23
8-K 2019-05-15
8-K 2019-05-13
8-K 2019-04-24
8-K 2019-04-23
8-K 2019-04-22
8-K 2019-01-30
8-K 2019-01-30
8-K 2019-01-28
8-K 2019-01-17
8-K 2019-01-01
8-K 2018-12-27
8-K 2018-12-17
8-K 2018-11-07
8-K 2018-10-24
8-K 2018-10-23
8-K 2018-09-24
8-K 2018-07-31
8-K 2018-07-25
8-K 2018-07-23
8-K 2018-06-07
8-K 2018-06-01
8-K 2018-05-24
8-K 2018-05-22
8-K 2018-05-21
8-K 2018-04-25
8-K 2018-04-23
8-K 2018-03-16
8-K 2018-02-01
8-K 2018-01-31
8-K 2018-01-29
8-K 2018-01-17
8-K 2018-01-08

IBTX 10Q Quarterly Report

Content
Part I
Item 1. Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. Statement of Cash Flows
Note 3. Securities Available for Sale
Note 4. Loans, Net and Allowance for Loan Losses
Note 5. Other Borrowings
Note 6. Commitments and Contingencies
Note 7. Income Taxes
Note 8. Fair Value Measurements
Note 9. Derivative Financial Instruments
Note 10. Stock Awards
Note 11. Regulatory Matters
Note 12. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-10.1 exhibit101formofperfor.htm
EX-10.2 exhibit102formofrestri.htm
EX-31.1 exhibit311q32020.htm
EX-31.2 exhibit312q32020.htm
EX-32.1 exhibit321q32020.htm
EX-32.2 exhibit322q32020.htm

Independent Bank Group Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
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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, 2020.
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 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 – 43,248,297 shares as of October 27, 2020.



INDEPENDENT BANK GROUP, INC. AND SUBSIDIARIES
Form 10-Q
September 30, 2020
   
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.
   

***




Table of Contents

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
Independent Bank Group, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2020 (unaudited) and December 31, 2019
(Dollars in thousands, except share information)
   September 30,December 31,
Assets20202019
Cash and due from banks$171,029 $186,299 
Interest-bearing deposits in other banks1,277,704 378,871 
Federal funds sold5,000 — 
Cash and cash equivalents1,453,733 565,170 
Certificates of deposit held in other banks4,481 5,719 
Securities available for sale, at fair value1,076,619 1,085,936 
Loans held for sale (includes $81,476 and $29,204 carried at fair value, respectively)
87,406 35,645 
Loans, net12,770,681 11,562,814 
Premises and equipment, net242,720 242,874 
Other real estate owned1,642 4,819 
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock26,504 30,052 
Bank-owned life insurance (BOLI)219,088 215,081 
Deferred tax asset4,196 6,943 
Goodwill994,021 994,021 
Other intangible assets, net91,215 100,741 
Other assets144,701 108,392 
Total assets$17,117,007 $14,958,207 
Liabilities and Stockholders’ Equity      
Deposits:      
Noninterest-bearing$4,187,150 $3,240,185 
Interest-bearing9,610,410 8,701,151 
Total deposits13,797,560 11,941,336 
FHLB advances375,000 325,000 
Other borrowings305,529 202,251 
Junior subordinated debentures53,973 53,824 
Other liabilities108,572 96,023 
Total liabilities14,640,634 12,618,434 
Commitments and contingencies— — 
Stockholders’ equity:      
Preferred stock (0 and 0 shares outstanding, respectively)
— — 
Common stock (43,244,797 and 42,950,228 shares outstanding, respectively)
432 430 
Additional paid-in capital1,932,690 1,926,359 
Retained earnings504,135 393,674 
Accumulated other comprehensive income39,116 19,310 
Total stockholders’ equity2,476,373 2,339,773 
Total liabilities and stockholders’ equity$17,117,007 $14,958,207 
See Notes to Consolidated Financial Statements
1

Table of Contents

Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Income
Three and Nine Months Ended September 30, 2020 and 2019 (unaudited)
(Dollars in thousands, except per share information)
   Three Months Ended September 30,Nine Months Ended September 30,
   2020201920202019
Interest income:      
Interest and fees on loans$144,138 $154,664 $434,648 $457,626 
Interest on taxable securities4,507 5,374 14,499 16,101 
Interest on nontaxable securities2,126 2,074 6,359 6,426 
Interest on interest-bearing deposits and other1,027 3,195 3,938 8,393 
Total interest income151,798 165,307 459,444 488,546 
Interest expense:   
Interest on deposits15,679 33,386 62,077 92,550 
Interest on FHLB advances714 2,730 3,629 8,324 
Interest on other borrowings2,928 3,036 8,408 8,674 
Interest on junior subordinated debentures470 762 1,710 2,310 
Total interest expense19,791 39,914 75,824 111,858 
Net interest income132,007 125,393 383,620 376,688 
Provision for loan losses7,620 5,233 39,122 13,196 
Net interest income after provision for loan losses124,387 120,160 344,498 363,492 
Noninterest income:   
Service charges on deposit accounts2,173 2,805 6,881 9,247 
Investment management and trust1,924 2,497 5,556 7,238 
Mortgage banking revenue14,722 4,824 27,726 11,619 
Gain on sale of loans— 6,779 647 6,779 
Gain on sale of branch— 1,549 — 1,549 
Gain on sale of other real estate— 539 37 851 
Gain on sale of securities available for sale— — 382 265 
Gain (loss) on sale and disposal of premises and equipment34 (315)311 (585)
Increase in cash surrender value of BOLI1,335 1,402 4,007 4,135 
Other4,977 7,244 19,604 18,849 
Total noninterest income25,165 27,324 65,151 59,947 
Noninterest expense:   
Salaries and employee benefits42,253 37,645 115,341 120,557 
Occupancy9,717 9,402 29,132 27,978 
Communications and technology5,716 5,758 17,193 16,598 
FDIC assessment (credit)1,597 (2,139)5,338 71 
Advertising and public relations492 467 1,965 1,942 
Other real estate owned expenses, net43 152 459 302 
Impairment of other real estate46 — 784 1,424 
Amortization of other intangible assets3,175 3,235 9,526 9,705 
Professional fees2,871 2,057 9,266 4,771 
Acquisition expense, including legal47 9,465 16,225 28,175 
Other7,452 10,906 25,678 29,998 
Total noninterest expense73,409 76,948 230,907 241,521 
Income before taxes76,143 70,536 178,742 181,918 
Income tax expense16,068 14,903 35,807 39,418 
Net income$60,075 $55,633 $142,935 $142,500 
Basic earnings per share$1.39 $1.30 $3.32 $3.29 
Diluted earnings per share$1.39 $1.30 $3.31 $3.29 
See Notes to Consolidated Financial Statements
2

Table of Contents

Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
Three and Nine Months Ended September 30, 2020 and 2019 (unaudited)
(Dollars in thousands)
   Three Months Ended September 30,Nine Months Ended September 30,
   2020201920202019
Net income$60,075 $55,633 $142,935 $142,500 
Other comprehensive income before tax:   
Change in net unrealized gains on available for sale securities during the year235 3,624 25,063 36,420 
Reclassification for amount realized through sales of securities available for sale included in net income— — (382)(265)
Other comprehensive income before tax235 3,624 24,681 36,155 
Income tax expense49 807 4,875 7,910 
Other comprehensive income, net of tax186 2,817 19,806 28,245 
Comprehensive income$60,261 $58,450 $162,741 $170,745 
See Notes to Consolidated Financial Statements
   
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Table of Contents

Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
Three Months Ended September 30, 2020 and 2019 (unaudited)
(Dollars in thousands, except for par value, share and per share information)
   
Preferred Stock
$0.01 Par Value
Common Stock
$0.01 Par Value
Additional
Paid in Capital		Retained
Earnings		Accumulated Other Comprehensive Income (Loss)Total
10 million shares authorized
100 million shares authorized
   SharesAmount
Three Months Ended
Balance, June 30, 2020$— 43,041,119 $430 $1,930,722 $454,878 $38,930 $2,424,960 
Net income— — — — 60,075 — 60,075 
Other comprehensive income, net of tax— — — — — 186 186 
Common stock repurchased— (291)— — (13)— (13)
Restricted stock forfeited— (6,644)— — — — — 
Restricted stock granted— 210,613 2 (2)— — — 
Stock based compensation expense— — — 1,970 — — 1,970 
Cash dividends ($0.25 per share)
— — — — (10,805)— (10,805)
Balance, September 30, 2020$— 43,244,797 $432 $1,932,690 $504,135 $39,116 $2,476,373 
Balance, June 30, 2019$— 42,953,818 $430 $1,922,475 $309,314 $17,123 $2,249,342 
Net income— — — — 55,633 — 55,633 
Other comprehensive income, net of tax— — — — — 2,817 2,817 
Common stock repurchased— (776)— — (41)— (41)
Restricted stock forfeited— (5,397)— — — — — 
Restricted stock granted— 4,997 — — — — — 
Stock based compensation expense— — — 1,910 — — 1,910 
Cash dividends ($0.25 per share)
— — — — (10,729)— (10,729)
Balance, September 30, 2019$— 42,952,642 $430 $1,924,385 $354,177 $19,940 $2,298,932 
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Table of Contents

Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Continued)
Nine Months Ended September 30, 2020 and 2019 (unaudited)
(Dollars in thousands, except for par value, share and per share information)

Preferred Stock
$0.01 Par Value
Common Stock
$0.01 Par Value
Additional
Paid in Capital		Retained
Earnings		Accumulated Other Comprehensive Income (Loss)Total
10 million shares authorized
100 million shares authorized
SharesAmount
Nine Months Ended