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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, 2023.
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)
Texas13-4219346
(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 – 41,283,178 shares as of October 20, 2023.



INDEPENDENT BANK GROUP, INC. AND SUBSIDIARIES
Form 10-Q
September 30, 2023

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, 2023 (unaudited) and December 31, 2022
(Dollars in thousands, except share information)
September 30,December 31,
Assets20232022
Cash and due from banks$92,921 $134,183 
Interest-bearing deposits in other banks618,788 520,139 
Cash and cash equivalents711,709 654,322 
Certificates of deposit held in other banks248 496 
Securities available for sale, at fair value1,545,904 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, net355,533 355,368 
Other real estate owned22,505 23,900 
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock25,496 23,436 
Bank-owned life insurance (BOLI)243,980 240,448 
Deferred tax asset106,658 78,669 
Goodwill994,021 994,021 
Other intangible assets, net53,666 62,999 
Other assets161,240 154,026 
Total assets$18,519,872 $18,258,414 
Liabilities and Stockholders’ Equity
Deposits:
Noninterest-bearing$3,703,784 $4,736,830 
Interest-bearing11,637,185 10,384,587 
Total deposits15,340,969 15,121,417 
FHLB advances275,000 300,000 
Other borrowings271,666 267,066 
Junior subordinated debentures54,568 54,419 
Other liabilities245,571 130,129 
Total liabilities16,187,774 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 capital1,964,764 1,959,193 
Retained earnings617,673 638,354 
Accumulated other comprehensive loss(250,752)(212,576)
Total stockholders’ equity2,332,098 2,385,383 
Total liabilities and stockholders’ equity$18,519,872 $18,258,414 
See Notes to Consolidated Financial Statements
1


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,
2023202220232022
Interest income:
Interest and fees on loans$202,725 $160,160 $580,631 $427,765 
Interest on taxable securities7,674 8,306 23,323 24,908 
Interest on nontaxable securities2,558 2,655 7,747 7,729 
Interest on interest-bearing deposits and other9,787 2,566 27,513 4,846 
Total interest income222,744 173,687 639,214 465,248 
Interest expense:
Interest on deposits102,600 21,586 243,005 35,306 
Interest on FHLB advances6,054 443 29,903 786 
Interest on other borrowings3,808 3,635 12,248 10,986 
Interest on junior subordinated debentures1,233 749 3,480 1,749 
Total interest expense113,695 26,413 288,636 48,827 
Net interest income109,049 147,274 350,578 416,421 
Provision for credit losses340 3,100 650 1,657 
Net interest income after provision for credit losses108,709 144,174 349,928 414,764 
Noninterest income:
Service charges on deposit accounts3,568 3,194 10,436 8,996 
Investment management fees2,470 2,156 7,215 6,998 
Mortgage banking revenue1,774 2,179 5,646 7,695 
Mortgage warehouse purchase program fees555 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 BOLI1,465 1,350 4,252 3,987 
Other3,877 4,103 11,201 12,089 
Total noninterest income13,646 13,477 40,495 40,239 
Noninterest expense:
Salaries and employee benefits43,618 54,152 136,833 154,837 
Occupancy12,408 11,493 35,607 31,526 
Communications and technology6,916 6,545 21,202 18,276 
FDIC assessment3,653 1,749 10,171 4,831 
Advertising and public relations587 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 assets3,111 3,117 9,333 9,380 
Litigation settlement— — 102,500 — 
Professional fees1,262 3,457 6,112 10,990 
Other10,032 10,663 30,748 28,493 
Total noninterest expense81,334 91,733 356,419 260,115 
Income before taxes41,021 65,918 34,004 194,888 
Income tax expense8,246 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
2


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,
2023202220232022
Net income$32,775 $52,437 $28,342 $155,537 
Other comprehensive loss before tax:
Unrealized losses on securities:
Unrealized losses arising during the period, excluding the change attributable to available for sale securities reclassified to held to maturity(47,756)(58,857)(47,994)(267,832)
Tax effect(10,029)(12,360)(10,079)(56,245)
Unrealized losses arising during the period, net of tax, excluding the change attributable to available for sale securities reclassified to held to maturity(37,727)(46,497)(37,915)(211,587)
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities(5)(6)(15)(16)
Tax effect(1)(1)(3)(3)
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities, net of tax(4)(5)(12)(13)
Change in unrealized losses on securities, net of tax(37,731)(46,502)(37,927)(211,600)
Unrealized losses on derivative financial instruments:
Unrealized holding losses arising during the period(1,720)(4,068)(3,347)(11,088)
Tax effect(361)(854)(703)(2,328)
Unrealized losses arising during the period, net of tax(1,359)(3,214)(2,644)(8,760)
Reclassification of amount of losses recognized into income1,113 321 3,032 78 
Tax effect234 67 637 16 
Reclassification of amount of losses recognized into income, net of tax879 254 2,395 62 
Change in unrealized losses on derivative financial instruments(480)(2,960)(249)(8,698)
Other comprehensive loss, net of tax(38,211)(49,462)(38,176)(220,298)
Comprehensive (loss) income$(5,436)$2,975 $(9,834)$(64,761)
See Notes to Consolidated Financial Statements
3



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
$0.01 Par Value
Additional
Paid in Capital		Retained
Earnings		Accumulated Other Comprehensive (Loss) IncomeTotal
Value
10 million shares authorized
100 million shares authorized
SharesAmount
Three Months Ended
Balance, June 30, 2023$— 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)$2,332,098 
Three Months Ended
Balance, June 30, 2022$— 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 
4





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
$0.01 Par Value
Additional
Paid in Capital		Retained
Earnings		Accumulated Other Comprehensive (Loss) IncomeTotal
Value
10 million shares authorized
100 million shares authorized
SharesAmount
Nine Months Ended
Balance, December 31, 2022$— 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)$2,332,098 
Nine Months Ended
Balance, December 31, 2021$— 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 
See Notes to Consolidated Financial Statements
5


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,
20232022
Cash flows from operating activities:
Net income$28,342 $155,537 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense13,629 10,674 
Accretion income recognized on loans(3,013)(8,825)
Amortization of other intangibles assets9,333 9,380 
Amortization of premium on securities, net5,512 5,467 
Amortization of discount and origination costs on borrowings999 670 
Stock based compensation expense5,572 9,600 
Excess tax expense (benefit) on restricted stock vested216 (673)
FHLB stock dividends(2,296)(125)
(Gain) loss on sale and disposal of premises and equipment(345)310 
Loss on sale of loans14 1,501 
Impairment of other real estate2,200 — 
Impairment of other assets955 1,156 
Deferred tax (benefit) expense(17,841)2,720 
Provision for credit losses650 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 sale205,327 250,736 
Net change in other assets(682)(19,050)
Net change in other liabilities88,839 (26,751)
Net cash provided by operating activities120,552 148,628 
Cash flows from investing activities:
Investment securities available for sale:
Proceeds from maturities, calls and paydowns102,747 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 banks248 2,501 
Proceeds from benefit claim of BOLI1,242 1,344 
Purchases of FHLB stock and other restricted stock(79,084)(830)
Proceeds from redemptions of FHLB stock and other restricted stock79,320 3,167 
Proceeds from sale of loans4,188 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 loans8,380,269 11,664,635 
Additions to premises and equipment(15,812)(45,969)
Proceeds from sale of premises and equipment681 174 
Net cash used in investing activities(212,390)(1,514,010)
6




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,
20232022
Cash flows from financing activities:
Net decrease in demand deposits, money market and savings accounts(2,284,130)(608,272)
Net increase in time deposits2,503,682 15,372 
Proceeds from FHLB advances12,595,000 275,000 
Repayments of FHLB advances(12,620,000)(225,000)
Proceeds from other borrowings100,000 111,000 
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 activities149,225 (726,903)
Net change in cash and cash equivalents57,387 (2,092,285)
Cash and cash equivalents at beginning of period654,322 2,608,444 
Cash and cash equivalents at end of period$711,709 $516,159 
See Notes to Consolidated Financial Statements
7


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.
8


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,
2023202220232022
Basic earnings per share:
Net income$32,775 $52,437 $28,342 $155,537 
Less:
Undistributed earnings (loss) allocated to participating securities31 277 (43)843 
Dividends paid on participating securities29 118 110 374 
Net income available to common shareholders
$32,715 $52,042 $28,275 $154,320 
Weighted average basic shares outstanding41,209,088 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 outstanding41,209,088 40,856,786 41,166,274 41,557,304 
Add dilutive performance stock units96,070 86,404 91,025 80,521 
Total weighted average diluted shares outstanding41,305,158 40,943,190 41,257,299 41,637,825 
Diluted earnings per share
$0.79 $1.27 $0.69 $3.71 
Anti-dilutive participating securities18,639 100,019 36,484 125,664 

9


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,
20232022
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 $— 

10


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 securities467,813 — (93,721)374,092 
Obligations of state and municipal subdivisions246,890 17 (22,205)224,702 
Corporate bonds43,000 — (7,563)35,437 
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 858,269 — (163,564)694,705 
Other securities500 — — 500 
$