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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 March 31, 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 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 – 42,273,546 shares as of April 22, 2022.



INDEPENDENT BANK GROUP, INC. AND SUBSIDIARIES
Form 10-Q
March 31, 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
March 31, 2022 (unaudited) and December 31, 2021
(Dollars in thousands, except share information)
   March 31,December 31,
Assets20222021
Cash and due from banks$350,387 $243,926 
Interest-bearing deposits in other banks1,253,869 2,364,518 
Cash and cash equivalents1,604,256 2,608,444 
Certificates of deposit held in other banks2,997 3,245 
Securities available for sale, at fair value1,938,726 2,006,727 
Securities held to maturity, net of allowance for credit losses of $0 and $0, respectively
188,047 — 
Loans held for sale (includes $21,461 and $28,249 carried at fair value, respectively)
22,743 32,124 
Loans, net of allowance for credit losses of $146,313 and $148,706, respectively
12,382,000 12,290,740 
Premises and equipment, net324,000 308,023 
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock21,571 21,573 
Bank-owned life insurance (BOLI)236,387 235,637 
Deferred tax asset45,439 26,178 
Goodwill994,021 994,021 
Other intangible assets, net72,345 75,490 
Other assets130,721 130,446 
Total assets$17,963,253 $18,732,648 
Liabilities and Stockholders’ Equity      
Deposits:      
Noninterest-bearing$5,003,728 $5,066,588 
Interest-bearing9,846,543 10,487,320 
Total deposits14,850,271 15,553,908 
FHLB advances150,000 150,000 
Other borrowings269,545 283,371 
Junior subordinated debentures54,270 54,221 
Other liabilities116,707 114,498 
Total liabilities15,440,793 16,155,998 
Commitments and contingencies— — 
Stockholders’ equity:      
Preferred stock (0 and 0 shares outstanding, respectively)
— — 
Common stock (42,795,228 and 42,756,234 shares outstanding, respectively)
428 428 
Additional paid-in capital1,947,909 1,945,497 
Retained earnings657,154 625,484 
Accumulated other comprehensive (loss) income(83,031)5,241 
Total stockholders’ equity2,522,460 2,576,650 
Total liabilities and stockholders’ equity$17,963,253 $18,732,648 
See Notes to Consolidated Financial Statements
1


Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Income
Three Months Ended March 31, 2022 and 2021 (unaudited)
(Dollars in thousands, except per share information)
   Three Months Ended March 31,
   20222021
Interest income:
Interest and fees on loans$129,179 $140,152 
Interest on taxable securities8,359 4,757 
Interest on nontaxable securities2,333 2,069 
Interest on interest-bearing deposits and other994 793 
Total interest income140,865 147,771 
Interest expense:
Interest on deposits5,610 13,007 
Interest on FHLB advances179 533 
Interest on other borrowings3,482 4,060 
Interest on junior subordinated debentures446 442 
Total interest expense9,717 18,042 
Net interest income131,148 129,729 
Provision for credit losses(1,443)(2,500)
Net interest income after provision for credit losses132,591 132,229 
Noninterest income:
Service charges on deposit accounts2,752 2,261 
Investment management fees2,451 2,043 
Mortgage banking revenue3,026 7,495 
Mortgage warehouse purchase program fees958 1,969 
Loss on sale of loans(1,484)— 
Loss on sale and disposal of premises and equipment(163)(7)
Increase in cash surrender value of BOLI1,310 1,272 
Other4,035 3,576 
Total noninterest income12,885 18,609 
Noninterest expense:
Salaries and employee benefits49,555 43,659 
Occupancy10,000 9,606 
Communications and technology5,901 5,536 
FDIC assessment1,493 1,705 
Advertising and public relations456 238 
Other real estate owned expenses, net— 8 
Amortization of other intangible assets3,145 3,145 
Professional fees3,439 3,670 
Other8,468 7,546 
Total noninterest expense82,457 75,113 
Income before taxes63,019 75,725 
Income tax expense12,279 15,745 
Net income$50,740 $59,980 
Basic earnings per share$1.19 $1.39 
Diluted earnings per share$1.18 $1.39 
See Notes to Consolidated Financial Statements
2


Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
Three Months Ended March 31, 2022 and 2021 (unaudited)
(Dollars in thousands)
   Three Months Ended March 31,
   20222021
Net income$50,740 $59,980 
Other comprehensive loss before tax:   
Unrealized losses on securities:
Unrealized losses arising during the period, excluding the change attributable to available for sale securities reclassified to held to maturity(106,564)(21,563)
Tax effect(22,378)(4,528)
Unrealized losses arising during the period, net of tax, excluding the change attributable to available for sale securities reclassified to held to maturity(84,186)(17,035)
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities(5)— 
Tax effect(1)— 
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities, net of tax(4)— 
Change in unrealized losses on securities, net of tax(84,190)(17,035)
Unrealized losses on derivative financial instruments:
Unrealized holding losses arising during the period(4,965)— 
Tax effect(1,043)— 
Unrealized losses arising during the period, net of tax(3,922)— 
Reclassification of amount of gains recognized into income(202)— 
Tax effect(42)— 
Reclassification of amount of gains recognized into income, net of tax(160)— 
Change in unrealized losses on derivative financial instruments(4,082)— 
Other comprehensive loss, net of tax(88,272)(17,035)
Comprehensive (loss) income$(37,532)$42,945 
See Notes to Consolidated Financial Statements
3



Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
Three Months Ended March 31, 2022 and 2021 (unaudited)
(Dollars in thousands, except for par value, share and per share information)
   
Preferred Stock
$0.01 Par
Common Stock
$0.01 Par Value
Additional
Paid in Capital		Retained
Earnings		Accumulated Other Comprehensive Income (Loss)Total
Value
10 million shares authorized
100 million shares authorized
   SharesAmount
Three Months Ended
Balance, December 31, 2021$— 42,756,234 $428 $1,945,497 $625,484 $5,241 $2,576,650 
Net income— — — — 50,740 — 50,740 
Other comprehensive loss, net of tax— — — — — (88,272)(88,272)
Common stock repurchased — (37,575)— — (2,789)— (2,789)
Restricted stock forfeited — (715)— — — — — 
Restricted stock granted— 77,284 — — — — — 
Stock based compensation expense— — — 2,412 — — 2,412 
Cash dividends ($0.38 per share)
— — — — (16,281)— (16,281)
Balance, March 31, 2022$— 42,795,228 $428 $1,947,909 $657,154 $(83,031)$2,522,460 
Three Months Ended
Balance, December 31, 2020$— 43,137,104 $431 $1,934,807 $543,800 $36,333 $2,515,371 
Cumulative effect of change in accounting principle upon the adoption of ASU 2016-13 (1)
— — — — (53,880)— (53,880)
Adjusted beginning balance— 43,137,104 431 1,934,807 489,920 36,333 2,461,491 
Net income— — — — 59,980 — 59,980 
Other comprehensive loss, net of tax— — — — — (17,035)(17,035)
Common stock repurchased— (22,835)— — (1,489)— (1,489)
Restricted stock forfeited— (4,506)— — — — — 
Restricted stock granted— 83,494 1 (1)— — — 
Stock based compensation expense— — — 3,206 — — 3,206 
Cash dividends ($0.30 per share)
— — — — (13,036)— (13,036)
Balance, March 31, 2021$— 43,193,257 $432 $1,938,012 $535,375 $19,298 $2,493,117 
____________
(1) ASU 2016-13 was adopted by the Company on January 1, 2021.
See Notes to Consolidated Financial Statements
4




Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Three Months Ended March 31, 2022 and 2021 (unaudited)
(Dollars in thousands) 
   Three Months Ended March 31,
   20222021
Cash flows from operating activities:      
Net income$50,740 $59,980 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense3,292 3,160 
Accretion income recognized on acquired loans(4,081)(6,245)
Amortization of other intangibles assets3,145 3,145 
Amortization of premium on securities, net1,645 982 
Amortization of discount and origination costs on borrowings223 224 
Stock based compensation expense2,412 3,206 
Excess tax benefit on restricted stock vested(354)(194)
FHLB stock dividends(31)(33)
Loss on sale and disposal of premises and equipment163 7 
Loss on sale of loans1,484 — 
Impairment of other assets— 9 
Deferred tax expense4,203 4,771 
Provision for credit losses(1,443)(2,500)
Increase in cash surrender value of BOLI(1,310)(1,272)
Excess benefit claim on BOLI(784)— 
Net gain on mortgage loans held for sale(1,407)(5,299)
Originations of loans held for sale(90,828)(217,882)
Proceeds from sale of loans held for sale101,616 248,029 
Net change in other assets3,325 10,833 
Net change in other liabilities(50,696)(23,033)
Net cash provided by operating activities21,314 77,888 
Cash flows from investing activities:      
Investment securities available for sale:
Proceeds from maturities, calls and paydowns3,061,183 7,200,419 
Purchases(3,211,644)(7,372,228)
Investment securities held to maturity:
Purchases(70,773)— 
Proceeds from maturities of certificates of deposit held in other banks248 — 
Proceeds from benefit claim of BOLI1,344 — 
Proceeds from redemptions of FHLB stock and other restricted stock33 — 
Proceeds from sale of loans17,506 — 
Net loans originated held for investment(286,598)(33,926)
Originations of mortgage warehouse purchase loans(4,600,627)(8,419,896)
Proceeds from pay-offs of mortgage warehouse purchase loans4,819,921 8,767,994 
Additions to premises and equipment(19,441)(3,811)
Proceeds from sale of premises and equipment9 21 
Net cash (used in) provided by investing activities(288,839)138,573 
5




Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Continued)
Three Months Ended March 31, 2022 and 2021 (unaudited)
(Dollars in thousands) 
   Three Months Ended March 31,
   20222021
Cash flows from financing activities:      
Net (decrease) increase in demand deposits, money market and savings accounts(550,396)456,447 
Net decrease in time deposits(153,241)(51,582)
Proceeds from other borrowings3,000 2,500 
Repayments of other borrowings(17,000)(6,500)
Repurchase of common stock(2,789)(1,489)
Dividends paid(16,237)(12,954)
Net cash (used in) provided by financing activities(736,663)386,422 
Net change in cash and cash equivalents(1,004,188)602,883 
Cash and cash equivalents at beginning of period2,608,444 1,813,987 
Cash and cash equivalents at end of period$1,604,256 $2,416,870 
See Notes to Consolidated Financial Statements
6


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, 2021. The consolidated balance sheet at December 31, 2021 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 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.
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 Securities and Exchange Commission (SEC) and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 11. Subsequent Events.
7


Independent Bank Group, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
(Dollars in thousands, except for share and per share information)
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 nonforfeitable 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 months ended March 31, 2022 and 2021. 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 March 31,
   20222021
Basic earnings per share:      
Net income$50,740 $59,980 
Less:
Undistributed earnings allocated to participating securities266 487 
Dividends paid on participating securities125 134 
Net income available to common shareholders$50,349 $59,359 
Weighted average basic shares outstanding42,438,857 42,731,456 
Basic earnings per share$1.19 $1.39 
Diluted earnings per share:      
Net income available to common shareholders$50,349 $59,359 
Total weighted average basic shares outstanding42,438,857 42,731,456 
Add dilutive performance stock units73,392 44,321 
Total weighted average diluted shares outstanding42,512,249 42,775,777 
Diluted earnings per share$1.18 $1.39 
Anti-dilutive participating securities145,219 202,811 

8


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:
Three Months Ended March 31,
20222021
Cash transactions:
Interest expense paid$12,457 $21,785 
Income taxes paid$30 $8 
Noncash transactions:
Deferred dividend equivalents$44 $82 
Transfers of securities available for sale to held to maturity$117,583 $— 
Securities purchased, not yet settled$7,026 $5,000 
Right-of-use assets obtained in exchange for lease liabilities$3,882 $57 
Loans purchased, not yet settled$36,383 $— 
Transfer of premises and equipment to other assets$— $88 

9


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 March 31, 2022 and December 31, 2021 are as follows:
   
Amortized
Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities Available for Sale            
March 31, 2022            
U.S. treasuries$243,246 $149 $(9,409)$233,986 
Government agency securities479,951 163