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Independent Bank Group

Financials

Price	52.22	EPS	3
Shares	43	P/E	16
MCap	2,248	P/FCF	16
Net Debt	-570	EBIT	294
TEV	1,678	TEV/EBIT	6
TTM 2019-09-30, in MM, except price, ratios

Filings

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	2020-07-29	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

Independent Bank Group Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow

ibtx-20200630

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.


☐			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,
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:

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.

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

INDEPENDENT BANK GROUP, INC. AND SUBSIDIARIES

Form 10-Q

June 30, 2020

***

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,
Assets	2020		2019
Cash and due from banks	$	191,812	$	186,299
Interest-bearing deposits in other banks	1,414,099		378,871

Cash and cash equivalents	1,605,911		565,170
Certificates of deposit held in other banks	4,481		5,719
Securities available for sale, at fair value	1,049,592		1,085,936
Loans held for sale (includes $60,852 and $29,204 carried at fair value, respectively)	72,865		35,645
Loans, net	12,497,449		11,562,814
Premises and equipment, net	243,310		242,874
Other real estate owned	1,688		4,819
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock	57,294		30,052
Bank-owned life insurance (BOLI)	217,753		215,081
Deferred tax asset	3,208		6,943
Goodwill	994,021		994,021
Other intangible assets, net	94,390		100,741
Other assets	144,063		108,392
Total assets	$	16,986,025	$	14,958,207

Liabilities and Stockholders’ Equity
Deposits:
Noninterest-bearing	$	3,984,404	$	3,240,185
Interest-bearing	9,314,631		8,701,151
Total deposits	13,299,035		11,941,336
FHLB advances	925,000		325,000

Other borrowings	191,462		202,251

Junior subordinated debentures	53,924		53,824
Other liabilities	91,644		96,023
Total liabilities	14,561,065		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 capital	1,930,722		1,926,359
Retained earnings	454,878		393,674

Accumulated other comprehensive income	38,930		19,310
Total stockholders’ equity	2,424,960		2,339,773
Total liabilities and stockholders’ equity	$	16,986,025	$	14,958,207

See Notes to Consolidated Financial Statements

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,
	2020		2019		2020		2019
Interest income:
Interest and fees on loans	$	143,405	$	157,431	$	290,510	$	302,962
Interest on taxable securities	4,828		5,277		9,992		10,727
Interest on nontaxable securities	2,168		2,127		4,233		4,352
Interest on interest-bearing deposits and other	840		2,828		2,911		5,198
Total interest income	151,241		167,663		307,646		323,239
Interest expense:
Interest on deposits	18,327		31,322		46,398		59,164
Interest on FHLB advances	1,289		2,984		2,915		5,594
Interest on other borrowings	2,685		2,923		5,480		5,638
Interest on junior subordinated debentures	568		791		1,240		1,548
Total interest expense	22,869		38,020		56,033		71,944
Net interest income	128,372		129,643		251,613		251,295
Provision for loan losses	23,121		4,739		31,502		7,963
Net interest income after provision for loan losses	105,251		124,904		220,111		243,332
Noninterest income:
Service charges on deposit accounts	4,849		6,164		10,391		12,074
Investment management and trust	1,646		2,522		3,632		4,741
Mortgage banking revenue	10,479		3,702		13,004		6,795
Gain on sale of loans	689		—		647		—


Gain on sale of other real estate	12		312		37		312

Gain on sale of securities available for sale	26		20		382		265
Gain (loss) on sale and disposal of premises and equipment	340		(279)		277		(270)
Increase in cash surrender value of BOLI	1,331		1,374		2,672		2,733
Other	6,003		2,384		8,844		5,973
Total noninterest income	25,375		16,199		39,886		32,623
Noninterest expense:
Salaries and employee benefits	34,428		40,532		73,088		82,912
Occupancy	9,378		9,585		19,415		18,576
Communications and technology	5,925		5,776		11,477		10,840
FDIC assessment	1,989		962		3,741		2,210
Advertising and public relations	862		812		1,473		1,475

Other real estate owned expenses, net	42		79		416		150
Impairment of other real estate	738		988		738		1,424
Amortization of other intangible assets	3,175		3,235		6,351		6,470
Professional fees	2,181		1,544		6,395		2,714
Acquisition expense, including legal	15,629		3,723		16,178		18,710
Other	8,683		10,742		18,126		19,092
Total noninterest expense	83,030		77,978		157,398		164,573
Income before taxes	47,596		63,125		102,599		111,382
Income tax expense	8,903		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

Table of Contents

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,
	2020		2019		2020		2019
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 year	9,852		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 tax	9,826		17,625		24,446		32,531
Income tax expense	1,568		3,973		4,826		7,103
Other comprehensive income, net of tax	8,258		13,652		19,620		25,428
Comprehensive income	$	46,951	$	63,388	$	102,480	$	112,295

See Notes to Consolidated Financial Statements

Table of Contents

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
				Shares			Amount
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	—		—		—			—		—

EX-31.1	exhibit311q22020.htm
EX-31.2	exhibit312q22020.htm
EX-32.1	exhibit321q22020.htm
EX-32.2	exhibit322q22020.htm


PART I.	Financial Information

Item 1.	Financial Statements
	Consolidated Balance Sheets-Unaudited	1
	Consolidated Statements of Income-Unaudited	2
	Consolidated Statements of Comprehensive Income-Unaudited	3
	Consolidated Statements of Changes in Stockholders’ Equity-Unaudited	4
	Consolidated Statements of Cash Flows-Unaudited	6
	Notes to Consolidated Financial Statements-Unaudited	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	60

Item 4.	Controls and Procedures	61

PART II.	Other Information

Item 1.	Legal Proceedings	61

Item 1A.	Risk Factors	62

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	62

Item 3.	Defaults Upon Senior Securities	62

Item 4.	Mine Safety Disclosures	62

Item 5.	Other Information	63

Item 6.	Exhibits	64

Signatures

IBTX 10Q Quarterly Report

Independent Bank Group Earnings 2020-06-30