Company Quick10K Filing
Independent Bank Group
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
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
8-K 2020-07-29 Other Events, Exhibits
8-K 2020-07-27 Earnings, Regulation FD, Exhibits
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

Part I
Item 1. Consolidated Finacial 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. Commitments and Contingencies
Note 6. Income Taxes
Note 7. Fair Value Measurements
Note 8. Derivative Financial Instruments
Note 9. Stock Awards
Note 10. Regulatory Matters
Note 11. 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
EX-31.1 exhibit311q22020.htm
EX-31.2 exhibit312q22020.htm
EX-32.1 exhibit321q22020.htm
EX-32.2 exhibit322q22020.htm

Independent Bank Group Earnings 2020-06-30

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 June 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 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 – 43,235,224 shares as of July 28, 2020.




INDEPENDENT BANK GROUP, INC. AND SUBSIDIARIES
Form 10-Q
June 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 FINACIAL STATEMENTS
Independent Bank Group, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30, 2020 (unaudited) and December 31, 2019
(Dollars in thousands, except share information)
   June 30,December 31,
Assets20202019
Cash and due from banks$191,812  $186,299  
Interest-bearing deposits in other banks1,414,099  378,871  
Cash and cash equivalents1,605,911  565,170  
Certificates of deposit held in other banks4,481  5,719  
Securities available for sale, at fair value1,049,592  1,085,936  
Loans held for sale (includes $60,852 and $29,204 carried at fair value, respectively)
72,865  35,645  
Loans, net12,497,449  11,562,814  
Premises and equipment, net243,310  242,874  
Other real estate owned1,688  4,819  
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock57,294  30,052  
Bank-owned life insurance (BOLI)217,753  215,081  
Deferred tax asset3,208  6,943  
Goodwill994,021  994,021  
Other intangible assets, net94,390  100,741  
Other assets144,063  108,392  
Total assets$16,986,025  $14,958,207  
Liabilities and Stockholders’ Equity      
Deposits:      
Noninterest-bearing$3,984,404  $3,240,185  
Interest-bearing9,314,631  8,701,151  
Total deposits13,299,035  11,941,336  
FHLB advances925,000  325,000  
Other borrowings191,462  202,251  
Junior subordinated debentures53,924  53,824  
Other liabilities91,644  96,023  
Total liabilities14,561,065  12,618,434  
Commitments and contingencies    
Stockholders’ equity:      
Preferred stock (0 and 0 shares outstanding, respectively)
    
Common stock (43,041,119 and 42,950,228 shares outstanding, respectively)
430  430  
Additional paid-in capital1,930,722  1,926,359  
Retained earnings454,878  393,674  
Accumulated other comprehensive income38,930  19,310  
Total stockholders’ equity2,424,960  2,339,773  
Total liabilities and stockholders’ equity$16,986,025  $14,958,207  
See Notes to Consolidated Financial Statements
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Table of Contents

Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Income
Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
(Dollars in thousands, except per share information)
   Three Months Ended June 30,Six Months Ended June 30,
   2020201920202019
Interest income:      
Interest and fees on loans$143,405  $157,431  $290,510  $302,962  
Interest on taxable securities4,828  5,277  9,992  10,727  
Interest on nontaxable securities2,168  2,127  4,233  4,352  
Interest on interest-bearing deposits and other840  2,828  2,911  5,198  
Total interest income151,241  167,663  307,646  323,239  
Interest expense:   
Interest on deposits18,327  31,322  46,398  59,164  
Interest on FHLB advances1,289  2,984  2,915  5,594  
Interest on other borrowings2,685  2,923  5,480  5,638  
Interest on junior subordinated debentures568  791  1,240  1,548  
Total interest expense22,869  38,020  56,033  71,944  
Net interest income128,372  129,643  251,613  251,295  
Provision for loan losses23,121  4,739  31,502  7,963  
Net interest income after provision for loan losses105,251  124,904  220,111  243,332  
Noninterest income:   
Service charges on deposit accounts4,849  6,164  10,391  12,074  
Investment management and trust1,646  2,522  3,632  4,741  
Mortgage banking revenue10,479  3,702  13,004  6,795  
Gain on sale of loans689    647    
Gain on sale of other real estate12  312  37  312  
Gain on sale of securities available for sale26  20  382  265  
Gain (loss) on sale and disposal of premises and equipment340  (279) 277  (270) 
Increase in cash surrender value of BOLI1,331  1,374  2,672  2,733  
Other6,003  2,384  8,844  5,973  
Total noninterest income25,375  16,199  39,886  32,623  
Noninterest expense:   
Salaries and employee benefits34,428  40,532  73,088  82,912  
Occupancy9,378  9,585  19,415  18,576  
Communications and technology5,925  5,776  11,477  10,840  
FDIC assessment1,989  962  3,741  2,210  
Advertising and public relations862  812  1,473  1,475  
Other real estate owned expenses, net42  79  416  150  
Impairment of other real estate738  988  738  1,424  
Amortization of other intangible assets3,175  3,235  6,351  6,470  
Professional fees2,181  1,544  6,395  2,714  
Acquisition expense, including legal15,629  3,723  16,178  18,710  
Other8,683  10,742  18,126  19,092  
Total noninterest expense83,030  77,978  157,398  164,573  
Income before taxes47,596  63,125  102,599  111,382  
Income tax expense8,903  13,389  19,739  24,515  
Net income$38,693  $49,736  $82,860  $86,867  
Basic earnings per share$0.90  $1.15  $1.93  $1.99  
Diluted earnings per share$0.90  $1.15  $1.92  $1.99  
See Notes to Consolidated Financial Statements
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Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
(Dollars in thousands)
   Three Months Ended June 30,Six Months Ended June 30,
   2020201920202019
Net income$38,693  $49,736  $82,860  $86,867  
Other comprehensive income before tax:   
Change in net unrealized gains on available for sale securities during the year9,852  17,645  24,828  32,796  
Reclassification for amount realized through sales of securities available for sale included in net income(26) (20) (382) (265) 
Other comprehensive income before tax9,826  17,625  24,446  32,531  
Income tax expense1,568  3,973  4,826  7,103  
Other comprehensive income, net of tax8,258  13,652  19,620  25,428  
Comprehensive income$46,951  $63,388  $102,480  $112,295  
See Notes to Consolidated Financial Statements
   
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Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
Three Months Ended June 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
$0.01 Par Value
Additional
Paid in Capital
Retained
Earnings
Accumulated Other Comprehensive Income (Loss)Total
10 million shares authorized
100 million shares authorized
   SharesAmount
Three Months Ended
Balance, March 31, 2020$  43,041,776  $430  $1,928,241  $426,942  $30,672  $2,386,285  
Net income—  —  —  —  38,693  —  38,693  
Other comprehensive income, net of tax—  —  —  —  —