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Independent Bank Group
Independent Bank Group (IBTX) investor relations material
Independent Bank Group has been delisted
Independent Bank Group Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary24 Oct, 2024
Executive summary
Q3 2024 net income was $20.4 million ($0.49 per diluted share), down from $32.8 million ($0.79 per share) year-over-year, but improved from a Q2 net loss driven by a $518.0 million goodwill impairment charge.
Adjusted net income was $20.6 million ($0.50 per share), compared to $32.6 million ($0.79 per share) year-over-year and $24.9 million ($0.60 per share) sequentially.
Annualized return on average equity for Q3 2024 was 4.24% and return on average assets was 0.44%.
A definitive merger agreement with SouthState Corporation was signed in May 2024, with the transaction expected to close in Q1 2025.
Quarterly dividend of $0.38 per share declared, payable November 14, 2024.
Financial highlights
Net interest income for Q3 2024 was $106.8 million, down 2.0% year-over-year but up from $105.1 million in Q2 2024.
Net interest margin for Q3 2024 was 2.50%, down from 2.60% year-over-year but up from 2.47% sequentially.
Loan yields rose to 6.07% from 6.00% in Q2 and 5.70% year-over-year.
Noninterest income was $13.5 million, nearly flat year-over-year.
Noninterest expense increased $8.6 million year-over-year, mainly from higher salaries, technology, and FDIC assessments.
Outlook and guidance
The merger with SouthState Corporation is expected to close in Q1 2025, subject to regulatory approvals and customary conditions.
Management expects further capital and liquidity improvements as the mortgage warehouse business winds down.
Additional merger-related expenses are anticipated for the remainder of 2024.
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Frequently asked questions
Independent Bank Group Inc. operates as a bank holding company through its subsidiary, Independent Bank. The company offers commercial and consumer banking services including loans, deposit products, and online banking. It serves businesses, professionals, and individuals across Texas and surrounding states, with a focus on relationship-based banking. The company is headquartered in McKinney, Texas, and its shares are listed on the NASDAQ.
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